Revenue volatility remains extreme, evidenced by a 57.4% year-over-year decline in 2026Q1, while the company continues to report negative operating margins of -44.4%.
Yarrow Bioscience Inc (YARW) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 482K | 570K | 501K | 424K | 477K | 931K | 20.99M | 443K | 10.64M | 4.58M | 674K | 0 |
| Revenue Growth % | 1.26% | 13.77% | 18.16% | -11.11% | -48.76% | -95.57% | 4638.83% | -95.84% | 132.21% | 579.82% | - | - |
| Cost of Goods Sold | 12K | 23K | 0 | 0 | 0 | 0 | 1.39M | 350K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 4.04% | - | - | - | - | 6.63% | 79.01% | - | - | - | - |
| Gross Profit | 470K | 547K | 501K | 424K | 477K | 931K | 19.6M | 93K | 10.64M | 4.58M | 674K | 0 |
| Gross Margin % | 97.51% | 95.96% | 100% | 100% | 100% | 100% | 93.37% | 20.99% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 9.18% | 18.16% | -11.11% | -48.76% | -95.25% | 20976.34% | -99.13% | 132.21% | 579.82% | - | - |
| Operating Expenses | 20.4M | 30.3M | 44.14M | 29.68M | 34.77M | 39.84M | -232.94M | 76.24M | 65.17M | 34.17M | 15.01M | 4.61M |
| OpEx % of Revenue | - | 5315.09% | 8809.98% | 7000.47% | 7289.73% | 4279.48% | -1109.63% | 17210.38% | 612.55% | 745.85% | 2226.41% | - |
| Selling, General & Admin | 10.57M | 11.08M | 13.19M | 13.38M | 16.39M | 20.3M | 89.54M | 22.48M | 12.19M | 5.17M | 3.75M | 1.69M |
| SG&A % of Revenue | - | 1944.21% | 2633.13% | 3154.48% | 3435.43% | 2180.34% | 426.54% | 5074.72% | 114.53% | 112.79% | 556.53% | - |
| Research & Development | 9.84M | 19.24M | 30.95M | 16.31M | 18.39M | 19.54M | 43.53M | 53.76M | 52.99M | 29.01M | 11.26M | 2.92M |
| R&D % of Revenue | - | 3374.91% | 6176.85% | 3845.99% | 3854.3% | 2099.14% | 207.37% | 12135.67% | 498.02% | 633.06% | 1669.88% | - |
| Other Operating Expenses | -6K | -23K | 0 | 0 | 0 | 0 | -366.02M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -19.93M | -29.75M | -43.64M | -29.26M | -34.3M | -38.91M | 252.55M | -76.24M | -54.53M | -29.59M | -14.33M | -4.61M |
| Operating Margin % | -4134.65% | -5219.12% | -8709.98% | -6900.47% | -7189.73% | -4179.48% | 1203% | -17210.38% | -512.55% | -645.85% | -2126.41% | - |
| Operating Income Growth % | - | 31.83% | -49.15% | 14.69% | 11.86% | -115.41% | 431.24% | -39.8% | -84.28% | -106.48% | - | - |
| EBITDA | -19.91M | -29.73M | -43.63M | -27.87M | -34.22M | -38.8M | 252.89M | -75.89M | -54.51M | -29.59M | -14.33M | -4.61M |
| EBITDA Margin % | -4129.88% | -5215.09% | -8709.18% | -6573.58% | -7174.63% | -4167.78% | 1204.63% | -17131.38% | -512.34% | -645.68% | -2125.82% | - |
| EBITDA Growth % | 52.21% | 31.87% | -56.55% | 18.56% | 11.8% | -115.34% | 433.22% | -39.22% | -84.26% | -106.48% | - | - |
| D&A (Non-Cash Add-back) | 23K | 23K | 4K | 0 | 72K | 109K | 341K | 350K | 22K | 8K | 4K | 0 |
| EBIT | -18.87M | -26.73M | -39.8M | -27.87M | -33.93M | -38.15M | -251.44M | -94.43M | -54.53M | -29.59M | -14.33M | -4.61M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -5.61M | -4.39M | -921K | 3.09M | 517K | 264K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.09M | 517K | 264K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 5.61M | 4.39M | 921K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.06M | 3.02M | 3.83M | 1.39M | 363K | -4.85M | -508.37M | -19.11M | 3.09M | 517K | 264K | 0 |
| Pretax Income | -18.87M | -26.73M | -39.8M | -27.87M | -33.93M | -43.76M | -255.83M | -73.7M | -51.45M | -29.08M | -14.07M | -4.61M |
| Pretax Margin % | -3914.11% | -4689.82% | -7944.71% | -6573.58% | -7113.63% | -4700.32% | -1218.63% | -16637.25% | -483.51% | -634.57% | -2087.24% | - |
| Income Tax | 4K | 4K | 4K | 0 | 13K | 448K | -258K | -3.24M | 0 | -8K | 0 | 0 |
| Effective Tax Rate % | -0.02% | -0.01% | -0.01% | 0% | -0.04% | -1.02% | 0.1% | 4.39% | 0% | 0.03% | 0% | 0% |
| Net Income | -18.71M | -26.48M | -39.83M | -28.45M | -23.21M | -73.33M | -255.57M | -70.46M | -51.45M | -29.08M | -14.07M | -4.61M |
| Net Margin % | -3881.54% | -4646.14% | -7950.9% | -6710.38% | -4865.83% | -7876.37% | -1217.4% | -15906.09% | -483.51% | -634.57% | -2087.24% | - |
| Net Income Growth % | 51.46% | 33.52% | -40% | -22.59% | 68.35% | 71.31% | -262.69% | -36.97% | -76.93% | -106.68% | - | - |
| Net Income (Continuing) | -18.87M | -26.74M | -39.81M | -27.87M | -33.95M | -44.21M | -255.57M | -95.18M | -51.45M | -29.08M | -14.07M | -4.61M |
| Discontinued Operations | 161K | 253K | -27K | -580K | 10.73M | -29.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -21.81 | -30.96 | -46.77 | -138.48 | -566.98 | -1282.44 | -7095.17 | -10095.00 | -8546.98 | -4555.37 | -2204.06 | -28.75 |
