Gyre Therapeutics (GYRE) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	GYRE
Entity Registrant Name	Gyre Therapeutics, Inc.
Entity Central Index Key	0001124105
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		93,521,434
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity File Number	000-51173
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2020050
Entity Address, Address Line One	12770 High Bluff Drive
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	567-7770
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,866	$ 33,509
Short-term bank deposits	9,226
Accounts and note receivables, net	19,487	15,552
Inventories, net	6,379	4,281
Prepaid assets	1,051	1,547
Other current assets	1,513	1,045
Total current assets	54,809	57,221
Property and equipment, net	24,442	23,288
Intangible assets, net	184	205
Right-of-use assets	1,984	489
Land use rights, net	1,479	1,493
Deferred tax assets	5,161	4,695
Long-term certificates of deposit	29,515	23,431
Other assets, noncurrent	2,766	995
Total assets	125,240	116,539
Current liabilities:
Accounts payable	303	355
Deferred revenue	36	39
Due to related parties	1,288	1,369
CVR excess closing cash payable		1,085
Accrued expenses and other current liabilities	9,553	11,935
Income tax payable	2,842	5,054
Operating lease liabilities, current	694	210
Total current liabilities	14,716	20,047
Operating lease liabilities, noncurrent	1,101	199
Deferred government grants	185	213
CVR derivative liability, noncurrent	4,900	4,722
Warrant liability, noncurrent	5,862	12,835
Other noncurrent liabilities	2	49
Total liabilities	26,766	38,065
Commitments and Contingencies (Note 12)
Stockholders' equity:
Common stock, $0.001 par value, 400,000,000 shares authorized; 85,769,526 shares and 76,595,616 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	85	77
Additional paid-in capital	134,296	68,179
Statutory reserve	3,098	3,098
Accumulated deficit	(73,354)	(85,538)
Accumulated other comprehensive loss	(946)	(1,644)
Total Gyre stockholders' equity (deficit)	63,179	(15,828)
Noncontrolling interest	35,295	29,777
Total equity	98,474	13,949
Total liabilities, convertible preferred stock, and equity	125,240	116,539
GC Biopharma Corp
Current assets:
Long-term receivable from GCBP	4,900	4,722
GNI
Current assets:
Other receivables from GNI	$ 1,287	1,287
Convertible Preferred Stock
Current liabilities:
Convertible Preferred Stock, $0.001 par value, 5,000,000 shares authorized; nil shares and 13,151 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		$ 64,525

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	85,769,526	76,595,616
Common stock, shares outstanding	85,769,526	76,595,616
Convertible Preferred Stock
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	5,000,000	5,000,000
Temporary equity, shares issued		13,151
Temporary equity, shares outstanding		13,151

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 25,488	$ 32,042	$ 77,885	$ 86,302
Operating expenses:
Cost of revenues	958	1,184	2,707	3,386
Selling and marketing	13,699	13,928	40,655	44,695
Research and development	2,775	3,009	8,312	9,212
General and administrative	3,823	1,157	10,645	4,607
Total operating expenses	21,255	19,278	62,319	61,900
Income from operations	4,233	12,764	15,566	24,402
Other income (expense), net:
Interest income, net	523	283	1,201	718
Other expense, net	(598)	(1,333)	(1,226)	(1,281)
Change in fair value of warrant liability	(228)		6,973
Loss on disposal of assets, net		(526)	(68)	(526)
Income before income taxes	3,930	11,188	22,446	23,313
Provision for income taxes	(1,074)	(3,678)	(5,117)	(7,816)
Net income	2,856	7,510	17,329	15,497
Net income attributable to noncontrolling interest	1,732	3,534	5,145	7,424
Net income attributable to common stockholders	$ 1,124	$ 3,976	$ 12,184	$ 8,073
Net income per share attributable to common stockholders, basic	$ 0.01	$ 0.06	$ 0.14	$ 0.13
Net income per share attributable to common stockholders, diluted	$ 0.01	$ 0.05	$ 0.05	$ 0.1
Weighted average shares used in calculating net income per share attributable to common stockholders, basic	85,643,646	63,588,119	84,807,041	63,588,119
Weighted average shares used in calculating net income per share attributable to common stockholders, diluted	102,640,373	78,904,324	102,505,585	78,907,695
Other comprehensive income:
Net income	$ 2,856	$ 7,510	$ 17,329	$ 15,497
Foreign currency translation adjustments	1,632	340	1,071	(2,396)
Comprehensive income	4,488	7,850	18,400	13,101
Net income attributable to noncontrolling interest	1,732	3,534	5,145	7,424
Foreign currency translation adjustments attributable to noncontrolling interest	568	153	373	(1,060)
Comprehensive income attributable to noncontrolling interest	2,300	3,687	5,518	6,364
Comprehensive income attributable to common stockholders	$ 2,188	$ 4,163	$ 12,882	$ 6,737

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Equity (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Statutory Reserve	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Gyre Stockholders' (Deficit) Equity	Non-controlling Interest
Balance at Dec. 31, 2022	$ 72,217		$ 64	$ 32,795	$ 2,660	$ 7,395	$ (392)	$ 42,522	$ 29,695
Balance (in shares) at Dec. 31, 2022			63,588,119
Foreign currency translation adjustments	898						503	503	395
Net income	4,217					2,244		2,244	1,973
Balance at Mar. 31, 2023	77,332		$ 64	32,795	2,660	9,639	111	45,269	32,063
Balance (in shares) at Mar. 31, 2023			63,588,119
Foreign currency translation adjustments	(3,634)						(2,026)	(2,026)	(1,608)
Net income	3,770					1,853		1,853	1,917
Balance at Jun. 30, 2023	77,468		$ 64	32,795	2,660	11,492	(1,915)	45,096	32,372
Balance (in shares) at Jun. 30, 2023			63,588,119
Foreign currency translation adjustments	340						187	187	153
Net income	7,510					3,976		3,976	3,534
Balance at Sep. 30, 2023	85,318		$ 64	32,795	2,660	15,468	(1,728)	49,259	36,059
Balance (in shares) at Sep. 30, 2023			63,588,119
Balance at Dec. 31, 2023	13,949		$ 77	68,179	3,098	(85,538)	(1,644)	(15,828)	29,777
Balance (in shares) at Dec. 31, 2023			76,595,616
Temporary Equity, Balance at Dec. 31, 2023		$ 64,525
Temporary Equity, Balance (in shares) at Dec. 31, 2023		13,151
Stock-based compensation expense	11			11				11
Stock options exercised	492			492				492
Stock options exercised (in shares)			60,297
Convertible preferred stock conversion	64,525		$ 8	64,517				64,525
Convertible preferred stock conversion (in shares)			8,767,333
Temporary Equity, Convertible preferred stock conversion		$ (64,525)
Temporary Equity, Convertible preferred stock conversion (in shares)		(13,151)
Foreign currency translation adjustments	(141)						(92)	(92)	(49)
Net income	9,935					7,532		7,532	2,403
Balance at Mar. 31, 2024	88,771		$ 85	133,199	3,098	(78,006)	(1,736)	56,640	32,131
Balance (in shares) at Mar. 31, 2024			85,423,246
Balance at Dec. 31, 2023	$ 13,949		$ 77	68,179	3,098	(85,538)	(1,644)	(15,828)	29,777
Balance (in shares) at Dec. 31, 2023			76,595,616
Temporary Equity, Balance at Dec. 31, 2023		$ 64,525
Temporary Equity, Balance (in shares) at Dec. 31, 2023		13,151
Stock options exercised (in shares)	406,577
Net income	$ 17,300
Balance at Sep. 30, 2024	98,474		$ 85	134,296	3,098	(73,354)	(946)	63,179	35,295
Balance (in shares) at Sep. 30, 2024			85,769,526
Temporary Equity, Balance (in shares) at Sep. 30, 2024
Balance at Mar. 31, 2024	88,771		$ 85	133,199	3,098	(78,006)	(1,736)	56,640	32,131
Balance (in shares) at Mar. 31, 2024			85,423,246
Stock-based compensation expense	16			16				16
Stock options exercised	441			441				441
Stock options exercised (in shares)			114,528
Foreign currency translation adjustments	(420)						(274)	(274)	(146)
Net income	4,538					3,528		3,528	1,010
Balance at Jun. 30, 2024	93,346		$ 85	133,656	3,098	(74,478)	(2,010)	60,351	32,995
Balance (in shares) at Jun. 30, 2024			85,537,774
Stock-based compensation expense	237			237				237
Stock options exercised	374			374				374
Stock options exercised (in shares)			231,752
CVR Liability settlement	29			29				29
Foreign currency translation adjustments	1,632						1,064	1,064	568
Net income	2,856					1,124		1,124	1,732
Balance at Sep. 30, 2024	$ 98,474		$ 85	$ 134,296	$ 3,098	$ (73,354)	$ (946)	$ 63,179	$ 35,295
Balance (in shares) at Sep. 30, 2024			85,769,526
Temporary Equity, Balance (in shares) at Sep. 30, 2024

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 17,329	$ 15,497
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	264
Equity in loss of unconsolidated affiliate	20	1,166
Depreciation and amortization	1,088	776
Noncash lease expense	445	346
Amortization of land use rights	29	30
Deferred income taxes, net	(410)	(757)
Bad debt expense and other non-cash items	99	(62)
Accrued interest on certificates of deposit	(775)	(455)
Change in fair value of long-term receivable	(178)
Change in fair value of derivative liabilities	178
Change in fair value of warrant liability	(6,973)
Loss on disposal of property and equipment	68
Changes in operating assets and liabilities:
Accounts and note receivables	(3,813)	2,651
Inventories	(2,021)	1,563
Prepaid and other assets	(1,783)	(649)
Income tax payable	(2,231)	3,188
Accounts payable	(55)	(105)
Other noncurrent liabilities	(3)	(779)
Due to related parties	(82)	529
Accrued expenses and other liabilities	(3,500)	(46)
Operating lease liabilities	1,421	(361)
Net cash (used in) provided by operating activities	(883)	22,532
Investing Activities
Acquisition of intangible assets	(3)	(68)
Purchase of certificates of deposit	(14,074)	(14,335)
Purchase of property and equipment	(2,380)	(6,193)
Proceeds from sale of equipment	263	497
Cash paid for equity method investment	(1,686)	(1,000)
Net cash used in investing activities	(17,880)	(21,099)
Financing Activities
Deferred financing costs	(169)
Proceeds from the exercise of stock options	1,307
Net cash provided by financing activities	1,138
Effect of exchange rate changes on cash and cash equivalents	(18)	(529)
Net decrease in cash and cash equivalents	(17,643)	904
Cash and cash equivalents at beginning of the period	33,509	25,175
Cash and cash equivalents at end of the period	15,866	26,079
Supplemental Disclosure of Non-Cash Financing and Investing Activities:
Convertible preferred stock conversion	64,525
Non-cash acquisition of property and equipment through prepaid conversion		371
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes	$ 7,757	$ 5,385

