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Jun 30, 2022
Gyre Therapeutics Q2 2022 Earnings Report
Catalyst Biosciences reported second quarter 2022 results, including net income of $51.6 million and the sale of its complement portfolio to Vertex for $60.0 million.
Key Takeaways
Catalyst Biosciences reported a net income of $51.6 million for the second quarter of 2022, driven by the sale of its complement portfolio to Vertex Pharmaceuticals for $60.0 million. The company is now focused on distributing available cash to stockholders.
Completed the sale of complement portfolio to Vertex for $60.0 million.
Announced plan to distribute cash to stockholders, potentially up to $65.0 million.
Cash and cash equivalents increased to $75.4 million.
Net income attributable to common stockholders was $51.6 million, or $1.64 per share.
Gyre Therapeutics
Gyre Therapeutics
Forward Guidance
Catalyst Biosciences intends to maximize the cash distribution to stockholders after satisfying company obligations. However, the amount and timing of the distribution depends on the resolution of stockholder litigation and other liabilities.
Positive Outlook
- Potential uses and markets for MarzAA, DalcA and CB 2679-GT
- Plans to continue to explore strategic alternatives
- Maximize the cash distribution to stockholders
- Focusing on the resolution of stockholder litigation
- Focusing on other liabilities
Challenges Ahead
- Obligations and liabilities will be greater than anticipated
- The pending litigation with JDS1 will not be resolved in a timely manner
- Expenses associated with that litigation will be greater than anticipated
- Will not be able to identify strategic partners interested in MarzAA, DalcA, CB 2679-GT or any other transaction with the Company
- Plans regarding the amount and timing of cash distributions