The company has achieved a notable recovery in capital structure, moving from negative equity in 2023Q4 to a current ratio of 4.64 as of 2026Q1, supported by a minimal debt-to-equity ratio of 0.01.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 91.73M | 102.37M | 64.79M | 57.22M | 49.65M | 51.48M | 89.51M | 96.07M | 123.99M | 39.11M | 37.52M | 68.7M | 108.14M | 145.05M | 187.71M | 198.69M | 218.08M | 314.43M | 91.97M | 92.41M | 78.85M | 25.74M | 55.39M |
| Cash & Short-Term Investments | 37.5M | 52.42M | 26.67M | 33.51M | 25.18M | 46.85M | 79.35M | 76.86M | 120.13M | 32.44M | 17.06M | 32.5M | 107.39M | 143.78M | 184.93M | 195M | 214.02M | 111.07M | 88.36M | 87.04M | 54.19M | 24.85M | 53.08M |
| Cash Only | 37.5M | 37.07M | 11.81M | 33.51M | 25.18M | 44.35M | 30.36M | 15.37M | 31.21M | 14.47M | 10.26M | 29.1M | 56.43M | 54.48M | 82.24M | 107.28M | 165.85M | 83.91M | 51.2M | 53.4M | 41.74M | 24.85M | 53.08M |
| Short-Term Investments | 0 | 15.36M | 14.86M | 0 | 0 | 2.5M | 48.99M | 61.5M | 88.91M | 17.97M | 6.8M | 3.4M | 50.95M | 37.84M | 42.72M | 87.72M | 48.17M | 27.16M | 37.16M | 33.64M | 12.45M | 0 | 0 |
| Accounts Receivable | 22.76M | 36.95M | 29.15M | 16.84M | 15.61M | 1.82M | 3.31M | 15M | 0 | 24K | 31K | 492K | 141K | 278K | 1.38M | 218K | 838K | 201.8M | 2.07M | 4.2M | 23.37M | 118.16K | 484.56K |
| Days Sales Outstanding | 86.49 | 115.67 | 100.62 | 54.18 | 55.72 | 90.43 | 57.73 | - | - | 8.61 | 28.36 | 102.62 | 187.15 | 27.96 | 8.71 | 0.81 | 3.57 | 2.94K | 37.67 | 132.35 | 309.73 | 36.55 | 47.31 |
| Inventory | 11.35M | 10.17M | 6.34M | 4.28M | 6.12M | 0 | 0 | 0 | 0 | 5.31M | 19.47M | 33.79M | -141K | -999K | -2.78M | -218K | -838K | 1.56M | 100K | 140.41K | 173.69K | 41.94K | 102.64K |
| Days Inventory Outstanding | 622.8 | 685.45 | 595.52 | 337.05 | 466.21 | - | - | - | - | 150.84 | 673.22 | 2.07K | - | - | - | - | - | 825.08 | 48.73 | 71.64 | 138.65 | 31.83 | 188.78 |
| Other Current Assets | 20.12M | 2.83M | 1.44M | 1.04M | 2.37M | 2.81M | 6.84M | 4.2M | 3.86M | 1.33M | 958K | 1.91M | 756K | 0 | 0 | 3.69M | 4.06M | 0 | 0 | 1.04M | 0 | 0 | 0 |
| Total Non-Current Assets | 70.28M | 63.76M | 60.62M | 59.32M | 35.1M | 4.19M | 5.34M | 2.49M | 929K | 404K | 569K | 823K | 3.86M | 819K | 1.87M | 59.43M | 44.71M | 4.95M | 6.58M | 6.55M | 2.52M | 2.26M | 2.81M |
| Property, Plant & Equipment | 23.57M | 24.73M | 25.7M | 23.78M | 18.38M | 3.71M | 2.27M | 2.23M | 386K | 276K | 444K | 698K | 428K | 682K | 1.64M | 5.04M | 6.07M | 4.78M | 6.4M | 6.11M | 2.04M | 1.75M | 2.26M |
| Fixed Asset Turnover | 4.91x | 4.71x | 4.12x | 4.77x | 5.57x | 1.98x | 9.25x | - | 0.02x | 3.69x | 0.90x | 2.51x | 0.64x | 5.32x | 35.30x | 19.39x | 14.12x | 5.24x | 3.14x | 1.89x | 13.50x | 0.68x | 1.65x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.63M | 4.73M | 1.71M | 1.7M | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97K | 115K | 132K | 149K | 167K | 184K | 437.44K | 475.21K | 512.97K | 484.56K |
