Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ZAI LAB LIMITED | |
Entity Central Index Key | 0001704292 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-38205 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 4560 Jinke Road | |
Entity Address, Address Line Two | Bldg. 1, Fourth Floor Pudong | |
Entity Address, City or Town | Shanghai | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 201210 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 98-1144595 | |
Entity Small Business | false | |
Local Phone Number | 6163 2588 | |
City Area Code | 86 21 | |
American Depositary Shares | ||
Document Information [Line Items] | ||
Trading Symbol | ZLAB | |
Entity Common Stock, Shares Outstanding | 65,826,281 | |
Title of 12(b) Security | American Depositary Shares, each representing 1 Ordinary Share, par value $0.00006 per share | |
Security Exchange Name | NASDAQ | |
Ordinary Shares | ||
Document Information [Line Items] | ||
Trading Symbol | 9688 | |
Entity Common Stock, Shares Outstanding | 95,408,743 | |
Title of 12(b) Security | Ordinary Shares, par value $0.00006 per share |
Consolidated balance sheets
Consolidated balance sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,766,573 | $ 442,116 |
Short-term investments | 0 | 744,676 |
Accounts receivable | 18,029 | 5,165 |
Inventories | 11,114 | 13,144 |
Prepayments and other current assets | 12,887 | 10,935 |
Total current assets | 1,808,603 | 1,216,036 |
Restricted cash, non-current | 743 | 743 |
Investments in equity investees | 1,070 | 1,279 |
Prepayments for equipment | 1,846 | 274 |
Property and equipment, net | 31,642 | 29,162 |
Operating lease right-of-use assets | 17,015 | 17,701 |
Land use rights, net | 7,849 | 7,908 |
Intangible assets, net | 1,733 | 1,532 |
Long term deposits | 891 | 862 |
Value added tax recoverable | 23,823 | 22,141 |
Total assets | 1,895,215 | 1,297,638 |
Current liabilities: | ||
Accounts payable | 125,621 | 62,641 |
Current operating lease liabilities | 6,371 | 5,206 |
Other current liabilities | 61,925 | 30,196 |
Total current liabilities | 193,917 | 98,043 |
Deferred income | 17,632 | 16,858 |
Non-current operating lease liabilities | 11,968 | 13,392 |
Total liabilities | 223,517 | 128,293 |
Commitments and contingencies | ||
Shareholders' equity | ||
Ordinary shares (par value of $0.00006 per share; 500,000,000 shares authorized, 94,758,189 and 87,811,026 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively) | 6 | 5 |
Additional paid-in capital | 2,799,318 | 1,897,467 |
Accumulated deficit | (1,109,837) | (713,603) |
Accumulated other comprehensive loss | (16,865) | (14,524) |
Treasury Stock | (924) | |
Total shareholders' equity | 1,671,698 | 1,169,345 |
Total liabilities and shareholders' equity | $ 1,895,215 | $ 1,297,638 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 5 | $ 1 |
Ordinary shares, par value | $ 0.00006 | $ 0.00006 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 94,758,189 | 87,811,026 |
Ordinary shares, shares outstanding | 94,758,189 | 87,811,026 |
Treasury Stock, Shares | 6,086 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 36,935 | $ 10,995 | $ 57,038 | $ 19,213 |
Expenses: | ||||
Cost of sales | (10,868) | (2,896) | (18,373) | (4,980) |
Research and development | (142,224) | (68,307) | (346,076) | (102,049) |
Selling, general and administrative | (54,414) | (23,758) | (90,252) | (42,472) |
Loss from operations | (170,571) | (83,966) | (397,663) | (130,288) |
Interest income | 244 | 1,227 | 458 | 2,882 |
Interest expenses | (55) | (114) | ||
Other income (expense), net | 7,406 | 2,434 | 1,179 | (691) |
Loss before income tax and share of loss from equity method investment | (162,921) | (80,360) | (396,026) | (128,211) |
Income tax expense | ||||
Share of loss from equity method investment | (403) | (269) | (208) | (406) |
Net loss | (163,324) | (80,629) | (396,234) | (128,617) |
Net loss attributable to ordinary shareholders | $ (163,324) | $ (80,629) | $ (396,234) | $ (128,617) |
Loss per share - basic and diluted | $ (1.76) | $ (1.08) | $ (4.37) | $ (1.74) |
Weighted-average shares used in calculating net loss per ordinary share - basic and diluted | 93,045,531 | 74,738,563 | 90,723,132 | 73,847,551 |
Consolidated statements of comp
Consolidated statements of comprehensive loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (163,324) | $ (80,629) | $ (396,234) | $ (128,617) |
Other comprehensive (loss) income, net of tax of nil: | ||||
Foreign currency translation adjustments | (5,241) | (1,173) | (2,341) | 2,366 |
Comprehensive loss | $ (168,565) | $ (81,802) | $ (398,575) | $ (126,251) |
Consolidated statements of co_2
Consolidated statements of comprehensive loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated statements of shar
Consolidated statements of shareholders' equity - USD ($) $ in Thousands | Total | Ordinary Shares | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Balance at Dec. 31, 2019 | $ 294,660 | $ 4 | $ 734,734 | $ (444,698) | $ 4,620 | |
Balance, Shares at Dec. 31, 2019 | 68,237,247 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Issuance of ordinary shares upon vesting of restricted shares, Shares | 80,200 | |||||
Exercise of shares option | 346 | $ 0 | 346 | |||
Exercise of shares option, Shares | 49,278 | |||||
Issuance of ordinary shares upon follow-on public offering, net of issuance cost | 280,568 | $ 0 | 280,568 | |||
Issuance of ordinary shares upon follow-on public offering, net of issuance cost, Shares | 6,300,000 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (740) | |||||
Share-based compensation | 6,463 | 6,463 | ||||
Net loss | (47,988) | (47,988) | ||||
Foreign currency translation | 3,539 | 3,539 | ||||
Balance at Mar. 31, 2020 | 537,588 | $ 4 | 1,022,111 | (492,686) | 8,159 | |
Balance, Shares at Mar. 31, 2020 | 74,666,725 | |||||
Balance at Dec. 31, 2019 | 294,660 | $ 4 | 734,734 | (444,698) | 4,620 | |
Balance, Shares at Dec. 31, 2019 | 68,237,247 | |||||
Net loss | (128,617) | |||||
Foreign currency translation | 2,366 | |||||
Balance at Jun. 30, 2020 | 465,466 | $ 4 | 1,031,791 | (573,315) | 6,986 | |
Balance, Shares at Jun. 30, 2020 | 74,882,338 | |||||
Balance at Mar. 31, 2020 | 537,588 | $ 4 | 1,022,111 | (492,686) | 8,159 | |
Balance, Shares at Mar. 31, 2020 | 74,666,725 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Issuance of ordinary shares upon vesting of restricted shares, Shares | 36,000 | |||||
Exercise of shares option | 2,729 | $ 0 | 2,729 | |||
Exercise of shares option, Shares | 179,613 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (13) | (13) | ||||
Share-based compensation | 6,964 | 6,964 | ||||
Net loss | (80,629) | (80,629) | ||||
Foreign currency translation | (1,173) | (1,173) | ||||
Balance at Jun. 30, 2020 | 465,466 | $ 4 | 1,031,791 | (573,315) | 6,986 | |
Balance, Shares at Jun. 30, 2020 | 74,882,338 | |||||
Balance at Dec. 31, 2020 | $ 1,169,345 | $ 5 | 1,897,467 | (713,603) | (14,524) | |
Balance, Shares at Dec. 31, 2020 | 87,811,026 | 87,811,026 | ||||
Issuance of ordinary shares upon vesting of restricted shares | $ 0 | $ 0 | 0 | |||
Issuance of ordinary shares upon vesting of restricted shares, Shares | 81,600 | |||||
Exercise of shares option | 702 | $ 0 | 702 | |||
Exercise of shares option, Shares | 58,364 | |||||
Issuance of ordinary shares in connection with collaboration and license arrangement | 62,250 | $ 0 | 62,250 | |||
Issuance of ordinary shares in connection with collaboration and license arrangement, Shares | 568,182 | |||||
Issuance cost adjustment for secondary listing | 65 | 65 | ||||
Share-based compensation | 7,318 | 7,318 | ||||
Net loss | (232,910) | (232,910) | ||||
Foreign currency translation | 2,900 | 2,900 | ||||
Balance at Mar. 31, 2021 | 1,009,670 | $ 5 | 1,967,802 | (946,513) | (11,624) | |
Balance, Shares at Mar. 31, 2021 | 88,519,172 | |||||
