YARW on Nasdaq

Yarrow Bioscience, Inc.

We are a clinical-stage biopharmaceutical company focused on developing differentiated therapies to treat inflammatory and immune-mediated conditions with high unmet need.³ From its latest annual report

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Last updated Oct 19, 2026.

Overview

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TickerYARW on Nasdaq¹
IndustryPharmaceutical Preparations¹
HeadquartersNew Haven, Connecticut¹
Incorporated inDE²
Business address470 James Street, Suite 007, New Haven, Ct 06513²
Filer categoryNon-accelerated filer, Smaller reporting company²
Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-5219.1%Operating margin⁴

-4646.1%Net margin⁴

13.8%Revenue growth, 2025⁴

-95.4%Return on equity⁴

0.00×Debt to equity⁴

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and development

Research and development100¢$19.2M
Income tax0¢$4.0K

Out of $570.0K in revenue.⁴ The company lost money this year.

Financial statements

Revenue⁵⁶⁷⁸⁹⁴$570.0K in 2025+29% since 2019

Operating income⁵⁶⁷⁸⁹⁴-$29.7M in 2025−69% since 2019

Net income⁵⁶⁷⁸⁹⁴-$26.5M in 2025−72% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Total revenues	$570.0K	$501.0K
Research and development	$19.2M	$30.9M
General and administrative	$11.1M	$13.2M
Total operating expenses	$30.3M	$44.1M
Operating loss	-$29.7M	-$43.6M
Other income, net	$3.0M	$3.8M
Loss from continuing operations before income taxes	-$26.7M	-$39.8M
Income tax expense	$4.0K	$4.0K
Loss from continuing operations	-$26.7M	-$39.8M
Income (loss) from discontinued operations, net of income taxes	$253.0K	-$27.0K
Net loss	-$26.5M	-$39.8M
Loss per share from continuing operations, basic (in dollars per share)	-$1	-$1
Loss per share from continuing operations, diluted (in dollars per share)	-$1	-$1
(Loss) income per share from discontinuing operations, basic (in dollars per share)	$0	$0
(Loss) income per share from discontinuing operations, diluted (in dollars per share)	$0	$0
Loss per share basic (in dollars per share)	-$0.62	-$0.93
Loss per share diluted (in dollars per share)	-$0.62	-$0.93
Weighted average shares outstanding - basic (in shares)	42.8M shares	42.6M shares
Weighted average shares outstanding - diluted (in shares)	42.8M shares	42.6M shares
Unrealized losses on marketable securities, net of tax of $0	-$18.0K	-$6.0K
Total other comprehensive loss	-$18.0K	-$6.0K
Comprehensive loss	-$26.5M	-$39.8M
Unrealized income on marketable securities, tax	$0	$0

