2021 Q1 Form 10-Q Financial Statement

#000156604421000025 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $230.0K $1.750M
YoY Change -86.86% 468.18%
Cost Of Revenue $601.0K $41.64M
YoY Change -98.56% 157.16%
Gross Profit -$371.0K -$39.89M
YoY Change -99.07% 151.13%
Gross Profit Margin -161.3% -2279.37%
Selling, General & Admin $5.732M $25.42M
YoY Change -77.45% 375.94%
% of Gross Profit
Research & Development $4.255M $15.95M
YoY Change -73.33% 0.19%
% of Gross Profit
Depreciation & Amortization $27.00K $93.00K
YoY Change -70.97% 16.25%
% of Gross Profit
Operating Expenses $9.987M $41.37M
YoY Change -75.86% 110.32%
Operating Profit -$9.757M -$39.89M
YoY Change -75.54% 151.13%
Interest Expense $1.062M $1.067M
YoY Change -0.47% 34.05%
% of Operating Profit
Other Income/Expense, Net -$57.00K $723.0K
YoY Change -107.88% -9.17%
Pretax Income -$10.88M -$40.23M
YoY Change -72.97% 161.59%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.55M -$40.23M
YoY Change -48.92% 113.18%
Net Earnings / Revenue -8934.78% -2299.03%
Basic Earnings Per Share -$0.42
Diluted Earnings Per Share -$0.42 -$3.785M
COMMON SHARES
Basic Shares Outstanding 48.87M shares 24.44M
Diluted Shares Outstanding 48.87M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.5M $57.60M
YoY Change 107.54% -52.59%
Cash & Equivalents $118.5M $57.60M
Short-Term Investments $1.027M $0.00
Other Short-Term Assets $5.800M $29.30M
YoY Change -80.2% 691.89%
Inventory $8.092M $3.200M
Prepaid Expenses
Receivables $10.76M $8.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $143.1M $98.40M
YoY Change 45.44% -21.42%
LONG-TERM ASSETS
Property, Plant & Equipment $529.0K $4.600M
YoY Change -88.5% 3116.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.100M $53.50M
YoY Change -92.34% 26650.0%
Total Long-Term Assets $6.054M $62.10M
YoY Change -90.25% 5660.67%
TOTAL ASSETS
Total Short-Term Assets $143.1M $98.40M
Total Long-Term Assets $6.054M $62.10M
Total Assets $149.2M $160.5M
YoY Change -7.06% 27.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $14.10M
YoY Change -75.18% 271.05%
Accrued Expenses $13.52M $13.50M
YoY Change 0.16% 110.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.55M $56.60M
YoY Change -61.93% 433.96%
LONG-TERM LIABILITIES
Long-Term Debt $33.27M $32.80M
YoY Change 1.45%
Other Long-Term Liabilities $1.400M $1.600M
YoY Change -12.5%
Total Long-Term Liabilities $33.27M $34.40M
YoY Change -3.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.55M $56.60M
Total Long-Term Liabilities $33.27M $34.40M
Total Liabilities $56.27M $91.00M
YoY Change -38.16% 756.31%
SHAREHOLDERS EQUITY
Retained Earnings -$586.7M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.90M $69.54M
YoY Change
Total Liabilities & Shareholders Equity $149.2M $160.5M
YoY Change -7.06% 27.12%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$20.55M -$40.23M
YoY Change -48.92% 113.18%
Depreciation, Depletion And Amortization $27.00K $93.00K
YoY Change -70.97% 16.25%
Cash From Operating Activities -$12.55M -$52.21M
YoY Change -75.96% 213.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $42.00K
YoY Change -100.0% -130.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $66.02M
YoY Change -100.0% 737.82%
Cash From Investing Activities $0.00 $65.98M
YoY Change -100.0% 752.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $73.13M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $73.50M $140.0K
YoY Change 52402.14% 600.0%
NET CHANGE
Cash From Operating Activities -$12.55M -$52.21M
Cash From Investing Activities $0.00 $65.98M
Cash From Financing Activities $73.50M $140.0K
Net Change In Cash $60.95M $13.91M
YoY Change 338.22% -256.63%
FREE CASH FLOW
Cash From Operating Activities -$12.55M -$52.21M
Capital Expenditures $0.00 $42.00K
Free Cash Flow -$12.55M -$52.25M
YoY Change -75.98% 216.68%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58456000 USD
CY2021Q1 us-gaap Stock Issued1
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0 USD
CY2020Q1 us-gaap Stock Issued1
StockIssued1
163000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
287000 USD
CY2021Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
CY2020Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
287000 USD
CY2021Q1 vyne Interest Received
InterestReceived
5000 USD
CY2020Q1 vyne Interest Received
InterestReceived
177000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
963000 USD
CY2020Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
117270000 USD
CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 USD
CY2020Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
5827000 USD
CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
CY2020Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
111443000 USD
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
27381000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
65980000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
73127000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
376000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
140000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
73503000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
140000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
60952000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
13909000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-37000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58418000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44584000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
119371000 USD
CY2021Q1 vyne Non Cash Acquisition Of Business Cash Acquired
NonCashAcquisitionOfBusinessCashAcquired
0 USD
CY2020Q1 vyne Non Cash Acquisition Of Business Cash Acquired
NonCashAcquisitionOfBusinessCashAcquired
38641000 USD
CY2021Q1 vyne Non Cash Acquisition Of Business Net Assets After Cash Acquired
NonCashAcquisitionOfBusinessNetAssetsAfterCashAcquired
0 USD
