Yarrow Bioscience details Phase 2a/2b trial design, merger share counts after VYNE closing

Yarrow Bioscience, Inc. completed its merger with VYNE Therapeutics Inc. on July 27, 2026, alongside previously announced private financings totaling approximately $200 million¹. Combined shares began trading on Nasdaq under "YARW" on July 28, 2026.

New details clarify the Phase 2a/2b trial (NCT07682896) design. The trial is a randomized, blinded, placebo-controlled two-part study, with Phase 2a a proof-of-concept portion versus placebo aiming to enroll 32 patients across four cohorts.¹ Part 2 is expected to be a Phase 2b dose-finding trial enrolling approximately 200 patients, anticipated to begin in 1H 2028.¹ Phase 2a data remain expected in 2H 2027.¹

The filing also details merger mechanics. Each outstanding share of Yarrow common stock was converted into 0.7171 shares of the combined company, adjusted for VYNE's 1-for-50 reverse stock split effected July 24, 2026.¹ The exchange ratio reflected VYNE's valuation of $8.5 million against Pre-Merger Yarrow's valuation of $272.9 million.¹ After the pre-closing financings, Pre-Merger Yarrow stockholders held approximately 97% of the combined company, with VYNE stockholders holding approximately 3%.¹ Following the merger, the company had approximately 28,584,308 shares of common stock outstanding on a fully-diluted, pre-funded-warrant-inclusive basis.¹

Separately, VYNE distributed a special cash dividend of $17.3 million, or about $0.40242 per share, to holders of record as of July 22, 2026.¹

Financing came from a Series A preferred round and a pre-closing PIPE. Series A preferred stock raised approximately $100.0 million¹, while the pre-closing financing raised approximately $100.0 million through 1,096,125 shares and 13,068,176 pre-funded warrants.¹ Yarrow's cash balance is expected to support operations into 2028.¹