Total assets⁵⁶⁷⁸⁹⁴$30.2M in 2025−63% since 2019

Total liabilities⁵⁶⁷⁸⁹⁴$2.4M in 2025−96% since 2019

Shareholders’ equity⁶⁷⁸⁹⁴$27.8M in 2025+58% since 2019

Cash⁵⁶⁷⁸⁹⁴$24.0M in 2025−45% since 2019

Long-term debt⁵⁶⁷⁸⁹⁴$0 in 2025

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31	2023-09-30
Cash and cash equivalents	$24.0M	$19.9M
Investment in marketable securities (Note 6)	$5.0M	$41.6M
Prepaid and other current assets	$1.0M	$2.9M
Total Current Assets	$30.0M	$64.4M
Property and equipment, net (Note 7)	$90.0K	$113.0K
Operating lease right of use assets (Note 9)	$0	$93.0K		$200.0K
Non-current prepaid expenses and other assets	$60.0K	$2.3M
Total Non-current Assets	$150.0K	$2.5M
Total Assets	$30.2M	$66.9M
Trade payables	$1.0M	$2.7M
Accrued expenses (Note 8)	$941.0K	$9.3M
Employee-related obligations	$413.0K	$1.4M
Operating lease liabilities (Note 9)	$0	$99.0K
Other current liabilities	$0	$1.3M
Total Current Liabilities	$2.4M	$14.8M
Total Liabilities	$2.4M	$14.8M
Preferred stock: $0.0001 par value; 20,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	$0	$0
Common stock: $0.0001 par value; 150,000,000 shares authorized at December 31, 2025 and December 31, 2024; 33,323,171 and 14,830,013 shares issued and outstanding at December 31, 2025 and 2024, respectively	$3.0K	$1.0K
Additional paid-in capital	$785.4M	$783.2M
Accumulated other comprehensive income	$2.0K	$20.0K
Accumulated deficit	-$757.7M	-$731.2M
Total Shareholders' Equity	$27.8M	$52.1M	$88.7M
Total Liabilities and Shareholders Equity	$30.2M	$66.9M
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	20.0M shares	20.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	150.0M shares	150.0M shares
Common stock, shares issued (in shares)	33.3M shares	14.8M shares
Common stock, shares outstanding (in shares)	33.3M shares	14.8M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2023-09-30
Cash and cash equivalents	$24.0M	$19.9M
Investment in marketable securities (Note 6)	$5.0M	$41.6M
Prepaid and other current assets	$1.0M	$2.9M
Total Current Assets	$30.0M	$64.4M
Property and equipment, net (Note 7)	$90.0K	$113.0K
Operating lease right of use assets (Note 9)	$0	$93.0K		$200.0K
Non-current prepaid expenses and other assets	$60.0K	$2.3M
Total Non-current Assets	$150.0K	$2.5M
Total Assets	$30.2M	$66.9M
Trade payables	$1.0M	$2.7M
Accrued expenses (Note 8)	$941.0K	$9.3M
Employee-related obligations	$413.0K	$1.4M
Operating lease liabilities (Note 9)	$0	$99.0K
Other current liabilities	$0	$1.3M
Total Current Liabilities	$2.4M	$14.8M
Total Liabilities	$2.4M	$14.8M
Preferred stock: $0.0001 par value; 20,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	$0	$0
Common stock: $0.0001 par value; 150,000,000 shares authorized at December 31, 2025 and December 31, 2024; 33,323,171 and 14,830,013 shares issued and outstanding at December 31, 2025 and 2024, respectively	$3.0K	$1.0K
Additional paid-in capital	$785.4M	$783.2M
Accumulated other comprehensive income	$2.0K	$20.0K
Accumulated deficit	-$757.7M	-$731.2M
Total Shareholders' Equity	$27.8M	$52.1M	$88.7M
Total Liabilities and Shareholders Equity	$30.2M	$66.9M
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	20.0M shares	20.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	150.0M shares	150.0M shares
Common stock, shares issued (in shares)	33.3M shares	14.8M shares
Common stock, shares outstanding (in shares)	33.3M shares	14.8M shares

Cash from operations⁵⁶⁷⁸⁹⁴-$33.1M in 2025−55% since 2019

Capital spending⁵⁶$0 in 2021

Free cash flow⁵⁶⁷-$56.4M in 2021−24% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Net loss	-$26.5M	-$39.8M
Depreciation	$23.0K	$4.0K
Share-based compensation	$2.3M	$3.3M
Amortization of premium or discount on marketable securities	-$778.0K	-$2.4M
Unrealized loss on cash equivalents	$0	-$1.0K
Trade receivables, prepaid expenses and other assets and operating lease right of use assets	$4.2M	-$899.0K
Trade payables, accrued expenses, employee related obligations and other long-term liabilities	-$12.3M	$6.0M
Operating lease liabilities	-$99.0K	-$114.0K
Net cash used in operating activities	-$33.1M	-$34.0M
Purchase of property and equipment	$0	-$117.0K
Proceeds from the sale and maturity of marketable securities	$68.3M	$84.0M
Purchases of marketable securities	-$30.9M	-$60.5M
Net cash provided by investing activities	$37.4M	$23.4M
Withholdings from exercise of options and issuance of shares for stock-based compensation arrangements, net	-$143.0K	-$141.0K
Net cash used in financing activities	-$143.0K	-$141.0K
Increase (decrease) in cash and cash equivalents	$4.1M	-$10.7M
Issuance of vested shares under employee share purchase plan	$16.0K	$30.0K

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Leadership

Who has led Yarrow Bioscience, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

