Exhibit 5.1
Mark Ballantyne
(703) 456-8084
mballantyne@cooley.com
December 9, 2024
Verrica Pharmaceuticals, Inc.
44 West Gay Street, Suite 400
West Chester, PA
Ladies and Gentlemen,
We have acted as counsel to Verrica
Pharmaceuticals, Inc., a Delaware corporation (the Company), in connection with the filing by the Company of a Registration Statement on Form S-8 (the Registration
Statement) with the Securities and Exchange Commission (the Commission) covering the offering of up to 2,500,000 shares of the Companys common stock, par value $0.0001 per share (the
Shares), pursuant to the Companys 2024 Inducement Plan (as amended, the Plan).
In connection
with this opinion, we have examined and relied upon (a) the Registration Statement and the related prospectus, (b) the Companys certificate of incorporation and bylaws, each as currently in effect, (c) the Plan and (d) the
originals or copies certified to our satisfaction of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials
and the due authorization, execution and delivery of all documents by all persons other than the Company where authorization, execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a
certificate of an officer of the Company and have not independently verified such matters.
Our opinion is expressed only with respect to the General
Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law,
rule or regulation.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance
with the Plan, the Registration Statement and related prospectus, will be validly issued, fully paid and nonassessable (except as to shares issued pursuant to deferred payment arrangements, which will be fully paid and nonassessable when such
deferred payments are made in full).
This opinion is limited to the matters expressly set forth in this letter, and no opinion has been or should be
implied, or may be inferred, beyond the matters expressly stated. This opinion speaks only as to law and facts in effect or existing as of the date hereof, and we have no obligation or responsibility to update or supplement this letter to reflect
any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur.