Gyre Therapeutics (Nasdaq: GYRE) details Q2 loss, Cullgen deal and NDA
Rhea-AI Filing Summary
Gyre Therapeutics reported Q2 2026 revenue of $29.1 million, down 2% from Q2 2025, and GAAP basic EPS of $(0.12). Net loss widened to $14.3 million from a $2.2 million loss, while non-GAAP adjusted net loss was $12.2 million versus $0.6 million a year earlier.
For the first half of 2026, revenue was $53.5 million compared with $60.3 million in 2025, with net loss of $32.8 million versus net income of $2.7 million. Cash, deposits, investments and long-term certificates of deposit totaled $103.2 million as of June 30, 2026. Financial statements were retrospectively recast to treat Gyre and Cullgen as entities under common control.
Key developments included completion of an all-stock acquisition of Cullgen valued at about $300 million, acceptance by China’s CDE of the NDA for F351 for CHB-induced liver fibrosis, continued growth of pirfenidone sales to $28.0 million in Q2, and expanded R&D spending, including F351 Phase 3C costs and milestone payments.
Positive
- F351 NDA accepted in China: China’s CDE accepted the NDA for F351 (hydronidone) for CHB-induced liver fibrosis, following earlier priority review status, marking a key regulatory milestone for Gyre’s lead development asset.
- Cullgen acquisition adds TPD/DAC pipeline: Gyre closed an all-stock acquisition of Cullgen valued at about $300 million, gaining targeted protein degrader and degrader-antibody conjugate programs and strengthening its oncology and inflammation portfolio.
- Core pirfenidone franchise growing: Pirfenidone sales in China rose to $28.0 million in Q2 2026 from $23.5 million a year earlier, demonstrating continued commercial traction for Gyre Pharmaceuticals’ flagship IPF product.
Negative
- Sharp swing to losses: For the first half of 2026, results deteriorated from $2.7 million net income to a $32.8 million net loss, driven by higher R&D, transaction costs and reduced collaboration revenue.
- Elevated R&D and transaction spending: Q2 2026 research and development expense more than doubled to $19.1 million, and first-half transaction costs reached $6.9 million, significantly pressuring profitability and cash usage.
- Cash balance declined 11%: Total cash, deposits, investments and long-term certificates of deposit fell to $103.2 million at June 30, 2026 from $116.1 million at December 31, 2025, reflecting higher operating and deal-related outflows.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
New Drug Application (NDA) regulatory
priority review status regulatory
targeted protein degrader technical
degrader antibody conjugates (DACs) technical
non-GAAP adjusted net income financial
entities under common control financial
Earnings Snapshot
Full-year 2026 revenue guidance of $100.5 to $111.0 million affirmed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2026, Gyre Therapeutics, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2026 and other matters described therein. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 incorporated herein shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information or Exhibit 99.1 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
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99.1 |
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Press Release, dated August 7, 2026 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GYRE THERAPEUTICS, INC. |
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Date: August 7, 2026 |
By: |
/s/ Ying Luo |
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Name: |
Ying Luo |
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Title: |
Chief Executive Officer and President |
Exhibit 99.1
Gyre Therapeutics Reports Second Quarter 2026 and Year-to-Date Financial Results and Provides Business Update
Q2 2026 revenue of $29.1 million; GAAP basic EPS: $(0.12)
Full year 2026 revenue guidance of $100.5 to $111.0 million affirmed
NDA for F351 (hydronidone) for CHB-induced liver fibrosis accepted by China’s CDE in May 2026
SAN DIEGO, August 7, 2026 -- Gyre Therapeutics, Inc. (Gyre, Gyre Therapeutics or the Company) (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company with operations in the United States and China, today announced financial results for the second quarter ended June 30, 2026, and provided a business update.
Dr. Ying Luo, President and Chief Executive Officer of Gyre Therapeutics, commented, “I am very pleased with Gyre's progress over this last quarter, the highlights of which include the acquisition of Cullgen with its robust degrader pipeline and strong executive team, the NMPA acceptance of an NDA for F351 for CHB liver fibrosis, Gyre's second major product candidate after ETUARYTM, and increased sales from our Gyre Pharmaceuticals division, which demonstrates our commercialization capabilities.”
