Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37686 | ||
Entity Registrant Name | BEIGENE, LTD. | ||
Entity Incorporation, Country Code | E9 | ||
Entity Tax Identification Number | 98-1209416 | ||
Entity Address, Address | c/o Mourant Governance Services (Cayman) Limited | ||
Entity Address, Address | 94 Solaris Avenue, Camana Bay | ||
Entity Address, Town | Grand Cayman | ||
Entity Address, Country | KY | ||
Entity Address, Postal Zip Code | KY1-1108 | ||
City Area Code | 345 | ||
Local Phone Number | 949 4123 | ||
Title of each class | American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share | ||
Trading Symbol(s) | BGNE | ||
Name of each exchange on which registered | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14.7 | ||
Entity Common Stock, Shares Outstanding | 1,334,804,281 | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2021. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10‑K. | ||
Entity Central Index Key | 0001651308 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Beijing, People’s Republic of China |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 4,375,678 | $ 1,381,950 |
Short-term restricted cash | 328 | 307 |
Short-term investments | 2,241,962 | 3,268,725 |
Accounts receivable, net | 483,113 | 60,403 |
Inventories | 242,626 | 89,293 |
Prepaid expenses and other current assets | 270,173 | 160,012 |
Total current assets | 7,613,880 | 4,960,690 |
Long-term restricted cash | 6,881 | 7,748 |
Property, plant and equipment, net | 587,605 | 357,686 |
Operating lease right-of-use assets | 117,431 | 90,581 |
Intangible assets, net | 46,679 | 5,000 |
Deferred tax assets | 110,424 | 65,962 |
Other non-current assets | 163,049 | 113,090 |
Total non-current assets | 1,032,069 | 640,067 |
Total assets | 8,645,949 | 5,600,757 |
Current liabilities: | ||
Accounts payable | 262,400 | 231,957 |
Accrued expenses and other payables | 558,055 | 346,144 |
Deferred revenue, current portion | 187,414 | 0 |
Tax payable | 21,395 | 20,380 |
Operating lease liabilities, current portion | 21,925 | 13,895 |
Research and development cost share liability, current portion | 120,801 | 127,808 |
Short-term debt | 427,565 | 335,015 |
Total current liabilities | 1,599,555 | 1,075,199 |
Non-current liabilities: | ||
Long-term debt | 202,113 | 183,637 |
Deferred revenue, non-current portion | 220,289 | 0 |
Operating lease liabilities, non-current portion | 43,041 | 29,417 |
Deferred tax liabilities | 14,169 | 10,792 |
Research and development cost share liability, non-current portion | 269,561 | 375,040 |
Other long-term liabilities | 54,234 | 57,429 |
Total non-current liabilities | 803,407 | 656,315 |
Total liabilities | 2,402,962 | 1,731,514 |
Commitments and contingencies | ||
Equity: | ||
Ordinary shares, 0.0001 par value per share; 9,500,000,000 shares authorized; 1,334,804,281 and 1,190,821,941 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 133 | 118 |
Additional paid-in capital | 11,191,007 | 7,414,932 |
Accumulated other comprehensive income | 17,950 | 6,942 |
Accumulated deficit | (4,966,103) | (3,552,749) |
Total BeiGene, Ltd. shareholders’ equity | 6,242,987 | 3,869,243 |
Total liabilities and equity | $ 8,645,949 | $ 5,600,757 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Ordinary shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized (in shares) | 9,500,000,000 | 9,500,000,000 |
Ordinary shares, shares issued (in shares) | 1,334,804,281 | 1,190,821,941 |
Ordinary shares, shares outstanding (in shares) | 1,334,804,281 | 1,190,821,941 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Total revenues | $ 1,176,283 | $ 308,874 | $ 428,212 |
Expenses | |||
Cost of sales - product | 164,906 | 70,657 | 71,190 |
Research and development | 1,459,239 | 1,294,877 | 927,338 |
Selling, general and administrative | 990,123 | 600,176 | 388,249 |
Amortization of intangible assets | 1,715 | 846 | 1,326 |
Total expenses | 2,615,018 | 1,966,556 | 1,388,103 |
Loss from operations | (1,438,735) | (1,657,682) | (959,891) |
Interest (expense) income, net | (15,757) | 1,998 | 9,131 |
Other income, net | 15,904 | 37,490 | 7,174 |
Loss before income taxes | (1,438,588) | (1,618,194) | (943,586) |
Income tax (benefit) expense | (25,234) | (17,671) | 6,992 |
Net loss | (1,413,354) | (1,600,523) | (950,578) |
Less: net loss attributable to noncontrolling interests | 0 | (3,617) | (1,950) |
Net loss attributable to BeiGene, Ltd. | $ (1,413,354) | $ (1,596,906) | $ (948,628) |
Net loss per share attributable to BeiGene, Ltd., basic (in dollars per share) | $ (1.17) | $ (1.47) | $ (1.22) |
Net loss per share attributable to BeiGene, Ltd., diluted (in dollars per share) | $ (1.17) | $ (1.47) | $ (1.22) |
Weighted average shares outstanding, basic (in shares) | 1,206,210,049 | 1,085,131,783 | 780,701,283 |
Weighted average shares outstanding, diluted (in shares) | 1,206,210,049 | 1,085,131,783 | 780,701,283 |
Net loss per American Depositary Share (ADS), basic (in dollars per share) | $ (15.23) | $ (19.13) | $ (15.80) |
Net loss per American Depositary Share (ADS), diluted (in dollars per share) | $ (15.23) | $ (19.13) | $ (15.80) |
Weighted-average ADSs outstanding, basic (in shares) | 92,785,388 | 83,471,676 | 60,053,945 |
Weighted-average ADSs outstanding, diluted (in shares) | 92,785,388 | 83,471,676 | 60,053,945 |
Operating Expenses | |||
Expenses | |||
Amortization of intangible assets | $ 750 | $ 846 | $ 1,326 |
Product revenue, net | |||
Revenues | |||
Total revenues | 633,987 | 308,874 | 222,596 |
Collaboration revenue | |||
Revenues | |||
Total revenues | $ 542,296 | $ 0 | $ 205,616 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (1,413,354) | $ (1,600,523) | $ (950,578) |
Other comprehensive income (loss), net of tax of nil: | |||
Foreign currency translation adjustments | 13,714 | 23,603 | (9,424) |
Pension liability adjustments | 1,865 | (8,113) | 0 |
Unrealized holding loss, net | (4,571) | (419) | (448) |
Comprehensive loss | (1,402,346) | (1,585,452) | (960,450) |
Less: comprehensive loss attributable to noncontrolling interests | 0 | (3,489) | (2,295) |
Comprehensive loss attributable to BeiGene, Ltd. | $ (1,402,346) | $ (1,581,963) | $ (958,155) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (1,413,354) | $ (1,600,523) | $ (950,578) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization expense | 46,457 | 31,789 | 18,617 |
Share-based compensation expense | 240,712 | 183,481 | 134,154 |
Acquired in-process research and development | 83,500 | 109,500 | 69,000 |
Amortization of research and development cost share liability | (112,486) | (113,986) | 0 |
Income (Loss) from Equity Method Investments | (7,632) | (11,826) | 0 |
Deferred income tax benefits | (41,085) | (27,807) | (9,232) |
Other items, net | 23,510 | (4,673) | (1,397) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (423,019) | 10,363 | (29,822) |
Inventories | (153,333) | (58,906) | (12,311) |
Other assets | (107,128) | (56,217) | (20,737) |
Accounts payable | 20,008 | 95,835 | 2,224 |
Accrued expenses and other payables | 140,044 | 185,012 | 71,596 |
Deferred revenue | 407,703 | 0 | (27,982) |
Other liabilities | (2,620) | (25,503) | 6,199 |
Net cash used in operating activities | (1,298,723) | (1,283,461) | (750,269) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (262,942) | (117,508) | (89,612) |
Purchases of short-term investments | (2,147,881) | (5,663,727) | (1,169,300) |
Proceeds from sale or maturity of short-term investments | 3,146,891 | 2,751,075 | 1,882,075 |
Purchase of in-process research and development | (8,500) | (109,500) | (69,000) |
Purchase of intangible assets | (43,409) | 0 | 0 |
Purchase of long-term investments | (43,500) | (26,681) | 0 |
Other investing activities | 0 | (2,025) | 0 |
Net cash provided by (used in) investing activities | 640,659 | (3,168,366) | 554,163 |
Cash flows from financing activities: | |||
Proceeds from public offering, net of cost | 3,392,616 | 0 | 0 |
Proceeds from sale of ordinary shares, net of cost | 50,000 | 4,232,017 | 0 |
Proceeds from research and development cost share liability | 0 | 616,834 | 0 |
Payment to acquire joint venture (JV) minority interest | 0 | (28,723) | 0 |
Proceeds from long-term loan | 16,838 | 110,208 | 67,489 |
Repayment of long-term loan | 0 | (132,061) | (32,813) |
Proceeds from short-term loans | 406,449 | 323,697 | 0 |
Repayment of short-term loans | (321,754) | (12,247) | 0 |
Capital contribution from noncontrolling interest | 0 | 0 | 4,000 |
Proceeds from option exercises and employee share purchase plan | 92,762 | 93,101 | 47,004 |
Net cash provided by financing activities | 3,636,911 | 5,202,826 | 85,680 |
Effect of foreign exchange rate changes, net | 14,035 | 18,231 | (9,512) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 2,992,882 | 769,230 | (119,938) |
Cash, cash equivalents, and restricted cash, beginning of year | 1,390,005 | 620,775 | 740,713 |
Cash, cash equivalents, and restricted cash, end of year | 4,382,887 | 1,390,005 | 620,775 |
Supplemental cash flow disclosures: | |||
Cash and cash equivalents | 4,375,678 | 1,381,950 | 618,011 |
Short-term restricted cash | 328 | 307 | 288 |
Long-term restricted cash | 6,881 | 7,748 | 2,476 |
Income taxes paid | 15,695 | 10,596 | 8,984 |
Interest paid | 29,967 | 44,130 | 4,315 |
Supplemental non-cash activities: | |||
Acquisitions of equipment included in accounts payable | 53,197 | 42,762 | 29,086 |
Purchase of in-process research and development included in accounts payable | $ 75,000 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Collaboration revenue | Total | TotalCollaboration revenue | Ordinary Shares | Ordinary SharesCollaboration revenue | Additional Paid-In Capital | Additional Paid-In CapitalCollaboration revenue | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Non- Controlling Interests |
Balance at the beginning of period at Dec. 31, 2018 | $ 1,753,647 | $ 1,739,202 | $ 77 | $ 2,744,814 | $ 1,526 | $ (1,007,215) | $ 14,445 | ||||
Balance at the beginning of period (in shares) at Dec. 31, 2018 | 776,263,184 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Contributions from shareholders | 4,000 | 4,000 | |||||||||
Exercise of options, ESPP and release of RSUs | $ 47,004 | 47,004 | $ 2 | 47,002 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 20,571,675 | ||||||||||
Use of shares reserved for share option exercises and RSU releases (in shares) | 16,730,441 | 4,505,839 | |||||||||
Share-based compensation | $ 134,154 | 134,154 | 134,154 | ||||||||
Other comprehensive income (loss) | (9,872) | (9,527) | (9,527) | (345) | |||||||
Net loss | (950,578) | (948,628) | (948,628) | (1,950) | |||||||
Balance at the ending of period at Dec. 31, 2019 | 978,355 | 962,205 | $ 79 | 2,925,970 | (8,001) | (1,955,843) | 16,150 | ||||
Balance at the ending of period (in shares) at Dec. 31, 2019 | 801,340,698 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares in connection | 2,069,610 | $ 2,162,407 | 2,069,610 | $ 2,162,407 | $ 14 | $ 21 | 2,069,596 | $ 2,162,386 | |||
Issuance of ordinary shares in connection (in shares) | 145,838,979 | 206,635,013 | |||||||||
Exercise of options, ESPP and release of RSUs | 93,101 | 93,101 | $ 3 | 93,098 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 38,020,892 | ||||||||||
Use of shares reserved for share option exercises and RSU releases | $ 1 | 1 | $ 1 | ||||||||
Use of shares reserved for share option exercises and RSU releases (in shares) | 29,707,587 | (1,013,641) | |||||||||
Share-based compensation | $ 183,481 | 183,481 | 183,481 | ||||||||
Deconsolidation of a subsidiary | (3,545) | (3,545) | |||||||||
Acquisition of joint venture (JV) minority interest | (28,715) | (19,599) | (19,599) | (9,116) | |||||||
Other comprehensive income (loss) | 15,071 | 14,943 | 14,943 | 128 | |||||||
Net loss | (1,600,523) | (1,596,906) | (1,596,906) | (3,617) | |||||||
Balance at the ending of period at Dec. 31, 2020 | $ 3,869,243 | 3,869,243 | $ 118 | 7,414,932 | 6,942 | (3,552,749) | 0 | ||||
Balance at the ending of period (in shares) at Dec. 31, 2020 | 1,190,821,941 | 1,190,821,941 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Issuance of ordinary shares in connection | $ 50,000 | 50,000 | $ 3,392,616 | $ 12 | 50,000 | $ 3,392,604 | |||||
Issuance of ordinary shares in connection (in shares) | 2,151,877 | 115,055,260 | |||||||||
Exercise of options, ESPP and release of RSUs | $ 92,762 | 92,762 | $ 3 | 92,759 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 28,778,893 | ||||||||||
Use of shares reserved for share option exercises and RSU releases (in shares) | 17,233,853 | (2,003,690) | |||||||||
Share-based compensation | $ 240,712 | 240,712 | 240,712 | ||||||||
Other comprehensive income (loss) | 11,008 | 11,008 | 11,008 | ||||||||
Net loss | (1,413,354) | (1,413,354) | (1,413,354) | ||||||||
Balance at the ending of period at Dec. 31, 2021 | $ 6,242,987 | $ 6,242,987 | $ 133 | $ 11,191,007 | $ 17,950 | $ (4,966,103) | $ 0 | ||||
Balance at the ending of period (in shares) at Dec. 31, 2021 | 1,334,804,281 | 1,334,804,281 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization BeiGene, Ltd. (the "Company", "BeiGene", "it", "its") is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and expand access for patients worldwide. The Company currently has three approved medicines that were discovered and developed in its own labs, including BRUKINSA ® , a small molecule inhibitor of Bruton’s Tyrosine Kinase (BTK) for the treatment of various blood cancers, tislelizumab, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers, and pamiparib, a selective small molecule inhibitor of PARP1 and PARP2. The Company has obtained approvals to market BRUKINSA ® in the United States, the People's Republic of China (China or the PRC), the European Union (EU), the United Kingdom (U.K.), Canada, Australia and additional international markets, and tislelizumab and pamiparib in China. By leveraging its China commercial capabilities, the Company has in-licensed the rights to distribute 13 approved medicines for the China market. Supported by its global clinical development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen and Novartis Pharma AG (Novartis) to develop and commercialize innovative medicines. The Company is committed to advancing best and first-in-class clinical candidates internally or with like-minded partners to develop impactful and affordable medicines for patients across the globe. Its internal clinical development capabilities are deep, including a more than 2,200-person global clinical development team that is running more than 90 ongoing or planned clinical trials in over 30 medicines and drug candidates. This includes more than 30 pivotal or potentially registration-enabling trials across its portfolio, including its three internally discovered, approved medicines. The Company has enrolled in its clinical trials more than 14,500 subjects, of which approximately one-half have been outside of China. The Company has built, and is expanding, its internal manufacturing capabilities, through its state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines, and plans to build a commercial-stage biologics manufacturing and clinical R&D center in New Jersey. The Company also works with high quality contract manufacturing organizations (CMOs) to manufacture its internally developed clinical and commercial products. Since its inception in 2010, the Company has become a fully integrated global organization of over 8,000 employees in 23 countries and regions, including the United States, China, Europe, and Australia. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its wholly-owned subsidiaries are eliminated upon consolidation. Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries which are not attributable, directly or indirectly, to the controlling shareholders. Prior to 2020, the Company consolidated its interests in its joint ventures, BeiGene Biologics Co., Ltd. (BeiGene Biologics) and MapKure, LLC (MapKure), under the voting model and recognized the minority shareholders' equity interest as a noncontrolling interest in its consolidated financial statements. In June 2020, the Company deconsolidated MapKure and recorded an equity method investment for its remaining ownership interest in the joint venture (see Note 5). In November 2020, the Company acquired the remaining equity interest in BeiGene Biologics. Subsequent to the share purchase, BeiGene Biologics is a wholly owned subsidiary of the Company (see Note 7). Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. Functional Currency and Foreign Currency Translation Functional currency The Company uses the United States dollar ("$" or U.S. dollar) as its reporting currency. Operations in subsidiaries are recorded in the functional currency of the respective subsidiary. The determination of functional currency is based on the criteria of Accounting Standard Codification (ASC) 830, Foreign Currency Matters . Foreign currency translation For subsidiaries whose functional currencies are not the U.S. dollar, the Company uses the average exchange rate for the year and the exchange rate at the balance sheet date, to translate the operating results and financial position to U.S. dollar, the reporting currency, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. Cash equivalents which consist primarily of money market funds are stated at fair value. Restricted cash Restricted cash primarily consists of RMB-denominated cash deposits pledged in designated bank accounts as collateral for bank loans and letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their invoiced amounts, net of trade discounts and allowances as well as an allowance for credit losses. The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer's ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. Inventory Prior to the regulatory approval of product candidates, the Company may incur expenses for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. Inventories are stated at the lower of cost and net realizable value, with cost determined in a manner that approximates the first-in, first-out method. The Company periodically analyzes its inventory levels, and writes down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of product sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded in the consolidated statements of operations. Investments The Company's investments consist of available-for-sale debt securities, public equity securities with readily determinable fair values, private equity securities without readily determinable fair values, and equity-method investments. The classification of an investment is determined based on the nature of the investment, the Company's ability and intent to hold the investment, and the degree to which the Company may exercise influence over the investee. • Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income. Interest and dividends are included in interest income. Available-for-sale debt securities with original maturities greater than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term. Available-for-sale debt securities with maturities beyond one year may be classified as short-term marketable securities due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. • Public equity securities with readily determinable fair values are recorded at fair value. Subsequent changes in fair value are recorded in other income, net. Derivative financial instruments to purchase public equity securities are recorded at fair value. The estimated fair value of derivative financial instruments is determined based on the Black-Scholes valuation model. Changes in fair value of derivative instruments are recorded in other income, net. • Private equity securities without readily determinable fair values and where the Company does not have significant influence are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments to private equity securities are recorded in other income, net. • Equity investments in common stock or in-substance common stock where the Company has significant influence over the financial and operating policies of the investee are accounted for as equity-method investments. Equity-method investments are initially recorded at cost and subsequently adjusted based on the Company's percentage ownership in the investee's income and expenses, as well as dividends, if any. The Company records its share of the investee's results of operations in other income, net. The Company records impairment losses on our equity method investments if it deems the impairment to be other-than-temporary. The Company deems an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value and ability to retain the investment to allow for a recovery in fair value. Realized gains or losses on sales of investments are determined based on the specific identification method. The Company regularly evaluates its investments in debt and equity for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net income. No impairment losses or allowance for credit losses on investments were recorded for any periods presented. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Leases Effective January 1, 2019, the Company adopted ASC, Topic 842, Leases (ASC 842) using the effective date method. The Company determines if an arrangement is a lease at inception. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Company’s policy election to combine lease and non-lease components for its leases. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s lease portfolio consists entirely of operating leases as of December 31, 2021. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (ROU) asset and lease liability. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Company’s leases is not typically readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. Land Use Right, Net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842. The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease ROU asset on the balance sheet. The ROU asset is amortized over the remaining lease term. In 2017, the Company acquired a land use right from the local Bureau of Land and Resources in Guangzhou for the purpose of constructing and operating the Company's biologics manufacturing facility in Guangzhou. In 2019, the Company acquired a second Guangzhou land use right from the local Bureau of Land and Resources. In 2021, the Company acquired two land use rights from the local Bureau of Land and Resources to expand its biologics manufacturing facility in Guangzhou. Guangzhou land use rights are being amortized over the respective terms of the land use rights, which are each 50 years. In 2018, the Company acquired a land use right in conjunction with the acquisition of Beijing Innerway Bio-tech Co., Ltd. The land use right is being amortized over the term of the land use right, which is 36 years. In 2020, the Company acquired a land use right from the local Bureau of Land and Resources in Suzhou to construct its research, development and manufacturing facility in Suzhou. The land use right is being amortized over the term of the land use right, which is 30 years. Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances would indicate a potential impairment. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company's reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Company's evaluation of relevant events and circumstances affecting the Company's single reporting unit, including macroeconomic, industry, and market conditions, the Company's overall financial performance, and trends in the market price of the Company's ADSs. If qualitative factors indicate that it is more likely than not that the Company's reporting unit’s fair value is less than its carrying amount, then the Company will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2021, 2020 and 2019 the Company determined that there were no indicators of impairment of goodwill. Intangible assets acquired through business combinations are recognized as assets separate from goodwill and are measured at fair value upon acquisition. Intangible assets acquired in transactions that are not business combinations are recorded at the allocated portion of total consideration transferred based on their relative fair value in relation to net assets acquired. Intangible assets associated with milestone payments made to third parties subsequent to regulatory approval are recorded at cost. Identifiable intangible assets consist of distribution rights for approved cancer therapies licensed from BMS that are amortized on a straight-line basis over the estimated useful lives of the assets, which is 10 years; post-approval milestone payments under license and commercialization agreements, that are amortized over the remainder of the product patent or the term of the commercialization agreements; and trading licenses that are amortized over the initial license term. Intangible assets with finite useful lives are tested for impairment when events or circumstances occur that could indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company evaluates the recoverability of the intangible assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For the years ended December 31, 2021, 2020 and 2019, the Company determined that there were no indicators of impairment of its other intangible assets. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the years ended December 31, 2021, 2020 and 2019, there was no impairment of the value of the Company’s long-lived assets. Fair Value Measurements Fair value of financial instruments The Company applies ASC topic 820 (ASC 820), Fair Value Measurements and Disclosures, in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial instruments measured at fair value on a recurring basis The following tables set forth assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: As of December 31, 2021 Quoted Price Significant Significant $ $ $ Cash equivalents U.S. treasury securities 107,855 — — Money market funds 315,564 — — Short-term investments (Note 5): U.S. treasury securities 2,241,962 — — Other non-current assets (Note 5): Equity securities with readily determinable fair values 23,809 10,306 — Total 2,689,190 10,306 — As of December 31, 2020 Quoted Price Significant Significant $ $ $ Cash equivalents U.S. treasury securities 286,072 — — Money market funds 80,838 — — Short-term investments (Note 5): U.S. treasury securities 3,268,725 — — Other non-current assets (Note 5): Equity securities 10,810 6,669 — Total 3,646,445 6,669 — The Company's cash equivalents are highly liquid investments with original maturities of 3 months or less. Short-term investments represent the Company's investments in available-for-sale debt securities. The Company determines the fair value of cash equivalents and available-for-sale debt securities using a market approach based on quoted prices in active markets. The Company's equity securities carried at fair value consist of holdings in common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. (Leap), which were acquired in connection with a collaboration and license agreement entered into in January 2020 and in Leap's underwritten public offering in September 2021. The common stock investment in Leap, a publicly-traded biotechnology company, is measured and carried at fair value and classified as Level 1. The warrants to purchase additional shares of common stock in Leap are classified as a Level 2 investment and are measured using the Black-Scholes option-pricing valuation model, which utilizes a constant maturity risk-free rate and reflects the term of the warrants, dividend yield and stock price volatility, that is based on the historical volatility of similar companies. Refer to Note 5, Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments. As of December 31, 2021 and 2020, the fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term debt approximated their carrying values due to their short-term nature. Long-term debt approximates its fair value due to the fact that the related interest rates approximate the rates currently offered by financial institutions for similar debt instrument of comparable maturities. Revenue Recognition Effective January 1, 2018, the Company adopted ASC, Topic 606, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Product Revenue The Company generates product revenues in China through the sale of its internally developed drugs tislelizumab, BRUKINSA ® and pamiparib, and the sale of in-licensed products through its agreements with Amgen, BMS, Bio-Thera and EUSA Pharma. Under the commercial profit share arrangement with Amgen, the Company is the principal for in-licensed product sales to customers in China during the commercialization period and recognizes 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales are recorded as cost of sales. In the United States, the Company generates product revenues from the sale of BRUKINSA ® . In China, the Company sells its internally developed products to multiple distributors, who in turn sell the product to hospitals or pharmacies within their authorized territories to be sold ultimately to patients. In-licensed products are sold to a first tier distributor who subsequently resells the products to second tier distributors who ultimately sell the products to health care providers and patients. In the United States, the Company distributes BRUKINSA ® through specialty pharmacies and specialty distributors. The specialty pharmacies and specialty distributors subsequently resell the product to health care providers and patients. The Company is the principal under the product sales as the Company controls the products with the ability to direct the use of, and obtain substantially all the remaining benefits from the products before they are sold to the customer. For product sales transactions, the Company has a single performance obligation which is to sell the products to its customer. The Company includes variable consideration in the transaction price to the extent it is probable that a significant reversal will not occur and estimates variable consideration from rebates, chargebacks, trade discounts and allowances, sales returns allowances and other incentives using the expected value method. Revenues for product sales are recognized at a point in time when the single performance obligation is satisfied upon delivery to the customer. The Company's payment terms are approximately 45-90 days. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The Company will reassess estimates for variable consideration periodically. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Estimates for variable consideration for which reserves are established at the time of sale include government and commercial rebates, provisions for acceptance of National Reimbursement Drug List pricing in the PRC, chargebacks, trade discounts and allowances, sales returns allowances and other incentives that are offered within contracts between the Company and its customers, health care providers and other indirect customers. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, channel inventory levels, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The Company bases its sales returns allowance on estimated distributor inventories, customer demand as reported by third-party sources, and actual returns history, as well as other factors, as appropriate. For newly launched products where actual returns history is not yet available, the sales returns allowance is initially calculated based on benchmarking data from similar products and industry experience. If the historical or benchmarking data the Company uses to calculate these estimates do not properly reflect future returns, then a change in the allowance would be made in the period in which such a determination is made and revenues in that period could be materially affected. Any changes from the historical trend rates are considered in determining the current sales return allowance. To date, sales returns have not been significant. Collaboration Revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (ASC 808) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step model under ASC 606 noted above. The Company’s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Company considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Non-refundable payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Company’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Company recognizes revenues from non-refundable up-front fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Options to License Intellectual Property: Upfront non-refundable payments for options to license the Company’s intellectual property are evaluated to determine if the option represents a material right and is distinct from the other performance obligations identified in the arrangement. For options determined to be a material right and distinct, the Company defers the non-refundable up-front fees allocated to the option and recognizes revenues at a point in time, at the earlier of when the option is exercised or the option period expires. Right to Access Intellectual Property during the Option Period: The portion of a transaction price allocated to the other parties right to access the Company's intellectual property to generate their own data durin |
