(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
VYNE THERAPEUTICS INC. | ||||||||
Date: August 14, 2023 | By: | /s/ Mutya Harsch | ||||||
Mutya Harsch Chief Legal Officer and General Counsel |
Financial Performance (in thousands) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Loss from continuing operations (GAAP) | $ | (10,038) | $ | (8,235) | $ | (15,650) | $ | (16,929) | |||||||||||||||
Adjusted loss from continuing operations (non-GAAP)* | $ | (9,162) | $ | (7,072) | $ | (13,918) | $ | (14,521) | |||||||||||||||
Net loss (GAAP) | $ | (10,058) | $ | (8,476) | $ | (15,680) | $ | (3,806) | |||||||||||||||
Adjusted net loss (non-GAAP)* | $ | (9,182) | $ | (7,313) | $ | (13,948) | $ | (1,750) | |||||||||||||||
June 30, | December 31 | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 20,634 | $ | 30,908 | |||||||
Restricted cash | 67 | 67 | |||||||||
Trade receivables, net of allowances | 234 | 173 | |||||||||
Amount due from sale of MST Franchise | — | 5,000 | |||||||||
Prepaid and other expenses | 2,024 | 2,127 | |||||||||
Total Current Assets | 22,959 | 38,275 | |||||||||
Non-current prepaid expenses and other assets | 2,000 | 2,483 | |||||||||
Total Assets | $ | 24,959 | $ | 40,758 | |||||||
Liabilities, Mezzanine Equity and Stockholders’ Equity | |||||||||||
Current Liabilities: | |||||||||||
Trade payables | $ | 1,159 | $ | 2,386 | |||||||
Accrued expenses | 4,379 | 4,381 | |||||||||
Employee related obligations | 836 | 2,372 | |||||||||
Liability for employee severance benefits | — | 206 | |||||||||
Total Current Liabilities | 6,374 | 9,345 | |||||||||
Other liabilities | 1,313 | — | |||||||||
Total Liabilities | 7,687 | 9,345 | |||||||||
Commitments and Contingencies | |||||||||||
Mezzanine Equity: | |||||||||||
Convertible Preferred Stock: $0.0001 par value; 20,000,000 shares authorized at June 30, 2023 and December 31, 2022; Series A Preferred Stock: 0 and 3,000 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | — | 211 | |||||||||
Stockholders’ Equity: | |||||||||||
Common stock: $0.0001 par value; 150,000,000 shares authorized at June 30, 2023 and December 31, 2022; 3,282,479 and 3,229,704 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | — | — | |||||||||
Additional paid-in capital | 695,836 | 693,937 | |||||||||
Accumulated deficit | (678,564) | (662,735) | |||||||||
Total Stockholders’ Equity | 17,272 | 31,202 | |||||||||
Total Liabilities, Mezzanine Equity and Stockholders’ Equity | $ | 24,959 | $ | 40,758 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Royalty revenues | $ | 135 | $ | 126 | $ | 234 | $ | 304 | |||||||||||||||
Total revenues | 135 | 126 | 234 | 304 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 7,233 | 4,108 | 9,967 | 8,560 | |||||||||||||||||||
Selling, general and administrative | 3,220 | 4,305 | 6,460 | 8,722 | |||||||||||||||||||
Total operating expenses | 10,453 | 8,413 | 16,427 | 17,282 | |||||||||||||||||||
Operating loss | (10,318) | (8,287) | (16,193) | (16,978) | |||||||||||||||||||
Other income, net | 280 | 52 | 543 | 49 | |||||||||||||||||||
Loss from continuing operations before income taxes | (10,038) | (8,235) | (15,650) | (16,929) | |||||||||||||||||||
Income tax expense | — | — | — | — | |||||||||||||||||||
Loss from continuing operations | (10,038) | $ | (8,235) | (15,650) | (16,929) | ||||||||||||||||||
(Loss) income from discontinued operations, net of income taxes | (20) | (241) | (30) | 13,123 | |||||||||||||||||||
Net loss | $ | (10,058) | $ | (8,476) | $ | (15,680) | $ | (3,806) | |||||||||||||||
Loss per share from continuing operations, basic and diluted | $ | (3.08) | $ | (2.56) | $ | (4.81) | $ | (5.38) | |||||||||||||||
(Loss) income per share from discontinued operations, basic and diluted | $ | (0.01) | $ | (0.07) | $ | (0.01) | $ | 4.17 | |||||||||||||||
