Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SINOVAC BIOTECH LTD |
Entity Central Index Key | 0001084201 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Trading Symbol | SVA |
Entity Common Stock, Shares Outstanding | 71,139,402 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 158,170 | $ 114,415 |
Short-term investment (note 4) | 18,908 | |
Restricted cash | 0 | 1,549 |
Accounts receivable – net (note 5) | 74,464 | 66,205 |
Income tax receivable | 2,999 | |
Inventories (note 6) | 25,091 | 19,618 |
Prepaid expenses and deposits (including prepaid expenses to a related party of 2018 - $354, 2017 - $366) (note 11 (b)) | 4,543 | 2,101 |
Total current assets | 284,175 | 203,888 |
Property, plant and equipment – net (note 8) | 70,920 | 76,430 |
Prepaid land lease payments (note 9) | 8,304 | 9,028 |
Long–term inventories (note 7) | 90 | |
Long–term prepaid expenses to a related party (note 11(b)) | 23 | 25 |
Prepayments for acquisition of equipment | 470 | 528 |
Deferred tax assets (note 13) | 5,798 | 9,320 |
Total assets | 369,780 | 299,219 |
Current liabilities | ||
Short-term bank loans (note 10) | 3,321 | 18,152 |
Accounts payable and accrued liabilities (note 12) | 49,991 | 59,418 |
Income tax payable | 8,862 | |
Deferred revenue (note 14) | 2,907 | 4,073 |
Deferred government grants (note 15) | 1,986 | 2,038 |
Total current liabilities | 58,205 | 92,543 |
Deferred government grants (note 15) | 5,961 | 4,474 |
Long-term bank loans (note 10) | 3,890 | 14,849 |
Deferred revenue (note 14) | 90 | |
Loan from a non-controlling shareholder (note 11 (a)) | 6,705 | 7,070 |
Other non-current liabilities (note 13) | 3,001 | 3,143 |
Total long-term liabilities | 19,647 | 29,536 |
Total liabilities | 77,852 | 122,079 |
Commitments and contingencies (notes 16 and 22) | ||
EQUITY | ||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ||
Common stock (note 17) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 71,139,402 (2016 -57,011,761) | 71 | 57 |
Additional paid-in capital | 204,998 | 115,339 |
Accumulated other comprehensive income (loss) | (2,099) | 7,075 |
Statutory surplus reserves (note 19) | 26,643 | 19,549 |
Accumulated earnings | 23,820 | 9,132 |
Total shareholders' equity | 253,433 | 151,152 |
Non-controlling interests | 38,495 | 25,988 |
Total equity | 291,928 | 177,140 |
Total liabilities and equity | $ 369,780 | $ 299,219 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Prepaid Expense To Related Party Current | $ 354 | $ 366 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 71,139,402 | 57,281,861 |
Common Stock, Shares, Outstanding | 71,139,402 | 57,281,861 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales (note 21) | $ 229,650 | $ 174,346 | $ 72,431 |
Cost of sales | 24,723 | 20,240 | 22,393 |
Gross profit | 204,927 | 154,106 | 50,038 |
Selling, general and administrative expenses (including rent expenses incurred to a related party of 2018 - $810, 2017 - $793, 2016 - $807) (note 11(b)) | 137,003 | 87,365 | 41,980 |
Provision for doubtful accounts | 820 | 934 | 1,412 |
Research and development expenses | 21,910 | 20,489 | 12,648 |
Loss on disposal of property, plant and equipment (note 8) | 75 | 42 | 478 |
Government grants recognized in income | (197) | (141) | (6,984) |
Total operating expenses | 159,611 | 108,689 | 49,534 |
Operating income | 45,316 | 45,417 | 504 |
Interest and financing expenses – (including interest expenses incurred to a related party, 2018 - $453, 2017 - $262, 2016 - $176) (note 11(a)) | (1,070) | (1,569) | (1,729) |
Interest income | 2,016 | 1,183 | 731 |
Other income, net | 321 | 13 | 100 |
Income (loss) from continuing operations before income taxes | 46,583 | 45,044 | (394) |
Income tax expense (note 13) | (10,472) | (8,339) | (2,664) |
Income (loss) from continuing operations | 36,111 | 36,705 | (3,058) |
Income from discontinued operations, net of tax of nil (note 3) | 0 | 0 | 2,338 |
Net income (loss) | 36,111 | 36,705 | (720) |
Less: (Income) loss attributable to non-controlling interests | (14,329) | (10,898) | 124 |
Net income (loss) attributable to shareholders of Sinovac | 21,782 | 25,807 | (596) |
Income (loss) from continuing operations | 36,111 | 36,705 | (3,058) |
Income (loss) from discontinued operations | 0 | 0 | 2,338 |
Comprehensive income (loss) | 25,115 | 44,803 | (9,563) |
Less: comprehensive (income) loss attributable to non-controlling interests | (12,507) | (12,089) | 953 |
Comprehensive income (loss) attributable to shareholders of Sinovac | $ 12,608 | $ 32,714 | $ (8,610) |
Basic net income (loss) per share: | |||
Continuing operations | $ 0.34 | $ 0.45 | $ (0.05) |
Discontinued operations | 0 | 0 | 0.04 |
Basic net income (loss) per share | 0.34 | 0.45 | (0.01) |
Diluted net income (loss) per share: | |||
Continuing operations | 0.34 | 0.45 | (0.05) |
Discontinued operations | 0 | 0 | 0.04 |
Diluted net income (loss) per share | $ 0.34 | $ 0.45 | $ (0.01) |
Weighted average number of shares of common stock outstanding | |||
– Basic | 64,727,146 | 57,033,816 | 56,949,083 |
– Diluted | 64,977,554 | 57,101,191 | 56,949,083 |
Continuing Operations | |||
Foreign currency translation adjustments | $ (10,996) | $ 8,098 | $ (8,843) |
Comprehensive income (loss) | $ 25,115 | 44,803 | (11,901) |
Discontinued Operations | |||
Foreign currency translation adjustments | 0 | 0 | |
Comprehensive income (loss) | $ 0 | $ 2,338 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Rent Expenses Incurred To Related Party | $ 810 | $ 793 | $ 807 |
Interest Expense, Related Party | 453 | 262 | 176 |
Income (Loss) from discontinued operations, tax | 0 | 0 | 0 |
Discontinued Operations | |||
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 |
Continuing Operations | |||
Other Comprehensive Income (Loss), Tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI (Loss) (Foreign Currency Translation Adjustment) | Statutory Surplus Reserves | Accumulated (Deficit) Earnings | Stockholders' Equity, Total | Non-controlling Interest |
Balance at Dec. 31, 2015 | $ 136,505 | $ 57 | $ 109,944 | $ 8,182 | $ 13,450 | $ (9,980) | $ 121,653 | $ 14,852 |
Balance(in shares) at Dec. 31, 2015 | 56,906,561 | |||||||
Share-based compensation (note 18) | 2,409 | $ 0 | 2,409 | 0 | 0 | 0 | 2,409 | 0 |
Exercise of stock options (note 17) | 315 | $ 0 | 315 | 0 | 0 | 0 | 315 | 0 |
Exercise of stock options (note 17) (in shares) | 120,000 | |||||||
Cancellation of outstanding shares (note 17) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of outstanding shares (note 17) (in shares) | (14,800) | |||||||
Other comprehensive income (loss) | ||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | (829) | $ 0 | 0 | 0 | 0 | 0 | 0 | (829) |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | (8,014) | 0 | 0 | (8,014) | 0 | 0 | (8,014) | 0 |
Net income (loss) for the year | ||||||||
-Net income (loss) attributable to non-controlling interests | (124) | 0 | 0 | 0 | 0 | 0 | 0 | (124) |
- Net income (loss) attributable to shareholders of Sinovac | (596) | 0 | 0 | 0 | 0 | (596) | (596) | 0 |
- Transfer to statutory surplus reserves (note 19) | 0 | 0 | 0 | 0 | 1,338 | (1,338) | 0 | 0 |
Balance at Dec. 31, 2016 | 129,666 | $ 57 | 112,668 | 168 | 14,788 | (11,914) | 115,767 | 13,899 |
Balance (in shares) at Dec. 31, 2016 | 57,011,761 | |||||||
Share-based compensation (note 18) | 979 | $ 0 | 979 | 0 | 0 | 0 | 979 | 0 |
Exercise of stock options (note 17) | 1,264 | $ 0 | 1,264 | 0 | 0 | 0 | 1,264 | 0 |
Exercise of stock options (note 17) (in shares) | 270,100 | |||||||
Subscriptions received (note 17) | 428 | $ 0 | 428 | 0 | 0 | 0 | 428 | 0 |
Other comprehensive income (loss) | ||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | 1,191 | 0 | 0 | 0 | 0 | 0 | 0 | 1,191 |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | 6,907 | 0 | 0 | 6,907 | 0 | 0 | 6,907 | 0 |
Net income (loss) for the year | ||||||||
-Net income (loss) attributable to non-controlling interests | 10,898 | 0 | 0 | 0 | 0 | 0 | 0 | 10,898 |
- Net income (loss) attributable to shareholders of Sinovac | 25,807 | 0 | 0 | 0 | 0 | 25,807 | 25,807 | 0 |
- Transfer to statutory surplus reserves (note 19) | 0 | 0 | 0 | 0 | 4,761 | (4,761) | 0 | 0 |
Balance at Dec. 31, 2017 | $ 177,140 | $ 57 | 115,339 | 7,075 | 19,549 | 9,132 | 151,152 | 25,988 |
Balance (in shares) at Dec. 31, 2017 | 57,281,861 | 57,281,861 | ||||||
Share-based compensation (note 18) | $ 4,305 | $ 0 | 4,305 | 0 | 0 | 0 | 4,305 | 0 |
Exercise of stock options (note 17) | $ 3 | $ 0 | 3 | 0 | 0 | 0 | 3 | 0 |
Exercise of stock options (note 17) (in shares) | 156,300 | 109,041 | ||||||
Subscriptions received (note 17) | $ 64 | $ 0 | 64 | 0 | 0 | 0 | 64 | 0 |
Cancellation of outstanding shares (note 17) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of outstanding shares (note 17) (in shares) | (51,500) | |||||||
Issuance of new and restricted shares (note 17) | 85,301 | $ 14 | 85,287 | 0 | 0 | 0 | 85,301 | 0 |
Issuance of new and restricted shares (note 17) (in shares) | 13,800,000 | |||||||
Other comprehensive income (loss) | ||||||||
- Other comprehensive income (loss) attributable to non-controlling interests | (1,822) | $ 0 | 0 | 0 | 0 | 0 | 0 | (1,822) |
- Other comprehensive income (loss) attributable to shareholders of Sinovac | (9,174) | 0 | 0 | (9,174) | 0 | 0 | (9,174) | 0 |
Net income (loss) for the year | ||||||||
-Net income (loss) attributable to non-controlling interests | 14,329 | 0 | 0 | 0 | 0 | 0 | 0 | 14,329 |
- Net income (loss) attributable to shareholders of Sinovac | 21,782 | 0 | 0 | 0 | 0 | 21,782 | 21,782 | 0 |
- Transfer to statutory surplus reserves (note 19) | 0 | 0 | 0 | 0 | 7,094 | (7,094) | 0 | 0 |
Balance at Dec. 31, 2018 | $ 291,928 | $ 71 | $ 204,998 | $ (2,099) | $ 26,643 | $ 23,820 | $ 253,433 | $ 38,495 |
Balance (in shares) at Dec. 31, 2018 | 71,139,402 | 71,139,402 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows provided by (used in) operating activities | |||
Income (loss) from continuing operations | $ 36,111 | $ 36,705 | $ (3,058) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
- Deferred income taxes (note 13) | 3,146 | (4,921) | (1,007) |
- Share-based compensation (note 18) | 4,305 | 979 | 2,409 |
- Inventory provision (note 6) | 2,529 | 1,231 | 6,377 |
- Provision (recovery) for doubtful accounts | 820 | 934 | 1,412 |
Loss on disposal of property, plant and equipment (note 8) | 75 | 42 | 478 |
- Depreciation of property, plant and equipment and amortization of licenses (note 8) | 4,887 | 4,638 | 5,063 |
- Amortization of prepaid land lease payments (note 9) | 249 | 243 | 247 |
- Government grants recognized in income | (197) | (141) | (6,984) |
Changes in: | |||
- Accounts receivable | (13,082) | (13,482) | (15,122) |
- Inventories | (9,412) | (5,531) | (3,025) |
- Income tax payable | (11,844) | 4,948 | 1,720 |
- Prepaid expenses and deposits | (2,613) | (622) | (436) |
- Deferred revenue | (892) | 987 | (4,959) |
- Accounts payable and accrued liabilities | (6,167) | 33,416 | 2,739 |
- Other non-current liabilities | 28 | 330 | 339 |
Net cash provided by (used in) operating activities from continuing operations | 7,943 | 59,756 | (13,807) |
Net cash used in operating activities from discontinued operations | (95) | ||
Net cash provided by (used in) operating activities | 7,943 | 59,756 | (13,902) |
Cash flows provided by (used in) financing activities | |||
- Proceeds from bank loans | 18,898 | 28,636 | 45,462 |
- Repayments of bank loans | (43,886) | (38,708) | (24,850) |
- Proceeds from issuance of common stock, net of share issuance costs | 85,304 | 1,264 | 315 |
- Proceeds from shares subscribed | 64 | 428 | |
- Government grants received (note 15) | 3,800 | 2,598 | 6,857 |
- Loan from a non-controlling shareholder (note 11(a)) | 4,440 | ||
Net cash provided by (used in) financing activities | 64,180 | (1,342) | 27,784 |
Cash flows used in investing activities | |||
- Purchase of short-term investments | (19,670) | ||
- Proceeds from disposal of equipment | 22 | 19 | 26 |
- Acquisition of property, plant and equipment | (5,613) | (11,915) | (12,654) |
- Net proceeds from disposal of subsidiary | 861 | ||
Net cash used in investing activities from continuing operations | (25,261) | (11,896) | (11,767) |
Net cash used in investing activities from discontinued operations | (9) | ||
Net cash used in investing activities | (25,261) | (11,896) | (11,776) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (4,656) | 4,005 | (2,268) |
Increase (decrease) in cash and cash equivalents and restricted cash, including cash from discontinued operation | 42,206 | 50,523 | (162) |
Less: Net decrease in cash from discontinued operation | (143) | ||
Increase (decrease) in cash and cash equivalents and restricted cash | 42,206 | 50,523 | (19) |
Cash and cash equivalents and restricted cash, beginning of year | 115,964 | 65,441 | 65,460 |
Cash and cash equivalents and restricted cash, end of year | 158,170 | 115,964 | 65,441 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 1,494 | 1,325 | 1,662 |
Cash paid for income taxes | $ 19,151 | $ 7,909 | $ 1,885 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). They include the accounts of Sinovac Biotech Ltd., which is incorporated under the laws of Antigua and Barbuda, and its wholly owned or controlled subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated. Details of the Company’s subsidiaries are as follows: Name Date of incorporation or establishment Place of incorporation (or establishment) /operation Percentage of ownership as of December 31, 2018 Percentage of ownership as of December 31, 2017 Principal activities Sinovac Biotech (Hong Kong) Ltd. (“Sinovac Hong Kong”) October 2008 Hong Kong 100 % 100 % Investment holding company Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) April 2001 People’s Republic of China (“PRC”) 73.09 % 73.09 % Research and development, production and sales of vaccine products Sinovac Research & Development Co., Ltd. (“Sinovac R&D”) May 2009 PRC 100 % 100 % Research and development of vaccine products Sinovac (Dalian) Vaccine Technology Co., Ltd.(“Sinovac Dalian”) January 2010 PRC 67.86 % 67.86 % Research and development, production and sales of vaccine products Sinovac Biomed Co., Ltd. April 2015 PRC 100 % 100 % Distribution of vaccine products |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2 . (a) Use of Estimates In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include: provision for product returns, allowance for doubtful accounts, inventory provisions, impairment of long-lived assets, fair value of options granted and related forfeiture rates, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. (b) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. (c) Restricted Cash Restricted cash is cash held as collateral for transactions and a loan the Company has entered into. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts presented in the statement of cash flows. The Company adopted the new standard effective January 1, 2018, using the retrospective transition method. The ending balance of cash and cash equivalents and restricted cash presented on the face of the consolidated statements of cash flows in 2018 is $158,170 (2017 - $115,964, 2016 - $65,441). It includes $ 158,170 cash and cash equivalents (2017 - $114,415, 2016 - $62,434) and $nil restricted cash (2017 - $1,549, 2016 -$3,007) as presented in consolidated balance sheets. (d) Short-term investments All highly liquid investments with original maturities greater than three months, but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt as “held-to-maturity,” “trading” or “available-for-sale,” whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. ( e ) Accounts Receivable The Company extends unsecured credit to its customers in the ordinary course of business and actively pursues past due accounts. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions and other factors that may affect its customers’ ability to pay. ( f ) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less estimated costs to completion for work in progress. ( g ) Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative uses are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in gain or loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 8 to 10 years Motor vehicles 4 to 5 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease ( h ) Prepaid Land Lease Payments Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchased cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 28 to 49 years. ( i ) Licenses The Company capitalizes the patent payment and the purchased cost of vaccines if the vaccine has received a new drug certificate from the China Food and Drug Administration (“CFDA”) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. Costs incurred to renew or extend the term of licenses are capitalized and amortized over the license’s useful life on a straight-line basis. ( j ) Impairment of Long-Lived Assets Long-lived assets including intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. ( k ) Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the carrying values and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be settled within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. ( l ) Value-added Taxes Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. ( m ) Revenue from Contracts with Customers The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”), on January 1, 2018, using the modified retrospective method. Revenues for the year ended December 31, 2018 were presented under ASC 606, and revenues for the years ended December 31, 2017 and 2016 were not adjusted and continue to be presented under ASC Topic 605, Revenue Recognition. The cumulative effect of adopting ASC 606 resulted in $nil to the opening balance of retained earnings at January 1, 2018. Revenue is recognized when control of promised goods is transferred to the Company’s customers in an amount of consideration of which the Company expect to be entitled to in exchange for the goods, and the Company can reasonably estimates return provision for the goods. The product return provisions are estimated based on historical return and exchange data as well as the inventory levels and the remaining shelf lives of the products in the distribution channels. As of December 31, 2018, sales return provision for inactivated hepatitis A vaccine, combined inactivated hepatitis A&B vaccine and enterovirus 71 vaccine was $2,880 (December 31, 2017 - $4,672). Private pay sales return provision of inactivated hepatitis A vaccine, combined inactivated hepatitis A&B vaccine and enterovirus 71 vaccine as a percentage of sales was 1.4% and 3.1% in 2018 and 2017, respectively. As of December 31, 2018, sales return provision for seasonal influenza vaccine returns was $nil (December 31, 2017 - $263). Deferred revenue is generally related to government stockpiling programs and advances received from customers. For government stockpiling programs of H5N1 vaccines, the Company generally obtains purchase authorizations from the government for a specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and the products have expired and passed government inspection. For the year ended December 31, 2018, the Company did not have any significant incremental costs of obtaining contracts with customers incurred or costs incurred in fulfilling contracts with customers within the scope of ASC Topic 606, that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract. The Company does not have amounts of contract assets since revenue is recognized as control of goods is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are included in deferred revenue in the Consolidated Balance Sheets. For the year ended December 31, 2018, the Company recognized sales of $3,888 related to contract liabilities at January 1, 2018. ( n ) Shipping and Handling Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handling are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2018, $6,261 of shipping and handling costs was included in selling, general and administrative expenses (2017 - $5,759, 2016 - $1,654). ( o ) Advertising Expenses Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $3,901 for the year ended December 31, 2018 (2017 - $4,007, 2016 - $3,336). ( p ) Research and Development Research and development ("R&D") costs are expensed as incurred and are disclosed as a separate line item in the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and did not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. ( q ) Government Grants Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period when the conditions attached to the grants are met, or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Interest subsidies are recorded as a reduction to interest and financing expenses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. ( r ) Retirement and Other Post-retirement Benefits Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company makes contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. Total amounts for such employee benefits incurred was $7,438 for the year ended December 31, 2018 (2017 - $6,197, 2016 - $5,473). ( s ) Foreign Currency Translation and Transactions The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) for the Company and Sinovac Hong Kong and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At each period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The resulting foreign exchange gains and losses are included in selling, general and administrative expenses. The Company recognized foreign exchange gain of $559 for the year ended December 31, 2018 (2017 - $1,323, 2016 - $942). Assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Sinovac R&D, Sinovac Dalian and Sinovac Biomed are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. Gain on intra-entity foreign currency transactions that are of a long-term-investment nature was $268 for the year ended December 31, 2018 (2017 - $336 in gain, 2016 - $335 in losses) which was recorded in accumulated other comprehensive income, a component of shareholders’ equity. ( t ) Share-based Compensation Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for stock options. The Company uses the grant date stock price to determine the grant date fair value of restricted shares. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. ( u ) Comprehensive Income (loss) The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. ( v ) Earnings (loss) Per Share Earnings (loss) per share is calculated in accordance with Accounting Standards Codification (“ASC”) 260 Earnings per Share ( w ) Operating Leases Leases are classified as capital and operating depending on the terms and conditions of the lease agreement. Leases that transfer substantially all the benefits and risks incidental to ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases where rental payments are expensed as incurred. There are no capital leases for the periods presented. ( x ) Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: • Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs for the asset or liability. As of December 31, 2018 and 2017, the Company did not have any financial assets or liabilities measured at fair value on a recurring basis. The carrying values of cash equivalents, restricted cash, short-term investment, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. Fair value of the long-term bank loans are determined based on level 2 inputs, and the carrying amounts of long-term bank loans approximate fair value as the related interest rates approximate rates currently offered by financial institution for similar debt instruments. The Company measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. There were no non-recurring fair value measurements for the years ended December 31, 2018 and 2017. ( y ) Concentration of Risks Exchange Rate Risks The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the US$ and the RMB. In 2018, foreign exchange gain of $559 is included in selling, general and administrative expenses (2017 - $1,323, 2016 - $942). As of December 31, 2018, cash and cash equivalents of $70,448 (RMB 484 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2017 - $103,370 (RMB 673 million)). Currency Convertibility Risks Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, short-term investment and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents, restricted cash, and short-term investment in good credit quality financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. For the year ended December 31, 2018, 2017 and 2016, no single customer of the Company accounted for more than 10% of total sales. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. Interest Rate Risks The Company is subject to interest rate risk. Other than loans from a non-controlling shareholder of $6,705 with fixed interest rates as of December 31, 2018 (note 11(a)), interests of other interest-bearing loans are charged at variable rates based on the People’s Bank of China (note 10). ( z ) Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. ASU 2016-02 is effective for public business entities for annual reporting periods and interim periods within those years beginning after December 15, 2018. The Company will adopt ASU 2016-02 on January 1, 2019 using modified retrospective method and will not restate comparable periods. The Company will elect the package of practical expedients permitted under the transition guidance, which allow the Company to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Company will also elect the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption for contracts with lease terms of 12 months or less. The Company currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Company’s balance sheet for certain in-scope operating leases. The Company does not expect any material impact on net assets and the consolidated statement of comprehensive income as a result of adopting the new standard. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 3 . In December 2015, the Company committed to a plan to sell 100% of its equity stake in Tangshan Yian to an unrelated third-party biological technology company, for a total consideration of $1,872 (RMB 13 million). The transaction represents a strategic shift that the Company was exiting the animal vaccine market and will focus on the human use vaccine market, which will have a major effect on the Company’s operations and financial results going forward. As such, the financial results of Tangshan Yian and the gain on disposition are reported within discontinued operations in the consolidated financial statements. The consolidated financial statements and amounts previously reported have been reclassified, as necessary, to conform to this presentation in accordance with ASC 205, Presentation of Financial Statements Results of the discontinued operations are summarized as follows: For the year ended December 31, 2018 2017 2016 Sales $ — $ — $ — Cost of sales — — — Gross profit — — — Selling, general and administrative expenses — — 129 Research and development expenses — — — Total operating expenses — — 129 Operating loss — — (129 ) Other income — — 6 Loss from discontinued operations before gain on disposition and provision for income taxes — — (123 ) Gain on disposal of Tangshan Yian — — 2,461 Provision for income taxes — — — Income from discontinued operations, net of income tax $ — $ — $ 2,338 Income from discontinued operations, net of income tax, for the year ended December 31, 2016 included the results of Tangshan Yian through the disposition date of February 28, 2016. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2018 | |
