verrica pharmaceuticals shares fell 35 to 486 after the company entered into a nonbinding term sheet for a term loan facility of up to 125 million which it expects to close by the end of this week the stock hit its 52week high of 870 on feb 23 and is still up 57 in the past 12 months under the terms of the term sheet verrica intends to borrow 50 million immediately following the close of the transaction with additional capital available in tranches based on the achievement of certain revenue milestones the facility is a fiveyear term loan that matures in july 2028 upon close of the transaction verrica said it expects the 50 million up front plus the 60 million in cash and cash equivalents onhand as of march 31 to extend its cash runway into the first quarter of 2025 the company said the term sheet doesnt represent a definitive loan agreement and there is no guarantee it will enter into a definitive loan agreement close the proposed loan facility with the lender or borrow any funds pursuant to the loan facility