Yarrow Bioscience, Inc.

yarrowbioscience.com

What Do They Do?

Develops an antibody candidate for Graves’ disease and thyroid eye disease, alongside small-molecule BET inhibitors for immune-mediated conditions.

How Do They Make Money?

The company earns royalties when LEO Pharma sells Finacea foam.

FY2025 revenue

Who Are Their Customers?

LEO Pharma holds the license to Finacea foam, and the company receives royalties when LEO sells it.

Do Revenues Turn Into Profits?

No. It lost $26.5M in FY2025.

Operating income, FY2025

−4958% of revenue

▼ −32% (Loss) vs FY2024 (−$43.6M, −8727%)

Net income, FY2025

−4417% of revenue

▼ −33% (Loss) vs FY2024 (−$39.8M, −7967%)

Free cash flow, FY2025

−5517% of revenue

▼ −3% (Loss) vs FY2024 (−$34.1M, −6818%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▼ −48% (Loss); vs −$5.8M in Q2 FY2025

Jul 28, 2026 Completed merger with Yarrow and began dosing in a Graves’ disease trial The combined company operates as Yarrow Bioscience and advances its antibody program for Graves’ disease and thyroid eye disease.

Shrinking. Revenue fell 36% in 4 years, from $931K in FY2021 to $600K in FY2025, about 10% a year.

From topical to oral programs The former topical vitiligo program ended after missing its primary endpoint; the company continued developing an oral BET inhibitor for other immune-mediated diseases.

Shift to thyroid diseases After the completed merger, the combined company adds Yarrow’s antibody program for Graves’ disease and thyroid eye disease as its primary focus.

Who Do They Compete With?

Competes with AbbVie, Amgen, Bristol Myers Squibb, Johnson & Johnson, UCB, LEO Pharma, Janssen Pharmaceuticals, Roche, Eli Lilly, Pfizer, Novartis, Bausch Health, Sun Pharmaceutical Industries, Takeda Pharmaceutical, and Ventyx Biosciences

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