Short Term Investments [Abstract] | |
Short-term Investments | 4. As of December 31, 2018, the Company’s short-term investments comprised of only debt securities. All of the short-term held-to-maturity investments were deposits in commercial banks with maturities of less than one year and the Company has the positive intent and ability to hold those securities to maturity. During the years ended December 31, 2018, 2017 and 2016, the Company recorded interest income from its short-term investments of $ 47, $nil and $nil in the consolidated statements of comprehensive income, respectively. December 31, 2018 2017 Short-term Investments $ 18,908 $ — |
Accounts Receivable - Net
Accounts Receivable - Net | 12 Months Ended |
Dec. 31, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Accounts Receivable – net | 5. Accounts Receivable – net December 31, 2018 2017 Trade receivables $ 77,537 $ 69,448 Allowance for doubtful accounts (4,570 ) (4,779 ) 72,967 64,669 Other receivables 1,497 1,536 Total accounts receivable $ 74,464 $ 66,205 The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions, and other factors that may affect customers’ ability to pay. As of December 31, 2018, the Company provided 100% (December 31, 2017 - 100%) allowance for accounts receivable aged more than four years, approximately 96.9% (December 31, 2017 - 94.6%) allowance for accounts receivable aged between three years and four years, approximately 90.6% (December 31, 2017 - 68.5%) allowance for accounts receivable aged between two years and three years, approximately 42.1% (December 31, 2017 - 15.3%) allowance for accounts receivable aged between one year and two years, and approximately 1.4% (December 31, 2017 - 1.2%) allowance for accounts receivable aged less than one year. The Company’s maximum exposure to credit risk at the balance sheets date relating to trade receivables is summarized as follows: December 31, 2018 2017 Aging within one year, net of allowance for doubtful accounts $ 71,728 $ 58,157 Aging greater than one year, net of allowance for doubtful accounts 1,239 6,512 Total trade receivables $ 72,967 $ 64,669 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. December 31, 2018 2017 Raw materials $ 4,835 $ 3,298 Work in progress 3,930 3,275 Finished goods 16,326 13,045 Total inventories $ 25,091 $ 19,618 For the year ended December 31, 2018, the Company charged $2,735 of excessive fixed production overhead to cost of sales (2017 - $2,757, 2016 - $3,232). For the year ended December 31, 2018, cost of sales includes $2,529 of inventory provision for products that are changed or are likely to expire before being sold (2017 - $1,231, 2016 - $6,377). |
Long-term Inventories
Long-term Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Long-term Inventories | 7 . Long-term Inventories December 31, 2018 2017 Finished goods $ 90 — Long-term inventories represent H5N1 vaccines with remaining shelf lives over one year and not expected to be sold within one year. These vaccines are for government stockpiling purposes. |
Property, Plant, and Equipment
Property, Plant, and Equipment - Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment - net | 8. December 31, 2018 2017 Cost Construction in progress $ 34,217 $ 34,566 Plant and buildings 29,195 30,851 Machinery and equipment 39,345 39,678 Motor vehicles 1,449 1,710 Office equipment and furniture 2,942 2,736 Leasehold improvements 12,336 12,972 Total cost $ 119,484 $ 122,513 Less: Accumulated depreciation Construction in progress $ — $ — Plant and buildings 11,021 10,380 Machinery and equipment 26,338 24,808 Motor vehicles 1,009 1,333 Office equipment and furniture 2,064 2,000 Leasehold improvements 8,132 7,562 Total accumulated depreciation $ 48,564 $ 46,083 Property, plant and equipment, net $ 70,920 $ 76,430 The buildings of Sinovac Beijing with a net book value of $1,738 (RMB 11.9 million) were pledged as collateral for a bank loan from Bank of Beijing (note 10 (c)). The buildings of the Changping facilities of Sinovac Beijing with a net book value of $10,620 (RMB 73.0 million) were pledged as collateral for bank loans from China Construction Bank (note 10(f), 10 (i)). The buildings of Sinovac Dalian with a net book value of $514 (RMB 3.5 million) were pledged as collateral for a bank loan from Bank of China (note 10 (d)). Net depreciation expense for the year ended December 31, 2018 was $4,887 (2017 - $4,638, 2016 - $5,063), after deduction of amortized government grant specifically related to qualified property, plant and equipment. Loss on disposal of equipment for the year ended December 31, 2018 was $75 (2017 - $42, 2016 - $478). |
Prepaid Land Lease Payments
Prepaid Land Lease Payments | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Land And Lease Payments [Abstract] | |
Prepaid Land Lease Payments | 9. Prepaid Land Lease Payments December 31, 2018 2017 Prepaid land lease payments $ 10,502 $ 11,098 Less: accumulated amortization 2,198 2,070 Net carrying value $ 8,304 $ 9,028 Prepaid land lease payments of the Shangdi facilities of Sinovac Beijing with a net book value of $281 (RMB 1.9 million) were pledged as collateral (note 10 (c)) for a bank loan from Bank of Beijing. Prepaid land lease payments of the Changping facilities of Sinovac Beijing with a net book value of $2,359 (RMB 16.2 million) were pledged as collateral (note 10 (f), 10(i)) for a bank loan from China Construction Bank. Amortization expense for prepaid land lease payments for the year ended December 31, 2018 was $249 (2017 - $243, 2016 - $247). |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Bank Loans | 10. Bank Loans Summarized below are bank loans as of December 31, 2018 and 2017: December 31, 2018 2017 Industrial and Commercial Bank of China (a) $ — $ 3,074 Bank of Beijing (b) — 3,689 Bank of Beijing (c) 2,594 — Bank of China (d) 727 — China Merchants Bank (e) — 3,074 China Construction Bank (f) — 2,982 China Construction Bank (g) — 722 Citi Bank (h) — 4,611 Bank loans due within one year 3,321 18,152 Bank of Beijing (c) 3,890 6,851 China Construction Bank (i) — 7,998 Long-term bank loans 3,890 14,849 Total bank loans $ 7,211 $ 33,001 (a) On February 27, 2017, Sinovac Beijing entered into a bank loan with Industrial and Commercial Bank of China in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements. The loan bears interest at the prime rate of a one year term loan published by the People’s Bank of China, at 4.35%. Interest is payable quarterly and the loan was repaid on February 27, 2018. (b) On September 18, 2015, Sinovac Beijing entered into a maximum credit facility of $7,202 (RMB 50 million) with Bank of Beijing to finance its working capital requirements. $753 (RMB 4.9 million) was drawn on August 29, 2017 and was repaid on August 29, 2018. $784 (RMB 5.1 million) was drawn on September 6, 2017 and was repaid on August 29, 2018. These two tranches bore interest at 4.57% and was payable quarterly. $1,537 (RMB 10 million) was drawn on October 13, 2017, and was repaid on October 12, 2018. $615 (RMB 4 million) was drawn on November 9, 2017 and was repaid on October 12, 2018. These two tranches bear interest at 5.00% and was payable quarterly. (c) On May 20, 2015, Sinovac Beijing entered into a bank loan with Bank of Beijing in the aggregate principal amount of $6,981 (RMB 48 million) with a term from July 2015 to May 2020 for construction of the pneumococcal polysaccharide vaccine facilities. The loan’s interest rate is based on the prime rate of a five-year term loan published by the People’s Bank of China at the time withdraws are made. Interest is payable quarterly and the loan is repayable based on the payment schedule and shall be fully repaid before May 20, 2020. $713 (RMB 4.9 million) was drawn in 2015 with an annual interest rate of 5.25%, and $5,771 (RMB 39.7 million) was drawn in 2016 with an annual interest rate of 4.75%. Prepaid land lease payments and buildings of Sinovac Beijing with a net book value of $2,019 (RMB 13.9 million) were pledged as collateral as of December 31, 2018. (d) On August 14, 2018, Sinovac Dalian entered into a bank loan with Bank of China in the aggregate principal amount of $727 (RMB 5 million) to finance its working capital requirements. The loan bears interest at 157 basis points above the prime rate of a one-year term loan published by the People’s Bank of China, at 5.88%. Interest is payable monthly and the loan is payable on August 16, 2019. Buildings of Sinovac Dalian with a net book value of $514 (RMB 3.5 million) were pledged as collateral. (e) On February 23, 2017, Sinovac Beijing entered into a one-year term bank loan with China Merchants Bank in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements, bearing interest at 4.57% per year. Interest was payable quarterly and the loan was repaid on February 22, 2018. (f) On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $17,284 (RMB 120 million), which was increased to $30,739 (RMB 200 million) in 2017, with China Construction Bank to finance its working capital requirements. On September 5, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $2,982 (RMB 19.4 million) to finance its working capital requirements, bearing interest at 4.57%. Interest was payable monthly and the loan was repaid on May 23, 2018. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. (g) On March 27, 2017, Sinovac R&D entered into a bank loan with China Construction Bank in the aggregate principal amount of $722 (RMB 4.7 million) to finance its working capital requirements, bearing an interest at 4.43%. Interest was payable monthly and the loan was repaid on March 26, 2018. (h) On May 9, 2016, Sinovac Beijing entered into a revolving bank loan with Citi Bank with the aggregate principal limit of $4,611 (RMB 30 million), which was increased to $5,090 (RMB 35 million) in 2018, to finance its working capital requirements. The revolving loan bears interest at the prime rate of a one-year term loan published by the People’s Bank of China, with a weighted average rate at 4.64% and interest is payable quarterly. Each withdraw from the revolving loan has a maximum term of 12 months. The outstanding balance of $4,611 (RMB 30.0 million) as of December 31, 2017 was fully repaid in 2018. (i) On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $10,758 (RMB 70 million) with China Construction Bank to finance construction of the Sabin inactivated polio vaccine facilities. On October 14, 2016, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $7,684 (RMB 50 million) with a term from October 2016 to October 2021. The loan bore interest at 5% below the prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.51%. Interest was payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 13, 2021. $3,230 (RMB 21.0 million) was drawn in 2016 and $4,454 (RMB 29.0 million) was drawn in 2017. On August 17, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $3,074 (RMB 20 million) with a term from August 2017 to October 2021. The loan bore interest at prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.75%. Interest is payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 21, 2021. $314 (RMB 2.0 million) was drawn in 2017. On April 27, 2018 and November 9, 2018, Sinovac Beijing repaid $297 (RMB 2.0 million) and $7,272 (RMB 50 million), respectively, where all outstanding balance as of December 31, 2017 was fully repaid by then. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. Aggregate maturities of loans for each of the next 5 years following December 31, 2018 are as follows: Within 1 year $ 3,321 In 2020 3,890 In 2021 — In 2022 — In 2023 — Total $ 7,211 The weighted average interest rate for all short-term and long-term bank loans was 4.91% in 2018 (2017 - 4.61%, 2016 – 4.73%). The weighted average interest rate for short-term loans was 5.04% in 2018 (2017 – 4.51%, 2016 – 4.73%). The Company incurred $1,470 in interest and financing expenses for the year ended December 31, 2018 (2017 - $2,171, 2016 - $1,841), of which $400 was capitalized in property, plant and equipment for the year ended December 31, 2018 (2017 - $302, 2016 - $75). |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 11. Related Party Transactions and Balances (a) Loan from a non-controlling shareholder December 31, 2018 2017 Loan - non - current $ 6,705 $ 7,070 $ 6,705 $ 7,070 The Company has two loans due to Dalian Jin Gang Group, the non-controlling shareholder of Sinovac Dalian, with a total amount of $6,705, of which $4,378 (RMB 30 million) was borrowed on August 23, 2017 and is repayable on August 22, 2020. $2,327 (RMB 16 million) was borrowed in 2012 and amended from current to long term loan, which is repayable on November 9, 2020. These two loans are unsecured, bearing interest at 6.0% and 7.2% per year, respectively. Interest expense was $453 in 2018 (2017 - $262, 2016 - $176). Interest is payable monthly. As of December 31, 2018, $15 interest is owed on the loan from the non-controlling shareholder (December 31, 2017 - $nil). Interests of $438, $262 and $176 were paid to the non-controlling shareholder for the years ended December 31, 2018, 2017 and 2016, respectively. (b) The Company entered into the following transactions in the normal course of operations at the exchange amount with related parties: For the year ended December 31, 2018 2017 2016 Rent expenses to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). $ 810 $ 793 $ 807 In 2004, the Company entered into two operating lease agreements with SinoBioway, the non-controlling shareholder of Sinovac Beijing, with respect to Sinovac Beijing’s production plant and laboratory in Beijing, China with annual lease payments totaling $197 (RMB 1.4 million). The leases commenced on August 12, 2004 and have a term of 20 years. One of the lease agreements was amended on August 12, 2010 with the rent increasing from $75 (RMB 0.5 million) to $197 (RMB 1.4 million) per year. In June 2007, the Company entered into another operating lease agreement with SinoBioway, with respect to the expansion of Sinovac Beijing’s production plant in Beijing, China, for an annual lease payment of $297 (RMB 2.0 million). The lease commenced in June 2007 and has a term of 20 years. In September 2010, the Company entered into another operating lease agreement with SinoBioway with respect to expansion of Sinovac R&D’s business in research and development activities for an annual lease payment of $147 (RMB 1.0 million). The lease commenced on September 30, 2010 and has a term of five years. On April 8, 2013, the Company entered into three supplemental agreements with SinoBioway, under which the expiration date of three of the four operating lease agreements was extended to April 7, 2033. As of December 31, 2018, $370 (December 31, 2017 - $391) in prepaid lease payments made to SinoBioway is included in current and long-term prepaid expenses and deposits. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 12. Accounts Payable and Accrued Liabilities December 31, 2018 2017 Trade payables $ 5,530 $ 6,780 Machinery and equipment payables 861 2,191 Accrued expenses 26,810 32,620 Value added tax payable 420 239 Other tax payable 1,361 619 Withholding tax payable 71 75 Bonus and benefit payables 6,219 8,213 Other payables 8,719 8,681 Total accounts payable and accrued liabilities $ 49,991 $ 59,418 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13 . Antigua and Barbuda Under the current laws of Antigua and Barbuda, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no Antigua and Barbuda withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, Sinovac Hong Kong is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. China Effective from January 1, 2008, the PRC’s statutory income tax rate is 25%. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% except for Sinovac Beijing and Sinovac Dalian. Sinovac Beijing, being reconfirmed as a “High and New Technology Enterprise” (“HNTE”) in 2017 for a period of 3 years, is subject to a preferential income tax rate of 15% from 2017 to 2019. Sinovac Dalian, being confirmed as a “High and New Technology Enterprise” (“HNTE”) in 2017 for a period of 3 years, is subject to a preferential income tax rate of 15% from 2017 to 2019. The Company’s income (loss) before income tax from continuing operations consists of: For the year ended December 31, 2018 2017 2016 Non-PRC $ (16,308 ) $ (3,123 ) $ (5,323 ) PRC 62,891 48,167 4,929 Total $ 46,583 $ 45,044 $ (394 ) The Company’s income (loss) before income tax from discontinued operations consists of: For the year ended December 31, 2018 2017 2016 Non-PRC $ — $ — $ — PRC — — 2,338 Total $ — $ — $ 2,338 Income taxes that are attributed to discontinued operations in China were $nil for all the periods presented. Income taxes attributed to the continuing operations in China consist of: For the year ended December 31, 2018 2017 2016 Current income tax expenses $ (7,326 ) $ (13,260 ) $ (3,671 ) Deferred tax benefits (3,146 ) 4,921 1,007 Total income tax expense $ (10,472 ) $ (8,339 ) $ (2,664 ) The following is a reconciliation of the Company’s total income tax expenses to the amount computed by applying the PRC statutory income tax rate of 25% to its income from continuing operations before income taxes for the years ended December 31, 2018, 2017 and 2016: For the year ended December 31, 2018 2017 2016 Income (loss) from continuing operations before income taxes $ 46,583 $ 45,044 $ (394 ) Income tax benefit (expense) at the PRC statutory rate (11,646 ) (11,261 ) 99 International tax rate differential (3,929 ) (781 ) (1,331 ) Super deduction for research and development expenses 1,835 1,257 461 Non-deductible expenses (1,865 ) (577 ) (1,141 ) Other adjustments 14 (5 ) 89 Effect of preferential tax rate 6,562 5,406 1,635 Change in valuation allowance (1,429 ) (2,309 ) (2,430 ) Effect of PRC withholding tax (14 ) (69 ) (59 ) Effect of prior year adjustment and restatement — — 13 Income tax expense $ (10,472 ) $ (8,339 ) $ (2,664 ) The tax effects of temporary differences from continuing operations that give rise to the Company’s deferred tax assets are as follows: December 31, 2018 2017 Inventories 355 275 Accrued expenses 3,761 8,483 Deferred government grants 1,066 684 Fixed assets 3,115 3,484 Tax losses carried forward 5,212 6,375 Less: valuation allowance (7,711 ) (9,981 ) Deferred tax assets $ 5,798 $ 9,320 In assessing the realizbility of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible or utilized. The Company considers projected future taxable income and tax planning strategies in making this assessment. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, the Company provided valuation allowance of $7,711 as of December 31, 2018 ( December 31, 2017 - $9,981). The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carry forward period available under applicable tax law. The Company’s valuation allowance decreased by $2,270 from $9,981 as of December 31, 2017 to $7,711 as of December 31, 2018. Tax losses of the Company’s PRC subsidiaries in the amount of $27,517 (RMB 189 million) as of December 31, 2018 will expire from 2019 to 2023, if not utilized. As of December 31, 2018, the Company has not recognized any deferred tax liability on Sinovac Beijing’s undistributed earnings of approximately $99,601, in view of the Company's permanent reinvestment plan. The Company would be subject to PRC withholding income taxes at 5% or 10%, depending on the availability of treaty benefit between China and Hong Kong, upon the distribution of such profits outside of China. As of December 31, 2018, the Company’s portion on the amount of unrecognized deferred tax liability was ranging from $4,980 to $9,960. The changes in unrecognized tax benefits are as follows: For the year ended December 31, 2018 2017 2016 Balance at January 1 1,873 1,842 2,027 Additions for tax positions of the current year 7 271 183 Additions for tax positions of the prior years — — — Settlement with the taxing authority — — — Lapse of statute of limitations (199 ) (240 ) (368 ) Balance at December 31 $ 1,681 $ 1,873 $ 1,842 The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as part of its income tax expenses. For the year ended December 31, 2018, the Company recognized $203 in interest (December 31, 2017 - $291) and nil in penalties (December 31, 2017 - nil). The Company had $859 accrued interest as of December 31, 2018 (December 31, 2017 - $667). The PRC tax law provides statute of limitations ranging from 3 to 5 years and for transfer pricing related matters, it could be extended to 10 years. The PRC tax returns for the Company’s PRC subsidiaries are open to examination by tax authorities for the tax years beginning in 2008. As of December 31, 2018, the Company had unrecognized tax benefits of approximately $1,681 (December 31, 2017 - $1,873, December 31, 2016 - $1,842) and such balance was included in “other non-current liabilities”. As of December 31, 2018, unrecognized tax benefits amounting to $1,681 would affect the effective tax rate if recognized (December 31, 2017 - $1,873, December 31, 2016 - $1,842). The Company does not expect the amount of unrecognized tax benefits would change significantly in the next 12 months. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure | 14. Deferred Revenue Current deferred revenue included $ 2,791 of advances from customers (December 31, 2017 - $3,950) and $116 from Chinese government for stockpiling of H5N1 and hepatitis A vaccines (December 31, 2017 - $123). Long-term deferred revenue included $90 received from the Chinese government for stockpiling of H5N1 vaccines (December 31, 2017 - $nil). |
Deferred Government Grants
Deferred Government Grants | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Government Grant [Abstract] | |
