GYRE THERAPEUTICS INC

For the period ended Jun 30, 2024. Filed Aug 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.

Jun 30, 2024 · Filed Aug 13, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

	June 30, 2024	December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$16,097	$33,509
Short-term bank deposits	9,003	—
Accounts and note receivables, net	18,622	15,552
Other receivables from GNI	1,287	1,287
Inventories, net	5,635	4,281
Prepaid assets	1,153	1,547
Other current assets	1,722	1,045
Total current assets	53,519	57,221
Property and equipment, net	23,672	23,288
Long-term receivable from GCBP	4,839	4,722
Intangible assets, net	186	205
Right-of-use assets	2,097	489
Land use rights, net	1,464	1,493
Deferred tax assets	5,075	4,695
Long-term certificates of deposit	28,799	23,431
Other assets, noncurrent	1,278	995
Total assets	$120,929	$116,539
Liabilities, convertible preferred stock, and equity
Current liabilities:
Accounts payable	$271	$355
Deferred revenue	57	39
Due to related parties	1,484	1,369
CVR excess closing cash payable	328	1,085
Accrued expenses and other current liabilities	10,513	11,935
Income tax payable	2,262	5,054
Operating lease liabilities, current	659	210
Total current liabilities	15,574	20,047
Operating lease liabilities, noncurrent	1,297	199
Deferred government grants	192	213
CVR derivative liability, noncurrent	4,839	4,722
Warrant liability, noncurrent	5,634	12,835
Other noncurrent liabilities	47	49
Total liabilities	27,583	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 June 30, 2024 and December 31, 2023, respectively	—	64,525
Stockholders’ equity:
Common stock, $0.001 par value, 400,000,000 shares authorized; 85,537,774 shares and 76,595,616 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	85	77
Additional paid-in capital	133,656	68,179
Statutory reserve	3,098	3,098
Accumulated deficit	(74,478)	(85,538)
Accumulated other comprehensive loss	(2,010)	(1,644)
Total Gyre stockholders’ equity (deficit)	60,351	(15,828)
Noncontrolling interest	32,995	29,777
Total equity	93,346	13,949
Total liabilities, convertible preferred stock, and equity	$120,929	$116,539

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Revenues	$25,225	$29,329	$52,397	$54,260
Operating expenses:
Cost of revenues	770	1,077	1,749	2,202
Selling and marketing	14,414	17,999	26,956	30,767
Research and development	3,355	3,568	5,537	6,203
General and administrative	3,424	1,711	6,822	3,450
Total operating expenses	21,963	24,355	41,064	42,622
Income from operations	3,262	4,974	11,333	11,638
Other income (expense), net:
Interest income, net	350	251	678	435
Other (expense) income, net	(422)	629	(628)	52
Change in fair value of warrant liability	2,913	—	7,201	—
Loss on disposal of assets, net	(68)	—	(68)	—
Income before income taxes	6,035	5,854	18,516	12,125
Provision for income taxes	(1,497)	(2,084)	(4,043)	(4,138)
Net income	4,538	3,770	14,473	7,987
Net income attributable to noncontrolling interest	1,010	1,917	3,413	3,890
Net income attributable to common stockholders	$3,528	$1,853	$11,060	$4,097
Net income per share attributable to common stockholders:
Basic	$0.04	$0.03	$0.13	$0.06
Diluted	$0.01	$0.02	$0.04	$0.05
Weighted average shares used in calculating net income per share attributable to common stockholders:
Basic	85,502,403	63,588,119	84,384,141	63,588,119
Diluted	104,325,463	78,904,324	102,421,084	78,909,408
Other comprehensive income:
Net income	$4,538	$3,770	$14,473	$7,987
Foreign currency translation adjustments	(420)	(3,634)	(561)	(2,736)
Comprehensive income	4,118	136	13,912	5,251
Net income attributable to noncontrolling interest	1,010	1,917	3,413	3,890
Foreign currency translation adjustments attributable to noncontrolling interest	(146)	(1,608)	(195)	(1,213)
Comprehensive income attributable to noncontrolling interest	864	309	3,218	2,677
Comprehensive income (loss) attributable to common stockholders	$3,254	$(173)	$10,694	$2,574

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
Stock-based compensation expense	—	—	—	—	16	—	—	—	16	—	16
Stock options exercised	—	—	114,528	—	441	—	—	—	441	—	441
Foreign currency translation adjustment	—	—	—	—	—	—	—	(274)	(274)	(146)	(420)
Net income	—	—	—	—	—	—	3,528	—	3,528	1,010	4,538
Balance at June 30, 2024	—	$—	85,537,774	$85	$133,656	$3,098	$(74,478)	$(2,010)	$60,351	$32,995	$93,346
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
Foreign currency translation adjustment	—	—	—	—	—	—	—	(2,026)	(2,026)	(1,608)	(3,634)
Net income	—	—	—	—	—	—	1,853	—	1,853	1,917	3,770
Balance at June 30, 2023	—	$—	63,588,119	$64	$32,795	$2,660	$11,492	$(1,915)	$45,096	$32,372	$77,468

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.