Full Press Release Details
Vyome Therapeutics, Inc. and Subsidiary
Vyome Therapeutics Inc. and Subsidiary
Consolidated financial statements (unaudited)
Three months ended March 31, 2025, and
Vyome Therapeutics, Inc. and Subsidiary
| Page | |
| Consolidated Financial Statements: | |
| Consolidated Balance Sheets | 3 |
| Consolidated Statements of Operations and Comprehensive Loss (unaudited) | 4 |
| Consolidated Statements of Changes in Stockholders' Deficit (unaudited) | 5 |
| Consolidated Statements of Cash Flows (unaudited) | 6 |
| Notes To Consolidated Financial Statements (unaudited) | 7 |
Vyome Therapeutics, Inc. and Subsidiary
| Vyome Therapeutics Inc. and Subsidiary | ||
| Consolidated Balance Sheets |
| (Amount in USD) | March 31, 2025 (unaudited) | December 31, 2024 | ||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 58,370 | $ | 101,094 | ||||
| Accounts receivables, net | 149,299 | 2,294 | ||||||
| Deferred offering costs | 111,415 | 111,415 | ||||||
| Other current assets | 73,260 | 86,433 | ||||||
| Total current assets | 392,344 | 302,046 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 55,657 | 59,179 | ||||||
| Intangible asset - shell company | 314,191 | 314,191 | ||||||
| Goods and service tax and other credits receivable | 628,416 | 646,758 | ||||||
| Right-of-use of asset, net | 52,475 | 59,387 | ||||||
| Total non-current assets | 1,050,739 | 1,079,515 | ||||||
| Total assets | $ | 1,443,083 | $ | 1,381,561 | ||||
| Liabilities and stockholders' deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 1,038,762 | $ | 965,607 | ||||
| Due to Affiliates | 140,557 | 129,346 | ||||||
| Operating lease liability - current portion | 29,190 | 28,024 | ||||||
| Salary and post-employment benefits payable | 987,461 | 919,440 | ||||||
| Other current liabilities | 70,894 | 107,938 | ||||||
| Convertible debt - Current portion | 3,836,357 | 3,589,410 | ||||||
| Total current liabilities | 6,103,221 | 5,739,764 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liability - net of current portion | 24,867 | 32,830 | ||||||
| Total non-current liabilities | 24,867 | 32,830 | ||||||
| Total liabilities | 6,128,088 | 5,772,594 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' deficit | ||||||||
| Common stock, 20,000,000 shares authorized, 1,893,120 shares issued and outstanding at March 31, 2025 and December 31, 2024 | 1,892 | 1,892 | ||||||
| Preferred stock, 16,000,000 shares authorized, 15,303,417 shares issued and outstanding as of March 31, 2025 and December 31, 2024 | 46,985,419 | 46,985,419 | ||||||
| Additional paid in capital | 4,097,570 | 4,097,570 | ||||||
| Accumulated deficit | (55,716,716 | ) | (55,422,744 | ) | ||||
| Accumulated other comprehensive loss | (53,170 | ) | (53,170 | ) | ||||
| Total stockholders' deficit | (4,685,005 | ) | (4,391,033 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 1,443,083 | $ | 1,381,561 |
The accompanying notes are an integral part of these consolidated financial
Vyome Therapeutics, Inc. and Subsidiary
| Vyome Therapeutics Inc. and Subsidiary | ||
| Consolidated Statements of Comprehensive Loss (unaudited) |
| (Amount in USD) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||
| Revenue | $ | 198,582 | $ | 76,979 | ||||
| Cost of goods sold | (44,162 | ) | - | |||||
| Gross profit | 154,420 | 76,979 | ||||||
| Operating expenses | ||||||||
| Depreciation and amortization | 3,523 | 4,548 | ||||||
| Selling, general and administrative | 259,626 | 194,728 | ||||||
| Research and development expenses | 90,268 | 42,720 | ||||||
| Total operating expenses | $ | 353,416 | $ | 241,996 | ||||
| Operating loss | $ | (198,996 | ) | $ | (165,017 | ) | ||
| Other income/(expense), net: | ||||||||
| Interest expense | (54,954 | ) | (45,642 | ) | ||||
| Other income(loss), net | (4,014 | ) | 408 | |||||
| Fair value adjustment | (36,008 | ) | 81,949 | |||||
| Total other income, net | $ | (94,976 | ) | $ | 37,715 | |||
| Net loss | $ | (293,972 | ) | $ | (127,302 | ) | ||
| Other comprehensive income, net of tax | ||||||||
| Foreign currency translation adjustments | - | (81 | ) | |||||
| Other comprehensive income / (loss), net of tax | - | (81 | ) | |||||
| Total comprehensive loss | $ | (293,972 | ) | $ | (127,383 | ) | ||
| Net Loss per share: | ||||||||
| Loss per share - basic and diluted | $ | (0.16 | ) | $ | (0.07 | ) | ||
| Weighted average number of shares | 1,893,120 | 1,893,120 |
The accompanying notes are an integral part of these consolidated financial
Vyome Therapeutics, Inc. and Subsidiary
Vyome Therapeutics Inc. and Subsidiary
Consolidated Statements of
Changes in Stockholders Deficit (unaudited)
For the three months ended March 31, 2025 and 2024
| Common stock | Preferred stock | Additional Paid- | Accumulated | Accumulated Other Comprehensive | Total Stockholders | |||||||||||||||||||||||||||