Deferred Government Grants | 15 . Deferred government grants represent funding received from the government for research and development (“R&D”) or investment in building or improving production facility. The amount of deferred government grants as of year end is net of research and development expenditures, deduction of depreciation expenses, and the amount recognized as government grant income. The Company received $3,546 of government grant in 2018 (2017 - $2,306, 2016 - $753) that were deferred. In addition, the Company received $254 in other government grants and subsidies for the year ended December 31, 2018 and recognized as income in the statements of comprehensive income (loss) (2017 - $292, 2016 - $6,104). Summarized below are deferred government grants as of December 31, 2018 and 2017: December 31, 2018 2017 Construction of a pandemic influenza vaccine plant and buildings (a) $ 276 $ 277 Purchasing equipment for H1N1 vaccine production (b) 54 136 Purchasing equipment for H5N1 vaccine production (c) 15 15 EV71 commercialization project (d) 474 502 Others (i) 1,167 1,108 Current deferred government grants 1,986 2,038 Construction of a pandemic influenza vaccine plant and buildings (a) — 291 Purchasing equipment for H1N1 vaccine production (b) — 57 Purchasing equipment for H5N1 vaccine production (c) — 15 EV71 commercialization project (d) 1,168 1,735 EV71 phase IV clinical research (e) 977 784 Purchasing equipment for sIPV vaccine production (f) 1,454 1,537 EV71 international registration (g) 607 — Quadra & Pentavalent research (h) 693 — Others (i) 1,062 55 Non-current deferred government grants 5,961 4,474 Total deferred government grants $ 7,947 $ 6,512 (a) Deferred government grants included $276 being the unamortized portion of a grant the Company received in 2007 for construction of a pandemic influenza vaccine plant and buildings (December 31, 2017 - $568), which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. The production facility grant requires the Company to have the entire facility available to manufacture pandemic influenza vaccines at any given moment upon request by the Chinese government. $272 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $266, 2016 - $271). (b) Deferred government grants included $54 being the unamortized portion of a grant the Company received in 2009 for purchasing equipment for H1N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $134 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $131, 2016 - $133). (c) Deferred government grants included $15 being the unamortized portion of a grant the Company received in 2013 for purchasing equipment for H5N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $15 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $15, 2016 - $15). (d) Deferred government grants included $1,642 being the unamortized portion of a grant the Company received in 2015 for equipment purchase and construction of the enterovirus 71 (“EV71”) vaccine production facility. The Company has fulfilled the conditions attached to the government grant in 2016. $474 which will be amortized in 2019 was included in the current portion of deferred government grants and $1,168 which will be amortized after 2019 was included in the non-current portion of deferred government grants. $412 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $403, 2016 - $274), and $82 was recorded as government recognized in income for the year ended December 31, 2018 (2017 - $80, 2016 - $55). (e) Deferred government grants included $977 being the unamortized portion of a grant the Company received in 2017 and 2018 for phase IV clinical research for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (f) Deferred government grants included $1,454 being the unamortized portion of a grant the Company received in 2017 for purchasing equipment for sIPV vaccine production. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (g) Deferred government grants included $607 being the unamortized portion of a grant the Company received in 2018 for international registration for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (h) Deferred government grants included $693 being the unamortized portion of a grant the Company received in 2018 for research for Qudravalent & Pentavalent vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to a government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (i) As of December 31, 2018, conditions attached to a government grant received in 2017 for certain production facilities were fulfilled in 2017, of which $18 will be amortized in 2019 and $34 will be amortized after 2019, and $19 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018. As of December 31, 2018, conditions of seven government grants totaling $2,176 have not been fulfilled by the Company, of which conditions attached to four grants totaling $1,149 were expected to be fulfilled within one year, and were included in the current portion of the deferred government grants. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies (a) Operating Lease Commitments The Company leases production plant and laboratory under operating leases from its related parties (note 11(b)). Rental expense amounted to $948 for the year ended December 31, 2018 (2017 - $793, 2016 - $807). Minimum future rental payments under operating leases for the years ending December 31 are as follows: 2019 $ 1,037 2020 1,457 2021 1,323 2022 810 2023 810 Thereafter 5,358 Total minimum future payments $ 10,795 (b) Other Commitments In addition to commitments disclosed in note 22, commitments related to R&D expenditures are $2,053 as of December 31, 2018. Commitments related to capital expenditures for the Company are approximately $581 as of December 31, 2018. (c) Foreign Corrupt Practice Act Matters The Company may be subject to legal proceedings, investigations and claims relating to the conduct of the Company’s business from time to time. The Beijing People’s Court issued five judgments in 2016 and 2017. These judgments were related to corrupt conduct allegedly engaged in by a former official of the Center for Drug Evaluation in NMPA, his wife and his son. These judgments found that the official and his wife had engaged in a practice of improperly soliciting and accepting payments from various individuals involved in the vaccine products industry. According to the judgments, one of the individuals solicited by the official was Mr. Weidong Yin, the Company’s chairman, president and chief executive officer. It was asserted in the judgments that Mr. Weidong Yin made three payments, and arranged for a loan, to the official and his wife, in the total amount of $77 (RMB 0.6 million) between 2002 and 2011. Mr. Weidong Yin was not charged with any offense or improper conduct and he cooperated as a witness with the procuratorate. To the Company’s knowledge, the Chinese authorities have not commenced any legal proceedings or government inquiries against Mr. Yin. In December 2016, the Company’s audit committee authorized the commencement of an internal investigation into the allegations made in the judgments. The audit committee engaged Latham & Watkins as independent counsel to assist with the investigation. In addition, the Company became aware of certain judgments based on bribery charges issued by Chinese courts in four provinces against various officials of the Chinese Center for Disease Control (the “CDC”). While these judgments appear to reflect an industry-wide investigation focused on CDC officials, they also referenced nine of the Company’s former sales persons, together with sales personnel from several other Chinese vaccine companies and distributors. These judgments did not name, and no charges were brought against, the Company or any of its directors or officers as defendants. To the best of the Company’s knowledge, the nine referenced employees cooperated with the procuratorate. The procuratorate did not contact the Company for cooperation. Upon becoming aware of these judgments, the audit committee expanded its internal investigation to review matters related to these judgments and the Company’s sales practices and policies, and further engaged Latham & Watkins to continue the independent investigation with the expanded scope. One of the nine former sales employees has been convicted for giving bribes. The judgment states that this former sales employee took these actions without knowledge of the Company. His criminal penalty was waived by the court. After the Company publicly announced the internal investigation arising from the allegations in a research report in December 2016, the Company was notified by the SEC in February 2017 of an enforcement inquiry related to the matters discussed in the report, and in April 2017 the Company received a subpoena from the SEC requesting documents. In September 2017, the Company received an inquiry from the Department of Justice (the “DOJ”) and the Company has been cooperating with the DOJ. The SEC and DOJ have requested information regarding the judgments discussed above, and the Company is cooperating with these requests. Also in February 2017, the Company received an inquiry from NASDAQ related to the same matter. Further, in May 2018, the Company received an inquiry from NASDAQ requesting information related to the actions by Sinobioway and their impact on the Company’s operations and financial reporting. The Company has cooperated with both of these NASDAQ inquiries. On August 14, 2018, the SEC notified the Company that the SEC had concluded its investigation and would not recommend an enforcement action against the Company at this time. On September 12, 2018, the DOJ notified the Company that it had closed its investigation, with no charges. With the closure of the DOJ’s investigation, the Company is not aware of any pending U.S. government investigations of the Company related to these matters. On July 3, 2017, a securities class action complaint was filed in the U.S. District Court for the District of New Jersey against the Company and three of its current and former officers: Mr. Weidong Yin, the Company’s current chief executive officer, Ms. Nan Wang, the Company’s current chief financial officer, and Mr. Danny Chung, the Company’s former chief financial officer. The complaint asserts that statements in the Company’s annual filings for fiscal years 2012 through 2015 were false and misleading because they failed to disclose matters relating to the alleged bribery incidents, among other allegations. On September 6, 2017, the plaintiff has filed the notice of voluntary dismissal. The Court granted the dismissal without prejudice. (d) Other Litigation Matters On July 12, 2017, an alleged shareholder of the Company filed a putative class action complaint in the Supreme Court of the State of New York against the Company, its directors, and certain entities related to the Amalgamation Agreement, in a matter captioned Wu v. Yin, et al. The complaint alleges that the Company’s directors breached their fiduciary duties by, among other things, entering into a self-dealing transaction at a price below fair value and failing to take steps to maximize the value of the Company. The complaint also alleges that the Company aided and abetted those alleged breaches of fiduciary duty. The complaint sought, among other things, an injunction preventing completion of the transactions contemplated by the Amalgamation Agreement, rescission of the Amalgamation Agreement to the extent it is implemented, damages, and attorneys’ fees. None of the defendants, including the Company and certain directors, were served with the complaint, and the time for doing so now has expired. On July 2, 2018, the Amalgamation Agreement was terminated. On March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware seeking a determination whether 1Globe, The Chiang Li Family, OrbiMed and other shareholders of Sinovac Biotech Ltd. had triggered the Rights Agreement by forming a group holding approximately 45% of outstanding shares of Sinovac Biotech Ltd., in excess of the plan’s threshold of 15%, and acting in concert prior to the 2017 AGM. The Company’s Rights Agreement is intended to promote the fair and equal treatment of all the Company’s shareholders and ensure that no person or group can gain control of the Company through undisclosed voting arrangements, open market accumulation or other tactics potentially disadvantaging the interest of all shareholders. On April 12, 2018, 1Globe filed an amended answer to the Company’s complaint, counterclaims, and a third-party complaint against Mr. Weidong Yin alleging, among other allegations, that the Company’s Rights Agreement is not valid, that Mr. Weidong Yin and the Buyer Consortium had previously triggered the Company’s Rights Agreement, and that 1Globe did not trigger the Company’s Rights Agreement. The Company and its board of directors believes that the actions taken by the board of directors were appropriate under the circumstances and that the allegations of the counterclaim and third-party complaint are without merit. 1Globe asks for various measures of equitable relief and also includes a claim for its costs, including attorneys’ fees. On July 31, 2018, following the Company’s motions for partial summary judgment and an expedited trial date, the Delaware Chancery Court effectively stayed the action pending receipt of a post-trial decision from the High Court of Justice, Antigua and Barbuda (“Antigua Court”) in the matter captioned 1Globe Capital, LLC and Sinovac Biotech Ltd., Claim No. ANUHCV 2018/0120. On December 19, 2018, the Antigua Court issued a judgment affirming the validity of the Company’s Rights Agreement under Antigua law, and finding that “there was a secret plan to take control of the Company” at the 2017 AGM. Based upon the Antigua Court’s judgment and other facts known to the board of directors, the Company’s board of directors determined that the Collaborating Shareholders became Acquiring Persons on or prior to the 2017 AGM and their conduct resulted in a Trigger Event under the Company’s Rights Agreement. As a result of becoming Acquiring Persons, the approximately 28.7 million Rights held by the Collaborating Shareholders automatically became void under the terms of the Rights Agreement. Pursuant to the Rights Agreement, the board of directors elected to exchange the approximately 42.4 million valid and outstanding Rights held by the Company’s shareholders (not including the Collaborating Shareholders) for a combination of approximately 27.8 million Common Shares and approximately 14.6 million Series B Preferred Shares, all of which the Company issued into a trust on February 22, 2019 for the benefit of the holders of the valid and outstanding Rights. On March 6, 2019, the Delaware Chancery Court entered a status quo order providing that the Company not distribute any of the Exchange Shares to rights holders until the final disposition of the pending Delaware litigation or further order of the Court. On April 4, 2019, the Eastern Caribbean Supreme Court, Court of Appeal issued an order that restrains the Company from taking further action under its Rights Agreement, including the distribution of the previously issued Exchange Shares to the holders of valid Rights, until the conclusion of 1Globe Capital, LLC’s appeal of the December 19, 2018 Judgment of the High Court of Justice of Antigua and Barbuda. On April 8, 2019, the Delaware Chancery Court stayed the Delaware litigation pending the outcome of 1Globe’s appeal of the Antigua Judgment. The Company cannot predict whether an ultimate outcome will be favorable or unfavorable, nor estimate the amount or range of potential loss (if any) at this time. On March 5, 2018, the Company also filed a lawsuit in the United States District Court for Massachusetts alleging violations of Section 13(d) of the Securities Exchange Act of 1934 by 1Globe and The Chiang Li Family. The lawsuit alleges, among other things, that the defendant shareholders failed to make required disclosures on Schedule 13D regarding their intentions to attempt to replace the Company's board of directors. On April 9, 2018, the Company received a document request from SEC requesting all of the Company’s documents concerning 1Globe, the Chiang Li Family, OrbiMed, certain other shareholders, and their affiliates. The Company has been cooperating with the SEC. The Company understands the SEC is investigating whether 1Globe, and possibly other shareholders, violated the U.S. securities laws. The Company does not have any information to suggest the SEC is investigating the actions of the Company or its officers and directors. On May 21, 2018, 1Globe answered and filed counterclaims against the Company and certain of its executives, alleging violations of Section 10(b) of the Exchange Act and various state law claims. In response to the Company’s motion to dismiss 1Globe’s counterclaims, on August 1, 2018, 1Globe filed amended counterclaims against the Company and certain of its executives, alleging violations of Section 10(b) of the Exchange Act and Rule 10b-5, as well as state law claims of abuse of process, fraudulent misrepresentation, negligent misrepresentation, and aiding and abetting such violations, primarily arising out of allegedly false and/or misleading statements made by the Company regarding its business, operational, and financial results. On August 17, 2018, the Massachusetts Court granted a consent motion to extend the deadline for the Company’s response to 1Globe’s counterclaims (and for any subsequent opposition by 1Globe) until after the Antigua Court issued a ruling in the matter captioned 1Globe Capital, LLC and Sinovac Biotech Ltd., Claim No. ANUHCV 2018/0120. On December 19, 2018, the Antigua Court issued a judgment, which 1Globe appealed on January 29, 2019. Per the Massachusetts Court’s order, the parties have filed periodic status reports regarding the pending court proceedings in Antigua. No date for the Company’s response to 1Globe’s counterclaims has been set. The Company is vigorously pursuing this lawsuit; however, the Company cannot predict whether an ultimate outcome will be favorable or unfavorable, nor estimate the amount or range of potential loss (if any) at this time. Also on August 1, 2018, 1Globe filed a motion for preliminary injunction seeking to enjoin the Company from, inter alia, altering the capital structure of the Company. On October 15, 2018, the Massachusetts Court denied 1Globe’s motion. On November 14, 2018, 1Globe filed an appeal of the denial of its motion for preliminary injunction to the United States Court of Appeals for the First Circuit. On January 10, 2019, 1Globe filed a motion to hold its appeal in abeyance pending the outcome of its separate appeal of the Antigua Court’s judgment, which the Company opposed. On March 13, 2018, 1Globe filed a complaint against the Company in the Antigua Court. The complaint seeks a declaration that the five persons purportedly proposed on the Non-Public Submission at the 2017 AGM were elected as directors of the Company at that meeting, an order of the Antigua Court that those directors be installed as the Company’s board of directors, and a declaration that any actions taken on behalf of the Company at the direction of the board of directors since the 2017 AGM are null and void. On April 10, 2018, 1Globe filed a notice of application in the Antigua Court seeking an order declaring the result of the disputed election, an urgent order restraining the Company’s board of directors from acting, pending determination of the dispute, including acting to initiate or continue litigation against the Shareholder Group, and other related relief. The Company attended the first hearing on May 9, 2018. In July 2018, the Antigua court heard an application by 1Globe for interim injunctive relief preventing the Company from exercising its rights under the Rights Agreement. This application was unsuccessful, but the judge set an expedited timetable to trial. The trial of the matter took place from December 3 to 5, 2018. On December 19, 2018, the judge handed down his judgment, finding in Sinovac’s favor in full, dismissing 1Globe’s claim and declaring that the Rights Agreement was validly adopted as a matter of Antigua law. On January 29, 2019, 1Globe filed a Notice of Appeal. On March 4, 2019, 1Globe filed an application for urgent interim relief, seeking an injunction to prevent Sinovac from continuing to implement its Rights Agreement until the resolution of the appeal. This urgent interim relief application was heard on April 4, 2019, at which the Court of Appeal made an order restraining the Company in similar terms to the Delaware Court order of March 6, 2019, together with restraint from operating the Rights Agreement in any way that affects 1Globe’s rights or shareholding until determination of the appeal. There will be further hearings and an appeal at which the Company will continue to vigorously defend the litigation; however, the Company cannot predict or estimate an outcome or economic burden for this case at this time. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock | 17. Common Stock Share Capital Each share of common stock is entitled to one vote per share and is entitled to dividends when declared by the Company’s board of directors. As of December 31, 2018 and 2017, there were 71,139,402 and 57,281,861shares of common stock outstanding, respectively. As of December 31, 2018 and 2017, there was no preferred stock issued and outstanding. In 2016, the Company issued 101,600 shares of common stock on the exercise of employee stock options with exercise price of $2.37 per share and 18,400 shares of common stock on the exercise of employee stock options with exercise price of $4.98 per share, for total proceeds of $315. In 2016, the Company cancelled 14,800 restricted shares previously issued to employees of the Company due to employee termination. In 2017, the Company issued 31,000 shares of common stock on the exercise of employee stock options with exercise price of $2.37 per share and 239,100 shares of common stock on the exercise of employee stock options with exercise price of $4.98 per share, for total proceeds of $1,264. The Company received further cash proceeds of $428 on the exercise of stock option in 2017 with the shares issued subsequent to December 31, 2017. In 2018, the Company issued 1,219 shares of common stock on the exercise of employee stock options with exercise price of $2.37 per share and 107,822 shares of common stock on the exercise of employee stock options with exercise price of $4.98 per share, for 156,300 shares of stock options exercised under cashless excise with total proceeds of $3. In 2018, the Company cancelled 51,500 restricted shares previously issued to employees of the Company due to employee termination. On July 2, 2018, in connection with a private placement transaction, the Company issued 11,800,000 shares of common stock at $7.35 per share with a nine months restricted period. The Company received net proceeds of $85,299 after deducting offering expenses of approximately $1,431. |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options | 18. (a) Stock Option Plan The board of directors approved a stock option plan (the “2003 Plan”) effective on November 1, 2003, pursuant to which directors, officers, employees and consultants of the Company are eligible to receive grants of options for the Company’s common stock. The 2003 Plan expires on November 1, 2023. Up to 10% of the Company’s then outstanding common stocks were reserved for issuance under the 2003 Plan. As of December 31, 2016, 42,800 shares of common stock under the 2003 Plan remain available for issuance. Each stock option entitles its holder to purchase one share of common stock of the Company. Options may be granted for a term not exceeding 10 years from the date of grant. The 2003 Plan is administered by the board of directors. In December 2011, the Company granted 767,000 options to employees with an exercise price of $2.37, being the quoted market price of the Company’s shares at the time of grant. 10% of the options vest every three months from December 26, 2012 to March 26, 2015 and expired on December 25, 2017. This grant was fully vested on March 26, 2015. On August 22, 2012, the board of directors approved a new stock option plan (the “2012 Plan”), which allowed the Company to issue up to 4,000,000 options for common shares and restricted shares of the Company to directors, officers, employees and consultants of the Company. Each stock option entitles its holder to purchase one share of common stock of the Company. Options and restricted shares may be granted for a term not exceeding 10 years from the date of grant. The 2012 Plan is administered by the board of directors. The 2012 Plan will expire on August 22, 2022. Any awards that are outstanding on August 22, 2022 will remain in force according to the terms of the 2012 Plan and the applicable award agreement. On May 1, 2015, the Company granted 729,000 restricted shares (the “Restricted Shares”) at par value of $0.001 and 1,341,000 options (the “Options”) under the 2012 Plan with an exercise price of $4.98, being the quoted market price of the Company’s shares at the time of grant. The options will expire on April 30, 2023. One-fifth of the Restricted Shares and Options shall vest on the first, second, third, fourth and fifth anniversaries of date of grant, respectively. The Restricted Shares are not subject to any restriction on transfer and repurchase after they are vested. 20% of the Options and Restricted Shares were vested on May 1, 2016. On December 16, 2016, the board of directors approved that an additional 30% of the Options to be vested on December 16, 2016, and restrictions of an additional 30% of the Restricted Shares were removed on December 16, 2016. On April 25, 2018, the board of directors approved that all remaining unvested Options and Restricted Shares that were granted on May 1, 2015 were fully vested on April 25, 2018. On January 30, 2018, the Company granted 2,800 options to employees with an exercise price of $2.37, vesting immediately. The grant expired on December 31, 2018. On March 7, 2018, the Company granted 2,000,000 restricted shares (the “2018 Restricted Shares”) at par value of $0.001 under the 2012 Plan, to certain officers and employees of the Company. 60% of the 2018 Restricted Shares will vest on the third anniversary of the date of grant, the remaining 40% 2018 Restricted Shares will vest on the fourth and the fifth anniversary evenly. ( b ) Share-based Payment Award Activity A summary of the Company’s stock options activity for the 2003 and 2012 Plan is presented below: Number of Options Weighted Average Exercise Price ($/option) Aggregate Intrinsic Value ($) Outstanding as of January 1, 2018 1,028,500 $ 4.98 $ 2,982,650 Granted 2,800 2.37 — Exercised (156,300 ) 4.93 — Forfeited / Expired (71,000 ) 4.98 — Outstanding as of December 31, 2018 804,000 $ 4.98 $ 1,575,840 Vested and expected to vest at December 31, 2018 804,000 $ 4.98 1,575,840 Exercisable as of December 31, 2018 804,000 $ 4.98 $ 1,575,840 A summary of the Company’s non-vested restricted share activity for the 2012 plan is presented below: Number of Non-Vested Restricted Shares Weighted Average Grant Date Fair Value ($) Non-vested as of January 1, 2018 272,000 $ 4.98 Granted 2,000,000 8.25 Vested (220,500 ) 4.98 Forfeited (51,500 ) 4.98 Non-vested as of December 31, 2018 2,000,000 $ 8.25 As at December 31, 2018 Exercise Prices ($/option) Number of Options Outstanding Remaining Average Contractual Life (years) Average Exercise Price ($/option) Number of Options Exercisable Remaining Contractual Life (years) Average Exercise Price ($/option) $ 4.98 804,000 4.33 4.98 804,000 $ 4.33 $ 4.98 804,000 4.33 4.98 804,000 4.33 4.98 Share-based compensation expense, included in cost of sales, selling, general and administrative expenses and R&D expenses is charged to operations over the vesting period of the options using the straight-line amortization method. The share-based compensation expense was $4,305 in 2018 (2017 - $979, 2016 - $2,409). As of December 31, 2018, there was $nil and $12,561 of unrecognized compensation cost related to non-vested stock options and non-vested restricted shares, respectively, granted under the 2012 Plan, which will be recognized over a weighted average period of 50 months, respectively. The aggregate intrinsic value of the Company’s stock options is calculated as the difference between the exercise price of the options and the quoted price of the common shares that were in the money. The aggregate intrinsic value of the Company’s stock options exercised under the 2003 Plan and the 2012 Plan was $13 and $413 for year ended December 31, 2018, respectively, determined as of the date of option exercise (2017 - $861, 2016 - $386). The estimated fair value of stock options vested during the year ended December 31, 2018 was $1,135 (2017 – 384, 2016 - $1,567). |