Balance at Dec. 31, 2020 | $ 1,169,345 | $ 5 | 1,897,467 | (713,603) | (14,524) | |
Balance, Shares at Dec. 31, 2020 | 87,811,026 | 87,811,026 | ||||
Net loss | $ (396,234) | |||||
Foreign currency translation | (2,341) | |||||
Balance at Jun. 30, 2021 | $ 1,671,698 | $ 6 | 2,799,318 | (1,109,837) | (16,865) | $ (924) |
Balance, Shares at Jun. 30, 2021 | 94,758,189 | 94,758,189 | (6,086) | |||
Balance at Mar. 31, 2021 | $ 1,009,670 | $ 5 | 1,967,802 | (946,513) | (11,624) | |
Balance, Shares at Mar. 31, 2021 | 88,519,172 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Issuance of ordinary shares upon vesting of restricted shares, Shares | 32,100 | |||||
Exercise of shares option | 3,289 | $ 0 | 3,289 | |||
Exercise of shares option, Shares | 490,517 | |||||
Receipt of employees' shares to satisfy tax withholding obligations related to share-based compensation | (6,086) | |||||
Receipt of employees' shares to satisfy tax withholding obligations related to share-based compensation | (924) | $ (924) | ||||
Issuance of ordinary shares upon follow-on public offering, net of issuance cost | 817,996 | $ 1 | 817,995 | |||
Issuance of ordinary shares upon follow-on public offering, net of issuance cost, Shares | 5,716,400 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (879) | |||||
Share-based compensation | 10,232 | 10,232 | ||||
Net loss | (163,324) | (163,324) | ||||
Foreign currency translation | (5,241) | (5,241) | ||||
Balance at Jun. 30, 2021 | $ 1,671,698 | $ 6 | $ 2,799,318 | $ (1,109,837) | $ (16,865) | $ (924) |
Balance, Shares at Jun. 30, 2021 | 94,758,189 | 94,758,189 | (6,086) |
Consolidated statements of sh_2
Consolidated statements of shareholders' equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share issuance cost upon follow-on public offering | $ 879 | $ 13 | $ 740 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net loss | $ (396,234) | $ (128,617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for doubtful accounts | 4 | 2 |
Inventory write-down | 290 | 7 |
Depreciation and amortization expenses | 2,975 | 2,107 |
Amortization of deferred income | (156) | (156) |
Share-based compensation | 17,550 | 13,427 |
Noncash research and development expenses | 62,250 | |
Share of loss from equity method investment | 208 | 406 |
Loss on disposal of property and equipment | 4 | 1 |
Noncash lease expenses | 2,779 | 2,114 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12,868) | (3,235) |
Inventories | 1,740 | (571) |
Prepayments and other current assets | (1,952) | (948) |
Long term deposits | (29) | (335) |
Value added tax recoverable | (1,682) | (2,422) |
Accounts payable | 62,980 | 9,732 |
Other current liabilities | 28,077 | 4,697 |
Operating lease liabilities | (2,214) | (1,539) |
Deferred income | 930 | 13,011 |
Net cash used in operating activities | (235,348) | (92,319) |
Cash flows from investing activities: | ||
Purchases of short-term investments | (205,000) | |
Proceeds from maturity of short-term investments | 743,902 | 200,000 |
Purchase of property and equipment | (5,647) | (1,303) |
Purchase of intangible assets | (427) | (218) |
Net cash provided by (used in) investing activities | 737,828 | (6,521) |
Cash flows from financing activities: | ||
Repayment of short-term borrowings | (2,130) | |
Proceeds from exercises of stock options | 3,992 | 3,075 |
Proceeds from issuance of ordinary shares upon public offerings | 818,874 | 281,295 |
Payment of public offering costs | (1,323) | (740) |
Employee taxes paid related to net share settlement of equity awards | (594) | |
Net cash provided by financing activities | 820,949 | 281,500 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 1,028 | 12 |
Net increase in cash, cash equivalents and restricted cash | 1,324,457 | 182,672 |
Cash, cash equivalents and restricted cash - beginning of period | 442,859 | 76,442 |
Cash, cash equivalents and restricted cash - end of period | 1,767,316 | 259,114 |
Supplemental disclosure on non-cash investing and financing activities: | ||
Payables for purchase of property and equipment | 1,720 | 984 |
Payables for intangible assets | 58 | |
Payables for public offering costs | 555 | |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 1,766,573 | 258,604 |
Restricted cash, non-current | 743 | 510 |
Total cash and cash equivalents and restricted cash | $ 1,767,316 | 259,114 |
Interest paid | $ 122 |
Organization and principal acti
Organization and principal activities | 6 Months Ended |
Jun. 30, 2021 | |
Organization and principal activities | |
Organization and Principal Activities | 1. Organization and principal activities Zai Lab Limited (the “Company”) was incorporated on March 28, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company and its subsidiaries (collectively referred to as the “Group”) are focused on developing and commercializing therapies that address medical conditions with unmet medical needs including, in particular, oncology, autoimmune disorders and infectious diseases. The Group’s principal operations and geographic markets are in mainland China (hereinafter referred to as “China”), Hong Kong, Macau and Taiwan (hereinafter collectively referred to as “Greater China”). The Group has a substantial presence in Greater China and the United States . |
Basis of presentation and conso
Basis of presentation and consolidation and significant accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation and significant accounting policies | 2. Basis of presentation and consolidation and significant accounting policies (a) Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q S-X. 10-K (b) Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company (c) Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. 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 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 the current expected credit losses for financial assets, assessing the impairment of long-lived assets, discount rate of operating lease liabilities, revenue recognition, allocation of the research and development service expenses to the appropriate financial reporting period based on the progress of the research and development projects, share-based compensation expenses, recoverability of deferred tax assets and a lack of marketability discount of the ordinary shares issued in connection with collaboration and license arrangement (Note 15 (d) Fair value measurements The Group applies ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures 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 measur e Financial instruments of the Group primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable and other payables. As of June 30, 2021 and December 31, 2020, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, prepayments and other current assets, accounts payable and other payable approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximates its fair value based on the nature of the assessment of the ability to recover these amounts. (e) Recent accounting pronouncements Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income taxes (f) Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 3. Cash and cash equivalents As of June 30, 2021 December 31, 2020 $ $ Cash at bank and in hand 1,465,757 441,283 Cash equivalents (note (i)) 300,816 833 1,766,573 442,116 Denominated in: US$ 907,662 297,813 RMB (note (ii)) 36,222 23,898 Hong Kong dollar (“HK$”) 822,182 119,695 Australian dollar (“A$”) 471 710 Taiwan dollar (“TW$”) 36 — 1,766,573 442,116 Note: (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii) Certain cash and bank balances denominated in RMB were deposited with banks in China. The conversion of these RMB denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the government of the People’s Republic of China (“PRC”). |
Restricted cash, non-current
Restricted cash, non-current | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Cash [Abstract] | |
Restricted cash, non-current | 4. Restricted cash, non-current The Group’s restricted cash balance of $743 and $743 as of June 30, 2021 and December 31, 2020, respectively, was long-term bank deposits held as collateral for issuance of letters of credit. These deposits will be released when the related letters of credit are settled by the Group. |
Short-term investments
Short-term investments | 6 Months Ended |
Jun. 30, 2021 | |
Short-term investments | |
Short-term investments | 5. Short-term investments Short-term investments are primarily comprised of time deposits with original maturities between three months one year. As of June 30, 2021, the Group held no short-term |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Inventories | 6. Inventories The Group’s inventory balance of $11,114 and $13,144 as of June 30, 2021 and December 31, 2020, respectively, mainly consisted of finished goods purchased from Tesaro, Inc., now GlaxoSmithKline (GSK), for distribution in Hong Kong, and from NovoCure Limited (“Novocure”) and Deciphera Pharmaceuticals, LLC (“Deciphera”) for distribution in Hong Kong and China, as well as finished goods, work in process and certain raw materials for ZEJULA commercialization in China. As of June 30, 2021 December 31, 2020 $ $ Finished goods 4,477 3,041 Raw materials 6,269 10,103 Work in process 368 — Inventories 11,114 13,144 The Group writes down inventory for any excess or obsolete inventories or when the Group believes that the net realizable value of inventories is less than the carrying value. During the three and six months ended June 30, 2021, the Group recorded write-downs write-downs |
Investments in Equity Investees
Investments in Equity Investees | 6 Months Ended |
Jun. 30, 2021 | |
Investments in equity investees | |
Investments in equity investees | 7. Investments in equity investees In June 2017, the Group entered into an agreement with three third June 30, 2021, respectively . The Group accounts for this investment using the equity method of accounting due to the fact that the Group can exercise significant influence on the investee. The Group recorded its gain on deemed disposal in this investee of and $ for the three months and six months ended June 30, 2021, and recorded loss of $ and $ for its portion of JING’s net loss for the three months and six months ended June 30, 2021, respectively. The Group recorded share of loss in this investee of $269 and $ for the three and six months ended June 30, 2020, respectively. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2021 | |
Property and equipment, net | |
Property and equipment, net | 8. Property and equipment, net Property and equipment consist of the following: As of June 30, 2021 December 31, 2020 $ $ Office equipment 444 430 Electronic equipment 3,269 2,646 Vehicle 218 143 Laboratory equipment 13,384 11,933 Manufacturing equipment 12,838 12,198 Leasehold improvements 9,889 9,641 Construction in progress 4,699 2,423 44,741 39,414 Less: accumulated depreciation (13,099 ) (10,252 ) Property and equipment, net 31,642 29,162 Depreciation expenses for the three and six months ended June 30, 2021 were $1,407 and $2,747, respectively. Depreciation expenses for the three and six months ended June 30, 2020 were $968 and $1,974, respectively. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Revenue | 9. Revenue T Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Product revenue - gross 41,380 11,478 87,935 20,415 Less: Rebate and sales return (4,445 ) (483 ) (30,897 ) (1,202 ) Product revenue - net 36,935 10,995 57,038 19,213 Sales rebates are offered to distributors in China and the amounts are recorded as a reduction of revenue. Estimated rebates are determined based on contracted rates, sales volumes and level of distributor inventories. The following table disaggregates net revenue by product for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ ZEJULA 23,366 7,446 35,972 13,791 Optune 9,535 3,549 16,665 5,422 QINLOCK 4,034 — 4,401 — Product revenue - net 36,935 10,995 57,038 19,213 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2021 | |
Income tax | |
Income tax | 10. Income Tax No provision for income taxes has been required to be accrued because the Company and all of its subsidiaries are in cumulative loss positions for all the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of June 30, 2021 and December 31, 2020. No unrecognized tax benefits and related interest and penalties were recorded in any of the periods presented. |
Other current liabilities
Other current liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Other current liabilities | |
Other current liabilities | 11. Other current liabilities Other current liabilities consist of the following: As of June 30, 2021 December 31, 2020 $ $ Payroll 12,474 13,694 Professional service fee 9,610 3,128 Payables for purchase of property and equipment 1,720 788 Accrued rebate to distributors 22,416 7,067 Others (note (i)) 15,705 5,519 Total 61,925 30,196 Note: (i) Others are mainly payables to employees for exercising the share-based compensations, tax payables and payables related to travel and business entertainment expenses. |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2021 | |
Loss per share | |
Loss per share | 12. Loss per share Basic and diluted net loss per share for each of the period presented are calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Numerator: Net loss attributable to ordinary shareholders (163,324 ) (80,629 ) (396,234 ) (128,617 ) Denominator: Weighted average number of ordinary shares- basic and diluted 93,045,531 74,738,563 90,723,132 73,847,551 Product revenue - net (1.76 ) (1.08 ) (4.37 ) (1.74 ) As a result of the Group’s net loss for the six months ended June 30, 2021 and 2020, share options and non-vested As of June 30, 2021 June 30, 2020 Share options 8,629,440 9,808,561 Non-vested 632,535 710,068 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Related party transactions | 13. Related party transactions The table below sets forth the major related party and the relationship with the Group as of June 30, 2021: Company Name Relationship with the Group MEDx (Suzhou) Translational Medicine Co., Ltd. Significant influence held by Samantha Du’s (Director, Chairwoman and Chief Executive Officer of the Company) immediate family For the three and six months ended June 30, 2021, the Group incurred $104 and $207 research and d evelopment |
Share-based compensation
Share-based compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based compensation | |
