$GYRE
GYRE THERAPEUTICS, INC.

2023 Q1 Form 10-K Financial Statement

#000156459023004830 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $794.0K
YoY Change -100.0% -100.0% -89.12%
Cost Of Revenue $0.00 $0.00 $798.0K
YoY Change -100.0% -100.0% -89.19%
Gross Profit $0.00 $0.00 -$4.000K
YoY Change -100.0% -100.0% -90.48%
Gross Profit Margin -0.5%
Selling, General & Admin $3.970M $4.165M $16.97M
YoY Change -13.58% 0.02% -10.53%
% of Gross Profit
Research & Development $588.0K $660.0K $13.04M
YoY Change -93.94% -95.91% -81.08%
% of Gross Profit
Depreciation & Amortization $3.000K $10.00K $230.0K
YoY Change -97.35% -91.3% -20.69%
% of Gross Profit
Operating Expenses -$178.0K $4.825M $9.405M
YoY Change -101.25% -76.23% -86.35%
Operating Profit $178.0K -$4.825M -$8.611M
YoY Change -101.24% -76.25% -87.51%
Interest Expense $96.00K $167.0K $537.0K
YoY Change 4700.0% -283.52% 1276.92%
% of Operating Profit 53.93%
Other Income/Expense, Net $1.000K $0.00
YoY Change -98.67% -100.0%
Pretax Income $274.0K -$40.11M -$7.894M
YoY Change -101.88% 97.28% -91.02%
Income Tax $14.00K $348.0K $348.0K
% Of Pretax Income 5.11%
Net Earnings $260.0K -$40.45M -$8.200M
YoY Change -101.79% 99.0% -90.67%
Net Earnings / Revenue -1032.75%
Basic Earnings Per Share $0.01 -$0.26
Diluted Earnings Per Share $0.01 -$1.27 -$0.26
COMMON SHARES
Basic Shares Outstanding 37.76M 31.49M 31.55M
Diluted Shares Outstanding 37.98M 31.55M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.099M $21.67M $21.67M
YoY Change -76.73% -53.75% -53.76%
Cash & Equivalents $8.100M $21.67M $21.67M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $915.0K $1.540M $1.540M
YoY Change -30.79% -45.14% -45.14%
Inventory $6.122M
Prepaid Expenses
Receivables $5.000M $5.000M $5.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.01M $28.21M $28.21M
YoY Change -61.82% -45.21% -45.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000K $4.000K $70.00K
YoY Change -99.97% -99.59% -98.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $168.0K $168.0K $168.0K
YoY Change -64.41% -64.41% -64.41%
Total Long-Term Assets $4.736M $238.0K $238.0K
YoY Change 32.62% -94.31% -94.31%
TOTAL ASSETS
Total Short-Term Assets $14.01M $28.21M $28.21M
Total Long-Term Assets $4.736M $238.0K $238.0K
Total Assets $18.75M $28.44M $28.44M
YoY Change -53.44% -48.9% -48.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.00K $194.0K $194.0K
YoY Change -99.66% -96.98% -96.98%
Accrued Expenses $1.828M $4.072M $4.072M
YoY Change -78.45% -45.82% -45.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.844M $16.82M $16.82M
YoY Change -48.11% 18.77% 18.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.550M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $4.550M $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.844M $16.82M $16.82M
Total Long-Term Liabilities $4.550M $0.00 $0.00
Total Liabilities $11.39M $16.82M $16.82M
YoY Change -13.62% 15.45% 15.45%
SHAREHOLDERS EQUITY
Retained Earnings -$410.7M -$410.9M
YoY Change -1.56% 2.04%
Common Stock $37.00K $37.00K
YoY Change 19.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.95M -$21.69M $11.62M
YoY Change
Total Liabilities & Shareholders Equity $18.75M $28.44M $28.44M
YoY Change -53.44% -48.9% -48.9%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $260.0K -$40.45M -$8.200M
YoY Change -101.79% 99.0% -90.67%
Depreciation, Depletion And Amortization $3.000K $10.00K $230.0K
YoY Change -97.35% -91.3% -20.69%
Cash From Operating Activities -$6.216M -$1.475M -$33.10M
YoY Change -48.41% -91.66% -60.48%
INVESTING ACTIVITIES
Capital Expenditures $1.742M $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $411.0K $51.00K $55.43M
YoY Change -83.59% -98.22% 13.05%
Cash From Investing Activities $411.0K $51.00K $55.43M
YoY Change -83.59% -98.22% 15.02%
FINANCING ACTIVITIES
Cash Dividend Paid $7.764M $45.03M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.762M 0.000 -45.01M
YoY Change -48612.5% -190.83%
NET CHANGE
Cash From Operating Activities -6.216M -1.475M -33.10M
Cash From Investing Activities 411.0K 51.00K 55.43M
Cash From Financing Activities -7.762M 0.000 -45.01M
Net Change In Cash -13.57M -1.424M -22.68M
YoY Change 42.36% -90.38% -262.16%
FREE CASH FLOW
Cash From Operating Activities -$6.216M -$1.475M -$33.10M
Capital Expenditures $1.742M $0.00 $0.00
Free Cash Flow -$7.958M -$1.475M -$33.10M
YoY Change -91.66% -60.08%