David Domzalski2020–now

Chief financial officer

Chief operating officer

Rachael Alford2026–now

20202025

Chief executive officerRebecca Frey Jul 29, 2026 to now¹²
Chief executive officerDavid Domzalski Mar 11, 2020 to Jul 29, 2026¹³
Chief executive officerSteven L. Basta Jan 24, 2018 to Dec 16, 2019¹⁴
PresidentDavid Domzalski Mar 11, 2020 to now¹³
Chief financial officerTyler Zeronda Jun 21, 2021 to now¹⁵
Chief financial officerIlan Hadar Mar 11, 2020 to Mar 11, 2020¹⁶
Chief financial officerAndrew Saik Mar 24, 2020 to Jun 2, 2021¹⁷
Chief financial officerKristine M. Ball Dec 12, 2018 to Dec 12, 2018¹⁸
Chief operating officerRachael Alford Jul 29, 2026 to now¹⁹

Board members and other officers (33)

Chief Development OfficerLori Payton Jul 29, 2026 to now²⁰
Chief Medical OfficerSteven Ryder Jul 29, 2026 to now²¹
Chief Scientific OfficerIain Stuart Mar 11, 2020 to now²²
Chief Commercial OfficerMatthew T. Wiley Mar 11, 2020 to Jul 2, 2021²³
OfficerRonald A. Krasnow Jun 27, 2019 to Dec 13, 2019²⁴
OfficerSteven L. Basta Jul 31, 2019 to Jul 31, 2019²⁵
OfficerKristine M. Ball Jan 24, 2018 to Dec 16, 2019²⁶
Chief Medical OfficerPaul Kwon Jan 24, 2018 to Dec 16, 2019²⁷
Chief Medical OfficerMary Spellman May 9, 2018 to Dec 12, 2018²⁸
Board memberMona Ashiya Jul 29, 2026 to now²⁹
Board memberPeter B. Silverman Jul 29, 2026 to now³⁰
Board memberRebecca Frey Jul 29, 2026 to now¹²
Board memberSteven L. Hoerter Jul 29, 2026 to now³¹
Board memberSven Ante Lundberg Jul 29, 2026 to now³²
Board memberTyler Zeronda Jul 29, 2026 to now³³
Board memberWilliam Richard White Jul 29, 2026 to now³⁴
Board memberChristine Borowski Jan 3, 2024 to Dec 13, 2024³⁵
Board memberAnthony D. Bruno Mar 11, 2020 to Dec 13, 2024³⁶
Board memberDavid Domzalski Mar 11, 2020 to now¹³
Board memberRex Bright Mar 11, 2020 to Jul 20, 2021³⁷
Board memberSharon Surrey Barbari Mar 11, 2020 to now³⁸
Board memberStanley Hirsch Mar 11, 2020 to Apr 7, 2020³⁹
Board memberJoseph Edelman Jun 11, 2020 to Jun 11, 2020⁴⁰
Board memberPatrick G. Lepore Sep 14, 2020 to now⁴¹
Board memberElisabeth Sandoval Mar 21, 2019 to now⁴²
Board memberAaron Royston Jan 24, 2018 to Aug 8, 2019⁴³
Board memberAlbert Cha Jan 24, 2018 to Jan 29, 2018⁴⁴
Board memberDavid W. J. McGirr Jan 24, 2018 to Aug 8, 2019⁴⁵
Board memberPaul L. Berns Jan 24, 2018 to Aug 8, 2019⁴⁶
Board memberScott M. Whitcup Jan 24, 2018 to Aug 8, 2019⁴⁷
Board memberSteven L. Basta Jan 24, 2018 to now¹⁴
Board memberTed Ebel Jan 24, 2018 to Aug 8, 2019⁴⁸
General counselMutya Harsch Mar 11, 2020 to now⁴⁹

Former names

VYNE Therapeutics Inc.Sep 8, 2020 to Jul 24, 2026²
Menlo Therapeutics Inc.Nov 28, 2017 to Sep 2, 2020²
Menlo Therapeutics, Inc.Jul 28, 2017 to Jan 31, 2018²
Tigercat Pharma, Inc.Jan 7, 2013 to Jan 7, 2013²

