GYRE THERAPEUTICS, INC.
GYRE · Pharmaceutical Preparations · 97.0M shares · +49%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$749K (gross $82K, SBC $831K)
Reference price $6.35 · est. market cap ~$616M — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62China-based liver-fibrosis pharma — profitable and cash-rich, but VIE structure lowers confidence.
Strengths
- Profitable, cash-rich — operating margin 10% (81st), net margin 8% (81st), current ratio 5.6 (63rd)
- High gross margin — 95%
Risks
- China/VIE-structure risk — per 10-K
- Single-asset (Hydronidone) concentration — per 10-K
- Roughly breakeven FCF — per metrics
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-0.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +49%/yr over 3y (dilution, book value/share -25%)
- Notable holderHeld by 3 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC (as of 2026-03-31)
- Insider sellingInsider selling — 18 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$952,875, last 6mo) Form 4 ↗
- Revenue declineRevenue -39.5% YoY
- Pending mergerOn March 2, 2026, we entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Cullgen Inc
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
95.4%
Operating margin
9.9%
Net margin
8.5%
Return on equity
9.3%
Return on assets
5.9%
Revenue growth (QoQ)
-39.5%
Net-income growth
-44.8%
Current ratio
5.6×
Free cash flow
-$180K
EBITDA
$14M
Tangible book value
$101M
Cash & investments
$54M
Cash runway
1201q
Stock comp / revenue
6.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Ye Weiguo | Option exercise | 3.0K | $0.75 |
| 2026-06-18 | Ye Weiguo | Sell | 3.0K | $6.35 |
| 2026-06-11 | Ye Weiguo | Option exercise | 2.8K | $0.75 |
| 2026-06-11 | Ye Weiguo | Sell | 2.8K | $6.17 |
| 2026-06-10 | Ye Weiguo | Option exercise | 6.4K | $0.75 |
| 2026-06-10 | Ye Weiguo | Option exercise | 5.0K | $0.75 |
| 2026-06-10 | Ye Weiguo | Sell | 5.0K | $6.24 |
| 2026-06-10 | Ye Weiguo | Sell | 6.4K | $6.21 |
| 2026-06-09 | Ye Weiguo | Option exercise | 3.0K | $0.75 |
| 2026-06-09 | Ye Weiguo | Option exercise | 14K | $0.75 |
| 2026-06-09 | Ye Weiguo | Sell | 14K | $6.14 |
| 2026-06-09 | Ye Weiguo | Sell | 3.0K | $6.15 |
| 2026-06-05 | Ye Weiguo | Option exercise | 15K | $0.75 |
| 2026-06-05 | Ye Weiguo | Sell | 15K | $6.40 |
| 2026-06-04 | Ye Weiguo | Sell | 20K | $6.13 |
| 2026-06-04 | Ye Weiguo | Option exercise | 20K | $0.75 |
| 2026-05-26 | Ye Weiguo | Option exercise | 4.0K | $0.75 |
| 2026-05-26 | Ye Weiguo | Sell | 4.0K | $6.10 |
| 2026-05-22 | Ye Weiguo | Sell | 3.5K | $6.08 |
| 2026-05-22 | Ye Weiguo | Option exercise | 3.5K | $0.75 |
| 2026-05-21 | Ye Weiguo | Option exercise | 13K | $0.75 |
| 2026-05-21 | Ye Weiguo | Sell | 13K | $6.15 |
| 2026-05-20 | Ye Weiguo | Sell | 9.4K | $6.15 |
| 2026-05-20 | Ye Weiguo | Option exercise | 9.4K | $0.75 |
| 2026-05-19 | Ye Weiguo | Sell | 9.1K | $6.37 |
| 2026-05-19 | Ye Weiguo | Option exercise | 9.1K | $0.75 |
