VYNE's FMX114 Phase 2a AD trial misses primary endpoint; shareholders reject reverse stock split

VYNE Therapeutics Inc.

Phase 2a trial of FMX114 for mild-to-moderate atopic dermatitis did not meet primary endpoint (ADSI change at week 4, p=0.228).
Mean ADSI reduction -60.62% for FMX114 vs -51.32% for vehicle; not statistically significant.
CEO disappointed; company will evaluate pipeline and prioritization.
Cash ~$43M as of June 30, 2022; $5M payment due Jan 2023 from MST franchise sale.
Shareholders voted against reverse stock split (needed >28.9M votes, got 23.7M for).

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