Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | I-MAB |
Entity Central Index Key | 0001778016 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Address Line One | 55th Floor, New Bund Center, 555 West Haiyang Road, Pudong District |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39173 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Postal Zip Code | 200124 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Common Stock, Shares Outstanding | 190,879,919 |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai, China |
Ordinary Share [Member] | |
Document Information [Line Items] | |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Ordinary shares, par value US$0.0001 per share |
No Trading Symbol Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Address Line One | 55th Floor, New Bund Center, 555 West Haiyang Road, Pudong District |
Entity Address, Postal Zip Code | 200124 |
Country Region | 86 |
City Area Code | 21 |
Local Phone Number | 6057-8000 |
Contact Personnel Name | Richard Yeh, Interim |
Contact Personnel Email Address | Richard.Yeh@i-mabbiopharma.com |
ADS | |
Document Information [Line Items] | |
Trading Symbol | IMAB |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American depositary shares, each ten(10) American depositary shares representing twenty-three (23) ordinary shares |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 3,214,005 | $ 465,987 | ¥ 3,523,632 |
Restricted cash | 96,764 | 14,029 | |
Accounts receivable | 0 | 0 | 33,081 |
Contract assets | 0 | 0 | 253,780 |
Short-term investments | 235,429 | 34,134 | 753,164 |
Inventories | 0 | 0 | 27,237 |
Prepayments and other receivables | 80,278 | 11,639 | 190,824 |
Total current assets | 3,626,476 | 525,789 | 4,781,718 |
Property, equipment and software | 60,841 | 8,821 | 45,716 |
Operating lease right-of-use assets | 63,125 | 9,152 | 112,781 |
Intangible assets | 118,888 | 17,237 | 119,666 |
Goodwill | 162,574 | 23,571 | 162,574 |
Investments accounted for using the equity method | 30,850 | 4,473 | 352,106 |
Other non-current assets | 10,911 | 1,582 | 26,634 |
Total assets | 4,073,665 | 590,625 | 5,601,195 |
Current liabilities | |||
Short-term bank borrowings | 18,956 | 2,748 | |
Accruals and other payables | 706,572 | 102,443 | 593,335 |
Contract liabilities, current | 8,677 | 1,258 | |
Operating lease liabilities, current | 23,961 | 3,474 | 30,669 |
Total current liabilities | 758,166 | 109,923 | 624,004 |
Put right liabilities | 88,687 | 12,858 | 96,911 |
Contract liabilities, non-current | 267,878 | 38,839 | 224,000 |
Operating lease liabilities, non-current | 32,069 | 4,650 | 81,786 |
Other non-current liabilities | 16,963 | 2,459 | 14,934 |
Total liabilities | 1,163,763 | 168,729 | 1,041,635 |
Commitments and contingencies | |||
Shareholders' equity | |||
Ordinary shares (US$0.0001 par value, 800,000,000 shares authorized as of December 31, 2021 and 2022; 183,826,753 and 190,879,919 shares issued and outstanding as of December 31, 2021 and 2022, respectively) | 132 | 19 | 126 |
Treasury stock | (21,249) | (3,081) | |
Additional paid-in capital | 9,579,375 | 1,388,879 | 9,100,777 |
Accumulated other comprehensive income (loss) | 213,794 | 30,997 | (186,510) |
Accumulated deficit | (6,862,150) | (994,918) | (4,354,833) |
Total shareholders' equity | 2,909,902 | 421,896 | 4,559,560 |
Total liabilities and shareholders' equity | ¥ 4,073,665 | $ 590,625 | ¥ 5,601,195 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets | ||||||
Ordinary shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Ordinary shares authorized | 800,000,000 | 800,000,000 | 500,000,000 | 500,000,000 | ||
Ordinary shares issued | 190,879,919 | 183,826,753 | ||||
Ordinary shares outstanding | 190,879,919 | 183,826,753 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenues | ||||
Revenues | ¥ (221,563) | $ (32,124) | ¥ 88,026 | ¥ 1,542,668 |
Cost of revenues | (27,237) | (3,949) | (46,432) | |
Expenses | ||||
Research and development expenses | (904,901) | (131,198) | (1,212,958) | (984,689) |
Administrative expenses | (815,766) | (118,275) | (899,943) | (402,409) |
Income (loss) from operations | (1,969,467) | (285,546) | (2,071,307) | 155,570 |
Interest income | 26,908 | 3,901 | 21,333 | 24,228 |
Interest expense | (9) | (1) | (957) | |
Other income (expenses), net | (126,587) | (18,353) | 83,162 | 412,892 |
Equity in loss of affiliates | (437,465) | (63,426) | (367,883) | (108,587) |
Income (loss) before income tax expense | (2,506,620) | (363,425) | (2,334,695) | 483,146 |
Income tax benefit (expense) | (697) | (101) | 3,154 | (12,231) |
Net income (loss) attributable to I-MAB | (2,507,317) | (363,526) | (2,331,541) | 470,915 |
Net income (loss) attributable to ordinary shareholders | (2,507,317) | (363,526) | (2,331,541) | 470,915 |
Net income (loss) attributable to I-MAB | (2,507,317) | (363,526) | (2,331,541) | 470,915 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of nil tax | 400,304 | 58,039 | (135,717) | (120,920) |
Total comprehensive income (loss) attributable to I-MAB | (2,107,013) | (305,487) | (2,467,258) | 349,995 |
Net income (loss) attributable to ordinary shareholders | ¥ (2,507,317) | $ (363,526) | ¥ (2,331,541) | ¥ 470,915 |
Weighted-average number of ordinary shares used in calculating net income (loss) per share - basic | 189,787,292 | 189,787,292 | 174,707,055 | 134,158,824 |
Weighted-average number of ordinary shares used in calculating net income (loss) per share - diluted | 189,787,292 | 189,787,292 | 174,707,055 | 157,231,652 |
Net income (loss) per share attributable to ordinary shareholders | ||||
-Basic | (per share) | ¥ (13.21) | $ (1.92) | ¥ (13.35) | ¥ 3.51 |
-Diluted | (per share) | (13.21) | (1.92) | (13.35) | 3 |
ADS | ||||
Net income (loss) per share attributable to ordinary shareholders | ||||
-Basic | (per share) | (30.38) | (4.41) | (30.71) | 8.07 |
-Diluted | (per share) | ¥ (30.38) | $ (4.41) | ¥ (30.71) | ¥ 6.90 |
Licensing and collaboration revenue | ||||
Revenues | ||||
Revenues | ¥ (249,665) | $ (36,198) | ¥ 40,115 | ¥ 1,542,668 |
Supply of investigational products | ||||
Revenues | ||||
Revenues | ¥ 28,102 | $ 4,074 | ¥ 47,911 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income (Loss) | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) ¥ in Thousands, $ in Thousands | Ordinary share CNY (¥) shares | Treasury stock CNY (¥) shares | Additional paid-in capital CNY (¥) | Accumulated other comprehensive income (loss) CNY (¥) | Accumulated deficit CNY (¥) | CNY (¥) shares | USD ($) shares |
Beginning balance at Dec. 31, 2019 | ¥ 6 | ¥ 389,379 | ¥ 70,127 | ¥ (2,494,207) | ¥ (2,034,695) | ||
Beginning balance (in shares) at Dec. 31, 2019 | shares | 8,363,719 | ||||||
Foreign currency translation adjustments | (120,920) | (120,920) | |||||
Net income (loss) | 470,915 | 470,915 | |||||
Share-based compensation of I-Mab | 402,413 | 402,413 | |||||
Exercise of stock options | ¥ 3 | 7,771 | 7,774 | ||||
Exercise of stock options (in shares) | shares | 1,841,373 | ||||||
Issuance of ordinary shares for restricted share units | 46 | 46 | |||||
Issuance of ordinary shares for restricted share units (in shares) | shares | 7,000 | ||||||
Conversion from convertible promissory notes | ¥ 1 | 58,825 | 58,826 | ||||
Conversion from convertible promissory notes (in shares) | shares | 900,000 | ||||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate | 41,163 | 41,163 | |||||
Capital contribution from stock option surrender | 91,051 | 91,051 | |||||
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO") | ¥ 69 | 3,104,108 | 3,104,177 | ||||
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO") (in shares) | shares | 99,760,129 | ||||||
Issuance of ordinary shares to Everest | ¥ 4 | 254,844 | 254,848 | ||||
Issuance of ordinary shares to Everest (in shares) | shares | 6,078,571 | ||||||
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost | ¥ 13 | 697,865 | 697,878 | ||||
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares) | shares | 18,804,225 | ||||||
Issuance of ordinary shares upon private placement, net of issuance cost | ¥ 18 | 2,543,908 | 2,543,926 | ||||
Issuance of ordinary shares upon private placement, net of issuance cost (in shares) | shares | 29,133,502 | ||||||
Issuance of warrants | 109,743 | 109,743 | |||||
Ending balance at Dec. 31, 2020 | ¥ 114 | 7,701,116 | (50,793) | (2,023,292) | 5,627,145 | ||
Ending balance (in shares) at Dec. 31, 2020 | shares | 164,888,519 | ||||||
Foreign currency translation adjustments | (135,717) | (135,717) | |||||
Net income (loss) | (2,331,541) | (2,331,541) | |||||
Share-based compensation of I-Mab | 608,609 | 608,609 | |||||
Exercise of stock options | ¥ 5 | 51,310 | 51,315 | ||||
Exercise of stock options (in shares) | shares | 8,227,843 | ||||||
Issuance of ordinary shares for restricted share units | ¥ 4 | 8,547 | 8,551 | ||||
Issuance of ordinary shares for restricted share units (in shares) | shares | 5,369,140 | ||||||
Exercise of warrants | ¥ 3 | 672,661 | 672,664 | ||||
Exercise of warrants (in shares) | shares | 5,341,267 | ||||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate | 58,534 | 58,534 | |||||
Ordinary shares surrendered by a shareholder (in shares) | shares | (16) | ||||||
Ending balance at Dec. 31, 2021 | ¥ 126 | ¥ 0 | 9,100,777 | (186,510) | (4,354,833) | 4,559,560 | |
Ending balance (in shares) at Dec. 31, 2021 | shares | 183,826,753 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | shares | 0 | ||||||
Foreign currency translation adjustments | 400,304 | 400,304 | $ 58,039 | ||||
Net income (loss) | (2,507,317) | (2,507,317) | $ (363,526) | ||||
Share-based compensation of I-Mab | 357,148 | 357,148 | |||||
Exercise of stock options | ¥ 5 | 44,645 | ¥ 44,650 | ||||
Exercise of stock options (in shares) | shares | 6,845,888 | ||||||
Issuance of ordinary shares for restricted share units | ¥ 1 | (1) | |||||
Issuance of ordinary shares for restricted share units (in shares) | shares | 1,859,819 | 7,235,959 | 7,235,959 | ||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate | 76,806 | ¥ 76,806 | |||||
Repurchase of shares | ¥ (21,249) | (21,249) | |||||
Repurchase of shares (in shares) | shares | (1,652,541) | ||||||
Ending balance at Dec. 31, 2022 | ¥ 132 | ¥ (21,249) | ¥ 9,579,375 | ¥ 213,794 | ¥ (6,862,150) | ¥ 2,909,902 | $ 421,896 |
Ending balance (in shares) at Dec. 31, 2022 | shares | 192,532,460 | ||||||
Ending balance (in shares) at Dec. 31, 2022 | shares | (1,652,541) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Statements of Changes in Shareholders' Equity (Deficit) | |||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities | ||||
Net income (loss) | ¥ (2,507,317) | $ (363,526) | ¥ (2,331,541) | ¥ 470,915 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||||
Depreciation of property, equipment and software | 25,340 | 3,674 | 13,776 | 12,743 |
Amortization of intangible assets | 778 | 113 | 778 | 1,556 |
Loss on disposal of property, equipment and operating lease right-of-use asset | 117 | 17 | 288 | 8 |
Fair value change of put right liabilities | (34,260) | (4,967) | (16,628) | (3,024) |
Equity in loss of affiliates | 437,465 | 63,426 | 367,883 | 108,587 |
Share-based compensation | 357,148 | 51,782 | 608,609 | 493,464 |
Amortization of right-of use assets and interest of lease liabilities | 37,698 | 5,466 | 19,582 | 8,837 |
Recognition of deferred cost for planned dual listing | 14,613 | 2,119 | ||
Gains on deconsolidation of a subsidiary | (407,598) | |||
Fair value change of short-term and other investments | 13,549 | 1,964 | (30,360) | (11,288) |
Changes in operating assets and liabilities | ||||
Accounts receivable | 33,081 | 4,796 | 97,417 | (130,498) |
Contract assets | 253,780 | 36,795 | (26,389) | (227,391) |
Prepayments and other receivables | 109,226 | 15,835 | (5,155) | (58,692) |
Inventories | 27,237 | 3,949 | (27,237) | |
Accruals and other payables | 109,863 | 15,928 | 152,101 | 173,713 |
Contract liabilities | 52,555 | 7,620 | 224,000 | |
Other non-current liabilities | 2,029 | 294 | 5,959 | 7,474 |
Deferred subsidy income | (7,509) | 3,589 | ||
Lease liabilities | (35,707) | (5,177) | (18,667) | (8,837) |
Net cash generated from (used in) operating activities | (1,102,805) | (159,892) | (973,093) | 433,558 |
Cash flows from investing activities | ||||
Purchase of property, equipment and software | (45,830) | (6,645) | (29,932) | (8,008) |
Proceeds from disposal of property and equipment | 26 | 4 | ||
Capital injection in an affiliate | (6,000) | |||
Proceeds from disposal of short-term and other investments | 7,911,518 | 1,147,062 | 9,482,040 | 2,503,749 |
Purchase of short-term and other investments | (7,407,332) | (1,073,962) | (10,173,314) | (2,491,991) |
Cash disposed of resulting from deconsolidation of a subsidiary | (257,651) | |||
Cash received from repayment of loans due from an affiliate | 52,000 | |||
Net cash generated from (used in) investing activities | 458,382 | 66,459 | (727,206) | (201,901) |
Cash flows from financing activities | ||||
Proceeds from initial public offering and over-allotment, net of underwriting discounts and commissions | 726,300 | |||
Payment of issuance cost for initial public offering and over-allotment | (27,595) | |||
Proceeds from private placement | 2,789,699 | |||
Payments of the issuance cost in relation to private placement | (128,786) | (7,244) | ||
Payments of cost in relation to planned dual listing | (9,820) | |||
Proceeds from exercise of warrants | 672,664 | 0 | ||
Proceeds from exercise of stock options | 44,650 | 6,474 | 51,315 | 9,275 |
Proceeds from issuance of ordinary shares for restricted share units | 8,551 | 46 | ||
Proceeds from bank borrowings | 18,956 | 2,748 | ||
Repayment of bank borrowings | (50,000) | |||
Payment for stock repurchase | (21,249) | (3,081) | ||
Prepayment for stock repurchase | 34,859 | |||
Cash received from collection of prepayment for stock repurchase program | 34,859 | |||
Net cash generated from financing activities | 42,357 | 6,141 | 593,924 | 3,440,481 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 389,203 | 56,429 | (128,771) | (106,643) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (212,863) | (30,863) | (1,235,146) | 3,565,495 |
Cash, cash equivalents and restricted cash, beginning of year | 3,523,632 | 510,879 | 4,758,778 | 1,193,283 |
Cash, cash equivalents and restricted cash, end of the year | 3,310,769 | 480,016 | 3,523,632 | 4,758,778 |
Additional ASC 842 supplemental disclosures | ||||
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | 35,707 | 5,177 | 18,667 | 8,837 |
Right-of-use assets obtained in exchange for operating lease obligations | 9,888 | 1,434 | 118,436 | 7,459 |
Other supplemental cash flow disclosures | ||||
Interest paid | 957 | |||
Income tax paid | 9,077 | |||
Non-cash activities | ||||
Payables for purchase of property, equipment and software | 7,124 | 1,033 | 6,679 | |
Accrued planned dual listing costs payable | ¥ 4,793 | |||
Recognition of put right liabilities | ¥ 17,729 | $ 2,570 | ||
Accrued private placement offering costs payable | 128,786 | |||
Ordinary shares issued to Everest | 254,848 | |||
Conversion of preferred shares to ordinary shares | 3,104,177 | |||
Conversion of convertible promissory notes to ordinary shares | ¥ 58,826 |
PRINCIPAL ACTIVITIES AND ORGANI
PRINCIPAL ACTIVITIES AND ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | 1. PRINCIPAL ACTIVITIES AND ORGANIZATION I-Mab (the “Company”) was incorporated in the Cayman Islands on June 30, 2016 as an exempted company with limited liability under the Companies Act of the Cayman Islands. The Company and its subsidiaries (together the “Group”) are principally engaged in discovering and developing transformational biologics in the fields of immuno-oncology and immuno-inflammation diseases in the People’s Republic of China (the “PRC”) and other countries and regions. On January 17, 2020, the Company consummated its IPO on the Nasdaq Global Market, where 7,407,400 American Depositary Shares (“ADSs”) were issued at the price of US$14.00 per ADS for total gross proceeds of US$103.7 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total gross proceeds of US$114.5 million. Each ten ADSs represents twenty-three ordinary shares of the Company. As of December 31, 2022, the Company’s principal subsidiaries are as follows: Percentage of direct or indirect Date of ownership Place of incorporation or by the Subsidiaries incorporation acquisition Company Principal activities I-Mab Biopharma Hong Kong Limited (“I-Mab Hong Kong”) Hong Kong July 8, 2016 100 % Investment holding I-Mab Biopharma Co., Ltd. (“I-Mab Shanghai”) PRC August 24, 2016 100 % Research and development of innovative medicines I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”) PRC July 15, 2017 100 % Research and development of innovative medicines I-Mab Biopharma US Ltd. U.S. February 28, 2018 100 % Research and development of innovative medicines Zhejiang Tianli Pharmaceutical Sales Co., Ltd. PRC September 29,2021 100 % Sales and distribution of medicine products |
PRINCIPAL ACCOUNTING POLICIES
PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACCOUNTING POLICIES | |
PRINCIPAL ACCOUNTING POLICIES | 2. PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.2 Basis of consolidation The accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation. The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (VIE) or voting interest model. The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 10). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive kick-out or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. As of December 31, 2022, the Group determined that the one entity subject to the consolidation guidance is a VIE for which the Group is not the primary beneficiary. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.3 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as fair value measurements of short-term investments, warrants and put right liabilities, impairment of accounts receivables, contract assets, other receivables, long-lived assets, intangible assets and goodwill, useful lives of property, equipment and software, recognition of right-of-use assets and lease liabilities, accrued research and development expenses, cost-to-cost measure of progress for over time performance obligations, variable consideration in collaboration revenue arrangements, determination of the standalone selling price of each performance obligation in the Company’s revenue arrangements, valuation of share-based compensation arrangements, deferred tax assets valuation allowances and provision for ongoing litigation. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. 2.4 Fair value measurements Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities, and other non-current liabilities. As of December 31, 2021 and 2022, except for short-term investments and put right liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments and put right liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive income (loss). The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows: Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 includes unobservable inputs that reflect the management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including the own data. Assets and liabilities measured at fair value on a recurring basis The Group measures its short-term investments and put right liabilities at fair value on a recurring basis. As the Group’s short-term investments and put right liabilities are not traded in an active market with readily observable prices, the Group uses significant unobservable inputs to measure the fair value of short-term investments and put right liabilities. These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2021 and 2022: As of December 31, 2021 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 753,164 753,164 Liabilities Put right liabilities — — 96,911 96,911 As of December 31, 2022 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 235,429 235,429 Liabilities Put right liabilities — — 88,687 88,687 The roll forward of major Level 3 financial assets and financial liabilities are as follows: Short-term Put right investments liabilities Fair value of Level 3 financial assets and liabilities as of December 31, 2020 31,530 116,006 Purchase of short-term and other investments 10,173,314 — Disposal of short-term and other investments (9,482,040) — Fair value changes 30,360 (16,628) Currency translation differences — (2,467) Fair value of Level 3 financial assets and liabilities as of December 31, 2021 753,164 96,911 Purchase of short-term and other investments 7,407,332 — Disposal of short-term and other investments (7,911,518) — Recognition of put right liabilities — 17,729 Fair value changes (13,549) (34,260) Currency translation differences — 8,307 Fair value of Level 3 financial assets and liabilities as of December 31, 2022 235,429 88,687 See Note 10 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2021 and 2022. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.5 Foreign currency translation The Group uses Chinese Renminbi (“RMB”) as its reporting currency. The United States Dollar (“US$”) is the functional currency of the Group’s entities incorporated in the Cayman Islands, the United States of America (“U.S.”) and Hong Kong, and the RMB is the functional currency of the Company’s PRC subsidiaries. Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in other than the functional currencies are translated at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive income (loss). The consolidated financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses are translated at the average exchange rates prevailing for the year. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income (loss). The exchange rates used for translation on December 31, 2021 and 2022 were US$1.00 = RMB6.3757 and RMB6.9646 respectively, representing the index rates stipulated by the People’s Bank of China. Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income (loss), consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited. 2.6 Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Group considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. 2.7 Restricted cash Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing and bank notes agreements. Such restricted cash will be released when the Group repays the related bank borrowings or bank notes. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.7 Restricted cash (continued) Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows: As of December 31, 2021 2022 RMB RMB Cash and cash equivalents 3,523,632 3,214,005 Restricted cash — 96,764 Total 3,523,632 3,310,769 2.8 Accounts receivable Accounts receivable are stated at amortized cost less allowance for credit losses. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions. 2.9 Short-term investments Short-term investments represent the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss). 2.10 Inventories Prior to the regulatory approval of product candidates, the Company may incur expenses for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. Investigational products for external supply are capitalized as inventories with probable future economic benefit. Inventories are stated at the lower of cost and net realizable value, with cost determined in a manner that approximates the first-in, first-out method. The Company periodically analyzes its inventory levels, and writes down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of product sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded in the consolidated statements of comprehensive income (loss). 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.11 Property, equipment and software Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account of any estimated residual value: Laboratory equipment 3 to 10 years Software 1 Office furniture and equipment 5 years Delivery equipment 4 years Leasehold improvements Lesser of useful life or lease term The Group recognizes the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive income (loss). 2.12 Intangible assets Intangible assets acquired in a business combination that are used in research and development activities, or in-process research and development (IPR&D) intangible assets, are considered indefinite lived until the completion or abandonment of the associated research and development efforts. During the period that those assets are considered indefinite lived, they are not amortized but are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If after assessing the totality of events and circumstances and their potential effect on significant inputs to the fair value determination the Group determines that it is not more likely than not that the indefinite-lived intangible is impaired, then the entity shall calculate the fair value of the intangible asset and perform the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. For IPR&D assets, the impairment loss is recognized in research and development expenses in the consolidated statements of comprehensive income (loss). Intangible assets with finite useful lives are amortized over their useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the Group. The Group uses the straight-line amortization method when the economic benefits of the intangible assets are consumed or otherwise used up cannot be reliably determined. In particular, the Group amortizes the contract related intangible assets with finite useful lives over 10 to 20 years on a straight-line basis in accordance with the economic life of the out-licensed patent. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. If circumstances require an intangible asset be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset to its carrying amount. If the carrying amount is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. For intangible assets with finite useful life, the impairment loss is recognized in cost of revenues in the consolidated statements of comprehensive income (loss). 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.13 Impairment of long-lived assets Long-lived assets, such as property, plant, and software, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. For the years ended December 31, 2020, 2021 and 2022, there was no impairment of the value of the Group’s long-lived assets. 2.14 Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Group allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill is tested on at least an annual basis or whenever events or changes in circumstances indicate that the carrying value of the reporting unit exceeds its fair value. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. 2.15 Long-term investments The Group’s long-term investments include equity investments in an affiliate in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. The investment is accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of the equity investee’s net income or loss after the date of investment. When the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests, applying the percentage ownership interest to U.S. GAAP net income in order to determine earnings or losses does not accurately represent the income allocation and cash flow distributions that will ultimately be received by the investors. As such, for this type of investments, the Group uses the Hypothetical Liquidation at Book Value (“HLBV”) method for allocating earnings or losses of the equity method investee. The HLBV method is considered as a balance sheet approach. Specifically, a calculation is prepared at each balance sheet date to determine the amount that the Group would receive if an equity investment entity were to liquidate all of its assets (as valued in accordance with U.S. GAAP) and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Group’s share of the earnings or losses from the equity investment for the period. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.15 Long-term investments (continued) As it relates to the share-based compensation awarded by an equity method investee to its own employees, the Group recognizes its proportionate share of the compensation expense over the vesting period, included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss). As it relates to the share-based compensation awarded by the Group to the equity method investee employees that are based on the Group’s stock, when the other investors do not provide proportionate value to the investee or the Group does not receive any consideration, the Group expenses the entire cost associated with the award in the same period the costs are recognized by the investee, to the extent that the Group’s claim on the investee’s book value has not been increased. The expenses recognized by the Group is included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss). The Group evaluates the equity method investment for impairment under ASC 323. An impairment loss on the equity method investments is recognized in losses when the decline in value is determined to be other-than-temporary. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. 2.16 Revenue recognition The Group adopted Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. An the entity performs the following five steps to account for the arrangements that an entity determines are within the scope of ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group audits the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Collaboration revenue At contract inception, we analyze its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, we first determine if the collaboration is deemed to be within the scope of ASC 808. For any units of account that are reflective of a vendor-customer relationship those units of account are accounted for within the scope of ASC 606. For any units of account that are not accounted for under ASC 606 and therefore accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.16 Revenue recognition (continued) The Group’s collaborative arrangements may contain more than one unit of account, or performance obligation, such as grant of licenses of intellectual property rights, promises to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. When multiple units of account or performance obligations are identified within the arrangements, the Group must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Group considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Group’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For the license that is determined to be distinct, the Group recognizes revenues in the amount of non-refundable, up-front fees allocated to the license at a point in time, upon which the license is transferred to the licensee and the licensee is able to use and benefit from the license. Research and Development Services: The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as revenue over time as delivery or performance of such services provided to the Group’s customers occurs. Milestone Payments : At the inception of each arrangement that includes development, commercialization, and regulatory milestone payments, the Group evaluates whether the milestones are considered probable of being reached and to the extent that a significant reversal of cumulative revenue would not occur in future periods, estimates the amount to be included in the transaction price using the most likely amount method. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Group recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Group re-evaluates the probability of achieving such development milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Any resulting adjustment is recorded on a cumulative catch-up basis, which would affect the Group’s reported revenues and earnings in the period of the adjustment. Royalties : For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the sales-based royalties or milestone payments relate, the Group recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Supply of investigational products Revenue from supply of investigational products is recognized when there is a transfer of control from the Group to the customer. The Group determines transfer of control based on when the product is delivered, and title passed to the customer. Sales are generally made with a limited right of return under certain conditions. Revenues are recorded net of provisions for sales discounts and returns. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.16 Revenue recognition (continued) Contract assets and liabilities Contract assets primarily represent revenue earnings over time that are not yet billable based on the terms of the contracts. The Group does not have impairment losses associated with contracts with customers for the years ended December 31, 2020, 2021 and 2022. Contract liabilities consist of fees invoiced or paid by the Group’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Group’s revenue recognition criteria described above. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the consolidated balance sheet when the Group expects to complete the related performance obligations and invoice the customers within one year of the balance sheet date, and as long-term when the Group expects to complete the related performance obligations and invoice the customers more than one year out from the balance sheet date. Contract liabilities are classified as current in the consolidated balance sheet when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date. Cost-to-cost measure of progress for over time performance obligations Under the Group’s certain licensing and collaboration arrangement entered into with a business partner, the Group recognized revenue using the cost-to-cost measure of progress for its over time performance obligations as this recognition best depicts the transfer of benefits to its business partner as costs are incurred under the licensing and collaboration arrangement. Under the cost-to-cost measure of progress method, the extent of progress towards completion is measured based on the ratio of costs incurred to-date to the total estimated costs for completion of the performance obligations. The Group applied significant judgment in estimating the total estimated costs for completion of performance obligations under such licensing and collaboration arrangement. 2.17 Value-added-tax (“VAT”) recoverable and surcharges Value added tax recoverable re |
ACCOUNTS RECEIVABLE AND CONTRAC
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS | |
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS | 3. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS Accounts receivable and contract assets, net of allowance for credit losses, consisted of the following: As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Accounts receivable, gross 33,081 — — Allowance for credit losses — — — Accounts receivable, net 33,081 — — As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Contract assets, gross (Note 17) 253,780 — — Allowance for credit losses — — — Contract assets, net 253,780 — — No allowance for credit losses was recorded as of December 31, 2021 and 2022. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | 4. Inventories Inventories consist of the following: As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Investigational products 27,237 — — In April 2021, the Group entered into a master clinical supply agreement with AbbVie. Inc for the supply of investigational products for use in the clinical trials. For the year ended December 31, 2021, the Group recognized revenue of RMB47,911 for the products delivered to AbbVie. Inc. The inventories balance as of December 31, 2021 represented the investigational products that have been produced by the contract manufacturer and transferred control to the Group. For the year ended December 31, 2022, the Group recognized revenue of RMB28,102 for the products delivered to AbbVie. Inc. |
PREPAYMENTS AND OTHER RECEIVABL
PREPAYMENTS AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2022 | |
PREPAYMENTS AND OTHER RECEIVABLES | |
PREPAYMENTS AND OTHER RECEIVABLES | 5. PREPAYMENTS AND OTHER RECEIVABLES As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Prepayments: – Prepayments to CRO vendors 79,568 32,960 4,779 – 906 1,321 192 – 8,079 8,231 1,193 Value-added tax recoverable 89,578 8,197 1,188 Deposits 616 4,570 663 Other receivables 12,077 24,999 3,624 190,824 80,278 11,639 |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY, EQUIPMENT AND SOFTWARE | |
PROPERTY, EQUIPMENT AND SOFTWARE | 6. PROPERTY, EQUIPMENT AND SOFTWARE Property, equipment and software consist of the following: As of December 31, As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Cost Laboratory equipment 36,295 52,989 7,683 Leasehold improvement 18,945 37,375 5,419 Software 11,071 14,506 2,103 Office furniture and equipment 2,468 11,171 1,620 Delivery equipment — 165 24 Total property, equipment and software 68,779 116,206 16,849 Less: accumulated depreciation and amortization (44,162) (61,583) (8,929) Net book value 24,617 54,623 7,920 Construction in progress 21,099 6,218 901 Total net book value of property, equipment and software 45,716 60,841 8,821 The total amounts charged to the consolidated statements of comprehensive income/(loss) for depreciation and amortization expenses amounted to approximately RMB12.7 million and RMB13.8 million and RMB25.3 million (US$3.7 million), for the years ended December 31, 2020, 2021 and 2022, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
LEASES | 7. LEASES As of December 31, 2022, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2028. The Group does not plan to cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. All the Group’s leases qualify as operating leases. Information related to operating leases as of December 31, 2021 and 2022 is as follows (in thousands, except for percentages and years). As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Assets Operating lease right-of-use assets 112,781 63,125 9,152 Liabilities Operating lease liabilities, current 30,669 23,961 3,474 Operating lease liabilities, non-current 81,786 32,069 4,650 Weighted average remaining lease term (years) 3.6 2.9 2.9 Weighted average discount rate 5 % 5 % 5 % Information related to operating lease activities during the years ended December 31, 2020, 2021 and 2022 are as follows: For the Year Ended 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Operating lease rental expense Amortization of right-of-use assets 8,158 16,997 34,520 5,005 Expense for short-term leases within 12 months — 16 12 2 Interest of lease liabilities 679 2,585 3,178 461 8,837 19,598 37,710 5,468 Maturities of lease liabilities were as follows: As of December 31, 2022 RMB US$ (Note 2.5) 2023 37,867 5,490 2024 26,723 3,874 2025 5,193 753 2026 5,288 767 2027 4,729 686 Thereafter 1,209 175 Total undiscounted lease payments 81,009 11,745 Less: imputed interest (24,979) (3,621) Total lease liabilities 56,030 8,124 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS Intangible assets as of December 31, 2021 and 2022 are summarized as follows: As of December 31, 2021 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB Intangible assets TJ103 11,670 (2,334) 9,336 IPR&D TJ101 110,330 — 110,330 Total intangible assets 122,000 (2,334) 119,666 As of December 31, 2022 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB Intangible assets TJ103 11,670 (3,112) 8,558 IPR&D TJ101 110,330 — 110,330 Total intangible assets 122,000 (3,112) 118,888 The two IPR&D assets (TJ103 and TJ101) were acquired from the business combination of I-Mab Tianjin and its subsidiaries including Chengdu Tasgen Bio-Tech Co., Ltd. and Shanghai Tianyunjian Bio-Tech Co., Ltd. (together the “Tasgen Group”) in 2017. The licensor of two IPR&D assets was Genexine, Inc. The gross carrying amounts represent the fair value assigned to the respective research and development assets. At the date of acquisition, all three assets had not reached technological feasibility. IPR&D related to TJ103 was subsequently determined to have a finite useful life as a result of an out-licensing arrangement. Consequently, the Group uses the straight-line method to amortize the asset. The amortization for the years ended December 31, 2020, 2021 and 2022 was RMB1,556, RMB778 and RMB778, respectively. The estimated amortization expense for each of the five succeeding years As of December 31, 2021 and 2022, there was no impairment of the value of the Group’s intangible assets. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL | |
GOODWILL | 9. GOODWILL On July 15, 2017, the Group acquired 66.67% of the equity interests in the Tasgen Group by issuing convertible preferred shares, and controlled the board of directors and business of I-Mab Tianjin since then. Tasgen Group is principally engaged in the research and development of innovative medicines and the Group acquired Tasgen Group for its research team, technical experience, and IPR&D pipeline assets (see Note 8). As of December 31, 2021 and 2022, the goodwill of RMB162,574 represented the goodwill generated from the aforementioned acquisition of Tasgen Group and the business of Tasgen Group was fully integrated into the Company after the acquisition. As of December 31, 2021, the Group performed a qualitative assessment by evaluating relevant events and circumstances that would affect the Group’s single reporting unit and did not note any indicator that it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount and therefore the Group’s goodwill was not impaired. As of December 31, 2022, the Group performed the quantitative impairment test by comparing the Group’s single reporting unit’s carrying amount, including goodwill, to its fair value. The Group’s single reporting unit fair value was determined using discounted cash flows based on ten-year financial projections with future revenues assumption for direct product sales of each pipeline plus a terminal value related to cash flows beyond the projection period extrapolated at an estimated terminal growth rate. A pre-tax discount rate was applied, which reflected an assessment of time value and specific risks relating to the industries that the Group operates in. The probabilities of the success of the clinical trials based on the status of these trials and reference to the industry benchmark was also incorporated into the assumption of future revenues. Management leveraged their experiences in the industries and provided forecast based on past performance and their anticipation of future business and market developments. Management has not identified reasonably possible change in key assumptions that could cause carrying amounts of the Group’s single reporting unit to exceed the fair value as material headroom resulted from the impairment reviews over their respective carrying amounts. No impairment was recognized for the year ended December 31, 2022. |
INVESTMENT ACCOUNTED FOR USING
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | |
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (a) Investment in I-Mab Hangzhou I-Mab Hangzhou, incorporated on June 16, 2019, was a wholly owned subsidiary of I-Mab Hong Kong with registered capital of US$30 million, which was paid up by I-Mab Hong Kong on September 14, 2020. On September 15, 2020 (the “Series A Closing Date”), I-Mab Hong Kong entered into an equity transfer and investment agreement (the “Series A SPA”) with (i) a limited partnership jointly established by the management of I-Mab Hangzhou to hold restricted equity of I-Mab Hangzhou issued to the management (“Management Holdco”), (ii) a limited partnership established to hold the shares of I-Mab Hangzhou for future equity incentive plan (“ESOP Holdco”) and (iii) a group of domestic investors in China (“Series A Domestic Investors”). In accordance with the terms of the Series A SPA, (i) I-Mab Hong Kong agreed to assign all rights and obligations/ownership of certain drug candidates in different stages of development (“Target Pipelines”) to I-Mab Hangzhou as of the Series A Closing Date as well as to transfer employment of a team of designated management/workforce to I-Mab Hangzhou. The Target Pipelines were evaluated by an independent valuer, with a total value of US$ 105 million as of the Series A Closing Date; 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) Investment in I-Mab Hangzhou (continued) (ii) Management Holdco would acquire 10% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 10% equity is represented by I-Mab Hangzhou’s registered capital of US$3 million, and that after acquiring such equity, Management Holdco is committed to pay US$3 million in cash to I-Mab Hangzhou to fulfil its capital contribution obligations in a period of four years starting from the Series A Closing Date; (iii) ESOP Holdco would acquire 5% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 5 % equity is represented by I-Mab Hangzhou’s registered capital of US$1.5 million. All of such equity would be used for I-Mab Hangzhou’s future equity incentive plan. (iv) Series A Domestic Investors would acquire a total of 40% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 40% equity is represented by I-Mab Hangzhou’s registered capital of US$12 million, and after acquiring such equity of I-Mab Hangzhou, Domestic Investors would pay US$120 million collectively in cash to I-Mab Hangzhou to fulfil its capital contribution obligations. Upon closing of the Series A SPA, the registered capital of I-Mab Hangzhou remained to be US$30 million. As of December 31, 2020, among the total 25,500,000 outstanding shares of I-Mab Hangzhou, 13,500,000 shares were held by I-Mab Hong Kong while the remaining 12,000,000 shares was held by Series A Domestic Investors. Shares subscribed by Management Holdco and ESOP Holdco, in the total number of 4,500,000, have not yet been purchased by or issued to Management Holdco and ESOP Holdco as of December 31, 2020. Once all these 4,500,000 subscribed shares of I-Mab Hangzhou are purchased by or issued to Management Holdco and ESOP Holdco, the equity interest in I-Mab Hangzhou held by I-Mab Hong Kong, Series A Domestic Investors, Management Holdco and ESOP Holdco would be 45%, 40%, 10% and 5% respectively. For the years ended December 31, 2021 and 2022, 750,000 and 750,000 shares were issued to Management Holdco, respectively. On the same day, I-Mab Hong Kong also entered into a shareholders agreement with the aforementioned investors (the “Series A SHA”). According to the SHA and I-Mab Hangzhou’s articles of association, the board of directors of I-Mab Hangzhou shall be composed of seven directors. The directors shall be elected in the following ways: I-Mab Hong Kong is entitled to appoint three directors, including the chairman of the board of directors, as well as nominate one independent director; the Management Holdco is entitled to appoint one director; two non-related entities of the Series A Domestic Investors are entitled to appoint one director respectively (“Investors Directors”). Each director of the board of directors shall have one vote. I-Mab Hong Kong, Management Holdco and ESOP Holdco agree to act in concert, as long as each of Management Holdco and ESOP Holdco respectively holds equity in I-Mab Hangzhou, when exercising the rights as a shareholder. As a result of the above transactions, I-Mab Hangzhou became an affiliate of the Group on the Series A Closing Date in accordance with ASC 810 since I-Mab Hangzhou meets the definition of a business under ASC 805. Pipeline candidate related matters are considered to be the activities that most significantly impact the economic performance of I-Mab Hangzhou at the current stage, and these matters cannot be acted without the consent from Series A Investors Directors. In accordance with ASC 810-10, I-Mab Hangzhou is a variable interest entity, and no shareholder shall consolidate I-Mab Hangzhou under VIE model as neither party have the power to direct all the activities that most significantly impact the economic performance of I-Mab Hangzhou. Therefore, the Group deconsolidated I-Mab Hangzhou and retained significant influence in I-Mab Hangzhou. The investment was accounted for using the equity method. The retained investment in the common stock of I-Mab Hangzhou was initially measured at fair value in accordance with ASC 810-10-40. 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) Investment in I-Mab Hangzhou (continued) The Group determined the fair value of its retained equity interest with the assistance of an independent third-party valuation firm. The Group used equity allocation model to estimate the fair value of the investment. The fair value as of the Series A Closing Date was US$112,039 (equivalent to approximately RMB764,352), which reflected the fact that the shares subscribed by Management Holdco and ESOP Holdco were not issued and outstanding as of the Series A Closing Date. A gain of RMB407,598 was recognized as a result of the deconsolidation in September 2020. The gain represented the difference between: i) The fair value of the retained noncontrolling investment in I-Mab Hangzhou at the Series A Closing Date; and ii) The aggregate of all of the following: a) the carrying amount of transferred intellectual property related to TJ102 at the Series A Closing Date; b) the fair value of the put right liabilities written by I-Mab Hong Kong to Series A Domestic Investors; c) the carrying amount of I-Mab Hangzhou’s net assets at the Series A Closing Date. Subsequently, pursuant to the I-Mab Hangzhou’s articles of association, the Group applies the HLBV method to allocate earnings or losses of I-Mab Hangzhou because the liquidation rights and priorities sufficiently differ from what is reflected by the underlying percentage ownership interests. The Group recognized RMB67,425, RMB309,208 and RMB360,436 in equity in loss of an affiliate in the consolidated statements of comprehensive loss for the years ended December 31, 2020, 2021 and 2022, and in investment accounted for using the equity method in the consolidated balance sheets as of December 31, 2020, 2021 and 2022, respectively. The purchase price of US$3 million committed by Management Holdco under Series A SPA, representing 10% of the equity of I-Mab Hangzhou, is significantly lower than the fair value of the corresponding subscribed shares as of the Closing Date. The excess is considered as share-based compensation to the I-Mab Hangzhou’s management for the services to be used or consumed in the I-Mab Hangzhou’s own operations. The share-based compensation is considered granted upon the Closing Date and cliff vests after five years of service since the Series A Closing Date. Consequently, the Group recognizes its proportionate share of the compensation expense recorded by I-Mab Hangzhou. For the years ended December 31, 2020, 2021 and 2022, the Group recognized RMB8,456, RMB28,236 and RMB29,375 in equity in loss of affiliates in the consolidated financial statements of comprehensive loss, respectively. Along with the equity transfer transaction, the team of designated management/workforce transferred from the Group to I-Mab Hangzhou consists of several grantees under the Group’s 2020 Share Incentive Plan (“2020 Plan”, see Note 16(d)). And there were some employees transferred from the Group to I-Mab Hangzhou in 2021 and 2022.These individuals continued to qualify the definition of the eligible participants under the 2020 Plan and 2021 Share Incentive Plan (“2021 Plan”, see Note 16(e)) after their resignation date from the Group. Meanwhile, there has been no change to any of the award terms. The equity transfer transaction did not trigger the modification accounting to the share-based compensation. Additionally, given that I-Mab Hangzhou became an affiliate to the Group upon deconsolidation, and that the other shareholders of I-Mab Hangzhou are not providing proportionate value to sponsor the 2020 Plan and 2021 Plan nor is the Group receiving any consideration for the awards granted to employees of I-Mab Hangzhou, the Group is required, under Topic 323, to expense the full costs of share-based compensation as incurred at the same period as the costs are recognized by I-Mab Hangzhou. For the years ended December 31, 2020, 2021 and 2022, such expenses of RMB32,707, RMB13,267 and RMB13,852 were recorded in the equity in loss of affiliates in the consolidated statements of comprehensive income (loss), respectively. 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) Investment in I-Mab Hangzhou (continued) In 2021 and 2022, I-Mab Hangzhou granted stock options to its employees. Pursuant to the I-Mab Hangzhou’s articles of association, the Group applies the HLBV method to allocate earnings or losses of I-Mab Hangzhou because the liquidation rights and priorities sufficiently differ from what is reflected by the underlying percentage ownership interests. Accordingly, the Group recorded RMB17,031 and RMB33,579 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss for the years ended December 31, 2021 and 2022, and in additional paid-in capital in the consolidated balance sheets as of December 31, 2021 and 2022, respectively. In July 2022, I-Mab Hangzhou entered into an equity transfer and investment agreement (the “Series B SPA”) and a shareholders agreement (the “Series B SHA”) with a group of domestic investors (“Series B Domestic Investors”) in China to raise approximately US$46 million in RMB equivalent. As of the date of this report, this round of financing has not completed yet. Once all the shares of I-Mab Hangzhou are purchased by or issued to its investors, including Management Holdco and ESOP Holdco, the Group would hold 37.13% equity interest in I-Mab Hangzhou. Pursuant to the Series B SHA, Management Holdco and ESOP Holdco no longer had irrevocably consented to act in concert with I-Mab Hong Kong. I-Mab Hangzhou remains the affiliate of the Group. The Group increased the carrying amount of the long-term investment based on the fair value of the put right liabilities written by I-Mab Hong Kong to Series B Domestic Investors with the amount of RMB17,729 (Note 10 (b)). As of December 31, 2021 and 2022, the carrying value of the Group’s long-term investment in I-Mab Hangzhou RMB346,247 and RMB25,214, respectively. Other long-term investment measured under equity method In July 2021, the Group, as a limited partner, entered into a partnership agreement with other investors and subscribed RMB20,000 for a 4% equity interest in a partnership located in Hangzhou. In August 2021, the Group paid the initial investment of RMB6,000 to the partnership. Pursuant to the partnership agreement, the Group, as a limited partner, shall not participate in any activities in relation to management of the investment business. In addition, members of the investment committee shall only be appointed by the general partner. For the years ended December 31, 2021 and 2022, the Group recorded RMB141 and RMB223 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss. As of December 31, 2021 and 2022, the carrying value of the Group’s long-term investment in this affiliate was RMB5,859 and RMB5,636, respectively. The Group presented the summarized financial information of the Group’s long-term investment measured under equity method below in accordance with Rule 4-08 of Regulation S-X (RMB in thousands). For the period from September 15, 2020 to For the year ended For the year ended December 31, 2020 December 31, 2021 December 31, 2022 I-Mab I-Mab Other equity I-Mab Other equity Hangzhou Hangzhou investments Hangzhou investments Operating data: Revenue 271 5,660 — 103,826 — Loss from operations (85,945) (295,186) (3,513) (356,734) (5,565) Net Loss (85,945) (290,586) (3,513) (346,322) (5,565) 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) Other long-term investment measured under equity method (continued) As of December 31, 2021 2022 I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Balance sheet data: Current assets 602,047 20,037 499,665 81,683 Non-current assets 1,207,132 40,000 1,432,328 135,347 Current liabilities 168,763 50 281,587 107 Non-current liabilities 176,436 — 232,083 — Non-controlling interests — — — — (b) Pursuant to the Series A SHA and Series B SHA, if I-Mab Hangzhou fails to close a public offering of I-Mab Hangzhou’s shares on the China Stock Exchange’s Science and Technology Innovation Board, Main Board, Small and Medium-Sized Enterprise Board, Growth Enterprise Board, or Hong Kong Stock Exchange, U.S. Stock Exchange, or other stock exchanges approved by the shareholders of I-Mab Hangzhou in accordance with provisions of the Series A SHA and Series B SHA within 4 years after September 15, 2020, I-Mab Hong Kong is obligated to repurchase the equity held by Series A Domestic Investors in cash or in I-Mab’s stock (subject to the approval procedures of I-Mab) within 3 years from the expiration of the 4-year period after the Series A Closing Date of September 15, 2020. The put right written by I-Mab Hong Kong to Domestic Investors is a freestanding equity-linked instrument, which is classified as a put right liability and is initially measured at fair value. Subsequent changes in fair value are recorded in other income (expenses) in the consolidated statements of comprehensive income (loss). The Group determined the fair value of the put right with the assistance of an independent third-party valuation firm. The Group used the option pricing model (finnerty model) to estimate the fair value of the put right using the following assumptions: As of As of December 31, December 31, Put right liabilities - Series A 2021 2022 Expected terms (Year) 2.7 1.7 Estimated volatility 34.5 % 33.9 % Spot price US$ 171,134 US$ 148,276 Probability of triggering event for redemption option 70 % 70 % As of As of August 19, December 31, Put right liabilities - Series B 2022 2022 Expected terms (Year) 2.1 1.7 Estimated volatility 31.3 % 31.1 % Spot price US$ 36,570 US$ 36,516 Probability of triggering event for redemption option 70 % 70 % 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (b) The model requires the input of key assumptions including the expected terms, estimated volatility, spot price and probability of triggering event for redemption option. The significant unobservable inputs used in the option pricing model included spot price, estimated volatility and probability of triggering event for redemption option. Expected terms is estimated based on the timing of a hypothetical redemption event which is assumed to be the earlier of expected redemption date or expected public offering date. Expected volatility is estimated based on daily stock prices of the comparable companies for a period with length commensurate to the expected terms of redemption event. The spot price was determined using the market approach with assistance from an independent third-party valuation firm. The significant unobservable inputs used in the market approach include estimated volatility and probability of triggering event for redemption option. The Group’s management is ultimately responsible for the determination of the spot price and probability of triggering event for redemption option. Significant decreases in interval between valuation date and maturity date, estimated volatility, spot price and probability of triggering event for redemption option would result in a significantly lower fair value measurement. |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2022 | |
