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Gyre Therapeutics | 8-K: Gyre Therapeutics Reports Third Quarter 2024 and Year-To-Date Financial Results and Provides Business Update

SEC ·  Nov 14, 2024 01:54

Summary by Moomoo AI

On November 13, 2024, Gyre Therapeutics, Inc., a commercial-stage biotechnology company, reported its financial results for the third quarter and the first nine months of 2024, along with providing a business update. The company announced the completion of a pivotal Phase 3 trial for F351 in CHB-associated liver fibrosis in the PRC, with topline results expected in Q1 2025. Gyre also plans to initiate a U.S. Phase 2 trial for F351 in MASH-associated liver fibrosis and expects to commercially launch avatrombopag maleate tablets and nintedanib in the first half of 2025. Gyre's subsidiary in the PRC, Gyre Pharmaceuticals, reported $25.3 million in sales of ETUARY for the quarter ended September 30, 2024. The company's cash and cash equivalents totaled $15.9 million as of September 30, 2024, which is anticipated to...Show More
On November 13, 2024, Gyre Therapeutics, Inc., a commercial-stage biotechnology company, reported its financial results for the third quarter and the first nine months of 2024, along with providing a business update. The company announced the completion of a pivotal Phase 3 trial for F351 in CHB-associated liver fibrosis in the PRC, with topline results expected in Q1 2025. Gyre also plans to initiate a U.S. Phase 2 trial for F351 in MASH-associated liver fibrosis and expects to commercially launch avatrombopag maleate tablets and nintedanib in the first half of 2025. Gyre's subsidiary in the PRC, Gyre Pharmaceuticals, reported $25.3 million in sales of ETUARY for the quarter ended September 30, 2024. The company's cash and cash equivalents totaled $15.9 million as of September 30, 2024, which is anticipated to fund operations for at least 12 months post-reporting. Revenue for the third quarter was $25.5 million, a decrease from $32.0 million in the same period in 2023, primarily due to a decline in anti-fibrosis drug sales. Net income for the quarter was $2.9 million, down from $7.5 million in the same period the previous year. For the nine months ended September 30, 2024, revenue was $77.9 million, compared to $86.3 million for the same period in 2023, with net income at $17.3 million, up from $15.5 million.

This announcement is a separate document:

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