| 2026-05-18 | Ye Weiguo | Sell | 200 | $6.62 |
| 2026-05-18 | Ye Weiguo | Option exercise | 200 | $0.75 |
| 2026-05-15 | Ye Weiguo | Sell | 13K | $6.65 |
| 2026-05-15 | Ye Weiguo | Option exercise | 13K | $0.75 |
| 2026-05-14 | Ye Weiguo | Option exercise | 16K | $0.75 |
| 2026-05-14 | Ye Weiguo | Sell | 16K | $6.91 |
| 2026-05-06 | Luo Ying | Sell | 10K | $8.04 |
| 2026-05-05 | Luo Ying | Sell | 179 | $8.01 |
| 2025-05-28 | Ma Songjiang | Sell | 558 | $10.07 |
| 2025-05-27 | Ma Songjiang | Sell | 2.0K | $10.28 |
| 2025-05-23 | Ma Songjiang | Sell | 182 | $10.24 |
| 2025-05-22 | Ma Songjiang | Sell | 2.0K | $10.97 |
| 2025-05-21 | Ma Songjiang | Sell | 2.0K | $10.83 |
| 2025-05-20 | Ma Songjiang | Sell | 2.0K | $11.25 |
| 2025-05-19 | Ma Songjiang | Sell | 2.0K | $11.11 |
| 2025-05-16 | Ma Songjiang | Sell | 2.0K | $11.31 |
| 2025-05-15 | Ma Songjiang | Sell | 2.0K | $10.68 |
| 2025-05-14 | Ma Songjiang | Sell | 20 | $11.30 |
| 2025-05-13 | Ma Songjiang | Sell | 2.0K | $11.37 |
| 2025-05-12 | Ma Songjiang | Sell | 2.0K | $10.56 |
| 2025-04-16 | Eastling Thomas Wilson | Option exercise | 15K | $6.93 |
| 2025-04-01 | Ye Weiguo | Option exercise | 50K | $0.75 |
| 2025-03-27 | Ye Weiguo | Option exercise | 150K | $0.75 |
| 2025-03-26 | Ye Weiguo | Option exercise | 200K | $0.75 |
| 2025-03-24 | Ye Weiguo | Option exercise | 300K | $0.75 |
| 2025-03-21 | Ma Songjiang | Sell | 174 | $10.00 |
| 2025-03-20 | Ma Songjiang | Sell | 2.0K | $10.09 |
| 2025-03-19 | Ma Songjiang | Sell | 2.0K | $10.13 |
| 2025-03-18 | Ma Songjiang | Sell | 242 | $10.24 |
| 2025-03-17 | Ma Songjiang | Sell | 2.0K | $12.09 |
| 2025-03-14 | Ma Songjiang | Sell | 2.0K | $12.31 |
| 2025-03-13 | Ma Songjiang | Sell | 2.0K | $11.80 |
| 2025-03-12 | Ma Songjiang | Sell | 2.0K | $11.74 |
| 2025-03-11 | Ma Songjiang | Sell | 2.0K | $11.40 |
| 2025-03-10 | Ma Songjiang | Sell | 2.0K | $10.14 |
| 2025-03-07 | Ma Songjiang | Sell | 41 | $12.14 |
| 2025-03-07 | Ma Songjiang | Sell | 53 | $13.03 |
| 2025-03-07 | Ma Songjiang | Sell | 1.9K | $10.13 |
| 2025-03-06 | Ma Songjiang | Sell | 2.0K | $10.80 |
| 2025-03-05 | Ma Songjiang | Sell | 2.0K | $10.98 |
| 2025-03-04 | Ma Songjiang | Sell | 2.0K | $10.86 |
| 2025-03-03 | Ma Songjiang | Sell | 2.0K | $11.23 |
| 2025-02-28 | Ma Songjiang | Sell | 2.0K | $11.41 |
| 2025-02-27 | Ma Songjiang | Sell | 2.0K | $11.33 |
| 2025-02-26 | Ma Songjiang | Sell | 2.0K | $11.63 |
| 2025-02-25 | Ma Songjiang | Sell | 2.0K | $11.37 |
| 2025-02-24 | Ma Songjiang | Sell | 1.8K | $10.60 |
| 2025-02-24 | Ma Songjiang | Sell | 187 | $11.52 |
| 2025-02-21 | Ma Songjiang | Sell | 1.8K | $11.84 |
| 2025-02-21 | Ma Songjiang | Sell | 182 | $12.60 |
| 2025-02-20 | Ma Songjiang | Sell | 2.0K | $12.40 |
| 2025-02-19 | Ma Songjiang | Sell | 2.0K | $12.29 |
| 2025-02-18 | Ma Songjiang | Sell | 2.0K | $12.49 |
| 2025-02-14 | Ma Songjiang | Sell | 2.0K | $11.94 |
| 2025-02-13 | Ma Songjiang | Sell | 2.0K | $11.69 |
