Full-year 2025 revenue increased 10% year-over-year to $116.6 million, within revised guidance range
Full year 2026 revenue guidance of $100.5 to $111.0 million
Entered into agreement to acquire Cullgen to gain targeted protein degradation platform and pipeline; transaction anticipated to close in the second quarter of 2026
Alignment with China's Center for Drug Evaluation $(CDE)$ on conditional approval filing and priority review eligibility for Hydronidone, subject to formal approval; New Drug Application (NDA) submission for conditional approval expected in the first half of 2026
Completed patient enrollment in the 52-week Phase 3 pirfenidone pneumoconiosis $(PD)$ trial
(272 patients across 18 sites)
Hydronidone U.S. Investigational New Drug $(IND)$ application for MASH-associated liver fibrosis anticipated in 2026
SAN DIEGO, March 12, 2026 (GLOBE NEWSWIRE) -- Gyre Therapeutics (Gyre or the Company) (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company dedicated to advancing fibrosis-first therapies across organ systems affected by chronic disease, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided a business update.
"2026 is expected to be a pivotal regulatory year for Gyre as we advance Hydronidone toward conditional approval in China following our alignment with China's CDE," said Ping Zhang, Executive Chairman and Interim Chief Executive Officer of Gyre Therapeutics. "Our planned NDA submission in the first half of 2026 underscores the strength of our Phase 3 data and the constructive progress achieved through regulatory engagement. In addition, we have completed enrollment in our 52-week Phase 3 pirfenidone trial in pneumoconiosis, further strengthening our late-stage respiratory portfolio. We have also incorporated the complete Phase 2 and Phase 3 clinical data from our CHB-associated liver fibrosis program into our U.S. development strategy and expect to submit an IND application in 2026 for MASH-associated liver fibrosis. Finally, we recently announced an agreement to acquire Cullgen, a company with a robust pipeline of degraders, targeting inflammatory diseases and cancers, as well as U.S.-based drug discovery and development capabilities. Collectively, these achievements support the continued advancement of our differentiated pipeline across both China and the United States."
Fourth Quarter 2025 Business Highlights and Upcoming Milestones
Commercial Portfolio
-- ETUARY$(R)$ (pirfenidone): Generated $106.1 million in sales of ETUARY(R) for the full year ended December 31, 2025, compared to $105.0 million for the same period in 2024. -- Etorel(R) (nintedanib ethanesulfonate soft capsules): Launched in June 2025 and generated $4.6 million in sales for the full year ended December 31, 2025. -- Contiva(R) (avatrombopag maleate tablets): Launched in March 2025 and generated $5.5 million in sales for the full year ended December 31, 2025.
Pipeline Development Updates
Hydronidone:
-- In November 2025, Gyre Pharmaceuticals Co., Ltd. (Gyre Pharmaceuticals)
presented positive Phase 3 trial results evaluating Hydronidone for the
treatment of liver fibrosis in chronic hepatitis B $(CHB)$-associated liver
fibrosis at The Liver Meeting(R) 2025, the annual meeting of the American
Association of the Study of Liver Diseases. The abstract was selected as
a Poster of Distinction.
-- Following the Phase 3 trial results, Gyre Pharmaceuticals completed a
Pre-NDA meeting with China's CDE. Based on the discussions, the CDE
indicated that the existing Phase 3 clinical data support a conditional
approval filing and potential priority review eligibility, subject to
formal acceptance and approval. The Company plans to submit an NDA for
conditional approval in the first half of 2026.
-- In the United States, Gyre Therapeutics plans to conduct a hepatic
impairment study under its active U.S. IND application to inform dose
selection and enrollment criteria in patients with reduced hepatic
function, supporting the Company's broader U.S. development strategy.
-- Gyre Therapeutics remains on track to submit an IND application in 2026
with the U.S. Food & Drug Administration for Hydronidone in
MASH-associated liver fibrosis, and, subject to IND clearance, initiate a
Phase 2 clinical trial.
