x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 98-1144595 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||
4560 Jinke Road Bldg. 1, Fourth Floor, Shanghai | 201210 | |||||
314 Main Street 4th Floor, Suite 100 Cambridge, MA, USA | 02142 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
American Depositary Shares, each representing 10 Ordinary | ZLAB | The Nasdaq Global Market | ||||||||||||||
Ordinary Shares, par value $0.000006 per share* | 9688 | The Stock Exchange of Hong Kong Limited |
Large accelerated filer | x | Accelerated filer | ||||||||||||||
Non-accelerated filer | o | |||||||||||||||
Smaller reporting company | ||||||||||||||||
Emerging growth company | o |
Notes | September 30, 2022 | December 31, 2021 | |||||||||||||||
$ | $ | ||||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | 3 | 1,119,476 | 964,100 | ||||||||||||||
Short-term investments | — | 445,000 | |||||||||||||||
Accounts receivable (net of allowance for credit loss of $8 and $11 as of September 30, 2022 and December 31, 2021, respectively) | 27,736 | 47,474 | |||||||||||||||
Notes receivable | 10,251 | 7,335 | |||||||||||||||
Inventories, net | 4 | 29,131 | 18,951 | ||||||||||||||
Value added tax recoverable - current | 1,080 | — | |||||||||||||||
Prepayments and other current assets | 22,157 | 18,021 | |||||||||||||||
Total current assets | 1,209,831 | 1,500,881 | |||||||||||||||
Restricted cash, non-current | 803 | 803 | |||||||||||||||
Long term investments (including the fair value measured investment of $3,316 and $15,383 as of September 30, 2022 and December 31, 2021, respectively) | 3,316 | 15,605 | |||||||||||||||
Prepayments for equipment | 4,068 | 989 | |||||||||||||||
Property and equipment, net | 5 | 50,528 | 43,102 | ||||||||||||||
Operating lease right-of-use assets | 20,269 | 14,189 | |||||||||||||||
Land use rights, net | 6,824 | 7,811 | |||||||||||||||
Intangible assets, net | 1,540 | 1,848 | |||||||||||||||
Long-term deposits | 1,329 | 870 | |||||||||||||||
Value added tax recoverable | 6 | 23,858 | |||||||||||||||
Total assets | 1,298,514 | 1,609,956 | |||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | 90,112 | 126,163 | |||||||||||||||
Current operating lease liabilities | 6,980 | 5,927 | |||||||||||||||
Other current liabilities | 8 | 58,456 | 60,811 | ||||||||||||||
Total current liabilities | 155,548 | 192,901 | |||||||||||||||
Deferred income | 23,205 | 27,486 | |||||||||||||||
Non-current operating lease liabilities | 13,892 | 9,613 | |||||||||||||||
Total liabilities | 192,645 | 230,000 | |||||||||||||||
Commitments and contingencies (Note 14) | |||||||||||||||||
Shareholders’ equity | |||||||||||||||||
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 961,829,720 and 955,363,980 shares issued as of September 30, 2022 and December 31, 2021, respectively; 959,724,940 and 954,981,050 shares outstanding as of September 30, 2022 and December 31, 2021, respectively) | 6 | 6 | |||||||||||||||
Additional paid-in capital | 2,877,361 | 2,825,948 | |||||||||||||||
Accumulated deficit | (1,799,591) | (1,418,074) | |||||||||||||||
Accumulated other comprehensive income (loss) | 39,549 | (23,645) | |||||||||||||||
Treasury Stock (at cost, 2,104,780 and 382,930 shares as of September 30, 2022 and December 31, 2021, respectively) | (11,456) | (4,279) | |||||||||||||||
Total shareholders’ equity | 1,105,869 | 1,379,956 | |||||||||||||||
Total liabilities and shareholders’ equity | 1,298,514 | 1,609,956 |
As of | ||||||||||||
Notes | March 31, 2022 | December 31, 2021 | ||||||||||
$ | $ | |||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 3 | 846,957 | 964,100 | |||||||||
Short-term investments | 465,274 | 445,000 | ||||||||||
Accounts receivable (net of allowance for credit loss of $10 and $11 as of March 31, 2022 and December 31, 2021, respectively) | 33,394 | 47,474 | ||||||||||
Notes receivable | 10,848 | 7,335 | ||||||||||
Inventories | 4 | 20,288 | 18,951 | |||||||||
Prepayments and other current assets | 16,490 | 18,021 | ||||||||||
Total current assets | 1,393,251 | 1,500,881 | ||||||||||
Restricted cash, non-current | 803 | 803 | ||||||||||
Long term investments (including the fair value measured investment of $8,444 and $15,383 as of March 31, 2022 and December 31, 2021, respectively) | 8,444 | 15,605 | ||||||||||
Prepayments for equipment | 4,978 | 989 | ||||||||||
Property and equipment, net | 5 | 45,227 | 43,102 | |||||||||
Operating lease right-of-use assets | 16,986 | 14,189 | ||||||||||
Land use rights, net | 7,774 | 7,811 | ||||||||||
Intangible assets, net | 1,745 | 1,848 | ||||||||||
Long-term deposits | 941 | 870 | ||||||||||
Value added tax recoverable | 20,766 | 23,858 | ||||||||||
Total assets | 1,500,915 | 1,609,956 | ||||||||||
Liabilities and shareholders’ equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | 98,161 | 126,163 | ||||||||||
Current operating lease liabilities | 6,795 | 5,927 | ||||||||||