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,856	$ 4,538	$ 9,935	$ 7,510	$ 3,770	$ 4,217	$ 17,300

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 15, 2024 , the spouse of Songjiang Ma , the President and a director of the Company, entered into a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K). Ms. Ma’s plan provides for the potential exercise of vested stock options and the associated sale of u p to 700,000 shares of common stock. The trading arrangement terminates upon the sale of all shares pursuant to the trading arrangement. During the three months ended September 30, 2024, no other director or executive officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K.
Songjiang Ma
Trading Arrangements, by Individual
Name	Songjiang Ma
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2024
Aggregate Available	700,000
Other Director or Executive Officer
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Liquid

Nature of Operations and Liquidity	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Liquidity	1. Nature of Operations and Liquidity Description of Business Gyre Therapeutics, Inc. (the “Company,” “Gyre,” or the “combined company”), formerly known as Catalyst Biosciences, Inc. (“Catalyst”), is a biopharmaceutical company originally incorporated in Delaware on March 7, 1997 under the name Targacept, Inc. Catalyst was a biopharmaceutical company with expertise in protease engineering. Prior to ceasing research and development activities in March 2022, Catalyst had several protease assets that were designed to address unmet medical needs in disorders of the complement or coagulation systems. On October 30, 2023, the Company consummated the transactions (the “Contributions”) contemplated by the Business Combination Agreement as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), which were accounted for as a reverse asset acquisition and a purchase of noncontrolling interest in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). Continent Pharmaceuticals Inc. (“CPI”) was treated as the accounting acquirer of the reverse asset acquisition and is presented as the predecessor for post-acquisition financial reporting purposes. CPI holds an indirect controlling interest in Beijing Continent Pharmaceuticals Co., Ltd. (d/b/a Gyre Pharmaceuticals Co., Ltd., “Gyre Pharmaceuticals”), a commercial-stage biopharmaceutical company registered and established in the People’s Republic of China (“PRC”) in 2002. After consummation of the Contributions, the immediate holding company of CPI became Gyre. The Company holds in aggregate a 65.2 % indirect interest in Gyre Pharmaceuticals. The majority shareholder of Gyre is GNI USA, Inc. (“GNI USA”), which is indirectly wholly owned by GNI Group Ltd. (“GNI Japan”). Gyre is a financially-sustainable pharmaceutical company with a record of success in developing and commercializing small-molecule anti-inflammatory and anti-fibrotic drugs targeting organ diseases, focusing specifically on organ fibrosis. Fibrotic diseases represent a large patient population with significant unmet medical needs. Liquidity For the nine months ended September 30, 2024, the Company had net income of $ 17.3 million , while net cash used in operating activities was $ 0.9 million . As of September 30, 2024, the Company had an accumulated deficit of $ 73.4 million and cash and cash equivalents of $ 15.9 million . Based on the Company’s current operating plan, management believes that existing cash and cash equivalents, cash flows from operations, and access to capital markets will be sufficient to fund the Company’ s operating activities and obligations for at least 12 months following the issuance of these condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation. The condensed consolidated financial statements have been prepared in accordance with GAAP and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s condensed consolidated financial information. These condensed consolidated results of operations and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, allowance of doubtful accounts, long-term receivable, contingent value right (“CVR”) derivative liability, warrant liability, allowance for credit losses, reserves for excess or obsolete inventory, operating lease right-of-use assets and liabilities, recognition of research and development expenses to the appropriate financial reporting period based on the progress of the research and development projects, income taxes, stock-based compensation and useful lives of property and equipment and intangibles with definite lives. The Company bases its estimates on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Risks and Uncertainties The Company is subject to a number of risks associated with companies at a similar stage, including dependence on key individuals, competition from larger and established companies, uncertainty of clinical results, ability to obtain adequate financing to support growth, the ability to attract and retain additional qualified personnel to manage the anticipated growth of the Company, and general economic conditions. Concentration of Credit Risk In May 2015, a new Deposit Insurance System (“DIS”) managed by the People ’ s Bank of China was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of Chinese Renminbi (“RMB”) 500,000 . The Company maintains cash and deposits at commercial banks in excess of the amount protected by DIS and the Federal Deposit Insurance Corporation and in the event of bankruptcy of one of these financial institutions, the Company may be unable to claim its deposits back in full. Management believes that these financial institutions are of high credit quality and continually monitors the creditworthiness of these financial institutions. As of September 30, 2024 and December 31, 2023, the Company had cash and cash equivalents of $ 15.9 million and $ 33.5 million , and long-term certificates of deposit of $ 29.5 million and $ 23.4 million , respectively. In addition, the Company had short-term bank deposits of $ 9.2 million as of September 30, 2024. For the periods ended September 30, 2024 and December 31, 2023, cash and cash equivalents, short-term bank deposits and long-term certificates of deposits exceeded the PRC DIS coverage by $ 49.7 million and $ 49.4 million , respectively. Accounts receivable are typically unsecured and are derived from product sales. The Company manages credit risk related to the accounts receivable through ongoing monitoring of outstanding balances and limiting the amount of credit extended based upon payment history and creditworthiness. Historically, the Company has collected receivables from customers within the credit terms with no significant credit losses incurred. Concentration of Customer Risk For the three months ended September 30, 2024, the Company had three customers, Sinopharm Group Co., Ltd. ("Sinopharm"), China Resources Pharmaceutical Group Ltd. (“Resources Pharmaceutical”), and Shanghai Pharmaceuticals Holding Co., Ltd. (“Shanghai Pharmaceuticals”), who accounted for approximately 44.8 % , 12.9 % and 12.1 % of total revenue, respectively. For the three months ended September 30, 2023, the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 49.3 % , 13.7 % and 10.8 % of total revenue, respectively. For the nine months ended September 30, 2024, the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 47.1 % , 14.6 % and 12.1 % of total revenue, respectively. For the nine months ended September 30, 2023 , the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 50.6 % , 13.5 % and 11.0 % of total revenue, respectively. All customers are located in mainland China. As of September 30, 2024 and December 31, 2023, the Company had one customer Sinopharm, who accounted for approximately 41.6 % and 50.5 % of accounts receivable, respectively. Foreign Currency Risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. 72.7 % of the Company’s cash and cash equivalents, and 100 % of the Company’s short-term bank deposits and long-term certificates of deposit as of September 30, 2024, in the amount of $ 11.5 million , $ 9.2 million , and $ 29.5 million , respectively, were denominated in RMB. Accounting Pronouncements Recently Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) . This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard as of January 1, 2024 . The adoption of this ASU did not have any material impact on the Company’s interim condensed consolidated financial statements. New Accounting Pronouncements – Issued But Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the Company’s consolidated financial statements, once adopted. The Company plans to adopt ASU 2023-09 and related updates as of January 1, 2025. The Company is in the process of assessing the impact of adoption of this standard on its consolidated financial statements.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	3. Fair Value Measurements and Financial Instruments For a description of the fair value hierarchy and the Company’s fair value methodology, see Note 2 – Summary of Significant Accounting Policies in the Annual Report. There were no significant changes in these methodologies during the nine months ended September 30, 2024. As of September 30, 2024, the Company’s highly liquid money market funds are included within cash equivalents. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 3,183 $ — $ — $ 3,183 Long-term receivable from GCBP — — 4,900 4,900 Total financial assets $ 3,183 $ — $ 4,900 $ 8,083 Financial liabilities: CVR derivative liability, noncurrent $ — $ — $ 4,900 $ 4,900 Warrant liability, noncurrent — — 5,862 5,862 Total financial liabilities $ — $ — $ 10,762 $ 10,762 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 5,860 $ — $ — $ 5,860 Long-term receivable from GCBP — — 4,722 4,722 Total financial assets $ 5,860 $ — $ 4,722 $ 10,582 Financial liabilities: CVR derivative liability $ — $ — $ 4,722 $ 4,722 Warrant liability, noncurrent — — 12,835 12,835 Total financial liabilities $ — $ — $ 17,557 $ 17,557 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. The carrying amounts of cash, accounts and note receivables, net, other receivables, accounts payable, due to related parties, CVR excess closing cash payable, and accrued liabilities approximate their fair values due to the short-term maturity of these instruments. During the nine months ended September 30, 2024 and the year ended December 31, 2023 , there were no transfers of fair value measurement between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and liabilities. Long-term Receivables and Derivative Liabilities Concurrent with the signing of the Business Combination Agreement on December 26, 2022, Catalyst and the Rights Agent (as defined in the CVR Agreement) executed a contingent value rights agreement (the “CVR Agreement”), as amended on March 29, 2023 , pursuant to which each holder of Catalyst common stock as of January 5, 2023 (each, a “CVR Holder”), excluding GNI Japan and GNI Hong Kong Limited (“GNI HK”), received one contractual CVR for each share of Catalyst common stock held by such holder. Each CVR entitles the holder thereof to receive certain cash payments in the future. The long-term receivable and the corresponding CVR derivative liability, noncurrent relate to the asset purchase agreement with GC Biopharma Corp. (“GCBP”). The fair value of this long-term receivable and derivative liability is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The estimated fair value of the long-term receivable and CVR derivative liability, noncurrent was determined based on the anticipated amount and timing of projected cash flows to be received from GCBP pursuant to the GCBP asset purchase agreement discounted to their present values using an estimated discount rate of 5.05 % . As of September 30, 2024, the Company expects to receive a $ 5.0 million hold-back payment from GCBP in the first quarter of 2025, which will be distributed, net of expenses, to the CVR Holders. The change in fair value of the long-term receivable from GCBP and the corresponding CVR derivative liability, noncurrent was recorded in interest and other income, net on the condensed consolidated statement of operations and comprehensive income. Warrant Liability In October 2023, Catalyst entered into a Securities Purchase Agreement for a private placement with GNI USA (the “Private Placement” ). The Private Placement closed immediately following the Contributions, on October 30, 2023. Upon closing of the Private Placement, the Company issued 811 shares of Series X Convertible Preferred Stock, par value $ 0.001 per share (the “Convertible Preferred Stock”), and warrants to purchase up to 811 shares of Convertible Preferred Stock (the “Preferred Stock Warrants”) to GNI USA for an aggregate purchase price of approximately $ 5.0 million. The Preferred Stock Warrants are immediately exercisable at an exercise price of $ 4,915.00 per share of Convertible Preferred Stock and expire on October 30, 2033 . The number of shares of common stock issuable upon exercise and conversion of the Preferred Stock Warrants is 540,666 . The Company accounted for the Private Placement as a non-arm’s length transaction. The Preferred Stock Warrants were initially recognized at fair value upon issuance and the remaining proceeds from the Private Placement were allocated to the Convertible Preferred Stock. The Preferred Stock Warrants are freestanding financial instruments classified as a warrant liability on the Company’s condensed consolidated balance sheet. The Preferred Stock Warrants are revalued in each reporting period with the change in fair value recorded as change in fair value of warrant liability in other income (expense), net on the condensed consolidated statement of operations and comprehensive income. The fair value of the warrant liability is estimated based on the Black-Scholes option pricing model using the following weighted-average assumptions: September 30, 2024 December 31, 2023 Share price $ 12.54 $ 25.70 Exercise price $ 4,915.00 $ 4,915.00 Dividend yield — % — % Risk-free interest 3.70 % 3.88 % Term (years) 9.08 9.83 Expected volatility 82.00 % 84.00 % The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands): Long-term receivable CVR derivative Warrant from GCBP liability, noncurrent liability Balance at December 31, 2023 $ 4,722 $ 4,722 $ 12,835 Changes in fair value 178 178 ( 6,973 ) Balance at September 30, 2024 $ 4,900 $ 4,900 $ 5,862 Financial Instruments Cash equivalents consisted of the following (in thousands): September 30, 2024 Amortized Gross Gross Estimated Money market funds (cash equivalents) $ 3,183 $ — $ — $ 3,183 Total financial assets $ 3,183 $ — $ — $ 3,183 Classified as: Cash and cash equivalents $ 3,183 Total financial assets $ 3,183 December 31, 2023 Amortized Gross Gross Estimated Money market funds (cash equivalents) $ 5,860 $ — $ — $ 5,860 Total financial assets $ 5,860 $ — $ — $ 5,860 Classified as: Cash and cash equivalents $ 5,860 Total financial assets $ 5,860

