VYNE Therapeutics Inc. reported a net loss of $39.8 million for the fiscal year ending December 31, 2024, an increase of 40% compared to a net loss of $28.5 million in the previous year. The company's total revenues rose to $501,000, up 18.2% from $424,000 in 2023, primarily driven by royalty income from its agreement with LEO Pharma. Operating expenses surged by 48.7% to $44.1 million, largely due to increased research and development costs associated with its lead product candidates, repibresib gel and VYN202. Research and development expenses alone increased by 89.8% to $30.9 million, reflecting the ongoing clinical trials and preparatory activities for these products.
In terms of strategic developments, VYNE has made significant progress in its clinical pipeline. The company is advancing repibresib gel, a topical pan-BD BET inhibitor, through a Phase 2b trial for nonsegmental vitiligo, which began in June 2024. Positive preliminary results from a Phase 1b trial were announced in October 2023, showing significant clinical improvements in patients. Additionally, VYNE initiated a Phase 1b trial for VYN202, an oral BD2-selective BET inhibitor, in February 2025, targeting moderate-to-severe plaque psoriasis. The company expects to report top-line results from this trial by the end of 2025.
VYNE's operational metrics indicate a focused approach to its clinical development. As of December 31, 2024, the company had 13 full-time employees, all based in the United States. The company has also engaged in strategic licensing agreements with Tay Therapeutics, granting it exclusive rights to develop and commercialize BET inhibitor compounds. These agreements include milestone payments and royalties based on future sales, which could significantly impact VYNE's financial outlook.
Looking ahead, VYNE anticipates that its existing cash reserves of $61.5 million will support its operations for at least the next 12 months. However, the company acknowledges the need for additional funding to continue its clinical development and operational activities. The ongoing macroeconomic conditions, including inflation and market volatility, may pose challenges to raising capital. VYNE's management remains focused on advancing its product candidates through clinical trials while exploring potential partnerships to enhance its development capabilities and market reach.
About VYNE Therapeutics Inc.
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