10-K · February 27, 2026
VYNE is executing a strategic pivot via a planned merger with Yarrow Biosciences that will re-name the company to Yarrow Bioscience, Inc.; Yarrow investors purchased $100 million of Series A Preferred Stock and have…
Earnings analysis · 10-Q
VYNE earnings analysis
Filed May 15, 2026 · Our reading of the company's report
The latest report
VYNE's Q1 2026 results show a significant decline in revenue and increased efficiency in operating expenses compared to the prior year. Revenue dropped by 57.4% year-over-year due to reduced royalty income, while…
Read full summary
VYNE's Q1 2026 results show a significant decline in revenue and increased efficiency in operating expenses compared to the prior year. Revenue dropped by 57.4% year-over-year due to reduced royalty income, while operating loss improved considerably. Despite these challenges, management remains focused on the proposed merger with Yarrow, which is expected to transform the company's future operations.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.58
What stood out
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Revenue Decline of 57.4% YoY
Total revenue fell to $0.1 million from $0.2 million in Q1 2025.
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Operating Expenses Decrease by 58.5%
Total operating expenses decreased to $3.9 million from $9.4 million in the previous year.
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Improved Loss from Continuing Operations
Loss from continuing operations reduced to $(3.6) million from $(8.6) million, a 58.3% decrease.
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Cash and Equivalents at $24.9 Million
The company reported cash, cash equivalents, and marketable securities of $24.9 million as of March 31, 2026.
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No Outstanding Debt
VYNE had no debt reported as of March 31, 2026.
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Anticipation of Merger Completion
The merger with Yarrow is expected to close in Q3 2026, contingent on stockholder approval and closing conditions.
What to watch
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Revenue Dependency on Royalty Payments
Royalty revenues fell by 57.4%, from $0.2 million in Q1 2025 to $0.1 million in Q1 2026.
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Cash Utilization Risk
Net cash used in operating activities increased by 64.3%, from $(11.5) million in Q1 2025 to $(4.1) million in Q1 2026.
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Macroeconomic Risks Persist
Ongoing economic uncertainty may impact financing opportunities and operational viability.
Management's outlook
Outlook outlined in the MD&A emphasizes the dependency on merger completion without providing numeric guidance.
Earlier filings 4
10-Q · August 14, 2025
VYNE reported Q2 revenue of $69 (royalty revenues) and a net loss of $(5,755) for the quarter (loss per share $(0.13)). Cash plus marketable securities totaled $39.6 million as of June 30, 2025 and the company reports…
10-Q · May 8, 2025
VYNE reported Q1 2025 royalty revenues of $202,000 and a net loss of $8.611 million (loss per share $(0.20)). The company increased R&D spending to $6.124 million and used $11.461 million of cash in operating…
10-K · March 6, 2025
VYNE is a clinical-stage biopharmaceutical company focused on BET inhibitors (InhiBET™) for immune-mediated inflammatory diseases. The Company holds exclusive worldwide rights to Tay’s BET compound library and has two…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.