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Stock Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity considering the conversion of Gyre Pharmaceuticals options to Gyre options to purchase shares of Gyre common stock upon completion of the Contributions:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding — December 31, 2023 |  |  | 18,280,548 |  |  | $ | 1.49 |  |  |  | 6.9 |
Options granted |  |  | 1,866 |  |  | $ | 17.86 |  |  |  |
Options exercised |  |  | (60,297 | ) |  | $ | 8.15 |  |  |  |
Options forfeited and cancelled |  |  | (3,622 | ) |  | $ | 22.85 |  |  |  |
Outstanding — March 31, 2024 |  |  | 18,218,495 |  |  | $ | 1.46 |  |  |  | 6.7 |
Exercisable — March 31, 2024 |  |  | 18,205,433 |  |  | $ | 1.46 |  |  |  | 6.7 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options Granted | The fair value of employee stock options granted during the three months ended March 31, 2024 was estimated using the following weighted-average assumptions:
|  | Three Months Ended March 31,
|  | 2024 |  |  | 2023
Risk-free interest rate (%) |  |  | 4.2 | % |  | n/a
Expected option life (in years) |  |  | 6.0 |  |  | n/a
Expected dividend yield (%) |  |  | — | % |  | n/a
Volatility (%) |  |  | 84.3 | % |  | n/a
Weighted average share price of the Company (USD per share) |  | $ | 17.86 |  |  | n/a
Summary of Stock-Based Compensation Expense Recognized | Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
General and administrative |  | $ | 11 |  |  | $ | — |
Total stock-based compensation expense |  | $ | 11 |  |  | $ | — |

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