Pirfenidone:
-- In the third quarter of 2025, Gyre Pharmaceuticals completed patient
enrollment in its 52-week Phase 3 clinical trial evaluating pirfenidone
for the treatment of PD. The multicenter, randomized, double-blind,
placebo-controlled trial enrolled 272 patients across 18 clinical
research centers in China and is designed to assess the efficacy and
safety of 52 weeks of pirfenidone treatment in patients with this chronic
occupational lung disease characterized by progressive pulmonary
fibrosis. The final patient is expected to complete the trial in the
third quarter of 2026.
-- Following approval in March 2025 from China's National Medical Products
Association's (NMPA) for a clinical trial evaluating pirfenidone in
oncology-related pulmonary complications, Gyre Pharmaceuticals plans to
initiate an adaptive Phase 2/3 trial in the first half of 2026 in China.
This trial will evaluate pirfenidone for radiation-induced lung injury
(RILI), including cases complicated by immune-related pneumonitis, at
leading oncology centers.
Corporate Updates:
-- In March 2026, Gyre announced an agreement to acquire Cullgen Inc.
(Cullgen), a privately-held, clinical-stage biopharmaceutical company
focused on the discovery and development of targeted protein degrader and
degrader antibody conjugate therapies, in an all-stock transaction valued
at approximately $300 million. Following the closing of the acquisition,
expected in the second quarter of 2026, the new combined entity is
expected to be a fully integrated biopharmaceutical company with U.S.-
and China-based capabilities spanning from discovery to manufacturing and
commercialization and covering multiple therapeutic areas, including
inflammatory diseases, cancers, and pain.
Financial Results
Cash Position
As of December 31, 2025, Gyre had cash, cash equivalents, short-term and long-term bank deposits of $75.9 million.
Financial Results for the Three Months Ended December 31, 2025
-- Revenues: Revenues for the three months ended December 31, 2025 were
$37.2 million, compared to $27.9 million for the same period in 2024,
representing an increase of $9.3 million, or 33.3% year-over-year. The
growth was driven by $1.5 million in Etorel(R) sales and $2.5 million in
Contiva(R) sales, as well as a $5.5 million increase in ETUARY(R) sales,
partially offset by a $0.2 million decrease in generic drug revenue. The
increase in ETUARY(R) sales reflects strengthened commercial execution
and the reallocation of marketing resources during the second half of
2025.
-- Cost of Revenues: For the three months ended December 31, 2025, cost of
revenues was $1.7 million, compared to $1.2 million for the same period
in 2024. The $0.5 million increase was primarily driven by a $0.4 million
increase in stock-based compensation expense, and a $0.1 million increase
in cost of sales of Etorel(R) and Contiva(R).
-- Selling and Marketing Expense: Selling and marketing expense for the
three months ended December 31, 2025 was $23.8 million, compared to $16.9
million for the same period in 2024, representing an increase of $6.9
million, or 40.8% year-over-year. The increase was primarily attributable
to expanded commercial activities, including a $2.9 million increase in
personnel costs driven by higher sales headcount and commissions, a $2.2
million increase in stock-based compensation expense, a $1.7 million
increase in conference and promotional activities, and a $0.1 million
increase in travel and other expenses.
-- Research and Development Expense: For the three months ended December 31,
2025, research and development expense was $4.8 million, compared to $3.7
million for the same period in 2024. The $1.1 million increase was
primarily driven by a $0.6 million increase in facilities, depreciation
and other expenses, attributable mainly to professional and consulting
fees incurred in connection with research and development operations, a
$0.3 million increase in pre-clinical research costs, a $0.2 million
increase in clinical trial costs and a $0.3 million increase in staff
costs which included $0.2 million in stock-based compensation expenses,
partially offset by a $0.3 million decrease in materials and utilities
expenses.
-- General and Administrative Expense: For the three months ended
December 31, 2025, general and administrative expense was $6.7 million,
compared to $5.5 million for the same period in 2024. The $1.2 million
increase was primarily driven by a $1.2 million increase in stock-based
compensation expense and a $0.8 million increase in functional and
administrative department's personnel expense, partially offset by a $0.6
million decrease in professional service expense, a $0.1 million decrease
in depreciation and amortization expense and a $0.1 million decrease in
miscellaneous expense.
