Why did VYNE Therapeutics Inc. (VYNE) stock decline in the after-hours after a good early performance on Monday? – Invest Chronicle

Why did VYNE Therapeutics Inc. (VYNE) stock decline in the after-hours after a good early performance on Monday?

VYNE Therapeutics Inc. shares declined 0.83% in after-hours on Monday, December 06, 2021, and closed the daily trading at $1.19. However, in the regular trading session, VYNE’s stock gained 31.84%. VYNE shares have fallen 82.35% over the last 12 months, and they have moved up by 20.00% in the past week. Over the past three months, the stock has lost 26.83%, while over the past six months, it has plunged 70.80%.

Let’s see what’s going on recently with the company?

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VYNE participation in the recent conference

VYNE Therapeutics Inc. recently participated at the Piper Sandler 33rd Annual Virtual Healthcare Conference which was held on November 29th – December 2nd. The company was presented by Chief Executive Officer, David Domzalski during the event.

VYNE latest financial results

On November 10, 2021, VYNE Therapeutics Inc. announced financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • Total revenue in Q3 2021 was $4.1 million compared to $3.3 million for Q3 2020.
  • The total cost of revenue was $$1.0 million in Q3 2021 compared to $0.4 million in Q3 2020.
  • Total operating expenses were $20.8 million in Q3 2021 compared to $26.4 million in Q3 2020.
  • It suffered a net loss of $21.28 million or $0.41 loss per basic and diluted share in Q3 2021 compared to a net loss of $24.7 million or $0.59 loss per basic and diluted share in Q3 2020.
  • The company ended the quarter with cash, cash equivalents and restricted cash of $52.9 million.

VYNE update about VYN201 inhibitor

On October 26, 2021, VYNE Therapeutics Inc. reported preclinical data showing that its pan-bromodomain and extra-terminal (BET) inhibitor, VYN201, significantly reduced the expression of several key pro-inflammatory cytokines relevant to Th17-mediated autoimmune diseases in an animal model and an ex vivo human tissue study.

The study found that the treatment with VYN201 0.1% resulted in a 94% reduction in the composite inflammation severity score of erythema and scaling.

VYNE Scientific Advisory Board

On October 21, 2021, VYNE Therapeutics Inc. announced the formation of its Scientific Advisory Board (SAB) composed of leading scientists and clinicians specializing in immunological and inflammatory diseases.

The SAB is formed to provide scientific expertise and guidance to the VYNE management team and Board as the Company progresses its pipeline of innovative treatments for immuno-inflammatory conditions.

VYNE enrolled the first patient in the Clinical Trial of FMX114

On October 19, 2021, VYNE Therapeutics Inc enrolled the first patient in its Phase 1b/2a clinical trial evaluating FMX114 for the treatment of mild-to-moderate atopic dermatitis (AD).

FMX114 is a combination gel formulation of tofacitinib and fingolimod, being developed to address both the source and cause of inflammation in AD by developing a distinct combination of tofacitinib and fingolimod.

Conclusion

Well, we have no reason for its early gains and its decline in the after-hours on Monday. Let’s see how it performs on Tuesday?

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