VYNE Therapeutics Inc. (VYNE), a pharmaceutical company, has surged 7.7% in aftermarket trading session and consequently is trading at $0.74 at the time of the writing. On Monday, VYNE closed the day at $0.6871 after plummeting by 12.53% during regular trading hours. The massive slide was attributable to the divestment of topical minocycline assets.
Why VYNE Slid?
On Thursday, VYNE announced that it had sold its Molecule Stabilizing Technology franchise to Journey Medical Corporation. The sale also includes the AMZEEQ® (minocycline) topical foam, 4%, ZILXI® (minocycline) topical foam, 1.5%, and VYNE’s pipeline combination product FCD105. The move aligns with the strategic plan of the company to focus its resources on the development of its pipeline of proprietary as well as differentiated medicines for immuno-inflammatory conditions.
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Q3 2021 Operational Results
In November, VYNE released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $4.08 million during the quarter against $3.26 million for the same quarter of 2020. The total operating expenses bore by the company during the three months were $20.81 million against $26.38 million for the same three-month period of 2020. The net loss suffered by the company during the period was $21.28 million (or $0.41 per basic and diluted share) against $24.7 million (or $0.59 per basic and diluted share) for the same period of 2020.
While commenting on the results, David Domzalski, CEO of VYNE, said that the third quarter marks an important turning point for the company as it is now fully engaged in the development of next-generation therapeutics designed to address multiple immuno-inflammatory diseases. Moving forward in 2022, the creation of shareholder value would remain a front and center policy for the company.
Future Outlook for VYNE
The last three months have seen VYNE stock decline by more than 40%, the prime reason being the uncertainty associated with the products being developed by the company. However, analysts are optimistic that the stock has the tendency to attract potential investors in near future.