Second Quarter Business Highlights and Upcoming Milestones
Commercial Products:
ETUARYTM (pirfenidone), the Company's primary product approved in China for idiopathic pulmonary fibrosis (IPF), generated $28.0 million in sales for the quarter ended June 30, 2026, compared to $23.5 million for the same period in 2025. EtorelTM (nintedanib ethanesulfonate soft capsules), which was launched in June 2025 and is indicated for systemic sclerosis-associated interstitial lung disease (SSc-ILD) and progressive pulmonary fibrosis (PPF), generated $0.3 million in sales for the quarter ended June 30, 2026 compared to $1.6 million for the same period in 2025. ContivaTM (avatrombopag maleate tablets), launched in March 2025 and indicated for thrombocytopenia in adults with chronic liver disease and immune thrombocytopenic purpura, generated $0.9 million in sales for the quarter ended June 30, 2026, compared to $1.5 million for the same period in 2025.
1
Pipeline Development Updates
F351 (hydronidone):
In May 2026, Gyre announced that the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) accepted its New Drug Application (NDA) for F351 (hydronidone) as a treatment for chronic hepatitis B (CHB)-induced liver fibrosis. The acceptance came after Gyre submitted the NDA through its majority-owned subsidiary Gyre Pharmaceuticals Co., Ltd. (Gyre Pharmaceuticals) following the priority review status for F351 granted by the NMPA in March.
Pirfenidone (ETUARYTM):
A Phase 3 trial of pirfenidone for the treatment of pneumoconiosis (PD) in the People's Republic of China (PRC) completed enrollment in 2025. A total of 272 patients were enrolled evaluating the efficacy and safety of 52 weeks of pirfenidone capsule treatment in patients with PD versus placebo. The final patient is expected to complete the study by the fourth quarter of 2026.
In April 2026, Gyre initiated its adaptive Phase 2/3 clinical trial in oncology-related pulmonary complications, with the first patient enrolled. The trial is evaluating pirfenidone for radiation-induced lung injury (RILI), including cases complicated by immune-related pneumonitis, at leading oncology centers.
Dr. Luo added, “Following the close of our acquisition of Cullgen, we gained a portfolio of targeted protein degraders and degrader-antibody conjugates, while also expanding our pipeline into cancer, inflammatory diseases, cancer pain and solid tumors. We now have a full-spectrum pipeline consisting of clinical and IND-enabling assets to address multiple therapeutic areas with a focus on fibrosis and inflammatory diseases, plus a next-generation TPD/DAC platform to complement our legacy, commercial-stage fibrosis platform. We believe the latter provides long-term upside, especially with our China-based innovation capabilities driving cost efficiencies for early-stage development.”
Cullgen Acquisition Closes in the Second Quarter of 2026
On May 4, 2026, Gyre Therapeutics acquired Cullgen Inc. (Cullgen) in an all-stock transaction valued at approximately $300 million and Cullgen became a wholly owned subsidiary of Gyre. Upon the closing of this transaction, Cullgen's former Chief Executive Officer (CEO), Dr. Ying Luo, was appointed President and CEO of Gyre and joined Gyre's Board. Additionally, Yue Xiong, former Chief Scientific Officer (CSO) of Cullgen, was appointed CSO of Gyre, Thomas Eastling, former Chief Financial Officer (CFO) of Cullgen, was appointed CFO of Gyre, and Ping Zhang was named Chairman. The combined company remains headquartered in San Diego with subsidiaries in Beijing and Shanghai, with roughly 740 employees, and numerous announced therapeutic programs spanning inflammation/pain and cancer.
2
The transaction has been accounted for as a transaction between entities under common control. Accordingly, the accompanying unaudited condensed consolidated financial statements have been retrospectively recast for all periods presented during which the Company and Cullgen were under common control to reflect the combined financial position and results of operations of the Company and Cullgen as if the common-control transfer had occurred at the beginning of the earliest period presented.
Updates on Programs in Development Following Cullgen Acquisition
CG001419 for cancer pain and solid tumors: Following the successful completion of a Phase 1 study in Australia of 78 healthy volunteers in December 2025, Gyre is now planning a Phase 2 study to further evaluate CG001419 in cancer-induced bone pain (CIBP) or other metastatic cancer pain syndromes.
CG001419 continues to separately be evaluated in a Phase 1 trial in China for the treatment of solid tumors.
CG009301 for AML: The second product candidate from Cullgen, CG009301, is a GSPT1 Degrader for acute myeloid leukemia (AML), a fast-growing cancer of the blood and bone marrow. This candidate continues to be studied in a Phase 1 dose-escalation trial being conducted in China in patients with high-risk hematologic malignancies.
Dual-degrader programs, next-generation TPDs: Gyre expects to submit Investigational New Drug (IND) applications in the United States and/or China in the first quarter of 2027 for two additional Cullgen degrader assets: CG923308, a CDK2-Cyclin E dual degrader for solid tumor indications, and CG620953, a TYK2-JAK1 dual degrader for autoimmune diseases.