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Inventories, net Inventories, net of reserves of $ 5,000 and $ 46,000 as of September 30, 2024 and December 31, 2023, respectively, consisted of the following components (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 1,039 $ 919 Work in progress 3,537 1,997 Finished goods 1,803 1,365 Inventories, net $ 6,379 $ 4,281 The provision for inventory and write-downs for the periods ended September 30, 2024 and December 31, 2023 were immaterial. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued payroll and welfare $ 4,914 $ 5,790 Accrued expenses - selling expenses 1,054 44 Supplier reimbursement 1,351 2,247 Accrued expenses - general and administrative 924 1,190 Accrued sales discount 879 903 Accrued expenses - research and development 215 161 Deferred government grants 40 40 Employee reimbursement 14 648 Accrued professional services — 837 Other accrued liabilities 162 75 Accrued expenses and other current liabilities $ 9,553 $ 11,935 Accounts and Note Receivables, Net Accounts and note receivables, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accounts receivable $ 19,538 $ 15,204 Note receivable 91 389 Allowance for credit losses ( 142 ) ( 41 ) Accounts and note receivables, net $ 19,487 $ 15,552 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Buildings $ 19,122 $ 12,289 Construction in progress 388 7,875 Machinery and electronic devices 9,400 6,598 Furniture and fixtures 668 606 Motor vehicles 187 185 Property and equipment, gross 29,765 27,553 Less: Accumulated depreciation ( 5,323 ) ( 4,265 ) Property and equipment, net $ 24,442 $ 23,288 Long-Term Investment Measured Under Equity Method On June 28, 2024, Gyre Pharmaceuticals entered into a partnership agreement as a limited partner with other investors and is obligated to pay $ 4.2 million for an 18.90 % equity interest in the partnership. Pursuant to the partnership agreement, Gyre Pharmaceuticals, as a limited partner, shall not participate in any activities related to the management of the investment business. However, Gyre Pharmaceuticals may appoint a member to the advisory committee of the partnership. As of September 30, 2024, the Company's total investment into the partnership and the carrying value of the Company’s long-term investment in this affiliate was $ 1.7 million and $ 1.7 million , respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 Gross carrying amount Accumulated amortization Intangible assets, net Intangible assets with finite lives: Technological know-how $ 435 $ ( 307 ) $ 128 Computer software 176 ( 120 ) 56 Total intangible assets $ 611 $ ( 427 ) $ 184 December 31, 2023 Gross carrying amount Accumulated amortization Intangible assets, net Intangible assets with finite lives: Technological know-how $ 430 $ ( 290 ) $ 140 Computer software 171 ( 106 ) 65 Total intangible assets $ 601 $ ( 396 ) $ 205 Intangible assets are carried at cost less accumulated amortization and impairment, if applicable, and the amortization expense is recorded in operating expenses. The weighted average amortization period for the intangible assets as of September 30, 2024 is 4.6 years. Amortization expense was $ 10,000 and $ 14,000 for the three months ended September 30, 2024 and 2023, respectively. Amortization expense was $ 26,000 and $ 107,000 for the nine months ended September 30, 2024 and 2023 , respectively. Based on finite-lived intangible assets recorded as of September 30, 2024, the estimated future amortization expense is as follows (in thousands): Estimated amortization expense 2024 $ 9 2025 35 2026 35 2027 34 2028 19 Thereafter 52 Total $ 184

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	6. Revenue The Company’s product revenues were mainly generated from the sale of ETUARY. Sales of ETUARY accounted for 99.2 % and 99.0 % of total revenue for the three months ended September 30, 2024 and 2023 , respectively. Sales of ETUARY accounted for 99.2 % and 98.9 % of total revenue for the nine months ended September 30, 2024 and 2023, respectively. Sales of Pharmaceutical Products The Company generates revenue mostly through sales of ETUARY and certain generic drugs. The distributors are the Company’s direct customers, and sales to distributors account for 100.0 % of revenue from ETUARY. The distributors sell ETUARY to outlets, including hospitals and other medical institutions, as well as pharmacies. Product returns to date have not been significant and the Company has not considered it necessary to record a reserve for product returns. The Company’s product revenues were recognized at a point in time when the underlying product was delivered to the customer, which was when the customer obtained control of the product. Revenue from sales of pharmaceutical products was $ 25.5 million and $ 32.0 million for the three months ended September 30, 2024 and 2023, respectively. Revenue from sales of pharmaceutical products was $ 77.9 million and $ 86.3 million for the nine months ended September 30, 2024 and 2023, respectively. All sales are generated in the PRC. Deferred revenue recognized for the three and nine months ended September 30, 2024 were immaterial.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Lessee Disclosure [Abstract]
Leases	7. Leases Operating Leases In April 2024, Gyre Pharmaceuticals entered into a lease arrangement for its new corporate headquarters, an approximately 2,130 square meter office space in Beijing, PRC, which lease is set to expire in June 2027 . In 2022, Gyre Pharmaceuticals secured a lease for an office space of approximately 180 square meters in Zhengzhou, PRC, which was renewed in July 2024 and is set to expire in August 2026 . In November 2023, the Company secured a lease for its U.S. headquarters in San Diego, California, with the lease set to expire in the first quarter of 2027 . The Company also has multiple short-term leased properties used as offices and employee dormitories. The Company recorded a total of $ 19,000 and $ 22,000 in short-term rent expenses during the three months ended September 30, 2024 and 2023, respectively. The Company recorded a total of $ 54,000 and $ 72,000 in short-term rent expenses during the nine months ended September 30, 2024 and 2023, respectively. The short-term rent expense amounts are recorded in operating expenses in the accompanying condensed consolidated statements of operations and comprehensive income. As of September 30, 2024, the Company recorded an aggregate right-of-use asset of $ 2.0 million and an aggregate lease liability of $ 1.8 million in the accompanying condensed consolidated balance sheets. For the three months ended September 30, 2024 and 2023, the Company’s operating lease expense was $ 0.3 million and $ 0.1 million , respectively. For the nine months ended September 30, 2024 and 2023, the Company’s operating lease expense was $ 0.5 million and $ 0.4 million , respectively. Variable lease payments for the three and nine months ended September 30, 2024 and 2023 were immaterial. Supplemental cash flow information related to operating leases was as follows (in thousands): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 631 $ 364 The present value assumptions used in calculating the present value of the lease payments were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term 2.6 years 2.2 years Weighted-average discount rate 4.76 % 4.78 % As of September 30, 2024, undiscounted future minimum payments under the Company’s operating leases were as follows (in thousands): Amount Remaining in 2024 $ 240 2025 766 2026 617 2027 286 Total undiscounted lease payments 1,909 Less: imputed interest ( 114 ) Total lease liabilities 1,795 Less: current portion of lease liabilities ( 694 ) Lease liabilities, net of current portion $ 1,101 The Company is required to maintain security deposits of $ 0.3 million in connection with various leases, which amounts are included in other assets, noncurrent on the Company’s condensed consolidated balance sheets. Land Use Rights As of September 30, 2024, the Company held land use rights for two land parcels in Beijing’s Shunyi District, expiring in 2053, and in Cangzhou, Hebei Province, expiring from 2067 to 2070. These parcels, with a combined area of approximately 66,559 square meters, are utilized as manufacturing facilities. As of September 30, 2024, the aggregate recorded land use rights, net assets for these parcels was $ 1.5 million .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock Common stock reserved for future issuance is as follows: September 30, 2024 December 31, 2023 Options issued and outstanding 18,545,620 [1] 18,280,548 Preferred Stock Warrants issued and outstanding 540,666 540,666 Convertible Preferred Stock issued and outstanding — 8,767,332 Total common stock reserved 19,086,286 27,588,546 [1] Includes 7,701,462 options exercisable for shares of common stock, which underlying shares of common stock were transferred in the name of the Company to Futu Network Technology Limited, the stock plan administrator of the 2023 Omnibus Incentive Sub-Plan for Chinese Participants. Restricted Net Assets Under PRC laws and regulations, Gyre Pharmaceuticals is subject to restrictions on foreign exchange and cross-border cash transfers, including to parent companies and U.S. stockholders. The ability to distribute earnings to the parent companies and U.S. stockholders is also limited. Current PRC regulations permit Gyre Pharmaceuticals to pay dividends to BJContinent Pharmaceuticals Limited (“BJC”) only out of its accumulated profits as determined in accordance with PRC accounting standards and regulations. Amounts restricted include paid-in capital and the statutory reserves of Gyre Pharmaceuticals. The aggregate amounts of restricted capital and statutory reserves of the relevant subsidiaries not available for distribution were $ 64.3 million as of September 30, 2024 and December 31, 2023. Statutory Reserve Gyre Pharmaceuticals is required to set aside at least 10 % of its after-tax profits as the statutory reserve fund until the cumulative amount of the statutory reserve fund reaches 50 % or more of its registered capital, if any, to fund its statutory reserves, which are not available for distribution as cash dividends. At the Company’s discretion, the Company may allocate a portion of after-tax profits based on PRC accounting standards to a discretionary reserve fund. There were no appropriations to these reserves during the nine months ended September 30, 2024 or during the year ended December 31, 2023 .