Collaborative and Licensing Arr
Collaborative and Licensing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development [Abstract] | |
Collaborative and Licensing Arrangements | Collaborative and Licensing Arrangements The Company enters into collaborative arrangements for the research and development, manufacture and/or commercialization of drug products and drug candidates. To date, these collaborative arrangements have included out-licenses of and options to out-license internally developed products and drug candidates to other parties, in-licenses of products and drug candidates from other parties, and profit- and cost-sharing arrangements. These arrangements may include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing and reimbursement arrangements, royalty payments, and profit sharing. Out-Licensing Arrangements During the three years ended December 31, 2021, the Company’s collaboration revenue related to its out-licensing collaborative agreements has consisted of upfront license fees, research and development services revenue and right to access intellectual property revenue from its collaboration agreements with Novartis for tislelizumab and ociperlimab and reimbursement of research and development costs, research and development service revenue and termination fees from its collaboration with BMS for tislelizumab. The following table summarizes total collaboration revenue recognized for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Revenue from Collaborators $ $ $ License revenue 484,646 — — Reimbursement of research and development costs — — 27,634 Research and development service revenue 53,671 — 27,982 Right to access intellectual property revenue 3,979 — — Other — — 150,000 Total 542,296 — 205,616 Novartis Tislelizumab Collaboration and License In January 2021, the Company entered into a collaboration and license agreement with Novartis, granting Novartis rights to develop, manufacture and commercialize tislelizumab in North America, Europe, and Japan (the "Novartis Territory"). The Company and Novartis have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals. In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and the Company has an option to co-detail the product in North America, funded in part by Novartis. Under the agreement the Company received an upfront cash payment of $650,000 from Novartis. The Company is eligible to receive up to $1,300,000 upon the achievement of regulatory milestones, $250,000 upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory. Under the terms of the agreement, the Company is responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products. Each party retains the worldwide right to commercialize its propriety products in combination with tislelizumab. The Company evaluated the Novartis agreement under ASC 606 as all the material units of account within the agreement represented transactions with a customer. The Company identified the following material components under the agreement: (1) exclusive license for Novartis to develop, manufacture, and commercialize tislelizumab in the Novartis Territory, transfer of know-how and use of the tislelizumab trademark; (2) conducting and completing ongoing trials of tislelizumab (R&D services); and (3) supplying Novartis with required quantities of the tislelizumab drug product, or drug substance, upon receipt of an order from Novartis. The Company determined that the license, transfer of know-how and use of trademarks are not distinct from each other and represent a single performance obligation. The R&D services represent a material promise and were determined to be a separate performance obligation at the outset of the agreement as the promise is distinct and has standalone value to Novartis. The Company evaluated the supply component of the contract and noted the supply will not be provided at a significant incremental discount to Novartis. The Company concluded that, for the purpose of ASC 606, the provision related to providing clinical and commercial supply of tislelizumab in the Novartis Territory was an option but not a performance obligation of the Company at the outset of the Novartis collaboration agreement. A performance obligation for the clinical and commercial supply will be established as quantities of drug product or drug substance are ordered by Novartis. The Company determined that the transaction price as of the outset of the arrangement was the upfront payment of $650,000. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained due to uncertainty of achievement. The transaction price was allocated to the two identified performance obligations based on a relative fair value basis. The standalone selling price of the license, transfer of know-how and use of trademarks performance obligation was determined using the adjusted market assessment approach based on the probability-weighted present value of forecasted cash flows associated with out-licensing tislelizumab in the Novartis Territory. The standalone selling price of the R&D services was valued using a cost plus margin valuation approach based on the present value of estimated tislelizumab clinical trial costs plus a reasonable margin. Based on the relative standalone selling prices of the two performance obligations, $484,646 of the total transaction price was allocated to the license and $165,354 was allocated to the R&D services. The estimates of the standalone selling prices involved management's key assumptions such as revenue growth rate, estimated clinical trial costs, mark-up rate, probability of technical and regulatory success, and discount rates. These significant assumptions are forward looking and could be affected by future economic, regulatory and market conditions. The Company satisfied the license performance obligation at a point in time when the license was delivered and the transfer of know-how completed which occurred during the year ended December 31, 2021. As such, the Company recognized the entire amount of the transaction price allocated to the license as collaboration revenue during the year ended December 31, 2021. The portion of the transaction price allocated to the R&D services was deferred and is being recognized as collaboration revenue as the R&D services are performed using a percentage-of-completion method. Estimated costs to complete are reassessed on a periodic basis and any updates to the revenue earned are recognized on a prospective basis. The Company recognized R&D service revenue of $53,421 during the year ended December 31, 2021. Ociperlimab Option, Collaboration and License Agreement and China Broad Market Development Agreement In December 2021, the Company expanded its collaboration with Novartis by entering into an option, collaboration and license agreement with Novartis to develop, manufacture and commercialize the Company's investigational TIGIT inhibitor ociperlimab in the Novartis Territory. In addition, the Company and Novartis entered into an agreement granting the Company rights to market, promote and detail five approved Novartis oncology products, TAFINLAR ® (dabrafenib), MEKINIST ® (trametinib), VOTRIENT ® (pazopanib), AFINITOR ® (everolimus), and ZYKADIA ® (ceritinib), across designated regions of China referred to as “broad markets.” Under the terms of the option, collaboration and license agreement, the Company received an upfront cash payment of $300,000 in January 2022 from Novartis and will receive an additional payment of $600,000 or $700,000 in the event Novartis exercises its exclusive time-based option prior to mid-2023 or between then and late-2023, respectively. Following option exercise, the Company is eligible to receive up to $745,000 upon the achievement of regulatory approval milestones, $1,150,000 upon the achievement of sales milestones, and royalties on future sales of ociperlimab in the Novartis Territory. Subject to the terms of the option, collaboration and license agreement, during the option period, Novartis has agreed to initiate and fund additional global clinical trials with ociperlimab and the Company has agreed to expand enrollment in two ongoing trials. Following the option exercise, Novartis has agreed to share development costs of global trials. Following approval, the Company has agreed to provide 50 percent of the co-detailing and co-field medical efforts in the United States, and has an option to co-detail up to 25 percent in Canada and Mexico, funded in part by Novartis. Each party retains the worldwide right to commercialize its propriety products in combination with ociperlimab, as is the case with tislelizumab under the tislelizumab collaboration and license agreement. The existing tislelizumab collaboration and license agreement was not modified as a result of the ociperlimab option, collaboration and license agreement. The Company evaluated the Novartis agreements under ASC 606 as the units of account within the agreement represented transactions with a customer. The Company identified the following material promises under the agreement: (1) exclusive option for Novartis to license the rights develop, manufacture, and commercialize ociperlimab in the Novartis Territory; (2) Novartis' right to access ociperlimab in its own clinical trials during the option period; (3) initial transfer of BeiGene know-how; and (4) conducting and completing ongoing trials of ociperlimab during the option period (R&D Services). The market development activities are considered immaterial in the context of the contracts. The Company concluded that, at the inception of the agreement, the option for the exclusive product license constitutes a material right as it represents a significant and incremental discount to the fair value of the exclusive product license that Novartis would not have received without entering into the agreement and is therefore considered a distinct performance obligation. The Company determined that Novartis' right to access ociperlimab in its own trials over the option period and the initial transfer of know-how were not distinct from each other, as the right to access ociperlimab has limited value without the corresponding know-how transfer, and therefore should be combined into one distinct performance obligation. The R&D Services represent a material promise and were determined to be a separate performance obligation at the outset of the agreement as the promise is distinct and has standalone value to Novartis. The Company determined the transaction price as of the outset of the arrangement was the upfront payment of $300,000. The option exercise fee is contingent upon Novartis exercising its right and is considered fully constrained until the option is exercised. Additionally, the milestone and royalty payments are not applicable until after the option is exercised, at which point the likelihood of meeting milestones, regulatory approval and meeting certain sales thresholds will be assessed. T he transaction price was allocated to the three identified performance obligations based on a relative fair value basis. The standalone selling price of the material right for the option to the exclusive product license was calculated as the incremental discount between (i) the value of the license determined using a discounted cash flow method adjusted for probability of the option being exercised and (ii) the expected option exercise fee using the most-likely-amount method at option exercise. The standalone selling price of the combined performance obligation for Novartis' right to access ociperlimab for its own clinical trials during the option period and the initial transfer of BeiGene know-how was determined using a discounted cash flow method. The standalone selling price of the R&D Services was determined using an expected cost plus margin approach. Based on the relative standalone selling prices of the three performance obligations, $71,980 of the total transaction price was allocated to the material right, $213,450 was allocated to Novartis' right to use ociperlimab in its own clinical trials during the option period and the transfer of BeiGene know-how, and $14,570 was allocated to the R&D Services. The Company will satisfy the material right performance obligation at a point in time at the earlier of when Novartis exercises the option and the license is delivered or the expiration of the option period. As such, the entire amount of the transaction price allocated to the material right was deferred. The portion of the transaction price allocated to Novartis' right to access ociperlimab in its own clinical trials during the option period and the initial transfer of BeiGene know-how was deferred and is being recognized over the expected option period. The portion of the transaction price allocated to the R&D Services was deferred and is being recognized as collaboration revenue as the R&D Services are performed over the expected option period. The Company recognized collaboration revenue of $3,979 related to Novartis right to access ociperlimab in clinical trials and the transfer of know how performance obligation and R&D service revenue of $250 during the year ended December 31, 2021. Celgene Corporation, a Bristol Myers Squibb company (BMS) On July 5, 2017, the Company entered into a license agreement with Celgene Corporation, now a BMS company, pursuant to which the Company granted to the BMS parties an exclusive right to develop and commercialize the Company’s investigational PD-1 inhibitor, tislelizumab, in all fields of treatment, other than hematology, in the United States, Europe, Japan and the rest of world other than Asia (the “PD-1 License Agreement”). In connection with the closing of the transactions on August 31, 2017, the Company and BMS amended and restated the PD-1 License Agreement (the “A&R PD-1 License Agreement”) to, among other things, clarify the parties’ responsibilities relating to the conducting and funding of certain global registration clinical trials and clarify the scope of the regulatory materials transferred by BeiGene to BMS. The Company entered into a mutual agreement with BMS to terminate the A&R PD-1 License Agreement effective June 14, 2019 in advance of the acquisition of Celgene by BMS. Under the terms of the A&R PD-1 License Agreement, BMS paid the Company $263,000 in upfront non-refundable fees, of which $92,050 was paid in the third quarter of 2017 and the remaining $170,950 was paid in December 2017. The Company allocated $13,000 of upfront fees to the fair value of assets related to the Company’s acquisition of Celgene Shanghai, a wholly-owned subsidiary of Celgene Holdings East Corporation established under the laws of China, which was completed contemporaneously with the A&R PD-1 License Agreement. The Company was also eligible to receive product development and commercial milestone payments based on the successful achievement of development and regulatory and commercialization goals, respectively, and potential royalty payments. In addition to the exclusive right to develop and commercialize tislelizumab, the terms of the A&R PD-1 License Agreement provided BMS with the right to collaborate with the Company on the development of tislelizumab for specified indications, including required participation on a joint development committee and a joint steering committee as well as a joint commercialization committee upon achievement of commercialization. BMS reimbursed the Company for certain research and development costs at a cost plus agreed upon markup for the development of tislelizumab related to the clinical trials that BMS opted into, as outlined in the development plan. Under ASC 606, the Company identified the following deliverables of the collaboration agreement as distinct performance obligations: (a) the license provided to BMS for the exclusive right to develop and commercialize tislelizumab, in all fields of treatment, other than hematology, in the United States, Europe, Japan and the rest of world other than Asia (the "License"); and (b) the research and development services provided to BMS to develop tislelizumab within specified indications (R&D services). For each deliverable, the Company determined the stand-alone selling price and allocated the non-constrained consideration of $250,000 to the units of accounting using the relative selling price method. The consideration allocated to the License was recognized upon transfer of the License to BMS at contract inception and the consideration allocated to the R&D services was deferred and recognized over the term of the respective clinical studies for the specified indications. The payments associated with the defined developmental, regulatory, and commercialization goals were considered variable consideration and were fully constrained at contract inception through the date of termination. In connection with the termination in June 2019, the Company regained full global rights to tislelizumab and received a $150,000 payment from BMS. The payment was recognized as other collaboration revenue upon termination as the Company had no further performance obligations under the collaboration. Upon termination, the Company also recognized the remainder of the deferred revenue balance related to the upfront consideration allocated to research and development services at the time of the original collaboration. The Company's license from BMS to distribute the approved cancer therapies ABRAXANE ® , REVLIMID ® , and VIDAZA ® in China was not affected by the termination of the tislelizumab collaboration. On March 25, 2020, the NMPA suspended the importation, sales and use of ABRAXANE ® in China supplied to us by BMS, and the drug was subsequently recalled by BMS and is not currently available for sale in China. This suspension was based on inspection findings at BMS’s contract manufacturing facility in the United States. Additionally, in October 2021, BMS provided 180-days' notice to us, which we dispute, purporting to terminate our license to market ABRAXANE ® in China. We have not had any sales of ABRAXANE ® since the suspension and do not expect future revenue from ABRAXANE ® . We have initiated an arbitration proceeding against BMS asserting that it has breached and continues to breach the terms and conditions of the license and supply agreement. For additional information, please see the section of this report titled “Legal Proceedings”. For the year ended December 31, 2019, the Company recognized collaboration revenue of $205,616 related to the BMS collaboration, which consisted of $27,634 of research and development reimbursement revenue for the trials that BMS had opted into through the termination of the collaboration agreement; $27,982 of research and development services revenue, which reflects the recognition of the remaining upfront consideration that was allocated to research and development services at the time of the collaboration and was recognized over the term of the respective clinical studies for the specified indications; and $150,000 of other collaboration revenue related to the payment received from BMS in connection with the termination of the collaboration agreement. In-Licensing Arrangements - Commercial Amgen In October 2019, the Company entered into a global strategic oncology collaboration with Amgen (the "Amgen Collaboration Agreement") for the commercialization and development in China, excluding Hong Kong, Taiwan and Macau, of Amgen’s XGEVA ® , KYPROLIS ® , and BLINCYTO ® , and the joint global development of a portfolio of oncology assets in Amgen’s pipeline, with BeiGene responsible for development and commercialization in China. The agreement became effective on January 2, 2020, following approval by the Company's shareholders and satisfaction of other closing conditions. Under the agreement, the Company is responsible for the commercialization of XGEVA ® , KYPROLIS ® and BLINCYTO ® in China for five ® was approved in China in 2019 for patients with giant cell tumor of the bone and in November 2020 for the prevention of skeletal-related events in cancer patients with bone metastases. In July 2020, the Company began commercializing XGEVA ® in China. In December 2020, BLINCYTO ® was approved in China for injection for the treatment of adult patients with relapsed or refractory (R/R) B-cell precursor acute lymphoblastic leukemia (ALL). In July 2021, KYPROLIS ® was conditionally approved in China for injection in combination with dexamethasone for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma. Amgen and the Company are also jointly developing a portfolio of Amgen oncology pipeline assets under the collaboration. The Company is responsible for conducting clinical development activities in China and co-funding global development costs by contributing cash and development services up to a total cap of $1,250,000. Amgen is responsible for all development, regulatory and commercial activities outside of China. For each pipeline asset that is approved in China, the Company will receive commercial rights for seven years from approval. The Company has the right to retain approximately one out of every three approved pipeline assets, other than LUMAKRAS™ (sotorasib), Amgen's KRAS G12C inhibitor, for commercialization in China. The Company and Amgen will share equally in the China commercial profits and losses during the commercialization period. The Company is entitled to receive royalties from sales in China for pipeline assets returned to Amgen for five years after the seven-year commercialization period. The Company is also entitled to receive royalties from global sales of each product outside of China (with the exception of LUMAKRAS™). The Amgen Collaboration Agreement is within the scope of ASC 808, as both parties are active participants and are exposed to the risks and rewards dependent on the commercial success of the activities performed under the agreement. The Company is the principal for product sales to customers in China during the commercialization period and will recognize 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales will be recorded as cost of sales. Cost reimbursements due to or from Amgen under the profit share will be recognized as incurred and recorded to cost of sales; selling, general and administrative expense; or research and development expense, based on the underlying nature of the related activity subject to reimbursement. Costs incurred for the Company's portion of the global co-development funding are recorded to research and development expense as incurred. In connection with the Amgen Collaboration Agreement, a Share Purchase Agreement (SPA) was entered into by the parties on October 31, 2019. On January 2, 2020, the closing date of the transaction, Amgen purchased 15,895,001 of the Company's ADSs for $174.85 per ADS, representing a 20.5% ownership stake in the Company. Per the SPA, the cash proceeds shall be used as necessary to fund the Company's development obligations under the Amgen Collaboration Agreement. Pursuant to the SPA, Amgen also received the right to designate one member of the Company's board of directors, and Anthony Hooper joined the Company's board of directors as the Amgen designee in January 2020. In determining the fair value of the common stock at closing, the Company considered the closing price of the common stock on the closing date of the transaction and included a lack of marketability discount because the shares are subject to certain restrictions. The fair value of the shares on the closing date was determined to be $132.74 per ADS, or $2,109,902 in the aggregate. The Company determined that the premium paid by Amgen on the share purchase represents a cost share liability due to the Company's co-development obligations. The fair value of the cost share liability on the closing date was determined to be $601,857 based on the Company's discounted estimated future cash flows related to the pipeline assets. The estimation of future cash flows involved management assumptions of revenue growth rates and probability of technical and regulatory success of the pipeline assets. The total cash proceeds of $2,779,241 were allocated based on the relative fair value method, with $2,162,407 recorded to equity and $616,834 recorded as a research and development cost share liability. The cost share liability is being amortized proportionately as the Company contributes cash and development services to its total co-development funding cap. Amounts recorded related to the cash proceeds received from the Amgen collaboration for the year ended December 31, 2020 were as follows: Year Ended December 31, 2020 $ Fair value of equity issued to Amgen 2,162,407 Fair value of research and development cost share liability 616,834 Total cash proceeds 2,779,241 Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the year ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 2020 $ $ Research and development expense 115,464 117,005 Amortization of research and development cost share liability 112,486 113,986 Total amount due to Amgen for BeiGene's portion of the development funding 227,950 230,991 As of December 31, 2021 Remaining portion of development funding cap 791,059 As of December 31, 2021 and 2020, the research and development cost share liability recorded in the Company's balance sheet was as follows: As of December 31, 2021 2020 $ $ Research and development cost share liability, current portion 120,801 127,808 Research and development cost share liability, non-current portion 269,561 375,040 Total research and development cost share liability 390,362 502,848 The net reimbursement due under the commercial profit-sharing agreement for in-line product sales is classified in the consolidated statements of operations for the year ended December 31, 2021 and 2020 as follows: Year Ended December 31, 2021 2020 $ $ Cost of sales - product 1,893 (1,210) Selling, general and administrative (45,152) (9,750) Research and development 423 (660) Total (42,836) (11,620) The Company purchases commercial inventory from Amgen to distribute in China. Total inventory purchases amounted to $110,303 and $38,392, respectively, during the year ended December 31, 2021 and 2020. Net amounts payable to Amgen as of December 31, 2021 and 2020 were $106,790 and $122,828, respectively. In-Licensing Arrangements - Development The Company has in-licensed the rights to develop, manufacture and, if approved, commercialize multiple development stage drug candidates globally or in specific territories. These arrangements typically include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing arrangements, royalty payments, and profit sharing. Upfront and milestone payments made under these arrangements for the years ended December 31, 2021, 2020 and 2019 are set forth below. All upfront and development milestones were expensed to research and development expense. All