Statutory Surplus Reserves
Statutory Surplus Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Statutory Surplus Reserves [Abstract] | |
Statutory Surplus Reserves | 19. Statutory surplus reserves Pursuant to Chinese company law applicable to foreign investment companies, the Company’s PRC subsidiaries are required to maintain statutory surplus reserves. The statutory surplus reserves are to be appropriated from net income after taxes, and should be at least 10% of the after tax net income determined in accordance with accounting principles and relevant financial regulations applicable to PRC enterprises (“PRC GAAP”). The Company has an option of not appropriating the statutory surplus reserve after the statutory surplus reserve is equal to 50% of the subsidiary’s registered capital. Statutory surplus reserves are recorded as a component of shareholders’ equity. The statutory surplus reserve as of December 31, 2018 is $26,643 (2017 - $19,549). Sinovac R&D, Sinovac Dalian and Sinovac Biomed have not made any profit since inception. No appropriation to the statutory surplus reserves and staff welfare and bonus were made. Dividends declared by the Company’s PRC subsidiaries are based on the distributable profits as reported in their statutory financial statements reported in accordance with PRC GAAP, which differ from the results of operations reflected in the consolidated financial statements prepared in accordance with US GAAP. The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its PRC subsidiaries. The Company has not declared any dividends to the shareholder of Sinovac Beijing in 2018, 2017 and 2016. As of December 31, 2018, the Company has $nil dividend payable (December 31, 2017 - $nil). Under PRC laws and regulations, statutory surplus reserves are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective company, and are not distributable other than upon liquidation. Staff welfare and bonus funds are restricted to expenditures for the collective welfare of employees. The reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. Amounts restricted include the PRC subsidiaries’ paid-in capital, additional paid-in capital and statutory surplus reserves of the Company’s PRC subsidiaries totaling $75,447 (RMB 519 million) as of December 31, 2018 (December 31, 2017, $68,353 (RMB 473 million)). Further, foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of loans, advances or cash dividends. As of December 31, 2018, amounts restricted include the net assets of the Company’s PRC subsidiaries, which amounted to $154,437 (December 31, 2017 - $116,365). |
Earnings (loss) per Share
Earnings (loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per Share | 2 0 . Earnings (loss) per Share The following table sets forth the computation of basic and diluted income (loss) attributable to shareholders of Sinovac per share (in thousands, except for number of shares and per share data): For the year ended December 31 2018 2017 2016 Numerator Income (loss) from continuing operations $ 36,111 $ 36,705 $ (3,058 ) Less: Income (loss) attributable to non-controlling interests 14,329 10,898 (124 ) Income (loss) attributable to shareholders of Sinovac from continuing operations 21,782 25,807 (2,934 ) Income (loss) attributable to shareholders of Sinovac from discontinued operations — — 2,338 Net income (loss) attributable to shareholders of Sinovac 21,782 25,807 (596 ) Denominator Basic weighted average number of common shares outstanding 64,727,146 57,033,816 56,949,083 Dilutive effect of stock options 250,408 67,375 — Diluted weighted average number of common shares outstanding 64,977,554 57,101,191 56,949,083 Basic net income (loss) per share Continuing operations 0.34 0.45 (0.05 ) Discontinued operations — — 0.04 Basic net income (loss) per share 0.34 0.45 (0.01 ) Diluted net income (loss) per share Continuing operations 0.34 0.45 (0.05 ) Discontinued operations — — 0.04 Diluted net income (loss) per share 0.34 0.45 (0.01 ) Anti-dilutive options and non-vested restricted shares were not included in the diluted EPS calculation for the year ended December 31, 2016. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 2 1 . The Company operates exclusively in the biotechnology sector. The Company’s business is considered as operating in one segment. The Company’s Chief Executive Officer is the chief operating decision maker and reviews the consolidated results of operations when making decisions about resources allocation and assessing performance of the Company as a whole. All revenues are generated from the subsidiaries located in China. Total long-lived assets of $79,224 including prepaid land lease payments, property, plant and equipment are all located in mainland China (December 31, 2017 - $85,458). The Company’s total assets by geographic location are as follows: December 31, 2018 2017 Assets Mainland China $ 272,852 $ 289,560 Hong Kong 96,928 9,659 Total Assets $ 369,780 $ 299,219 The Company’s revenues by product are as follows: For the year ended December 31, 2018 2017 2016 Sales Inactivated hepatitis vaccines $ 63,426 $ 37,851 $ 20,596 Influenza vaccines 2,028 13,544 9,829 Enterovirus 71 vaccines 162,537 121,284 35,140 H5N1 vaccines — — 6,389 Mumps vaccines 1,659 1,667 477 Total Sales $ 229,650 $ 174,346 $ 72,431 The H5N1 vaccines were all sold to the Chinese government. The Company’s sales of H5N1 vaccines are dependent on government stockpiling purchases. The Company’s revenues are attributed to geographic locations as follows: For the year ended December 31, 2018 2017 2016 Sales Mainland China $ 215,121 $ 172,897 $ 71,184 Foreign countries 14,529 1,449 1,247 Total Sales $ 229,650 $ 174,346 $ 72,431 |
Collaboration Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Collaboration Agreements Disclosure [Abstract] | |
Collaborative Agreements | 22. Collaboration Agreements (a) On March 12, 2009, the Company entered into a technology transfer agreement (with an amendment agreement entered into on December 14, 2011) with Tianjin CanSino Biotechnology Inc. (“Tianjin Cansino”). According to the agreement, Tianjing Cansino will transfer the technology related to pneumococcal vaccine to the Company and jointly develop the technology with the Company. The collaboration term under the technology transfer agreement is from March 12, 2009 to eight years after the first sale of the vaccine developed under the technology transfer agreement in the Chinese market. Under the terms of the technology transfer agreement, the Company will make milestone payments of up to $3,000 and royalty payments ranging from 6% to 10% of net sales in China. Both parties will work together to develop international markets for the products. On November 17, 2009 and December 14, 2011, two amendment agreements were signed for the payment of $300 for the transfer of an additional six serotypes and related technology. As of December 31, 2016, the Company made total milestone payments of $1,200 ($1,000 under the March 12, 2009 agreement and $200 under the December 14, 2011 amendment). The remaining milestone payments will be paid when the Company achieves each specific milestone, which includes obtaining clinical trials approval, completing clinical trials and achievement of desired results, and achievement of commercial sales. On January 29, 2015, the Company entered into a third amendment to the technology transfer agreement dated March 12, 2009 and the two amendment agreements dated November 17, 2009 and December 24, 2011. By entering into this third amendment, the technology transfer agreement was revised to be a licensing agreement. The remaining milestone and royalty payments under the technology transfer agreement have been reduced. Both the Company and Tianjin Cansino are free to develop pneumococcal vaccines or to collaborate with one other company for the same purpose. The Company made a payment and recorded $nil, $nil and $300 in research and development expenses for the years ended December 31, 2018, 2017 and 2016, respectively. (b) On August 18, 2009, the Company entered into a patent license agreement with the National Institutes of Health (“NIH”), an agency of the United States Public Health Services within the Department of Health and Human Services. NIH has granted the Company a non-exclusive license to make and use certain of its products. NIH has also granted the Company the right to use certain associated information for development of its licensed products. The collaboration term under the patent license agreement is from August 18, 2009 to the later of (a) the expiration of all royalty obligations under the licensed rights where such rights exist and (b) eight years after the first commercial sale by the Company, unless the agreement is terminated earlier per the provisions included therein. The Company has agreed to pay NIH a license issue royalty of $80 upon execution of the agreement and a non-refundable minimum annual royalty of $8, and royalty payments on net sales ranging from 1.5% to 4% depending on the sales territory and the customers. The Company has also agreed to pay NIH benchmark royalties of $330 upon achieving each benchmark as specified in the patent license agreement, including completion of clinical trials, obtaining regulatory approval for marketing, and achievement of commercial sales. The Company recorded a license issue royalty of $16 for the year ended December 31, 2018 as R&D expenses (2017 - $nil, 2016 - $nil). (c) On August 15, 2011, the Company licensed from Medimmune, LLC, a US based pharmaceutical company, certain non-exclusive rights to use patented reverse genetics technology pertaining to H5N1 influenza virus strain production for vaccines. The Company has agreed to pay an upfront license fee and milestone payments of up to an aggregate of $9.9 million based upon achievement of cumulative net sales of licensed products in China (including Hong Kong and Macau), as well as royalty payments in single digit of net sales of the licensed products in China (including Hong Kong and Macau). License fee and royalties of $3,400 accrued at the end of 2011 were paid in 2012. In 2013, the Company obtained a new stockpile order of 3 million doses of H5N1 vaccines from the Chinese government. For the year ended December 31, 2013, royalties of $1,036 was capitalized as inventory costs and included in accounts payable and accrued liabilities, which was paid in May 2014. The Company accrued a royal payment of $9 as of December 31, 2018, which is payable in 2019. The Company accrued a royal payment of $8 as of December 31, 2016, which was paid in 2017. No royalties were incurred for the years ended December 31 2017. (d) On April 3, 2014, the Company entered into a non-exclusive license agreement (the “Agreement”) with The Institute for Translational Vaccinology (“INTRAVACC”), a governmental institute working under the Dutch Ministry of Public Health, Welfare and Sports, to develop and commercialize the Sabin Inactivated Polio Vaccine (“sIPV”) for distribution in China and other countries. The Company expects to develop and commercialize the vaccine in China, as well as seeking regulatory approval in other countries. The agreement has a term of 50 years. The Company has agreed to pay INTRAVACC up to $2,406 (€1.5 million), net of PRC tax, including an entrance fee and milestone payments upon achieving specific milestones. The Company has also agreed to pay royalty payments in a single digit percentage of net sales generated worldwide from the product or products developed under the Agreement. The Company recorded an entrance fee of $665 (€0.5 million) for the year ended December 31, 2014 as research and development expense. The Company also recorded $125 (€94) for payment made to INTRAVACC for use of sIPV viral seeds in R&D expenses for the year ended December 31, 2014. The Company recorded a milestone fee of $611 (€0.5 million) and $568 (€0.5 million) for the year ended December 31, 2018 and 2016 as research and development expense. There was no expense incurred or paid to INTRAVACC for the year ended December 31, 2017. (e) In September 2015, Sinovac Dalian entered into a technology transfer and supply agreement with GlaxoSmithKline Biologicals SA, or GSK, to use GSK’s measles seeds to develop combination vaccines containing measles for the China market. Under this agreement, GSK agreed to transfer its measles seeds, provide reasonable assistance and relevant technical materials to Sinovac Dalian for the purpose of developing and producing combination vaccines containing measles. The Company made a payment of $nil for purchasing measles seeds to GSK for the year ended December 31, 2018 (2017 - $87, 2016 - $84). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2 3 . On December 19, 2018, the High Court of Justice of Antigua and Barbuda held that the Company’s Rights Agreement is valid under Antigua law, and found that “there was a secret plan to take control of the Company” at the AGM. On February 18, 2019, after reviewing the Court’s judgment and considering all additional facts known to the Board, the Board determined that the Collaborating Shareholders became Acquiring Persons on or prior to the AGM and that their conduct resulted in a Trigger Event. Pursuant to the Rights Agreement, the board of directors elected to exchange each valid and outstanding preferred share purchase right held by the Company’s shareholders (other than the Collaborating Shareholders) for a combination of 0.655 of the Company’s Common Shares and 0.345 of the Company’s newly created Series B Convertible Preferred Shares (the “Series B Preferred Shares” and, together, each an “Exchange Share”). On February 22, 2019, the Exchange Shares were issued into the Shareholder 2019 Rights Exchange Trust in the name of Wilmington Trust, National Association, which holds the Exchange Shares for the benefit of the Company’s shareholders. On March 6, 2019, the Delaware Court entered a Status Quo order preventing the Company from distributing Exchange Shares to any shareholders or otherwise take any action pursuant to the Rights Agreement until the conclusion of the litigation or Court order. The litigation is currently stayed pending the outcome of litigation in Antigua. On April 4, 2019, the Antigua Appellate Court granted 1Globe’s application for injunctive relief to stay the operation of the Company’s Rights Agreement pending a ruling by the Antigua Appellate Court on 1Globe’s appeal as to the validity of the Rights Agreement. Based on this ruling of the Antigua Appellate Court, defendants 1Globe and OrbiMed in the Delaware Action requested that the Delaware Court stay the Delaware Action pending final resolution of the Antigua Action. On April 8, 2019, the Delaware Court stayed further proceedings in the Delaware Action pending the resolution of 1Globe’s appeal before the Antigua Appellate Court |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 2 4 . Balance Sheets December 31, 2018 2017 ASSETS Current assets Cash and cash equivalents $ 85,049 $ 2,140 Prepaid expenses and other receivables 1,338 478 Amount due from subsidiaries 82,581 71,097 Dividend receivables 3,195 21,280 Total current assets 172,163 94,995 Investment in subsidiaries 99,485 72,046 Total assets $ 271,648 $ 167,041 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other payables $ 1,667 $ 1,943 Amount due to subsidiaries 16,548 13,946 Total current liabilities 18,215 15,889 Total liabilities $ 18,215 $ 15,889 EQUITY Preferred stock — — Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil Common stock 71 57 Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 71,139,402 (2017 –57,281,861) Additional paid-in capital 204,998 115,339 Accumulated other comprehensive income (loss) (2,099 ) 7,075 Retained earnings 50,463 28,681 Total shareholders' equity 253,433 151,152 Total liabilities and equity $ 271,648 $ 167,041 Statements of Comprehensive Income (Loss) For the year ended December 31 2018 2017 2016 Selling, general and administrative expenses 15,615 4,267 5,434 Total operating expenses 15,615 4,267 5,434 Loss from operations (15,615 ) (4,267 ) (5,434 ) Other expenses (13 ) — — Interest income 798 145 382 Equity earnings of subsidiaries, net of tax 36,612 29,929 2,118 Gain on disposal of subsidiary — — 2,338 Net income (loss) 21,782 25,807 (596 ) Foreign currency translation adjustments (9,174 ) 6,907 (8,014 ) Total comprehensive income (loss) $ 12,608 $ 32,714 $ (8,610 ) Statements of Cash Flows For the year ended December 31 2018 2017 2016 Cash flows provided by (used in) operating activities Net income (loss) $ 21,782 $ 25,807 $ (596 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: - Gain on disposal of subsidiary — — (2,338 ) - Share-based compensation 445 119 293 - Equity in earnings of subsidiaries (36,612 ) (29,929 ) (2,118 ) Changes in: - Amount due from subsidiaries (7,624 ) (602 ) (171 ) - Prepaid expenses and other receivables (861 ) (73 ) (335 ) - Dividend receivables 18,085 — — - Amount due to subsidiaries 2,602 3,426 5,042 - Accrued expenses and other payables (276 ) 887 390 Net cash provided by (used in) operating activities (2,459 ) (365 ) 167 Cash flows provided by financing activities - Proceeds from issuance of common stock, net of share issuance costs 85,304 1,264 315 - Proceeds from shares subscribed 64 428 — Net cash provided by financing activities 85,368 1,692 315 Increase in cash and cash equivalents 82,909 1,327 482 Cash and cash equivalents, beginning of year 2,140 813 331 Cash and cash equivalents, end of year $ 85,049 $ 2,140 $ 813 (a) Basis of presentation The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries. The Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the balance sheets as “Investment in subsidiaries” and share of their income (loss) as “Equity earnings (losses) of subsidiaries” in the statements of comprehensive income (loss). Each of the Company’s PRC subsidiaries has restrictions on its ability to pay dividends to the Company under PRC laws and regulations (Note 19). The subsidiaries did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements. (b) Commitments The Company does not have any significant commitments or long-term obligations as of any of the periods presented, except for those disclosed in the consolidated financial statements (notes 16 and 22). |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | (a) Use of Estimates In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include: provision for product returns, allowance for doubtful accounts, inventory provisions, impairment of long-lived assets, fair value of options granted and related forfeiture rates, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. |
Restricted Cash | (c) Restricted Cash Restricted cash is cash held as collateral for transactions and a loan the Company has entered into. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts presented in the statement of cash flows. The Company adopted the new standard effective January 1, 2018, using the retrospective transition method. The ending balance of cash and cash equivalents and restricted cash presented on the face of the consolidated statements of cash flows in 2018 is $158,170 (2017 - $115,964, 2016 - $65,441). It includes $ 158,170 cash and cash equivalents (2017 - $114,415, 2016 - $62,434) and $nil restricted cash (2017 - $1,549, 2016 -$3,007) as presented in consolidated balance sheets. |
Short-term Investments | (d) Short-term investments All highly liquid investments with original maturities greater than three months, but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt as “held-to-maturity,” “trading” or “available-for-sale,” whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. |
Accounts Receivable | ( e ) Accounts Receivable The Company extends unsecured credit to its customers in the ordinary course of business and actively pursues past due accounts. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions and other factors that may affect its customers’ ability to pay. |
Inventories | ( f ) Inventories Inventories are stated at the lower of cost or net realizable value. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less estimated costs to completion for work in progress. |
Property, Plant and Equipment | ( g ) Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative uses are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in gain or loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 8 to 10 years Motor vehicles 4 to 5 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease |
Prepaid Land Lease Payments | ( h ) Prepaid Land Lease Payments Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchased cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 28 to 49 years. |
Licenses | ( i ) Licenses The Company capitalizes the patent payment and the purchased cost of vaccines if the vaccine has received a new drug certificate from the China Food and Drug Administration (“CFDA”) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. Costs incurred to renew or extend the term of licenses are capitalized and amortized over the license’s useful life on a straight-line basis. |
Impairment of Long-Lived Assets | ( j ) Impairment of Long-Lived Assets Long-lived assets including intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. |
Income Taxes | ( k ) Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the carrying values and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be settled within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. |
Value-Added Taxes | ( l ) Value-added Taxes Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. |