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Convertible Preferred Stock	9. Convertible Preferred Stock In December 2022, Catalyst issued an aggregate of 12,340 shares of Convertible Preferred Stock to GNI Japan and GNI HK in connection with the F351 Asset Acquisition (see Note 1 — Organization and Nature of Operations of the Annual Report), which were subsequently transferred to GNI USA in October 2023. In October 2023, immediately following the closing of the Contributions, the Company issued 811 shares of Convertible Preferred Stock and 811 Preferred Stock Warrants to GNI USA under the Private Placement. For additional information, see Note 3 — Fair Value Measurements and Financial Instruments . In November 2023, GNI USA provided notice to the Company to convert its 13,151 shares of Convertible Preferred Stock. Each share of Convertible Preferred Stock was convertible into approximately 666.67 shares of common stock. On January 22, 2024, subject to the terms and conditions of the Convertible Preferred Stock Certificate of Designation, 8,767,333 shares of common stock were issued to GNI USA upon such conversion.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	10. Stock Based Compensation 2023 Omnibus Incentive Plan The 2023 Omnibus Incentive Plan was approved by Catalyst’s stockholders in August 2023 and ratified by Gyre’s board of directors (the “Board”) in October 2023. The 2023 Omnibus Incentive Plan became effective on October 30, 2023. The 2023 Omnibus Incentive Plan permits the Company to issue up to 17,845,496 shares of common stock and will automatically increase by the lesser of (i) 5 % of the total number of outstanding shares of common stock on December 31st of the preceding calendar year and (ii) such smaller number of shares of common stock as determined by the Board on the first day of each fiscal year beginning on January 1, 2024. On January 1, 2024, pursuant to the automatic increase in the number of shares reserved, an additional 3,829,780 shares of common stock were reserved and made available for issuance under the 2023 Omnibus Incentive Plan. 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 Weighted- Weighted- 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 Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. Due to its limited relevant historical data, the Company estimated its volatility considering a number of factors, including the use of the volatility of comparable public companies. The expected term of options granted under the 2023 Omnibus Incentive Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is determined based on the simplified method due to the Company’s limited relevant history. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. Since no stock options were granted during the nine months ended September 30, 2023 , all weighted-average assumptions for that period were not applicable. 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 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 $ — As of September 30, 2024, the Company had an unrecognized stock-based compensation expense of $ 4.7 million , related to unvested stock option awards, which is expected to be recognized over an estimated weighted-average period of 3.2 years.

Net Income per Share ("EPS") At

Net Income per Share ("EPS") Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income per Share ("EPS") Attributable to Common Stockholders	11. Net Income per Share (“EPS”) Attributable to Common Stockholders The dilutive effect of outstanding stock options and warrants is calculated using the treasury stock method. Stock options and warrants are anti-dilutive and excluded from the diluted EPS attributable to common stock calculation if the exercise price exceeds the average market price of the common shares. The following table sets forth the computation of EPS attributable to common stockholders, basic and diluted (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 2,856 $ 7,510 $ 17,329 $ 15,497 Less: Allocation of undistributed earnings to noncontrolling interest 1,732 3,534 5,145 7,424 Net income attributable to common stockholders - basic $ 1,124 $ 3,976 $ 12,184 $ 8,073 Less: Change in fair value of warrant liability ( 228 ) — 6,973 — Net income attributable to common stockholders - diluted $ 1,352 $ 3,976 $ 5,211 $ 8,073 Denominator: Basic common shares outstanding: Weighted average common shares outstanding 85,643,646 63,588,119 84,807,041 63,588,119 Weighted average shares used in calculating net income per share attributable to common stockholders, basic 85,643,646 63,588,119 84,807,041 63,588,119 Dilutive potential common shares: Weighted average of common stock options 16,765,219 15,316,205 16,722,627 15,319,576 Weighted average of Convertible Preferred Stock (as converted) — — 703,946 — Weighted average of Preferred Stock Warrants (as converted) 231,508 — 271,971 — Weighted average shares used in calculating net income per share attributable to common stockholders, diluted 102,640,373 78,904,324 102,505,585 78,907,695 Net income per share attributable to common stockholders: Basic $ 0.01 $ 0.06 $ 0.14 $ 0.13 Diluted $ 0.01 $ 0.05 $ 0.05 $ 0.10 Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 922,960 — 870,386 — Total 922,960 — 870,386 —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Contingent Value Rights Agreement Each CVR under the CVR Agreement entitles the holder to receive (i) certain cash payments from the net proceeds related to the disposition of Catalyst’s legacy assets, (ii) 100 % of the excess cash (net of all current or contingent liabilities, including transaction-related expenses) retained by the Company in excess of $ 1.0 million as of the closing date of the Contributions and (iii) 100 % of the excess amount, by which the preapproved costs to manage, negotiate, settle and finalize certain third party claims exceed the costs actually incurred with respect to such claims. The CVRs are not transferable, except in certain limited circumstances as provided for in the CVR Agreement, will not be certificated or evidenced by any instrument, and will not be registered with the SEC or listed for trading on any exchange. In February 2023, Catalyst sold its legacy rare bleeding disorder program to GCBP. As a result, the Company distributed the net cash proceeds received from the GCBP asset sale of $ 0.2 million to the CVR Holders as well as recorded a $ 4.5 million long-term CVR derivative liability for the future distribution of the hold-back amount to be received in May 2025. As of December 31, 2023 , the carrying value of the CVR derivative liability was $ 4.7 million on the condensed consolidated balance sheet. Refer to Note 3 — Fair Value Measurements and Financial Instruments for additional information regarding the CVR derivative liability and GCBP asset sale. On October 30, 2023, pursuant to the CVR Agreement, the Company recorded a $ 1.1 million CVR excess closing cash payable upon closing of the Contributions. As of September 30, 2024 , the CVR Holders have received all requisite cash payable under the CVR Agreement and there are no outstanding distributions. Litigation and Legal Matters The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s condensed consolidated financial statements. Purchasing Commitments Property and Equipment The Company’s commitments related to purchase of property and equipment contracted but not yet reflected in the condensed consolidated financial statements were $ 1.6 million as of September 30, 2024 and were expected to be incurred within one year. F351 In September 2020, Gyre Pharmaceuticals entered into an intellectual property (“IP”) transfer agreement (the “F351 Transfer Agreement”) with GNI Japan and certain of its wholly owned subsidiaries (the “GNI Group” or “GNI”). According to the F351 Transfer Agreement, Gyre Pharmaceuticals acquired the exclusive right to use Hydronidone IP rights in mainland China and the right of first offer for the global IP rights (the “F351 IP Rights”). Under the F351 Transfer Agreement, in exchange for the F351 IP Rights, Gyre Pharmaceuticals is obligated to pay GNI Group $ 4.7 million upon submission of the F351 New Drug Application (the “NDA”) to Center for Drug Evaluation of the National Medical Products Administration (the “NMPA”) of the PRC, $ 1.2 million after the NDA passes the NMPA’s Center for Food and Drug Review and Inspection’s on-site registration inspection for the F351 product, and $ 7.1 million upon NMPA’s approval of the NDA. Research and Development Programs In addition to the F351 program, as of September 30, 2024, Gyre Pharmaceuticals has committed to allocate $ 21.3 million toward future research and development activities for various programs.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes During the three and nine months ended September 30, 2024 and 2023, the Company recorded the following income tax provision (in thousands) and effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income tax provision $ 1,074 $ 3,678 $ 5,117 $ 7,816 Effective tax rate 27.33 % 32.87 % 22.80 % 33.53 % The change of effective tax rate for the three and nine months ended September 30, 2024 and 2023 was primarily due the consummation of the Contributions in October 2023 and the fluctuation of the nondeductible expenses of Gyre Pharmaceuticals. As of September 30, 2024, after consideration of certain limitations (see below), the Company had approximately $ 193.5 million federal and $ 10.5 million state net operating loss (“NOL”) carryforwards for U.S. tax purposes available to reduce future taxable income which, if unused, will begin to expire in 2037 for federal and 2034 for state tax purposes. The federal NOL carryforward includes $ 191.9 million that have an indefinite life. If the Company experiences a greater than 50% aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change NOL carryforwards are subject to annual limitation under Section 382 of the Internal Revenue Code (California has similar provisions). The annual limitation is determined by multiplying the value of the Company’s stock at the time of such ownership change by the applicable long-term tax-exempt rate. Such limitations may result in expiration of a portion of the NOL carryforwards before utilization. The Company determined that ownership changes under Section 382 occurred on December 31, 2007, August 20, 2015, April 13, 2017, February 15, 2018, February 18, 2020, and December 26, 2022. Approximately $ 156.5 million and $ 75.2 million of the NOL carryforwards will expire unutilized for federal and California state income tax purposes, respectively. The ability of the Company to use its remaining NOL and tax credit carryforwards may be further limited if the Company experiences a Section 382 ownership change as a result of future changes in its stock ownership.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions Research and Development with GNI Research and development fees paid to GNI during the three and nine months ended September 30, 2024 were $ 0.1 million and $ 0.2 million , respectively. No research and development fees were paid to GNI during the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, the Company had $ 1.3 million and $ 1.4 million related parties payable due to GNI. Other Receivables from GNI As of September 30, 2024 and December 31, 2023, the Company had recorded $ 1.3 million in other receivables from GNI, of which $ 0.8 million was from CPI’s restructuring transaction (see Note 8 – Restructuring in the Annual Report) and $ 0.5 million was from Gyre’s cost sharing with GNI.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	15. Employee Benefit Plans Mainland China Contribution Plan Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contribution for each employee is based on a percentage of the employee’s current compensation as required by the local government. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme. The total contributions for such employee benefits were $ 1.4 million and $ 1.2 million for the three months ended September 30, 2024 and 2023, respectively. The total contributions for such employee benefits were $ 3.8 million and $ 3.2 million for the nine months ended September 30, 2024 and 2023, respectively. Defined-Contribution Savings Plan In the U.S., the Company maintains a defined-contribution savings plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. The plan is available to employees who meet the minimum age and length of service requirements. The contributions made during the three and nine months ended September 30, 2024 were immaterial.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	16. Segment Information The Company is a consolidated entity comprised of two distinct operating segments: Gyre Pharmaceuticals and Gyre after the Contributions. The Company’s reportable segments are based upon internal organizational structure, the manner in which operations are managed, the criteria used by CODM to evaluate segment performance, the availability of separate financial information, and overall materiality considerations. All Gyre’s operations are within the U.S., while all of Gyre Pharmaceuticals’ operations are in mainland China. Gyre Pharmaceuticals Gyre Pharmaceuticals has one major commercial drug product, ETUARY, and several product candidates in pre-clinical and clinical development. Gyre Pharmaceuticals’ product revenues are mainly generated from the sale of ETUARY and certain generic drugs. Gyre Pharmaceuticals primarily sells its pharmaceutical products to distributors in the PRC, who ultimately sell the products to hospitals, other medical institutions and pharmacies. Gyre Pharmaceuticals also generates revenue from license agreements. However, the license agreements did not generate any revenue for the three and nine months ended September 30, 2024 and 2023. Gyre Gyre is a biopharmaceutical company focused on the development and commercialization of F351 for the treatment of non-alcoholic steatohepatitis-associated liver fibrosis in the United States. Other than the IP associated with F351 in the U.S., Gyre has no other product candidates since the Company sold all of its legacy IP assets prior to the closing of the Contributions. Subsequent to the closing of the Contributions, Gyre has not generated any revenue. Other Other represents the financial information from other subsidiaries, consisting of mainly CPI, GNI HK, and Continent Pharmaceuticals U.S., Inc. During the year ended December 31, 2023, prior to the Contributions, CPI divested almost all of its assets other than its 56.0 % indirect ownership interest in Gyre Pharmaceuticals (see Note 8 – Restructuring in the Annual Report). Segment information for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands): Three Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 25,488 $ — $ — $ 25,488 Cost of revenues 958 — — 958 Gross profit 24,530 — — 24,530 Operating expenses excluding cost of revenues: Selling and marketing 13,699 — — 13,699 Research and development 2,553 222 — 2,775 General and administrative 2,225 1,593 5 3,823 Total operating expenses excluding cost of revenues 18,477 1,815 5 20,297 Income (loss) from operations $ 6,053 $ ( 1,815 ) $ ( 5 ) $ 4,233 Supplemental disclosure of stock-based compensation expense: General and administrative $ — $ 237 $ — $ 237 Stock-based compensation total $ — $ 237 $ — $ 237 Nine Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 77,885 $ — $ — $ 77,885 Cost of revenues 2,707 — — 2,707 Gross profit 75,178 — — 75,178 Operating expenses excluding cost of revenues: Selling and marketing 40,655 — — 40,655 Research and development 7,639 673 — 8,312 General and administrative 7,031 3,608 6 10,645 Total operating expenses excluding cost of revenues 55,325 4,281 6 59,612 Income (loss) from operations $ 19,853 $ ( 4,281 ) $ ( 6 ) $ 15,566 Supplemental disclosure of stock-based compensation expense: General and administrative $ — $ 264 $ — $ 264 Stock-based compensation total $ — $ 264 $ — $ 264 Three Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 32,042 $ — $ — $ 32,042 Cost of revenues 1,184 — — 1,184 Gross profit 30,858 — — 30,858 Operating expenses excluding cost of revenues: Selling and marketing 13,928 — — 13,928 Research and development 3,009 — — 3,009 General and administrative 1,159 — ( 2 ) 1,157 Total operating expenses excluding cost of revenues 18,096 — ( 2 ) 18,094 Income from operations $ 12,762 $ — $ 2 $ 12,764 Supplemental disclosure of stock-based compensation expense: Stock-based compensation total $ — $ — $ — $ — Nine Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 86,302 $ — $ — $ 86,302 Cost of revenues 3,386 — — 3,386 Gross profit 82,916 — — 82,916 Operating expenses excluding cost of revenues: Selling and marketing 44,695 — — 44,695 Research and development 9,212 — — 9,212 General and administrative 4,055 — 552 4,607 Total operating expenses excluding cost of revenues 57,962 — 552 58,514 Income (loss) from operations $ 24,954 $ — $ ( 552 ) $ 24,402 Supplemental disclosure of stock-based compensation expense: Stock-based compensation total $ — $ — $ — $ — The table below presents total assets as of September 30, 2024 and December 31, 2023. September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Total assets $ 113,682 $ 10,646 $ 912 $ 125,240 December 31, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Total assets $ 101,761 $ 13,865 $ 913 $ 116,539 The table below only includes cash outflows for the purchase of property and equipment and excludes non-cash activities. Nine Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Purchase of property and equipment $ 2,366 $ 14 $ — $ 2,380 Nine Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Purchase of property and equipment $ 6,193 $ — $ — $ 6,193