regulatory and commercial milestones were capitalized as intangible assets and are being amortized over the remainder of the respective product patent or the term of the commercialization agreements. Year Ended December 31, 2021 2020 2019 Payments due to collaboration partners Classification $ $ $ Upfront payments Research and development expense 83,500 109,500 50,000 Development milestone payments Research and development expense 15,000 15,800 — Regulatory and commercial milestone payments Intangible asset 43,394 — — Total 141,894 125,300 50,000 Our significant license agreements are described below: Shoreline Biosciences, Inc. In June 2021, the Company entered into an exclusive worldwide strategic collaboration with Shoreline Biosciences, Inc. (Shoreline) to develop and commercialize a portfolio of natural killer (NK)-based cell therapeutics with Shoreline's induced pluripotent stem cells (iPSC) NK cell technology and the Company's research and clinical development capabilities for different malignancies. Under the collaboration, the Company and Shoreline are working jointly to develop cell therapies for four designated therapeutic targets, with an option to expand the collaboration at a future date. Clinical development is being led by the Company globally, with Shoreline responsible for clinical manufacturing. The Company has commercial rights globally, with Shoreline having an option to retain commercialization rights in the United States and Canada for two targets. Under the terms of the agreement, Shoreline received a $45,000 upfront payment in January 2022 and is eligible to receive additional R&D funding, milestone payments and royalties based upon the achievement of certain development, regulatory, and commercial milestones. The upfront payment was expensed to research and development expense during the year ended December 31, 2021 in accordance with the Company's acquired in-process research and development expense policy. Nanjing Leads Biolabs, Inc. In December 2021, the Company entered into a license and collaboration agreement with Nanjing Leads Biolabs, Inc. (Leads Biolabs) for worldwide research, development and manufacturing rights and exclusive commercialization rights outside of China to LBL-007, a novel investigational antibody targeting the LAG-3 pathway. Under the terms of the agreement, Leads Biolabs received an upfront payment of $30,000 in January 2022 and is eligible to receive up to $742,000 in clinical development, regulatory approval and sales milestones. Leads Biolabs is also eligible to receive tiered royalties on future sales in the licensed territory. The upfront payment was expensed to research and development expense during the year ended December 31, 2021 in accordance with the Company's acquired in-process research and development expense policy. EUSA Pharma In January 2020, the Company entered into an exclusive development and commercialization agreement with EUSA Pharma (EUSA) for the orphan biologic products SYLVANT ® (siltuximab) and QARZIBA ® (dinutuximab beta) in China. Under the terms of the agreement, EUSA granted the Company exclusive rights to SYLVANT ® in greater China and to QARZIBA ® in mainland China. Under the agreement, the Company is funding and undertaking all clinical development and regulatory submissions in the territories, and commercializing both products once approved. EUSA received a $40,000 upfront payment upon contract execution and is eligible to receive additional payments upon the achievement of regulatory and commercial milestones up to a total of $120,000. The upfront payment was expensed to research and development expense during the year ended December 31, 2020 in accordance with the Company's acquired in-process research and development expense policy. In 2021, QARZIBA ® and SYLVANT ® were approved and launched in mainland China and greater China, respectively. The approvals triggered regulatory milestone payments that were capitalized as intangible assets and are being amortized over the remaining term of the license agreement. EUSA is receiving tiered royalties on SYLVANT ® product sales, which the Company records as cost of sales in the period the respective sales are generated. Assembly Biosciences, Inc. In July 2020, the Company entered into a collaboration agreement with Assembly Biosciences, Inc. (Assembly) for Assembly's portfolio of three clinical-stage core inhibitor candidates for the treatment of patients with chronic hepatitis B virus (HBV) infection in China. Under the terms of the agreement, Assembly granted BeiGene exclusive rights to develop and commercialize ABI-H0731, ABI-H2158 and ABI-H3733 in China, including Hong Kong, Macau, and Taiwan. BeiGene is responsible for development, regulatory submissions, and commercialization in China. Assembly retains full worldwide rights outside of the partnered territory for its HBV portfolio. Assembly r |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted CashThe Company’s restricted cash balance of $7,209 and $8,055 as of December 31, 2021 and 2020, respectively, primarily consist of RMB-denominated cash deposits held in designated bank accounts for collateral for letters of credit. The Company classifies restricted cash as current or non-current based on term of restriction. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Short-Term Investments Short-term investments as of December 31, 2021 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 2,245,662 — 3,700 2,241,962 Total 2,245,662 — 3,700 2,241,962 Short-term investments as of December 31, 2020 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 3,267,875 850 — 3,268,725 Total 3,267,875 850 — 3,268,725 The Company does not consider the investments in U.S. treasury securities to be other-than-temporarily impaired at December 31, 2021. As of December 31, 2021, the Company's available-for-sale debt securities consisted entirely of short-term U.S. treasury securities, which were determined to have zero risk of expected credit loss. Accordingly, no allowance for credit loss was recorded as of December 31, 2021. Equity Securities with Readily Determinable Fair Values Leap Therapeutics, Inc. (Leap) In January 2020, the Company purchased $5,000 of Series B mandatorily convertible, non-voting preferred stock of Leap in connection with a strategic collaboration and license agreement the Company entered into with Leap. The Series B shares were subsequently converted into shares of Leap common stock and warrants to purchase additional shares of common stock upon approval of Leap's shareholders in March 2020. In September 2021, the Company purchased $7,250 of common stock in Leap's underwritten public offering. As of December 31, 2021, the Company's ownership interest in the outstanding common stock of Leap was 8.3% based on information from Leap. Inclusive of the shares of common stock issuable upon the exercise of the currently exercisable warrants, the Company's interest is approximately 13.1%. The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other income, net. During the year ended December 31, 2021 and 2020, the Company recorded an unrealized gain of $9,386 and $12,479, respectively, in the consolidated statement of operations. As of December 31, 2021 and 2020, the fair value of the common stock and warrants was as follows: As of December 31, 2021 2020 $ $ Fair value of Leap common stock 23,809 10,810 Fair value of Leap warrants 10,306 6,669 Private Equity Securities without Readily Determinable Fair Values The Company invests in equity securities of certain companies whose securities are not publicly traded and fair value is not readily determinable and where the Company has concluded it does not have significant influence based on its ownership percentage and other factors. These investments are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company held investments of $43,722 and $9,705 in equity securities without readily determinable fair values as of December 31, 2021 and 2020, respectively. There were no adjustments to the carrying values of these securities for the year ended December 31, 2021 and 2020. Equity-Method Investments MapKure In June 2019, the Company announced the formation of MapKure, an entity jointly owned by the Company and SpringWorks Therapeutics, Inc. (SpringWorks). The Company out-licensed to MapKure the Company's product candidate BGB-3245, an investigational oral, selective small molecule inhibitor of monomer and dimer forms of activating B-RAF mutations including V600 BRAF mutations, non-V600 B-RAF mutations, and RAF fusions. The Company received 10,000,000 Series A preferred units of MapKure, or a 71.4% ownership interest in exchange for its contribution of the intellectual property. SpringWorks purchased 3,500,000 Series A preferred units, or a 25% ownership interest, and other investors purchased 250,000 Series A preferred units or 1.8% ownership each. Following the initial closing, the Company consolidated its interests in MapKure under the voting model due to its controlling financial interest. In June 2020, MapKure held a second closing under the existing terms of the SPA in which it issued additional Series A preferred units to SpringWorks and the other investors that purchased units in the first closing (the "Second Closing"), and the Company's ownership interest decreased to 55.6%. As the requisite Series A voting requirements in MapKure's governing documents require 70% combined voting power for certain actions, the Company determined that it lost its controlling financial interest after the Second Closing. Therefore, the Company deconsolidated MapKure and recognized a gain of $11,307 for the excess of the fair value of its 55.6% ownership interest in MapKure and carrying amount of the prior non-controlling interest over the carrying amount of MapKure's net assets within other income during the year ended December 31, 2020. Upon deconsolidation, the Company recorded an equity investment of $10,000, which represents the estimated fair value of its 55.6% ownership interest in MapKure. Effective June 8, 2020, the Company is accounting for the investment as an equity-method investment and records its portion of MapKure's earnings or losses within other income, net. The Company recognized losses of $1,176 and $491 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the carrying amount of the Company's investment in MapKure was $8,333 and 9,509, respectively. Guangzhou GET Phase I Biomedical Industry Investment Fund Partnership (Limited Partnership) In July 2020, BeiGene (Guangzhou) invested $11,782 (RMB80,000) in an existing investment fund, Guangzhou GET Phase I Biomedical Industry Investment Fund Partnership (Limited Partnership) (GET Bio-fund). The stated purpose of GET Bio-fund is to promote and upgrade the local industrial transformation in Guangzhou and it is committed to invest at least 60% of the total fund in the biotechnology, medical device, and medical information industries. GET Bio-fund has six limited partners and one general partner, Guangzhou GET Biomedical Industry Investment Fund Management Co., Ltd. (GET Bio-fund Management). GET Bio-fund has an agreed duration for seven years, with the first five years as the investment period and the following two years as the projected payback period. The agreed upon duration may be extended for two Other Equity-Method Investment In addition to the equity-method investments mentioned above, the Company made additional equity-method investments during the years ended December 31, 2021and 2020 that it does not consider to be individually significant to its financial statements. The Company recognized the equity-method investments at cost and subsequently adjusted the basis based on the Company's share of the results of operations. The Company records its share of the investees' results of operations within other income, net. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company’s inventory balance consisted of the following: As of December 31, 2021 2020 $ $ Raw materials 78,140 19,330 Work in process 9,397 1,378 Finished goods 155,089 68,585 Total inventories 242,626 89,293 |
Manufacturing Facility in Guang
Manufacturing Facility in Guangzhou, China | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Manufacturing Facility in Guangzhou, China | Manufacturing Facility in Guangzhou, China Manufacturing legal entity structure BeiGene Shanghai, originally established as a wholly-owned subsidiary of BeiGene (Hong Kong) Co., Ltd. (BeiGene HK), and currently a wholly-owned subsidiary of BeiGene Biologics, as described below, provides clinical development services for BeiGene affiliates and is the clinical trial authorization (CTA) holder and marketing authorization application (MAA) holder for tislelizumab in China. In March 2017, BeiGene HK, a wholly owned subsidiary of the Company, and Guangzhou GET Technology Development Co., Ltd. (now Guangzhou High-tech Zone Technology Holding Group Co., Ltd.) (GET), entered into a definitive agreement to establish a commercial scale biologics manufacturing facility in Guangzhou, Guangdong Province, PRC. BeiGene HK and GET entered into an Equity Joint Venture Contract (the “JV Agreement”). Under the terms of the JV Agreement, BeiGene HK made an initial cash capital contribution of RMB200,000 and a subsequent contribution of one or more biologics assets in exchange for a 95% equity interest in BeiGene Biologics. GET made a cash capital contribution of RMB100,000 to BeiGene Biologics, representing a 5% equity interest in BeiGene Biologics. In addition, on March 7, 2017, BeiGene Biologics entered into a contract with GET, under which GET agreed to provide a RMB900,000 loan (the “Shareholder Loan”) to BeiGene Biologics. In September 2019, BeiGene Biologics completed the first phase of construction of a biologics manufacturing facility in Guangzhou, through a wholly owned subsidiary, the BeiGene Guangzhou Biologics Manufacturing Co., Ltd. (BeiGene Guangzhou Factory), to manufacture biologics for the Company and its subsidiaries. BeiGene HK and BeiGene Biologics subsequently entered into an Equity Transfer Agreement to transfer 100% of the equity interest of BeiGene Shanghai to BeiGene Biologics, as required by the JV agreement, such that the CTA holder and MAA holder for tislelizumab in China was controlled by BeiGene Biologics. Upon the transfer of equity in BeiGene Shanghai, BeiGene HK's equity interest in BeiGene Shanghai became 95%. In September 2020, BeiGene HK entered into a share purchase agreement (JV Share Purchase Agreement) with GET to acquire GET’s 5% equity interest in BeiGene Biologics for a total purchase price of $28,723 (RMB195,262). The transaction was finalized in November 2020 upon completion of the business registration filing. The share purchase was recorded as an equity transaction. The carrying amount of the noncontrolling interest balance of $9,116 was adjusted to nil to reflect the increase in BeiGene HK’s ownership interest to 100%, and the difference in the fair value of the consideration paid and the carrying amount of the noncontrolling interest of $19,599 was recorded to additional paid in capital. In connection with the JV Share Purchase Agreement, BeiGene Biologics repaid the outstanding principal of the Shareholder Loan of $132,061 (RMB900,000) and accrued interest of $36,558 (RMB249,140). In connection with the JV share purchase, the Company entered into a loan agreement with China Minsheng Bank for a total loan facility of up to $200,000 (Senior Loan), of which $120,000 was used to fund the JV share repurchase and repayment of the shareholder loan and $80,000 could be used for general working capital purposes. The Company may extend the original maturity date for up to two additional twelve $198,320 and drew down $200,000 from the Senior Loan . In addition, the Company entered into a loan agreement with Zhuhai Hillhouse Zhaohui Equity Investment Partnership (Zhuhai Hillhouse) for a total loan facility of $73,640 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases for office and manufacturing facilities in the United States, Switzerland, and China. The leases have remaining lease terms of up to five years, some of which include options to extend the leases that have not been included in the calculation of the Company’s lease liabilities and ROU assets. The Company has land use rights, which represent land acquired for the biologics manufacturing facility in Guangzhou, the land acquired for the Company's research, development and office facility in Changping, Beijing, and the land acquired for the Company's research, development and manufacturing facility in Suzhou. The land use rights represent lease prepayments and are expensed over the remaining term of the rights, which is 50 years for the Guangzhou land use rights, 36 years for the Changping land use right, and 30 years for the Suzhou land use right. The Company also has certain leases with terms of 12 months or less for certain equipment, office and lab space, which are not recorded on the balance sheet. The components of lease expense were as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Operating lease cost 22,536 18,271 13,980 Variable lease cost 4,892 2,465 1,784 Short-term lease cost 1,823 1,018 1,001 Total lease cost 29,251 21,754 16,765 Supplemental balance sheet information related to leases was as follows: As of December 31, 2021 2020 $ $ Operating lease right-of-use assets 60,762 41,850 Land use rights, net 56,669 48,731 Total operating lease right-of-use assets 117,431 90,581 Current portion of operating lease liabilities 21,925 13,895 Operating lease liabilities, non-current portion 43,041 29,417 Total lease liabilities 64,966 43,312 Maturities of operating lease liabilities are as follows: $ Year ending December 31, 2022 24,225 Year ending December 31, 2023 20,072 Year ending December 31, 2024 16,103 Year ending December 31, 2025 8,272 Year ending December 31, 2026 1,546 Total lease payments 70,218 Less imputed interest (5,252) Present value of lease liabilities 64,966 Other supplemental information related to leases is summarized below: Year ended December 31, 2021 2020 2019 $ $ $ Operating cash flows used in operating leases 19,962 17,571 12,405 ROU assets obtained in exchange for new operating lease liabilities 37,454 17,634 20,108 As of December 31, 2021 2020 Weighted-average remaining lease term (years) 3 3 Weighted-average discount rate 5.15 % 6.26 % |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2021 2020 $ $ Land 65,485 — Laboratory equipment 118,203 78,640 Leasehold improvements 50,288 37,643 Building 144,083 111,527 Manufacturing equipment 119,585 96,669 Software, electronics and office equipment 27,404 20,782 Property and equipment, at cost 525,048 345,261 Less: Accumulated depreciation (124,286) (73,354) Construction in progress 186,843 85,779 Property, plant and equipment, net 587,605 357,686 In November 2021, the Company purchased a 42-acre site located in Hopewell, NJ for $75,197. The total purchase price was allocated between the land and an existing building on the property based on their relative fair values. The Company plans to construct a biologics manufacturing facility and research and development center on the land. Construction had not yet commenced as of December 31, 2021. Construction in progress (CIP) a s of December 31, 2021 and 2020 primarily related to the buildout of additional capacity at the Guangzhou and Suzhou manufacturing facilities. CIP by fixed asset class are summarized as follows: As of December 31, 2021 2020 $ $ Building 90,229 48,824 Manufacturing equipment 63,361 29,858 Laboratory equipment 17,178 4,507 Other 16,075 2,590 Total 186,843 85,779 Depreciation expense for the years ended December 31, 2021, 2020 and 2019 were $44,742, $30,943 and $17,291, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets as of December 31, 2021 and December 31, 2020 are summarized as follows: December 31, 2021 December 31, 2020 Gross Accumulated Intangible Gross Accumulated Intangible $ $ $ $ $ $ Finite-lived intangible assets: Product distribution rights 7,500 (3,250) 4,250 7,500 (2,500) 5,000 Developed products 43,394 (965) 42,429 — — — Trading license 816 (816) — 816 (816) — Total finite-lived intangible assets 51,710 (5,031) 46,679 8,316 (3,316) 5,000 Product distribution rights consist of distribution rights for the approved cancer therapies licensed from BMS as part of the BMS collaboration. The Company is amortizing the product distribution rights, as a single identified asset, over a period of 10 years from the date of acquisition. Developed products represent the post-approval milestone payments under the license agreement with Merck KGaA that was terminated during the year ended December 31, 2018 and the license and commercialization agreements with EUSA Pharma and Bio-Thera. The Company is amortizing the developed products over the remainder of the respective product patent or the term of the commercialization agreements. Trading license represents the Guangzhou drug distribution license acquired in September 2018. The Company amortized the drug distribution trading license over the remainder of the initial license term through February 2020. The trading license has been renewed through February 2024. Amortization expense for developed products is included in cost of sales - product in the accompanying consolidated statements of operations. Amortization expense for product distribution rights and trading licenses is included in operating expenses in the accompanying consolidated statements of operations. The weighted-average life for each finite-lived intangible assets is approximately 13 years. Amortization expense is as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Amortization expense - Cost of sales - product 965 — — Amortization expense - Operating expense 750 846 1,326 Total 1,715 846 1,326 Estimated amortization expense for each of the five succeeding years and thereafter, as of December 31, 2021 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ $ $ 2022 3,314 750 4,064 2023 3,314 750 4,064 2024 3,314 750 4,064 2025 3,314 750 4,064 2026 3,314 750 4,064 2027 and thereafter 25,859 500 26,359 Total 42,429 4,250 46,679 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income ( loss) before income taxes are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ PRC (606,752) (369,066) (231,997) U.S. 34,923 33,608 24,478 Other (866,759) (1,282,736) (736,067) Total (1,438,588) (1,618,194) (943,586) The current and deferred components of the income tax expense (benefit) from continuing operations are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Current Tax Expense (Benefit): PRC 15,252 16,121 16,368 U.S. (9) (5,678) 65 Other 805 68 12 Total 16,048 10,511 16,445 Deferred Tax Expense (Benefit): PRC 7,516 (1,152) (4,738) U.S. (47,094) (27,030) (4,715) Other (1,704) — — Total (41,282) (28,182) (9,453) Income Tax (Benefit) Expense (25,234) (17,671) 6,992 The reconciliation of the statutory tax rate to our effective income tax rate is as follow: Year Ended December 31, 2021 2020 2019 $ $ $ Loss before tax (1,438,588) (1,618,194) (943,586) China statutory tax rate 25 % 25 % 25 % Expected taxation at China statutory tax rate (359,647) (404,549) (235,897) Foreign and preferential tax rate differential 185,874 218,473 191,820 Non-deductible expenses (2,826) 8,436 (273) Stock compensation expenses (27,411) (22,032) (5,698) Effect of tax rate change — (3,827) (63,395) Change in valuation allowance 210,306 209,085 146,118 Research tax credits and incentives (31,530) (23,257) (25,683) Taxation for the year (25,234) (17,671) 6,992 Effective tax rate 1.8 % 1.1 % (0.7) % Significant components of deferred tax assets (liabilities) are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Deferred Tax Assets: Accruals and reserves 84,766 33,512 27,304 Net operating losses carryforward 625,114 358,425 155,499 Stock-based compensation 14,982 13,981 12,651 Research tax credits 82,060 58,835 33,979 Depreciable and amortizable assets 937,069 724,779 575,128 Lease liability obligation 11,571 9,066 7,864 Gross deferred tax assets 1,755,562 1,198,598 812,425 Less valuation allowance (1,647,985) (1,134,585) (777,583) Total deferred tax assets 107,577 64,013 34,842 Deferred tax liabilities: Right of use lease asset (11,322) (8,843) (7,480) Total deferred tax liabilities (11,322) (8,843) (7,480) Net deferred tax asset 96,255 55,170 27,362 Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, the Company believes that as of December 31, 2021, it is more likely than not that certain deferred tax assets will not be realized for our subsidiaries in Australia, Switzerland, the United States, and for certain subsidiaries in China. For the years ended December 31, 2021 and 2020 , there were increases in the valuation allowance of $210,306 and $209,085, respectively. Adjustments may be required in the future if the Company estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded. As of December 31, 2021 and 2020 , the Company had net operating losses of approximately $3,644,005 and $2,230,857, respectively. As of December 31, 2021, net operating losses were primarily comprised of: $942,541 from entities in the PRC which expire in years 2023 through 2031; $2,325,359 derived from Switzerland which expires in years 2025 through 2028; and, $351,645 derived from entities in the United States that have an indefinite carryforward. The Company has approximately $88,632 of U.S. research tax credits which will expire between 2035 and 2041, if not utilized. The gross unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Beginning balance, as of January 1 7,123 4,633 2,295 Additions based on tax positions related to prior tax years — — 46 Reductions based on tax positions related to prior tax years — — (17) Additions based on tax positions related to the current tax year 2,802 2,497 2,435 Reductions based on lapse of statute of limitations — (7) (126) Ending balance, as of December 31 9,925 7,123 4,633 Current and prior year additions include an assessment of U.S. federal and state tax credits and incentives. None of the unrecognized tax benefits as of December 31, 2021 would impact the consolidated income tax rate if ultimately recognized due to valuation allowances. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months. The Company has elected to record interest and penalties related to income taxes as a component of income tax expense. For the years ended December 31, 2021, 2020 and 2019, the Company's accrued interest and penalties, where applicable, related to uncertain tax positions were not material. The Company conducts business in a number of tax jurisdictions and, as such, is required to file income tax returns in multiple jurisdictions globally. As of December 31, 2021, Australia tax matters are open to examination for the years 2013 through 2021, China tax matters are open to examination for the years 2011 through 2021, Switzerland tax matters are open to examination for the years 2018 through 2021, and U.S. federal tax matters are open to examination for years 2015 through 2021. Various U.S. states and other non-US tax jurisdictions in which the Company files tax returns remain open to examination for 2011 through 2021. The Company qualifies for the Technology Advanced Service Enterprises (TASE) and High and New Technology Enterprise (HNTE) status for certain subsidiaries in China, which expire at the end of 2022. The income tax benefits attributable to this status for the year ended December 31, 2021 is approximately $2,863, or less than $0.01 per share outstanding. During the years ended December 31, 2021 and 2020, the Company completed intra-group transfers of certain intangible assets in anticipation of potential commercialization, which resulted in the establishment of deferred tax assets that were fully offset by valuation allowances. As of December 31, 2021, the Company asserts indefinite reinvestment on the excess of the financial reporting bases over tax bases in the Company's investments in foreign subsidiaries to the extent reversal would incur a significant tax liability. A deferred tax liability has not been established for the approximately $1,844 of cumulative undistributed foreign earnings. Determination of the unrecognized deferred tax liability is not practicable due to the uncertainty and overall complexity of the hypothetical calculation. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Changes in the allowance for credit losses related to trade accounts receivable consist of the following: Year Ended December 31, 2021 2020 $ $ Beginning balance, as of January 1 112 — Provision charged to selling, general and administrative expenses 309 109 Amounts written-off, net of recoveries of amounts previously reserved — — Exchange rate changes (6) 3 Ending balance, as of December 31 415 112 Prepaid expenses and other current assets consist of the following: As of December 31, 2021 2020 $ $ Prepaid research and development costs 87,239 71,341 Prepaid taxes 58,579 30,392 Other receivables 12,010 12,651 Interest receivable 5,052 6,619 Prepaid insurance 1,695 1,347 Prepaid manufacturing cost 78,538 25,996 Other current assets 27,060 11,666 Total 270,173 160,012 Other non-current assets consist of the following: As of December 31, 2021 2020 $ $ Goodwill 109 109 Prepayment of property and equipment 14,140 16,984 Payment of facility capacity expansion activities (1) 24,237 29,778 Prepaid VAT 17,162 10,913 Rental deposits and other 6,609 5,962 Long-term investments 100,792 49,344 Total 163,049 113,090 (1) Represents payments for facility expansion under commercial supply agreements. The payments are providing future benefit to the Company through credits on commercial supply purchases. Accrued expenses and other payables consisted of the following: As of December 31, 2021 2020 $ $ Compensation related 139,966 106,765 External research and development activities related 213,922 143,302 Commercial activities 71,560 66,131 Individual income tax and other taxes 45,661 14,373 Sales rebates and returns related 59,639 11,874 Other 27,307 3,699 Total accrued expenses and other payables 558,055 346,144 Other long-term liabilities consist of the following: As of December 31, 2021 2020 $ $ Deferred government grant income 46,352 49,139 Pension liability 7,814 8,113 Other 68 177 Total other long-term liabilities 54,234 57,429 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company's short-term and long-term debt obligations as of December 31, 2021 and 2020: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate As of December 31, 2021 2020 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 1,255 8,000 307 2,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 1,569 10,000 — — China Minsheng Bank (the "Senior Loan") September 24, 2020 $200,000 (3) 4.5% 200,000 1,274,535 198,320 1,294,010 Zhuhai Hillhouse (the "Related Party Loan") September 24, 2020 RMB500,000 (4) 4.5% 15,693 100,000 15,326 100,000 Other short-term debt (5) 209,048 1,332,197 121,062 789,918 Total short-term debt 427,565 2,724,732 335,015 2,185,928 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 89,444 570,000 88,584 578,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 53,353 340,000 53,641 350,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (6) 59,316 378,000 41,412 270,206 Total long-term debt 202,113 1,288,000 183,637 1,198,206 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.9% as of December 31, 2021. The Company repaid $312 (or RMB2,000) during the year ended December 31, 2021 . The loan is secured by BeiGene Guangzhou Factory's land use right and certain Guangzhou Factory fixed assets in the first phase of the Guangzhou manufacturing facility's build out. 2. On January 22, 2020, BeiGene Guangzhou Factory entered into a nine-year bank loan with China Merchants Bank to borrow up to RMB1,100,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan is secured by Guangzhou Factory's second land use right and fixed assets that will be placed into service upon completion of the second phase of the Guangzhou manufacturing facility's build out. In connection with the Company's short-term loan agreements with China Merchants Bank entered into during the year ended December 31, 2020, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.4% as of December 31, 2021. 3. $120,000 of the Senior Loan was designated to fund the JV share purchase and repayment of the shareholder loan and $80,000 was designated for general working capital purposes. The Senior Loan had an original maturity date of October 8, 2021, which was the first anniversary of the first date of utilization of the loan. The Company may extend the original maturity date for up to two additional twelve $198,320 and drew down $200,000 from the Senior Loan . 4. RMB100,000 of the Related Party Loan was designated for general corporate purposes and RMB400,000 was designated for repayment of the Senior Loan, including principal, interest and fees. The loan originally matured at the earlier of: (i) November 9, 2021, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. On October 8, 2021, the Company extended the maturity date of the Related Party Loan to the earlier of: (i) November 9, 2022, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. Zhuhai Hillhouse is a related party of the Company, as it is an affiliate of Hillhouse Capital. Hillhouse Capital is a shareholder of the Company, and a Hillhouse Capital employee is a member of the Company's board of directors. 5. During the years ended December 31, 2021 and 2020, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB1,940,000 in aggregate, with maturity dates ranging from April 19, 2021 to December 15, 2022. The Company drew down $206,449 (RMB1,332,197) during the year ended December 31, 2021. The Company repaid $123,122 (RMB789,918) of the short-term loans during the year ended. December 31, 2021. The weighted average interest rate for the short-term working capital loans was approximately 4.2% as of December 31, 2021. 6. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.3% as of December 31, 2021. The Company drew down $16,838 (RMB107,794) during the year ended December 31, 2021 . The loan is secured by fixed assets that will be placed into service upon completion of the third phase of the Guangzhou manufacturing facility's build out. Contractual Maturities of Debt Obligations The aggregate contractual maturities of all borrowings due subsequent to December 31, 2021 are as follows: Maturity dates Amounts $ Year ending December 31, 2022 427,565 Year ending December 31, 2023 15,300 Year ending December 31, 2024 31,832 Year ending December 31, 2025 38,027 Year ending December 31, 2026 42,726 Thereafter 74,228 Total 629,678 Interest Expense Interest on bank loans and the Related Party Loan is paid quarterly until the respective loans are fully settled. Interest expense recognized for the years ended December 31, 2021, 2020 and 2019 amounted to $29,263, $18,309 and $15,155, respectively, among which, $1,054, $338 and $4,857 was capitalized, respectively. |
Product Revenue
Product Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Product Revenue | Product Revenue The Company’s product revenue is primarily derived from the sale of its internally developed products BRUKINSA ® in the United States and China, and tislelizumab and pamiparib in China; REVLIMID ® and VIDAZA ® in China under a license from BMS; and XGEVA ® and BLINCYTO ® in China under a license from Amgen. The table below presents the Company’s net product sales for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Product revenue - gross 748,824 324,672 228,760 Less: Rebates and sales returns (114,837) (15,798) (6,164) Product revenue - net 633,987 308,874 222,596 The following table disaggregates net product revenue by product for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Tislelizumab 255,119 163,358 — BRUKINSA ® 217,987 41,702 1,039 REVLIMID ® 70,065 47,372 78,044 VIDAZA ® 19,591 29,975 32,234 ABRAXANE ® — 17,770 111,279 XGEVA ® 45,956 8,496 — BLINCYTO ® 12,515 — — Other 12,754 201 — Total product revenue - net 633,987 308,874 222,596 The following table presents the roll-forward of accrued sales rebates and returns for the years ended December 31, 2021 and December 31, 2020. Year Ended December 31, 2021 2020 $ $ Beginning balance, as of January 1 11,874 3,198 Accrual 114,837 15,798 Payment (67,072) (7,122) Ending balance, as of December 31 59,639 11,874 Sales rebates accrued and paid during the year ended December 31, 2021 increased as a result of compensating distributors for products previously sold at the pre-NRDL price, which remained in the distribution channel, due to the first inclusion of tislelizumab, BRUKINSA ® and XGEVA ® in the NRDL effective March 1, 2021 and additional indications for tislelizumab, BRUKINSA ® and pamiparib effective January 1, 2022. The impact of the NRDL price reductions on net revenue totaled $57,450 for the year ended December 31, 2021. The majority of the accrued compensation related to sales of tislelizumab. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share Loss per share was calculated as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Numerator: Net loss (1,413,354) (1,600,523) (950,578) Less: Net loss attributable to noncontrolling interest — (3,617) (1,950) Net loss attributable to BeiGene, Ltd. (1,413,354) (1,596,906) (948,628) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,206,210,049 1,085,131,783 780,701,283 Net loss per share attributable to BeiGene, Ltd., basic and diluted (1.17) (1.47) (1.22) For the years ended December 31, 2021, 2020 and 2019, the computation of basic loss per share using the two-class method was not applicable, as the Company was in a net loss position. The effects of all share options and restricted share units were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the years ended December 31, 2021, 2020 and 2019. |
Share-Based Compensation Expens
Share-Based Compensation Expense | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense | Share-Based Compensation Expense 2016 Share Option and Incentive Plan In January 2016, in connection with its U.S. IPO, the board of directors and shareholders of the Company approved the 2016 Share Option and Incentive Plan (the “2016 Plan”), which became effective in February 2016. The Company initially reserved 65,029,595 ordinary shares for the issuance of awards under the 2016 Plan, plus any shares available under the 2011 Option Plan (the “2011 Plan”), and not subject to any outstanding options as of the effective date of the 2016 Plan, along with underlying share awards under the 2011 Plan that are cancelled or forfeited without issuance of ordinary shares. As of December 31, 2021, ordinary shares cancelled or forfeited under the 2011 Plan that were carried over to the 2016 Plan totaled 5,166,510. The 2016 Plan provided for an annual increase in the shares available for issuance, to be added on the first day of each fiscal year, beginning on January 1, 2017, equal to the lesser of (i) five percent (5)% of the outstanding shares of the Company's ordinary shares on the last day of the immediately preceding fiscal year or (ii) such number of shares determined by the Company’s board of directors or the compensation committee. On January 1, 2018, 29,603,616 ordinary shares were added to the 2016 Plan under this provision. However, in August 2018, in connection with the Hong Kong IPO, the board of directors of the Company approved an amended and restated 2016 Plan to remove this "evergreen" provision and implement other changes required by the Hong Kong Stock Exchange (HKEx) rules. In December 2018, the shareholders of the Company approved a second amended and restated 2016 Plan to increase the number of shares authorized for issuance by 38,553,159 ordinary shares, as well as amend the cap on annual compensation to independent directors and make other changes. In June 2020, the shareholders approved an Amendment No. 1 to the 2016 Plan to increase the number of shares authorized for issuance by 57,200,000 ordinary shares and to extend the term of the plan through April 13, 2030. The number of shares available for issuance under the 2016 Plan is subject to adjustment in the event of a share split, share dividend or other change in the Company’s capitalization. As of December 31, 2021, share-based awards to acquire 50,886,939 ordinary shares were available for future grant under the 2016 Plan. 2018 Inducement Equity Plan In June 2018, the board of directors of the Company approved the 2018 Inducement Equity Plan (the “2018 Plan”) and reserved 12,000,000 ordinary shares to be used exclusively for grants of awards to individuals who were not previously employees of the Company or its subsidiaries, as a material inducement to the individual’s entry into employment with the Company or its subsidiaries, within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules. The 2018 Plan was approved by the board of directors upon recommendation of the compensation committee, without shareholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The terms and conditions of the 2018 Plan, and the forms of award agreements to be used thereunder, are substantially similar to the 2016 Plan and the forms of award agreements thereunder. In August 2018, in connection with the listing of the Company’s ordinary shares on the HKEx, the board of directors of the Company approved an amended and restated 2018 Plan to implement changes required by the HKEx rules. As of December 31, 2021, share-based awards to acquire 9,344,659 ordinary shares were available for future grant under the 2018 Plan. 2018 Employee Share Purchase Plan In June 2018, the shareholders of the Company approved the 2018 Employee Share Purchase Plan (the ESPP). Initially, 3,500,000 ordinary shares of the Company were reserved for issuance under the ESPP. In August 2018, in connection with the Hong Kong IPO, the board of directors of the Company approved an amended and restated ESPP to remove an “evergreen” share replenishment provision originally included in the plan and implement other changes required by the HKEx rules. In December 2018, the shareholders of the Company approved a second amended and restated ESPP to increase the number of shares authorized for issuance by 3,855,315 ordinary shares to 7,355,315 ordinary shares. The ESPP allows eligible employees to purchase the Company’s ordinary shares (including in the form of ADSs) at the end of each offering period, which will generally be six months, at a 15% discount to the market price of the Company’s ADSs at the beginning or the end of each offering period, whichever is lower, using funds deducted from their payroll during the offering period. Eligible employees are able to authorize payroll deductions of up to 10% of their eligible earnings, subject to applicable limitations. The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds August 31, 2021 425,386 $ 308.30 $ 23.72 $ 262.06 $ 20.16 $ 8,575 February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 August 31, 2020 485,069 $ 164.06 $ 12.62 $ 139.45 $ 10.73 $ 5,203 February 28, 2020 425,425 $ 145.54 $ 11.20 $ 123.71 $ 9.52 $ 4,048 August 30, 2019 233,194 $ 143.75 $ 11.06 $ 122.19 $ 9.40 $ 2,192 February 28, 2019 154,505 $ 137.05 $ 10.54 $ 116.49 $ 8.96 $ 1,385 1 The market price is the lower of the closing price on the NASDAQ Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. As of December 31, 2021, 5,194,546 ordinary shares were available for future issuance under the ESPP. Share options Generally, share options have a contractual term of 10 years and vest over a three The following table summarizes the Company’s share option activities under the 2011, 2016 and 2018 Plans: Number of Weighted Weighted Weighted Aggregate $ $ Years $ Outstanding at December 31, 2018 116,082,647 3.21 Granted 12,641,590 9.38 5.06 Exercised (16,730,441) 2.60 171,429 Forfeited (3,576,542) 5.09 Outstanding at December 31, 2019 108,417,254 3.96 Granted 8,999,536 13.54 7.15 Exercised (29,707,587) 2.82 416,509 Forfeited (2,717,488) 7.22 Outstanding at December 31, 2020 84,991,715 5.27 Granted 6,244,524 26.46 12.40 Exercised (17,233,853) 4.52 367,110 Forfeited (1,797,498) 13.27 Outstanding at December 31, 2021 72,204,888 7.08 5.81 1,026,958 Exercisable as of December 31, 2021 55,576,828 4.31 5.08 919,118 Vested and expected to vest at December 31, 2021 70,043,242 6.79 5.73 1,012,938 As of December 31, 2021, the unrecognized compensation cost related to 14,466,414 unvested share options expected to vest was $88,394. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.1 years. The total fair value of employee share option awards vested during the years ended December 31, 2021, 2020 and 2019 was $53,571, $55,127 and $58,670, respectively. Fair value of options The Company uses the binomial option-pricing model in determining the estimated fair value of the options granted. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and, the exercise multiple for which employees are likely to exercise share options. For expected volatilities, the trading history and observation period of the Company’s own share price is used in conjunction with historical price volatilities of ordinary shares of several comparable companies in the same industry as the Company. For the exercise multiple, the Company was not able to develop an exercise pattern as reference, thus the exercise multiple is based on management’s estimation, which the Company believes is representative of the future exercise pattern of the options. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury Bills yield curve in effect at the time of grant. The following table presents the range of fair values and the assumptions used to estimate those fair values of the share options granted in the years presented: Year Ended December 31, 2021 2020 2019 Fair value of ordinary share $9.94 ~ $14.97 $4.95 ~ $11.89 $4.64 ~ $8.28 Risk-free interest rate 1.1% ~ 1.7% 0.6% ~ 1.1% 1.5% ~ 2.8% Expected exercise multiple 2.8 2.8 2.2 ~ 2.8 Expected volatility 51% ~ 59% 58% ~ 59% 58% ~ 60% Expected dividend yield 0% 0% 0% Contractual life 10 years 10 years 10 years Restricted shares The following table summarizes the Company’s restricted share activities under the 2016 Plan: Numbers Weighted-Average $ Outstanding at December 31, 2018 300,000 2.25 Granted — — Vested (75,000) 2.27 Forfeited (150,000) 2.24 Outstanding at December 31, 2019 75,000 2.27 Granted — — Vested (75,000) 2.27 Forfeited — — Outstanding at December 31, 2020 — — Granted — — Vested — — Forfeited — — Outstanding at December 31, 2021 — — Expected to vest at December 31, 2021 — — The Company had no non-employee restricted share activities during the year ended December 31, 2021 and 2020. As of December 31, 2021, all compensation cost related to restricted shares was fully recognized. Restricted share units The following table summarizes the Company's restricted share unit activities under the 2016 and 2018 Plans: Numbers Weighted-Average $ Outstanding at December 31, 2018 14,102,452 11.85 Granted 18,637,333 10.10 Vested (3,474,068) 11.75 Forfeited (2,413,450) 11.07 Outstanding at December 31, 2019 26,852,267 10.72 Granted 18,820,581 14.20 Vested (7,302,828) 10.88 Forfeited (3,493,048) 11.36 Outstanding at December 31, 2020 34,876,972 12.50 Granted 17,173,767 25.58 Vested (10,703,381) 12.23 Forfeited (5,264,376) 15.82 Outstanding at December 31, 2021 36,082,982 18.33 Expected to vest at December 31, 2021 31,392,194 18.33 As of December 31, 2021, the unrecognized compensation cost related to unvested restricted share units expected to vest was $469,862. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.6 years. The following table summarizes total share-based compensation cost recognized for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 $ $ $ Research and development 114,357 92,999 76,293 Selling, general and administrative 126,355 90,482 57,861 Total 240,712 183,481 134,154 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The movement of accumulated other comprehensive income (loss) was as follows: Foreign Currency Unrealized Pension Liability Adjustments Total $ $ $ $ December 31, 2019 (9,291) 1,290 — (8,001) Other comprehensive income (loss) before reclassifications 23,475 1,073 (8,113) 16,435 Amounts reclassified from accumulated other comprehensive income (loss) (1) — (1,492) — (1,492) Net-current period other comprehensive (loss) income 23,475 (419) (8,113) 14,943 December 31, 2020 14,184 871 (8,113) 6,942 Other comprehensive income (loss) before reclassifications 13,714 (4,504) 309 9,519 Amounts reclassified from accumulated other comprehensive income (loss) (1) — (67) 1,556 1,489 Net-current period other comprehensive (loss) income 13,714 (4,571) 1,865 11,008 December 31, 2021 27,898 (3,700) (6,248) 17,950 (1) The amounts reclassified from accumulated other comprehensive (loss) income were included in other income, net in the consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity During the years ended December 31, 2021, 2020 and 2019, the Company completed the following equity offerings: In January 2020, the Company sold 15,895,001 ADSs, representing a 20.5% ownership stake in the Company, to Amgen for aggregate cash proceeds of $2,779,241, or $174.85 per ADS, pursuant to the Share Purchase Agreement executed in connection with the Amgen Collaboration Agreement. On March 17, 2020, BeiGene, Ltd. and Amgen entered into an Amendment No. 2 (the “Second Amendment”) to the Share Purchase Agreement in order to account for periodic dilution from the issuance of shares by the Company, which was restated in its entirety on September 24, 2020 (the “Restated Second Amendment”). Pursuant to the Restated Second Amendment, Amgen has an option (the “Direct Purchase Option”) to subscribe for additional ordinary shares of the Company in the form of ADSs (the “Additional Shares”) in an amount necessary to enable it to increase (and subsequently maintain) its ownership at approximately 20.6% of the Company's outstanding shares. The Direct Purchase Option is exercisable on a monthly basis, but only if Amgen’s interest in the outstanding shares of the Company at the monthly reference date is less than 20.4%. The Direct Purchase Option (i) will be exercisable by Amgen solely as a result of dilution arising from issuance of new shares under the Company's equity incentive plans from time to time, and (ii) is subject to annual approval by the Company's independent shareholders each year during the term of the Restated Second Amendment. The exercise period of the Direct Purchase Option commenced on December 1, 2020 and will terminate on the earliest of: (a) the date on which Amgen and its affiliates collectively own less than 20% of the outstanding share capital of the Company as a result of Amgen’s sale of shares; (b) at least 60-day advance written notice from either Amgen or the Company that such party wishes to terminate the Direct Purchase Option; or (c) December 1, 2023. The Direct Purchase Option has no vesting period. In July 2020, the Company issued 145,838,979 ordinary shares, par value $0.0001, to eight existing investors, including entities associated with Hillhouse Capital and Baker Bros. Advisors LP, as well as Amgen, in a registered direct offering under the Company's effective Registration Statement on Form S-3 (File No. 333-238181). Each ordinary share was sold for a purchase price of $14.2308 per share ($185.00 per ADS), resulting in net proceeds, after offering expenses, of $2,069,610. Amgen purchased 29,614,832 ordinary shares for $421,443 as part of this offering. The offering was made without an underwriter or a placement agent, and as a result the Company did not pay any underwriting discounts or commissions in connection with the offering. In September 2021, upon Amgen's exercise of its Direct Purchase Option, the Company issued an aggregate of 165,529 ADSs, representing 2,151,877 ordinary shares, to Amgen Inc. for a total consideration of $50,000, in a private placement pursuant to a Share Purchase Agreement dated October 31, 2019, as amended on December 6, 2019 and September 24, 2020 by and between Amgen and Company. In December 2021, the Company completed an initial public offering of (STAR Offering) on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange (SSE). The shares offered in the STAR Offering were issued to and subscribed for by permitted investors in the People’s Republic of China (PRC) in Renminbi (RMB Shares). The public offering price of the RMB Shares was RMB192.60 per ordinary share, or $391.68 per ADS. In this offering, the Company sold 115,055,260 ordinary shares. Net proceeds after deducting underwriting discounts and commission and offering expenses were $3,392,616. As required by the PRC securities laws, the net proceeds from the STAR Offering must be used in strict compliance with the planned uses as disclosed in the PRC prospectus as well as the Company's proceeds management policy for the STAR Offering approved by the board of directors. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Net Assets Disclosure [Abstract] | |
Restricted Net Assets | Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its PRC subsidiaries. Relevant PRC laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s PRC subsidiaries were established as domestic invested enterprises and therefore were subject to the above-mentioned restrictions on distributable profits. During the years ended December 31, 2021, 2020 and 2019, no appropriation to statutory reserves was made, because the PRC subsidiaries had an accumulated deficit as of the end of such periods. As a result of these PRC laws and regulations, including the requirement to make annual appropriations of at least 10% of after-tax income and set aside as general reserve fund prior to payment of dividends, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans, and advances. As of December 31, 2021 and 2020, amounts restricted were the net assets of the Company’s PRC subsidiaries, which amounted to $799,574 and $119,776, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plans 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, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s PRC subsidiaries make 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 made. The total amounts for such employee benefits, which were expensed as incurred, were $63,772, $23,717 and $23,282 for the years ended December 31, 2021, 2020 and 2019, respectively. The Company maintains a defined contribution 401(k) savings plan (the "401(k) Plan") for U.S. employees. The 401(k) Plan covers all U.S. employees, and allows participants to defer a portion of their annual compensation on a pretax basis. In addition, the Company has a matching contribution to the 401(k) Plan, which, in the 2021 plan year, matched dollar for dollar of eligible contributions up to 4%. Company contributions to the 401(k) plan totaled $7,483, $4,840 and $2,389 in the years ended December 31, 2021, 2020 and 2019, respectively. The Company maintains a government mandated program to cover its employees in Switzerland for pension, death, or disability. The program is considered a defined contribution plan. Employer and employee contributions are made based on various percentages of salaries and wages that vary based on employee age and other factors. Company contributions into the program amounted to $2,986, $2,960, and $528 in the years ended December 31, 2021, 2020 and 2019, respectively. Employee benefit expenses for the remaining subsidiaries were immaterial. Defined Benefit Plan The Company maintains a defined benefit pension plan covering its employees in Switzerland (the "Swiss Plan"). This plan is a government mandated fund that provides benefits to employees upon retirement, death, or disability. Contributions are made based on various percentages of participants' salaries and wages determined based on participants' age and other factors. As of December 31, 2021 and 2020, the projected benefit obligations under the Swiss Plan were approximately $34,517 and $23,566, respectively, and plan assets were approximately $26,703 and $15,453, respectively. The funded status of the Swiss Plan is included in other long-term liabilities in the accompanying consolidated balance sheets. The initial determination of the pension liability was recorded as other comprehensive loss during the year ended December 31, 2020 and subsequently amortized as a component of net periodic pension cost (see Note 17). The Company's annual contribution to the Swiss Plan is estimated to be approximately $1,604 in 2022 and is expected to evolve thereafter proportionally with changes in staffing and compensation levels, actuarial assumptions and actual investment returns on plan assets. The following table reflects the total expected benefit payments to Swiss Plan participants and have been estimated based on the same assumptions used to measure the Company's benefit obligations as of December 31, 2021: Amounts Year(s) $ 2022 44 2023 68 2024 528 2025 271 2026 197 2027 – 2031 3,760 Total 4,868 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of December 31, 2021, the Company had purchase commitments amounting to $168,687, of which $75,976 related to minimum purchase requirements for supply purchased from contract manufacturing organizations and $92,711 related to binding purchase order obligations of inventory from BMS and Amgen. The Company does not have any minimum purchase requirements for inventory from BMS or Amgen. Capital commitments The Company had capital commitments amounting to $42,394 for the acquisition of property, plant and equipment as of December 31, 2021, which were mainly for the Company’s biologics manufacturing facility in Guangzhou, China, small molecule manufacturing facility in Suzhou, China, and research and development operations at the Changping facility in Beijing, China. Co-development funding commitment Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global clinical development costs for the Amgen oncology pipeline assets up to a total cap of $1,250,000. The Company is funding its portion of the co- development costs by contributing cash and/or development services. As of December 31, 2021, the Company's remaining co-development funding commitment was $791,059. Research and Development Commitment The Company entered into long-term research and development agreements, which include obligations to make upfront payments and fixed quarterly payments over the next five years. As of December 31, 2021, the total research and development commitment amounted to $27,985. Funding Commitment The Company had committed capital related to an equity method investment in the amount of $15,000. As of December 31, 2021, the remaining capital commitment was $12,750 and is expected to be paid from time to time over the investment period. Other Business Agreements The Company enters into agreements in the ordinary course of business with contract research organizations (CROs) to provide research and development services. These contracts are generally cancellable at any time by the Company with prior written notice. The Company also enters into collaboration agreements with institutions and companies to license intellectual property. The Company may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of specified products associated with its collaboration agreements. Payments under these agreements generally become due and payable upon achievement of such milestones or sales. These commitments are not recorded on the consolidated balance sheet because the achievement and timing of these milestones are not fixed and determinable. When the achievement of these milestones or sales have occurred, the corresponding amounts are recognized in the consolidated financial statements. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company operates in one segment: pharmaceutical products. Its chief operating decision maker is the Chief Executive Officer, who makes operating decisions, assesses performance, and allocates resources on a consolidated basis. The Company’s long-lived assets are substantially located in the PRC, with the exception of land which is in the U.S. Net product revenues by geographic area are based upon the location of the customer, and net collaboration revenue is recorded in the jurisdiction in which the related income is expected to be sourced from. Total net revenues by geographic area are presented as follows: Year Ended December 31, 2021 2020 2019 $ $ $ PRC 517,173 290,646 221,557 U.S. 495,265 18,228 134,689 ROW 163,845 — 71,966 Total 1,176,283 308,874 428,212 PRC revenues for each of the three years in the period ended December 31, 2021 consisted entirely of product sales. U.S. revenues for the year ended December 31, 2021 consisted of collaboration revenues of $379,607 and BRUKINSA ® product sales of $115,658, respectively. U.S. revenues for the year ended December 31, 2020 consisted entirely of BRUKINSA ® product sales. U.S. revenues for the year ended December 31, 2019 consisted primarily of collaboration revenues. Rest of world revenues for each of the three years in the period ended December 31, 2021 consisted primarily of collaboration revenues. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its wholly-owned subsidiaries are eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating |
Functional Currency and Foreign Currency Translation | Functional Currency and Foreign Currency Translation Functional currency The Company uses the United States dollar ("$" or U.S. dollar) as its reporting currency. Operations in subsidiaries are recorded in the functional currency of the respective subsidiary. The determination of functional currency is based on the criteria of Accounting Standard Codification (ASC) 830, Foreign Currency Matters . Foreign currency translation For subsidiaries whose functional currencies are not the U.S. dollar, the Company uses the average exchange rate for the year and the exchange rate at the balance sheet date, to translate the operating results and financial position to U.S. dollar, the reporting currency, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. Cash equivalents which consist primarily of money market funds are stated at fair value. |
Restricted Cash | Restricted cash Restricted cash primarily consists of RMB-denominated cash deposits pledged in designated bank accounts as collateral for bank loans and letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. |
Accounts Receivable | Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their invoiced amounts, net of trade discounts and allowances as well as an allowance for credit losses. The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer's ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. |
Inventory | Inventory Prior to the regulatory approval of product candidates, the Company may incur expenses for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. |
Investments | Investments The Company's investments consist of available-for-sale debt securities, public equity securities with readily determinable fair values, private equity securities without readily determinable fair values, and equity-method investments. The classification of an investment is determined based on the nature of the investment, the Company's ability and intent to hold the investment, and the degree to which the Company may exercise influence over the investee. • Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income. Interest and dividends are included in interest income. Available-for-sale debt securities with original maturities greater than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term. Available-for-sale debt securities with maturities beyond one year may be classified as short-term marketable securities due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. • Public equity securities with readily determinable fair values are recorded at fair value. Subsequent changes in fair value are recorded in other income, net. Derivative financial instruments to purchase public equity securities are recorded at fair value. The estimated fair value of derivative financial instruments is determined based on the Black-Scholes valuation model. Changes in fair value of derivative instruments are recorded in other income, net. • Private equity securities without readily determinable fair values and where the Company does not have significant influence are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments to private equity securities are recorded in other income, net. • Equity investments in common stock or in-substance common stock where the Company has significant influence over the financial and operating policies of the investee are accounted for as equity-method investments. Equity-method investments are initially recorded at cost and subsequently adjusted based on the Company's percentage ownership in the investee's income and expenses, as well as dividends, if any. The Company records its share of the investee's results of operations in other income, net. The Company records impairment losses on our equity method investments if it deems the impairment to be other-than-temporary. The Company deems an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value and ability to retain the investment to allow for a recovery in fair value. Realized gains or losses on sales of investments are determined based on the specific identification method. The Company regularly evaluates its investments in debt and equity for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net income. No impairment losses or allowance for credit losses on investments were recorded for any periods presented. |
Property and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term |
Leases | Leases Effective January 1, 2019, the Company adopted ASC, Topic 842, Leases (ASC 842) using the effective date method. The Company determines if an arrangement is a lease at inception. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Company’s policy election to combine lease and non-lease components for its leases. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s lease portfolio consists entirely of operating leases as of December 31, 2021. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (ROU) asset and lease liability. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Company’s leases is not typically readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. |
Land Use Right, Net | Land Use Right, Net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842. The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease ROU asset on the balance sheet. The ROU asset is amortized over the remaining lease term. In 2017, the Company acquired a land use right from the local Bureau of Land and Resources in Guangzhou for the purpose of constructing and operating the Company's biologics manufacturing facility in Guangzhou. In 2019, the Company acquired a second Guangzhou land use right from the local Bureau of Land and Resources. In 2021, the Company acquired two land use rights from the local Bureau of Land and Resources to expand its biologics manufacturing facility in Guangzhou. Guangzhou land use rights are being amortized over the respective terms of the land use rights, which are each 50 years. In 2018, the Company acquired a land use right in conjunction with the acquisition of Beijing Innerway Bio-tech Co., Ltd. The land use right is being amortized over the term of the land use right, which is 36 years. In 2020, the Company acquired a land use right from the local Bureau of Land and Resources in Suzhou to construct its research, development and manufacturing facility in Suzhou. The land use right is being amortized over the term of the land use right, which is 30 years. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances would indicate a potential impairment. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company's reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Company's evaluation of relevant events and circumstances affecting the Company's single reporting unit, including macroeconomic, industry, and market conditions, the Company's overall financial performance, and trends in the market price of the Company's ADSs. If qualitative factors indicate that it is more likely than not that the Company's reporting unit’s fair value is less than its carrying amount, then the Company will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2021, 2020 and 2019 the Company determined that there were no indicators of impairment of goodwill. Intangible assets acquired through business combinations are recognized as assets separate from goodwill and are measured at fair value upon acquisition. Intangible assets acquired in transactions that are not business combinations are recorded at the allocated portion of total consideration transferred based on their relative fair value in relation to net assets acquired. Intangible assets associated with milestone payments made to third parties subsequent to regulatory approval are recorded at cost. Identifiable intangible assets consist of distribution rights for approved cancer therapies licensed from BMS that are amortized on a straight-line basis over the estimated useful lives of the assets, which is 10 years; post-approval milestone payments under license and commercialization agreements, that are amortized over the remainder of the product patent or the term of the commercialization agreements; and trading licenses that are amortized over the initial license term. Intangible assets with finite useful lives are tested for impairment when events or circumstances occur that could indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company evaluates the recoverability of the intangible assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For the years ended December 31, 2021, 2020 and 2019, the Company determined that there were no indicators of impairment of its other intangible assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsLong-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. |
Fair Value Measurements | Fair Value Measurements Fair value of financial instruments The Company applies ASC topic 820 (ASC 820), Fair Value Measurements and Disclosures, in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC, Topic 606, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Product Revenue The Company generates product revenues in China through the sale of its internally developed drugs tislelizumab, BRUKINSA ® and pamiparib, and the sale of in-licensed products through its agreements with Amgen, BMS, Bio-Thera and EUSA Pharma. Under the commercial profit share arrangement with Amgen, the Company is the principal for in-licensed product sales to customers in China during the commercialization period and recognizes 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales are recorded as cost of sales. In the United States, the Company generates product revenues from the sale of BRUKINSA ® . In China, the Company sells its internally developed products to multiple distributors, who in turn sell the product to hospitals or pharmacies within their authorized territories to be sold ultimately to patients. In-licensed products are sold to a first tier distributor who subsequently resells the products to second tier distributors who ultimately sell the products to health care providers and patients. In the United States, the Company distributes BRUKINSA ® through specialty pharmacies and specialty distributors. The specialty pharmacies and specialty distributors subsequently resell the product to health care providers and patients. The Company is the principal under the product sales as the Company controls the products with the ability to direct the use of, and obtain substantially all the remaining benefits from the products before they are sold to the customer. For product sales transactions, the Company has a single performance obligation which is to sell the products to its customer. The Company includes variable consideration in the transaction price to the extent it is probable that a significant reversal will not occur and estimates variable consideration from rebates, chargebacks, trade discounts and allowances, sales returns allowances and other incentives using the expected value method. Revenues for product sales are recognized at a point in time when the single performance obligation is satisfied upon delivery to the customer. The Company's payment terms are approximately 45-90 days. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The Company will reassess estimates for variable consideration periodically. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Estimates for variable consideration for which reserves are established at the time of sale include government and commercial rebates, provisions for acceptance of National Reimbursement Drug List pricing in the PRC, chargebacks, trade discounts and allowances, sales returns allowances and other incentives that are offered within contracts between the Company and its customers, health care providers and other indirect customers. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, channel inventory levels, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The Company bases its sales returns allowance on estimated distributor inventories, customer demand as reported by third-party sources, and actual returns history, as well as other factors, as appropriate. For newly launched products where actual returns history is not yet available, the sales returns allowance is initially calculated based on benchmarking data from similar products and industry experience. If the historical or benchmarking data the Company uses to calculate these estimates do not properly reflect future returns, then a change in the allowance would be made in the period in which such a determination is made and revenues in that period could be materially affected. Any changes from the historical trend rates are considered in determining the current sales return allowance. To date, sales returns have not been significant. Collaboration Revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (ASC 808) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step model under ASC 606 noted above. The Company’s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Company considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Non-refundable payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Company’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Company recognizes revenues from non-refundable up-front fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Options to License Intellectual Property: Upfront non-refundable payments for options to license the Company’s intellectual property are evaluated to determine if the option represents a material right and is distinct from the other performance obligations identified in the arrangement. For options determined to be a material right and distinct, the Company defers the non-refundable up-front fees allocated to the option and recognizes revenues at a point in time, at the earlier of when the option is exercised or the option period expires. Right to Access Intellectual Property during the Option Period: The portion of a transaction price allocated to the other parties right to access the Company's intellectual property to generate their own data during an option period is deferred and recognized as collaboration revenue over the option period on a straight-line basis as the right to use the intellectual property is provided and the data generated. Research and Development Services: The portion of a transaction price allocated to research and development services performance obligations is deferred and recognized as collaboration revenue over time as delivery or performance of such services occurs. Milestone Payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials. Due to the uncertainty involved in meeting these development-based targets, they are generally fully constrained at contract inception. The Company will assess whether the variable consideration is fully constrained each reporting period based on the facts and circumstances surrounding the clinical trials. Upon changes to constraint associated with the developmental milestones, variable consideration will be included in the transaction price when a significant reversal of revenue recognized is not expected to occur and allocated to the separate performance obligations. Regulatory milestones are fully constrained until the period in which those regulatory approvals are achieved due to the inherent uncertainty with the approval process. Regulatory milestones are included in the transaction price in the period regulatory approval is obtained. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of the costs associated with our research and development activities, conducting preclinical studies and clinical trials, and activities related to regulatory filings, which primarily include (i) payroll and related costs (including share-based compensation) associated with research and development personnel, (ii) costs related to clinical trials and preclinical testing of the Company’s technologies under development, (iii) costs to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (iv) expenses for research services provided by universities and contract laboratories, including sponsored research funding, and (v) other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Company’s research and development services and have no alternative future uses. Clinical trial costs are a significant component of the Company’s research and development expenses. The Company has a history of contracting with third parties that perform various clinical trial activities on behalf of the Company in the ongoing development of the Company’s product candidates. Expenses related to clinical trials are accrued based on the Company’s estimates of the actual services performed by the third parties for the respective period. If the contracted amounts are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company will modify the related accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. The process of estimating the Company's research and development expenses involves reviewing open contracts and purchase orders, communicating with its personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated costs incurred for the services when the Company has not yet been invoiced or otherwise notified of the actual costs. The majority of the Company's service providers invoice it in arrears for services performed, on a pre‑determined schedule or when contractual milestones are met; however, some require advanced payments. The Company makes estimates of the expenses as of each balance sheet date in its financial statements based on facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting expenses that are too high or too low in any particular period. There were no material adjustments for a change in estimate to research and development expenses in the accompanying consolidated financial statements for the years ended December 31, 2021, 2020 and 2019. Acquired In-Process Research and Development Expense The Company has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as pre-commercial milestone payments, are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the new drug compound did not also include processes or activities that would constitute a “business” as defined under GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. Royalties owed on sales of the products licensed pursuant to the agreements are expensed in the period the related revenues are recognized. |
Government Grants | Government Grants Government financial incentives that involve no conditions or continuing performance obligations of the Company are recognized as other non-operating income upon receipt. In the event government grants or incentives involve continuing performance obligations, the Company will capitalize the payment as a liability and recognize the same financial statement caption as the performance obligation relates over the performance period. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income , requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive loss includes net |
Share-Based Compensation | Share-Based Compensation Awards granted to employees The Company applies ASC 718, Compensation—Stock Compensation (ASC 718), to account for its employee share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company’s grants of share-based awards to employees were classified as equity awards and are recognized in the financial statements based on their grant date fair values. Specifically, the grant date fair value of share options is calculated using an option pricing model. The fair value of restricted shares and restricted share units are based on the closing market price of our ADSs on the NASDAQ Global Select Market on the date of grant. The Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting based on service conditions provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the options that are vested at that date. The Company uses the accelerated method for all awards granted with graded vesting based on performance conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in the subsequent period if actual forfeitures differ from initial estimates. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates and are adjusted to reflect future changes in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. To the extent the Company revises these estimates in the future, the share-based payments could be materially impacted in the period of revision, as well as in following periods. The Company, with the assistance of an independent third-party valuation firm, determined the estimated fair value of the stock options granted to employees using the binomial option pricing model. Awards granted to non-employees The Company has accounted for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505, Equity . All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The grant date is the measurement date of the fair value of the equity instrument issued. The expense is recognized in the same manner as if the Company had paid cash for the services provided by the non-employees in accordance with ASC 505-50, Equity-based payments to non-employees . The Company estimated the fair value of share options granted to non-employees using the same method as employees. Modification of awards A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company recognizes in the financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Company’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. |
Loss Per Share | Loss Per Share Loss per share is calculated in accordance with ASC 260, Earnings per Share . Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s restricted shares are participating securities because they have contractual rights to share in the profits of the Company. However, the restricted shares do not have contractual rights and obligations to share in the losses of the Company. For the periods presented herein, the computation of basic loss per share using the two-class method is not applicable as the Company is in a net loss position. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s convertible preferred shares, if any, using the if-converted method, and ordinary shares issuable upon the conversion of the share options and unvested restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company’s consolidated statements of operations. |
Segment Information | Segment Information In accordance with ASC 280, Segment Reporting |
Concentration of Risks | Concentration of Risks Concentration of credit risk Financial instruments that are potentially subject to credit risk consist of cash and cash equivalents short-term investments, and accounts receivable. As of December 31, 2021 and 2020, $4,375,678 and $1,381,950 were deposited with various major reputable financial institutions located in the PRC and international financial institutions outside of the PRC, respectively. The deposits placed with financial institutions are not protected by statutory or commercial insurance. In the event of bankruptcy of one of these financial institutions, the Company may be unable to claim its deposits back in full. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. As of December 31, 2021 and 2020, the Company had short-term investments amounting to $2,241,962 and $3,268,725, respectively. At December 31, 2021, the Company’s short-term investments were comprised of U.S. treasury securities. The Company believes that U.S. treasury securities are of high credit quality and continually monitors the credit worthiness of these institutions. As of December 31, 2021 and 2020, the Company had accounts receivable, net of $483,113 and $60,403, respectively. Accounts receivable, net represent amounts arising from product sales and amounts due from the our collaboration partners. The Company monitors economic conditions to identify facts or circumstances that may indicate receivables are at risk of collection. Customer concentration risk For the year ended December 31, 2021, sales to the Company's three largest product distributors, Sinopharm, China Resources, and Shanghai Pharmaceutical represented approximately 26.0%, 19.9% and 16.7% of product revenue, respectively, and collectively, represented approximately 23.4% of trade accounts receivable as of December 31, 2021. For the year ended December 31, 2021, the Company's collaboration revenue consisted entirely of revenue recognized under its out-licensing collaboration agreements with Novartis. Receivables from Novartis represented approximately 66.4% of trade accounts receivable as of December 31, 2021, primarily due to the invoicing of the $300,000 upfront fee related to the Ociperlimab option, collaboration and license agreement. For the year ended December 31, 2020, sales to the Company's two largest product distributors, China Resources and Sinopharm, represented approximately 38.7% and 25.4% of product revenue, respectively, and collectively, represented approximately 59.6% of trade accounts receivable as of December 31, 2020. For the year ended December 31, 2019, substantially all of the Company's revenue was from BMS and the Company's product distributor, China Resources, in China. Business, customer, political, social and economic risks The Company participates in a dynamic biopharmaceutical industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for services and products; competitive pressures due to existing competitors and new entrants; advances and new trends in new drugs and industry standards; changes in clinical research organizations, contract manufacturers and other key vendors; changes in certain strategic relationships or customer relationships; regulatory considerations; intellectual property considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its growth. The Company’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC and in relations between the PRC and United States. Currency convertibility risk A significant portion of the Company’s expenses, assets and liabilities are denominated in RMB. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the PBOC). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into U.S. dollar or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approvals of foreign currency payments by the PBOC or other institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk Since July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollar, there was appreciation of approximately 2.3%, appreciation of approximately 6.3% and depreciation of approximately 1.3%, in the years ended December 31, 2021, 2020 and 2019. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. To the extent that the Company needs to convert U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company. In |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New accounting standards which have been adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. Certain amendments in this update should be applied retrospectively or modified retrospectively, and all other amendments should be applied prospectively. The Company adopted this standard on January 1, 2021. There was no material impact to the Company's financial position or results of operations upon adoption. New accounting standards which have not yet been adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021, and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or retrospectively to those transactions. The Company does not expect the impact of this guidance to have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of property and equipment useful life | Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2021 2020 $ $ Land 65,485 — Laboratory equipment 118,203 78,640 Leasehold improvements 50,288 37,643 Building 144,083 111,527 Manufacturing equipment 119,585 96,669 Software, electronics and office equipment 27,404 20,782 Property and equipment, at cost 525,048 345,261 Less: Accumulated depreciation (124,286) (73,354) Construction in progress 186,843 85,779 Property, plant and equipment, net 587,605 357,686 As of December 31, 2021 2020 $ $ Building 90,229 48,824 Manufacturing equipment 63,361 29,858 Laboratory equipment 17,178 4,507 Other 16,075 2,590 Total 186,843 85,779 |
Summary of assets and liabilities measured at fair value on a recurring basis | The following tables set forth assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: As of December 31, 2021 Quoted Price Significant Significant $ $ $ Cash equivalents U.S. treasury securities 107,855 — — Money market funds 315,564 — — Short-term investments (Note 5): U.S. treasury securities 2,241,962 — — Other non-current assets (Note 5): Equity securities with readily determinable fair values 23,809 10,306 — Total 2,689,190 10,306 — As of December 31, 2020 Quoted Price Significant Significant $ $ $ Cash equivalents U.S. treasury securities 286,072 — — Money market funds 80,838 — — Short-term investments (Note 5): U.S. treasury securities 3,268,725 — — Other non-current assets (Note 5): Equity securities 10,810 6,669 — Total 3,646,445 6,669 — |
