Form 8-K
8-K — Verrica Pharmaceuticals Inc.
Accession: 0001193125-26-219395
Filed: 2026-05-12
Period: 2026-05-12
CIK: 0001660334
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — d152529d8k.htm (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2026
Verrica Pharmaceuticals Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-38529
46-3137900
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
44 W. Gay St., Suite 400
West Chester, PA
19380
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (484) 453-3300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading
symbol
Name of each exchange
on which registered
Common Stock
VRCA
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On May 12, 2026, Verrica Pharmaceuticals Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter ended March 31, 2026. This press release has been furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Registrant’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Exhibit Description
99.1
Press Release, dated May 12, 2026
104
Cover Page Interactive Data File (formatted as inline XBRL).
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: May 12, 2026
/s/ John J. Kirby
John J. Kirby
Interim Chief Financial Officer
EX-99.1
EX-99.1
Filename: d152529dex991.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Verrica Pharmaceuticals Reports First Quarter 2026 Financial Results
– Company reports record demand for YCANTH® as dispensed
applicator units grew to 15,302 in Q1 2026, up 12.1% over the previous quarter and 51.3% year-over-year, and has now exceeded 100,000 dispensed applicator units since launch –
– Company announces achievement of over 50% of current targeted enrollment in the first trial in global Phase 3 common warts program
and expects to initiate the second trial in the US and Japan in mid-2026 –
– Company reports total revenue of $5.0 million in Q1 2026, including U.S. YCANTH net product revenue of $4.3 million
in Q1 2026, up 16.2% over previous quarter and 25.4% year-over-year –
– YCANTH commercial launch in Japan by partner
Torii Pharmaceutical represents expansion into first ex-U.S. market –
– Company
continues preparation for Phase 3 study of VP-315 in basal cell carcinoma –
– Conference call scheduled for today, May 12, 2026, at 4:30 pm ET –
WEST CHESTER, PA – May 12, 2026 (GLOBE NEWSWIRE) – Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq: VRCA), a therapeutics
company developing and commercializing medications for the treatment of dermatological diseases, including skin cancers, today announced financial results for the first quarter ended March 31, 2026.
“Our first quarter performance reflects accelerating growth in market demand for YCANTH as the new standard of care for the treatment of molluscum
contagiosum, a condition that impacts approximately 6 million people in the United States alone,” said Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. “As the only
FDA-approved, HCP-administered therapy for molluscum, YCANTH is a product that is uniquely positioned to address the unmet need of patients with molluscum, largely
children under the age of 14. Demand for YCANTH grew sharply during the first quarter, as we set new records for dispensed applicator units during the quarter and in the month of March. April dispensed applicator units increased further from the
record total in March, and the Company has achieved the milestone of over 100,000 total dispensed applicator units since launch. We have also achieved another significant milestone in expanding to new markets as our partner, Torii Pharmaceutical,
launched YCANTH in Japan for patients with molluscum following regulatory approval last year.”
“We are beginning to realize the traction from the efforts we began to implement last year to
stabilize and grow our business. Alongside the growth in demand for YCANTH, we believe Verrica’s future growth is enhanced by the potential of our late-stage clinical programs in basal cell carcinoma and common warts, which we believe could
represent multi-billion dollar opportunities if these programs successfully complete their development and are approved,” Dr. Rieger continued. “The exciting data from the Phase 2 study of our novel oncolytic peptide, VP-315, for the treatment of basal cell carcinoma is generating strong interest within the dermatology and oncology communities and among patients faced with treating basal cell carcinoma. Further, last December the
first patient was dosed in the first trial (COVE-2) of the global Phase 3 program evaluating YCANTH (VP-102) for the treatment of common warts, and we are happy to
announce achievement of over 50% of the current targeted enrollment in the trial. We expect the second Phase 3 trial (COVE-3) in the common warts program, with sites in both the U.S. and Japan, will be
initiated in mid-2026. If successful, the global Phase 3 program in common warts has the potential to greatly expand the market for YCANTH to an indication with an estimated 22 million patients in the
United States. The efforts we are undertaking in commercializing YCANTH for molluscum lay the foundation for an efficient and rapid expansion into common warts, if approved, as there will be a significant overlap in the clinicians treating both
indications who would have the ability to access the product for both patient populations through the same distribution channels.”