| Long-Term Investments | 21.53M | 0 | 24.57M | 23.43M | 7.39M | 0 | 2.54M | 0 | 0 | 0 | 125K | 125K | 3.42M | 51.45M | 59.97M | 54.27M | 38.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 34.36M | 27.43M | 3.03M | 5.72M | 7.47M | 472K | 528K | 257K | 543K | 128K | 0 | 0 | 12K | 137K | 231K | 54.27M | 38.49M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 162.01M | 166.13M | 125.41M | 116.54M | 84.75M | 55.66M | 94.85M | 98.55M | 124.92M | 39.51M | 38.09M | 69.52M | 112M | 145.87M | 189.58M | 258.13M | 262.79M | 319.38M | 98.55M | 98.96M | 81.37M | 28M | 58.2M |
| Asset Turnover | 0.73x | 0.70x | 0.84x | 0.97x | 1.21x | 0.13x | 0.22x | - | 0.00x | 0.03x | 0.01x | 0.03x | 0.00x | 0.02x | 0.31x | 0.38x | 0.33x | 0.08x | 0.20x | 0.12x | 0.34x | 0.04x | 0.06x |
| Asset Growth % | 110.79% | 32.48% | 7.61% | 37.5% | 52.26% | -41.31% | -3.76% | -21.11% | 216.15% | 3.74% | -45.21% | -37.93% | -23.22% | -23.05% | -26.56% | -1.77% | -17.72% | 224.07% | -0.42% | 21.63% | 190.59% | -51.89% | - |
| Total Current Liabilities | 19.79M | 18.29M | 19.52M | 20.05M | 12.24M | 14.16M | 17.8M | 28.9M | 4.8M | 8.74M | 21.96M | 37.76M | 2.91M | 10.98M | 11.35M | 78.61M | 98.66M | 101.16M | 13.79M | 15.2M | 8.95M | 5.21M | 5.31M |
| Accounts Payable | 265K | 124K | 108K | 355K | 122K | 6.42M | 5.93M | 4.28M | 1.25M | 747K | 837K | 939K | 405K | 1.3M | 2.06M | 3.49M | 4.72M | 1.27M | 1.5M | 2.3M | 1.98M | 1.17M | 1.85M |
| Days Payables Outstanding | 16.13 | 8.36 | 10.15 | 27.95 | 9.29 | 305.47 | 236.26 | 10.7K | 21.21 | 21.22 | 28.94 | 57.53 | 28.07 | 72.14 | - | - | - | 673.48 | 730.97 | 1.17K | 1.58K | 890.65 | 3.41K |
| Short-Term Debt | 751K | 636K | 0 | 0 | 0 | 1.98M | 663K | 483K | 0 | 5.08M | 19.4M | 33.74M | 0 | 853K | 851K | 1.24M | 1.71M | 1.44M | 1.39M | 918.6K | 593.33K | 783.89K | 1.11M |
| Deferred Revenue (Current) | 109K | 14K | 156K | 79K | 0 | 230K | 1.98M | 15M | 0 | 212K | 283K | 438K | 0 | -2.15M | 2.36M | 57.71M | 81.71M | 77.28M | 6.52M | 6.52M | 2.48M | 2.85M | 1.94M |
| Other Current Liabilities | 18.77M | 14.57M | 5.7M | 648K | 4.86M | 4.07M | 6.74M | 7.03M | 3.55M | 2.69M | 1.44M | 2.64M | 2.51M | 10.98M | 6.08M | 16.17M | 10.52M | 21.16M | 4.38M | 5.46M | 3.89M | 402.65K | 402.65K |
| Current Ratio | 4.64x | 5.60x | 3.32x | 2.85x | 4.06x | 3.63x | 5.03x | 3.32x | 25.83x | 4.48x | 1.71x | 1.82x | 37.11x | 13.21x | 16.54x | 2.53x | 2.21x | 3.11x | 6.67x | 6.08x | 8.81x | 4.94x | 10.43x |
| Quick Ratio | 4.06x | 5.04x | 2.99x | 2.64x | 3.56x | 3.63x | 5.03x | 3.32x | 25.83x | 3.87x | 0.82x | 0.92x | 37.16x | 13.30x | 16.78x | 2.53x | 2.22x | 3.09x | 6.66x | 6.07x | 8.79x | 4.93x | 10.41x |
| Cash Conversion Cycle | 693.16 | 792.76 | 685.99 | 363.28 | 512.63 | - | - | - | - | 138.22 | 672.63 | 2.12K | - | - | - | - | - | 3.09K | -644.57 | -967.36 | -1.13K | -822.27 | -3.17K |
| Total Non-Current Liabilities | 5.24M | 5.56M | 7.49M | 82.54M | 294K | 408K | 981K | 1.32M | 174K | 0 | 54K | 340K | 0 | 283K | 2.31M | 5.23M | 72.28M | 149.23M | 27.39M | 32.18M | 7.42M | 185.27M | 175.86M |
| Long-Term Debt | 72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283K | 1.14M | 1.99M | 1.35M | 1.97M | 3.41M | 1.69M | 816.07K | 1.41M | 3.44M |
