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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information |
18. | Segment Information
The Company is a consolidated entity comprised of two distinct operating segments: BC and Gyre after the Contributions. The Company’s reportable segments are based upon internal organizational structure, the manner in which operations are managed, the criteria used by CODM to evaluate segment performance the availability of separate financial information, and overall materiality considerations. All Gyre’s operations are within the U.S., while all of BC’s operations are in mainland China. BC BC has one major commercial drug product, ETUARY, and several product candidates in pre-clinical and clinical development. BC’s product revenues are mainly generated from the sale of ETUARY and certain generic drugs. BC primarily sells its pharmaceutical products to distributors in the PRC, who ultimately sell the products to hospitals, other medical institutions and pharmacies. BC also generates revenue from license agreements. However, the license agreements did not generate any revenue for the year ended December 31, 2023 and an immaterial amount for the year ended December 31, 2022. Gyre Gyre is a biopharmaceutical company focused on the development and commercialization of F351 for the treatment of NASH-associated liver fibrosis in the United States. Other than the IP associated with F351 in the U.S., Gyre has no other product candidates since the Company sold all of its legacy IP assets prior to the closing of the Contributions. Subsequent to the closing of the Contributions, Gyre has not generated any revenue. Segment information for the years ended December 31, 2023 and 2022 is as follows (in thousands):
|  | Year Ended December 31, 2023 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Revenues |  | $ | 113,450 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,450 |
Cost of revenues |  |  | 4,636 |  |  |  | — |  |  |  | — |  |  |  | 4,636 |
Gross profit |  |  | 108,814 |  |  |  | — |  |  |  | — |  |  |  | 108,814 |
Operating expenses excluding cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | 61,159 |  |  |  | — |  |  |  | — |  |  |  | 61,159 |
Research and development |  |  | 13,698 |  |  |  | 82 |  |  |  | — |  |  |  | 13,780 |
General and administrative |  |  | 8,872 |  |  |  | 5,214 |  |  |  | 576 |  | (1) |  | 14,662 |
Acquired in-process research and development |  |  | — |  |  |  | 83,104 |  |  |  | — |  |  |  | 83,104 |
Divestiture losses |  |  | — |  |  |  | — |  |  |  | 2,711 |  | (2) |  | 2,711 |
Loss on disposal of property and equipment |  |  | 628 |  |  |  | — |  |  |  | — |  |  |  | 628 |
Total operating expenses excluding cost of revenues |  |  | 84,357 |  |  |  | 88,400 |  |  |  | 3,287 |  |  |  | 176,044 |
Income (Loss) from operations |  | $ | 24,457 |  |  | $ | (88,400 | ) |  | $ | (3,287 | ) |  | $ | (67,230 | )
Supplemental Disclosure of stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |
Selling and marketing |  |  | 344 |  |  |  | — |  |  |  | — |  |  |  | 344 |
Research and development |  |  | 481 |  |  |  | — |  |  |  | — |  |  |  | 481 |
General and administrative |  |  | 1,916 |  |  |  | 4,488 |  |  |  | — |  |  |  | 6,404 |
Stock-based compensation total |  | $ | 2,793 |  |  | $ | 4,488 |  |  | $ | — |  |  | $ | 7,281 |
(1) $0.6 million represents legal expense recorded in CPI during the year ended December 31, 2023. (2) $2.7 million represents divestiture losses. See Note 8 for details.
|  | December 31, 2023 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Total assets |  | $ | 101,761 |  |  | $ | 13,865 |  |  | $ | 913 |  |  | $ | 116,539 |
|  | Year Ended December 31, 2022 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Purchase of property and equipment |  | $ | (8,517 | ) |  | $ | — |  |  | $ | — |  |  | $ | (8,517 | )
|  | Year Ended December 31, 2022 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Revenues |  | $ | 102,290 |  |  | $ | — |  |  | $ | — |  |  | $ | 102,290 |
Cost of revenues |  |  | 4,793 |  |  |  | — |  |  |  | — |  |  |  | 4,793 |
Gross profit |  |  | 97,497 |  |  |  | — |  |  |  | — |  |  |  | 97,497 |
Operating expenses excluding cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | 54,238 |  |  |  | — |  |  |  | — |  |  |  | 54,238 |
Research and development |  |  | 16,686 |  |  |  | — |  |  |  | — |  |  |  | 16,686 |
General and administrative |  |  | 17,240 |  |  |  | — |  |  |  | 130 |  | (3) |  | 17,370 |
Total operating expenses excluding cost of revenues |  |  | 88,164 |  |  |  | — |  |  |  | 130 |  |  |  | 88,294 |
(Loss) income from operations |  |  | 9,333 |  |  |  | — |  |  |  | (130 | ) |  |  | 9,203 |
Supplemental Disclosure of stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 249 |
Selling and marketing |  |  | 1,643 |  |  |  | — |  |  |  | — |  |  |  | 1,643 |
Research and development |  |  | 2,301 |  |  |  | — |  |  |  | — |  |  |  | 2,301 |
General and administrative |  |  | 9,173 |  |  |  | — |  |  |  | — |  |  |  | 9,173 |
Stock-based compensation total |  | $ | 13,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,366 |
(3) $0.1 million represents the other subsidiaries, CPI and GNI HK, etc. reported an aggregate $0.1 million general and administrative expense during the year ended December 31, 2022.
|  | December 31, 2022 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Total assets |  | $ | 79,857 |  |  | $ | — |  |  | $ | 4,896 |  |  | $ | 84,753 |
|  | Year Ended December 31, 2022 |
|  | BC |  |  | Gyre |  |  | Other |  |  | Consolidated |
Purchase of property and equipment |  | $ | (4,985 | ) |  | $ | — |  |  | $ | — |  |  | $ | (4,985 | )

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