UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 14, 2025

Gyre Therapeutics, Inc.
(Exact name of registrant as specified in its charter)

Delaware
000-51173
56-2020050
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

12770 High Bluff Drive
Suite 150
San Diego, CA
 
92130
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (619) 949-3681

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which
registered
Common Stock
 
GYRE
 
The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.
Results of Operations and Financial Condition.

The information set forth below under “Preliminary Financial Information for the Year Ended December 31, 2024” in Item 7.01 is incorporated by reference herein.

Item 7.01.
Regulation FD Disclosure.

Preliminary Financial Information for the Year Ended December 31, 2024

On February 14, 2025, GNI Group Ltd., a company incorporated under the laws of Japan with limited liability (“GNI Group”), which holds an indirect controlling interest of Gyre Therapeutics, Inc., a Delaware corporation (the “Company”), issued a press release reporting financial results for the quarter and year ended December 31, 2024. GNI Group also disclosed information regarding GNI Group’s and the Company’s financial position and near-term catalysts, including Gyre Pharmaceuticals Co., Ltd.’s (“Gyre Pharmaceuticals”) expected topline data results for its Phase 3 clinical trial of Hydronidone in China in the first quarter of 2025 for patients with liver fibrosis caused by chronic hepatitis B, Gyre Pharmaceuticals' expected completion of its Phase 2 clinical trial of F573 for patients with acute liver failure and acute on chronic liver failure, Gyre Pharmaceuticals' expected initiation of its Phase 1 clinical trial of F230 for patients with pulmonary arterial hypertension and Gyre Pharmaceuticals' plan to submit a new investigational new drug application for F528 in December 2025.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The exhibit furnished under Item 7.01 of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing.

Forward Looking Statements

This report and the press release attached as an exhibit contain forward-looking statements that pertain to future operating performance and that are not historic facts. Forward-looking statements may include, but are not limited to, words such as “believe,” “plan,” “strategy,” “expect,” “forecast,” “possibility” and similar words that describe future operating activities, business performance, events or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the management of GNI Group and/or the Company, based on information that is currently available to it. As such, these forward-looking statements are subject to various risks and uncertainties, and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements.
Item 9.01.
Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith:

Exhibit Number
 
Exhibit Title or Description
 
 
 
 
Press Release, dated February 14, 2025
 
 
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
GYRE THERAPEUTICS, INC.
 
 
Date: February 18, 2025
By:
/s/ Han Ying, Ph.D.
 
Name:
Han Ying, Ph.D.
 
Title:
Chief Executive Officer

Exhibit 99.1

GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

The following information was originally prepared and published by GNI Group Ltd. in Japanese as it contains timely disclosure materials to be submitted to the Tokyo Stock Exchange.  This English summary translation is for reference purposes only.  To the extent there is any discrepancy between this English translation and the original Japanese version, please refer to the Japanese version.  The following information was prepared in accordance with International Financial Reporting Standards (“IFRS”).

Consolidated Financial Results for FY2024 (IFRS)
February 14, 2025
Company Name:
GNI Group Ltd.
Tokyo Stock Exchange
Stock Code:
2160
URL https://www.gnipharma.com
Representative:
Ying Luo, Director, Representative Executive Officer, President, and CEO
Inquiries:
Toshiya Kitagawa, Director, Executive Officer, and CFO
TEL:  +81-3-6214-3600
Annual General Shareholder Meeting Date
March 27, 2025
Annual financial report (Yuho) disclosure date:
March 31, 2025
Supplementary materials prepared for financial results:
Yes
Financial result briefing meeting:
Yes (For institutional investors and analysts)
(Amounts of less than one million yen are rounded down)

1.
Consolidated Financial Results for FY2024 (January to December)

(1)
Consolidated Operating Results
(Percentages are shown as year-on-year changes)
 
Revenue
Operating profit
Pre tax profit
Profit
Profit attributable to owners of parent
comprehensive income
 
Million yen
%
Million yen
%
Million yen
%
Million yen
%
Million yen
%
Million yen
%
FY2024
23,611
(9.2)
1,402
(89.3)
238
(98.1)
(130)
-
977
(87.9)
2,268
(78.7)
FY2023
26,010
49.3
13,108
851.3
12,612
-
9,504
-
8,094
-
10,662
-

 
Basic earnings per share
Diluted earnings per share
Ratio of profit for the year to equity attributable to owners of parent
Ratio of pre tax profit to total assets
Ratio of operating profit to revenue
 
Yen
Yen
%
%
%
FY2024
19.55
18.83
2.8
0.4
5.9
FY2023
169.50
165.56
29.6
26.2
50.4


(2)
Consolidated Financial Position
 
Total assets
Total equity
Total equity attributable to owners of parent
Ratio of total equity attributable to owners of parent
Total equity attributable to owners of parent per share
 
Million yen
Million yen
Million yen
%
Yen
FY2024
69,947
39,673
36,405
52.0
725.87
FY2023
64,269
36,504
33,794
52.6
678.01
Notes:  Provisional accounting treatments for business combinations are being finalized for the fiscal year ending December 2024, and the figures for the fiscal year ending December 2023 reflect the finalization of the provisional accounting treatments.

 (3)
Consolidated Cash Flows
 
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
 
Million yen
Million yen
Million yen
Million yen
FY2024
(3,164)
(10,361)
694
10,115
FY2023
6,549
(6,842)
10,686
21,633
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

2.
Dividends
 
Dividends per share
Total amount of dividends
Dividend payout ratio (consolidated)
Ratio of dividend to total equity attributable to owners of parent (consolidated)
Q1
Q2
Q3
Year-End
Total
 
Yen
Yen
Yen
Yen
Yen
Million yen
%
%
FY2023
-
-
-
0.00
0.00
-
-
-
FY2024
-
-
-
0.00
0.00
-
-
-
FY2025 (Forecast)
-
-
-
0.00
0.00
  
-
  

3.
Consolidated Earnings Forecasts for FY2025 (January to December)
(Percentages are shown as year-on-year changes)
 
Revenue
Operating profit
Pre-tax profit
Profit for the year
Profit attributable to owners of parent
Basic earnings per share
FY2025
Million yen
%
Million yen
%
Million yen
%
Million yen
%
Million yen
%
Yen
28,733
21.7
23,217
-
22,541
-
15,868
-
12,058
-
240.42
For details regarding the performance forecasts above, please refer to the attached document “1.  Analysis of Operating Results and Financial Position (5) Outlook for the Fiscal Year Ending December 31,2025”
Notes:
(1)
Significant changes in the scope of consolidation during the period:  Yes

Newly included:
Governance Partners Asia Limited Partnership
Cullgen Australia Pty Ltd.
Excluded:  -
(2)
Changes in Accounting Policies and Changes in Accounting Estimates

①
Changes in accounting policies that are required under IFRS:  No

②
Changes in accounting policies other than ① :  No.

③
Changes in accounting estimates:  No
(3)
Number of Shares Issued (Ordinary Shares)
  ①
Number of shares issued as of the end of the period (including treasury shares)
FY2024
50,168,243 shares
FY2023
49,857,243 shares
  ②
Number of treasury shares as of the end of the period
FY2024
13,550 shares
FY2023
13,526 shares
  ③
Average number of shares for the period
FY2024
50,007,923 shares
FY2023
47,752,120 shares


*
This consolidated financial report is not subject to review by certified public accountants or an auditing firm.
*
Explanation Concerning the Proper Use of Financial Results Forecasts and Other Relevant Specific Items
Forward-looking statements including earnings forecasts contained in this report are based on currently available information and management’s assumptions and beliefs regarding uncertainties that may impact future earnings forecasts.  The Company cautions readers that actual results may differ materially from forecasts due to a variety of factors.  For the assumptions that underpin financial results forecasts as well as other related items, please refer to “1. (5) Outlook for the Fiscal Year Ending December 31, 2025”.  The Group is planning to conduct a corporate presentation meeting for institutional investors and analysts on February 20, 2025.  The presentation material for the meeting will be disclosed in advance, and the contents of the Q&A session, among other details, will be promptly disclosed after the meeting.
*
Please note that “-” is used if YoY change ratio for the current period and the previous period is negative, or if the change ratio is above 1,000%.
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results
Contents
1.
Analysis of Operating Results and Financial Position
2
 
(1)
Analysis of Operating Results
2
 
(2)
Analysis of Financial Position
4
 
(3)
Analysis of Cash Flows
4
 
(4)
Research and Dvelopment Ativities
5
 
(5)
Outlook for the Fiscal Year Ending December 31, 2025
6
2.
Basic Policy on the Selection of Accounting Standards
6
3.
Consolidated Financial Statements and Notes
7
 
(1)
Consolidated Statements of Financial Position
7
 
(2)
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
9
 
(3)
Consolidated Statements of Changes in Equity
11
 
(4)
Consolidated Statements of Cash Flows
13
 
(5)
Notes to the Consolidated Financial Statements
15
 
(Notes Related to Going Concern Assumptions)
 15
 

(Basis of Preparation)
 15
 

(Segment Information)
 19
 

(Earnings Per Share)
 19
    (Important Subsequent Events)   
19
-1-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