SHORT-TERM BORROWINGS | |
SHORT-TERM BORROWINGS | 11. SHORT-TERM BORROWINGS In December 2022, I-Mab Shanghai borrowed a loan of RMB18,956 from Shanghai Pudong Development Bank Co., Ltd. for a term of six months and at the interest rate of 3.40% per annum. To facilitate this borrowing, I-Mab Hong Kong placed cash deposits of USD5,000 (equivalent to approximately RMB34,823) with the bank. The use of such cash deposits and the interest earned thereon are restricted by the bank during the period of the borrowing. |
ACCRUALS AND OTHER PAYABLES
ACCRUALS AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
ACCRUALS AND OTHER PAYABLES | |
ACCRUALS AND OTHER PAYABLES | 12. ACCRUALS AND OTHER PAYABLES As of December 31, As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Current: Staff salaries and welfare payables 52,526 43,483 6,304 Accrued external research and development activities related expenses 367,976 264,972 38,417 Accrued cost in relation to planned dual listing 4,793 — — Payable due to an affiliate (Note 22) — 64,782 9,393 Accrued Termination fee and other expenses in relation to the 57,381 161,106 23,358 Non-refundable incentive payment from depositary bank (1) 2,369 6,428 932 Accrued traveling expenses, office expenses and others 108,290 165,801 24,039 593,335 706,572 102,443 Non-current: Non-refundable incentive payment from depositary bank (1) 4,934 6,963 1,009 Non-refundable payment received in relation to the exclusive promotion right granted to a third party (2) 10,000 10,000 1,450 14,934 16,963 2,459 Total 608,269 723,535 104,902 (1) The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982) and US$1,195 (equivalent to approximately RMB8,075) from depositary bank in April 2020 and December 2022, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2020, 2021 and 2022, the Group has recorded RMB2,348, RMB2,395 and RMB2,821 as other income in the consolidated statements of comprehensive income (loss), respectively. (2) In November 2021, the Group entered into a collaboration agreement with a third party located in China to grant the third party an exclusive right to conduct promotion activities for the TJ202 drug products in designated hospitals after the commercialization of TJ202 in future years. In November 2021, the Group received a non-refundable payment of RMB10,000 from the third party and recorded it as the non-current liabilities in the consolidated balance sheet as of December 31, 2021. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | 13. INCOME TAXES Cayman Islands I-Mab is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, I-Mab is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong United States I-Mab Biopharma US Ltd. is incorporated in U.S. and is subject to U.S. federal corporate income tax at a rate of 21%. I-Mab Biopharma US Ltd. is also subject to state income tax in Maryland of 8.25%. I-Mab Biopharma US Ltd. has no taxable income for all periods presented, therefore, no provision for income taxes is required. China On March 16, 2007, the National People’s Congress of PRC enacted a new Enterprise Income Tax Law (“new EIT law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to corporate income tax at a uniform rate of 25%. The new EIT law became effective on January 1, 2008. Under the new EIT law, preferential tax treatments will continue to be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “High and New Technology Enterprises”. I-Mab Shanghai has been qualified as “High and New Technology Enterprise” and enjoys a preferential income tax rate of 15% from 2021 to 2023. The Company’s other PRC subsidiaries are subject to the statutory income tax rate of 25%. No provision for corporate income taxes for corresponding tax residents has been made because the Group are in cumulative loss positions for all the periods presented. During the year ended December 31, 2020, the Group accrued withholding taxes with the amount of RMB 12,231 in relation to research and development service and other supporting service charges made by its non-PRC tax resident subsidiaries to its PRC tax resident subsidiaries. As the actual withholding taxes paid to local tax bureau was RMB 9,077 , the Group reversed the tax expenses of RMB 3,154 in the year ended December 31, 2021. 13. INCOME TAXES (CONTINUED) China (continued) Reconciliations of the differences between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2020, 2021 and 2022 are as follows: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Income (loss) before income tax 483,146 (2,334,695) (2,506,620) (363,425) Income tax computed at respective applicable tax rate 66,044 (410,899) (442,343) (64,134) Non-deductible expenses 72,256 68,400 38,570 5,592 Research and development expenses plus deduction (60,776) (50,530) (74,415) (10,789) True up of withholding tax expenses — (3,154) — — Changes in valuation allowance (65,293) 393,029 478,885 69,432 12,231 (3,154) 697 101 Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share 0.34 (0.84) (0.65) (0.09) The principal components of the deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Deferred tax assets: Net operating loss carryforward 380,695 792,602 114,916 Depreciation and amortization of property, equipment, software and intangible asset, net 41,020 39,189 5,682 Share-based compensation expenses 59,296 127,950 18,551 Accrual expense 30,172 30,210 4,380 Less: valuation allowance (493,233) (972,118) (140,944) Total deferred tax assets 17,950 17,833 2,585 Deferred tax liabilities: Acquired intangible assets 17,950 17,833 2,585 Total deferred tax liabilities 17,950 17,833 2,585 Deferred tax assets, net — — — 13. INCOME TAXES (CONTINUED) China (continued) Movement of the valuation allowance is as follows: Year Ended December 31 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Balance as of January 1 (165,497) (100,204) (493,233) (71,512) Additions (36,061) (393,029) (478,885) (69,432) Utilization and reversal of valuation allowances 89,154 — — — Decrease due to the change of tax rate 12,200 — — — Balance as of December 31 (100,204) (493,233) (972,118) (140,944) As of December 31, 2022, the Group had a majority of net operating losses of approximately RMB3,834,455 which arose from the subsidiaries established in the PRC. The tax losses carried forward various in the PRC will expire during the period beginning from 2023 to 2032 based on entity’s preferential tax status. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered as more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. In making such determination, the Group evaluates a variety of positive and negative factors including the Group’s operating history, accumulated deficit, the existence of taxable temporary differences and reversal periods. The Group has incurred net accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these net accumulated operating losses together with other deferred tax assets will not be utilized in the foreseeable future. Therefore, the Group has provided full valuation allowances for the deferred tax assets as of December 31, 2021 and 2022. The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions. |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2022 | |
ORDINARY SHARES | |
ORDINARY SHARES | 14. ORDINARY SHARES As of December 31, 2018 and 2019, 500,000,000 ordinary shares had been authorized by the Company. Each ordinary share is entitled to one vote. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors of the Company. On October 29, 2019, the Company’s shareholders and board of directors approved that immediately prior to the completion of initial public offering, the Company’s authorized share capital will be changed into US$80,000 divided into 800,000,000 ordinary shares of a par value of US$0.0001 each. On January 17, 2020, the Company completed its IPO and became listed on the Nasdaq Global Market by issuing 7,407,400 American Depositary Shares (“ADSs”) at the price of US$14.00 per ADS for total gross proceeds of US$103.7 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total net proceeds of US$101.3 million (equivalent to RMB697,788), netting of issuance cost from total gross proceeds of US$114.5 million. Each ten ADSs represent twenty-three ordinary shares of the Company. 14. ORDINARY SHARES (CONTINUED) On January 17, 2020, the Company also issued 6,078,571 ordinary shares to Everest. Upon the completion of the IPO, the Company’s then outstanding 30,227,056 Series A Preferred Shares, 23,288,783 Series B Preferred Shares, 3,714,580 Series B-1 Preferred Shares, 3,301,849 Series B-2 Preferred Shares, 31,046,360 Series C Preferred Shares and 3,857,143 Series C-1 Preferred Shares were converted into 30,227,056, 23,288,783, 3,714,580, 3,571,427, 34,420,469 and 4,537,814 ordinary shares, respectively. On July 15, 2020, the Company’s Board of Directors approved a share repurchase program to repurchase in the open market up to US$20 million worth of outstanding ADSs of the Group. The Company made a total prepayment of US$5,000 (equivalent to RMB34,051) for the share repurchase. The prepayment was collected subsequently in October 2020. No repurchase activity was taken place for the year ended December 31, 2021. On September 3, 2020, the Company entered into definitive subscription agreements with a consortium of institutional investors (the “Investors”) to raise approximately US$418 million through a private placement. The consortium is led by Hillhouse Capital Group (“Hillhouse”), with significant participation by GIC Private Limited, and also includes certain other leading Asian and U.S. biotech investment funds, Hillhouse is entitled to nominate one representative to I-Mab’s Board of Directors. The private placement comprises (1) the sale to the Investors of the Group’s 29,133,502 ordinary shares (equivalent to 12,666,740 ADSs) at a purchase price equivalent to US$33 per ADS amounting to approximately US$418 million; and (2) warrants (the “Investor Warrants”, see Note 15(b)) to subscribe for an aggregate of 5,341,267 ordinary shares (equivalent to 2,322,290 ADSs) at an exercise price equivalent to US$45 per ADS, which may further increase the proceeds of approximately US$104.5 million if the Investor Warrants are fully exercised. The Investor Warrants will remain exercisable at the election of the Investors within 12 months after the closing of the private placement. All of the warrants were exercised by the Investors during the year ended December 31, 2021. The subscription agreement with the Hillhouse entities contemplates two closings. The first closing occurred on September 11, 2020, and the second closing is conditioned upon an existing director of the Company having resigned to enable the Hillhouse entities to appoint a director to replace such director and the lemzoparlimab out-licensing agreement with AbbVie Ireland Unlimited Group (“AbbVie”) (see Note 17) being or remaining effective. Upon the first closing, 20,421,378 ordinary shares and 3,744,032 Investor Warrants were issued to the Investors for total gross proceeds of approximately US$293.0 million. On December 17, 2020, the Group entered into a written amendment made to the subscription agreement with the Hillhouse entities, which removed one of the two conditions for the second closing that an existing director of the Company having resigned to enable the Hillhouse entities to appoint a director to replace such director. The second closing occurred as the other condition was satisfied and 8,712,124 ordinary shares as well as 1,597,235 Investor Warrants were issued to the Hillhouse entities for total gross proceeds of approximately US$125.0 million. The total net proceeds, netting of issuance cost, from the private placement was US$397.2 million (equivalent to RMB2,653,669). On August 23, 2022, the Company announced, that it plans to implement share repurchases pursuant to the share repurchase program previously authorized by its board of directors. Under the share purchase plans, the Company and the senior management may purchase up to US $40 million of ADSs in aggregate. As of December 31, 2022, the Company had purchased 1,652,541 As of December 31, 2022, 16,915,104 stock options were exercised, and 7,235,959 restricted share units were issued as ordinary shares. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2022 | |
WARRANTS | |
WARRANTS | 15. WARRANTS As mentioned in Note 14, on September 3, 2020, the Group entered into definitive subscription agreements with the Investors to raise approximately US$418 million through a private placement, which comprises the Investor Warrants to subscribe for an aggregate of 5,341,267 ordinary shares (equivalent to 2,322,290 ADSs) at an exercise price equivalent to US$45 per ADS. The Subscription Agreement with the Hillhouse entities contemplates two closings. In the first closing occurred on September 11, 2020 and second closing occurred on December 17, 2020, the Investor Warrants were issued with fixed exercise prices of US$45.00 per ADS (equivalent to US$19.57 per share). The Investor Warrants will remain exercisable at the election of the Investors within 12 months after the closing of the private placement. The number of common share purchasable upon exercise of the Investor Warrants shall be proportionally adjusted to reflect any share dividend, share split, combination of shares or reverse share split, or other similar event affecting the number of outstanding common shares. All of the warrants were exercised by the Investors during the year ended December 31, 2021. Accounting for warrants to purchase ordinary shares The Investor Warrants are regarded as indexed to the Company’s own stock and were classified as equity and initially measured at fair value and subsequent changes in fair value are not recognized as long as the Investor Warrants continue to be classified as equity. The estimated fair value of the Investor Warrants was shown below, which were used to determine the allocation of the total proceeds for the sale of ordinary shares between the Investor Warrants and ordinary shares. Exercise Fair value at Price per the closing share Outstanding date Terms US$ Units RMB’000 Warrants to purchase ordinary shares (first closing on September 11, 2020) 12 months 19.57 3,744,032 71,874 Warrants to purchase ordinary shares (second closing on December 17, 2020) 12 months 19.57 1,597,235 37,869 The Group determined the fair value of the warrants with the assistance of an independent third-party valuation firm. The Group used the binomial model to estimate the fair value of the warrant on September 11, 2020 and December 17, 2020 when the Investor Warrants were issued using the following assumptions: As of September 11, As of December 17, 2020 2020 Risk-free rate of return 0.12 % 0.08 % Maturity date September 11, 2021 December 17, 2021 Estimated volatility rate 60.72 % 59.56 % Exercise price US$ 19.57 US$ 19.57 The model requires the input of assumptions including the risk-free rate of return, maturity date and estimated volatility rate. The risk-free rate for periods within the contractual life is based on the US treasury strip bond with maturity similar to the maturity of the warrants as of valuation dates plus a China country risk premium. For expected volatilities, the Group has made reference to the historical daily stock prices volatilities of ordinary shares of several comparable companies in the same industry as the Group. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 16. SHARE-BASED COMPENSATION (a) 2017 Employee Stock Option Plan (“2017 Plan”) In October 2017, the Company adopted the 2017 Plan. Under the 2017 Plan, a maximum aggregate number of 13,376,865 shares that may be issued pursuant to all awards granted was approved. Stock options granted to an employee under the 2017 Plan will be exercisable upon the Company completes a listing and the employee renders service to the Company in accordance with a stipulated service schedule starting from the employee’s date of employment. Employees are generally subject to a three-year service schedule, under which an employee earns an entitlement to vest in 50% of the option grants on the second anniversary of the grant date, a vesting of the remaining 50% on the third anniversary of the applicable grant date. The stock option under 2017 Plan, to the extent then vested, shall become exercisable only upon the earlier of (i) a listing, and (ii) occurrence of a change in control. On December 25, 2019, the Second Amended and Restated 2017 Plan was approved by the shareholders and board of directors of the Company, pursuant to which, in connection with the Company’s IPO, the maximum aggregate number of shares that may be granted pursuant to all awards under 2017 Plan shall be adjusted in accordance with a formula pre-approved by the shareholders. In connection with above amendments to 2017 Plan, each of the Company’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang, is willing to irrevocably surrender by him or her, for no consideration, a portion of the unvested options granted to him or her, which, if vested, would entitle him or her to acquire up to 130,000 ordinary shares of the Company, par value US$0.0001 per share, at an exercise price of US$1.0, respectively, under the Second Amended and Restated 2017 Plan (in respect of each individual, the “Founder’s Surrendered Options”). On December 25, 2019, the board of directors of the Company approved that the Company accepts all Founder’s Surrendered Options from each of the founders, Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang, for no consideration, with effect immediately prior to the completion of the IPO and such surrendered options be cancelled with effect immediately prior to the completion of the IPO. Prior to the Company completes a listing, all stock options granted to an employee shall be forfeited at the time the employee terminates his employment with the Group. After the Company completes a listing, vested options not exercised by an employee shall be exercised until later of: (i) 90 days after the date when the options become exercisable, or (ii) 30 days after the date of cessation of employment or directorship, or such longer period as the Board of Directors may otherwise determine. The Group did not grant any stock options to employees for the years ended December 31, 2020, 2021 and 2022. 2,569,017 and 1,782,617 stock options were exercisable as of December 31, 2021 and 2022, respectively. 16. SHARE-BASED COMPENSATION (CONTINUED) (a) 2017 Employee Stock Option Plan (“2017 Plan”) (continued) The following table sets forth the stock options activities of 2017 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31 , 2019 9,812,881 0.93 7.76 47,671 Forfeited (338,876) 1.00 — — Exercised (1,439,373) 0.72 — — Surrendered (Note 16(h)) (332,566) 1.00 — — Outstanding as of December 31 , 2020 7,702,066 0.97 6.75 150,415 Exercised (5,122,549) 0.96 — — Forfeited (10,500) 1.00 — — Outstanding as of December 31 , 2021 2,569,017 1.00 5.79 50,361 Exercised (786,400) 1.00 — — Outstanding as of December 31 , 2022 1,782,617 1.00 4.75 1,457 Exercisable as of December 31, 2022 1,782,617 1.00 4.75 1,457 All the stock options were vested as of December 31, 2021. Since the exercisability was dependent upon the listing, and it was not probable that this performance condition could be achieved until a listing, no share-based compensation expense relating to the 2017 Plan was recorded prior to the Company’s IPO in 2020. On January 17, 2020, the Group completed its IPO. After achieving this performance condition, the options continue to vest based only on service period completed according to the graded vesting schedule. The Group has begun recognizing share-based compensation expense for the options granted using the graded vesting method with a cumulative catch-up for the service period completed to date during the year ended December 31, 2020 and recognized RMB52,802, RMB69,214 and RMB4,277 share-based compensation expenses in administrative expenses, research and development expenses and equity in loss of an affiliate, respectively relating to options vested cumulatively. According to the amendments to 2017 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2017 Plan was changed to 9,609,084. Each of the Group’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang surrendered 83,142 unvested stock options that were granted to him or her under 2017 Plan before, totalling 332,566 unvested options, for no consideration, and these stock options were cancelled immediately. Share-based compensation expenses related to the stock options of 2017 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 69,214 (225) — — Administrative expenses 52,802 2,835 — — Equity in loss of affiliates 4,277 516 — — 126,293 3,126 — — 16. SHARE-BASED COMPENSATION (CONTINUED) (b) 2018 Employee Stock Option Plan (“2018 Plan”) On February 22, 2019, the Group adopted the 2018 Plan, which was subsequently amended on July 22, 2019.Under the amended and restated 2018 Plan, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards is 14,005,745, and if the Group successfully lists on an internationally recognized securities exchange for a Qualified Public Offering by December 31, 2019, the maximum aggregate number of ordinary shares which may be issued shall be 15,452,620. On December 25, 2019, the Second Amended and Restated 2018 Plan were approved by the shareholders and board of directors of the Company, pursuant to which, in connection with the Company’s IPO, the maximum aggregate number of shares that may be granted pursuant to all awards under 2018 Plan shall be adjusted in accordance with a formula pre-approved by the shareholders. In connection with above amendments to 2018 Plan, the director of the Company, Dr. Jingwu Zhang Zang is willing to irrevocably surrender by him, for no consideration, of the right to acquire a certain amount of ordinary shares of the Company, par value US$0.0001 per share, at an exercise price of US$1.0 pursuant to the options granted to him under the Second Amended and Restated 2018 Plan (the “Dr. Zang’s Surrendered Options”). On December 25, 2019, the board of directors of the Company approved that the Company accepts the irrevocable surrender of Dr. Zang’s Surrendered Options for no consideration, with effect immediately prior to the completion of the IPO and such surrendered options be cancelled with effect immediately prior to the completion of the IPO. Stock options granted to an employee under the 2018 Plan will be generally exercisable when the Company completes a listing and the employee renders service to the Company in accordance with a stipulated service schedule starting from the employee’s date of employment. The vesting schedule shall generally be a two-year vesting schedule consisting of a cliff vesting 50% on the first anniversary of the applicable vesting commencement date, and a vesting of the remaining 50% on the second anniversary of the applicable vesting commencement date. If a listing occurs at anytime prior to any option granted under the 2018 Plan becoming full vested, and to the extent such option has been granted and outstanding, any such option shall vest in full with immediate effect upon the listing. Except as otherwise approved by the board of directors, vested portion of option shall become exercisable upon the earlier of six months after a listing or the occurrence of a change in control; provided, however that in each case, no option of an employee shall become exercisable until the third anniversary of such employee’s employment commencement date. The following table sets forth the stock options activities of 2018 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 13,536,588 1.00 8.86 64,840 Exercised (402,000) 1.00 — — Surrendered (Note 16 (h)) (2,544,917) 1.00 — — Outstanding as of December 31, 2020 10,589,671 1.00 8.15 206,499 Exercised (3,036,435) 1.00 — — Outstanding as of December 31, 2021 7,553,236 1.00 7.15 148,076 Exercised (6,044,843) 1.00 — — Outstanding as of December 31, 2022 1,508,393 1.00 6.15 1,233 Exercisable as of December 31, 2022 1,508,393 1.00 6.15 1,233 All the stock options were vested as of December 31, 2021. Except for the aforementioned grant of stock options to a director of the Group under 2018 Plan, since the exercisability is dependent upon the listing, and it is not probable that this performance condition can be achieved until a listing, no share-based compensation expense related to the 2018 Plan was recorded for the year ended December 31, 2019. 