$GYRE
GYRE THERAPEUTICS, INC.

2024 Q4 Form 10-Q Financial Statement

#000095017024126306 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $25.49M $0.00
YoY Change
Cost Of Revenue $958.0K $0.00
YoY Change
Gross Profit $24.53M $0.00
YoY Change
Gross Profit Margin 96.24%
Selling, General & Admin $17.52M $2.410M
YoY Change 627.05% -45.73%
% of Gross Profit 71.43%
Research & Development $2.775M $415.0K
YoY Change 568.67% -48.32%
% of Gross Profit 11.31%
Depreciation & Amortization $445.0K $0.00
YoY Change -100.0%
% of Gross Profit 1.81%
Operating Expenses $20.30M $1.623M
YoY Change 1150.59% -68.58%
Operating Profit $4.233M -$1.623M
YoY Change -360.81% -68.58%
Interest Expense $523.0K $50.00K
YoY Change 946.0% -82.33%
% of Operating Profit 12.36%
Other Income/Expense, Net -$598.0K -$1.333M
YoY Change -55.14% 133200.0%
Pretax Income $3.930M -$1.576M
YoY Change -349.37% -67.73%
Income Tax $1.074M $0.00
% Of Pretax Income 27.33%
Net Earnings $2.856M -$1.576M
YoY Change -281.22% -67.73%
Net Earnings / Revenue 11.21%
Basic Earnings Per Share $0.01 -$0.04
Diluted Earnings Per Share $0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 93.52M 93.42M 37.97M
Diluted Shares Outstanding 102.6M 37.98M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.09M $2.200M
YoY Change 1040.55% -90.48%
Cash & Equivalents $11.80M $15.90M $2.200M
Short-Term Investments $9.226M
Other Short-Term Assets $1.436M $1.513M $1.700M
YoY Change 37.42% -11.0% -21.15%
Inventory $6.337M $6.379M
Prepaid Expenses
Receivables $19.59M $19.49M $0.00
Other Receivables $1.287M $1.200M
Total Short-Term Assets $64.79M $54.81M $5.132M
YoY Change 13.22% 967.99% -83.03%
LONG-TERM ASSETS
Property, Plant & Equipment $23.88M $24.44M $0.00
YoY Change 2.54% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.700M $1.700M
YoY Change -92.74%
Other Assets $3.030M $2.766M $168.0K
YoY Change 204.52% 1546.43% 0.0%
Total Long-Term Assets $60.62M $70.43M $4.832M
YoY Change 2.19% 1357.6% 525.1%
TOTAL ASSETS
Total Short-Term Assets $64.79M $54.81M $5.132M
Total Long-Term Assets $60.62M $70.43M $4.832M
Total Assets $125.4M $125.2M $9.964M
YoY Change 7.61% 1156.92% -67.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $108.0K $303.0K $158.0K
YoY Change -69.58% 91.77% 285.37%
Accrued Expenses $10.25M $1.600M
YoY Change 540.44% -0.19%
Deferred Revenue $61.00K
YoY Change 56.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.52M $14.72M $1.783M
YoY Change -2.65% 725.35% 8.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000K $2.000K $4.700M
YoY Change -85.71% -99.96%
Total Long-Term Liabilities $7.000K $2.000K $4.700M
YoY Change -85.71% -99.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.52M $14.72M $1.783M
Total Long-Term Liabilities $7.000K $2.000K $4.700M
Total Liabilities $27.00M $26.77M $6.447M
YoY Change -29.06% 315.17% 292.15%
SHAREHOLDERS EQUITY
Retained Earnings -$73.50M -$73.40M -$414.7M
YoY Change -14.04% -82.3% 11.93%
Common Stock $86.00K $85.00K $37.00K
YoY Change 11.69% 129.73% 19.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.32M $63.18M $3.517M
YoY Change
Total Liabilities & Shareholders Equity $125.4M $125.2M $9.964M
YoY Change 7.61% 1156.92% -67.88%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $2.856M -$1.576M
YoY Change -281.22% -67.73%
Depreciation, Depletion And Amortization $445.0K $0.00
YoY Change -100.0%
Cash From Operating Activities $1.726M -$3.200M
YoY Change -153.94% -56.03%
INVESTING ACTIVITIES
Capital Expenditures $696.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.691M $0.00
YoY Change
Cash From Investing Activities -$2.387M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 324.0K -1.400M
YoY Change -123.14% -96.89%
NET CHANGE
Cash From Operating Activities 1.726M -3.200M
Cash From Investing Activities -2.387M 0.000
Cash From Financing Activities 324.0K -1.400M
Net Change In Cash -337.0K -4.600M
YoY Change -92.67% -91.21%
FREE CASH FLOW
Cash From Operating Activities $1.726M -$3.200M
Capital Expenditures $696.0K
Free Cash Flow $1.030M
YoY Change

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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373000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2024Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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3687000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
5518000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
6364000
CY2024Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2188000
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4163000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12882000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6737000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13949000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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11000
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2024Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2024Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2024Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2024Q2 us-gaap Net Income Loss
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2024Q3 gyre Cvr Liability Settlement
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CY2024Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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1632000
CY2024Q3 us-gaap Net Income Loss
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2856000
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2023Q2 us-gaap Net Income Loss
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3770000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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77468000
CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
340000
CY2023Q3 us-gaap Net Income Loss
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7510000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
17329000
us-gaap Profit Loss
ProfitLoss
15497000
us-gaap Share Based Compensation
ShareBasedCompensation
264000
gyre Equity Gain Loss Of Unconsolidated Affiliates
