Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38205 | |
Entity Registrant Name | ZAI LAB LIMITED | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1144595 | |
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 | |
City Area Code | 86 21 | |
Local Phone Number | 6163 2588 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001704292 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
American Depositary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing 10 Ordinary Share, par value $0.000006 per share | |
Trading Symbol | ZLAB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 743,559,650 | |
Ordinary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, par value $0.000006 per share | |
Trading Symbol | 9688 | |
Entity Common Stock, Shares Outstanding | 979,087,430 |
Unaudited condensed consolidate
Unaudited condensed consolidated balance sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 680,820 | $ 964,100 |
Short-term investments | 575,274 | 445,000 |
Accounts receivable (net of allowance for credit loss of $8 and $11 as of June 30, 2022 and December 31, 2021, respectively) | 27,054 | 47,474 |
Notes receivable | 10,968 | 7,335 |
Inventories, net | 23,339 | 18,951 |
Value added tax recoverable - current | 219 | 0 |
Prepayments and other current assets | 17,973 | 18,021 |
Total current assets | 1,335,647 | 1,500,881 |
Restricted cash, non-current | 803 | 803 |
Long term investments (including the fair value measured investment of $2,827 and $15,383 as of June 30, 2022 and December 31, 2021, respectively) | 2,827 | 15,605 |
Prepayments for equipment | 4,542 | 989 |
Property and equipment, net | 46,419 | 43,102 |
Operating lease right-of-use assets | 18,596 | 14,189 |
Land use rights, net | 7,286 | 7,811 |
Intangible assets, net | 1,673 | 1,848 |
Long-term deposits | 947 | 870 |
Value added tax recoverable | 37 | 23,858 |
Total assets | 1,418,777 | 1,609,956 |
Current liabilities: | ||
Accounts payable | 108,443 | 126,163 |
Current operating lease liabilities | 6,824 | 5,927 |
Other current liabilities | 53,610 | 60,811 |
Total current liabilities | 168,877 | 192,901 |
Deferred income | 24,775 | 27,486 |
Non-current operating lease liabilities | 12,960 | 9,613 |
Total liabilities | 206,612 | 230,000 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity | ||
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 960,520,140 and 955,363,980 shares issued as of June 30, 2022 and December 31, 2021, respectively; 958,494,830 and 954,981,050 shares outstanding as of June 30, 2022 and December 31, 2021, respectively) | 6 | 6 |
Additional paid-in capital | 2,857,202 | 2,825,948 |
Accumulated deficit | (1,638,401) | (1,418,074) |
Accumulated other comprehensive income (loss) | 4,487 | (23,645) |
Treasury Stock (at cost, 2,025,310 and 382,930 shares as of June 30, 2022 and December 31, 2021, respectively) | (11,129) | (4,279) |
Total shareholders’ equity | 1,212,165 | 1,379,956 |
Total liabilities and shareholders’ equity | $ 1,418,777 | $ 1,609,956 |
Unaudited condensed consolida_2
Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 8 | $ 11 |
Investments, fair value | $ 2,827 | $ 15,383 |
Ordinary shares, par value (in dollars per share) | $ 0.000006 | $ 0.000006 |
Ordinary shares, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Ordinary shares, shares issued (in shares) | 960,520,140 | 955,363,980 |
Ordinary shares, shares outstanding (in shares) | 958,494,830 | 954,981,050 |
Treasury Stock (in shares) | 2,025,310 | 382,930 |
Unaudited condensed consolida_3
Unaudited condensed consolidated statements of operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Product revenue, net | $ 47,575,000 | $ 36,935,000 | $ 93,670,000 | $ 57,038,000 |
Collaboration revenue | 601,000 | 0 | 1,230,000 | 0 |
Total revenues | 48,176,000 | 36,935,000 | 94,900,000 | 57,038,000 |
Expenses: | ||||
Cost of sales | (17,407,000) | (10,868,000) | (33,051,000) | (18,373,000) |
Research and development | (66,084,000) | (142,224,000) | (119,938,000) | (346,076,000) |
Selling, general, and administrative | (63,401,000) | (54,414,000) | (120,392,000) | (90,252,000) |
Loss from operations | (98,716,000) | (170,571,000) | (178,481,000) | (397,663,000) |
Interest income | 1,175,000 | 244,000 | 1,363,000 | 458,000 |
Other income (expenses), net | (40,392,000) | 7,406,000 | (42,988,000) | 1,179,000 |
Loss before income tax and share of loss from equity method investment | (137,933,000) | (162,921,000) | (220,106,000) | (396,026,000) |
Income tax expense | 0 | 0 | 0 | 0 |
Share of loss from equity method investment | 0 | (403,000) | (221,000) | (208,000) |
Net loss | (137,933,000) | (163,324,000) | (220,327,000) | (396,234,000) |
Net loss attributable to ordinary shareholders - basic | (137,933,000) | (163,324,000) | (220,327,000) | (396,234,000) |
Net loss attributable to ordinary shareholders - diluted | $ (137,933,000) | $ (163,324,000) | $ (220,327,000) | $ (396,234,000) |
Loss per share/ADS - basic (in dollars per share) | $ (0.14) | $ (0.18) | $ (0.23) | $ (0.44) |
Loss per share/ADS - diluted (in dollars per share) | $ (0.14) | $ (0.18) | $ (0.23) | $ (0.44) |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - basic (in shares) | 957,684,820 | 930,455,310 | 956,603,250 | 907,231,320 |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - diluted (in shares) | 957,684,820 | 930,455,310 | 956,603,250 | 907,231,320 |
American Depositary Shares | ||||
Expenses: | ||||
Loss per share/ADS - basic (in dollars per share) | $ (1.44) | $ (1.76) | $ (2.30) | $ (4.37) |
Loss per share/ADS - diluted (in dollars per share) | $ (1.44) | $ (1.76) | $ (2.30) | $ (4.37) |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - basic (in shares) | 95,768,482 | 93,045,531 | 95,660,325 | 90,723,132 |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - diluted (in shares) | 95,768,482 | 93,045,531 | 95,660,325 | 90,723,132 |
Unaudited condensed consolida_4
Unaudited condensed consolidated statements of comprehensive loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (137,933) | $ (163,324) | $ (220,327) | $ (396,234) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 30,325 | (5,241) | 28,132 | (2,341) |
Comprehensive loss | $ (107,608) | $ (168,565) | $ (192,195) | $ (398,575) |
Unaudited condensed consolida_5
Unaudited condensed consolidated statements of comprehensive loss (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive (loss) income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unaudited condensed consolida_6
Unaudited condensed consolidated statements of shareholders' equity - USD ($) $ in Thousands | Total | Ordinary Shares | Additional paid in capital | Accumulated deficit | Accumulated other comprehensive (loss) income | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 878,110,260 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,169,345 | $ 5 | $ 1,897,467 | $ (713,603) | $ (14,524) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 816,000 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 583,640 | |||||
