Revenue growth remains highly volatile, fluctuating between a 18.8% contraction and a 33.4% expansion, while high operating expenses frequently push net margins into negative territory, as seen in the -38.3% net margin reported for 2026Q1.
| 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 |
|---|
| Sales/Revenue | 117.05M | 116.59M | 105.76M | 113.45M | 102.29M | 7.34M | 20.95M | 0 | 6K | 1.02M | 399K | 1.75M | 275K | 3.63M | 57.86M | 97.64M | 85.71M | 25.06M | 20.09M | 11.58M | 27.54M | 1.18M | 3.74M |
| Revenue Growth % | 16.3% | 10.24% | -6.78% | 10.91% | 1293.98% | -64.97% | - | -100% | -99.41% | 155.14% | -77.2% | 536.36% | -92.42% | -93.73% | -40.74% | 13.91% | 242% | 24.78% | 73.51% | -57.96% | 2233.86% | -68.44% | - |
| Cost of Goods Sold | 5.75M | 5.42M | 3.88M | 4.64M | 4.79M | 7.67M | 9.16M | 146K | 21.47M | 12.85M | 10.55M | 5.96M | 5.27M | 6.56M | 0 | 0 | 0 | 691K | 749K | 715.42K | 457.25K | 480.93K | 198.45K |
| COGS % of Revenue | - | 4.65% | 3.67% | 4.09% | 4.69% | 104.52% | 43.74% | - | 357900% | 1261.98% | 2645.36% | 340.46% | 1915.27% | 180.68% | - | - | - | 2.76% | 3.73% | 6.18% | 1.66% | 40.76% | 5.31% |
| Gross Profit | 111.3M | 111.17M | 101.87M | 108.81M | 97.5M | -332K | 11.79M | -146K | -21.47M | -11.83M | -10.16M | -4.21M | -4.99M | -2.93M | 57.86M | 97.64M | 85.71M | 24.37M | 19.34M | 10.86M | 27.08M | 698.98K | 3.54M |
| Gross Margin % | 95.09% | 95.35% | 96.33% | 95.91% | 95.31% | -4.52% | 56.26% | - | -357800% | -1161.98% | -2545.36% | -240.46% | -1815.27% | -80.68% | 100% | 100% | 100% | 97.24% | 96.27% | 93.82% | 98.34% | 59.24% | 94.69% |
| Gross Profit Growth % | - | 9.13% | -6.38% | 11.61% | 29466.57% | -102.82% | 8171.92% | 99.32% | -81.49% | -16.47% | -141.35% | 15.71% | -70.49% | -105.06% | -40.74% | 13.91% | 251.7% | 26.04% | 78.04% | -59.9% | 3774.24% | -80.25% | - |
| Operating Expenses | 111.44M | 99.68M | 85.71M | 176.04M | 88.29M | 83.39M | 69.16M | 57.13M | 33.83M | 22.84M | 20.82M | 15.55M | 29.67M | 50.84M | 62.28M | 107.38M | 72.6M | 64.7M | 47.48M | 42.63M | 27.48M | 30.64M | 27.93M |
| OpEx % of Revenue | - | 85.5% | 81.04% | 155.17% | 86.32% | 1136.47% | 330.13% | - | 563800% | 2243.61% | 5217.29% | 888.69% | 10789.45% | 1401.07% | 107.64% | 109.98% | 84.7% | 258.14% | 236.4% | 368.28% | 99.81% | 2596.78% | 747.21% |
| Selling, General & Admin | 91.54M | 85.98M | 73.62M | 75.82M | 71.61M | 18.82M | 16.18M | 13.27M | 12.35M | 9.99M | 9.26M | 9.59M | 10.17M | 12.01M | 13.19M | 12.17M | 8.05M | 8.17M | 6.5M | 8.01M | 5.7M | 6.39M | 5.16M |
| SG&A % of Revenue | - | 73.75% | 69.61% | 66.83% | 70% | 256.47% | 77.24% | - | 205900% | 981.63% | 2321.3% | 548.23% | 3698.91% | 330.81% | 22.8% | 12.46% | 9.39% | 32.59% | 32.36% | 69.22% | 20.68% | 541.43% | 138.09% |
| Research & Development | 17.34M | 13.7M | 12.02M | 13.78M | 16.69M | 64.57M | 52.98M | 43.86M | 21.47M | 12.85M | 11.55M | 5.96M | 19.5M | 38.84M | 49.09M | 95.22M | 64.55M | 40.18M | 40.98M | 34.62M | 21.79M | 24.25M | 22.77M |
| R&D % of Revenue | - | 11.75% | 11.37% | 12.15% | 16.31% | 879.99% | 252.89% | - | 357900% | 1261.98% | 2895.99% | 340.46% | 7090.55% | 1070.27% | 84.84% | 97.52% | 75.3% | 160.32% | 204.04% | 299.06% | 79.12% | 2055.35% | 609.11% |
