VYNE Therapeutics (VYNE) investor relations material

Executive summary

• Clinical-stage biopharma focused on BET inhibitors for immune-mediated inflammatory diseases, with VYN202 as lead candidate and repibresib gel discontinued after failed Phase 2b trial in vitiligo.

• Initiated strategic review in August 2025, leading to a merger agreement with Yarrow Biosciences; post-merger, Yarrow's pipeline will become the primary business.

• Yarrow secured $100M Series A and $100M pre-closing financing; VYNE stockholders to receive a special cash dividend of $14.5–$16.5M.

Financial highlights

• 2025 revenues were $0.6M, up 13.8% from 2024, solely from royalties.

• Research and development expenses decreased 37.8% to $19.2M in 2025, reflecting trial terminations and cost reductions.

• General and administrative expenses fell 16% to $11.1M in 2025.

• Net loss for 2025 was $26.5M, a 33.5% improvement from 2024.

• Cash, cash equivalents, and marketable securities totaled $29.0M at year-end 2025; no debt outstanding.

Outlook and guidance

• Operations and future strategy are highly dependent on successful completion of the Yarrow merger.

• If the merger fails, alternatives include seeking additional financing, strategic transactions, or liquidation.

• Post-merger, focus will shift to Yarrow's YB-101 antibody for Graves' disease and thyroid eye disease.