VYNE: Cormorant Asset Management Reports 1.37M-Share Position

Rhea-AI Filing Summary

Cormorant Asset Management, LP and Bihua Chen report beneficial ownership of 1,370,938 shares of VYNE Therapeutics, representing 8.23% of the outstanding common stock. The reported position reflects shared voting and shared dispositive power only; the reporting persons state they have no sole voting or sole dispositive power over these shares.

The holding is reported as held by the Cormorant Funds, and the filing notes that Cormorant Global Healthcare Master Fund, LP has the right to receive dividends or sale proceeds for more than 5% of the shares. The percentage is calculated using 16,664,892 shares outstanding as reported by the issuer as of May 1, 2025. The reporting persons certify the shares are held in the ordinary course of business and not to influence control of the issuer.

Positive

• Reporting of a material economic interest: 1,370,938 shares, representing 8.23% of VYNE's outstanding common stock
• Disclosure that shares are held in the ordinary course of business and not for the purpose of changing control, providing clarity on intent

Negative

• The reporting persons have no sole voting or sole dispositive power (0 shares), indicating the position is not controlling
• Voting and dispositive power are shared, which may limit the ability of the reporting persons to unilaterally influence corporate decisions

Insights

Financial Analyst

TL;DR: Cormorant holds a material but non-controlling 8.23% stake in VYNE, disclosed as shared ownership held in the ordinary course.

This Schedule 13G/A discloses a clear >5% economic interest that is material to holders because it signals concentrated institutional ownership. The position is passive in form: no sole voting or dispositive power is reported and the filing includes a certification that the stake is not intended to influence control. Impact assessment: impactful because it alters the register composition but neutral regarding governance change given shared power and the passive declaration.

Corporate Governance Expert

TL;DR: Ownership concentration at 8.23% merits monitoring, but shared voting/dispositive power suggests limited unilateral influence.

The disclosure identifies the holder and the beneficial owner structure, including that Cormorant Funds hold the securities and a specific fund has rights to dividends or proceeds for over 5% of the shares. From a governance perspective this is a material ownership disclosure but does not indicate a control contest or active engagement. Impact assessment: impactful for shareholder composition, not indicative of control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

VYNE Therapeutics Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

92941V308

(CUSIP Number)

06/30/2025

(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

1

Names of Reporting Persons

Cormorant Asset Management, LP

2

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

(a)
(b)

3

Sec Use Only

4

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 1,370,938.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,370,938.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,370,938.00

10

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

11

Percent of class represented by amount in row (9)

8.23 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 92941V308

1

Names of Reporting Persons

Bihua Chen

2

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

(a)
(b)

3

Sec Use Only

4

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 1,370,938.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,370,938.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,370,938.00

10

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

11

Percent of class represented by amount in row (9)

8.23 %

12

Type of Reporting Person (See Instructions)

HC, IN

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, NJ, 08807
Item 2.
(a)	Name of person filing: Cormorant Asset Management, LP Bihua Chen This statement is filed by (i) Cormorant Asset Management, LP, a Delaware limited partnership, and the investment adviser to certain funds (the "Cormorant Funds"), with respect to the shares directly held by the Cormorant Funds and (ii) Bihua Chen with respect to the shares directly held by the Cormorant Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares reported herein.
(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: 1,370,938
(b)	Percent of class: 8.23%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,370,938
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,370,938 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. See Item 2. The Cormorant Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares reported herein. Cormorant Global Healthcare Master Fund, LP, a Cormorant Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the shares.
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:	/s/ Bihua Chen
Name/Title:	Bihua Chen, Managing Member
Date:	08/14/2025

Bihua Chen

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen
Date:	08/14/2025

Exhibit Information

JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G/A, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning her or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that she or it knows or has reason to believe that such information is inaccurate. Dated: August 14, 2025 Cormorant Asset Management, LP By: Cormorant Asset Management GP, LLC its General Partner By: /s/ Bihua Chen Bihua Chen, Managing Member Bihua Chen By: /s/ Bihua Chen Bihua Chen

FAQ

What stake does Cormorant report in VYNE (VYNE)?

Cormorant Asset Management and Bihua Chen report beneficial ownership of 1,370,938 shares, equal to 8.23% of VYNE's common stock.

Who filed this Schedule 13G/A for VYNE?

The statement is filed by Cormorant Asset Management, LP and Bihua Chen on behalf of the Cormorant Funds holding the securities.

Does the filing indicate control or activism at VYNE?

No. The filing states the shares are held in the ordinary course of business and includes a certification that they were not acquired to change or influence control.

How was the 8.23% ownership percentage calculated?

The percentage is calculated using 16,664,892 shares outstanding reported by the issuer as of May 1, 2025.

Which fund has the right to receive dividends or proceeds for more than 5% of the shares?

Cormorant Global Healthcare Master Fund, LP, a Cormorant Fund, is identified as having that right.