| Other Operating Expenses | 1M | 0 | 66K | 86.44M | 0 | 0 | 0 | 0 | 1.65M | 261K | 86K | 0 | 318K | 518K | 0 | 0 | 0 | 51.28M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -139K | 11.49M | 16.16M | -67.23M | 9.2M | -83.73M | -57.37M | -57.28M | -33.82M | -21.82M | -20.42M | -13.8M | -29.71M | -47.22M | -8.14M | -9.74M | 13.12M | -40.33M | -28.14M | -31.77M | -403.69K | -29.94M | -24.39M |
| Operating Margin % | -0.12% | 9.86% | 15.28% | -59.26% | 9% | -1140.99% | -273.87% | - | -563700% | -2143.61% | -5117.29% | -788.69% | -10805.09% | -1301.07% | -14.06% | -9.98% | 15.3% | -160.9% | -140.12% | -274.46% | -1.47% | -2537.54% | -652.51% |
| Operating Income Growth % | - | -28.91% | 124.04% | -830.52% | 110.99% | -45.94% | -0.16% | -69.35% | -54.99% | -6.88% | -47.94% | 53.55% | 37.07% | -480.19% | 16.49% | -174.3% | 132.52% | -43.28% | 11.42% | -7770.25% | 98.65% | -22.74% | - |
| EBITDA | 1.85M | 14.01M | 17.75M | -66.12M | 10.33M | -83.44M | -57.23M | -57.13M | -33.67M | -21.65M | -20.03M | -13.33M | -29.36M | -46.67M | -5.93M | -7.26M | 15.11M | -38.49M | -26.34M | -30.86M | 417.23K | -29.14M | -23.63M |
| EBITDA Margin % | 1.58% | 12.02% | 16.78% | -58.28% | 10.1% | -1137.04% | -273.21% | - | -561216.67% | -2126.62% | -5019.8% | -761.83% | -10677.45% | -1286% | -10.24% | -7.44% | 17.63% | -153.58% | -131.16% | -266.63% | 1.52% | -2469.47% | -632.02% |
| EBITDA Growth % | -84.72% | -21.07% | 126.85% | -739.91% | 112.38% | -45.79% | -0.18% | -69.66% | -55.54% | -8.09% | -50.23% | 54.6% | 37.08% | -687.53% | 18.43% | -148.07% | 139.26% | -46.11% | 14.65% | -7497.49% | 101.43% | -23.32% | - |
| D&A (Non-Cash Add-back) | 1.99M | 2.52M | 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 |
| EBIT | 566K | 11.49M | 16.23M | 19.21M | 9.2M | -87.93M | -56.24M | -55.18M | -30.05M | -21.56M | -16.95M | -13.28M | -6.61M | -46.65M | -7.01M | -8.4M | 14.58M | -39.27M | -25.41M | -27.93M | 2.18M | -28.77M | -23.89M |
| Net Interest Income | 500K | 1.75M | 1.55M | 1.04M | 726K | 39K | 561K | 2.15M | 0 | 0 | 0 | -960K | 562K | 731K | 984K | 1.08M | 1.31M | 833K | 2.48M | 0 | 0 | 0 | 0 |
| Interest Income | 500K | 1.75M | 1.55M | 1.04M | 726K | 39K | 561K | 2.15M | 3.77M | 261K | 3.47M | 518K | 585K | 784K | 1.07M | 1.22M | 1.46M | 1.05M | 2.73M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.48M | 23K | 53K | 86K | 132K | 153K | 217K | 251K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 703K | 2.94M | 7.05M | -9.73M | 209K | -4.21M | 1.13M | 2.1M | 3.77M | 261K | 3.47M | -960K | 575K | 518K | 1.04M | 1.22M | 1.31M | 833K | 2.48M | 3.7B | -1.24B | 949.39K | 368.04K |
| Pretax Income | 564K | 14.44M | 23.22M | -76.97M | 9.41M | -87.93M | -56.24M | -55.18M | -30.05M | -21.56M | -16.95M | -14.76M | -29.14M | -46.7M | -7.1M | -8.53M | 14.43M | -39.49M | -25.66M | -28.07B | -1.24B | 0 | -24.4M |
| Pretax Margin % | 0.48% | 12.38% | 21.95% | -67.84% | 9.2% | -1198.32% | -268.48% | - | -500916.67% | -2117.98% | -4246.87% | -843.54% | -10596% | -1286.8% | -12.27% | -8.74% | 16.83% | -157.58% | -127.76% | -242510.84% | -4489.05% | - | -652.63% |