EquityGainLossOfUnconsolidatedAffiliates
-20000
gyre Equity Gain Loss Of Unconsolidated Affiliates
EquityGainLossOfUnconsolidatedAffiliates
-1166000
us-gaap Depreciation Depletion And Amortization
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1088000
us-gaap Depreciation Depletion And Amortization
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776000
gyre Noncash Lease Expense
NoncashLeaseExpense
445000
gyre Noncash Lease Expense
NoncashLeaseExpense
346000
gyre Amortization Of Land Use Rights
AmortizationOfLandUseRights
29000
gyre Amortization Of Land Use Rights
AmortizationOfLandUseRights
30000
gyre Deferred Income Tax Expense Benefit Net
DeferredIncomeTaxExpenseBenefitNet
-410000
gyre Deferred Income Tax Expense Benefit Net
DeferredIncomeTaxExpenseBenefitNet
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gyre Bad Debt Expense And Other Non Cash Items
BadDebtExpenseAndOtherNonCashItems
99000
gyre Bad Debt Expense And Other Non Cash Items
BadDebtExpenseAndOtherNonCashItems
-62000
gyre Accrued Interest On Certificates Of Deposit
AccruedInterestOnCertificatesOfDeposit
775000
gyre Accrued Interest On Certificates Of Deposit
AccruedInterestOnCertificatesOfDeposit
455000
gyre Change In Fair Value Of Long Term Receivables
ChangeInFairValueOfLongTermReceivables
178000
gyre Change In Fair Value Of Derivative Liabilities
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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3813000
gyre Increase Decrease In Accounts And Notes Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1783000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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649000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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3188000
us-gaap Increase Decrease In Accounts Payable
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-55000
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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-3000
us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Increase Decrease In Due To Related Parties
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-82000
us-gaap Increase Decrease In Due To Related Parties
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529000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-3500000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-46000
us-gaap Increase Decrease In Operating Lease Liability
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1421000
us-gaap Increase Decrease In Operating Lease Liability
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-361000
us-gaap Net Cash Provided By Used In Operating Activities
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-883000
us-gaap Net Cash Provided By Used In Operating Activities
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22532000
us-gaap Payments To Acquire Intangible Assets
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3000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
68000
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
14074000
us-gaap Payments To Acquire Restricted Certificates Of Deposit
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14335000
us-gaap Payments To Acquire Property Plant And Equipment
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2380000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Productive Assets
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gyre Payment For Equity Method Investment
PaymentForEquityMethodInvestment
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gyre Payment For Equity Method Investment
PaymentForEquityMethodInvestment
1000000
us-gaap Net Cash Provided By Used In Investing Activities
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-17880000
us-gaap Net Cash Provided By Used In Investing Activities
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1307000
us-gaap Net Cash Provided By Used In Financing Activities
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1138000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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-529000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
904000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33509000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25175000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15866000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26079000
gyre Convertible Preferred Stock Conversion
ConvertiblePreferredStockConversion
64525000
gyre Non Cash Acquisition Of Property And Equipment Through Prepaid Conversion
NonCashAcquisitionOfPropertyAndEquipmentThroughPrepaidConversion
371000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7757000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5385000
us-gaap Net Income Loss
NetIncomeLoss
17300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-900000
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15900000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In May 2015, a new Deposit Insurance System (“DIS”) managed by the People</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">’</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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”) </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">500,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. 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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">33.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and long-term certificates of deposit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">29.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">23.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively. In addition, the Company had short-term bank deposits of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">9.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of September 30, 2024. For the periods ended September 30, 2024 and December 31, 2023, cash and cash equivalents, short-term bank deposits and long-term certificates of deposits exceeded the PRC DIS coverage by </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">49.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">49.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15900000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33500000
