Cullgen discloses 2025 results and merger deal with Gyre Therapeutics

Cullgen Inc., a privately held biopharmaceutical company, disclosed its audited 2025 financial results in an exhibit to a filing by Gyre Therapeutics, Inc. On March 2, 2026, Cullgen entered into an Agreement and Plan of Merger and Reorganization with Gyre Therapeutics, Inc. and its wholly owned subsidiary, Helix Merger Sub Corp.¹ On March 4, 2026, stockholders holding roughly 98% of Cullgen's outstanding preferred and common stock signed support agreements agreeing not to exercise redemption rights until the merger agreement is terminated or the merger closes.¹

On the pipeline side, Cullgen entered a Collaboration, Option and License Agreement with Astellas in June 2023¹ covering work described in the agreement as discovery of "multiple innovative protein degraders, including a cell cycle protein degrader, and a DNA Repair degrader." Cullgen received an upfront, nonrefundable payment of $35,000 thousand upon signing and is also reimbursed for research and development work by target, based on agreed FTE effort, estimated costs and a reimbursement rate.¹ As of December 31, 2025, contract liabilities tied to the Astellas deal, mainly the unamortized upfront payment, stood at $1,000 thousand, with $10,076 thousand of previously deferred revenue recognized during the year.¹

To date, Cullgen has not generated any revenue from product sales, as none of its product candidates has been approved for commercialization.¹ On cash position, the company said its existing cash, cash equivalents and short-term investments are expected to fund operating expenses and capital requirements for at least the next 12 months.¹ It added that it may still need to raise additional cash and plans to do so through capital raising, collaborations or partnerships.¹