Other current liabilities | 8 | 49,956 | 60,811 | |||||||||
Total current liabilities | 154,912 | 192,901 | ||||||||||
Deferred income | 26,896 | 27,486 | ||||||||||
Non-current operating lease liabilities | 11,099 | 9,613 | ||||||||||
Total liabilities | 192,907 | 230,000 | ||||||||||
Commitments and contingencies (Note 1 4 ) | 0 | 0 | ||||||||||
Shareholders’ equity | ||||||||||||
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 957,035,440 and 955,363,980shares issued as of March 31, 2022 and December 31, 2021, respectively; 956,637,360 and 954,981,050 shares outstanding as of March 31, 2022 and December 31, 2021, respectively) | 6 | 6 | ||||||||||
Additional paid-in capital | 2,838,655 | 2,825,948 | ||||||||||
Accumulated deficit | (1,500,468 | ) | (1,418,074 | ) | ||||||||
Accumulated other comprehensive loss | (25,838 | ) | (23,645 | ) | ||||||||
Treasury Stock (at cost, 398,080 and 382,930 shares as of March 31, 2022 and December 31, 2021, respectively) | (4,347 | ) | (4,279 | ) | ||||||||
Total shareholders’ equity | 1,308,008 | 1,379,956 | ||||||||||
Total liabilities and shareholders’ equity | 1,500,915 | 1,609,956 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
Notes | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Product revenue, net | 6 | 56,963 | 43,103 | 150,633 | 100,141 | ||||||||||||||||||||||||
Collaboration revenue | 6 | 577 | — | 1,806 | — | ||||||||||||||||||||||||
Total revenues | 57,540 | 43,103 | 152,439 | 100,141 | |||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Cost of sales | (20,044) | (12,162) | (53,094) | (30,535) | |||||||||||||||||||||||||
Research and development | (99,524) | (55,144) | (219,462) | (401,220) | |||||||||||||||||||||||||
Selling, general, and administrative | (66,555) | (59,002) | (186,947) | (149,254) | |||||||||||||||||||||||||
Loss from operations | (128,583) | (83,205) | (307,064) | (480,868) | |||||||||||||||||||||||||
Interest income | 3,872 | 713 | 5,235 | 1,171 | |||||||||||||||||||||||||
Other income (expenses), net | (36,479) | (13,580) | (79,467) | (12,401) | |||||||||||||||||||||||||
Loss before income tax and share of loss from equity method investment | (161,190) | (96,072) | (381,296) | (492,098) | |||||||||||||||||||||||||
Income tax expense | 7 | — | — | — | — | ||||||||||||||||||||||||
Share of loss from equity method investment | — | (340) | (221) | (548) | |||||||||||||||||||||||||
Net loss | (161,190) | (96,412) | (381,517) | (492,646) | |||||||||||||||||||||||||
Net loss attributable to ordinary shareholders | (161,190) | (96,412) | (381,517) | (492,646) | |||||||||||||||||||||||||
Loss per share - basic and diluted | 9 | (0.17) | (0.10) | (0.40) | (0.53) | ||||||||||||||||||||||||
Weighted-average shares used in calculating net loss per ordinary share - basic and diluted | 959,085,960 | 950,354,320 | 957,439,910 | 921,748,380 | |||||||||||||||||||||||||
Loss per American Depositary Shares (“ADS”) - basic and diluted | (1.68) | (1.01) | (3.98) | (5.34) | |||||||||||||||||||||||||
Weighted-average ADSs used in calculating net loss per ADS - basic and diluted | 95,908,596 | 95,035,432 | 95,743,991 | 92,174,838 |
Three Months Ended March 31, | ||||||||||||
Notes | 2022 | 2021 | ||||||||||
$ | $ | |||||||||||
Revenues: | ||||||||||||
Product revenue , net | 6 | 46,095 | 20,103 | |||||||||
Collaboration revenue | 6 | 629 | — | |||||||||
Total revenues | 46,724 | 20,103 | ||||||||||
Expenses: | ||||||||||||
Cost of sales | (15,643 | ) | (7,505 | ) | ||||||||
Research and development | (53,854 | ) | (203,852 | ) | ||||||||
Selling, general and administrative | (56,991 | ) | (35,838 | ) | ||||||||
Loss from operations | (79,764 | ) | (227,092 | ) | ||||||||
Interest income | 188 | 214 | ||||||||||
Other expenses, net | (2,597 | ) | (6,227 | ) | ||||||||
Loss before income tax and share of income (loss) from equity method investment | (82,173 | ) | (233,105 | ) | ||||||||
Income tax expense | 7 | 0— | 0 | |||||||||
Share of income (loss) from equity method investment | (221 | ) | 195 | |||||||||
Net loss | (82,394 | ) | (232,910 | ) | ||||||||
Net loss attributable to ordinary shareholders | (82,394 | ) | (232,910 | ) | ||||||||
Loss per share - basic and diluted | 9 | (0.09 | ) | (0.26 | ) | |||||||
Weighted-average shares used in calculating net loss per ordinary share - basic and diluted | 955,499,030 | 883,749,280 | ||||||||||
Loss per American Depositary Shares (“ADS“)- basic and diluted | (0.86 | ) | (2.64 | ) | ||||||||
Weighted-average ADS s used in calculating net loss perADS - basic and diluted | 95,549,903 | 88,374,928 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Net loss | (161,190) | (96,412) | (381,517) | (492,646) | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax of nil: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | 35,062 | 1,741 | 63,194 | (600) | |||||||||||||||||||||||||
