Free cash flow remains deeply negative, with quarterly outflows reaching $11.5 million in 2025Q1, highlighting a business model entirely dependent on external financing to bridge the gap between R&D spending and negligible revenue.
VYNE Therapeutics Inc. (VYNE) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | -16.93M | -33.12M | -33.97M | -25.34M | -29.2M | -56.37M | -137.08M | -65.1M | -52.73M | -28.25M | -2.29M | -4.18M |
| Operating CF Margin % | - | -5811.23% | -6780.84% | -5976.65% | -6121.59% | -6054.46% | -652.99% | -14695.49% | -495.61% | -616.48% | -339.91% | - |
| Operating CF Growth % | 220.74% | 2.5% | -34.06% | 13.22% | 48.2% | 58.88% | -110.57% | -23.45% | -86.69% | -1132.95% | 45.23% | - |
| Net Income | -42.19M | -26.74M | -39.83M | -28.45M | -23.21M | -73.33M | -255.57M | -73.7M | -51.45M | -29.08M | -14.07M | -4.61M |
| Depreciation & Amortization | 2K | 23K | 4K | 0 | 72K | 109K | 341K | 700K | 22K | 8K | 4K | 0 |
| Stock-Based Compensation | 1.93M | 2.31M | 3.3M | 3.31M | 4.3M | 8.08M | 18.1M | 6.7M | 3.64M | 1.45M | 573K | 65K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.52M | 56.3M | 0 | 0 | 60K | -573K | 0 |
| Other Non-Cash Items | -640K | -525K | -2.44M | -254K | -12.64M | 2.47M | 84.07M | -691K | -774K | 31K | 705K | 65K |
| Working Capital Changes | 470K | -8.19M | 5M | 60K | 2.28M | 4.78M | -40.33M | 1.89M | -4.17M | -722K | 11.07M | 360K |
| Change in Receivables | 3.91M | 4.21M | -899K | 405K | 11.21M | 7.71M | -17.14M | 1.36M | 786K | -786K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 97K | 113K | -6.05M | -1.36M | 2.76M | 1.19M | 0 | 0 |
| Change in Payables | -3.41M | -12.31M | 6.01M | -559K | -8.68M | -2.67M | -12.97M | 481K | 825K | 620K | 889K | 0 |
| Cash from Investing | 17.86M | 37.37M | 23.36M | -57.35M | 15.67M | 1.03M | 89.11M | 41.37M | -33.88M | -15.06M | -37.49M | 0 |
| Capital Expenditures | 0 | 0 | -117K | 0 | 0 | 0 | -113K | -11K | -140K | -27K | -31K | 0 |
| CapEx % of Revenue | 0% | - | 23.35% | - | - | - | 0.54% | 2.48% | 1.32% | 0.59% | 4.6% | - |
| Acquisitions | 0 | 0 | 0 | 5M | 15.67M | 0 | 38.64M | 40K | 0 | -25K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 38.64M | -40K | 0 | 25K | 0 | 0 |
| Cash from Financing | -51K | -143K | -141K | 82.39M | 1.65M | 39.78M | 61.81M | 4.99M | 125.91M | 49.49M | 0 | 47.72M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -36.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -37K | -143K | -141K | 82.46M | 1.68M | 75.98M | 61.64M | 4.53M | 125.42M | 50.32M | 0 | 47.62M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22K | 0 | -141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14K | 0 | 0 | -67K | -28K | 228K | 169K | 465K | 496K | -833K | 0 | 98K |
| Net Change in Cash | 878K | 4.1M | -10.75M | -301K | -11.88M | -15.56M | 13.83M | -18.73M | 39.3M | 6.18M | -39.78M | 43.53M |
| Free Cash Flow | -16.93M | -33.12M | -34.09M | -25.34M | -29.2M | -56.37M | -137.19M | -65.11M | -52.87M | -28.27M | -2.32M | -4.18M |
| FCF Margin % | -1773.09% | -5811.23% | -6804.19% | -5976.65% | -6121.59% | -6054.46% | -653.53% | -14697.97% | -496.93% | -617.07% | -344.51% | - |
| FCF Growth % | 57.55% | 2.83% | -34.52% | 13.22% | 48.2% | 58.91% | -110.71% | -23.15% | -87% | -1117.66% | 44.49% | - |
| FCF per Share | -395.93 | -38.73 | -40.02 | -123.34 | -458.26 | -985.79 | -3808.86 | -6906.41 | -8784.23 | -4942.37 | -383.69 | -26.10 |
| FCF Conversion (FCF/Net Income) | 0.40x | 1.25x | 0.85x | 0.89x | 1.26x | 0.77x | 0.54x | 0.92x | 1.03x | 0.97x | 0.16x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VYNE stock.
VYNE Therapeutics Inc. (VYNE) generated $-33.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VYNE Therapeutics Inc. (VYNE) reported negative free cash flow of $33.1M in 2025, indicating capital requirements exceeded cash from operations.
VYNE Therapeutics Inc. (VYNE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical trial funding exhaustion
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Burn
As reported in recent financial statements, VYNE's operating cash flow consistently tracks net losses, with an OCF/NI ratio that fluctuated between 0.70 and 1.88 over the last ten quarters, indicating that cash burn is driven primarily by operational R&D requirements rather than non-cash accounting accruals.
The lack of a stable relationship between net income and operating cash flow suggests that the company's cash position is highly sensitive to the timing of clinical trial payments. Investors should monitor this volatility, as it implies that reported earnings provide little insight into the actual liquidity required to sustain the R&D pipeline.
Persistent Free Cash Flow Deficit
Based on the provided cash flow data, VYNE's free cash flow remains deeply negative, with quarterly outflows reaching as high as $11.5 million in 2025Q1, reflecting a business model that is entirely dependent on external financing to bridge the gap between R&D spending and negligible revenue.
The consistent negative FCF margins suggest that the company is currently in a capital-intensive phase with no near-term path to self-sustainability. This trajectory warrants further investigation into how management plans to extend the cash runway without resorting to highly dilutive equity offerings.
Working Capital Volatility Impacts Liquidity
According to the cash flow statements, working capital changes have been erratic, swinging from a $5.4 million outflow in 2025Q2 to a $3.4 million inflow in 2024Q3, which suggests that the company's cash position is heavily influenced by the timing of vendor payments and milestone-related accruals.
These fluctuations appear to be a byproduct of the company's non-operational status and reliance on third-party clinical research organizations. The inconsistency in these movements makes it difficult to forecast short-term liquidity needs with any degree of certainty.
SBC Obscures True Cash Costs
Analysis of the cash flow data reveals that stock-based compensation, which totaled $474,000 in 2026Q1, serves as a significant non-cash add-back that effectively masks the true economic cost of retaining talent during the company's ongoing clinical development phase.
By adjusting for these non-cash expenses, it becomes clear that the underlying cash burn is higher than the headline operating cash flow figures might suggest. This practice appears to be a standard mechanism for preserving cash, but it may lead to long-term dilution that investors should carefully evaluate.