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Mar 31, 2024
Gyre Therapeutics Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024, and provided a business update.
Key Takeaways
Gyre Therapeutics reported revenues of $27.2 million for Q1 2024, driven by sales of ETUARY, and income from operations was $8.1 million. The company's Phase 3 clinical trial for F351 remains on track, with data anticipated by early 2025.
ETUARY sales reached $26.9 million in Q1 2024, a 10% increase year-over-year.
Phase 3 trial of F351 for CHB-associated liver fibrosis is on track, with data expected by early 2025.
U.S. IND submission for F351 in NASH-associated liver fibrosis expected in late 2024, with a Phase 2a trial planned for 2025.
Cash and cash equivalents totaled $29.8 million as of March 31, 2024.
Forward Guidance
Gyre anticipates that its cash resources as of March 31, 2024 will enable it to fund operations through at least 12 months following the issuance of the condensed consolidated financial statements.
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