-- Income from Operations: For the three months ended December 31, 2025,
income from operations was $0.1 million, compared to $0.7 million income
from operations for the same period in 2024. The $0.6 million decrease in
income from operations was driven primarily by a $9.9 million increase in
total operating expenses, partially offset by a $9.3 million increase in
revenue.
-- Net (Loss) Income: For the three months ended December 31, 2025, net loss
was $1.4 million, compared to $0.6 million net income for the same period
in 2024. The $2.0 million decrease was driven primarily by an increase in
income tax expense of $1.1 million, an increase in operating expenses of
$9.9 million and a decrease in other income of $0.3 million, partially
offset by an increase in revenue of $9.3 million.
-- Non-GAAP Adjusted Net Income: For the three months ended December 31,
2025, non-GAAP adjusted net income was $4.3 million, compared to $1.1
million for the same period in 2024. The $3.2 million increase was
primarily driven by an increase in revenue of $9.3 million partially
offset by the increase in operating expenses of $5.8 million and an
decrease in other income of $0.3 million.
Financial Results for the Full Year Ended December 31, 2025
-- Revenues: Revenues for the full year ended December 31, 2025 were $116.6
million, compared to $105.8 million for the same period in 2024,
representing an increase of $10.8 million, or 10.2% year-over-year. The
growth was driven by $5.5 million in Contiva(R) sales and $4.6 million in
Etorel(R) sales, along with a $1.1 million increase in ETUARY(R) sales,
partially offset by a $0.4 million decline in generic drug revenue.Sales
of Contiva(R) and Etorel(R), which commenced commercialization in March
2025 and June 2025, respectively, were primarily driven by the targeted
allocation of commercial and marketing resources to support their
respective launches during the first half of 2025. The increase in
ETUARY(R) sales reflects a strategic realignment of marketing efforts in
the third quarter of 2025 to optimize product mix and address evolving
market dynamics.
-- Cost of Revenues: For the full year ended December 31, 2025, cost of
revenues was $5.4 million, compared to $3.9 million for the same period
in 2024. The $1.5 million increase was primarily driven by a $0.8 million
increase in ETUARY(R)'s cost, due to higher plant, property and equipment
depreciation from a plant renovation completed in the second half of
2024, a $0.6 million increase in the cost of Contiva(R) and Etorel(R), in
line with the corresponding increase in their sales, and a $0.5 million
increase in stock-based compensation expense. These factors were
partially offset by a $0.4 million decrease in costs related to generic
drugs due to the decrease in sales.
-- Selling and Marketing Expense: For the full year ended December 31, 2025,
selling and marketing expense was $65.2 million, compared to $57.5
million for the same period in 2024. This $7.7 million increase was
primarily driven by a $2.5 million increase in conference expenses and
promotional expenses, attributable to the launch of additional
promotional campaigns in the current year--particularly for the Company's
new products, a $2.6 million increase in staff costs, which was driven by
expanded headcount and higher sales commissions, consistent with the
corresponding growth in revenue, a $2.3 million increase in stock-based
compensation expense and a $0.3 million increase in traveling and other
expense.
-- Research and Development Expense: For the full year ended December 31,
2025, research and development expense was $13.7 million, compared to
$12.0 million for the same period in 2024. The $1.7 million increase was
attributable to a $1.0 million increase in clinical trial costs,
primarily as a result of data analysis costs for Hydronidone, PD and RILI,
a $0.4 million increase in staff costs, which included $0.2 million in
stock-based compensation expense, a $0.5 million increase in facilities,
depreciation and other expenses, attributable mainly to professional and
consulting fees incurred in connection with research and development
operations, and a $0.4 million increase in pre-clinical research
expenses. These expense increases were partially offset by a $0.6 million
decrease in materials and utilities expenses.
-- General and Administrative Expense: For the full year ended December 31,
2025, general and administrative expense was $20.8 million, compared to
$16.1 million for the same period in 2024. This $4.7 million increase was
primarily driven by a $3.3 million increase in stock-based compensation
expense, a $1.3 million increase in functional and administrative
department's personnel expense, and a $0.9 million increase in
miscellaneous expense. These cost increases were partially offset by a
$0.8 million decrease in professional service expenses.
