Full Press Release Details
VYOME THERAPEUTICS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF
| (Amount in USD) | June 30, 2025 (Unaudited) | December 31, 2024 | ||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 383,386 | $ | 101,904 | ||||
| Accounts receivables, net | 341 | 2,294 | ||||||
| Deferred offering costs | 111,415 | 111,415 | ||||||
| Other current assets | 89,282 | 86,433 | ||||||
| Total current assets | 584,424 | 302,046 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 54,386 | 59,179 | ||||||
| Intangible asset - shell company | 314,191 | 314,191 | ||||||
| Goods and service tax and other credits receivable | 627,430 | 646,758 | ||||||
| Right-of-use of asset, net | 45,388 | 59,387 | ||||||
| Total non-current assets | 1,041,395 | 1,079,515 | ||||||
| Total assets | $ | 1,625,819 | $ | 1,381,561 | ||||
| Liabilities and stockholders' deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 869,282 | $ | 965,607 | ||||
| Due to Affiliates | 170,098 | 129,346 | ||||||
| Operating lease liability - current portion | 30,353 | 28,024 | ||||||
| Salary and post-employment benefits payable | 986,353 | 919,440 | ||||||
| Other current liability | 88,130 | 107,937 | ||||||
| Convertible debt | 4,034,381 | 3,589,410 | ||||||
| Promissory notes - ReShape | 424,247 | - | ||||||
| Total current liabilities | 6,602,844 | 5,739,764 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liability - net of current portion | 16,728 | 32,830 | ||||||
| Total non-current liabilities | 16,728 | 32,830 | ||||||
| Total liabilities | 6,619,572 | 5,772,594 | ||||||
| Commitments and contingencies (Note 13) | ||||||||
| Stockholders' deficit | ||||||||
| Common stock, 20,000,000 shares authorized - par value $ 0.001 per share, 386 shares issued and outstanding at June 30, 2025 and December 31, 2024 | 1 | 1 | ||||||
| Preferred stock, 16,000,000 shares authorized - par value $ 0.001 per share, 3,076 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 3 | 3 | ||||||
| Additional paid in capital | 51,084,877 | 51,084,877 | ||||||
| Accumulated deficit | ( 56,025,476 | ) | ( 55,422,744 | ) | ||||
| Accumulated other comprehensive loss | ( 53,158 | ) | ( 53,170 | ) | ||||
| Total stockholders' deficit | ( 4,993,753 | ) | ( 4,391,033 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 1,625,819 | $ | 1,381,561 |
The accompanying notes are an integral part of these consolidated financial statements.
VYOME THERAPEUTICS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE LOSS (UNAUDITED)
| (Amount in USD) | Six Months ended June 30, 2025 | Six Months ended June 30, 2024 | ||||||
| Revenue | ||||||||
| Revenue | $ | 248,536 | $ | 110,990 | ||||
| Cost of goods sold | ( 69,881 | ) | ( 15,866 | ) | ||||
| Gross profit | 178,655 | 95,124 | ||||||
| Operating expenses | ||||||||
| Depreciation and amortization | 6,491 | 9,056 | ||||||
| Selling, general and administrative | 525,020 | 404,375 | ||||||
| Research and development expenses | 170,329 | 151,049 | ||||||
| Total operating expenses | 701,840 | 564,480 | ||||||
| Operating loss | ( 523,185 | ) | ( 469,356 | ) | ||||
| Other income/(expense), net: | ||||||||
| Interest expense | ( 111,093 | ) | ( 107,487 | ) | ||||
| Other income, net | 1,035 | 1,707 | ||||||
| Fair value adjustment | 30,511 | ( 17,996 | ) | |||||
| Total other expense, net | ( 79,547 | ) | ( 123,776 | ) | ||||
| Net loss | ( 602,732 | ) | ( 593,132 | ) | ||||
| Other comprehensive income, net of tax | ||||||||
| Foreign currency translation adjustments | 12 | ( 84 | ) | |||||
| Total comprehensive loss | $ | ( 602,720 | ) | $ | ( 593,216 | ) | ||
| Net Loss per share: | ||||||||
| Loss per share - basic and diluted | $ | ( 1,561.45 | ) | $ | ( 1,536.83 | ) | ||
| Weighted average number of shares | 386 | 386 |
The accompanying notes are an integral part of these consolidated financial statements.