Share-based compensation | 14. Share-based compensation Share options On March 5, 2015, the Board of Directors of the Company approved an Equity Incentive Plan (the “2015 Plan”) which is administered by the Board of Directors. Under the 2015 Plan, the Board of Directors may grant options to purchase ordinary shares to management including officers, directors, employees and individual advisors who render services to the Group to purchase an aggregate of no more than 4,140,945 ordinary shares of the Group (“Option Pool”). Subsequently, the Board of Directors approved the increase in the Option Pool to 7,369,767 ordinary shares. In connection with the completion of the initial public offering (the “IPO”), the Board of Directors approved the 2017 Equity Incentive Plan (the “2017 Plan”) and all equity-based awards subsequent to the IPO would be granted under the 2017 Plan. For the six months ended June 30, 2020, the Group granted 960,878 share options to certain management, employees and individual advisors of the Group at the exercise price ranging from $44.94 to $82.13 per share under the 2017 Plan. These options granted have a contractual term of ten years and generally vest over a five- three-year For the six months ended June 30, 2021, the Group granted 512,088 share options to certain management and employees of the Group at the exercise price ranging from $130.96 to $180.00 per share under the 2017 Plan. These options granted have a contractual term of ten years and generally vest over a five-year period, with 20% of the awards vesting beginning on the anniversary date one year after the grant date. The weighted-average grant-date fair value of the options granted in the six months ended June 30, 2021 and 2020 were $81.37 and $33.51 per share, respectively. The Group recorded compensation expense related to the options of $12,776 and $10,355 for the six months ended June 30, 2021 and 2020, respectively, which were classified in the accompanying unaudited condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Selling, general and administrative 4,123 2,804 7,382 5,548 Research and development 3,104 2,630 5,394 4,807 Total 7,227 5,434 12,776 10,355 As of June 30, 2021, there was $97,837 of total unrecognized compensation expense related to unvested share opt i weighted-average Non-vested restricted shares For the six months ended June 30, 2020, 50,000 ordinary shares were authorized for grant to the independent directors. The restricted shares will vest and be released from the restrictions in full on the first anniversary from the date of the agreement. Upon termination of the independent directors’ service with the Group for any reason, any shares that are outstanding and not yet vested will be immediately forfeited. For the six months ended June 30, 2020, 45,000 ordinary shares were authorized for grant to certain management. One fifth For the six months ended June 30, 2021, 19,260 ordinary shares were authorized for grant to the independent directors. The restricted shares will vest and be released from the restrictions in full on the first anniversary from the date of the agreement. Upon termination of the independent directors’ service with the Group for any reason, any shares that are outstanding and not yet vested will be immediately forfeited. For the six months ended June 30, 2021, 203,575 ordinary shares were authorized for grant to certain management. One fifth The Group measured the fair value of the non-vested As of June 30, 2021, there was $40,562 of total unrecognized compensation expense related to non-vested Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Selling, general and administrative 1,839 1,046 3,050 2,114 Research and development 1,166 484 1,724 958 Total 3,005 1,530 4,774 3,072 |
Licenses and collaborative arra
Licenses and collaborative arrangement | 6 Months Ended |
Jun. 30, 2021 | |
Licenses And Collaborative Arrangement [Abstract] | |
Licenses and collaborative arrangement | 1 5 The following is a description of the Group’s significant ongoing collaboration agreements for the three and six months ended June 30, 2021. License and collaboration agreement with GSK In September 2016, the Group entered into a collaboration, development and license agreement with Tesaro, Inc., a company later acquired by GSK, pursuant to which it obtained an exclusive sublicense under certain patents and know-how know-how follow-on co-market Under the terms of the agreement, the Group made an upfront payment of $15,000 and one milestone payment of $1,000, and accrued one development milestone payment of $3,500 to GSK. On top of those, if the Group achieves other specified regulatory, development and commercialization milestones, the Group may be additionally required to pay further milestone payments up to $36,000 to GSK. In addition, if the Group successfully develops and commercializes the licensed products, the Group will pay GSK tiered royalties on the net sales of the licensed products, until the later of the expiration of the last-to-expire product-by-product region-by-region The Group has the right to terminate this agreement at any time by providing written notice of termination to GSK. License and collaboration agreements with MacroGenics Inc. (“MacroGenics”) In November 2018, the Group entered into a collaboration agreement with MacroGenics, pursuant to which it obtained an exclusive license under certain patents and know-how (MGD-013) pre-clinical Under the terms of the agreement, the Group paid an upfront license fee of $25,000 and two milestone payments in total of $4,000 to MacroGenics. The Group also agreed to pay certain development and regulatory-based milestone payments up to an aggregate of $136,000, and tiered royalties at percentage rates for net sales of Margetuximab, tebotelimab and TRIDENT molecule in the territory. The Group has the right to terminate this agreement at any time by providing written notice of termination to MacroGenics. In June 2021, the Group entered into a collaboration and license agreement with MacroGenics, pursuant to which the Group and MacroGenics made four collaboration programs involving up to four immuno-oncology molecules. The first collaboration program covers a lead research molecule that incorporates MacroGenics’ DART platform and binds CD3 and an undisclosed target that is expressed in multiple solid tumors. The second collaboration program will cover a target to be designated by MacroGenics. For both molecules, the Group received commercial rights in Greater China, Japan, and Korea and MacroGenics received commercial rights in all other territories. For the lead molecule, the Group receives an option upon reaching a predefined clinical milestone to convert the regional arrangement into a global 50/50 profit share. The Group also obtained exclusive, global licenses from MacroGenics to develop, manufacture and commercialize additional molecules. For these four programs, each company will contribute intellectual property to generate either CD3- or CD47-based bispecific antibodies. Under the terms of the agreement, the Group accrued an upfront payment of $25,000 to MacroGenics. In addition, MacroGenics is also eligible to receive up to $1,386,000 in potential development, regulatory and commercial milestone payments for the four programs. If products from the collaboration are commercialized, MacroGenics would also receive royalties on annual net sales in the Group’s territories. Pursuant to the collaboration and license agreement, the Group also agreed to make an equity investment of $30,000 in MacroGenics’ common stock at $31.30 per share (see Note 18). The Group has the right to terminate this agreement at any time by providing written notice of termination to MacroGenics. License and collaboration agreement with Deciphera In June 2019, the Group entered into a license agreement with Deciphera, pursuant to which it obtained an exc l know-how Under the terms of the agreement, the Group paid Deciphera an upfront license fee of $20,000 and three milestone payments of $12,000. The Group also agreed to pay certain additional development, regulatory and commercial milestone payments up to an aggregate of $173,000, and certain tiered royalties (from low-to-high The Group has the right to terminate this agreement at any time by providing written notice of termination to Deciphera. License agreements with Turning Point Therapeutics Inc (“Turning Point”) In July 2020, the Group entered into an exclusive license agreement with Turning Point pursuant to which Turning Point exclusively licensed to the Group the rights to develop and commercialize products containing repotrectinib as an active ingredient in all human therapeutic indications, in Greater China. Under the terms of the agreements, the Group paid an upfront payment of $25,000 and one milestone payment of $2,000, and accrued two milestone payments totaling $3,000 to Turning Point. Turning Point is also eligible to receive up to $146,000 