CY2020Q1 vyne Non Cash Acquisition Of Business Net Assets After Cash Acquired
NonCashAcquisitionOfBusinessNetAssetsAfterCashAcquired
72802000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
NATURE OF OPERATIONS<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VYNE Therapeutics Inc. (formerly known as Menlo Therapeutics Inc. ("Menlo"), "VYNE" or the "Company") is a specialty pharmaceutical company focused on developing and commercializing proprietary, innovative and differentiated therapies in dermatology and other therapeutic areas. The Company is a Delaware corporation, has its principal executive offices in Bridgewater, New Jersey and operates as one business segment.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reverse Merger</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 10, 2019, Menlo, Foamix Pharmaceuticals Ltd. (“Foamix”) and Giants Merger Subsidiary Ltd. (“Merger Sub”), a wholly-owned subsidiary of Menlo, entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of December 4, 2019, the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Foamix, with Foamix surviving as a wholly-owned subsidiary of Menlo (the “Merger”) on March 9, 2020 (the “Effective Date”).</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For accounting purposes, the Merger is treated as a “reverse acquisition” under generally accepted accounting principles in the United States (“U.S. GAAP”) and Foamix is considered the accounting acquirer. Accordingly, upon consummation of the Merger, the historical financial statements of Foamix became the Company’s historical financial statements, and the historical financial statements of Foamix are included in the comparative prior periods. See “Note 3 – Business Combination” for more information on the Merger.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reverse stock split and recasting of per-share amounts</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 10, 2021, the Company's Board of Directors approved a one-for-four reverse stock split of its outstanding shares of common stock. The reverse stock split was effected on February 12, 2021, at 5:00 p.m. Eastern time. At the effective time, every four issued and outstanding shares of the Company's common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split, and in lieu thereof, each stockholder holding fractional shares was entitled to receive a cash payment (without interest or deduction) from the Company's transfer agent in an amount equal to such stockholder's respective pro rata shares of the total net proceeds from the Company's transfer agent sale of all fractional shares at the then-prevailing prices on the open market. In connection with the reverse stock split, the number of authorized shares of the Company's common stock was also reduced on a one-for-four basis, from 300 million shares to 75 million shares. The par value of each share of common stock remained unchanged. A proportionate adjustment was also made to the maximum number of shares issuable under the Company's 2019 Equity Incentive Plan, 2018 Omnibus Incentive Plan and 2019 Employee Share Purchase Plan.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless otherwise noted, all common shares and per share amounts contained in the unaudited interim condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Products, Product Candidates and Licenses</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2020, the Company launched AMZEEQ</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (minocycline) topical foam, 4% (“AMZEEQ”), a once-daily topical antibiotic for the treatment of inflammatory lesions of non-nodular moderate-to-severe acne vulgaris in patients 9 years of age and older. On May 28, 2020, the U.S. Food and Drug Administration (the "FDA") approved ZILXI</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (minocycline) topical foam, 1.5% ("ZILXI"), for the treatment of inflammatory lesions of rosacea in adults. ZILXI became available in pharmacies nationwide in October 2020. AMZEEQ and ZILXI are the first topical minocycline products approved by the FDA for any condition. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AMZEEQ and ZILXI utilize the Company’s proprietary Molecule Stabilizing Technology (MST)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> that is also being used in the development of the Company’s product candidate FCD105, a topical foam comprising minocycline and adapalene for the treatment of acne vulgaris. On June 2, 2020, the Company announced positive results from a Phase II clinical trial evaluating the preliminary safety and efficacy of FCD105 (3% minocycline / 0.3% adapalene foam), the first ever topical minocycline-based combination product, for the treatment of moderate-to-severe acne vulgaris. The Company held an end-of-Phase II meeting with the FDA in the fourth quarter of 2020 and may commence a Phase III program in the next 12 to 18 months based upon the Company's results of operations, which depend on numerous factors, including the COVID-19 pandemic and recent payor formulary decisions. In addition, the Company recently announced a development program for FMX114, which is a </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">combination topical gel for the potential treatment of mild-to-moderate atopic dermatitis. The Company plans to conduct a Phase 2a proof-of-concept study for FMX114 in the third quarter of 2021. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Company was developing serlopitant, a small molecule inhibitor of the neurokinin 1 receptor, or NK1-R, given as a once-daily, oral tablet, for the treatment of pruritus, or itch, associated with various conditions including prurigo nodularis, or PN. On April 6, 2020, the Company announced top line results from two Phase III clinical trials evaluating the safety and efficacy of once-daily oral serlopitant for the treatment of pruritus (itch) associated with PN, studies MTI-105 and MTI-106. Neither study met their respective primary endpoint of demonstrating statistically significant reduction in pruritus in patients treated with serlopitant compared to placebo based on a 4-point improvement responder analysis. The Company does not currently intend to further pursue the development of serlopitant. As a result, in the second quarter of 2020, the Company recorded a full impairment charge related to the IPR&amp;D and Goodwill assets in its unaudited condensed consolidated statement of operations and comprehensive loss. See "Note 3 - Business Combination" for more information.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is actively pursuing opportunities to out-license its products and product candidates to third parties for development and commercialization outside the United States and entered into a license agreement with Cutia Therapeutics (HK) Limited (“Cutia”) in April 2020. See "Note 4 - Revenue Recognition." The Company has also licensed certain technology under development and licensing agreements to various pharmaceutical companies for development of certain products combining the Company’s foam technology with the licensee’s proprietary drugs.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liquidity and Capital Resources</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company launched AMZEEQ in the United States in January 2020 and commenced generating product revenues in the first quarter of 2020. The Company’s activities prior to the commercial launch of AMZEEQ had primarily consisted of developing product candidates, raising capital and performing research and development activities. Since inception, the Company has incurred losses and negative cash flows from operations. For the three months ended March 31, 2021, the Company incurred a net loss of $20.6 million and used $12.6 million of cash in operations. As of March 31, 2021, the Company had cash, cash equivalents, restricted cash and investments of $120.4 million and an accumulated deficit of $586.7 million. The Company's outstanding debt at March 31, 2021 was $35.0 million.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Company does not successfully commercialize AMZEEQ, ZILXI or any of its future product candidates, it may be unable to achieve profitability. Accordingly, the Company may be required to obtain further funding through public or private debt or equity offerings, or other arrangements. Adequate additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to raise capital when needed or on acceptable terms, it may be forced to delay, reduce or eliminate its research and development programs or commercialization and manufacturing efforts. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of recent unfavorable payor formulary decisions, coupled with continued uncertainties surrounding the impact of COVID-19, the Company’s current projections indicate that it may not be in compliance with certain revenue covenants in each of the subsequent periods of 2021. The Company believes that its existing cash, cash equivalents and investments as of March 31, 2021 and projected cash flows from revenues will provide sufficient resources to fund its current ongoing needs, including all potential debt obligations, for at least the next twelve months from the issuance of these financial statements. Additionally, the Company is monitoring its results of operations in light of recent unfavorable payor formulary decisions and the continued impact of the COVID-19 pandemic. However, the amounts and timing of the Company's actual expenditures may vary significantly depending on numerous factors, including the impact of COVID-19 pandemic, the Company's ability to successfully commercialize AMZEEQ and ZILXI, the Company’s ability to satisfy the minimum net revenue covenants in the Amended and Restated Credit Agreement (See “Note 8 - Long-Term Debt” for additional information), and any unforeseen cash needs. In addition, the Company may seek to restructure its current debt arrangements, obtain additional financing and reduce discretionary spending in order to achieve its longer-term strategic plans. There is no assurance the Company will be successful in restructuring its debt arrangements, obtaining additional financing on acceptable terms or in implementing these other other actions.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic and government measures taken in response to the pandemic have had a significant impact on the Company's operations. Access to healthcare providers has been limited, which has dampened sales and negatively impacted the Company's ability to execute its commercial strategy with respect to AMZEEQ and ZILXI. On August 5, 2020, the Company and its lenders amended the minimum net revenue covenant in the Amended and Restated Credit Agreement following an assessment of the impact of the pandemic on the Company's revenue. See "Note 8 - Long-Term Debt." Access to healthcare providers has remained limited through the first quarter of 2021. The length of time and extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition and liquidity will depend on future developments that are highly uncertain, subject to change and will continue to evolve with geographical re-openings, surges in cases and the vaccination effort. If the activities of the Company's sales force continue to be disrupted or patients elect not to visit their healthcare providers during the pandemic, the Company may continue to generate less revenue </span></div>than expected, which could have a material adverse effect on its financial results and liquidity as well as hinder its ability to satisfy certain covenants contained in the Amended and Restated Credit Agreement.