VYOME THERAPEUTICS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED)
THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
| Common stock | Preferred stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Total Stockholders | |||||||||||||||||||||||||||
| (Amount in USD) | Shares | Amount | Shares | Amount | Capital | Deficit | Income (Loss) | Deficit | ||||||||||||||||||||||||
| Balance at December 31. 2023 | 386 | $ | 1 | 2,952 | $ | 3 | $ | 47,855,359 | $ | ( 53,975,283 | ) | $ | ( 54,297 | ) | $ | ( 6,174,217 | ) | |||||||||||||||
| Issuance of shares in settlement of liability | 86 | - | 1,680,210 | $ | 1,680,210 | |||||||||||||||||||||||||||
| Issuance of shares in settlement of accrued compensation liability | 1,115,232 | 1,115,232 | ||||||||||||||||||||||||||||||
| Net loss for the period | ( 593,132 | ) | ( 593,132 | ) | ||||||||||||||||||||||||||||
| Foreign currency transition adjustment | ( 84 | ) | ( 84 | ) | ||||||||||||||||||||||||||||
| Balance at June 30, 2024 | 386 | $ | 1 | 3,038 | $ | 3 | $ | 50,650,801 | $ | ( 54,568,415 | ) | $ | ( 54,381 | ) | $ | ( 3,971,992 | ) | |||||||||||||||
| Balance at December 31, 2024 | 386 | $ | 1 | 3,076 | $ | 3 | $ | 51,084,877 | $ | ( 55,422,744 | ) | $ | ( 53,170 | ) | $ | ( 4,391,033 | ) | |||||||||||||||
| Net loss for the period | ( 602,732 | ) | ( 602,732 | ) | ||||||||||||||||||||||||||||
| Foreign currency translation adjustment | 12 | 12 | ||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 386 | $ | 1 | 3,076 | $ | 3 | $ | 51,084,877 | $ | ( 56,025,476 | ) | $ | ( 53,158 | ) | $ | ( 4,993,753 | ) |
The accompanying notes are an integral part of these consolidated financial statements.
VYOME THERAPEUTICS INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| (Amount in USD) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | ||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | ( 602,732 | ) | $ | ( 593,132 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 6,491 | 9,056 | ||||||
| (Gain) loss on fair value adjustment of convertible debt | ( 30,511 | ) | 17,996 | |||||
| Non cash accrued interest expense | 108,476 | 92,200 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivables, net | 1,953 | 63,686 | ||||||
| Prepaid expenses and other current assets | ( 2,861 | ) | 18,642 | |||||
| Other assets | 31,644 | 9,214 | ||||||
| Accounts payable & accrued expenses | ( 96,325 | ) | ( 102,969 | ) | ||||
| Due to Affiliates | 50,000 | 50,000 | ||||||
| Post employment benefits | 66,913 | 127,223 | ||||||
| Other liabilities | ( 33,584 | ) | 71,033 | |||||
| Net cash used in operating activities | ( 500,536 | ) | ( 237,051 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of fixed assets | - | ( 1,425 | ) | |||||
| Net cash used in investing activities | - | ( 1,425 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of convertible debt | 191,253 | 339,999 | ||||||
| Proceeds from issuance of promissory notes - ReShape | 600,000 | - | ||||||
| Advance from Affiliates | ( 9,248 | ) | 30,942 | |||||
| Net cash provided by financing activities | 782,005 | 370,941 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 12 | ( 84 | ) | |||||
| Net (Decrease)/Increase in cash and cash equivalents | 281,481 | 132,381 | ||||||
| Cash and cash equivalents at beginning of the period | 101,905 | 16,646 | ||||||
| Cash and cash equivalents at end of the period | $ | 383,386 | $ | 149,027 | ||||
| Supplemental non-cash and financing activities: | ||||||||
| Shares issued in settlement of liability to vendor | - | $ | 1,680,210 | |||||
| Exchange of accrued fees to director for stock options | - | $ | 450,000 | |||||
| Exchange of accrued compensation for stock options | - | $ | 665,232 |
The accompanying notes are an integral part of these consolidated financial
VYOME THERAPEUTICS INC. AND SUBSIDIARY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
(All amounts are in US Dollars except per share
data and as stated otherwise)
and principal activities
Vyome Therapeutics, Inc. ("VTI"), a
Delaware corporation, was incorporated on August 22, 2017. VTI was formed with the intent of operating the R&D business of Vyome Biosciences
India Private Limited, India (the "R&D Business"), which was transferred to Vyome Therapeutics Limited (a wholly owned
subsidiary of VTI) pursuant to a Demerged order of National Company law Tribunal ("NCLT") in India, formally consummated in
December 2018. VTI and the wholly owned subsidiary in India, Vyome Therapeutics Limited ("VTL") are collectively referred
to as the "Company" or "Vyome". "R&D business" is defined as novel drug development in the area
of immune-inflammatory diseases space and the commercial exploitation of the same.