Comprehensive loss | (126,128) | (94,671) | (318,323) | (493,246) |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Net loss | (82,394 | ) | (232,910 | ) | ||||
Other comprehensive (loss) income, net of tax of NaN: | ||||||||
Foreign currency translation adjustments | (2,193 | ) | 2,900 | |||||
Comprehensive loss | (84,587 | ) | (230,010 | ) | ||||
Ordinary Shares | Additional paid in capital | Accumulated deficit | Accumulated other comprehensive (loss) income | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 955,363,980 | 6 | 2,825,948 | (1,418,074) | (23,645) | (382,930) | (4,279) | 1,379,956 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 514,800 | 0 | 0 | — | — | — | ��� | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares options | 1,156,660 | 0 | 297 | — | — | — | — | 297 | |||||||||||||||||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (15,150) | (68) | (68) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 12,410 | — | — | — | — | 12,410 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (82,394) | — | — | — | (82,394) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (2,193) | — | — | (2,193) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 957,035,440 | 6 | 2,838,655 | (1,500,468) | (25,838) | (398,080) | (4,347) | 1,308,008 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 683,700 | 0 | 0 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares options | 2,801,000 | 0 | 4,322 | — | — | — | — | 4,322 | |||||||||||||||||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (1,627,230) | (6,782) | (6,782) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 14,225 | — | — | — | — | 14,225 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (137,933) | — | — | — | (137,933) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 30,325 | — | — | 30,325 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 960,520,140 | 6 | 2,857,202 | (1,638,401) | 4,487 | (2,025,310) | (11,129) | 1,212,165 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 230,250 | 0 | 0 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares options | 1,079,330 | 0 | 1,052 | — | — | — | — | 1,052 | |||||||||||||||||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (79,470) | (327) | (327) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 19,107 | — | — | — | — | 19,107 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (161,190) | — | — | — | (161,190) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 35,062 | — | — | 35,062 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 961,829,720 | 6 | 2,877,361 | (1,799,591) | 39,549 | (2,104,780) | (11,456) | 1,105,869 |
Ordinary Shares | Additional paid in capital | Accumulated deficit | Accumulated other comprehensive (loss) income | Treasury Stock | Total | |||||||||||||||||||||||||||
Number of Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Balance at December 31, 2020 | 878,110,260 | 5 | 1,897,467 | (713,603 | ) | (14,524 | ) | — | — | 1,169,345 | ||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 816,000 | 0 | 0 | — | — | — | — | 0 | ||||||||||||||||||||||||
Exercise of shares option s | 583,640 | 0 | 702 | — | — | — | — | 702 | ||||||||||||||||||||||||
Issuance of ordinary shares in connection with collaboration and license arrangement (Note 1 2 ) | 5,681,820 | 0 | 62,250 | — | — | — | — | 62,250 | ||||||||||||||||||||||||
Issuance cost adjustment for secondary listing | — | — | 65 | — | — | — | — | 65 | ||||||||||||||||||||||||
Share-based compensation | — | — | 7,318 | — | — | — | — | 7,318 | ||||||||||||||||||||||||
Net loss | — | — | — | (232,910 | ) | — | — | — | (232,910 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 2,900 | — | — | 2,900 | ||||||||||||||||||||||||
Balance at March 31, 2021 | 885,191,720 | 5 | 1,967,802 | (946,513 | ) | (11,624 | ) | — | — | 1,009,670 | ||||||||||||||||||||||
Balance at December 31, 2021 | 955,363,980 | 6 | 2,825,948 | | (1,418,074 | ) | (23,645 | ) | (382,930 | ) | (4,279 | ) | 1,379,956 | |||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 514,800 | 0 | 0 | — | — | — | — | — | ||||||||||||||||||||||||
Exercise of shares options | 1,156,660 | 0 | 297 | — | — | — | — | 297 | ||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (15,150 | ) | (68 | ) | (68 | ) | |||||||||||||||||||||
Share-based compensation | — | — | 12,410 | — | — | — | — | 12,410 | ||||||||||||||||||||||||
Net loss | — | — | — | (82,394 | ) | — | — | — | (82,394 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (2,193 | ) | — | — | (2,193 | ) | ||||||||||||||||||||||
Balance at March 31, 2022 | 957,035,440 | 6 | 2,838,655 | (1,500,468 | ) | (25,838 | ) | (398,080 | ) | (4,347 | ) | 1,308,008 | ||||||||||||||||||||