Exercise of shares options | 702 | $ 0 | 702 | |||
Issuance of ordinary shares in connection with collaboration and license arrangement/ follow-on public offering, net of issuance cost (in shares) | 5,681,820 | |||||
Issuance of ordinary shares in connection with collaboration and license arrangement/ follow-on public offering, net of issuance cost | 62,250 | $ 0 | 62,250 | |||
Issuance cost adjustment for secondary listing | 65 | 65 | ||||
Share-based compensation | 7,318 | 7,318 | ||||
Net loss | (232,910) | (232,910) | ||||
Foreign currency translation | 2,900 | 2,900 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 885,191,720 | |||||
Ending balance at Mar. 31, 2021 | 1,009,670 | $ 5 | 1,967,802 | (946,513) | (11,624) | $ 0 |
Ending balance (in shares) at Mar. 31, 2021 | 0 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 878,110,260 | |||||
Beginning balance at Dec. 31, 2020 | 1,169,345 | $ 5 | 1,897,467 | (713,603) | (14,524) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (396,234) | |||||
Foreign currency translation | (2,341) | |||||
Ending balance (in shares) at Jun. 30, 2021 | 947,581,890 | |||||
Ending balance at Jun. 30, 2021 | 1,671,698 | $ 6 | 2,799,318 | (1,109,837) | (16,865) | $ (924) |
Ending balance (in shares) at Jun. 30, 2021 | (60,860) | |||||
Beginning balance (in shares) at Mar. 31, 2021 | 885,191,720 | |||||
Beginning balance at Mar. 31, 2021 | 1,009,670 | $ 5 | 1,967,802 | (946,513) | (11,624) | $ 0 |
Beginning balance (in shares) at Mar. 31, 2021 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 321,000 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 4,905,170 | |||||
Exercise of shares options | 3,289 | $ 0 | 3,289 | |||
Issuance of ordinary shares in connection with collaboration and license arrangement/ follow-on public offering, net of issuance cost (in shares) | 57,164,000 | |||||
Issuance of ordinary shares in connection with collaboration and license arrangement/ follow-on public offering, net of issuance cost | 817,996 | $ 1 | 817,995 | |||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation (in shares) | (60,860) | |||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | (924) | $ (924) | ||||
Share-based compensation | 10,232 | 10,232 | ||||
Net loss | (163,324) | (163,324) | ||||
Foreign currency translation | (5,241) | (5,241) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 947,581,890 | |||||
Ending balance at Jun. 30, 2021 | $ 1,671,698 | $ 6 | 2,799,318 | (1,109,837) | (16,865) | $ (924) |
Ending balance (in shares) at Jun. 30, 2021 | (60,860) | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 954,981,050 | 955,363,980 | ||||
Beginning balance at Dec. 31, 2021 | $ 1,379,956 | $ 6 | 2,825,948 | (1,418,074) | (23,645) | $ (4,279) |
Beginning balance (in shares) at Dec. 31, 2021 | (382,930) | (382,930) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 514,800 | |||||
Issuance of ordinary shares upon vesting of restricted shares | $ 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 1,156,660 | |||||
Exercise of shares options | 297 | $ 0 | 297 | |||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation (in shares) | (15,150) | |||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | (68) | $ (68) | ||||
Share-based compensation | 12,410 | 12,410 | ||||
Net loss | (82,394) | (82,394) | ||||
Foreign currency translation | (2,193) | (2,193) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 957,035,440 | |||||
Ending balance at Mar. 31, 2022 | $ 1,308,008 | $ 6 | 2,838,655 | (1,500,468) | (25,838) | $ (4,347) |
Ending balance (in shares) at Mar. 31, 2022 | (398,080) | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 954,981,050 | 955,363,980 | ||||
Beginning balance at Dec. 31, 2021 | $ 1,379,956 | $ 6 | 2,825,948 | (1,418,074) | (23,645) | $ (4,279) |
Beginning balance (in shares) at Dec. 31, 2021 | (382,930) | (382,930) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | $ (220,327) | |||||
Foreign currency translation | $ 28,132 | |||||
Ending balance (in shares) at Jun. 30, 2022 | 958,494,830 | 960,520,140 | ||||
Ending balance at Jun. 30, 2022 | $ 1,212,165 | $ 6 | 2,857,202 | (1,638,401) | 4,487 | $ (11,129) |
Ending balance (in shares) at Jun. 30, 2022 | (2,025,310) | (2,025,310) | ||||
Beginning balance (in shares) at Mar. 31, 2022 | 957,035,440 | |||||
Beginning balance at Mar. 31, 2022 | $ 1,308,008 | $ 6 | 2,838,655 | (1,500,468) | (25,838) | $ (4,347) |
Beginning balance (in shares) at Mar. 31, 2022 | (398,080) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 683,700 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 2,801,000 | |||||
Exercise of shares options | 4,322 | $ 0 | 4,322 | |||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation (in shares) | (1,627,230) | |||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | (6,782) | $ (6,782) | ||||
Share-based compensation | 14,225 | 14,225 | ||||
Net loss | (137,933) | (137,933) | ||||
Foreign currency translation | $ 30,325 | 30,325 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 958,494,830 | 960,520,140 | ||||
Ending balance at Jun. 30, 2022 | $ 1,212,165 | $ 6 | $ 2,857,202 | $ (1,638,401) | $ 4,487 | $ (11,129) |
Ending balance (in shares) at Jun. 30, 2022 | (2,025,310) | (2,025,310) |
Unaudited condensed consolida_7
Unaudited condensed consolidated statements of shareholders' equity (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance costs | $ 879 |
Unaudited condensed consolida_8
Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (220,327) | $ (396,234) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for credit loss | (3) | 4 |
Inventory write-down | 193 | 290 |
Depreciation and amortization expenses | 3,874 | 2,975 |
Amortization of deferred income | (1,386) | (156) |
Share-based compensation | 26,634 | 17,550 |
Noncash research and development expenses | 0 | 62,250 |
Share of loss from equity method investment | 221 | 208 |
Loss from fair value changes of equity investment with readily determinable fair value | 12,556 | 0 |
(Gain) loss on disposal of property and equipment | (11) | 4 |
Noncash lease expenses | 3,825 | 2,779 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 20,422 | (12,868) |
Notes receivable | (3,633) | 0 |
Inventories | (4,582) | 1,740 |
Prepayments and other current assets | 48 | (1,953) |
Long-term deposits | (78) | (29) |
Value added tax recoverable | 23,602 | (1,682) |
Accounts payable | (17,718) | 62,980 |
Other current liabilities | 29,510 | 28,078 |
Operating lease liabilities | (3,849) | (2,214) |
Deferred income | (1,325) | 930 |
Net cash used in operating activities | (132,027) | (235,348) |
Cash flows from investing activities: | ||
Purchases of short-term investments | (260,274) | 0 |
Proceeds from maturity of short-term investment | 130,000 | 743,902 |
Purchase of property and equipment | (13,488) | (5,647) |
Purchase of intangible assets | (107) | (427) |
Net cash (used in) provided by investing activities | (143,869) | 737,828 |