The Company is a Cambridge, Massachusetts-based
clinical-stage specialty pharmaceutical company working to treat immune-inflammatory and rare diseases of unmet need with next-generation
therapeutic solutions. The lead program VT-1953, a topical gel with a novel molecule to treat signs and symptoms of Malignant Fungating
wounds, is a potential orphan drug program. The Company is planning to have discussions with the Food & Drug Administration (FDA)
on the pivotal trial protocol in the fourth quarter of 2025. The Company had initiated a Phase II investigator-initiated trial for VT-1953.
The Company also has a Pre-Investigative New Drug application stage ophthalmic drops program, a potentially orphan drug program, and a
repurposed immune modulator to treat steroid-sparing anterior uveitis. Another late clinical-stage program, VB 1953, for moderate to severe
inflammatory acne has successfully completed its Phase II clinical trial, and this program is Phase III ready. The Company may experience
delays in the conduct of clinical trials of its candidates. Clinical trials can be delayed for a variety of reasons, including delays
in obtaining regulatory approval to commence a clinical trial, in securing clinical trial agreements with prospective sites with acceptable
terms, in obtaining institutional review board approval to conduct a clinical trial at a prospective site, in recruiting patients to participate
in a clinical trial or in obtaining sufficient supplies of clinical trial materials. Any delays in completing the Company's clinical
trials will increase its costs, slow down its product development, timeliness, and approval process, and delay its ability to generate
The Company is also developing other assets for
treating immune-inflammatory diseases, which are in pre-clinical or early clinical development.
The Company also has commercialized novel
reformulated topical anti-fungal products using its patented technology after two such products successfully completed clinical testing
in India. The Company has entered into a licensing and marketing agreement with the Sun Pharma group of companies in India ("Sun
Pharma") to sell a family of novel topical anti-fungal products owned by the Company. The Company used third-party entities to manufacture
the products. In December 2024, the above arrangement was terminated.
The Company has entered into a Development
and Licensing agreement for Luliconazole (an anti-fungal product) with Sun Pharma for additional development and commercialization in
India. Sales of Luliconazole commenced in the third quarter of 2023 by Sun Pharma.
Since its inception, the Company has devoted
substantially all its efforts to drug development, business planning, research and development, recruiting management and technical staff,
acquiring operating assets, and raising capital. The Company is subject to risks common to companies in the biotechnology industry, including,
but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance
with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing
approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic
pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations
and the ability to transition from pilot scale manufacturing to large scale production.
b) Merger Transaction:
The Company signed a definitive merger agreement
("Merger") with ReShape Lifesciences, Inc. ("ReShape") in July 2024, and such transaction was completed on August
14, 2025. Immediately prior to the Merger, ReShape sold substantially all of its assets and operations to a third-party. Immediately prior
to the Merger, all of the convertible notes and preferred stock of the Company were converted into shares of common stock. As a result
of the Merger, the Board of Directors and management team of ReShape resigned, the Board of Directors and management of the Company were
installed, and the Company became a Nasdaq-listed company. The combined company changed its name to Vyome Holdings, Inc. (the "Combined
Company") and will focus on Vyome's business of advancing the development of its immuno-inflammatory assets and on identifying
additional opportunities in the world-class US-Indian innovation corridor for the global market.
2. Summary of Significant Accounting Policies
a) Basis of Presentation
The unaudited condensed consolidated
financial statements contained herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange
Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared
in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although
the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated
financial statements reflect all normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation
of the results of interim periods and may not include all disclosures required by accounting principles generally accepted in the United
States ("GAAP"). The information as of June 30, 2025, and for the six months ended June 30, 2025, is unaudited, whereas the
consolidated balance sheet as of December 31, 2024, is derived from the Company's audited consolidated financial statements as of
that date. These condensed consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial
statements and notes thereto included in the audited financial statements for the year ended December 31, 2024.
The results of operations for the interim
periods presented are not necessarily indicative of results to be expected for any other interim period or for the year. Certain reclassifications
have been made in prior year's financial statements to conform to classifications used in the current year.
Any reference in these notes to applicable
guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates
("ASU") promulgated by the Financial Accounting Standards Board ("FASB").
In August 2025, the Board of Directors
of the Company approved a 5,000 - 1 reverse stock split. All share and per share numbers have been updated to reflect such a reverse
The Company organized its operations into
two operating segments. The segments reflect the way the Company evaluates its business performance and manages its operations by the
Company's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance.
The Company's CODM has been identified as the chief executive officer. The Company determined it has in two operating segments:
(1) Sale of Products and (2) Biotechnology segment. The Company's reportable segments are strategic business units that offer different
products and services. They are managed separately because each business requires different technology and marketing strategies. See Note
As the Company's long-lived assets,
except for the intangible asset and deferred offering costs, are substantially all located in India, and all of the Company's revenue
and expenses related to the sale of products are derived from within India, no geographical segments are presented.