$VYNE reports Q4 and full-year financials, bet inhibitor updates & cash reserves
Mar 9th 2023, 9:06 pm
Analyst Summary: VYNE Therapeutics Inc. has reported financial results for Q4 and full-year 2022, and provided an update on its products under development. The company is currently in Phase 1b clinical trials with its pan-BD BET inhibitor, VYN201, for treatment of nonsegmental vitiligo. The patients in the Phase 1b trial have been treated with VYN201 for up to 16 weeks, and the company anticipates topline Phase 1b data in mid-2023. VYN202 is an oral small molecule BET inhibitor in preclinical development that is being designed to achieve class-leading selectivity, optimal oral bioavailability, and maximum potency versus BD2. The company aims to exercise its option for this molecule and initiate IND-enabling studies following candidate selection. The company's reverse stock split allows it to regain compliance with Nasdaq listing rules, and it has obtained a $5.0 million payment in connection with the sale of MST franchise. The company currently anticipates that its cash and cash equivalents, and restricted cash as of December 31, 2022, will be enough to fund its operations into Q4 of 2023. The company's mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies for the treatment of immuno-inflammatory conditions. The full-year 2022 revenues were higher than 2021, as the MST franchise was classified under discontinued operations, but research and development expenses increased due to the initiation of Phase 1b testing.