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The symbol HIND refers to Hindustan Unilever Limited (HUL), a major Fast-Moving Consumer Goods (FMCG) company in India. Its primary product categories include:

• Home Care Products: Includes detergents, fabric softeners, dishwashing liquids, and various household cleaning agents.
• Beauty & Personal Care Products: Features a wide range of items such as soaps, shampoos, conditioners, skin care creams, deodorants, oral care, and cosmetics.
• Foods & Refreshment: Offers food products like tea, coffee, ice cream, Kissan brand ketchups and jams, and health food drinks.

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There appears to be a discrepancy in the prompt regarding the company "Vyome" and the symbol "HIND".

• The symbol HIND is widely associated with Hindalco Industries Ltd., a public company involved in aluminum and copper manufacturing, which is unrelated to a biopharmaceutical company like Vyome.
• Vyome Therapeutics Ltd. was a biopharmaceutical company focused on developing dermatological treatments. However, it was delisted from Indian stock exchanges (BSE and NSE) in 2021 and its assets, such as the VB-4050 program, were subsequently acquired by another pharmaceutical company. Therefore, it is not currently a publicly traded company under any symbol, including HIND.

Assuming the query refers to Vyome Therapeutics Ltd. (despite its delisted status and the incorrect symbol), its business model was primarily focused on research and development (R&D) of novel drug candidates. For such biopharmaceutical companies, "major customers" are typically other larger pharmaceutical companies through business-to-business (B2B) transactions such as:

• Licensing Agreements: Where Vyome would license its developed drug candidates or intellectual property for further development and commercialization.
• Acquisitions: Where larger pharmaceutical companies acquire Vyome's assets, intellectual property, or the entire company to integrate its pipeline into their own.

Based on publicly available information, a significant 'customer' event for Vyome Therapeutics Ltd., in the context of asset acquisition, was with:

• Sun Pharmaceutical Industries Ltd. (Symbol: SUNPHARMA on NSE / 524715 on BSE) - A major Indian multinational pharmaceutical company that acquired Vyome's VB-4050 program. While this was an acquisition of specific assets rather than a recurring sales relationship, it represents a key transaction for Vyome's developed programs.

Vyome Therapeutics did not primarily sell products directly to individuals; its business model was B2B in the context of drug development and intellectual property.

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Venkateswarlu Nelabhotla Chief Executive Officer, President and Director

Venkateswarlu Nelabhotla, also known as N. Venkat, is a Co-Founder, Chief Executive Officer, President, and Director of Vyome Holdings, Inc.. He holds an MBA from the Indian Institute of Management - Ahmedabad. With over 30 years of experience, he has successfully led organizations in the pharma, biotech, and consumer packaged goods (CPG) industries. Nelabhotla has served as CEO and President of Emami and Cavinkare, cosmeceutical and consumer product companies in India with global operations. During his tenure as CEO of Emami, a publicly listed company, he significantly increased its market capitalization from $300 million to $1.2 billion. He was also instrumental in the vaccine portfolio strategy at ShanthaBiotechnics (a Sanofi Company), which was later acquired by Sanofi for $800 million.

Robert Dickey Chief Financial Officer

Robert Dickey serves as the Chief Financial Officer of Vyome Holdings, Inc.. He earned his MBA from The Wharton School, University of Pennsylvania, and an AB from Princeton University. Dickey brings over 25 years of C-suite financial leadership experience across private and publicly traded life sciences and medical device companies. Earlier in his career, he spent 18 years in investment banking, primarily at Lehman Brothers, focusing on mergers and acquisitions (M&A) and capital markets transactions. His expertise includes public and private financings, M&A, and partnering/licensing transactions. Notably, he served as President, COO, CEO & CFO at Protarga, Inc., which advanced a cancer drug to Phase III clinical studies before its sale to Daiichi Sankyo. Dickey is currently a Managing Director at Foresite Advisors, offering financial advisory services to life science companies, and holds several concurrent CFO positions at various biotech firms. He possesses experience across all stages of the corporate lifecycle, from start-up and fundraising to high growth, turnarounds, and exit strategies.

