Summary by Moomoo AI
Gyre Therapeutics reported Q2 2024 revenue of $25.2 million, down 14% YoY from $29.3 million, primarily due to normalized anti-fibrosis drug sales following the 2023 COVID-related surge. Net income increased 20% to $4.5 million, with net income attributable to common stockholders up 90% to $3.5 million. The company maintained a strong gross margin of 97% despite revenue decline.Research and development expenses decreased 6% to $3.4 million as the company advanced its key programs, including F351 for liver fibrosis. General and administrative expenses rose to $3.4 million due to public company costs. The company ended the quarter with $16.1 million in cash and cash equivalents, $9.0 million in short-term deposits, and $28.8 million in long-term certificates of deposit.Looking ahead, Gyre Therapeutics is expanding its product portfolio with the acquisition of nintedanib rights for IPF treatment and recent NMPA approval of avatrombopag for thrombocytopenia. The company expects to submit an IND application for F351 in late 2024 and initiate a Phase 2a trial for NASH-associated liver fibrosis in 2025, supported by its strong financial position and commercial infrastructure.
