GYRE THERAPEUTICS, INC.

Listed Company

GYRECIK 0001124105NasdaqAcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$116.59M

Net Income

—

Total Assets

$166.13M

Equity

$106.03M

Shares Out

96.96M

Op. Cash Flow

$1.00M

Business

GYRE THERAPEUTICS, INC. is a commercial-stage pharmaceutical company that researches, develops, manufactures and commercializes small-molecule anti-inflammatory and anti‑fibrotic therapies targeting organ fibrosis. Its main products and candidates include marketed pirfenidone (ETUARY), development-stage F351 (hydronidone), clinical programs F573 (ALF/ACLF), F230 (PAH), F528 (COPD), and planned launches of nintedanib and avatrombopag, as well as generic drug offerings. The company operates R&D, manufacturing and commercial functions through Gyre Pharmaceuticals in the PRC and U.S. development operations focused on F351. Its primary markets and distribution channels are hospitals, medical institutions and distributors in the PRC, with development and regulatory efforts in the U.S. and other global markets.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	117	106	113	102	7
Cost of revenues	5	4	5	5	—
Selling and marketing	65	58	61	54	—
Research and development	14	12	14	—	69
General and administrative	21	16	15	17	19
Loss on disposal of assets, net	4,000	66,000	—	−57	—
Total operating expenses	105	90	181	93	—
Income from operations	11	16	−67	9	−88
Interest income, net	2	2	1	726,000	—
Other expense, net	−2	−2	−2	—	—
Change in fair value of warrant liability	3	7	−9	—	—
Total income before income taxes	14	23	−77	9	−88
Provision for income taxes	−5	−5	−9	−5	—
Net income	10	18	−85	4	—
Net income attributable to noncontrolling interest	5	6	7	2	—
Net income attributable to common stockholders	5	12	−93	2	—
Net income per share attributable to common stockholders, basic	0.06	0.14	−1.41	0.04	−2.87
Net income per share attributable to common stockholders, diluted	0.02	0.05	−1.41	0.03	−2.87
Weighted average shares used in calculating net income per share attributable to common stockholders, basic	89	85	66	64	31
Weighted average shares used in calculating net income per share attributable to common stockholders, diluted	103	102	66	76	31
Foreign currency translation adjustments	3	−1	−1	−5	—
Comprehensive income from operations	13	16	−87	−614,000	—
Foreign currency translation adjustments attributable to noncontrolling interest	818,000	−507,000	−647,000	−2	—
Comprehensive income attributable to noncontrolling interest	6	5	7	−158,000	—
Comprehensive income attributable to common stockholders	7	11	−94	−456,000	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	37	12	34	25	44
Short-term bank deposits	15	15	—	—	3
Notes receivable	6	4	389,000	—	—
Accounts receivable, net	31	20	15	—	2
Inventories	10	6	—	—	—
Prepaid assets	1	1	2	377,000	—
Other current assets	1	1	1	843,000	—
Total current assets:	102	65	57	50	51
Property and equipment, net	24	24	23	18	970,000
Intangible assets, net	5	273,000	205,000	297,000	—
Right-of-use assets	1	2	489,000	666,000	3
Land use rights, net	1	1	1	2	—
Deferred tax assets	7	6	5	4	—
Long-term certificates of deposit	24	25	23	7	—
Other assets, noncurrent	2	3	995,000	3	472,000
Total assets	166	125	117	85	56
Accounts payable	124,000	108,000	355,000	122,000	6
Contract liabilities	14,000	61,000	39,000	—	—
Due to related parties	227,000	227,000	1	118,000	—
Accrued expenses and other current liabilities	14	11	12	9	—
Income tax payable	3	3	5	2	—
Operating lease liabilities, current	636,000	713,000	210,000	492,000	2
CVR derivative liability	—	5	—	—	—
Total current liabilities:	18	20	20	12	14
Operating lease liabilities, noncurrent	303,000	885,000	199,000	121,000	408,000
Deferred government grants	852,000	928,000	213,000	118,000	—
Warrant liability, noncurrent	3	6	13	—	—
Other noncurrent liabilities	1	7,000	49,000	55,000	—
Total liabilities	24	27	38	13	15
Commitments and Contingencies (Note 11)	—	—	—	—	—
Common stock, $0.001 par value, 400,000,000 shares authorized; 91,314,007 shares and 86,307,544 shares issued and outstanding at December 31, 2025 and 2024, respectively	91,000	86,000	77,000	64,000	31,000
Additional paid-in capital	172	136	68	33	444
Statutory reserve	3	3	3	3	—
Accumulated deficit	−68	−73	−86	7	−403
Accumulated other comprehensive loss	−779,000	−3	−2	−392,000	—
Total Gyre stockholders' equity	106	63	−16	43	41
Noncontrolling interest	36	35	30	30	—
Total equity	142	98	14	72	59
Total liabilities and stockholders' equity	166	125	117	85	56

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income from operations	10	18	−85	4	−88
Stock-based compensation	7	831,000	7	13	3
Depreciation and amortization	2	2	1	1	290,000
Noncash lease expense	777,000	672,000	355,000	404,000	—
Amortization of land use rights	39,000	39,000	40,000	42,000	—
Deferred income taxes, net	−1	−1	−1	−838,000	—
Bad debt expense and other non-cash items	−63,000	170,000	−61,000	22,000	—
Accrued interest on bank deposit	28,000	−1	−633,000	—	—
Change in fair value of receivables from GCBP	−39,000	−239,000	−39,000	—	—
Change in fair value of derivative liabilities	39,000	239,000	39,000	—	—
Equity loss of unconsolidated affiliates	77,000	37,000	1	251,000	—
Loss on disposal of property and equipment	4,000	66,000	—	—	—
Notes receivable	−1	−4	1	—	—
Accounts receivable	−11	−5	285,000	—	1
Inventories	−4	−2	2	−879,000	—
Prepaid and other assets	−206,000	520,000	−82,000	973,000	4
Income tax payable	44,000	−2	3	−1	—
Accounts payable	13,000	−245,000	192,000	−112,000	500,000
Other noncurrent liabilities	−47,000	23,000	−102,000	—	—
Due to related parties	−1,000	−83,000	425,000	—	—
Accrued expenses and other liabilities	946,000	−1	1	2	—
Operating lease liabilities	−744,000	−816,000	−473,000	−429,000	—
Net proceeds from CVR liability settlement	25,000	—	—	—	—
Net cash provided by (used in) operating activities	1	−4	26	11	−84
Acquisition of intangible assets	−733,000	−813,000	−69,000	−13,000	—
Purchase of certificates of deposit	−14	−15	−16	−7	—
Purchases of property and equipment	−1	−2	−9	−5	−839,000
Proceeds from sale of equipment	30,000	401,000	664,000	—	—
Purchase of equity method investment	—	−2	−1	−1	—
Maturity of certificates of deposit	15	—	—	—	—
Net cash used in investing activities	−474,000	−20	−20	−14	48
Offering costs paid	−1	−536,000	—	—	—
Proceeds from the exercise of stock options	2	2	0	—	—
Net cash provided by financing activities	24	2	3	−45	50
Effect of exchange rate changes on cash and cash equivalents	343,000	−273,000	−298,000	−2	—
Net increase (decrease) in cash and cash equivalents	25	−22	8	−5	14
Right-of-use asset obtained in exchange for operating lease liabilities	63,000	2	277,000	57,000	—
Convertible preferred stock conversion	—	65	—	—	—
Cash paid for income taxes	6	9	6	6	—

Filings

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