Ordinary Shares | Additional paid in capital | Accumulated deficit | Accumulated other comprehensive (loss) income | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 878,110,260 | 5 | 1,897,467 | (713,603) | (14,524) | — | — | 1,169,345 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 816,000 | 0 | 0 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares options | 583,640 | 0 | 702 | — | — | — | — | 702 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares in connection with collaboration and license arrangement | 5,681,820 | 0 | 62,250 | — | — | — | — | 62,250 | |||||||||||||||||||||||||||||||||||||||
Issuance cost adjustment for secondary listing | — | — | 65 | — | — | — | — | 65 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 7,318 | — | — | — | — | 7,318 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (232,910) | — | — | — | (232,910) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 2,900 | — | — | 2,900 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 885,191,720 | 5 | 1,967,802 | (946,513) | (11,624) | — | — | 1,009,670 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 321,000 | 0 | 0 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares option | 4,905,170 | 0 | 3,289 | — | — | — | — | 3,289 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon follow-on public offering, net of issuance cost of $879 | 57,164,000 | 1 | 817,995 | — | — | — | — | 817,996 | |||||||||||||||||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (60,860) | (924) | (924) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 10,232 | — | — | — | — | 10,232 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (163,324) | — | — | — | (163,324) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (5,241) | — | — | (5,241) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 947,581,890 | 6 | 2,799,318 | (1,109,837) | (16,865) | (60,860) | (924) | 1,671,698 | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon vesting of restricted shares | 540,500 | 0 | 0 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercise of shares option | 4,613,500 | 0 | 2,916 | — | — | — | — | 2,916 | |||||||||||||||||||||||||||||||||||||||
Issuance cost adjustment for follow-on public offering | — | — | 40 | — | — | — | — | 40 | |||||||||||||||||||||||||||||||||||||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | — | — | — | — | — | (216,360) | (2,609) | (2,609) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 10,556 | — | — | — | — | 10,556 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (96,412) | — | — | — | (96,412) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 1,741 | — | — | 1,741 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 952,735,890 | 6 | 2,812,830 | (1,206,249) | (15,124) | (277,220) | (3,533) | 1,587,930 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
$ | $ | ||||||||||
Operating activities | |||||||||||
Net loss | (381,517) | (492,646) | |||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Allowance for credit (gain) loss | (3) | 5 | |||||||||
Inventory write-down | 480 | 402 | |||||||||
Depreciation and amortization expenses | 6,100 | 4,612 | |||||||||
Amortization of deferred income | (2,041) | (234) | |||||||||
Share-based compensation | 45,742 | 28,106 | |||||||||
Noncash research and development expenses | — | 62,250 | |||||||||
Share of loss from equity method investment | 221 | 548 | |||||||||
Loss from fair value changes of equity investment with readily determinable fair value | 12,067 | 9,930 | |||||||||
(Gain) loss on disposal of property and equipment | (11) | 12 | |||||||||
Noncash lease expenses | 5,820 | 4,595 | |||||||||
Foreign currency remeasurement loss | 73,052 | 2,838 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 16,483 | (15,858) | |||||||||
Notes receivable | (3,861) | — | |||||||||
Inventories | (13,235) | 248 | |||||||||
Prepayments and other current assets | (5,860) | (6,142) | |||||||||
Long-term deposits | (459) | (39) | |||||||||
Value added tax recoverable | 21,432 | (1,249) | |||||||||
Accounts payable | (28,850) | (11,235) | |||||||||
Other current liabilities | 1,628 | 20,591 | |||||||||
Operating lease liabilities | (6,008) | (3,834) | |||||||||
Deferred income | 470 | 863 | |||||||||
Net cash used in operating activities | (258,350) | (396,237) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of short-term investments | (260,274) | (170,000) | |||||||||
Proceeds from maturity of short-term investment | 705,274 | 743,902 | |||||||||
Purchase of property and equipment | (20,172) | (11,917) | |||||||||
Purchase of intangible assets | (439) | (539) | |||||||||
Payment for investment in equity investee | — | (30,000) | |||||||||
Net cash provided by investing activities | 424,389 | 531,446 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercises of stock options | 5,640 | 6,907 | |||||||||
Proceeds from issuance of ordinary shares upon public offerings | — | 818,874 | |||||||||
Payment of public offering costs | — | (1,836) | |||||||||
Employee taxes paid related to net share settlement of equity awards | (7,171) | (3,467) | |||||||||
