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Filing Details

Accession Number:: 0000929638-25-001952
Form Type:: 13G Filing
Publication Date:: 2025-05-18 20:00:00

Filed By:: Cormorant Asset Management
Company:: Vyne Therapeutics Inc. (NASDAQ:VYNE)
Filing Date:: 2025-05-19
SEC Url:: 13G Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Beneficially Owned Number of Shares	Beneficially Owned Number of Aggregate Shares	Percent of Class
Cormorant Asset Management, LP	0	1,849,590	9.99%
Bihua Chen	0	1,849,590	9.99%

Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

VYNE Therapeutics Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

92941V308

(CUSIP Number)

03/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

92941V308

Names of Reporting Persons

Cormorant Asset Management, LP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,849,590.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,849,590.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,849,590.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

9.99 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

92941V308

Names of Reporting Persons

Bihua Chen

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,849,590.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,849,590.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,849,590.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

9.99 %

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

VYNE Therapeutics Inc.

(b)

Address of issuer's principal executive offices:

685 Route 202/206 N., Suite 301, Bridgewater, New Jersey, 08807

Item 2.

(a)

Name of person filing:

Cormorant Asset Management, LP Bihua Chen

(b)

Address or principal business office or, if none, residence:

200 Clarendon Street, 52nd Floor Boston, MA 02116

(c)

Citizenship:

Cormorant Asset Management, LP - Delaware Bihua Chen - United States

(d)

Title of class of securities:

Common Stock, par value $0.0001 per share

(e)

CUSIP No.:

92941V308

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

1,849,590 shares

(b)

Percent of class:

9.99 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

0 shares

(ii) Shared power to vote or to direct the vote:

1,849,590 shares

(iii) Sole power to dispose or to direct the disposition of:

0 shares

(iv) Shared power to dispose or to direct the disposition of:

1,849,590 shares This Schedule 13G amendment is being filed to correct an inadvertent error in the number of shares reported as beneficially owned in the Schedule 13G filed by the Reporting Persons on May 15, 2025. The Reporting Persons' holdings reported herein reflect shares of common stock of the Issuer ("Common Stock") issuable upon the exercise of pre-funded warrants (the "Warrants"); provided that the Warrants may not be exercised if such exercise would cause the holder, together with its affiliates, to beneficially own in excess of 9.99% of the number of shares of the Issuer's Common Stock then outstanding. The Warrants would be exercisable for up to 3,060,143 shares of Common Stock, subject to the limitation on exercise. If not for such limitation on exercise, the Reporting Persons would beneficially own in excess of 9.99% of the Issuer's Common Stock. The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended on March 31, 2025, as filed with the Securities and Exchange Commission on May 8, 2025, that there were shares of 16,664,892 Common Stock of the Issuer outstanding as of May 1, 2025.

Item 5.

Ownership of 5 Percent or Less of a Class.

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.

In addition, Cormorant Global Healthcare Master Fund, LP, a private investment vehicle for which Cormorant Asset Management, LP serves as investment adviser, would have the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Common Stock, upon the exercise of the above-described Warrants.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cormorant Asset Management, LP

Signature:	By: /s/ Bihua Chen
Name/Title:	Bihua Chen, Managing Member
Date:	05/19/2025

Bihua Chen

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen
Date:	05/19/2025

Exhibit Information

99.1 Joint Filing Statement, incorporated by reference to the Joint Filing Statement included with the Schedule 13G amendment filed by the Reporting Persons on May 15, 2025.