Merger Announcement - VYNE Therapeutics Inc. and Yarrow Bioscience, Inc. have entered into a definitive merger agreement to combine in an all-stock transaction, with the new entity expected to operate as Yarrow Bioscience, Inc. and trade under the ticker symbol "YARW" on Nasdaq [1][10] Financial Support - A syndicate of healthcare investors led by RTW Investments has committed approximately $200 million in pre-closing financings to support Yarrow [2][7] Cash Position and Funding - The combined company's cash balance at closing is projected to fund operations into 2028, including advancing YB-101 into a Phase 1b/2b trial for Graves' disease (GD) [3][7] Clinical Development - YB-101, a clinical-stage TSHR antibody, is designed to treat GD and thyroid eye disease (TED) and is expected to enter a Phase 1b/2b trial in the U.S. in the first half of 2026, with Phase 1 data anticipated in the second half of 2027 [3][7][9] Dividend Declaration - Prior to closing, VYNE plans to declare a cash dividend to pre-Merger stockholders, estimated to be between $14.5 million and $16.5 million [4] Leadership and Management - The combined company will be led by Rebecca Frey as CEO, with Lori Payton joining as Chief Development Officer [11] Ownership Structure - Post-merger, pre-Merger VYNE stockholders are expected to own approximately 3% of the combined company, while pre-Merger Yarrow stockholders will own about 97% [9] Regulatory Approval - The merger has received unanimous approval from both companies' boards and is expected to close in the second quarter of 2026, pending stockholder approval and other customary closing conditions [10]