Gyre Therapeutics, Inc.

gyretx.com

What Do They Do?

Sells ETUARY® and other prescription medicines for pulmonary fibrosis and related conditions to distributors serving hospitals, medical institutions, and pharmacies. Develops small-molecule drug candidates for organ fibrosis and inflammatory diseases.

How Do They Make Money?

Distributors buy the company's pharmaceutical products, with sales counted when the products are delivered; distributors handle payment and resell the products to hospitals, other medical institutions, and pharmacies.

FY2025 revenue

Who Are Their Customers?

The company sells directly to distributors, which deliver products to hospitals, other medical institutions, and pharmacies.

Customers above 10% of revenue, FY2025

of revenue from three customers (52%, 13%, 12%)

FY2024: 73% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$190K.

Operating income, FY2025

10% of revenue

▼ −29% vs FY2024 ($16.2M, 15%)

Net income, FY2025

8% of revenue

▼ −45% vs FY2024 ($17.9M, 17%)

Free cash flow, FY2025

0% of revenue

▼ −97% (Loss) vs FY2024 (−$6M, −6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −2%; vs $29.7M in Q2 FY2025
Net income: ▲ +538% (Loss); vs −$2.2M in Q2 FY2025

Aug 7, 2026 Affirmed 2026 revenue guidance at $100.5 to $111.0 million
May 4, 2026 Completed Cullgen acquisition and appointed Ying Luo CEO Cullgen became a wholly owned subsidiary; Ping Zhang became board chair.

Growing. Revenue grew 16.0x in 4 years, from $7.3M in FY2021 to $116.6M in FY2025, about 100% a year.

Broader commercial business The business shifted from U.S. Hydronidone development and discontinued protease research to selling medicines in China and developing candidates across fibrosis and inflammatory diseases.

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