-- Income from Operations: For the full year ended December 31, 2025, income
from operations was $11.5 million, compared to $16.2 million in income
for the same period in 2024. The $4.7 million decrease in income from
operations was driven primarily by a $15.5 million increase in total
operating expenses, partially offset by a $10.8 million increase in
revenue.
-- Net Income: For the full year ended December 31, 2025, net income was
$9.9 million, compared to $17.9 million net income for the same period in
2024. This $8.0 million decrease was driven primarily by the increase in
operating expenses of $15.5 million and decrease in change in fair value
of warrant liability of $4.5 million, partially offset by an increase in
revenue of $10.8 million, an increase in other income of $0.4 million,
and a decrease in income tax expense of $0.8 million.
-- Non-GAAP Adjusted Net Income: For the full year ended December 31, 2025,
non-GAAP adjusted net income was $18.9 million, compared to $16.9 million
for the same period in 2024. The increase was primarily driven by an
increase in revenue of $10.8 million and an increase in other income of
$0.4 million partially offset by an increase in operating expenses of
$9.2 million.
Full Year 2026 Financial Guidance
For the full year 2026, the Company expects to generate revenues of $100.5 million to $111.0 million, representing a decline of approximately 13.8% to 4.8% compared to 2025.
The Company anticipates that 2026 will be a transition period, during which it plans to prioritize regulatory activities, including preparation for the planned NDA submission of Hydronidone.
In addition, given uncertainties associated with the National Centralized Drug Procurement program and evolving market dynamics, the Company expects to moderate promotional activities for Contiva(R) and Etorel(R) .
Please note the following regarding the total revenue guidance:
-- Guidance assumes a constant foreign currency exchange rate. -- Guidance assumes no significant economic disruption or downturn.
Use of Non-GAAP Financial Measures by Gyre Therapeutics, Inc.
Gyre reports financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). This release presents the financial measure "adjusted net income," which is not calculated in accordance with GAAP. The most directly comparable GAAP measure for this non-GAAP financial measure is "net income." Adjusted net income presents Gyre's results of operations after excluding gain from change in fair value of warrants, stock-based compensation, and provision for income taxes. This is meant to supplement, and not substitute, Gyre's financial information presented in accordance with GAAP. Adjusted net income as defined by Gyre may not be comparable to similar non-GAAP measures presented by other companies. Management believes that presenting adjusted net income provides investors with additional useful information in evaluating Gyre's performance and valuation. See the reconciliation of adjusted net income to net income in the section titled "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
About Hydronidone
Hydronidone is a novel, orally administered anti-fibrotic agent designed to target key liver fibrosis pathways. It attenuates hepatic stellate cell activation and fibrogenesis, at least in part, by suppressing Tumor Growth Transforming (TGF)-<BETA>1-induced signal transduction, including reduced p38<GAMMA> phosphorylation and upregulated Smad7 expression. This upregulation of Smad7 subsequently leads to downregulation of TGF-<BETA>RI and inhibition of Smad2/3 activation, thereby disrupting canonical TGF-<BETA>/Smad signaling and reducing fibrotic gene expression in hepatic stellate cells.
The drug has completed Phase 3 clinical evaluation in China for chronic hepatitis B (CHB)-associated liver fibrosis, including early (compensated) cirrhosis, and is being evaluated for its potential applicability across additional fibrotic diseases in region-specific development programs.
About Gyre Pharmaceuticals
Gyre Pharmaceuticals is a commercial-stage biopharmaceutical company committed to the research, development, manufacturing and commercialization of innovative drugs for organ fibrosis. Its flagship product, ETUARY(R) (pirfenidone capsule), was the first approved treatment for IPF in China in 2011 and has maintained a prominent market share (2024 net sales of $105.8 million). In addition, Gyre Pharmaceuticals' pipeline includes Hydronidone, a structural analogue of pirfenidone, which demonstrated statistically significant fibrosis regression after 52 weeks of treatment in a pivotal Phase 3 clinical trial in CHB-associated liver fibrosis in China. Hydronidone received Breakthrough Therapy designation by the NMPA CDE in March 2021. Gyre Pharmaceuticals is also developing treatments for PD, RILI with or without immune-related pneumonitis, chronic obstructive pulmonary disease (COPD), pulmonary arterial hypertension (PAH) and acute/acute-on-chronic liver failure (ALF/ACLF). As of December 31, 2025, Gyre Therapeutics owns a 69.7% equity interest in Gyre Pharmaceuticals.
