Cash flow generation is inconsistent, with FCF margins swinging between -28.0% and 13.3%, and an OCF/NI ratio that reached an extreme of 27.86 in 2024Q4, indicating a disconnect between accounting earnings and cash reality.
| 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 |
|---|
| Cash from Operations | 4.32M | 1.01M | -3.64M | 25.89M | 10.68M | -83.75M | -55.05M | -43.61M | -28.55M | -19.94M | -18.47M | -19.12M | -34.48M | -40.61M | -64.24M | -83.72M | 138.3M | -24.27M | -28.26M | 24.84M | -9.89M | -26.25M | -25.04M |
| Operating CF Margin % | - | 0.87% | -3.44% | 22.82% | 10.44% | -1141.39% | -262.78% | - | -475883.33% | -1958.74% | -4629.57% | -1092.46% | -12539.27% | -1119.1% | -111.02% | -85.74% | 161.35% | -96.84% | -140.71% | 214.57% | -35.92% | -2224.44% | -669.72% |
| Operating CF Growth % | 2777.37% | 127.74% | -114.06% | 142.5% | 112.75% | -52.15% | -26.22% | -52.74% | -43.19% | -7.95% | 3.38% | 44.56% | 15.09% | 36.78% | 23.27% | -160.53% | 669.81% | 14.12% | -213.78% | 351.09% | 62.31% | -4.83% | - |
| Net Income | -6.29M | 9.88M | 17.9M | -85.48M | 4.31M | -87.93M | -56.24M | -55.18M | -30.05M | -21.56M | -16.95M | -14.76M | -32.62M | -46.7M | -7M | -8.53M | 10.9M | -39.4M | -25.66M | -28.07M | 2.1M | -28.99M | -24.03M |
| Depreciation & Amortization | 2.62M | 2.48M | 1.59M | 1.11M | 1.13M | 290K | 138K | 146K | 149K | 173K | 389K | 470K | 351K | 547K | 2.21M | 2.48M | 2M | 1.83M | 1.8M | 907.16K | 820.92K | 803.18K | 766.34K |
| Stock-Based Compensation | 6.65M | 7.16M | 831K | 7.28M | 13.37M | 3.4M | 3.63M | 3.2M | 2.61M | 863K | 635K | 326K | 3.47M | 5.22M | 7.85M | 8.51M | 4.94M | 2.45M | 2.06M | 2.75B | 918.52M | 0 | 0 |
| Deferred Taxes | -738K | -1.11M | -1M | -1.16M | -838K | -3.89M | 0 | -11.42M | 0 | 0 | 0 | -370K | 72K | 7K | -101K | 0 | -3.09M | 35K | 220K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.06M | -1.84M | -7.27M | 96.68M | 503K | 3.89M | 0 | 11.42M | 116K | 18K | -3.39M | 1.11M | 613K | -2.42M | -56.98M | -105.06M | -86.85M | -6.38M | -6.3M | 2.7M | 515.87K | 287.81K | -259.88K |
| Working Capital Changes | -2.69M | -15.55M | -15.69M | 7.46M | -7.8M | 483K | -2.57M | 8.21M | -1.37M | 567K | 836K | -6.26M | -6.37M | 2.74M | -10.22M | 10.35M | 207.32M | 17.23M | -164K | 49.3M | -13.33M | 1.65M | -1.52M |
| Change in Receivables | -3M | -11.95M | -9.29M | 1.3M | -7.92M | 1.5M | 11.69M | -15M | 0 | 7K | 461K | -79K | 1K | -52K | 0 | 0 | 0 | 0 | 2.13M | 19.17B | -23.25B | 0 | 0 |
| Change in Inventory | -3.1M | -3.63M | -2.14M | 1.75M | -879K | 3.88M | 0 | -490K | 0 | -479K | 956K | -1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 33.28K | -131.75K | 60.7K | 15.88K |
| Change in Payables | 138K | 13K | -245K | 192K | -112K | 500K | 1.65M | 3.03M | 500K | -90K | -102K | -4.27M | 0 | 1.99M | -11.52M | 4.42M | -3.8M | 0 | 0 | 1.89B | 1.85B | 0 | 0 |
| Cash from Investing | -5.5M | -474K | -19.88M | -19.76M | -13.81M | 48.19M | 9.66M | 27.39M | -71.32M | -11.25M | -1.31M | 37.36M | 33.86M | 13.41M | 39.82M | -57.67M | -62.8M | 9.8M | -5.52M | -26.29M | -13.27M | -250.25K | 30.56M |
| Capital Expenditures | -1.25M | -1.19M | -2.31M | -8.52M | -4.99M | -839K | -267K | -64K | -376K | -23K | -468K | -272K | -4K | -92K | -333K | -1.43M | -3.31M | -200K | -2.05M | -4.94M | -1.08M | -250.25K | -660.62K |
| CapEx % of Revenue | 1.07% | 1.02% | 2.19% | 7.51% | 4.87% | 11.43% | 1.27% | - | 6266.67% | 2.26% | 117.29% | 15.54% | 1.45% | 2.54% | 0.58% | 1.47% | 3.86% | 0.8% | 10.22% | 42.71% | 3.91% | 21.21% | 17.67% |
| Acquisitions | 6K | 30K | -1.69M | 4.02M | -1.33M | 0 | 0 | -27.46M | 0 | 0 | 890K | 23.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -50K | 686K | -412K | 471K | -13K | 0 | 0 | 27.46M | -70.94M | -57K | 2.56M | -125K | 38K | 1.17M | 1.59M | 5K | 43K | 0 | 0 | 0 | 0 | 0 | 38.19K |
| Cash from Financing | 23.05M | 24.38M | 2.1M | 2.5M | 0 | 49.55M | 60.38M | 327K | 111.33M | 35.4M | 948K | 9.31M | 5.01M | -552K | -626K | 82.81M | 6.45M | 47.18M | 31.58M | 13.11M | 40.05M | -1.73M | 35.94M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -6.7M | 0 | 0 | -5.08M | -14.32M | -10K | 235K | 0 | -851K | -1.24M | 168K | -349K | -1.39M | 2.19M | 1.2M | -783.89K | -2.36M | 2.52M |