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2021Q1 us-gaap Net Income Loss
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-20600000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
120400000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q1 us-gaap Long Term Debt
LongTermDebt
35000000.0 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include accounting for business combinations, impairments of goodwill and intangible assets and revenue recognition. Actual results could differ from the Company’s estimates.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic and government measures taken in response to the pandemic have had a significant impact on the Company's operations. Access to healthcare providers has been limited, which has dampened sales and negatively impacted the Company's ability to execute its commercial strategy with respect to AMZEEQ and ZILXI. Access to healthcare providers has remained limited through the first quarter of 2021. The length of time and extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition and liquidity will depend on future developments that are highly uncertain, subject to change and will continue to evolve with geographical re-openings, surges in cases and the vaccination effort. If the activities of the Company's sales force continue to be disrupted or patients elect not to visit their healthcare providers during the pandemic, the Company may continue to generate less revenue than expected, which would have a material adverse effect on its financial results and liquidity as well as hinder its ability to satisfy certain covenants contained in the Amended and Restated Credit Agreement. In addition, the Company further assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, inventory and related reserves, impairments of long-lived assets and revenue recognition. In 2020, the Company recorded impairments of goodwill and certain indefinite-lived intangible assets; however, these were unrelated to the impact of COVID-19 (See "Note 3 - Business Combination" for more information). The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods.</span></div>
CY2021Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0 derivativeInstruments
CY2020Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0 derivativeInstruments
CY2020Q2 vyne Contingent Stock Right Shares Conversion
ContingentStockRightSharesConversion
1.2082
CY2020Q2 vyne Business Combination Effective Exchange Ratio
BusinessCombinationEffectiveExchangeRatio
1.8006
CY2020Q2 vyne Contingent Stock Right Shares Conversion
ContingentStockRightSharesConversion
1.2082
CY2020Q2 vyne Effective Exchange Ratio
EffectiveExchangeRatio
1.8006
CY2020Q2 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
74544413 shares
CY2021Q1 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
18636103 shares
CY2020Q2 vyne Post Merger Parent Ownership By Pre Merger Subsidiary Shareholders
PostMergerParentOwnershipByPreMergerSubsidiaryShareholders
0.82
CY2020Q2 vyne Post Merger Parent Ownership By Pre Merger Parent Stockholders
PostMergerParentOwnershipByPreMergerParentStockholders
0.18
CY2020Q1 vyne Business Combination Acquiree Common Stock Rights Converted To Common Stock
BusinessCombinationAcquireeCommonStockRightsConvertedToCommonStock
19600000 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4500000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q2 vyne Contingent Stock Right Shares Conversion
ContingentStockRightSharesConversion
1.2082
CY2020Q2 vyne Effective Exchange Ratio
EffectiveExchangeRatio
1.8006
CY2020Q2 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
74544413 shares
CY2021Q1 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
18636103 shares
CY2020Q2 vyne Post Merger Parent Ownership By Pre Merger Subsidiary Shareholders
PostMergerParentOwnershipByPreMergerSubsidiaryShareholders
0.82
CY2020Q2 vyne Post Merger Parent Ownership By Pre Merger Parent Stockholders
PostMergerParentOwnershipByPreMergerParentStockholders
0.18
CY2020Q2 vyne Contingent Stock Consideration Remeasurement Gain Loss
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-84700000 USD
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
104400000 USD
CY2020Q2 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
74544413 shares
CY2021Q1 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
18636103 shares
CY2020Q2 us-gaap Share Price
SharePrice
1.40
CY2020Q1 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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0 USD
CY2020Q1 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
12043000 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Revenue
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1750000 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-37641000 USD