Cash flows from financing activities: | ||
Proceeds from exercises of stock options | 4,619 | 3,992 |
Proceeds from issuance of ordinary shares upon public offerings | 0 | 818,874 |
Payment of public offering costs | 0 | (1,323) |
Employee taxes paid related to net share settlement of equity awards | (6,859) | (594) |
Net cash (used in) provided by financing activities | (2,240) | 820,949 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (5,144) | 1,028 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (283,280) | 1,324,457 |
Cash, cash equivalents and restricted cash - beginning of period | 964,903 | 442,859 |
Cash, cash equivalents and restricted cash - end of period | 681,623 | 1,767,316 |
Supplemental disclosure on non-cash investing and financing activities: | ||
Payables for purchase of property and equipment | 1,661 | 1,720 |
Payables for intangible assets | 270 | 58 |
Payables for public offering costs | 0 | 555 |
Payables for treasury stock | 17 | 0 |
Receivables for stock option exercise under equity incentive plans | 12 | 0 |
Right-of-use asset acquired under operating leases | 8,451 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 680,820 | 1,766,573 |
Restricted cash, non-current | 803 | 743 |
Total cash and cash equivalents and restricted cash | $ 681,623 | $ 1,767,316 |
Organization and principal acti
Organization and principal activities | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal activities | Organization and principal activities Zai Lab Limited 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 (as amended). Zai Lab Limited and its subsidiaries (collectively referred to as the “Company”) are focused on developing and commercializing therapies that address medical conditions with unmet medical needs, including oncology, autoimmune disorders, infectious diseases, and neurological disorders. The Company’s principal operations and geographic markets are in Greater China. The Company 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, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation and significant accounting policies | Basis of presentation and consolidation and significant accounting policies (a) Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022 (the “2021 Annual Report”). The December 31, 2021 condensed consolidated balance sheet data included in this Quarterly Report on Form 10-Q were derived from the audited financial statements included in the 2021 Annual Report. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022. Effective as of March 30, 2022, the Company subdivided each of its issued and unissued ordinary shares into ten ordinary shares (the “Share Subdivision”). Following the Share Subdivision, the Company’s authorized share capital became $30,000 divided into 5,000,000,000 shares with a par value of US$0.000006 per share. The numbers of issued and unissued ordinary shares and per share data as disclosed elsewhere in these unaudited condensed consolidated financial statements and notes thereto are presented on a basis after taking into account the effects of the Share Subdivision and have been retrospectively adjusted, where applicable. In connection with the Share Subdivision, the conversion ratio of our ADSs to ordinary shares changed from one ADS to one ordinary share to a new ratio of one ADS representing ten ordinary shares (the “ADS Ratio Change”). The Share Subdivision and ADS Ratio Change did not result in any change to the number of outstanding ADSs of the Company. (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 and its subsidiaries are eliminated upon consolidation. (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 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 the current expected credit losses for financial assets, and assessing the impairment of long-lived assets, discount rate of operating lease liabilities, accrual of rebates, 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 arrangements (Note 12). Management bases its estimates on historical experience 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. (d) Fair value measurements As of June 30, 2022 and December 31, 2021, information about inputs into the fair value measurement of the Company’s assets that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows (in thousands): Description Fair Value as of Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ Equity Investments with Readily Determinable Fair Value 2,827 2,827 Description Fair Value as of Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ Equity Investments with Readily Determinable Fair Value 15,383 15,383 The Company did not have assets or liabilities measured at fair value on a nonrecurring basis during the periods presented. Financial instruments of the Company primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities. As of June 30, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximated 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 November 2021, the FASB issued ASU2021-10, Government Assistance (Topic 832) — Disclosures by Business Entities about Government Assistance. The amendments in this ASU require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements. The amendments in this ASU are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted this standard as of January 1, 2022. There was no material impact to the Company’s financial position or results of operations upon the adoption. (f) Significant accounting policies For a more complete discussion of the Company’s significant accounting policies, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the 2021 Annual Report. |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents The following table presents the Company's cash and cash equivalents as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Cash at bank and in hand 381,225 663,472 Cash equivalents (i) 299,595 300,628 680,820 964,100 Denominated in: US$ 611,478 932,888 RMB (ii) 63,359 23,791 Hong Kong dollar (“HK$”) 5,138 6,674 Australian dollar (“A$”) 614 475 Taiwan dollar (“TW$”) 231 272 680,820 964,100 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net The Company’s net inventory balance of $23.3 million and $19.0 million as of June 30, 2022 and December 31, 2021, respectively, mainly consisted of finished goods purchased from Tesaro Inc., now GlaxoSmithKline (“GSK”), for distribution in Hong Kong, from NovoCure Limited (“NovoCure”) for distribution in Hong Kong and mainland China, and from Deciphera Pharmaceuticals, LLC (“Deciphera”) for distribution in Hong Kong, mainland China and Taiwan, as well as finished goods and certain raw materials for ZEJULA and NUZYRA commercialization in mainland China. The following table presents the Company’s inventories, net, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Finished goods 4,342 5,632 Raw materials 18,476 13,231 Work in Progress 521 88 Inventories, net 23,339 18,951 The Company writes down inventory for any excess or obsolete inventories or when the Company believes that the net realizable value of inventories is less than the carrying value. During the three and six months ended June 30, 2022, the Company recorded write-downs of $0.1 million and $0.2 million, respectively, in cost of sales. During the three and six months ended June 30, 2021, the Company recorded write-downs of $0.3 million and $0.3 million, respectively, in cost of sales. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net The following table presents the Company's components of property and equipment, net as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Office equipment 822 836 Electronic equipment 6,370 5,036 Vehicle 210 220 Laboratory equipment 18,593 17,069 Manufacturing equipment 13,984 14,600 Leasehold improvements 10,230 10,432 Construction in progress 15,343 11,334 65,552 59,527 Less: accumulated depreciation (19,133) (16,425) Property and equipment, net 46,419 43,102 Depreciation expense was $1.7 million and $3.6 million for the three and six months ended June 30, 2022, respectively, and $1.4 million and $2.7 million for the three and six months ended June 30, 2021, respectively. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Product revenue, net The Company’s product revenue is primarily derived from the sales of ZEJULA, Optune, QINLOCK, and NUZYRA in mainland China and Hong Kong. The table below presents the Company’s net product sales for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Product revenue - gross 54,339 41,380 107,649 87,935 Less: Rebate and sales return (6,764) (4,445) (13,979) (30,897) Product revenue - net 47,575 36,935 93,670 57,038 Sales rebates are offered to distributors in mainland 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 Company lowered the selling price of ZEJULA due to its inclusion in the National Reimbursement Drug List (“NRDL”) in December 2020 and December 2021 for certain therapies. Accordingly, the Company accrued $0.3 million and $2.9 million for sales rebates as compensation to distributors in mainland China for those products previously sold at the price prior to the NRDL implementation during the three and six months ended June 30, 2022, respectively, and nil and $22.0 million during the three and six months ended June 30, 2021, respectively. In June 2022, the Company lowered the selling price for QINLOCK and NUZYRA. Accordingly, the Company accrued $2.9 million of sales rebates as compensation to distributors in mainland China for those products previously sold at the price prior to the reduction during the three months ended June 30, 2022. The following table presents net revenue by product for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ ZEJULA 34,052 23,366 63,649 35,972 Optune 11,592 9,535 24,389 16,665 QINLOCK 623 4,034 3,582 4,401 NUZYRA 1,308 — 2,050 — Product revenue - net 47,575 36,935 93,670 57,038 Collaboration revenue The Company’s collaboration revenue for the three and six months ended June 30, 2022 of $0.6 million and $1.2 million, respectively, was from its collaborative arrangement with Huizheng (Shanghai) Pharmaceutical Technology Co., Ltd. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 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 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, 2022 and December 31, 2021. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented. |
Other current liabilities
Other current liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other current liabilities | Other current liabilities The following table presents the Company's other current liabilities as of June 30, 2022 and December 31, 2021 (in thousands): June 30, December 31, $ $ Payroll 18,976 25,685 Accrued rebate to distributors 11,249 15,001 Tax payables 9,896 8,817 Accrued professional service fee 6,450 4,319 Other (i) 5,827 4,421 Payables for purchase of property and equipment 1,212 2,568 Total 53,610 60,811 |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Loss per share | Loss per share The following table presents the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Numerator: Net loss attributable to ordinary shareholders (137,933) (163,324) (220,327) (396,234) Denominator: Weighted average number of ordinary shares - basic and diluted 957,684,820 930,455,310 956,603,250 907,231,320 Net loss per share - basic and diluted (0.14) (0.18) (0.23) (0.44) As a result of the Company’s net loss for the three and six months ended June 30, 2022 and 2021, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. June 30, June 30, Share options 91,546,280 86,294,400 Non-vested restricted shares 34,356,250 6,325,350 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The Company incurred research and development expenses for product research and development services provided by MEDx (Suzhou) Translational Medicine Co., Ltd (“MEDx”), over which an immediate family member of our Chief Executive Officer and Chairperson of the Board held significant influence. The Company incurred development expenses with MEDx of $0.2 million and $0.1 million during the three and six months ended June 30, 2022, respectively, and $0.3 million and $0.2 million, during the three and six months ended June 30, 2021, respectively. |
Share-based compensation
Share-based compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation In March 2015, the Board of Directors of the Company approved an Equity Incentive Plan (the “2015 Plan”), pursuant to which the Board of Directors could grant options to purchase ordinary shares to management including officers, directors, employees, and individual advisors who rendered services to the Company. In August 2017, in connection with the completion of the initial public offering (the “IPO”) of the Company, the Board of Directors approved the 2017 Equity Incentive Plan (the “2017 Plan”). All equity-based awards subsequent to the IPO would be granted under the 2017 Plan. The 2017 Plan provided for an automatic annual increase to the number of ordinary shares reserved under the 2017 Plan on each January 1st between January 1, 2018 and January 1, 2027 equal to the lesser of 4% of the number of ordinary shares outstanding as of the close of business on the immediately prior December 31st or such number as approved by the Board on or prior to such date each year. The aggregate number of shares reserved and available for issuance under the 2017 Plan as of April 1, 2022 was 75,562,170. On June 22, 2022, at the 2022 Annual General Meeting of Shareholders of the Company (the “Annual General Meeting”), the Company’s shareholders approved the 2022 Equity Incentive Plan (the “2022 Plan”), which was previously approved by the Company’s Board of Directors on April 20, 2022, conditioned on and subject to (i) the dual primary listing of the Company on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) and (ii) the granting of a waiver on Note 1 to Rule 17.03(9) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company’s