Net cash (used in) provided by financing activities | (1,531) | 820,478 | |||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (9,132) | 695 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 155,376 | 956,382 | |||||||||
Cash, cash equivalents and restricted cash - beginning of period | 964,903 | 442,859 | |||||||||
Cash, cash equivalents and restricted cash - end of period | 1,120,279 | 1,399,241 | |||||||||
Supplemental disclosure on non-cash investing and financing activities: | |||||||||||
Payables for purchase of property and equipment | 3,234 | 1,797 | |||||||||
Payables for intangible assets | 32 | 24 | |||||||||
Payables for treasury stock | 32 | — | |||||||||
Receivables for stock option exercise under equity incentive plans | 31 | — | |||||||||
Right-of-use asset acquired under operating leases | 12,861 | — | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash and cash equivalents | 1,119,476 | 1,398,498 | |||||||||
Restricted cash, non-current | 803 | 743 | |||||||||
Total cash and cash equivalents and restricted cash | 1,120,279 | 1,399,241 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Operating activities | ||||||||
Net loss | (82,394 | ) | (232,910 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Allowance for credit loss | (1 | ) | 1 | |||||
Inventory write-down | 138 | 14 | ||||||
Depreciation and amortization expenses | 2,013 | 1,448 | ||||||
Amortization of deferred income | (708 | ) | (78 | ) | ||||
Share-based compensation | 12,410 | 7,318 | ||||||
Noncash research and development expenses | 0 | 62,250 | ||||||
Share of (income) loss from equity method investment | 221 | (195 | ) | |||||
Loss from fair value changes of equity investment with readily determinable fair value | 6,939 | 0 | ||||||
(Gain) loss on disposal of property and equipment | (11 | ) | 4 | |||||
Noncash lease expenses | 2,017 | 1,322 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 14,080 | (3,651 | ) | |||||
Notes receivable | (3,513 | ) | 0 | |||||
Inventories | (1,475 | ) | 502 | |||||
Prepayments and other current assets | 1,531 | (3,386 | ) | |||||
Long - term deposits | (71 | ) | (47 | ) | ||||
Value added tax recoverable | 3,092 | (1,558 | ) | |||||
Accounts payable | (28,002 | ) | (21,226 | ) | ||||
Other current liabilities | (11,122 | ) | 21,707 | |||||
Operating lease liabilities | (2,389 | ) | (893 | ) | ||||
Deferred income | 118 | (122 | ) | |||||
Net cash used in operating activities | (87,127 | ) | (169,500 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of short-term investments | (120,274 | ) | 0 | |||||
Proceeds from maturity of short-term investment | 100,000 | 743,902 | ||||||
Disposal of property and equipment | 25 | — | ||||||
Purchase of property and equipment | (9,743 | ) | (1,683 | ) | ||||
Purchase of intangible assets | (152 | ) | (214 | ) | ||||
Net cash (used in) provided by investing activities | (30,144 | ) | 742,005 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from exercises of stock options | 297 | 702 | ||||||
Payment of public offering costs | 0 | (973 | ) | |||||
Employee taxes paid related to net share settlement of equity awards | (39 | ) | — | |||||
Net cash provided by (used in) financing activities | 258 | (271 | ) | |||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (130 | ) | (930 | ) | ||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (117,143 | ) | 571,304 | |||||
Cash, cash equivalents and restricted cash - beginning of period | 964,903 | 442,859 | ||||||
Cash, cash equivalents and restricted cash - end of period | 847,760 | 1,014,163 | ||||||
Supplemental disclosure on non-cash investing and financing activities: | ||||||||
Payables for purchase of property and equipment | 668 | 439 | ||||||
Payables for intangible assets | 73 | 26 | ||||||
Payables for public offering costs | 0 | 26 | ||||||
Payables for treasury stock | 55 | — | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash and cash equivalents | 846,957 | 1,013,420 | ||||||
Restricted cash, non-current | 803 | 743 | ||||||
Total cash and cash equivalents and restricted cash | 847,760 | 1,014,163 | ||||||
Description | Fair Value as of September 30, 2022 $ | Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ | |||||||||
Equity Investments with Readily Determinable Fair Value | 3,316 | 3,316 | |||||||||
Description | Fair Value as of December 31, 2021 $ | Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ | |||||||||
Equity Investments with Readily Determinable Fair Value | 15,383 | 15,383 |
Description | Fair Value as of March 31, 2022 US$ | Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ | ||||||
Equity Investments with Readily Determinable Fair Value | 8,444 | 8,444 | ||||||
Description | Fair Value as of December 31, 202 1 US$ | Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ | ||||||
Equity Investments with Readily Determinable Fair Value | 15,383 | 15,383 |
As of | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
$ | $ | |||||||
Cash at bank and in hand | 547,259 | 663,472 | ||||||
