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VYNE

VYNE Therapeutics Inc.

VYNE

VYNE Therapeutics Inc. • NASDAQ
$0.39 ▲ 2.50% (+0.01)
Market Cap $6.42 M
52w High $4.30
52w Low $0.28
Dividend Yield 0%
P/E -0.49
Volume 268.07K
Outstanding Shares 16.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $169K ▲ $7.961M ▲ $-7.28M ▼ -4.308K% ▲ $-0.17 ▼ $-7.42M ▲
Q2-2025 $69K ▼ $7.611M ▼ $-5.755M ▲ -8.341K% ▼ $-0.13 ▲ $-7.536M ▲
Q1-2025 $202K ▲ $9.399M ▼ $-8.611M ▲ -4.263K% ▲ $-0.2 ▲ $-9.191M ▲
Q4-2024 $84K ▼ $12.854M ▼ $-12.022M ▲ -14.312K% ▼ $-0.28 ▲ $-12.77M ▲
Q3-2024 $121K $13.212M $-12.157M -10.047K% $-0.29 $-13.091M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.7M ▼ $36.132M ▼ $4.044M ▼ $32.088M ▼
Q2-2025 $39.647M ▼ $44.718M ▼ $5.836M ▼ $38.882M ▼
Q1-2025 $50.272M ▼ $56.423M ▼ $12.291M ▼ $44.132M ▼
Q4-2024 $61.516M ▼ $66.905M ▼ $14.819M ▲ $52.086M ▼
Q3-2024 $70.185M $76.198M $12.661M $63.537M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.28M ▼ $-7.096M ▲ $4.402M ▼ $-7K ▲ $-2.701M ▲ $-7.096M ▲
Q2-2025 $-5.755M ▲ $-10.803M ▲ $4.675M ▼ $-34K ▲ $-6.162M ▼ $-10.803M ▲
Q1-2025 $-8.611M ▲ $-11.461M ▼ $19.831M ▲ $-87K ▲ $8.283M ▲ $-11.461M ▼
Q4-2024 $-12.022M ▲ $-8.999M ▼ $12.738M ▲ $-132K ▼ $3.607M ▲ $-9.116M ▼
Q3-2024 $-12.157M $-8.51M $-4.824M $-2K $-13.336M $-8.51M

Revenue by Products

Product Q4-2022Q1-2023Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement VYNE looks very much like a classic clinical‑stage biotech story on the income side: almost no product revenue and consistent losses as it invests in development. Revenue has effectively disappeared over the last several years, which suggests the company is no longer operating a commercial portfolio and is focused on R&D rather than sales. Operating and net losses remain, but they have generally become smaller over time as the company has cut back and narrowed its focus. The sharp swings in reported earnings per share are mostly a function of large reverse stock splits and share count changes, not sudden shifts in the underlying business performance. Overall, it’s a loss‑making R&D platform today, with spending more controlled than in the past but still well above any incoming revenue.

Balance Sheet

Balance Sheet The balance sheet is small, simple, and relatively clean. Total assets are modest and largely made up of cash and equivalents, with very little in physical assets. The company has essentially no financial debt outstanding, which reduces balance‑sheet risk but also underscores that its main resource is its cash pile and intellectual property, not hard assets. Shareholders’ equity is positive but not large, and past reverse splits suggest that equity financing and dilution have been the main ways to fund operations. This is typical for an early‑stage biotech: solvency looks acceptable for now, but the cushion is not deep, so future financing needs will be an important ongoing consideration.

Cash Flow

Cash Flow Cash flow reflects steady cash burn typical for a company without products on the market. Operating cash outflows have been consistently negative, though the burn rate has improved from earlier, heavier spending years. Free cash flow is essentially the same as operating cash flow because capital spending is negligible; VYNE is not asset‑heavy and does not require big investments in plants or equipment at this stage. Management has indicated that existing cash should last into the second half of 2026, helped by program cuts and trial pauses. That runway gives some time, but not a long one in drug development terms, so the pace of spending, trial design decisions, and any partnering or fundraising activity will be key to watch.

Competitive Edge

Competitive Edge Competitively, VYNE is trying to carve out a niche in immuno‑inflammatory diseases using its BET inhibitor platform, but it is operating in very crowded and sophisticated markets. In dermatology and systemic inflammatory conditions, it faces entrenched standard treatments and a long list of emerging small‑molecule and biologic competitors from much larger, better‑funded firms. VYNE’s edge is its focus on more selective and locally acting BET inhibitors, backed by patent protection that extends well into the next decade, which can create a barrier to direct copycats. However, recent clinical setbacks weaken its near‑term positioning: competitors with cleaner data or more advanced programs may pull further ahead while VYNE reassesses indications and dosing. At this point, its competitive strength is more about scientific specialization and intellectual property than about market share or commercial presence.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of VYNE’s story. The InhiBET platform, with its “soft” topical BET inhibitor (VYN201) and highly selective oral BD2 inhibitor (VYN202), represents a thoughtful attempt to improve on earlier BET drugs by sharpening selectivity and limiting systemic exposure. This kind of design work is scientifically ambitious and, if successful, could yield differentiated safety and efficacy profiles. At the same time, the recent track record underlines the high risk: VYN201 missed its main goal in a vitiligo trial, VYN202 has been hit with a clinical hold related to toxicity concerns in animals, and an earlier program (FMX114) was discontinued after missing trial endpoints. Management is now pivoting toward partnering VYN201, resolving the safety questions around VYN202, and potentially advancing other molecules from the same platform. The platform still holds scientific promise, but the R&D narrative has shifted from “expansion and momentum” to “salvage, redesign, and careful selection of next steps.”

Summary

Overall, VYNE is a small, high‑risk clinical‑stage biotech built around a focused but challenged technology platform. Financially, it has minimal revenue, ongoing operating losses, and a limited but currently adequate cash runway, supported by a clean, low‑debt balance sheet. Operationally, it has experienced several meaningful clinical setbacks that have delayed or derailed its most advanced assets, increasing uncertainty about eventual commercial success. Against that, it retains valuable intellectual property, a specialized scientific platform, and early signs of efficacy in some settings that could still be shaped into viable programs if safety and trial‑design issues are addressed. The company’s future now hinges on its ability to conserve cash, refine its clinical strategy, secure partners, and translate its mechanistic insights into clearer, more convincing clinical results over the next few years.

NEWS

November 6, 2025 · 8:00 AM UTC

VYNE Therapeutics Reports 2025 Third Quarter Financial Results and Provides Business Update

Read more