Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | ASLN |
Entity Registrant Name | ASLAN Pharmaceuticals Ltd |
Entity Central Index Key | 0001722926 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 160,248,940 |
Consolidated Balance Sheets
Consolidated Balance Sheets $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
CURRENT ASSETS | ||
Cash and cash equivalents (Notes 4 and 6) | $ 28,908,901 | $ 50,573,211 |
Prepayments | 183,599 | 71,946 |
Total current assets | 29,092,500 | 50,645,157 |
NON-CURRENT ASSETS | ||
Financial assets at fair value through profit or loss (Notes 4, 7 and 15) | 60,004 | |
Financial assets at fair value through other comprehensive income (Notes 4, 8 and 15) | 187,244 | |
Property, plant and equipment (Notes 4 and 9) | 288,418 | 443,566 |
Intangible assets (Notes 4, 5, 10 and 15) | 23,080,592 | 84,052 |
Refundable deposits | 172,080 | 160,947 |
Total non-current assets | 23,788,338 | 688,565 |
TOTAL ASSETS | 52,880,838 | 51,333,722 |
CURRENT LIABILITIES | ||
Trade payables | 5,315,737 | 3,898,291 |
Other payables (Notes 11 and 19) | 2,682,661 | 2,080,544 |
Total current liabilities | 7,998,398 | 5,978,835 |
NON-CURRENT LIABILITIES | ||
Long-term borrowings (Note 12) | 13,974,794 | 9,679,451 |
Other non-current liabilities (Note 19) | 289,613 | 162,000 |
Total non-current liabilities | 14,264,407 | 9,841,451 |
Total liabilities | 22,262,805 | 15,820,286 |
EQUITY (Note 14) | ||
Ordinary shares | 51,627,219 | 41,514,016 |
Capital surplus | 111,459,672 | 84,282,681 |
Accumulated deficits | (132,468,858) | (90,283,261) |
Total equity | 30,618,033 | 35,513,436 |
TOTAL LIABILITIES AND EQUITY | $ 52,880,838 | $ 51,333,722 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Comprehensive Income [Abstract] | |||
NET REVENUE (Notes 3, 4, 15 and 24) | $ 11,546,971 | ||
COST OF REVENUE (Note 15) | 125,000 | ||
OPERATING EXPENSES (Notes 13, 16 and 19) | |||
General and administrative expenses | $ (10,513,707) | $ (8,758,710) | (6,956,345) |
Research and development expenses | (31,834,364) | (30,381,016) | (13,165,286) |
LOSS FROM OPERATIONS | (42,348,071) | (39,139,726) | (8,699,660) |
NON-OPERATING INCOME AND EXPENSES | |||
Interest income | 268,330 | 363,137 | 47,223 |
Other income (Note 15) | 187,244 | ||
Other gains and losses (Note 16) | 213,243 | (698,691) | 127,472 |
Finance costs (Notes 4 and 16) | (491,904) | (416,698) | (524,138) |
Total non-operating income and expenses | 176,913 | (752,252) | (349,443) |
LOSS BEFORE INCOME TAX | (42,171,158) | (39,891,978) | (9,049,103) |
INCOME TAX EXPENSE (Notes 4, 5 and 17) | (14,439) | ||
NET LOSS FOR THE YEAR | (42,185,597) | (39,891,978) | (9,049,103) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (42,185,597) | $ (39,891,978) | $ (9,049,103) |
LOSS PER SHARE (Note 18) | |||
Basic and diluted | $ (0.28) | $ (0.32) | $ (0.09) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) | Total | Preference Shares | Ordinary Shares | Capital Surplus | Capital SurplusOrdinary Shares | Capital SurplusShare Options Reserve | Accumulated Deficits |
Beginning balance | $ (37,615,591) | $ 3,296 | $ 6,388 | $ 3,716,905 | $ 3,716,905 | $ (41,342,180) | |
Beginning balance, share at Dec. 31, 2015 | 73,504,898 | 12,775,002 | |||||
Issuance of preference shares | 9,723,896 | ||||||
Conversion to ordinary shares from preference shares | 64,595,770 | $ (3,296) | $ 41,614 | 64,557,452 | $ 64,557,452 | ||
Conversion to ordinary shares from preference shares, share | (83,228,794) | 83,228,794 | |||||
Adjustment of par value to NT$10 (US$0.6383) | $ 30,639,655 | (30,639,655) | (30,639,655) | ||||
Issuance of new share capital (Notes 14 and 19) | 22,223,869 | $ 6,022,409 | 16,201,460 | 16,201,460 | |||
Issue of new share capital, share | 19,667,144 | ||||||
Recognition of employee share options by the Company (Note 19) | 1,419,923 | 1,419,923 | 1,419,923 | ||||
Net loss | (9,049,103) | (9,049,103) | |||||
Total comprehensive loss | (9,049,103) | (9,049,103) | |||||
Ending balance, share at Dec. 31, 2016 | 115,670,940 | ||||||
Beginning balance | 41,574,868 | $ 36,710,066 | 55,256,085 | 50,119,257 | 5,136,828 | (50,391,283) | |
Issuance of new share capital (Notes 14 and 19) | 33,060,951 | $ 4,803,950 | 28,257,001 | 28,265,033 | (8,032) | ||
Issue of new share capital, share | 14,458,000 | ||||||
Recognition of employee share options by the Company (Note 19) | 769,595 | 769,595 | 769,595 | ||||
Net loss | (39,891,978) | (39,891,978) | |||||
Total comprehensive loss | (39,891,978) | (39,891,978) | |||||
Ending balance, share at Dec. 31, 2017 | 130,128,940 | ||||||
Beginning balance | 35,513,436 | $ 41,514,016 | 84,282,681 | 78,384,290 | 5,898,391 | (90,283,261) | |
Issuance of new share capital (Notes 14 and 19) | 42,180,000 | $ 10,073,977 | 32,106,023 | 32,106,023 | |||
Issue of new share capital, share | 30,000,000 | ||||||
Transaction costs attributable to the issuance of ordinary shares | (5,388,866) | (5,388,866) | (5,388,866) | ||||
Issuance of ordinary shares under employee share option plan (Note 19) | 48,000 | $ 39,226 | 8,774 | 41,915 | (33,141) | ||
Issuance of ordinary shares under employee share option plan, share | 120,000 | ||||||
Recognition of employee share options by the Company (Note 19) | 451,060 | 451,060 | 451,060 | ||||
Net loss | (42,185,597) | (42,185,597) | |||||
Total comprehensive loss | (42,185,597) | (42,185,597) | |||||
Ending balance, share at Dec. 31, 2018 | 160,248,940 | ||||||
Beginning balance | $ 30,618,033 | $ 51,627,219 | $ 111,459,672 | $ 105,143,362 | $ 6,316,310 | $ (132,468,858) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - Dec. 31, 2016 | $ / shares | $ / shares |
Statement Of Changes In Equity [Abstract] | ||
Adjustment to ordinary shares par value per share | (per share) | $ 0.6383 | $ 10 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Loss before income tax | $ (42,171,158) | $ (39,891,978) | $ (9,049,103) |
Adjustments for: | |||
Depreciation expenses | 235,410 | 200,918 | 65,874 |
Amortization expenses | 6,355 | 9,058 | 10,010 |
Finance costs | 491,904 | 416,698 | 524,138 |
Interest income | (268,330) | (363,137) | (47,223) |
Compensation costs of share-based payment transactions | 1,289,737 | 1,126,595 | 1,419,923 |
Loss on disposal of property, plant and equipment | 31,337 | 12,316 | |
Unrealized (gain) loss on foreign exchange, net | (256,918) | 698,608 | (206,334) |
Gain on disposal of licensed rights | (187,244) | ||
Changes in operating assets and liabilities | |||
Increase in financial assets mandatorily classified as at fair value through profit or loss | (60,004) | ||
(Increase) decrease in accounts receivable | 1,294,034 | (1,294,034) | |
(Increase) decrease in prepayments | (111,653) | 17,636 | (52,034) |
Increase in trade payables | 1,417,446 | 1,621,449 | 2,129,760 |
Increase (decrease) in other payables | (108,947) | 358,787 | 688,372 |
Cash used in operations | (39,723,402) | (34,479,995) | (5,798,335) |
Interest received | 268,330 | 363,137 | 47,223 |
Interest paid | (38,036) | ||
Income tax paid | (14,439) | ||
Net cash used in operating activities | (39,469,511) | (34,116,858) | (5,789,148) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for property, plant and equipment | (80,262) | (291,432) | (374,425) |
Proceeds from disposal of property, plant and equipment | 632 | ||
Payments for intangible assets | (23,002,895) | (8,844) | (81,209) |
Increase in refundable deposits | (11,133) | (36,168) | (68,474) |
Net cash used in investing activities | (23,094,290) | (336,444) | (523,476) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term borrowings | 4,060,357 | 228,514 | |
Repayments of long-term borrowings | (376,968) | ||
Issuance of preference shares | 9,140,462 | ||
Proceeds from new share capital | 42,180,000 | 33,060,951 | 22,223,869 |
Proceeds from exercise of employee share options | 48,000 | ||
Payments for transaction costs attributable to the issuance of ordinary shares | (5,388,866) | ||
Net cash generated from financing activities | 40,899,491 | 33,289,465 | 30,987,363 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (21,664,310) | (1,163,837) | 24,674,739 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 50,573,211 | 51,737,048 | 27,062,309 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 28,908,901 | $ 50,573,211 | $ 51,737,048 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group [Abstract] | |
General Information | 1. GENERAL INFORMATION ASLAN Pharmaceuticals Limited (the “Company”) was incorporated in the Cayman Islands in June 2014 as the listing vehicle for the initial public offering and listing on the Taipei Exchange (“TPEx”) in Taiwan. The Company and its subsidiaries (collectively referred to as the “Group”) are principally engaged in the development of novel drugs for Asia prevalent cancers. The main businesses and intragroup relationships of the Group were as follows as of December 31, 2018: Name Place of Incorporation Date of Incorporation Main Business ASLAN Pharmaceuticals Limited Cayman Islands June 2014 Investment holding ASLAN Pharmaceuticals Pte. Ltd. Singapore April 2010 New drug research and development ASLAN Pharmaceuticals Taiwan Limited Taiwan November 2013 New drug research and development ASLAN Pharmaceuticals Australia Pty Ltd. Australia July 2014 New drug research and development ASLAN Pharmaceuticals Hong Kong Limited Hong Kong July 2015 New drug research and development ASLAN Pharmaceuticals (Shanghai) Co. Ltd. China May 2016 New drug research and development ASLAN Pharmaceuticals (USA) Inc. United States of America October 2018 New drug research and development Following the approval of the Company’s shareholders at a shareholders’ meeting on May 27, 2016, the Company completed a restructuring of its share capital through the subdivision of the Company’s authorized share capital, the conversion of preference shares into ordinary shares, and the repurchase of its USD shares in consideration for the issue of an equal number of NTD shares for the purpose of the initial public offering and listing of the Company’s ordinary shares on the TPEx. On January 5, 2017, the General Stock Board Applicant Committee of the General Stock Board (Market) of the TPEx approved the Company’s application for listing on the TPEx. On January 20, 2017, the 8th session 22nd meeting of the board and supervisors of the TPEx passed a resolution, pursuant to which the Company’s shares began trading on the TPEx on June 1, 2017. In addition, the Company’s American Depository Shares (“ADSs”) representing ordinary shares have been listed on the Nasdaq Global Market since May 4, 2018. The reporting currency of the Group is the U.S. dollar. The functional currency of the majority of the Group’s entities is the U.S. dollar. |
Approval of Financial Statement
Approval of Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Authorization To Issue Financial Statements [Abstract] | |
Approval of Financial Statements | 2. APPROVAL OF FINANCIAL STATEMENTS The consolidated financial statements were approved by the board of directors on April 26, 2019. |
Application of New Amended and
Application of New Amended and Revised Standards and Interpretations | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Application of New Amended and Revised Standards and Interpretations | 3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS a. Amendments to the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) mandatorily effective for the current year The Company has applied the amendments to IFRSs included in IFRS 9 “Financial Instruments”, IFRS 15 “Revenue from Contracts with Customers”, Amendment to IFRS 2 “Classification and Measurement of Share-based Payment Transactions”, Amendments to IAS 40 “Transfers of Investment Property”, Annual Improvement to IFRSs 2014-2016 Cycle, and IFRIC 22 “Foreign Currency Transactions and Advance Consideration” for the annual period that began on or after January 1, 2018. The adoption and impact of these standards from January 1, 2018 are described as below and the new accounting policies are disclosed in Note 4. The other standards did not have material impact on the Group’s accounting policies. IFRS 15 “Revenue from Contracts with Customers” and related amendments IFRS 15 establishes principles for recognizing revenue that apply to all contracts with customers and supersedes IAS 18 “Revenue”, IAS 11 “Construction Contracts” and a number of revenue-related interpretations. Under IFRS 15, the Group recognizes revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. Prior to the application of IFRS 15, the Group recognized revenue when the Group transferred the significant risks and rewards of ownership to the buyer. IFRS 15 provides guidance to clarify the categorization of licenses of intellectual property and on whether revenue is to be recognized over time or at a point in time. Under IFRS 15, when the nature of the Group’s promise in granting a license is to provide a right to access the Group’s intellectual property, revenue is recognized over time if all of the following criteria are met. Otherwise, the promise is to provide a right to use the Group’s intellectual property as it exists at the point in time at which the license is granted and revenue is recognized when the license is transferred. 1) The contract requires, or the customer reasonably expects, the Group to undertake activities that significantly affect the intellectual property to which the customer has rights. 2) The rights granted by the license directly expose the customer to any positive or negative effects of the above activities. 3) Those activities do not result in the transfer of a good or a service to the customer as the activities occur. Prior to the application of IFRS 15, license fees and royalties paid for the use of the Group’s assets are normally recognized in accordance with the substance of the agreement. An assignment of rights for a fixed fee or non-refundable guarantee under a non-cancellable contract which permits the licensee to exploit those rights freely and the Group has no remaining obligations to perform is, in substance, a sale. In such cases, revenue is recognized at the time of sale. Otherwise, revenue is recognized on a straight-line basis over the life of the agreement. In some cases, whether or not a license fee or royalty will be received is contingent on the occurrence of a future event. In such cases, revenue is recognized only when it is probable that the license fee or royalty will be received, which is normally when the event has occurred. The Group elected only to retrospectively apply IFRS 15 to contracts that were not complete as of January 1, 2018. The Group had no cumulative effect of retrospectively applying IFRS 15 in the retained earnings on January 1, 2018, and the Group does not have any revenue from contracts with customers that are within scope of IFRS 15 in 2018. b. New and revised IFRSs issued but not yet effective Of the new, amended and revised standards and interpretations (collectively the “New IFRSs”) that have been issued but are not yet effective, the Company has not applied the following. New, Amended or Revised Standards and Interpretations Effective Date Announced by IASB (Note 1) Annual Improvements to IFRSs 2015-2017 Cycle January 1, 2019 Amendments to IFRS 9 “Prepayment Features with Negative Compensation” January 1, 2019 IFRS 16 “Leases” January 1, 2019 Amendments to IAS 19 “Plan Amendment, Curtailment or Settlement” January 1, 2019 (Note 2) Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures” January 1, 2019 IFRIC 23 “Uncertainty over Income Tax Treatments” January 1, 2019 Amendments to IFRS 3 “Definition of a Business” January 1, 2020 (Note 3) Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture” To be determined by IASB IFRS 17 “Insurance Contracts” January 1, 2021 Amendments to IAS 1 and IAS 8 “Definition of Material” January 1, 2020 (Note 4) Note 1: Unless stated otherwise, the above New IFRSs are effective for annual periods beginning on or after their respective effective dates. No te 2: The Group shall apply these amendments to plan amendments, curtailments or settlements occurring on or after January 1, 2019. No te 3: The Group shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. No te 4: The Group shall apply these amendments prospectively for annual reporting periods beginning on or after January 1, 2020. The initial application of the above New IFRSs, whenever applied, would not have any material impact on the Group’s accounting policies, except for the following: IFRS 16 “Leases” IFRS 16 sets out the accounting standards for leases that will supersede IAS 17, IFRIC 4 and a number of related interpretations. Definition of a lease Upon initial application of IFRS 16, the Group will elect to apply the guidance of IFRS 16 in determining whether contracts are, or contain, a lease only to contracts entered into (or changed) on or after January 1, 2019. Contracts identified as containing a lease under IAS 17 and IFRIC 4 will not be reassessed and will be accounted for in accordance with the transitional provisions under IFRS 16. The Group as lessee Upon initial application of IFRS 16, the Group will recognize right-of-use assets and lease liabilities for all leases on the consolidated balance sheets except for those whose payments under low-value and short-term leases will be recognized as expenses on a straight-line basis. On the consolidated statements of comprehensive income, the Group will present the depreciation expense charged on right-of-use assets separately from the interest expense accrued on lease liabilities; interest is computed using the effective interest method. On the consolidated statements of cash flows, cash payments for the principal portion of lease liabilities will be classified within financing activities; cash payments for the interest portion will be classified within operating activities. Currently, payments under operating lease contracts are recognized as expenses on a straight-line basis. Cash flows for operating leases are classified within operating activities on the consolidated statements of cash flows. The Group anticipates applying IFRS 16 retrospectively with the cumulative effect of the initial application of this standard recognized on January 1, 2019. Comparative information will not be restated. Lease liabilities will be recognized on January 1, 2019 for leases currently classified as operating leases with the application of IAS 17. Lease liabilities will be measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate on January 1, 2019. Right-of-use assets will be measured at an amount equal to the lease liabilities. The Group will apply IAS 36 to all right-of-use assets. The Group expects to apply the following practical expedients: a) The Group will apply a single discount rate to the leases with reasonably similar characteristics to measure lease liabilities. b) The Group will account for those leases for which the lease term ends on or before December 31, 2019 as short-term leases. c) The Group will exclude initial direct costs from the measurement of right-of-use assets on January 1, 2019. d) The Group will use hindsight, such as in determining lease terms, to measure lease liabilities. Anticipated impact on assets and liabilities Carrying Amount as of December 31, 2018 Adjustments Arising from Initial Application Adjusted Carrying Amount as of January 1, 2019 Total effect on assets (right-of-use assets) $ — $ 323,850 $ 323,850 Lease liabilities - current $ — $ 219,039 $ 219,039 Lease liabilities - non-current $ — $ 104,811 $ 104,811 Total effect on liabilities $ 323,850 Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the possible impact that the application of other standards and interpretations will have on the Group’s financial position and financial performance and will disclose the relevant impact when the assessment is completed. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statement of compliance The accompanying consolidated financial statements have been prepared in conformity with IFRSs issued by the IASB. b. Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for financial instruments and other payable arising from cash-settled share-based payment arrangements which are measured at fair value. The preparation of these consolidated financial statements in conformity with IFRSs requires management to exercise its judgment in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the consolidated financial statements, are disclosed in Note 5. c. Classification of current and non-current assets and liabilities Current assets include: 1) Assets held primarily for the purpose of trading; 2) Assets expected to be realized within 12 months after the reporting period; and 3) Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. Current liabilities include: 1) Liabilities held primarily for the purpose of trading; 2) Liabilities due to be settled within 12 months after the reporting period; and 3) Liabilities for which the Group does not have an unconditional right to defer settlement for at least 12 months after the reporting period. Assets and liabilities that are not classified as current are classified as non-current. d. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. e. Foreign currencies The reporting currency of the Group is the U.S. dollar. The functional currency of the majority of the Group’s entities is the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Exchange differences are recognized in “other gains and losses, net” in the consolidated statement of comprehensive loss. f. Property, plant and equipment Property, plant and equipment are stated at cost, less recognized accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the respective asset and is recognized in the consolidated statement of comprehensive loss. g. Intangible assets 1) Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost, less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful lives, residual values, and amortization methods are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are measured at cost, less accumulated impairment loss. 2) Internally-generated intangible assets - research and development expenditures Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from the development phase of an internal project is recognized only if all of the following have been demonstrated: a) The technical feasibility of completing the intangible asset so that it will be available for use or sale; b) The intention to complete the intangible asset and use or sell it; c) The ability to use or sell the intangible asset; d) The manner in which intangible asset will generate probable future economic benefits; e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and f) The ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when an intangible asset first meets the recognition criteria listed above. Subsequent to initial recognition, they are measured on the same basis as intangible assets that are acquired separately. 3) Derecognition of intangible assets On derecognition of an intangible asset, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss. h. Impairment of tangible and intangible assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets in order to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment or more frequently if there are indicators of impairment. In respect of the impairment indicators, the Group considers both internal and external sources of information to determine whether an asset may be impaired, which may include the significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes with adverse effects in the use of the assets, as well as the internal reporting which indicates the economic performance of an asset is worse than expected. If any such indicators exist, the Group will estimate the recoverable amount of such indefinite-lived intangible asset and compare it with its carrying amount. The recoverable amount is the higher of fair value, less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss. An impairment loss recognized in prior periods shall be reversed if, and only if, there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognized. When an impairment loss is subsequently reversed, the carrying amount of the corresponding asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized on the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in the consolidated statement of comprehensive loss. i . Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss (i.e., FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognized immediately in profit or loss. 1) Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. a) Measurement categories 2017 (prior to adoption of IFRS 9) Financial assets are classified into the following categories: Financial assets at FVTPL, held-to-maturity investments, available-for-sale financial assets and loans and receivables. Financial assets held by the Group in 2017 are classified as loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including cash and cash equivalents and refundable deposits) are measured using the effective interest method at amortized cost less any impairment. Cash equivalents include highly liquid investments which are readily convertible to a known amount of cash and subject to an insignificant risk of change in value. 2018 (after adoption of IFRS 9) Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and equity instruments at fair value through other comprehensive income (i.e., FVTOCI). i . Financial assets at FVTPL Derivative financial assets are classified as at FVTPL when such a financial asset is mandatorily classified as at FVTPL. Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividends or interest earned on such a financial asset. Fair value is determined in the manner described in Note 22. ii. Financial assets at amortized cost A financial asset shall be measured at amortized cost if both of the following conditions are met: i ) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For the financial assets measured at amortized cost (including cash and cash equivalents and refundable deposits), the Group applies the effective interest method to the gross carrying amount at amortized cost less any impairment from initial recognition. Any foreign exchange gains and losses are recognized in profit or loss. Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset. Cash equivalents include time deposits, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments. iii. Investments in equity instruments at FVTOCI On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings. Dividends on these investments in equity instruments are recognized in profit or loss when the Group’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment. b) Impairment of financial assets 2017 Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investment have been affected. For financial assets measured at amortized cost, such as accounts receivable, assets are assessed for impairment on a collective basis even if they were assessed not to be impaired individually. For a financial asset measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets measured at amortized cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment (at the date the impairment is reversed) does not exceed what the amortized cost would have been had the impairment not been recognized. For all other financial assets, objective evidence of impairment could include significant financial difficulty of the issuer or counterparty, breach of contract, such as a default or delinquency in interest or principal payments, and if it becomes probable that the borrower will enter bankruptcy or financial re-organization. The carrying amount of a financial asset is reduced by the impairment loss directly for all financial assets, with the exception of accounts receivable and other receivables where the carrying amount is reduced through the use of an allowance account. When accounts receivable and other receivables are considered uncollectible, they are written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Except for uncollectible trade receivables and other receivables that are written off against the allowance account, changes in the carrying amount of the allowance account are recognized in profit or loss. 2018 The Group recognizes a loss allowance for expected credit losses on financial assets at amortized cost. For financial instruments, the Group recognizes lifetime expected credit losses (i.e., ECLs) when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs. Expected credit losses reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. The Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. c) Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. Before 2018, on derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss which had been recognized in other comprehensive income is recognized in profit or loss. Starting from 2018, on derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in an equity instrument at FVTOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss, and the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss. 2) Equity instruments Equity instruments issued by a group entity are classified as equity in accordance with the substance of the contractual arrangements and the definitions of an equity instrument. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. No gain or loss is recognized in profit or loss on the issuance of the Company’s own equity instruments. 3) Financial liabilities a) Subsequent measurement All financial liabilities are measured at amortized cost using the effective interest method. b) Derecognition of financial liabilities The difference between the carrying amount of a financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. j. Revenue recognition 2017 Revenue comprises the fair value of the consideration received or receivable for the out-licensing of experimental drugs that have reached ‘proof of concept’ to customers for ongoing global development and launch, in the ordinary course of the Group’s activities. Revenue is presented, net of goods and services tax, rebates and discounts. See Note 15 for details of the Group’s licensing agreements. The Group recognizes revenue when the Group has completed the out-licensing of the experimental drug to the customers, the customers have accepted the products and the collectability of the related receivables is reasonably assured. Typically income from out-licensing may take the form of upfront fees, milestones and/or sales royalties. Revenue is recognized upon the receipt of the non-refundable upfront payment if the license of intellectual property has stand-alone value and the Group has no remaining, subsequent performance obligation in accordance with the licensing agreements. Otherwise, revenue recognition is deferred and spread over the period of performance on a straight-line basis. Milestone payments which are contingent on achieving certain clinical milestones are recognized as revenues either on achievement of such milestones, or over the period of the performance obligation if the Group has continuing performance obligations. Royalties on marketed drugs, which are recognized as revenue on an accrual basis and in accordance with the substance of the contracts, are recognized when it is probable that the economic benefits of a transaction will flow to the Group and the revenue can be measured reliably. Revenue from the sale of research material is recognized when all the following conditions are satisfied: 1) The Group has transferred the significant risks and rewards of the research material to the buyer; 2) The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the research material sold; 3) The amount of revenue can be measured reliably; 4) It is probable that the economic benefits will flow to the Group; and 5) The costs incurred or to be incurred can be measured reliably. Interest income is primarily a result of deposits in banks and is recognized as non-operating income when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the applicable effective interest rate. 2018 Revenue comprises the fair value of the consideration received or receivable for the out-licensing of experimental drugs that have reached ‘proof of concept’ to business partners for ongoing global development and launch, in the ordinary course of our activities. Revenue is presented, net of goods and services tax, rebates and discounts. See Note 15 for details of the Group’s licensing agreements. The group recognizes revenue when it has completed the out-licensing of the experimental drug to business partners, and such partners have accepted the products, and the collectability of the related receivables is reasonably assured. Typically the consideration received from out-licensing may take the form of upfront payments, option payments, milestone payments, and royalty payments on licensed products. To determine revenue recognition for contracts with customers, the Group performs the following five steps: 1) Identify the contract with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) the group satisfies the performance obligations. At the inception of a contract, the Group assesses the goods or services promised within each contract to determine whether each promised good or service is distinct and identify those that are performance obligations. The Group recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Upfront License Fees If a license to the Group’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Group will recognize revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Licenses that are not distinct shall be bundled with other performance obligations until it identifies a bundle of performance obligations that is distinct. The Group uses judgment to assess the nature of the combined performance obligation to determine whether it is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Group evaluates the measure of progress at the end of each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments At the inception of each contract with customers that includes development or regulatory milestone payments (i.e., the variable consideration), the Group includes some or all amount of variable consideration in the transaction price estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty related to the variable consideration is subsequently resolved. Milestone payments that are contingent upon the achievement of events that are uncertain or not controllable, such as regulatory approvals, are generally not considered highly probable of being achieved until those approvals are received. Therefore, they are not included in the transaction price. At the end of each reporting period, the Group evaluates the probability of achievement of such milestone payments and any related constraints, and if necessary, adjusts our estimate of the overall transaction price. Royalties For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of the following: 1) when the subsequent sales occur, or 2) when the performance obligation, to which some or all of the royalty has been allocated, has been satisfied (or partially satisfied). To date, the group has not recognized any royalty revenue resulting from any of out-licensing arrangements. k. Research and development expenses Elements of research and development expenses primarily include: 1) payroll and other related costs of personnel engaged in research and development activities; 2) costs related to preclinical testing of the Group’s technologies under development and clinical trials, such as payments to contract research organizations (“CROs”), investigators and clinical trial sites that conduct the Group’s clinical studies; 3) costs to develop the product candidates, including raw materials, supplies and product testing related expenses; and 4) other research and development expenses. Research and development expenses are expensed as incurred when these expenditures relate to the Group’s research and development services and have no alternative future uses. The conditions enabling the capitalization of development costs as an asset have not yet been met and, therefore, all development expenditures are recognized in profit or loss when incurred. l . Leasing Leases are classified as finance leases whenever the terms of a lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group as lessee Operating lease payments are recognized as expenses on a straight-line basis over the lease term. m . Retirement benefits Payments to defined contribution retirement benefit plans are recognized as expenses when employees have rendered services entitling them to the contributions. n . Share-based payment arrangements Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the employee share options is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of employee share options that will eventually vest, with a corresponding increase in “capital surplus - employee share options”. The fair value determined at the grant date of the employee share options is recognized as an expense in full at the grant date when the share options granted vest immediately. At the end of each reporting period, the Group revises its estimate of the number of employee share options expected to vest. The impact of the revision of the original estimates is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the capital surplus. The fair value of the amount payable to beneficiaries in respect of bonus entitlement unit grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The amount is remeasured at each reporting date and at settlement based on the fair value of the bonus entitlement units. Any changes in the liability are recognized in profit or loss. o . Taxation The provision for income tax recognized in profit or loss comprises current and deferred tax. Current tax is income tax paid and payable for the current year based on the taxable profit of the year and any adjustments to tax payable (or receivable) in respect of prior years. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit or loss. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. The carrying amount is reviewed at the end of each reporting period on the same basis. Deferred tax is measured at the tax rates that are expected to apply in the period in which the asset or liability is settled, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Accounting Judgements And Estimates [Abstract] | |
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revisions affect only that period or in the period of the revisions and future periods if the revisions affect both current and future periods. a. Income tax No deferred tax assets have been recognized on tax losses due to the unpredictability of future profit streams. The realizability of deferred tax assets mainly depends on whether sufficient future profit or taxable temporary differences will be available. In cases where the actual future profit generated is different from expected, a material adjustment of deferred tax assets may arise, which would be recognized in profit or loss for the period in which such adjustment takes place. b. Impairment of intangible assets Intangible assets with indefinite useful lives are tested for impairment annually and whenever an indicator of impairment exists. The Group assesses whether there is an indication of impairment based on internal and external information, including the progress of research and development project and the prospect of such technology. Determining whether an intangible asset is impaired requires an estimation of the recoverable amount and a comparison with the carrying amount. The calculation of the recoverable amount requires management to estimate the future cash flows that are expected to arise from the intangible asset and a suitable discount rate in order to calculate the present value. Any change of estimation arising from economic environment changes or the Group’s strategies may lead to significant impairment loss in the future. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 6. CASH AND CASH EQUIVALENTS December 31 2017 2018 Cash on hand $ 2,396 $ 2,318 Deposits in banks 50,570,815 28,906,583 $ 50,573,211 $ 28,908,901 Deposits in banks consisted of highly liquid time deposits that are readily convertible to known amounts of cash and were subject to an insignificant risk or change in value. |
Financial Assets at Fair Value
Financial Assets at Fair Value Through Profit or Loss | 12 Months Ended |
Dec. 31, 2018 | |
Financial Assets At Fair Value Through Profit Or Loss [Abstract] | |
Financial Assets at Fair Value Through Profit or Loss | 7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS December 31, 2018 Non-current Financial assets mandatorily classified as at FVTPL Derivative financial assets – warrants $ 60,004 In July 2018, the Group acquired warrants to subscribe for ordinary shares of DotBio Pte. Ltd., as detailed in Note 15 (under the heading of “Nanyang Technological University |
Financial Assets at Fair Valu_2
Financial Assets at Fair Value Through Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Financial Assets At Fair Value Through Other Comprehensive Income [Abstract] | |
