VYNE Therapeutics Inc. (VYNE) stock surged 13.16% in the pre-market trading session at the price of $1.03 despite no fundamental reason. The last reported news was its financial results for the three months ended on 30th September 2021.
VYNE provides proprietary, innovative, and differentiated treatments to improve the lives of patients. The company develops and commercializes a wide range of therapies to treat rare skin diseases and immuno-inflammatory conditions with high unmet medical needs.
VYNE Third Quarter 2021 Financial Results
On 10th November 2021, VYNE published its financial results for the three months that ended on 30th September 2021. The company has also provided its corporate updates.
Financial Highlights
Research and development expenses were $7.0 million for the three months ended on 30th September 2021. It represents a gain of 5.4%, or $0.4 million, from $6.6 million for the same third quarter ended 30th September 2020. VYNE reported selling, general and administrative costs of $13.8 million for the three months ended 30th September 2021. It represents a drop of 30.0%, or $5.9 million, from $19.8 million for the three months ended on 30th September 2020.
For the three months ended 30th September 2021, VYNE reported revenue of $4.1 million. It consists of $0.1 million of royalty revenue and $4.0 million from product sales. Revenue totaled $3.3 million for the three months ended on 30th September 2020. It consists of $0.4 million of royalty revenue and $2.9 million from product sales.
For the third quarter ended 30th September 2020, the cost of goods sold totaled $1.0 million. The cost of goods sold was $0.4 million for the third quarter ended 30th September 2020. VYNE reported a gross margin percentage of 73% for the third quarter ended 30th September 2021. For the same three months ended on 30th September 2020, the gross margin percentage was 87%.
Management Comments
Chief executive officer of VYNE, David Domzalski, remarked that their third-quarter results mark a critical turning point for the company. They are working to advance next-generation therapeutics to address immuno-inflammatory conditions. VYN201, their lead candidate, demonstrates a strong ability to influence various pro-inflammatory pathways, he added.