Dr. Shiladitya Sengupta Co-Founder

Dr. Shiladitya Sengupta is a Co-Founder of Vyome Holdings, Inc.. He is an Assistant Professor of Medicine at Harvard Medical School and of Health Sciences and Technology at MIT. Dr. Sengupta is also a Principal Investigator at the Dana Farber Cancer Institute. He has a history of founding other companies, including Invictus Oncology, Cerulean Pharmaceuticals (NASDAQ: CRLX), and Mitra Biotech. Recognized for his innovation, he was named one of the top 35 innovators worldwide by MIT Technology Review magazine. He completed his PhD as a Nehru Scholar from Trinity College, Cambridge University, and was a Fellow at MIT before joining Harvard.

Dr. Richard Fahrner Chief Technology Officer

Dr. Richard Fahrner serves as the Chief Technology Officer for Vyome Holdings, Inc.. He holds a PhD in Biochemistry and Molecular Biology from UCLA. With over 25 years of experience in drug development, Dr. Fahrner most recently served as the head of pharmaceutical development at Ra Pharmaceuticals, which was acquired by UCB in a $2.5 billion deal. His career also includes leadership roles in research and development at companies such as Catabasis, Pfizer, Sanofi, and Gilead. He has been involved in the development of over 17 approved medicines.

Dr. Tamara Agajanov Senior Vice President of Clinical Development

Dr. Tamara Agajanov is the Senior Vice President of Clinical Development at Vyome Holdings, Inc.. She is a medical doctor with nearly 30 years of experience in clinical operations and clinical development, specializing in oncology, immunology, and inflammation. Dr. Agajanov's extensive career includes serving as SVP of Global Clinical Operations at Neurvati Neurosciences, VP of Clinical Operations at Ovid Therapeutics, Therapeutic Area Head of Oncology at Boehringer Ingelheim, and Associate Director of Immunology, Inflammation and Infectious Disease at Roche. She began her career in clinical pharmacology at Merck and as a toxicologist at Huntingdon Life Sciences.

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The public company Vyome Holdings, Inc. (NASDAQ: HIND) faces several key risks inherent to its nature as a clinical-stage biotechnology company focused on developing therapeutic products for immuno-inflammatory and rare diseases.

1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage company, Vyome's primary business success hinges on the successful development, clinical validation, and regulatory approval of its drug candidates. The company's lead investigational product, VT-1953, a topical gel for malignant fungating wounds (MFW), is currently in Phase 2 trials and the company plans to engage with regulators for pivotal trials for FDA approval. There is no guarantee that VT-1953 or any other pipeline products will successfully complete clinical trials, demonstrate efficacy and safety, or receive the necessary regulatory approvals, such as from the FDA. Failure at any stage of development or during the regulatory review process would significantly and adversely impact the company's prospects.
2. Financial Viability and Funding Risk: Developing and commercializing pharmaceutical products requires substantial capital. Vyome Holdings has a relatively small market capitalization and has experienced a falling stock price. In 2024, the company's revenue decreased significantly, and it has a negative earnings per share (EPS). The company's ability to continue funding its research and development activities, including ongoing and future clinical trials, depends heavily on its capacity to raise additional capital, which may not be available on favorable terms or at all, particularly given its current financial performance and market valuation.
3. Market Acceptance and Competition Risk: Even if Vyome's drug candidates receive regulatory approval, there is no assurance that they will achieve significant market acceptance or compete effectively against existing or future treatments. While VT-1953 aims to address an unmet need for malignant fungating wounds, the biotechnology and pharmaceutical industries are highly competitive. Other companies may develop superior or more cost-effective treatments, or Vyome may face challenges in commercializing its products due to pricing pressures, market access issues, or difficulties in establishing a sales and marketing infrastructure.

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Vyome Holdings Inc. (Nasdaq: HIND) is a clinical-stage healthcare company focused on developing therapeutic products for immuno-inflammatory and rare diseases.

The addressable markets for their main products or services are:

• For the broader category of immuno-inflammatory diseases, the market is estimated to be over $120 billion globally.
• For uveitis, a condition targeted by their product candidate VT-1908, the addressable market opportunity is $3 billion. This market is likely global, as Vyome targets both U.S. and global markets for its therapeutic products.