Financial Assets At Fair Value Through Other Comprehensive Income | 8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME December 31, 2018 Non-current Investments in equity instruments at FVTOCI Foreign unlisted ordinary shares $ 187,244 In July 2018, the Group acquired ordinary shares of DotBio Pte. Ltd., as detailed in Note 15 (under the heading of “Nanyang Technological University”), which were not held for trading. The management believes that to recognize short-term fluctuations in the investments’ fair value in profit or loss would not be consistent with the Group’s purpose of holding the investments. As a result, the Group elected to designate the investments in equity instruments as at FVTOCI. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 9. PROPERTY, PLANT AND EQUIPMENT The carrying amounts of each class of property, plant and equipment were as follows: December 31 2017 2018 Office Equipment $ 95,866 $ 98,820 Other Equipment 20,809 11,052 Leasehold Improvements 326,891 178,546 $ 443,566 $ 288,418 For the year ended December 31, 2017 Office Equipment Other Equipment Leasehold Improvements Total Cost Balance at January 1, 2017 $ 148,703 $ 26,053 $ 328,479 $ 503,235 Additions 62,599 9,100 219,733 291,432 Disposals — — (73,708 ) (73,708 ) Balance at December 31, 2017 $ 211,302 $ 35,153 $ 474,504 $ 720,959 Accumulated depreciation Balance at January 1, 2017 $ 63,515 $ 4,949 $ 50,382 $ 118,846 Depreciation expenses 51,921 9,395 139,602 200,918 Disposals — — (42,371 ) (42,371 ) Balance at December 31, 2017 $ 115,436 $ 14,344 $ 147,613 $ 277,393 For the year ended December 31, 2018 Office Equipment Other Equipment Leasehold Improvements Total Cost Balance at January 1, 2018 $ 211,302 $ 35,153 $ 474,504 $ 720,959 Additions 65,633 1,027 13,602 80,262 Balance at December 31, 2018 $ 276,935 $ 36,180 $ 488,106 $ 801,221 Accumulated depreciation Balance at January 1, 2018 $ 115,436 $ 14,344 $ 147,613 $ 277,393 Depreciation expenses 62,679 10,784 161,947 235,410 Balance at December 31, 2018 $ 178,115 $ 25,128 $ 309,560 $ 512,803 The above items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives as follow: Office equipment 3 years Other equipment 3 years Leasehold improvements 3-5 years |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 10. INTANGIBLE ASSETS The carrying amounts of each class of intangible assets were as follows: December 31 2017 2018 Licenses $ 73,400 $ 23,073,400 Computer software 10,652 7,192 $ 84,052 $ 23,080,592 For the year ended December 31, 2017 Licenses Computer Software Total Cost Balance at January 1, 2017 $ 73,400 $ 31,331 $ 104,731 Additions — 8,844 8,844 Balance at December 31, 2017 $ 73,400 $ 40,175 $ 113,575 Accumulated amortization Balance at January 1, 2017 $ — $ 20,465 $ 20,465 Amortization expenses — 9,058 9,058 Balance at December 31, 2017 $ — $ 29,523 $ 29,523 For the year ended December 31, 2018 Licenses Computer Software Total Cost Balance at January 1, 2018 $ 73,400 $ 40,175 $ 113,575 Additions 23,000,000 2,895 23,002,895 Balance at December 31, 2018 $ 23,073,400 $ 43,070 $ 23,116,470 Accumulated amortization Balance at January 1, 2018 $ — $ 29,523 $ 29,523 Amortization expenses — 6,355 6,355 Balance at December 31, 2018 $ — $ 35,878 $ 35,878 The intangible assets, namely licenses, include the acquisitions in August 2016 of ASLAN005 from Exploit Technologies Pte. Ltd. and in January 2018 of exclusive and worldwide rights to develop, manufacture and commercialize varlitinib from Array Biopharma Inc., respectively. The information related to these license agreements is further disclosed in Note 15. As of December 31, 2017 and 2018, the aforementioned intangible assets were not amortized since they were not yet available for use. Instead they would be tested for impairment, by comparing the recoverable amounts with the carrying amounts, annually and whenever there is an indication that they may be impaired. For the years ended December 31, 2017 and 2018, there was no impairment loss recognized. Computer software is amortized on a straight-line basis over the estimated useful life of 3 years |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Trade And Other Payables [Abstract] | |
Other Payables | 11. OTHER PAYABLES December 31 2017 2018 Payables for salaries and bonuses $ 1,376,197 $ 1,153,048 Payables for professional fees 412,676 680,708 Payables for cash-settled share-based payment transactions (Note 19) 195,000 669,042 Interest payables — 50,430 Others 96,671 129,433 $ 2,080,544 $ 2,682,661 |
Long Term Borrowings
Long Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Long Term Borrowings | 12. LONG-TERM BORROWINGS December 31 2017 2018 Unsecured borrowings Loans from government $ 7,411,912 $ 7,266,315 Other long-term borrowings — 4,060,357 Interest payables 2,267,539 2,648,122 $ 9,679,451 $ 13,974,794 a. Loans from government On April 27, 2011, the Singapore Economic Development Board (the “EDB”) awarded the Company a repayable grant (the “Grant”) not exceeding SGD 10 million (approximately $7,482,459) to support the Company’s drug development activities over a five-year qualifying period commencing February 24, 2011 (the “Project”). The Project was successfully implemented, resulting in substantially the full amount of the Grant being disbursed to the Company. In the event any of the Company’s clinical product candidates achieve commercial approval after Phase 3 clinical trials, the Company will be required to repay the funds disbursed to the Company under the Grant plus interest of 6%. Until the Company has fulfilled its repayment obligations under the Grant, the Company has ongoing update and reporting obligations to the EDB. In the event the Company breaches any of its ongoing obligations under the Grant, EDB can revoke the Grant and demand that the Company repay the funds disbursed to the Company under the Grant. As of December 31, 2017 and 2018, the amounts of the funds disbursed to the Company plus accrued interest were $9,679,451 and $9,914,437, respectively. b. Other long-term borrowings On May 12, 2014, ASLAN Pharmaceuticals Pte. Ltd. obtained a loan facility of $4.5 million from CSL Finance Pty Ltd. The amount was based on 75% of research and development costs approved by CSL Finance Pty Ltd. at each drawdown period. The loan is repayable within 10 years from the date of the facility agreement. Interest on the loan is computed at 6% plus LIBOR and is payable on a quarterly basis. Mandatory prepayment of the loan is required upon a successful product launch occurring before maturity of the loan. As of December 31, 2017 and 2018, the amount of funds disbursed to the Company plus accrued interest, was nil and $4,110,787, respectively. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Retirement Benefit Plans | 13. RETIREMENT BENEFIT PLANS Defined Contribution Plans ASLAN Pharmaceuticals Pte. Ltd. adopted a defined contribution plan, which is a post-employment benefit plan, under which ASLAN Pharmaceuticals Pte. Ltd. pays fixed contributions into the Singapore Central Provident Fund on a mandatory basis. ASLAN Pharmaceuticals Pte. Ltd. has no further payment obligations once the contributions have been paid. The contributions are recognized as “employee compensation expenses” when they are due. ASLAN Pharmaceuticals Taiwan Limited adopted a pension plan under the Labor Pension Act (the “LPA”) of the ROC, which is a state-managed defined contribution plan. Under the LPA, ASLAN Pharmaceuticals Taiwan Limited makes monthly contributions to its Taiwan-based employees’ individual pension accounts at 6% of monthly salaries and wages. ASLAN Pharmaceuticals (Shanghai) Co. Ltd. makes monthly contributions at a certain percentage of its Shanghai-based employees’ payroll expenses to pension accounts, which are operated by the Chinese government. Beside the aforementioned monthly contributions, the Group has no further obligation. For the years ended December 31, 2016, 2017 and 2018, the total expense for such employee benefits in the amount of $251,187, $329,455 and $424,157 were recognized, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | 14. EQUITY a. Ordinary shares December 31 2016 2017 2018 Number of shares authorized 200,000,000 200,000,000 500,000,000 Amount of shares authorized (NT$ thousand) $ 2,000,000 $ 2,000,000 $ 5,000,000 Number of shares issued and fully paid 115,670,940 130,128,940 160,248,940 Amount of shares issued and fully paid $ 36,710,066 $ 41,514,016 $ 51,627,219 The issued ordinary shares with a par value of NT$10 entitle holders with the rights to vote and receive dividends. On May 27, 2016, the holders of the Preference Shares approved the conversion of all the Preference Shares into an equal number, 41,614,397 of Ordinary Shares, which increased the share capital by $41,614 (NT$ 1,304 thousand) and the capital surplus by $64,557,452 (NT$ 2,053,693 thousand). On May 27, 2016, in the shareholders’ meeting, the shareholders resolved to adjust the par value of the Company’s ordinary shares from US$0.001 to NT$10 and approved a share split, at a ratio of 1-to-2 after the conversion of Preference Shares into Ordinary Shares for the purpose of the proposed initial public offering and listing on TPEx. The accompanying consolidated financial statements have been retroactively adjusted to take the share split into account for the year presented. On May 27, 2016, the Company’s board of directors resolved to issue 19,667,144 ordinary shares, with a par value of NT$10, for consideration of $1.13 per share, which increased the share capital to $36,710,066 (NT$ 1,156,709 thousand). On February 28, 2017, the Company’s board of directors resolved to issue 14,458,000 ordinary shares for initial public offering on the TPEx, with a par value of NT$10, amounting to $4,803,950 (NT$ 144,580 thousands), which increased the balance of the share capital to $41,514,016 (NT$ 1,301,289 thousands). The above issuance was declared effective by the TPEx on April 7, 2017, and the subscription base date was determined as at May 25, 2017. The abovementioned shares were issued at a weighted-average bid price of NT$68.92 per share. The Company collected the above proceeds amounting to $33,060,951 (NT$ 996,495 thousands) for new shares issued on May 25, 2017. The Company completed its initial public offering of 6,000,000 ADSs representing 30,000,000 ordinary shares on May 8, 2018 in the United States. The Company’s ADSs have been listed on the Nasdaq Global Market since May 4, 2018. Each ADS represents five of the Company’s ordinary shares. The offering price per ADS was $7.03. The payment for the initial public offering was fully collected as of May 8, 2018, and the record date for this capital increase was May 8, 2018. On September 10, 2018, the Company’s board of directors resolved to increase the amount of shares authorized to NT$5,000,000 thousand. For long-term development purposes, on November 7, 2018, the board of directors resolved to issue ordinary shares ranging from 15,000,000 to 40,000,000 shares for the purpose of issuing the ADR, American Depository Receipts. On December 5, 2018, the Company received the approval letter No.1070344286 from the Financial Supervisory Commission (FSC) in accordance with the regulatory requirement. b. Capital surplus December 31 2016 2017 2018 Arising from issuance of new share capital $ 50,119,257 $ 78,384,290 $ 105,143,362 Arising from employee share options 5,136,828 5,898,391 6,316,310 $ 55,256,085 $ 84,282,681 $ 111,459,672 c. Retained earnings and dividends policy Under the Company’s Articles of Incorporation, the Company may declare dividends by ordinary resolution of the Company’s board of directors, but no dividends shall exceed the amount recommended by the directors of the Company. The Company may set aside out of the funds legally available for distribution, for equalizing dividends or for any other purpose to which those funds may be properly applied, either employed in the business of the Company or invested in such investments as the directors of the Company may from time to time think fit. The accumulated deficits for 2016 and 2017 approved in the shareholders’ meetings on June 28, 2017 and June 15, 2018, respectively, were as follows: For the Year Ended December 31 2016 2017 Accumulated deficits at the beginning of the year $ (41,342,180 ) $ (50,391,283 ) Net loss for the year (9,049,103 ) (39,891,978 ) Accumulated deficits at the end of the year $ (50,391,283 ) $ (90,283,261 ) The accumulated deficits for 2018 which had been proposed by the Company’s board of directors on March 22, 2019 were as follows: For the Year Ended December 31 2018 Accumulated deficits at the beginning of the year $ (90,283,261 ) Net loss for the year (42,185,597 ) Accumulated deficits at the end of the year $ (132,468,858 ) The accumulated deficits for 2018 are subject to the resolution of the shareholders’ meeting to be held on June 21, 2019. |
License Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
License Agreements | 15. LICENSE AGREEMENTS Array Biopharma The Company entered into a license agreement in 2011 with Array Biopharma Inc. (“Array”) to develop Array’s pan-HER inhibitor, ARRY-543 (which the Company refers to as ASLAN001 or varlitinib), for the treatment or prevention of any disease or condition in humans, without upfront payments. Under the license agreement, the Company agreed to fund and globally develop ASLAN001 through proof of concept, initially targeting patients with gastric cancer through a development program conducted in Asia. Upon achievement of proof of concept, the Company agreed to collaborate or out-license to third parties for the further phase 3 development and commercialization. Under the license agreement, the Company agreed to pay Array 50% of the proceeds from out-licensing as royalties. On January 3, 2018, the Company entered into a new license agreement with Array pursuant to which the Company obtained an exclusive, worldwide license to develop, manufacture and commercialize varlitinib for all human and animal therapeutic, diagnostic and prophylactic uses. This new license agreement replaces and supersedes the previous collaboration and license agreement with Array dated July 12, 2011. Under the new license agreement, the Company agreed to use commercially reasonable efforts to obtain approval by the U.S. FDA or the applicable health regulatory authority and commercialize varlitinib. In consideration of the rights granted under the agreement, the Company made an initial upfront payment to Array of $12,000,000 in January 2018 and an additional payment $11,000,000 in June 2018, respectively, that were capitalized as a separately acquired intangible asset. In addition, the Company will be required to pay up to $30,000,000 if certain development milestones are achieved, $20,000,000 if certain regulatory milestones are achieved, and up to $55,000,000 if certain commercial milestones are achieved. The Company is also required to pay Array tiered royalties in the low tens on net sales of varlitinib. The royalty obligations will continue on a country-by-country basis through the later of the expiration of the last valid patent claim for varlitinib or ten years after the first commercial sale of varlitinib in a given country. As of December 31, 2018, the Company did not accrue for the above contingent payments since the milestones are not achieved. If within two years of the date of the new license agreement the Company sublicenses varlitinib and is paid an upfront payment, Array will be further entitled to receive one-half of the portion of any such upfront payment that exceeds a specified amount. In the event that the base royalty under a sublicense agreement is 20% or less, the Company will only be required to share with Array one-half of the amount actually received by the Company under such sublicense agreement in lieu of the tiered royalties described above, provided that the royalty paid in such case shall in no event be less than a royalty in the high single digit range. If the Company undergoes a change in control during a defined period following execution of the new license agreement, Array will also be entitled to receive a low to mid single-digit percentage of the proceeds resulting from the change in control. Unless earlier terminated, the agreement will continue on a country-by-country basis until the expiration of the respective royalty obligations in such country. Upon such expiration in such country, Array will grant to the Company a perpetual, royalty-free, non-terminable, non-revocable, non-exclusive license to exploit certain know-how in connection with the development, manufacturing and/or commercialization of varlitinib for all human and animal therapeutic, diagnostic and prophylactic uses in such country. Either party may terminate the agreement (i) in the event of the other party’s material breach of the agreement that remains uncured for a specified period of time or (ii) the insolvency of the other party. In addition, if there is a change in control, the Company may also terminate the agreement without cause at any time upon 180 days advance notice to Array. Bristol-Myers Squibb The Company entered into a license agreement with Bristol-Myers Squibb in 2011, to receive exclusive rights to develop and commercialize BMS-777607 (which the Company refers to as ASLAN002) in China, Australia, Korea, Taiwan and other selected Asian countries, without upfront payments. Bristol-Myers Squibb retains the exclusive rights in the rest of the world. Under the license agreement, the Company would fund and develop ASLAN002 through proof of concept under a development plan that would initially target gastric cancer and lung cancer. After the Company completed the phase 1 clinical trial, Bristol-Myers Squibb licensed the exclusive rights from the Company to further the development and commercialization of ASLAN002 worldwide. Under the terms of the license agreement, the Company has received an upfront payment of $10,000,000 in 2016. The Company is eligible to receive additional payments upon Bristol-Myers Squibb’s achievement of development and regulatory milestones in the future. Furthermore, the Company is eligible to receive royalty payments on future worldwide sales generated by Bristol-Myers Squibb. Bristol-Myers Squibb also purchased the related research materials, supplies, research documentation and clinical trial results that are used for further developing ASLAN002 from the Company in the amount of $1,294,034 which was delivered in 2016. Such amount was recorded in the accounts receivable as of December 31, 2016 and was collected during the first quarter of 2017. As Bristol-Myers Squibb assumes the responsibility for all development and commercialization activities and expenses, and the Company currently has no further obligations under the license agreement. Accordingly, the Company recognized the upfront payment from out-licensing and other payment from the sale of research materials, supplies, research documentation and clinical trial results, totaling $11,294,034, in revenue for the year ended December 31, 2016. Almirall In 2012, the Company originally entered into a global licensing agreement with Almirall to develop DHODH inhibitor, LAS186323, which the Company refers to as ASLAN003, for rheumatoid arthritis (excluding any topical formulation), without upfront payments. Under the license agreement, the Company agreed to fund and develop ASLAN003 to the end of Phase 2 through a development program conducted in the Asia-Pacific region. The original license agreement was replaced by a new agreement, executed in December 2015 and amended in March 2018, granting an exclusive, worldwide license to develop, manufacture and commercialize ASLAN003 products for all human diseases with primary focus on oncology diseases, excluding topically-administered products embodying the compound for keratinocyte hyperproliferative disorders, and the non-melanoma skin cancers basal cell carcinoma, squamous cell carcinomas and Gorlin Syndrome. Under the license agreement, Almirall is eligible to receive milestone payments and royalties based on the sales generated by the Company and/or sublicensees. CSL The Company entered into a global license agreement with CSL Limited (“CSL”), in May 2014, to develop the anti-IL13 receptor monoclonal antibody, CSL334 (which the Company refers to as ASLAN004) and antigen binding fragments thereof, for the treatment, diagnosis or prevention of diseases or conditions in humans, without upfront payments. This license agreement was amended in September 2018. Under the license agreement (as amended), the Company will be responsible to develop ASLAN004 through to clinical proof of concept in a development program, targeting patients suffering moderate to severe atopic dermatitis. Upon achievement of clinical proof of concept (or earlier, if agreed), the Company will collaborate or out-license to third parties for further Phase 3 development and commercialization. Under the global license agreement, the Company will pay to CSL a share in the range of 40 to 50 percent of all licensing revenue it receives from future out-licensing agreements. Hyundai Pharm Co., Ltd. In October 2015, the Company entered into a license agreement with Hyundai Pharm Co., Ltd. (“Hyundai”). Under the terms of the license agreement, the Company granted Hyundai options to acquire the rights to use its intellectual property to develop and commercialize varlitinib for the treatment of cholangiocarcinoma (i.e., CCA) in South Korea, and the Company has received an option payment of $250,000 from Hyundai in 2016. As there was no performance obligation required for the Company, the payment was recognized as revenue, and the related cost of revenue in the amount of $125,000 paid to one of the third parties with whom the Company has a licensing agreement as part of the payment for the proceeds from out-licensing was recognized as cost of revenue, for the year ended December 31, 2016. The Company was eligible for additional regulatory and commercial milestones payments as well as royalties on product sales. In February 2019, the Company made a payment of $325,000 to Hyundai in order to buy back the rights to commercialize varlitinib in CCA. Exploit Technologies Pte Ltd. (“ETPL”)/P53 Laboratory The Company entered into a licensing agreement with ETPL, in August 2016, to license Intellectual Property (IP) arising from a research collaboration with ETPL’s P53 Laboratory. The IP focuses on generation of novel immuno-oncology antibodies targeting recepteur d’origine nantais (“RON”) and such antibodies are referred to by the Company collectively as ASLAN005. The license fee of SG$100,000 (or $73,400) is capitalized as a separately acquired intangible asset. Under the license agreement, the Company has the exclusive rights to develop and commercialize ASLAN005 worldwide. ETPL is eligible to receive up to an aggregate of SG$12,000,000 (or $8,978,951) in milestone payments if certain development and commercial milestones are achieved, as well as royalties calculated based on any sales generated by the Company. In August 2016, the Company and ETPL’s P53 Laboratory entered into a three-year research collaboration agreement. Under the terms of the agreement, the Company will be responsible for the design of innovative clinical development programs, in collaboration with P53 Laboratory, which will continue to be responsible for the preclinical development of the antibody assets. Nanyang Technological University The Company entered into a licensing and research collaboration agreement with Nanyang Technological University (NTU) in October 2016, for the development of modybodies against three targets of the Company’s choice. The agreement expired in April 2018, but the Company retained continuing rights: a half share ownership in the resulting IP, together with an exclusive option to obtain global rights to develop and commercialize the modybodies, with such option exercisable until October 2018. In July 2018, the technology for modybodies was separated from NTU and licensed to a new company, DotBio Pte. Ltd. In exchange for the Company’s giving up its residual rights and options in respect to the technology, the Company received 599,445 shares of DotBio Pte. Ltd. equivalent to SG$255,000 ($187,244) (see Note 8), together with 599,445 units of warrant to subscribe for the same number of shares at a subscription price of $0.32 which was the same value per share as applied to other new investors in this round (see Note 7); in addition, the Company also retained a right of first refusal to take an exclusive license for any modybodies produced by DotBio Pte. Ltd. that are based on the work generated from the collaborative agreement between NTU and the Company. However, as the right of first refusal did not limit DotBio Pte. Ltd.’s ability to direct the use of the asset, or to obtain substantially all the remaining benefits from the asset, this would not prevent DotBio Pte. Ltd. from obtaining control of the asset. Accordingly, the Company recognized the non-cash gain arising from the derecognition and recorded it as other income of $187,244 for the year ended December 31, 2018, because it was not a good or service that was an output of the Company’s ordinary activities. BioGenetics Co. Ltd. In February 2019, the Company entered into a licensing agreement with BioGenetics to grant exclusive rights to commercialise varlitinib in South Korea in exchange for an upfront payment of $2,000,000 and up to $11,000,000 in sales and development milestone payments. The Company is also eligible to receive tiered double digit royalties on net sales up to the mid-twenties. The Company has no other performance obligation in addition to the license, and BioGenetics will be responsible for obtaining initial and all subsequent regulatory approvals of varlitinib in South Korea. In March 2019, the Company entered into another licensing agreement with BioGenetics to grant exclusive rights to commercialise ASLAN003 in South Korea in exchange for an upfront payment of $1,000,000 and up to $8,000,000 in sales and development milestone payments. The Company is also eligible to receive tiered double digit royalties on net sales from the high-teens to the mid-twenties range. The Company has no other performance obligation in addition to the license, and BioGenetics will be responsible for obtaining initial and all subsequent regulatory approvals of ASLAN003 in South Korea. |