in development, regulatory and sales milestones. Turning Point will also be eligible to receive certain tiered royalties (from mid-to-high The Group has the right to terminate this agreement at any time by providing written notice of termination to Turning Point. In January 2021, the Group entered into a license agreement with Turning Point, which expanded their collaboration. Under the terms of the new agreement, the Group obtained exclusive rights to develop and commercialize TPX-0022, The Group paid an upfront license fee in the amount of $25,000 to Turning Point. The Group also agreed to pay certain development, regulatory and commercial milestone payments up to an aggregate of $336,000. Turning Point will also be eligible to receive certain tiered royalties (from mid-teens low-twenties TPX-0022 License and collaboration agreement with Five Prime Therapeutics, Inc. (“Five Prime”) In December 2017, the Group entered into a license and collaboration agreement with Five Prime (a company later acquired by Amgen Inc.), pursuant to which it obtained an exclusive license under certain patents and know-how Under the terms of the agreement, the Group made an upfront payment of $5,000 and a milestone low-twenties The Group has the right to terminate this agreement at any time by providing written notice of termination to Five Prime. License agreement with Cullinan Pearl Corp. (“Cullinan”) In December 2020, the Group entered into a license agreement with Cullinan, a subsidiary of Cullinan Management, Inc., formerly Cullinan Oncology, LLC, pursuant to which it obtained an exclusive license under certain patents and know-how e CLN-081 Under the terms of the agreement, the Group paid an upfront payment of $20,000 to Cullinan. Cullinan is also eligible to receive up to $211,000 in development, regulatory and sales-based milestone payments. Cullinan is also eligible to receive certain tiered royalties (from high-single-digit to low-teen CLN-081 The Group has the right to terminate this agreement at any time by providing written notice of termination to Cullinan. License agreement with Takeda Pharmaceutical Company Limited (“Takeda”) In December 2020, the Group entered into an exclusive license agreement with Takeda. Under the terms of the license agreement, Takeda exclusively licensed to the Group the right to exploit products in the licensed field during the term. Under the terms of the agreement, the Group paid an upfront payment of $6,000 to Takeda. Takeda is also eligible to receive up to $481,500 in development, regulatory and sales-based milestone payments. Takeda is also eligible to receive certain tiered royalties (from high-single-digit to low-teen The Group has the right to terminate this agreement at any time by providing written notice of termination to Takeda. Collaboration and license agreement with argenx BV (“argenx”) In January 2021, the Group entered into a collaboration and license agreement with argenx. The Group received an exclusive license to develop and commercialize products containing argenx’s proprietary antibody fragment, known as efgartigimod, in Greater China. The Group is responsible for the development of the licensed compound and licensed product and will have the right to commercialize such licensed product in the territory. Pursuant to the collaboration and license agreement, a share issuance agreement was entered into between the Group and argenx. As the upfront payment to argenx, the Group issued 568,182 ordinary shares of the Company to argenx with par value $0.00006 per share on the closing date of January 13, 2021. In determining the fair value of the ordinary shares at closing, the Company considered the closing price of the ordinary shares on the closing date 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 $62,250 in the aggregate. The Group recorded this upfront payment in research and development expenses. In addition, the Group made a non-creditable, non-refundable mid-teen low-twenties Collaboration and license agreement with Mirati Therapeutics, Inc. (“Mirati”) In May 2021, the Group entered into a collaboration and license agreement with Mirati. The Group obtained the right to research, develop, manufacture and exclusively commercialize adagrasib in Greater China. The Group will support accelerated enrollment in key global, registration-enabling clinical trials of adagrasib in patients with cancer who have a KRASG12C mutation. Mirati has an option to co-commercialize Under the terms of the agreement, the Group accrued an upfront payment of $65,000 to Mirati. Mirati is also eligible to receive up to $273,000 in development, regulatory and sales-based milestone payments. Mirati is also eligible to receive high-teen low-twenties The Group has the right to terminate this agreement at any time by providing written notice of termination to Mirati. Full details of the licenses and collaborative arrangements are included in our Annual Report on Form 10-K $ in future milestone payments upon the achievement of contractually specified development milestones, such as regulatory approval for the product candidates, which may be before the Group has commercialized the product or received any revenue from sales of such product candidate, which may never occur. |
Restricted Net Assets
Restricted Net Assets | 6 Months Ended |
Jun. 30, 2021 | |
Restricted net assets | |
Restricted net assets | 1 6 The Group’s ability to pay dividends may depend on the Group receiving distributions of funds from its Chinese subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s Chinese subsidiary 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 unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s PRC subsidiary. 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 During the three and six months ended June 30, 2021 and 2020, no appropriation to statutory reserves was made because the Group’s Chinese subsidiary had substantial losses during such periods. As a result of these PRC laws and regulations subject to the restrictions discussed above that require annual appropriations of 10% of after-tax Foreign exchange and other regulation s paid-in |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 7 (a) Purchase commitments As of June 30, 2021, the Group’s commitments related to purchase of property and equipment contracted but not yet reflected in the unaudited condensed consolidated financial statement were $28,191 and $49 which are expected to be incurred within one year and within one to two years, respectively. (b) Contingencies The Group is a party to or assignee of license and collaboration agreements that may require it to make future payments relating to milestone fees and royalties on future sales of licensed products (Note 1 5 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 1 8 In July 2021, the Group made an equity investment in MacroGenics in a private placement with total contributions amounting to $30,000 and obtained 958,467 newly issued common shares of MacroGenics at $31.30 per share. In July and August 2021, the Group granted 11,701 share options to certain management and employees of the Group at exercise prices ranging from $144.61 to $178.37 per share under the 2017 Plan. These options granted have a contractual term of ten years and generally vest over a five-year In July and August 2021, 32,341 ordinary shares were authorized for grant to certain management and employees of the Group. One-fifth In August 2021, the Group entered into a global discovery, development and commercialization collaboration with Schrödinger, Inc., or Schrödinger, pursuant to which the parties will jointly conduct a research program focused on a novel DNA damage repair program in the area of oncology. Following the selection of a development candidate, the Group will assume primary responsibility for global development, manufacturing and commercialization of the program. |
