v3.26.1
Segment Information (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

Segment information for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

 

Three Months Ended June 30, 2026

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Total

 

Revenues

 

$

29,097

 

 

$

8

 

 

$

29,105

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

2,209

 

 

 

—

 

 

 

2,209

 

Selling and marketing

 

 

13,754

 

 

 

—

 

 

 

13,754

 

Research and development

 

 

9,697

 

 

 

4,603

 

 

 

14,300

 

Research and development - related parties

 

 

4,836

 

 

 

—

 

 

 

4,836

 

General and administrative

 

 

4,268

 

 

 

3,594

 

 

 

7,862

 

Transaction costs

 

 

—

 

 

 

502

 

 

 

502

 

Total segment operating expenses

 

 

34,764

 

 

 

8,699

 

 

 

43,463

 

Loss from segment operations

 

 

(5,667

)

 

 

(8,691

)

 

 

(14,358

)

Other segment (loss) income, net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

252

 

 

 

488

 

 

 

740

 

Other expense, net

 

 

(391

)

 

 

(552

)

 

 

(943

)

Change in fair value of warrant liability

 

 

—

 

 

 

132

 

 

 

132

 

Benefit (provision) for income taxes

 

 

165

 

 

 

(1

)

 

 

164

 

Net segment (loss) income

 

$

(5,641

)

 

$

(8,624

)

 

$

(14,265

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

Other general and administrative expenses

 

 

 

 

 

 

 

 

5

 

Total Consolidated net loss

 

 

 

 

 

 

 

$

(14,270

)

Supplemental disclosure of stock-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

122

 

 

$

—

 

 

$

122

 

Selling and marketing

 

 

661

 

 

 

—

 

 

 

661

 

Research and development

 

 

79

 

 

 

—

 

 

 

79

 

General and administrative

 

 

344

 

 

 

627

 

 

 

971

 

Stock-based compensation total

 

$

1,206

 

 

$

627

 

 

$

1,833

 

 

 

 

 

 

Six Months Ended June 30, 2026

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Total

 

Revenues

 

$

51,616

 

 

$

1,919

 

 

$

53,535

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

3,436

 

 

 

—

 

 

 

3,436

 

Selling and marketing

 

 

27,890

 

 

 

—

 

 

 

27,890

 

Research and development

 

 

15,163

 

 

 

10,618

 

 

 

25,781

 

Research and development - related parties

 

 

4,836

 

 

 

—

 

 

 

4,836

 

General and administrative

 

 

9,025

 

 

 

9,007

 

 

 

18,032

 

Transaction costs

 

 

—

 

 

 

6,886

 

 

 

6,886

 

Total segment operating expenses

 

 

60,350

 

 

 

26,511

 

 

 

86,861

 

Loss from segment operations

 

 

(8,734

)

 

 

(24,592

)

 

 

(33,326

)

Other segment (loss) income, net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

517

 

 

 

966

 

 

 

1,483

 

Other expense, net

 

 

(818

)

 

 

(12

)

 

 

(830

)

Change in fair value of warrant liability

 

 

—

 

 

 

220

 

 

 

220

 

Benefit (provision) for income taxes

 

 

(456

)

 

 

71

 

 

 

(385

)

Net segment loss

 

$

(9,491

)

 

$

(23,347

)

 

$

(32,838

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

Other general and administrative expenses

 

 

 

 

 

 

 

 

11

 

Consolidated net loss

 

 

 

 

 

 

 

$

(32,849

)

Supplemental disclosure of stock-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

300

 

 

$

—

 

 

$

300

 

Selling and marketing

 

 

1,646

 

 

 

—

 

 

 

1,646

 

Research and development

 

 

194

 

 

 

—

 

 

 

194

 

General and administrative

 

 

779

 

 

 

1,739

 

 

 

2,518

 

Stock-based compensation total

 

$

2,919

 

 

$

1,739

 

 

$

4,658

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025 (As Recast)

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Total

 

Revenues

 

$

26,771

 

 

$

2,963

 

 

$

29,734

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

1,151

 

 

 

—

 

 

 

1,151

 

Selling and marketing

 

 

15,195

 

 

 

—

 

 

 

15,195

 

Research and development

 

 

3,337

 

 

 

5,014

 

 

 