Cash equivalents (i) | 299,698 | 300,628 | ||||||
846,957 | 964,100 | |||||||
Denominated in: | ||||||||
US$ | 782,295 | 932,888 | ||||||
RMB (ii) | 58,569 | 23,791 | ||||||
Hong Kong dollar (“HK$”) | 5,551 | 6,674 | ||||||
Australian dollar (“A$”) | 495 | 475 | ||||||
Taiwan dollar (“TW$”) | 47 | 272 | ||||||
846,957 | 964,100 | |||||||
September 30, 2022 | December 31, 2021 | ||||||||||
$ | $ | ||||||||||
Cash at bank and in hand | 818,407 | 663,472 | |||||||||
Cash equivalents (i) | 301,069 | 300,628 | |||||||||
1,119,476 | 964,100 | ||||||||||
Denominated in: | |||||||||||
US$ | 1,072,376 | 932,888 | |||||||||
RMB (ii) | 41,138 | 23,791 | |||||||||
Hong Kong dollar (“HK$”) | 5,035 | 6,674 | |||||||||
Australian dollar (“A$”) | 579 | 475 | |||||||||
Taiwan dollar (“TW$”) | 348 | 272 | |||||||||
1,119,476 | 964,100 |
September 30, 2022 | December 31, 2021 | ||||||||||
$ | $ | ||||||||||
Finished goods | 8,703 | 5,632 | |||||||||
Raw materials | 20,397 | 13,231 | |||||||||
Work in Progress | 31 | 88 | |||||||||
Inventories, net | 29,131 | 18,951 |
As of | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
$ | $ | |||||||
Finished goods | 4,733 | 5,632 | ||||||
Raw materials | 15,555 | 13,231 | ||||||
Work in Progress | 0 | 88 | ||||||
Inventories | 20,288 | 18,951 | ||||||
September 30, 2022 | December 31, 2021 | ||||||||||
$ | $ | ||||||||||
Office equipment | 818 | 836 | |||||||||
Electronic equipment | 6,744 | 5,036 | |||||||||
Vehicle | 198 | 220 | |||||||||
Laboratory equipment | 18,673 | 17,069 | |||||||||
Manufacturing equipment | 14,366 | 14,600 | |||||||||
Leasehold improvements | 10,160 | 10,432 | |||||||||
Construction in progress | 19,882 | 11,334 | |||||||||
70,841 | 59,527 | ||||||||||
Less: accumulated depreciation | (20,313) | (16,425) | |||||||||
Property and equipment, net | 50,528 | 43,102 |
As of | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
$ | $ | |||||||
Office equipment | 838 | 836 | ||||||
Electronic equipment | 5,932 | 5,036 | ||||||
Vehicle | 222 | 220 | ||||||
Laboratory equipment | 18,130 | 17,069 | ||||||
Manufacturing equipment | 14,721 | 14,600 | ||||||
Leasehold improvements | 10,506 | 10,432 | ||||||
Construction in progress | 13,126 | 11,334 | ||||||
63,475 | 59,527 | |||||||
Less: accumulated depreciation | (18,248 | ) | (16,425 | ) | ||||
Property and equipment, net | 45,227 | 43,102 | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Product revenue - gross | 60,446 | 47,555 | 168,095 | 135,490 | |||||||||||||||||||
Less: Rebate and sales return | (3,483) | (4,452) | (17,462) | (35,349) | |||||||||||||||||||
Product revenue - net | 56,963 | 43,103 | 150,633 | 100,141 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Product revenue - gross | 53,310 | 46,555 | ||||||
Less: Rebate and sales return | (7,215 | ) | (26,452 | ) | ||||
Product revenue - net | 46,095 | 20,103 | ||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
ZEJULA | 29,597 | 12,606 | ||||||
Optune | 12,797 | 7,130 | ||||||
QINLOCK | 2,959 | 367 | ||||||
NUZYRA | 742 | 0 | ||||||
Product revenue - net | 46,095 | 20,103 | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
ZEJULA | 39,214 | 28,162 | 102,863 | 64,134 | |||||||||||||||||||
Optune | 10,662 | 10,653 | 35,051 | 27,318 | |||||||||||||||||||
QINLOCK | 5,541 | 4,288 | 9,123 | 8,689 | |||||||||||||||||||
NUZYRA | 1,546 | — | 3,596 | — | |||||||||||||||||||
Product revenue - net | 56,963 | 43,103 | 150,633 | 100,141 |
As of | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
$ | $ | |||||||
Payroll | 16,318 | 25,685 | ||||||
Accrued professional service fee | 5,170 | 4,319 | ||||||
Payables for purchase of property and equipment | 668 | 2,568 | ||||||
Accrued rebate to distributors | 14,625 | 15,001 | ||||||
Tax payables | 9,931 | 8,817 | ||||||
Others (note (i)) | 3,244 | 4,421 | ||||||
Total | 49,956 | 60,811 | ||||||
September 30, 2022 | December 31, 2021 | ||||||||||
$ | $ | ||||||||||
Payroll | 25,208 | 25,685 | |||||||||
Accrued rebate to distributors | 8,843 | 15,001 | |||||||||
Tax payables | 10,405 | 8,817 | |||||||||
Accrued professional service fee | 5,927 | 4,319 | |||||||||
Other (i) | 4,839 | 4,421 | |||||||||
Payables for purchase of property and equipment | 3,234 | 2,568 | |||||||||
Total | 58,456 | 60,811 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Numerator: | ||||||||
Net loss attributable to ordinary shareholders | (82,394 | ) | (232,910 | ) | ||||
Denominator: | ||||||||
Weighted average number of ordinary shares- basic and diluted | 955,499,030 | 883,749,280 | ||||||
Net loss per share - basic and diluted | (0.09 | ) | (0.26 | ) | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to ordinary shareholders | (161,190) | (96,412) | (381,517) | (492,646) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average number of ordinary shares - basic and diluted | 959,085,960 | 950,354,320 | 957,439,910 | 921,748,380 | |||||||||||||||||||
