Gyre Therapeutics, a self-sustainable, commercial-stage biotechnology company, has reported its financial results for the second quarter of 2024 and year-to-date, as well as provided a business update. The company's cash and cash equivalents totaled $16.1 million as of June 30, 2024.
In the second quarter of 2024: Revenues were $25.2 million, a decrease from $29.3 million for the same period in 2023. This decrease was primarily driven by a $3.9 million decrease in sales volume due to normalized anti-fibrosis drug sales and a $0.2 million impact from foreign currency exchange rates. Cost of revenues decreased to $0.8 million from $1.1 million for the same period in 2023. Selling and marketing expense decreased to $14.4 million from $18.0 million for the same period in 2023. Research and development expense decreased to $3.4 million from $3.6 million for the same period in 2023. General and administrative expense increased to $3.4 million from $1.7 million for the same period in 2023. Income from operations was $3.3 million, down from $5.0 million for the same period in 2023. * Net income was $4.5 million, up from $3.8 million for the same period in 2023.
For the six months ended June 30, 2024: Revenues were $52.4 million, a decrease from $54.3 million for the same period in 2023. Cost of revenues decreased to $1.7 million from $2.2 million for the same period in 2023. Selling and marketing expense decreased to $27.0 million from $30.8 million for the same period in 2023. Research and development expense decreased to $5.5 million from $6.2 million for the same period in 2023. General and administrative expense increased to $6.8 million from $3.5 million for the same period in 2023. Income from operations was $11.3 million, compared to $11.6 million for the same period in 2023. * Net income was $14.5 million, up from $8.0 million for the same period in 2023.
The company's cash resources as of June 30, 2024, are expected to fund operations through at least 12 months following the issuance of the condensed consolidated financial statements.
Gyre Pharmaceuticals, Gyre's majority indirectly owned subsidiary in the People's Republic of China, generated $25.1 million in sales of Etuary (pirfenidone) for the quarter ended June 30, 2024. The company received NMPA approval for Avatrombopag maleate tablets for the treatment of thrombocytopenia associated with chronic liver disease in adult patients undergoing elective diagnostics procedures or therapy.
Gyre also executed an agreement to acquire the rights to complementary assets and know-how relating to Nintedanib, a small-molecule drug for the treatment of idiopathic pulmonary fibrosis.
The company's phase 3 trial evaluating F351 for the treatment of chronic hepatitis B-associated liver fibrosis is expected to readout topline data by early 2025.
In addition, Gyre Pharmaceuticals received NMPA approval for its IND application to evaluate F230 tablets for the treatment of pulmonary arterial hypertension.
Today the company's shares have moved 2.6% to a price of $10.67. Check out the company's full 8-K submission here.
