VYNE Therapeutics entered into an Agreement and Plan of Merger and Reorganization with Yarrow Biosciences, Inc. on December 17, 2025, amended on January 30, 2026. Post-merger, VYNE will change its name to Yarrow Bioscience, Inc., and the Combined Company will focus on advancing YB-101 (GS-098) for Graves Disease and Thyroid Eye Disease. Pre-Merger VYNE stockholders are expected to own approximately 3% of the Combined Company, while pre-Merger Yarrow stockholders (including financing investors) are expected to own approximately 97%. A special cash dividend of approximately $14.5 million to $16.5 million in aggregate is expected to be declared for pre-Merger VYNE stockholders and warrant holders. The Phase 2b trial for repibresib gel (VYN201) in nonsegmental vitiligo failed to meet its primary endpoint (F-VASI50 at week 24) and a key secondary endpoint (F-VASI75) in July 2025, leading to its termination. The Phase 1b trial for VYN202 in moderate-to-severe plaque psoriasis was placed on clinical hold by the FDA in April 2025 due to observed testicular toxicity in dogs from a non-clinical toxicology study. The FDA lifted the clinical hold for VYN202 for female subjects at 0.25 mg and 0.5 mg doses in June 2025, but required a 12-week non-clinical toxicology study in dogs to resume studies in male subjects. Despite interim unblinded clinical data showing improvements in VYN202-treated subjects (n=6) compared to placebo (n=1), the Phase 1b psoriasis trial was terminated in July 2025 to advance VYN202 into other serious immune-mediated diseases. A repeat non-clinical toxicology study of VYN202 in male dogs was initiated in October 2025, with completion expected in the second half of 2026 and a final report in the fourth quarter of 2026. Net loss for the year ended December 31, 2025, was $26.5 million, a decrease from $39.8 million in 2024. Research and development expenses decreased by $11.7 million (37.8%) to $19.2 million in 2025, primarily due to the termination of the repibresib trial and reduced VYN202 clinical expenses. General and administrative expenses decreased by $2.1 million (16.0%) to $11.1 million in 2025. Cash, cash equivalents, and marketable securities totaled $29.0 million as of December 31, 2025. The company received a Nasdaq notice on September 11, 2025, for non-compliance with the minimum bid price requirement ($1.00), with a compliance deadline of March 10, 2026. The company operates on a fully remote model since November 1, 2025, after its Bridgewater, New Jersey office lease expired.