This is one of the toys from the SOTA toy line called “Nightmares Of Lovecraft”. It is based on one of Lovecraft's creatures
mentioned in his terrific short story 'Pickman's Model'. The tale essentially tells of an artist (Pickman) whose art is so disturbing and horrific, he has been pretty much banned from the artistic community. The story, as told by a narrator (as most of Lovecraft's
stories are), relates his friendship with Pickman and the horror that unfolds as it is revealed were the artist gets his ideas. A romanticized version of this story appeared as a segment in the 1970's horror anthology series Night Gallery (Season 2) starring
Bradford Dillman as Pickman and Louise Sorel as the love interest.
As a side note, it should be mentioned that
Night Gallery had a number of Lovecraft's stories and 'tributes' aired during that period, namely “Cool Air”, “Professor Peabody's Last Lecture” (a humorous take on Lovecraft but not related to any story specifically) and “Return
Of The Sorcerer” which wasn't written by Lovecraft (it was Clark Ashton Smith) but it certainly has Lovecraftian themes.