Gyre Therapeutics, a commercial-stage biotechnology company, reported a decrease in quarterly revenue from $32.0 million in Q3 2023 to $25.5 million in Q3 2024, a 20% decline. The company's net income also fell from $7.5 million in Q3 2023 to $2.9 million in Q3 2024, a 62% decrease. The net income attributable to common stockholders saw a 72% drop from $4.0 million in Q3 2023 to $1.1 million in Q3 2024. The decrease in revenue and net income was primarily due to a decline in anti-fibrosis drug sales and a reduction in healthcare spending in China. Despite the downturn, Gyre Therapeutics has made significant strides in business development. The company has advanced Pirfenidone, an anti-fibrotic drug, from R&D to commercialization in China for IPF treatment and is conducting Phase 3 clinical trials for additional indications. In May...Show More

Gyre Therapeutics, a commercial-stage biotechnology company, reported a decrease in quarterly revenue from $32.0 million in Q3 2023 to $25.5 million in Q3 2024, a 20% decline. The company's net income also fell from $7.5 million in Q3 2023 to $2.9 million in Q3 2024, a 62% decrease. The net income attributable to common stockholders saw a 72% drop from $4.0 million in Q3 2023 to $1.1 million in Q3 2024. The decrease in revenue and net income was primarily due to a decline in anti-fibrosis drug sales and a reduction in healthcare spending in China. Despite the downturn, Gyre Therapeutics has made significant strides in business development. The company has advanced Pirfenidone, an anti-fibrotic drug, from R&D to commercialization in China for IPF treatment and is conducting Phase 3 clinical trials for additional indications. In May 2024, Gyre acquired commercial rights to nintedanib, another IPF treatment, aiming to enhance its market position. The company plans to launch nintedanib in China in 2025. Gyre is also progressing with F351, a liver fibrosis treatment, and has completed a Phase 2 trial in China. Top-line data from a pivotal Phase 3 trial is expected in Q1 2025. Additionally, Gyre received NMPA approval for avatrombopag tablets for thrombocytopenia in patients with chronic liver disease and plans to commercialize the product in the first half of 2025. Looking ahead, Gyre anticipates initiating a Phase 2 trial for F351 in the treatment of MASH-associated liver fibrosis in 2025, pending regulatory approval. The company's financial health is supported by cash and cash equivalents of $15.9 million as of September 30, 2024, and it believes existing funds will sustain operations for at least 12 months post-report filing.