Gyre Therapeutics reported second quarter 2026 revenue of $29.1 million, a 2% year-over-year decrease as growth in core pirfenidone sales was offset by the conclusion of the Astellas collaboration. During the period, the company expanded its clinical pipeline through the $300 million Cullgen acquisition and reached a significant regulatory milestone for its lead candidate F351.
Key Highlights
- China’s CDE accepted the New Drug Application for F351 (hydronidone) in May 2026 for the treatment of chronic hepatitis B-induced liver fibrosis.
- Flagship product ETUARY generated $28.0 million in sales, representing 19% growth over the $23.5 million recorded in the second quarter of 2025.
- Operating expenses rose to $43.5 million from $32.0 million in the prior-year period, driven by a 129% spike in R&D spend and integration costs from the Cullgen merger.
- The company ended the quarter with $103.2 million in total liquidity, including cash, bank deposits, and long-term certificates of deposit.