16. SHARE-BASED COMPENSATION (CONTINUED) (b) 2018 Employee Stock Option Plan (“2018 Plan”) (continued) On January 17, 2020, the Group completed its IPO. After achieving this performance condition, the options continue to vest based only on service period completed according to the graded vesting schedule. The Group has begun recognizing share-based compensation expense for the options granted using the graded vesting method with a cumulative catch-up for the service period completed to date during the year ended December 31, 2020 and recognized RMB48,055, RMB65,656 and RMB226 share-based compensation expense in administrative expenses and research, development expenses and equity in loss of an affiliate, respectively relating to options vested cumulatively. According to the amendments to 2018 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2018 Plan was changed to 11,005,888. The director of the Company, Dr. Jingwu Zhang Zang surrendered 2,544,917 unvested options that were granted to him under 2018 Plan, for no consideration, and these stock options were cancelled immediately. Share-based compensation expenses related to the stock options of 2018 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 65,656 55 — — Administrative expenses 48,055 4,478 — — Equity in loss of affiliates 226 257 — — 113,937 4,790 — — (c) 2019 Share Incentive Plan (“2019 Plan”) On October 29, 2019, the Group adopted 2019 Share Incentive Plan (the “2019 Plan”), which will become effective immediately prior to the completion of the Company’s initial public offering. Under the 2019 Plan, the maximum aggregate number of ordinary shares available for issuance shall initially be 100,000. The options shall vest when the Group completes a listing and the employee renders service to the Group in accordance with a stipulated service schedule starting from the employee’s date of employment. Stock options granted to 3 independent directors under the 2019 Plan will be generally exercisable under the following terms:(a) a cliff vesting of 1/3 of the option on the first anniversary of the vesting commencement date (January 17, 2020); (b) a cliff vesting of 1/3 of the option on the second anniversary of the vesting commencement date (January 17, 2020); (c) a vesting of the remaining 1/3 of the option on the third anniversary of the vesting commencement date. In the last year of the grantee’s service, the options shall vest on a prorated basis to reflect the portion of the year during which the grantee provided services to the Group. For the year ended December 31, 2020, the Group granted 72,000 stock options to 3 independent directors (all with an exercise price of US$6.09). 24,000 and 48,000 options were exercisable as of December 31, 2021 and 2022, respectively. 16. SHARE-BASED COMPENSATION (CONTINUED) (c) 2019 Share Incentive Plan (“2019 Plan”) (continued) The following table sets forth the stock options activities of 2019 Plan for periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 72,000 6.09 — — Outstanding as of December 31, 2020 72,000 6.09 9.33 1,038 Granted — — — — Outstanding as of December 31, 2021 72,000 6.09 8.05 1,045 Granted — — — — Outstanding as of December 31, 2022 72,000 6.09 7.05 — Exercisable as of December 31, 2022 48,000 6.09 7.05 — A summary of non-vested stock options activity for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 48,000 4.50 Vested (24,000) 4.50 Non-vested at December 31, 2022 24,000 4.50 Stock options granted to the 3 independent directors were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2020 Expected volatility 54.88 % Risk-free interest rate (per annum) 0.79 % Exercise multiple 2.80 Expected dividend yield — Time to maturity (in years) 10 The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price when employees would decide to voluntarily exercise their vested options. As the Group did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. Expected dividend yield is zero as the Group has never declared or paid any cash dividends on its shares, and the Group does not anticipate any dividend payments in the foreseeable future. Time to maturity equals to the contract life of the option. 16. SHARE-BASED COMPENSATION (CONTINUED) (c) 2019 Share Incentive Plan (“2019 Plan”) (Continued) Share-based compensation expenses related to the stock options of 2019 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — — — — Administrative expenses 1,171 707 288 42 Equity in loss of affiliates — — — — 1,171 707 288 42 (d) 2020 Plan On July 15, 2020, the Group adopted 2020 Plan. Under the 2020 Plan, the maximum aggregate number of shares authorized to be issued is 10,760,513 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 7,686,081 ordinary shares. Stock options granted to employees under the 2020 Plan are graded vesting in four years with 25% vesting each year. For the years ended December 31, 2020, 2021 and 2022, the Group granted 1,068,733, 133,913 and 2,026,300 stock options to its employees, respectively. 192,340 options and 353,949 options were exercisable as of December 31, 2021 and 2022, respectively. The following table sets forth the stock options activities of 2020 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 1,068,733 5.91 — — Forfeited (24,365) 5.91 — — Outstanding as of December 31, 2020 1,044,368 5.91 9.62 15,237 Granted 133,913 18.85 — — Exercised (68,859) 5.91 — — Expired (154) 5.91 — — Forfeited (111,495) 6.23 — — Outstanding as of December 31, 2021 997,773 7.61 8.68 12,967 Granted 2,026,300 9.20 — — Exercised (14,645) 5.91 — — Expired (69,051) 6.74 — — Forfeited (170,490) 7.65 — — Outstanding as of December 31, 2022 2,769,887 8.81 8.76 — Exercisable as of December 31, 2022 353,949 7.00 7.67 — 16. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (Continued) A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 805,433 9.44 Granted 2,026,300 1.35 Vested (245,305) 9.40 Forfeited (170,490) 7.39 Non-vested at December 31, 2022 2,415,938 0.53 Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2020 2021 2022 Expected volatility 56.51 % 50.78%-51.84% 53.66 % Risk-free interest rate (per annum) 0.86 % 1.32%-1.88% 1.88 % Exercise multiple 2.20-2.80 2.20-2.80 2.20-2.80 Expected dividend yield — — — Time to maturity (in years) 10 10 10 The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price when employees would decide to voluntarily exercise their vested options. As the Group did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. Expected dividend yield is zero as the Group has never declared or paid any cash dividends on its shares, and the Group does not anticipate any dividend payments in the foreseeable future. Time to maturity equals to the contract life of the option. Share-based compensation expenses related to the stock options of 2020 Plan are included in: Year Ended December 31, 2020 2021 2021 RMB RMB RMB US$ (Note 2.5) Research and development expenses 10,435 14,915 17,068 2,475 Administrative expenses 4,357 8,702 25,897 3,755 Equity in loss of affiliates 1,619 3,262 2,846 413 16,411 26,879 45,811 6,643 16. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (Continued) Restricted share units granted to employees under the 2020 Plan will be exercisable under the following items: (1) (2) (3) Notwithstanding the foregoing, if the Group’s weighted average market value during the last 30 days prior to the initial vesting date reaches US$2 billion or above, and to the extent such restricted share units have been granted and outstanding, any such restricted share unit (except for those are based on time attribution) shall vest in full with immediate effect, inure to the benefit of the related grantees. For the years ended December 31, 2020, 2021 and 2022, the Group granted 4,093,079, 1,649,045 and 755,734 restricted share units to employees, respectively. 16. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (Continued) The following table sets forth the restricted share units of 2020 Plan for the periods presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 4,093,079 — — — Forfeited (13,461) — — — Outstanding as of December 31, 2020 4,079,618 — 9.70 83,632 Granted 1,649,045 — — — Vested (4,048,000) — — — Forfeited (198,872) — — — Outstanding as of December 31, 2021 1,481,791 — 8.95 30,531 Granted 755,734 — — — Vested (720,232) — — — Forfeited (270,482) — — — Outstanding as of December 31, 2022 1,246,811 — 8.55 2,266 A summary of non-vested restricted share units activities for the year ended December 31, 2022 is presented below: Weighted average grant- Number of restricted share date fair value units US$ Non-vested at December 31, 2021 1,481,791 17.80 Granted 755,734 10.11 Vested (720,232) 19.71 Forfeited (270,482) 14.52 Non-vested at December 31, 2022 1,246,811 2.98 Share-based compensation expenses related to the aforementioned restricted share units of 2020 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 71,945 118,368 18,055 2,618 Administrative expenses 76,663 227,392 37,399 5,422 Equity in loss of affiliates 7,500 8,512 4,214 611 156,108 354,272 59,668 8,651 Apart from the aforementioned restricted share units, up to 1,446,875 shares can be issued in the form of restricted share unit to eligible grantees that the board of the Group or a committee that board delegated its powers or authority determined appropriate with immediate effect of being fully vested, which are defined as special awards and are subject to terms and conditions under 2018 Plan.For the year ended December 31, 2020, the Group granted 1,328,120 such restricted share units to employees. All the restricted share units were vested as of December 31, 2021. 16. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (continued) The following table sets forth the restricted share units subject to terms and conditions under 2020 Plan for the periods presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 1,328,120 1.00 — — Vested (565,200) 1.00 — — Outstanding as of December 31, 2020 762,920 1.00 9.65 14,877 Vested (762,920) 1.00 — — Outstanding as of December 31, 2021 — — — — Share-based compensation expenses related to these restricted share units are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 67,181 4,156 — — Administrative expenses 25,985 54,011 — — Equity in loss of affiliates 19,085 720 — — 112,251 58,887 — — (e) 2021 Share Incentive Plan (“2021 Plan”) On May 28, 2021, the Group adopted 2021 Plan. Under the 2021 Plan, the maximum aggregate number of shares authorized to be issued is 12,023,618 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 6,011,809 ordinary shares. Stock options granted to employees under the 2021 Plan are graded vesting in four years with 25% vesting each year. For the years ended December 31, 2021 and 2022, the Group granted 2,698,245 and 2,787,738 stock options to its employees, respectively. Nil options and 519,377 were exercisable as of December 31, 2021 and 2022, respectively. 16. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2022: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2020 — — — — Granted 2,698,245 26.43 — — Forfeited (253,805) 26.39 — — Outstanding as of December 31, 2021 2,444,440 26.44 9.57 — Granted 2,787,738 9.20 — — Forfeited (880,304) 18.21 — — Expired (46,202) 26.39 — — Outstanding as of December 31, 2022 4,305,672 17.32 8.89 — Exercisable as of December 31, 2022 519,377 26.46 8.53 — A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 2,444,440 14.12 Granted 2,787,738 2.70 Vested (565,579) 14.18 Forfeited (880,304) 7.64 Non-vested at December 31, 2022 3,786,295 1.76 Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2021 2022 Expected volatility 51.77%-54.37 % 53.66%-58.97% Risk-free interest rate (per annum) 1.44%-1.68 % 1.88%-3.53% Exercise multiple 2.20-2.80 2.20-2.80 Expected dividend yield — — Time to maturity (in years) 10 10 16. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price when employees would decide to voluntarily exercise their vested options. As the Group did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. Expected dividend yield is zero as the Group has never declared or paid any cash dividends on its shares, and the Group does not anticipate any dividend payments in the foreseeable future. Time to maturity equals to the contract life of the option. Share-based compensation expenses related to the stock options of 2021 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — 20,430 36,104 5,234 Administrative expenses — 35,226 75,980 11,016 Equity in loss of affiliates — — 2,715 393 — 55,656 114,799 16,643 Restricted share units granted to employees under the 2021 Plan will be exercisable under the following items: (1) (2) i. ii. In the event that any share issuance in connection with any share split, share dividend, reclassification or other similar event occurs, the target share price herein shall be adjusted accordingly with the proportion of additional share issuance. In the event that the average market value of NASDAQ Biotechnology Index falls by more than 20% from the adoption date of the 2021 Plan, it shall be deemed as a decline of the market, and the Group shall adjust the vesting schedule as appropriate. (3) 16. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) i. ii. As of December 31, 2021, it is probable that the 2/3 of the awarded restricted share units are fully vested because it is probable that the Group’s weighted average share price can reach the second share price level as approved by the Board during any consecutive 90 days within one year after the adoption date of 2021 Plan, and more than twelve of the fifteen performance conditions will be met on or before the first anniversary of the adoption date. The following table sets forth the restricted share units of 2021 Plan for the period presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2020 — — — — Granted 1,827,166 — — — Forfeited (170,913) — — — Outstanding as of December 31, 2021 1,656,253 — 9.57 34,126 Granted 821,215 — — — Vested (1,139,587) — — — Forfeited (301,908) — — — Outstanding as of December 31, 2022 1,035,973 — 8.55 2,266 A summary of non-vested restricted share units activities for year ended December 31, 2022 is presented below: Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2021 1,656,253 26.45 Granted 821,215 9.18 Vested (1,139,587) 26.41 Forfeited (301,908) 17.85 Non-vested at December 31, 2022 1,035,973 5.19 16. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) Share-based compensation expenses related to the restricted share units of 2021 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — 44,227 46,649 6,763 Administrative expenses — 73,332 99,708 14,456 Equity in loss of affiliates — — 4,077 591 — 117,559 150,434 21,810 (f) 2022 Share Incentive Plan (“2022 Plan”) On June 17, 2022, the Group adopted 2022 Plan. Under the 2022 Plan, the maximum aggregate number of shares authorized to be issued is 13,148,594 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 7,670,017 ordinary shares. As of December 31, 2022, no options or restricted share units were granted under 2022 Plan. (g) Establishment of Biomaster Trust Biomaster Trust was established under the trust deed dated October 23, 2019, between the Company and TMF Trust (HK) Limited, or TMF Trust, as the trustee of the Biomaster Trust. Through the Biomaster Trust, the Company’s ordinary shares and other rights and interests under awards granted pursuant to 2017 Plan and 2018 Plan may be provided to certain recipients of equity awards. Upon satisfaction of vesting conditions, TMF Trust will exercise the equity awards and transfer the relevant ordinary shares and other rights and interests under the equity awards to the relevant grant recipients with the consent of the advisory committee of Biomaster Trust. TMF Trust shall not exercise the voting rights attached to such ordinary shares unless otherwise directed by the advisory committee, whose members shall be appointed by I-Mab. The Company has the power to direct the relevant activities of Biomaster Trust and it has the ability to use its power over the Biomaster Trust to affect its exposure to returns. Therefore, the assets and liabilities of the Biomaster Trust are included in the Group’s consolidated balance sheets. (h) Surrender of stock options On January 17, 2020, the Group completed its IPO. According to the amendments to 2017 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2017 Plan was changed to 9,609,084. Each of the Company’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang surrendered 83,142 unvested stock options that were granted to him or her under 2017 Plan before, totally 332,566 unvested options, for no consideration, and these stock options were cancelled immediately. According to the amendments to 2018 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2018 Plan was changed to 11,005,888. The director of the Company, Dr. Jingwu Zhang Zang surrendered 2,544,917 unvested options that were granted to him under 2018 Plan, for no consideration, and these stock options were cancelled immediately. Upon the completion of the Company’s IPO in January 2020, the Group has recorded RMB91,051 share-based compensation expense related to these surrendered options. 16. SHARE-BASED COMPENSATION (CONTINUED) (h) Surrender of stock options (continued) The stock options surrendered by the founders should be accounted for as capital contribution. As the founders did not get the title of the stock options to |
LICENSING AND COLLABORATION ARR
LICENSING AND COLLABORATION ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
LICENSING AND COLLABORATION ARRANGEMENTS | |
LICENSING AND COLLABORATION ARRANGEMENTS | 17. LICENSING AND COLLABORATION ARRANGEMENTS The following is a description of the Group’s significant licensing and collaboration agreements entered into from January 1, 2017 to December 31, 2022. A. In-Licensing Arrangements Licensing Agreement with MorphoSys AG (“MorphoSys”) In November 2017, the Group entered into a license and collaboration agreement with MorphoSys, with respect to the development and commercialization of MOR202/TJ202, MorphoSys´s proprietary investigational antibody against CD38 (the “CD38 product”). Under this agreement, MorphoSys granted to the Group an exclusive, royalty-bearing, sublicensable license to exploit MOR202/TJ202 for any human therapeutic or diagnostic purpose in the licensed territory, namely mainland China, Hong Kong, Macau and Taiwan (collectively “Greater China”). Pursuant to this agreement, the Group granted to MorphoSys an exclusive license to its rights in any inventions that the Group make while exploiting the CD38 product under this agreement, solely to exploit the CD38 product outside of Greater China. Pursuant to this agreement, the Group paid to MorphoSys an upfront license fee of US$20.0 million (equivalent to approximately RMB132.7 million). The Group also agreed to make milestone payments to MorphoSys, conditioned upon the achievement of certain development, regulatory and commercial milestones, in the aggregate amount of US$98.5 million (equivalent to approximately RMB653.5 million). Such milestones include first patient dosed in human clinical trials, marketing approval, and first annual net sales of CD38 products covered by the agreement in excess of a certain amount. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MorphoSys AG (“MorphoSys”) (continued) In addition, the Group is required to pay tiered low-double-digit royalties to MorphoSys on a country-by-country and product-by-product basis during the term, commencing with the first commercial sale of a relevant licensed product in Greater China. Unless terminated earlier in accordance with the terms thereof, this agreement will remain in effect until the expiration of the Group’s last payment obligation under the agreement. In 2017, the Group paid US$20.0 million (equivalent to approximately RMB132.7 million) upfront fee to MorphoSys, which was recorded as research and development expense. No additional payments were made in 2018. Due to the uncertainty involved in meeting these developments and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2018. In March and April 2019, the project achieved the first and second milestone and the Group paid US$8.0 million (equivalent to approximately RMB55.7 million) of milestone fees to MorphoSys, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019. No additional payments were made for the years ended December 31, 2020, 2021 and 2022 as no milestone has been achieved. Licensing Agreement with Genexine, Inc. (“Genexine”) In December 2017, the Group entered into an intellectual property agreement with Genexine with respect to GX-I7/TJ107, a long-acting IL-7 cytokine. Under this agreement, the Group obtained an exclusive, sublicensable and transferable license to use and otherwise exploit certain intellectual property in connection with the pre-clinical and clinical development, manufacturing, sale and distribution of GX-I7 to treat cancer in Greater China. Under the terms of the agreement, the Group made an upfront payment of US$12.0 million (equivalent to approximately RMB79.6 million) to Genexine which was recorded as a research and development expense in January 2018. The Group also agreed to make milestone payments in the aggregate amount of US$23.0 million (equivalent to approximately RMB152.6 million), conditioned upon the achievement of certain development milestones, including completion of Phase 2 and Phase 3 clinical studies and new drug application (“NDA”) or biologic license application (“BLA”) approval in Greater China. Further, the Group agreed to make milestone payments in the aggregate amount of US$525.0 million (equivalent to approximately RMB3,482.7 million), conditioned upon the achievement of certain cumulative net sales of GX -I7 Unless terminated earlier in accordance with the terms thereof, this agreement will remain in effect until the later of (i) the expiry of the last to expire patent of the licensed intellectual property that includes a valid claim for Greater China and that covers the composition of GX-I7; and (ii) 15 years from the date of the first commercial sale of GX-I7. No additional payments to Genexine were made in the year ended December 31, 2020, 2021 and 2022. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2020, 2021 and 2022. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with Genexine, Inc. (“Genexine”) (continued) In May 2020, the Group and Genexine entered into an amendment to this agreement whereby both parties desire to establish collaboration on TJ107 GBM Study in Greater China Under the terms of the expanded collaboration, the Group will be mainly responsible for using commercially reasonable efforts to conduct the Phase 2 GBM clinical trial in Greater China, and Genexine will share the development strategies, data and costs for success of this clinical trial. The Group shall undertake to bear two-thirds (2/3) proportion of the clinical development costs and Genexine shall undertake to bear one-third (1/3) proportion of these costs. For the year ended December 31, 2020, the costs incurred for the development of this new indication was RMB4.3 million and thus RMB2.9 million expense was recorded in the consolidated statement of comprehensive income. For the year ended December 31, 2021, the costs incurred for the development of this new indication was RMB13.2 million and thus RMB8.8 million expense was recorded in the consolidated statement of comprehensive loss. For the year ended December 31, 2022, the costs incurred for the development of this new indication was RMB7.0 million and thus RMB4.7 million expense was recorded in the consolidated statement of comprehensive loss. Licensing Agreement with MorphoSys In November 2018, the Group entered into a license and collaboration agreement with MorphoSys for MorphoSys´s proprietary antibody (MOR210/TJ210) directed against C5aR (the “C5aR Agreement”). Under this agreement, the Group obtained an exclusive, royalty-bearing license to explore, develop and commercialize certain anti-C5aR antibodies in Greater China and South Korea. The Group will perform and fund all global development activities related to the development of MOR210/TJ210 in Greater China and South Korea, including all relevant clinical trials (including in the U.S. and China) and all development activities required for IND filing in the US as well as CMC development of manufacturing processes. MorphoSys retains rights in respect of development and commercialization of MOR210/TJ210 in the rest of the world. Under the terms of the agreement, the Group also agreed to make milestone payments conditional upon the achievement of certain development milestones and certain annual net sales of anti-C5aR antibodies. The Group is also required to pay to MorphoSys tiered mid-single-digit royalties on annual net sales of anti-C5aR antibody products within the licensed territory. In 2018, the Group paid US$3.5 million (equivalent to approximately RMB23.2 million) upfront fee to MorphoSys, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2018. No additional payments were made in the year ended December 31, 2019. In August 2020, the project achieved the first milestone and the Group paid US$1.0 million (equivalent to approximately RMB6.9 million) of milestone fees to Morphosys, which was recorded as research and development expenses in the consolidated statement of comprehensive income for the year ended December 31, 2020. In January 2021, the project achieved the second milestone and the Group paid US$1.5 million (equivalent to approximately RMB9.7 million) of milestone fees to Morphosys and the related withholding tax of RMB1.1 million, which was recorded as research and development expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2021. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2020, 2021 and 2022. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MorphoSys (continued) Summarized financial information related to the above agreement is presented below: Years Ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2022 — — — — — 2021 — US$ 1,500 — — — 2020 — US$ 1,000 — — — In June 2022, Morphosys entered into an equity participation agreement and license agreements to allow HIBio to develop and commercialize MorphoSys’ felzartamab, an anti-CD38 antibody, and MOR210, an anti-C5aR1 antibody. Under the terms of the agreements, HIBio will obtain exclusive rights to develop and commercialize felzartamab and MOR210 across all indications worldwide, with the exception of Greater China for felzartamab and Greater China and South Korea for MOR210. Upon signing, MorphoSys also receives an upfront payment of US$15 million for MOR210. Subject to the terms agreed in the C5aR Agreement, I-Mab is entitled to share certain economics upon certain clinical milestones in the U.S. Accordingly, the Group received US$0.9 million from MorphoSys and recorded RMB6.0 million in revenue in the consolidated statement of comprehensive loss for the year ended December 31, 2022. Licensing Agreement with MacroGenics In July 2019, the Group entered into a license and collaboration agreement with MacroGenics, Inc. for development and commercialization of an Fc-optimized antibody known as enoblituzumab that targets B7-H3, including in combination with other agents, such as the anti-PD-1 antibody known as MGA012, in the People’s Republic of China, Hong Kong, Macau and Taiwan (“Greater China”). Under this agreement, the Group obtained an exclusive, sublicenseable, royalty-bearing license to MacroGenics’ patents and know-how to develop and commercialize the enoblituzumab product, and a combination regimen of enoblituzumab and MGA012, in Greater China during the term of the agreement. In exchange for these rights, in addition to certain financial consideration, the Group will grant to MacroGenics a royalty-free, sublicenseable, license outside of Greater China, to the patents and know-how that are related to the enoblituzumab product or useful or necessary for MacroGenics to develop or commercialize the enoblituzumab product or a product containing MGA012, and combinations thereof. The license is (i) non-exclusive with respect to the enoblituzumab product, and (ii) exclusive with regard to MGA012. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MacroGenics (continued) Pursuant to the agreement, the Group paid an upfront fee of US$15.0 million (equivalent to approximately RMB104.4 million) to MacroGenics, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019. No additional payments were made in the year ended December 31, 2020. Under the terms of the agreement, the Group also agreed to pay MacroGenics development milestone fees of up to US$75.0 million and regulatory milestones fees of up to US$60.0 million, respectively, and tiered double-digit royalties (ranging from mid-teens to twenty percent) based on annual net sales in the territories. In September 2021, the project achieved the first milestone and the Group paid around US$4.5 million (equivalent to approximately RMB28.9 million) of milestone fees to MacroGenics, which was recorded as research and development expenses in the consolidated statement of comprehensive loss for the year ended December 31, 2021. No additional payments were made in the year ended December 31, 2022. The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which the Group participates, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2020 and 2021. Summarized financial information related to the above agreement is presented below: Year ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2022 — — — — — 2021 — US$ 4,484 — — — 2020 — — — — — In July 2022, due to an unexpected high incidence of fatal bleeding, MacroGenenics terminated a phase 2 study of enoblituzumab as a combination therapy with PD-1 antibody or PD-1/LAG3 bispecific antibody in patients with head and neck cancers (NHSCC). The Company has exercised its termination right under the license and collaboration agreement with MacroGenics by serving a termination notice to MacroGenics on August 29, 2022. The termination took effect in February 2023. Licensing Agreement with Ferring In November 2016, the Company, as the licensee, entered into a license and sublicense agreement with Ferring International Center SA (“Ferring”), with respect to Olamkicept (TJ301), a potential highly differentiated IL-6 blocker for ulcerative colitis and other autoimmune diseases (the “Ferring In-licensing Agreement”). Under the Ferring Agreement, Ferring granted to I-Mab an exclusive license to research, commercially develop, make, import, use, sell, dispose of, offer to sell or dispose of the licensed product in China (including Hong Kong, Macau), Taiwan and Korea. In July 2018, the Company sub-licensed the above license to I-Mab Hong Kong. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with Ferring (continued) In September 2020, I-Mab Hong Kong agreed to assign all rights and obligations/ownership of Target Pipelines (including TJ301) to I-Mab Hangzhou (see Note 10 (a)). The Group entered into a sublicense agreement with I-Mab Hangzhou (“TJ301 Sublicense Agreement”), under which the Group sublicensed to I-Mab Hangzhou an exclusive, sublicensable license to develop, manufacture and commercialize olamkicept in mainland China, Hong Kong, Macau, Taiwan and South Korea. In the second half year of 2021, I-Mab Hangzhou achieved one of the development milestones by completing the Phase IIA study report in China. Upon the achievement of the milestone, I-Mab Hangzhou made a milestone payment with the amount of US$3 million to I-Mab Hong Kong. As I-Mab Hangzhou’s payment of US$3 million is just passthrough payment to I-Mab, and will be eventually paid to Ferring, which does not have any financial impact to I-Mab. The Company recorded it as a payable to Ferring in the consolidated balance sheets for the year ended December 31, 2021 . The US$3 million payable was settled in December 2022. Other In-Licensing Arrangements In addition to the above arrangements, the Group has entered into other various in-licensing and collaboration agreements with third party licensors to develop and commercialize drug candidates. Based on the terms of these agreements the Group is contingently obligated to make additional material payments upon the achievement of certain contractually defined milestones. The Group recorded US$3.1 million (equivalent to approximately RMB21.3 million) milestone payment during the year ended December 31, 2020. The Group recorded US$1.1 million (equivalent to approximately RMB6.8 million) upfront payment and US$2.9 million (equivalent to approximately RMB19.8 million) milestone payment as research and development expenses during the year ended December 31, 2021. The Group recorded RMB0.5 million (US$0.07 million) upfront payment and RMB2.8 million (US$0.4 million) milestone payment as research and development expenses during the year ended December 31, 2022. As of December 31, 2022, under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$173.4 million (equivalent to approximately RMB1,207.8 million) in milestone payments upon the achievement of contractually specified development milestones and sales milestones, such as regulatory approval for the drug candidates, which may be before the Group has commercialized the drug or received any revenue from sales of such drug candidate, which may never occur. B.Out-Licensing and Collabration Arrangement Collaboration Agreement with ABL Bio In July 2018, the Group and ABL Bio entered into a collaboration agreement (the “ABL Bio Collaboration”) whereby both parties agreed to collaborate to develop three PD-L1 based bispecific antibodies by using ABL Bio’s proprietary BsAb technology and commercialize them in their respective territories, which, collectively, include Greater China and South Korea, and other territories throughout the rest of the world if both parties agree to do so in such other territories during the performance of the agreement. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Collaboration Agreement with ABL Bio (continued) At contract inception, as both I-Mab and ABL Bio participate actively in the research and development activity. Also, the parties share the risk of failure of the BsAb products and share the income of licensing, so this contract meet the criteria of the definition of a collaborative arrangement, the Group categorized this agreement within the scope ASC 808. Prior to commercialization, the Group recorded the share of the expenses incurred by the collaboration for the development of three PD-L1 based bispecific antibodies products in research and development expense in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2020, RMB43.6 million expenses were incurred by the Group and RMB44.0 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB43.8 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive income for the year ended December 31, 2020. For the year ended December 31, 2021, RMB27.9 million expenses were incurred by the Group and RMB20.7 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB24.3 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2021. For the year ended December 31, 2022, RMB63.1 million expenses were incurred by the Group and RMB33.7 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB48.4 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2022. Collaboration Agreements with Tracon Pharmaceuticals, Inc. (“Tracon”) In November 2018, the Group entered into collaboration agreements with Tracon, under which both parties agreed to co-develop the Group’s proprietary CD73 antibody, TJD5 (the “TJD5 Agreement”) and co-develop up to five BsAbs (the “BsAbs Agreement”). Both agreements may be terminated by either party for the other party’s uncured material breach, bankruptcy or insolvency or for safety reasons. In addition, the agreement in respect of TJD5 may be terminated by the Group: (i) for convenience within a certain period upon completing different clinical stages subject to certain payments and royalties, based on the clinical stage, that would be owed to Tracon upon the exercise of such termination for convenience; (ii) in the event that Tracon causes the Phase 1 study timeline to be delayed beyond the agreed extension periods; or (iii) if the Group decides to end the development of the collaborative product prior to its first commercial sale. Further, prior to the first commercial sale, Tracon may deem this agreement to be terminated by the Group if it reasonably believes that the Group has discontinued all meaningful development of the collaborative product for at least 12 months and certain other conditions are met. Additionally, in March 2019, the Group agreed with Tracon and F. Hoffmann-La Roche Ltd (“Roche”) on a clinical supply agreement for Roche to supply atezolizumab for use in clinical studies under the collaboration agreement with Tracon. As of December 31, 2019, no payments or royalties are due under this agreement. The Group has recorded US$0.03 million (equivalent to approximately RMB0.17 million), US$0.02 million (equivalent to approximately RMB0.11 million), nil of research and development costs in the consolidated statement of comprehensive income for the year ended December 31, 2020, 2021 and 2022. In April 2020, Tracon issued a notice of dispute with respect to the TJD5 Agreement and the BsAbs Agreement. The disputes relating to the TJD5 Agreement and the BsAbs Agreement are the subject of a binding arbitration proceeding under the Rules of Arbitration of the International Chamber of Commerce before an arbitration tribunal. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Collaboration Agreements with Tracon Pharmaceuticals, Inc. (Continued) In February 2021, the Group sent Tracon a notice to terminate the TJD5 Agreement, which would result in a prespecified termination fee of US$ 9.0 million owing to Tracon. The Group accrued and recorded this termination fee of US$ 9.0 million (equivalent to approximately RMB 58.0 million) as administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2021. On April 25, 2023, the arbitration award determined that the TJD5 Agreement has been terminated for a pre-agreed termination fee of $9.0 million plus interest payable pursuant to the original agreement. For the year ended December 31, 2022, the Group accrued and recorded the interest for the termination fee with an amount of US $0.6 million (equivalent to approximately RMB 4.2 million) as administrative expenses in the consolidated financial statements of comprehensive loss. The tribunal also confirmed the termination of the BsAb Agreement. Based on the arbitration award, I-Mab will bear a portion of Tracon's legal fees and costs, totaling approximately US $13.5 million (equivalent to approximately RMB 91.3 million), which was recorded as administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2022. Licensing Agreement with CSPC Pharmaceutical Group Limited (“CSPC”) In December 2018, the Group entered into a product development agreement with CSPC. The Group granted to CSPC exclusive, non-transferable, non-irrevocable and sublicensable rights in the PRC (excluding Hong Kong, Macau and Taiwan) to develop and commercialize TJ103 for treating type 2 diabetes. CSPC is responsible for developing, obtaining market approval and commercializing the licensed products. The Group is responsible for transferring the manufacturing technology of the licensed products to CSPC and assisting CSPC in the continued optimization of such manufacturing technology thereafter. In consideration of the license, CSPC agreed to pay the Group an upfront fee of RMB15.0 million and milestone payments in an aggregate amount of RMB135.0 million conditioned upon achieving certain clinical development and regulatory approval milestones. In addition, the Group is also entitled to royalties of up to low-double-digit percentages in respect of the total annual net sales of the products after its commercialization in the PRC. On January 31, 2022, the Group and CSPC entered into an amendment to revise the second milestone payment from RMB10 million to RMB8.5 million. The Group determined that this collaboration is more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, the only one performance obligation was to grant TJ103 license to CSPC. Considering that the achievements of milestones are constrained such that the transaction price shall initially only include upfront payment and subsequently, once another milestone was achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods. As of December 31, 2018, the amount received of RMB14.2 million (net of VAT) was recorded as advance from customers in the consolidated balance sheet. In February 2019, an additional amount of RMB0.8 million (net of VAT) was received, and the license was also approved by China intellectual property office in May 2019. The first milestone was achieved in September 2019 and the amount of RMB15.0 million (net of VAT) was received according to the terms of the agreement. Accordingly, RMB30.0 million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2019. No additional revenue was recognized in the year ended December 31, 2020 as no further milestone has been achieved. The second milestone was achieved in November 2021 and RMB8.5 million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2021. No revenue was recognized in the consolidated statements of comprehensive loss for the year ended December 31, 2022. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Strategic Alliance Agreement with PT Kalbe Genexine Biologics (“KG Bio”) In March 2020, the Group entered into a strategic partnership with Kalbe Genexine Biologics (“KG Bio”) to grant a right of first negotiation for an exclusive license for the development and commercialization of two I-Mab-discovered product candidates: uliledlimab, a highly differentiated anti-CD73 antibody in Phase 1 development for advanced solid tumors (“First Program”), and an I-Mab product candidate (“Second Program”) to be agreed upon by both parties in certain regions. Through this agreement, both parties intend to negotiate the terms that will be reflected in definitive agreements for each prospective program covered under this agreement. If and when the Group and KG Bio enter into the definitive licensing agreement, the Group will be eligible to receive from KG Bio an aggregate amount of up to approximately US$340 million, including an upfront payment and subsequent payments conditional upon achieving certain development and commercial milestones. KG Bio will pay the Group tiered royalties in the low to mid-teen percentages on net sales from certain regions. As the right of first negotiation has not been exercised and the definitive agreement has not been entered into as of December 31, 2020, 2021 and 2022, no revenue was recognized during the years ended December 31, 2020, 2021 and 2022. Global Strategic Partnership with AbbVie On September 3, 2020, the Group, through I-Mab Biopharma (Shanghai) Co., Ltd. and I-Mab Biopharma US Limited, each a wholly-owned subsidiary of the Group, entered into a broad global strategic partnership with AbbVie. Pursuant to this collaboration, the Group will grant AbbVie a global license, excluding Mainland China, Macau, and Hong Kong, to develop and commercialize lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by I-Mab for the treatment of multiple cancers. The Group will retain all rights to develop and commercialize lemzoparlimab (as well as certain other compounds directed against CD47) in Mainland China, Macau, and Hong Kong. The Group is also responsible for performing the development activities at its sole cost and expense as outlined in the initial development plan. Such initial development activities consist of two studies, Study I and Study II. Study I is conducted in the United States evaluating lemzoparlimab in combination with pembrolizumab or rituximab in patients with relapsed or refractory solid tumors and lymphoma. Study II is conducted in Mainland China evaluating the safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary efficacy of lemzoparlimab in patients with acute myeloid leukemia (AML) or myelodysplastic syndrome (MDS). AbbVie will conduct further global clinical trials (which the Group may elect to co-fund) to evaluate lemzoparlimab in multiple cancers. Potential collaboration on future CD47-related therapeutic agents is also allowed for under this arrangement, including CD47-based bispecific antibodies and combination therapies with lemzoparlimab and AbbVie’s venetoclax (Venclexta ®). Each party will have the opportunity, subject to rights of first negotiation to further licenses, to explore certain of each other’s related CD47-antibody programs in their respective territories. A joint governance committee was established as set forth in the agreement, functioning as an oversight and governance mechanism. Both parties will participate in the joint governance committee to facilitate decision-making during the terms of the collaborative endeavor. Furthermore, the Group and AbbVie will share manufacturing responsibilities, with AbbVie having the opportunity to manufacture supply outside of Mainland China, Hong Kong and Macau and the Group being the primary manufacturer for supply for Mainland China, Hong Kong and Macau. Upon the satisfaction of all the pre-effect date covenants, the collaborative agreement took effect on December 10, 2020, on which date the Group was entitled to a non-refundable upfront payment of US$180 million. In addition, the Group has received milestone payment of US$20 million from AbbVie and is eligible to receive up to US$1.74 billion in further success-based development, regulatory and sales milestone payments for lemzoparlimab, of which US$840 million are based on clinical development and regulatory approval milestones, with the remainder based on commercial milestones. Upon commercialization of lemzoparlimab, AbbVie will also pay tiered royalties from low-to-mid teen double-digit percentages on global net sales outside of Mainland China, Macau, and Hong Kong. 17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Global Strategic Partnership with AbbVie (continued) The Group identified three performance obligations: (1) grant of lemzoparlimab license upon the effective date, (2) delivering the Study I initial development services, and (3) delivering the Study II initial development services. The total transaction price under the agreement for the years ended December 31, 2020 and 2021 is US$250 million consisting of (i) the upfront payment of US$180 million upon the effective date, (ii) the first milestone payment of US$20 million upon the achievement of the first milestone event in late December 2020, and (iii) the second milestone payment of US$50 million as of December 31, 2020 |
OTHER INCOME (EXPENSES), NET
OTHER INCOME (EXPENSES), NET | 12 Months Ended |
Dec. 31, 2022 | |
OTHER INCOME (EXPENSES), NET | |
OTHER INCOME (EXPENSES), NET | 18. OTHER INCOME (EXPENSES), NET The following table summarizes other income (expenses), net recognized for the years ended December 31, 2020, 2021 and 2022: Year Ended December 31 2020 2021 2022 Notes RMB RMB RMB US$ (Note 2.5) Income of incentive payment from depository bank 11 2,348 2,395 2,821 409 Fair value change of short-term and other investments 11,288 30,360 (13,549) (1,964) Fair value change of put right liabilities 3,024 16,628 34,260 4,967 Net foreign exchange gains (losses) (22,126) 25,373 (175,391) (25,429) Subsidy income (3) 11,633 9,216 25,470 3,693 Gains on deconsolidation of a subsidiary 10 407,598 — — — Others (873) (810) (198) (29) 412,892 83,162 (126,587) (18,353) (3) For the year ended December 31, 2020, subsidy income consists primarily of the government grant of RMB10 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City to support the research and development activities in the local region. For the year ended December 31, 2021, subsidy income primarily consists of an amount of RMB2.9 million related to the paycheck protection program loan forgiveness approved by the U.S. Small Business Administration in April 2021, and an amount of RMB4.5 million recognized in connection with the completion of a project related to one of the Group’s pipelines. For the year ended December 31, 2022, subsidy income consists primarily of the government grant of RMB18.9 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City and the management committee of Shanghai Free Trade Zone to support the research and development activities in the local region. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
NET INCOME (LOSS) PER SHARE | |
NET INCOME (LOSS) PER SHARE | 19. NET INCOME (LOSS) PER SHARE Basic and diluted net income (loss) per share for each of the periods presented are calculated as follows: Year Ended December 31 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) (in thousands, except for share and per share data) Numerator: Net income (loss) attributable to I-Mab 470,915 (2,331,541) (2,507,317) (363,526) Net income (loss) attributable to ordinary shareholders 470,915 (2,331,541) (2,507,317) (363,526) Denominator: Denominator for basic calculation-weighted average number of common shares outstanding 134,158,824 174,707,055 189,787,292 189,787,292 Dilutive effect of convertible preferred shares 4,373,047 — — — Dilutive effect of ordinary shares to be issued to Everest 266,458 — — — Dilutive effect of convertible promissory notes 865,479 — — — Dilutive effect of restricted shares units 778,130 — — — Dilutive effect of stock options 16,789,714 — — — Denominator for diluted income (loss) per share calculation 157,231,652 174,707,055 189,787,292 189,787,292 Net income (loss) per share - basic 3.51 (13.35) (13.21) (1.92) Net income (loss) per share - diluted 3.00 (13.35) (13.21) (1.92) The effects of all outstanding restricted shares, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021 and 2022 as their effects would be anti-dilutive. The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows: Year Ended December 31 2021 2022 Restricted shares 3,150,881 484,395 Stock options 14,584,833 2,939,322 Warrants 648,359 — |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFITS | |
EMPLOYEE BENEFITS | 20. EMPLOYEE BENEFITS Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentage of the employees’ salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contribution made. The total amounts charged to the consolidated statements of comprehensive income (loss) for such employee benefits amounted to approximately RMB10,049, RMB26,426 and RMB35,332 for the years ended December 31, 2020, 2021 and 2022, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Contingencies The Group is a party to or an assignee of license and collaboration agreements that may require it to make future payments relating to milestone fees and royalties on future sales of licensed products (see Note 17). In April 2020, Tracon issued a notice of dispute with respect to the TJD5 Agreement and the BsAbs Agreement. The disputes relating to the TJD5 Agreement and the BsAbs Agreement are the subject of a binding arbitration proceeding under the Rules of Arbitration of the International Chamber of Commerce before an arbitration tribunal. In April 2023, the Group received the result of the arbitration, which is further discussed in Note 17. The Group did not have significant long-term obligations, or guarantees as of December 31, 2021 and 2022. Capital commitments The capital expenditures related to property, equipment and software contracted for as of December 31, 2021 and 2022 but not recognized in the Group’s consolidated financial statements were RMB24,426 and RMB4,392, respectively. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
RELATED PARTY BALANCES AND TRANSACTIONS | 22. RELATED PARTY BALANCES AND TRANSACTIONS The table below sets forth the major related parties and their relationships with the Group for the years ended December 31, 2020, 2021 and 2022: Name of related parties Relationship with the Group CMAB Biopharma (Suzhou) Inc. Controlled by the ultimate controlling party of a principal shareholder of the Group before April 30, 2021 Jiangsu Taslydiyi Pharmaceutical Co., Ltd. Controlled by the ultimate controlling party of a principal shareholder of the Group before December 9, 2021 I-Mab Biopharma (Hangzhou) Co., Limited Subsidiary of the Group before September 15, 2020; Affiliate of the Group after September 15, 2020 Details of related party balances as of December 31, 2021 and 2022 are as follows: Prepayments and other receivables As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 8,079 8,231 1,193 Accruals and other payables As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Jiangsu Taslydiyi Pharmaceutical Co., Ltd. 5,092 — — I-Mab Hangzhou — 64,782 9,393 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows: Receipt of CRO and CMC services - recognized in research and development expenses For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) CMAB Biopharma (Suzhou) Inc. 681 — — — Jiangsu Taslydiyi Pharmaceutical Co., Ltd. 2,395 2,697 — — I-Mab Hangzhou — 2,465 84,673 12,276 Revenue sharing - recognized as deduction of revenue For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 17) — — 18,583 2,694 Collection of loan to an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (4) 52,000 — — — (4) In July 2019 and July 2020, I-Mab Shanghai provided an interest free loan to I-Mab Hangzhou of RMB2,000 and RMB50,000 respectively to finance I-Mab Hangzhou’s operation. These loans were repaid in November 2020. Expenses paid on behalf of an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 21,212 17,649 — — Provision of FTE and other services - recognized in other income For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 11,691 — — Amounts received on behalf of an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 281 — — 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) Amounts received related to the sublicense agreement For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 17) — 19,102 — — Amounts paid by an affiliate on behalf of the Group For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 25,448 837 121 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2022 | |
CONCENTRATION OF CREDIT RISK | |
CONCENTRATION OF CREDIT RISK | 23. CONCENTRATION OF CREDIT RISK Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, and other receivables. The carrying amounts of cash and cash equivalents, short-term investments and contract assets represent the maximum amount of loss due to credit risk. As of December 31, 2021 and 2022, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and international financial institutions outside of the PRC which management believes are of high credit quality and continually monitors the credit worthiness of these financial institutions. With respect to the accounts receivable, contract assets and other receivables, the Group performs on-going credit evaluations of the financial condition of its customers and counterparties. |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
RESTRICTED NET ASSETS | |
RESTRICTED NET ASSETS | 24. RESTRICTED NET ASSETS The Group’s ability to pay dividends may depend on the Group receiving distributions of funds from its PRC subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiary only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s PRC subsidiary. In accordance with the Company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Group’s PRC subsidiary was established as domestic invested enterprise and therefore is subject to the above mentioned restrictions on distributable profits. For the years ended December 31, 2020, 2021 and 2022, no appropriation to statutory reserves was made because the PRC subsidiary had substantial losses during such periods. As a result of these PRC laws and regulations subject to the limit discussed above that require annual appropriations of 10% of after-tax income to be set aside, prior to payment of dividends, as general reserve fund, the Group’s PRC subsidiary is restricted in their ability to transfer a portion of their net assets to the Group. Foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of December 31, 2022, the net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be zero, while the Group has a consolidated shareholders’ equity. Therefore, as the restricted net assets of consolidated subsidiaries do not exceed 25% of consolidated net assets as of the most recent fiscal year end, the Group is not required to provide parent company financial information. |
PRINCIPAL ACCOUNTING POLICIES (
PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACCOUNTING POLICIES | |
Basis of presentation | 2.1 Basis of presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Basis of consolidation | 2.2 Basis of consolidation The accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation. The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (VIE) or voting interest model. The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 10). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive kick-out or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. As of December 31, 2022, the Group determined that the one entity subject to the consolidation guidance is a VIE for which the Group is not the primary beneficiary. |
