GYRE THERAPEUTICS INC

For the period ended Mar 31, 2024. Filed May 13, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 13, 2024

GYRE$4.76+18.7%Stored close · as of Nov 6, 2026

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Contents

Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

	March 31, 2024	December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$29,785	$33,509
Short-term bank deposits	7,567	—
Accounts and note receivables, net	15,458	15,552
Other receivables from GNI	1,287	1,287
Inventories, net	4,939	4,281
Prepaid assets	1,790	1,547
Other current assets	1,897	1,045
Total current assets	62,723	57,221
Property and equipment, net	23,564	23,288
Long-term receivable from GCBP	4,780	4,722
Intangible assets, net	196	205
Right-of-use assets	359	489
Land use rights, net	1,480	1,493
Deferred tax assets	5,000	4,695
Long-term certificates of deposit	23,106	23,431
Other assets, noncurrent	802	995
Total assets	$122,010	$116,539
Liabilities, convertible preferred stock, and equity
Current liabilities:
Accounts payable	$330	$355
Deferred revenue	35	39
Due to related parties	1,362	1,369
CVR excess closing cash payable	422	1,085
Accrued expenses and other current liabilities	10,767	11,935
Income tax payable	6,470	5,054
Operating lease liabilities, current	100	210
Total current liabilities	19,486	20,047
Operating lease liabilities, noncurrent	175	199
Deferred government grants	203	213
CVR derivative liability, noncurrent	4,780	4,722
Warrant liability, noncurrent	8,547	12,835
Other noncurrent liabilities	48	49
Total liabilities	33,239	38,065
Commitments and Contingencies (Note 12)
Convertible Preferred Stock, $0.001 par value, 5,000,000 shares authorized; nil shares and 13,151 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	—	64,525
Stockholders’ equity:
Common stock, $0.001 par value, 400,000,000 shares authorized; 85,423,246 shares and 76,595,616 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	85	77
Additional paid-in capital	133,199	68,179
Statutory reserve	3,098	3,098
Accumulated deficit	(78,006)	(85,538)
Accumulated other comprehensive loss	(1,736)	(1,644)
Total Gyre stockholders’ equity (deficit)	56,640	(15,828)
Noncontrolling interest	32,131	29,777
Total equity	88,771	13,949
Total liabilities, convertible preferred stock, and equity	$122,010	$116,539

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share amounts)

	Three Months Ended March 31,
	2024	2023
Revenues	$27,172	$24,931
Operating expenses:
Cost of revenues	979	1,125
Selling and marketing	12,542	12,768
Research and development	2,182	2,635
General and administrative	3,398	1,739
Total operating expenses	19,101	18,267
Income from operations	8,071	6,664
Other income (expense), net:
Interest income, net	328	184
Other income	109	66
Change in fair value of warrant liability	4,288	—
Other expenses	(315)	(643)
Income before income taxes	12,481	6,271
Provision for income taxes	(2,546)	(2,054)
Net income	9,935	4,217
Net income attributable to noncontrolling interest	2,403	1,973
Net income attributable to common stockholders	$7,532	$2,244
Net income per share attributable to common stockholders:
Basic	$0.09	$0.04
Diluted	$0.03	$0.03
Weighted average shares used in calculating net income per share attributable to common stockholders:
Basic	83,265,879	63,588,119
Diluted	102,594,197	78,921,366
Other comprehensive income:
Net income	$9,935	$4,217
Foreign currency translation adjustments	(141)	898
Comprehensive income	9,794	5,115
Net income attributable to noncontrolling interest	2,403	1,973
Foreign currency translation adjustments attributable to noncontrolling interest	(49)	395
Comprehensive income attributable to noncontrolling interest	2,354	2,368
Comprehensive income attributable to common stockholders	$7,440	$2,747

Condensed Consolidated Statem ents of Convertible Preferred Stock and Equity

(In thousands, except share amounts)

ConvertiblePreferred Stock · Common Stock · AdditionalPaid-In · Statutory · Accumulated Other Comprehensive · Total GyreStockholders’ · Non-controlling · Total
	Shares	Amount	Shares	Amount	Capital	Reserve	Accumulated Deficit	Loss	(Deficit) Equity	Interest	Equity
Balance at December 31, 2023	13,151	$64,525	76,595,616	$77	$68,179	$3,098	$(85,538)	$(1,644)	$(15,828)	$29,777	$13,949
Stock-based compensation expense	—	—	—	—	11	—	—	—	11	—	11
Stock options exercised	—	—	60,297	—	492	—	—	—	492	—	492
Convertible preferred stock conversion	(13,151)	(64,525)	8,767,333	8	64,517	—	—	—	64,525	—	64,525
Foreign currency translation adjustments	—	—	—	—	—	—	—	(92)	(92)	(49)	(141)
Net income	—	—	—	—	—	—	7,532	—	7,532	2,403	9,935
Balance at March 31, 2024	—	$—	85,423,246	$85	$133,199	$3,098	$(78,006)	$(1,736)	$56,640	$32,131	$88,771
ConvertiblePreferred Stock · Common Stock · AdditionalPaid-In · Statutory · Retained Earnings · Accumulated Other Comprehensive · Total GyreStockholders’ · Non-controlling · Total
Shares · Amount · Shares · Amount · Capital · Reserve · (Loss) Income · Equity · Interest · Equity
Balance at December 31, 2022	—	$—	63,588,119	$64	$32,795	$2,660	$7,395	$(392)	$42,522	$29,695	$72,217
Foreign currency translation adjustments	—	—	—	—	—	—	—	503	503	395	898
Net income	—	—	—	—	—	—	2,244	—	2,244	1,973	4,217
Balance at March 31, 2023	—	$—	63,588,119	$64	$32,795	$2,660	$9,639	$111	$45,269	$32,063	$77,332

ContentsView on SEC.gov

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