| Equity Issued (Net) | 23.34M | 25.86M | 773K | 2.5M | 0 | 49.55M | 60.38M | 327K | 116.41M | 35.4M | 958K | 7.19M | 5.01M | 299K | 614K | 82.65M | 3.29M | 48.57M | 29.39M | 11.91M | 40.84M | 636.07K | 33.42M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -284K | -1.49M | 1.33M | 0 | 0 | 6.7M | 0 | 0 | 0 | 18.27M | 0 | 1.89M | 0 | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 22.46M | 25.26M | -21.7M | 8.33M | -5.03M | 13.99M | 14.99M | -15.89M | 11.46M | 4.21M | -18.83M | 27.55M | 1.95M | -27.75M | -25.04M | -58.57M | 81.94M | 32.71M | -2.2M | 11.66M | 16.89M | -28.22M | 41.47M |
| Free Cash Flow | 3.04M | -180K | -6.77M | 17.31M | 5.68M | -84.59M | -55.31M | -43.68M | -28.93M | -19.96M | -18.94M | -19.39M | -34.49M | -40.7M | -64.57M | -85.15M | 134.99M | -24.47M | -30.31M | 19.89M | -10.97M | -26.5M | -25.7M |
| FCF Margin % | 2.59% | -0.15% | -6.4% | 15.25% | 5.55% | -1152.82% | -264.06% | - | -482150% | -1961% | -4746.87% | -1108% | -12540.73% | -1121.63% | -111.6% | -87.21% | 157.49% | -97.64% | -150.93% | 171.86% | -39.83% | -2245.65% | -687.39% |
| FCF Growth % | 128.8% | 97.34% | -139.11% | 204.74% | 106.71% | -52.93% | -26.65% | -50.98% | -44.91% | -5.4% | 2.32% | 43.78% | 15.27% | 36.96% | 24.17% | -163.08% | 651.62% | 19.27% | -252.37% | 281.38% | 58.61% | -3.11% | - |
| FCF per Share | 0.03 | -0.00 | -0.07 | 0.26 | 0.08 | -2.76 | -2.88 | -3.64 | -2.58 | -5.83 | -24.32 | -65.67 | -107.20 | -127.05 | -202.53 | -282.60 | 470.10 | -100.23 | -129.05 | 105.92 | -84.71 | -10619.95 | -12313.01 |
| FCF Conversion (FCF/Net Income) | -0.48x | 0.20x | -0.30x | -0.28x | 4.64x | 0.95x | 0.99x | 0.79x | 0.95x | 0.92x | 1.09x | 1.30x | 1.06x | 0.87x | 9.18x | 9.82x | 12.69x | 0.62x | 1.10x | -0.88x | -4.72x | 0.91x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.13M | 0 | 8.52M | 6.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and geographic concentration
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -0.37 to 27.86, suggesting that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying pharmaceutical business model.
The extreme volatility in the OCF/NI ratio indicates that net income is heavily influenced by non-cash items and accounting adjustments rather than core operational performance. Investors should monitor this divergence, as it suggests that the company's reported profitability may not be a reliable proxy for its ability to fund future clinical development.
Based on the provided quarterly data, free cash flow margins have fluctuated wildly between -28.0% and 13.3%, indicating that Gyre lacks the consistent cash flow trajectory required to self-fund its ambitious R&D pipeline without relying on external capital markets.
The inability to maintain positive FCF suggests that the company's commercial success with ETUARY is currently insufficient to cover the heavy cash burn associated with Phase 3 clinical trials. This inconsistency may force management to prioritize capital preservation over aggressive expansion, potentially delaying the commercialization of F351.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, with quarterly fluctuations reaching as high as $9.5M, which suggests that the company's cash position is highly sensitive to the timing of collections and inventory management.
The significant swings in working capital appear to be a byproduct of the company's complex cross-border operations and reliance on the Chinese market. Such variability warrants further investigation, as it may obscure the true underlying cash conversion cycle and the efficiency of the firm's revenue collection processes.
As indicated by the financial data, the company's cash flow statement is frequently impacted by stock-based compensation and capitalized costs, with SBC reaching $4.6M in 2025Q4, which effectively masks the true cash cost of talent acquisition and operational maintenance.
These adjustments suggest that the reported cash flow figures may be overstating the company's operational efficiency by excluding significant non-cash expenses. Analysts should be wary of these items, as they may lead to an overly optimistic assessment of the firm's ability to generate organic cash flow.
Quick answers to the most common questions about buying GYRE stock.
Gyre Therapeutics, Inc. (GYRE) generated $1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gyre Therapeutics, Inc. (GYRE) reported negative free cash flow of $0.2M in 2025, indicating capital requirements exceeded cash from operations.
Gyre Therapeutics, Inc. (GYRE) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.