2024 Q3 Form 10-Q Financial Statement
#000162828024037176 Filed on August 14, 2024
Income Statement
| Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
|---|---|---|---|
| Revenue | $100.0K | $200.0K | $135.0K |
| YoY Change | -12.28% | 48.15% | 7.14% |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $2.964M | $3.288M | $3.220M |
| YoY Change | -2.18% | 2.11% | -25.2% |
| % of Gross Profit | |||
| Research & Development | $10.25M | $7.306M | $7.233M |
| YoY Change | 208.86% | 1.01% | 76.07% |
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | ||
| YoY Change | -100.0% | ||
| % of Gross Profit | |||
| Operating Expenses | $10.25M | $7.306M | $10.45M |
| YoY Change | 61.44% | -30.11% | 24.25% |
| Operating Profit | -$13.09M | -$10.40M | -$10.32M |
| YoY Change | 109.99% | 0.76% | 24.51% |
| Interest Expense | |||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | $934.0K | $1.001M | $280.0K |
| YoY Change | 473.01% | 257.5% | 438.46% |
| Pretax Income | -$12.16M | -$9.395M | -$10.04M |
| YoY Change | 100.25% | -6.41% | 21.89% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$12.16M | -$9.406M | -$10.06M |
| YoY Change | 84.64% | -6.48% | 18.66% |
| Net Earnings / Revenue | -12157.0% | -4703.0% | -7450.37% |
| Basic Earnings Per Share | -$0.29 | -$0.22 | -$3.09 |
| Diluted Earnings Per Share | -$0.29 | -$0.22 | -$3.09 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 14.75M shares | 14.53M shares | 3.271M shares |
| Diluted Shares Outstanding | 42.59M shares | 42.59M shares | 3.274M shares |
Balance Sheet
| Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $70.19M | $78.10M | $20.63M |
| YoY Change | 355.75% | 278.51% | -51.81% |
| Cash & Equivalents | $16.27M | $29.61M | $20.63M |
| Short-Term Investments | $53.91M | $48.49M | |
| Other Short-Term Assets | $57.26M | $54.17M | $2.091M |
| YoY Change | 2913.84% | 2490.48% | -45.0% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $234.0K | ||
| Other Receivables | $0.00 | ||
| Total Short-Term Assets | $73.54M | $83.78M | $22.96M |
| YoY Change | 319.94% | 264.89% | -55.78% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $122.0K | $151.0K | |
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $2.541M | $2.721M | $2.000M |
| YoY Change | 41.17% | 36.05% | -32.75% |
| Total Long-Term Assets | $2.663M | $2.872M | $2.000M |
| YoY Change | 51.65% | 43.6% | -38.88% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $73.54M | $83.78M | $22.96M |
| Total Long-Term Assets | $2.663M | $2.872M | $2.000M |
| Total Assets | $76.20M | $86.65M | $24.96M |
| YoY Change | 295.48% | 247.16% | -54.78% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.986M | $4.516M | $1.159M |
| YoY Change | 469.43% | 289.65% | -19.01% |
| Accrued Expenses | $6.168M | $5.069M | $4.379M |
| YoY Change | 38.54% | 15.76% | 24.62% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $12.66M | $11.75M | $6.374M |
| YoY Change | 96.33% | 84.41% | -6.74% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $0.00 | $25.00K | $1.313M |
| YoY Change | -100.0% | -98.1% | |
| Total Long-Term Liabilities | $0.00 | $25.00K | $1.313M |
| YoY Change | -100.0% | -98.1% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $12.66M | $11.75M | $6.374M |
| Total Long-Term Liabilities | $0.00 | $25.00K | $1.313M |
| Total Liabilities | $12.66M | $11.78M | $7.687M |
| YoY Change | 63.12% | 53.23% | 12.47% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$719.1M | -$707.0M | -$678.6M |
| YoY Change | 4.96% | 4.19% | 5.49% |
| Common Stock | $1.000K | $1.000K | $0.00 |
| YoY Change | -100.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $63.54M | $74.87M | $17.27M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $76.20M | $86.65M | $24.96M |
| YoY Change | 295.48% | 247.16% | -54.78% |
Cashflow Statement
| Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$12.16M | -$9.406M | -$10.06M |
| YoY Change | 84.64% | -6.48% | 18.66% |
| Depreciation, Depletion And Amortization | $0.00 | ||
| YoY Change | -100.0% | ||
| Cash From Operating Activities | -$8.510M | -$8.481M | -$9.574M |
| YoY Change | 65.24% | -11.42% | 16.4% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | |||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$4.824M | $19.02M | $0.00 |
| YoY Change | |||
| Cash From Investing Activities | -$4.824M | $19.02M | $0.00 |
| YoY Change | |||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -2.000K | -3.000K | -5.000K |
| YoY Change | -96.0% | -40.0% | -91.8% |
| NET CHANGE | |||
| Cash From Operating Activities | -8.510M | -8.481M | -9.574M |
| Cash From Investing Activities | -4.824M | 19.02M | 0.000 |
| Cash From Financing Activities | -2.000K | -3.000K | -5.000K |
| Net Change In Cash | -13.34M | 10.54M | -9.579M |
| YoY Change | 156.46% | -209.99% | 15.6% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$8.510M | -$8.481M | -$9.574M |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2024Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
14536124 | shares |
| CY2023Q1 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0556 | |
| CY2023Q1 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0556 | |
| CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2024Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2024Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
14536124 | shares |
| CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-3.08 | |
| CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-3.08 | |
| CY2024Q2 | us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
|
0.00 | |
