Gyre Therapeutics is a biopharmaceutical company focused on organ fibrosis and inflammatory diseases. Gyre operates primarily through its majority-owned Chinese subsidiary, Gyre Pharmaceuticals, which generates virtually all of its revenue. The commercial core of the business is ETUARY® (pirfenidone), an antifibrotic therapy for idiopathic pulmonary fibrosis (IPF) that was the first IPF drug approved in China and has been included in China's national reimbursement drug list since 2017. Gyre sells its products to distributors in China, who resell to hospitals and pharmacies, and deploys a ~405-person sales force across 30 Chinese provinces focused on educating physicians and key opinion leaders. Gyre has recently expanded its commercial portfolio with Etorel® (nintedanib), the other standard-of-care IPF therapy for which Gyre acquired Chinese marketing rights in 2024, and Contiva® (avatrombopag), a treatment for thrombocytopenia associated with chronic liver disease. Gyre's most important pipeline asset is Hydronidone, a pirfenidone derivative for liver fibrosis. Hydronidone met its primary endpoint in a Phase 3 trial in China for chronic hepatitis B-associated liver fibrosis, and Gyre plans to file an NDA in China in the first half of 2026. Gyre is also developing Hydronidone for MASH-associated liver fibrosis in the U.S., where it plans to initiate a Phase 2 trial in 2026. Gyre funds its clinical pipeline through cash flows from its Chinese commercial portfolio.