Dr. Rieger
concluded, “we are proud of our progress in establishing YCANTH as the new standard of care for molluscum and of our work to expand our products, indications and markets. Collectively, our commercially available asset and pipeline programs, if
successful, could represent significant benefits for patients and value for our company and our shareholders.”
Conference Call and Webcast
Information
The Company will host a conference call on Tuesday, May 12, 2026, at 4:30 pm, to discuss its first quarter 2026 financial results and
provide a business update. To participate in the conference call, please utilize the following information:
Domestic
Dial-In Number: Toll-Free: 1-833-316-2483
International Dial-In Number: 1-785-838-9284
Conference ID: VERRICA
Participants can use Guest dial-in #s above and be answered by an operator.
Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1758586&tp_key=307852c58b
The call will be broadcast live over the Web and can also be accessed on Verrica Pharmaceuticals’ website: www.verrica.com.
The conference call will also be available for replay for one month on the Company’s website in the
Events Calendar of the Investors section.
Business Highlights and Recent Developments
YCANTH® (VP-102)
•
During the first quarter of 2026, YCANTH dispensed applicator units totaled 15,302, representing a year-over-year
increase of approximately 51.3% from the first quarter of 2025. On a sequential basis, YCANTH dispensed applicator units increased approximately 12.1% from the prior quarter. In the first quarter of 2026, while January was likely impacted by winter
weather across the East Coast, dispensed applicator units per selling day rebounded sharply in February and March, setting a record monthly high since launch in March.
•
On February 9, 2026, the Company announced the commercial launch of YCANTH in Japan by its partner,
Torii Pharmaceutical Co. Ltd. (“Torii”), a wholly-owned subsidiary of Shionogi & Co., Ltd., for the treatment of molluscum.
•
On January 7, 2026, the Company announced that the first patient was dosed in December 2025 in the first
trial (COVE-2) of our global Phase 3 program evaluating YCANTH (VP-102) for the treatment of common warts. If the Phase 3 program is successful, YCANTH could become
the first therapy approved in either the United States or Japan for the treatment of common warts, a condition that impacts over 22 million people in the United States alone. The Company has retained full commercial rights for all potential
YCANTH indications outside of Japan and believes that YCANTH for common warts could represent a substantial commercial and licensing opportunity.
VP-315
•
On May 5, 2026, the Company announced that it will present data from its Phase 2 study of its novel
oncolytic peptide, VP-315, for the treatment of basal cell carcinoma in a late-breaking abstract selected for oral presentation at the upcoming 2026 Society for Investigative Dermatology (SID) Annual Meeting,
which will take place from May 13-16, 2026, in Chicago, Illinois. Data from the Company’s Phase 2 study will highlight an observed abscopal-like effect of VP-315
in non-treated basal cell carcinoma lesions.
CORPORATE
•
On February 12, 2026, the Company announced the appointment of Chris Chapman as its Chief Commercial
Officer. Mr. Chapman brings over 25 years of commercial experience in the pharmaceutical industry to Verrica, and most recently served as Chief Commercial Officer at Dermavant Sciences through its acquisition by Organon, where he played an
instrumental role in launching VTAMA® (tapinarof) cream, 1%, approved for adult plaque psoriasis in June 2022 and atopic dermatitis in December 2024.
First Quarter 2026 Financial Results
•
Total revenue for the three months ended March 31, 2026, was $5.0 million.
•
U.S. YCANTH product revenue, net was $4.3 million for the quarter ended March 31, 2026, compared to net
product revenue of $3.4 million for the quarter ended March 31, 2025. The increase in product revenue, net was primarily related to an increase in deliveries of YCANTH to Verrica’s distribution partners commensurate with an increase
in dispensed applicator unit volume.
•
License and collaboration revenue was $0.7 million for the quarter ended March 31, 2026, consisting
primarily of commercial supply for Torii’s YCANTH launch in Japan. License and collaboration revenue was not material for the three months ended March 31, 2025.
•
Costs of product revenue were $0.5 million for the quarter ended March 31, 2026, compared to
$0.4 million for the quarter ended March 31, 2025, consisting primarily of product costs related to the sale of YCANTH.
•
Selling, general and administrative expenses were $10.0 million for the quarter ended March 31, 2026,
compared to $8.8 million for the same period in 2025. Excluding the impact of stock-based compensation, the increase of $1.3 million was primarily due to increased commercial spend, related to the expansion of the sales force.
