Vyne Therapeutics Inc. (NASDAQ: VYNE) stock declined by 31.14% at the last close while the VYNE stock price plunge by 1.01% in the pre-market trading session as well. VYNE’s aim is to enhance patients’ lives by creating patented, differentiated treatments in dermatology and beyond.
VYNE stock, Financial Highlights
Vyne Therapeutics released it second quarter 2021 financial results. The summary has been given below:
- For the second quarter ending June 30, 2021, revenues were $4.3 million, opposed to $11.7 million for the same period in 2020.
- The rise in product sales is attributable to the release of the ZILXI product in October 2020, as well as increased demand for AMZEEQ.
- For the three months ending June 30, 2021, the cost of goods sold was $0.8 million, compared to $0.2 million for the same period in 2020. The cost of products sold has risen largely as a result of increased sales volume.
- For the second quarter of 2021 and 2020, the gross margin percentages were 80% and 85%, respectively.
- The research and development costs for the second quarter of 2021 were $6.4 million which is a decrease of $13.1 million for the second quarter ended June 30, 2020, a drop of $6.7 million, or 51.1%.
- The selling, general, and administrative expenditures for the second quarter of 2021 were $15.8 million, down from $26.5 million for the three months ended June 30, 2020, a drop of $10.6 million, or 40.2 percent.
VYNE Stock Business Updates
- The company confirmed a BETi platform license deal with In4Derm Limited.
- VYNE has begun the process of selling or licensing its topical minocycline franchise.
- FMX114 Phase 2a findings are expected by the end of the year, with VYN201 and VYN202 entering clinical trials in 2022.
- VYNE has paid off all of its outstanding debt and intends to cut operational costs considerably.
Other Significant Development
VYNE Therapeutics has signed an exclusive licensing deal with In4Derm Limited to treat immunology and oncology diseases. The University of Dundee is one of Europe’s most well-known combined university hospitals and biotechnology research centers.
- VYNE will have first access to a new chemical entity collection.
- VYNE will focus its first research and development activities on uncommon skin disorders, as well as major immunology and inflammatory illnesses with significant unmet needs.
- VYNE plans to begin clinical trials for VYN201 and VYN202 in 2022.