| Income Tax | 3.03M | 4.56M | 5.32M | 8.52M | 5.1M | 0 | -699K | 0 | 0 | -173K | 0 | 0 | 3.48M | 7K | -101K | 0 | 3.53M | -88K | 0 | -3.7M | -2.5M | -949.39K | -368.04K |
| Effective Tax Rate % | 537.94% | 31.56% | 22.91% | -11.06% | 54.16% | 0% | 1.24% | 0% | 0% | 0.8% | 0% | 0% | -11.96% | -0.01% | 1.42% | 0% | 24.44% | 0.22% | 0% | 0.01% | 0.2% | - | 1.51% |
| Net Income | -6.29M | 5.03M | 12.09M | -92.93M | 2.3M | -87.93M | -55.54M | -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 |
| Net Margin % | -5.37% | 4.31% | 11.43% | -81.92% | 2.25% | -1198.32% | -265.14% | - | -500916.67% | -2117.98% | -4246.87% | -843.54% | -11862.91% | -1286.99% | -12.09% | -8.74% | 12.72% | -157.23% | -127.76% | -242.51% | 7.61% | -2457.08% | -642.67% |
| Net Income Growth % | -186.71% | -58.4% | 113% | -4137.05% | 102.62% | -58.32% | -0.66% | -83.59% | -39.4% | -27.24% | -14.79% | 54.75% | 30.15% | -567.4% | 17.95% | -178.25% | 127.66% | -53.56% | 8.59% | -1439.02% | 107.23% | -20.67% | - |
| Net Income (Continuing) | -2.47M | 9.88M | 17.9M | -85.48M | 4.31M | -87.93M | -55.54M | -55.18M | -30.05M | -21.56M | -16.95M | -14.76M | -6.61M | -46.7M | -7M | -8.53M | 10.9M | -39.4M | -25.66M | -28.07M | 2.1M | -28.99M | -24.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.07 | 0.02 | 0.05 | -1.41 | 0.03 | -2.87 | -2.93 | -4.41 | -2.68 | -6.30 | -21.76 | -49.99 | -101.40 | -145.78 | -21.95 | -28.31 | 37.80 | -161.39 | -109.24 | -149.47 | -9.45 | -11619.85 | -11511.93 |
| EPS Growth % | -8.89% | -55% | 103.55% | -4800% | 101.05% | 2.05% | 33.56% | -64.55% | 57.46% | 71.05% | 56.47% | 50.7% | 30.44% | -564.15% | 22.47% | -174.89% | 123.42% | -47.74% | 26.92% | -1481.69% | 99.92% | -0.94% | - |
| EPS (Basic) | - | 0.06 | 0.14 | -1.41 | 0.03 | -2.87 | -2.93 | -4.41 | -2.68 | -6.30 | -21.76 | -49.99 | -101.40 | -145.78 | -21.95 | -28.31 | 39.90 | -161.39 | -109.24 | -149.47 | -9.45 | -11619.85 | -11511.93 |
| Diluted Shares Outstanding | 91.34M | 103.18M | 102.29M | 65.83M | 75.69M | 30.64M | 19.18M | 12M | 11.21M | 3.42M | 778.78K | 295.27K | 321.72K | 320.38K | 318.82K | 301.31K | 287.15K | 244.16K | 234.9K | 187.82K | 129.48K | 2.5K | 2.09K |
| Basic Shares Outstanding | 91.32M | 89.34M | 85.09M | 65.83M | 76.74M | 30.64M | 19.18M | 12M | 11.21M | 3.42M | 778.78K | 295.27K | 321.72K | 320.38K | 318.82K | 301.31K | 271.84K | 244.16K | 234.9K | 187.82K | 129.48K | 2.5K | 2.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and regulatory concentration
As reported in recent financial filings, Gyre’s revenue trajectory remains volatile, with quarterly growth fluctuating between a 18.8% contraction and a 33.4% expansion, suggesting that the company's reliance on ETUARY sales in the Chinese market is subject to significant, unpredictable quarterly variability in demand.
The lack of a clear, sustained growth trend indicates that the current commercial model may be struggling with market saturation or the impact of periodic NRDL price adjustments. Investors should monitor whether the upcoming F351 clinical milestones can provide a more durable, non-cyclical revenue driver to offset the current volatility.
