SEC Form 8-K filed by Verrica Pharmaceuticals Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 31, 2025, the Board of Directors (the “Board”) of Verrica Pharmaceuticals Inc. (the “Company”) appointed Gavin Corcoran to serve as a director of the Company effective immediately. Dr. Corcoran will serve as a Class I director whose initial term is scheduled to expire at the 2025 annual meeting of stockholders. There is no arrangement or understanding between Dr. Corcoran and any other person pursuant to which he was selected as a director of the Company, and there is no family relationship between Dr. Corcoran and any of the Company’s other directors or executive officers. The Company is not aware of any transaction involving Dr. Corcoran requiring disclosure under Item 404(a) of Regulation S-K. Additional information about Dr. Corcoran is set forth below.
Gavin Corcoran, age 62, has served as the Chief Development Officer of Formation Bio since November 2021. Dr. Corcoran previously served as the Chief Research and Development Officer of Sio Gene Therapies, Inc. (formerly known as Axovant) from 2018 to November 2021, Chief Medical Officer of Allergan plc from 2015 to 2018, Chief Medical Officer of Actavis plc from 2014 to 2015 and Executive Vice President for Global Medicines Development at Forest Laboratories, Inc. from December 2011 to June 2014, prior to the acquisition of Forest Laboratories, Inc. by Actavis in 2014. He received his M.B. B.Ch. from the University of Witwatersrand in South Africa and completed his clinical training in internal medicine and infectious diseases at the University of Texas Health Science Center at San Antonio.
In accordance with the Company’s compensation policy for non-employee directors, upon his commencement of service as a director, Dr. Corcoran will be granted an option to purchase 17,502 shares of the Company’s common stock with an exercise price per share equal to the closing price of the Company’s common stock on the date of grant. One third of the shares subject to this option will vest and become exercisable on the first anniversary of the date of grant and the remaining shares subject to the option will vest and in 24 equal monthly installments thereafter, subject to Dr. Corcoran’s continuous service through such vesting dates. Additionally, Dr. Corcoran will be entitled to receive a $40,000 annual retainer for his service as director. At each annual stockholder meeting following which Dr. Corcoran’s term as a director continues, Dr. Corcoran will be entitled to receive an additional stock option to purchase 20,000 shares of the Company’s common stock, which option will vest and become exercisable in 12 equal monthly installments following the date of grant and in any event will be fully vested on the date of the next annual stockholder meeting, subject to Dr. Corcoran’s continuous service through such vesting date. Dr. Corcoran has also entered into the Company’s standard form of indemnification agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Verrica Pharmaceuticals Inc. | ||||||
| Date: April 2, 2025 | /s/ John J. Kirby | |||||
| John J. Kirby | ||||||
| Interim Chief Financial Officer | ||||||