•
Research and development expenses were $3.9 million for the quarter ended March 31, 2026, compared to
$2.3 million for the same period in 2025. Excluding the impact of stock-based compensation, the increase was primarily attributable to costs associated with the Phase 3 program for common warts. The expense for the Phase 3 common warts program
did not impact Verrica’s cash balance, as the first $40 million of payments for this program will be made by Torii under the Company’s collaboration and license agreement.
•
Interest income was $0.2 million for the quarter ended March 31, 2026, compared to $0.3 million
for the quarter ended March 31, 2025. The decrease in interest income was primarily due to lower cash balances.
•
Interest expense was $0.2 million for the quarter ended March 31, 2026, compared to $2.2 million
for the same period in 2025. The decrease of $2.0 million was related to the settlement and termination of the Company’s debt facility in November 2025.
•
For the quarter ended March 31, 2026, net loss was $9.7 million, or $0.45 per share, compared to a net
loss of $9.7 million, or $1.03 per share, for the same period in 2025.
•
For the quarter ended March 31, 2026, non-GAAP net loss was
$8.8 million, or $0.41 per share, compared to a non-GAAP net loss of $8.3 million, or $0.88 per share, for the same period in 2025.
Non-GAAP Financial Measures
In evaluating the operating performance of its business, Verrica’s management considers non-GAAP loss
from operations, non-GAAP net loss and non-GAAP net loss per share. These non-GAAP financial
measures exclude stock-based compensation expense and non-cash interest expense that are required by GAAP. Verrica excludes non-cash stock-based compensation
expense from these non-GAAP measures to facilitate comparison to peer companies who also provide similar non-GAAP disclosures and because it reflects how management
internally manages the business. In addition, Verrica excludes non-cash interest expense from these non-GAAP measures to facilitate an understanding of the effects of
the debt service obligations on the Company’s liquidity and comparisons to peer group companies who also provide similar non-GAAP disclosures and because it is reflective of how management internally
manages the business. Verrica also excludes certain other one-time expenses and impacts from change in fair value of derivative liability. Non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share should be considered in addition to results prepared in accordance with GAAP, but should not
be considered a substitute for, or superior to, GAAP results. Non-GAAP loss from operations, non-GAAP net loss
and non-GAAP net loss per share have been reconciled to the nearest GAAP measure in the tables following the financial statements in this press release.
About YCANTH® (VP-102)
YCANTH® is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of
molluscum. YCANTH is the first and only healthcare professional-administered product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum — a common, highly contagious skin disease
that affects an estimated six million people in the United States, primarily children. Approval of YCANTH was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH was a
safe and effective therapeutic for the treatment of molluscum. Approximately 250 million lives are eligible to receive YCANTH covered by insurance. Commercially insured patients pay just $25 per YCANTH treatment visit, for up to two
applicators. Other uninsured patients may be eligible to receive YCANTH at a reduced cost if certain eligibility requirements are met for patient assistance. Please visit YCANTHPro.com for additional information.
About VP-315 (ruxotemitide)
VP-315 is a potential first-in-class
oncolytic chemotherapeutic peptide immunotherapy administered directly into a tumor to induce immunogenic cell death and thereby unleashing a broad spectrum of tumor antigens for T cell responses, which may offer a
non-surgical option for patients suffering from skin cancer. The technology is based on pioneering research in “host defense peptides” – nature’s first line of defense towards foreign
pathogens. Verrica holds an exclusive worldwide license to develop and commercialize VP-315 for certain dermatologic oncology indications, including non-metastatic
melanoma and non-metastatic merkel cell carcinoma, and intends to focus initially on basal cell and squamous cell carcinomas as the lead indications for development.
VP-315 has demonstrated positive tumor-specific immune cell responses in multi-indication Phase 1/2 oncology trials.
About Verrica Pharmaceuticals Inc.
Verrica is a
therapeutics company developing and commercializing medications for the treatment of dermatological diseases, including skin cancers. Verrica’s product YCANTH® (VP-102) (cantharidin), is the first and only healthcare professional-administered treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a
highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH® (VP-102) is
also in development to treat common warts, the largest remaining unmet need in medical dermatology. Verrica has also entered a worldwide license agreement with Lytix Biopharma ASA to develop and commercialize
VP-315 (ruxotemitide, formerly known as LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.
