Yarrow Bioscience (YARW) investor relations material

Executive summary

• Completed merger with Yarrow Bioscience (formerly VYNE Therapeutics), shifting focus to autoimmune thyroid disease therapies, primarily YB-101, a monoclonal antibody targeting TSHR for Graves' disease and thyroid eye disease, and began trading as YARW.

• Initiated Phase 2a/2b trial of YB-101, with topline Phase 2a results expected in H2 2027.

• Legacy VYNE business deprioritized; research and development activities wound down in anticipation of the merger.

• Series A and pre-closing financings raised $200 million in gross proceeds to support the new business direction.

• Special cash dividend of $17.3 million declared and paid to shareholders prior to merger completion.

Financial highlights

• Cash and cash equivalents at June 30, 2026: $22.9 million; no outstanding debt; an additional $100 million received in July 2026.

• Net loss for Q2 2026: $6.5 million; net loss per share: $2.14; net loss for six months ended June 30, 2026: $6.6 million, a 54.1% improvement year-over-year.

• Operating expenses for Q2 2026: $3.2 million, down 58% year-over-year, driven by reduced R&D and G&A costs.

• R&D expenses for Q2 2026: $4.9 million; G&A expenses: $1.8 million.

• Royalty revenues for Q2 2026: $0.1 million; expected to end after December 2026 due to license termination.

Outlook and guidance

• Cash resources, including recent financings, expected to fund operations into 2028.

• Substantial additional capital will be required for future clinical development and commercialization of YB-101.

• Focused on advancing YB-101 through clinical trials, with Phase 2a/2b trial initiated in July 2026 and topline Phase 2a results anticipated in H2 2027.

• GenSci's Phase 1 MAD study in TED in China to inform global development, with data expected H2 2027.