Loss per share, basic and diluted | $ | (3.09) | $ | (2.63) | $ | (4.82) | $ | (1.21) | |||||||||||||||
Weighted average shares outstanding - basic and diluted | 3,274 | 3,218 | 3,265 | 3,148 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net loss (GAAP) | $ | (10,058) | $ | (8,476) | $ | (15,680) | $ | (3,806) | |||||||||||||||
Add-back: stock-based compensation expense | 876 | 1,163 | 1,732 | 2,056 | |||||||||||||||||||
Adjusted net loss (non-GAAP) | $ | (9,182) | $ | (7,313) | $ | (13,948) | $ | (1,750) | |||||||||||||||
Net loss per share, basic and diluted (GAAP) | $ | (3.09) | $ | (2.63) | $ | (4.82) | $ | (1.21) | |||||||||||||||
Add-back: stock-based compensation expense | 0.27 | 0.36 | 0.53 | 0.65 | |||||||||||||||||||
Adjusted net loss per share, basic and diluted (non-GAAP) | $ | (2.82) | $ | (2.27) | $ | (4.29) | $ | (0.56) | |||||||||||||||
Weighted average number of shares outstanding, basic and diluted | 3,274 | 3,218 | 3,265 | 3,148 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Loss from continuing operations (GAAP) | $ | (10,038) | $ | (8,235) | $ | (15,650) | $ | (16,929) | |||||||||||||||
Add-back: stock-based compensation expense | 876 | 1,163 | 1,732 | 2,408 | |||||||||||||||||||
Adjusted loss from continuing operations (non-GAAP) | $ | (9,162) | $ | (7,072) | $ | (13,918) | $ | (14,521) | |||||||||||||||
Research and development expense (GAAP) | $ | 7,233 | $ | 4,108 | $ | 9,967 | $ | 8,560 | |||||||||||||||
Less: stock-based compensation expense | (138) | (393) | (182) | (622) | |||||||||||||||||||
Adjusted research and development expense (non-GAAP) | $ | 7,095 | $ | 3,715 | $ | 9,785 | $ | 7,938 | |||||||||||||||
Selling, general and administrative expense (GAAP) | $ | 3,220 | $ | 4,305 | $ | 6,460 | $ | 8,722 | |||||||||||||||
Less: stock-based compensation expense | (738) | (770) | (1,550) | (1,786) | |||||||||||||||||||
Adjusted selling, general and administrative expense (non-GAAP) | $ | 2,482 | $ | 3,535 | $ | 4,910 | $ | 6,936 | |||||||||||||||
Total operating expenses (GAAP) | $ | 10,453 | $ | 8,413 | $ | 16,427 | $ | 17,282 | |||||||||||||||
Less: stock-based compensation expense | (876) | (1,163) | (1,732) | (2,408) | |||||||||||||||||||
Adjusted total operating expenses (non-GAAP) | $ | 9,577 | $ | 7,250 | $ | 14,695 | $ | 14,874 | |||||||||||||||
Operating loss (GAAP) | $ | (10,318) | $ | (8,287) | $ | (16,193) | $ | (16,978) | |||||||||||||||
Add back: stock-based compensation expense | 876 | 1,163 | 1,732 | 2,408 | |||||||||||||||||||
Adjusted operating loss (non-GAAP) | $ | (9,442) | $ | (7,124) | $ | (14,461) | $ | (14,570) | |||||||||||||||
Loss per share from continuing operations, basic and diluted (GAAP) | $ | (3.08) | $ | (2.56) | $ | (4.81) | $ | (5.38) | |||||||||||||||
Add back: stock-based compensation expense | 0.27 | 0.36 | 0.53 | 0.76 | |||||||||||||||||||
Adjusted loss per share from continuing operations, basic and diluted (non-GAAP) | $ | (2.81) | $ | (2.20) | $ | (4.28) | $ | (4.62) | |||||||||||||||
Weighted average number of shares outstanding - basic and diluted | 3,274 | 3,218 | 3,265 | 3,148 |
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Document and Entity Information Document |
Aug. 14, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 14, 2023 |
Entity Registrant Name | VYNE Therapeutics Inc |
Entity Central Index Key | 0001566044 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38356 |
Entity Tax Identification Number | 45-3757789 |
Entity Address, Address Line One | 685 Route 202/206 N., Suite 301 |
Entity Address, City or Town | Bridgewater |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08807 |
City Area Code | 800 |
Local Phone Number | 775-7936 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Trading Symbol | VYNE |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
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