On August 13, 2024, Gyre Therapeutics, Inc., a commercial-stage biotechnology company, announced its financial results for the second quarter and first half of the year ended June 30, 2024. The company reported a net income of $4.5 million for the quarter and $14.5 million for the six months, with revenues of $25.2 million and $52.4 million, respectively. These figures represent a decrease in quarterly revenue compared to the previous year, attributed to normalized sales of their anti-fibrosis drug ETUARY following a temporary surge due to COVID-19 in the PRC. Gyre Therapeutics highlighted several business updates, including the NMPA approval of avatrombopag maleate tablets for CLD-associated thrombocytopenia and the IND approval to evaluate F230 for pulmonary arterial hypertension. The company also expects to submit a U.S...Show More

On August 13, 2024, Gyre Therapeutics, Inc., a commercial-stage biotechnology company, announced its financial results for the second quarter and first half of the year ended June 30, 2024. The company reported a net income of $4.5 million for the quarter and $14.5 million for the six months, with revenues of $25.2 million and $52.4 million, respectively. These figures represent a decrease in quarterly revenue compared to the previous year, attributed to normalized sales of their anti-fibrosis drug ETUARY following a temporary surge due to COVID-19 in the PRC. Gyre Therapeutics highlighted several business updates, including the NMPA approval of avatrombopag maleate tablets for CLD-associated thrombocytopenia and the IND approval to evaluate F230 for pulmonary arterial hypertension. The company also expects to submit a U.S. IND for F351 in MASH-associated liver fibrosis by late 2024 and anticipates Phase 3 trial data for CHB-associated liver fibrosis by early 2025. Gyre's cash and cash equivalents totaled $16.1 million as of June 30, 2024. The report also included the appointment of David M. Epstein to the Board of Directors and the company's addition to the Russell 2000 and Russell 3000 Indexes.