Gyre Therapeutics Posts 10% Revenue Growth to $116.6M, Acquires Cullgen for $300M
Full-year 2025 revenue rose 10% to $116.6M, driven by $37.2M Q4 sales up 33.3% YoY, while cash stood at $75.9M. Gyre set 2026 guidance at $100.5M–$111M, agreed to acquire Cullgen for $300M and expects to file Hydronidone NDA in China by H1 2026.
1. Financial Results
Gyre reported full-year 2025 revenue of $116.6 million, up 10% year-over-year, and Q4 sales of $37.2 million, a 33.3% increase. Product sales included $106.1 million from Etuary, $4.6 million from Etorel and $5.5 million from Contiva, while cash and equivalents totaled $75.9 million.
2. Pipeline Developments
The company completed enrollment in its 52-week Phase 3 pirfenidone trial for pneumoconiosis, covering 272 patients at 18 sites, with top-line data expected after final patient completion. In China, Hydronidone has secured conditional approval alignment from the CDE, with an NDA due in H1 2026 and a U.S. IND planned for MASH-associated liver fibrosis later in 2026.
3. Acquisition of Cullgen
Gyre agreed to acquire Cullgen in an all-stock deal valued at approximately $300 million, targeting Cullgen’s protein degrader platform and U.S.-based discovery and development capabilities, with the transaction closing expected in Q2 2026.
4. Guidance and Outlook
The company set 2026 revenue guidance at $100.5 million to $111.0 million and outlined upcoming milestones including priority review for Hydronidone in China and initiation of a radiation-induced lung injury trial in the first half of 2026.