CY2024Q3 gyre Long Term Certificates Of Deposit
LongTermCertificatesOfDeposit
29500000
CY2023Q4 gyre Long Term Certificates Of Deposit
LongTermCertificatesOfDeposit
23400000
CY2024Q3 us-gaap Short Term Investments
ShortTermInvestments
9200000
CY2024Q3 gyre Value Of Assets Exceeding Deposit Insurance System Limit
ValueOfAssetsExceedingDepositInsuranceSystemLimit
49700000
CY2023Q4 gyre Value Of Assets Exceeding Deposit Insurance System Limit
ValueOfAssetsExceedingDepositInsuranceSystemLimit
49400000
CY2024Q3 gyre Percentage Of Cash And Cash Equivalents Reporting Currency Denominated
PercentageOfCashAndCashEquivalentsReportingCurrencyDenominated
0.727
CY2024Q3 gyre Percentage Of Short Term Bank Deposits And Long Term Certificates Of Deposit Reporting Currency Denominated
PercentageOfShortTermBankDepositsAndLongTermCertificatesOfDepositReportingCurrencyDenominated
1
CY2024Q3 gyre Cash And Cash Equivalents Reporting Currency Denominated Value
CashAndCashEquivalentsReportingCurrencyDenominatedValue
11500000
CY2024Q3 us-gaap Short Term Investments
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9200000
CY2024Q3 gyre Long Term Certificates Of Deposit
LongTermCertificatesOfDeposit
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CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
8083000
CY2024Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
10762000
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
10582000
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
17557000
CY2024Q3 gyre Fair Value Assets And Liabilities Level1 To Level2 Transfers Amount
FairValueAssetsAndLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2023Q4 gyre Fair Value Assets And Liabilities Level1 To Level2 Transfers Amount
FairValueAssetsAndLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2023Q4 gyre Fair Value Assets And Liabilities Level3 Transfers Amount
FairValueAssetsAndLiabilitiesLevel3TransfersAmount
0
CY2024Q3 gyre Fair Value Assets And Liabilities Level3 Transfers Amount
FairValueAssetsAndLiabilitiesLevel3TransfersAmount
0
CY2024Q3 gyre Warrants Share Price
WarrantsSharePrice
12.54
CY2023Q4 gyre Warrants Share Price
WarrantsSharePrice
25.7
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4915
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4915
CY2024Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P9Y29D
CY2023Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P9Y9M29D
CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2024Q3 us-gaap Available For Sale Securities Debt Securities
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P2Y7M6D
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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NetIncomeLossAttributableToNoncontrollingInterest
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CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2024Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
228000
us-gaap Fair Value Adjustment Of Warrants
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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63588119
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16765219
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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703946
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231508
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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EarningsPerShareBasic
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CY2024Q3 us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3678000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2024Q3 us-gaap Cost Of Goods And Services Sold
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CY2024Q3 us-gaap Gross Profit
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CY2024Q3 us-gaap Selling And Marketing Expense
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CY2024Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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2775000
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CY2024Q3 us-gaap Operating Expenses
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CY2024Q3 us-gaap Operating Income Loss
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CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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237000
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Gross Profit
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CY2023Q3 us-gaap Selling And Marketing Expense
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CY2023Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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CY2023Q3 us-gaap General And Administrative Expense
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CY2023Q3 us-gaap Operating Expenses
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CY2023Q3 us-gaap Operating Income Loss
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Cost Of Goods And Services Sold
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us-gaap Gross Profit
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us-gaap Selling And Marketing Expense
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us-gaap Research And Development Expense Excluding Acquired In Process Cost
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CY2024Q3 us-gaap Assets
Assets
125240000
CY2023Q4 us-gaap Assets
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us-gaap Segment Expenditure Addition To Long Lived Assets
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2380000
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
6193000

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