Basis of presentation and con_2
Basis of presentation and consolidation and significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q S-X. 10-K |
Principles of consolidation | (b) Principles of consolidation The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company |
Use of estimates | (c) Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. 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 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 the current expected credit losses for financial assets, assessing the impairment of long-lived assets, discount rate of operating lease liabilities, revenue recognition, allocation of the research and development service expenses to the appropriate financial reporting period based on the progress of the research and development projects, share-based compensation expenses, recoverability of deferred tax assets and a lack of marketability discount of the ordinary shares issued in connection with collaboration and license arrangement (Note 15 |
Fair value measurements | (d) Fair value measurements The Group applies ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures 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 measur e Financial instruments of the Group primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable and other payables. As of June 30, 2021 and December 31, 2020, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, prepayments and other current assets, accounts payable and other payable approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximates its fair value based on the nature of the assessment of the ability to recover these amounts. |
Recent accounting pronouncements | (e) Recent accounting pronouncements Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income taxes |
Significant accounting policies | (f) Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary of cash and cash equivalents | As of June 30, 2021 December 31, 2020 $ $ Cash at bank and in hand 1,465,757 441,283 Cash equivalents (note (i)) 300,816 833 1,766,573 442,116 Denominated in: US$ 907,662 297,813 RMB (note (ii)) 36,222 23,898 Hong Kong dollar (“HK$”) 822,182 119,695 Australian dollar (“A$”) 471 710 Taiwan dollar (“TW$”) 36 — 1,766,573 442,116 Note: (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii) Certain cash and bank balances denominated in RMB were deposited with banks in China. The conversion of these RMB denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the government of the People’s Republic of China (“PRC”). |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Schedule of inventory | As of June 30, 2021 December 31, 2020 $ $ Finished goods 4,477 3,041 Raw materials 6,269 10,103 Work in process 368 — Inventories 11,114 13,144 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property and equipment, net | |
Schedule of property and equipment | As of June 30, 2021 December 31, 2020 $ $ Office equipment 444 430 Electronic equipment 3,269 2,646 Vehicle 218 143 Laboratory equipment 13,384 11,933 Manufacturing equipment 12,838 12,198 Leasehold improvements 9,889 9,641 Construction in progress 4,699 2,423 44,741 39,414 Less: accumulated depreciation (13,099 ) (10,252 ) Property and equipment, net 31,642 29,162 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Schedule of net product sales | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Product revenue - gross 41,380 11,478 87,935 20,415 Less: Rebate and sales return (4,445 ) (483 ) (30,897 ) (1,202 ) Product revenue - net 36,935 10,995 57,038 19,213 |
Schedule of disaggregation of net revenue | The following table disaggregates net revenue by product for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ ZEJULA 23,366 7,446 35,972 13,791 Optune 9,535 3,549 16,665 5,422 QINLOCK 4,034 — 4,401 — Product revenue - net 36,935 10,995 57,038 19,213 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other current liabilities | |
Schedule of other current liabilities | 11. Other current liabilities Other current liabilities consist of the following: As of June 30, 2021 December 31, 2020 $ $ Payroll 12,474 13,694 Professional service fee 9,610 3,128 Payables for purchase of property and equipment 1,720 788 Accrued rebate to distributors 22,416 7,067 Others (note (i)) 15,705 5,519 Total 61,925 30,196 Note: (i) Others are mainly payables to employees for exercising the share-based compensations, tax payables and payables related to travel and business entertainment expenses. |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loss per share | |
Summary of basic and diluted net loss per share | Basic and diluted net loss per share for each of the period presented are calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Numerator: Net loss attributable to ordinary shareholders (163,324 ) (80,629 ) (396,234 ) (128,617 ) Denominator: Weighted average number of ordinary shares- basic and diluted 93,045,531 74,738,563 90,723,132 73,847,551 Product revenue - net (1.76 ) (1.08 ) (4.37 ) (1.74 ) |
Summary of anti-dilutive excluded from the calculation of diluted loss per share | As a result of the Group’s net loss for the six months ended June 30, 2021 and 2020, share options and non-vested As of June 30, 2021 June 30, 2020 Share options 8,629,440 9,808,561 Non-vested 632,535 710,068 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Schedule of Major Related Party and Relationship | The table below sets forth the major related party and the relationship with the Group as of June 30, 2021: Company Name Relationship with the Group MEDx (Suzhou) Translational Medicine Co., Ltd. Significant influence held by Samantha Du’s (Director, Chairwoman and Chief Executive Officer of the Company) immediate family |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Allocation of compensation expense related to options | The weighted-average grant-date fair value of the options granted in the six months ended June 30, 2021 and 2020 were $81.37 and $33.51 per share, respectively. The Group recorded compensation expense related to the options of $12,776 and $10,355 for the six months ended June 30, 2021 and 2020, respectively, which were classified in the accompanying unaudited condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Selling, general and administrative 4,123 2,804 7,382 5,548 Research and development 3,104 2,630 5,394 4,807 Total 7,227 5,434 12,776 10,355 |
Allocation of compensation expense related to restricted shares | As of June 30, 2021, there was $40,562 of total unrecognized compensation expense related to non-vested Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Selling, general and administrative 1,839 1,046 3,050 2,114 Research and development 1,166 484 1,724 958 Total 3,005 1,530 4,774 3,072 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Cash And Cash Equivalents [Line Items] | |||
Cash at bank and in hand | $ 1,465,757 | $ 441,283 | |
Cash equivalents | 300,816 | 833 | |
Cash and cash equivalents | 1,766,573 | 442,116 | $ 258,604 |
Denominated in US$ | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 907,662 | 297,813 | |
Denominated in RMB | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 36,222 | 23,898 | |
Denominated in Hong Kong dollar | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 822,182 | 119,695 | |
Denominated in Australia dollar | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 471 | $ 710 | |
Denominated in Taiwan dollar | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 36 |
Restricted cash, non-current -
Restricted cash, non-current - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Restricted Cash [Abstract] | |||
Restricted cash, non-current | $ 743 | $ 743 | $ 510 |
Short-term investments (Details