Timeline

Jul 29, 2026New chief executive Rebecca Frey becomes CEO¹²
Mar 11, 2020New chief executive David Domzalski becomes CEO¹³
Jan 24, 2018New chief executive Steven L. Basta becomes CEO¹⁴

Filings

318 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 157 insider forms, 33 large holders, 2 private raises, 43 other. The latest 20:

The 318 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Jan 15, 2025	LEPORE PATRICK GDirector	Buy	15,000	$2.92	$43.8K	Form 4
Nov 15, 2023	LEPORE PATRICK GDirector	Buy	13,000	$3.91	$50.8K	Form 4
Mar 20, 2023	LEPORE PATRICK GDirector	Buy	20,000	$2.48	$49.6K	Form 4
Mar 20, 2023	Harsch MutyaCHIEF LEGAL OFFICER AND GC	Buy	10,000	$2.50	$25.0K	Form 4
Nov 30, 2021	LEPORE PATRICK GDirector	Buy	12,500	$1.02	$12.8K	Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Bellevue Group AGSCHEDULE 13G, 1 filing Oct 7, 2026⁵⁰
Invus Global Management, LLCSCHEDULE 13G, 1 filing Sep 17, 2026⁵¹
ADAR1 Capital Management, LLCSCHEDULE 13G, 1 filing Aug 14, 2026⁵²
venBio Global Strategic Fund V, L.P.SCHEDULE 13G, 1 filing Aug 14, 2026⁵³
Xiaofan ZhangSCHEDULE 13G/A, 4 filings Jun 15, 2026 to Aug 13, 2026⁵⁴
Janus Henderson Group Ltd.SCHEDULE 13G, 1 filing Aug 7, 2026⁵⁵
Logos Global Management LPSCHEDULE 13G/A, 2 filings Aug 4, 2026 to Aug 7, 2026⁵⁶
ORBIMED ADVISORS LLCSCHEDULE 13D, 1 filing Aug 5, 2026⁵⁷
PERCEPTIVE ADVISORS LLCSCHEDULE 13G, 2 filings Feb 15, 2022 to Aug 3, 2026⁵⁸
RTW Fund Group GP, LLCSCHEDULE 13G, 1 filing Jul 30, 2026⁵⁹
AI Biotechnology LLCSCHEDULE 13D/A, 2 filings Nov 13, 2023 to Jul 29, 2026⁶⁰
Nantahala Capital Management, LLCSCHEDULE 13G, 1 filing May 15, 2026⁶¹
CITADEL ADVISORS LLCSCHEDULE 13G/A, 4 filings Nov 13, 2023 to Nov 14, 2025⁶²
Cormorant Asset Management, LPSCHEDULE 13G/A, 5 filings Nov 13, 2023 to Nov 14, 2025⁶³
EVENTIDE ASSET MANAGEMENT, LLCSCHEDULE 13G/A, 3 filings Nov 13, 2023 to Nov 14, 2025⁶⁴
Soleus Capital Master Fund, L.P.SC 13G/A, 3 filings Nov 2, 2023 to Nov 14, 2024⁶⁵

Money raised

Private offerings the company reported to the SEC on Form D.

Nov 1, 2023Raised $88.2 million in a private offering of equity Form D: 19 investors so far Form D
Nov 14, 2022Raised $300,000 in a private offering of equity Form D: 1 investor so far Form D