voluntary conversion of its secondary listing status to primary listing status on the Hong Kong Stock Exchange became effective on June 27, 2022, and the waiver was granted to the Company in connection with the primary conversion. As such, the 2022 Plan became effective on June 27, 2022, and the aggregate number of shares that may be delivered in satisfaction of awards under the 2022 Plan is 97,908,743 ordinary shares as of June 22, 2022. No new grants will be made under the 2015 Plan or the 2017 Plan as of the effective date of the 2022 Plan. For the six months ended June 30, 2022, the Company granted 17,885,480 share options and 27,360,150 share of non-vested restricted shares to certain management and employees of the Company under the 2017 Plan. The share options were granted at an exercise price ranging from $2.95 to $6.29 per share with a weighted-average grant-date fair value of $2.84 per share. The 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 non-vested restricted shares granted vest over a five Upon each settlement date of the stock awards, shares were withheld to cover the required withholding tax, which was based on the value of a share on the settlement date as determined by the closing price of the ADSs on the trading day of the applicable settlement date. The remaining shares after the withholding were delivered to the recipient. The amount remitted to the tax authorities for employee tax obligations was reflected as a financing activity on the condensed consolidated statements of cash flows. These shares withheld by the Company as a result of the net settlement were accounted for as treasury stock and not considered issued and outstanding. Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Selling, general and administrative 8,931 5,962 15,923 10,432 Research and development 5,294 4,270 10,712 7,118 Total 14,225 10,232 26,635 17,550 As of June 30, 2022, there was unrecognized share-based compensation expense of $121.2 million related to unvested share options which the Company expects to recognize over a weighted-average period of 3.58 years. As of June 30, 2022, there was unrecognized share-based compensation expense of $153.8 million related to unvested restricted shares which the Company expects to recognize over a weighted-average period of 3.91 years. |
Licenses and collaborative arra
Licenses and collaborative arrangements pursuant to which milestone payments were made | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Licenses and collaborative arrangements pursuant to which milestone payments were made | Licenses and collaborative arrangements pursuant to which milestone payments were made The following is a description of the Company’s significant ongoing collaboration agreements under which the Company has made milestone payments for the three and six months ended June 30, 2022. Collaboration and license agreement with argenx BV (“argenx”) In January 2021, the Company entered into a collaboration and license agreement with argenx. The Company received an exclusive license to develop and commercialize products containing argenx’s proprietary antibody fragment, known as efgartigimod, in Greater China. The Company 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 Company and argenx. As the upfront payment to argenx, the Company issued 5,681,820 ordinary shares of the Company with a par value of $0.000006 per share to argenx 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 were subject to certain restrictions. The fair value of the shares on the closing date was determined to be $62.3 million in the aggregate. In addition, the Company made a non-creditable, non-refundable development cost-sharing payment of $75.0 million to argenx during the first quarter of 2021. In January 2022, the Company made a milestone payment of $25.0 million to argenx due to the first regulatory approval by the U.S. Food and Drug Administration (“FDA”) in December 2021 for VYVGART (efgartigimod alfa-fcab). The Company recorded these payments in research and development expenses. Argenx is also eligible to receive tiered royalties (from mid-teen to low-twenties on a percentage basis and subject to certain reductions) based on annual net sales of all licensed product in the territory. License and collaboration agreement with Paratek Bermuda Ltd. (“Paratek”) In April 2017, the Company entered into a license and collaboration agreement with Paratek Bermuda Ltd., a subsidiary of Paratek Pharmaceuticals, Inc., pursuant to which it obtained both an exclusive license under certain patents and know-how of Paratek and an exclusive sub-license under certain intellectual property that Paratek licensed from Tufts University to develop, manufacture, and commercialize products containing omadacycline (ZL-2401) as an active ingredient in Greater China in the field of all human therapeutic and preventative uses other than biodefense. Under certain circumstances, the exclusive sub-license to certain intellectual property Paratek licensed from Tufts University may be converted to a non-exclusive license if Paratek’s exclusive license from Tufts University is converted to a non-exclusive license under the Tufts Agreement. The Company also obtained the right of first negotiation to be Paratek’s partner to develop certain derivatives or modifications of omadacycline in our licensed territory. Paratek retains the right to manufacture the licensed product in our licensed territory to support development and commercialization of the product outside of our licensed territory. The Company also granted to Paratek a non-exclusive license to certain of our intellectual property. Under the agreement, the Company agreed not to commercialize certain competing products in our licensed territory. Under the terms of the agreement, the Company made an upfront payment of $7.5 million to Paratek in 2017, a $5.0 million milestone payment upon approval by the FDA of a New Drug Application ( “ NDA ” ) submission in 2018, and a $3.0 million milestone payment upon submission of the first regulatory approval application for a licensed product in mainland China in 2020. In February 2022, The Company made another milestone payment of $6.0 million upon regulatory approval of omadacycline for the treatment of adults with Acute Bacterial Skin and Skin Structure Infections and Community-Acquired Bacterial Pneumonia in mainland China in December 2021. The Company may be required to pay further commercial milestone payments of up to $40.5 million to Paratek for the achievement of certain development and sales milestone events. In addition, the Company will pay Paratek tiered royalties on the net sales of licensed products, until the later of the abandonment, expiration, or invalidation of the last-to-expire licensed patent covering the licensed product, or the eleventh anniversary of the first commercial sale of the licensed product, in each case on a product-by-product and region-by-region basis. The Company has the