1.
Analysis of Operating Results and Financial Position
(1) Analysis of Operating Results

In 2024, the global economy remained uncertain due to high geopolitical risks such as the prolonged Russian invasion of Ukraine and instability in the Middle East.  In Japan, the Nikkei average stock price has recorded its first 40,000 yen level, and a certain level of growth is being seen against the backdrop of a solid employment environment and a recovery in tourism demand.  However, currency volatility has increased, and price inflation has been driven by rising import costs.  On the other hand, the pace of wage increases continues to be unable to keep up with rising prices, and reducing the burden on households and addressing sustainable economic growth have become issues.  As for the biotechnology sector to which our company belongs and the Tokyo Stock Exchange Growth Market, the situation is not entirely optimistic due to concerns over continued interest rate hikes in Japan.
Under these circumstances, GNI Group Co., Ltd. (“the Company” or “we”) and its affiliated companies (“the Group”) have been steadily promoting projects such as research and development, which the Group has been working on as a stepping stone to future business development, and the listing of subsidiary Cullgen Inc. (“Cullgen”), which have been undertaken by the Group as a whole, in order to become a global mid-sized pharmaceutical company.
In the pharmaceutical and drug discovery Segments, Beijing Continent Pharmaceuticals Co., Ltd. (doing business as Gyre Pharmaceuticals Co., Ltd. “Gyre Pharmaceuticals”), a major subsidiary of the Group, maintained total annual sales of its main product, ETUARY®, at the same level as last year, despite the anti-corruption campaign in the PRC lasting longer than expected.  In order to gain a strong position in the pulmonary fibrosis field, we acquired the rights to manufacture and sell Nintedanib, which is indicated for pulmonary fibrosis other than Idiopathic Pulmonary Fibrosis (IPF) in May 2024.  Furthermore, in the rare disease field (orphan drugs), Gyre Pharmaceuticals received manufacturing and commercial approval in June 2024 for avatrombopag maleate tablets, a treatment for thrombocytopenia due to chronic liver disease that it had been developing in the PRC and in January 2025, approval was granted for an expanded indication to include ITP (chronic idiopathic thrombocytopenia).  As a result, it is expected that future sales revenue will increase by utilizing the existing sales network.
In October 2024, Gyre Pharmaceuticals completed the Phase 3 clinical trial in the PRC for F351, a promising candidate for the next product, targeting liver fibrosis caused by hepatitis B, and is working diligently to disclose top-line data from the clinical trial.  In addition, Gyre Pharmaceuticals is exploring its future global expansion as a treatment for liver fibrosis caused by MASH (metabolic dysfunction-associated steatohepatitis).
As disclosed on November 14, 2024, Cullgen, a U.S. subsidiary that conducts research and development of innovative new drugs mainly in the U.S. and the PRC, announced that it will become a listed company on the Nasdaq market in the U.S. through a reverse merger.  If successfully listed, it will be the second public company after Gyre Therapeutics.
Cullgen continues to advance drug discovery using its proprietary uSMITE™ (ubiquitin-mediated, small molecule induced target elimination) targeted protein degradation inducer technology platform.  Cullgen has signed a joint research and option agreement with Astellas Pharma Inc. (“Astellas Pharma”) to create innovative protein degradation inducers, and the joint research with Astellas Pharma in this strategic alliance is progressing smoothly.
Cullgen is currently conducting clinical trials in the PRC for CG001419 (development number) as the Company’s first TRK degrader anticancer drug candidate, and has begun Phase 1/2 clinical trials.  In addition, Cullgen established a subsidiary in Australia, its third country after the PRC and the U.S., and began the Phase 1 clinical trial for acute and chronic pain in January 2025.  Moreover, as disclosed on October 9, 2024, the IND (Investigational New Drug Application) for CG009301 (development number), a treatment for malignant hematological tumors (leukemia) being developed in the PRC and the U.S. has been approved.  Research and development are also underway for several other programs with the aim of starting clinical trials.
①
Operating Results by Segment
Pharmaceutical Segment
The revenue of the main product of Gyre Pharmaceuticals, ETUARY® , remained steady in the Chinese market.  Cullgen recorded revenue of JPY1,438 million from the joint development of targeted protein degraders with Astellas Pharma.  As a result, the current consolidated fiscal year in the pharmaceutical segment, revenue and segment profit were JPY 18.3 billion down 20.3% YoY, and JPY0.3 billion, down 96.9% YoY, respectively.  However, the segment profit remained steady, excluding a one-time revenue of upfront license fee from Astellas Pharma, and valuation gain on Gyre Therapeutics shares, both incurred in FY2023.
Medical Device Segment
In the Medical Device Segment, due to the inclusion of the newly established subsidiary in the consolidation last year, the segment revenue was JPY 5,307 billion, up 73.5% YoY, and the segment profit was JPY 10 billion, down 4.7% YoY, respectively.
-2-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

②
Selling, General and Administrative Expenses; Research and Development Expenses
Thousand yen
 
FY2023
FY2024
Difference
Selling, general and administrative expenses
(15,292,839)
(15,771,868)
(479,029)
Personnel expenses
(5,318,748)
(5,074,682)
244,065
Research and development expenses
(2,557,803)
(2,811,801)
(253,998)

Selling, general and administrative (SG&A) expenses for FY2024 were JPY 15.7 billion, up 3.1% YoY.
Research and development (R&D) expenses for FY2024 were JPY 2.8 billion, up 9.9% YoY.  The increase in R&D expenses was mainly due to the progress of preclinical and clinical trials at Cullgen.
③
Finance Income and Finance Costs
Thousand yen
 
FY2023
FY2024
Difference
Finance income
771,527
707,799
(63,728)
Finance costs
(1,250,685)
(1,880,621)
(629,935)

Finance income
Finance income for FY2024 was JPY 707 million, down 8.3% YoY.  This decrease of Finance Income was mainly due to decreased foreign exchange gain.
Finance costs
Finance costs for 2024 was JPY 1,880 million, up 50.4% YoY.  This increase was mainly due to increased foreign exchange losses and non-cash interest expense related to Cullgen financing.
-3-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

2) Analysis of Financial Position

The provisional accounting treatment for the business combination carried out in the previous consolidated fiscal year was finalized in this consolidated fiscal year.  In accordance with the finalization of this provisional accounting treatment, the comparative information included in the consolidated financial statements for this consolidated fiscal year reflects a review of the initial allocation of the acquisition cost, and for comparison and analysis with the end of the previous consolidated fiscal year, the amount based on the final amount after reflecting this review is used.

Summary of Consolidated Financial Position
Thousand yen
 
As of December 31, 2023
As of December 31, 2024
Difference
Total assets
64,269,302
69,947,020
5,677,718
Total liabilities
27,764,834
30,273,460
2,508,625
Total equity
36,504,467
39,673,560
3,169,092

Total assets
As of FY 2024 year-end, total assets stood at 69.9 billion, up 8.8% compared to the previous fiscal year end.  This increase in total assets was mainly due to an increase in Non-current Intangible Assets.
Total liabilities
As of FY 2024 year-end, total liabilities stood at 30.2 billion, up 9.0% compared to the previous fiscal year end.  This increase in total liabilities was mainly due to an increase in short-term borrowings.
Total equity
As of FY 2024 year-end, total equity stood at 39.6 billion, up 8.7% compared to the previous fiscal year end.  This increase decrease was mainly due to increased other components of equity.
(3) Analysis of Cash Flows
Summary of Consolidated Cash Flows
Thousand yen
 