About Gyre Therapeutics
Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, primarily focused on the development and commercialization of Hydronidone for liver fibrosis, including MASH, in the United States Gyre's strategy builds on its experience in mechanistic studies using MASH rodent models and clinical studies in CHB-induced liver fibrosis. In the People's Republic of China, Gyre is advancing a broad pipeline through its indirect controlling interest in Gyre Pharmaceuticals, including therapeutic expansions of ETUARY(R) , and development programs for F573, F528, and F230.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the expectations regarding Gyre's research and development efforts, the anticipated timing of the submission of Gyre Therapeutics' U.S. IND application for Hydronidone for the treatment of MASH-associated liver fibrosis, plans to conduct a hepatic impairment study of Hydronidone in U.S. subjects under Gyre Therapeutics' active IND application, timing for the initiation of Gyre Pharmaceuticals' Phase 2/3 trial in China for pirfenidone capsules for the treatment of RILI, including cases complicated by immune-related pneumonitis, the filing of an NDA with the NMPA and timing for potential commercial approval for Hydronidone for the treatment of CHB-associated liver fibrosis, expectations regarding conducting a confirmatory trial for Hydronidone in China, trial design of Gyre's Phase 3 clinical trial evaluating pirfenidone for the treatment of pneumoconiosis, interactions with regulators, the structure, timing and completion of the proposed acquisition of Cullgen, the anticipated timing of closing of the acquisition of Cullgen, the future operations of the combined entity, the nature, strategy and focus of the combined Gyre and Cullgen entity, the development and commercial potential and potential benefits of any product candidates of the combined Gyre and Cullgen entity, Gyre's ability to meet its expected revenue guidance and Gyre's financial position and cash resources. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: Gyre's ability to execute on its clinical development strategies; positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; the timing or likelihood of regulatory filings and approvals; competition from competing products; the impact of general economic, health, industrial or political conditions in the United States or internationally; the sufficiency of Gyre's capital resources and its ability to raise additional capital; supply chain and distribution delays and challenges. Additional risks and factors are identified under "Risk Factors" in Gyre's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 17, 2025, and in subsequent filings with the Securities and Exchange Commission.
Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For Investors:
David Zhang
Gyre Therapeutics
david.zhang@gyretx.com
Gyre Therapeutics, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
Three Months Ended
December 31,
(Unaudited) Year Ended December 31,
2025 2024 2025 2024
----------- ----------- ------------ ------------
Revenues $ 37,195 $ 27,872 $ 116,588 $ 105,757
Operating
expenses:
Cost of revenues 1,743 1,177 5,416 3,884
Selling and
marketing 23,816 16,856 65,179 57,511
Research and
development 4,815 3,712 13,698 12,024
General and
administrative 6,701 5,464 20,804 16,109
Loss (Gain) on
disposal of
assets, net 2 (2) 4 66
---------- ---------- ----------- -----------
Total operating
expenses 37,077 27,207 105,101 89,594
---------- ---------- ----------- -----------
Income from
operations 118 665 11,487 16,163
Other income
(expenses):
Interest income,
net 509 346 1,747 1,547
Other expense,
net (956) (433) (1,505) (1,659)
Change in fair
value of
warrant
liability 263 194 2,707 7,167
---------- ---------- ----------- -----------
(Loss) Income
before income
taxes (66) 772 14,436 23,218
Provision for
income taxes (1,300) (203) (4,556) (5,320)