| EPS Growth % | 48.12% | 33.8% | 66.23% | 75.58% | 55.79% | 81.93% | 29.72% | -18.11% | -87.62% | -106.68% | - | - |
| EPS (Basic) | - | -30.96 | -46.77 | -138.48 | -566.98 | -1282.44 | -7095.17 | -10095.00 | -8546.98 | -4555.37 | -2204.06 | -28.75 |
| Diluted Shares Outstanding | 858K | 855.36K | 851.78K | 205.46K | 63.72K | 57.18K | 36.02K | 9.43K | 6.02K | 6.38K | 6.38K | 160.27K |
| Basic Shares Outstanding | 858K | 855.36K | 851.78K | 205.46K | 63.72K | 57.18K | 36.02K | 9.43K | 6.02K | 6.38K | 6.38K | 160.27K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying YARW stock.
For fiscal year 2025, Yarrow Bioscience Inc (YARW) reported total revenue of $0.6M.
Yarrow Bioscience Inc (YARW) reported a net loss of $26.5M for the fiscal year ending 2025.
Yarrow Bioscience Inc (YARW) reported an operating income of $-29.7M, resulting in an operating profit margin of -5219.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Yarrow Bioscience Inc (YARW) generated $0.5M in gross profit for the year, representing a gross profit margin of 96.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical trial funding exhaustion
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Non-Operational Status
As reported in recent financial filings, VYNE's revenue has fluctuated significantly, with a 57.4% year-over-year decline in 2026Q1, underscoring the company's transition away from commercial operations toward a model reliant on unpredictable, lumpy milestone payments rather than consistent, recurring product-based sales growth.
The lack of a stable revenue base suggests that the company is currently in a pre-commercial phase where top-line figures are essentially noise. Investors should interpret these revenue fluctuations as indicators of transactional timing rather than underlying business momentum or market demand for its pipeline.
Inelastic R&D Drives Persistent Burn
Based on the provided income statement data, VYNE maintains a high fixed-cost structure where R&D spending remains the primary driver of losses, with quarterly expenditures frequently exceeding $5 million, highlighting the company's heavy reliance on external capital to sustain its clinical development programs.
The company's cost structure is dominated by clinical trial execution, which appears relatively inelastic to the minimal revenue generated. This suggests that management has limited flexibility to reduce expenses without compromising the progress of its BET inhibitor platform, leaving the firm highly sensitive to capital market conditions.
Operating Leverage Remains Deeply Negative
According to the latest quarterly figures, VYNE exhibits extreme negative operating leverage, with operating losses consistently outpacing gross profit, a trend that suggests the current business model is not yet structured to achieve scale or operational efficiency in its present clinical-stage configuration.
The disparity between the high gross margin and the deeply negative operating margin indicates that the company's overhead and R&D requirements far exceed its current ability to monetize its intellectual property. This implies that any path to profitability is contingent upon successful clinical outcomes rather than operational cost-cutting measures.
Stock-Based Compensation Masks True Burn
Analysis of the income statement reveals that stock-based compensation, which reached $474,000 in 2026Q1, represents a significant non-cash expense that, when adjusted, highlights the true underlying cash burn required to support the company's ongoing research and development activities.
Investors should monitor the impact of stock-based compensation on dilution, as it serves as a primary mechanism for retaining talent in a capital-constrained environment. The reliance on equity-based incentives may indicate management's attempt to preserve cash, though it simultaneously creates a persistent overhang for existing shareholders.
Binary Outcomes Overshadow Financial Metrics
While the income statement shows a company in a state of persistent loss, the most critical risk, as suggested by the data, is the potential for clinical failure in the VYN201 program, which would render the current cost structure and cash runway irrelevant.
Short-term financial analysis may miss the point that VYNE is essentially a binary option on its clinical pipeline. The primary risk is not necessarily the current burn rate, but the potential for a total loss of enterprise value if the BET inhibitor platform fails to demonstrate clinical superiority.