8,351

 

General and administrative

 

 

2,858

 

 

 

4,417

 

 

 

7,275

 

Total segment operating expenses

 

 

22,541

 

 

 

9,431

 

 

 

31,972

 

Income (loss) from segment operations

 

 

4,230

 

 

 

(6,468

)

 

 

(2,238

)

Other segment (loss) income, net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

271

 

 

 

670

 

 

 

941

 

Other (expense) income, net

 

 

(507

)

 

 

19

 

 

 

(488

)

Change in fair value of warrant liability

 

 

-

 

 

 

212

 

 

 

212

 

Provision for income taxes

 

 

(662

)

 

 

-

 

 

 

(662

)

Net segment income (loss)

 

$

3,332

 

 

$

(5,567

)

 

$

(2,235

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

Other general and administrative expenses

 

 

 

 

 

 

 

 

2

 

Total Consolidated net loss

 

 

 

 

 

 

 

$

(2,237

)

Supplemental disclosure of stock-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

47

 

 

$

—

 

 

$

47

 

Selling and marketing

 

 

29

 

 

 

—

 

 

 

29

 

General and administrative

 

 

273

 

 

 

709

 

 

 

982

 

Research and development

 

 

—

 

 

 

62

 

 

 

62

 

Stock-based compensation total

 

$

349

 

 

$

771

 

 

$

1,120

 

 

 

 

Six Months Ended June 30, 2025 (As Recast)

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Total

 

Revenues

 

$

48,829

 

 

$

11,476

 

 

$

60,305

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

2,045

 

 

 

—

 

 

 

2,045

 

Selling and marketing

 

 

26,035

 

 

 

—

 

 

 

26,035

 

Research and development

 

 

6,366

 

 

 

10,076

 

 

 

16,442

 

General and administrative

 

 

6,414

 

 

 

9,062

 

 

 

15,476

 

Total segment operating expenses

 

 

40,860

 

 

 

19,138

 

 

 

59,998

 

Income (loss) from segment operations

 

 

7,969

 

 

 

(7,662

)

 

 

307

 

Other segment (loss) income, net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

555

 

 

 

1,242

 

 

 

1,797

 

Other (expense) income, net

 

 

(729

)

 

 

428

 

 

 

(301

)

Change in fair value of warrant liability

 

 

—

 

 

 

2,467

 

 

 

2,467

 

Provision for income taxes

 

 

(1,563

)

 

 

—

 

 

 

(1,563

)

Net segment income (loss)

 

$

6,232

 

 

$

(3,525

)

 

$

2,707

 

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

Other general and administrative expenses

 

 

 

 

 

 

 

 

5

 

Total Consolidated net loss

 

 

 

 

 

 

 

$

2,702

 

Supplemental disclosure of stock-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

47

 

 

$

—

 

 

$

47

 

Selling and marketing

 

 

29

 

 

 

—

 

 

 

29

 

General and administrative

 

 

351

 

 

 

1,373

 

 

 

1,724

 

Research and development

 

 

—

 

 

 

143

 

 

 

143

 

Stock-based compensation total

 

$

427

 

 

$

1,516

 

 

$

1,943

 

 

The table below presents total assets as of June 30, 2026 and December 31, 2025.

 

 

 

June 30, 2026

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Other Unallocated Amount

 

 

Consolidated

 

Total assets

 

$

139,241

 

 

$

59,657

 

 

$

357

 

 

$

199,255

 

 

 

 

December 31, 2025 (As Recast)

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Other Unallocated Amount

 

 

Consolidated

 

Total assets

 

$

138,407

 

 

$

81,000

 

 

$

356

 

 

$

219,763

 

 

The table below only includes cash outflows for the purchase of property and equipment and excludes non-cash activities.

 

 

 

Six Months Ended June 30, 2026

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Other Unallocated Amount

 

 

Consolidated

 

Purchase of property and equipment

 

$

386

 

 

$

54

 

 

$

—

 

 

$

440

 

 

 

 

Six Months Ended June 30, 2025 (As Recast)

 

 

 

Gyre Pharmaceuticals

 

 

Gyre

 

 

Other Unallocated Amount

 

 

Consolidated

 

Purchase of property and equipment

 

$

378

 

 

$

79

 

 

$

—

 

 

$

457