Short-term investments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments | $ 0 | $ 744,676 |
Investments, allowance for credit losses | $ 0 | |
Maturities of Time Deposits, Description | time deposits with original maturities between three months and one year. | |
Minimum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Time deposits, Maturity period | 3 months | |
Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Time deposits, Maturity period | 1 year |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Inventory [Line Items] | |||||
Inventory write-down | $ 277 | $ 7 | $ 290 | $ 7 | |
Inventory balance | $ 11,114 | $ 11,114 | $ 13,144 |
Inventories - Schedule of inven
Inventories - Schedule of inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventories | ||
Finished goods | $ 4,477 | $ 3,041 |
Raw materials | 6,269 | 10,103 |
Work in process | 368 | 0 |
Inventories | $ 11,114 | $ 13,144 |
Investments in Equity Investe_2
Investments in Equity Investees - Additional Information (Details) ¥ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020 | Jun. 30, 2017CNY (¥)item | |
Equity And Cost Method Investments | ||||||
Share of gain (loss) from equity method investment | $ (403) | $ (269) | $ (208) | $ (406) | ||
JING | ||||||
Equity And Cost Method Investments | ||||||
Share of gain (loss) from equity method investment | 403 | $ 269 | 671 | $ 406 | ||
Equity method investment, gain on disposal | $ 0 | $ 463 | ||||
Number of third-parties | item | 3 | |||||
Capital contribution commitment | ¥ | ¥ 26,250 | |||||
Percentage of equity interest | 18.00% | 18.00% | 20.00% |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment | ||
Property and equipment, gross | $ 44,741 | $ 39,414 |
Less: accumulated depreciation | (13,099) | (10,252) |
Property and equipment, net | 31,642 | 29,162 |
Office Equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 444 | 430 |
Electronic Equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 3,269 | 2,646 |
Vehicle | ||
Property Plant And Equipment | ||
Property and equipment, gross | 218 | 143 |
Laboratory Equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 13,384 | 11,933 |
Manufacturing Equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 12,838 | 12,198 |
Leasehold Improvements | ||
Property Plant And Equipment | ||
Property and equipment, gross | 9,889 | 9,641 |
Construction in Progress | ||
Property Plant And Equipment | ||
Property and equipment, gross | $ 4,699 | $ 2,423 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property and equipment, net | ||||
Depreciation expenses | $ 1,407 | $ 968 | $ 2,747 | $ 1,974 |
Revenue - (Details)
Revenue - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Product revenue - gross | $ 41,380 | $ 11,478 | $ 87,935 | $ 20,415 |
Less: Rebate and sales return | (4,445) | (483) | (30,897) | (1,202) |
Product revenue - net | $ 36,935 | $ 10,995 | $ 57,038 | $ 19,213 |
Revenue - Disaggregation of net
Revenue - Disaggregation of net revenue by product (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue | ||||
Product revenue - net | $ 36,935,000 | $ 10,995,000 | $ 57,038,000 | $ 19,213,000 |
ZEJULA | ||||
Disaggregation of Revenue | ||||
Product revenue - net | 23,366,000 | 7,446,000 | 35,972,000 | 13,791,000 |
Optune | ||||
Disaggregation of Revenue | ||||
Product revenue - net | 9,535,000 | $ 3,549,000 | 16,665,000 | $ 5,422,000 |
QINLOCK | ||||
Disaggregation of Revenue | ||||
Product revenue - net | $ 4,034 | $ 4,401,000 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Unrecognized tax benefits, interest and penalties | $ 0 | $ 0 |
Other current liabilities - Sch
Other current liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other current liabilities | ||
Payroll | $ 12,474 | $ 13,694 |
Professional service fee | 9,610 | 3,128 |
Payables for purchase of property and equipment | 1,720 | 788 |
Accrued rebate to distributors | 22,416 | 7,067 |
Others | 15,705 | 5,519 |
Total | $ 61,925 | $ 30,196 |
Loss per share - Summary of Bas
Loss per share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss attributable to ordinary shareholders | $ (163,324) | $ (80,629) | $ (396,234) | $ (128,617) |
Denominator: | ||||
Weighted average number of ordinary shares- basic and diluted | 93,045,531 | 74,738,563 | 90,723,132 | 73,847,551 |
Product revenue -net | $ (1.76) | $ (1.08) | $ (4.37) | $ (1.74) |
Loss per share - Summary of Ant
Loss per share - Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted loss per share | 8,629,440 | 9,808,561 |
Non-Vested Restricted Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted loss per share | 632,535 | 710,068 |
Related party transactions - Sc
Related party transactions - Schedule of Major Related Party and Relationship (Details) | 6 Months Ended |
Jun. 30, 2021 | |
MEDx (Suzhou) Translational Medicine Co., Ltd. | |
Related Party Transaction [Line Items] | |
Relationship with the Group | Significant influence held by Samantha Du’s (Director, Chairwoman and Chief Executive Officer of the Company) immediate family |
Related party transactions - Ad
Related party transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and development | MEDx (Suzhou) Translational Medicine Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Transactions between its related party | $ 104 | $ 129 | $ 207 | $ 184 |
Share-based compensation - Sha
Share-based compensation - Share Options - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 05, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares authorized | 7,369,767 | 7,369,767 | 4,140,945 | ||
Weighted-average grant-date fair value of options granted | $ 81.37 | $ 33.51 | |||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Compensation expense | $ 7,227 | $ 5,434 | $ 12,776 | $ 10,355 | |
Unrecognized compensation expense related to unvested share options granted | $ 97,837 | $ 97,837 | |||
Recognized over a weighted-average period | 1 year 5 months 23 days | ||||
Management, Employees and Individual Advisors | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted | 512,088 | 960,878 | |||
Exercise price of options | $ 180 | ||||
Options granted contractual term | 10 years | 10 years | |||
Vesting period | 5 years | ||||
Management, Employees and Individual Advisors | Vesting anniversary year after the grant date | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option vesting percentage | 20.00% | ||||
Management, Employees and Individual Advisors | Minimum | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Exercise price of options | $ 44.94 | ||||
Vesting period | 3 years | ||||
Management, Employees and Individual Advisors | Minimum | Vesting anniversary year after the grant date | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option vesting percentage | 20.00% | ||||
Management, Employees and Individual Advisors | Maximum | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Exercise price of options | $ 82.13 | ||||
Vesting period | 5 years | ||||
Management, Employees and Individual Advisors | Maximum | Vesting anniversary year after the grant date | Two Thousand Seventeen Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option vesting percentage | 33.30% |
Share-based compensation - Allo
Share-based compensation - Allocation of Compensation Expense Related to Option (Details) - Stock Options - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 7,227 | $ 5,434 | $ 12,776 | $ 10,355 |
Selling, General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | 4,123 | 2,804 | 7,382 | 5,548 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 3,104 | $ 2,630 | $ 5,394 | $ 4,807 |
Share-based compensation - Non-
Share-based compensation - Non-vested Restricted Shares - Additional Information (Details) - Non-Vested Restricted Shares - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized share-based compensation | $ 40,562 | $ 40,562 | ||