Revenue from Contracts with Customers | ( m ) Revenue from Contracts with Customers The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”), on January 1, 2018, using the modified retrospective method. Revenues for the year ended December 31, 2018 were presented under ASC 606, and revenues for the years ended December 31, 2017 and 2016 were not adjusted and continue to be presented under ASC Topic 605, Revenue Recognition. The cumulative effect of adopting ASC 606 resulted in $nil to the opening balance of retained earnings at January 1, 2018. Revenue is recognized when control of promised goods is transferred to the Company’s customers in an amount of consideration of which the Company expect to be entitled to in exchange for the goods, and the Company can reasonably estimates return provision for the goods. The product return provisions are estimated based on historical return and exchange data as well as the inventory levels and the remaining shelf lives of the products in the distribution channels. As of December 31, 2018, sales return provision for inactivated hepatitis A vaccine, combined inactivated hepatitis A&B vaccine and enterovirus 71 vaccine was $2,880 (December 31, 2017 - $4,672). Private pay sales return provision of inactivated hepatitis A vaccine, combined inactivated hepatitis A&B vaccine and enterovirus 71 vaccine as a percentage of sales was 1.4% and 3.1% in 2018 and 2017, respectively. As of December 31, 2018, sales return provision for seasonal influenza vaccine returns was $nil (December 31, 2017 - $263). Deferred revenue is generally related to government stockpiling programs and advances received from customers. For government stockpiling programs of H5N1 vaccines, the Company generally obtains purchase authorizations from the government for a specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and the products have expired and passed government inspection. For the year ended December 31, 2018, the Company did not have any significant incremental costs of obtaining contracts with customers incurred or costs incurred in fulfilling contracts with customers within the scope of ASC Topic 606, that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract. The Company does not have amounts of contract assets since revenue is recognized as control of goods is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are included in deferred revenue in the Consolidated Balance Sheets. For the year ended December 31, 2018, the Company recognized sales of $3,888 related to contract liabilities at January 1, 2018. |
Shipping and Handling | ( n ) Shipping and Handling Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handling are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2018, $6,261 of shipping and handling costs was included in selling, general and administrative expenses (2017 - $5,759, 2016 - $1,654). |
Advertising Expenses | ( o ) Advertising Expenses Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $3,901 for the year ended December 31, 2018 (2017 - $4,007, 2016 - $3,336). |
Research and Development Expense | ( p ) Research and Development Research and development ("R&D") costs are expensed as incurred and are disclosed as a separate line item in the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and did not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. |
Government Grants | ( q ) Government Grants Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period when the conditions attached to the grants are met, or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Interest subsidies are recorded as a reduction to interest and financing expenses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. |
Retirement and Other Post-retirement Benefits | ( r ) Retirement and Other Post-retirement Benefits Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company makes contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. Total amounts for such employee benefits incurred was $7,438 for the year ended December 31, 2018 (2017 - $6,197, 2016 - $5,473). |
Foreign Currency Translation And Transactions | ( s ) Foreign Currency Translation and Transactions The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) for the Company and Sinovac Hong Kong and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At each period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The resulting foreign exchange gains and losses are included in selling, general and administrative expenses. The Company recognized foreign exchange gain of $559 for the year ended December 31, 2018 (2017 - $1,323, 2016 - $942). Assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Sinovac R&D, Sinovac Dalian and Sinovac Biomed are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. Gain on intra-entity foreign currency transactions that are of a long-term-investment nature was $268 for the year ended December 31, 2018 (2017 - $336 in gain, 2016 - $335 in losses) which was recorded in accumulated other comprehensive income, a component of shareholders’ equity. |
Share-based Compensation | ( t ) Share-based Compensation Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for stock options. The Company uses the grant date stock price to determine the grant date fair value of restricted shares. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. |
Comprehensive Income (loss) | ( u ) Comprehensive Income (loss) The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. |
Earnings (loss) Per Share | ( v ) Earnings (loss) Per Share Earnings (loss) per share is calculated in accordance with Accounting Standards Codification (“ASC”) 260 Earnings per Share |
Operating Leases | ( w ) Operating Leases Leases are classified as capital and operating depending on the terms and conditions of the lease agreement. Leases that transfer substantially all the benefits and risks incidental to ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases where rental payments are expensed as incurred. There are no capital leases for the periods presented. |
Fair Value Measurements | ( x ) Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: • Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs for the asset or liability. As of December 31, 2018 and 2017, the Company did not have any financial assets or liabilities measured at fair value on a recurring basis. The carrying values of cash equivalents, restricted cash, short-term investment, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. Fair value of the long-term bank loans are determined based on level 2 inputs, and the carrying amounts of long-term bank loans approximate fair value as the related interest rates approximate rates currently offered by financial institution for similar debt instruments. The Company measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. There were no non-recurring fair value measurements for the years ended December 31, 2018 and 2017. |
Concentration of Risks | ( y ) Concentration of Risks Exchange Rate Risks The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the US$ and the RMB. In 2018, foreign exchange gain of $559 is included in selling, general and administrative expenses (2017 - $1,323, 2016 - $942). As of December 31, 2018, cash and cash equivalents of $70,448 (RMB 484 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2017 - $103,370 (RMB 673 million)). Currency Convertibility Risks Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents, restricted cash, short-term investment and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents, restricted cash, and short-term investment in good credit quality financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. For the year ended December 31, 2018, 2017 and 2016, no single customer of the Company accounted for more than 10% of total sales. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. Interest Rate Risks The Company is subject to interest rate risk. Other than loans from a non-controlling shareholder of $6,705 with fixed interest rates as of December 31, 2018 (note 11(a)), interests of other interest-bearing loans are charged at variable rates based on the People’s Bank of China (note 10). |
Recently Issued Accounting Standards | ( z ) Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. ASU 2016-02 is effective for public business entities for annual reporting periods and interim periods within those years beginning after December 15, 2018. The Company will adopt ASU 2016-02 on January 1, 2019 using modified retrospective method and will not restate comparable periods. The Company will elect the package of practical expedients permitted under the transition guidance, which allow the Company to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Company will also elect the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption for contracts with lease terms of 12 months or less. The Company currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Company’s balance sheet for certain in-scope operating leases. The Company does not expect any material impact on net assets and the consolidated statement of comprehensive income as a result of adopting the new standard. |
Basic of Presentation (Tables)
Basic of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Significant Intercompany Transactions | All significant intercompany transactions have been eliminated. Details of the Company’s subsidiaries are as follows: Name Date of incorporation or establishment Place of incorporation (or establishment) /operation Percentage of ownership as of December 31, 2018 Percentage of ownership as of December 31, 2017 Principal activities Sinovac Biotech (Hong Kong) Ltd. (“Sinovac Hong Kong”) October 2008 Hong Kong 100 % 100 % Investment holding company Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) April 2001 People’s Republic of China (“PRC”) 73.09 % 73.09 % Research and development, production and sales of vaccine products Sinovac Research & Development Co., Ltd. (“Sinovac R&D”) May 2009 PRC 100 % 100 % Research and development of vaccine products Sinovac (Dalian) Vaccine Technology Co., Ltd.(“Sinovac Dalian”) January 2010 PRC 67.86 % 67.86 % Research and development, production and sales of vaccine products Sinovac Biomed Co., Ltd. April 2015 PRC 100 % 100 % Distribution of vaccine products |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: Plant and buildings 10 to 24 years Machinery and equipment 8 to 10 years Motor vehicles 4 to 5 years Office equipment and furniture 3 to 5 years Leasehold improvements Lesser of useful lives and term of lease |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Discontinued Operations | Results of the discontinued operations are summarized as follows: For the year ended December 31, 2018 2017 2016 Sales $ — $ — $ — Cost of sales — — — Gross profit — — — Selling, general and administrative expenses — — 129 Research and development expenses — — — Total operating expenses — — 129 Operating loss — — (129 ) Other income — — 6 Loss from discontinued operations before gain on disposition and provision for income taxes — — (123 ) Gain on disposal of Tangshan Yian — — 2,461 Provision for income taxes — — — Income from discontinued operations, net of income tax $ — $ — $ 2,338 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Short Term Investments [Abstract] | |
Short-term Investments | During the years ended December 31, 2018, 2017 and 2016, the Company recorded interest income from its short-term investments of $ 47, $nil and $nil in the consolidated statements of comprehensive income, respectively. December 31, 2018 2017 Short-term Investments $ 18,908 $ — |
Accounts Receivable - Net (Tabl
Accounts Receivable - Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts Receivable | December 31, 2018 2017 Trade receivables $ 77,537 $ 69,448 Allowance for doubtful accounts (4,570 ) (4,779 ) 72,967 64,669 Other receivables 1,497 1,536 Total accounts receivable $ 74,464 $ 66,205 |
Schedule of Maximum Exposure to Credit Risk Relating to Trade Receivables | The Company’s maximum exposure to credit risk at the balance sheets date relating to trade receivables is summarized as follows: December 31, 2018 2017 Aging within one year, net of allowance for doubtful accounts $ 71,728 $ 58,157 Aging greater than one year, net of allowance for doubtful accounts 1,239 6,512 Total trade receivables $ 72,967 $ 64,669 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | December 31, 2018 2017 Raw materials $ 4,835 $ 3,298 Work in progress 3,930 3,275 Finished goods 16,326 13,045 Total inventories $ 25,091 $ 19,618 |
Long-term Inventories (Tables)
Long-term Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Long-Term Inventories | December 31, 2018 2017 Finished goods $ 90 — |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Property,Plant And Equipment - net | December 31, 2018 2017 Cost Construction in progress $ 34,217 $ 34,566 Plant and buildings 29,195 30,851 Machinery and equipment 39,345 39,678 Motor vehicles 1,449 1,710 Office equipment and furniture 2,942 2,736 Leasehold improvements 12,336 12,972 Total cost $ 119,484 $ 122,513 Less: Accumulated depreciation Construction in progress $ — $ — Plant and buildings 11,021 10,380 Machinery and equipment 26,338 24,808 Motor vehicles 1,009 1,333 Office equipment and furniture 2,064 2,000 Leasehold improvements 8,132 7,562 Total accumulated depreciation $ 48,564 $ 46,083 Property, plant and equipment, net $ 70,920 $ 76,430 |
Prepaid Land Lease Payments (Ta
Prepaid Land Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Land And Lease Payments [Abstract] | |
Schedule of Prepaid Land Lease Payments | December 31, 2018 2017 Prepaid land lease payments $ 10,502 $ 11,098 Less: accumulated amortization 2,198 2,070 Net carrying value $ 8,304 $ 9,028 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Bank Loans | Summarized below are bank loans as of December 31, 2018 and 2017: December 31, 2018 2017 Industrial and Commercial Bank of China (a) $ — $ 3,074 Bank of Beijing (b) — 3,689 Bank of Beijing (c) 2,594 — Bank of China (d) 727 — China Merchants Bank (e) — 3,074 China Construction Bank (f) — 2,982 China Construction Bank (g) — 722 Citi Bank (h) — 4,611 Bank loans due within one year 3,321 18,152 Bank of Beijing (c) 3,890 6,851 China Construction Bank (i) — 7,998 Long-term bank loans 3,890 14,849 Total bank loans $ 7,211 $ 33,001 (a) On February 27, 2017, Sinovac Beijing entered into a bank loan with Industrial and Commercial Bank of China in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements. The loan bears interest at the prime rate of a one year term loan published by the People’s Bank of China, at 4.35%. Interest is payable quarterly and the loan was repaid on February 27, 2018. (b) On September 18, 2015, Sinovac Beijing entered into a maximum credit facility of $7,202 (RMB 50 million) with Bank of Beijing to finance its working capital requirements. $753 (RMB 4.9 million) was drawn on August 29, 2017 and was repaid on August 29, 2018. $784 (RMB 5.1 million) was drawn on September 6, 2017 and was repaid on August 29, 2018. These two tranches bore interest at 4.57% and was payable quarterly. $1,537 (RMB 10 million) was drawn on October 13, 2017, and was repaid on October 12, 2018. $615 (RMB 4 million) was drawn on November 9, 2017 and was repaid on October 12, 2018. These two tranches bear interest at 5.00% and was payable quarterly. (c) On May 20, 2015, Sinovac Beijing entered into a bank loan with Bank of Beijing in the aggregate principal amount of $6,981 (RMB 48 million) with a term from July 2015 to May 2020 for construction of the pneumococcal polysaccharide vaccine facilities. The loan’s interest rate is based on the prime rate of a five-year term loan published by the People’s Bank of China at the time withdraws are made. Interest is payable quarterly and the loan is repayable based on the payment schedule and shall be fully repaid before May 20, 2020. $713 (RMB 4.9 million) was drawn in 2015 with an annual interest rate of 5.25%, and $5,771 (RMB 39.7 million) was drawn in 2016 with an annual interest rate of 4.75%. Prepaid land lease payments and buildings of Sinovac Beijing with a net book value of $2,019 (RMB 13.9 million) were pledged as collateral as of December 31, 2018. (d) On August 14, 2018, Sinovac Dalian entered into a bank loan with Bank of China in the aggregate principal amount of $727 (RMB 5 million) to finance its working capital requirements. The loan bears interest at 157 basis points above the prime rate of a one-year term loan published by the People’s Bank of China, at 5.88%. Interest is payable monthly and the loan is payable on August 16, 2019. Buildings of Sinovac Dalian with a net book value of $514 (RMB 3.5 million) were pledged as collateral. (e) On February 23, 2017, Sinovac Beijing entered into a one-year term bank loan with China Merchants Bank in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements, bearing interest at 4.57% per year. Interest was payable quarterly and the loan was repaid on February 22, 2018. (f) On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $17,284 (RMB 120 million), which was increased to $30,739 (RMB 200 million) in 2017, with China Construction Bank to finance its working capital requirements. On September 5, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $2,982 (RMB 19.4 million) to finance its working capital requirements, bearing interest at 4.57%. Interest was payable monthly and the loan was repaid on May 23, 2018. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. (g) On March 27, 2017, Sinovac R&D entered into a bank loan with China Construction Bank in the aggregate principal amount of $722 (RMB 4.7 million) to finance its working capital requirements, bearing an interest at 4.43%. Interest was payable monthly and the loan was repaid on March 26, 2018. (h) On May 9, 2016, Sinovac Beijing entered into a revolving bank loan with Citi Bank with the aggregate principal limit of $4,611 (RMB 30 million), which was increased to $5,090 (RMB 35 million) in 2018, to finance its working capital requirements. The revolving loan bears interest at the prime rate of a one-year term loan published by the People’s Bank of China, with a weighted average rate at 4.64% and interest is payable quarterly. Each withdraw from the revolving loan has a maximum term of 12 months. The outstanding balance of $4,611 (RMB 30.0 million) as of December 31, 2017 was fully repaid in 2018. (i) On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $10,758 (RMB 70 million) with China Construction Bank to finance construction of the Sabin inactivated polio vaccine facilities. On October 14, 2016, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $7,684 (RMB 50 million) with a term from October 2016 to October 2021. The loan bore interest at 5% below the prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.51%. Interest was payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 13, 2021. $3,230 (RMB 21.0 million) was drawn in 2016 and $4,454 (RMB 29.0 million) was drawn in 2017. On August 17, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $3,074 (RMB 20 million) with a term from August 2017 to October 2021. The loan bore interest at prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.75%. Interest is payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 21, 2021. $314 (RMB 2.0 million) was drawn in 2017. On April 27, 2018 and November 9, 2018, Sinovac Beijing repaid $297 (RMB 2.0 million) and $7,272 (RMB 50 million), respectively, where all outstanding balance as of December 31, 2017 was fully repaid by then. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. |
Schedule of Aggregate Maturities of Loans | Aggregate maturities of loans for each of the next 5 years following December 31, 2018 are as follows: Within 1 year $ 3,321 In 2020 3,890 In 2021 — In 2022 — In 2023 — Total $ 7,211 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Loan From Non-controlling Shareholder | (a) Loan from a non-controlling shareholder December 31, 2018 2017 Loan - non - current $ 6,705 $ 7,070 $ 6,705 $ 7,070 |
Schedule of Related Party Transactions and Balances | (b) The Company entered into the following transactions in the normal course of operations at the exchange amount with related parties: For the year ended December 31, 2018 2017 2016 Rent expenses to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). $ 810 $ 793 $ 807 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2018 2017 Trade payables $ 5,530 $ 6,780 Machinery and equipment payables 861 2,191 Accrued expenses 26,810 32,620 Value added tax payable 420 239 Other tax payable 1,361 619 Withholding tax payable 71 75 Bonus and benefit payables 6,219 8,213 Other payables 8,719 8,681 Total accounts payable and accrued liabilities $ 49,991 $ 59,418 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (loss) Before Income Tax from Continuing Operations | The Company’s income (loss) before income tax from continuing operations consists of: For the year ended December 31, 2018 2017 2016 Non-PRC $ (16,308 ) $ (3,123 ) $ (5,323 ) PRC 62,891 48,167 4,929 Total $ 46,583 $ 45,044 $ (394 ) |
Schedule of Income (loss) Before Income Tax from Discontinued Operations | The Company’s income (loss) before income tax from discontinued operations consists of: For the year ended December 31, 2018 2017 2016 Non-PRC $ — $ — $ — PRC — — 2,338 Total $ — $ — $ 2,338 |
Schedule of Income Taxes Attributed to Continuing Operations | Income taxes attributed to the continuing operations in China consist of: For the year ended December 31, 2018 2017 2016 Current income tax expenses $ (7,326 ) $ (13,260 ) $ (3,671 ) Deferred tax benefits (3,146 ) 4,921 1,007 Total income tax expense $ (10,472 ) $ (8,339 ) $ (2,664 ) |
Schedule of Income from Continuing Operations Before Income Taxes | The following is a reconciliation of the Company’s total income tax expenses to the amount computed by applying the PRC statutory income tax rate of 25% to its income from continuing operations before income taxes for the years ended December 31, 2018, 2017 and 2016: For the year ended December 31, 2018 2017 2016 Income (loss) from continuing operations before income taxes $ 46,583 $ 45,044 $ (394 ) Income tax benefit (expense) at the PRC statutory rate (11,646 ) (11,261 ) 99 International tax rate differential (3,929 ) (781 ) (1,331 ) Super deduction for research and development expenses 1,835 1,257 461 Non-deductible expenses (1,865 ) (577 ) (1,141 ) Other adjustments 14 (5 ) 89 Effect of preferential tax rate 6,562 5,406 1,635 Change in valuation allowance (1,429 ) (2,309 ) (2,430 ) Effect of PRC withholding tax (14 ) (69 ) (59 ) Effect of prior year adjustment and restatement — — 13 Income tax expense $ (10,472 ) $ (8,339 ) $ (2,664 ) |
Schedule Company's Deferred Tax Assets | The tax effects of temporary differences from continuing operations that give rise to the Company’s deferred tax assets are as follows: December 31, 2018 2017 Inventories 355 275 Accrued expenses 3,761 8,483 Deferred government grants 1,066 684 Fixed assets 3,115 3,484 Tax losses carried forward 5,212 6,375 Less: valuation allowance (7,711 ) (9,981 ) Deferred tax assets $ 5,798 $ 9,320 |
Schedule of Changes in Unrecognized Tax Benefits | The changes in unrecognized tax benefits are as follows: For the year ended December 31, 2018 2017 2016 Balance at January 1 1,873 1,842 2,027 Additions for tax positions of the current year 7 271 183 Additions for tax positions of the prior years — — — Settlement with the taxing authority — — — Lapse of statute of limitations (199 ) (240 ) (368 ) Balance at December 31 $ 1,681 $ 1,873 $ 1,842 |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Government Grant [Abstract] | |
