Gyre Therapeutics reported Q2 2026 revenue of $29.1 million and affirmed full-year guidance of $100.5 to $111.0 million. The company closed its all-stock acquisition of Cullgen in May for approximately $300 million, appointing Dr. Ying Luo as CEO and integrating a targeted protein degrader pipeline. Q2 revenue included $28.0 million from ETUARY sales, offset by the expiration of an Astella collaboration. GAAP basic EPS was $(0.12) with a net loss of $14.3 million. The company holds $103.2 million in cash and received NDA acceptance for F351 in China. Gyre Therapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing small-molecule therapeutics for organ fibrosis and inflammatory diseases.

Gyre Therapeutics filed an amendment to its May 4, 2026, Current Report to provide audited financial statements and unaudited pro forma combined financial information following its acquisition of Cullgen Inc. The merger, closed on May 4, 2026, was an all-stock transaction valuing Cullgen at approximately $300 million. Because both companies were controlled by GNI Japan, the transaction was treated as a combination of entities under common control, with assets and liabilities recognized at historical carrying amounts. Cullgen reported a net loss of $10.8 million and collaboration revenue of $15.4 million for the year ended December 31, 2025. Gyre Therapeutics is a biopharmaceutical company focused on developing medicines for diseases lacking effective therapeutic approaches.