Net loss per share - basic and diluted | (0.17) | (0.10) | (0.40) | (0.53) |
September 30, 2022 | September 30, 2021 | ||||||||||
Share options | 90,511,530 | 81,801,570 | |||||||||
Non-vested restricted shares | 34,103,830 | 6,366,190 |
As of | ||||||||
March 31, 2022 | March 31, 2021 | |||||||
Share options | 80,514,330 | 86,932,740 | ||||||
Non-vested restricted shares | 9,846,360 | 4,800,100 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Selling, general and administrative | 4,069 | 3,259 | ||||||
Research and development | 3,138 | 2,290 | ||||||
Total | 7,207 | 5,549 | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Selling, general and administrative | 11,298 | 6,147 | 27,221 | 16,579 | |||||||||||||||||||
Research and development | 7,809 | 4,409 | 18,521 | 11,527 | |||||||||||||||||||
Total | 19,107 | 10,556 | 45,742 | 28,106 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
$ | $ | |||||||
Selling, general and administrative | 2,923 | 1,211 | ||||||
Research and development | 2,280 | 558 | ||||||
Total | 5,203 | 1,769 | ||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenue, net | 56,963 | 43,103 | 13,860 | 32 | % | 150,633 | 100,141 | 50,492 | 50 | % | ||||||||||||||||||||||||||||||||||||||||
Collaboration revenue | 577 | — | 577 | 100 | % | 1,806 | — | 1,806 | 100 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 57,540 | 43,103 | 14,437 | 33 | % | 152,439 | 100,141 | 52,298 | 52 | % | ||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | (20,044) | (12,162) | (7,882) | 65 | % | (53,094) | (30,535) | (22,559) | 74 | % | ||||||||||||||||||||||||||||||||||||||||
Research and development | (99,524) | (55,144) | (44,380) | 80 | % | (219,462) | (401,220) | 181,758 | (45) | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative | (66,555) | (59,002) | (7,553) | 13 | % | (186,947) | (149,254) | (37,693) | 25 | % | ||||||||||||||||||||||||||||||||||||||||
Loss from operations | (128,583) | (83,205) | (45,378) | 55 | % | (307,064) | (480,868) | 173,804 | (36) | % | ||||||||||||||||||||||||||||||||||||||||
Interest income | 3,872 | 713 | 3,159 | 443 | % | 5,235 | 1,171 | 4,064 | 347 | % | ||||||||||||||||||||||||||||||||||||||||
Other income (expenses), net | (36,479) | (13,580) | (22,899) | 169 | % | (79,467) | (12,401) | (67,066) | 541 | % | ||||||||||||||||||||||||||||||||||||||||
Loss before income tax and share of loss from equity method investment | (161,190) | (96,072) | (65,118) | 68 | % | (381,296) | (492,098) | 110,802 | (23) | % | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | — | — | % | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Share of loss from equity method investment | — | (340) | 340 | (100) | % | (221) | (548) | 327 | (60) | % | ||||||||||||||||||||||||||||||||||||||||
Net loss | (161,190) | (96,412) | (64,778) | 67 | % | (381,517) | (492,646) | 111,129 | (23) | % | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to ordinary shareholders | (161,190) | (96,412) | (64,778) | 67 | % | (381,517) | (492,646) | 111,129 | (23) | % |
Three months ended March 31, | ||||||||||||||||
(in thousands) | 2022 | % | 2021 | % | ||||||||||||
Revenues: | ||||||||||||||||
Product revenue, net | $ | 46,095 | 98.7 | $ | 20,103 | 100.0 | ||||||||||
Collaboration revenue | 629 | 1.3 | — | — | ||||||||||||
Total | $ | 46,724 | 100.0 | $ | 20,103 | 100.0 | ||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Product revenue - gross | $ | 60,446 | $ | 47,555 | $ | 12,891 | 27 | % | $ | 168,095 | $ | 135,490 | 32,605 | 24 | % | |||||||||||||||||||||||||||||||||||
Less: Rebate and sales return | (3,483) | (4,452) | 969 | (22) | % | (17,462) | (35,349) | 17,887 | (51) | % | ||||||||||||||||||||||||||||||||||||||||
Product revenue - net | 56,963 | 43,103 | 13,860 | 32 | % | 150,633 | 100,141 | 50,492 | 50 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
ZEJULA | $ | 39,214 | $ | 28,162 | $ | 11,052 | 39 | % | $ | 102,863 | $ | 64,134 | 38,729 | 60 | % | |||||||||||||||||||||||||||||||||||
Optune | 10,662 | 10,653 | 9 | — | % | 35,051 | 27,318 | 7,733 | 28 | % | ||||||||||||||||||||||||||||||||||||||||
QINLOCK | 5,541 | 4,288 | 1,253 | 29 | % | 9,123 | 8,689 | 434 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
NUZYRA | 1,546 | — | 1,546 | — | % | 3,596 | — | 3,596 | — | % | ||||||||||||||||||||||||||||||||||||||||
Total product revenue, net | $ | 56,963 | $ | 43,103 | $ | 13,860 | 32 | % | $ | 150,633 | $ | 100,141 | $ | 50,492 | 50 | % |
(in thousands) | Three months ended March 31, | |||||||||||||||
2022 | % | 2021 | % | |||||||||||||
ZEJULA | $ | 29,597 | 64.2 | $ | 12,606 | 62.7 | ||||||||||
Optune | 12,797 | 27.8 | 7,130 | 35.5 | ||||||||||||
QINLOCK | 2,959 | 6.4 | 367 | 1.8 | ||||||||||||
NUZYRA | 742 | 1.6 | — | — | ||||||||||||
Total product revenue, net | $ | 46,095 | 100.0 | $ | 20,103 | 100.0 | ||||||||||
