Gyre Therapeutics, a pharmaceutical company specializing in anti-fibrotic drugs, reported a net loss of $85.5 million for the fiscal year ended December 31, 2023, compared to a net income of $4.3 million in the previous year. The net loss attributable to common stockholders was $92.9 million, with an accumulated deficit of $85.5 million. Despite the loss, the company's revenue increased by 10.9% to $113.5 million, driven by a rise in pharmaceutical product sales, particularly ETUARY for idiopathic pulmonary fibrosis (IPF). Operating expenses, excluding cost of revenues, surged by 99.4% to $176.04 million, largely due to acquired in-process research and development costs of $83.1 million. The company also reported divestiture losses and a loss on disposal of property and equipment. Gyre Therapeutics has a strong focus on business development...Show More

Gyre Therapeutics, a pharmaceutical company specializing in anti-fibrotic drugs, reported a net loss of $85.5 million for the fiscal year ended December 31, 2023, compared to a net income of $4.3 million in the previous year. The net loss attributable to common stockholders was $92.9 million, with an accumulated deficit of $85.5 million. Despite the loss, the company's revenue increased by 10.9% to $113.5 million, driven by a rise in pharmaceutical product sales, particularly ETUARY for idiopathic pulmonary fibrosis (IPF). Operating expenses, excluding cost of revenues, surged by 99.4% to $176.04 million, largely due to acquired in-process research and development costs of $83.1 million. The company also reported divestiture losses and a loss on disposal of property and equipment. Gyre Therapeutics has a strong focus on business development, with successful commercialization of ETUARY in the PRC and ongoing Phase 3 trials for additional indications. The company has completed a Phase 2 trial for F351, a liver fibrosis treatment, and is preparing for a Phase 2a trial in the U.S. for NASH-associated liver fibrosis. Gyre Therapeutics' future plans include submitting an IND application in late 2024 and initiating further clinical trials in 2025. The company also completed a reverse asset acquisition, resulting in Gyre holding a 65.2% indirect interest in Gyre Pharmaceuticals. Gyre Therapeutics' common stock is traded on the Nasdaq Capital Market under the symbol 'GYRE'.