DACs, next-generation ADCs: Additional candidates include degrader antibody conjugates (DACs), which are considered to be the next generation of antibody drug conjugates (ADCs), and which are in development to target both solid tumors and hematological malignancies by pairing distinct protein degraders with tumor-specific antibodies.
Financial Results
Cash Position
As of June 30, 2026, Gyre held $43.3 million in cash and cash equivalents, $14.1 million in short-term bank deposits, $17.5 million in short-term investment, and $28.4 million in long-term certificates of deposit, totaling $103.2 million. Compared to $116.1 million as of December 31, 2025, total cash decreased by $12.9 million, or 11%, primarily driven by a decrease in short-term investment of $10.6 million.
3
Financial Results for the Three Months Ended June 30, 2026
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Financial Results for the Six Months Ended June 30, 2026
5
6
Use of Non-GAAP Financial Measures by Gyre Therapeutics, Inc.
Gyre reports financial results in accordance with accounting principles generally accepted in the United States (GAAP). This release presents the financial measure “adjusted net income,” which is not calculated in accordance with GAAP. The most directly comparable GAAP measure for this non-GAAP financial measure is “net income.” Adjusted net income presents Gyre’s results of operations after excluding gain from change in fair value of warrants, stock-based compensation, provision for income taxes, transaction costs and loss on disposal of assets, net. This is meant to supplement, and not substitute, Gyre’s financial information presented in accordance with GAAP. Adjusted net income as defined by Gyre may not be comparable to similar non-GAAP measures presented by other companies. Management believes that presenting adjusted net income provides investors with additional useful information in evaluating Gyre’s performance and valuation. See the reconciliation of adjusted net income to net income in the section titled “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
About F351
F351 is Gyre’s lead development candidate for the treatment of liver fibrosis that is being developed for two different indications. It is a structurally modified derivative of pirfenidone designed to optimize metabolic properties while targeting the TGF-β1 signaling pathway, a key mediator of fibrogenesis. Gyre is developing F351 for two primary indications: CHB-associated liver fibrosis in the PRC and MASH-associated liver fibrosis initially in the United States.
In the United States, Gyre has completed a Phase 1 clinical trial in healthy volunteers evaluating F351’s safety, tolerability, and PK. Gyre is further analyzing China Phase 3 study results of F351, together with new pre-clinical results obtained to determine an optimal regulatory path for Phase 2 studies in MASH fibrosis.
7
About Gyre Pharmaceuticals
Gyre Pharmaceuticals Co., Ltd., a subsidiary of Gyre Therapeutics, Inc., is a commercial-stage biopharmaceutical company committed to the research, development, manufacturing and commercialization of innovative drugs for organ fibrosis. Its flagship product, ETUARY™ (pirfenidone capsule), was the first approved treatment for IPF in the PRC in 2011 and has maintained a prominent market share over the past several years. In addition, Gyre Pharmaceuticals' pipeline includes F351 (hydronidone), a structural analogue of pirfenidone, which demonstrated statistically significant fibrosis regression after 52 weeks of treatment in a pivotal Phase 3 clinical trial in CHB-associated liver fibrosis in the PRC. In May 2026, China’s National Medical Products Administration (NMPA) accepted Gyre Pharmaceuticals’ New Drug Application (NDA) for F351 as a treatment for CHB-induced liver fibrosis, which is liver damage resulting from the infection of the hepatitis B virus (HBV). F351 received Breakthrough Therapy designation by the CDE of the NMPA in March 2021. Gyre Pharmaceuticals is also developing treatments for PD, RILI with or without immune-related pneumonitis, chronic obstructive pulmonary disease (COPD), pulmonary arterial hypertension (PAH) and acute/acute-on-chronic liver failure (ALF/ACLF). As of June 30, 2026, Gyre Therapeutics owns a 69.7% equity interest in Gyre Pharmaceuticals.
About Gyre Therapeutics
Gyre Therapeutics is a commercial-stage biopharmaceutical company headquartered in San Diego, CA focused on the development and commercialization of small-molecule therapeutics with its most advanced programs addressing organ fibrosis and inflammatory diseases.
Gyre’s wholly-owned subsidiary, Cullgen Inc., is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader and DAC therapies for critical conditions including cancer and inflammatory diseases. Cullgen has created a portfolio of highly selective targeted protein degrader and DAC product candidates designed to potently and efficiently eliminate therapeutically relevant proteins in patients.
