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Stock Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  | 680,732 |  |  | $ | 10.00 |  |  |  |
Options exercised |  |  | (406,577 | ) |  | $ | 3.21 |  |  |  |
Options forfeited and cancelled |  |  | (9,083 | ) |  | $ | 16.24 |  |  |  |
Outstanding — September 30, 2024 |  |  | 18,545,620 |  |  | $ | 1.74 |  |  |  | 6.7 |
Exercisable — September 30, 2024 |  |  | 17,867,835 |  |  | $ | 0.70 |  |  |  | 6.6 |
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 and nine months ended September 30, 2024 and 2023 was estimated using the following weighted-average assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  |  | 2023 |  | 2024 |  |  | 2023
Risk-free interest rate (%) |  |  | 3.7 | % |  | n/a |  |  | 3.7 | % |  | n/a
Expected option life (in years) |  |  | 5.9 |  |  | n/a |  |  | 5.9 |  |  | n/a
Expected dividend yield (%) |  |  | — | % |  | n/a |  |  | — | % |  | n/a
Volatility (%) |  |  | 84.1 | % |  | n/a |  |  | 84.1 | % |  | n/a
Weighted average share price of the Company (USD per share) |  | $ | 9.98 |  |  | n/a |  | $ | 10.00 |  |  | n/a
Summary of Stock-Based Compensation Expense Recognized | Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
General and administrative |  | $ | 237 |  |  | $ | — |  |  | $ | 264 |  |  | $ | — |
Total stock-based compensation expense |  | $ | 237 |  |  | $ | — |  |  | $ | 264 |  |  | $ | — |

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