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.
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VYNE stock, Financial Highlights
Vyne Therapeutics released it second quarter 2021 financial results. The summary has been given below:
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- 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.
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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.
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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.