Vyome (HIND) Q4 2025 earnings summary

Executive summary

• Completed merger with ReShape Lifesciences Inc. in August 2025, rebranding as Vyome Holdings, Inc.; focus shifted to clinical-stage specialty pharmaceuticals targeting immune-inflammatory and rare diseases.

• Lead program VT-1953 (topical gel for malignant fungating wounds) advanced with positive Phase 2 results; pivotal Phase 3 trial planned for 2026.

• Additional pipeline includes VT-1908 (ophthalmic drops for uveitis, pre-IND stage) and VB-1953 (acne, Phase 3-ready).

• Commercialized antifungal products in India via Sun Pharma partnership; legacy dandruff product agreement terminated in December 2024.

Financial highlights

• Net loss for 2025 was $10.5 million, compared to $1.4 million in 2024, reflecting increased R&D and G&A expenses post-merger.

• Revenue for 2025 was $319,714, up from $256,944 in 2024, primarily from milestone payments, royalties, and service fees from Sun Pharma.

• Cash and cash equivalents at year-end 2025 were $4.98 million, with additional $5.3 million raised in early 2026.

• Research and development expenses increased to $588,258 in 2025 from $285,391 in 2024 due to resumed R&D activities.

• General and administrative expenses rose to $2.37 million in 2025, mainly due to merger-related costs and stock-based compensation.

Outlook and guidance

• Cash runway expected to last until June 2027, but additional capital will be needed to complete pivotal trials and advance pipeline.

• Focus on initiating pivotal Phase 3 trial for VT-1953 in 2026 and advancing VT-1908 into clinical development.

• Plans to seek further partnerships, licensing, and strategic alliances to support commercialization and development.