Based on the company's reported figures, Gyre maintains an impressive gross margin profile consistently exceeding 94%, yet this structural advantage is largely neutralized by high operating expenses, resulting in a net margin that has frequently dipped into negative territory over the last ten quarters.
The wide delta between gross and operating profitability suggests that the company's cost structure is heavily weighted toward administrative and clinical overhead rather than production. This implies that the firm's ability to achieve sustainable profitability is entirely dependent on scaling revenue significantly faster than its current R&D and SG&A burn rate.
According to the income statement data, Gyre has failed to demonstrate consistent operating leverage, as evidenced by the 2026Q1 period where a $22.5M revenue base resulted in a $9.4M operating loss, highlighting the company's difficulty in scaling its infrastructure alongside its commercial drug sales.
The inability to convert gross profit into operating income suggests that the company's SG&A and R&D expenditures are not yet optimized for its current revenue scale. This warrants further investigation into whether management can achieve meaningful cost discipline as they transition toward potential F351 commercialization.
As indicated by the provided financial statements, Gyre's net income is characterized by extreme swings, including a $101M loss in 2023Q4 and subsequent erratic quarterly performance, which appears to be driven by non-operating charges and the complex accounting associated with its recent reverse merger.
The inconsistency in bottom-line results suggests that reported EPS may not be a reliable indicator of underlying operational health. Investors should be cautious of the impact of stock-based compensation and potential one-time charges that continue to obscure the true cash-generating capability of the core pharmaceutical business.
Based on an analysis of the company's geographic concentration, the primary risk to the income statement is the extreme reliance on the Chinese market, where regulatory shifts and potential decoupling could rapidly erode the 95% gross margins currently enjoyed by the firm's primary asset.
Short-sellers may focus on the potential for further NRDL price compression and the lack of geographic diversification as significant threats to the long-term viability of the current revenue model. The company's reliance on a single therapeutic area in a single market appears to be a significant vulnerability that is not fully reflected in the current valuation.
Quick answers to the most common questions about buying GYRE stock.
For fiscal year 2025, Gyre Therapeutics, Inc. (GYRE) reported total revenue of $116.6M. This represents a 3018.7% increase compared to $3.7M in 2004.
Gyre Therapeutics, Inc. (GYRE) is profitable, generating $5.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Gyre Therapeutics, Inc. (GYRE) reported an operating income of $11.5M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Gyre Therapeutics, Inc. (GYRE) generated $111.2M in gross profit for the year, representing a gross profit margin of 95.4%. This demonstrates the company's core pricing power and production efficiency.