FY2023
FY2024
Difference
Cash flows from operating activities
6,549,337
(3,164,422)
(9,713,759)
Cash flows from investing activities
(6,842,661)
(10,361,330)
(3,518,669)
Cash flows from financing activities
10,686,556
694,161
(9,992,394)
Cash flows from operating activities
The cash flow from operating activities was 3.1 billion (cash outflow) in FY2024 (it was 6.5 billion cash inflow in FY2023).  This outflow of cash was mainly due to increased payment of corporate income taxes.
Cash flows from investing activities
The cash flow from investing activities was 10.3 billion (cash outflow) in FY2024 (it was 6.8 billion cash outflow in FY2023).  This was mainly due to an increase in leasehold and guarantee deposits and the purchase of securities.
Cash flows from financing activities
The cash flow from financing activities was 0.6 billion (cash inflow) in FY2024 (it was 10.6 billion cash inflow in FY2023).  This was mainly due to an increase in short-term borrowings, and inflow from capital contribution from non-controlling interests.
-4-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results
(4) Research and Dvelopment Ativities
[Research Activities]
The Group’s drug discovery research aims to develop innovative new candidate compounds (NCEs) centered around Cullgen.  Cullgen is conducting research and development to expand its drug discovery pipeline, which includes multiple novel compounds targeting enzyme and non-enzyme proteins for cancer, pain, and autoimmune diseases.
In June 2023, Cullgen entered into a collaboration and exclusive option agreement with Astellas Pharma to create innovative protein degradation inducers.  In this strategic alliance, the two companies will combine Cullgen’s proprietary technology platform uSMITE™ utilizing novel E3 ligands with Astellas Pharma’s drug discovery and commercialization capabilities to create multiple targeted protein degradation inducers.  Cullgen and Astellas Pharma will collaborate to discover compounds for clinical development, and Astellas Pharma will be responsible for the development and commercialization of the discovered degraders.  Collaborative research with Astellas Pharma, including candidate degraders for cell cycle proteins, which are lead programs identified by Astellas Pharma for breast cancer and other solid cancers, is progressing smoothly.
[Development Activities]
■
ETUARY® [Chinese:  艾思瑞® , (Generic name:  Pirfenidone)] - Gyre Pharmaceuticals
Gyre Pharmaceuticals is conducting clinical trials to expand the indications of ETUARY® to the following diseases:
•
Diabetic nephropathy (DKD):  Phase 1 clinical trials completed, discussing further steps with Chinese authorities
•
Connective Tissue Diseases Associated Interstitial Lung Disease (CTD-LID) (systemic sclerosis (SSc-ILD) and dermatomyositis (DM-ILD)):  Phase 3 clinical trials ongoing
•
Pneumoconiosis treatment drug (Pneumoconiosis, PD):  Phase 3 clinical trials ongoing
■
Nintedanib - Gyre Pharmaceuticals
Nintedanib is a treatment drug indicated for IPF, systemic sclerosis-associated interstitial lung disease (SSc-ILD) and progressive fibrotic interstitial lung disease (PF-ILD).  In May 2024, Gyre Pharmaceuticals acquired the rights to manufacturing and commercial rights from Jiangsu Vanguard Pharmaceutical Co., Ltd..
■
F351 (Generic name:  Hydronidone) - Gyre Pharmaceuticals and Gyre Therapeutics
F351 is a potential treatment for liver fibrosis and an important new drug candidate in our pharmaceutical portfolio, which will be a key part of our strategy to enter major pharmaceutical markets around the world.  F351 is a potential blockbuster drug candidate.

Gyre Pharmaceuticals completed the Phase 3 clinical trial in patients with liver fibrosis caused by chronic hepatitis B in the PRC in October 2024.  The top-line results of Phase 3 are expected to be released in Q1 2025.

Gyre Pharmaceuticals is exploring its future global expansion as a treatment for liver fibrosis caused by MASH (metabolic dysfunction-associated steatohepatitis).
■
F573 [for Acute Liver Failure (ALF) and Acute on Chronic Liver Failure (ACLF)] - Gyre Pharmaceuticals
Gyre Pharmaceuticals is conducting the Phase 2 clinical trial of F573 as a treatment for ALF/ACLF, with the Phase 2 clinical trial is expected to be completed by the end of 2026.
■
F230 [for Pulmonary Arterial Hypertension (PAH)] - Gyre Pharmaceuticals
F230 is a drug in collaboration with Eisai for the treatment of PAH, and Gyre Pharmaceuticals received IND (Investigative Drug Application) approval in the PRC in May 2024.  The Phase 1 clinical trial is scheduled to begin in May 2025.
■
F528 [for Chronic Obstructive Pulmonary Disease (COPD)] - Gyre Pharmaceuticals
F528 is a novel anti-inflammatory agent that suppresses multiple inflammatory cytokines, and Gyre Pharmaceuticals is conducting research and development of it as a new drug candidate that may reduce the progression of COPD.  IND application is planned for December 2025.
■
CG001419 (TRK degrader) - Cullgen
CG001419 is an oral drug utilizing the industry’s first selective and potent targeted protein degrader.  In July 2023, Cullgen initiated its first clinical trial (Phase 1/2) for the TRK degrader in the PRC.  In addition, in January 2025, Cullgen began the Phase 1 clinical trial in Australia for acute and chronic pain.
-5-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

■
CG009301 (malignant hematologic tumor (leukemia) treatment) – Cullgen
CG009301 is a novel degrader targeting the GSPT1 protein, and the National Medical Products Administration (NMPA) approved the IND in October 2024.  We will move to clinical trials promptly.
■
Other Generic Orphan Drugs - Gyre Pharmaceuticals
Gyre Pharmaceuticals obtained sales approval for avatrombopag maleate tablets, a treatment for thrombocytopenia due to chronic liver disease, to expand its pipeline of orphan drugs in June 2024, and received approval to expand the indication to include ITP (chronic idiopathic thrombocytopenia) in January 2025.

