- VYNE Therapeutics Inc VYNE reports Q2 product revenue of $4.0 million compared to $1.5 million in Q2 FY20, driven by the Zilxi product launch in October 2020 and increased demand for Amzeeq.
- The gross margin decreased from 85% to 80%.
- The adjusted EPS loss of $(0.35) was in line with the consensus. As of June 30, VYNE had cash, cash equivalents, restricted cash, and investments of $104.0 million.
- VYNE also decided to shift its focus and resources to developing treatments for immuno-inflammatory diseases and has initiated a process to explore a sale or license of its topical minocycline franchise.
- With the transition, VYNE expects a reduction in operating expenses of $20 - $25 million per quarter to approximately $10 million per quarter by the start of 2022.
- The topical minocycline franchise includes Amzeeq, Zilxi, and FCD105 (for acne vulgaris), and Molecule Stabilizing Technology platform specific to the portfolio.
- VYNE has entered into an exclusive evaluation and option agreement with In4Derm Limited to discover and develop Bromodomain and Extra-Terminal Domain inhibitors (BETi) for immunology and oncology conditions.
- Initially, VYNE will advance the BETi program for rare skin diseases that will enter human trials in 2022.
- VYNE plans to continue investing in FMX114 (its proprietary tofacitinib and fingolimod combination gel) for mild to moderate atopic dermatitis. Patient enrollment in the Phase 2a study will start in Q3, with topline data expected by the end of 2021.
- Price Action: VYNE shares are down 23.4% at $2.21 during the market session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