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Vyome Holdings, Inc. (Nasdaq: HIND), a clinical-stage healthcare company specializing in immuno-inflammatory and rare diseases, has several expected drivers for future revenue growth over the next two to three years, primarily stemming from its strategic focus on pipeline development, market expansion, and leveraging its global operational model.

• Advancement and Commercialization of its Immuno-Inflammatory and Rare Disease Pipeline: Vyome's core strategy revolves around advancing its pipeline of immuno-inflammatory assets. The company has explicitly stated its intention to deploy capital raised through private placement to "unlock significant value in its pipeline" of these assets, which include potential near-term catalysts for treating unmet rare and immune-inflammatory diseases. For example, their pipeline includes drug candidates like VB-1953 gel for malignant fungating wounds and inflammatory acne, and VT1908 for steroid-refractory uveitis and other rare immunological conditions. Successful progression through clinical trials and eventual commercialization of these assets are paramount to future revenue generation.
• Expansion into Large Global Markets, particularly the US: Vyome is strategically targeting the US and global markets with large market potential for its immuno-inflammatory and rare disease treatments. The company has positioned itself within the "US-India innovation corridor" to develop and commercialize treatments for these conditions, aiming to capitalize on the estimated $100 billion immuno-inflammatory market. This market expansion represents a significant growth opportunity as the company brings its therapeutic products to a broader patient base.
• Leveraging Cost-Efficient US-India Innovation Corridor for R&D: Vyome emphasizes its competitive advantage by utilizing world-class research at "much lower R&D costs" by operating across the US-India innovation corridor. This cost efficiency in research and development, coupled with a focus on solving real-world problems with large US market opportunities, is expected to enhance the company's ability to develop new products more economically, contributing to a stronger revenue growth trajectory once products are commercialized.
• Increased Visibility and Access to Capital post-Nasdaq Listing: The recent merger and subsequent listing on the Nasdaq Capital Market under the ticker symbol "HIND" in August 2025 provides Vyome Holdings, Inc. with increased visibility and access to capital markets. This public market position is intended to allow the company to further capitalize on its relationships between the U.S. and India in innovation and commercialization, which can facilitate funding for pipeline advancement and market expansion, indirectly driving future revenue growth. The expansion of its at-the-market public offering also indicates an intent to raise further capital to support its growth initiatives.

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Capital Allocation Decisions of Vyome (HIND) (Last 3-5 Years)

Share Repurchases

• Information indicates "Buyback Yield, n/a," suggesting no significant share repurchases have been made in recent periods.

Share Issuance

• Vyome Holdings amended its Equity Distribution Agreement with Maxim Group LLC to increase its at-the-market offering of common stock to $12 million, indicating an authorization for future share issuance.
• In February 2025, the company (then ReShape Lifesciences Inc. before the merger with Vyome Therapeutics) issued and sold 2,575,107 shares of common stock and warrants for approximately $6.0 million in gross proceeds to fund the merger and for general corporate purposes.
• On August 15, 2025, immediately after the merger with Vyome Therapeutics, the company closed on the sale of 529,137 shares of common stock at $11.02 per share.

Inbound Investments

• Vyome Holdings completed a merger with Vyome Therapeutics, making Vyome Therapeutics a wholly-owned subsidiary. This corporate restructuring was finalized with Vyome Holdings beginning to trade under the symbol HIND on August 15, 2025.
• Under the merger terms filed in December 2024, Vyome shareholders were expected to own approximately 91.62% of the combined company.

Outbound Investments

• On September 29, 2025, Vyome Holdings acquired substantially all assets of Oculo, Inc., an artificial intelligence startup founded at MIT. This acquisition led to the launch of a new business unit focused on using AI to address inflammation.
• The company partnered with Embryyo Technologies to explore opportunities in the AI-enabled medical device market.

Capital Expenditures

• Capital expenditures in the last 12 months amounted to $1,425.
• The company's 5-year capital spending growth rate was -2.58%.