Loss Before Income Tax
Loss Before Income Tax | 12 Months Ended |
Dec. 31, 2018 | |
Profit Loss [Abstract] | |
Loss Before Income Tax | 16. LOSS BEFORE INCOME TAX a. Other gains and losses For the Year Ended December 31 2016 2017 2018 Net foreign exchange gains (losses) $ 165,807 $ (667,130 ) $ 95,894 Fair value changes of financial assets mandatorily classified as at FVTPL — — 60,004 Loss on disposal of property, plant and equipment (12,316) (31,298 ) — Others (26,019) (263 ) 57,345 $ 127,472 $ (698,691 ) $ 213,243 b. Finance costs For the Year Ended December 31 2016 2017 2018 Interest on government loans $ 417,812 $ 416,698 $ 441,474 Preference share dividends 87,889 — — Interest on CSL loan 18,437 — — Other interest expenses — — 50,430 $ 524,138 $ 416,698 $ 491,904 c. Depreciation and amortization For the Year Ended December 31 2016 2017 2018 Property, plant and equipment $ 65,874 $ 200,918 $ 235,410 Computer software 10,010 9,058 6,355 $ 75,884 $ 209,976 $ 241,765 All depreciation and amortization expenses were recognized as general and administrative expenses for the years ended December 31, 2016, 2017 and 2018. d. Employee benefits expense For the Year Ended December 31 2016 2017 2018 Short-term benefits $ 5,212,357 $ 7,062,311 $ 8,002,069 Post-employment benefits 251,187 329,455 424,157 Share-based payments (Note 19) Equity-settled 1,419,923 769,595 451,060 Cash-settled — 357,000 838,677 Total employee benefits expense $ 6,883,467 $ 8,518,361 $ 9,715,963 An analysis of employee benefits expense by function General and administrative expenses $ 4,224,919 $ 4,664,285 $ 6,294,470 Research and development expenses 2,658,548 3,854,076 3,421,493 $ 6,883,467 $ 8,518,361 $ 9,715,963 e. Employees’ compensation and remuneration of directors Under the Company’s Articles of Incorporation, the Company shall accrue employees’ compensation and remuneration of directors at the rates of no less than 0.1% and no higher than 1%, respectively, of profit before income tax, net of employees’ compensation and remuneration of directors. The Company had accumulated deficits for the years ended December 31, 2016, 2017 and 2018; therefore, no compensation for employees and remuneration of directors was accrued. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax [Abstract] | |
Income Taxes | 17. INCOME TAXES Income tax recognized in profit or loss For the Year Ended December 31 2016 2017 2018 Current tax Adjustments for prior periods $ — $ — $ 14,439 A reconciliation of accounting profit and income tax expense was as follows: For the Year Ended December 31 2016 2017 2018 Loss before income tax $ (9,049,103 ) $ (39,891,978 ) $ (42,171,158 ) Income tax benefit calculated at the statutory rate $ (1,538,347 ) $ (6,781,636 ) $ (7,169,097 ) Nondeductible expenses in determining taxable income 473,085 4,288,090 112,263 Tax credits for research and development expenditures (990,065 ) (2,224,348 ) (2,312,251 ) Unrecognized loss carryforward 2,011,373 4,519,942 9,261,996 Effect of different tax rates of group entities operating in other jurisdictions 43,954 197,952 107,089 Adjustments for prior years’ tax — — 14,439 Income tax expense recognized in profit or loss $ — $ — $ 14,439 a. Cayman Islands The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. b. Singapore ASLAN Pharmaceuticals Pte. Ltd. is subject to the statutory corporate income tax rate of 17%. As of December 31, 2018, the Company has unrecognized loss carryforward of $146,316,690. Deferred tax assets are not recognized for loss carryforward since the future taxable profits available to offset against those loss carryforward are uncertain. c. Taiwan ASLAN Pharmaceuticals Taiwan Limited, incorporated in Taiwan, is subject to the statutory corporate income tax rate of 17% for the year ended December 31, 2016 and 2017. The Income Tax Act in the ROC was amended in 2018, and the corporate income tax rate was adjusted from 17% to 20%, effective in 2018. In addition, the rate of the corporate surtax applicable to the 2018 unappropriated earnings is reduced from 10% to 5%. The income tax returns have been assessed by the tax authorities through 2017. d. Australia ASLAN Pharmaceuticals Australia Pty Ltd., incorporated in Australia, is subject to the statutory corporate income tax of 30%. ASLAN Pharmaceuticals Australia Pty Ltd. has no taxable income for the years ended December 31, 2017 and 2018, and therefore, no provision for income tax is required. e. Hong Kong ASLAN Pharmaceuticals Hong Kong Limited, incorporated in Hong Kong, is subject to the statutory corporate income tax of 16.5%. Under the Hong Kong tax law, ASLAN Pharmaceuticals Hong Kong Limited is exempted from income tax on its foreign derived income and there are no withholding taxes in Hong Kong on the remittance of dividends. ASLAN Pharmaceuticals Hong Kong Limited has no taxable income for the years ended December 31, 2016, 2017 and 2018, and therefore, no provision for income tax is required. f. China ASLAN Pharmaceuticals (Shanghai) Co. Ltd., incorporated in China, is subject to the statutory corporate income tax rate of 25%. ASLAN Pharmaceuticals (Shanghai) Co. Ltd. has no taxable income for the years ended December 31, 2016, 2017 and 2018, and therefore, no provision for income tax is required. g . United States of America ASLAN Pharmaceuticals (USA) Inc., incorporated in Delaware, U.S.A. in October 2018, is subject to the statutory federal income tax rate of 21% and state income tax rate of 8.7%. ASLAN Pharmaceuticals (USA) Inc. has no taxable income for the year ended December 31, 2018, and therefore, no provision for income tax is required. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 18. LOSS PER SHARE For the Year Ended December 31 2016 2017 2018 Basic and diluted loss per share $ (0.09 ) $ (0.32 ) $ (0.28 ) The loss and weighted-average number of ordinary shares outstanding used in the computation of loss per share are as follows: For the Year Ended December 31 2016 2017 2018 Loss used in the computation of basic and diluted loss per share $ (9,049,103 ) $ (39,891,978 ) $ (42,185,597 ) Weighted-average number of ordinary shares in the computation of basic loss per share 105,027,040 124,424,960 149,739,242 If the outstanding employee share options issued by the Company are converted to ordinary shares, they are anti-dilutive and excluded from the computation of diluted earnings per share. For the year ended December 31, 2016, 34,678,664 weighted-average number of outstanding convertible preference shares and 12,884,672 weighted-average number of employee share options were excluded from the computation of diluted earnings/loss per share because their impact was anti-dilutive. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-Based Payment Arrangements | 19. SHARE-BASED PAYMENT ARRANGEMENTS New Shares Reserved for Subscription by Employees under Cash Injection On February 28, 2017, the Company’s board of directors approved the issuance of 14,458,000 ordinary shares for initial public offering on the TPEx and simultaneously reserved 1,446,000 ordinary shares for subscription by employees according to the Company Act of the ROC, and employees were granted the share options to subscribe for all of the reserved ordinary shares on May 16, 2017. The Group used the binomial option price model to determine the fair value of the share options granted to employees on May 16, 2017, and the related assumptions and the fair value of the options are as follows: Share Options Granted on May 16, 2017 Grant-date share price (NT$) $ 68.92 Exercise price (NT$) $ 68.92 Expected volatility 37.33 % Expected life 0.02 year Dividends yield — Risk-free interest rate 0.08 % Weighted-average fair value of options (NT$) $ 1.44 Expected volatility was based on the average annualized historical share price volatility of the Company’s comparable companies before the grant date. The aforementioned options granted to employees are accounted for and measured at fair value in accordance with IFRS 2. The recognized compensation costs were $8,032 for the year ended December 31, 2017 and were classified as “captial surplus – ordinary shares” after collecting the proceeds for employee share subscriptions. Employee Share Option Plan Under the Company’s employee share option plan, qualified employees of the Company and its subsidiaries were granted 661,000 options in July 2010, 910,000 options in July 2011, 669,750 options in July 2012, 619,250 options in July 2013, 680,625 options in July 2014, 2,477,336 options in July 2015, 1,032,250 options in July 2016 and 825,833 options in September 2017. Each option entitles the holder to subscribe for one ordinary share of the Company. The options granted are valid for 10 years and exercisable at certain percentages once they have vested. No performance conditions were attached to the plan. The Company has no legal constructive obligation to repurchase or settle the options in cash. The board of directors of the Company, as of July 26, 2016, resolved to double the number of shares underlying each outstanding award granted previously to reflect the subdivision ratio of the share split made in connection with the corporate restructuring of May 27, 2016. The exercise price for each award previously granted was correspondingly adjusted by a decrease of 50%. The modification did not cause any incremental adjustments to the fair value of the granted awards. As of December 31, 2018, there are 14,343,213 ordinary shares issuable on the exercise of share options outstanding under the Company’s equity incentive plans. Information on employee share options granted from July 2010 to July 2016 is as follows: For the Year Ended December 31 2016 2017 2018 Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Balance at January 1 5,946,461 $ 1.27 6,958,461 $ 1.42 6,887,523 $ 1.41 Options granted 1,032,250 2.26 — — — — Options forfeited (20,250 ) 1.36 (70,938 ) 1.95 (5,000 ) 2.13 Options exercised — — — — (60,000 ) 0.80 Balance at December 31 6,958,461 1.42 6,887,523 1.41 6,822,523 1.41 Options exercisable, end of period 4,830,503 1.20 5,825,816 1.30 6,595,294 1.38 Weighted-average fair value of options granted $ 0.89 $ 0.89 $ 0.89 Information on employee share options granted in September 2017 is as follows: For the Year Ended December 31 2017 2018 Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Balance at January 1 — $ — 755,833 $ 1.28 Options granted 825,833 1.28 — — Options forfeited (70,000 ) 1.28 (57,666 ) 1.28 Balance at December 31 755,833 1.28 698,167 1.28 Options exercisable, end of period — — — — Weighted-average fair value of options granted $ 0.62 $ 0.62 Information on outstanding options as of December 31, 2018 is as follows: July 2010 July 2011 July 2012 July 2013 July 2014 July 2015 July 2016 September 2017 Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) $0.20-$0.80 1.5 $0.20-$0.80 2.5 $0.80 3.5 $0.80-$1.36 4.5 $1.36 5.5 $1.36-$1.88 6.5 $2.26 7.5 $1.28 8.7 Options granted in July of 2010, 2011, 2012, 2013, 2014, 2015, 2016 and September 2017 were priced using the binomial option pricing model, and the inputs to the model were as follows: July 2010 July 2011 July 2012 July 2013 July 2014 July 2015 July 2016 September 2017 Grant-date share price $ 0.80 $ 0.80 $ 1.25 $ 1.36 $ 1.36 $ 1.88 $ 2.26 $ 1.28 Exercise price $0.20-$0.80 $0.20-$0.80 $ 0.80 $0.80-$1.36 $ 1.36 $1.36-$1.88 $ 2.26 $ 1.28 Expected volatility 59.16 % 54.26%-54.44% 52.25 % 50.58 % 50.86 % 36.37 % 39.34 % 38.33 % Expected life (years) 10 10 10 10 10 10 10 10 Expected dividend yield — — — — — — — — Risk-free interest rate 2.954 % 2.96%-3.22% 1.61 % 2.5 % 2.58 % 2.43 % 1.46 % 1.1027 % Expected volatility was based on the average annualized historical share price volatility of comparable companies before the grant date. Compensation costs recognized for the years ended December 31, 2016, 2017 and 2018 were $1,419,923, $769,595 and $451,060, respectively. Long Term Incentive Plan On August 23, 2017 and July 30, 2018, the Company’s board of directors approved the 2017 and 2018 Senior Management Team (SMT) Long Term Incentive Plans (the “2017 LTIP” and “2018 LTIP”), respectively, which outlines awards that may be granted to qualified employees of the Company. These plans are applicable to the SMT of the Company and are used for long-term retention of key management. The LTIPs are each valid for ten years, and grantees of the bonus entitlement units can exercise their rights once they have vested. The Company shall pay the intrinsic value of the units awarded to the employees at the date of exercise of their awards, if redeemed by an employee. As of December 31, 2018, there are 1,566,000 bonus entitlement units which have been granted under the 2017 LTIP by the Company. For the 1,462,000 units under the 2017 LTIP which were granted in 2017, they will vest in thirds each year after the first, second, and third anniversary of the award, and for the 104,000 units under the 2017 LTIP which were granted in 2018, they will vest in halves each year after the second and third anniversary of the award. The value of the 2017 LTIP is measured based on the quoted share price. On July 30, 2018 the board of directors approved the modification of the 2017 LTIP which retrospectively changes the share price Taiwan share price to ADS price at a 5:1 conversion ratio. The LTIP are consider cash-settled awards and are measured at fair value. The change in fair value from the modification was insignificant and was recognized immediately in profit or loss. The Company’s 2017 LTIP is described as follows: For the Year Ended December 31 2017 2018 Balance at January 1 — 1,462,000 Awards granted 1,462,000 104,000 Awards exercised — (86,666 ) Balance at December 31 1,462,000 1,479,334 Balance exercisable, end of period — 400,667 As of December 31, 2018, there are 241,142 bonus entitlement units which have been granted under the 2018 LTIP by the Company. For the 241,142 units under the 2018 LTIP, they will vest in thirds each year after the first, second, and third anniversary of the award. The value of the 2018 LTIP will be linked to the ADS price. All of the 2018 LTIP granted bonus entitlement units remained outstanding as of December 31, 2018. The Company’s 2018 LTIP is described as follows: For the Year Ended December 31, 2018 Balance at January 1 — Awards granted 241,142 Balance at December 31 241,142 Balance exercisable, end of period — Each bonus entitlement unit grants the holders of the 2017 LTIP and the 2018 LTIP a conditional right to receive an amount of cash equal to the per-unit fair market value of the Company’s ordinary shares and ADSs, respectively, on the settlement date. The LTIPs qualify as cash-settled share-based payment transactions. The Company recognizes the liabilities in respect of its obligations under the LTIPs, which are measured based on the Company’s quoted market price of its ADSs at the reporting date, and takes into account the extent to which the services have been rendered to date. Regarding the Company’s 2017 and 2018 LTIPs, the respective quoted fair value of the awards on the grant date was NT$33.45 (or $1.10) and $7.90, based on the Taiwan share price on August 23, 2017 and the closing price per ADS on July 30, 2018, respectively. The quoted fair value on the reporting date is based on the closing price of Taiwan share price of NT$33.20 (or $1.12) as of December 31, 2017 and the closing price per ADS of $3.60 as of December 31, 2018, respectively. The Company recognized total expenses of $357,000 and $838,677 in respect of the LTIPs for the years ended December 31, 2017 and 2018, respectively. As of December 31, 2017 and 2018, the Company recognized compensation liabilities of $195,000 and $669,042 as current (classified as other payables) , respectively, and $162,000 and $289,613 as non-current, respectively. |
Operating Lease Arrangement
Operating Lease Arrangement | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Abstract] | |
Operating Lease Arrangement | 20. OPERATING LEASE ARRANGEMENTS The Group as lessee Operating leases relate to leases of office, parking space and copiers with lease terms between 1 and 5 years. The Group does not have a bargain purchase option to acquire the leased office, parking space and copiers at the expiration of the lease periods. The future minimum lease payments of non-cancellable operating lease commitments were as follows: December 31 2016 2017 2018 No later than 1 year $ 309,220 $ 555,133 $ 493,534 Between 1 and 5 years 485,053 632,340 105,859 $ 794,273 $ 1,187,473 $ 599,393 |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Capital Management [Abstract] | |
