Verrica Pharmaceuticals announced topline data from its Phase II trial of VP-315 in basel cell carcinoma. Image credit: Shutterstock / Inside Creative House.

Shares in Verrica Pharmaceuticals have dropped after the company revealed that half of the patients in its Phase II trial for basal cell carcinoma achieved complete response.

The company announced topline results from the second part of the Phase II trial on August 14 and as a result of the announcement, the stock price fell by 40%

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The opening price on August 14 was $5.27 with the market closing on the same day at $3.12, a 40.79% decrease.

The Phase II trial (NCT05188729) investigated the safety and tolerability, pharmacokinetics, and efficacy of VP-315 in 92 patients with basal cell carcinoma. VP-315 is a potential first-in-class oncolytic peptide immunotherapy, which is administered directly into a tumour to induce immunogenic cell death. This could offer a non-surgical option for patients suffering from skin cancer.

In the topline data, 51% of lesions treated resulted in complete histologic clearance. Patients with residual tumours had a reduction in tumour size with a reduction of 71%.

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There were no dose-limiting toxicities or treatment-related serious adverse events reported. Genomic and T-cell data is expected in the first quarter of 2025.

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The company appeared to be more satisfied with the news than investors. Verrica’s chief medical officer Dr Gary Goldenberg said: “The preliminary results from part two of the trial show greater than 50% complete histological clearance and a significant reduction in tumour size for tumours treated in the study, which we believe has the potential to vastly improve patient outcomes versus current therapies and surgical procedures.”

Verrica will request an end-of-Phase II meeting with the US Food and Drug Administration to discuss the next steps.

Basal cell carcinoma is one of the most common cancers in the US, affecting an average of one in five Americans but it is rarely fatal. The standard of care is currently surgery to remove the tumour.

GlobalData predicts the basal cell carcinoma market will be worth $13.34bn in 2024, with a peak in 2028 at $17.18bn. GlobalData is the parent company of the Clinical Trials Arena.