(5) Outlook for the Fiscal Year Ending December 31, 2025

In the fiscal year 2025, we expect the sales revenue and profits of our core business, the Pharmaceutical Segment, to remain strong.  Gyre Pharmaceuticals is expected to continue to lead our group by leveraging its existing sales network and expanding its sales lineup.  In addition, we anticipate Cullgen to make steady progress in research and development.  Further, we announced that we expect to record other income of approximately 14,764 million yen (including approximately 10,768 million yen in stock valuation gains) in connection with our listing on the Nasdaq market through a reverse merger with Pulmatrix, Inc..  The timing of converting Cullgen’s preferred shares into common shares and valuing them at market value will be determined by the opening price on the day of Cullgen’s public offering.  Cullgen’s milestone revenue are not included in our earnings forecast for the fiscal year 2025.
2.
Basic Policy on the Selection of Accounting Standards
GNI Group applies International Financial Reporting Standards [IFRS].
-6-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

3.
Consolidated Financial Statements and Notes
(1)
Consolidated Statements of Financial Position

   
Thousand yen
 
FY2023
(As of Dec 31, 2023)
  
FY2024
(As of Dec 31, 2024)
Assets
      
Non-current assets
      
Property, plant and equipment
5,079,299
  
5,696,491
Right-of-use assets
814,513
  
1,559,345
Goodwill
14,246,433
  
15,994,981
Intangible assets
8,852,943
  
11,026,585
Investments accounted for using the equity method
360,821
  
386,978
Deferred tax assets
304,436
  
238,914
Other financial assets
3,793,224
  
5,764,350
Other non-current assets
23,811
  
56,730
Total non-current assets
33,475,483
  
40,724,377
Current assets
      
Inventories
2,217,158
  
2,529,642
Trade and other receivables
3,973,476
  
6,236,284
Other financial assets
1,577,274
  
9,291,037
Other current assets
1,392,881
  
1,050,642
Cash and cash equivalents
21,633,028
  
10,115,037
Total current assets
30,793,818
  
29,222,643
Total assets
64,269,302
  
69,947,020
Liabilities and equity
      
Non-current liabilities
      
Loans Payable
1,600,000
  
1,200,000
Lease liabilities
150,276
  
735,590
Deferred tax liabilities
2,363,680
  
1,785,240
Other financial liabilities
15,139,232
  
15,454,160
Other non-current liabilities
85,146
  
203,422
Total non-current liabilities
19,338,336
  
19,378,414
Current liabilities
      
Trade and other payables
2,064,776
  
2,263,911
Borrowings
1,300,000
  
4,575,000
Current portion of long-term borrowings
400,000
  
400,000
Lease liabilities
249,158
  
295,289
Current tax payable
2,187,700
  
1,041,718
Other financial liabilities
49,010
  
888
Other current liabilities
2,175,853
  
2,318,237
Total current liabilities
8,426,498
  
10,895,045
Total liabilities
27,764,834
  
30,273,460
-7-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

(1)
Consolidated Statements of Financial Position

Thousand yen
 
FY2023
(As of Dec 31, 2023)
FY2024
(As of Dec 31, 2024)
Equity
      
Share capital
13,052,056
  
13,276,700
Capital surplus
7,397,974
  
6,626,254
Treasury shares
(15,302)
  
(15,372)
Retained earnings (loss)
8,790,563
  
9,768,222
Other components of equity
4,569,122
  
6,749,971
Total equity attributable to owners of parent
33,794,414
  
36,405,775
Non-controlling interests
2,710,053
  
3,267,785
Total equity
36,504,467
  
39,673,560
Total equity and liabilities
64,269,302
  
69,947,020
-8-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

(2)
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

Thousand yen
 
FY2023
(Jan 1, 2023 to Dec 31, 2023)
  
FY2024
(Jan 1, 2024 to Dec 31, 2024)
Revenue
26,010,571
  
23,611,705
Cost of sales
(3,579,396)
  
(5,574,590)
Gross profit
22,431,175
  
18,037,115
Selling, general and administrative expenses
(15,292,839)
  
(15,771,868)
Research and development expenses
(2,557,803)
  
(2,811,801)
Other income
9,147,345
  
2,434,432
Other expenses
(619,035)
  
(485,576)
Operating profit
13,108,843
  
1,402,301
Finance income
771,527
  
707,799
Finance costs
(1,250,685)
  
(1,880,621)
Equity Losses of Affiliated Companies
(16,936)
  
8,705
Profit before tax
12,612,748
  
238,185
Income tax expense
(3,108,669)
  
(368,324)
Profit (loss) for the year
9,504,078
  
(130,139)
Profit (loss) attributable to:
      
Owners of parent
8,094,202
  
977,658
Non-controlling interests
1,409,875
  
(1,107,798)
Earnings per share
      
Basic earnings per share (Yen)
169.50
  
19.55
Diluted earnings per share (Yen)
165.56
  
18.83

-9-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results
Consolidated Statements of Comprehensive Income

Thousand yen
 
FY2023
(Jan 1, 2023 to Dec 31, 2023)
  
FY2024
(Jan 1, 2024 to Dec 31, 2024)
Profit (loss) for the year
9,504,078
  
(130,139)
Other comprehensive income
      
Items that may be reclassified to profit or loss, net of tax
      
Exchange differences on translation of foreign operations
1,150,717
  
2,367,183
Share in Other Comprehensive Income for Equity Method Investees
7,824
  
31,895
Total other comprehensive income
1,158,541
  
2,399,079 
Total comprehensive income for the year
10,662,620
  
2,268,939
Total comprehensive income for the year attributable to:
      