Collaborative and Licensing A_2
Collaborative and Licensing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development [Abstract] | |
Schedule of net product sales | The following table summarizes total collaboration revenue recognized for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Revenue from Collaborators $ $ $ License revenue 484,646 — — Reimbursement of research and development costs — — 27,634 Research and development service revenue 53,671 — 27,982 Right to access intellectual property revenue 3,979 — — Other — — 150,000 Total 542,296 — 205,616 The table below presents the Company’s net product sales for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Product revenue - gross 748,824 324,672 228,760 Less: Rebates and sales returns (114,837) (15,798) (6,164) Product revenue - net 633,987 308,874 222,596 The following table disaggregates net product revenue by product for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Tislelizumab 255,119 163,358 — BRUKINSA ® 217,987 41,702 1,039 REVLIMID ® 70,065 47,372 78,044 VIDAZA ® 19,591 29,975 32,234 ABRAXANE ® — 17,770 111,279 XGEVA ® 45,956 8,496 — BLINCYTO ® 12,515 — — Other 12,754 201 — Total product revenue - net 633,987 308,874 222,596 |
Schedule of collaboration agreements | Amounts recorded related to the cash proceeds received from the Amgen collaboration for the year ended December 31, 2020 were as follows: Year Ended December 31, 2020 $ Fair value of equity issued to Amgen 2,162,407 Fair value of research and development cost share liability 616,834 Total cash proceeds 2,779,241 Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the year ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 2020 $ $ Research and development expense 115,464 117,005 Amortization of research and development cost share liability 112,486 113,986 Total amount due to Amgen for BeiGene's portion of the development funding 227,950 230,991 As of December 31, 2021 Remaining portion of development funding cap 791,059 As of December 31, 2021 and 2020, the research and development cost share liability recorded in the Company's balance sheet was as follows: As of December 31, 2021 2020 $ $ Research and development cost share liability, current portion 120,801 127,808 Research and development cost share liability, non-current portion 269,561 375,040 Total research and development cost share liability 390,362 502,848 |
Schedule of amounts and classification of reimbursement expense | The net reimbursement due under the commercial profit-sharing agreement for in-line product sales is classified in the consolidated statements of operations for the year ended December 31, 2021 and 2020 as follows: Year Ended December 31, 2021 2020 $ $ Cost of sales - product 1,893 (1,210) Selling, general and administrative (45,152) (9,750) Research and development 423 (660) Total (42,836) (11,620) |
Payments due to collaboration partners | Year Ended December 31, 2021 2020 2019 Payments due to collaboration partners Classification $ $ $ Upfront payments Research and development expense 83,500 109,500 50,000 Development milestone payments Research and development expense 15,000 15,800 — Regulatory and commercial milestone payments Intangible asset 43,394 — — Total 141,894 125,300 50,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of short-term investments | Short-term investments as of December 31, 2021 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 2,245,662 — 3,700 2,241,962 Total 2,245,662 — 3,700 2,241,962 Short-term investments as of December 31, 2020 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 3,267,875 850 — 3,268,725 Total 3,267,875 850 — 3,268,725 |
Schedule of fair value of the common stock and warrants | As of December 31, 2021 and 2020, the fair value of the common stock and warrants was as follows: As of December 31, 2021 2020 $ $ Fair value of Leap common stock 23,809 10,810 Fair value of Leap warrants 10,306 6,669 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | The Company’s inventory balance consisted of the following: As of December 31, 2021 2020 $ $ Raw materials 78,140 19,330 Work in process 9,397 1,378 Finished goods 155,089 68,585 Total inventories 242,626 89,293 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Component of lease expense | The components of lease expense were as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Operating lease cost 22,536 18,271 13,980 Variable lease cost 4,892 2,465 1,784 Short-term lease cost 1,823 1,018 1,001 Total lease cost 29,251 21,754 16,765 Other supplemental information related to leases is summarized below: Year ended December 31, 2021 2020 2019 $ $ $ Operating cash flows used in operating leases 19,962 17,571 12,405 ROU assets obtained in exchange for new operating lease liabilities 37,454 17,634 20,108 As of December 31, 2021 2020 Weighted-average remaining lease term (years) 3 3 Weighted-average discount rate 5.15 % 6.26 % |
Supplemental balance sheet information | Supplemental balance sheet information related to leases was as follows: As of December 31, 2021 2020 $ $ Operating lease right-of-use assets 60,762 41,850 Land use rights, net 56,669 48,731 Total operating lease right-of-use assets 117,431 90,581 Current portion of operating lease liabilities 21,925 13,895 Operating lease liabilities, non-current portion 43,041 29,417 Total lease liabilities 64,966 43,312 |
Maturities of operating lease liabilities | Maturities of operating lease liabilities are as follows: $ Year ending December 31, 2022 24,225 Year ending December 31, 2023 20,072 Year ending December 31, 2024 16,103 Year ending December 31, 2025 8,272 Year ending December 31, 2026 1,546 Total lease payments 70,218 Less imputed interest (5,252) Present value of lease liabilities 64,966 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of components of property and equipment | Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2021 2020 $ $ Land 65,485 — Laboratory equipment 118,203 78,640 Leasehold improvements 50,288 37,643 Building 144,083 111,527 Manufacturing equipment 119,585 96,669 Software, electronics and office equipment 27,404 20,782 Property and equipment, at cost 525,048 345,261 Less: Accumulated depreciation (124,286) (73,354) Construction in progress 186,843 85,779 Property, plant and equipment, net 587,605 357,686 As of December 31, 2021 2020 $ $ Building 90,229 48,824 Manufacturing equipment 63,361 29,858 Laboratory equipment 17,178 4,507 Other 16,075 2,590 Total 186,843 85,779 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets outstanding | Intangible assets as of December 31, 2021 and December 31, 2020 are summarized as follows: December 31, 2021 December 31, 2020 Gross Accumulated Intangible Gross Accumulated Intangible $ $ $ $ $ $ Finite-lived intangible assets: Product distribution rights 7,500 (3,250) 4,250 7,500 (2,500) 5,000 Developed products 43,394 (965) 42,429 — — — Trading license 816 (816) — 816 (816) — Total finite-lived intangible assets 51,710 (5,031) 46,679 8,316 (3,316) 5,000 Year Ended December 31, 2021 2020 2019 $ $ $ Amortization expense - Cost of sales - product 965 — — Amortization expense - Operating expense 750 846 1,326 Total 1,715 846 1,326 |
Finite-lived intangible assets amortization expense | Estimated amortization expense for each of the five succeeding years and thereafter, as of December 31, 2021 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ $ $ 2022 3,314 750 4,064 2023 3,314 750 4,064 2024 3,314 750 4,064 2025 3,314 750 4,064 2026 3,314 750 4,064 2027 and thereafter 25,859 500 26,359 Total 42,429 4,250 46,679 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) before income taxes | The components of income ( loss) before income taxes are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ PRC (606,752) (369,066) (231,997) U.S. 34,923 33,608 24,478 Other (866,759) (1,282,736) (736,067) Total (1,438,588) (1,618,194) (943,586) |
Schedule of current and deferred components of the income tax expense (benefit) | The current and deferred components of the income tax expense (benefit) from continuing operations are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Current Tax Expense (Benefit): PRC 15,252 16,121 16,368 U.S. (9) (5,678) 65 Other 805 68 12 Total 16,048 10,511 16,445 Deferred Tax Expense (Benefit): PRC 7,516 (1,152) (4,738) U.S. (47,094) (27,030) (4,715) Other (1,704) — — Total (41,282) (28,182) (9,453) Income Tax (Benefit) Expense (25,234) (17,671) 6,992 |
Schedule of reconciliation of the statutory tax rate to effective income tax rate | The reconciliation of the statutory tax rate to our effective income tax rate is as follow: Year Ended December 31, 2021 2020 2019 $ $ $ Loss before tax (1,438,588) (1,618,194) (943,586) China statutory tax rate 25 % 25 % 25 % Expected taxation at China statutory tax rate (359,647) (404,549) (235,897) Foreign and preferential tax rate differential 185,874 218,473 191,820 Non-deductible expenses (2,826) 8,436 (273) Stock compensation expenses (27,411) (22,032) (5,698) Effect of tax rate change — (3,827) (63,395) Change in valuation allowance 210,306 209,085 146,118 Research tax credits and incentives (31,530) (23,257) (25,683) Taxation for the year (25,234) (17,671) 6,992 Effective tax rate 1.8 % 1.1 % (0.7) % |
Components of deferred tax assets (liabilities) | Significant components of deferred tax assets (liabilities) are as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Deferred Tax Assets: Accruals and reserves 84,766 33,512 27,304 Net operating losses carryforward 625,114 358,425 155,499 Stock-based compensation 14,982 13,981 12,651 Research tax credits 82,060 58,835 33,979 Depreciable and amortizable assets 937,069 724,779 575,128 Lease liability obligation 11,571 9,066 7,864 Gross deferred tax assets 1,755,562 1,198,598 812,425 Less valuation allowance (1,647,985) (1,134,585) (777,583) Total deferred tax assets 107,577 64,013 34,842 Deferred tax liabilities: Right of use lease asset (11,322) (8,843) (7,480) Total deferred tax liabilities (11,322) (8,843) (7,480) Net deferred tax asset 96,255 55,170 27,362 |
Schedule of gross unrecognized tax benefits | The gross unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Beginning balance, as of January 1 7,123 4,633 2,295 Additions based on tax positions related to prior tax years — — 46 Reductions based on tax positions related to prior tax years — — (17) Additions based on tax positions related to the current tax year 2,802 2,497 2,435 Reductions based on lapse of statute of limitations — (7) (126) Ending balance, as of December 31 9,925 7,123 4,633 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Allowance for credit loss rollforward | Changes in the allowance for credit losses related to trade accounts receivable consist of the following: Year Ended December 31, 2021 2020 $ $ Beginning balance, as of January 1 112 — Provision charged to selling, general and administrative expenses 309 109 Amounts written-off, net of recoveries of amounts previously reserved — — Exchange rate changes (6) 3 Ending balance, as of December 31 415 112 |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: As of December 31, 2021 2020 $ $ Prepaid research and development costs 87,239 71,341 Prepaid taxes 58,579 30,392 Other receivables 12,010 12,651 Interest receivable 5,052 6,619 Prepaid insurance 1,695 1,347 Prepaid manufacturing cost 78,538 25,996 Other current assets 27,060 11,666 Total 270,173 160,012 |
Schedule of other non-current assets | Other non-current assets consist of the following: As of December 31, 2021 2020 $ $ Goodwill 109 109 Prepayment of property and equipment 14,140 16,984 Payment of facility capacity expansion activities (1) 24,237 29,778 Prepaid VAT 17,162 10,913 Rental deposits and other 6,609 5,962 Long-term investments 100,792 49,344 Total 163,049 113,090 (1) Represents payments for facility expansion under commercial supply agreements. The payments are providing future benefit to the Company through credits on commercial supply purchases. |
Schedule of accrued expenses and other payables | Accrued expenses and other payables consisted of the following: As of December 31, 2021 2020 $ $ Compensation related 139,966 106,765 External research and development activities related 213,922 143,302 Commercial activities 71,560 66,131 Individual income tax and other taxes 45,661 14,373 Sales rebates and returns related 59,639 11,874 Other 27,307 3,699 Total accrued expenses and other payables 558,055 346,144 |
Schedule of other long-term liabilities | Other long-term liabilities consist of the following: As of December 31, 2021 2020 $ $ Deferred government grant income 46,352 49,139 Pension liability 7,814 8,113 Other 68 177 Total other long-term liabilities 54,234 57,429 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of short-term and long-term debt obligations | The following table summarizes the Company's short-term and long-term debt obligations as of December 31, 2021 and 2020: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate As of December 31, 2021 2020 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 1,255 8,000 307 2,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 1,569 10,000 — — China Minsheng Bank (the "Senior Loan") September 24, 2020 $200,000 (3) 4.5% 200,000 1,274,535 198,320 1,294,010 Zhuhai Hillhouse (the "Related Party Loan") September 24, 2020 RMB500,000 (4) 4.5% 15,693 100,000 15,326 100,000 Other short-term debt (5) 209,048 1,332,197 121,062 789,918 Total short-term debt 427,565 2,724,732 335,015 2,185,928 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 89,444 570,000 88,584 578,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 53,353 340,000 53,641 350,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (6) 59,316 378,000 41,412 270,206 Total long-term debt 202,113 1,288,000 183,637 1,198,206 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.9% as of December 31, 2021. The Company repaid $312 (or RMB2,000) during the year ended December 31, 2021 . The loan is secured by BeiGene Guangzhou Factory's land use right and certain Guangzhou Factory fixed assets in the first phase of the Guangzhou manufacturing facility's build out. 2. On January 22, 2020, BeiGene Guangzhou Factory entered into a nine-year bank loan with China Merchants Bank to borrow up to RMB1,100,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan is secured by Guangzhou Factory's second land use right and fixed assets that will be placed into service upon completion of the second phase of the Guangzhou manufacturing facility's build out. In connection with the Company's short-term loan agreements with China Merchants Bank entered into during the year ended December 31, 2020, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.4% as of December 31, 2021. 3. $120,000 of the Senior Loan was designated to fund the JV share purchase and repayment of the shareholder loan and $80,000 was designated for general working capital purposes. The Senior Loan had an original maturity date of October 8, 2021, which was the first anniversary of the first date of utilization of the loan. The Company may extend the original maturity date for up to two additional twelve $198,320 and drew down $200,000 from the Senior Loan . 4. RMB100,000 of the Related Party Loan was designated for general corporate purposes and RMB400,000 was designated for repayment of the Senior Loan, including principal, interest and fees. The loan originally matured at the earlier of: (i) November 9, 2021, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. On October 8, 2021, the Company extended the maturity date of the Related Party Loan to the earlier of: (i) November 9, 2022, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. Zhuhai Hillhouse is a related party of the Company, as it is an affiliate of Hillhouse Capital. Hillhouse Capital is a shareholder of the Company, and a Hillhouse Capital employee is a member of the Company's board of directors. 5. During the years ended December 31, 2021 and 2020, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB1,940,000 in aggregate, with maturity dates ranging from April 19, 2021 to December 15, 2022. The Company drew down $206,449 (RMB1,332,197) during the year ended December 31, 2021. The Company repaid $123,122 (RMB789,918) of the short-term loans during the year ended. December 31, 2021. The weighted average interest rate for the short-term working capital loans was approximately 4.2% as of December 31, 2021. 6. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.3% as of December 31, 2021. The Company drew down $16,838 (RMB107,794) during the year ended December 31, 2021 . The loan is secured by fixed assets that will be placed into service upon completion of the third phase of the Guangzhou manufacturing facility's build out. |
Contractual maturities of debt obligations | The aggregate contractual maturities of all borrowings due subsequent to December 31, 2021 are as follows: Maturity dates Amounts $ Year ending December 31, 2022 427,565 Year ending December 31, 2023 15,300 Year ending December 31, 2024 31,832 Year ending December 31, 2025 38,027 Year ending December 31, 2026 42,726 Thereafter 74,228 Total 629,678 |
Product Revenue (Tables)
Product Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of net product sales | The following table summarizes total collaboration revenue recognized for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Revenue from Collaborators $ $ $ License revenue 484,646 — — Reimbursement of research and development costs — — 27,634 Research and development service revenue 53,671 — 27,982 Right to access intellectual property revenue 3,979 — — Other — — 150,000 Total 542,296 — 205,616 The table below presents the Company’s net product sales for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Product revenue - gross 748,824 324,672 228,760 Less: Rebates and sales returns (114,837) (15,798) (6,164) Product revenue - net 633,987 308,874 222,596 The following table disaggregates net product revenue by product for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 $ $ $ Tislelizumab 255,119 163,358 — BRUKINSA ® 217,987 41,702 1,039 REVLIMID ® 70,065 47,372 78,044 VIDAZA ® 19,591 29,975 32,234 ABRAXANE ® — 17,770 111,279 XGEVA ® 45,956 8,496 — BLINCYTO ® 12,515 — — Other 12,754 201 — Total product revenue - net 633,987 308,874 222,596 |
Schedule of accrued sales rebates and returns | The following table presents the roll-forward of accrued sales rebates and returns for the years ended December 31, 2021 and December 31, 2020. Year Ended December 31, 2021 2020 $ $ Beginning balance, as of January 1 11,874 3,198 Accrual 114,837 15,798 Payment (67,072) (7,122) Ending balance, as of December 31 59,639 11,874 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of the computations of basic and diluted loss per share | Loss per share was calculated as follows: Year Ended December 31, 2021 2020 2019 $ $ $ Numerator: Net loss (1,413,354) (1,600,523) (950,578) Less: Net loss attributable to noncontrolling interest — (3,617) (1,950) Net loss attributable to BeiGene, Ltd. (1,413,354) (1,596,906) (948,628) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,206,210,049 1,085,131,783 780,701,283 Net loss per share attributable to BeiGene, Ltd., basic and diluted (1.17) (1.47) (1.22) |
Share-Based Compensation Expe_2
Share-Based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of shares issued under employee share purchase plan | The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds August 31, 2021 425,386 $ 308.30 $ 23.72 $ 262.06 $ 20.16 $ 8,575 February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 August 31, 2020 485,069 $ 164.06 $ 12.62 $ 139.45 $ 10.73 $ 5,203 February 28, 2020 425,425 $ 145.54 $ 11.20 $ 123.71 $ 9.52 $ 4,048 August 30, 2019 233,194 $ 143.75 $ 11.06 $ 122.19 $ 9.40 $ 2,192 February 28, 2019 154,505 $ 137.05 $ 10.54 $ 116.49 $ 8.96 $ 1,385 1 The market price is the lower of the closing price on the NASDAQ Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. |
Summary of share option activities | The following table summarizes the Company’s share option activities under the 2011, 2016 and 2018 Plans: Number of Weighted Weighted Weighted Aggregate $ $ Years $ Outstanding at December 31, 2018 116,082,647 3.21 Granted 12,641,590 9.38 5.06 Exercised (16,730,441) 2.60 171,429 Forfeited (3,576,542) 5.09 Outstanding at December 31, 2019 108,417,254 3.96 Granted 8,999,536 13.54 7.15 Exercised (29,707,587) 2.82 416,509 Forfeited (2,717,488) 7.22 Outstanding at December 31, 2020 84,991,715 5.27 Granted 6,244,524 26.46 12.40 Exercised (17,233,853) 4.52 367,110 Forfeited (1,797,498) 13.27 Outstanding at December 31, 2021 72,204,888 7.08 5.81 1,026,958 Exercisable as of December 31, 2021 55,576,828 4.31 5.08 919,118 Vested and expected to vest at December 31, 2021 70,043,242 6.79 5.73 1,012,938 |
Schedule of the range of fair values and the assumptions used to estimate the fair values of the share options granted | The following table presents the range of fair values and the assumptions used to estimate those fair values of the share options granted in the years presented: Year Ended December 31, 2021 2020 2019 Fair value of ordinary share $9.94 ~ $14.97 $4.95 ~ $11.89 $4.64 ~ $8.28 Risk-free interest rate 1.1% ~ 1.7% 0.6% ~ 1.1% 1.5% ~ 2.8% Expected exercise multiple 2.8 2.8 2.2 ~ 2.8 Expected volatility 51% ~ 59% 58% ~ 59% 58% ~ 60% Expected dividend yield 0% 0% 0% Contractual life 10 years 10 years 10 years |
Summary of employee restricted shares activities and restricted share units activities | The following table summarizes the Company’s restricted share activities under the 2016 Plan: Numbers Weighted-Average $ Outstanding at December 31, 2018 300,000 2.25 Granted — — Vested (75,000) 2.27 Forfeited (150,000) 2.24 Outstanding at December 31, 2019 75,000 2.27 Granted — — Vested (75,000) 2.27 Forfeited — — Outstanding at December 31, 2020 — — Granted — — Vested — — Forfeited — — Outstanding at December 31, 2021 — — Expected to vest at December 31, 2021 — — The following table summarizes the Company's restricted share unit activities under the 2016 and 2018 Plans: Numbers Weighted-Average $ Outstanding at December 31, 2018 14,102,452 11.85 Granted 18,637,333 10.10 Vested (3,474,068) 11.75 Forfeited (2,413,450) 11.07 Outstanding at December 31, 2019 26,852,267 10.72 Granted 18,820,581 14.20 Vested (7,302,828) 10.88 Forfeited (3,493,048) 11.36 Outstanding at December 31, 2020 34,876,972 12.50 Granted 17,173,767 25.58 Vested (10,703,381) 12.23 Forfeited (5,264,376) 15.82 Outstanding at December 31, 2021 36,082,982 18.33 Expected to vest at December 31, 2021 31,392,194 18.33 |
Summary of total compensation cost recognized | The following table summarizes total share-based compensation cost recognized for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 $ $ $ Research and development 114,357 92,999 76,293 Selling, general and administrative 126,355 90,482 57,861 Total 240,712 183,481 134,154 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The movement of accumulated other comprehensive income (loss) was as follows: Foreign Currency Unrealized Pension Liability Adjustments Total $ $ $ $ December 31, 2019 (9,291) 1,290 — (8,001) Other comprehensive income (loss) before reclassifications 23,475 1,073 (8,113) 16,435 Amounts reclassified from accumulated other comprehensive income (loss) (1) — (1,492) — (1,492) Net-current period other comprehensive (loss) income 23,475 (419) (8,113) 14,943 December 31, 2020 14,184 871 (8,113) 6,942 Other comprehensive income (loss) before reclassifications 13,714 (4,504) 309 9,519 Amounts reclassified from accumulated other comprehensive income (loss) (1) — (67) 1,556 1,489 Net-current period other comprehensive (loss) income 13,714 (4,571) 1,865 11,008 December 31, 2021 27,898 (3,700) (6,248) 17,950 (1) The amounts reclassified from accumulated other comprehensive (loss) income were included in other income, net in the consolidated statements of operations. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of expected benefit payments | The following table reflects the total expected benefit payments to Swiss Plan participants and have been estimated based on the same assumptions used to measure the Company's benefit obligations as of December 31, 2021: Amounts Year(s) $ 2022 44 2023 68 2024 528 2025 271 2026 197 2027 – 2031 3,760 Total 4,868 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of net product revenues by geographic area | Total net revenues by geographic area are presented as follows: Year Ended December 31, 2021 2020 2019 $ $ $ PRC 517,173 290,646 221,557 U.S. 495,265 18,228 134,689 ROW 163,845 — 71,966 Total 1,176,283 308,874 428,212 |
Organization (Details)
Organization (Details) employee in Thousands | Dec. 31, 2021employeecountryproducttrialmedicinepatientpeople |
Stockholders' Equity Note [Abstract] | |
Approved medicines (medicine) | medicine | 3 |
Number of people (person) | people | 2,200 |
Product candidate (candidate) | product | 3 |
Number of employees (employee) | employee | 8 |
Number of countries which entity operates (country) | country | 23 |
Product distribution rights | |
Stockholders' Equity Note [Abstract] | |
Approved medicines (medicine) | medicine | 13 |
Minimum | |
Stockholders' Equity Note [Abstract] | |
Planned clinical trial (trial) | trial | 90 |
Products on trial (trial) | trial | 30 |
Number of patients (patient) | patient | 14,500 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. treasury securities | |||
Schedule of Investments | |||
Allowance for credit loss | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building | |
Property and equipment | |
Useful lives (in years) | 20 years |
Manufacturing equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Manufacturing equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 10 years |
Laboratory Equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Laboratory Equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 5 years |
Software, electronics and office equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Software, electronics and office equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Land Use Right, Net (Details) - Land-rights - intangible | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Land use right, net | |||
Number of intangible assets, count | 2 | ||
Useful life | 50 years | 30 years | 36 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other intangible assets | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Product distribution rights | |||
Other intangible assets | |||
Useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment of long-lived assets | |||
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets at fair value on a recurring basis | ||
Short-term investments | $ 2,241,962 | $ 3,268,725 |
U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 2,241,962 | 3,268,725 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | ||
Assets at fair value on a recurring basis | ||
Total | 2,689,190 | 3,646,445 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 2,241,962 | 3,268,725 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 23,809 | 10,810 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 107,855 | 286,072 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 315,564 | 80,838 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets at fair value on a recurring basis | ||
Total | 10,306 | 6,669 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 10,306 | 6,669 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets at fair value on a recurring basis | ||
Total | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | $ 0 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment information | |
Number of reportable segments | 1 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Concentration of Risks (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk | |||
Cash and cash equivalents | $ 4,375,678 | $ 1,381,950 | $ 618,011 |
Short-term investments | 2,241,962 | 3,268,725 | |
Accounts receivable, net | $ 483,113 | $ 60,403 | |
Product revenue | China resources | Customer Concentration Risk | |||
Concentration Risk | |||
Concentration risk, percentage | 26.00% | 38.70% | |
Product revenue | Sinopharm | Customer Concentration Risk | |||
Concentration Risk | |||
Concentration risk, percentage | 19.90% | 25.40% | |
Product revenue | Shanghai Pharmaceutical | Customer Concentration Risk | |||
Concentration Risk | |||
Concentration risk, percentage | 16.70% | ||
Accounts receivable | Three Largest Customers | Customer Concentration Risk | |||
Concentration Risk | |||
Concentration risk, percentage | 23.40% | ||
Accounts receivable | Novartis | Customer Concentration Risk | |||
Concentration Risk | |||
Accounts receivable, net | $ 300,000 | ||
Concentration risk, percentage | 66.40% | ||
Accounts receivable | Two Largest Customers | Customer Concentration Risk | |||
Concentration Risk | |||
Concentration risk, percentage | 59.60% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Foreign Currency Exchange Rate Risk (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RMB | |||
Concentration of risks | |||
Percentage appreciation (depreciation) against the US Dollar | 2.30% | 6.30% | (1.30%) |
Collaborative and Licensing A_3
Collaborative and Licensing Arrangements - Recognized Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Total revenues | $ 1,176,283 | $ 308,874 | $ 428,212 |
Collaboration revenue | |||
Revenues | |||
Total revenues | 542,296 | 0 | 205,616 |
License revenue | |||
Revenues | |||
Total revenues | 484,646 | 0 | 0 |
Reimbursement of research and development costs | |||
Revenues | |||
Total revenues | 0 | 0 | 27,634 |
Research and development service revenue | |||
Revenues | |||
Total revenues | 53,671 | 0 | 27,982 |
Right to access intellectual property revenue | |||
Revenues | |||
Total revenues | 3,979 | 0 | 0 |
Other | |||
Revenues | |||
Total revenues | $ 0 | $ 0 | $ 150,000 |