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation. The condensed consolidated financial statements have been prepared in accordance with GAAP and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s condensed consolidated financial information. These condensed consolidated results of operations and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Annual Report.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, allowance of doubtful accounts, long-term receivable, contingent value right (“CVR”) derivative liability, warrant liability, allowance for credit losses, reserves for excess or obsolete inventory, operating lease right-of-use assets and liabilities, recognition of research and development expenses to the appropriate financial reporting period based on the progress of the research and development projects, income taxes, stock-based compensation and useful lives of property and equipment and intangibles with definite lives. The Company bases its estimates on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Risks and Uncertainities	Risks and Uncertainties The Company is subject to a number of risks associated with companies at a similar stage, including dependence on key individuals, competition from larger and established companies, uncertainty of clinical results, ability to obtain adequate financing to support growth, the ability to attract and retain additional qualified personnel to manage the anticipated growth of the Company, and general economic conditions.
Concentration of Credit Risk	Concentration of Credit Risk In May 2015, a new Deposit Insurance System (“DIS”) managed by the People ’ s Bank of China was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of Chinese Renminbi (“RMB”) 500,000 . The Company maintains cash and deposits at commercial banks in excess of the amount protected by DIS and the Federal Deposit Insurance Corporation and in the event of bankruptcy of one of these financial institutions, the Company may be unable to claim its deposits back in full. Management believes that these financial institutions are of high credit quality and continually monitors the creditworthiness of these financial institutions. As of September 30, 2024 and December 31, 2023, the Company had cash and cash equivalents of $ 15.9 million and $ 33.5 million , and long-term certificates of deposit of $ 29.5 million and $ 23.4 million , respectively. In addition, the Company had short-term bank deposits of $ 9.2 million as of September 30, 2024. For the periods ended September 30, 2024 and December 31, 2023, cash and cash equivalents, short-term bank deposits and long-term certificates of deposits exceeded the PRC DIS coverage by $ 49.7 million and $ 49.4 million , respectively. Accounts receivable are typically unsecured and are derived from product sales. The Company manages credit risk related to the accounts receivable through ongoing monitoring of outstanding balances and limiting the amount of credit extended based upon payment history and creditworthiness. Historically, the Company has collected receivables from customers within the credit terms with no significant credit losses incurred.
Concentration of Customer Risk	Concentration of Customer Risk For the three months ended September 30, 2024, the Company had three customers, Sinopharm Group Co., Ltd. ("Sinopharm"), China Resources Pharmaceutical Group Ltd. (“Resources Pharmaceutical”), and Shanghai Pharmaceuticals Holding Co., Ltd. (“Shanghai Pharmaceuticals”), who accounted for approximately 44.8 % , 12.9 % and 12.1 % of total revenue, respectively. For the three months ended September 30, 2023, the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 49.3 % , 13.7 % and 10.8 % of total revenue, respectively. For the nine months ended September 30, 2024, the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 47.1 % , 14.6 % and 12.1 % of total revenue, respectively. For the nine months ended September 30, 2023 , the Company had three customers, Sinopharm, Resources Pharmaceutical, and Shanghai Pharmaceuticals, who accounted for approximately 50.6 % , 13.5 % and 11.0 % of total revenue, respectively. All customers are located in mainland China. As of September 30, 2024 and December 31, 2023, the Company had one customer Sinopharm, who accounted for approximately 41.6 % and 50.5 % of accounts receivable, respectively.
Foreign Currency Risk	Foreign Currency Risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. 72.7 % of the Company’s cash and cash equivalents, and 100 % of the Company’s short-term bank deposits and long-term certificates of deposit as of September 30, 2024, in the amount of $ 11.5 million , $ 9.2 million , and $ 29.5 million , respectively, were denominated in RMB.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) . This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard as of January 1, 2024 . The adoption of this ASU did not have any material impact on the Company’s interim condensed consolidated financial statements.
New Accounting Pronouncements - Issued But Not Yet Adopted	New Accounting Pronouncements – Issued But Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the Company’s consolidated financial statements, once adopted. The Company plans to adopt ASU 2023-09 and related updates as of January 1, 2025. The Company is in the process of assessing the impact of adoption of this standard on its consolidated financial statements.

