Gyre Therapeutics Files Q2 2024 10-Q

TL;DR

Gyre Therapeutics filed its Q2 10-Q. Financials and operations updated.

AI Summary

Gyre Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details are disclosed in this quarterly report.

Why It Matters

This filing provides investors with a crucial update on Gyre Therapeutics' financial health and operational progress for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Gyre Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• GYRE THERAPEUTICS, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240813 (date) — Filing date of the 10-Q
• CATALYST BIOSCIENCES, INC. (company) — Former company name
• TARGACEPT INC (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share GYRE The Nasdaq Capital M

Filing Documents

• gyre-20240630.htm (10-Q) — 2525KB
• gyre-ex31_1.htm (EX-31.1) — 16KB
• gyre-ex31_2.htm (EX-31.2) — 16KB
• gyre-ex32_1.htm (EX-32.1) — 12KB
• gyre-ex32_2.htm (EX-32.2) — 12KB
• 0000950170-24-096159.txt ( ) — 11226KB
• gyre-20240630.xsd (EX-101.SCH) — 1478KB
• gyre-20240630_htm.xml (XML) — 2361KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2 Item 1.

Financial Statements

Financial Statements: 2 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Convertible Preferred Stock and Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 5 Notes to the Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39 Exhibit Index 39

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FIN ANCIAL STATEMENTS

ITEM 1. FIN ANCIAL STATEMENTS Gyre Therapeutics, Inc. Condensed Consolidat ed 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; 8

View Full Filing

View this 10-Q filing on SEC EDGAR