Collaborative Arrangements - No
Collaborative Arrangements - Novartis (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and Development Arrangement, Contract to Perform for Others | |||||
Total revenues | $ 1,176,283 | $ 308,874 | $ 428,212 | ||
Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total revenues | 53,671 | 0 | 27,982 | ||
License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total revenues | 484,646 | $ 0 | $ 0 | ||
License revenue | Subsequent Event | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total transaction price, allocated | $ 71,980 | ||||
Novartis | Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total revenues | 53,421 | ||||
Novartis | Collaborative arrangement | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Upfront cash payment received | $ 650,000 | ||||
Maximum proceeds from milestones | 1,300,000 | ||||
Maximum achievement of sales milestone | 250,000 | ||||
Novartis | Collaborative arrangement | Subsequent Event | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Upfront cash payment received | 300,000 | ||||
Maximum proceeds from milestones | 745,000 | ||||
Maximum achievement of sales milestone | 1,150,000 | ||||
Novartis | Collaborative arrangement | Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total transaction price, allocated | 165,354 | $ 250 | |||
Novartis | Collaborative arrangement | Research and development service revenue | Subsequent Event | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total transaction price, allocated | $ 14,570 | ||||
Novartis | Collaborative arrangement | License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total transaction price, allocated | $ 484,646 |
Collaborative and Licensing A_4
Collaborative and Licensing Arrangements - Ociperlimab Option, Collaboration and License Agreement and China Broad Market Development Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | |||||
Total revenues | $ 1,176,283 | $ 308,874 | $ 428,212 | ||
Research and development service revenue | |||||
Research and development collaborative arrangements | |||||
Total revenues | 53,671 | 0 | 27,982 | ||
License revenue | |||||
Research and development collaborative arrangements | |||||
Total revenues | 484,646 | 0 | 0 | ||
Other | |||||
Research and development collaborative arrangements | |||||
Total revenues | 0 | 0 | 150,000 | ||
U.S. | |||||
Research and development collaborative arrangements | |||||
Total revenues | 495,265 | $ 18,228 | $ 134,689 | ||
Subsequent Event | License revenue | |||||
Research and development collaborative arrangements | |||||
Total transaction price, allocated | $ 71,980 | ||||
Subsequent Event | Other | |||||
Research and development collaborative arrangements | |||||
Total revenues | 213,450 | ||||
Novartis | Research and development service revenue | |||||
Research and development collaborative arrangements | |||||
Total revenues | 53,421 | ||||
Collaborative arrangement | Novartis | |||||
Research and development collaborative arrangements | |||||
Upfront cash payment received | $ 650,000 | ||||
Maximum proceeds from milestones | 1,300,000 | ||||
Maximum achievement of sales milestone | 250,000 | ||||
Collaborative arrangement | Novartis | Research and development service revenue | |||||
Research and development collaborative arrangements | |||||
Total transaction price, allocated | 165,354 | $ 250 | |||
Collaborative arrangement | Novartis | License revenue | |||||
Research and development collaborative arrangements | |||||
Total transaction price, allocated | $ 484,646 | ||||
Collaborative arrangement | Novartis | Subsequent Event | |||||
Research and development collaborative arrangements | |||||
Upfront cash payment received | 300,000 | ||||
Maximum proceeds from milestones | 745,000 | ||||
Maximum achievement of sales milestone | 1,150,000 | ||||
Collaborative arrangement | Novartis | Subsequent Event | Research and development service revenue | |||||
Research and development collaborative arrangements | |||||
Total transaction price, allocated | 14,570 | ||||
Collaborative arrangement | Novartis | Subsequent Event | Minimum | |||||
Research and development collaborative arrangements | |||||
Additional Upfront proceeds upon the exercise of option | 600,000 | ||||
Collaborative arrangement | Novartis | Subsequent Event | Maximum | |||||
Research and development collaborative arrangements | |||||
Additional Upfront proceeds upon the exercise of option | $ 700,000 | ||||
Collaborative arrangement | Novartis | Subsequent Event | U.S. | |||||
Research and development collaborative arrangements | |||||
Collaborative arrangement co detailing and co-field (percent) | 50.00% | ||||
Collaborative arrangement | Novartis | Subsequent Event | CANADA | |||||
Research and development collaborative arrangements | |||||
Collaborative arrangement co detailing and co-field (percent) | 25.00% | ||||
Collaborative arrangement | Novartis | Subsequent Event | MEXICO | |||||
Research and development collaborative arrangements | |||||
Collaborative arrangement co detailing and co-field (percent) | 25.00% |
Collaborative and Licensing A_5
Collaborative and Licensing Arrangements - Celgene Corp. and Celgene Logistics Sarl, Bristol-Myers Squibb Company's ("BMS") (Details) - USD ($) $ in Thousands | Aug. 31, 2017 | Jun. 30, 2019 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | $ 1,176,283 | $ 308,874 | $ 428,212 | ||||
Collaboration revenue | |||||||
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | 542,296 | 0 | 205,616 | ||||
Reimbursement of research and development costs | |||||||
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | 0 | 0 | 27,634 | ||||
Research and development service revenue | |||||||
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | 53,671 | 0 | 27,982 | ||||
Other | |||||||
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | $ 0 | $ 0 | $ 150,000 | ||||
BMS | Collaborative arrangement | |||||||
Research and development collaborative arrangements | |||||||
Upfront license fees received | $ 263,000 | $ 170,950 | $ 92,050 | ||||
Upfront license fee receivable, allocated to acquisition | $ 13 | ||||||
Non-contingent consideration | $ 250,000 | ||||||
BMS | Other | |||||||
Research and development collaborative arrangements | |||||||
Revenue from contract with customer | $ 150,000 |
Collaborative and Licensing A_6
Collaborative and Licensing Arrangements - Amgen (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2020 | Sep. 30, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Research and Development Arrangement, Contract to Perform for Others | |||||||
Payments to acquire equity interest | $ 50,000 | $ 4,232,017 | $ 0 | ||||
Ordinary Shares | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Market price, ADS (in dollars per share) | $ 132.74 | ||||||
Proceeds from ADS shares | $ 2,109,902 | ||||||
Amgen, Inc | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Shares issued (in shares) | 29,614,832 | ||||||
Payments to acquire equity interest | $ 421,443 | ||||||
Amgen, Inc | Product revenue | Product Concentration Risk | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Concentration risk, percentage | 100.00% | ||||||
Beigene Ltd | Amgen, Inc | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Minority interest in investment (as a percent) | 20.50% | 20.50% | |||||
Amgen, Inc | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Maximum cash and development services commitment | $ 1,250,000 | ||||||
Shares issued (in shares) | 15,895,001 | 2,151,877,000 | 15,895,001 | ||||
Per share acquisition price (in dollars per share) | $ 174.85 | $ 174.85 | |||||
Fair value of cost share liability | $ 601,857 | ||||||
Payments to acquire equity interest | 2,779,241 | $ 50 | $ 2,779,241 | ||||
Fair value of equity issued to Amgen | 2,162,407 | 2,162,407 | |||||
Fair value of research and development cost share liability | $ 616,834 | $ 616,834 | |||||
Amgen, Inc | Minimum | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Commercialization term (years) | 5 years | ||||||
Amgen, Inc | Maximum | |||||||
Research and Development Arrangement, Contract to Perform for Others | |||||||
Commercialization term (years) | 7 years |
Collaborative and Licensing A_7
Collaborative and Licensing Arrangements - Details of Proceeds From Transaction (Details) - Amgen, Inc - USD ($) $ in Thousands | Jan. 02, 2020 | Dec. 31, 2020 |
Research and Development Arrangement, Contract to Perform for Others | ||
Fair value of equity issued to Amgen | $ 2,162,407 | $ 2,162,407 |
Fair value of research and development cost share liability | $ 616,834 | 616,834 |
Total cash proceeds | $ 2,779,241 |
Collaborative and Licensing A_8
Collaborative and Licensing Arrangements - Funding Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and Development Arrangement, Contract to Perform for Others | |||
Research and development expense | $ 1,459,239 | $ 1,294,877 | $ 927,338 |
Amgen, Inc | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Research and development expense | 115,464 | 117,005 | |
Amortization of research and development cost share liability | 112,486 | 113,986 | |
Total amount due to Amgen for BeiGene's portion of the development funding | 227,950 | $ 230,991 | |
Other commitments | $ 791,059 |
Collaborative and Licensing A_9
Collaborative and Licensing Arrangements - Financing Liability (Details) - Amgen, Inc - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Research and Development Arrangement, Contract to Perform for Others | ||
Research and development cost share liability, current portion | $ 120,801 | $ 127,808 |
Research and development cost share liability, non-current portion | 269,561 | 375,040 |
Total research and development cost share liability | $ 390,362 | $ 502,848 |
Collaborative and Licensing _10
Collaborative and Licensing Arrangements - Amounts and Classification of Payments (Income/(Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Research and Development Arrangement, Contract to Perform for Others | ||
Total | $ (42,836) | $ (11,620) |
Amgen, Inc | Collaborative arrangement | ||
Research and Development Arrangement, Contract to Perform for Others | ||
Collaborative arrangement, inventory purchases | 110,303 | 38,392 |
Collaborative arrangement, accounts payable on inventory purchases | 106,790 | 122,828 |
Cost of sales - product | ||
Research and Development Arrangement, Contract to Perform for Others | ||
Total | 1,893 | (1,210) |
Selling, general and administrative | ||
Research and Development Arrangement, Contract to Perform for Others | ||
Total | (45,152) | (9,750) |
Research and development | ||
Research and Development Arrangement, Contract to Perform for Others | ||
Total | $ 423 | $ (660) |
Collaborative and Licensing _11
Collaborative and Licensing Arrangements - Payment Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | |||
Total | $ 141,894 | $ 125,300 | $ 50,000 |
Intangible asset | Regulatory and commercial milestone payments | |||
Research and development collaborative arrangements | |||
Total | 43,394 | 0 | 0 |
Research and development expense | Upfront payments | |||
Research and development collaborative arrangements | |||
Total | 83,500 | 109,500 | 50,000 |
Research and development expense | Development milestone payments | |||
Research and development collaborative arrangements | |||
Total | $ 15,000 | $ 15,800 | $ 0 |
Collaborative and Licensing _12
Collaborative and Licensing Arrangements - Shoreline Biosciences, Inc. (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Shoreline Biosciences, Inc. | ||||
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 45,000 |
Collaborative and Licensing _13
Collaborative and Licensing Arrangements - Nanjing Leads Biolabs, Inc. (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Nanjing Leads Biolabs, Inc. | ||||
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 30,000 | |||
Maximum milestone payments | $ 742,000 | $ 742,000 |
Collaborative and Licensing _14
Collaborative and Licensing Arrangements - EUSA Pharma (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and Development Arrangement, Contract to Perform for Others | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
EUSA Pharma | ||||
Research and Development Arrangement, Contract to Perform for Others | ||||
Acquired in-process research and development | $ 40,000 | |||
Maximum milestone payments | $ 120 |
Collaborative and Licensing _15
Collaborative and Licensing Arrangements - Assembly Biosciences, Inc. (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2020USD ($)application | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Research and Development Arrangement, Contract to Perform for Others | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Assembly Biosciences, Inc. | ||||
Research and Development Arrangement, Contract to Perform for Others | ||||
Candidates (candidates) | application | 3 | |||
Acquired in-process research and development | $ 40 | |||
Maximum milestone payments | $ 503,750 |
Collaborative and Licensing _16
Collaborative and Licensing Arrangements - Bio-Thera Solutions, Ltd. (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and Development Arrangement, Contract to Perform for Others | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Bio-Thera Solutions, Ltd. | ||||
Research and Development Arrangement, Contract to Perform for Others | ||||
Acquired in-process research and development | $ 20,000 | |||
Maximum milestone payments | $ 145,000 |
Collaborative and Licensing _17
Collaborative and Licensing Arrangements - Seadgen Inc (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Seagen, Inc | Licensing agreements | ||||
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 20,000 |
Collaborative and Licensing _18
Collaborative and Licensing Arrangements - Zymework Inc. (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 83,500 | $ 109,500 | $ 69,000 | |
Zymerworks Inc. | Collaborative arrangement | ZW25 and ZW49 | ||||
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 40,000 | |||
Zymerworks Inc. | Collaborative arrangement | Azymetric and EFECT | ||||
Research and development collaborative arrangements | ||||
Acquired in-process research and development | $ 20,000 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 7,209 | $ 8,055 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term investments | |||
Amortized Cost | $ 2,245,662,000 | $ 3,267,875,000 | |
Gross Unrealized Gains | 0 | 850,000 | |
Gross Unrealized Losses | 3,700,000 | 0 | |
Fair Value (Net Carrying Amount) | 2,241,962,000 | 3,268,725,000 | |
U.S. treasury securities | |||
Short-term investments | |||
Amortized Cost | 2,245,662,000 | 3,267,875,000 | |
Gross Unrealized Gains | 0 | 850,000 | |
Gross Unrealized Losses | 3,700,000 | 0 | |
Fair Value (Net Carrying Amount) | 2,241,962,000 | 3,268,725,000 | |
Allowance for credit loss | $ 0 | $ 0 | $ 0 |
Investments - Equity Securities
Investments - Equity Securities with/without Readily Determinable Fair Values and Equity-Method Investments (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2020USD ($)memberapplication | Jun. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2019shares | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2020CNY (¥)memberapplication | Jun. 08, 2020USD ($) | |
Schedule of Investments | ||||||||||
Gains (losses) from equity investments | $ 7,632 | $ 11,826 | $ 0 | |||||||
Equity securities without readily determinable fair values | $ 43,722 | 9,705 | ||||||||
Series A Preferred Stock | ||||||||||
Schedule of Investments | ||||||||||
Preferred stock ownership voting rights requirement threshold (percentage) | 70.00% | |||||||||
Leap Therapeutic, Inc | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 8.30% | |||||||||
Equity method investments, including warrants (percent) | 13.10% | |||||||||
Gains (losses) from equity investments | $ 9,386 | 12,479 | ||||||||
Leap Therapeutic, Inc | Series B Preferred Stock | ||||||||||
Schedule of Investments | ||||||||||
Payments to acquire investments | $ 5,000 | |||||||||
Leap Therapeutic, Inc | Ordinary Shares | ||||||||||
Schedule of Investments | ||||||||||
Payments to acquire equity securities | $ 7,250 | |||||||||
MapKure | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 55.60% | 71.40% | 55.60% | |||||||
Gains (losses) from equity investments | (1,176) | (491) | ||||||||
Gain on deconsolidation of a subsidiary | $ 11,307 | |||||||||
Equity method investments fair value | $ 10,000 | |||||||||
Equity method investment | $ 8,333 | 9,509 | ||||||||
MapKure | SpringWorks | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 25.00% | |||||||||
MapKure | Two Individuals | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 1.80% | |||||||||
MapKure | Series A Preferred Stock | ||||||||||
Schedule of Investments | ||||||||||
Shares owned (shares) | shares | 10,000,000 | |||||||||
MapKure | Series A Preferred Stock | SpringWorks | ||||||||||
Schedule of Investments | ||||||||||
Sale of stock shares received (in shares) | shares | 3,500,000 | |||||||||
MapKure | Series A Preferred Stock | Two Individuals | ||||||||||
Schedule of Investments | ||||||||||
Sale of stock shares received (in shares) | shares | 250,000 | |||||||||
BeiGene (Guangzhou) Co., Ltd. (“BeiGene Guangzhou”) | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 60.00% | 60.00% | ||||||||
Equity method investment | $ 11,782 | ¥ 80,000 | ||||||||
GET Biomedical Industry Investment Fund Management Co., Ltd. | ||||||||||
Schedule of Investments | ||||||||||
Equity method investments (percent) | 19.30% | |||||||||
Gains (losses) from equity investments | $ (145) | (68) | ||||||||
Number of limited partners | application | 6 | 6 | ||||||||
Number of general partner | application | 1 | 1 | ||||||||
Limited partner agreed period | 7 years | |||||||||
Limited partner investment period | 5 years | |||||||||
Limited partner projected payback period | 2 years | |||||||||
Limited partner extended period | 2 years | |||||||||
Number of members (members) | member | 7 | 7 | ||||||||
Number of members required for approval (member) | member | 5 | 5 | ||||||||
Investment fund | $ 12,333 | $ 12,189 |
Investments - Fair value of Com
Investments - Fair value of Common Stock and Warrants (Details) - Leap Therapeutic, Inc - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of Leap common stock | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 23,809 | $ 10,810 |
Fair value of Leap warrants | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 10,306 | $ 6,669 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 78,140 | $ 19,330 |
Work in process | 9,397 | 1,378 |
Finished goods | 155,089 | 68,585 |
Total inventories | $ 242,626 | $ 89,293 |
Manufacturing Facility in Gua_2
Manufacturing Facility in Guangzhou, China (Details) | Oct. 09, 2021USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020CNY (¥) | Mar. 31, 2017CNY (¥)asset | Dec. 31, 2021USD ($)option | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021CNY (¥)option | Nov. 30, 2020USD ($) | Sep. 30, 2020CNY (¥) | Sep. 28, 2020USD ($) | Sep. 28, 2020CNY (¥) |
Schedule of Equity Method Investments | |||||||||||||
Proceeds from long-term loan | $ 16,838,000 | $ 110,208,000 | $ 67,489,000 | ||||||||||
Repayment of short-term loans | $ 321,754,000 | $ 12,247,000 | $ 0 | ||||||||||
Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | $ 58,912,000 | ¥ 400,000,000 | |||||||||||
Senior Loan | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Extension options (option) | option | 2 | 2 | |||||||||||
Extension period | 12 months | 12 months | 12 months | ||||||||||
Senior loan Reserved For JV Purchase | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | $ 120,000,000 | ||||||||||||
Working Capital | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | 80,000,000 | ||||||||||||
Related Party Loan | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Shareholder loan | $ 15,693,000 | ¥ 100,000,000 | |||||||||||
JV Share Repurchase | Working Capital Facility | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Proceeds from long-term loan | $ 80,000,000 | ||||||||||||
JV Share Repurchase | Acquisition Facility | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Proceeds from long-term loan | $ 118,320,000 | ||||||||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | 14,728,000 | ||||||||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | ¥ | 100,000,000 | ||||||||||||
Short-term debt September 24, 2020 | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | $ 200,000,000 | ||||||||||||
Proceeds from long-term loan | $ 200,000,000 | ||||||||||||
Repayment of short-term loans | $ 198,320,000 | ||||||||||||
Short-term debt September 24, 2020 | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | ¥ | ¥ 500,000 | ||||||||||||
Senior Notes | Senior Loan | China Minsheng Bank (the "Senior Loan") | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | 200,000,000 | ||||||||||||
Junior Notes | Related Party Loan | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Line of Credit | 73,640,000 | ¥ 500,000,000 | |||||||||||
BeiGene (Hong Kong) Co., Limited. (BeiGene HK) | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Cash capital contribution, agreed amount | ¥ | ¥ 200,000,000 | ||||||||||||
Minimum number of biologics assets to be contributed | asset | 1 | ||||||||||||
Noncontrolling interest | 19,599,000 | ||||||||||||
BeiGene (Hong Kong) Co., Limited. (BeiGene HK) | BeiGene Biologics Co., Ltd. (BeiGene Biologics) | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage immediately after transaction (as a percent) | 95.00% | ||||||||||||
Payment to acquire interest in JV | 28,723,000 | ¥ 195,262,000 | |||||||||||
Noncontrolling interest | $ 9,116,000 | $ 0 | |||||||||||
Ownership percentage (as a percent) | 100.00% | 100.00% | |||||||||||
BeiGene (Hong Kong) Co., Limited. (BeiGene HK) | BeiGene (Shanghai) Co., Ltd. (“BeiGene Shanghai”) | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Ownership percentage immediately after transaction (as a percent) | 95.00% | ||||||||||||
Ownership percentage immediately before transaction (as a percent) | 100.00% | ||||||||||||
BeiGene Biologics Co., Ltd. (BeiGene Biologics) | Convertible Debt | Shareholder Loan | Investor | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Face amount | ¥ | ¥ 900,000,000 | ||||||||||||
BeiGene Biologics Co., Ltd. (BeiGene Biologics) | Loans Payable | Shareholder Loan | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Face amount | $ 132,061,000 | ¥ 900,000,000 | |||||||||||
Debt instrument accrued interest | $ 36,558,000 | ¥ 249,140,000 | |||||||||||
GET | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Cash capital contribution, agreed amount | ¥ | ¥ 100,000,000 | ||||||||||||
GET | BeiGene Biologics Co., Ltd. (BeiGene Biologics) | |||||||||||||
Schedule of Equity Method Investments | |||||||||||||
Minority interest in investment (as a percent) | 5.00% | 5.00% | 5.00% |
Leases - Narratives (Details)
Leases - Narratives (Details) | Dec. 31, 2021 |
Building | |
Lessee, Lease, Description | |
Contract term (years) | 5 years |
Land | Manufacturing Facility in Guangzhou | |
Lessee, Lease, Description | |
Contract term (years) | 50 years |
Land | Office Facility In Changping | |
Lessee, Lease, Description | |
Contract term (years) | 36 years |
Land | Manufacturing Facility in Suzhou | |
Lessee, Lease, Description | |
Contract term (years) | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 22,536 | $ 18,271 | $ 13,980 |
Variable lease cost | 4,892 | 2,465 | 1,784 |
Short-term lease cost | 1,823 | 1,018 | 1,001 |
Total lease cost | $ 29,251 | $ 21,754 | $ 16,765 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | $ 117,431 | $ 90,581 |
Current portion of operating lease liabilities | 21,925 | 13,895 |
Operating lease liabilities, non-current portion | 43,041 | 29,417 |
Total lease liabilities | 64,966 | 43,312 |
Operating lease right-of-use assets | ||
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | 60,762 | 41,850 |
Land | ||
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | $ 56,669 | $ 48,731 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Payments Due | ||
Year ending December 31, 2022 | $ 24,225 | |
Year ending December 31, 2023 | 20,072 | |
Year ending December 31, 2024 | 16,103 | |
Year ending December 31, 2025 | 8,272 | |
Year ending December 31, 2026 | 1,546 | |
Total lease payments | 70,218 | |
Less imputed interest | (5,252) | |
Present value of lease liabilities | $ 64,966 | $ 43,312 |
Leases - Other Supplemental Inf
Leases - Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows used in operating leases | $ 19,962 | $ 17,571 | $ 12,405 |
ROU assets obtained in exchange for new operating lease liabilities | $ 37,454 | $ 17,634 | $ 20,108 |
Weighted-average remaining lease term (years) | 3 years | 3 years | |
Weighted-average discount rate | 5.15% | 6.26% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment | ||
Property and equipment, at cost | $ 525,048 | $ 345,261 |
Less: Accumulated depreciation | (124,286) | (73,354) |
Property, plant and equipment, net | 587,605 | 357,686 |
Land | ||
Property and equipment | ||
Property and equipment, at cost | 65,485 | 0 |
Laboratory equipment | ||
Property and equipment | ||
Property and equipment, at cost | 118,203 | 78,640 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment, at cost | 50,288 | 37,643 |
Building | ||
Property and equipment | ||
Property and equipment, at cost | 144,083 | 111,527 |
Manufacturing equipment | ||
Property and equipment | ||
Property and equipment, at cost | 119,585 | 96,669 |
Software, electronics and office equipment | ||
Property and equipment | ||
Property and equipment, at cost | 27,404 | 20,782 |
Construction in progress | ||
Property and equipment | ||
Property and equipment, at cost | $ 186,843 | $ 85,779 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narratives (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021USD ($)a | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment | ||||
Depreciation and amortization expense | $ 44,742 | $ 30,943 | $ 17,291 | |
Land located in Hopewell, NJ | ||||
Property, Plant and Equipment | ||||
Payments to acquire land | $ 75,197 | |||
Area of land (acre) | a | 42 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment | ||
Construction in progress | $ 186,843 | $ 85,779 |
Building | ||
Property and equipment | ||
Construction in progress | 90,229 | 48,824 |
Manufacturing equipment | ||
Property and equipment | ||
Construction in progress | 63,361 | 29,858 |
Laboratory equipment | ||
Property and equipment | ||
Construction in progress | 17,178 | 4,507 |
Other | ||
Property and equipment | ||
Construction in progress | $ 16,075 | $ 2,590 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets | ||
Gross carrying amount | $ 51,710 | $ 8,316 |
Accumulated amortization | (5,031) | (3,316) |
Intangible assets, net | 46,679 | 5,000 |
Product distribution rights | ||
Intangible assets | ||
Gross carrying amount | 7,500 | 7,500 |
Accumulated amortization | (3,250) | (2,500) |
Intangible assets, net | 4,250 | 5,000 |
Developed products | ||
Intangible assets | ||
Gross carrying amount | 43,394 | 0 |
Accumulated amortization | (965) | 0 |
Intangible assets, net | 42,429 | 0 |
Trading license | ||
Intangible assets | ||
Gross carrying amount | 816 | 816 |
Accumulated amortization | (816) | (816) |
Intangible assets, net | $ 0 | $ 0 |
Intangible Assets - Useful Life
Intangible Assets - Useful Life (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Product distribution rights | |
Other intangible assets | |
Useful life | 10 years |
Product distribution rights | Weighted Average | |
Other intangible assets | |
Useful life | 13 years |
Trading license | Weighted Average | |
Other intangible assets | |
Useful life | 13 years |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets | |||
Amortization of Intangible Assets | $ 1,715 | $ 846 | $ 1,326 |
Cost of sales - product | |||
Finite-Lived Intangible Assets | |||
Amortization of Intangible Assets | 965 | 0 | 0 |
Operating Expenses | |||
Finite-Lived Intangible Assets | |||
Amortization of Intangible Assets | $ 750 | $ 846 | $ 1,326 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Year Ending December 31, | ||
2022 | $ 4,064 | |
2023 | 4,064 | |
2024 | 4,064 | |
2025 | 4,064 | |
2026 | 4,064 | |
2027 and thereafter | 26,359 | |
Intangible assets, net | 46,679 | $ 5,000 |
Cost of sales - product | ||
Year Ending December 31, | ||
2022 | 3,314 | |
2023 | 3,314 | |
2024 | 3,314 | |
2025 | 3,314 | |
2026 | 3,314 | |
2027 and thereafter | 25,859 | |
Intangible assets, net | 42,429 | |
Operating Expenses | ||
Year Ending December 31, | ||
2022 | 750 | |
2023 | 750 | |
2024 | 750 | |
2025 | 750 | |
2026 | 750 | |
2027 and thereafter | 500 | |
Intangible assets, net | $ 4,250 |
Income Taxes - Income_(Loss) Be
Income Taxes - Income/(Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of income / (loss) before income taxes | |||
Loss before income taxes | $ (1,438,588) | $ (1,618,194) | $ (943,586) |
PRC | |||
Components of income / (loss) before income taxes | |||
PRC | (606,752) | (369,066) | (231,997) |
U.S. | |||
Components of income / (loss) before income taxes | |||
Foreign | 34,923 | 33,608 | 24,478 |
Other | |||
Components of income / (loss) before income taxes | |||
Foreign | $ (866,759) | $ (1,282,736) | $ (736,067) |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Components Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Tax Expense (Benefit): | |||
PRC | $ 15,252 | $ 16,121 | $ 16,368 |
U.S. | (9) | (5,678) | 65 |
Other | 805 | 68 | 12 |
Total | 16,048 | 10,511 | 16,445 |
Deferred Tax Expense (Benefit): | |||
PRC | 7,516 | (1,152) | (4,738) |
U.S. | (47,094) | (27,030) | (4,715) |
Other | (1,704) | 0 | 0 |
Total | (41,282) | (28,182) | (9,453) |
Income Tax (Benefit) Expense | $ (25,234) | $ (17,671) | $ 6,992 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the statutory tax rate | |||
Loss before tax | $ (1,438,588) | $ (1,618,194) | $ (943,586) |
Expected taxation at China statutory tax rate | (359,647) | (404,549) | (235,897) |