Owners of the parent
8,916,299
  
3,100,605
Non-controlling interests
1,746,321
  
(831,665)
-10-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

(3)
Consolidated Statements of Changes in Equity
Thousand yen
 
Attributable to owners of parent
         
Other components of equity
 
Share capital
Capital surplus
Treasury shares
Retained earnings
Subscription rights to shares
Exch. diff on translation of foreign operations
Total
Balance as of Jan 1, 2023
10,893,070
6,233,386
(756)
696,360
824,192
2,323,439
3,147,631
Profit for the year
-
-
-
8,094,202
-
-
-
Other comprehensive income
-
-
-
-
-
822,096
822,096
Total comprehensive income
-
-
-
8,094,202
-
822,096
822,096
Change in scope of consolidation
-
-
-
-
-
-
-
Changes in ownership interest in subsidiaries
-
(999,553)
-
-
-
(80,129)
(80,129)
Issuance of new shares
2,166,261
2,166,261
-
-
-
-
-
Share issue costs
(7,275)
(7,275)
-
-
-
-
-
Share-based payment transactions
-
-
-
-
755,072
-
755,072
Issuance of share acquisition rights
-
-
-
-
5,568
-
5,568
SRS issuance cost
-
-
-
-
(7,124)
-
(7,124)
Exercise of share acquisition rights
-
-
-
-
(16,394)
-
(16,394)
Cancellation of share acquisition rights
        
(35,872)
  
(35,872)
Forfeiture of share acquisition rights
-
-
-
-
(21,725)
-
(21,725)
Purchase of treasury shares
-
-
(14,546)
-
-
-
-
Other
-
5,155
-
-
-
-
-
Total amount of transactions with owners
2,158,985
1,164,587
(14,546)
-
679,524
(80,129)
599,394
Balance as of Dec 31, 2023
13,052,056
7,397,974
(15,302)
8,790,563
1,503,717
3,065,405
4,569,122

 
Equity
attributable to
owners
of parent
Non-controlling interests
Total equity
  
 
Total
      
Balance as of Jan 1 2023
20,969,692
(1,158,724)
19,810,968
  
Profit for the year
8,094,202
1,409,875
9,504,078
  
Other comprehensive income
822,096
336,445
1,158,541
  
Total comprehensive income
8,916,299
1,746,321
10,662,620
  
Change in scope of consolidation
-
1,042,772
1,042,772
  
Changes in ownership interest in subsidiaries
(1,079,683)
1,079,683
-
  
Issuance of new shares
4,332,523
-
4,332,523
  
Share issue costs
(14,551)
-
(14,551)
  
Share-based payment transactions
755,072
-
755,072
  
Issuance of share acquisition rights
5,568
-
5,568
  
SRS issuance cost
(7,124)
-
(7,124)
  
Exercise of share acquisition rights
(16,394)
-
(16,394)
  
Cancellation of share acquisition rights
(35,872)
  
(35,872)
  
Forfeiture of share acquisition rights
(21,725)
-
(21,725)
  
Purchase of treasury shares
(14,546)
-
(14,546)
  
Other
5,155
-
5,155
  
Total amount of transactions with owners
3,908,421
2,122,456
6,030,878
  
Balance as of Dec 31 2023
33,794,414
2,710,053
36,504,467
  

-11-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

Thousand yen
 
Attributable to owners of parent
         
Other components of equity
 
Share capital
Capital surplus
Treasury shares
Retained earnings
Subscription rights to shares
Exch. diff on translation of foreign
operations
Total
Balance as of Jan 1, 2024
13,052,056
7,397,974
(15,302)
8,790,563
1,503,717
3,065,405
4,569,122
Profit (loss) for the year
-
-
-
977,658
-
-
-
Other comprehensive income
-
-
-
-
-
2,122,946
2,122,946
Total comprehensive income
-
-
-
977,658
-
2,122,946
2,122,946
Change in scope of consolidation
-
-
-
-
-
-
-
Changes in ownership
interest in subsidiaries
-
(996,363)
-
-
-
(55,221)
(55,221)
Issuance of new shares
227,911
227,911
-
-
-
-
-
Stock issue costs
(3,267)
(3,267)
-
-
-
-
-
Share-based payment transactions
-
-
-
-
239,437
-
239,437
Issuance of share acquisition rights
-
-
-
-
326
-
326
Issuance cost of share acquisition rights
-
-
-
-
(4,958)
-
(4,958)
Exercise of share acquisition rights
-
-
-
-
(121,682)
-
(121,682)
Purchase of treasury shares
-
-
(69)
-
-
-
-
Total amount of transactions with owners
224,644
(771,719)
(69)
-
113,122
(55,221)
57,901
Balance as of Dec 31, 2024
13,276,700
6,626,254
(15,372)
9,768,222
1,616,839
5,133,131
6,749,971

 
Equity
attributable to
owners
of parent
Non-controlling interests
Total equity
  
 
Total
      
Balance as of Jan 1 2024
33,794,414
2,710,053
36,504,467
  
Profit (loss) for the year
977,658
(1,107,798)
(130,139)
  
Other comprehensive income
2,122,946
276,132
2,399,079
  
Total comprehensive income
3,100,605
(831,665)
2,268,939
  
Change in scope of consolidation
-
91,244
91,244
  
Changes in ownership interest in subsidiaries
(1,051,584)
1,298,152
246,567
  
Issuance of new shares
455,822
-
455,822
  
Stock issue costs
(6,534)
-
(6,534)
  
Share-based payment transactions
239,437
-
239,437
  
Issuance of share acquisition rights
326
-
326
  
Issuance cost of share acquisition right
(4,958)
-
(4,958)
  
Exercise of share acquisition rights
(121,682)
-
(121,682)
  
Purchase of treasury shares
(69)
-
(69)
  
Total amount of transactions with owners
(489,244)
1,389,397
900,152
  
Balance as of Dec 31 2024
36,405,775
3,267,785
39,673,560
  
-12-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

(4)
Consolidated Statements of Cash Flows

     
Thousand yen
 
FY2023
(Jan 1, 2023 to Dec 31, 2023)
  