Use of estimates | 2.3 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as fair value measurements of short-term investments, warrants and put right liabilities, impairment of accounts receivables, contract assets, other receivables, long-lived assets, intangible assets and goodwill, useful lives of property, equipment and software, recognition of right-of-use assets and lease liabilities, accrued research and development expenses, cost-to-cost measure of progress for over time performance obligations, variable consideration in collaboration revenue arrangements, determination of the standalone selling price of each performance obligation in the Company’s revenue arrangements, valuation of share-based compensation arrangements, deferred tax assets valuation allowances and provision for ongoing litigation. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. |
Fair value measurements | 2.4 Fair value measurements Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities, and other non-current liabilities. As of December 31, 2021 and 2022, except for short-term investments and put right liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments and put right liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive income (loss). The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows: Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 includes unobservable inputs that reflect the management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including the own data. Assets and liabilities measured at fair value on a recurring basis The Group measures its short-term investments and put right liabilities at fair value on a recurring basis. As the Group’s short-term investments and put right liabilities are not traded in an active market with readily observable prices, the Group uses significant unobservable inputs to measure the fair value of short-term investments and put right liabilities. These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2021 and 2022: As of December 31, 2021 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 753,164 753,164 Liabilities Put right liabilities — — 96,911 96,911 As of December 31, 2022 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 235,429 235,429 Liabilities Put right liabilities — — 88,687 88,687 The roll forward of major Level 3 financial assets and financial liabilities are as follows: Short-term Put right investments liabilities Fair value of Level 3 financial assets and liabilities as of December 31, 2020 31,530 116,006 Purchase of short-term and other investments 10,173,314 — Disposal of short-term and other investments (9,482,040) — Fair value changes 30,360 (16,628) Currency translation differences — (2,467) Fair value of Level 3 financial assets and liabilities as of December 31, 2021 753,164 96,911 Purchase of short-term and other investments 7,407,332 — Disposal of short-term and other investments (7,911,518) — Recognition of put right liabilities — 17,729 Fair value changes (13,549) (34,260) Currency translation differences — 8,307 Fair value of Level 3 financial assets and liabilities as of December 31, 2022 235,429 88,687 See Note 10 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2021 and 2022. |
Foreign currency translation | 2.5 Foreign currency translation The Group uses Chinese Renminbi (“RMB”) as its reporting currency. The United States Dollar (“US$”) is the functional currency of the Group’s entities incorporated in the Cayman Islands, the United States of America (“U.S.”) and Hong Kong, and the RMB is the functional currency of the Company’s PRC subsidiaries. Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in other than the functional currencies are translated at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive income (loss). The consolidated financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses are translated at the average exchange rates prevailing for the year. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income (loss). The exchange rates used for translation on December 31, 2021 and 2022 were US$1.00 = RMB6.3757 and RMB6.9646 respectively, representing the index rates stipulated by the People’s Bank of China. Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income (loss), consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited. |
Cash and cash equivalents | 2.6 Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Group considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. |
Restricted cash | 2.7 Restricted cash Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing and bank notes agreements. Such restricted cash will be released when the Group repays the related bank borrowings or bank notes. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.7 Restricted cash (continued) Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows: As of December 31, 2021 2022 RMB RMB Cash and cash equivalents 3,523,632 3,214,005 Restricted cash — 96,764 Total 3,523,632 3,310,769 |
Accounts receivable | 2.8 Accounts receivable Accounts receivable are stated at amortized cost less allowance for credit losses. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions. |
Short-term investments | 2.9 Short-term investments Short-term investments represent the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss). |
Inventories | 2.10 Inventories Prior to the regulatory approval of product candidates, the Company may incur expenses for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. Investigational products for external supply are capitalized as inventories with probable future economic benefit. Inventories are stated at the lower of cost and net realizable value, with cost determined in a manner that approximates the first-in, first-out method. The Company periodically analyzes its inventory levels, and writes down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of product sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded in the consolidated statements of comprehensive income (loss). |
Property, equipment and software | 2.11 Property, equipment and software Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account of any estimated residual value: Laboratory equipment 3 to 10 years Software 1 Office furniture and equipment 5 years Delivery equipment 4 years Leasehold improvements Lesser of useful life or lease term The Group recognizes the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive income (loss). |
Intangible assets | 2.12 Intangible assets Intangible assets acquired in a business combination that are used in research and development activities, or in-process research and development (IPR&D) intangible assets, are considered indefinite lived until the completion or abandonment of the associated research and development efforts. During the period that those assets are considered indefinite lived, they are not amortized but are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If after assessing the totality of events and circumstances and their potential effect on significant inputs to the fair value determination the Group determines that it is not more likely than not that the indefinite-lived intangible is impaired, then the entity shall calculate the fair value of the intangible asset and perform the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. For IPR&D assets, the impairment loss is recognized in research and development expenses in the consolidated statements of comprehensive income (loss). Intangible assets with finite useful lives are amortized over their useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the Group. The Group uses the straight-line amortization method when the economic benefits of the intangible assets are consumed or otherwise used up cannot be reliably determined. In particular, the Group amortizes the contract related intangible assets with finite useful lives over 10 to 20 years on a straight-line basis in accordance with the economic life of the out-licensed patent. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. If circumstances require an intangible asset be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset to its carrying amount. If the carrying amount is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. For intangible assets with finite useful life, the impairment loss is recognized in cost of revenues in the consolidated statements of comprehensive income (loss). |
Impairment of long-lived assets | 2.13 Impairment of long-lived assets Long-lived assets, such as property, plant, and software, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. For the years ended December 31, 2020, 2021 and 2022, there was no impairment of the value of the Group’s long-lived assets. |
Goodwill | 2.14 Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Group allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill is tested on at least an annual basis or whenever events or changes in circumstances indicate that the carrying value of the reporting unit exceeds its fair value. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. |
Long-term investments | 2.15 Long-term investments The Group’s long-term investments include equity investments in an affiliate in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. The investment is accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of the equity investee’s net income or loss after the date of investment. When the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests, applying the percentage ownership interest to U.S. GAAP net income in order to determine earnings or losses does not accurately represent the income allocation and cash flow distributions that will ultimately be received by the investors. As such, for this type of investments, the Group uses the Hypothetical Liquidation at Book Value (“HLBV”) method for allocating earnings or losses of the equity method investee. The HLBV method is considered as a balance sheet approach. Specifically, a calculation is prepared at each balance sheet date to determine the amount that the Group would receive if an equity investment entity were to liquidate all of its assets (as valued in accordance with U.S. GAAP) and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Group’s share of the earnings or losses from the equity investment for the period. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.15 Long-term investments (continued) As it relates to the share-based compensation awarded by an equity method investee to its own employees, the Group recognizes its proportionate share of the compensation expense over the vesting period, included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss). As it relates to the share-based compensation awarded by the Group to the equity method investee employees that are based on the Group’s stock, when the other investors do not provide proportionate value to the investee or the Group does not receive any consideration, the Group expenses the entire cost associated with the award in the same period the costs are recognized by the investee, to the extent that the Group’s claim on the investee’s book value has not been increased. The expenses recognized by the Group is included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss). The Group evaluates the equity method investment for impairment under ASC 323. An impairment loss on the equity method investments is recognized in losses when the decline in value is determined to be other-than-temporary. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. |
Revenue recognition | 2.16 Revenue recognition The Group adopted Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. An the entity performs the following five steps to account for the arrangements that an entity determines are within the scope of ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group audits the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Collaboration revenue At contract inception, we analyze its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, we first determine if the collaboration is deemed to be within the scope of ASC 808. For any units of account that are reflective of a vendor-customer relationship those units of account are accounted for within the scope of ASC 606. For any units of account that are not accounted for under ASC 606 and therefore accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.16 Revenue recognition (continued) The Group’s collaborative arrangements may contain more than one unit of account, or performance obligation, such as grant of licenses of intellectual property rights, promises to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. When multiple units of account or performance obligations are identified within the arrangements, the Group must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Group considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Group’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For the license that is determined to be distinct, the Group recognizes revenues in the amount of non-refundable, up-front fees allocated to the license at a point in time, upon which the license is transferred to the licensee and the licensee is able to use and benefit from the license. Research and Development Services: The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as revenue over time as delivery or performance of such services provided to the Group’s customers occurs. Milestone Payments : At the inception of each arrangement that includes development, commercialization, and regulatory milestone payments, the Group evaluates whether the milestones are considered probable of being reached and to the extent that a significant reversal of cumulative revenue would not occur in future periods, estimates the amount to be included in the transaction price using the most likely amount method. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Group recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Group re-evaluates the probability of achieving such development milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Any resulting adjustment is recorded on a cumulative catch-up basis, which would affect the Group’s reported revenues and earnings in the period of the adjustment. Royalties : For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the sales-based royalties or milestone payments relate, the Group recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Supply of investigational products Revenue from supply of investigational products is recognized when there is a transfer of control from the Group to the customer. The Group determines transfer of control based on when the product is delivered, and title passed to the customer. Sales are generally made with a limited right of return under certain conditions. Revenues are recorded net of provisions for sales discounts and returns. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.16 Revenue recognition (continued) Contract assets and liabilities Contract assets primarily represent revenue earnings over time that are not yet billable based on the terms of the contracts. The Group does not have impairment losses associated with contracts with customers for the years ended December 31, 2020, 2021 and 2022. Contract liabilities consist of fees invoiced or paid by the Group’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Group’s revenue recognition criteria described above. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the consolidated balance sheet when the Group expects to complete the related performance obligations and invoice the customers within one year of the balance sheet date, and as long-term when the Group expects to complete the related performance obligations and invoice the customers more than one year out from the balance sheet date. Contract liabilities are classified as current in the consolidated balance sheet when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date. Cost-to-cost measure of progress for over time performance obligations Under the Group’s certain licensing and collaboration arrangement entered into with a business partner, the Group recognized revenue using the cost-to-cost measure of progress for its over time performance obligations as this recognition best depicts the transfer of benefits to its business partner as costs are incurred under the licensing and collaboration arrangement. Under the cost-to-cost measure of progress method, the extent of progress towards completion is measured based on the ratio of costs incurred to-date to the total estimated costs for completion of the performance obligations. The Group applied significant judgment in estimating the total estimated costs for completion of performance obligations under such licensing and collaboration arrangement. |
Value-added-tax ("VAT") recoverable and surcharges | 2.17 Value-added-tax (“VAT”) recoverable and surcharges Value added tax recoverable represent amounts paid by the Group for purchases. The surcharges (i.e., Urban construction and maintenance tax, educational surtax, local educational surtax), vary from 6% to 12% of the value-added-tax depending on the tax-payer’s location. The deductible input VAT balance is included in the prepayments and other receivables in the consolidated balance sheets, and VAT payable balance is recorded in the accruals and other payables in the consolidated balance sheets. |
Research and development expenses | 2.18 Research and development expenses Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities, (2) in-licensed patent rights fee of exclusive development rights of drugs granted to the Group, (3) expenses related to preclinical testing of the Group’s technologies under development and clinical trials such as payments to contract research organizations (“CRO”), investigators and clinical trial sites that conduct the clinical studies, (4) expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, and (5) other research and development expenses. Research and development expenses are charged to expenses as incurred when these expenditures are used for the Group’s research and development activities and have no alternative future uses. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.18 Research and development expenses (continued) The Group applied significant judgment in estimating the progress of its research and development activities and completion of or likelihood of achieving milestone events per underlying agreements when estimating the research and development costs to be accrued at each reporting period end. The process of estimating its research and development expenses involves reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated costs incurred for the services when the Group has not yet been invoiced or otherwise notified of the actual costs. The Group has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as pre-commercial milestone payments, are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the new drug compound does not also include processes or activities that would constitute a “business” as defined under U.S. GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. All development expenditures are recognized in profit or loss when incurred, as long as the conditions enabling capitalization of development expenses as an asset have not yet been met. |
Leases | 2.19 Leases In accordance with ASC 842 adopted on January 1, 2019, the Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Group’s consolidated balance sheets. The Group does not have any finance leases since the adoption date. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate, which it calculates based on the credit quality of the Group and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i)elect for each lease not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (iii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs. |
Government subsidies | 2.20 Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the governments. The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has set certain conditions for the subsidies. Other subsidies are the subsidies that the local government has not set any conditions and are not tied to future trends or performance of the Group, receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. For the years ended December 31, 2020, 2021 and 2022, no specific subsidies were received by the Group. Other subsidies of RMB11,633, RMB9,216 and RMB25,470 for the years ended December 31, 2020, 2021 and 2022 respectively, are recognized as other income upon receipt as further performance by the Group is not required. |
Comprehensive income (loss) | 2.21 Comprehensive income (loss) Comprehensive income (loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive income (loss). |
Share-based compensation | 2.22 Share-based compensation The Group grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Employees’ share-based compensation awards, if equity-classified, are measured at the grant date fair value of the awards and are recognized as expenses over the requisite period of the award, which is generally the vesting term of share-based payment awards. A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. The Group calculates incremental compensation expense of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period when the modification occurs. For awards not being fully vested, the Group recognizes the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original awards over the remaining requisite service period after modification. Share-based compensation in relation to the restricted shares is measured based on the fair market value of the Group’s ordinary shares at the grant date of the award. Prior to the listing, estimation of the fair value of the Group’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the Binominal Option Pricing Model. The determination of the fair value of share options is affected by the share price of the Group’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. In addition, the forfeiture rate is estimated based on an analysis of the Group’s actual forfeitures and the appropriateness of the forfeiture rate will continue to be evaluated based on the actual forfeiture experience, analysis of employee turnover and other factors. The fair value of these awards was determined with the assistance from an independent third-party valuation firm. |
Income taxes | 2.23 Income taxes The Group accounts for income taxes under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded if it is more likely than not that some portion or all of the deferred income tax assets will not be utilized in the foreseeable future. The Group evaluates its uncertain tax positions using the provisions of ASC 740-10, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Group recognizes in the financial statements the benefit of a tax position which is ‘‘more likely than not’’ to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. |
Borrowings | 2.24 Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized as interest expense in the consolidated statements of comprehensive income (loss) over the period of the borrowings, using the effective interest method. |
Business combination | 2.25 Business combination The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC topic 805, Business Combinations (“ASC 805”). The acquisition method of accounting requires all of the following steps: (i) identifying the acquirer, (ii) determining the acquisition date, (iii) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, and (iv) recognizing and measuring goodwill or a gain from a bargain purchase. The consideration transferred in a business combination is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The Group allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets may include, but are not limited to, future expected cash flows from acquired assets, timing and probability of success of clinical events and regulatory approvals, and assumptions on useful lives of the patents and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Additional information, such as that related to income tax and other contingencies, existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed one year from the acquisition date, which may result in changes to the amounts and allocations recorded. Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. For transactions determined to be asset acquisitions, the Group allocates the total cost of the acquisition, including transaction costs, to the net assets acquired based on their relative fair values. |
Segment information | 2.26 Segment information In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and 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. As the Group’s long-lived assets are substantially located in and derived from the PRC, no geographical segments are presented. |
Income (loss) per share | 2.27 Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, shares issuable upon the issuance of ordinary shares to be issued to Everest using the if-converted method, shares issuable upon the conversion of the convertible promissory notes using the if-converted method, shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the issuance of ordinary shares for restricted shares units using the treasury stock method, and shares issuable upon the exercise of warrants using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted income (loss) per share calculation when inclusion of such shares would be anti-dilutive. |
Adopted accounting pronouncements | 2.28 Adopted accounting pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Lessors—Certain Leases with Variable Lease (“ASU 2021-05”). It requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.28 Adopted accounting pronouncements (Continued) In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Company for the year ending March 31, 2025 and interim reporting periods during the year ending March 31, 2025. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows. |
Recent accounting pronouncements | 2.29 Recent accounting pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). It requires issuers to apply ASC 606 Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. ASU 2021-08 is effective for the Company from January 1, 2023, with early adoption permitted. The ASU is currently not expected to have a material impact on the Group’s consolidated financial statements. |
PRINCIPAL ACTIVITIES AND ORGA_2
PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACTIVITIES AND ORGANIZATION | |
Schedule of Principal Subsidiaries | Percentage of direct or indirect Date of ownership Place of incorporation or by the Subsidiaries incorporation acquisition Company Principal activities I-Mab Biopharma Hong Kong Limited (“I-Mab Hong Kong”) Hong Kong July 8, 2016 100 % Investment holding I-Mab Biopharma Co., Ltd. (“I-Mab Shanghai”) PRC August 24, 2016 100 % Research and development of innovative medicines I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”) PRC July 15, 2017 100 % Research and development of innovative medicines I-Mab Biopharma US Ltd. U.S. February 28, 2018 100 % Research and development of innovative medicines Zhejiang Tianli Pharmaceutical Sales Co., Ltd. PRC September 29,2021 100 % Sales and distribution of medicine products |
PRINCIPAL ACCOUNTING POLICIES_2
PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACCOUNTING POLICIES | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of December 31, 2021 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 753,164 753,164 Liabilities Put right liabilities — — 96,911 96,911 As of December 31, 2022 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 235,429 235,429 Liabilities Put right liabilities — — 88,687 88,687 |
Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability | Short-term Put right investments liabilities Fair value of Level 3 financial assets and liabilities as of December 31, 2020 31,530 116,006 Purchase of short-term and other investments 10,173,314 — Disposal of short-term and other investments (9,482,040) — Fair value changes 30,360 (16,628) Currency translation differences — (2,467) Fair value of Level 3 financial assets and liabilities as of December 31, 2021 753,164 96,911 Purchase of short-term and other investments 7,407,332 — Disposal of short-term and other investments (7,911,518) — Recognition of put right liabilities — 17,729 Fair value changes (13,549) (34,260) Currency translation differences — 8,307 Fair value of Level 3 financial assets and liabilities as of December 31, 2022 235,429 88,687 |
Schedule of cash, cash equivalents and restricted cash | As of December 31, 2021 2022 RMB RMB Cash and cash equivalents 3,523,632 3,214,005 Restricted cash — 96,764 Total 3,523,632 3,310,769 |
Summary of Estimated Useful Lives | Laboratory equipment 3 to 10 years Software 1 Office furniture and equipment 5 years Delivery equipment 4 years Leasehold improvements Lesser of useful life or lease term |
ACCOUNTS RECEIVABLE AND CONTR_2
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS | |
Summary of accounts receivable and contract assets, net of allowance for credit losses | As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Accounts receivable, gross 33,081 — — Allowance for credit losses — — — Accounts receivable, net 33,081 — — As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Contract assets, gross (Note 17) 253,780 — — Allowance for credit losses — — — Contract assets, net 253,780 — — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Summary of inventories consist | As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Investigational products 27,237 — — |
PREPAYMENTS AND OTHER RECEIVA_2
PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PREPAYMENTS AND OTHER RECEIVABLES | |
Summary of prepayments and other receivables | As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Prepayments: – Prepayments to CRO vendors 79,568 32,960 4,779 – 906 1,321 192 – 8,079 8,231 1,193 Value-added tax recoverable 89,578 8,197 1,188 Deposits 616 4,570 663 Other receivables 12,077 24,999 3,624 190,824 80,278 11,639 |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY, EQUIPMENT AND SOFTWARE | |
Schedule of property, equipment and software | As of December 31, As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Cost Laboratory equipment 36,295 52,989 7,683 Leasehold improvement 18,945 37,375 5,419 Software 11,071 14,506 2,103 Office furniture and equipment 2,468 11,171 1,620 Delivery equipment — 165 24 Total property, equipment and software 68,779 116,206 16,849 Less: accumulated depreciation and amortization (44,162) (61,583) (8,929) Net book value 24,617 54,623 7,920 Construction in progress 21,099 6,218 901 Total net book value of property, equipment and software 45,716 60,841 8,821 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
Schedule of Operating Lease Related Assets And Liabilities And Other Related Information | Information related to operating leases as of December 31, 2021 and 2022 is as follows (in thousands, except for percentages and years). As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Assets Operating lease right-of-use assets 112,781 63,125 9,152 Liabilities Operating lease liabilities, current 30,669 23,961 3,474 Operating lease liabilities, non-current 81,786 32,069 4,650 Weighted average remaining lease term (years) 3.6 2.9 2.9 Weighted average discount rate 5 % 5 % 5 % |
Schedule Of Components Of Operating Lease Expense | For the Year Ended 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Operating lease rental expense Amortization of right-of-use assets 8,158 16,997 34,520 5,005 Expense for short-term leases within 12 months — 16 12 2 Interest of lease liabilities 679 2,585 3,178 461 8,837 19,598 37,710 5,468 |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2022 RMB US$ (Note 2.5) 2023 37,867 5,490 2024 26,723 3,874 2025 5,193 753 2026 5,288 767 2027 4,729 686 Thereafter 1,209 175 Total undiscounted lease payments 81,009 11,745 Less: imputed interest (24,979) (3,621) Total lease liabilities 56,030 8,124 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS | |
Summary of Intangible assets | As of December 31, 2021 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB Intangible assets TJ103 11,670 (2,334) 9,336 IPR&D TJ101 110,330 — 110,330 Total intangible assets 122,000 (2,334) 119,666 As of December 31, 2022 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB Intangible assets TJ103 11,670 (3,112) 8,558 IPR&D TJ101 110,330 — 110,330 Total intangible assets 122,000 (3,112) 118,888 |
INVESTMENTS ACCOUNTED FOR USING
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | |
Summary of group long term investment measured under equity method | For the period from September 15, 2020 to For the year ended For the year ended December 31, 2020 December 31, 2021 December 31, 2022 I-Mab I-Mab Other equity I-Mab Other equity Hangzhou Hangzhou investments Hangzhou investments Operating data: Revenue 271 5,660 — 103,826 — Loss from operations (85,945) (295,186) (3,513) (356,734) (5,565) Net Loss (85,945) (290,586) (3,513) (346,322) (5,565) As of December 31, 2021 2022 I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Balance sheet data: Current assets 602,047 20,037 499,665 81,683 Non-current assets 1,207,132 40,000 1,432,328 135,347 Current liabilities 168,763 50 281,587 107 Non-current liabilities 176,436 — 232,083 — Non-controlling interests — — — — |
Summary of estimate the fair value of the put right using the following assumptions | As of As of December 31, December 31, Put right liabilities - Series A 2021 2022 Expected terms (Year) 2.7 1.7 Estimated volatility 34.5 % 33.9 % Spot price US$ 171,134 US$ 148,276 Probability of triggering event for redemption option 70 % 70 % As of As of August 19, December 31, Put right liabilities - Series B 2022 2022 Expected terms (Year) 2.1 1.7 Estimated volatility 31.3 % 31.1 % Spot price US$ 36,570 US$ 36,516 Probability of triggering event for redemption option 70 % 70 % |
ACCRUALS AND OTHER PAYABLES (Ta
ACCRUALS AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCRUALS AND OTHER PAYABLES | |
Schedule of accruals and other payables | As of December 31, As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Current: Staff salaries and welfare payables 52,526 43,483 6,304 Accrued external research and development activities related expenses 367,976 264,972 38,417 Accrued cost in relation to planned dual listing 4,793 — — Payable due to an affiliate (Note 22) — 64,782 9,393 Accrued Termination fee and other expenses in relation to the 57,381 161,106 23,358 Non-refundable incentive payment from depositary bank (1) 2,369 6,428 932 Accrued traveling expenses, office expenses and others 108,290 165,801 24,039 593,335 706,572 102,443 Non-current: Non-refundable incentive payment from depositary bank (1) 4,934 6,963 1,009 Non-refundable payment received in relation to the exclusive promotion right granted to a third party (2) 10,000 10,000 1,450 14,934 16,963 2,459 Total 608,269 723,535 104,902 (1) The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982) and US$1,195 (equivalent to approximately RMB8,075) from depositary bank in April 2020 and December 2022, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2020, 2021 and 2022, the Group has recorded RMB2,348, RMB2,395 and RMB2,821 as other income in the consolidated statements of comprehensive income (loss), respectively. (2) In November 2021, the Group entered into a collaboration agreement with a third party located in China to grant the third party an exclusive right to conduct promotion activities for the TJ202 drug products in designated hospitals after the commercialization of TJ202 in future years. In November 2021, the Group received a non-refundable payment of RMB10,000 from the third party and recorded it as the non-current liabilities in the consolidated balance sheet as of December 31, 2021. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
Schedule of differences between the PRC statutory income tax rate and the Group's effective income tax rate | Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Income (loss) before income tax 483,146 (2,334,695) (2,506,620) (363,425) Income tax computed at respective applicable tax rate 66,044 (410,899) (442,343) (64,134) Non-deductible expenses 72,256 68,400 38,570 5,592 Research and development expenses plus deduction (60,776) (50,530) (74,415) (10,789) True up of withholding tax expenses — (3,154) — — Changes in valuation allowance (65,293) 393,029 478,885 69,432 12,231 (3,154) 697 101 Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share 0.34 (0.84) (0.65) (0.09) |
Schedule of the deferred tax assets and liabilities | As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) Deferred tax assets: Net operating loss carryforward 380,695 792,602 114,916 Depreciation and amortization of property, equipment, software and intangible asset, net 41,020 39,189 5,682 Share-based compensation expenses 59,296 127,950 18,551 Accrual expense 30,172 30,210 4,380 Less: valuation allowance (493,233) (972,118) (140,944) Total deferred tax assets 17,950 17,833 2,585 Deferred tax liabilities: Acquired intangible assets 17,950 17,833 2,585 Total deferred tax liabilities 17,950 17,833 2,585 Deferred tax assets, net — — — |
Schedule of movement of the valuation allowance | Year Ended December 31 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Balance as of January 1 (165,497) (100,204) (493,233) (71,512) Additions (36,061) (393,029) (478,885) (69,432) Utilization and reversal of valuation allowances 89,154 — — — Decrease due to the change of tax rate 12,200 — — — Balance as of December 31 (100,204) (493,233) (972,118) (140,944) |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
WARRANTS | |
Schedule of stockholders' equity, warrants | Exercise Fair value at Price per the closing share Outstanding date Terms US$ Units RMB’000 Warrants to purchase ordinary shares (first closing on September 11, 2020) 12 months 19.57 3,744,032 71,874 Warrants to purchase ordinary shares (second closing on December 17, 2020) 12 months 19.57 1,597,235 37,869 |
Summary of fair value of warrant liabilities | As of September 11, As of December 17, 2020 2020 Risk-free rate of return 0.12 % 0.08 % Maturity date September 11, 2021 December 17, 2021 Estimated volatility rate 60.72 % 59.56 % Exercise price US$ 19.57 US$ 19.57 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | |
Schedule of valuation assumptions used | As of As of December 31, December 31, Put right liabilities - Series A 2021 2022 Expected terms (Year) 2.7 1.7 Estimated volatility 34.5 % 33.9 % Spot price US$ 171,134 US$ 148,276 Probability of triggering event for redemption option 70 % 70 % As of As of August 19, December 31, Put right liabilities - Series B 2022 2022 Expected terms (Year) 2.1 1.7 Estimated volatility 31.3 % 31.1 % Spot price US$ 36,570 US$ 36,516 Probability of triggering event for redemption option 70 % 70 % |
Schedule of share-based compensation expenses | The allocation of share-based compensation expense was as follows: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 284,431 201,926 117,876 17,090 Administrative expenses 209,033 406,683 239,272 34,691 Equity in loss of an affiliate 32,707 13,267 13,852 2,008 526,171 621,876 371,000 53,789 |
2017 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the stock options activities of 2017 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31 , 2019 9,812,881 0.93 7.76 47,671 Forfeited (338,876) 1.00 — — Exercised (1,439,373) 0.72 — — Surrendered (Note 16(h)) (332,566) 1.00 — — Outstanding as of December 31 , 2020 7,702,066 0.97 6.75 150,415 Exercised (5,122,549) 0.96 — — Forfeited (10,500) 1.00 — — Outstanding as of December 31 , 2021 2,569,017 1.00 5.79 50,361 Exercised (786,400) 1.00 — — Outstanding as of December 31 , 2022 1,782,617 1.00 4.75 1,457 Exercisable as of December 31, 2022 1,782,617 1.00 4.75 1,457 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the stock options of 2017 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 69,214 (225) — — Administrative expenses 52,802 2,835 — — Equity in loss of affiliates 4,277 516 — — 126,293 3,126 — — |
2018 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the stock options activities of 2018 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 13,536,588 1.00 8.86 64,840 Exercised (402,000) 1.00 — — Surrendered (Note 16 (h)) (2,544,917) 1.00 — — Outstanding as of December 31, 2020 10,589,671 1.00 8.15 206,499 Exercised (3,036,435) 1.00 — — Outstanding as of December 31, 2021 7,553,236 1.00 7.15 148,076 Exercised (6,044,843) 1.00 — — Outstanding as of December 31, 2022 1,508,393 1.00 6.15 1,233 Exercisable as of December 31, 2022 1,508,393 1.00 6.15 1,233 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the stock options of 2018 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 65,656 55 — — Administrative expenses 48,055 4,478 — — Equity in loss of affiliates 226 257 — — 113,937 4,790 — — |
2019 plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the stock options activities of 2019 Plan for periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 72,000 6.09 — — Outstanding as of December 31, 2020 72,000 6.09 9.33 1,038 Granted — — — — Outstanding as of December 31, 2021 72,000 6.09 8.05 1,045 Granted — — — — Outstanding as of December 31, 2022 72,000 6.09 7.05 — Exercisable as of December 31, 2022 48,000 6.09 7.05 — |
Schedule of non-vested stock option activities | A summary of non-vested stock options activity for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 48,000 4.50 Vested (24,000) 4.50 Non-vested at December 31, 2022 24,000 4.50 |
Schedule of valuation assumptions used | Stock options granted to the 3 independent directors were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2020 Expected volatility 54.88 % Risk-free interest rate (per annum) 0.79 % Exercise multiple 2.80 Expected dividend yield — Time to maturity (in years) 10 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the stock options of 2019 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — — — — Administrative expenses 1,171 707 288 42 Equity in loss of affiliates — — — — 1,171 707 288 42 |
2020 plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the stock options activities of 2020 Plan for the periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 1,068,733 5.91 — — Forfeited (24,365) 5.91 — — Outstanding as of December 31, 2020 1,044,368 5.91 9.62 15,237 Granted 133,913 18.85 — — Exercised (68,859) 5.91 — — Expired (154) 5.91 — — Forfeited (111,495) 6.23 — — Outstanding as of December 31, 2021 997,773 7.61 8.68 12,967 Granted 2,026,300 9.20 — — Exercised (14,645) 5.91 — — Expired (69,051) 6.74 — — Forfeited (170,490) 7.65 — — Outstanding as of December 31, 2022 2,769,887 8.81 8.76 — Exercisable as of December 31, 2022 353,949 7.00 7.67 — |
Schedule of non-vested stock option activities | A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 805,433 9.44 Granted 2,026,300 1.35 Vested (245,305) 9.40 Forfeited (170,490) 7.39 Non-vested at December 31, 2022 2,415,938 0.53 |
Schedule of valuation assumptions used | Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2020 2021 2022 Expected volatility 56.51 % 50.78%-51.84% 53.66 % Risk-free interest rate (per annum) 0.86 % 1.32%-1.88% 1.88 % Exercise multiple 2.20-2.80 2.20-2.80 2.20-2.80 Expected dividend yield — — — Time to maturity (in years) 10 10 10 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the stock options of 2020 Plan are included in: Year Ended December 31, 2020 2021 2021 RMB RMB RMB US$ (Note 2.5) Research and development expenses 10,435 14,915 17,068 2,475 Administrative expenses 4,357 8,702 25,897 3,755 Equity in loss of affiliates 1,619 3,262 2,846 413 16,411 26,879 45,811 6,643 |
2020 plan | Restricted shares | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the restricted share units subject to terms and conditions under 2020 Plan for the periods presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 1,328,120 1.00 — — Vested (565,200) 1.00 — — Outstanding as of December 31, 2020 762,920 1.00 9.65 14,877 Vested (762,920) 1.00 — — Outstanding as of December 31, 2021 — — — — |
Schedule of share-based compensation expenses | Share-based compensation expenses related to these restricted share units are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 67,181 4,156 — — Administrative expenses 25,985 54,011 — — Equity in loss of affiliates 19,085 720 — — 112,251 58,887 — — |
2021 plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of non-vested stock option activities | A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below: Weighted average grant- date fair value Number of shares US$ Non-vested at December 31, 2021 2,444,440 14.12 Granted 2,787,738 2.70 Vested (565,579) 14.18 Forfeited (880,304) 7.64 Non-vested at December 31, 2022 3,786,295 1.76 |
Schedule of valuation assumptions used | Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions: Year Ended December 31, 2021 2022 Expected volatility 51.77%-54.37 % 53.66%-58.97% Risk-free interest rate (per annum) 1.44%-1.68 % 1.88%-3.53% Exercise multiple 2.20-2.80 2.20-2.80 Expected dividend yield — — Time to maturity (in years) 10 10 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the stock options of 2021 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — 20,430 36,104 5,234 Administrative expenses — 35,226 75,980 11,016 Equity in loss of affiliates — — 2,715 393 — 55,656 114,799 16,643 |
2021 plan | Restricted shares | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the restricted share units of 2021 Plan for the period presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2020 — — — — Granted 1,827,166 — — — Forfeited (170,913) — — — Outstanding as of December 31, 2021 1,656,253 — 9.57 34,126 Granted 821,215 — — — Vested (1,139,587) — — — Forfeited (301,908) — — — Outstanding as of December 31, 2022 1,035,973 — 8.55 2,266 |
Schedule of non-vested restricted share units activities | A summary of non-vested restricted share units activities for year ended December 31, 2022 is presented below: Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2021 1,656,253 26.45 Granted 821,215 9.18 Vested (1,139,587) 26.41 Forfeited (301,908) 17.85 Non-vested at December 31, 2022 1,035,973 5.19 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the restricted share units of 2021 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses — 44,227 46,649 6,763 Administrative expenses — 73,332 99,708 14,456 Equity in loss of affiliates — — 4,077 591 — 117,559 150,434 21,810 |
2020 Plan | Restricted shares | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the restricted share units of 2020 Plan for the periods presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2019 — — — — Granted 4,093,079 — — — Forfeited (13,461) — — — Outstanding as of December 31, 2020 4,079,618 — 9.70 83,632 Granted 1,649,045 — — — Vested (4,048,000) — — — Forfeited (198,872) — — — Outstanding as of December 31, 2021 1,481,791 — 8.95 30,531 Granted 755,734 — — — Vested (720,232) — — — Forfeited (270,482) — — — Outstanding as of December 31, 2022 1,246,811 — 8.55 2,266 |
Schedule of non-vested restricted share units activities | A summary of non-vested restricted share units activities for the year ended December 31, 2022 is presented below: Weighted average grant- Number of restricted share date fair value units US$ Non-vested at December 31, 2021 1,481,791 17.80 Granted 755,734 10.11 Vested (720,232) 19.71 Forfeited (270,482) 14.52 Non-vested at December 31, 2022 1,246,811 2.98 |
Schedule of share-based compensation expenses | Share-based compensation expenses related to the aforementioned restricted share units of 2020 Plan are included in: Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) Research and development expenses 71,945 118,368 18,055 2,618 Administrative expenses 76,663 227,392 37,399 5,422 Equity in loss of affiliates 7,500 8,512 4,214 611 156,108 354,272 59,668 8,651 |
2021 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2022: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2020 — — — — Granted 2,698,245 26.43 — — Forfeited (253,805) 26.39 — — Outstanding as of December 31, 2021 2,444,440 26.44 9.57 — Granted 2,787,738 9.20 — — Forfeited (880,304) 18.21 — — Expired (46,202) 26.39 — — Outstanding as of December 31, 2022 4,305,672 17.32 8.89 — Exercisable as of December 31, 2022 519,377 26.46 8.53 — |
LICENSING AND COLLABORATION A_2
LICENSING AND COLLABORATION ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Breakdown of licensing and collaboration revenue | Year Ended December 31, 2020 2021 2022 RMB RMB RMB US$(Note 2.5) Recognition in the year 1,542,668 31,615 39,891 5,784 Reduction in the year — — (314,181) (45,552) Revenues from AbbVie 1,542,668 31,615 (274,290) (39,768) Revenues from other partners — 8,500 24,625 3,570 1,542,668 40,115 (249,665) (36,198) |
Licensing Agreement with MorphoSys [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Licensing And Collaboration Arrangements Summarized Financial Information Disclosure | Summarized financial information related to the above agreement is presented below: Years Ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2022 — — — — — 2021 — US$ 1,500 — — — 2020 — US$ 1,000 — — — |
Licensing Agreement with MacroGenics | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Licensing And Collaboration Arrangements Summarized Financial Information Disclosure | Summarized financial information related to the above agreement is presented below: Year ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2022 — — — — — 2021 — US$ 4,484 — — — 2020 — — — — — |
OTHER INCOME (EXPENSES), NET (T
OTHER INCOME (EXPENSES), NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER INCOME (EXPENSES), NET | |
Schedule of other income and expenses | Year Ended December 31 2020 2021 2022 Notes RMB RMB RMB US$ (Note 2.5) Income of incentive payment from depository bank 11 2,348 2,395 2,821 409 Fair value change of short-term and other investments 11,288 30,360 (13,549) (1,964) Fair value change of put right liabilities 3,024 16,628 34,260 4,967 Net foreign exchange gains (losses) (22,126) 25,373 (175,391) (25,429) Subsidy income (3) 11,633 9,216 25,470 3,693 Gains on deconsolidation of a subsidiary 10 407,598 — — — Others (873) (810) (198) (29) 412,892 83,162 (126,587) (18,353) (3) For the year ended December 31, 2020, subsidy income consists primarily of the government grant of RMB10 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City to support the research and development activities in the local region. For the year ended December 31, 2021, subsidy income primarily consists of an amount of RMB2.9 million related to the paycheck protection program loan forgiveness approved by the U.S. Small Business Administration in April 2021, and an amount of RMB4.5 million recognized in connection with the completion of a project related to one of the Group’s pipelines. For the year ended December 31, 2022, subsidy income consists primarily of the government grant of RMB18.9 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City and the management committee of Shanghai Free Trade Zone to support the research and development activities in the local region. |
NET INCOME (LOSS) PER SHARE (Ta
NET INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
NET INCOME (LOSS) PER SHARE | |
Schedule of basic and diluted net loss per shares | Basic and diluted net income (loss) per share for each of the periods presented are calculated as follows: Year Ended December 31 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) (in thousands, except for share and per share data) Numerator: Net income (loss) attributable to I-Mab 470,915 (2,331,541) (2,507,317) (363,526) Net income (loss) attributable to ordinary shareholders 470,915 (2,331,541) (2,507,317) (363,526) Denominator: Denominator for basic calculation-weighted average number of common shares outstanding 134,158,824 174,707,055 189,787,292 189,787,292 Dilutive effect of convertible preferred shares 4,373,047 — — — Dilutive effect of ordinary shares to be issued to Everest 266,458 — — — Dilutive effect of convertible promissory notes 865,479 — — — Dilutive effect of restricted shares units 778,130 — — — Dilutive effect of stock options 16,789,714 — — — Denominator for diluted income (loss) per share calculation 157,231,652 174,707,055 189,787,292 189,787,292 Net income (loss) per share - basic 3.51 (13.35) (13.21) (1.92) Net income (loss) per share - diluted 3.00 (13.35) (13.21) (1.92) |
Schedule of potentially dilutive securities that have not been included in the calculation of diluted net loss per share | The effects of all outstanding restricted shares, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021 and 2022 as their effects would be anti-dilutive. The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows: Year Ended December 31 2021 2022 Restricted shares 3,150,881 484,395 Stock options 14,584,833 2,939,322 Warrants 648,359 — |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
Schedule of related party balances | Details of related party balances as of December 31, 2021 and 2022 are as follows: Prepayments and other receivables As of December 31, 2021 2022 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 8,079 8,231 1,193 |
Schedule of related party transactions | 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows: Receipt of CRO and CMC services - recognized in research and development expenses For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) CMAB Biopharma (Suzhou) Inc. 681 — — — Jiangsu Taslydiyi Pharmaceutical Co., Ltd. 2,395 2,697 — — I-Mab Hangzhou — 2,465 84,673 12,276 Revenue sharing - recognized as deduction of revenue For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 17) — — 18,583 2,694 Collection of loan to an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (4) 52,000 — — — (4) In July 2019 and July 2020, I-Mab Shanghai provided an interest free loan to I-Mab Hangzhou of RMB2,000 and RMB50,000 respectively to finance I-Mab Hangzhou’s operation. These loans were repaid in November 2020. Expenses paid on behalf of an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 21,212 17,649 — — Provision of FTE and other services - recognized in other income For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 11,691 — — Amounts received on behalf of an affiliate For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 281 — — 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) Amounts received related to the sublicense agreement For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 17) — 19,102 — — Amounts paid by an affiliate on behalf of the Group For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou — 25,448 837 121 |
PRINCIPAL ACTIVITIES AND ORGA_3
PRINCIPAL ACTIVITIES AND ORGANIZATION - Schedule of Principal Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2022 | |
I-Mab Biopharma Hong Kong Limited | |
Place of incorporation | Hong Kong |
Date of incorporation | Jul. 08, 2016 |
Percentage of direct or indirect ownership by the company | 100% |
Principal activities | Investment holding |
I-Mab Shanghai | |
Place of incorporation | PRC |
Date of incorporation | Aug. 24, 2016 |
Percentage of direct or indirect ownership by the company | 100% |
Principal activities | Research and development of innovative medicines |
I-MabTianjin | |
Place of incorporation | PRC |
Date of incorporation | Jul. 15, 2017 |
Percentage of direct or indirect ownership by the company | 100% |
Principal activities | Research and development of innovative medicines |
I-MabBiopharma US Ltd. | |
Place of incorporation | U.S. |
Date of incorporation | Feb. 28, 2018 |
Percentage of direct or indirect ownership by the company | 100% |
Principal activities | Research and development of innovative medicines |
Zhejiang Tianli Pharmaceutical Sales Co., Ltd. | |
Place of incorporation | PRC |
Date of incorporation | Sep. 29, 2021 |
Percentage of direct or indirect ownership by the company | 100% |
Principal activities | Sales and distribution of medicine products |
PRINCIPAL ACTIVITIES AND ORGA_4
PRINCIPAL ACTIVITIES AND ORGANIZATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Millions | 12 Months Ended | ||