Summary of Deferred Government Grants | Summarized below are deferred government grants as of December 31, 2018 and 2017: December 31, 2018 2017 Construction of a pandemic influenza vaccine plant and buildings (a) $ 276 $ 277 Purchasing equipment for H1N1 vaccine production (b) 54 136 Purchasing equipment for H5N1 vaccine production (c) 15 15 EV71 commercialization project (d) 474 502 Others (i) 1,167 1,108 Current deferred government grants 1,986 2,038 Construction of a pandemic influenza vaccine plant and buildings (a) — 291 Purchasing equipment for H1N1 vaccine production (b) — 57 Purchasing equipment for H5N1 vaccine production (c) — 15 EV71 commercialization project (d) 1,168 1,735 EV71 phase IV clinical research (e) 977 784 Purchasing equipment for sIPV vaccine production (f) 1,454 1,537 EV71 international registration (g) 607 — Quadra & Pentavalent research (h) 693 — Others (i) 1,062 55 Non-current deferred government grants 5,961 4,474 Total deferred government grants $ 7,947 $ 6,512 (a) Deferred government grants included $276 being the unamortized portion of a grant the Company received in 2007 for construction of a pandemic influenza vaccine plant and buildings (December 31, 2017 - $568), which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. The production facility grant requires the Company to have the entire facility available to manufacture pandemic influenza vaccines at any given moment upon request by the Chinese government. $272 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $266, 2016 - $271). (b) Deferred government grants included $54 being the unamortized portion of a grant the Company received in 2009 for purchasing equipment for H1N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $134 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $131, 2016 - $133). (c) Deferred government grants included $15 being the unamortized portion of a grant the Company received in 2013 for purchasing equipment for H5N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $15 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $15, 2016 - $15). (d) Deferred government grants included $1,642 being the unamortized portion of a grant the Company received in 2015 for equipment purchase and construction of the enterovirus 71 (“EV71”) vaccine production facility. The Company has fulfilled the conditions attached to the government grant in 2016. $474 which will be amortized in 2019 was included in the current portion of deferred government grants and $1,168 which will be amortized after 2019 was included in the non-current portion of deferred government grants. $412 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $403, 2016 - $274), and $82 was recorded as government recognized in income for the year ended December 31, 2018 (2017 - $80, 2016 - $55). (e) Deferred government grants included $977 being the unamortized portion of a grant the Company received in 2017 and 2018 for phase IV clinical research for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (f) Deferred government grants included $1,454 being the unamortized portion of a grant the Company received in 2017 for purchasing equipment for sIPV vaccine production. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (g) Deferred government grants included $607 being the unamortized portion of a grant the Company received in 2018 for international registration for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (h) Deferred government grants included $693 being the unamortized portion of a grant the Company received in 2018 for research for Qudravalent & Pentavalent vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to a government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. (i) As of December 31, 2018, conditions attached to a government grant received in 2017 for certain production facilities were fulfilled in 2017, of which $18 will be amortized in 2019 and $34 will be amortized after 2019, and $19 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018. As of December 31, 2018, conditions of seven government grants totaling $2,176 have not been fulfilled by the Company, of which conditions attached to four grants totaling $1,149 were expected to be fulfilled within one year, and were included in the current portion of the deferred government grants. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rental Payments under Operating Leases | Minimum future rental payments under operating leases for the years ending December 31 are as follows: 2019 $ 1,037 2020 1,457 2021 1,323 2022 810 2023 810 Thereafter 5,358 Total minimum future payments $ 10,795 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Company's stock Options Activity | A summary of the Company’s stock options activity for the 2003 and 2012 Plan is presented below: Number of Options Weighted Average Exercise Price ($/option) Aggregate Intrinsic Value ($) Outstanding as of January 1, 2018 1,028,500 $ 4.98 $ 2,982,650 Granted 2,800 2.37 — Exercised (156,300 ) 4.93 — Forfeited / Expired (71,000 ) 4.98 — Outstanding as of December 31, 2018 804,000 $ 4.98 $ 1,575,840 Vested and expected to vest at December 31, 2018 804,000 $ 4.98 1,575,840 Exercisable as of December 31, 2018 804,000 $ 4.98 $ 1,575,840 |
Summary of Company's Non-Vested Restricted Shares Activity | A summary of the Company’s non-vested restricted share activity for the 2012 plan is presented below: Number of Non-Vested Restricted Shares Weighted Average Grant Date Fair Value ($) Non-vested as of January 1, 2018 272,000 $ 4.98 Granted 2,000,000 8.25 Vested (220,500 ) 4.98 Forfeited (51,500 ) 4.98 Non-vested as of December 31, 2018 2,000,000 $ 8.25 |
Summary of Company's Non-Vested Restricted Shares Activity | As at December 31, 2018 Exercise Prices ($/option) Number of Options Outstanding Remaining Average Contractual Life (years) Average Exercise Price ($/option) Number of Options Exercisable Remaining Contractual Life (years) Average Exercise Price ($/option) $ 4.98 804,000 4.33 4.98 804,000 $ 4.33 $ 4.98 804,000 4.33 4.98 804,000 4.33 4.98 |
Earnings (loss) per Share (Tabl
Earnings (loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Income (Loss) Attributable to Shareholders | The following table sets forth the computation of basic and diluted income (loss) attributable to shareholders of Sinovac per share (in thousands, except for number of shares and per share data): For the year ended December 31 2018 2017 2016 Numerator Income (loss) from continuing operations $ 36,111 $ 36,705 $ (3,058 ) Less: Income (loss) attributable to non-controlling interests 14,329 10,898 (124 ) Income (loss) attributable to shareholders of Sinovac from continuing operations 21,782 25,807 (2,934 ) Income (loss) attributable to shareholders of Sinovac from discontinued operations — — 2,338 Net income (loss) attributable to shareholders of Sinovac 21,782 25,807 (596 ) Denominator Basic weighted average number of common shares outstanding 64,727,146 57,033,816 56,949,083 Dilutive effect of stock options 250,408 67,375 — Diluted weighted average number of common shares outstanding 64,977,554 57,101,191 56,949,083 Basic net income (loss) per share Continuing operations 0.34 0.45 (0.05 ) Discontinued operations — — 0.04 Basic net income (loss) per share 0.34 0.45 (0.01 ) Diluted net income (loss) per share Continuing operations 0.34 0.45 (0.05 ) Discontinued operations — — 0.04 Diluted net income (loss) per share 0.34 0.45 (0.01 ) Anti-dilutive options and non-vested restricted shares were not included in the diluted EPS calculation for the year ended December 31, 2016. |
Segment Information (Table)
Segment Information (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Total Assets by Geographic Area | The Company’s total assets by geographic location are as follows December 31, 2018 2017 Assets Mainland China $ 272,852 $ 289,560 Hong Kong 96,928 9,659 Total Assets $ 369,780 $ 299,219 |
Schedule of Revenues by Product | The Company’s revenues by product are as follows: For the year ended December 31, 2018 2017 2016 Sales Inactivated hepatitis vaccines $ 63,426 $ 37,851 $ 20,596 Influenza vaccines 2,028 13,544 9,829 Enterovirus 71 vaccines 162,537 121,284 35,140 H5N1 vaccines — — 6,389 Mumps vaccines 1,659 1,667 477 Total Sales $ 229,650 $ 174,346 $ 72,431 |
Schedule of Revenues are Attributed to Geographic Locations | The Company’s revenues are attributed to geographic locations as follows: For the year ended December 31, 2018 2017 2016 Sales Mainland China $ 215,121 $ 172,897 $ 71,184 Foreign countries 14,529 1,449 1,247 Total Sales $ 229,650 $ 174,346 $ 72,431 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Balance Sheets | Balance Sheets December 31, 2018 2017 ASSETS Current assets Cash and cash equivalents $ 85,049 $ 2,140 Prepaid expenses and other receivables 1,338 478 Amount due from subsidiaries 82,581 71,097 Dividend receivables 3,195 21,280 Total current assets 172,163 94,995 Investment in subsidiaries 99,485 72,046 Total assets $ 271,648 $ 167,041 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other payables $ 1,667 $ 1,943 Amount due to subsidiaries 16,548 13,946 Total current liabilities 18,215 15,889 Total liabilities $ 18,215 $ 15,889 EQUITY Preferred stock — — Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil Common stock 71 57 Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 71,139,402 (2017 –57,281,861) Additional paid-in capital 204,998 115,339 Accumulated other comprehensive income (loss) (2,099 ) 7,075 Retained earnings 50,463 28,681 Total shareholders' equity 253,433 151,152 Total liabilities and equity $ 271,648 $ 167,041 |
Schedule of Statements of Comprehensive Income (Loss) | Statements of Comprehensive Income (Loss) For the year ended December 31 2018 2017 2016 Selling, general and administrative expenses 15,615 4,267 5,434 Total operating expenses 15,615 4,267 5,434 Loss from operations (15,615 ) (4,267 ) (5,434 ) Other expenses (13 ) — — Interest income 798 145 382 Equity earnings of subsidiaries, net of tax 36,612 29,929 2,118 Gain on disposal of subsidiary — — 2,338 Net income (loss) 21,782 25,807 (596 ) Foreign currency translation adjustments (9,174 ) 6,907 (8,014 ) Total comprehensive income (loss) $ 12,608 $ 32,714 $ (8,610 ) |
Schedule of Statements of Cash Flows | Statements of Cash Flows For the year ended December 31 2018 2017 2016 Cash flows provided by (used in) operating activities Net income (loss) $ 21,782 $ 25,807 $ (596 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: - Gain on disposal of subsidiary — — (2,338 ) - Share-based compensation 445 119 293 - Equity in earnings of subsidiaries (36,612 ) (29,929 ) (2,118 ) Changes in: - Amount due from subsidiaries (7,624 ) (602 ) (171 ) - Prepaid expenses and other receivables (861 ) (73 ) (335 ) - Dividend receivables 18,085 — — - Amount due to subsidiaries 2,602 3,426 5,042 - Accrued expenses and other payables (276 ) 887 390 Net cash provided by (used in) operating activities (2,459 ) (365 ) 167 Cash flows provided by financing activities - Proceeds from issuance of common stock, net of share issuance costs 85,304 1,264 315 - Proceeds from shares subscribed 64 428 — Net cash provided by financing activities 85,368 1,692 315 Increase in cash and cash equivalents 82,909 1,327 482 Cash and cash equivalents, beginning of year 2,140 813 331 Cash and cash equivalents, end of year $ 85,049 $ 2,140 $ 813 |
Basic of Presentation - Schedul
Basic of Presentation - Schedule of Significant Intercompany Transactions (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Sinovac Hong Kong | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% |
Sinovac Beijing | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 73.09% | 73.09% |
Sinovac R&D | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% |
Sinovac Dalian | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 67.86% | 67.86% |
Sinovac Biomed Co., Ltd. | ||
Minority Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Thousands, ¥ in Millions | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents and restricted cash | $ 158,170 | $ 115,964 | $ 65,441 | $ 65,460 | |||
Cash and cash equivalents | 158,170 | 114,415 | 62,434 | ||||
Restricted cash | 0 | 1,549 | 3,007 | ||||
Sales (note 21) | $ 3,888 | 229,650 | 174,346 | 72,431 | |||
Advertising Expense | 3,901 | 4,007 | 3,336 | ||||
Defined Contribution Plan, Cost Recognized | 7,438 | 6,197 | 5,473 | ||||
Foreign Currency Transaction Gain (Loss), before Tax | 559 | 1,323 | 942 | ||||
Gains Losses On Intra-entity Foreign Currency Transactions Long Term Investment Nature | 268 | 336 | (335) | ||||
Cash and Cash Equivalents, at Carrying Value, Total | 70,448 | 103,370 | ¥ 484 | ¥ 673 | |||
Due to Related Parties, Noncurrent | 6,705 | 7,070 | |||||
Interest Rate Risk [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Due to Related Parties, Noncurrent | 6,705 | ||||||
Inactivated Hepatitis A Vaccine And Combined Inactivated Hepatitis A And B Vaccine [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | $ 2,880 | $ 4,672 | |||||
Percentage Of Sales Return Provision Of Private Pay Market Sales | 1.40% | 3.10% | |||||
Seasonal Influenza Vaccine [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | $ 0 | $ 263 | |||||
Shipping and Handling [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Shipping, Handling and Transportation Costs | $ 6,261 | 5,759 | $ 1,654 | ||||
ASC Topic 606 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cumulative effect of adoption to opening balance of retained earnings | $ 0 | ||||||
Use Rights [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 28 years | ||||||
Use Rights [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 49 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Plant And Building [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 24 years |
Plant And Building [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Motor vehicles [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Motor vehicles [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Office Equipment And Furniture [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office Equipment And Furniture [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of useful lives and term of lease |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - Tangshan Yian Biological Engineering Co Ltd ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2016USD ($) | Jan. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2015CNY (¥) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture of businesses | $ 926 | ¥ 5,970 | $ 1,706 | ¥ 11,000 | ||||
Disposal of Business, cumulative translation gain | 1,880 | |||||||
Disposal of business, net book value | 1,435 | |||||||
Gain (loss) on disposition of business | $ 2,461 | |||||||
Business combination, consideration transferred | 2,016 | ¥ 13,000 | ||||||
Business combination consideration receivable | $ 310 | ¥ 2 | ||||||
Disposal group, including discontinued operation, consideration | $ 1,872 | ¥ 13 | ||||||
Disposal group, including discontinued operation, percentage of ownership sold | 100.00% |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Income from discontinued operations, net of income tax | $ 0 | $ 0 | $ 2,338 |
Tangshan Yian Biological Engineering Co Ltd | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain on disposal of Tangshan Yian | 2,461 | ||
Tangshan Yian Biological Engineering Co Ltd | Discontinued Operations, Disposed of by Sale | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Selling, general and administrative expenses | 129 | ||
Total operating expenses | 129 | ||
Operating loss | (129) | ||
Other income | 6 | ||
Loss from discontinued operations before gain on disposition and provision for income taxes | (123) | ||
Gain on disposal of Tangshan Yian | 2,461 | ||
Income from discontinued operations, net of income tax | $ 2,338 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Short Term Investments [Line Items] | |||
Interest income | $ 2,016 | $ 1,183 | $ 731 |
Short-term Investments | |||
Short Term Investments [Line Items] | |||
Interest income | $ 47 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Short Term Investments [Abstract] | |
Short-term Investments | $ 18,908 |
Accounts Receivable - Net - Sch
Accounts Receivable - Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 74,464 | $ 66,205 |
Trade Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, gross, current | 77,537 | 69,448 |
Allowance for doubtful accounts | (4,570) | (4,779) |
Accounts receivables, net, current, total | 72,967 | 64,669 |
Other Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 1,497 | $ 1,536 |
Accounts Receivable - Net - Add
Accounts Receivable - Net - Additional Information (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivables Aged More Than Four Years | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of allowance for accounts receivable | 100.00% | 100.00% |
Accounts Receivables Aged between Three Year and Four Years | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of allowance for accounts receivable | 96.90% | 94.60% |
Accounts Receivables Aged between Two Year and Three Years | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of allowance for accounts receivable | 90.60% | 68.50% |
Accounts Receivables Aged between One Year and Two Years | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of allowance for accounts receivable | 42.10% | 15.30% |
Accounts Receivables Aged Less Than One Year | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of allowance for accounts receivable | 1.40% | 1.20% |
Accounts Receivable - Net - S_2
Accounts Receivable - Net - Schedule of Maximum Exposure to Credit Risk Relating to Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 74,464 | $ 66,205 |
Trade Accounts Receivable Aging Within One Year | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | 71,728 | 58,157 |
Trade Accounts Receivable Aging Greater Than One Year | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | 1,239 | 6,512 |
Trade Accounts Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivables, net, current, total | $ 72,967 | $ 64,669 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,835 | $ 3,298 |
Work in progress | 3,930 | 3,275 |
Finished goods | 16,326 | 13,045 |
Total inventories | $ 25,091 | $ 19,618 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Fixed Production Overhead To Cost Of Sales | $ 2,735 | $ 2,757 | $ 3,232 |
- Inventory provision (note 6) | $ 2,529 | $ 1,231 | $ 6,377 |
Long-term Inventories - Schedul
Long-term Inventories - Schedule of Long-Term Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 90 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Net - Summary of Property,Plant And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 119,484 | $ 122,513 |
Less: Accumulated depreciation | 48,564 | 46,083 |
Property, plant and equipment, net | 70,920 | 76,430 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 34,217 | 34,566 |
Less: Accumulated depreciation | 0 | 0 |
Plant And Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 29,195 | 30,851 |
Less: Accumulated depreciation | 11,021 | 10,380 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 39,345 | 39,678 |
Less: Accumulated depreciation | 26,338 | 24,808 |
Motor vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 1,449 | 1,710 |
Less: Accumulated depreciation | 1,009 | 1,333 |
Office Equipment And Furniture [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 2,942 | 2,736 |
Less: Accumulated depreciation | 2,064 | 2,000 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 12,336 | 12,972 |
Less: Accumulated depreciation | $ 8,132 | $ 7,562 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Net - Additional Information (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CNY (¥) | |
Property Plant And Equipment [Line Items] | ||||
Depreciation, Total | $ 4,887 | $ 4,638 | $ 5,063 | |
Gain (Loss) on Disposition of Assets, Total | 75 | $ 42 | $ 478 | |
Sinovac Biotech Company Ltd [Member] | Bank of Beijing [Member] | Building [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Debt Instrument, Collateral Amount | 1,738 | ¥ 11.9 | ||
Sinovac Biotech Company Ltd [Member] | China Construction Bank One [Member] | China Construction Bank Changping Facility [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Debt Instrument, Collateral Amount | 10,620 | 73 | ||
Sinovac Dalian Vaccine Technology Company Ltd [Member] | Bank of China [Member] | Bank of China Term Loan [Member] | Building [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Debt Instrument, Collateral Amount | $ 514 | ¥ 3.5 |
Prepaid Land Lease Payments - S
Prepaid Land Lease Payments - Schedule of Prepaid Land Lease Payments (Details) - Use Rights [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Prepaid land lease payments | $ 10,502 | $ 11,098 |
Less: accumulated amortization | 2,198 | 2,070 |
Net carrying value | $ 8,304 | $ 9,028 |
Prepaid Land Lease Payments - A
Prepaid Land Lease Payments - Additional Information (Details) - Use Rights [Member] $ in Thousands, ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018CNY (¥) | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 249 | $ 243 | $ 247 | |
Sinovac Biotech Company Ltd [Member] | Bank of Beijing Term Loan Shangdi Facility [Member] | Bank of Beijing [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Debt Instrument, Collateral Amount | 281 | ¥ 1.9 | ||
Sinovac Biotech Company Ltd [Member] | China Construction Bank Changping Facility [Member] | China Construction Bank | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Debt Instrument, Collateral Amount | $ 2,359 | ¥ 16.2 |
Bank Loans - Summary of Bank Lo
Bank Loans - Summary of Bank Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |||
Bank loans | $ 3,321 | $ 18,152 | |
Long-term bank loans | 3,890 | 14,849 | |
Total bank loans | 7,211 | 33,001 | |
Industrial and Commercial Bank of China [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [1] | 3,074 | |
Bank Of Beijing One [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [2] | 3,689 | |
Long-term bank loans | [3] | 3,890 | 6,851 |
Bank Of Beijing Two [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [3] | 2,594 | |
Bank of China [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [4] | $ 727 | |
China Merchants Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [5] | 3,074 | |
China Construction Bank One [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [6] | 2,982 | |
Long-term bank loans | [7] | 7,998 | |
China Construction Bank Two [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [8] | 722 | |
Citi Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Bank loans | [9] | $ 4,611 | |
[1] | On February 27, 2017, Sinovac Beijing entered into a bank loan with Industrial and Commercial Bank of China in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements. The loan bears interest at the prime rate of a one year term loan published by the People’s Bank of China, at 4.35%. Interest is payable quarterly and the loan was repaid on February 27, 2018. | ||
[2] | On September 18, 2015, Sinovac Beijing entered into a maximum credit facility of $7,202 (RMB 50 million) with Bank of Beijing to finance its working capital requirements. $753 (RMB 4.9 million) was drawn on August 29, 2017 and was repaid on August 29, 2018. $784 (RMB 5.1 million) was drawn on September 6, 2017 and was repaid on August 29, 2018. These two tranches bore interest at 4.57% and was payable quarterly. $1,537 (RMB 10 million) was drawn on October 13, 2017, and was repaid on October 12, 2018. $615 (RMB 4 million) was drawn on November 9, 2017 and was repaid on October 12, 2018. These two tranches bear interest at 5.00% and was payable quarterly. | ||
[3] | On May 20, 2015, Sinovac Beijing entered into a bank loan with Bank of Beijing in the aggregate principal amount of $6,981 (RMB 48 million) with a term from July 2015 to May 2020 for construction of the pneumococcal polysaccharide vaccine facilities. The loan’s interest rate is based on the prime rate of a five-year term loan published by the People’s Bank of China at the time withdraws are made. Interest is payable quarterly and the loan is repayable based on the payment schedule and shall be fully repaid before May 20, 2020. $713 (RMB 4.9 million) was drawn in 2015 with an annual interest rate of 5.25%, and $5,771 (RMB 39.7 million) was drawn in 2016 with an annual interest rate of 4.75%. Prepaid land lease payments and buildings of Sinovac Beijing with a net book value of $2,019 (RMB 13.9 million) were pledged as collateral as of December 31, 2018. | ||
[4] | On August 14, 2018, Sinovac Dalian entered into a bank loan with Bank of China in the aggregate principal amount of $727 (RMB 5 million) to finance its working capital requirements. The loan bears interest at 157 basis points above the prime rate of a one-year term loan published by the People’s Bank of China, at 5.88%. Interest is payable monthly and the loan is payable on August 16, 2019. Buildings of Sinovac Dalian with a net book value of $514 (RMB 3.5 million) were pledged as collateral. | ||
[5] | On February 23, 2017, Sinovac Beijing entered into a one-year term bank loan with China Merchants Bank in the aggregate principal amount of $3,074 (RMB 20 million) to finance its working capital requirements, bearing interest at 4.57% per year. Interest was payable quarterly and the loan was repaid on February 22, 2018. | ||
[6] | (f) On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $17,284 (RMB 120 million), which was increased to $30,739 (RMB 200 million) in 2017, with China Construction Bank to finance its working capital requirements. On September 5, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $2,982 (RMB 19.4 million) to finance its working capital requirements, bearing interest at 4.57%. Interest was payable monthly and the loan was repaid on May 23, 2018. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. | ||
