Gyre Therapeutics, a pharmaceutical company specializing in anti-inflammatory and anti-fibrotic drugs, reported a robust financial performance for the quarter ended March 31, 2024. The company's revenues increased by 9% year-on-year to $27.2 million, while net income surged by 136% to $9.9 million. Net income attributable to common stockholders also saw a significant rise of 236% to $7.5 million. The company's accumulated deficit decreased to $78.0 million, and cash and cash equivalents stood at $29.8 million. Gyre Therapeutics has entered into a strategic agreement with Jiangsu Wangao Pharmaceuticals to market nintedanib, a treatment for idiopathic pulmonary fibrosis, in the PRC, with minimum payments of approximately $4.8 million. The company's business development efforts include advancing Pirfenidone for IPF, with annual sales reaching $112.1 million in 2023, and progressing...Show More

Gyre Therapeutics, a pharmaceutical company specializing in anti-inflammatory and anti-fibrotic drugs, reported a robust financial performance for the quarter ended March 31, 2024. The company's revenues increased by 9% year-on-year to $27.2 million, while net income surged by 136% to $9.9 million. Net income attributable to common stockholders also saw a significant rise of 236% to $7.5 million. The company's accumulated deficit decreased to $78.0 million, and cash and cash equivalents stood at $29.8 million. Gyre Therapeutics has entered into a strategic agreement with Jiangsu Wangao Pharmaceuticals to market nintedanib, a treatment for idiopathic pulmonary fibrosis, in the PRC, with minimum payments of approximately $4.8 million. The company's business development efforts include advancing Pirfenidone for IPF, with annual sales reaching $112.1 million in 2023, and progressing F351, a liver fibrosis treatment, through clinical trials. Looking ahead, Gyre Therapeutics plans to submit an IND application in late 2024 and initiate a Phase 2a trial for F351 in 2025, while also conducting a Phase 2 trial for F573, a caspase inhibitor. The company's future plans are supported by a strong financial position, with sufficient funds to cover operations and obligations for at least the next 12 months.