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.62
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.62
CY2020Q1 vyne Adjustments To Supplemental Proforma Transaction Costs
AdjustmentsToSupplementalProformaTransactionCosts
14931000 USD
CY2020Q1 vyne Adjustments To Supplemental Proforma Acceleration Of Stock Based Compensation
AdjustmentsToSupplementalProformaAccelerationOfStockBasedCompensation
7199000 USD
CY2020Q1 vyne Adjustments To Supplemental Proforma Combined Results Of Operations
AdjustmentsToSupplementalProformaCombinedResultsOfOperations
22130000 USD
CY2021Q1 vyne Revenue Recognition Distribution Trade Discounts And Allowances
RevenueRecognitionDistributionTradeDiscountsAndAllowances
15600000 USD
CY2020Q1 vyne Revenue Recognition Distribution Trade Discounts And Allowances
RevenueRecognitionDistributionTradeDiscountsAndAllowances
8200000 USD
CY2021Q1 vyne Estimate Of Product Return Rate Minimum
EstimateOfProductReturnRateMinimum
0.02
CY2021Q1 vyne Estimate Of Product Return Rate Maximum
EstimateOfProductReturnRateMaximum
0.03
CY2021Q1 us-gaap Marketable Securities
MarketableSecurities
1027000 USD
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
1027000 USD
CY2021Q1 vyne Derivate Costs For Year
DerivateCostsForYear
0 USD
CY2021Q1 vyne Derivative Maximum Term Of Contract
DerivativeMaximumTermOfContract
P1Y
CY2020Q4 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
0 USD
CY2021Q1 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
0 USD
CY2021Q1 vyne Foreign Exchange Risk Lien On Checking Account For Bank Guarantees Granted For Hedging Transactions
ForeignExchangeRiskLienOnCheckingAccountForBankGuaranteesGrantedForHedgingTransactions
300000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0 USD
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0 USD
CY2021Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0 USD
CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0 USD
CY2021Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
15300000 USD
CY2020Q4 us-gaap Restricted Investments
RestrictedInvestments
0 USD
CY2021Q1 us-gaap Restricted Investments
RestrictedInvestments
0 USD
CY2021Q1 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2021Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
3746000 USD
CY2020Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
4042000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1002000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
662000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3344000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2700000 USD
CY2021Q1 us-gaap Inventory Gross
InventoryGross
8092000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
7404000 USD
CY2019Q3 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
1100000 USD
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1000000.0 USD
CY2020Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1000000.0 USD
CY2020Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
100000 USD
CY2021Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
100000 USD
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
50000000.0 USD
CY2021Q1 vyne Shares Issued Upon Conversion Of Common Stock Rights Per Agreement
SharesIssuedUponConversionOfCommonStockRightsPerAgreement
18636103 shares
CY2021Q1 vyne Share Based Compensation Arrangement By Share Based Payment Award Options And Equity Instruments Other Than Options Grants In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndEquityInstrumentsOtherThanOptionsGrantsInPeriodTotalGrantDateFairValue
7500000 USD
CY2020Q1 vyne Share Based Compensation Arrangement By Share Based Payment Award Options And Equity Instruments Other Than Options Grants In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndEquityInstrumentsOtherThanOptionsGrantsInPeriodTotalGrantDateFairValue
4300000 USD
CY2020Q2 vyne Contingent Stock Right Shares Conversion
ContingentStockRightSharesConversion
1.2082
CY2020Q2 vyne Effective Exchange Ratio
EffectiveExchangeRatio
1.8006
CY2020Q2 vyne Contingent Stock Right Shares Conversion
ContingentStockRightSharesConversion
1.2082
CY2020Q2 vyne Effective Exchange Ratio
EffectiveExchangeRatio
1.8006
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2442000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1759000 USD
CY2021Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
686000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
761000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
151000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1598000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
167000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1431000 USD
CY2021Q1 vyne Restricted Investments To Secure Lease Agreements
RestrictedInvestmentsToSecureLeaseAgreements
600000 USD

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