Compensation expense | $ 3,005 | $ 1,530 | $ 4,774 | $ 3,072 |
Independent Directors | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 19,260 | 50,000 | ||
Management | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 203,575 | 45,000 | ||
Management | Each yearly anniversary from the date of the agreement | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting percentage | 20.00% | 20.00% |
Share-based compensation - Al_2
Share-based compensation - Allocation of Compensation Expense Related to Restricted Shares (Details) - Non-Vested Restricted Shares - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 3,005 | $ 1,530 | $ 4,774 | $ 3,072 |
Selling, General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | 1,839 | 1,046 | 3,050 | 2,114 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 1,166 | $ 484 | $ 1,724 | $ 958 |
Licenses and collaborative ar_2
Licenses and collaborative arrangement (Details) $ / shares in Units, $ in Thousands | Jan. 13, 2021$ / sharesshares | Jan. 31, 2021USD ($) | Dec. 31, 2020$ / shares | Jun. 30, 2019Milestone | Dec. 31, 2017Investors | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)MilestoneprogramsMolecules$ / shares |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Common stock par value | $ / shares | $ 0.00006 | $ 0.00006 | |||||
Issuance of ordinary shares in connection with collaboration and license arrangement | $ 62,250 | ||||||
Number of molecules | Molecules | 2 | ||||||
Number of programs | programs | 4 | ||||||
Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Future milestone payments to be made upon achievement | $ 4,541,502 | ||||||
Five Prime | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2017-12 | ||||||
Payment of upfront fees | 5,000 | ||||||
Number of milestone payments | Investors | 1 | ||||||
Milestone payments | 2,000 | ||||||
Five Prime | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Additional milestone payments | 37,000 | ||||||
Deciphera Pharmaceuticals LLC | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2019-06 | ||||||
Payment of upfront fees | 20,000 | ||||||
Milestone payment accrued | $ 12,000 | ||||||
Number of milestone payments | Milestone | 3 | ||||||
Deciphera Pharmaceuticals LLC | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Additional milestone payments | 173,000 | ||||||
Argenx BV | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2021-01 | ||||||
Development cost-sharing payment | 75,000 | ||||||
Issuance of ordinary shares in connection with collaboration and license arrangement, Shares | shares | 568,182 | ||||||
Common stock par value | $ / shares | $ 0.00006 | ||||||
Issuance of ordinary shares in connection with collaboration and license arrangement | 62,250 | ||||||
Future cash payment | 25,000 | ||||||
GSK | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Payment of upfront fees | 15,000 | ||||||
Milestone payment accrued | $ 3,500 | ||||||
Number of milestone payments Accrued | Milestone | 1 | ||||||
Number of milestone payments | Milestone | 1,000,000 | ||||||
Milestone payments | $ 1,000 | ||||||
Additional milestone payments | 36,000,000 | ||||||
ZLAB Turning Point Therapeutics Inc | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Milestone payment accrued | $ 3,000 | ||||||
Number of milestone payments Accrued | Milestone | 2 | ||||||
Number of milestone payments | Milestone | 1 | ||||||
Milestone payments | $ 2,000 | ||||||
Mirati Therapeutics Inc | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Payment of upfront fees for license agreement, accrued | 65,000 | ||||||
Future milestone payments to be made upon achievement | $ 273,000 | ||||||
Mirati Therapeutics Inc | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Percentage of tiered royalties on annual net sales | 20.00% | ||||||
Mirati Therapeutics Inc | Minimum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Percentage of tiered royalties on annual net sales | 0.00% | ||||||
MacroGenics | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Payment of upfront fees | $ 25,000 | ||||||
Payment of upfront fees for license agreement, accrued | $ 25,000 | ||||||
Number of milestone payments | Milestone | 2 | ||||||
Milestone payments | $ 4,000 | ||||||
Additional milestone payments | 136,000 | ||||||
Future milestone payments to be made upon achievement | 1,386,000 | ||||||
MacroGenics | Collaboration and License Agreement [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Equity Method Investments | $ 30,000 | ||||||
Issue price per share | $ / shares | $ 31.30 | ||||||
Turning Point Therapeutics Inc | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2021-01 | 2020-07 | |||||
Payment of upfront fees | $ 25,000 | $ 25,000 | |||||
Turning Point Therapeutics Inc | Potential Development Regulatory and Sales Based Milestone | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Additional milestone payments | $ 336,000 | ||||||
Future milestone payments to be made upon achievement | 146,000 | ||||||
Cullinan Pearl Corp | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2020-12 | ||||||
Payment of upfront fees | 20,000 | ||||||
Cullinan Pearl Corp | Potential Development Regulatory and Sales Based Milestone | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Future milestone payments to be made upon achievement | 211,000 | ||||||
Takeda Pharmaceutical Company Limited | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
License agreement date | 2020-12 | ||||||
Payment of upfront fees | 6,000 | ||||||
Takeda Pharmaceutical Company Limited | Potential Development Regulatory and Sales Based Milestone | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Future milestone payments to be made upon achievement | $ 481,500 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - PRC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Restricted net assets | |||
Minimum required percentage of statutory reserves | 10.00% | 10.00% | |
Percentage of statutory reserves to respective registered capital | 50.00% | 50.00% | |
Statutory reserves | $ 0 | $ 0 | |
Restricted amount by subsidiaries | $ 306,010 | $ 306,010 | $ 205,858 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Property and Equipment | ||
Loss Contingencies [Line Items] | ||
Purchase obligation | $ 28,191 | $ 49 |
Subsequent Event (Details)
Subsequent Event (Details) $ / shares in Units, $ in Thousands | 1 Months Ended |
Aug. 09, 2021USD ($)$ / sharesshares | |
Two Thousand Seventeen Equity Incentive Plan | Management and Employees | |
Subsequent Event [Line Items] | |
Options granted contractual term | 5 years |
Subsequent Event | MacroGenics | |
Subsequent Event [Line Items] | |
Issue price per share | $ / shares | $ 31.30 |
Equity Method Investments | $ | $ 30,000 |
Stock Issued During Period, Shares, Acquisitions | 958,467 |
Subsequent Event | Management and Employees | |
Subsequent Event [Line Items] | |
Number of shares authorized for grant | 32,341 |
Subsequent Event | Management and Employees | Restricted Shares | |
Subsequent Event [Line Items] | |
Shares vested | 0.2 |
Subsequent Event | Two Thousand Seventeen Equity Incentive Plan | Management and Employees | |
Subsequent Event [Line Items] | |
Options granted | 11,701 |
Options granted contractual term | 10 years |
Subsequent Event | Two Thousand Seventeen Equity Incentive Plan | Management and Employees | Minimum | |
Subsequent Event [Line Items] | |
Exercise price of options | $ / shares | $ 144.61 |
Subsequent Event | Two Thousand Seventeen Equity Incentive Plan | Management and Employees | Maximum | |
Subsequent Event [Line Items] | |
Exercise price of options | $ / shares | $ 178.37 |
Subsequent Event | Two Thousand Seventeen Equity Incentive Plan | Management and Employees | Vesting anniversary year after the grant date | |
Subsequent Event [Line Items] | |
Vesting percentage | 20.00% |