Yarrow (fka VYNE) closes reverse merger with YB-101 developer; $100M cash, $71M net loss

VYNE Therapeutics Inc.

Merger closed July 27, 2026: VYNE issued 2,130,731 shares at 0.7171 exchange ratio; 25.6M pre-funded warrants and 2.0M options converted.
Pre-Merger Yarrow raised $99.85M net via 14,516,188 Series A preferred shares at $6.89/share; cash of $99.99M at Dec 31, 2025.
Net loss of $70.99M from Oct 3, 2025 inception to Dec 31, 2025, including $70M acquired in-process R&D (upfront license fee to GenSci).
Lead asset YB-101 (anti-TSHR antibody for Graves' disease) received FDA IND clearance March 2026; Phase 2a/2b trial expected H1 2026.
Cash of $30M remains after $70M license fee; management says sufficient for 12+ months of operations.

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