[7] | On May 6, 2015, Sinovac Beijing entered into a maximum credit facility of $10,758 (RMB 70 million) with China Construction Bank to finance construction of the Sabin inactivated polio vaccine facilities. On October 14, 2016, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $7,684 (RMB 50 million) with a term from October 2016 to October 2021. The loan bore interest at 5% below the prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.51%. Interest was payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 13, 2021. $3,230 (RMB 21.0 million) was drawn in 2016 and $4,454 (RMB 29.0 million) was drawn in 2017. On August 17, 2017, Sinovac Beijing entered into a bank loan with China Construction Bank in the aggregate principal amount of $3,074 (RMB 20 million) with a term from August 2017 to October 2021. The loan bore interest at prime rate of a five-year term loan published by the People’s Bank of China, adjusted every 12 months, currently at 4.75%. Interest is payable quarterly and the loan was repayable based on the payment schedule and shall be fully repaid before October 21, 2021. $314 (RMB 2.0 million) was drawn in 2017. On April 27, 2018 and November 9, 2018, Sinovac Beijing repaid $297 (RMB 2.0 million) and $7,272 (RMB 50 million), respectively, where all outstanding balance as of December 31, 2017 was fully repaid by then. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $12,978 (RMB 89.2 million) were pledged as collateral against the loan as of December 31, 2018. | ||
[8] | On March 27, 2017, Sinovac R&D entered into a bank loan with China Construction Bank in the aggregate principal amount of $722 (RMB 4.7 million) to finance its working capital requirements, bearing an interest at 4.43%. Interest was payable monthly and the loan was repaid on March 26, 2018. | ||
[9] | On May 9, 2016, Sinovac Beijing entered into a revolving bank loan with Citi Bank with the aggregate principal limit of $4,611 (RMB 30 million), which was increased to $5,090 (RMB 35 million) in 2018, to finance its working capital requirements. The revolving loan bears interest at the prime rate of a one-year term loan published by the People’s Bank of China, with a weighted average rate at 4.64% and interest is payable quarterly. Each withdraw from the revolving loan has a maximum term of 12 months. The outstanding balance of $4,611 (RMB 30.0 million) as of December 31, 2017 was fully repaid in 2018. |
Bank Loans - Summary of Bank _2
Bank Loans - Summary of Bank Loans (Parenthetical) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Nov. 09, 2018USD ($) | Nov. 09, 2018CNY (¥) | Aug. 14, 2018USD ($) | Aug. 14, 2018CNY (¥) | Apr. 27, 2018USD ($) | Apr. 27, 2018CNY (¥) | Nov. 09, 2017USD ($) | Nov. 09, 2017CNY (¥) | Oct. 13, 2017USD ($) | Oct. 13, 2017CNY (¥) | Sep. 06, 2017USD ($) | Sep. 06, 2017CNY (¥) | Aug. 29, 2017USD ($) | Aug. 29, 2017CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Sep. 05, 2017USD ($) | Sep. 05, 2017CNY (¥) | Aug. 17, 2017USD ($) | Aug. 17, 2017CNY (¥) | Mar. 27, 2017USD ($) | Mar. 27, 2017CNY (¥) | Feb. 27, 2017USD ($) | Feb. 27, 2017CNY (¥) | Feb. 23, 2017USD ($) | Feb. 23, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Oct. 14, 2016USD ($) | Oct. 14, 2016CNY (¥) | Jul. 31, 2016USD ($) | Jul. 31, 2016CNY (¥) | May 09, 2016USD ($) | May 09, 2016CNY (¥) | Sep. 18, 2015USD ($) | Sep. 18, 2015CNY (¥) | Jul. 31, 2015USD ($) | Jul. 31, 2015CNY (¥) | May 20, 2015USD ($) | May 20, 2015CNY (¥) | May 06, 2015USD ($) | May 06, 2015CNY (¥) | |
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.442% | 1.442% | |||||||||||||||||||||||||||||||||||||||||||
- Proceeds from bank loans | $ 18,898 | $ 28,636 | $ 45,462 | ||||||||||||||||||||||||||||||||||||||||||
Short-term Debt | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 17,284 | ¥ 120,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 10,758 | ||||||||||||||||||||||||||||||||||||||||||||
Sinovac Beijing | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral Amount | 12,978 | ¥ 89,200 | |||||||||||||||||||||||||||||||||||||||||||
Sinovac Dalian | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
- Proceeds from bank loans | $ 514 | ¥ 3,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Industrial and Commercial Bank of China [Member] | Sinovac Beijing | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 3,074 | ¥ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.35% | 4.35% | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 615 | ¥ 4,000,000 | $ 784 | ¥ 5,100,000 | $ 753 | ¥ 4,900,000 | |||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On November 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 7,202 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On November 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Tranch One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 1,537 | ¥ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On October2017 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On September2017 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 4.57% | 4.57% | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On August2017 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 4.57% | 4.57% | |||||||||||||||||||||||||||||||||||||||||||
Bank of Beijing [Member] | Sinovac Beijing | Bank Term Loan Drawn On July 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 5,771 | ¥ 39,700,000 | $ 6,981 | ¥ 48,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.75% | 4.75% | 5.25% | 5.25% | |||||||||||||||||||||||||||||||||||||||||
Loans payable, current, total | $ 713 | ¥ 4,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral Amount | $ 2,019 | 13,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Bank of China [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, renewed | 5,090 | ¥ 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Bank of China [Member] | Sinovac Dalian | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 5.88% | 5.88% | |||||||||||||||||||||||||||||||||||||||||||
- Proceeds from bank loans | $ 727 | ¥ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description of variable rate basis | 157 basis points | ||||||||||||||||||||||||||||||||||||||||||||
China Merchants Bank One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 4.57% | 4.57% | |||||||||||||||||||||||||||||||||||||||||||
China Merchants Bank One | Sinovac Beijing | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 3,074 | ¥ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Short Term Debt One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 2,982 | ¥ 19,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.57% | 4.57% | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Long-term Debt | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 4,454 | $ 3,230 | ¥ 29,000,000 | ¥ 21,000,000 | $ 7,684 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.51% | 4.51% | |||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | ¥ | ¥ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Long Term Debt One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 3,074 | ¥ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.75% | 4.75% | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 314 | ¥ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Due On 25 February 2019 | Long Term Debt One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 297 | ¥ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Due On 25 August 2019 | Long Term Debt One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 7,272 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank | Sinovac Beijing | Long Term Debt One | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral Amount | $ 12,978 | 89,200,000 | |||||||||||||||||||||||||||||||||||||||||||
China Construction Bank Two [Member] | Sinovac Research And Development | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 722 | ¥ 4,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 4.43% | 4.43% | |||||||||||||||||||||||||||||||||||||||||||
Citi Bank [Member] | Revolving Credit Facility | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 5,090 | ¥ 35,000,000 | $ 4,611 | ¥ 30,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 4.64% | 4.64% | |||||||||||||||||||||||||||||||||||||||||||
Citi Bank [Member] | Sinovac Beijing | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Repayments of lines of credit | $ 4,611 | ¥ 30,000,000 |
Bank Loans - Schedule of Aggreg
Bank Loans - Schedule of Aggregate Maturities of Loans (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Aggregate annual principal payments of loans payable | |
Within 1 year | $ 3,321 |
In 2020 | 3,890 |
In 2021 | 0 |
In 2022 | 0 |
In 2023 | 0 |
Total | $ 7,211 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Short-term debt, weighted average interest rate | 5.04% | 4.51% | 4.73% |
Interest costs incurred, total | $ 1,470 | $ 2,171 | $ 1,841 |
Interest costs capitalized | $ 400 | $ 302 | $ 75 |
Short Term And Long Term Bank Loans | |||
Line of Credit Facility [Line Items] | |||
Debt, weighted average interest rate | 4.91% | 4.61% | 4.73% |
Related Party Transactions an_3
Related Party Transactions and Balances - Schedule of Loan From Non-controlling Shareholder (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | ||
Loan - non - current | $ 6,705 | $ 7,070 |
Due to related parties | $ 6,705 | $ 7,070 |
Related Party Transactions an_4
Related Party Transactions and Balances - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 23, 2017USD ($) | Aug. 23, 2017CNY (¥) | Apr. 08, 2013 | Sep. 30, 2010USD ($) | Sep. 30, 2010CNY (¥) | Aug. 12, 2010USD ($) | Aug. 12, 2010CNY (¥) | Jun. 30, 2007USD ($) | Jun. 30, 2007CNY (¥) | Aug. 12, 2004CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2004USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2012CNY (¥) | |
Related Party Transaction [Line Items] | ||||||||||||||||
Due to related parties | $ 6,705 | $ 7,070 | ||||||||||||||
Proceeds from related party debt | 4,440 | |||||||||||||||
Due to related parties, noncurrent | 6,705 | 7,070 | ||||||||||||||
Interest expense, related party | 453 | 262 | $ 176 | |||||||||||||
Dalian Jin Gang Group | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to related parties | 6,705 | |||||||||||||||
Interest expense, related party | $ 453 | 262 | 176 | |||||||||||||
Frequency of periodic payment of interest | monthly | |||||||||||||||
Interest owed on loan from noncontrolling shareholder | $ 15 | |||||||||||||||
Interests paid to noncontrolling shareholder | 438 | 262 | $ 176 | |||||||||||||
Sino Bioway Biotech Group Holding Limited | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction number of supplemental agreements with related party | 3 | |||||||||||||||
Related party transaction operating leases number of lease agreements amended | 4 | |||||||||||||||
Related party transaction, prepaid lease payments | $ 370 | $ 391 | ||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreements Production Plant And Laboratory | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, operating lease annual rent | ¥ 1,400 | $ 197 | ||||||||||||||
Related party transaction, lease term | 20 years | |||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement After Amendment Production Plant And Laboratory | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, operating lease annual rent | $ 197 | ¥ 1,400 | ||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Before Amendment Production Plant And Laboratory | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, operating lease annual rent | $ 75 | ¥ 500 | ||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Expansion Of Production Plant | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, operating lease annual rent | $ 297 | |||||||||||||||
Sino Bioway Biotech Group Holding Limited | Operating Lease Agreement Expansion Of Research And Development Business | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, operating lease annual rent | $ 147 | ¥ 1,000 | ¥ 2,000 | |||||||||||||
Related party transaction, lease term | 5 years | 5 years | 20 years | 20 years | ||||||||||||
Loan One | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Proceeds from related party debt | $ 4,378 | ¥ 30 | ||||||||||||||
Loan One | Dalian Jin Gang Group | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt instrument, interest rate, stated percentage | 6.00% | |||||||||||||||
Loan Two | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to related parties, noncurrent | $ 2,327 | ¥ 16 | ||||||||||||||
Loan Two | Dalian Jin Gang Group | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt instrument, interest rate, stated percentage | 7.20% |
Related Party Transactions an_5
Related Party Transactions and Balances - Schedule of Related Party Transactions and Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sino Bioway Biotech Group Holding Limited | |||
Related Party Transaction [Line Items] | |||
Rent expenses to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). | $ 810 | $ 793 | $ 807 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 5,530 | $ 6,780 |
Machinery and equipment payables | 861 | 2,191 |
Accrued expenses | 26,810 | 32,620 |
Value added tax payable | 420 | 239 |
Other tax payable | 1,361 | 619 |
Withholding tax payable | 71 | 75 |
Bonus and benefit payables | 6,219 | 8,213 |
Other payables | 8,719 | 8,681 |
Total accounts payable and accrued liabilities | $ 49,991 | $ 59,418 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands, ¥ in Millions | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2008 | Dec. 31, 2018CNY (¥) | |
Income Tax [Line Items] | ||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 25.00% | 25.00% | 25.00% | 25.00% | ||
Deferred tax assets, valuation allowance | $ 7,711 | $ 9,981 | ||||
Decrease in valuation allowance | 2,270 | |||||
Unrecognized Tax Benefits | 1,681 | 1,873 | $ 1,842 | $ 2,027 | ||
Unrecognized tax benefits that would impact effective tax rate | 1,681 | 1,873 | $ 1,842 | |||
Unrecognized tax benefits, interest on income taxes expense | 203 | 291 | ||||
Unrecognized tax benefits, interest on income taxes accrued | 859 | $ 667 | ||||
Minimum [Member] | ||||||
Income Tax [Line Items] | ||||||
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of domestic subsidiaries | 4,980 | |||||
Maximum [Member] | ||||||
Income Tax [Line Items] | ||||||
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of domestic subsidiaries | 9,960 | |||||
Sinovac Beijing | ||||||
Income Tax [Line Items] | ||||||
Undistributed earnings of domestic subsidiaries | 99,601 | |||||
PRC Subsidiaries | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforwards | $ 27,517 | ¥ 189 | ||||
Operating loss carryforwards expiration period | will expire from 2019 to 2023 | |||||
Income tax statute of limitation for transfer pricing related matters | 10 years | |||||
PRC Subsidiaries | Minimum [Member] | ||||||
Income Tax [Line Items] | ||||||
Income tax statute of limitation for transfer pricing related matters | 3 years | |||||
PRC Subsidiaries | Maximum [Member] | ||||||
Income Tax [Line Items] | ||||||
Income tax statute of limitation for transfer pricing related matters | 5 years | |||||
PRC | ||||||
Income Tax [Line Items] | ||||||
Lower withholding tax rate on dividends distributed by foreign invested enterprises | 5.00% | |||||
Higher withholding tax rate on dividends distributed by foreign invested enterprises | 10.00% | |||||
PRC | Sinovac Beijing | ||||||
Income Tax [Line Items] | ||||||
Income tax statute of limitation for transfer pricing related matters | 3 years | |||||
Income taxes preferential income tax rate | 15.00% | |||||
PRC | PRC Subsidiaries | ||||||
Income Tax [Line Items] | ||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 25.00% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (loss) Before Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (loss) before income tax from continuing operations | |||
Non-PRC | $ (16,308) | $ (3,123) | $ (5,323) |
PRC | 62,891 | 48,167 | 4,929 |
Total | $ 46,583 | $ 45,044 | $ (394) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income (loss) Before Income Tax from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (loss) before income tax from discontinued operations | |||
Income from discontinued operations, net of tax of nil (note 3) | $ 0 | $ 0 | $ 2,338 |
Non-PRC | |||
Income (loss) before income tax from discontinued operations | |||
Income from discontinued operations, net of tax of nil (note 3) | 0 | 0 | 0 |
PRC | |||
Income (loss) before income tax from discontinued operations | |||
Income from discontinued operations, net of tax of nil (note 3) | $ 0 | $ 0 | $ 2,338 |
Income Taxes - Schedule of In_3
Income Taxes - Schedule of Income Taxes Attributed to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Current | $ (7,326) | $ (13,260) | $ (3,671) |
Deferred | (3,146) | 4,921 | 1,007 |
Total income tax expense | $ (10,472) | $ (8,339) | $ (2,664) |
Income Taxes - Schedule of In_4
Income Taxes - Schedule of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Income (loss) from continuing operations before income taxes | $ 46,583 | $ 45,044 | $ (394) |
Income tax benefit (expense) at the PRC statutory rate | (11,646) | (11,261) | 99 |
International tax rate differential | (3,929) | (781) | (1,331) |
Super deduction for research and development expenses | 1,835 | 1,257 | 461 |
Non-deductible expenses | (1,865) | (577) | (1,141) |
Other adjustments | 14 | (5) | 89 |
Effect of preferential tax rate | 6,562 | 5,406 | 1,635 |
Change in valuation allowance | (1,429) | (2,309) | (2,430) |
Effect of PRC withholding tax | (14) | (69) | (59) |
Effect of prior year adjustment and restatement | 0 | 0 | 13 |
Total income tax expense | $ (10,472) | $ (8,339) | $ (2,664) |
Income Taxes - Schedule Company
Income Taxes - Schedule Company's Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components Of Deferred Tax Assets [Abstract] | ||
Inventories | $ 355 | $ 275 |
Accrued expenses | 3,761 | 8,483 |
Deferred government grants | 1,066 | 684 |
Fixed assets | 3,115 | 3,484 |
Tax losses carried forward | 5,212 | 6,375 |
Less: valuation allowance | (7,711) | (9,981) |
Deferred tax assets | $ 5,798 | $ 9,320 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized tax benefit | |||
Balance at January 1 | $ 1,873 | $ 1,842 | $ 2,027 |
Additions for tax positions of the current year | 7 | 271 | 183 |
Additions for tax positions of the prior years | 0 | 0 | 0 |
Settlement with the taxing authority | 0 | 0 | 0 |
Lapse of statute of limitations | (199) | (240) | (368) |
Balance at December 31 | $ 1,681 | $ 1,873 | $ 1,842 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Advances From Customers | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | $ 2,791 | $ 3,950 |
PRC Government Stockpiling Purchase of H5N1 Vaccines | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | 116 | 123 |
Deferred Revenue, Non-current | 90 | |
Hepatitis | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Current | $ 116 | $ 123 |
Deferred Government Grants - Ad
Deferred Government Grants - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Deferred Government Grants [Line Items] | ||||
Proceeds from government grants received | $ 3,546 | $ 2,306 | $ 753 | |
Deferred government grants current and noncurrent | 7,947 | 6,512 | ||
Current deferred government grants | 1,986 | 2,038 | ||
Non-current deferred government grants | 5,961 | 4,474 | ||
Interest subsidy, Rental Fees Subsidy and Other Government Grants | ||||
Deferred Government Grants [Line Items] | ||||
Additional income from government grants | 254 | 292 | 6,104 | |
Grants for Pandemic Influenza Vaccine | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 276 | 568 | ||
Government grant recorded as reduction to depreciation expenses | 272 | 266 | 271 | |
Grants received in 2009 for H1N1 | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 54 | |||
Government grant recorded as reduction to depreciation expenses | 134 | 131 | 133 | |
Grants received in 2013 for H5N1 | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 15 | |||
Government grant recorded as reduction to depreciation expenses | 15 | 15 | 15 | |
Grants For Research And Development And Purchase Of Equipment For Ev71 Vaccine Production | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 1,642 | |||
Government grant recorded as reduction to depreciation expenses | 412 | 403 | 274 | |
Current deferred government grants | 474 | |||
Non-current deferred government grants | 1,168 | |||
Revenue from grants | 82 | 80 | $ 55 | |
EV71 phase IV clinical research | ||||
Deferred Government Grants [Line Items] | ||||
Non-current deferred government grants | [1] | 977 | $ 784 | |
Grants For Research And Development And Purchase Of Equipment For sIPV Vaccine Production | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 1,454 | |||
Ev71 international registration | ||||
Deferred Government Grants [Line Items] | ||||
Non-current deferred government grants | [2] | 607 | ||
Qudravalent & Pentavalent vaccine | ||||
Deferred Government Grants [Line Items] | ||||
Non-current deferred government grants | [3] | 693 | ||
Other research projects | ||||
Deferred Government Grants [Line Items] | ||||
Deferred government grants current and noncurrent | 2,176 | |||
Current deferred government grants | 1,149 | |||
Government Grants for certain production facilities | ||||
Deferred Government Grants [Line Items] | ||||
Government grant recorded as reduction to depreciation expenses | 19 | |||
Current deferred government grants | 18 | |||
Non-current deferred government grants | $ 34 | |||
[1] | Deferred government grants included $977 being the unamortized portion of a grant the Company received in 2017 and 2018 for phase IV clinical research for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. | |||
[2] | Deferred government grants included $607 being the unamortized portion of a grant the Company received in 2018 for international registration for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. | |||
[3] | (h) Deferred government grants included $693 being the unamortized portion of a grant the Company received in 2018 for research for Qudravalent & Pentavalent vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to a government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. |
Deferred Government Grants - Su
Deferred Government Grants - Summary of Deferred Government Grants (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current deferred government grants | $ 1,986 | $ 2,038 | |
Non-current deferred government grants | 5,961 | 4,474 | |
Total deferred government grants | 7,947 | 6,512 | |
Construction of pandemic influenza vaccine plant and buildings | |||
Current deferred government grants | [1] | 276 | 277 |
Non-current deferred government grants | [1] | 291 | |
Purchasing equipment for H1N1 vaccine production | |||
Current deferred government grants | [2] | 54 | 136 |
Non-current deferred government grants | [2] | 57 | |
Purchasing equipment for H5N1 vaccine production | |||
Current deferred government grants | [3] | 15 | 15 |
Non-current deferred government grants | [3] | 15 | |
EV71 commercialization project | |||
Current deferred government grants | [4] | 474 | 502 |
Non-current deferred government grants | [4] | 1,168 | 1,735 |
Others | |||
Current deferred government grants | [5] | 1,167 | 1,108 |
Non-current deferred government grants | [5] | 1,062 | 55 |
EV71 phase IV clinical research | |||
Non-current deferred government grants | [6] | 977 | 784 |
Purchasing equipment for sIPV vaccine production | |||
Non-current deferred government grants | [7] | 1,454 | $ 1,537 |
Ev71 international registration | |||
Non-current deferred government grants | [8] | 607 | |
Qudravalent & Pentavalent vaccine | |||
Non-current deferred government grants | [9] | $ 693 | |
[1] | Deferred government grants included $276 being the unamortized portion of a grant the Company received in 2007 for construction of a pandemic influenza vaccine plant and buildings (December 31, 2017 - $568), which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. The production facility grant requires the Company to have the entire facility available to manufacture pandemic influenza vaccines at any given moment upon request by the Chinese government. $272 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $266, 2016 - $271). | ||
[2] | Deferred government grants included $54 being the unamortized portion of a grant the Company received in 2009 for purchasing equipment for H1N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $134 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $131, 2016 - $133) | ||
[3] | Deferred government grants included $15 being the unamortized portion of a grant the Company received in 2013 for purchasing equipment for H5N1 vaccine production, which will be fully amortized in 2019 and was included in the current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. $15 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $15, 2016 - $15 | ||
[4] | Deferred government grants included $1,642 being the unamortized portion of a grant the Company received in 2015 for equipment purchase and construction of the enterovirus 71 (“EV71”) vaccine production facility. The Company has fulfilled the conditions attached to the government grant in 2016. $474 which will be amortized in 2019 was included in the current portion of deferred government grants and $1,168 which will be amortized after 2019 was included in the non-current portion of deferred government grants. $412 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018 (2017 - $403, 2016 - $274), and $82 was recorded as government recognized in income for the year ended December 31, 2018 (2017 - $80, 2016 - $55). | ||
