Yarrow Bioscience expects cash to last into 2030
The company expects its $268.9 million cash balance to fund operations into 2030, including through the DIRECTION-GD trial.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Yarrow Bioscience, Inc. (YARW) reported third-quarter 2026 net loss of $9.7 million, including $5.3 million in research and development expenses and $5.5 million in general and administrative expenses. Cash and cash equivalents were $268.9 million as of September 30, 2026, and the company expects them to fund operations into 2030.
In September 2026, Yarrow completed an underwritten public offering of 6,634,615 shares, with approximately $172.5 million in gross proceeds before underwriting discounts, commissions and other offering expenses. Enrollment is ongoing in the Phase 2a portion of its Phase 2a/2b DIRECTION-GD trial of YB-101 for Graves’ disease, with or without thyroid eye disease; topline results are expected in the second half of 2027. The Phase 2b portion is expected to begin enrolling in the first half of 2028. Licensing partner Changchun GeneScience Pharmaceutical anticipates data from its Phase 1 multiple ascending dose trial in thyroid eye disease in the second half of 2027.
Filing Explained
As of September 30, Yarrow reported about 11.5 million common shares issued and outstanding and separately listed pre-funded warrants for about 23.7 million additional shares; if exercised, the warrants convert into shares, increasing the share count and reducing existing holders’ ownership percentages absent offsets.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Cash and cash equivalents: $268.860 million
Net loss: $9.724 million
Research and development expenses: $5.277 million
+4 more
7 metrics
Cash and cash equivalents
$268.860 million
As of September 30, 2026
Net loss
$9.724 million
Three months ended September 30, 2026
Research and development expenses
$5.277 million
Three months ended September 30, 2026
General and administrative expenses
$5.466 million
Three months ended September 30, 2026
Loss per share
($0.43) per share
Three months ended September 30, 2026; basic and diluted
Gross proceeds
Approximately $172.5 million
September 2026 underwritten public offering, before underwriting discounts, commissions and other offering expenses
Shares in public offering
6,634,615 shares
September 2026 underwritten public offering
Key Terms
TSHR, multiple ascending dose, pharmacokinetics, pharmacodynamics, +2 more
6 terms
TSHR medical
"anti-TSHR monoclonal antibody"
TSHR is the thyroid‑stimulating hormone receptor, a protein on thyroid cells that acts like a thermostat sensor: it detects the circulating hormone that tells the gland to make thyroid hormones and controls how strongly the gland responds. Investors watch TSHR because it is a common target for drugs and diagnostic tests, and changes involving the receptor — from new therapies to safety or regulatory findings — can affect the value of companies working on thyroid disease.
multiple ascending dose medical
"Phase 1 multiple ascending dose trial"
A multiple ascending dose is a method used in testing new medicines where small groups of people receive gradually larger amounts of the drug over time. This approach helps researchers find the safest and most effective dose without causing too many side effects. For investors, it signals ongoing steps in drug development that can impact a company's potential success or approval prospects.
pharmacokinetics medical
"safety, pharmacokinetics, pharmacodynamics and efficacy endpoints"
Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.
pharmacodynamics medical
"safety, pharmacokinetics, pharmacodynamics and efficacy endpoints"
Pharmacodynamics is how a drug actually affects the body — the strength, type and duration of its effects and the relationship between dose and response. Think of it like how turning a thermostat changes room temperature: it shows what the drug does and how much is needed to get the desired effect. Investors care because these properties drive clinical success, dosing convenience, safety profile and competitive advantage, all of which influence commercial potential and regulatory approval.
euthyroid medical
"percentage of patients who are euthyroid and off anti-thyroid drugs"
Fast Track Designation regulatory
"YB-101 has received Fast Track Designation"
Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.
Earnings Snapshot
Research and development expenses: $5.277 million · Guidance included
Three months ended September 30, 2026
Research and development expenses
$5.277 million
General and administrative expenses
$5.466 million
Net loss
$9.724 million
Cash and cash equivalents
$268.860 million
Guidance
Cash and cash equivalents are expected to fund operations into 2030, including through completion of the DIRECTION-GD trial and preparatory work for the next planned thyroid eye disease study.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was YARW's third-quarter 2026 net loss?
YARW reported a third-quarter 2026 net loss of $9.7 million. Research and development expenses were $5.3 million and general and administrative expenses were $5.5 million for the quarter.
How much cash did YARW have, and how long is it expected to last?
YARW had $268.9 million in cash and cash equivalents as of September 30, 2026, and expects the balance to fund operations into 2030, including through completion of the DIRECTION-GD trial and preparatory work for its next planned thyroid eye disease study.
How many patients will YARW's Phase 2a DIRECTION-GD trial enroll?
The Phase 2a portion aims to enroll 32 patients across four cohorts. It will evaluate safety, pharmacokinetics, pharmacodynamics and efficacy through 24 weeks, including the percentage of patients who are euthyroid and off anti-thyroid drugs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________________________________________________________
FORM 8-K
___________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 12, 2026
___________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
(Address of principal executive offices, including Zip Code)
(203 ) 433-7577
(Registrant’s telephone number, including area code)
___________________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, Yarrow Bioscience, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. The press release is being furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 99.1 | Press Release, dated November 12, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Yarrow Bioscience, Inc. | ||||||||
Date: November 12, 2026 | By: | /s/ Rebecca Frey | ||||||
| Name: Title: | Rebecca Frey Chief Executive Officer | |||||||
Yarrow Bioscience Reports Third Quarter 2026 Financial Results and Provides Business Update
Enrollment ongoing in the Phase 2a/2b trial evaluating YB-101, a potential first-in-class anti-TSHR antibody, in patients with Graves’ disease (with or without concomitant thyroid eye disease); Phase 2a topline results expected in the second half of 2027
Completed approximately $172.5 million underwritten public offering, further strengthening the Company’s financial position to advance clinical development of YB-101
Cash and cash equivalents of $268.9 million as of September 30, 2026; expected to fund operations into 2030
New Haven, CT—November 12, 2026—Yarrow Bioscience, Inc. (“Yarrow” or the “Company”) (Nasdaq: YARW), a clinical-stage biotechnology company focused on developing transformative therapies for autoimmune thyroid diseases, today announced financial results for the third quarter ended September 30, 2026, and provided a business update.
“We made significant progress in the third quarter, including dosing our first patient in the Phase 2a portion of the DIRECTION-GD trial and strengthening our balance sheet through the completion of our merger and subsequent public offering,” said Rebecca V. Frey, PharmD, President and Chief Executive Officer of Yarrow. “The financing extends our expected cash runway into 2030 and positions us to advance YB-101 in Graves’ disease and prepare for our next steps in thyroid eye disease. We remain focused on executing the DIRECTION-GD trial as we look ahead to topline results from the Phase 2a portion of the trial and data from GenSci’s Phase 1 multiple ascending dose trial in TED, both of which we anticipate in the second half of 2027.”
Third Quarter 2026 Business Highlights and Upcoming Milestones
YB-101: potential first-in-class anti-thyroid stimulating hormone receptor (“TSHR”) antibody for Graves’ disease (“GD”) and thyroid eye disease (“TED”)
•Enrollment is ongoing in the Phase 2a portion of the DIRECTION-GD trial, a Phase 2a/2b trial of YB-101 in patients with GD, with or without concomitant TED.
•Topline results from the Phase 2a portion of the trial are expected in the second half of 2027.
•The Phase 2b portion of the trial is expected to begin enrolling patients in the first half of 2028.
•Licensing partner, Changchun GeneScience Pharmaceutical Co., Ltd. (“GenSci”), continues to advance YB-101 (also known as GenSci098) in Greater China. Data from GenSci’s ongoing Phase 1 multiple ascending dose (“MAD”) trial in TED are anticipated in the second half of 2027 and are expected to inform the Company’s global TED development plans.
Corporate Updates
•In July 2026, pre-merger Yarrow completed the merger with VYNE Therapeutics Inc. (the “Merger”). Following the completion of the Merger, the combined company began trading on the Nasdaq Capital Market under the ticker symbol “YARW.”
•In September 2026, the Company completed an underwritten public offering of 6,634,615 shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares (the “September 2026 Offering”). The aggregate gross proceeds from the September 2026 Offering were approximately $172.5 million, before deducting underwriting discounts and commissions and other offering expenses.
Third Quarter 2026 Financial Results
•Cash Position: As of September 30, 2026, Yarrow had cash and cash equivalents of $268.9 million, including the net proceeds from the September 2026 Offering. The Company expects its cash and cash equivalents to fund operations into 2030, including through the completion of the DIRECTION-GD trial and preparatory work for the Company’s next planned TED study.
•Research & Development Expenses: R&D expenses totaled $5.3 million for the third quarter of 2026.
•General & Administrative Expenses: G&A expenses totaled $5.5 million for the third quarter of 2026.
•Net Loss: Net loss totaled $9.7 million for the third quarter of 2026.
•Shares Outstanding: As of September 30, 2026, Yarrow had approximately 11.5 million shares of common stock issued and outstanding and pre-funded warrants to purchase approximately 23.7 million additional shares of common stock.
About YB-101
YB-101 is an investigational, potential first-in-class anti-TSHR monoclonal antibody designed to directly and rapidly disrupt the central mechanism of both GD and TED. YB-101 is currently being evaluated in the DIRECTION-GD trial, an ongoing Phase 2a/2b clinical trial in patients with GD, with or without concomitant TED. YB-101 has received Fast Track Designation from the U.S. Food and Drug Administration (the “FDA”). Fast Track Designation is intended to facilitate the development and expedite the review of new therapies for serious conditions with unmet medical needs.
About the DIRECTION-GD Clinical Trial
DIRECTION-GD is a Phase 2a/2b randomized, blinded, placebo-controlled two-part trial evaluating YB-101 in patients with GD, with or without concomitant TED (NCT07682896). The Phase 2a portion (Part 1) is a proof-of-concept trial of YB-101 versus placebo aiming to enroll 32 patients across four cohorts. The trial will evaluate safety, pharmacokinetics (“PK”), pharmacodynamics (“PD”) and efficacy endpoints through 24 weeks, including the percentage of patients who are euthyroid and off anti-thyroid drugs, as well as relevant measures of orbitopathy in patients with concomitant TED. Topline data from the Phase 2a portion are expected in the second half of 2027.
The Phase 2b portion (Part 2) is expected to be conducted as a dose-finding trial and enroll approximately 200 patients. The selection of doses and dosing intervals for the Phase 2b portion is expected to be informed by the safety, efficacy, PK and PD data generated in the Phase 2a portion. The Phase 2b portion is anticipated to commence in the first half of 2028.
About Yarrow Bioscience
Yarrow Bioscience, Inc. is a clinical-stage biotechnology company focused on developing transformative therapies for autoimmune thyroid diseases. The Company is developing YB-101, a potential first-in-class anti-TSHR monoclonal antibody designed to directly and rapidly disrupt the central mechanism of both GD and TED. For more information, visit www.yarrowbioscience.com.
Forward-looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company. These forward-looking statements include express or implied statements relating to: the therapeutic potential of YB-101 to address both GD and TED with a single product candidate; the design, initiation, enrollment, progress, timing and results of clinical trials of YB-101 conducted by the Company and by GenSci, including the expected timing of data from the Phase 2a portion of the Company’s DIRECTION-GD trial, data from GenSci’s Phase 1 MAD trial in TED, and the anticipated commencement of the Phase 2b portion of the DIRECTION-GD trial; the Company’s regulatory strategy and its ability to obtain and maintain regulatory approvals, including the implications of YB-101’s Fast Track Designation; the sufficiency of the Company’s capital resources and its expectation that its cash and cash equivalents will fund operations into 2030; the Company’s licensing partnership with GenSci and future development plans for YB-101 in TED globally; and the Company’s strategy, plans, objectives and expectations for future operations. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects and therefore are subject to risks and uncertainties. There can be no assurance that future developments affecting the Company will be those that have been anticipated. These risks and uncertainties include, but are not limited to, risks associated with the Company’s ability to manage expenses and unanticipated spending and costs that could reduce the Company’s cash resources; risks related to the Company’s ability to correctly estimate its operating expenses and other events; changes in capital resource requirements; risks related to the inability of the Company to obtain sufficient additional capital to continue to advance its product candidates or its preclinical programs; the outcome of any legal proceedings that may be instituted against the Company or any of its directors or officers; the ability of the Company to obtain, maintain and protect its intellectual property rights, in particular those related to its product candidates; the Company’s ability to advance the development of its product candidates or preclinical activities under the timelines it anticipates in planned and future clinical trials; the Company’s ability to replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; the Company’s ability to realize the anticipated benefits of its research and development programs, strategic partnerships, licensing programs or other collaborations; regulatory requirements or developments and the Company’s ability to obtain necessary approvals from the FDA or other regulatory authorities; changes to clinical trial designs and regulatory pathways; changes in expected or existing competition; legislative, regulatory, political and economic developments; and those risks and uncertainties and other factors more fully described in filings with the Securities and Exchange Commission (the “SEC”), including reports filed on Forms 10-K, 10-Q and 8-K and in other filings made by the Company with the SEC from time to time and available at www.sec.gov. These forward-looking statements are based on current expectations, management’s beliefs and certain assumptions made by the Company, all of which are subject to change. Such forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update such statements to reflect subsequent events or circumstances, except as otherwise required by securities and other applicable law.
For More Information
Investor Contact
Joyce Allaire
LifeSci Advisors
Jallaire@lifesciadvisors.com
Media Contact
Michael Galfetti
Ten Bridge Communications
tbcyarrow@tenbridgecommunications.com
YARROW BIOSCIENCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 268,860 | $ | 99,994 | |||||||
| Restricted cash | 105 | — | |||||||||
| Prepaid expenses and other current assets | 4,992 | 6 | |||||||||
| Total current assets | 273,957 | 100,000 | |||||||||
| Non-current assets: | |||||||||||
| Property and equipment, net | 72 | — | |||||||||
| Other assets | — | 407 | |||||||||
| Total non-current assets | 72 | 407 | |||||||||
| Total assets | $ | 274,029 | $ | 100,407 | |||||||
| Liabilities and stockholders’ equity/(deficit) | |||||||||||
| Current liabilities: | |||||||||||
Accounts payable (related party of $610 at December 31, 2025) | $ | 2,133 | $ | 1,534 | |||||||
| Accrued expenses | 4,378 | 70,013 | |||||||||
| Total current liabilities | 6,511 | 71,547 | |||||||||
| Total liabilities | 6,511 | 71,547 | |||||||||
| Commitments and contingencies | |||||||||||
| Mezzanine equity | |||||||||||
Convertible preferred stock: $0.0001 par value; 20,000,000 shares authorized and no shares issued and outstanding at September 30, 2026, and 14,516,188 shares authorized, issued and outstanding at December 31, 2025; liquidation value of $100,000 | — | 99,850 | |||||||||
| Stockholders' equity/(deficit): | |||||||||||
Common stock: $0.0001 par value; 300,000,000 shares authorized and 11,473,285 shares issued and outstanding at September 30, 2026 and 29,672,628 shares authorized and 3,047,675 shares issued and outstanding at December 31, 2025 | 1 | — | |||||||||
| Additional paid-in capital | 357,492 | 4 | |||||||||
| Accumulated deficit | (89,975) | (70,994) | |||||||||
| Total stockholders' equity/(deficit) | 267,518 | (70,990) | |||||||||
| Total liabilities, convertible preferred stock and stockholders’ equity/(deficit) | $ | 274,029 | $ | 100,407 | |||||||
YARROW BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2026 | 2026 | ||||||||||
| Operating expenses: | |||||||||||
| Research and development | $ | 5,277 | $ | 11,461 | |||||||
| General and administrative | 5,466 | 8,839 | |||||||||
| Total operating expenses | 10,743 | 20,300 | |||||||||
| Operating loss | (10,743) | (20,300) | |||||||||
| Other income/(expenses): | |||||||||||
| Interest income | 925 | 1,225 | |||||||||
| Other income, net | 94 | 94 | |||||||||
| Total other income, net | 1,019 | 1,319 | |||||||||
| Net loss | $ | (9,724) | $ | (18,981) | |||||||
| Loss per share - basic and diluted | $ | (0.43) | $ | (1.97) | |||||||
| Weighted average shares outstanding - basic and diluted | 22,593 | 9,635 | |||||||||