Capital Management | 21. CAPITAL MANAGEMENT The Group manages its capital to ensure that entities in the Group will be able to safeguard cash as well as maintain financial liquidity and flexibility to support the development of its product candidates and programs as a going concern through the optimization of the debt and equity balance. The Group’s financial strategy is designed to maintain a flexible capital structure consistent with the objectives stated above and to respond to business growth opportunities and changes in economic conditions. The capital structure of the Group mainly consists of borrowings and equity of the Group. Key management personnel of the Group review the capital structure periodically. In order to maintain or balance the overall capital structure, the Group may adjust the amounts of long-term borrowings, or the issuance of new shares capital or other equity instruments. As of December 31, 2018, there were no changes in the Group’s capital management policy, and the Group is not subject to any externally imposed capital requirements. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Instruments | 22. FINANCIAL INSTRUMENTS a. Fair value of financial instruments not measured at fair value The Group believes that the carrying amounts of financial assets and financial liabilities not measured at fair value approximate their fair values. b. Fair value of financial instruments measured at fair value on a recurring basis 1) Fair value hierarchy December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets $ — $ — $ 60,004 $ 60,004 Financial assets at FVTOCI Investments in equity instruments at FVTOCI of unlisted companies. $ — $ 187,244 $ — $ 187,244 There were no transfers between Levels 1 and 2 in the current and prior periods. 2) Valuation techniques and inputs applied for Level 2 fair value measurement The fair values of unlisted equity investments are measured on the basis of the prices of recent investment by third parties with the consideration of other factors that market participants would take into account. 3) Valuation techniques and inputs applied for Level 3 fair value measurement The fair values of warrants are determined using option pricing models where the significant unobservable input is historical volatility. An increase in the historical volatility used in isolation would result in an increase in the fair value. As of December 31, 2018, the historical volatility used was 42.33%. c. Categories of financial instruments December 31 2016 2017 2018 Financial assets Financial assets at FVTPL Mandatorily classified as at FVTPL $ — $ — $ 60,004 Loans and receivables (1) 53,155,861 50,734,158 — Financial assets at amortized cost (2) — — 29,080,981 Financial assets at FVTOCI Equity instruments — — 187,244 Financial liabilities Financial liabilities at amortized cost (3) 12,139,230 15,463,286 21,304,150 1) The balances include loans and receivables measured at amortized cost, which comprise cash and cash equivalents and refundable deposits. 2) The balances included financial assets at amortized cost, which comprise cash and cash equivalents and refundable deposits. 3) The balances include financial liabilities at amortized cost, which comprise trade payables, partial other payables and long-term borrowings. c. Financial risk management objectives and policies The Group’s financial risk management objective is to monitor and manage the financial risks relating to the operations of the Group. These risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. In order to minimize the effect of financial risks, the Group devoted time and resources to identify and evaluate the uncertainty of the market to mitigate risk exposures. 1) Market risk The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates (see (a) below) and interest rates (see (b) below). a) Foreign currency risk The Group had foreign currency transactions, which exposed the Group to foreign currency risk. The Group’s significant financial assets and liabilities denominated in foreign currencies were as follows: December 31, 2016 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 1,627,096 0.6916 $ 1,125,364 Financial liabilities Monetary items SGD 12,051,989 0.6916 8,335,631 December 31, 2017 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 1,778,293 0.7482 $ 1,330,600 Financial liabilities Monetary items SGD 12,936,189 0.7482 9,679,451 December 31, 2018 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 2,297,231 0.7335 $ 1,685,019 Financial liabilities Monetary items SGD 13,515,737 0.7335 9,914,437 Sensitivity analysis The Group is mainly exposed to the Singapore dollar. The following table details the Group’s sensitivity to a 5% increase and decrease in the US dollar against the relevant foreign currency. The rate of 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items. A positive number below indicates a decrease in pre-tax loss where the US dollar strengthens 5% against the relevant currency. For a 5% weakening of the US dollar against the relevant currency, there would be an equal and opposite impact on pre-tax loss, and the balances below would be negative. For the Year Ended December 31 2016 2017 2018 Profit or loss SGD* $ (360,513 ) $ (417,443 ) $ (411,471 ) * This is mainly attributable to the exposure to outstanding deposits in banks and loans in foreign currency at the end of the reporting period. b) Interest rate risk The Group is exposed to interest rate risk because entities in the Group borrowed funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix of fixed and floating rate borrowings. The sensitivity analysis below is determined based on the Group’s exposure to interest rates for fixed rate borrowings at the end of the reporting period, and is prepared assuming that the amounts of liabilities outstanding at the end of the reporting period are outstanding for the whole year. A 100-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 100 basis points higher/lower and all other variables were held constant, the Group’s pre-tax loss for the years ended December 31, 2016, 2017 and 2018 would have decreased/increased by $83,356, $96,795 and $99,144, respectively. 2) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group adopted a policy of only dealing with creditworthy counterparties and financial institutions, where appropriate, as a means of mitigating the risk of financial loss from defaults. 3) Liquidity risk The Group manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents that are deemed adequate to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. In addition, management monitors the utilization of long-term borrowings and ensures compliance with loan covenants. The Group evaluates that, based upon the current operating plan, the existing capital resources will be sufficient to fund the anticipated operations for at least the next 12 months. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Transactions with Related Parties | 23. TRANSACTIONS WITH RELATED PARTIES Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Compensation of Key Management Personnel For the Year Ended December 31 2016 2017 2018 Short-term employee benefits $ 2,276,467 $ 3,203,745 $ 2,833,520 Post-employment benefits 75,989 125,237 140,474 Share-based payments 1,078,054 801,701 791,310 $ 3,430,510 $ 4,130,683 $ 3,765,304 The remuneration of directors and key executives was determined by the remuneration committee based on the performance of individuals and market trends. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Operating Segments [Abstract] | |
Segment Information | 24. SEGMENT INFORMATION The Group’s chief operating decision maker, the Chief Executive Officer, reviews the Group’s consolidated results when making decisions about the allocation of resources and when assessing performance of the Group as a whole, and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. The basis of information reported to the chief operating decision maker is the same as the Group’s consolidated financial statements. As the Group’s long-lived assets are substantially located in and derived from Asia, no geographical segments are presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of compliance | a. Statement of compliance The accompanying consolidated financial statements have been prepared in conformity with IFRSs issued by the IASB. |
Basis of preparation | b. Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for financial instruments and other payable arising from cash-settled share-based payment arrangements which are measured at fair value. The preparation of these consolidated financial statements in conformity with IFRSs requires management to exercise its judgment in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the consolidated financial statements, are disclosed in Note 5. |
Classification of current and non-current assets and liabilities | c. Classification of current and non-current assets and liabilities Current assets include: 1) Assets held primarily for the purpose of trading; 2) Assets expected to be realized within 12 months after the reporting period; and 3) Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. Current liabilities include: 1) Liabilities held primarily for the purpose of trading; 2) Liabilities due to be settled within 12 months after the reporting period; and 3) Liabilities for which the Group does not have an unconditional right to defer settlement for at least 12 months after the reporting period. Assets and liabilities that are not classified as current are classified as non-current. |
Basis of consolidation | d. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. |
Foreign currencies | e. Foreign currencies The reporting currency of the Group is the U.S. dollar. The functional currency of the majority of the Group’s entities is the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Exchange differences are recognized in “other gains and losses, net” in the consolidated statement of comprehensive loss. |
Property, plant and equipment | f. Property, plant and equipment Property, plant and equipment are stated at cost, less recognized accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the respective asset and is recognized in the consolidated statement of comprehensive loss. |
Intangible assets | g. Intangible assets 1) Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost, less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful lives, residual values, and amortization methods are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are measured at cost, less accumulated impairment loss. 2) Internally-generated intangible assets - research and development expenditures Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from the development phase of an internal project is recognized only if all of the following have been demonstrated: a) The technical feasibility of completing the intangible asset so that it will be available for use or sale; b) The intention to complete the intangible asset and use or sell it; c) The ability to use or sell the intangible asset; d) The manner in which intangible asset will generate probable future economic benefits; e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and f) The ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when an intangible asset first meets the recognition criteria listed above. Subsequent to initial recognition, they are measured on the same basis as intangible assets that are acquired separately. 3) Derecognition of intangible assets On derecognition of an intangible asset, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss. |
Impairment of tangible and intangible assets | h. Impairment of tangible and intangible assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets in order to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment or more frequently if there are indicators of impairment. In respect of the impairment indicators, the Group considers both internal and external sources of information to determine whether an asset may be impaired, which may include the significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes with adverse effects in the use of the assets, as well as the internal reporting which indicates the economic performance of an asset is worse than expected. If any such indicators exist, the Group will estimate the recoverable amount of such indefinite-lived intangible asset and compare it with its carrying amount. The recoverable amount is the higher of fair value, less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss. An impairment loss recognized in prior periods shall be reversed if, and only if, there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognized. When an impairment loss is subsequently reversed, the carrying amount of the corresponding asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized on the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in the consolidated statement of comprehensive loss. |
Financial instruments | i . Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss (i.e., FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognized immediately in profit or loss. 1) Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. a) Measurement categories 2017 (prior to adoption of IFRS 9) Financial assets are classified into the following categories: Financial assets at FVTPL, held-to-maturity investments, available-for-sale financial assets and loans and receivables. Financial assets held by the Group in 2017 are classified as loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including cash and cash equivalents and refundable deposits) are measured using the effective interest method at amortized cost less any impairment. Cash equivalents include highly liquid investments which are readily convertible to a known amount of cash and subject to an insignificant risk of change in value. 2018 (after adoption of IFRS 9) Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and equity instruments at fair value through other comprehensive income (i.e., FVTOCI). i . Financial assets at FVTPL Derivative financial assets are classified as at FVTPL when such a financial asset is mandatorily classified as at FVTPL. Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividends or interest earned on such a financial asset. Fair value is determined in the manner described in Note 22. ii. Financial assets at amortized cost A financial asset shall be measured at amortized cost if both of the following conditions are met: i ) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For the financial assets measured at amortized cost (including cash and cash equivalents and refundable deposits), the Group applies the effective interest method to the gross carrying amount at amortized cost less any impairment from initial recognition. Any foreign exchange gains and losses are recognized in profit or loss. Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset. Cash equivalents include time deposits, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments. iii. Investments in equity instruments at FVTOCI On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings. Dividends on these investments in equity instruments are recognized in profit or loss when the Group’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment. b) Impairment of financial assets 2017 Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investment have been affected. For financial assets measured at amortized cost, such as accounts receivable, assets are assessed for impairment on a collective basis even if they were assessed not to be impaired individually. For a financial asset measured at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets measured at amortized cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment (at the date the impairment is reversed) does not exceed what the amortized cost would have been had the impairment not been recognized. For all other financial assets, objective evidence of impairment could include significant financial difficulty of the issuer or counterparty, breach of contract, such as a default or delinquency in interest or principal payments, and if it becomes probable that the borrower will enter bankruptcy or financial re-organization. The carrying amount of a financial asset is reduced by the impairment loss directly for all financial assets, with the exception of accounts receivable and other receivables where the carrying amount is reduced through the use of an allowance account. When accounts receivable and other receivables are considered uncollectible, they are written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Except for uncollectible trade receivables and other receivables that are written off against the allowance account, changes in the carrying amount of the allowance account are recognized in profit or loss. 2018 The Group recognizes a loss allowance for expected credit losses on financial assets at amortized cost. For financial instruments, the Group recognizes lifetime expected credit losses (i.e., ECLs) when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs. Expected credit losses reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. The Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. c) Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. Before 2018, on derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss which had been recognized in other comprehensive income is recognized in profit or loss. Starting from 2018, on derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in an equity instrument at FVTOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss, and the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss. 2) Equity instruments Equity instruments issued by a group entity are classified as equity in accordance with the substance of the contractual arrangements and the definitions of an equity instrument. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. No gain or loss is recognized in profit or loss on the issuance of the Company’s own equity instruments. 3) Financial liabilities a) Subsequent measurement All financial liabilities are measured at amortized cost using the effective interest method. b) Derecognition of financial liabilities The difference between the carrying amount of a financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. |
Revenue recognition | j. Revenue recognition 2017 Revenue comprises the fair value of the consideration received or receivable for the out-licensing of experimental drugs that have reached ‘proof of concept’ to customers for ongoing global development and launch, in the ordinary course of the Group’s activities. Revenue is presented, net of goods and services tax, rebates and discounts. See Note 15 for details of the Group’s licensing agreements. The Group recognizes revenue when the Group has completed the out-licensing of the experimental drug to the customers, the customers have accepted the products and the collectability of the related receivables is reasonably assured. Typically income from out-licensing may take the form of upfront fees, milestones and/or sales royalties. Revenue is recognized upon the receipt of the non-refundable upfront payment if the license of intellectual property has stand-alone value and the Group has no remaining, subsequent performance obligation in accordance with the licensing agreements. Otherwise, revenue recognition is deferred and spread over the period of performance on a straight-line basis. Milestone payments which are contingent on achieving certain clinical milestones are recognized as revenues either on achievement of such milestones, or over the period of the performance obligation if the Group has continuing performance obligations. Royalties on marketed drugs, which are recognized as revenue on an accrual basis and in accordance with the substance of the contracts, are recognized when it is probable that the economic benefits of a transaction will flow to the Group and the revenue can be measured reliably. Revenue from the sale of research material is recognized when all the following conditions are satisfied: 1) The Group has transferred the significant risks and rewards of the research material to the buyer; 2) The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the research material sold; 3) The amount of revenue can be measured reliably; 4) It is probable that the economic benefits will flow to the Group; and 5) The costs incurred or to be incurred can be measured reliably. Interest income is primarily a result of deposits in banks and is recognized as non-operating income when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the applicable effective interest rate. 2018 Revenue comprises the fair value of the consideration received or receivable for the out-licensing of experimental drugs that have reached ‘proof of concept’ to business partners for ongoing global development and launch, in the ordinary course of our activities. Revenue is presented, net of goods and services tax, rebates and discounts. See Note 15 for details of the Group’s licensing agreements. The group recognizes revenue when it has completed the out-licensing of the experimental drug to business partners, and such partners have accepted the products, and the collectability of the related receivables is reasonably assured. Typically the consideration received from out-licensing may take the form of upfront payments, option payments, milestone payments, and royalty payments on licensed products. To determine revenue recognition for contracts with customers, the Group performs the following five steps: 1) Identify the contract with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) the group satisfies the performance obligations. At the inception of a contract, the Group assesses the goods or services promised within each contract to determine whether each promised good or service is distinct and identify those that are performance obligations. The Group recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Upfront License Fees If a license to the Group’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Group will recognize revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Licenses that are not distinct shall be bundled with other performance obligations until it identifies a bundle of performance obligations that is distinct. The Group uses judgment to assess the nature of the combined performance obligation to determine whether it is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Group evaluates the measure of progress at the end of each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments At the inception of each contract with customers that includes development or regulatory milestone payments (i.e., the variable consideration), the Group includes some or all amount of variable consideration in the transaction price estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty related to the variable consideration is subsequently resolved. Milestone payments that are contingent upon the achievement of events that are uncertain or not controllable, such as regulatory approvals, are generally not considered highly probable of being achieved until those approvals are received. Therefore, they are not included in the transaction price. At the end of each reporting period, the Group evaluates the probability of achievement of such milestone payments and any related constraints, and if necessary, adjusts our estimate of the overall transaction price. Royalties For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of the following: 1) when the subsequent sales occur, or 2) when the performance obligation, to which some or all of the royalty has been allocated, has been satisfied (or partially satisfied). To date, the group has not recognized any royalty revenue resulting from any of out-licensing arrangements. |