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 3,183 $ — $ — $ 3,183 Long-term receivable from GCBP — — 4,900 4,900 Total financial assets $ 3,183 $ — $ 4,900 $ 8,083 Financial liabilities: CVR derivative liability, noncurrent $ — $ — $ 4,900 $ 4,900 Warrant liability, noncurrent — — 5,862 5,862 Total financial liabilities $ — $ — $ 10,762 $ 10,762 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 5,860 $ — $ — $ 5,860 Long-term receivable from GCBP — — 4,722 4,722 Total financial assets $ 5,860 $ — $ 4,722 $ 10,582 Financial liabilities: CVR derivative liability $ — $ — $ 4,722 $ 4,722 Warrant liability, noncurrent — — 12,835 12,835 Total financial liabilities $ — $ — $ 17,557 $ 17,557 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model	The fair value of the warrant liability is estimated based on the Black-Scholes option pricing model using the following weighted-average assumptions: September 30, 2024 December 31, 2023 Share price $ 12.54 $ 25.70 Exercise price $ 4,915.00 $ 4,915.00 Dividend yield — % — % Risk-free interest 3.70 % 3.88 % Term (years) 9.08 9.83 Expected volatility 82.00 % 84.00 %
Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities	The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands): Long-term receivable CVR derivative Warrant from GCBP liability, noncurrent liability Balance at December 31, 2023 $ 4,722 $ 4,722 $ 12,835 Changes in fair value 178 178 ( 6,973 ) Balance at September 30, 2024 $ 4,900 $ 4,900 $ 5,862
Cash Equivalents	Cash equivalents consisted of the following (in thousands): September 30, 2024 Amortized Gross Gross Estimated Money market funds (cash equivalents) $ 3,183 $ — $ — $ 3,183 Total financial assets $ 3,183 $ — $ — $ 3,183 Classified as: Cash and cash equivalents $ 3,183 Total financial assets $ 3,183 December 31, 2023 Amortized Gross Gross Estimated Money market funds (cash equivalents) $ 5,860 $ — $ — $ 5,860 Total financial assets $ 5,860 $ — $ — $ 5,860 Classified as: Cash and cash equivalents $ 5,860 Total financial assets $ 5,860

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories, Net of Reserves	Inventories, net of reserves of $ 5,000 and $ 46,000 as of September 30, 2024 and December 31, 2023, respectively, consisted of the following components (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 1,039 $ 919 Work in progress 3,537 1,997 Finished goods 1,803 1,365 Inventories, net $ 6,379 $ 4,281
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accrued payroll and welfare $ 4,914 $ 5,790 Accrued expenses - selling expenses 1,054 44 Supplier reimbursement 1,351 2,247 Accrued expenses - general and administrative 924 1,190 Accrued sales discount 879 903 Accrued expenses - research and development 215 161 Deferred government grants 40 40 Employee reimbursement 14 648 Accrued professional services — 837 Other accrued liabilities 162 75 Accrued expenses and other current liabilities $ 9,553 $ 11,935
Schedule of Accounts and Note Receivable, Net	Accounts and note receivables, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accounts receivable $ 19,538 $ 15,204 Note receivable 91 389 Allowance for credit losses ( 142 ) ( 41 ) Accounts and note receivables, net $ 19,487 $ 15,552
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Buildings $ 19,122 $ 12,289 Construction in progress 388 7,875 Machinery and electronic devices 9,400 6,598 Furniture and fixtures 668 606 Motor vehicles 187 185 Property and equipment, gross 29,765 27,553 Less: Accumulated depreciation ( 5,323 ) ( 4,265 ) Property and equipment, net $ 24,442 $ 23,288

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets	The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 Gross carrying amount Accumulated amortization Intangible assets, net Intangible assets with finite lives: Technological know-how $ 435 $ ( 307 ) $ 128 Computer software 176 ( 120 ) 56 Total intangible assets $ 611 $ ( 427 ) $ 184 December 31, 2023 Gross carrying amount Accumulated amortization Intangible assets, net Intangible assets with finite lives: Technological know-how $ 430 $ ( 290 ) $ 140 Computer software 171 ( 106 ) 65 Total intangible assets $ 601 $ ( 396 ) $ 205
Schedule of Estimated Future Amortization Expense	Based on finite-lived intangible assets recorded as of September 30, 2024, the estimated future amortization expense is as follows (in thousands): Estimated amortization expense 2024 $ 9 2025 35 2026 35 2027 34 2028 19 Thereafter 52 Total $ 184

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Lessee Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to operating leases was as follows (in thousands): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 631 $ 364
Schedule of Present Value Assumptions used in Calculating Present Value of Lease Payments	The present value assumptions used in calculating the present value of the lease payments were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term 2.6 years 2.2 years Weighted-average discount rate 4.76 % 4.78 %
Schedule of Maturity of Operating Lease Liabilities	As of September 30, 2024, undiscounted future minimum payments under the Company’s operating leases were as follows (in thousands): Amount Remaining in 2024 $ 240 2025 766 2026 617 2027 286 Total undiscounted lease payments 1,909 Less: imputed interest ( 114 ) Total lease liabilities 1,795 Less: current portion of lease liabilities ( 694 ) Lease liabilities, net of current portion $ 1,101

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	Common stock reserved for future issuance is as follows: September 30, 2024 December 31, 2023 Options issued and outstanding 18,545,620 [1] 18,280,548 Preferred Stock Warrants issued and outstanding 540,666 540,666 Convertible Preferred Stock issued and outstanding — 8,767,332 Total common stock reserved 19,086,286 27,588,546 [1] Includes 7,701,462 options exercisable for shares of common stock, which underlying shares of common stock were transferred in the name of the Company to Futu Network Technology Limited, the stock plan administrator of the 2023 Omnibus Incentive Sub-Plan for Chinese Participants.

Stock Based Compensation (Table

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 Weighted- Weighted- 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 $ —

Net Income per Share ("EPS") _2

Net Income per Share ("EPS") Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted EPS Attributable to Common Stockholders	The following table sets forth the computation of EPS attributable to common stockholders, basic and diluted (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 2,856 $ 7,510 $ 17,329 $ 15,497 Less: Allocation of undistributed earnings to noncontrolling interest 1,732 3,534 5,145 7,424 Net income attributable to common stockholders - basic $ 1,124 $ 3,976 $ 12,184 $ 8,073 Less: Change in fair value of warrant liability ( 228 ) — 6,973 — Net income attributable to common stockholders - diluted $ 1,352 $ 3,976 $ 5,211 $ 8,073 Denominator: Basic common shares outstanding: Weighted average common shares outstanding 85,643,646 63,588,119 84,807,041 63,588,119 Weighted average shares used in calculating net income per share attributable to common stockholders, basic 85,643,646 63,588,119 84,807,041 63,588,119 Dilutive potential common shares: Weighted average of common stock options 16,765,219 15,316,205 16,722,627 15,319,576 Weighted average of Convertible Preferred Stock (as converted) — — 703,946 — Weighted average of Preferred Stock Warrants (as converted) 231,508 — 271,971 — Weighted average shares used in calculating net income per share attributable to common stockholders, diluted 102,640,373 78,904,324 102,505,585 78,907,695 Net income per share attributable to common stockholders: Basic $ 0.01 $ 0.06 $ 0.14 $ 0.13 Diluted $ 0.01 $ 0.05 $ 0.05 $ 0.10
Anti-dilutive Security not Included in Diluted per Share Calculations	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 922,960 — 870,386 — Total 922,960 — 870,386 —

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision and Effectie Tax Rate	During the three and nine months ended September 30, 2024 and 2023, the Company recorded the following income tax provision (in thousands) and effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income tax provision $ 1,074 $ 3,678 $ 5,117 $ 7,816 Effective tax rate 27.33 % 32.87 % 22.80 % 33.53 %

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Segment information for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands): Three Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 25,488 $ — $ — $ 25,488 Cost of revenues 958 — — 958 Gross profit 24,530 — — 24,530 Operating expenses excluding cost of revenues: Selling and marketing 13,699 — — 13,699 Research and development 2,553 222 — 2,775 General and administrative 2,225 1,593 5 3,823 Total operating expenses excluding cost of revenues 18,477 1,815 5 20,297 Income (loss) from operations $ 6,053 $ ( 1,815 ) $ ( 5 ) $ 4,233 Supplemental disclosure of stock-based compensation expense: General and administrative $ — $ 237 $ — $ 237 Stock-based compensation total $ — $ 237 $ — $ 237 Nine Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 77,885 $ — $ — $ 77,885 Cost of revenues 2,707 — — 2,707 Gross profit 75,178 — — 75,178 Operating expenses excluding cost of revenues: Selling and marketing 40,655 — — 40,655 Research and development 7,639 673 — 8,312 General and administrative 7,031 3,608 6 10,645 Total operating expenses excluding cost of revenues 55,325 4,281 6 59,612 Income (loss) from operations $ 19,853 $ ( 4,281 ) $ ( 6 ) $ 15,566 Supplemental disclosure of stock-based compensation expense: General and administrative $ — $ 264 $ — $ 264 Stock-based compensation total $ — $ 264 $ — $ 264 Three Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 32,042 $ — $ — $ 32,042 Cost of revenues 1,184 — — 1,184 Gross profit 30,858 — — 30,858 Operating expenses excluding cost of revenues: Selling and marketing 13,928 — — 13,928 Research and development 3,009 — — 3,009 General and administrative 1,159 — ( 2 ) 1,157 Total operating expenses excluding cost of revenues 18,096 — ( 2 ) 18,094 Income from operations $ 12,762 $ — $ 2 $ 12,764 Supplemental disclosure of stock-based compensation expense: Stock-based compensation total $ — $ — $ — $ — Nine Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Revenues $ 86,302 $ — $ — $ 86,302 Cost of revenues 3,386 — — 3,386 Gross profit 82,916 — — 82,916 Operating expenses excluding cost of revenues: Selling and marketing 44,695 — — 44,695 Research and development 9,212 — — 9,212 General and administrative 4,055 — 552 4,607 Total operating expenses excluding cost of revenues 57,962 — 552 58,514 Income (loss) from operations $ 24,954 $ — $ ( 552 ) $ 24,402 Supplemental disclosure of stock-based compensation expense: Stock-based compensation total $ — $ — $ — $ — The table below presents total assets as of September 30, 2024 and December 31, 2023. September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Total assets $ 113,682 $ 10,646 $ 912 $ 125,240 December 31, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Total assets $ 101,761 $ 13,865 $ 913 $ 116,539 The table below only includes cash outflows for the purchase of property and equipment and excludes non-cash activities. Nine Months Ended September 30, 2024 Gyre Pharmaceuticals Gyre Other Consolidated Purchase of property and equipment $ 2,366 $ 14 $ — $ 2,380 Nine Months Ended September 30, 2023 Gyre Pharmaceuticals Gyre Other Consolidated Purchase of property and equipment $ 6,193 $ — $ — $ 6,193