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARYarrow Bioscience, Inc. filings on SEC EDGAR
2
SEC EDGARYarrow Bioscience, Inc. filings on SEC EDGAR
3
SEC EDGARYarrow Bioscience, Inc. annual report, Item 1 (Business)
4
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2025
5
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2019
6
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2020
7
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2021
8
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2022
9
SEC EDGARYarrow Bioscience, Inc. 10-K for fiscal 2023
10
SEC EDGARYarrow Bioscience, Inc. 10-Q for fiscal 2026
11
SEC EDGARYarrow Bioscience, Inc. 10-Q for fiscal 2026
12
SEC EDGARRebecca Frey, Chief executive officer
13
SEC EDGARDavid Domzalski, Chief executive officer
14
SEC EDGARSteven L. Basta, Chief executive officer
15
SEC EDGARTyler Zeronda, Chief financial officer
16
SEC EDGARIlan Hadar, Chief financial officer
17
SEC EDGARAndrew Saik, Chief financial officer
18
SEC EDGARKristine M. Ball, Chief financial officer
19
SEC EDGARRachael Alford, Chief operating officer
20
SEC EDGARLori Payton, Chief Development Officer
21
SEC EDGARSteven Ryder, Chief Medical Officer
22
SEC EDGARIain Stuart, Chief Scientific Officer
23
SEC EDGARMatthew T. Wiley, Chief Commercial Officer
24
SEC EDGARRonald A. Krasnow, Officer
25
SEC EDGARSteven L. Basta, Officer
26
SEC EDGARKristine M. Ball, Officer
27
SEC EDGARPaul Kwon, Chief Medical Officer
28
SEC EDGARMary Spellman, Chief Medical Officer
29
SEC EDGARMona Ashiya, Board member
30
SEC EDGARPeter B. Silverman, Board member
31
SEC EDGARSteven L. Hoerter, Board member
32
SEC EDGARSven Ante Lundberg, Board member
33
SEC EDGARTyler Zeronda, Board member
34
SEC EDGARWilliam Richard White, Board member
35
SEC EDGARChristine Borowski, Board member
36
SEC EDGARAnthony D. Bruno, Board member
37
SEC EDGARRex Bright, Board member
38
SEC EDGARSharon Surrey Barbari, Board member
39
SEC EDGARStanley Hirsch, Board member
40
SEC EDGARJoseph Edelman, Board member
41
SEC EDGARPatrick G. Lepore, Board member
42
SEC EDGARElisabeth Sandoval, Board member
43
SEC EDGARAaron Royston, Board member
44
SEC EDGARAlbert Cha, Board member
45
SEC EDGARDavid W. J. McGirr, Board member
46
SEC EDGARPaul L. Berns, Board member
47
SEC EDGARScott M. Whitcup, Board member
48
SEC EDGARTed Ebel, Board member
49
SEC EDGARMutya Harsch, General counsel
50
SEC EDGARBellevue Group AG SCHEDULE 13G on Yarrow Bioscience, Inc.
51
SEC EDGARInvus Global Management, LLC SCHEDULE 13G on Yarrow Bioscience, Inc.
52
SEC EDGARADAR1 Capital Management, LLC SCHEDULE 13G on Yarrow Bioscience, Inc.
53
SEC EDGARvenBio Global Strategic Fund V, L.P. SCHEDULE 13G on Yarrow Bioscience, Inc.
54
SEC EDGARXiaofan Zhang SCHEDULE 13G/A on Yarrow Bioscience, Inc.
55
SEC EDGARJanus Henderson Group Ltd. SCHEDULE 13G on Yarrow Bioscience, Inc.
56
SEC EDGARLogos Global Management LP SCHEDULE 13G/A on Yarrow Bioscience, Inc.
57
SEC EDGARORBIMED ADVISORS LLC SCHEDULE 13D on Yarrow Bioscience, Inc.
58
SEC EDGARPERCEPTIVE ADVISORS LLC SCHEDULE 13G on Yarrow Bioscience, Inc.
59
SEC EDGARRTW Fund Group GP, LLC SCHEDULE 13G on Yarrow Bioscience, Inc.
60
SEC EDGARAI Biotechnology LLC SCHEDULE 13D/A on Yarrow Bioscience, Inc.
61
SEC EDGARNantahala Capital Management, LLC SCHEDULE 13G on Yarrow Bioscience, Inc.
62
SEC EDGARCITADEL ADVISORS LLC SCHEDULE 13G/A on Yarrow Bioscience, Inc.
63
SEC EDGARCormorant Asset Management, LP SCHEDULE 13G/A on Yarrow Bioscience, Inc.
64
SEC EDGAREVENTIDE ASSET MANAGEMENT, LLC SCHEDULE 13G/A on Yarrow Bioscience, Inc.
65
SEC EDGARSoleus Capital Master Fund, L.P. SC 13G/A on Yarrow Bioscience, Inc.