Research and development expenses | k. Research and development expenses Elements of research and development expenses primarily include: 1) payroll and other related costs of personnel engaged in research and development activities; 2) costs related to preclinical testing of the Group’s technologies under development and clinical trials, such as payments to contract research organizations (“CROs”), investigators and clinical trial sites that conduct the Group’s clinical studies; 3) costs to develop the product candidates, including raw materials, supplies and product testing related expenses; and 4) other research and development expenses. Research and development expenses are expensed as incurred when these expenditures relate to the Group’s research and development services and have no alternative future uses. The conditions enabling the capitalization of development costs as an asset have not yet been met and, therefore, all development expenditures are recognized in profit or loss when incurred. |
Leasing | l . Leasing Leases are classified as finance leases whenever the terms of a lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group as lessee Operating lease payments are recognized as expenses on a straight-line basis over the lease term. |
Retirement benefits | m . Retirement benefits Payments to defined contribution retirement benefit plans are recognized as expenses when employees have rendered services entitling them to the contributions. |
Share-based payment arrangements | n . Share-based payment arrangements Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the employee share options is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of employee share options that will eventually vest, with a corresponding increase in “capital surplus - employee share options”. The fair value determined at the grant date of the employee share options is recognized as an expense in full at the grant date when the share options granted vest immediately. At the end of each reporting period, the Group revises its estimate of the number of employee share options expected to vest. The impact of the revision of the original estimates is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the capital surplus. The fair value of the amount payable to beneficiaries in respect of bonus entitlement unit grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The amount is remeasured at each reporting date and at settlement based on the fair value of the bonus entitlement units. Any changes in the liability are recognized in profit or loss. |
Taxation | o . Taxation The provision for income tax recognized in profit or loss comprises current and deferred tax. Current tax is income tax paid and payable for the current year based on the taxable profit of the year and any adjustments to tax payable (or receivable) in respect of prior years. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit or loss. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. The carrying amount is reviewed at the end of each reporting period on the same basis. Deferred tax is measured at the tax rates that are expected to apply in the period in which the asset or liability is settled, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group [Abstract] | |
Summary of Detailed Information about Businesses and Intragroup Relationships of Group | The main businesses and intragroup relationships of the Group were as follows as of December 31, 2018: Name Place of Incorporation Date of Incorporation Main Business ASLAN Pharmaceuticals Limited Cayman Islands June 2014 Investment holding ASLAN Pharmaceuticals Pte. Ltd. Singapore April 2010 New drug research and development ASLAN Pharmaceuticals Taiwan Limited Taiwan November 2013 New drug research and development ASLAN Pharmaceuticals Australia Pty Ltd. Australia July 2014 New drug research and development ASLAN Pharmaceuticals Hong Kong Limited Hong Kong July 2015 New drug research and development ASLAN Pharmaceuticals (Shanghai) Co. Ltd. China May 2016 New drug research and development ASLAN Pharmaceuticals (USA) Inc. United States of America October 2018 New drug research and development |
Application of New Amended an_2
Application of New Amended and Revised Standards and Interpretations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Schedule of New, Amended or Revised Standards and Interpretations | Of the new, amended and revised standards and interpretations (collectively the “New IFRSs”) that have been issued but are not yet effective, the Company has not applied the following. New, Amended or Revised Standards and Interpretations Effective Date Announced by IASB (Note 1) Annual Improvements to IFRSs 2015-2017 Cycle January 1, 2019 Amendments to IFRS 9 “Prepayment Features with Negative Compensation” January 1, 2019 IFRS 16 “Leases” January 1, 2019 Amendments to IAS 19 “Plan Amendment, Curtailment or Settlement” January 1, 2019 (Note 2) Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures” January 1, 2019 IFRIC 23 “Uncertainty over Income Tax Treatments” January 1, 2019 Amendments to IFRS 3 “Definition of a Business” January 1, 2020 (Note 3) Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture” To be determined by IASB IFRS 17 “Insurance Contracts” January 1, 2021 Amendments to IAS 1 and IAS 8 “Definition of Material” January 1, 2020 (Note 4) |
Schedule of Anticipated Impact On Assets and Liabilities | Anticipated impact on assets and liabilities Carrying Amount as of December 31, 2018 Adjustments Arising from Initial Application Adjusted Carrying Amount as of January 1, 2019 Total effect on assets (right-of-use assets) $ — $ 323,850 $ 323,850 Lease liabilities - current $ — $ 219,039 $ 219,039 Lease liabilities - non-current $ — $ 104,811 $ 104,811 Total effect on liabilities $ 323,850 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | December 31 2017 2018 Cash on hand $ 2,396 $ 2,318 Deposits in banks 50,570,815 28,906,583 $ 50,573,211 $ 28,908,901 |
Financial Assets at Fair Valu_3
Financial Assets at Fair Value Through Profit or Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Assets At Fair Value Through Profit Or Loss [Abstract] | |
Summary of Financial Assets at Fair Value Through Profit or Loss | December 31, 2018 Non-current Financial assets mandatorily classified as at FVTPL Derivative financial assets – warrants $ 60,004 |
Financial Assets at Fair Valu_4
Financial Assets at Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Assets At Fair Value Through Other Comprehensive Income [Abstract] | |
Summary of Financial Assets at Fair Value Through Other Comprehensive Income | December 31, 2018 Non-current Investments in equity instruments at FVTOCI Foreign unlisted ordinary shares $ 187,244 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Carrying Amount of Each Class of Property Plant and Equipment | The carrying amounts of each class of property, plant and equipment were as follows: December 31 2017 2018 Office Equipment $ 95,866 $ 98,820 Other Equipment 20,809 11,052 Leasehold Improvements 326,891 178,546 $ 443,566 $ 288,418 |
Summary of Cost and Accumulated Depreciation of Property Plant and Equipment | For the year ended December 31, 2017 Office Equipment Other Equipment Leasehold Improvements Total Cost Balance at January 1, 2017 $ 148,703 $ 26,053 $ 328,479 $ 503,235 Additions 62,599 9,100 219,733 291,432 Disposals — — (73,708 ) (73,708 ) Balance at December 31, 2017 $ 211,302 $ 35,153 $ 474,504 $ 720,959 Accumulated depreciation Balance at January 1, 2017 $ 63,515 $ 4,949 $ 50,382 $ 118,846 Depreciation expenses 51,921 9,395 139,602 200,918 Disposals — — (42,371 ) (42,371 ) Balance at December 31, 2017 $ 115,436 $ 14,344 $ 147,613 $ 277,393 For the year ended December 31, 2018 Office Equipment Other Equipment Leasehold Improvements Total Cost Balance at January 1, 2018 $ 211,302 $ 35,153 $ 474,504 $ 720,959 Additions 65,633 1,027 13,602 80,262 Balance at December 31, 2018 $ 276,935 $ 36,180 $ 488,106 $ 801,221 Accumulated depreciation Balance at January 1, 2018 $ 115,436 $ 14,344 $ 147,613 $ 277,393 Depreciation expenses 62,679 10,784 161,947 235,410 Balance at December 31, 2018 $ 178,115 $ 25,128 $ 309,560 $ 512,803 |
Summary of Estimated Useful lives of Property Plant and Equipment | The above items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives as follow: Office equipment 3 years Other equipment 3 years Leasehold improvements 3-5 years |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Carrying Amounts of Each Class of Intangible Assets | The carrying amounts of each class of intangible assets were as follows: December 31 2017 2018 Licenses $ 73,400 $ 23,073,400 Computer software 10,652 7,192 $ 84,052 $ 23,080,592 For the year ended December 31, 2017 Licenses Computer Software Total Cost Balance at January 1, 2017 $ 73,400 $ 31,331 $ 104,731 Additions — 8,844 8,844 Balance at December 31, 2017 $ 73,400 $ 40,175 $ 113,575 Accumulated amortization Balance at January 1, 2017 $ — $ 20,465 $ 20,465 Amortization expenses — 9,058 9,058 Balance at December 31, 2017 $ — $ 29,523 $ 29,523 For the year ended December 31, 2018 Licenses Computer Software Total Cost Balance at January 1, 2018 $ 73,400 $ 40,175 $ 113,575 Additions 23,000,000 2,895 23,002,895 Balance at December 31, 2018 $ 23,073,400 $ 43,070 $ 23,116,470 Accumulated amortization Balance at January 1, 2018 $ — $ 29,523 $ 29,523 Amortization expenses — 6,355 6,355 Balance at December 31, 2018 $ — $ 35,878 $ 35,878 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade And Other Payables [Abstract] | |
Schedule of Other Payables | December 31 2017 2018 Payables for salaries and bonuses $ 1,376,197 $ 1,153,048 Payables for professional fees 412,676 680,708 Payables for cash-settled share-based payment transactions (Note 19) 195,000 669,042 Interest payables — 50,430 Others 96,671 129,433 $ 2,080,544 $ 2,682,661 |
Long Term Borrowings (Tables)
Long Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Summary of Loans | December 31 2017 2018 Unsecured borrowings Loans from government $ 7,411,912 $ 7,266,315 Other long-term borrowings — 4,060,357 Interest payables 2,267,539 2,648,122 $ 9,679,451 $ 13,974,794 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Ordinary Shares | Ordinary shares December 31 2016 2017 2018 Number of shares authorized 200,000,000 200,000,000 500,000,000 Amount of shares authorized (NT$ thousand) $ 2,000,000 $ 2,000,000 $ 5,000,000 Number of shares issued and fully paid 115,670,940 130,128,940 160,248,940 Amount of shares issued and fully paid $ 36,710,066 $ 41,514,016 $ 51,627,219 |
Schedule of Capital Surplus | Capital surplus December 31 2016 2017 2018 Arising from issuance of new share capital $ 50,119,257 $ 78,384,290 $ 105,143,362 Arising from employee share options 5,136,828 5,898,391 6,316,310 $ 55,256,085 $ 84,282,681 $ 111,459,672 |
Schedule of Accumulated Deficits | The accumulated deficits for 2016 and 2017 approved in the shareholders’ meetings on June 28, 2017 and June 15, 2018, respectively, were as follows: For the Year Ended December 31 2016 2017 Accumulated deficits at the beginning of the year $ (41,342,180 ) $ (50,391,283 ) Net loss for the year (9,049,103 ) (39,891,978 ) Accumulated deficits at the end of the year $ (50,391,283 ) $ (90,283,261 ) The accumulated deficits for 2018 which had been proposed by the Company’s board of directors on March 22, 2019 were as follows: For the Year Ended December 31 2018 Accumulated deficits at the beginning of the year $ (90,283,261 ) Net loss for the year (42,185,597 ) Accumulated deficits at the end of the year $ (132,468,858 ) |
Loss Before Income Tax (Tables)
Loss Before Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Profit Loss [Abstract] | |
Schedule of Other Gains and Losses | a. Other gains and losses For the Year Ended December 31 2016 2017 2018 Net foreign exchange gains (losses) $ 165,807 $ (667,130 ) $ 95,894 Fair value changes of financial assets mandatorily classified as at FVTPL — — 60,004 Loss on disposal of property, plant and equipment (12,316) (31,298 ) — Others (26,019) (263 ) 57,345 $ 127,472 $ (698,691 ) $ 213,243 |
Summary of Finance costs | b. Finance costs For the Year Ended December 31 2016 2017 2018 Interest on government loans $ 417,812 $ 416,698 $ 441,474 Preference share dividends 87,889 — — Interest on CSL loan 18,437 — — Other interest expenses — — 50,430 $ 524,138 $ 416,698 $ 491,904 |
Schedule of Depreciation and Amortization | c. Depreciation and amortization For the Year Ended December 31 2016 2017 2018 Property, plant and equipment $ 65,874 $ 200,918 $ 235,410 Computer software 10,010 9,058 6,355 $ 75,884 $ 209,976 $ 241,765 |
Schedule of Employee Benefits Expense | d. Employee benefits expense For the Year Ended December 31 2016 2017 2018 Short-term benefits $ 5,212,357 $ 7,062,311 $ 8,002,069 Post-employment benefits 251,187 329,455 424,157 Share-based payments (Note 19) Equity-settled 1,419,923 769,595 451,060 Cash-settled — 357,000 838,677 Total employee benefits expense $ 6,883,467 $ 8,518,361 $ 9,715,963 An analysis of employee benefits expense by function General and administrative expenses $ 4,224,919 $ 4,664,285 $ 6,294,470 Research and development expenses 2,658,548 3,854,076 3,421,493 $ 6,883,467 $ 8,518,361 $ 9,715,963 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax [Abstract] | |
Summary of Income Tax Recognized in Profit or Loss | Income tax recognized in profit or loss For the Year Ended December 31 2016 2017 2018 Current tax Adjustments for prior periods $ — $ — $ 14,439 |
Summary of Reconciliation of Accounting Profit and Income Tax Expense | A reconciliation of accounting profit and income tax expense was as follows: For the Year Ended December 31 2016 2017 2018 Loss before income tax $ (9,049,103 ) $ (39,891,978 ) $ (42,171,158 ) Income tax benefit calculated at the statutory rate $ (1,538,347 ) $ (6,781,636 ) $ (7,169,097 ) Nondeductible expenses in determining taxable income 473,085 4,288,090 112,263 Tax credits for research and development expenditures (990,065 ) (2,224,348 ) (2,312,251 ) Unrecognized loss carryforward 2,011,373 4,519,942 9,261,996 Effect of different tax rates of group entities operating in other jurisdictions 43,954 197,952 107,089 Adjustments for prior years’ tax — — 14,439 Income tax expense recognized in profit or loss $ — $ — $ 14,439 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | For the Year Ended December 31 2016 2017 2018 Basic and diluted loss per share $ (0.09 ) $ (0.32 ) $ (0.28 ) |
Summary of Loss and Weighted-Average Number of Ordinary Shares Outstanding | The loss and weighted-average number of ordinary shares outstanding used in the computation of loss per share are as follows: For the Year Ended December 31 2016 2017 2018 Loss used in the computation of basic and diluted loss per share $ (9,049,103 ) $ (39,891,978 ) $ (42,185,597 ) Weighted-average number of ordinary shares in the computation of basic loss per share 105,027,040 124,424,960 149,739,242 |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Fair Value of Share Options Granted to Employees | The Group used the binomial option price model to determine the fair value of the share options granted to employees on May 16, 2017, and the related assumptions and the fair value of the options are as follows: Share Options Granted on May 16, 2017 Grant-date share price (NT$) $ 68.92 Exercise price (NT$) $ 68.92 Expected volatility 37.33 % Expected life 0.02 year Dividends yield — Risk-free interest rate 0.08 % Weighted-average fair value of options (NT$) $ 1.44 |
Summary of Employee Share Options | Information on employee share options granted from July 2010 to July 2016 is as follows: For the Year Ended December 31 2016 2017 2018 Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Balance at January 1 5,946,461 $ 1.27 6,958,461 $ 1.42 6,887,523 $ 1.41 Options granted 1,032,250 2.26 — — — — Options forfeited (20,250 ) 1.36 (70,938 ) 1.95 (5,000 ) 2.13 Options exercised — — — — (60,000 ) 0.80 Balance at December 31 6,958,461 1.42 6,887,523 1.41 6,822,523 1.41 Options exercisable, end of period 4,830,503 1.20 5,825,816 1.30 6,595,294 1.38 Weighted-average fair value of options granted $ 0.89 $ 0.89 $ 0.89 Information on employee share options granted in September 2017 is as follows: For the Year Ended December 31 2017 2018 Number of Options Weighted- average Exercise Price Number of Options Weighted- average Exercise Price Balance at January 1 — $ — 755,833 $ 1.28 Options granted 825,833 1.28 — — Options forfeited (70,000 ) 1.28 (57,666 ) 1.28 Balance at December 31 755,833 1.28 698,167 1.28 Options exercisable, end of period — — — — Weighted-average fair value of options granted $ 0.62 $ 0.62 |
Summary of Outstanding Options | Information on outstanding options as of December 31, 2018 is as follows: July 2010 July 2011 July 2012 July 2013 July 2014 July 2015 July 2016 September 2017 Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) Range of Exercise Price Weighted- average Remaining Contractual Life (Years) $0.20-$0.80 1.5 $0.20-$0.80 2.5 $0.80 3.5 $0.80-$1.36 4.5 $1.36 5.5 $1.36-$1.88 6.5 $2.26 7.5 $1.28 8.7 |
Summary of Options Granted Priced Using Binomial Option Pricing Model | Options granted in July of 2010, 2011, 2012, 2013, 2014, 2015, 2016 and September 2017 were priced using the binomial option pricing model, and the inputs to the model were as follows: July 2010 July 2011 July 2012 July 2013 July 2014 July 2015 July 2016 September 2017 Grant-date share price $ 0.80 $ 0.80 $ 1.25 $ 1.36 $ 1.36 $ 1.88 $ 2.26 $ 1.28 Exercise price $0.20-$0.80 $0.20-$0.80 $ 0.80 $0.80-$1.36 $ 1.36 $1.36-$1.88 $ 2.26 $ 1.28 Expected volatility 59.16 % 54.26%-54.44% 52.25 % 50.58 % 50.86 % 36.37 % 39.34 % 38.33 % Expected life (years) 10 10 10 10 10 10 10 10 Expected dividend yield — — — — — — — — Risk-free interest rate 2.954 % 2.96%-3.22% 1.61 % 2.5 % 2.58 % 2.43 % 1.46 % 1.1027 % |
Summary of Long Term Incentive Plan | The Company’s 2017 LTIP is described as follows: For the Year Ended December 31 2017 2018 Balance at January 1 — 1,462,000 Awards granted 1,462,000 104,000 Awards exercised — (86,666 ) Balance at December 31 1,462,000 1,479,334 Balance exercisable, end of period — 400,667 The Company’s 2018 LTIP is described as follows: For the Year Ended December 31, 2018 Balance at January 1 — Awards granted 241,142 Balance at December 31 241,142 Balance exercisable, end of period — |
Operating Lease Arrangement (Ta
Operating Lease Arrangement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Abstract] | |
Schedule of Future Minimum Lease Payments of Non - Cancellable Operating Lease Commitments | The future minimum lease payments of non-cancellable operating lease commitments were as follows: December 31 2016 2017 2018 No later than 1 year $ 309,220 $ 555,133 $ 493,534 Between 1 and 5 years 485,053 632,340 105,859 $ 794,273 $ 1,187,473 $ 599,393 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis | December 31, 2018 Level 1 Level 2 Level 3 Total Financial assets at FVTPL Derivative financial assets $ — $ — $ 60,004 $ 60,004 Financial assets at FVTOCI Investments in equity instruments at FVTOCI of unlisted companies. $ — $ 187,244 $ — $ 187,244 |
Summary of Categories of Financial Instruments | December 31 2016 2017 2018 Financial assets Financial assets at FVTPL Mandatorily classified as at FVTPL $ — $ — $ 60,004 Loans and receivables (1) 53,155,861 50,734,158 — Financial assets at amortized cost (2) — — 29,080,981 Financial assets at FVTOCI Equity instruments — — 187,244 Financial liabilities Financial liabilities at amortized cost (3) 12,139,230 15,463,286 21,304,150 1) The balances include loans and receivables measured at amortized cost, which comprise cash and cash equivalents and refundable deposits. 2) The balances included financial assets at amortized cost, which comprise cash and cash equivalents and refundable deposits. 3) The balances include financial liabilities at amortized cost, which comprise trade payables, partial other payables and long-term borrowings. |
Summary of Group's Significant Financial Assets and Liabilities Denominated in Foreign Currencies | The Group’s significant financial assets and liabilities denominated in foreign currencies were as follows: December 31, 2016 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 1,627,096 0.6916 $ 1,125,364 Financial liabilities Monetary items SGD 12,051,989 0.6916 8,335,631 December 31, 2017 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 1,778,293 0.7482 $ 1,330,600 Financial liabilities Monetary items SGD 12,936,189 0.7482 9,679,451 December 31, 2018 Foreign Currencies Exchange Rate Carrying Amount Financial assets Monetary items SGD $ 2,297,231 0.7335 $ 1,685,019 Financial liabilities Monetary items SGD 13,515,737 0.7335 9,914,437 |
Sensitivity Analysis of Foreign Currency Risk | For the Year Ended December 31 2016 2017 2018 Profit or loss SGD* $ (360,513 ) $ (417,443 ) $ (411,471 ) * This is mainly attributable to the exposure to outstanding deposits in banks and loans in foreign currency at the end of the reporting period. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Schedule of Key Management Personnel Compensation | Compensation of Key Management Personnel For the Year Ended December 31 2016 2017 2018 Short-term employee benefits $ 2,276,467 $ 3,203,745 $ 2,833,520 Post-employment benefits 75,989 125,237 140,474 Share-based payments 1,078,054 801,701 791,310 $ 3,430,510 $ 4,130,683 $ 3,765,304 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Operating Segments [Abstract] | |