Facts In Submission

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 cbio Non Cash Or Part Non Cash Dividend Declared Unpaid
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1850000
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CY2022 us-gaap Nature Of Operations
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:5.24%;white-space:nowrap" valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p id="NOTES_TO_CONSOLIDATED" style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Nature of Operations</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) was a <span style="color:#000000;">biopharmaceutical company with expertise in protease engineering. Prior to ceasing research and development activities in March 2022, the Company had several protease assets that were designed to address unmet medical needs in disorders of the complement or coagulation systems. As discussed further below, the Company recently completed a purchase agreement to acquire a clinical-stage drug candidate for the treatment of NASH (nonalcoholic steatohepatitis, a severe form of nonalcoholic fatty liver disease). Concurrent with this purchase agreement, the Company entered into a separate business combination agreement to acquire an indirect controlling interest in a China-based pharmaceutical company. The Company will continue to evaluate the impact of the novel coronavirus disease (“COVID-19”) pandemic on its business, operations, and cash requirements.</span> <span style="color:#000000;">The Company is located in South San Francisco, California and operates in</span> one segment. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May 19, 2022, Catalyst entered into and closed on an asset purchase agreement with Vertex Pharmaceuticals Inc. (“Vertex”), pursuant to which Vertex acquired Catalyst’s complement portfolio, including CB 2782-PEG and CB 4332, as well as its complement-related intellectual property including the ProTUNE<sup style="font-size:85%;line-height:120%;vertical-align:top">TM</sup> and ImmunoTUNE<sup style="font-size:85%;line-height:120%;vertical-align:top">TM</sup> platforms. See Note 16, <span style="font-style:italic;">Restructuring</span>. After the transaction of its complement portfolio, Catalyst’s product candidates consisted of the coagulation related assets marzeptacog alfa (activated) (“MarzAA”), dalcinonacog alfa (“DalcA”), and CB 2679d-GT. MarzAA is a SQ administered next generation engineered coagulation Factor VIIa (“FVIIa”) for the treatment of episodic bleeding and prophylaxis in subjects with rare bleeding disorders. DalcA is a next-generation SQ administered FIX. CB 2679d-GT is an AAV-based gene therapy construct harboring the DalcA sequence. Both MarzAA and DalcA have shown sustained efficacy and safety in mid-stage clinical trials. CB 2679d-GT has obtained preclinical proof-of-concept. Catalyst sold MarzAA, DalcA and CB-2679d-GT in February 2023 to GC Biopharma Corp. (“GCBP”). See Note 17, <span style="font-style:italic;">Subsequent Events.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">F351 Asset Acquisition</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 26, 2022, the Company executed and closed an Asset Purchase Agreement (the “F351 Agreement”), with GNI Group Ltd. and GNI Hong Kong Limited (together “GNI”) to purchase all of the assets and intellectual property rights primarily related to the proprietary Hydronidone compound (collectively, the “F351 Assets”), other than such assets and intellectual property rights located in the People’s Republic of China. At the closing of the agreement on December 26, 2022, the Company paid $35.0 million in the form of 6,266,521 shares of Catalyst common stock and 12,340 shares of newly designated Series X redeemable convertible preferred stock (“Catalyst Convertible Preferred Stock”). Each share of Catalyst Convertible Preferred Stock is convertible into 10,000 shares of common stock, subject to stockholder approval under Nasdaq rules and subject to a beneficial ownership conversion blocker. For additional information, see Note 4, <span style="font-style:italic;">F351 Asset Acquisition </span>and Note<span style="font-style:italic;"> </span>14<span style="font-style:italic;">, Stockholders’ Equity</span>.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Business Combination Agreement</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concurrent with the F351 Asset acquisition, the Company signed a definitive agreement with GNI Group Ltd., GNI Hong Kong Limited, GNI USA, Inc., Continent Pharmaceuticals Inc. and Shanghai Genomics, Inc. (collectively, “GNI”) and other minority stockholders to acquire an indirect controlling interest in Beijing Continent Pharmaceutical Co Ltd. (“BC”), a commercial-stage pharmaceutical company based in China and majority-owned subsidiary of GNI, in exchange for newly issued shares of common stock (the “Business Combination Agreement”). The closing of the Business Combination Agreement will be subject to stockholder approval at a stockholder meeting expected to be held in the third quarter of 2023 and certain customary closing conditions. For additional information, see Note 8, <span style="font-style:italic;">Commitments and Contingencies</span>.