GYRE THERAPEUTICS INC

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 September 30, 2024 (unaudited) and December 31, 2023

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

	September 30, 2024	December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$15,866	$33,509
Short-term bank deposits	9,226	—
Accounts and note receivables, net	19,487	15,552
Other receivables from GNI	1,287	1,287
Inventories, net	6,379	4,281
Prepaid assets	1,051	1,547
Other current assets	1,513	1,045
Total current assets	54,809	57,221
Property and equipment, net	24,442	23,288
Long-term receivable from GCBP	4,900	4,722
Intangible assets, net	184	205
Right-of-use assets	1,984	489
Land use rights, net	1,479	1,493
Deferred tax assets	5,161	4,695
Long-term certificates of deposit	29,515	23,431
Other assets, noncurrent	2,766	995
Total assets	$125,240	$116,539
Liabilities, convertible preferred stock, and equity
Current liabilities:
Accounts payable	$303	$355
Deferred revenue	36	39
Due to related parties	1,288	1,369
CVR excess closing cash payable	—	1,085
Accrued expenses and other current liabilities	9,553	11,935
Income tax payable	2,842	5,054
Operating lease liabilities, current	694	210
Total current liabilities	14,716	20,047
Operating lease liabilities, noncurrent	1,101	199
Deferred government grants	185	213
CVR derivative liability, noncurrent	4,900	4,722
Warrant liability, noncurrent	5,862	12,835
Other noncurrent liabilities	2	49
Total liabilities	26,766	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 September 30, 2024 and December 31, 2023, respectively	—	64,525
Stockholders’ equity:
Common stock, $0.001 par value, 400,000,000 shares authorized; 85,769,526 shares and 76,595,616 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	85	77
Additional paid-in capital	134,296	68,179
Statutory reserve	3,098	3,098
Accumulated deficit	(73,354)	(85,538)
Accumulated other comprehensive loss	(946)	(1,644)
Total Gyre stockholders’ equity (deficit)	63,179	(15,828)
Noncontrolling interest	35,295	29,777
Total equity	98,474	13,949
Total liabilities, convertible preferred stock, and equity	$125,240	$116,539

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenues	$25,488	$32,042	$77,885	$86,302
Operating expenses:
Cost of revenues	958	1,184	2,707	3,386
Selling and marketing	13,699	13,928	40,655	44,695
Research and development	2,775	3,009	8,312	9,212
General and administrative	3,823	1,157	10,645	4,607
Total operating expenses	21,255	19,278	62,319	61,900
Income from operations	4,233	12,764	15,566	24,402
Other income (expense), net:
Interest income, net	523	283	1,201	718
Other expense, net	(598)	(1,333)	(1,226)	(1,281)
Change in fair value of warrant liability	(228)	—	6,973	—
Loss on disposal of assets, net	—	(526)	(68)	(526)
Income before income taxes	3,930	11,188	22,446	23,313
Provision for income taxes	(1,074)	(3,678)	(5,117)	(7,816)
Net income	2,856	7,510	17,329	15,497
Net income attributable to noncontrolling interest	1,732	3,534	5,145	7,424
Net income attributable to common stockholders	$1,124	$3,976	$12,184	$8,073
Net income per share attributable to common stockholders:
Basic	$0.01	$0.06	$0.14	$0.13
Diluted	$0.01	$0.05	$0.05	$0.10
Weighted average shares used in calculating net income per share attributable to common stockholders:
Basic	85,643,646	63,588,119	84,807,041	63,588,119
Diluted	102,640,373	78,904,324	102,505,585	78,907,695
Other comprehensive income:
Net income	$2,856	$7,510	$17,329	$15,497
Foreign currency translation adjustments	1,632	340	1,071	(2,396)
Comprehensive income	4,488	7,850	18,400	13,101
Net income attributable to noncontrolling interest	1,732	3,534	5,145	7,424
Foreign currency translation adjustments attributable to noncontrolling interest	568	153	373	(1,060)
Comprehensive income attributable to noncontrolling interest	2,300	3,687	5,518	6,364
Comprehensive income attributable to common stockholders	$2,188	$4,163	$12,882	$6,737

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
Stock-based compensation expense	—	—	—	—	237	—		—		—			237		—		237
Stock options exercised	—	—	231,752	—	374	—		—		—			374		—		374
CVR Liability settlement	—	—	—	—	29	—		—		—			29		—		29
Foreign currency translation adjustment	—	—	—	—	—	—		—		1,064			1,064		568		1,632
Net income	—	—	—	—	—	—		1,124		—			1,124		1,732		2,856
Balance at September 30, 2024	—	$—	85,769,526	$85	$134,296	$3,098		$(73,354)		$(946)			$63,179		$35,295		$98,474
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
Foreign currency translation adjustment	—	—	—	—	—	—		—		187			187		153		340
Net income	—	—	—	—	—	—		3,976		—			3,976		3,534		7,510
Balance at September 30, 2023	—	$—	63,588,119	$64	$32,795	$2,660	—		$15,468		$(1,728)	—		$49,259		$36,059		$85,318

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