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Vyome Holdings Inc

vyometx.com

What Do They Do?

Sells topical antifungal products for people with dandruff and skin fungal diseases, and develops drug candidates for patients with immune-inflammatory and rare diseases.

How Do They Make Money?

Sun Pharma pays licensing and milestone fees for the Luliconazole program, including amounts tied to studies, launch, and sales. For the earlier antifungal products, Vyome receives a net service fee on sales made by Sun Pharma.

revenue
SegmentShareRevenue
Licensing and milestone fees – Luliconazole
Licensed

37%
Sale of products
55%
Royalty income related to above product sales
Licensed
8.8%

Who Are Their Customers?

Sun Pharma markets Vyome’s topical antifungal products in India under licensing and marketing arrangements.

Do Revenues Turn Into Profits?

No. It lost $10.3M in FY2025.

Operating income, FY2025
−3269% of revenue
▲ +939% (Loss) vs FY2024 (−$1M, −392%)
Net income, FY2025
−3210% of revenue
▲ +609% (Loss) vs FY2024 (−$1.4M, −563%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▼ −46%
vs $50K in Q2 FY2025
Net income
▲ +122% (Loss)
vs −$308.8K in Q2 FY2025
  • Aug 28, 2026 Jerry Leonard appointed CFO; Robert Dickey resigned as interim CFO Leonard’s appointment took effect September 1, 2026, after Dickey’s resignation became effective August 31, 2026.
  • Aug 25, 2026 Licensed two selective JAK inhibitor assets from Impetis The assets are intended to address autoimmune and inflammatory conditions.

Shrinking. Revenue fell 98% in 4 years, from $13.6M in FY2021 to $319.7K in FY2025, about 61% a year.

From obesity care to specialty pharmaceuticals The older report centered on bariatric devices, virtual weight-loss coaching, and wellness products for obesity and metabolic health. The latest report centers on drug development for immune-inflammatory and rare diseases, alongside antifungal products.

Revenue over time
Licensing and milestone fees – Luliconazole Sale of products Royalty income related to above product sales Service fee for arrangements for sale of Dandruff products
$500K$250K$0

Who Do They Compete With?

Competes with Tarsier Pharma, Eli Lily, Eyepoint Pharmaceuticals, Bausch Health, Sun Pharma, and Almirall

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