Financial Performance - The company reported net losses of $14.5 million and $22.4 million for the three months ended March 31, 2022 and 2021, respectively, with an accumulated deficit of $417.2 million as of March 31, 2022[81]. - The net loss for Q1 2022 was $14.5 million, improving by 35% from a net loss of $22.4 million in Q1 2021[95]. - Cash used in operating activities was $12.1 million in Q1 2022, significantly lower than $24.4 million in Q1 2021[106]. - Total operating expenses fell to $15.5 million in Q1 2022, a decrease of 35% compared to $23.9 million in Q1 2021[95]. - Collaboration revenue was $0.8 million in Q1 2022, down 46% from $1.5 million in Q1 2021[96]. - Research and development expenses decreased to $9.7 million in Q1 2022 from $17.0 million in Q1 2021, a reduction of 43%[99]. - Cash provided by investing activities was $2.5 million in Q1 2022, down from $27.6 million in Q1 2021[108]. Financing Activities - The company raised net proceeds of approximately $510.1 million from various financing activities, including $84.3 million from license and collaboration agreements[80]. - The company plans to fund future losses through equity and/or debt financings, as well as potential asset sales and collaborations[104]. Product Development - The company has not generated any revenue from drug product sales and does not expect to do so until regulatory approval is obtained[83]. - The license agreement with Biogen, which included a $15.0 million upfront payment, is set to terminate in May 2022[82]. - CB 4332, an engineered albumin-fused Complement Factor I molecule, is designed for subcutaneous or intravitreal administration to address complement imbalance disorders[72]. - CB 2782-PEG, a potential best-in-class C3 degrader, aims to treat dry age-related macular degeneration and has shown potential in preclinical models[70]. - The company has discontinued the development of its protease programs and is focusing on monetizing its assets[62]. - MarzAA, a next-generation Factor VIIa variant, has been discontinued in its Phase 3 trial due to enrollment challenges and competition[77]. - DalcA, a next-generation Factor IX product candidate, has completed a Phase 2b study showing raised FIX plasma activity levels and is exploring licensing opportunities[79]. - The company has several early-stage complement discovery programs targeting various proteins of the complement system[76]. Strategic Outlook - The company expects minimal research and development expenses in the next year as it explores strategic opportunities[88]. - The company incurred $3.8 million in charges to write off prepaid manufacturing costs related to the MarzAA program[91].
Gyre Therapeutics(GYRE) - 2022 Q1 - Quarterly Report