8
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the development and commercial potential and potential benefits of F351; the timing and progression of commercial approval of F351; and the timing of Gyre’s IND application, and, if the IND becomes effective, initiation of a Phase 2 clinical trial for F351. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: unexpected costs, charges or expenses resulting from the acquisition; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the acquisition; the risk that the combined company may not be able to successfully integrate the businesses and realize the expected benefits of the acquisition in a timely manner or at all; the uncertainties associated with Gyre’s and Cullgen’s product candidates, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; risks related to the inability of the combined entity to obtain sufficient additional capital to continue to advance these product candidates and its pre-clinical programs; uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; risks related to the failure to realize any value from product candidates and pre-clinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; risks associated with the possible failure to realize certain anticipated benefits of the acquisition, including with respect to future financial and operating results. Additional risks and factors are identified under “Risk Factors” in Gyre’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on March 13, 2026, and in other filings with the Securities and Exchange Commission.
Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
9
Contact:
Gyre Therapeutics, Inc.
Thomas Eastling, CFO
ir@gyretx.com
Investors
Chuck Padala
Managing Director, LifeSci Advisors
chuck@lifesciadvisors.com
10
Gyre Therapeutics, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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$ |
29,105 |
|
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$ |
29,734 |
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$ |
53,535 |
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$ |
60,305 |
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Operating expenses: |
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|
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||||
Cost of revenues |
|
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2,209 |
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|
|
1,151 |
|
|
|
3,436 |
|
|
|
2,045 |
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Selling and marketing |
|
|
13,754 |
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15,195 |
|
|
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27,890 |
|
|
|
26,035 |
|
Research and development |
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14,300 |
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|
|
8,351 |
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|
|
25,781 |
|
|
|
16,442 |
|
Research and development-related parties |
|
|
4,836 |
|
|
|
— |
|
|
|
4,836 |
|
|
|
— |
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General and administrative |
|
|
7,867 |
|
|
|
7,277 |
|
|
|
18,043 |
|
|
|
15,481 |
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Transaction costs |
|
|
502 |
|
|
|
— |
|
|
|
6,886 |
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|
|
— |
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Total operating expenses |
|
|
43,468 |
|
|
|
31,974 |
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|
|
86,872 |
|
|
|
60,003 |
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(Loss) income from operations |
|
|
(14,363 |
) |
|
|
(2,240 |
) |
|
|
(33,337 |
) |
|
|
302 |
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Other (loss) income, net: |
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|
|
|
|
|
|
|
|
|
|
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Interest income |
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740 |
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|
|
941 |
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|
|
1,483 |
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|
|
1,797 |
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Change in fair value of warrant liability |
|
|
132 |
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|
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212 |
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|
|
220 |
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|
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2,467 |
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Other expense, net |
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(943 |
) |
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(488 |
) |
|
|
(830 |
) |
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(301 |
) |
(Loss) Income before income taxes |
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(14,434 |
) |
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|
(1,575 |
) |
|
|
(32,464 |
) |
|
|
4,265 |
|
Benefit (provision) for income taxes |
|
|
164 |
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|
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(662 |
) |
|
|
(385 |
) |
|
|
(1,563 |
) |
Net (loss) income |
|
|
(14,270 |
) |
|
|
