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Dec 31, 2023
Gyre Therapeutics Q4 2023 Earnings Report
Gyre Therapeutics reported financial results for the full year ended December 31, 2023, and provided a business update, including updates on clinical trials and commercial activities.
Key Takeaways
Gyre Therapeutics reported full year 2023 financial results, highlighting a transformational year with the acquisition of F351 and strong ETUARY sales. The company is progressing with clinical trials for F351 and F573, and expects to report data from the Phase 3 trial evaluating F351 for CHB-associated liver fibrosis in the PRC by early 2025.
Gyre acquired an indirect controlling interest in Beijing Continent Pharmaceuticals Co., Ltd.
Cash and cash equivalents totaled $33.5 million as of December 31, 2023.
ETUARY sales increased by 13% from 2022, generating $112.1 million in 2023.
Phase 3 clinical trial data readout for F351 in the PRC is expected by early 2025.
Gyre Therapeutics
Gyre Therapeutics
Forward Guidance
Gyre expects 2024 sales of ETUARY to grow due to ETUARY’s prominent market position and anticipated sustained increases in the prevalence of IPF.
Positive Outlook
- Gyre's sales and marketing team included 391 employees with an average of nine years of experience.
- The sales and marketing team covered 35,512 hospitals and pharmacies across 30 provinces, autonomous regions and municipalities across the PRC.
- Gyre expects 2024 sales of ETUARY to grow due to ETUARY’s prominent market position.
- Gyre anticipates sustained increases in the prevalence of IPF.
- Gyre Pharmaceuticals maintained its market-leading position in the PRC IPF market, providing funding for our clinical development plans.
Challenges Ahead
- Data readout from Phase 3 clinical trial in the People's Republic of China (“PRC”) evaluating F351 for the treatment of CHB-associated liver fibrosis expected by early 2025
- U.S. Phase 2a clinical trial evaluating F351 for the treatment of NASH-associated liver fibrosis planned for 2025
- Operating Loss: For the full year ended December 31, 2023, loss from operations was $67.2 million, compared to $9.2 million in operating income for the same period in 2022.
- Net Loss: For the full year ended December 31, 2023, net loss was $85.5 million, compared to $4.3 million in net income for the same period in 2022.
- The company is still loss making.