VYNE Q2 2020 Earnings Report
Key Takeaways
Menlo Therapeutics reported revenue of $11.7 million for the second quarter of 2020, driven by AMZEEQ product sales, a license agreement with Cutia, and royalty revenue for Finacea. The company experienced a net loss of $167.4 million, primarily due to goodwill impairment, in-process research and development impairment, and CSR remeasurement.
ZILXI was approved by the FDA for the treatment of inflammatory lesions of rosacea in adults.
Positive results were announced from Phase 2 trial of FCD105 for the potential treatment of moderate-to-severe acne vulgaris.
An exclusive licensing agreement was entered into with Cutia Therapeutics for the sale of AMZEEQ, ZILXI and FCD105 in Greater China.
Approximately $54 million was raised in a public offering of common stock.
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Forward Guidance
Menlo believes that its cash and cash equivalents and investments, projected cash flows from revenues and the funds that it is entitled to receive under its license agreement with Cutia, will provide sufficient resources for its current ongoing needs through at least the next twelve months.
Challenges Ahead
- The on-going COVID-19 pandemic continues for an extended duration.
- There may be need for additional financing activity
- Assumptions may prove to be wrong, and capital resources could be used sooner than currently expected.