| (Amount in USD) | Shares | Amount | Shares | Amount | in Capital | Deficit | Income (Loss) | Deficit | ||||||||||||||||||||||||
| Balance at December 31, 2023 | 1,893,120 | $ | 1,892 | 14,759,760 | $ | 46,984,875 | $ | 868,596 | $ | (53,975,283 | ) | $ | (54,297 | ) | $ | (6,174,217 | ) | |||||||||||||||
| Net loss for the period | $ | (127,302 | ) | (127,302 | ) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | $ | (81 | ) | (81 | ) | |||||||||||||||||||||||||||
| Balance at March 31, 2024 | 1,893,120 | $ | 1,892 | 14,759,760 | $ | 46,984,875 | $ | 868,596 | $ | (54,102,585 | ) | $ | (54,378 | ) | $ | (6,301,600 | ) | |||||||||||||||
| Balance at December 31, 2024 | 1,893,120 | $ | 1,892 | 15,303,419 | $ | 46,985,419 | $ | 4,097,570 | $ | (55,422,744 | ) | $ | (53,170 | ) | $ | (4,391,033 | ) | |||||||||||||||
| Net loss for the period | (293,972 | ) | (293,972 | ) | ||||||||||||||||||||||||||||
| Balance at March 31, 2025 | 1,893,120 | $ | 1,892 | 15,303,419 | $ | 46,985,419 | $ | 4,097,570 | $ | (55,716,716 | ) | $ | (53,170 | ) | $ | (4,685,005 | ) |
The accompanying notes are an integral part of these consolidated financial
Vyome Therapeutics, Inc. and Subsidiary
| Vyome Therapeutics Inc. and Subsidiary | ||
| Consolidated Statements Of Cash Flows (unaudited) |
| (Amount in USD) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | ||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (293,972 | ) | $ | (127,302 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,523 | 4,548 | ||||||
| (Gain) loss on fair value adjustment of convertible debt | 36,008 | (81,949 | ) | |||||
| Non cash accrued interest expense | 50,939 | 44,452 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivables, net | (147,005 | ) | 66,816 | |||||
| Prepaid expenses and other current assets | 13,161 | 1,665 | ||||||
| Other assets | 25,254 | (2,121 | ) | |||||
| Accounts payable & accrued expenses | 73,170 | (163,443 | ) | |||||
| Due to Affiliates | 11,211 | 25,000 | ||||||
| Salary and post-employment benefits payable | 68,021 | 71,196 | ||||||
| Other liabilities | (43,843 | ) | 25,548 | |||||
| Net cash used in operating activities | $ | (203,533 | ) | $ | (135,590 | ) | ||
| Cash flows from investing activities: | ||||||||
| (Purchases of)/ proceeds from sale of fixed assets | (1 | ) | 186 | |||||
| Net cash used in investing activities | (1 | ) | 186 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible debt | 160,000 | 199,999 | ||||||
| Advance from Affiliates | - | 33,806 | ||||||
| Net cash from financing activities | $ | 160,000 | $ | 233,805 | ||||
| Effect of exchange rate changes on cash and cash equivalents | - | (81 | ) | |||||
| Net (Decrease)/Increase in cash and cash equivalents | (43,534 | ) | 98,320 | |||||
| Cash and cash equivalents at beginning of the period | 101,904 | 16,646 | ||||||
| Cash and cash equivalents at end of the period | $ | 58,370 | $ | 114,966 | ||||
| Supplemental non-cash and financing activities: | ||||||||
| Reclassification of accounts payable to liability to be settled in equity | $ | 1,680,211 |
The accompanying notes are an integral part of these consolidated financial
Vyome Therapeutics, Inc. and Subsidiary
Vyome Therapeutics Inc. and Subsidiary
Notes to the Consolidated Financial Statements
(All amounts are in US Dollars except per share
data and as stated otherwise)
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 Princeton, NJ-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 third 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
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 also is 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 Lulicanazole (an anti-fungal product) with Sun Pharma for additional development and commercialization in
India. Sales of Lulicanazole 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.
Vyome Therapeutics, Inc. and Subsidiary
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 March 31, 2025, and for the three months ended March 31, 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,
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.
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").
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.
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 expense related to the sale of products are derived from within India, no geographical segments are presented.
The consolidated financial statements
include the accounts of the Company and its wholly owned subsidiary, VTL. All intercompany accounts and transactions have been eliminated
in the consolidation.
Vyome Therapeutics, Inc. and Subsidiary
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the three months
ended March 31, 2025, and 2024, the Company has generated a net loss of $ 293,972 and $ 127,302 respectively. As of March 31,