The company's financial position is increasingly fragile, with total assets contracting from $97.7 million in 2023Q4 to $25.9 million in 2026Q1 alongside an accumulated deficit of -$761.2 million.
| Total Current Assets | 25.79M | 30.01M | 64.44M | 95.96M | 38.27M | 63.19M | 87.26M | 78.33M | 139.5M | 63.86M | 31.54M | 43.88M |
| Cash & Short-Term Investments | 24.93M | 29.01M | 61.52M | 93.25M | 30.91M | 42.25M | 58.59M | 76.94M | 136.25M | 62.48M | 30.91M | 43.81M |
| Cash Only | 24.63M | 24.03M | 19.93M | 30.62M | 30.91M | 42.25M | 57.56M | 30.78M | 49.51M | 10.21M | 4.03M | 43.81M |
| Short-Term Investments | 297K | 4.98M | 41.59M | 62.63M | 0 | 0 | 1.03M | 46.17M | 86.74M | 49.3M | 26.88M | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 5M | 7.58M | 15.82M | 0 | 0 | 786K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | 3.83K | 2.97K | 275.04 | - | - | 62.61 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 7.29M | 7.4M | 0 | 0 | -2.98M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | 1.94K | - | - | - | - | - |
| Other Current Assets | 861K | 1M | 2.92M | 2.71M | 240K | 1.5M | 855K | 0 | 3.25M | 0 | 0 | 0 |
| Total Non-Current Assets | 84K | 150K | 2.47M | 1.72M | 2.48M | 3.86M | 6.48M | 842K | 428K | 3.01M | 10.51M | 0 |
| Property, Plant & Equipment | 84K | 90K | 206K | 207K | 0 | 354K | 2.14M | 769K | 146K | 28K | 27K | 0 |
| Fixed Asset Turnover | 4.50x | 6.33x | 2.43x | 2.05x | - | 2.63x | 9.82x | 0.58x | 72.88x | 163.64x | 24.96x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.98M | 10.42M | 0 |
| Other Non-Current Assets | 0 | 60K | 2.26M | 1.51M | 2.48M | 3.51M | 4.34M | 73K | 282K | 0 | 66K | 0 |
| Total Assets | 25.87M | 30.16M | 66.91M | 97.69M | 40.76M | 67.05M | 93.74M | 79.17M | 139.93M | 66.87M | 42.05M | 43.88M |
| Asset Turnover | 0.01x | 0.02x | 0.01x | 0.00x | 0.01x | 0.01x | 0.22x | 0.01x | 0.08x | 0.07x | 0.02x | - |
| Asset Growth % | -210.04% | -54.92% | -31.51% | 139.67% | -39.21% | -28.48% | 18.41% | -43.42% | 109.26% | 59.01% | -4.17% | - |
| Total Current Liabilities | 1.24M | 2.4M | 14.82M | 7.54M | 9.35M | 18.41M | 21.77M | 10.66M | 9.54M | 7.82M | 3.9M | 770K |
| Accounts Payable | 261K | 1.04M | 2.71M | 1.66M | 2.39M | 6.51M | 4.78M | 3.77M | 3.29M | 2.46M | 1.53M | 637K |
| Days Payables Outstanding | 59.51K | 16.52K | - | - | - | - | 1.25K | 3.93K | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 1.8M | 0 |
| Other Current Liabilities | 975K | 1.35M | 2.74M | 4.12M | 2.58M | 2.96M | 4.78M | 485K | 3.6M | 2.45M | 308K | 53K |
| Current Ratio | 20.86x | 12.53x | 4.35x | 12.73x | 4.10x | 3.43x | 4.01x | 7.35x | 14.62x | 8.17x | 8.08x | 56.99x |
| Quick Ratio | 20.86x | 12.53x | 4.35x | 12.73x | 4.10x | 3.04x | 3.67x | 7.35x | 14.62x | 8.55x | 8.08x | 56.99x |
| Cash Conversion Cycle | - | - | - | - | - | - | 963.09 | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 1.41M | 211K | 0 | 34.48M | 0 | 7K | 116.08M | 67.59M | 59.07M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 33.17M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 99K | 0 | 0 | 853K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1.31M | 211K | 0 | 457K | 0 | 7K | 109.35M | 59.06M | 59.07M |
| Total Liabilities | 1.24M | 2.4M | 14.82M | 8.95M | 9.56M | 18.41M | 56.25M | 10.66M | 9.55M | 123.9M | 71.49M | 59.84M |
| Total Debt | 0 | 0 | 99K | 214K | 0 | 349K | 34.78M | 700K | 0 | 0 | 0 | 0 |
| Net Debt | -24.63M | -24.03M | -19.83M | -30.41M | -30.91M | -41.9M | -22.78M | -30.08M | -49.51M | -10.21M | -4.03M | -43.81M |
| Debt / Equity | 0.00x | - | 0.00x | 0.00x | - | 0.01x | 0.93x | 0.01x | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | 0.14x | - | - | - | - | - |
| Net Debt / EBITDA | 1.01x | - | - | - | - | - | -0.09x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -6.94x | -57.27x | -102.53x | - | - | - | - |
