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Jun 30, 2023
VYNE Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023 and provided a business update.
Key Takeaways
VYNE Therapeutics reported a net loss of $10.1 million for the second quarter of 2023, compared to a net loss of $8.5 million for the same period in 2022. Revenues totaled $0.1 million for both quarters, consisting of royalty revenue. The company's cash and cash equivalents were $20.7 million as of June 30, 2023, which is expected to fund operations through the end of 2023.
Continued to advance two novel small molecule BET inhibitors, VYN201 and VYN202, for the treatment of immuno-inflammatory conditions.
Expects to report preliminary Phase 1b data for VYN201 in nonsegmental vitiligo in Q3 2023.
IND-enabling studies for VYN202 are ongoing, with indication selection anticipated in Q4 2023 and Phase 1 trial initiation in Q1 2024.
Cash and cash equivalents and restricted cash of $20.7 million as of June 30, 2023, expected to fund operations through the end of 2023.
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CapyFin.com Forward Guidance
VYNE anticipates announcing preliminary Phase 1b safety and efficacy data for VYN201 in nonsegmental vitiligo in Q3 2023 and initiating a Phase 1 trial for VYN202 in Q1 2024.
Positive Outlook
- Phase 1a clinical results for VYN201 showed a positive safety profile.
- VYN201 showed minimal systemic exposure and all hematological parameters were within normal ranges in the Phase 1a portion of the trial.
- IND-enabling studies are ongoing for VYN202.
- VYN202 is a potential best-in-class oral small molecule BD2-selective BET inhibitor.
- VYNE's cash and cash equivalents and restricted cash as of June 30, 2023 will be sufficient to fund its operations through the end of 2023.
Challenges Ahead
- The company's ability to successfully develop its product candidates is subject to risks and uncertainties.
- The timing of the commencement of future non-clinical studies and clinical trials is uncertain.
- VYNE's ability to enroll patients and successfully progress, complete, and receive favorable results in clinical trials for its product candidates is not guaranteed.
- VYNE's ability to obtain additional funding is uncertain.
- Potential volatility in VYNE’s stock price that may result in rapid and substantial increases or decreases in the stock price that may or may not be related to VYNE’s operating performance or prospects.