right to terminate this agreement at any time by providing written notice of termination to Paratek. Collaboration and license agreement with Mirati Therapeutics, Inc. (“Mirati”) In May 2021, the Company entered into a collaboration and license agreement with Mirati. The Company obtained the right to research, develop, manufacture, and exclusively commercialize adagrasib in Greater China. The Company 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 in Greater China and retains full and exclusive rights to adagrasib in all countries outside of Greater China. Under the terms of the agreement, the Company paid an upfront payment of $65.0 million to Mirati in 2021. During the three months ended June 30, 2022, the Company accrued a development milestone payment of $5.0 million. Mirati is also eligible to receive up to $268.0 million in-development, regulatory, and sales-based milestone payments. Mirati is also eligible to receive tiered royalties (from high-teens to low-twenties on a percentage basis) based on annual net sales of adagrasib in Greater China. The Company has the right to terminate this agreement at any time by providing written notice of termination to Mirati. License agreement with Karuna Therapeutics, Inc. (“Karuna”) In November 2021, the Company entered into a license agreement with Karuna for the development, manufacturing, and commercialization of KarXT (xanomeline-trospium) in Greater China, including China, Hong Kong, Macau, and Taiwan. Under the terms of the agreement, the Company paid an upfront payment of $35.0 million to Karuna. During the three months ended June 30, 2022, the Company accrued a development milestone payment of $5.0 million. Karuna is also eligible to receive up to $147.0 million in development and regulatory, and sales-based milestone payments. Karuna is also eligible to receive tiered royalties based on annual net sales of commercialized products in Greater China. The Company has the right to terminate this agreement by providing written notice of termination to Karuna. |
Restricted net assets
Restricted net assets | 6 Months Ended |
Jun. 30, 2022 | |
Restricted net assets | |
Restricted net assets | Restricted net assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its Chinese subsidiaries. Relevant Chinese laws and regulations permit payments of dividends by the Company’s Chinese subsidiaries only out of its retained earnings, if any, as determined in accordance with Chinese 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 Company’s Chinese subsidiaries. In accordance with the Company Law of the People’s Republic of China, 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 Chinese statutory accounts. A domestic enterprise may provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s Chinese statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s Chinese subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. During the three and six months ended June 30, 2022 and 2021, no appropriation to statutory reserves was made because the Chinese subsidiaries had substantial losses during such periods. As a result of these Chinese laws and regulations, subject to the limits discussed above that require annual appropriations of 10% of after-tax profit to be set aside, prior to payment of dividends, as general reserve fund, the Company’s Chinese subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Purchase commitments As of June 30, 2022, the Company’s commitments related to purchase of property and equipment contracted but not yet reflected in the unaudited condensed consolidated financial statement were $19.5 million which is expected to be incurred within one year. (b) Contingencies |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date financial statements were issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Basis of presentation and con_2
Basis of presentation and consolidation and significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022 (the “2021 Annual Report”). The December 31, 2021 condensed consolidated balance sheet data included in this Quarterly Report on Form 10-Q were derived from the audited financial statements included in the 2021 Annual Report. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022. |
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 and its subsidiaries are eliminated upon consolidation. |
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 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 the current expected credit losses for financial assets, and assessing the impairment of long-lived assets, discount rate of operating lease liabilities, accrual of rebates, 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 arrangements (Note 12). Management bases its estimates on historical experience 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. |
Fair value measurements | Financial instruments of the Company primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities. As of June 30, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximated its fair value based on the nature of the assessment of the ability to recover these amounts. |
Recent accounting pronouncements | In November 2021, the FASB issued ASU2021-10, Government Assistance (Topic 832) — Disclosures by Business Entities about Government Assistance. The amendments in this ASU require disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model to increase transparency about (1) the types of transactions, (2) the accounting for the transactions, and (3) the effect of the transactions on an entity’s financial statements. The amendments in this ASU are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted this standard as of January 1, 2022. There was no material impact to the Company’s financial position or results of operations upon the adoption. |
Significant accounting policies | For a more complete discussion of the Company’s significant accounting policies, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the 2021 Annual Report. |
Basis of presentation and con_3
