Gyre Therapeutics tumbles after stock offering launch

Shares of Gyre Therapeutics GYRE.O down 17.5% post-market to $9.25 as co seeks equity raise

San Diego-based biotech commences stock offering; deal size not disclosed

It intends to use net offering proceeds to fund advancement of Phase II trial of F351 in metabolic dysfunction-associated steatohepatitis ("MASH”)-associated liver fibrosis in the U.S., for R&D, and manufacturing among other uses

Jefferies lead bookrunner for offering

Co also says F351 met primary endpoint in pivotal Phase III evaluating efficacy and safety for treatment of fibrosis in patients with chronic hepatitis B in China

With ~93.8 mln shares outstanding, co has ~$1bln market cap

GYRE finished up 8.1% at $11.21 on Thurs, cutting YTD loss to ~7%