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VYNE Therapeutics Reports Second Quarter 2022 Financial Results
BRIDGEWATER, N.J., Aug. 12, 2022 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”), a biopharmaceutical company developing
About this update from Vyne Therapeutics Inc.
[{"type":"text","content":"BRIDGEWATER, N.J., Aug. 12, 2022 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) (“VYNE” or the “Company”), a biopharmaceutical company developing proprietary, innovative, and differentiated therapies for the treatment of immuno-inflammatory conditions, today announced financial results for the three and six months ended June 30, 2022. \"We believe our BET inhibitor platform holds unique and significant potential to address several immuno-inflammatory diseases, and we look forward to communicating our future plans following our review of our pipeline and prioritization of activities,\" said David Domzalski, President and Chief Executive Officer of VYNE. Financial Performance(in thousands)Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Loss from continuing operations (GAAP)$(8,235) $(10,685) $(16,929) $(21,561)Adjusted loss from continuing operations (non-GAAP)*$(7,072) $(9,173) $(14,521) $(17,989)Net loss (GAAP)$(8,476) $(19,924) $(3,806) $(40,474)Adjusted net loss (non-GAAP)*$(7,313) $(18,023) $(1,750) $(36,131) *See \"Note Regarding the Use of Non-GAAP Financial Measures\" elsewhere in this earnings release. Liquidity and Capital Resources As of June 30, 2022, VYNE had cash and cash equivalents of $42.8 million. Additionally, VYNE is entitled to receive a $5.0 million payment in January 2023 from Journey in connection with the sale of the MST Franchise. VYNE currently anticipates that its cash and cash equivalents as of June 30, 2022 will be sufficient to fund its operations into the third quarter of 2023, without giving effect to any potential business development transactions or financing activities, including from the purchase agreement with Lincoln Park. See Note 1 to VYNE's unaudited interim condensed consolidated financial statements included in VYNE’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 for additional discussion on liquidity and capital resources. Financial Results for the Second Quarter Ended June 30, 2022 Due to the sale of the MST Franchise during the first quarter of 2022, the Company has classified the results of the MST Franchise as discontinued operations in its unaudited interim condensed consolidated statements of operations for all periods presented. See Note 3 to VYNE's unaudited interim condensed consolidated financial statements included in V...