| 2025-02-12 | Ma Songjiang | Sell | 2.0K | $11.49 |
| 2025-02-11 | Ma Songjiang | Sell | 1.9K | $11.52 |
| 2025-02-10 | Ma Songjiang | Sell | 2.0K | $11.90 |
| 2025-02-07 | Ma Songjiang | Sell | 2.0K | $12.16 |
| 2025-02-06 | Ma Songjiang | Sell | 2.0K | $12.85 |
| 2025-02-05 | Ma Songjiang | Sell | 2.0K | $12.39 |
| 2025-02-05 | Ma Songjiang | Sell | 20 | $12.84 |
| 2025-02-04 | Ma Songjiang | Sell | 2.0K | $11.62 |
| 2025-02-03 | Ma Songjiang | Sell | 2.0K | $11.47 |
| 2025-01-31 | Ma Songjiang | Sell | 2.0K | $11.51 |
| 2025-01-30 | Ma Songjiang | Sell | 2.0K | $11.37 |
| 2025-01-29 | Ma Songjiang | Sell | 2.0K | $11.43 |
| 2025-01-28 | Ma Songjiang | Sell | 2.0K | $11.51 |
| 2025-01-27 | Ma Songjiang | Sell | 2.0K | $11.18 |
| 2025-01-24 | Ma Songjiang | Sell | 2.0K | $10.89 |
| 2025-01-23 | Ma Songjiang | Sell | 2.0K | $10.49 |
| 2025-01-22 | Ma Songjiang | Sell | 2.0K | $10.63 |
| 2025-01-21 | Ma Songjiang | Sell | 2.0K | $10.85 |
| 2025-01-17 | Ma Songjiang | Sell | 2.0K | $10.72 |
| 2025-01-16 | Ma Songjiang | Sell | 2.0K | $10.71 |
| 2025-01-15 | Ma Songjiang | Sell | 2.0K | $10.85 |
| 2025-01-14 | Ma Songjiang | Sell | 2.0K | $10.39 |
| 2025-01-13 | Ma Songjiang | Sell | 56 | $10.10 |
| 2025-01-10 | Ma Songjiang | Sell | 1.1K | $10.02 |
| 2025-01-07 | Ma Songjiang | Sell | 1.3K | $10.02 |
| 2025-01-06 | Ma Songjiang | Sell | 941 | $10.16 |
| 2025-01-03 | Ma Songjiang | Sell | 833 | $11.85 |
| 2025-01-03 | Ma Songjiang | Sell | 1.2K | $11.03 |
| 2025-01-02 | Ma Songjiang | Sell | 2.0K | $12.40 |
| 2024-12-31 | Ma Songjiang | Sell | 2.0K | $12.30 |
| 2024-12-30 | Ma Songjiang | Sell | 2.0K | $12.50 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- Jiangsu Wangao Pharmaceuticals Co., Ltd.
- Nanjing Healthnice Pharmaceutical Technology Co., Ltd.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-06-02 | Reg FDExhibits | filing ↗ |
| 2026-05-14 | Reg FDExhibits | filing ↗ |
| 2026-05-12 | Reg FDExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-05-04 | Acquisition/disposition3.023.03Exec/director change5.03Reg FDExhibits | filing ↗ |
| 2026-04-17 | Material agreementExhibits | filing ↗ |
| 2026-03-23 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-10 | 0001140361-26-025324 ↗ |
| 8-K | 2026-06-02 | 2026-06-01 | 0001140361-26-023625 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001140361-26-021360 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001140361-26-020845 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-214676 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-209789 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001140361-26-018716 ↗ |
| 8-K/A | 2026-04-17 | 2026-03-02 | 0001140361-26-015307 ↗ |
| 8-K | 2026-03-23 | 2026-03-22 | 0001140361-26-010654 ↗ |
| 10-K | 2026-03-13 | 2025-12-31 | 0001193125-26-106251 ↗ |
| 8-K | 2026-03-12 | 2026-03-10 | 0001140361-26-009115 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-102700 ↗ |