Basis of presentation and consolidation and significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | As of June 30, 2022 and December 31, 2021, information about inputs into the fair value measurement of the Company’s assets that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows (in thousands): Description Fair Value as of Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ Equity Investments with Readily Determinable Fair Value 2,827 2,827 Description Fair Value as of Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) US$ Equity Investments with Readily Determinable Fair Value 15,383 15,383 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | The following table presents the Company's cash and cash equivalents as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Cash at bank and in hand 381,225 663,472 Cash equivalents (i) 299,595 300,628 680,820 964,100 Denominated in: US$ 611,478 932,888 RMB (ii) 63,359 23,791 Hong Kong dollar (“HK$”) 5,138 6,674 Australian dollar (“A$”) 614 475 Taiwan dollar (“TW$”) 231 272 680,820 964,100 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories, net | The following table presents the Company’s inventories, net, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Finished goods 4,342 5,632 Raw materials 18,476 13,231 Work in Progress 521 88 Inventories, net 23,339 18,951 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | The following table presents the Company's components of property and equipment, net as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 $ $ Office equipment 822 836 Electronic equipment 6,370 5,036 Vehicle 210 220 Laboratory equipment 18,593 17,069 Manufacturing equipment 13,984 14,600 Leasehold improvements 10,230 10,432 Construction in progress 15,343 11,334 65,552 59,527 Less: accumulated depreciation (19,133) (16,425) Property and equipment, net 46,419 43,102 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of net product sales | The table below presents the Company’s net product sales for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Product revenue - gross 54,339 41,380 107,649 87,935 Less: Rebate and sales return (6,764) (4,445) (13,979) (30,897) Product revenue - net 47,575 36,935 93,670 57,038 |
Schedule of disaggregation of net revenue | The following table presents net revenue by product for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ ZEJULA 34,052 23,366 63,649 35,972 Optune 11,592 9,535 24,389 16,665 QINLOCK 623 4,034 3,582 4,401 NUZYRA 1,308 — 2,050 — Product revenue - net 47,575 36,935 93,670 57,038 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other current liabilities | The following table presents the Company's other current liabilities as of June 30, 2022 and December 31, 2021 (in thousands): June 30, December 31, $ $ Payroll 18,976 25,685 Accrued rebate to distributors 11,249 15,001 Tax payables 9,896 8,817 Accrued professional service fee 6,450 4,319 Other (i) 5,827 4,421 Payables for purchase of property and equipment 1,212 2,568 Total 53,610 60,811 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | The following table presents the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Numerator: Net loss attributable to ordinary shareholders (137,933) (163,324) (220,327) (396,234) Denominator: Weighted average number of ordinary shares - basic and diluted 957,684,820 930,455,310 956,603,250 907,231,320 Net loss per share - basic and diluted (0.14) (0.18) (0.23) (0.44) |
Schedule of anti-dilutive shares excluded from the calculation of diluted loss per share | As a result of the Company’s net loss for the three and six months ended June 30, 2022 and 2021, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. June 30, June 30, Share options 91,546,280 86,294,400 Non-vested restricted shares 34,356,250 6,325,350 |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense | Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ $ $ $ Selling, general and administrative 8,931 5,962 15,923 10,432 Research and development 5,294 4,270 10,712 7,118 Total 14,225 10,232 26,635 17,550 |
Basis of presentation and con_4
Basis of presentation and consolidation and significant accounting policies - Additional Information (Details) | Mar. 30, 2022 USD ($) $ / shares shares | Mar. 29, 2022 | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares |
Accounting Policies [Abstract] | ||||
Share Subdivision ratio | 10 | |||
Ordinary shares, authorized share capital | $ | $ 30,000 | |||
Ordinary shares, shares authorized (in shares) | shares | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.000006 | $ 0.000006 | $ 0.000006 | |
ADS to ordinary shares conversion ratio | 10 | 1 |
Basis of presentation and con_5
Basis of presentation and consolidation and significant accounting policies - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments with Readily Determinable Fair Value | $ 2,827 | $ 15,383 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments with Readily Determinable Fair Value | $ 2,827 | $ 15,383 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Cash And Cash Equivalents [Line Items] | |||
Cash at bank and in hand | $ 381,225 | $ 663,472 | |
Cash equivalents | 299,595 | 300,628 | |
Cash and cash equivalents | 680,820 | 964,100 | $ 1,766,573 |
US$ | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 611,478 | 932,888 | |
RMB | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 63,359 | 23,791 | |
Hong Kong dollar (“HK$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 5,138 | 6,674 | |
Australian dollar (“A$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 614 | 475 | |
Taiwan dollar (“TW$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 231 | $ 272 |
Inventories, net - Additional I
Inventories, net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||||
Net inventory balance | $ 23,339 | $ 23,339 | $ 18,951 | ||
Inventory write-down | $ 100 | $ 300 | $ 200 | $ 300 |
Inventories, net - Summary of i
Inventories, net - Summary of inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 4,342 | $ 5,632 |
Raw materials | 18,476 | 13,231 |
Work in Progress | 521 | 88 |
Inventories, net | $ 23,339 | $ 18,951 |
Property and Equipment, net - S
Property and Equipment, net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment | ||
Property and equipment, gross | $ 65,552 | $ 59,527 |
Less: accumulated depreciation | (19,133) | (16,425) |
Property and equipment, net | 46,419 | 43,102 |
Office equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 822 | 836 |
Electronic equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 6,370 | 5,036 |
Vehicle | ||
Property Plant And Equipment | ||
Property and equipment, gross | 210 | 220 |
Laboratory equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 18,593 | 17,069 |
Manufacturing equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 13,984 | 14,600 |
Leasehold improvements | ||
Property Plant And Equipment | ||
Property and equipment, gross | 10,230 | 10,432 |
Construction in progress | ||
Property Plant And Equipment | ||
Property and equipment, gross | $ 15,343 | $ 11,334 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 1.7 | $ 1.4 | $ 3.6 | $ 2.7 |
Revenue - Summary of Net Produc
Revenue - Summary of Net Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Product revenue - gross | $ 54,339 | $ 41,380 | $ 107,649 | $ 87,935 |
Less: Rebate and sales return | (6,764) | (4,445) | (13,979) | (30,897) |
Product revenue - net | $ 47,575 | $ 36,935 | $ 93,670 | $ 57,038 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Collaboration revenue | $ 601 | $ 0 | $ 1,230 | $ 0 |
ZEJULA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue From Contract With Customer Adjustments for Compensation to Distributors | 300 | $ 0 | $ 2,900 | $ 22,000 |
QINLOCK and NUZYRA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue From Contract With Customer Adjustments for Compensation to Distributors | $ 2,900 |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Product revenue - net | $ 47,575 | $ 36,935 | $ 93,670 | $ 57,038 |