---------- ---------- ----------- -----------
Net (loss) income (1,366) 569 9,880 17,898
Net income
attributable to
noncontrolling
interest 357 668 4,853 5,813
---------- ---------- ----------- -----------
Net (loss) income
attributable to
common
stockholders $ (1,723) $ (99) $ 5,027 $ 12,085
========== ========== =========== ===========
Net (loss) income
per share
attributable to
common
stockholders:
Basic $ (0.02) $ (0.00) $ 0.06 $ 0.14
========== ========== =========== ===========
Diluted $ (0.02) $ (0.00) $ 0.02 $ 0.05
========== ========== =========== ===========
Weighted average
shares used in
calculating net
income per share
attributable to
common
stockholders:
Basic 91,156,159 85,952,413 89,344,622 85,094,948
========== ========== =========== ===========
Diluted 91,156,159 85,952,413 103,180,037 102,293,526
========== ========== =========== ===========
Gyre Therapeutics, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
December 31, 2025 December 31, 2024
------------------- -------------------
Assets
Current assets:
Cash and cash
equivalents $ 37,070 $ 11,813
Short-term bank
deposits 15,355 14,858
Notes receivable 5,638 4,373
Accounts receivable,
net 31,078 19,589
Other receivables from
GNI 230 230
Inventories 10,171 6,337
Prepaid assets 1,338 1,189
Receivable from GCBP -- 4,961
Other current assets 1,489 1,436
--- -------------- --- --------------
Total current assets: 102,369 64,786
Property and equipment,
net 23,599 23,880
Intangible assets, net 4,727 273
Right-of-use assets 1,131 1,818
Land use rights, net 1,425 1,432
Deferred tax assets 6,873 5,619
Long-term certificates
of deposit 23,516 24,568
Other assets,
noncurrent 2,492 3,030
--- -------------- --- --------------
Total assets $ 166,132 $ 125,406
=== ============== === ==============
Liabilities, convertible
preferred stock, and
equity
Current liabilities:
Accounts payable $ 124 $ 108
Contract liabilities 14 61
Due to related parties 227 227
Accrued expenses and
other current
liabilities 14,345 10,615
Income tax payable 2,940 2,831
Operating lease
liabilities, current 636 713
CVR derivative
liability -- 4,961
--- -------------- --- --------------
Total current
liabilities: 18,286 19,516
Operating lease
liabilities,
noncurrent 303 885
Deferred government
grants 852 928
Warrant liability,
noncurrent 2,961 5,668
Other noncurrent
liabilities 1,448 7
--- -------------- --- --------------
Total liabilities $ 23,850 $ 27,004
Commitments and
Contingencies
Stockholders' equity:
Common stock, $0.001
par value, 400,000,000
shares authorized;
91,314,007 shares and
86,307,544 shares
issued and outstanding
at December 31, 2025
and 2024,
respectively 91 86
Additional paid-in
capital 172,047 136,185
Statutory reserve 3,098 3,098
Accumulated deficit (68,426) (73,453)
Accumulated other
comprehensive loss (779) (2,597)
--- -------------- --- --------------
Total Gyre stockholders'
equity 106,031 63,319
Noncontrolling interest 36,251 35,083
--- -------------- --- --------------
Total equity 142,282 98,402
--- -------------- --- --------------
Total liabilities and
stockholders' equity $ 166,132 $ 125,406
=== ============== === ==============
Gyre Therapeutics, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands)
(unaudited)
Three Months Ended Years Ended December
December 31, 31,
-------------------- -----------------------
2025 2024 2025 2024
---------- ------- ---------- -------
Net (loss)
income $ (1,366) $ 569 $ 9,880 $17,898
Gain from
change in
fair value
of
warrants(1) (263) (194) (2,707) (7,167)
Stock-based
compensation 4,597 567 7,157 831
Provision for
income
taxes 1,300 203 4,556 5,320
------ ------ ------ ------
Non-GAAP
adjusted net
income $ 4,268 $ 1,145 $ 18,886 $16,882
====== ====== ====== ======
(1) Reflects adjustments for fair value of warrants based on the Black-Scholes option pricing model.
(END) Dow Jones Newswires
March 12, 2026 06:00 ET (10:00 GMT)
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