(2,237 |
) |
|
|
(32,849 |
) |
|
|
2,702 |
|
Accretion of Cullgen redeemable convertible preferred stock |
|
|
(1,058 |
) |
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|
(2,642 |
) |
|
|
(3,905 |
) |
|
|
(5,220 |
) |
Net loss attributable to noncontrolling interest |
|
|
(3,665 |
) |
|
|
(2,835 |
) |
|
|
(11,945 |
) |
|
|
(2,644 |
) |
Net (loss) income attributable to common stockholders |
|
$ |
(11,663 |
) |
|
$ |
(2,044 |
) |
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$ |
(24,809 |
) |
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$ |
126 |
|
Net (loss) income per share attributable to common stockholders: |
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|
|
|
|
|
|
|
|
|
|
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||||
Basic |
|
$ |
(0.12 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.00 |
|
Diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.03 |
) |
Weighted average shares used in calculating net income per share attributable to common stockholders: |
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|
|
|
|
|
|
|
|
|
|
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||||
Basic |
|
|
100,637,599 |
|
|
|
89,119,344 |
|
|
|
96,003,117 |
|
|
|
87,295,099 |
|
Diluted |
|
|
100,637,599 |
|
|
|
89,203,138 |
|
|
|
96,003,117 |
|
|
|
87,430,167 |
|
11
Gyre Therapeutics, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
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June 30, 2026 |
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December 31, 2025 |
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(Unaudited) |
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(As Recast) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
43,287 |
|
|
$ |
49,192 |
|
Short-term bank deposits |
|
|
14,058 |
|
|
|
15,355 |
|
Short-term investment |
|
|
17,451 |
|
|
|
28,085 |
|
Notes receivable |
|
|
232 |
|
|
|
5,638 |
|
Accounts receivables, net |
|
|
27,760 |
|
|
|
31,078 |
|
Other receivables from GNI |
|
|
255 |
|
|
|
230 |
|
Inventories, net |
|
|
11,428 |
|
|
|
10,171 |
|
Prepaid assets and other current assets |
|
|
7,601 |
|
|
|
9,613 |
|
Total current assets |
|
|
122,072 |
|
|
|
149,362 |
|
Property and equipment, net |
|
|
27,284 |
|
|
|
27,549 |
|
Intangible assets, net |
|
|
4,525 |
|
|
|
4,727 |
|
Long-term prepayments |
|
|
302 |
|
|
|
112 |
|
Deferred tax assets |
|
|
9,284 |
|
|
|
6,873 |
|
Long-term certificates of deposit |
|
|
28,444 |
|
|
|
23,516 |
|
Other assets, noncurrent |
|
|
7,344 |
|
|
|
7,624 |
|
Total assets |
|
$ |
199,255 |
|
|
$ |
219,763 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,236 |
|
|
$ |
1,335 |
|
Due to related parties |
|
|
5,085 |
|
|
|
227 |
|
Accrued expenses and other current liabilities |
|
|
18,810 |
|
|
|
18,161 |
|
Income tax payable |
|
|
2,147 |
|
|
|
2,940 |
|
Operating lease liabilities, current |
|
|
1,385 |
|
|
|
1,119 |
|
Total current liabilities |
|
|
28,663 |
|
|
|
23,782 |
|
Operating lease liabilities, noncurrent |
|
|
2,033 |
|
|
|
2,303 |
|
Deferred government grants |
|
|
829 |
|
|
|
852 |
|
Warrant liability, noncurrent |
|
|
2,741 |
|
|
|
2,961 |
|
Other noncurrent liabilities |
|
|
70 |
|
|
|
1,506 |
|
Total liabilities |
|
|
34,336 |
|
|
|
31,404 |
|
Commitments and Contingencies (Note 11) |
|
|
|
|
|
|
||
Series B preferred stock, $0.001 par value, 5,000,000 shares authorized; 3,697,235 shares and zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively |
|
|
22,430 |
|
|
|
— |
|
Redeemable convertible preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares and 2,601,826 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively |
|
|
— |
|
|
|
15,784 |
|
Redeemable noncontrolling interests — Cullgen redeemable convertible preferred stock |
|
|
— |
|
|
|
113,030 |
|
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock, $0.001 par value, 400,000,000 shares authorized; 106,033,763 shares and 91,314,007 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively |
|
|
106 |
|
|
|
91 |
|
Additional paid-in capital |
|
|
240,644 |
|
|
|
172,819 |
|
Statutory reserve |
|
|
3,648 |
|
|
|
3,098 |
|
Accumulated deficit |
|
|
(137,962 |
) |
|
|
(112,603 |
) |
Accumulated other comprehensive income (loss) |
|
|
1,492 |
|
|
|
(908 |
) |
Total Gyre stockholders’ equity |
|
|
107,928 |
|
|
|
62,497 |
|
Noncontrolling interest |
|
|
34,561 |
|
|
|
(2,952 |
) |
Total equity |
|
|
142,489 |
|
|
|
59,545 |
|
Total liabilities, Series B preferred stock, redeemable convertible preferred stock, and stockholders’ equity |
|
$ |
199,255 |
|
|
$ |
219,763 |
|
12
Gyre Therapeutics, Inc.
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net (loss) income |
$ |
(14,270 |
) |
|
$ |
(2,237 |
) |
|
$ |
(32,849 |
) |
|
$ |
2,702 |
|
Gain from change in fair value of warrant liability (1) |
|
(132 |
) |
|
|
(212 |
) |
|
|
(220 |
) |
|
|
(2,467 |
) |
Stock-based compensation |
|
1,833 |
|
|
|
1,120 |
|
|
|
4,658 |
|
|
|
1,943 |
|
Provision for income taxes |
|
(164 |
) |
|
|
662 |
|
|
|
385 |
|
|
|
1,563 |
|
Transaction costs (2) |
|
502 |
|
|
|
— |
|
|
|
6,886 |
|
|
|
— |
|
Loss on disposal of assets, net (3) |
|
2 |
|
|
|
(1 |
) |
|
|
18 |
|
|
|
(1 |
) |
Non-GAAP adjusted net (loss) income |
$ |
(12,229 |
) |
|
$ |
(668 |
) |
|
$ |
(21,122 |
) |
|
$ |
3,740 |
|
13