Forward-Looking Statements
Any statements contained in
this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as
“believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking
statements include statements about the commercialization of YCANTH, the clinical development and benefits of Verrica’s product candidates, including YCANTH (VP-102) and
VP-315, the development and regulatory plans for YCANTH, and the timing of initiating the second Phase 3 study of YCANTH for common warts. These statements involve risks and uncertainties that could cause
actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include risks and uncertainties related to market conditions, and other risks and uncertainties
that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2025, Verrica’s Quarterly Reports on Form 10-Q and other
filings Verrica makes with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not
intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
VERRICA PHARMACEUTICALS INC.
Selected Statements of Operations Data
(in thousands except share and per share data)
Three Months Ended March 31,
2026
2025
Revenue
Product revenue, net
$
4,290
$
3,422
License and Collaboration revenue
733
17
Total revenue
5,023
3,439
Operating Expenses:
Cost of product revenue
544
423
Cost of collaboration revenue
345
14
Selling, general and administrative
9,989
8,848
Research and development
3,860
2,284
Total expenses
14,738
11,569
Loss from operations
(9,715
)
(8,130
)
Interest income
201
337
Interest expense
(160
)
(2,203
)
Change in fair value of derivative liability
—
254
Other expense
(8
)
—
Net loss
$
(9,682
)
$
(9,742
)
Net loss per share
Basic and diluted
$
(0.45
)
$
(1.03
)
Weighted average common shares outstanding
Basic and diluted
21,305,025
9,483,734
VERRICA PHARMACEUTICALS INC.
Selected Balance Sheets Data
(in thousands)
March 31,
December 31,
2026
2025
Cash
$
20,600
$
30,147
Accounts receivable
7,813
5,397
Deferred R&D services, current portion
1,374
1,958
Inventory
1,974
2,236
Prepaid expenses and other assets
2,368
2,801
Total current assets
34,129
42,539
Deferred R&D services, non-current portion
2,354
2,354
PP&E, Lease
right-of-use asset, other
2,303
2,238
Total assets
$
38,786
$
47,131
Current Liabilities
16,917
17,322
R&D funding liability
5,814
5,066
Total liabilities
22,731
22,388
Total stockholders’ equity
16,055
24,743
Total Liabilities & Stockholders’ Equity
$
38,786
$
47,131
VERRICA PHARMACEUTICALS INC.
Reconciliation of Non-GAAP Financial Measures (unaudited)
(in thousands, except share and per share data)
Three Months Ended March 31, 2026
Loss from
Operations
Net loss
Net loss
per share
(basic and
diluted)
GAAP
$
(9,715
)
$
(9,682
)
$
(0.45
)
Non-GAAP Adjustments:
Stock-based compensation - Selling, General & Admin (a)
593
593
0.03
Stock-based compensation - Research & Development (a)
276
276
0.01
Stock-based compensation - Cost of Product (a)
14
14
0.00
Stock-based compensation - Cost of Collaboration (a)
14
14
0.00
Adjusted
$
(8,818
)
$
(8,785
)
$
(0.41
)
Three Months Ended March 31, 2025
Loss from
Operations
Net loss
Net loss
per share
GAAP
$
(8,130
)
$
(9,742
)
$
(1.03
)
Non-GAAP Adjustments:
Stock-based compensation - Selling, General & Admin (a)
785
785
0.08
Stock-based compensation - Research & Development (a)
241
241
0.03
Derivative liability change in value (b)
(254
)
(0.03
)
Non-cash interest expense (b)
668
0.07
Adjusted
$
(7,104
)
$
(8,302
)
$
(0.88
)
(a)
The effects of non-cash stock-based compensation are excluded because
of varying available valuation methodologies and subjective assumptions. Verrica believes this is a useful measure for investors because such exclusion facilitates comparison to peer companies who also provide similar
non-GAAP disclosures and is reflective of how management internally manages the business.
(b)
The effects of non-cash interest expenses and derivative liability
change in value are excluded because Verrica believes such exclusions facilitate an understanding of the effects of the debt service obligation on the Company’s liquidity and comparisons to peer group companies and is reflective of how
management internally manages the business.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
John Kirby
Interim Chief Financial Officer
jkirby@verrica.com
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
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dei_LocalPhoneNumber
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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Namespace Prefix:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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Data Type:
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- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
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Data Type:
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Balance Type:
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Period Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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