VYNE Therapeutics Inc. — Director's Dealing 2021

May 7, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VYNE Therapeutics Inc. (VYNE)
CIK: 0001566044
Period of Report: 2021-05-06

Reporting Person: PERCEPTIVE ADVISORS LLC (10% Owner)
Reporting Person: PERCEPTIVE LIFE SCIENCES MASTER FUND LTD (10% Owner)
Reporting Person: EDELMAN JOSEPH (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-06	Common Stock	S	1000000	$3.67	Disposed	5773954	Indirect

Footnotes

F1: The share numbers reported on this Form 4 give effect to the Issuer's one-for-four reverse stock split effected on February 10, 2021 (the "Reverse Stock Split").

F2: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.50 to $4.20, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within such range.

F3: The reported price gives effect to the Reverse Stock Split. Without giving effect to the Reverse Stock Split, the weighted average price reported would be $0.92 per share, at prices ranging from $0.875 to $1.05 per share, inclusive.

F4: The securities are directly held by Perceptive Life Sciences Master Fund Ltd. (the "Master Fund"). Perceptive Advisors LLC (the "Advisor") serves as the investment manager of Master Fund. Joseph Edelman is the managing member of the Advisor. Each of Mr. Edelman and the Advisor disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that either Mr. Edelman or the Advisor is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.