ZEJULA | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenue - net | 34,052 | 23,366 | 63,649 | 35,972 |
Optune | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenue - net | 11,592 | 9,535 | 24,389 | 16,665 |
QINLOCK | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenue - net | 623 | 4,034 | 3,582 | 4,401 |
NUZYRA | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenue - net | $ 1,308 | $ 0 | $ 2,050 | $ 0 |
Income Tax (Details)
Income Tax (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 | |
Unrecognized tax benefits | 0 | 0 | $ 0 | ||
Unrecognized tax benefits, interest and penalties | $ 0 | $ 0 | $ 0 | $ 0 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Payroll | $ 18,976 | $ 25,685 |
Accrued rebate to distributors | 11,249 | 15,001 |
Tax payables | 9,896 | 8,817 |
Accrued professional service fee | 6,450 | 4,319 |
Other | 5,827 | 4,421 |
Payables for purchase of property and equipment | 1,212 | 2,568 |
Total | $ 53,610 | $ 60,811 |
Loss per share - Computation of
Loss per share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net loss attributable to ordinary shareholders - basic | $ (137,933) | $ (163,324) | $ (220,327) | $ (396,234) |
Net loss attributable to ordinary shareholders - diluted | $ (137,933) | $ (163,324) | $ (220,327) | $ (396,234) |
Denominator: | ||||
Weighted average number of ordinary shares - basic (in shares) | 957,684,820 | 930,455,310 | 956,603,250 | 907,231,320 |
Weighted average number of ordinary shares - diluted (in shares) | 957,684,820 | 930,455,310 | 956,603,250 | 907,231,320 |
Net loss per share - basic (in dollars per share) | $ (0.14) | $ (0.18) | $ (0.23) | $ (0.44) |
Net loss per share - diluted (in dollars per share) | $ (0.14) | $ (0.18) | $ (0.23) | $ (0.44) |
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, 2022 | Jun. 30, 2021 | |
Share options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted loss per share | 91,546,280 | 86,294,400 |
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 | 34,356,250 | 6,325,350 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Research and development | Limited Liability Company | ||||
Related Party Transaction [Line Items] | ||||
Transactions between its related party | $ 0.2 | $ 0.3 | $ 0.1 | $ 0.2 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2017 | Jun. 30, 2022 | Jun. 22, 2022 | Apr. 01, 2022 | |
Share options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense related to unvested share options granted | $ 121.2 | |||
Recognized over a weighted-average period | 3 years 6 months 29 days | |||
Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Recognized over a weighted-average period | 3 years 10 months 28 days | |||
Unrecognized share-based compensation expense related to unvested restricted shares | $ 153.8 | |||
2017 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Threshold annual increase to the number of ordinary shares reserved as a percentage of number of ordinary shares outstanding | 4% | |||
Shares reserved under the plan (in shares) | 75,562,170 | |||
Options granted (in shares) | 17,885,480 | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 2.84 | |||
2017 Plan | Share options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Contractual term | 10 years | |||
Vesting period | 5 years | |||
2017 Plan | Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Non-option awards granted (in shares) | 27,360,150 | |||
2017 Plan | Tranche one | Share options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage | 20% | |||
2017 Plan | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exercise price of options granted (in dollars per share) | $ 2.95 | |||
2017 Plan | Minimum | Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
2017 Plan | Minimum | Tranche one | Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage | 20% | |||
2017 Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exercise price of options granted (in dollars per share) | $ 6.29 | |||
2017 Plan | Maximum | Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
2017 Plan | Maximum | Tranche one | Non-vested restricted shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage | 25% | |||
2022 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 97,908,743 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 14,225 | $ 10,232 | $ 26,635 | $ 17,550 |
Selling, General and Administrative | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 8,931 | 5,962 | 15,923 | 10,432 |
Research and development | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 5,294 | $ 4,270 | $ 10,712 | $ 7,118 |
Licenses and collaborative ar_2
Licenses and collaborative arrangements pursuant to which milestone payments were made (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 13, 2021 | Feb. 28, 2022 | Jan. 31, 2022 | Nov. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 30, 2022 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Ordinary shares, par value (in dollars per share) | $ 0.000006 | $ 0.000006 | $ 0.000006 | ||||||||
Future contingent milestone payments | $ 5,576.3 | ||||||||||
argenx | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Issuance of ordinary shares in connection with collaboration and license arrangement (in shares) | 5,681,820 | ||||||||||
Ordinary shares, par value (in dollars per share) | $ 0.000006 | ||||||||||
Development cost-sharing payment | $ 75 | ||||||||||
Milestone payment made | $ 25 | ||||||||||
Upfront payments made | $ 62.3 | ||||||||||
Paratek | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone payment made | $ 6 | ||||||||||
Upfront payments made | $ 7.5 | ||||||||||
Maximum additional milestone payments | 40.5 | ||||||||||
Paratek | Upon approval by FDA of a new drug application | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone payment made | $ 5 | ||||||||||
Paratek | Upon submission of the first regulatory approval application for a licensed product in the People's Republic Of China | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone payment made | $ 3 | ||||||||||
Mirati | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Upfront payments made | $ 65 | ||||||||||
Maximum additional milestone payments | 268 | ||||||||||
Milestone payments accrued | 5 | ||||||||||
Karuna | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Upfront payments made | $ 35 | ||||||||||
Maximum additional milestone payments | 147 | ||||||||||
Milestone payments accrued | $ 5 |
Restricted net assets (Details)
Restricted net assets (Details) - PRC - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Restricted net assets | |||||
Statutory reserves | $ 0 | $ 0 | $ 0 | $ 0 | |
Restricted amount by subsidiaries | $ 406,000,000 | $ 406,000,000 | $ 406,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Property and Equipment | |
Loss Contingencies [Line Items] | |
Purchase obligation to be incurred within on year | $ 19.5 |