Nature of Operations and Liqu_2

Nature of Operations and Liquidity - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Oct. 30, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization And Nature Of Operations [Line Items]
Net income		$ 2,856	$ 4,538	$ 9,935	$ 7,510	$ 3,770	$ 4,217	$ 17,300
Net cash used in operating activities								883	$ (22,532)
Accumulated deficit		73,354						73,354		$ 85,538
Cash and cash equivalents		$ 15,866						$ 15,866		$ 33,509
Gyre | Gyre Pharmaceuticals
Organization And Nature Of Operations [Line Items]
Minority interest ownership indirectly holds	65.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2015 CNY (¥)	Sep. 30, 2024 USD ($)	Sep. 30, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 15,866		$ 15,866		$ 33,509
Long-term certificates of deposit		29,515		29,515		23,431
Short-term bank deposits		9,226		9,226
Cash and cash equivalents, short-term bank deposits and long-term certificates of deposits exceeding China DIS coverage		$ 49,700		$ 49,700		$ 49,400
Percentage of cash and cash equivalents		72.70%		72.70%
Percentage of short-term bank deposits and long-term certificates of deposit		100%		100%
Cash and cash equivalents denominated in RMB		$ 11,500		$ 11,500
Customer Concentration Risk | Sinopharm Group Co., Ltd | Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration of customer risk		44.80%	49.30%	47.10%	50.60%
Customer Concentration Risk | Sinopharm Group Co., Ltd | Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration of customer risk				41.60%		50.50%
Customer Concentration Risk | China Resources Pharmaceutical Group Ltd | Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration of customer risk		12.90%	13.70%	14.60%	13.50%
Customer Concentration Risk | Shanghai Pharmaceuticals Holding Co., Ltd | Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration of customer risk		12.10%	10.80%	12.10%	11%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Deposits in licensed banks protected by DIS | ¥	¥ 500,000
AUS 2023-07
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2024		Jan. 01, 2024
Change in accounting principle, accounting standards update, adopted		true		true
Change in accounting principle, accounting standards update, immaterial effect		true		true

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 8,083	$ 10,582
Liabilities, fair value		10,762	17,557
Long-term Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		4,900	4,722
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]	3,183	5,860
CVR Derivative Liability, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		4,900	4,722
Warrant Liability, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		5,862	12,835
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		3,183	5,860
Fair Value, Inputs, Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]	3,183	5,860
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		4,900	4,722
Liabilities, fair value		10,762	17,557
Fair Value, Inputs, Level 3 | Long-term Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		4,900	4,722
Fair Value, Inputs, Level 3 | CVR Derivative Liability, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		4,900	4,722
Fair Value, Inputs, Level 3 | Warrant Liability, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		$ 5,862	$ 12,835
[1] Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Additional Information (Detail)		1 Months Ended
	Dec. 26, 2022	Oct. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Oct. 27, 2023 shares	Dec. 31, 2022 shares
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value measurement transfer between Level 1 and Level 2				$ 0	$ 0
Fair value measurement transfer Level 3				$ 0	$ 0
Warrants exercise price per share | $ / shares				$ 4,915	$ 4,915
Preferred Stock Warrants
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Warrants to purchase shares | shares		811				811
Aggregate purchase price of warrants		$ 5,000,000
Warrants exercise price per share | $ / shares		$ 4,915
Expiration date		Oct. 30, 2033
Number of shares of common stock issuable upon exercise and conversion of warrants | shares		540,666
Convertible Preferred Stock
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Preferred stock shares issued | shares		811				811	12,340
Preferred stock, par value | $ / shares		$ 0.001
Contingent Value Rights Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Purchase agreement amendment date	Mar. 29, 2023
Contingent Value Rights Agreement | GCBP Asset Purchase Agreement | CVR Derivative Liability, Noncurrent | Estimated Discount Rate
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative liability measurement input				0.0505
Contingent Value Rights Agreement | GCBP Asset Purchase Agreement | Long-term Receivable | Estimated Discount Rate
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative asset measurement input				0.0505
Contingent Value Rights Agreement | GCBP Asset Purchase Agreement | Forecast
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Amount to be received under agreement			$ 5,000,000

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model (Detail)	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants share price per share	$ 12.54	$ 25.7
Warrants exercise price per share	$ 4,915	$ 4,915
Term (years)	9 years 29 days	9 years 9 months 29 days
Risk-Free Interest
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.7	3.88
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	82	84

Fair Value Measurements and F_6

Fair Value Measurements and Financial Instruments - Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Long-term Receivable
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	$ 4,722
Changes in fair value	178
Balance at September 30, 2024	4,900
CVR Derivative Liability, Noncurrent
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	4,722
Changes in fair value	178
Balance at September 30, 2024	4,900
Warrant Liability, Noncurrent
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	12,835
Changes in fair value	(6,973)
Balance at September 30, 2024	$ 5,862

Fair Value Measurements and F_7

Fair Value Measurements and Financial Instruments - Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 3,183	$ 5,860
Estimated Fair Value	3,183	5,860
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,183	5,860
Estimated Fair Value	3,183	5,860
Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value	$ 3,183	$ 5,860

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Inventory reserves	$ 5,000		$ 46,000
Total investment	1,700,000
Affiliates
Long-term investments	$ 1,700,000
Maximum
Investment obligation amount		$ 4,200,000
Percentage of equity interest		18.90%

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 1,039	$ 919
Work in progress	3,537	1,997
Finished goods	1,803	1,365
Inventories, net	$ 6,379	$ 4,281

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued payroll and welfare	$ 4,914	$ 5,790
Accrued expenses - selling expenses	1,054	44
Supplier reimbursement	1,351	2,247
Accrued expenses - general and administrative	924	1,190
Accrued sales discount	879	903
Accrued expenses - research and development	215	161
Other accrued liabilities	162	75
Deferred government grants	40	40
Employee reimbursement	14	648
Accrued professional services		837
Accrued expenses and other current liabilities	$ 9,553	$ 11,935

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accounts and Note Receivables, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 19,538	$ 15,204
Note receivable	91	389
Allowance for credit losses	(142)	(41)
Accounts and note receivables, net	$ 19,487	$ 15,552

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,765	$ 27,553
Less: Accumulated depreciation	(5,323)	(4,265)
Property and equipment, net	24,442	23,288
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,122	12,289
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	388	7,875
Machinery and Electronic Devices
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,400	6,598
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	668	606
Motor Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 187	$ 185

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets, Weighted average amortization period	4 years 7 months 6 days		4 years 7 months 6 days
Amortization of intangible assets	$ 10,000	$ 14,000	$ 26,000	$ 107,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets with finite lives:
Gross carrying amount	$ 611	$ 601
Accumulated amortization	(427)	(396)
Intangible assets, net	184	205
Technological know-how
Intangible assets with finite lives:
Gross carrying amount	435	430
Accumulated amortization	(307)	(290)
Intangible assets, net	128	140
Computer software
Intangible assets with finite lives:
Gross carrying amount	176	171
Accumulated amortization	(120)	(106)
Intangible assets, net	$ 56	$ 65

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 9
2025	35
2026	35
2027	34
2028	19
Thereafter	52
Intangible assets, net	$ 184	$ 205

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Percentage of revenue accounted sales to distributors			100%
ETUARY
Disaggregation of Revenue [Line Items]
Revenue from sales	$ 25.5	$ 32	$ 77.9	$ 86.3
ETUARY | Sales | ETUARY
Disaggregation of Revenue [Line Items]
Concentration risk percentage	99.20%	99%	99.20%	98.90%

Leases - Additional Information

Leases - Additional Information (Detail)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2024 m²	Nov. 30, 2023	Sep. 30, 2024 USD ($) m²	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) m²	Sep. 30, 2023 USD ($)	Dec. 31, 2022 m²	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Square meter area for office space under lease | m²	2,130
Square meter area for laboratory center under lease | m²							180
Short-term lease expenses			$ 19,000	$ 22,000	$ 54,000	$ 72,000
Right-of-use assets			1,984,000		1,984,000			$ 489,000
Operating lease, liability			1,795,000		1,795,000
Lease renewed month and year							2024-07
Lease expiration month and year	2027-06	2027-03					2026-08
Operating lease expense			300,000	$ 100,000	500,000	$ 400,000
Security deposits			$ 300,000		$ 300,000
Combined square meter area for manufacturing facilities under lease | m²			66,559		66,559
Land use rights, net assets			$ 1,500,000		$ 1,500,000

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flow, Operating Activities, Lessee [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 631	$ 364

Leases - Schedule of Present Va

Leases - Schedule of Present Value Assumptions used in Calculating Present Value of Lease Payments (Detail)	Sep. 30, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Weighted-average remaining lease term	2 years 7 months 6 days	2 years 2 months 12 days
Weighted-average discount rate	4.76%	4.78%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remaining in 2024	$ 240
2025	766
2026	617
2027	286
Total undiscounted lease payments	1,909
Less: imputed interest	(114)
Total lease liabilities	1,795
Less current portion of lease liabilities	(694)	$ (210)
Lease liabilities, net of current portion	$ 1,101	$ 199

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock, Reserved for Future Issuance (Detail) - shares	Sep. 30, 2024		Dec. 31, 2023
Class of Stock [Line Items]
Total common stock reserved	19,086,286		27,588,546
Options Issued and Outstanding
Class of Stock [Line Items]
Total common stock reserved	18,545,620	[1]	18,280,548
Preferred Stock Warrants Issued and Outstanding
Class of Stock [Line Items]
Total common stock reserved	540,666		540,666
Convertible Preferred Stock Issued and Outstanding
Class of Stock [Line Items]
Total common stock reserved			8,767,332
[1] Includes 7,701,462 options exercisable for shares of common stock, which underlying shares of common stock were transferred in the name of the Company to Futu Network Technology Limited, the stock plan administrator of the 2023 Omnibus Incentive Sub-Plan for Chinese Participants.