FY2024
(Jan 1, 2024 to Dec 31, 2024)
Cash flows from operating activities
      
Profit before tax
12,612,748
  
238,185
Depreciation
608,422
  
983,243
Decrease (increase) in trade and other receivables
324,379
  
(1,865,768)
Increase (decrease) in trade and other payables
6,280
  
(3,607)
Decrease (increase) in inventories
145,761
  
(90,023)
Bonus allowance
16,212
  
17,526
Finance income and finance costs
877,467
  
752,336
Loss (gain) on Valuation in securities
291,808
  
(41,910)
Gain on valuation of conversion of shares of associates to subsidiaries
(8,969,727)
  
-
Share-based payment expenses
1,161,004
  
239,767
Other
591,026
  
(1,600,319)
Subtotal
7,665,385
  
(1,370,570)
Interest received
494,185
  
503,919
Interest paid
(30,795)
  
(103,733)
Income taxes paid
(1,579,438)
  
(2,194,037)
Net cash provided by (used in) operating activities
6,549,337
  
(3,164,422)
Cash flows from investing activities
      
Net decrease (increase) in time deposits
(3,491,108)
  
(1,199,063)
Purchase of securities
-
  
(4,066,617)
Purchases of property, plant and equipment
(1,273,154)
  
(522,835)
Proceeds from sales of property, plant and equipment
15,208
  
1,620
Purchase of intangible assets
(802,823)
  
(1,013,834)
Increase of leasehold and guarantee deposits
(3,831)
  
(2,066,754)
Decrease of leasehold and guarantee deposits
1,203
  
18,538
Payments for loans receivable
(59,460)
  
-
Collection of loans receivable
4,743
  
-
Purchase of investment securities
-
  
(1,703,102)
Proceeds from sale of investment securities
-
  
190,718
Investment to affiliated companies
(140,670)
  
-
Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation
954,505
  
-
Payments for acquisition of businesses
(2,047,274)
  
-
Net cash provided by (used in) investing activities
(6,842,661)
  
(10,361,330)
Cash flows from financing activities
      
Net increase (decrease) in short-term borrowings
1,100,000
  
3,275,000
Proceeds from long-term borrowings
2,000,000
  
-
Repayments of long-term borrowings
-
  
(400,000)
Proceeds from exercise of share acquisition rights
4,287,054
  
727,324
Proceeds from issuance of share acquisition rights
798
  
326
Capital contribution from non-controlling interests
3,516,749
  
741,982
Payments for acquisition of interests in subsidiaries from non-controlling interests
-
  
(3,269,100)
Purchase of treasury shares
(38)
  
(69)
Repayment of lease liabilities
(218,008)
  
(381,303)
Net cash provided by (used in) financing activities
10,686,556
  
694,161
-13-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

       
 
FY2023
(Jan 1, 2023 to Dec 31, 2023)
  
FY2024
(Jan 1, 2024 to Dec 31, 2024)
Effect of exchange rate changes on cash and cash equivalents
190,485
  
1,313,601
Net increase (decrease) in cash and cash equivalents
10,583,717
  
(11,517,990)
Cash and cash equivalents at beginning of the period
11,049,310
  
21,633,028
Cash and cash equivalents at the end of the period
21,633,028
  
10,115,037

-14-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

(5)
Notes to the Consolidated Financial Statements
(Notes Related to Going Concern Assumptions)
Not applicable.

(Basis of Preparation)

 (1)
Matters relating to IFRS
The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board.

Meeting the criteria of a “specified company” as defined under Article 1-2 of the Ordinance on Terminology, Forms and Preparation Methods of Consolidated Financial Statements (Ministry of Finance Ordinance No. 28, 1976), GNI Group’s consolidated financial statements are prepared in accordance with Article 312 of the same.


(2)
Functional currency and presentation currency
The Group’s consolidated financial statements are presented in Japanese yen, the Company’s functional currency.  Figures of less than one thousand yen are rounded down.


(3)
New standards not yet adopted
Of the newly established and revised standards and interpretations of accounting principles published by the date of approval for these consolidated financial statements, there are no standards and interpretations of accounting principles not adopted by GNI Group, which has material effect impact.

(Segment Information)

 (1)
Reportable segments
The Group’s reportable segments, from which separate financial data can be obtained, are subject to periodic review by the Board of Directors for the purpose of deciding the allocation of resources and assessing performance.

The Group has two business segments:  Pharmaceutical Segment consisting of drug development, manufacturing, and sales activities as well as contracted research operations and the Medical Device Segment consisting of development, manufacturing and sales activities of medical devices including biomaterials.

The major products in each reportable segment are as follows.

Reportable segment
Company name
Main product
Pharmaceutical
GNI Group Ltd.; Beijing Continent Pharmaceutical Co., Ltd; Shanghai Genomics, Inc.; GNI Hong Kong Limited; Shanghai Genomics Technology, Ltd.; Cullgen (Shanghai), Inc.; GNI USA, Inc.; Cullgen Inc.; Shanghai Rui Fu International Trade Co., Ltd.; Gyre Therapeutics, Inc.
ETUARY®, drug discovery
and development, reagents
etc.
Medical Device
Berkeley Advanced Biomaterials LLC, Micren Healthcare Co., Ltd., Berkeley Biologics LLC
Biomaterials, Designated Marketing Authorization Holder (DMAH) and in-country caretaker (ICC) service
-15-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results


(2)
Reportable segment revenue and profit
Information about the Company’s reportable segments is as follows.

FY2023 (Jan 1, 2023 to Dec 31, 2023)
Thousand yen
 
Reportable segments
Adjustments
Consolidated
Pharmaceutical
Medical Device
Total
Revenue
          
(1) Revenue to outside customers
22,976,201
3,034,369
26,010,571
-
26,010,571
(2) Intra-segment revenue and transfers
-
24,171
24,171
(24,171)
-
Total
22,976,201
3,058,541
26,034,742
(24,171)
26,010,571
Segment profit
12,026,795
1,082,048
13,108,843
-
13,108,843
 
Finance income
771,527
Finance costs
(1,250,685)
Share of profit (loss) of investments accounted for using equity method
(16,936)
Profit before tax
12,612,748

Notes:
 1.
Intra-segment revenue and transfers are based on arm’s-length prices.