| CY2024Q2 | us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
|
0.00 | |
| CY2023Q2 | us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
|
-0.01 | |
| CY2023Q2 | us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
|
-0.01 | |
| us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
|
0.00 | ||
| us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
|
0.00 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-4.82 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-4.82 | ||
| CY2024Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
42586000 | shares |
| CY2024Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
42586000 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3265000 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3265000 | shares | |
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
1000 | usd | |
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
0 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
4124000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-525000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
2909000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1629000 | usd | |
| us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-69000 | usd | |
| us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
0 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16463000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15052000 | usd | |
| us-gaap |
Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
|
0 | usd | |
| us-gaap |
Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
|
5000000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
37500000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
0 | usd | |
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
22049000 | usd | |
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
0 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
15451000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
5000000 | usd | |
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | usd | |
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
156000 | usd | |
| us-gaap |
Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
|
0 | usd | |
| us-gaap |
Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
|
360000 | usd | |
| vyne |
Payments Proceeds From Stock Options Exercised Net
PaymentsProceedsFromStockOptionsExercisedNet
|
-7000 | usd | |
| vyne |
Payments Proceeds From Stock Options Exercised Net
PaymentsProceedsFromStockOptionsExercisedNet
|
-18000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-7000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-222000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1019000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-10274000 | usd | |
| CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
29655000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20701000 | usd |
| CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
29609000 | usd |
| CY2023Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
20634000 | usd |
| CY2024Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
46000 | usd |
| CY2023Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
67000 | usd |
| CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
29655000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20701000 | usd |
| us-gaap |
Stock Issued1
StockIssued1
|
11000 | usd | |
| us-gaap |
Stock Issued1
StockIssued1
|
29000 | usd | |
| us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
0 | usd | |
| us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
149000 | usd | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
NATURE OF OPERATIONS<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">VYNE Therapeutics Inc. (the "Company") is a clinical-stage biopharmaceutical company focused on developing differentiated therapies to treat chronic inflammatory and immune-mediated conditions with high unmet need. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In August 2021, the Company entered into a transaction with Tay Therapeutics Limited, formerly known as In4Derm Limited ("Tay"), providing the Company with exclusive worldwide rights to research, develop and commercialize products containing bromodomain and extra-terminal domain (“BET”) inhibitors for the treatment of any disease, disorder or condition in humans. Through its access to this library of new chemical BET inhibitor compounds, the Company plans to develop product candidates for a diverse set of indications. Based on data generated to date, the Company has chosen to focus its initial efforts for this platform on select therapeutic areas in immuno-inflammatory disease.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company's lead program is VYN201, a locally administered pan-</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">bromodomain (</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">“BD”) BET inhibitor designed as a “soft” drug to address diseases involving multiple, diverse inflammatory cell signaling pathways while providing low systemic exposure. In preclinical </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">testing, VYN201 produced consistent reductions in pro-inflammatory and disease-related biomarkers and improvements in disease severity across a variety of inflammatory and fibrotic models. The Company announced positive results from a Phase 1b trial evaluating VYN201 in nonsegmental vitiligo in October 2023 and initiated a Phase 2b trial in nonsegmental vitiligo in June 2024. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company's second program is VYN202, an oral small molecule BD2-selective BET inhibitor. VYN202 has been designed to achieve potential class-leading selectivity and potency (BD2 vs. BD1). By maximizing BD2 selectivity, the Company believes VYN202 has the potential to be a more conveniently administered non-biologic treatment option for both acute control and chronic management of immuno-inflammatory indications, where the damaging effects of unrestricted inflammatory signaling activity are common. The Company initiated a Phase 1a single ascending dose/multiple ascending dose trial of VYN202 in June 2024. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company intends to advance its product candidates through clinical development toward regulatory approval. As part of its strategy to maximize the value of its pipeline, the Company may partner with larger pharmaceutical companies to expand and accelerate the development of its programs and explore therapeutic areas outside of its core focus in immunology. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For additional information regarding the sale of the Company's legacy commercial business (the “MST Franchise”) to Journey Medical Corporation ("Journey") in January 2022 and the Company's licensing arrangements with Tay, see "Note 3 - Strategic Agreements." </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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:100%">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 8, 2023, the Company's board of directors approved a 1-for-18 reverse stock split of its outstanding shares of common stock. The reverse stock split was effected on February 10, 2023 at 5:01 p.m. Eastern time. At the effective time, every 18 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 holder of 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 holder’s respective pro rata share of the total net proceeds from the Company’s transfer agent's sale of all fractional shares at the then-prevailing prices on the open market. 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. The number of authorized shares of the Company's common stock and the par value of each share of common stock remained unchanged. </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 noted, all common stock and per share amounts contained in these unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the 1-for-18 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%">Securities Purchase Agreement</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 October 27, 2023, the Company entered into a Securities Purchase Agreement </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(the “Securities Purchase Agreement”) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">with certain institutional and other accredited investors (collectively, the “Purchasers”), pursuant to which the Company agreed to </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%">sell and issue to the Purchasers in a private placement transaction (the “Private Placement”) (i) 10,652,543 shares of the Company’s common stock and (ii) with respect to certain Purchasers, Pre-Funded Warrants to purchase 28,614,437 shares of common stock in lieu thereof (the “Pre-Funded Warrants”). The purchase price per share of common stock was $2.245 per share (the “Stock Purchase Price”) and the purchase price for the Pre-Funded Warrants was the Stock Purchase Price minus $0.0001 per Pre-Funded Warrant. On November 1, 2023, the Company received gross proceeds of $88.2 million from the Private Placement, before deducting fees to the placement agent and offering expenses payable by the Company. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This transaction resulted in $5.5 million of issuance costs and net proceeds of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$82.7 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-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%">As of June 30, 2024, the Company had cash, cash equivalents, restricted cash and marketable securities of $78.1 million and an accumulated deficit of $707.0 million. The Company had no outstanding debt as of June 30, 2024. For the six months ended June 30, 2024, the Company incurred a net loss of $15.7 million and used $16.5 million of cash in operations. Other than in connection with its legacy commercial business that was sold in January 2022, the Company has funded its operations primarily through private and public placements of its equity, debt and warrants and through fees, cost reimbursements and payments received from its licensees. The Company has incurred losses and experienced negative operating cash flows since its inception and anticipates that it will continue to incur losses until such a time when its product candidates, if approved, are commercially successful, if at all. The Company will not generate any revenue from any current or future product candidates unless and until it obtains regulatory approval and commercializes such products.