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Stock Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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