2.
The adjustment of revenue reflects intra-segment revenue.

3.
The segment profit reflects the operating profit in the summary of the consolidated statements of income .
Thousand yen
 
Reportable segments
Adjustments
Consolidated
Pharmaceutical
Medical Device
Total
Depreciation
440,438
167,983
608,422
-
608,422
-16-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results
FY2024 (Jan 1, 2024 to Dec 31, 2024)
Thousand yen
 
Reportable segments
Adjustments
Consolidated
Pharmaceutical
Medical Device
Total
Revenue
          
(1) Revenue to outside customers
18,303,785
5,307,920
23,611,705
-
23,611,705
(2) Intra-segment revenue and transfers
-
-
-
-
-
Total
18,303,785
5,307,920
23,611,705
-
23,611,705
Segment profit
371,073
1,031,227
1,402,301
-
1,402,301
 
Finance income
707,799
Finance costs
(1,880,621)
Share of profit (loss) of investments accounted for using equity method
8,705
Profit before tax
238,185

Notes:
1.
Intra-segment revenue and transfers are based on arm’s-length prices.

2.
The adjustment of revenue reflects intra-segment revenue.

3.
The segment profit reflects the operating profit in the summary of the consolidated statements of income.

 
Thousand yen
   
Reportable segments
Adjustments
Consolidated
Pharmaceutical
Medical Device
Total
 
Depreciation
637,094
346,148
983,243
-
983,243

(3)
Information related to products and services
Sales of products and services to outside customers are as follows.

Thousand yen
 
FY2023
(Jan 1, 2023 to
Dec 31, 2023)
FY2024
(Jan 1, 2024 to
Dec 31, 2024)
ETUARY®
15,686,480
15,738,090
Biomaterial
2,840,558
5,169,102
Other
7,483,532
2,704,513
Total
26,010,571
23,611,705
-17-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results

 (4)
Geographic information
FY2023 (Jan 1, 2023 to Dec 31, 2023)

Thousand yen
 
Japan
China
U.S.
Consolidated
Sales to outside customers (see note 1)
6,021,269
17,123,029
2,866,272
26,010,571
Non-current assets (see note 2)
306,483
7,048,392
19,673,729
27,028,605

Notes:
 1.
Sales amounts are based on customer location.

2.
Other financial assets, Deferred income tax assets and Investments accounted for using the equity method are not included.
FY2024 (Jan 1, 2024 to Dec 31, 2024)
Thousand yen
 
Japan
China
U.S.
Consolidated
Sales to outside customers (see note 1)
1,462,983
17,098,945
5,049,776
23,611,705
Non-current assets (see note 2)
423,932
9,432,683
24,477,517
34,334,134

Notes:
 1.
Sales amounts are based on customer location.

2.
Other financial assets, Deferred income tax assets and Investments accounted for using the equity method are not included.

(5)
Information related to major customers
FY2023 (Jan 1, 2023 to Dec 31, 2023)
Thousand yen
Customer name
Sales
Related segment
Astellas Pharma Inc.
5,804,973
Pharmaceutical
Sinopharm
5,365,748
Pharmaceutical
China Resources Pharmaceutical
1,575,165
Pharmaceutical
Shanghai Pharma
711,361
Pharmaceutical
Lawson
643,195
Pharmaceutical
FY2024 (Jan 1, 2024 to Dec 31, 2024)
Thousand yen
Customer name
Sales
Related segment
Sinopharm
5,105,295
Pharmaceutical
China Resources Pharmaceutical
1,616,847
Pharmaceutical
Astellas Pharma Inc.
1,438,586
Pharmaceutical
Stryker Spine
819,845
Medical Device
Huadong Medicine Co., Ltd.
747,923
Pharmaceutical
-18-
GNI Group Ltd. (2160)
FY2024 Consolidated Financial Results
(Earnings Per Share)
Basic earnings per share and Diluted earnings per share and the basis for its calculation are as follows.

 (1)
Basic earnings per share
 
FY2023
(Jan 1, 2023 to
Dec 31, 2023)
FY2024
(Jan 1, 2024 to
Dec 31, 2024)
Profit attributable to owners of parent (thousand yen)
8,094,202
977,658
Average number of ordinary shares outstanding during the fiscal year (shares)
47,752,120
50,007,923
Basic earnings per share (yen)
169.50
19.55

(2)
Diluted earnings per share
 
FY2023
(Jan 1, 2023, to
Dec 31, 2023)
FY2024
(Jan 1, 2024, to
Dec 31, 2024)
Profit attributable to owners of parent (thousand yen)
8,094,202
977,658
Average number of ordinary shares outstanding during the fiscal year (shares)
47,752,120
50,007,923
Adjustment of dilution effect:
    
Stock option (shares)
1,138,640
1,914,392
Diluted average number of ordinary shares outstanding (shares)
48,890,760
51,922,315
Diluted earnings per share (yen)
165.56
18.83
(Important Subsequent Events)
No Important Subsequent Event
-19-
v3.25.0.1
Document and Entity Information
Feb. 14, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 14, 2025
Entity File Number 000-51173
Entity Registrant Name Gyre Therapeutics, Inc.
Entity Central Index Key 0001124105
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 56-2020050
Entity Address, Address Line One 12770 High Bluff Drive
Entity Address, City or Town San Diego
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92130
City Area Code 619
Local Phone Number 949-3681
Title of 12(b) Security Common Stock
Trading Symbol GYRE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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