| Total Equity | 24.64M | 27.77M | 52.09M | 88.73M | 31.2M | 48.64M | 37.49M | 68.51M | 130.38M | -57.03M | -29.44M | -15.95M |
| Equity Growth % | -188.43% | -46.69% | -41.3% | 184.39% | -35.85% | 29.72% | -45.27% | -47.45% | 328.6% | -93.72% | -84.55% | - |
| Book Value per Share | 0.58 | 0.65 | 1.22 | 8.64 | 9.79 | 17.01 | 20.82 | 145.33 | 433.21 | -199.39 | -97.30 | -99.54 |
| Total Shareholders' Equity | 24.64M | 27.77M | 52.09M | 88.73M | 31.2M | 48.64M | 37.49M | 68.51M | 130.38M | -57.03M | -29.44M | -15.95M |
| Common Stock | 3K | 3K | 1K | 1K | 0 | 5K | 4K | 3K | 3K | 1K | 1K | 1K |
| Retained Earnings | -761.24M | -757.65M | -731.17M | -691.34M | -662.74M | -639.52M | -566.2M | -184.34M | -110.64M | -59.19M | -30.11M | -16.05M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -699K | 0 |
| Accumulated OCI | 0 | 2K | 20K | 26K | 0 | 0 | 0 | 24K | -96K | -51K | -26K | -59M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
According to reported financial statements, VYNE's total assets have contracted from $97.7 million in 2023Q4 to $25.9 million in 2026Q1, a trend that underscores the company's rapid consumption of capital to fund its ongoing clinical development programs in the absence of meaningful commercial revenue.
The consistent decline in total assets suggests that the company is effectively liquidating its balance sheet to sustain R&D operations. Investors should monitor this trajectory, as the diminishing asset base leaves little room for error in upcoming clinical readouts.
As indicated by recent quarterly filings, VYNE's cash position has dwindled to $24.6 million as of 2026Q1, representing a significant reduction from the $30.6 million reported in 2023Q4, which highlights the company's precarious reliance on external financing to maintain its current research and development burn rate.
While the current ratio remains elevated due to low liabilities, this metric is misleading as it does not account for the high, inelastic cash burn required for clinical trials. The company appears to be approaching a critical juncture where additional capital will likely be required to avoid operational disruption.
Based on the provided balance sheet data, VYNE's retained earnings have plummeted to -$761.2 million as of 2026Q1, a figure that reflects years of persistent operating losses and underscores the significant historical erosion of shareholder equity during the company's transition to a clinical-stage R&D model.
The massive accumulated deficit suggests that the company has struggled to convert its R&D investments into sustainable commercial value. This trend warrants further investigation into whether the current pipeline can realistically reverse this long-term pattern of equity depletion.
Analysis of the balance sheet reveals that the company holds negligible tangible assets, with net PPE reported at only $84,000 in 2026Q1, which suggests that the firm's value is almost entirely tied to intangible intellectual property that remains unproven in late-stage clinical settings.
The lack of meaningful physical assets implies that the company's valuation is highly sensitive to binary clinical outcomes rather than tangible book value. Investors should be wary that the balance sheet provides no safety net should the VYN201 or VYN202 programs fail to meet their primary endpoints.
Quick answers to the most common questions about buying VYNE stock.
As of 2025, VYNE Therapeutics Inc. (VYNE) had total assets of $30.2M including $30.0M in current assets.
VYNE Therapeutics Inc. (VYNE) carries total debt of $0.0M, offset by $29.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VYNE Therapeutics Inc. (VYNE) has total shareholders' equity (book value) of $27.8M ($0.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VYNE Therapeutics Inc. (VYNE) reported a current ratio of 12.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.