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Mar 31, 2020
VYNE Q1 2020 Earnings Report
Menlo Therapeutics reported financial results for Q1 2020 and provided a corporate update.
Key Takeaways
Menlo Therapeutics' Q1 2020 revenues totaled $1.8 million, primarily from AMZEEQ sales, marking the company's transition to a commercial entity. The company is awaiting FDA review of FMX103 with a PDUFA date of June 2nd.
Revenues totaled $1.8 million due to product sales of AMZEEQ.
Gross margin percentage was 85%, favorably impacted by expensed inventory from prior periods.
Operating loss was $39.9 million, an increase of $24.0 million compared to the same period last year.
Net loss was $40.2 million, or ($0.95) per share, compared to $15.2 million, or ($0.47) per share for the same period last year.
VYNE
VYNE
Forward Guidance
Menlo Therapeutics is focused on expanding its dermatology franchise and leveraging its operational capabilities with two products potentially on the market by the end of the year.
Positive Outlook
- Positive reception to AMZEEQ from physicians and patients.
- Strong increases in weekly prescriptions from launch through early March.
- Sales representatives are engaging with healthcare providers virtually.
- Positive momentum in discussions with payors.
- License agreement with Cutia Therapeutics provides non-dilutive capital.
Challenges Ahead
- COVID-19 pandemic and its impact on business operations.
- Adverse events associated with the commercialization of AMZEEQ.
- Outcome and cost of clinical trials for current and future product candidates.
- Additional competition in the acne and dermatology markets.
- Inability to raise additional capital on favorable terms or at all.