Analysis of the Group Revenue from Major Products and Services | The following is an analysis of the Group’s revenue from its major products and services. For the Year Ended December 31 2016 2017 2018 Out-licensing $ 10,250,000 $ — $ — Others 1,296,971 $ 11,546,971 $ — $ — |
General Information - Summary o
General Information - Summary of Detailed Information about Businesses and Intragroup Relationships of Group (Details) | 12 Months Ended |
Dec. 31, 2018 | |
ASLAN Pharmaceuticals Limited Cayman Islands | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals Limited |
Place of Incorporation | Cayman Islands |
Date of Incorporation | 2014-06 |
Main Business | Investment holding |
ASLAN Pharmaceuticals Pte Ltd Singapore | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals Pte. Ltd. |
Place of Incorporation | Singapore |
Date of Incorporation | 2010-04 |
Main Business | New drug research and development |
ASLAN Pharmaceuticals Taiwan Limited | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals Taiwan Limited |
Place of Incorporation | Taiwan |
Date of Incorporation | 2013-11 |
Main Business | New drug research and development |
ASLAN Pharmaceuticals Australia Pty Ltd | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals Australia Pty Ltd. |
Place of Incorporation | Australia |
Date of Incorporation | 2014-07 |
Main Business | New drug research and development |
ASLAN Pharmaceuticals Hong Kong Limited | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals Hong Kong Limited |
Place of Incorporation | Hong Kong |
Date of Incorporation | 2015-07 |
Main Business | New drug research and development |
ASLAN Pharmaceuticals Shanghai Co Ltd | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals (Shanghai) Co. Ltd. |
Place of Incorporation | China |
Date of Incorporation | 2016-05 |
Main Business | New drug research and development |
ASLAN Pharmaceuticals USA Inc | |
Disclosure Of Detailed Information About Businesses And Intragroup Relationship Of Group Line Item | |
Name | ASLAN Pharmaceuticals (USA) Inc. |
Place of Incorporation | United States of America |
Date of Incorporation | 2018-10 |
Main Business | New drug research and development |
Application of New Amended an_3
Application of New Amended and Revised Standards and Interpretations - Schedule of New Amended or Revised Standards and Interpretations (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Annual Improvements to IFRSs 2015-2017 Cycle | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Annual Improvements to IFRSs 2015-2017 Cycle |
Effective Date Announced by IASB | Jan. 1, 2019 |
Amendments To IFRS9 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IFRS 9 “Prepayment Features with Negative Compensation” |
Effective Date Announced by IASB | Jan. 1, 2019 |
IFRS 16 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | IFRS 16 “Leases” |
Effective Date Announced by IASB | Jan. 1, 2019 |
Amendments To IAS 19 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IAS 19 “Plan Amendment, Curtailment or Settlement” |
Effective Date Announced by IASB | Jan. 1, 2019 |
Amendments To IAS 28 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures” |
Effective Date Announced by IASB | Jan. 1, 2019 |
IFRIC 23 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | IFRIC 23 “Uncertainty over Income Tax Treatments” |
Effective Date Announced by IASB | Jan. 1, 2019 |
Amendments To IFRS 3 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IFRS 3 “Definition of a Business” |
Effective Date Announced by IASB | Jan. 1, 2020 |
Amendments To IFRS 10 And IAS 28 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture” |
IFRS 17 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | IFRS 17 “Insurance Contracts” |
Effective Date Announced by IASB | Jan. 1, 2021 |
Amendments To IAS 1 And IAS 8 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
New, Amended or Revised Standards and Interpretations | Amendments to IAS 1 and IAS 8 “Definition of Material” |
Effective Date Announced by IASB | Jan. 1, 2020 |
Application of New Amended an_4
Application of New Amended and Revised Standards and Interpretations - Schedule of Anticipated Impact On Assets and Liabilities (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2018 |
Adjusted | ||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||
Total effect on assets (right-of-use assets) | $ 323,850 | |
Lease liabilities - current | 219,039 | |
Lease liabilities - non-current | $ 104,811 | |
Adjustments Arising from Initial Application | ||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||
Total effect on assets (right-of-use assets) | $ 323,850 | |
Lease liabilities - current | 219,039 | |
Lease liabilities - non-current | 104,811 | |
Total effect on liabilities | $ 323,850 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Impairment loss recognized for the asset or cash-generating unit | $ 0 |
Remaining performance obligation | $ 0 |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Details) | Dec. 31, 2018USD ($) |
Disclosure Of Accounting Judgements And Estimates [Abstract] | |
Deferred tax assets recognized on tax losses | $ 0 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||
Cash on hand | $ 2,318 | $ 2,396 |
Deposits in banks | 28,906,583 | 50,570,815 |
Cash | $ 28,908,901 | $ 50,573,211 |
Financial Assets at Fair Valu_5
Financial Assets at Fair Value Through Profit or Loss - Summary of Financial Assets at Fair Value Through Profit or Loss (Details) | Dec. 31, 2018USD ($) |
Financial Assets At Fair Value Through Profit Or Loss [Abstract] | |
Financial assets at fair value through profit or loss (Notes 4, 7 and 15) | $ 60,004 |
Financial Assets at Fair Valu_6
Financial Assets at Fair Value Through Other Comprehensive Income - Summary of Financial Assets at Fair Value Through Other Comprehensive Income (Details) | Dec. 31, 2018USD ($) |
Financial Assets At Fair Value Through Other Comprehensive Income [Abstract] | |
Financial assets at fair value through other comprehensive income (Notes 4, 8 and 15) | $ 187,244 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Carrying Amount of Each Class of Property Plant and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment | $ 288,418 | $ 443,566 |
Office Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment | 98,820 | 95,866 |
Other Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment | 11,052 | 20,809 |
Leasehold Improvements | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment | $ 178,546 | $ 326,891 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Cost and Accumulated Depreciation of Property Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | $ 443,566 | |
Ending balance | 288,418 | $ 443,566 |
Gross carrying amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 720,959 | 503,235 |
Additions | 80,262 | 291,432 |
Disposals | (73,708) | |
Ending balance | 801,221 | 720,959 |
Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 277,393 | 118,846 |
Depreciation expenses | 235,410 | 200,918 |
Disposals | (42,371) | |
Ending balance | 512,803 | 277,393 |
Office Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 95,866 | |
Ending balance | 98,820 | 95,866 |
Office Equipment | Gross carrying amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 211,302 | 148,703 |
Additions | 65,633 | 62,599 |
Ending balance | 276,935 | 211,302 |
Office Equipment | Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 115,436 | 63,515 |
Depreciation expenses | 62,679 | 51,921 |
Ending balance | 178,115 | 115,436 |
Other Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 20,809 | |
Ending balance | 11,052 | 20,809 |
Other Equipment | Gross carrying amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 35,153 | 26,053 |
Additions | 1,027 | 9,100 |
Ending balance | 36,180 | 35,153 |
Other Equipment | Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 14,344 | 4,949 |
Depreciation expenses | 10,784 | 9,395 |
Ending balance | 25,128 | 14,344 |
Leasehold Improvements | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 326,891 | |
Ending balance | 178,546 | 326,891 |
Leasehold Improvements | Gross carrying amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 474,504 | 328,479 |
Additions | 13,602 | 219,733 |
Disposals | (73,708) | |
Ending balance | 488,106 | 474,504 |
Leasehold Improvements | Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 147,613 | 50,382 |
Depreciation expenses | 161,947 | 139,602 |
Disposals | (42,371) | |
Ending balance | $ 309,560 | $ 147,613 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Estimated Useful Lives of Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Office Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 3 years |
Other Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 3 years |
Leasehold Improvements | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 3 years |
Leasehold Improvements | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 5 years |
Intangible Assets - Summary of
Intangible Assets - Summary of Carrying Amounts of Each Class of Intangible Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets (Notes 4, 5, 10 and 15) | $ 23,080,592 | $ 84,052 |
Licences | ||
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets (Notes 4, 5, 10 and 15) | 23,073,400 | 73,400 |
Computer Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets (Notes 4, 5, 10 and 15) | $ 7,192 | $ 10,652 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Cost and Accumulated Amortization of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 84,052 | |
Ending balance | 23,080,592 | $ 84,052 |
Gross carrying amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 113,575 | 104,731 |
Additions | 23,002,895 | 8,844 |
Ending balance | 23,116,470 | 113,575 |
Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 29,523 | 20,465 |
Amortization expenses | 6,355 | 9,058 |
Ending balance | 35,878 | 29,523 |
Licences | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 73,400 | |
Ending balance | 23,073,400 | 73,400 |
Licences | Gross carrying amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 73,400 | 73,400 |
Additions | 23,000,000 | |
Ending balance | 23,073,400 | 73,400 |
Computer Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 10,652 | |
Ending balance | 7,192 | 10,652 |
Computer Software | Gross carrying amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 40,175 | 31,331 |
Additions | 2,895 | 8,844 |
Ending balance | 43,070 | 40,175 |
Computer Software | Accumulated depreciation, amortisation and impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 29,523 | 20,465 |
Amortization expenses | 6,355 | 9,058 |
Ending balance | $ 35,878 | $ 29,523 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Intangible Assets [Line Items] | ||
Impairment loss recognized | $ 0 | $ 0 |
Computer Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years |
Other Payables - Schedule of Ot
Other Payables - Schedule of Other Payables (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Trade And Other Payables [Abstract] | ||
Payables for salaries and bonuses | $ 1,153,048 | $ 1,376,197 |
Payables for professional fees | 680,708 | 412,676 |
Payables for cash-settled share-based payment transactions (Note 19) | 669,042 | 195,000 |
Interest payables | 50,430 | |
Others | 129,433 | 96,671 |
Other Payables | $ 2,682,661 | $ 2,080,544 |
Long Term Borrowings - Summary
Long Term Borrowings - Summary of Loans (Details) $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 27, 2011USD ($) | Apr. 27, 2011SGD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Long-term borrowings | $ 13,974,794 | $ 9,679,451 | ||
Loans from Government | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Long-term borrowings | 7,266,315 | 7,411,912 | $ 7,482,459 | $ 10 |
Other Long-term Borrowings | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Long-term borrowings | 4,060,357 | |||
Interest Payables | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Long-term borrowings | $ 2,648,122 | $ 2,267,539 |
Long Term Borrowings - Addition
Long Term Borrowings - Additional Information (Details) $ in Millions | May 12, 2014USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 27, 2011USD ($) | Apr. 27, 2011SGD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Long-term borrowings | $ 13,974,794 | $ 9,679,451 | |||
Percentage of based on research and development costs | 75.00% | ||||
Loans from Government | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Long-term borrowings | $ 7,266,315 | 7,411,912 | $ 7,482,459 | $ 10 | |
Loan repayable period | five-year | ||||
Borrowings, interest rate | 6.00% | 6.00% | |||
Loans from Government | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Long-term borrowings | $ 9,914,437 | $ 9,679,451 | |||
CSL Finance Pty Ltd | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Loan facility | $ 4,500,000 | ||||
Other Long-term Borrowings | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Long-term borrowings | $ 4,060,357 | ||||
Borrowings Interest rate | 6% plus LIBOR | ||||
Long-term Borrowings Including Interest | $ 4,110,787 | ||||
Other Long-term Borrowings | Top of Range | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
loan repayable period | 10 years |
Retirement Benefits Plans - Add
Retirement Benefits Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Employee benefits expense | $ 424,157 | $ 329,455 | $ 251,187 |
Defined Contribution Plans | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Employer contribution percentage | 6.00% |
Equity - Schedule of Ordinary S
Equity - Schedule of Ordinary Shares (Details) $ in Thousands | Dec. 31, 2018USD ($)shares | Dec. 31, 2018TWD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017TWD ($)shares | Feb. 28, 2017USD ($) | Feb. 28, 2017TWD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2016TWD ($)shares |
Equity [Abstract] | ||||||||
Number of shares authorized | 500,000,000 | 500,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||
Amount of shares authorized (NT$ thousand) | $ | $ 5,000,000 | $ 2,000,000 | $ 2,000,000 | |||||
Number of shares issued and fully paid | 160,248,940 | 160,248,940 | 130,128,940 | 130,128,940 | 115,670,940 | 115,670,940 | ||
Ordinary shares | $ 51,627,219 | $ 41,514,016 | $ 41,514,016 | $ 1,301,289 | $ 36,710,066 |
Equity - Additional Information
Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | May 25, 2017USD ($) | May 25, 2017TWD ($) | Feb. 28, 2017USD ($)$ / sharesshares | Feb. 28, 2017TWD ($) | May 27, 2016USD ($)$ / sharesshares | May 27, 2016TWD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018TWD ($) | Nov. 07, 2018shares | May 08, 2018shares | Dec. 31, 2017TWD ($) | Feb. 28, 2017TWD ($)shares | Dec. 31, 2016TWD ($) | May 27, 2016TWD ($)shares | May 26, 2016$ / shares |
Number of preference shares approved to be converted into equal number of ordinary shares | 41,614,397 | 41,614,397 | |||||||||||||||
Increase through changes in equity | $ 41,614 | $ 1,304 | |||||||||||||||
Capital surplus | $ 64,557,452 | $ 111,459,672 | $ 84,282,681 | $ 55,256,085 | $ 2,053,693 | ||||||||||||
Ordinary shares | $ 41,514,016 | 51,627,219 | 41,514,016 | 36,710,066 | $ 1,301,289 | ||||||||||||
Amount of issuance of ordinary shares | $ | 42,180,000 | 33,060,951 | 22,223,869 | ||||||||||||||
Increase of share capital | $ 41,514,016 | 51,627,219 | 41,514,016 | 36,710,066 | $ 1,301,289 | ||||||||||||
Weighted-average bid price per share | $ / shares | $ 68.92 | ||||||||||||||||
Proceeds from new share capital | $ 33,060,951 | $ 996,495 | $ 42,180,000 | $ 33,060,951 | $ 22,223,869 | ||||||||||||
Amount of shares authorized | $ | $ 5,000,000 | $ 2,000,000 | $ 2,000,000 | ||||||||||||||
Bottom of Range | |||||||||||||||||
Number of shares issued | 15,000,000 | 15,000,000 | |||||||||||||||
Top of Range | |||||||||||||||||
Number of shares issued | 40,000,000 | ||||||||||||||||
Initial Public Offering | |||||||||||||||||
Number of shares issued | 6,000,000 | ||||||||||||||||
Offering price per share | $ / shares | $ 7.03 | ||||||||||||||||
Ordinary Shares | |||||||||||||||||
Par value per shares | $ / shares | $ 10 | $ 10 | $ 10 | $ 0.001 | |||||||||||||
Share split ratio | 0.50% | 0.50% | |||||||||||||||
Number of shares issued | 19,667,144 | 19,667,144 | |||||||||||||||
Consideration per share | $ / shares | $ 1.13 | ||||||||||||||||
Ordinary shares | $ 36,710,066 | $ 1,156,709 | |||||||||||||||
Increase of share capital | $ 36,710,066 | $ 1,156,709 | |||||||||||||||
Ordinary Shares | Initial Public Offering | |||||||||||||||||
Number of shares issued | 14,458,000 | 30,000,000 | 14,458,000 | ||||||||||||||
Amount of issuance of ordinary shares | $ 4,803,950 | $ 144,580 |
Equity - Schedule of Capital Su
Equity - Schedule of Capital Surplus (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 27, 2016USD ($) | May 27, 2016TWD ($) |
Equity [Abstract] | |||||
Arising from issuance of new share capital | $ 105,143,362 | $ 78,384,290 | $ 50,119,257 | ||
Arising from employee share options | 6,316,310 | 5,898,391 | 5,136,828 | ||
Total | $ 111,459,672 | $ 84,282,681 | $ 55,256,085 | $ 64,557,452 | $ 2,053,693 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Deficits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Accumulated deficits at the beginning of the year | $ (90,283,261) | $ (50,391,283) | $ (41,342,180) |
Net loss | (42,185,597) | (39,891,978) | (9,049,103) |
Accumulated deficits at the end of the year | $ (132,468,858) | $ (90,283,261) | $ (50,391,283) |
License Agreements - Additional
License Agreements - Additional Information (Details) | Jun. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Aug. 31, 2016USD ($) | Aug. 31, 2016SGD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)Target$ / sharesshares | Dec. 31, 2018SGD ($)Targetshares | Dec. 31, 2016USD ($) |
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Remaining performance obligation | $ 0 | ||||||||
Array Biopharma | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Percentage of out-licensing proceeds agreed to pay out as royalties | 50.00% | 50.00% | |||||||
Initial upfront payment | $ 12,000,000 | ||||||||
Additional payment | $ 11,000,000 | ||||||||
Development milestone linked payments estimated | 30,000,000 | $ 0 | |||||||
Regulatory milestones linked payments estimated | 20,000,000 | 0 | |||||||
Commercial milestones linked payments estimated | $ 55,000,000 | $ 0 | |||||||
Percentage of upfront receivable | 50.00% | 50.00% | |||||||
Notice period for termination of agreement | 180 days | 180 days | |||||||
Array Biopharma | License Agreements | Top of Range | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Percentage of sublicense agreement ceiling | 20.00% | 20.00% | |||||||
Bristol-Myers Squibb | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Initial upfront payment | $ 10,000,000 | ||||||||
Purchase of related research materials, supplies, research documentation and clinical trial results | 1,294,034 | ||||||||
Revenue recognized | $ 11,294,034 | ||||||||
Almirall | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Agreement date | Dec. 31, 2015 | Dec. 31, 2015 | |||||||
Agreement amended date | Mar. 31, 2018 | Mar. 31, 2018 | |||||||
CSL Limited | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Agreement date | May 31, 2014 | May 31, 2014 | |||||||
CSL Limited | License Agreements | Top of Range | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Percentage of entity's revenue | 50.00% | 50.00% | |||||||
CSL Limited | License Agreements | Bottom of Range | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Percentage of entity's revenue | 40.00% | 40.00% | |||||||
Hyundai Pharm Co., Ltd. | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Agreement date | Oct. 31, 2015 | ||||||||
Option payment received | $ 250,000 | ||||||||
Payment to third parties as payment for proceeds from out-licensing agreement | $ 125,000 | ||||||||
Hyundai Pharm Co., Ltd. | Buy Back of Rights to Commercialize | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Payment to buy back the rights to commercialize | $ 325,000 | ||||||||
Exploit Technologies Pte Ltd | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Additions | $ 73,400 | $ 100,000 | |||||||
Milestone payment receivable upon achievement | $ 8,978,951 | $ 12,000,000 | |||||||
Collaboration agreement, term (in years) | 3 years | 3 years | |||||||
Nanyang Technological University | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Agreement date | Oct. 31, 2016 | Oct. 31, 2016 | |||||||
Number of targets to select | Target | 3 | 3 | |||||||
Number of shares received in exchange for surrender of residual rights | shares | 599,445 | 599,445 | |||||||
Value of shares received in exchange for surrender of residual rights | $ 187,244 | $ 255,000 | |||||||
Subscription price | $ / shares | $ 0.32 | ||||||||
Gain from derecognition recorded as other income | $ 187,244 | ||||||||
BioGenetics Co. Ltd | License Agreements | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Upfront payment | $ 1,000,000 | 2,000,000 | |||||||
Remaining performance obligation | 0 | 0 | |||||||
BioGenetics Co. Ltd | License Agreements | Top of Range | |||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||||||
Sales and development milestone payments | $ 8,000,000 | $ 11,000,000 |
Loss Before Income Tax - Schedu
Loss Before Income Tax - Schedule of Other Gains and Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit Loss [Abstract] | |||