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Contingent Value Rights Agreement</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the Business Combination Agreement, on December 26, 2022, Catalyst and the Rights Agent (as defined therein) executed a contingent value rights agreement (the “CVR Agreement”), pursuant to which each holder of Catalyst common stock as of January 5, 2023 (the “CVR Holders”), excluding GNI, received one </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">contractual contingent value right</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (a “CVR”)</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> issued by the Company for each share of Catalyst common stock held by such holder. Each </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CVR </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">entitles the holder thereof to receive</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> certain cash payments in the future. For additional information, see Note 8, </span><span style="font-style:italic;">Commitments and Contingencies</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span></p>
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CY2022 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, allowance of doubtful accounts, contingent value rights, operating lease right-of-use assets and liabilities, accrued expenses, income taxes and stock-based compensation. The Company bases its estimates on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
CY2022 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.48%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Derivative Financial Instruments</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company evaluates its contracts to determine if those contracts qualify as derivatives under ASC 815, <span style="font-style:italic;">Derivatives and Hedging</span>. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date. Any changes in fair value are recorded as non-operating, non-cash other income or expense for each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is probable within the next 12 months from the balance sheet date.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company determined that certain contingent payments under the CVR Agreement qualified as derivatives under ASC 815, and as such, were recorded as a liability on the balance sheet as of December 31, 2022. Refer to Note 5, <span style="font-style:italic;">Fair Value Measurement</span> and Note 8, <span style="font-style:italic;">Commitments and Contingencies</span>, for additional information regarding the CVR derivative liability.</p>
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56016000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
61483000
CY2022 us-gaap Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
-5500000
CY2021 us-gaap Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
23100000
CY2022 cbio Research And Development Tax Credit Carry Forwards Derecognized
ResearchAndDevelopmentTaxCreditCarryForwardsDerecognized
26100000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1900000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4700000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2955000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1749000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4704000
CY2022 cbio Unrecognized Tax Benefits Increase Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions
-2841000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
20000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1883000
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
200000
CY2022 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
537000
CY2021 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
39000
CY2022 cbio Gain Loss From Extinguishment Of Liability
GainLossFromExtinguishmentOfLiability
180000
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-78000
CY2022 cbio Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
717000
CY2021 cbio Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-39000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
132078767
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2603715
CY2021Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.35
CY2021 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2021 cbio Charges Related To Write Off Of Prepaid Manufacturing Cost
ChargesRelatedToWriteOffOfPrepaidManufacturingCost
3800000
CY2021 cbio Restructuring Liability
RestructuringLiability
200000
CY2022Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
22
CY2022Q1 cbio Remaining Number Of Full Time Employees
RemainingNumberOfFullTimeEmployees
5
CY2022 us-gaap Restructuring Charges
RestructuringCharges
1011000
CY2021 us-gaap Restructuring Charges
RestructuringCharges
4168000

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