[5] | As of December 31, 2018, conditions attached to a government grant received in 2017 for certain production facilities were fulfilled in 2017, of which $18 will be amortized in 2019 and $34 will be amortized after 2019, and $19 of government grant relating to these production facilities was recorded as a reduction to depreciation expense for the year ended December 31, 2018. As of December 31, 2018, conditions of seven government grants totaling $2,176 have not been fulfilled by the Company, of which conditions attached to four grants totaling $1,149 were expected to be fulfilled within one year, and were included in the current portion of the deferred government grants. | ||
[6] | Deferred government grants included $977 being the unamortized portion of a grant the Company received in 2017 and 2018 for phase IV clinical research for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. | ||
[7] | (f) Deferred government grants included $1,454 being the unamortized portion of a grant the Company received in 2017 for purchasing equipment for sIPV vaccine production. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. | ||
[8] | Deferred government grants included $607 being the unamortized portion of a grant the Company received in 2018 for international registration for EV71 vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. | ||
[9] | (h) Deferred government grants included $693 being the unamortized portion of a grant the Company received in 2018 for research for Qudravalent & Pentavalent vaccine. As of December 31, 2018, the Company has not fulfilled the conditions attached to a government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current deferred government grant. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ¥ in Millions | Dec. 19, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2011CNY (¥) |
Operating Lease Commitments | ||||||
Rental expense | $ 948,000 | $ 793,000 | $ 807,000 | |||
Litigation charge awarded to other party | $ 0 | |||||
Description of information regarding lawsuit filed about right plan | On March 5, 2018, the Company filed a lawsuit in the Court of Chancery of the State of Delaware seeking a determination whether 1Globe, The Chiang Li Family, OrbiMed and other shareholders of Sinovac Biotech Ltd. had triggered the Rights Agreement by forming a group holding approximately 45% of outstanding shares of Sinovac Biotech Ltd., in excess of the plan’s threshold of 15%, and acting in concert prior to the 2017 AGM. | |||||
Rights Agreement | ||||||
Operating Lease Commitments | ||||||
Rights held by collaborating shareholders to void | $ 28,700,000 | |||||
Outstanding rights held by shareholders valid | 42,400,000 | |||||
Rights Agreement | Common Shares | ||||||
Operating Lease Commitments | ||||||
Outstanding rights held by shareholders valid | 27,800,000 | |||||
Rights Agreement | Series B Preferred Shares | ||||||
Operating Lease Commitments | ||||||
Outstanding rights held by shareholders valid | $ 14,600,000 | |||||
Mr. Weidong Yin | ||||||
Operating Lease Commitments | ||||||
Loan amount given to former official | $ 77,000 | ¥ 0.6 | ||||
Research and Development Arrangement | ||||||
Operating Lease Commitments | ||||||
Long-term purchase commitment, amount | 2,053,000 | |||||
Capital Addition Purchase Commitments | ||||||
Operating Lease Commitments | ||||||
Long-term purchase commitment, amount | $ 581,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Rental Payments under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Minimum future rental payments under operating leases | |
2019 | $ 1,037 |
2020 | 1,457 |
2021 | 1,323 |
2022 | 810 |
2023 | 810 |
Thereafter | 5,358 |
Total minimum future payments | $ 10,795 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | Jul. 02, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)Vote$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Mar. 07, 2018$ / shares | May 31, 2015$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Shares, Outstanding | 71,139,402 | 57,281,861 | ||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||
Common stock vote per share | Vote | 1 | |||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 156,300 | |||||
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | $ / shares | $ 4.93 | |||||
Proceeds from stock options exercised | $ | $ 3,000 | $ 1,264,000 | $ 315,000 | |||
Proceeds from stock options exercised with shares issued subsequent to year end | $ | $ 64,000 | $ 428,000 | ||||
Exercise of stock options (note 17) (in shares) | 156,300 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
- Proceeds from issuance of common stock, net of share issuance costs | $ | $ 85,304,000 | $ 1,264,000 | $ 315,000 | |||
Private Placement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock issued during period, shares, new issues | 11,800,000 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 7.35 | |||||
- Proceeds from issuance of common stock, net of share issuance costs | $ | $ 85,299 | |||||
Net proceeds, after deducting offering expenses | $ | $ 1,431,000 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock issued during period, shares, restricted stock award, forfeited | 51,500 | 14,800 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||
Range Of Exercise Prices Dollars 2.37 | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 1,219 | 31,000 | 101,600 | |||
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | $ / shares | $ 2.37 | $ 2.37 | $ 2.37 | |||
Exercise of stock options (note 17) (in shares) | 1,219 | 31,000 | 101,600 | |||
Range Of Exercise Prices Dollars 4.98 | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 107,822 | 239,100 | 18,400 | |||
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | $ / shares | $ 4.98 | $ 4.98 | $ 4.98 | |||
Exercise of stock options (note 17) (in shares) | 107,822 | 239,100 | 18,400 | |||
Cashless excisable. | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 156,300 | |||||
Exercise of stock options (note 17) (in shares) | 156,300 |
Stock Options - Additional Info
Stock Options - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2018 | Jan. 30, 2018 | May 01, 2016 | Aug. 22, 2012 | May 31, 2015 | Dec. 31, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 2,800 | 2,800 | |||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, exercise Price | $ 2.37 | ||||||||
Stock issued during period, shares, restricted stock award, net of forfeitures | 2,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.37 | ||||||||
Share-based compensation arrangement by share-based payment award, expiration date | Dec. 31, 2018 | ||||||||
Allocated Share-based Compensation Expense | $ 4,305 | $ 979 | $ 2,409 | ||||||
Share-based Compensation Award, Tranche One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 60.00% | ||||||||
Share-based Compensation Award, Tranche Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 40.00% | ||||||||
Share-based Compensation Award, Tranche Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 40.00% | ||||||||
2012 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock issued during period, shares, restricted stock award, net of forfeitures | 729,000 | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures | 1,341,000 | ||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 4.98 | ||||||||
Share-based compensation arrangement by share-based payment award, expiration date | Apr. 30, 2023 | ||||||||
Share-based compensation arrangement by share-based payment award, plan modification, description and terms | the board of directors approved that an additional 30% of the Options to be vested on December 16, 2016, and restrictions of an additional 30% of the Restricted Shares were removed on December 16, 2016. On April 25, 2018, the board of directors approved that all remaining unvested Options and Restricted Shares that were granted on May 1, 2015 were fully vested on April 25, 2018. | ||||||||
2012 Plan | Share-based Compensation Award, Tranche One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 20.00% | ||||||||
Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding Stock maximum | 10.00% | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 767,000 | ||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, exercise Price | $ 2.37 | ||||||||
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 1,135 | 384 | $ 1,567 | ||||||
Stock options | 2003 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 42,800 | ||||||||
Share based compensation arrangements by share Based payment award options vesting rights percentage | 10.00% | ||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 13 | $ 861 | $ 386 | ||||||
Stock options | 2003 Plan | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||||
Stock options | 2012 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 4,000,000 | ||||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 | ||||||||
Employee service Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 50 months | ||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 413 | ||||||||
Stock options | 2012 Plan | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||
Restricted Stock | 2012 Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 12,561 |
Stock Options - Summary of Comp
Stock Options - Summary of Company's stock Options Activity (Details) - USD ($) | Jan. 30, 2018 | Dec. 31, 2018 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding at the beginning of the period | 1,028,500 | |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 2,800 | 2,800 |
Exercised | (156,300) | |
Forfeited / Expired | (71,000) | |
Outstanding at the end of the period | 804,000 | |
Vested and expected to vest at the end of the period | 804,000 | |
Exercisable at the end of the period | 804,000 | |
Outstanding at the beginning of the period | $ 4.98 | |
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | 2.37 | |
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price | 4.93 | |
Forfeited / Expired | 4.98 | |
Outstanding at the end of the period | 4.98 | |
Vested and expected to vest at the end of the period | 4.98 | |
Exercisable at the end of the period | $ 4.98 | |
Outstanding at the beginning of the period | $ 2,982,650 | |
Outstanding at the end of the period | 1,575,840 | |
Vested and expected to vest at the end of the period | 1,575,840 | |
Exercisable at the end of the period | $ 1,575,840 |
Stock Options - Summary of Co_2
Stock Options - Summary of Company's Non-Vested Restricted Shares Activity (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested at the beginning of the period | shares | 272,000 |
Granted | shares | 2,000,000 |
Vested | shares | (220,500) |
Forfeited | shares | (51,500) |
Non-vested at the end of the period | shares | 2,000,000 |
Non-vested at the beginning of the period | $ / shares | $ 4.98 |
Granted | $ / shares | 8.25 |
Vested | $ / shares | 4.98 |
Forfeited | $ / shares | 4.98 |
Non-vested at the end of the period | $ / shares | $ 8.25 |
Options Outstanding- Number of Options Outstanding | shares | 804,000 |
Options Outstanding-Remaining Average Contractual Life (years) | 4 years 3 months 29 days |
Options Outstanding-Average Exercise Price | $ / shares | $ 4.98 |
Options Exercisable-Number of Options Exercisable | shares | 804,000 |
Options Exercisable-Remaining Contractual Life (years) | 4 years 3 months 29 days |
Options Exercisable-Average Exercise Price | $ / shares | $ 4.98 |
Range Of Exercise Prices Dollars 4.98 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding- Number of Options Outstanding | shares | 804,000 |
Options Outstanding-Remaining Average Contractual Life (years) | 4 years 3 months 29 days |
Options Outstanding-Average Exercise Price | $ / shares | $ 4.98 |
Options Exercisable-Number of Options Exercisable | shares | 804,000 |
Options Exercisable-Remaining Contractual Life (years) | 4 years 3 months 29 days |
Options Exercisable-Average Exercise Price | $ / shares | $ 4.98 |
Statutory Surplus Reserves - Ad
Statutory Surplus Reserves - Additional Information (Details) ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | |
Schedule Of Distribution Of Profits [Line Items] | |||||
Appropriation of net income after taxes to statutory surplus reserve fund required minimum percentage | 10.00% | ||||
Reserve level threshold for mandatory transfer percentage | 50.00% | ||||
Statutory surplus reserves (note 19) | $ 26,643,000 | $ 19,549,000 | |||
Dividends payable, current | 0 | 0 | |||
Restricted paid in capital, additional paid in capital and statutory surplus reserves | 75,447,000 | ¥ 519 | 68,353,000 | ¥ 473 | |
Amount of restricted net assets for consolidated and unconsolidated subsidiaries | 154,437,000 | 116,365,000 | |||
Sinovac Beijing | |||||
Schedule Of Distribution Of Profits [Line Items] | |||||
Dividends payable, current | $ 0 | $ 0 | $ 0 |
Earnings (loss) per Share - Sch
Earnings (loss) per Share - Schedule of Computation of Basic and Diluted Income (Loss) Attributable to Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator | |||
Income (loss) from continuing operations | $ 36,111 | $ 36,705 | $ (3,058) |
Less: Income (loss) attributable to non-controlling interests | 14,329 | 10,898 | (124) |
Income (loss) attributable to shareholders of Sinovac from continuing operations | 21,782 | 25,807 | (2,934) |
Income (loss) attributable to shareholders of Sinovac from discontinued operations | 0 | 0 | 2,338 |
Net income (loss) attributable to shareholders of Sinovac | $ 21,782 | $ 25,807 | $ (596) |
Denominator | |||
Basic weighted average number of common shares outstanding | 64,727,146 | 57,033,816 | 56,949,083 |
Dilutive effect of stock options | 250,408 | 67,375 | 0 |
Diluted weighted average number of common shares outstanding | 64,977,554 | 57,101,191 | 56,949,083 |
Basic net income (loss) per share | |||
Continuing operations | $ 0.34 | $ 0.45 | $ (0.05) |
Discontinued operations | 0 | 0 | 0.04 |
Basic net income (loss) per share | 0.34 | 0.45 | (0.01) |
Diluted net income (loss) per share | |||
Continuing operations | 0.34 | 0.45 | (0.05) |
Discontinued operations | 0 | 0 | 0.04 |
Diluted net income (loss) per share | $ 0.34 | $ 0.45 | $ (0.01) |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | ||
Long-lived assets | $ | $ 79,224 | $ 85,458 |
Number of operating segment | Segment | 1 |
Segment Information - Schedule
Segment Information - Schedule of Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | $ 369,780 | $ 299,219 |
PRC | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | 272,852 | 289,560 |
Hong Kong | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | $ 96,928 | $ 9,659 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenues by Product (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | $ 3,888 | $ 229,650 | $ 174,346 | $ 72,431 |
Inactivated hepatitis vaccines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | 63,426 | 37,851 | 20,596 | |
Influenza vaccines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | 2,028 | 13,544 | 9,829 | |
Enterovirus 71 vaccines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | 162,537 | 121,284 | 35,140 | |
Grants For H5N1 2013 Vaccines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | 6,389 | |||
Mumps Vaccines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | $ 1,659 | $ 1,667 | $ 477 |
Segment Information - Schedul_3
Segment Information - Schedule of Revenues are Attributed to Geographic Locations (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | $ 3,888 | $ 229,650 | $ 174,346 | $ 72,431 |
PRC | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | 215,121 | 172,897 | 71,184 | |
Foreign countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales | $ 14,529 | $ 1,449 | $ 1,247 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) € in Millions | Apr. 03, 2014 | Dec. 14, 2011USD ($)Serotype | Aug. 18, 2009USD ($) | Mar. 12, 2009USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2013USD ($)Dose | Dec. 31, 2012USD ($) |
Accrued royalties, current | $ 9,000 | $ 0 | $ 8,000 | ||||||||||
Milestone fee recorded research and development expenses | 611,000 | € 0.5 | 568,000 | € 0.5 | |||||||||
Payments to acquire productive assets | 0 | 87,000 | 84,000 | ||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | |||||||||||||
Term of Collaboration Agreement | 8 years | ||||||||||||
Collaborative arrangements and noncollaborative arrangement payment for transfer of additional serotypes and related technology | $ 300,000 | ||||||||||||
Number of additional serotypes signed for transfer | Serotype | 6 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred | 1,200,000 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred for agreement before amendment | 1,000,000 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred for amended agreement | $ 200,000 | ||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | Maximum [Member] | |||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments | $ 3,000,000 | ||||||||||||
Royalty payment on net sales | 10.00% | ||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement | Minimum [Member] | |||||||||||||
Royalty payment on net sales | 6.00% | ||||||||||||
Tianjing Can Sino Biotechnology Inc | Technology Transfer Agreement Third Amendment | |||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred | 0 | 0 | 300,000 | ||||||||||
National Institute of Health | Patent License Agreement | |||||||||||||
Term of Collaboration Agreement | 8 years | ||||||||||||
Collaborative arrangements and noncollaborative arrangement license issue royalty | $ 80,000 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement license royalty payments upon achievement of each benchmark | 330,000 | ||||||||||||
Royalty expense | 16,000 | 0 | $ 0 | ||||||||||
National Institute of Health | Patent License Agreement | Maximum [Member] | |||||||||||||
Royalty payment on net sales | 4.00% | ||||||||||||
National Institute of Health | Patent License Agreement | Minimum [Member] | |||||||||||||
Royalty payment on net sales | 1.50% | ||||||||||||
Collaborative arrangements and noncollaborative arrangement non refundable annual royalty | $ 8,000 | ||||||||||||
Medimmune LLC | H5N1 Licenses | |||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments incurred | $ 9,900,000 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement licenses fees and royalties paid | $ 3,400,000 | ||||||||||||
Accrued royalties, current | $ 1,036,000 | ||||||||||||
Number of doses of vaccines from Chinese government | Dose | 3,000,000 | ||||||||||||
Institute for Translational Vaccinology | |||||||||||||
Term of Collaboration Agreement | 50 years | ||||||||||||
Collaborative arrangements and noncollaborative arrangement milestone payments | € | € 1.5 | ||||||||||||
Collaborative arrangements and noncollaborative arrangement entrance fees and milestone payments | 2,406,000 | ||||||||||||
Entrance fee recorded as research and development expense | 665,000 | 0.5 | |||||||||||
Expense incurred or paid | $ 0 | ||||||||||||
Institute for Translational Vaccinology | Sabin Inactivated Polio Vaccine | |||||||||||||
Payment made recorded as research and development expense | $ 125,000 | € 94 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | Feb. 18, 2019shares |
Common Shares | |
Subsequent Event [Line Items] | |
Preferred share purchase right exchanged | 0.655 |
Series B Preferred Shares | |
Subsequent Event [Line Items] | |
Preferred share purchase right exchanged | 0.345 |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Schedule of Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 158,170 | $ 114,415 | $ 62,434 | |
Prepaid expenses and other receivables | 4,543 | 2,101 | ||
Total current assets | 284,175 | 203,888 | ||
Total assets | 369,780 | 299,219 | ||
Current liabilities | ||||
Accrued expenses and other payables | 26,810 | 32,620 | ||
Total current liabilities | 58,205 | 92,543 | ||
Total liabilities | 77,852 | 122,079 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ||||
Common stock Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 57,281,861 (2016- 57,011,761) | 71 | 57 | ||
Additional paid-in capital | 204,998 | 115,339 | ||
Accumulated other comprehensive income (loss) | (2,099) | 7,075 | ||
Retained earnings | 23,820 | 9,132 | ||
Total shareholders' equity | 253,433 | 151,152 | ||
Total liabilities and equity | 369,780 | 299,219 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 85,049 | 2,140 | $ 813 | $ 331 |
Prepaid expenses and other receivables | 1,338 | 478 | ||
Amount due from subsidiaries | 82,581 | 71,097 | ||
Dividend receivables | 3,195 | 21,280 | ||
Total current assets | 172,163 | 94,995 | ||
Investment in subsidiaries | 99,485 | 72,046 | ||
Total assets | 271,648 | 167,041 | ||
Current liabilities | ||||
Accrued expenses and other payables | 1,667 | 1,943 | ||
Amount due to subsidiaries | 16,548 | 13,946 | ||
Total current liabilities | 18,215 | 15,889 | ||
Total liabilities | 18,215 | 15,889 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | 0 | 0 | ||
Common stock Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 57,281,861 (2016- 57,011,761) | 71 | 57 | ||
Additional paid-in capital | 204,998 | 115,339 | ||
Accumulated other comprehensive income (loss) | (2,099) | 7,075 | ||
Retained earnings | 50,463 | 28,681 | ||
Total shareholders' equity | 253,433 | 151,152 | ||
Total liabilities and equity | $ 271,648 | $ 167,041 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Schedule of Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2018 | Mar. 07, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 71,139,402 | 57,281,861 | |
Common Stock, Shares, Outstanding | 71,139,402 | 57,281,861 | |
Parent Company | |||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares, Issued | 71,139,402 | 57,281,861 | |
Common Stock, Shares, Outstanding | 71,139,402 | 57,281,861 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Schedule of Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selling, general and administrative expenses | $ 137,003 | $ 87,365 | $ 41,980 |
Total operating expenses | 159,611 | 108,689 | 49,534 |
Loss from operations | 45,316 | 45,417 | 504 |
Other expenses | 321 | 13 | 100 |
Interest income | 2,016 | 1,183 | 731 |
Net income (loss) attributable to shareholders of Sinovac | 21,782 | 25,807 | (596) |
Comprehensive income (loss) attributable to shareholders of Sinovac | 12,608 | 32,714 | (8,610) |
Parent Company | |||
Selling, general and administrative expenses | 15,615 | 4,267 | 5,434 |
Total operating expenses | 15,615 | 4,267 | 5,434 |
Loss from operations | (15,615) | (4,267) | (5,434) |
Other expenses | (13) | 0 | 0 |
Interest income | 798 | 145 | 382 |
Equity earnings of subsidiaries, net of tax | 36,612 | 29,929 | 2,118 |
Gain on disposal of Tangshan Yian | 0 | 0 | 2,338 |
Net income (loss) attributable to shareholders of Sinovac | 21,782 | 25,807 | (596) |
Foreign currency translation adjustments | (9,174) | 6,907 | (8,014) |
Comprehensive income (loss) attributable to shareholders of Sinovac | $ 12,608 | $ 32,714 | $ (8,610) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Schedule of Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows provided by (used in) operating activities | |||
Net income (loss) | $ 21,782 | $ 25,807 | $ (596) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
- Share-based compensation | 4,305 | 979 | 2,409 |
Changes in: | |||
- Prepaid expenses and other receivables | (2,613) | (622) | (436) |
- Accrued expenses and other payables | (6,167) | 33,416 | 2,739 |
Net cash provided by (used in) operating activities from continuing operations | 7,943 | 59,756 | (13,807) |
Cash flows provided by financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 85,304 | 1,264 | 315 |
- Proceeds from shares subscribed | 64 | 428 | |
Cash and cash equivalents, beginning of year | 114,415 | 62,434 | |
Cash and cash equivalents, end of year | 158,170 | 114,415 | 62,434 |
Parent Company | |||
Cash flows provided by (used in) operating activities | |||
Net income (loss) | 21,782 | 25,807 | (596) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
- Gain on disposal of subsidiary | 0 | 0 | (2,338) |
- Share-based compensation | 445 | 119 | 293 |
- Equity in earnings of subsidiaries | (36,612) | (29,929) | (2,118) |
Changes in: | |||
- Amount due from subsidiaries | (7,624) | (602) | (171) |
- Prepaid expenses and other receivables | (861) | (73) | (335) |
- Dividend receivables | 18,085 | ||
- Amount due to subsidiaries | 2,602 | 3,426 | 5,042 |
- Accrued expenses and other payables | (276) | 887 | 390 |
Net cash provided by (used in) operating activities from continuing operations | (2,459) | (365) | 167 |
Cash flows provided by financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 85,304 | 1,264 | 315 |
- Proceeds from shares subscribed | 64 | 428 | 0 |
Net cash provided by financing activities | 85,368 | 1,692 | 315 |
Increase in cash and cash equivalents | 82,909 | 1,327 | 482 |
Cash and cash equivalents, beginning of year | 2,140 | 813 | 331 |
Cash and cash equivalents, end of year | $ 85,049 | $ 2,140 | $ 813 |