</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's available cash, cash equivalents, restricted cash and marketable securities are insufficient to satisfy its liquidity requirements, the Company may need to raise additional capital to fund its operations. No assurance can be given as to whether additional needed financing will be available on terms acceptable to the Company, if at all. If sufficient funds on acceptable terms are not available when needed, the Company may be required to suspend or forego certain planned activities. Failure to manage discretionary spending or raise additional financing, as needed, would adversely impact the Company’s ability to achieve its intended business objectives and have an adverse effect on its results of operations and future prospects. In addition, the amount of proceeds the Company may be able to raise pursuant to its currently effective shelf registration statement on Form S-3 is limited. As of the filing of this Quarterly Report on Form 10-Q, the Company is subject to the general instructions of Form S-3 known as the "baby shelf rules." Under these rules, the amount of funds the Company can raise through primary public offerings of securities in any 12-month period using its registration statement on Form S-3 is limited to one-third of the aggregate market value of the shares of the Company's common stock held by its non-affiliates. Therefore, the Company will be limited in the amount of proceeds it is able to raise by selling shares of common stock using its Form S-3 until such time as the Company's public float exceeds $75.0 million.</span></div>In accordance with Accounting Standards Codification (“ASC”) Subtopic 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that its unaudited interim condensed consolidated financial statements are issued. The Company believes its existing cash, cash equivalents, restricted cash and marketable securities are sufficient to fund its operating and capital expenditure requirements for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. | ||
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment | |
| CY2024Q2 | vyne |
Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
|
78100000 | usd |
| CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-707000000.0 | usd |
| CY2024Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
0 | usd |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-15700000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16500000 | usd | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:29.07pt">Use of Estimates</span><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 unaudited condensed consolidated financial statements and reported amounts of income and expenses during the reporting period. Significant items subject to such estimates and assumptions include research and development accruals. Actual results could differ from the Company’s estimates.</span></div> | ||
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
300000 | usd | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
200000 | usd | |
| CY2024Q2 | vyne |
Accrued Sales Provisions Current
AccruedSalesProvisionsCurrent
|
2100000 | usd |
| CY2023Q4 | vyne |
Accrued Sales Provisions Current
AccruedSalesProvisionsCurrent
|
2300000 | usd |
| CY2024Q2 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
29609000 | usd |
| CY2024Q2 | us-gaap |
Marketable Securities
MarketableSecurities
|
48492000 | usd |
| CY2024Q2 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
78101000 | usd |
| CY2023Q4 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
30620000 | usd |
| CY2023Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
62633000 | usd |
| CY2023Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
93253000 | usd |
| CY2024Q2 | us-gaap |
Short Term Investments
ShortTermInvestments
|
48492000 | usd |
| CY2023Q4 | us-gaap |
Short Term Investments
ShortTermInvestments
|
62633000 | usd |
| CY2024Q2 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
48550000 | usd |
| CY2024Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | usd |
| CY2024Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
58000 | usd |
| CY2024Q2 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
48492000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
62608000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
35000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
10000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
62633000 | usd |
| CY2024Q2 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
48500000 | usd |
| CY2023Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
62600000 | usd |
| CY2023Q1 | vyne |
Stock Redeemed Or Called During Period Price As Percentage Of Stated Value
StockRedeemedOrCalledDuringPeriodPriceAsPercentageOfStatedValue
|
1.20 | |
| CY2024Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2024Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2024Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
27509 | shares |
| CY2024Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
8.40 | |
| us-gaap |
Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
|
5285 | shares | |
| us-gaap |
Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
|
8339 | shares | |
| 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
|
2100000 | usd | |
| 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
|
0 | usd | |
| CY2024Q2 | vyne |
Number Of Shares Issued For Each Vesting Rsu
NumberOfSharesIssuedForEachVestingRSU
|
1 | shares |
| CY2024Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
885000 | usd |
| CY2023Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
876000 | usd |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1870000 | usd | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1732000 | usd | |
| CY2024Q2 | us-gaap |
Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
|
0 | claim |
| CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
| CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
| CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |
