VYNE Therapeutics : Investor Relations Presentation

INVESTOR PRESENTATION

February 2021

Forward Looking Statements

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to statements regarding the development and commercialization of VYNE's products and product candidates and other statements regarding the future expectations, plans and prospects of VYNE. All statements in this presentation which are not historical facts are forward-looking statements. Any forward-looking statements are based on VYNE's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those set forth or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the COVID-19 pandemic and its impact on our business operations; adverse events associated with the commercialization of AMZEEQ® and ZILXI®; the outcome and cost of clinical trials for current and future product candidates; determination by the FDA that results from VYNE's clinical trials are not sufficient to support registration or marketing approval of product candidates; the outcome of pricing, coverage and reimbursement negotiations with third party payors for AMZEEQ®, ZILXI® or any other products or product candidates that VYNE may commercialize in the future; whether, and to what extent, third party payors impose additional requirements before approving AMZEEQ® and ZILXI® prescription reimbursement; the eligible patient base and commercial potential of AMZEEQ®, ZILXI® or any of VYNE's other products or product candidates; risks that VYNE's intellectual property rights, such as patents, may fail to provide adequate protection, may be challenged and one or more claims may be revoked or interpreted narrowly or will not be infringed; risks that any of VYNE's patents may be held to be narrowed, invalid or unenforceable or one or more of VYNE's patent applications may not be granted and potential competitors may also seek to design around VYNE's granted patents or patent applications; additional competition in the acne and dermatology markets; risks related to our indebtedness; inability to raise additional capital on favorable terms or at all; VYNE's ability to recruit and retain key employees; Volatility in our stock price may result in rapid and substantial increases or decreases in our stock price that may or may not be related to our operating performance or prospects; and VYNE's ability to stay in compliance with applicable laws, rules and regulations. For a discussion of other risks and uncertainties, and other important factors, any of which could cause VYNE's actual results to differ from those contained in the forward-looking statements, see the section titled "Risk Factors" in VYNE's quarterly report on Form 10-Q for the quarter ended March 31, 2020 as well as discussions of potential risks, uncertainties, and other important factors in VYNE's subsequent filings with the U.S. Securities and Exchange Commission. Although VYNE believes these forward-looking statements are reasonable, they speak only as of the date of this presentation and VYNE undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Given these risks and uncertainties, you should not rely upon forward-looking statements as predictions of future events.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. This presentation concerns product candidates that are under clinical investigation. None of such product candidates have been approved for marketing by the FDA or the EMA, and such product candidates are currently limited to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated.

Investment Highlights

Improving the lives of patients by developing proprietary, innovative and differentiated therapies in dermatology and beyond

Compelling Pipeline Expands Potential Product Offering

• • Phase 3 ready FCD105 for Acne1

• • Clinically validated MSTTM platform technology expands potential product offering2

• 1. FCD105 is being investigated for the treatment of moderate-to-severe acne vulgaris in patients 12 years of age and older

• 2. AMZEEQ®, ZILXI® and FCD105 employ proprietary MSTTM technology

• 3. Includes the Company's existing cash and investments as of December 31, 2020, combined net proceeds received from the Company's registered direct offering and the "at-the-market" offerings in January 2021 and projected cash flows from revenues

Effective Corporate and Commercial Platform for Future Growth

Experienced management team and leverageable integrated capabilities and infrastructure

Well Positioned To Deliver Significant Value

Focused approach for 2021

Maximize Operational Leverage

• • Scalable corporate and commercial capabilities and infrastructure

• • Prudent resource prioritization and rationalization

Build a Diversified Portfolio and Pipeline

• • Invest in internal R&D and corporate development efforts focused on clinically meaningful and differentiated products and product candidates