Foreign and preferential tax rate differential | 185,874 | 218,473 | 191,820 |
Non-deductible expenses | (2,826) | 8,436 | (273) |
Stock compensation expenses | (27,411) | (22,032) | (5,698) |
Effect of tax rate change | 0 | (3,827) | (63,395) |
Change in valuation allowance | 210,306 | 209,085 | 146,118 |
Research tax credits and incentives | (31,530) | (23,257) | (25,683) |
Income Tax (Benefit) Expense | $ (25,234) | $ (17,671) | $ 6,992 |
Effective tax rate | 1.80% | 1.10% | (0.70%) |
State Administration of Taxation, China | |||
Reconciliation of the statutory tax rate | |||
China statutory tax rate | 25.00% | 25.00% | 25.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets: | |||
Accruals and reserves | $ 84,766 | $ 33,512 | $ 27,304 |
Net operating losses carryforward | 625,114 | 358,425 | 155,499 |
Stock-based compensation | 14,982 | 13,981 | 12,651 |
Research tax credits | 82,060 | 58,835 | 33,979 |
Depreciable and amortizable assets | 937,069 | 724,779 | 575,128 |
Lease liability obligation | 11,571 | 9,066 | 7,864 |
Gross deferred tax assets | 1,755,562 | 1,198,598 | 812,425 |
Less valuation allowance | (1,647,985) | (1,134,585) | (777,583) |
Total deferred tax assets | 107,577 | 64,013 | 34,842 |
Deferred tax liabilities: | |||
Right of use lease asset | (11,322) | (8,843) | (7,480) |
Total deferred tax liabilities | (11,322) | (8,843) | (7,480) |
Net deferred tax asset | $ 96,255 | $ 55,170 | $ 27,362 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes | |||
Change in valuation allowance | $ 210,306,000 | $ 209,085,000 | $ 146,118,000 |
Net operating loss carryforward | 3,644,005,000 | $ 2,230,857,000 | |
Unrecognized tax benefit that would impact tax rate | 0 | ||
Tax benefit from foreign tax status | $ 2,863,000 | ||
Tax benefit from foreign tax status (per share) | $ 0.01 | ||
Undistributed earnings of foreign subsidiaries | $ 1,844,000 | ||
PRC | |||
Income taxes | |||
Net operating loss carryforward | 942,541,000 | ||
BeiGene Switzerland GmbH | |||
Income taxes | |||
Net operating loss carryforward | 2,325,359,000 | ||
BeiGene USA | |||
Income taxes | |||
Net operating loss not subject to expiration | 351,645,000 | ||
Tax credit carryforwards | $ 88,632,000 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross unrecognized tax benefits | |||
Beginning balance, as of January 1 | $ 7,123 | $ 4,633 | $ 2,295 |
Additions based on tax positions related to prior tax years | 0 | 0 | 46 |
Reductions based on tax positions related to prior tax years | 0 | 0 | (17) |
Additions based on tax positions related to the current tax year | 2,802 | 2,497 | 2,435 |
Reductions based on lapse of statute of limitations | 0 | (7) | (126) |
Ending balance, as of December 31 | $ 9,925 | $ 7,123 | $ 4,633 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Allowance For Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance, as of January 1 | $ 112 | $ 0 |
Provision charged to selling, general and administrative expenses | 309 | 109 |
Amounts written-off, net of recoveries of amounts previously reserved | 0 | 0 |
Exchange rate changes | (6) | 3 |
Ending balance, as of December 31 | $ 415 | $ 112 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | ||
Prepaid research and development costs | $ 87,239 | $ 71,341 |
Prepaid taxes | 58,579 | 30,392 |
Other receivables | 12,010 | 12,651 |
Interest receivable | 5,052 | 6,619 |
Prepaid insurance | 1,695 | 1,347 |
Prepaid manufacturing cost | 78,538 | 25,996 |
Other current assets | 27,060 | 11,666 |
Total | $ 270,173 | $ 160,012 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other non-current assets | ||
Goodwill | $ 109 | $ 109 |
Prepayment of property and equipment | 14,140 | 16,984 |
Payment of facility capacity expansion activities | 24,237 | 29,778 |
Prepaid VAT | 17,162 | 10,913 |
Rental deposits and other | 6,609 | 5,962 |
Long-term investments | 100,792 | 49,344 |
Total | $ 163,049 | $ 113,090 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued expenses and other payables | ||
Compensation related | $ 139,966 | $ 106,765 |
External research and development activities related | 213,922 | 143,302 |
Commercial activities | 71,560 | 66,131 |
Individual income tax and other taxes | 45,661 | 14,373 |
Sales rebates and returns related | 59,639 | 11,874 |
Other | 27,307 | 3,699 |
Total accrued expenses and other payables | $ 558,055 | $ 346,144 |
Supplemental Balance Sheet In_7
Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other long-term liabilities | ||
Deferred government grant income | $ 46,352 | $ 49,139 |
Pension liability | 7,814 | 8,113 |
Other | 68 | 177 |
Total other long-term liabilities | $ 54,234 | $ 57,429 |
Debt - Short-term and Long-term
Debt - Short-term and Long-term Debt Obligations (Details) $ in Thousands | Jan. 22, 2020CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Sep. 30, 2020USD ($) | Sep. 30, 2020CNY (¥) |
Debt Instrument | |||||||
Short-term debt | $ 427,565 | ¥ 2,724,732,000 | $ 335,015 | ¥ 2,185,928,000 | |||
Total long-term debt | $ 202,113 | 1,288,000,000 | 183,637 | 1,198,206,000 | |||
Loans Payable | Long-term bank April 4, 2018 | China Construction Bank | |||||||
Debt Instrument | |||||||
Line of Credit | 580,000 | ||||||
Term | 9 years | ||||||
Interest Rate | 4.90% | ||||||
Total long-term debt | $ 89,444 | 570,000,000 | 88,584 | 578,000,000 | |||
Loans Payable | Long-term bank January 22, 2020 | China Merchants Bank | |||||||
Debt Instrument | |||||||
Term | 9 years | ||||||
Total long-term debt | $ 53,353 | 340,000,000 | 53,641 | 350,000,000 | |||
Loans Payable | Long-term bank November 9, 2020 | China Merchants Bank | |||||||
Debt Instrument | |||||||
Line of Credit | 378,000 | ||||||
Term | 9 years | ||||||
Total long-term debt | $ 59,316 | 378,000,000 | 41,412 | 270,206,000 | |||
Loans Payable | |||||||
Debt Instrument | |||||||
Short-term debt | $ 209,048 | 1,332,197,000 | 121,062 | 789,918,000 | |||
Loans Payable | Zhuhai Hillhouse (the "Related Party Loan") | |||||||
Debt Instrument | |||||||
Line of Credit | $ 58,912 | ¥ 400,000,000 | |||||
Loans Payable | China Industrial Bank | |||||||
Debt Instrument | |||||||
Line of Credit | 1,940,000,000 | ||||||
Interest Rate | 4.20% | ||||||
Loans Payable | Short-term debt April 4, 2018 | China Construction Bank | |||||||
Debt Instrument | |||||||
Line of Credit | 580,000 | ||||||
Term | 9 years | ||||||
Short-term debt | $ 1,255 | 8,000,000 | 307 | 2,000,000 | |||
Loans Payable | Short Term Bank Loan Dated January 22, 2020 | China Merchants Bank | |||||||
Debt Instrument | |||||||
Line of Credit | ¥ 1,100,000,000 | 350,000,000 | |||||
Term | 9 years | 9 years | |||||
Interest Rate | 4.40% | ||||||
Short-term debt | $ 1,569 | 10,000,000 | 0 | 0 | |||
Loans Payable | Short-term debt September 24, 2020 | China Minsheng Bank (the "Senior Loan") | |||||||
Debt Instrument | |||||||
Line of Credit | $ | $ 200,000 | ||||||
Interest Rate | 4.50% | ||||||
Short-term debt | $ 200,000 | 1,274,535,000 | 198,320 | 1,294,010,000 | |||
Loans Payable | Short-term debt September 24, 2020 | Zhuhai Hillhouse (the "Related Party Loan") | |||||||
Debt Instrument | |||||||
Line of Credit | 500,000 | ||||||
Interest Rate | 4.50% | ||||||
Short-term debt | ¥ 100,000,000 | $ 15,326 | ¥ 100,000,000 | $ 15,693 |
Debt - Narratives (Details)
Debt - Narratives (Details) | Oct. 09, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)option | Dec. 31, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021CNY (¥)option | Sep. 30, 2020CNY (¥) |
Debt Instrument | ||||||||
Repayment of short-term loans | $ 321,754,000 | $ 12,247,000 | $ 0 | |||||
Proceeds from long-term loan | 16,838,000 | 110,208,000 | 67,489,000 | |||||
Interest expense | 29,263,000 | 18,309,000 | 15,155,000 | |||||
Interest capitalized | $ 1,054,000 | $ 338,000 | $ 4,857,000 | |||||
Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Line of Credit | $ 58,912,000 | ¥ 400,000,000 | ||||||
China Industrial Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument, interest rate during period | 4.20% | 4.20% | ||||||
Line of Credit | ¥ | ¥ 1,940,000,000 | |||||||
Proceeds from long-term loan | $ 206,449,000 | ¥ 1,332,197,000 | ||||||
China Industrial Bank | Working Capital Facility | Loans Payable | BeiGene Guangzhou | ||||||||
Debt Instrument | ||||||||
Repayment of short-term loans | 312,000 | 2,000,000 | ||||||
China Industrial Bank | Working Capital Facility | Loans Payable | Beijing Innerway Bio-tech Co., Ltd | ||||||||
Debt Instrument | ||||||||
Repayment of short-term loans | $ 123,122,000 | ¥ 789,918,000 | ||||||
Long-term bank April 4, 2018 | China Construction Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument, interest rate during period | 4.90% | 4.90% | ||||||
Line of Credit | ¥ | ¥ 580,000 | |||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Senior loan Reserved For JV Purchase | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Line of Credit | 120,000,000 | |||||||
Working Capital | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Line of Credit | $ 80,000,000 | |||||||
Senior Loan | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Extension options (option) | option | 2 | 2 | ||||||
Extension period | 12 months | 12 months | 12 months | |||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | ||||||||
Debt Instrument | ||||||||
Line of Credit | $ 14,728,000 | |||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Line of Credit | ¥ | ¥ 100,000,000 | |||||||
Junior Loan | Zhuhai Hillhouse (the "Related Party Loan") | ||||||||
Debt Instrument | ||||||||
Fully repaid business days | 10 days | |||||||
Long Term Bank Loan November 9 2020 | China Merchants Bank | Loans Payable | BeiGene Guangzhou | ||||||||
Debt Instrument | ||||||||
Fixed annual interest rate (as a percent) | 4.30% | 4.30% | ||||||
Long-term bank November 9, 2020 | China Merchants Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Line of Credit | ¥ | ¥ 378,000 | |||||||
Proceeds from long-term loan | ¥ | ¥ 107,794,000 | |||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Short-term debt September 24, 2020 | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument, interest rate during period | 4.50% | 4.50% | ||||||
Line of Credit | $ 200,000,000 | |||||||
Repayment of short-term loans | $ 198,320,000 | |||||||
Proceeds from long-term loan | $ 200,000,000 | |||||||
Short-term debt September 24, 2020 | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument, interest rate during period | 4.50% | 4.50% | ||||||
Line of Credit | ¥ | ¥ 500,000 |
Debt - Contractual maturities o
Debt - Contractual maturities of debt obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Contractual Maturities of Debt Obligations | |
Year ending December 31, 2022 | $ 427,565 |
Year ending December 31, 2023 | 15,300 |
Year ending December 31, 2024 | 31,832 |
Year ending December 31, 2025 | 38,027 |
Year ending December 31, 2026 | 42,726 |
Thereafter | 74,228 |
Total | $ 629,678 |
Product Revenue - Product Sales
Product Revenue - Product Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Product revenue - net | $ 1,176,283 | $ 308,874 | $ 428,212 |
Product revenue, net | |||
Revenues | |||
Product revenue - gross | 748,824 | 324,672 | 228,760 |
Less: Rebates and sales returns | (114,837) | (15,798) | (6,164) |
Product revenue - net | 633,987 | 308,874 | 222,596 |
Product revenue, net | Tislelizumab | |||
Revenues | |||
Product revenue - net | 255,119 | 163,358 | 0 |
Product revenue, net | BRUKINSA® | |||
Revenues | |||
Product revenue - net | 217,987 | 41,702 | 1,039 |
Product revenue, net | REVLIMID® | |||
Revenues | |||
Product revenue - net | 70,065 | 47,372 | 78,044 |
Product revenue, net | VIDAZA® | |||
Revenues | |||
Product revenue - net | 19,591 | 29,975 | 32,234 |
Product revenue, net | ABRAXANE® | |||
Revenues | |||
Product revenue - net | 0 | 17,770 | 111,279 |
Product revenue, net | XGEVA® | |||
Revenues | |||
Product revenue - net | 45,956 | 8,496 | 0 |
Product revenue, net | BLINCYTO® | |||
Revenues | |||
Product revenue - net | 12,515 | 0 | 0 |
Product revenue, net | Other | |||
Revenues | |||
Product revenue - net | $ 12,754 | $ 201 | $ 0 |
Product Revenue - Accrued Sales
Product Revenue - Accrued Sales Rebates and Returns (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued sales rebates and returns | ||
Beginning balance, as of January 1 | $ 11,874 | |
Ending balance, as of December 31 | 59,639 | $ 11,874 |
Product revenue, net | ||
Accrued sales rebates and returns | ||
Beginning balance, as of January 1 | 11,874 | 3,198 |
Accrual | 114,837 | 15,798 |
Payment | (67,072) | (7,122) |
Ending balance, as of December 31 | $ 59,639 | $ 11,874 |
Product Revenue - Narrative (De
Product Revenue - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
NDRL impact on revenue | $ 57,450 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net loss | $ (1,413,354) | $ (1,600,523) | $ (950,578) |
Less: Net loss attributable to noncontrolling interest | 0 | (3,617) | (1,950) |
Net loss attributable to BeiGene, Ltd. | $ (1,413,354) | $ (1,596,906) | $ (948,628) |
Denominator: | |||
Weighted average shares outstanding for computing basic loss per share (in shares) | 1,206,210,049 | 1,085,131,783 | 780,701,283 |
Weighted average shares outstanding for computing diluted loss per share (in shares) | 1,206,210,049 | 1,085,131,783 | 780,701,283 |
Net loss per share attributable to BeiGene, Ltd., basic (in dollars per share) | $ (1.17) | $ (1.47) | $ (1.22) |
Net loss per share attributable to BeiGene, Ltd., diluted (in dollars per share) | $ (1.17) | $ (1.47) | $ (1.22) |
Share-Based Compensation Expe_3
Share-Based Compensation Expense - 2016 Share Option and Incentive Plan (Details) - shares | Jan. 01, 2018 | Jun. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2021 | Jan. 31, 2016 |
2016 Plan | |||||
Share-based compensation | |||||
Number of shares reserved and available for issuance (in shares) | 65,029,595 | ||||
Automatic annual increase in shares reserved and available for issuance as a percentage to outstanding number of shares (as a percent) | 5.00% | ||||
Increase in ordinary shares authorized (in shares) | 29,603,616 | 57,200,000 | 38,553,159 | ||
2016 Plan | Employee Stock Option | |||||
Share-based compensation | |||||
Granted (in shares) | 50,886,939 | ||||
2011 Plan | |||||
Share-based compensation | |||||
Shares cancelled or forfeited (in shares) | 5,166,510 |
Share-Based Compensation Expe_4
Share-Based Compensation Expense - 2018 Inducement Equity Plan (Details) - Inducement Equity Plan2018 - shares | Dec. 31, 2021 | Jun. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Number of shares reserved and available for issuance (in shares) | 12,000,000 | |
Granted (in shares) | 9,344,659 |
Share-Based Compensation Expe_5
Share-Based Compensation Expense - 2018 Employee Share Purchase Plan (Details) - Employee Share Purchase Plan 2018 - shares | 1 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Number of shares reserved and available for issuance (in shares) | 7,355,315 | 3,500,000 | ||
Increase in ordinary shares authorized (in shares) | 3,855,315 | |||
Offering period | 6 months | |||
Discount on purchase price of common stock (as a percent) | 15.00% | |||
Maximum percentage of eligible earnings as after-tax withholdings to purchase ordinary shares (as a percent) | 10.00% | |||
Shares available for future issuance (shares) | 5,194,546 |
Share-Based Compensation Expe_6
Share-Based Compensation Expense - Shares Issued Under Employee Share Purchase Plan (Details) - Employee Share Purchase Plan 2018 - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2021 | Feb. 26, 2021 | Aug. 31, 2020 | Feb. 28, 2020 | Aug. 30, 2019 | Feb. 28, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Number of ordinary shares issued ( in shares) | 425,386 | 436,124 | 485,069 | 425,425 | 233,194 | 154,505 |
Market price, ADS (in dollars per share) | $ 308.30 | $ 236.30 | $ 164.06 | $ 145.54 | $ 143.75 | $ 137.05 |
Market price, Ordinary (in dollars per share) | 23.72 | 18.18 | 12.62 | 11.20 | 11.06 | 10.54 |
Purchase price, ADS (in dollars per share) | 262.06 | 200.86 | 139.45 | 123.71 | 122.19 | 116.49 |
Purchase Price, Ordinary (in dollars per share) | $ 20.16 | $ 15.45 | $ 10.73 | $ 9.52 | $ 9.40 | $ 8.96 |
Proceeds | $ 8,575 | $ 6,738 | $ 5,203 | $ 4,048 | $ 2,192 | $ 1,385 |
Share-Based Compensation Expe_7
Share-Based Compensation Expense - Options and Restricted Shares and Restricted Stock Units Vesting Periods (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Contractual life (in years) | 10 years | 10 years | 10 years |
Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 3 years | ||
Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 5 years | ||
Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 4 years | ||
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 4 years |
Share-Based Compensation Expe_8
Share-Based Compensation Expense - Share Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options | |||
Outstanding at the beginning of the year (in shares) | 84,991,715 | 108,417,254 | 116,082,647 |
Granted (in shares) | 6,244,524 | 8,999,536 | 12,641,590 |
Exercised (in shares) | (17,233,853) | (29,707,587) | (16,730,441) |
Forfeited (in shares) | (1,797,498) | (2,717,488) | (3,576,542) |
Outstanding at the end of the year (in shares) | 72,204,888 | 84,991,715 | 108,417,254 |
Number of Options - Exercisable (in shares) | 55,576,828 | ||
Number of Options - Vested and expected to vest (in shares) | 70,043,242 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 5.27 | $ 3.96 | $ 3.21 |
Granted (in dollars per share) | 26.46 | 13.54 | 9.38 |
Exercised (in dollars per share) | 4.52 | 2.82 | 2.60 |
Forfeited (in dollars per share) | 13.27 | 7.22 | 5.09 |
Outstanding at the end of the year (in dollars per share) | 7.08 | 5.27 | 3.96 |
Exercisable (in dollars per share) | 4.31 | ||
Vested and expected to vest (in dollars per share) | 6.79 | ||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 12.40 | $ 7.15 | $ 5.06 |
Weighted Average Remaining Contractual Term | |||
Outstanding | 5 years 9 months 21 days | ||
Exercisable | 5 years 29 days | ||
Vested and expected to vest | 5 years 8 months 23 days | ||
Aggregate Intrinsic Value | |||
Exercised | $ 367,110 | $ 416,509 | $ 171,429 |
Outstanding | 1,026,958 | ||
Exercisable at the end of the period | 919,118 | ||
Vested and expected to vest | 1,012,938 | ||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total fair value of the employee share option awards vested | $ 53,571 | $ 55,127 | $ 58,670 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Employee service share based compensation nonvested stock options | 14,466,414 | ||
Unrecognized share-based compensation costs | $ 88,394 | ||
Period of unrecognized share-based compensation cost over average amortization (in years) | 2 years 1 month 6 days |
Share-Based Compensation Expe_9
Share-Based Compensation Expense - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant unobservable inputs used in the fair value measurement | |||
Expected exercise multiple, minimum | 2.2 | ||
Expected exercise multiple, maximum | 2.8 | 2.8 | |
Employee Stock Option | |||
Significant unobservable inputs used in the fair value measurement | |||
Risk-free interest rate, minimum (as percent) | 1.10% | 0.60% | 1.50% |
Risk-free interest rate, maximum (as percent) | 1.70% | 1.10% | 2.80% |
Expected exercise multiple, maximum | 2.8 | ||
Expected volatility, minimum (as percent) | 51.00% | 58.00% | 58.00% |
Expected volatility, maximum (as percent) | 59.00% | 59.00% | 60.00% |
Expected dividend yield (as percent) | 0.00% | 0.00% | 0.00% |
Contractual life (in years) | 10 years | 10 years | 10 years |
Employee Stock Option | Minimum | |||
Significant unobservable inputs used in the fair value measurement | |||
Fair value of ordinary share (in dollars per share) | $ 9.94 | $ 4.95 | $ 4.64 |
Employee Stock Option | Maximum | |||
Significant unobservable inputs used in the fair value measurement | |||
Fair value of ordinary share (in dollars per share) | $ 14.97 | $ 11.89 | $ 8.28 |
Share-Based Compensation Exp_10
Share-Based Compensation Expense - Restricted Shares Rollforward (Details) - Restricted shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numbers of Shares | |||
Outstanding at the beginning of the year (in shares) | 0 | 75,000 | 300,000 |
Granted (in shares) | 0 | 0 | 0 |
Vested (in shares) | 0 | (75,000) | (75,000) |
Forfeited (in shares) | 0 | 0 | (150,000) |
Outstanding at the end of the year (in shares) | 0 | 0 | 75,000 |
Expected to vest (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 0 | $ 2.27 | $ 2.25 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested (in dollars per share) | 0 | 2.27 | 2.27 |
Forfeited (in dollars per share) | 0 | 0 | 2.24 |
Outstanding at the end of the year (in dollars per share) | 0 | $ 0 | $ 2.27 |
Expected to vest (in dollars per share) | $ 0 |
Share-Based Compensation Exp_11
Share-Based Compensation Expense - Restricted Share Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Share Units (RSUs) | |||
Numbers of Shares | |||
Outstanding at the beginning of the year (in shares) | 34,876,972 | 26,852,267 | 14,102,452 |
Granted (in shares) | 17,173,767 | 18,820,581 | 18,637,333 |
Vested (in shares) | (10,703,381) | (7,302,828) | (3,474,068) |
Forfeited (in shares) | (5,264,376) | (3,493,048) | (2,413,450) |
Outstanding at the end of the year (in shares) | 36,082,982 | 34,876,972 | 26,852,267 |
Expected to vest (in shares) | 31,392,194 | ||
Weighted-Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 12.50 | $ 10.72 | $ 11.85 |
Granted (in dollars per share) | 25.58 | 14.20 | 10.10 |
Vested (in dollars per share) | 12.23 | 10.88 | 11.75 |
Forfeited (in dollars per share) | 15.82 | 11.36 | 11.07 |
Outstanding at the end of the year (in dollars per share) | 18.33 | $ 12.50 | $ 10.72 |
Expected to vest (in dollars per share) | $ 18.33 | ||
Additonal disclosures | |||
Unrecognized share-based compensation costs | $ 469,862 | ||
Period of unrecognized share-based compensation cost over average amortization (in years) | 2 years 7 months 6 days | ||
Employee Stock Option | |||
Additonal disclosures | |||
Unrecognized share-based compensation costs | $ 88,394 | ||
Period of unrecognized share-based compensation cost over average amortization (in years) | 2 years 1 month 6 days |
Share-Based Compensation Exp_12
Share-Based Compensation Expense - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation | |||
Compensation expense | $ 240,712 | $ 183,481 | $ 134,154 |
Research and development | |||
Share-based compensation | |||
Compensation expense | 114,357 | 92,999 | 76,293 |
Selling, general and administrative | |||
Share-based compensation | |||
Compensation expense | $ 126,355 | $ 90,482 | $ 57,861 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | $ 3,869,243 | $ 978,355 | $ 1,753,647 |
Other comprehensive income (loss) before reclassifications | 9,519 | 16,435 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,489 | (1,492) | |
Net-current period other comprehensive (loss) income | 11,008 | 15,071 | (9,872) |
Balance at the ending of period | 6,242,987 | 3,869,243 | 978,355 |
Accumulated Other Comprehensive Income/(Loss) | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | 6,942 | (8,001) | 1,526 |
Net-current period other comprehensive (loss) income | 11,008 | 14,943 | (9,527) |
Balance at the ending of period | 17,950 | 6,942 | (8,001) |
Foreign Currency Translation Adjustments | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | 14,184 | (9,291) | |
Other comprehensive income (loss) before reclassifications | 13,714 | 23,475 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Net-current period other comprehensive (loss) income | 13,714 | 23,475 | |
Balance at the ending of period | 27,898 | 14,184 | (9,291) |
Unrealized Gains/Losses on Available-for-Sale Securities | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | 871 | 1,290 | |
Other comprehensive income (loss) before reclassifications | (4,504) | 1,073 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (67) | (1,492) | |
Net-current period other comprehensive (loss) income | (4,571) | (419) | |
Balance at the ending of period | (3,700) | 871 | 1,290 |
Pension Liability Adjustments | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | (8,113) | 0 | |
Other comprehensive income (loss) before reclassifications | 309 | (8,113) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,556 | 0 | |
Net-current period other comprehensive (loss) income | 1,865 | (8,113) | |
Balance at the ending of period | $ (6,248) | $ (8,113) | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, $ in Thousands | Jan. 02, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)shares | Jul. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2021¥ / shares | Sep. 24, 2020 |
Subsidiary, Sale of Stock | |||||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 50,000 | $ 4,232,017 | $ 0 | ||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Amgen, Inc | |||||||||
Subsidiary, Sale of Stock | |||||||||
Issuance of ordinary shares in connection (in shares) | shares | 29,614,832 | ||||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 421,443 | ||||||||
Beigene Ltd | Amgen, Inc | |||||||||
Subsidiary, Sale of Stock | |||||||||
Minority interest in investment (as a percent) | 20.50% | 20.50% | |||||||
Direct purchase option ownership target (as a percent) | 20.60% | ||||||||
Direct purchase option minimum trigger (as a percent) | 20.40% | ||||||||
Amgen, Inc | |||||||||
Subsidiary, Sale of Stock | |||||||||
Issuance of ordinary shares in connection (in shares) | shares | 15,895,001 | 2,151,877,000 | 15,895,001 | ||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 2,779,241 | $ 50 | $ 2,779,241 | ||||||
Per share acquisition price (in dollars per share) | $ / shares | $ 174.85 | $ 174.85 | |||||||
Stock issued during period, shares, new issues, american depository shares | shares | 165,529,000 | ||||||||
Registered Direct Offering | |||||||||
Subsidiary, Sale of Stock | |||||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 2,069,610 | ||||||||
Per share acquisition price (in dollars per share) | $ / shares | $ 14.2308 | ||||||||
Sale of stock shares received (in shares) | shares | 145,838,979 | ||||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
Sale of stock, share price, ADS (in dollars per share) | $ / shares | $ 185 | ||||||||
IPO | STAR Market | |||||||||
Subsidiary, Sale of Stock | |||||||||
Issuance of ordinary shares in connection (in shares) | shares | 115,055,260 | ||||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 3,392,616 | ||||||||
Per share acquisition price (in dollars per share) | (per share) | $ 391.68 | ¥ 192.60 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted net assets | |||
Minimum required statutory reserve of annual after-tax profit (as a percent) | 10.00% | ||
Required statutory reserve as a percentage of registered capital (as a percent) | 50.00% | ||
Appropriation to statutory reserves | $ 0 | $ 0 | $ 0 |
PRC | |||
Restricted net assets | |||
Restricted net assets | $ 799,574,000 | $ 119,776,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
PRC mandated defined contribution | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 63,772 | $ 23,717 | $ 23,282 |
401(k) Plan | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 7,483 | 4,840 | 2,389 |
Participant's contributions matched (as a percent) | 4.00% | ||
Swiss Plan | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 2,986 | 2,960 | $ 528 |
Projected benefit obligation | 34,517 | 23,566 | |
Defined benefit plan, plan asset | 26,703 | $ 15,453 | |
Annual contributions per employee | $ 1,604 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Expected Benefit Payments (Details) - Swiss Plan $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment | |
2022 | $ 44 |
2023 | 68 |
2024 | 528 |
2025 | 271 |
2026 | 197 |
2027 – 2031 | 3,760 |
Total | $ 4,868 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Purchase and Capital commitments | |
Purchase commitments | $ 168,687 |
Investments Funding Commitment | |
Purchase and Capital commitments | |
Other commitments | 12,750 |
Maximum commitment | 15 |
Research and Development Arrangement | |
Purchase and Capital commitments | |
Maximum commitment | $ 27,985 |
Commitment term (years) | 5 years |
Amgen, Inc | |
Purchase and Capital commitments | |
Other commitments | $ 791,059 |
Maximum commitment | 1,250 |
Minimum Purchase Commitments For Supply Purchased | |
Purchase and Capital commitments | |
Purchase commitments | 75,976 |
Inventories | |
Purchase and Capital commitments | |
Purchase commitments | 92,711 |
Capital Addition Purchase Commitments | |
Purchase and Capital commitments | |
Other commitments | $ 42,394 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narratives (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment information | |||
Number of operating segments | segment | 1 | ||
Total revenues | $ 1,176,283 | $ 308,874 | $ 428,212 |
U.S. | |||
Segment information | |||
Total revenues | 495,265 | 18,228 | 134,689 |
Collaboration revenue | |||
Segment information | |||
Total revenues | 542,296 | 0 | 205,616 |
Collaboration revenue | U.S. | |||
Segment information | |||
Total revenues | 379,607 | ||
Product revenue, net | |||
Segment information | |||
Total revenues | 633,987 | 308,874 | 222,596 |
Product revenue, net | BRUKINSA® | |||
Segment information | |||
Total revenues | $ 217,987 | 41,702 | $ 1,039 |
Product revenue, net | U.S. | BRUKINSA® | |||
Segment information | |||
Total revenues | $ 115,658 |
Segment and Geographic Inform_4
Segment and Geographic Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net product revenues by geographic area | |||
Revenue from contract with customer | $ 1,176,283 | $ 308,874 | $ 428,212 |
PRC | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 517,173 | 290,646 | 221,557 |
U.S. | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 495,265 | 18,228 | 134,689 |
Other | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | $ 163,845 | $ 0 | $ 71,966 |