VYNE Therapeutics Reports Q2 2025 Financial Results with Reduced Net Loss and Revenue Decline

VYNE Therapeutics Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $5.8 million, a decrease from a net loss of $9.4 million in the same period last year. For the six months ended June 30, 2025, the company recorded a net loss of $14.4 million, compared to a loss of $15.7 million for the first half of 2024. Total revenues for the second quarter were $69,000, down 65.2% from $198,000 in the prior year, primarily due to a decline in royalty revenues from its agreement with LEO Pharma. The company’s accumulated deficit as of June 30, 2025, stood at $745.5 million.

Operating expenses for the second quarter decreased to $7.6 million from $10.6 million in the same quarter of 2024, reflecting a 28.2% reduction. This decline was driven by lower research and development expenses, which fell to $4.9 million from $7.3 million, largely due to decreased spending on the repibresib and VYN202 programs. General and administrative expenses also decreased to $2.7 million from $3.3 million. The company reported other income of $1.8 million, a significant increase from $1.0 million in the previous year, primarily due to the recognition of $1.3 million related to the closure of the IRS examination period for employee retention tax credits.

In terms of strategic developments, VYNE is focusing on its immuno-inflammatory pipeline, particularly the development of VYN202, an oral, small molecule BD2-selective BET inhibitor. The company has completed a Phase 1a trial and initiated a Phase 1b trial for VYN202, although the FDA placed a clinical hold on the latter in April 2025 due to safety concerns. The hold was partially lifted in June 2025, allowing trials to continue for female subjects, while additional studies are required for male subjects. VYNE has also decided to terminate the Phase 1b trial in psoriasis to redirect efforts towards other serious immune-mediated diseases.

As of June 30, 2025, VYNE had cash, cash equivalents, and marketable securities totaling $39.6 million, a decrease from $66.9 million at the end of 2024. The company reported using $22.3 million in cash for operations during the first half of 2025, compared to $16.5 million in the same period of 2024. VYNE has no outstanding debt and anticipates that its existing cash resources will be sufficient to fund operations for at least the next 12 months. However, the company acknowledges the need for additional capital to support ongoing research and development activities and to navigate the uncertainties posed by macroeconomic conditions.

Looking ahead, VYNE plans to continue its focus on developing its product candidates while seeking external partnerships for its repibresib gel program. The company is also implementing cost reductions to extend its cash runway into the first half of 2027. VYNE's future performance will depend on its ability to successfully execute its business strategy, secure additional financing, and achieve regulatory approvals for its product candidates.