Gyre Therapeutics (GYRE) Q2 2026 earnings summary

Executive summary

• Completed the merger with Cullgen Inc. in May 2026, creating a combined commercial and clinical-stage biopharmaceutical company with expanded R&D and commercial capabilities in the US and China.

• Focused on organ fibrosis, inflammatory diseases, and oncology, with a robust pipeline including F351 for liver fibrosis and multiple targeted protein degraders.

• Commercial portfolio includes ETUARY™, Etorel™, and Contiva™, with strong market positions in China.

• Q2 2026 revenue reached $29.1 million with a GAAP basic EPS of $(0.12); full-year revenue guidance remains at $100.5–$111.0 million.

• NDA for F351 (hydronidone) for CHB-induced liver fibrosis was accepted by China's CDE in May 2026.

Financial highlights

• Revenue for Q2 2026 was $29.1 million, down 2% year-over-year, mainly due to the end of a major collaboration agreement; six-month revenue was $53.5 million, down 11%.

• Net loss for Q2 2026 was $14.3 million, compared to a net loss of $2.2 million in Q2 2025; six-month net loss was $32.8 million versus net income of $2.7 million in the prior year.

• Non-GAAP adjusted net loss for Q2 2026 was $12.2 million, versus $0.1 million in Q2 2025.

• Cash and cash equivalents as of June 30, 2026 were $43.3 million, with total liquidity (including short-term deposits and investments) of $103.2 million.

• Accumulated deficit reached $138.0 million as of June 30, 2026.

Outlook and guidance

• Management expects existing cash, cash flows from operations, and access to capital markets to fund operations for at least the next 12 months.

• Full-year 2026 revenue guidance affirmed at $100.5–$111.0 million.

• IND applications for two new degrader assets expected in Q1 2027.

• Future funding requirements will depend on integration with Cullgen, clinical trial progress, commercialization activities, and potential in-licensing or acquisitions.