MeritValue

VYNE Therapeutics Inc.

VYNEdata completeness 100%11 fiscal years on file
The thesis, from the filings

VYNE Therapeutics Inc. earns about -2060% on invested capital, but has diluted owners by 1396% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$931,0001$477,0002$424,0003$501,0004$570,0004
Net income−$73.3M5−$23.2M6−$28.5M7−$39.8M8−$26.5M8
Operating cash flow−$56.4M9−$29.2M10−$25.3M11−$34M12−$33.1M12
Capital expenditure$013—$014$117,00015$015
Free cash flow (derived)−$56.4M9—−$25.3M11−$34.1M12−$33.1M12
Total debt$016$017$018$019$020
Cash & equivalents$42.3M21$30.9M22$30.6M23$19.9M24$24M24
Diluted shares2.9M3.2M10.3M42.6M42.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.49
your share of equity
Profit it earned you last year
−$6.19
Free cash flow it threw off
−$7.75
Debt you’d be carrying
$0

10 shares is a claim on $6.49 of net worth that earned you −$6.19 and generated −$7.75 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2060% avg · 5y
FY21 -483%FY22 -9118%FY23 -38%FY24 -98%FY25 -565%

It earned an average -2060% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1396% shares · 5y

Share count is up 1396% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-23-007900 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-008178 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-010908 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001566044-26-000002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-007900 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-008178 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-010908 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001566044-26-000002 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-007900 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-008178 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-010908 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001566044-26-000002 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-22-006545 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-010908 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2024-12-31 · accession 0001566044-26-000002 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-12-31 · accession 0001628280-22-006545 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-23-007900 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-24-008178 (LongTermDebt)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-25-010908 (LongTermDebt)
  20. 10-K · period ending 2025-12-31 · accession 0001566044-26-000002 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-007900 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-24-008178 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001628280-25-010908 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001566044-26-000002 (CashAndCashEquivalentsAtCarryingValue)