Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment information for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):


	Three Months Ended September 30, 2025
	Gyre Pharmaceuticals			Gyre			Other			Consolidated
Revenues	$	30,564		$	—		$	—		$	30,564
Cost of revenues		1,628			—			—			1,628
Gross profit		28,936			—			—			28,936
Operating expenses excluding cost of revenues:
Selling and marketing		15,328			—			—			15,328
Research and development		2,146			217			—			2,363
General and administrative		2,595			1,713			11			4,319
Loss on disposal of assets, net		1			—			—			1
Total operating expenses excluding cost of revenues		20,070			1,930			11			22,011
Income (loss) from operations		8,866			(1,930	)		(11	)		6,925
Other income, net		510			217			—			727
Change in fair value of warrant liability		—			(23	)		—			(23	)
Income tax expense		(1,691	)		(2	)		—			(1,693	)
Net income (loss)	$	7,685		$	(1,738	)	$	(11	)	$	5,936

Supplemental disclosure of stock-based compensation expense:
Cost of revenue	$	38		$	—		$	—		$	38
Selling and marketing		24			—			—			24
General and administrative		277			808			—			1,085
Stock-based compensation total	$	339		$	808		$	—		$	1,147


	Nine Months Ended September 30, 2025
	Gyre Pharmaceuticals			Gyre			Other			Consolidated
Revenues	$	79,393		$	—		$	—		$	79,393
Cost of revenues		3,673			—			—			3,673
Gross profit		75,720			—			—			75,720
Operating expenses excluding cost of revenues:
Selling and marketing		41,363			—			—			41,363
Research and development		8,512			371			—			8,883
General and administrative		9,008			5,079			16			14,103
Loss on disposal of assets, net		2			—			—			2
Total operating expenses excluding cost of revenues		58,885			5,450			16			64,351
Income (loss) from operations		16,835			(5,450	)		(16	)		11,369
Other income, net		335			354			—			689
Change in fair value of warrant liability		—			2,444			—			2,444
Income tax expense		(3,254	)		(2	)					(3,256	)
Net income (loss)	$	13,916		$	(2,654	)	$	(16	)	$	11,246

Supplemental disclosure of stock-based compensation expense:
Cost of revenue	$	85		$	—		$	—		$	85
Selling and marketing		53			—			—			53
General and administrative		628			1,794			—			2,422
Stock-based compensation total	$	766		$	1,794		$	—		$	2,560


	Three Months Ended September 30, 2024
	Gyre Pharmaceuticals			Gyre			Other			Consolidated
Revenues	$	25,488		$	—		$	—		$	25,488
Cost of revenues		958			—			—			958
Gross profit		24,530			—			—			24,530
Operating expenses excluding cost of revenues:
Selling and marketing		13,699			—			—			13,699
Research and development		2,553			222			—			2,775
General and administrative		2,225			1,593			5			3,823
Loss on disposal of assets, net		—			—			—			—
Total operating expenses excluding cost of revenues		18,477			1,815			5			20,297
Income (loss) from operations		6,053			(1,815	)		(5	)		4,233
Change in fair value of warrant liability		—			(228	)		—			(228	)
Other expense, net		(4	)		(71	)		—			(75	)
Income tax expense		(1,074	)		—			—			(1,074	)
Net income (loss)	$	4,975		$	(2,114	)	$	(5	)	$	2,856

Supplemental disclosure of stock-based compensation expense:
General and administrative	$	—			237			—		$	237
Stock-based compensation total	$	—		$	237		$	—		$	237


	Nine Months Ended September 30, 2024
	Gyre Pharmaceuticals			Gyre			Other			Consolidated
Revenues	$	77,885		$	—		$	—		$	77,885
Cost of revenues		2,707			—			—			2,707
Gross profit		75,178			—			—			75,178
Operating expenses excluding cost of revenues:
Selling and marketing		40,655			—			—			40,655
Research and development		7,639			673			—			8,312
General and administrative		7,031			3,608			6			10,645
Loss on disposal of assets, net		68			—			—			68
Total operating expenses excluding cost of revenues		55,393			4,281			6			59,680
Income (loss) from operations		19,785			(4,281	)		(6	)		15,498
Change in fair value of warrant liability		—			6,973			—			6,973
Other income (expense), net		111			(136	)		—			(25	)
Income tax expense		(5,117	)		—			—			(5,117	)
Net income (loss)	$	14,779		$	2,556		$	(6	)	$	17,329

Supplemental disclosure of stock-based compensation expense:
General and administrative	$	—		$	264		$	—		$	264
Stock-based compensation total	$	—		$	264		$	—		$	264

The table below presents total assets as of September 30, 2025 and December 31, 2024.

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


	Nine Months Ended September 30, 2025
	Gyre Pharmaceuticals		Gyre		Other		Consolidated
Purchase of property and equipment	$	1,046	$	—	$	—	$	1,046


	Nine Months Ended September 30, 2024
	Gyre Pharmaceuticals		Gyre		Other		Consolidated
Purchase of property and equipment	$	2,366	$	14	$	—	$	2,380

GYRE THERAPEUTICS, INC. 10-Q