Net foreign exchange gains (losses) | $ 95,894 | $ (667,130) | $ 165,807 |
Fair value changes of financial assets mandatorily classified as at FVTPL | 60,004 | ||
Loss on disposal of property, plant and equipment | (31,298) | (12,316) | |
Others | 57,345 | (263) | (26,019) |
Other gains and losses | $ 213,243 | $ (698,691) | $ 127,472 |
Loss Before Income Tax - Summar
Loss Before Income Tax - Summary of Finance costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit Loss [Abstract] | |||
Interest on government loans | $ 441,474 | $ 416,698 | $ 417,812 |
Preference share dividends | 87,889 | ||
Interest on CSL loan | 18,437 | ||
Other interest expenses | 50,430 | ||
Finance costs | $ 491,904 | $ 416,698 | $ 524,138 |
Loss Before Income Tax - Sche_2
Loss Before Income Tax - Schedule of Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 241,765 | $ 209,976 | $ 75,884 |
Property, Plant and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | 235,410 | 200,918 | 65,874 |
Computer Software | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 6,355 | $ 9,058 | $ 10,010 |
Loss Before Income Tax - Sche_3
Loss Before Income Tax - Schedule of Employee Benefits Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit Loss [Abstract] | |||
Short-term benefits | $ 8,002,069 | $ 7,062,311 | $ 5,212,357 |
Post-employment benefits | 424,157 | 329,455 | 251,187 |
Share-based payments (Note 19) | |||
Equity-settled | 451,060 | 769,595 | 1,419,923 |
Cash-settled | 838,677 | 357,000 | |
Total employee benefits expense | 9,715,963 | 8,518,361 | 6,883,467 |
An analysis of employee benefits expense by function | |||
General and administrative expenses | 6,294,470 | 4,664,285 | 4,224,919 |
Research and development expenses | 3,421,493 | 3,854,076 | 2,658,548 |
Total employee benefits expense | $ 9,715,963 | $ 8,518,361 | $ 6,883,467 |
Loss Before Income Tax - Additi
Loss Before Income Tax - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Employee Compensation And Remuneration Of Directors [Line Items] | |||
Amount of accrued employees’ compensation and remuneration of directors | $ 0 | $ 0 | $ 0 |
Bottom of Range | |||
Disclosure Of Employee Compensation And Remuneration Of Directors [Line Items] | |||
Percentage of accrued employees’ compensation and remuneration of directors | 0.10% | ||
Top of Range | |||
Disclosure Of Employee Compensation And Remuneration Of Directors [Line Items] | |||
Percentage of accrued employees’ compensation and remuneration of directors | 1.00% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Recognized in Profit or Loss (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Current tax | |
Adjustments for prior periods | $ 14,439 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Accounting Profit and Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Loss before income tax | $ (42,171,158) | $ (39,891,978) | $ (9,049,103) |
Income tax benefit calculated at the statutory rate | (7,169,097) | (6,781,636) | (1,538,347) |
Nondeductible expenses in determining taxable income | 112,263 | 4,288,090 | 473,085 |
Tax credits for research and development expenditures | (2,312,251) | (2,224,348) | (990,065) |
Unrecognized loss carryforward | 9,261,996 | 4,519,942 | 2,011,373 |
Effect of different tax rates of group entities operating in other jurisdictions | 107,089 | $ 197,952 | $ 43,954 |
Adjustments for prior periods | 14,439 | ||
Income tax expense recognized in profit or loss | $ 14,439 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major Components Of Tax Expense Income [Line Items] | |||
Unrecognized loss carryforward | $ 9,261,996 | $ 4,519,942 | $ 2,011,373 |
Deferred tax assets recognized on tax losses | 0 | ||
Taxable income | (42,171,158) | $ (39,891,978) | $ (9,049,103) |
Provision for income tax | $ 14,439 | ||
Singapore | |||
Major Components Of Tax Expense Income [Line Items] | |||
Statutory corporate income tax rate | 17.00% | ||
Unrecognized loss carryforward | $ 146,316,690 | ||
Deferred tax assets recognized on tax losses | $ 0 | ||
Taiwan | |||
Major Components Of Tax Expense Income [Line Items] | |||
Statutory corporate income tax rate | 20.00% | 17.00% | 17.00% |
Taiwan | Bottom of Range | |||
Major Components Of Tax Expense Income [Line Items] | |||
Decrease in unappropriated earnings due to the effect of corporate surtax rate | 5.00% | ||
Taiwan | Top of Range | |||
Major Components Of Tax Expense Income [Line Items] | |||
Decrease in unappropriated earnings due to the effect of corporate surtax rate | 10.00% | ||
Australia | |||
Major Components Of Tax Expense Income [Line Items] | |||
Statutory corporate income tax rate | 30.00% | ||
Taxable income | $ 0 | $ 0 | |
Provision for income tax | $ 0 | 0 | |
Hong Kong | |||
Major Components Of Tax Expense Income [Line Items] | |||
Statutory corporate income tax rate | 16.50% | ||
Taxable income | $ 0 | 0 | |
Provision for income tax | 0 | 0 | $ 0 |
Withholding taxes | $ 0 | ||
China | |||
Major Components Of Tax Expense Income [Line Items] | |||
Statutory corporate income tax rate | 25.00% | ||
Taxable income | $ 0 | 0 | |
Provision for income tax | 0 | 0 | $ 0 |
UNITED STATES | |||
Major Components Of Tax Expense Income [Line Items] | |||
Taxable income | 0 | $ 0 | |
Provision for income tax | $ 0 | ||
Federal income tax rate | 21.00% | ||
State income tax rate | 8.70% |
Loss Per Share - Summary of Ear
Loss Per Share - Summary of Earnings Per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic and diluted loss per share | $ (0.28) | $ (0.32) | $ (0.09) |
Loss Per Share - Summary of Los
Loss Per Share - Summary of Loss and Weighted Average Number of Ordinary Shares Outstanding (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Loss used in the computation of basic and diluted loss per share | $ (42,185,597) | $ (39,891,978) | $ (9,049,103) |
Weighted-average number of ordinary shares in the computation of basic loss per share | 149,739,242 | 124,424,960 | 105,027,040 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive outstanding employee share options | 6,664,244 | 7,224,123 | |
Weighted average number of convertible preference shares excluded from the computation of earnings/ loss per share | 34,678,664 | ||
Weighted Average Number of Employee Share Options Excluded from Computation of Earnings/ Loss Per Share | 12,884,672 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Details) | Feb. 28, 2017shares | Sep. 30, 2017shares | Jul. 31, 2016shares | Jul. 31, 2015shares | Jul. 31, 2014shares | Jul. 31, 2013shares | Jul. 31, 2012shares | Jul. 31, 2011shares | Jul. 31, 2010shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018TWD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017TWD ($)shares | Dec. 31, 2016USD ($) |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Number of ordinary shares for initial public offering | 14,458,000 | |||||||||||||
Number of ordinary shares for subscription by employees | 1,446,000 | |||||||||||||
Recognized compensation costs | $ | $ 8,032 | |||||||||||||
Anti-dilutive outstanding employee share options | 6,664,244 | 6,664,244 | 7,224,123 | 7,224,123 | ||||||||||
Compensation costs recognized | $ | $ 451,060 | $ 769,595 | $ 1,419,923 | |||||||||||
Recognized compensation liabilities, Non-current | $ | 162,000 | 289,613 | ||||||||||||
Other Payable | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Recognized compensation liabilities, Current | $ | $ 195,000 | 669,042 | ||||||||||||
Employee Share Option Plan | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Option granted to qualified employee | 825,833 | 1,032,250 | 2,477,336 | 680,625 | 619,250 | 669,750 | 910,000 | 661,000 | ||||||
Share option granted expiration period | 10 years | 10 years | ||||||||||||
Description of vesting requirements for stock option | No performance conditions were attached to the plan. The Company has no legal constructive obligation to repurchase or settle the options in cash | No performance conditions were attached to the plan. The Company has no legal constructive obligation to repurchase or settle the options in cash | ||||||||||||
Decrease in exercise price for award previously granted | 50.00% | 50.00% | ||||||||||||
Anti-dilutive outstanding employee share options | 14,343,213 | 14,343,213 | ||||||||||||
Long Term Incentive Plans | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Share option granted expiration period | 10 years | 10 years | ||||||||||||
Long term incentive plan bonus entitlement units granted | 1,566,000 | 1,566,000 | ||||||||||||
Retrospective share conversion ratio | 500.00% | 500.00% | ||||||||||||
Grant date fair value of award | $ 7.90 | $ 33.45 | 1.10 | $ 33.45 | ||||||||||
Reporting date fair value of award | 3.60 | 1.12 | $ 33.20 | |||||||||||
Recognized total expenses | $ | $ 357,000 | $ 838,677 | ||||||||||||
Long Term Incentive Plan Granted in 2017 | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Option granted to qualified employee | 104,000 | 104,000 | 1,462,000 | 1,462,000 | ||||||||||
Long term incentive plan bonus entitlement units granted | 1,462,000 | 1,462,000 | ||||||||||||
Long Term Incentive Plan Granted in 2018 | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Option granted to qualified employee | 241,142 | 241,142 | ||||||||||||
Long term incentive plan bonus entitlement units granted | 104,000 | 104,000 | ||||||||||||
Long Term Incentive Plan Granted in 2018 | Vest in Thirds Each Year After the First, Second, and Third Anniversary of Award | ||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||||||
Long term incentive plan bonus entitlement units granted | 241,142 | 241,142 |
Share-based Payment Arrangeme_4
Share-based Payment Arrangements - Summary of Fair Value of Share Options Granted to Employees (Details) | May 16, 2017TWD ($)yr | Sep. 30, 2017USD ($)yr | Jul. 31, 2016USD ($)yr | Jul. 31, 2015USD ($)yr | Jul. 31, 2014USD ($)yr | Jul. 31, 2013USD ($)yr | Jul. 31, 2012USD ($)yr | Jul. 31, 2011USD ($)yr | Jul. 31, 2010USD ($)yr | May 16, 2017USD ($) |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | ||||||||||
Grant-date share price (NT$) | $ 68.92 | $ 1.28 | $ 2.26 | $ 1.88 | $ 1.36 | $ 1.36 | $ 1.25 | $ 0.80 | $ 0.80 | |
Exercise price (NT$) | $ 68.92 | $ 1.28 | $ 2.26 | $ 1.36 | $ 0.80 | |||||
Expected volatility | 37.33% | 38.33% | 39.34% | 36.37% | 50.86% | 50.58% | 52.25% | 59.16% | ||
Expected life | yr | 0.02 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |
Risk-free interest rate | 0.08% | 1.1027% | 1.46% | 2.43% | 2.58% | 2.50% | 1.61% | 2.954% | ||
Weighted-average fair value of options (NT$) | $ | $ 1.44 |
Share-based Payment Arrangeme_5
Share-based Payment Arrangements - Summary of Employee Share Options (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | May 16, 2017USD ($) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Weighted-average fair value of options granted | $ 1.44 | |||
July 2010 to July 2016 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of Options, Beginning of Year | shares | 6,887,523 | 6,958,461 | 5,946,461 | |
Number of Options, Granted | shares | 1,032,250 | |||
Number of Options, Forfeited | shares | (5,000) | (70,938) | (20,250) | |
Number of Options, Exercised | shares | (60,000) | |||
Number of Options, Ending of Year | shares | 6,822,523 | 6,887,523 | 6,958,461 | |
Number of Options Exercisable, Ending of Year | shares | 6,595,294 | 5,825,816 | 4,830,503 | |
Weighted-average fair value of options granted | $ 0.89 | $ 0.89 | $ 0.89 | |
Weighted- average Exercise Price, Beginning of Year | 1.41 | 1.42 | 1.27 | |
Weighted -average Exercise Price, Granted | 2.26 | |||
Weighted- average Exercise Price, Forfeited | 2.13 | 1.95 | 1.36 | |
Weighted- average Exercise Price, Exercised | 0.80 | |||
Weighted- average Exercise Price, End of Year | 1.41 | 1.41 | 1.42 | |
Weighted- average Exercise Price, Exercisable End of Year | $ 1.38 | $ 1.30 | $ 1.20 | |
September 2017 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of Options, Beginning of Year | shares | 755,833 | |||
Number of Options, Granted | shares | 825,833 | |||
Number of Options, Forfeited | shares | (57,666) | (70,000) | ||
Number of Options, Ending of Year | shares | 698,167 | 755,833 | ||
Weighted-average fair value of options granted | $ 0.62 | $ 0.62 | ||
Weighted- average Exercise Price, Beginning of Year | 1.28 | |||
Weighted -average Exercise Price, Granted | 1.28 | |||
Weighted- average Exercise Price, Forfeited | 1.28 | 1.28 | ||
Weighted- average Exercise Price, End of Year | $ 1.28 | $ 1.28 |
Share-based Payment Arrangeme_6
Share-based Payment Arrangements - Summary of Outstanding Options (Details) | Dec. 31, 2018USD ($) |
July 2010 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 1.5 |
July 2010 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 0.20 |
July 2010 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 0.80 |
July 2011 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 2.5 |
July 2011 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 0.20 |
July 2011 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 0.80 |
July 2012 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 3.5 |
Exercise price of outstanding share options | $ 0.80 |
July 2013 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 4.5 |
July 2013 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 0.80 |
July 2013 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 1.36 |
July 2014 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 5.5 |
Exercise price of outstanding share options | $ 1.36 |
July 2015 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 6.5 |
July 2015 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 1.36 |
July 2015 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise price of outstanding share options | $ 1.88 |
July 2016 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 7.5 |
Exercise price of outstanding share options | $ 2.26 |
September 2017 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Weighted-average Remaining Contractual Life (Years) | 8.7 |
Exercise price of outstanding share options | $ 1.28 |
Share-based Payment Arrangeme_7
Share-based Payment Arrangements - Summary of Options Granted Priced Using Binomial Option Pricing Model (Details) | May 16, 2017TWD ($)yr | Sep. 30, 2017USD ($)yr | Jul. 31, 2016USD ($)yr | Jul. 31, 2015USD ($)yr | Jul. 31, 2014USD ($)yr | Jul. 31, 2013USD ($)yr | Jul. 31, 2012USD ($)yr | Jul. 31, 2011USD ($)yr | Jul. 31, 2010USD ($)yr |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Grant-date share price (NT$) | $ 68.92 | $ 1.28 | $ 2.26 | $ 1.88 | $ 1.36 | $ 1.36 | $ 1.25 | $ 0.80 | $ 0.80 |
Exercise price | $ 68.92 | $ 1.28 | $ 2.26 | $ 1.36 | $ 0.80 | ||||
Expected volatility | 37.33% | 38.33% | 39.34% | 36.37% | 50.86% | 50.58% | 52.25% | 59.16% | |
Expected life | yr | 0.02 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
Risk-free interest rate | 0.08% | 1.1027% | 1.46% | 2.43% | 2.58% | 2.50% | 1.61% | 2.954% | |
Bottom of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Exercise price | $ 1.36 | $ 0.80 | $ 0.20 | $ 0.20 | |||||
Expected volatility | 54.26% | ||||||||
Risk-free interest rate | 2.96% | ||||||||
Top of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Exercise price | $ 1.88 | $ 1.36 | $ 0.80 | $ 0.80 | |||||
Expected volatility | 54.44% | ||||||||
Risk-free interest rate | 3.22% |
Share-based Payment Arrangeme_8
Share-based Payment Arrangements - Summary of Long Term Incentive Plan (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Incentive Plan Granted in 2017 | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Beginning balance | 1,462,000 | |
Option granted to qualified employee | 104,000 | 1,462,000 |
Awards exercised | (86,666) | |
Ending balance | 1,479,334 | 1,462,000 |
Balance exercisable, end of period | 400,667 | |
Long Term Incentive Plan Granted in 2018 | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Option granted to qualified employee | 241,142 | |
Ending balance | 241,142 |
Operating Lease Arrangements -
Operating Lease Arrangements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of Range | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases lease term | 1 year |
Top of range | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases lease term | 5 years |
Operating Lease Arrangements _2
Operating Lease Arrangements - Schedule of Future Minimum Lease Payments of Non - Cancellable Operating Lease Commitments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |||
Minimum lease payments payable under non-cancellable operating lease | $ 599,393 | $ 1,187,473 | $ 794,273 |
Not Later than One Year | |||
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |||
Minimum lease payments payable under non-cancellable operating lease | 493,534 | 555,133 | 309,220 |
Later than One Year and not Later than Five Years | |||
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |||
Minimum lease payments payable under non-cancellable operating lease | $ 105,859 | $ 632,340 | $ 485,053 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Details) | Dec. 31, 2018USD ($) |
Financial assets at FVTPL | |
Financial assets at fair value through profit or loss (Notes 4, 7 and 15) | $ 60,004 |
Financial assets at FVTOCI | |
Investments in equity instruments at FVTOCI of unlisted companies. | 187,244 |
Fair Value Measured on Recurring Basis | |
Financial assets at FVTPL | |
Financial assets at fair value through profit or loss (Notes 4, 7 and 15) | 60,004 |
Financial assets at FVTOCI | |
Investments in equity instruments at FVTOCI of unlisted companies. | 187,244 |
Fair Value Measured on Recurring Basis | Level 2 | |
Financial assets at FVTOCI | |
Investments in equity instruments at FVTOCI of unlisted companies. | 187,244 |
Fair Value Measured on Recurring Basis | Level 3 | |
Financial assets at FVTPL | |
Financial assets at fair value through profit or loss (Notes 4, 7 and 15) | $ 60,004 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Instruments [Line Items] | |||
Transfer between Level 1 and 2, assets | $ 0 | ||
Concentration of credit risk | $ 0 | ||
Foreign Currency Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Percentage of increase or decrease on exchange rate of foreign currency | 5.00% | ||
Sensitivity rate used in reporting foreign currency risk | 5.00% | ||
Percentage of increase on exchange rate of foreign currency | 5.00% | ||
Percentage of decrease on exchange rate of foreign currency | 5.00% | ||
Interest Rate Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Borrowings, interest rate basis | 1.00% | 1.00% | 1.00% |
Decrease (increase) in pre-tax loss | $ 99,144 | $ 96,795 | $ 83,356 |
Level 3 | |||
Disclosure Of Financial Instruments [Line Items] | |||
Historical volatility | 42.33% |
Financial Instruments - Summary
Financial Instruments - Summary of Categories of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets at FVTPL | |||
Mandatorily classified as at FVTPL | $ 60,004 | ||
Loans and receivables | $ 50,734,158 | $ 53,155,861 | |
Financial assets at amortized cost | 29,080,981 | ||
Financial assets at FVTOCI | |||
Equity instruments | 187,244 | ||
Financial liabilities | |||
Financial liabilities at amortized cost | $ 21,304,150 | $ 15,463,286 | $ 12,139,230 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Group's Significant Financial Assets and Liabilities Denominated in Foreign Currencies (Details) | 12 Months Ended | ||
Dec. 31, 2018SGD ($) | Dec. 31, 2017SGD ($) | Dec. 31, 2016SGD ($) | |
Disclosure Of Financial Instruments [Abstract] | |||
Financial assets, Foreign Currencies | $ 2,297,231 | $ 1,778,293 | $ 1,627,096 |
Financial assets, Exchange Rate | 0.7335 | 0.7482 | 0.6916 |
Financial assets, Carrying Amount | $ 1,685,019 | $ 1,330,600 | $ 1,125,364 |
Financial liabilities, Foreign Currencies | $ 13,515,737 | $ 12,936,189 | $ 12,051,989 |
Financial liabilities, Exchange Rate | 0.7335 | 0.7482 | 0.6916 |
Financial Liabilities, Carrying Amount | $ 9,914,437 | $ 9,679,451 | $ 8,335,631 |
Financial Instruments - Sensiti
Financial Instruments - Sensitivity Analysis of Foreign Currency Risk (Details) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Currency Risk | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact of a 5% change in foreign exchange rates on profit or loss | $ (411,471) | $ (417,443) | $ (360,513) |
Transactions with Related Par_3
Transactions with Related Parties - Schedule of Key Management Personnel Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |||
Short-term employee benefits | $ 2,833,520 | $ 3,203,745 | $ 2,276,467 |
Post-employment benefits | 140,474 | 125,237 | 75,989 |
Share-based payments | 791,310 | 801,701 | 1,078,054 |
Key management personnel compensation | $ 3,765,304 | $ 4,130,683 | $ 3,430,510 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018Segment | Dec. 31, 2016USD ($) | |
Disclosure Of Operating Segments [Line Items] | ||
Number of reportable segment | Segment | 1 | |
Revenue | $ 11,546,971 | |
Out-licensing | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 10,250,000 | |
Out-licensing | Hyundai Pharm Co., Ltd. | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 250,000 | |
Out-licensing | Bristol-Myers Squibb | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 10,000,000 |
Segment Information - Analysis
Segment Information - Analysis of the Group Revenue from Major Products and Services (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |
Revenue | $ 11,546,971 |
Out-licensing | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |
Revenue | 10,250,000 |
Others | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |
Revenue | $ 1,296,971 |