(in thousands) | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses: | Research and development expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel compensation and related costs | $ | 24,802 | 46.1 | $ | 12,697 | 6.2 | Personnel compensation and related costs | $ | 28,478 | $ | 20,564 | $ | 7,914 | 38 | % | $ | 80,325 | $ | 50,543 | $ | 29,782 | 59 | % | |||||||||||||||||||||||||||||||||||||||||||
Licensing fees | — | — | 171,282 | 84.0 | Licensing fees | 39,769 | 5,051 | 34,718 | 687 | % | 50,205 | 274,299 | (224,094) | (82) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
CROs/CMOs/Investigators expenses | 23,550 | 43.7 | 15,526 | 7.6 | CROs/CMOs/Investigators expenses | 23,407 | 17,102 | 6,305 | 37 | % | 70,325 | 52,246 | 18,079 | 35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other costs | 5,502 | 10.2 | 4,347 | 2.2 | Other costs | 7,870 | 12,427 | (4,557) | (37) | % | 18,607 | 24,132 | (5,525) | (23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 53,854 | 100.0 | $ | 203,852 | 100.0 | Total | $ | 99,524 | $ | 55,144 | $ | 44,380 | 80 | % | $ | 219,462 | $ | 401,220 | $ | (181,758) | (45) | % | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses: | Research and development expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clinical programs | $ | 22,852 | 42.4 | $ | 186,256 | 91.4 | Clinical programs | $ | 63,324 | $ | 20,248 | $ | 43,076 | 213 | % | $ | 119,468 | $ | 299,937 | $ | (180,469) | (60) | % | |||||||||||||||||||||||||||||||||||||||||||
Pre-clinical programs | 2,565 | 4.8 | 2,500 | 1.2 | Pre-clinical programs | 2,965 | 9,988 | (7,023) | (70) | % | 7,487 | 41,033 | (33,546) | (82) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated research and development expenses | 28,437 | 52.8 | 15,096 | 7.4 | Unallocated research and development expenses | 33,235 | 24,908 | 8,327 | 33 | % | 92,507 | 60,250 | 32,257 | 54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 53,854 | 100.0 | $ | 203,852 | 100.0 | Total | $ | 99,524 | $ | 55,144 | $ | 44,380 | 80 | % | $ | 219,462 | $ | 401,220 | $ | (181,758) | (45) | % | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel compensation and related costs | $ | 41,859 | $ | 34,088 | $ | 7,771 | 23 | % | $ | 121,382 | $ | 87,560 | $ | 33,822 | 39 | % | ||||||||||||||||||||||||||||||||||
Professional service fees | 9,381 | 6,194 | 3,187 | 51 | % | 24,886 | 14,583 | 10,303 | 71 | % | ||||||||||||||||||||||||||||||||||||||||
Other costs | 15,315 | 18,720 | (3,405) | (18) | % | 40,679 | 47,111 | (6,432) | (14) | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 66,555 | $ | 59,002 | $ | 7,553 | 13 | % | $ | 186,947 | $ | 149,254 | $ | 37,693 | 25 | % |
(in thousands) | Three months ended March 31, | |||||||||||||||
2022 | % | 2021 | % | |||||||||||||
Selling, General and Administrative Expenses: | ||||||||||||||||
Personnel compensation and related costs | $ | 38,203 | 67.0 | $ | 23,412 | 65.3 | ||||||||||
Professional service fees | 7,433 | 13.0 | 3,583 | 10.0 | ||||||||||||
Other costs | 11,355 | 20.0 | 8,843 | 24.7 | ||||||||||||
Total | $ | 56,991 | 100.0 | $ | 35,838 | 100.0 | ||||||||||
Nine Months Ended September 30, | Change | |||||||||||||||||||
2022 | 2021 | $ | ||||||||||||||||||
Net cash used in operating activities | $ | (258,350) | $ | (396,237) | $ | 137,887 | ||||||||||||||
Net cash provided by investing activities | 424,389 | 531,446 | (107,057) | |||||||||||||||||
Net cash (used in) provided by financing activities | (1,531) | 820,478 | (822,009) | |||||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (9,132) | 695 | (9,827) | |||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 155,376 | $ | 956,382 | $ | (801,006) |
Three months ended March 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Net cash used in operating activities | $ | (87,127 | ) | $ | (169,500 | ) | ||
Net cash (used in) provided by investing activities | (30,144 | ) | 742,005 | |||||
Net cash provided by (used in) financing activities | 258 | (271 | ) | |||||
Effect of foreign exchange rate changes | (130 | ) | (930 | ) | ||||
Net (decreases) increases in cash, cash equivalents and restricted cash | $ | (117,143 | ) | $ | 571,304 | |||
Exhibit Number | Exhibit Title | |||||||
10.1*^ | ||||||||
10.2*# | ||||||||
10.3*# | ||||||||
10.4*# | Form of | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS* | ||||||||
Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||
101.SCH* | ||||||||
Inline XBRL Taxonomy Extension Schema Document | ||||||||
101.CAL* | ||||||||
Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||
101.LAB* | ||||||||
Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||
101.PRE* | ||||||||
Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||
101.DEF* | ||||||||
Inline XBRL Taxonomy Extension Definitions Linkbase Document | ||||||||
104* | ||||||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ZAI LAB LIMITED | |||||||||||
Dated: | By: | /s/ | |||||||||
Name: | |||||||||||
Title: | |||||||||||