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Common Stock, Reserved for Future Issuance (Parenthetical) (Details)	Sep. 30, 2024 shares
Class of Stock [Line Items]
Options exercisable for shares	17,867,835
Common Stock [Member] | 2023 Incentive Plan
Class of Stock [Line Items]
Options exercisable for shares	7,701,462

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Stockholders Equity Disclosure [Line Items]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares sold	85,769,526	76,595,616
Aggregate amounts of restricted capital and statutory reserves	$ 64,300,000	$ 64,300,000
Statutory reserve fund	10%
Cumulative amount of statutory reserve fund	50%
Appropriations to statutory reserve	$ 0	$ 0

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Detail) - shares	Sep. 30, 2024	Jan. 22, 2024	Nov. 30, 2023	Oct. 31, 2023	Oct. 27, 2023	Dec. 31, 2022
Preferred Stock Warrants
Class of Stock [Line Items]
Warrants to purchase shares				811	811
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock shares issued				811	811	12,340
Preferred stock, shares issued upon conversion	666.67		13,151
Number Of Shares Of Common Stock Issuable Upon Conversion Of The Outstanding Shares		8,767,333

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024	Dec. 31, 2023	Oct. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance	19,086,286			27,588,546
Options granted	680,732	0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized employee stock based compensation expense	$ 4.7
Unrecognized employee stock based compensation expense, period for recognition	3 years 2 months 12 days
2023 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding shares of common stock	5%
Common stock, shares reserved for future issuance			3,829,780		17,845,496

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Number of Shares Underlying Outstanding Options
Number of Shares Underlying Outstanding Options, Beginning Balance	18,280,548
Number of Shares Underlying Outstanding Options, Options granted	680,732	0
Number of Shares Underlying Outstanding Options, Options exercised	(406,577)
Number of Shares Underlying Outstanding Options, Options forfeited and cancelled	(9,083)
Number of Shares Underlying Outstanding Options, Ending Balance	18,545,620		18,280,548
Number of Shares Underlying Outstanding Options, Exercisable- June 30, 2024	17,867,835
Weighted- Average Exercise Price
Weighted- Average Exercise Price, Beginning Balance	$ 1.49
Weighted- Average Exercise Price, Options granted	10
Weighted- Average Exercise Price, Options Exercised	3.21
Weighted- Average Exercise Price, Options forfeited and cancelled	16.24
Weighted- Average Exercise Price, Ending Balance	1.74		$ 1.49
Weighted- Average Exercise Price, Exercisable - June 30, 2024	$ 0.7
Weighted-Average Remaining Contractual Term (Years)
Weighted-Average Remaining Contractual Term (Years), Outstanding Balance	6 years 8 months 12 days		6 years 10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable - June 30, 2024	6 years 7 months 6 days

Stock Based Compensation - Fair

Stock Based Compensation - Fair Values of Stock Options Granted Estimated Using Black-Scholes Valuation Model (Detail) - Employee Stock Option - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate (%)	3.70%	3.70%
Expected option life (in years)	5 years 10 months 24 days	5 years 10 months 24 days
Volatility (%)	84.10%	84.10%
Weighted average share price of the Company (USD per share)	$ 9.98	$ 10

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 237	$ 264
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 237	$ 264

Net Income per Share ("EPS") _3

Net Income per Share ("EPS") Attributable to Common Stockholders - Basic and Diluted EPS Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 2,856	$ 7,510	$ 17,329	$ 15,497
Less: Allocation of undistributed earnings to noncontrolling interest	1,732	3,534	5,145	7,424
Net income attributable to common stockholders	1,124	3,976	12,184	8,073
Less: Change in fair value of warrant liability	(228)		6,973
Net income attributable to common stockholders - diluted	$ 1,352	$ 3,976	$ 5,211	$ 8,073
Weighted average common shares outstanding	85,643,646	63,588,119	84,807,041	63,588,119
Weighted average shares used in calculating net income per share attributable to common stockholders, basic	85,643,646	63,588,119	84,807,041	63,588,119
Weighted average of common stock options	16,765,219	15,316,205	16,722,627	15,319,576
Weighted average of Convertible Preferred Stock (as converted)			703,946
Weighted average of Preferred Stock Warrants (as converted)	231,508		271,971
Weighted-average number of shares used in computing net income (loss) per share available to common stockholders, diluted	102,640,373	78,904,324	102,505,585	78,907,695
Net income per share available for common stockholders, basic	$ 0.01	$ 0.06	$ 0.14	$ 0.13
Net income per share available for common stockholders, diluted	$ 0.01	$ 0.05	$ 0.05	$ 0.1

Net Income per Share ("EPS") _4

Net Income per Share ("EPS") Attributable to Common Stockholders - Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	922,960	870,386
Options To Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	922,960	870,386

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Oct. 30, 2023	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 28, 2024	Dec. 31, 2023
Commitments And Contingencies Disclosure [Line Items]
CVR derivative liability			$ 4,900			$ 4,722
Purchase of property and equipment			2,380	$ 6,193
Maximum
Commitments And Contingencies Disclosure [Line Items]
Investment obligation amount					$ 4,200
Percentage of equity interest					18.90%
Property and Equipment
Commitments And Contingencies Disclosure [Line Items]
Purchase of property and equipment			1,600
Research and Development
Commitments And Contingencies Disclosure [Line Items]
Committed to allocate			$ 21,300
Contingent Value Rights Agreement
Commitments And Contingencies Disclosure [Line Items]
Percentage of excess cash on dispositions net			100%
Excess amount retained from net proceeds related to disposition of assets			$ 1,000
Percentage of excess preapproved costs			100%
Distribution to CVR holders from asset sale proceeds		$ 200
Long-term CVR derivative liability		$ 4,500
CVR derivative liability						$ 4,700
Contributions closing payable amount	$ 1,100
Remaining outstanding balance			$ 0
F351 | Gyre Pharmaceuticals | Submission of the New Drug Application
Commitments And Contingencies Disclosure [Line Items]
Obligation to pay in exchange for the intellectual property rights			4,700
F351 | Gyre Pharmaceuticals | NDA Passes the NMPA's Review and Inspection
Commitments And Contingencies Disclosure [Line Items]
Obligation to pay in exchange for the intellectual property rights			1,200
F351 | Gyre Pharmaceuticals | NMPA's Approval of the NDA
Commitments And Contingencies Disclosure [Line Items]
Obligation to pay in exchange for the intellectual property rights			$ 7,100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2007
CALIFORNIA
Income Tax [Line Items]
Net operating loss carryforwards	$ 75.2
Federal Income Tax
Income Tax [Line Items]
Net operating loss carryforwards	$ 193.5	$ 156.5
Net operating loss carryforwards expiration year	2037
Net operating loss carryforwards having indefinite life	$ 191.9
State Income Tax
Income Tax [Line Items]
Net operating loss carryforwards	$ 10.5
Net operating loss carryforwards expiration year	2034

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision and Effectie Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 1,074	$ 3,678	$ 5,117	$ 7,816
Effective tax rate	27.33%	32.87%	22.80%	33.53%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Research and development fees	$ 2,775,000	$ 3,009,000	$ 8,312,000	$ 9,212,000
Related Party | G N I
Related Party Transaction [Line Items]
Research and development fees	100,000	$ 0	200,000	$ 0
Other Receivables	1,300,000		1,300,000		$ 1,300,000
Related Party | G N I | CPI contribution
Related Party Transaction [Line Items]
Other Receivables	800,000		800,000
Related Party | G N I | Gyre
Related Party Transaction [Line Items]
Other Receivables	500,000		500,000
Related Party | F351 Agreement | G N I
Related Party Transaction [Line Items]
Due to related parties	$ 1,300,000		$ 1,300,000		$ 1,400,000

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Mainland China Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions for employee benefits	$ 1.4	$ 1.2	$ 3.8	$ 3.2

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Segment	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of operating segment	2
CPI contribution
Segment Reporting Information [Line Items]
Indirect ownership interest		56%

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 25,488	$ 32,042	$ 77,885	$ 86,302
Cost of revenues	958	1,184	2,707	3,386
Gross profit	24,530	30,858	75,178	82,916
Operating expenses excluding cost of revenues:
Selling and marketing	13,699	13,928	40,655	44,695
Research and development	2,775	3,009	8,312	9,212
General and administrative	3,823	1,157	10,645	4,607
Total operating expenses excluding cost of revenues	20,297	18,094	59,612	58,514
Income from operations	4,233	12,764	15,566	24,402
Supplemental disclosure of stock-based compensation expense:
Stock-based compensation	237		264
Total assets	125,240		125,240		$ 116,539
Purchase of property and equipment			2,380	6,193
General and administrative
Supplemental disclosure of stock-based compensation expense:
Stock-based compensation	237		264
Gyre Pharmaceuticals
Segment Reporting Information [Line Items]
Revenues	25,488	32,042	77,885	86,302
Cost of revenues	958	1,184	2,707	3,386
Gross profit	24,530	30,858	75,178	82,916
Operating expenses excluding cost of revenues:
Selling and marketing	13,699	13,928	40,655	44,695
Research and development	2,553	3,009	7,639	9,212
General and administrative	2,225	1,159	7,031	4,055
Total operating expenses excluding cost of revenues	18,477	18,096	55,325	57,962
Income from operations	6,053	12,762	19,853	24,954
Supplemental disclosure of stock-based compensation expense:
Total assets	113,682		113,682		101,761
Purchase of property and equipment			2,366	6,193
Gyre
Operating expenses excluding cost of revenues:
Research and development	222		673
General and administrative	1,593		3,608
Total operating expenses excluding cost of revenues	1,815		4,281
Income from operations	(1,815)		(4,281)
Supplemental disclosure of stock-based compensation expense:
Stock-based compensation	237		264
Total assets	10,646		10,646		13,865
Purchase of property and equipment			14
Gyre | General and administrative
Supplemental disclosure of stock-based compensation expense:
Stock-based compensation	237		264
Other
Operating expenses excluding cost of revenues:
General and administrative	5	(2)	6	552
Total operating expenses excluding cost of revenues	5	(2)	6	552
Income from operations	(5)	$ 2	(6)	$ (552)
Supplemental disclosure of stock-based compensation expense:
Total assets	$ 912		$ 912		$ 913