| Capital Lease Obligations | 1.07M | 303K | 885K | 199K | 121K | 408K | 981K | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67K | -109K | -30.35B | -6.6B | 0 | 0 |
| Other Non-Current Liabilities | 5.17M | 4.41M | 5.67M | 82.13M | 173K | 0 | 0 | 0 | 174K | 0 | 7K | 48K | 0 | 0 | 0 | 0 | 0 | 67K | 109K | 30.5M | 6.6M | 183.86M | 171.78M |
| Total Liabilities | 25.03M | 23.85M | 27M | 102.59M | 12.54M | 14.57M | 18.78M | 30.22M | 4.97M | 8.74M | 22.02M | 38.1M | 2.91M | 11.26M | 13.66M | 83.84M | 170.94M | 250.39M | 41.18M | 47.38M | 16.37M | 190.48M | 181.17M |
| Total Debt | 823K | 939K | 1.6M | 409K | 613K | 2.38M | 1.64M | 1.8M | 0 | 5.08M | 19.4M | 33.74M | 0 | 283K | 1.14M | 3.23M | 3.06M | 3.41M | 4.8M | 2.6M | 1.41M | 2.19M | 4.56M |
| Net Debt | -36.68M | -36.13M | -10.21M | -33.1M | -24.56M | -41.96M | -28.72M | -13.57M | -31.21M | -9.39M | 9.14M | 4.65M | -56.43M | -54.2M | -81.1M | -104.06M | -162.79M | -80.5M | -46.4M | -50.8M | -40.33M | -22.66M | -48.52M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.03x | 0.01x | 0.06x | 0.02x | 0.03x | - | 0.17x | 1.21x | 1.07x | - | 0.00x | 0.01x | 0.02x | 0.03x | 0.05x | 0.08x | 0.05x | 0.02x | - | - |
| Debt / EBITDA | 0.45x | 0.07x | 0.09x | - | 0.06x | - | - | - | - | - | - | - | - | - | - | - | 0.20x | - | - | - | 3.38x | - | - |
| Net Debt / EBITDA | -19.87x | -2.58x | -0.58x | - | -2.38x | - | - | - | - | - | - | - | - | - | - | - | -10.77x | - | - | - | -96.67x | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | -8.99x | -287.52x | -880.09x | -81.55x | -63.61x | 95.28x | -180.99x | -101.24x | - | - | - | - |
| Total Equity | 136.99M | 142.28M | 98.4M | 13.95M | 72.22M | 41.09M | 76.07M | 68.34M | 119.94M | 30.77M | 16.07M | 31.43M | 109.08M | 134.61M | 175.91M | 174.29M | 91.85M | 68.99M | 57.37M | 51.58M | 65M | -162.48M | -122.97M |
| Equity Growth % | 154.14% | 44.59% | 605.44% | -80.68% | 75.76% | -45.98% | 11.32% | -43.03% | 289.76% | 91.49% | -48.86% | -71.19% | -18.96% | -23.48% | 0.93% | 89.76% | 33.13% | 20.25% | 11.22% | -20.64% | 140% | -32.14% | - |
| Book Value per Share | 1.50 | 1.38 | 0.96 | 0.21 | 0.95 | 1.34 | 3.97 | 5.69 | 10.70 | 8.99 | 20.64 | 106.43 | 339.07 | 420.15 | 551.76 | 578.44 | 319.86 | 282.57 | 244.25 | 274.65 | 501.99 | -65122.69 | -58919.92 |
| Total Shareholders' Equity | 101.31M | 106.03M | 63.32M | -15.83M | 42.52M | 41.09M | 76.07M | 68.34M | 119.94M | 30.77M | 16.07M | 31.43M | 109.08M | 134.61M | 175.91M | 174.29M | 91.85M | 68.99M | 57.37M | 51.58M | 65M | -162.48M | -122.97M |
| Common Stock | 91K | 91 | 86K | 77K | 64K | 31K | 22K | 12K | 12K | 6K | 1K | 11K | 34K | 34K | 34K | 33K | 29K | 28K | 25K | 20.5K | 19.13K | 270 | 257 |
| Retained Earnings | -77.67M | -68.43M | -73.45M | -85.54M | 10.05M | -402.69M | -314.76M | -258.52M | -203.34M | -173.49M | -147.98M | -131.04M | -313.26M | -280.63M | -233.93M | -226.93M | -218.4M | -229.3M | -189.9M | -164.23M | -136.16M | -174.98M | -134.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 586K | 2.32M | 501K | 1.45M | -392K | 0 | 5K | 34K | -4K | 0 | -1K | 1K | 4K | 87K | 201K | 36K | 225K | 0 | 0 | 0 | -81.37B | 213.71K | 0 |
