(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: May 11, 2023 | By: | /s/ Mutya Harsch | ||||||
Mutya Harsch Chief Legal Officer and General Counsel |
Financial Performance (in thousands) | Three Months Ended March 31 | ||||||||||
2023 | 2022 | ||||||||||
Loss from continuing operations (GAAP) | $ | (5,612) | $ | (8,694) | |||||||
Adjusted loss from continuing operations (non-GAAP)* | $ | (4,756) | $ | (7,449) | |||||||
Net (loss) income (GAAP) | $ | (5,622) | $ | 4,670 | |||||||
Adjusted net (loss) income (non-GAAP)* | $ | (4,766) | $ | 5,563 | |||||||
March 31 | December 31 | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 30,213 | $ | 30,908 | |||||||
Restricted cash | 67 | 67 | |||||||||
Trade receivables, net of allowances | 105 | 173 | |||||||||
Amount due from sale of MST Franchise | — | 5,000 | |||||||||
Prepaid and other expenses | 2,637 | 2,127 | |||||||||
Total Current Assets | 33,022 | 38,275 | |||||||||
Non-current prepaid expenses and other assets | 2,241 | 2,483 | |||||||||
Total Assets | $ | 35,263 | $ | 40,758 | |||||||
Liabilities, Mezzanine Equity and Stockholders’ Equity | |||||||||||
Current Liabilities: | |||||||||||
Trade payables | $ | 2,214 | $ | 2,386 | |||||||
Accrued expenses | 4,189 | 4,381 | |||||||||
Employee related obligations | 910 | 2,372 | |||||||||
Liability for employee severance benefits | 206 | 206 | |||||||||
Total Current Liabilities | 7,519 | 9,345 | |||||||||
Other liabilities | 1,313 | — | |||||||||
Total Liabilities | 8,832 | 9,345 | |||||||||
Commitments and Contingencies | |||||||||||
Mezzanine Equity: | |||||||||||
Convertible Preferred Stock: $0.0001 par value; 20,000,000 shares authorized at March 31, 2023 and December 31, 2022; Series A Preferred Stock: 0 and 3,000 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | — | 211 | |||||||||
Stockholders' Equity: | |||||||||||
Common stock: $0.0001 par value; 150,000,000 shares authorized at March 31, 2023 and December 31, 2022; 3,271,282 and 3,229,704 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | — | — | |||||||||
Additional paid-in capital | 694,937 | 693,937 | |||||||||
Accumulated deficit | (668,506) | (662,735) | |||||||||
Total Stockholders' Equity | 26,431 | 31,202 | |||||||||
Total Liabilities, Mezzanine Equity and Stockholders’ Equity | $ | 35,263 | $ | 40,758 |
Three Months Ended March 31 | |||||||||||
2023 | 2022 | ||||||||||
Revenues | |||||||||||
Royalty revenues | $ | 99 | $ | 178 | |||||||
Total revenues | 99 | 178 | |||||||||
Operating expenses: | |||||||||||
Research and development | 2,734 | 4,452 | |||||||||
Selling, general and administrative | 3,240 | 4,417 | |||||||||
Total operating expenses | 5,974 | 8,869 | |||||||||
Operating loss | (5,875) | (8,691) | |||||||||
Other income (expense), net | 263 | (3) | |||||||||
Loss from continuing operations before income taxes | (5,612) | (8,694) | |||||||||
Income tax expense | — | — | |||||||||
Loss from continuing operations | (5,612) | (8,694) | |||||||||
(Loss) income from discontinued operations, net of income taxes | (10) | 13,364 | |||||||||
Net (loss) income | $ | (5,622) | $ | 4,670 | |||||||
Loss per share from continuing operations, basic and diluted | $ | (1.74) | $ | (2.83) | |||||||
Income (loss) per share from discontinued operations, basic and diluted | $ | — | $ | 4.34 | |||||||
(Loss) income per share, basic and diluted | $ | (1.74) | $ | 1.51 | |||||||
Weighted average shares outstanding - basic and diluted | 3,255 | 3,077 |
Three Months Ended March 31 | |||||||||||
(in thousands, except per share data) | 2023 | 2022 | |||||||||
Net (loss) income (GAAP) | $ | (5,622) | $ | 4,670 | |||||||
Add-back: stock-based compensation expense | 856 | 893 | |||||||||
Adjusted net (loss) income (non-GAAP) | $ | (4,766) | $ | 5,563 | |||||||
Net (loss) income per share, basic and diluted (GAAP) | $ | (1.74) | $ | 1.51 | |||||||
Add-back: stock-based compensation expense | 0.26 | 0.29 | |||||||||
Adjusted net (loss) income per share, basic and diluted (non-GAAP) | $ | (1.48) | $ | 1.80 | |||||||
Weighted average number of shares outstanding, basic and diluted | 3,255 | 3,077 |
Three Months Ended March 31 | |||||||||||
(in thousands, except per share data) | 2023 | 2022 | |||||||||
Loss from continuing operations (GAAP) | $ | (5,612) | $ | (8,694) | |||||||
Add-back: stock-based compensation expense | 856 | 1,245 | |||||||||
Adjusted loss from continuing operations (non-GAAP) | $ | (4,756) | $ | (7,449) | |||||||
Research and development expense (GAAP) | $ | 2,734 | $ | 4,452 | |||||||
Less: stock-based compensation expense | (44) | (229) | |||||||||
Adjusted research and development expense (non-GAAP) | $ | 2,690 | $ | 4,223 | |||||||
Selling, general and administrative expense (GAAP) | $ | 3,240 | $ | 4,417 | |||||||
Less: stock-based compensation expense | (812) | (1,016) | |||||||||
Adjusted selling, general and administrative expense (non-GAAP) | $ | 2,428 | $ | 3,401 | |||||||
Total operating expenses (GAAP) | $ | 5,974 | $ | 8,869 | |||||||
Less: stock-based compensation expense | (856) | (1,245) | |||||||||
Adjusted total operating expenses (non-GAAP) | $ | 5,118 | $ | 7,624 | |||||||
Operating loss (GAAP) | $ | (5,875) | $ | (8,691) | |||||||
Add back: stock-based compensation expense | 856 | 1,245 | |||||||||
Adjusted operating loss (non-GAAP) | $ | (5,019) | $ | (7,446) | |||||||
Loss per share from continuing operations, basic and diluted (GAAP) | $ | (1.74) | $ | (2.83) | |||||||
Add back: stock-based compensation expense | 0.26 | 0.40 | |||||||||
Adjusted loss per share from continuing operations, basic and diluted (non-GAAP) | $ | (1.48) | $ | (2.43) | |||||||
Weighted average number of shares outstanding - basic and diluted | 3,255 | 3,077 |
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Document and Entity Information Document |
May 11, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 11, 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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