| Minority Interest | 35.68M | 36.25M | 35.08M | 29.78M | 29.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and regulatory concentration
As reported in financial statements, Gyre’s total assets have grown from $116.5M in 2023Q4 to $162.0M in 2026Q1, reflecting a stabilization of the balance sheet following the transformative business combination that initially left the company with negative equity of $15.8M in the final quarter of 2023.
The transition from negative equity to a positive $101.3M position suggests a significant improvement in the company's fundamental financial footing. Investors should monitor whether this trajectory can be sustained without further dilutive financing as the company scales its late-stage clinical pipeline.
Based on recent quarterly filings, the company maintains a current ratio of 4.64 as of 2026Q1, providing a substantial liquidity buffer that appears sufficient to cover near-term operating expenses and the ongoing costs associated with Phase 3 clinical trial enrollment for its lead fibrosis assets.
The improvement in the current ratio from 2.85 in 2023Q4 indicates a more disciplined approach to managing short-term obligations. While this liquidity appears adequate, the reliance on a single commercial product in a single geographic market warrants caution regarding potential sudden shifts in working capital requirements.
According to the provided balance sheet data, equity has recovered from a deficit of $15.8M in 2023Q4 to $101.3M by 2026Q1, a shift that appears to be driven by the successful integration of assets and the capitalization of the entity following its US-market entry.
The reversal of the equity deficit is a positive indicator of the company's ability to navigate complex corporate restructuring. However, the persistent negative retained earnings of $77.7M suggest that the company remains in a capital-intensive phase where historical losses continue to weigh on the overall book value.
As indicated by the financial data, goodwill has fluctuated from $1.7M to $4.6M over the last ten quarters, which may suggest that the company's asset base is sensitive to the accounting treatment of its various business combinations and potential future impairment risks.
While the current goodwill levels appear relatively modest, any failure in the clinical development of F351 could necessitate significant write-downs that would impact the equity base. Investors should remain wary of how these intangible assets are valued, as they represent a non-trivial portion of the company's net asset value.
Quick answers to the most common questions about buying GYRE stock.
As of 2025, Gyre Therapeutics, Inc. (GYRE) had total assets of $166.1M including $102.4M in current assets.
Gyre Therapeutics, Inc. (GYRE) carries total debt of $0.9M, offset by $52.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gyre Therapeutics, Inc. (GYRE) has total shareholders' equity (book value) of $106.0M ($1.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gyre Therapeutics, Inc. (GYRE) reported a current ratio of 5.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.