Feb. 10, 2020 USD ($) $ / shares shares | Jan. 17, 2020 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) | |
Proceeds from initial public offering | ¥ | ¥ 726,300 | ||
Number of ordinary shares represented by one ADS | 2.3 | ||
ADS | |||
Number of share issued | 8,175,750 | ||
Proceeds from initial public offering | $ | $ 114.5 | ||
Share price | $ / shares | $ 14 | ||
IPO | ADS | |||
Number of share issued | 7,407,400 | ||
Number of share issued, price per share | $ / shares | $ 14 | ||
Proceeds from initial public offering | $ | $ 103.7 | ||
Over-Allotment Option | ADS | |||
Common stock shares issuable | 768,350 |
PRINCIPAL ACCOUNTING POLICIES -
PRINCIPAL ACCOUNTING POLICIES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Assets: | |||
Short-term investments | ¥ 235,429 | $ 34,134 | ¥ 753,164 |
Liabilities | |||
Put right liabilities | 88,687 | $ 12,858 | 96,911 |
Fair Value, Recurring | |||
Assets: | |||
Short-term investments | 235,429 | 753,164 | |
Liabilities | |||
Put right liabilities | 88,687 | 96,911 | |
Fair Value, Recurring | Level 3 | |||
Assets: | |||
Short-term investments | 235,429 | 753,164 | |
Liabilities | |||
Put right liabilities | ¥ 88,687 | ¥ 96,911 |
PRINCIPAL ACCOUNTING POLICIES_3
PRINCIPAL ACCOUNTING POLICIES - Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term and other investments | ||
PRINCIPAL ACCOUNTING POLICIES | ||
Fair value of Level 3 financial assets and liabilities at the beginning of the period | ¥ 753,164 | ¥ 31,530 |
Purchase of short-term and other investments | 7,407,332 | 10,173,314 |
Disposal of short-term and other investments | (7,911,518) | (9,482,040) |
Fair value changes | (13,549) | 30,360 |
Currency translation differences | 0 | |
Fair value of Level 3 financial assets and liabilities at the end of the period | 235,429 | 753,164 |
Put Right Liabilities | ||
PRINCIPAL ACCOUNTING POLICIES | ||
Fair value of Level 3 financial assets and liabilities at the beginning of the period | 96,911 | 116,006 |
Purchase of short-term and other investments | 0 | 0 |
Disposal of short-term and other investments | 0 | |
Recognition of put right liabilities | 17,729 | |
Fair value changes | (34,260) | (16,628) |
Currency translation differences | 8,307 | (2,467) |
Fair value of Level 3 financial assets and liabilities at the end of the period | ¥ 88,687 | ¥ 96,911 |
PRINCIPAL ACCOUNTING POLICIES_4
PRINCIPAL ACCOUNTING POLICIES - Restricted Cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Cash and cash equivalents, Restricted cash | ||||||
Cash and cash equivalents | ¥ 3,214,005 | $ 465,987 | ¥ 3,523,632 | |||
Restricted cash | 96,764 | 14,029 | ||||
Total | ¥ 3,310,769 | $ 480,016 | ¥ 3,523,632 | $ 510,879 | ¥ 4,758,778 | ¥ 1,193,283 |
PRINCIPAL ACCOUNTING POLICIES_5
PRINCIPAL ACCOUNTING POLICIES - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
PRINCIPAL ACCOUNTING POLICIES | |
Useful life of finite lived assets (in years) | 10 years |
Maximum | |
PRINCIPAL ACCOUNTING POLICIES | |
Useful life of finite lived assets (in years) | 20 years |
Laboratory equipment | Minimum | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 3 years |
Laboratory equipment | Maximum | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 10 years |
Software | Minimum | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 1 year |
Software | Maximum | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 5 years |
Office furniture and equipment | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 5 years |
Delivery equipment | |
PRINCIPAL ACCOUNTING POLICIES | |
Property, Plant and Equipment, useful life | 4 years |
PRINCIPAL ACCOUNTING POLICIES_6
PRINCIPAL ACCOUNTING POLICIES - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) segment | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
PRINCIPAL ACCOUNTING POLICIES | |||
Deferred subsidy income | ¥ 25,470,000 | ¥ 9,216,000 | ¥ 11,633,000 |
Impairment loss, contract assets with customer | 0 | 0 | |
Impairment of long-lived assets | 0 | 0 | 0 |
Impairment on goodwill | 0 | 0 | 0 |
Impairment of equity method investments | ¥ 0 | ¥ 0 | ¥ 0 |
Number of reportable segments | segment | 1 | ||
Minimum | |||
PRINCIPAL ACCOUNTING POLICIES | |||
VAT surcharges percent | 6% | ||
Maximum | |||
PRINCIPAL ACCOUNTING POLICIES | |||
VAT surcharges percent | 12% | ||
Peoples Bank of China | |||
PRINCIPAL ACCOUNTING POLICIES | |||
Translation exchange rates | 6.9646 | 6.3757 | |
Federal Reserve Bank of New York | |||
PRINCIPAL ACCOUNTING POLICIES | |||
Translation exchange rates | 6.8972 |
ACCOUNTS RECEIVABLE AND CONTR_3
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accounts Receivable | |||
Accounts receivable, gross | ¥ 0 | $ 0 | ¥ 33,081 |
Allowance for credit losses | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | 33,081 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | |||
Contract assets, gross | 0 | 0 | 253,780 |
Allowance for credit losses | 0 | 0 | 0 |
Contract assets, net | ¥ 0 | $ 0 | ¥ 253,780 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
AbbVie | ||
Group recognized revenue | ¥ 28,102 | ¥ 47,911 |
Inventories - Inventories consi
Inventories - Inventories consist (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Inventories | |||
Investigational products | ¥ 0 | $ 0 | ¥ 27,237 |
PREPAYMENTS AND OTHER RECEIVA_3
PREPAYMENTS AND OTHER RECEIVABLES - (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
PREPAYMENTS AND OTHER RECEIVABLES | |||
Prepayments to CRO vendors | ¥ 32,960 | $ 4,779 | ¥ 79,568 |
Prepayments for other services | 1,321 | 192 | 906 |
Prepayments to an affiliate (Note 22) | 8,231 | 1,193 | 8,079 |
Value-added tax recoverable | 8,197 | 1,188 | 89,578 |
Deposits | 4,570 | 663 | 616 |
Others | 24,999 | 3,624 | 12,077 |
Total | ¥ 80,278 | $ 11,639 | ¥ 190,824 |
PROPERTY, EQUIPMENT AND SOFTW_3
PROPERTY, EQUIPMENT AND SOFTWARE- Additional Information (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
PROPERTY, EQUIPMENT AND SOFTWARE | ||||
Depreciation and amortization | ¥ 25.3 | $ 3.7 | ¥ 13.8 | ¥ 12.7 |
PROPERTY, EQUIPMENT AND SOFTW_4
PROPERTY, EQUIPMENT AND SOFTWARE - Schedule of property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | ¥ 116,206 | $ 16,849 | ¥ 68,779 |
Less: accumulated depreciation and amortization | (61,583) | (8,929) | (44,162) |
Net book value | 54,623 | 7,920 | 24,617 |
Construction in progress | 6,218 | 901 | 21,099 |
Total net book value of property, equipment and software | 60,841 | 8,821 | 45,716 |
Laboratory equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 52,989 | 7,683 | 36,295 |
Leasehold improvement | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 37,375 | 5,419 | 18,945 |
Software | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 14,506 | 2,103 | 11,071 |
Office furniture and equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 11,171 | 1,620 | ¥ 2,468 |
Delivery equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | ¥ 165 | $ 24 |
LEASES - Operating Lease Relate
LEASES - Operating Lease Related Assets And Liabilities And Other Related Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Assets | |||
Operating lease right-of-use assets | ¥ 63,125 | $ 9,152 | ¥ 112,781 |
Liabilities | |||
Operating lease liabilities, current | 23,961 | 3,474 | 30,669 |
Operating lease liabilities, non-current | ¥ 32,069 | $ 4,650 | ¥ 81,786 |
Weighted average remaining lease term (years) | 2 years 10 months 24 days | 2 years 10 months 24 days | 3 years 7 months 6 days |
Weighted average discount rate | 5% | 5% | 5% |
LEASES - Components of Operatin
LEASES - Components of Operating Lease Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
LEASES | ||||
Amortization of right-of-use assets | ¥ 34,520 | $ 5,005 | ¥ 16,997 | ¥ 8,158 |
Expense for short-term leases within 12 months | 12 | 2 | 16 | |
Interest of lease liabilities | 3,178 | 461 | 2,585 | 679 |
Operating lease rental expense | ¥ 37,710 | $ 5,468 | ¥ 19,598 | ¥ 8,837 |
LEASES - Operating Lease, Matur
LEASES - Operating Lease, Maturity (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASES | ||
2023 | ¥ 37,867 | $ 5,490 |
2024 | 26,723 | 3,874 |
2025 | 5,193 | 753 |
2026 | 5,288 | 767 |
2027 | 4,729 | 686 |
Thereafter | 1,209 | 175 |
Total undiscounted lease payments | 81,009 | 11,745 |
Less: imputed interest | (24,979) | (3,621) |
Total lease liabilities | ¥ 56,030 | $ 8,124 |
INTANGIBLE ASSETS - Summary Of
INTANGIBLE ASSETS - Summary Of Intangible Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | ¥ 122,000 | ¥ 122,000 |
Accumulated amortization | (3,112) | (2,334) |
Net carrying amount | 118,888 | 119,666 |
TJ103 | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 11,670 | 11,670 |
Accumulated amortization | (3,112) | (2,334) |
Net carrying amount | 8,558 | 9,336 |
IPR And D TJ101 | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 110,330 | 110,330 |
Accumulated amortization | 0 | |
Net carrying amount | ¥ 110,330 | ¥ 110,330 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Impairment of intangible assets | ¥ 0 | ¥ 0 | ||
Amortization of intangible assets | 778 | $ 113 | 778 | ¥ 1,556 |
Estimated amortization expense - year one | 778 | |||
Estimated amortization expense - year two | 778 | |||
Estimated amortization expense - year three | 778 | |||
Estimated amortization expense - year four | 778 | |||
Estimated amortization expense - year five | 778 | |||
IPR And D TJ103 | ||||
Amortization of intangible assets | ¥ 778 | ¥ 778 | ¥ 1,556 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Jul. 15, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | ¥ 162,574,000 | ¥ 162,574,000 | $ 23,571 | ||
Goodwill, accumulated impairment loss | 0 | ||||
Period of financial projections | 10 years | ||||
Impairment loss on goodwill | ¥ 0 | ¥ 0 | ¥ 0 | ||
Tasgen Group | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Voting Interests Acquired | 66.67% |
INVESTMENT ACCOUNTED FOR USIN_2
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Summary of Group Long term Investment Measured Under Equity method (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Operating Data | |||||
Investment in subsidiaries | ¥ (437,465) | $ (63,426) | ¥ (367,883) | ¥ (108,587) | |
Balance Sheet Data | |||||
Current assets | 3,626,476 | 4,781,718 | $ 525,789 | ||
Current liabilities | 758,166 | 624,004 | $ 109,923 | ||
Long Term Investment under Equity Method | Other equity investments | |||||
Balance Sheet Data | |||||
Current assets | 81,683 | 20,037 | |||
Non-current assets | 135,347 | 40,000 | |||
Current liabilities | 107 | 50 | |||
Non-controlling interests | 0 | 0 | |||
Long Term Investment under Equity Method | I-Mab Hangzhou | |||||
Balance Sheet Data | |||||
Current assets | 499,665 | 602,047 | |||
Non-current assets | 1,432,328 | 1,207,132 | |||
Current liabilities | 281,587 | 168,763 | |||
Non-current liabilities | 232,083 | 176,436 | |||
Non-controlling interests | ¥ 0 | ¥ 0 |
INVESTMENT ACCOUNTED FOR USIN_3
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Summary of Estimate the Fair Value of the Put Right Using the Following Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Put Right Liabilities Series A [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Expected terms (Year) | 1 year 8 months 12 days | 2 years 8 months 12 days | |
Estimated volatility | 33.90% | 34.50% | |
Spot price | $ 148,276 | $ 171,134 | |
Probability of triggering event for redemption option | 70% | 70% | |
Put Right Liabilities Series B [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Expected terms (Year) | 2 years 1 month 6 days | 1 year 8 months 12 days | |
Estimated volatility | 31.30% | 31.10% | |
Spot price | $ 36,570 | $ 36,516 | |
Probability of triggering event for redemption option | 70% | 70% |
INVESTMENT ACCOUNTED FOR USIN_4
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Aug. 19, 2022 CNY (¥) | Jul. 31, 2022 CNY (¥) | Aug. 31, 2021 CNY (¥) | Jul. 31, 2021 shares | Jun. 16, 2019 USD ($) | |
Schedule of Equity Method Investments | |||||||||||
Gains on deconsolidation of a subsidiary | ¥ 407,598 | ||||||||||
Common stock, shares outstanding | shares | 190,879,919 | 183,826,753 | 190,879,919 | ||||||||
Equity in loss of affiliates | ¥ (437,465) | $ (63,426) | ¥ (367,883) | ¥ (108,587) | |||||||
Investments in subsidiaries | 30,850 | 352,106 | $ 4,473 | ||||||||
I-Mab Hangzhou | Series B Domestic Investors | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Amount agreed to raise | ¥ 46,000 | ||||||||||
I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment fair value | 764,352 | 112,039 | |||||||||
Assets recognized value | $ | 105,000 | ||||||||||
Proceeds from Contributions from Affiliates | $ 30,000 | 281 | |||||||||
Common stock, shares outstanding | shares | 25,500,000 | ||||||||||
Purchase price committed | $ | $ 3,000 | ||||||||||
Investments in subsidiaries | ¥ 25,214 | ¥ 346,247 | ¥ 17,729 | ||||||||
I-Mab Hong Kong | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Registered capital of subsidiary | $ | $ 30,000 | ||||||||||
Common stock, shares outstanding | shares | 13,500,000 | ||||||||||
Management Holdco | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 10% | 10% | 10% | ||||||||
Shares issued | shares | 750,000 | 750,000 | 750,000 | ||||||||
Equity in loss of affiliates | ¥ 29,375 | ¥ 28,236 | ¥ 8,456 | ||||||||
Shares subscribed, not yet been purchased or issued | shares | 4,500,000 | ||||||||||
Registered capital of affiliates | $ | $ 3,000 | ||||||||||
Cash Commitment | $ | 3,000 | ||||||||||
Esop Holdco | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 5% | 5% | 5% | ||||||||
Registered capital of affiliates | $ | $ 1,500 | ||||||||||
Domestic Investors | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Common stock, shares outstanding | shares | 12,000,000 | ||||||||||
Domestic Investors | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Registered capital of subsidiary | $ | $ 12,000 | ||||||||||
Equity method investment, ownership percentage | 40% | 40% | 40% | ||||||||
Cash Payments | $ | $ 120,000 | ||||||||||
I-Mab Hong Kong | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 45% | ||||||||||
HLBV Method | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity in loss of affiliates | ¥ 360,436 | 309,208 | ¥ 67,425 | ||||||||
Group's Share Based Compensation | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity in loss of affiliates | 13,852 | 13,267 | 32,707 | ||||||||
Partnership Agreement | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 4% | ||||||||||
Equity in loss of affiliates | 223 | 141 | |||||||||
Shares subscribed, not yet been purchased or issued | shares | 20,000 | ||||||||||
Investments in subsidiaries | 5,636 | 5,859 | ¥ 6,000 | ||||||||
I-Mab Hangzhou Share Based Compensation | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity in loss of affiliates | ¥ 33,579 | 17,031 | |||||||||
I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 10% | 10% | |||||||||
I-Mab Hangzhou | I-Mab Hangzhou | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Equity method investment, ownership percentage | 37.13% | ||||||||||
Long Term Investment Under Equity Method [Member] | I-Mab Hangzhou | Revenue [Member] | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Investments in subsidiaries | ¥ 103,826 | 5,660 | 271 | ||||||||
Long Term Investment Under Equity Method [Member] | I-Mab Hangzhou | Loss from Operation [Member] | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Investments in subsidiaries | (356,734) | (295,186) | (85,945) | ||||||||
Long Term Investment Under Equity Method [Member] | I-Mab Hangzhou | Net Income Loss [Member] | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Investments in subsidiaries | (346,322) | (290,586) | ¥ (85,945) | ||||||||
Long Term Investment Under Equity Method [Member] | Other Equity Investment [Member] | Loss from Operation [Member] | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Investments in subsidiaries | (5,565) | (3,513) | |||||||||
Long Term Investment Under Equity Method [Member] | Other Equity Investment [Member] | Net Income Loss [Member] | |||||||||||
Schedule of Equity Method Investments | |||||||||||
Investments in subsidiaries | ¥ (5,565) | ¥ (3,513) |
SHORT-TERM BORROWINGS - Additio
SHORT-TERM BORROWINGS - Additional information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | |
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | |
SHORT-TERM BORROWINGS | ||
Loan borrowed | ¥ 18,956 | $ 2,748 |
Loan One | China Merchant Bank Co Ltd | ||
SHORT-TERM BORROWINGS | ||
Loan borrowed | ¥ 18,956 | |
Lender name | Shanghai Pudong Development Bank Co., Ltd | |
Loan term | 6 months | |
Interest rate | 3.40% | 3.40% |
Collateral value | ¥ 34,823 | $ 5,000 |
ACCRUALS AND OTHER PAYABLES - S
ACCRUALS AND OTHER PAYABLES - Summary of accruals and other payables (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current: | |||
Staff salaries and welfare payables | ¥ 43,483 | $ 6,304 | ¥ 52,526 |
Accrued external research and development activities related expenses | 264,972 | 38,417 | 367,976 |
Accrued cost in relation to planned dual listing | 4,793 | ||
Payable due to an affiliate | 64,782 | 9,393 | |
Accrued private placement offering costs payable | 161,106 | 23,358 | 57,381 |
Non-refundable incentive payment from depositary bank | 6,428 | 932 | 2,369 |
Accrued traveling expenses, office expenses and others | 165,801 | 24,039 | 108,290 |
Accounts Payable and Accrued Liabilities, Current | 706,572 | 102,443 | 593,335 |
Non-current: | |||
Non-refundable incentive payment from depositary bank | 6,963 | 1,009 | 4,934 |
Non-refundable payment received in relation to the exclusive promotion right granted to a third party | 10,000 | 1,450 | 10,000 |
Accounts Payable and Accrued Liabilities, Non-current | 16,963 | 2,459 | 14,934 |
Total | ¥ 723,535 | $ 104,902 | ¥ 608,269 |
ACCRUALS AND OTHER PAYABLES - A
ACCRUALS AND OTHER PAYABLES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020 USD ($) | Apr. 30, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Nov. 30, 2021 CNY (¥) | |
ACCRUALS AND OTHER PAYABLES | |||||||
Proceeds from non-refundable incentive | $ 1,857 | ¥ 12,982 | $ 1,195 | ¥ 8,075 | |||
Provision of FTE and other services - recognized in other income | ¥ 2,821 | ¥ 2,395 | ¥ 2,348 | ||||
Proceeds from non refundable payment | ¥ 10,000 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income tax expenses | ¥ 697 | $ 101 | ¥ (3,154) | ¥ 12,231 |
Applicable tax rate | 21% | 21% | ||
Applicable state tax rate | 8.25% | 8.25% | ||
Withholding Tax | (3,154) | 12,231 | ||
Payment of withholding taxes to tax authorities | 9,077 | |||
I MOB other subsidiaries | ||||
Applicable tax rate | 25% | 25% | ||
HONG KONG | ||||
Income tax expenses | ¥ 697 | ¥ 0 | ¥ 0 | |
Applicable tax rate | 16.50% | 16.50% | ||
PRC | ||||
Operating loss | ¥ 3,834,455 | |||
CN | ||||
Applicable tax rate | 25% | 25% | ||
Preferential income tax rate | 15% | 15% |
INCOME TAXES - Reconciliations
INCOME TAXES - Reconciliations of the Differences Between the PRC Statutory Income Tax Rate and the Group's Effective Income Tax Rate (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2020 CNY (¥) ¥ / shares | |
INCOME TAXES | ||||
Income (loss) before income tax | ¥ (2,506,620) | $ (363,425) | ¥ (2,334,695) | ¥ 483,146 |
Income tax computed at respective applicable tax rate | (442,343) | (64,134) | (410,899) | 66,044 |
Non-deductible expenses | 38,570 | 5,592 | 68,400 | 72,256 |
Research and development expenses plus deduction | (74,415) | (10,789) | (50,530) | (60,776) |
True up of withholding tax expenses | 0 | 0 | (3,154) | 0 |
Changes in valuation allowance | 478,885 | 69,432 | 393,029 | (65,293) |
Income (loss) before income tax | ¥ 697 | $ 101 | ¥ (3,154) | ¥ 12,231 |
Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share | (per share) | ¥ (0.65) | $ (0.09) | ¥ (0.84) | ¥ 0.34 |
INCOME TAXES - Components of th
INCOME TAXES - Components of the deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Deferred tax assets: | ||||||
Net operating loss carryforward | ¥ 792,602 | $ 114,916 | ¥ 380,695 | |||
Depreciation and amortization of property, equipment, software and intangible asset, net | 39,189 | 5,682 | 41,020 | |||
Share-based compensation expenses | 127,950 | 18,551 | 59,296 | |||
Accrual expense | 30,210 | 4,380 | 30,172 | |||
Less: valuation allowance | (972,118) | (140,944) | (493,233) | $ (71,512) | ¥ (100,204) | ¥ (165,497) |
Total deferred tax assets | 17,833 | 2,585 | 17,950 | |||
Deferred tax liabilities: | ||||||
Acquired intangible assets | 17,833 | 2,585 | 17,950 | |||
Total deferred tax liabilities | 17,833 | 2,585 | 17,950 | |||
Deferred tax assets, net | ¥ 0 | $ 0 | ¥ 0 |
INCOME TAXES - Movement of the
INCOME TAXES - Movement of the valuation allowance (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
INCOME TAXES | ||||
Balance as of January 1 | ¥ (493,233) | $ (71,512) | ¥ (100,204) | ¥ (165,497) |
Additions | (478,885) | (69,432) | (393,029) | (36,061) |
Utilization and reversal of valuation allowances | 89,154 | |||
Decrease due to the change of tax rate | 12,200 | |||
Balance as of December 31 | ¥ (972,118) | $ (140,944) | ¥ (493,233) | ¥ (100,204) |
ORDINARY SHARES - Additional In
ORDINARY SHARES - Additional Information (Details) $ / shares in Units, ¥ in Thousands | 12 Months Ended | |||||||||||||||
Sep. 03, 2020 USD ($) $ / shares shares | Feb. 10, 2020 CNY (¥) shares | Feb. 10, 2020 USD ($) $ / shares shares | Jan. 17, 2020 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) | Aug. 23, 2022 USD ($) | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares | Jul. 15, 2020 CNY (¥) | Jul. 15, 2020 USD ($) | Dec. 31, 2019 shares | Oct. 29, 2019 USD ($) $ / shares shares | Dec. 31, 2018 $ / shares shares | Dec. 31, 2017 $ / shares | |
ORDINARY SHARES | ||||||||||||||||
Ordinary shares, shares authorized | 800,000,000 | 800,000,000 | 500,000,000 | 500,000,000 | ||||||||||||
Voting rights | Each ordinary share is entitled to one vote | Each ordinary share is entitled to one vote | ||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Proceeds from initial public offering | ¥ | ¥ 726,300 | |||||||||||||||
American depository shares, common share equivalent | 2.3 | 2.3 | ||||||||||||||
Number of ordinary shares represented by one ADS | 2.3 | |||||||||||||||
Issuance of ordinary shares for restricted share units | 7,235,959 | 7,235,959 | ||||||||||||||
Employee Stock Option Plan | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Shares Held in Employee Stock Option Plan | 16,915,104 | |||||||||||||||
Investor Warrants | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of share issued | 5,341,267 | 5,341,267 | 5,341,267 | |||||||||||||
Collaboration Agreement with Everest | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Shares issued upon conversion | 6,078,571 | |||||||||||||||
Hillhouse Entities | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Proceeds from Issuance of Warrants | $ | $ 45 | |||||||||||||||
Hillhouse Entities | First Closing Period | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of shares for warrants to subscribe | 3,744,032 | |||||||||||||||
Gross proceeds of shares and warrants | $ | $ 293,000,000 | |||||||||||||||
Shares issued | 20,421,378 | |||||||||||||||
Hillhouse Entities | Second Closing Period | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of shares for warrants to subscribe | 1,597,235 | |||||||||||||||
Issuance of private placement | ¥ 2,653,669 | $ 397,200,000 | ||||||||||||||
Gross proceeds of shares and warrants | $ | $ 125,000,000 | |||||||||||||||
Shares issued | 8,712,124 | |||||||||||||||
Collaboration agreement with investors | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Issuance of private placement | $ | $ 418,000,000 | $ 418,000,000 | ||||||||||||||
Private Placement | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of share issued | 12,666,740 | |||||||||||||||
Investor | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Ordinary shares, shares authorized | 800,000,000 | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | |||||||||||||||
Common stock value authorized | $ | $ 80,000,000 | |||||||||||||||
Series A Preferred Shares | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Preferred stock, shares outstanding | 30,227,056 | |||||||||||||||
Number of preferred shares converted to common shares | 30,227,056 | |||||||||||||||
Series B Preferred Shares | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Preferred stock, shares outstanding | 23,288,783 | |||||||||||||||
Number of preferred shares converted to common shares | 23,288,783 | |||||||||||||||
Convertible Preferred Stock Series B-1 Upon Conversion | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Preferred stock, shares outstanding | 3,714,580 | |||||||||||||||
Number of preferred shares converted to common shares | 3,714,580 | |||||||||||||||
Series B-2 Preferred Shares | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares | 3,301,849 | |||||||||||||||
Number of preferred shares converted to common shares | 3,571,427 | |||||||||||||||
Series C Preferred Stock | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares | 31,046,360 | |||||||||||||||
Number of preferred shares converted to common shares | 34,420,469 | |||||||||||||||
Series C-1 Convertible Preferred Stock | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares | 3,857,143 | |||||||||||||||
Number of preferred shares converted to common shares | 4,537,814 | |||||||||||||||
ADS | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Proceeds from initial public offering | $ | $ 114,500,000 | |||||||||||||||
Share price | $ / shares | $ 14 | |||||||||||||||
Proceeds from initial public offering, net | ¥ 697,788 | $ 101,300,000 | ||||||||||||||
Amount of stock repurchase | $ | $ 40,000,000 | |||||||||||||||
Number of share issued | 8,175,750 | 8,175,750 | ||||||||||||||
Repurchased shares | 1,652,541 | 1,652,541 | ||||||||||||||
Treasury stock exercise of option | 0 | 0 | ||||||||||||||
Aggregate amount repurchased | ¥ 21,249 | $ 3,000,000 | ||||||||||||||
ADS | Investor Warrants | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Share price | $ / shares | $ 45 | |||||||||||||||
Proceeds from Issuance of Warrants | $ | $ 104,500,000 | |||||||||||||||
ADS | IPO | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of share issued, price per share | $ / shares | $ 14 | |||||||||||||||
Proceeds from initial public offering | $ | $ 103,700,000 | |||||||||||||||
Number of share issued | 7,407,400 | |||||||||||||||
ADS | Private Placement | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Share price | $ / shares | $ 33 | |||||||||||||||
Issuance of private placement | $ | $ 418,000,000 | |||||||||||||||
Number of share issued | 29,133,502 | |||||||||||||||
ADS | Over-Allotment Option | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Common stock shares issuable | 768,350 | |||||||||||||||
ADS | Investor | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Number of shares for warrants to subscribe | 2,322,290 | |||||||||||||||
ADS | Board of Directors | ||||||||||||||||
ORDINARY SHARES | ||||||||||||||||
Amount of stock repurchase | $ | $ 20,000,000 | |||||||||||||||
Prepaid expense stock repurchase program | ¥ 34,051 | $ 5,000,000 |
WARRANTS - Additional Informati
WARRANTS - Additional Information (Details) - USD ($) | 12 Months Ended | |
Sep. 03, 2020 | Dec. 31, 2022 | |
Investor Warrants | ||
WARRANTS | ||
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares) | 5,341,267 | 5,341,267 |
Collaboration agreement with investors | ||
WARRANTS | ||
Issuance of private placement | $ 418,000,000 | $ 418,000,000 |
Hillhouse Entities | ||
WARRANTS | ||
Proceeds from issuance of warrants | $ 45 | |
Warrants exercisable term | 12 months | |
ADS | Investor Warrants | ||
WARRANTS | ||
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares) | 2,322,290 | |
Share price | $ 45 | |
ADS | Hillhouse Entities | ||
WARRANTS | ||
Proceeds from issuance of warrants | $ 19.57 |
WARRANTS - Details of accountin
WARRANTS - Details of accounting for warrants to purchase ordinary shares (Details) - Warrants to purchase ordinary shares ¥ in Thousands | Dec. 17, 2020 $ / shares | Sep. 11, 2020 $ / shares | Dec. 17, 2020 CNY (¥) shares | Sep. 11, 2020 CNY (¥) shares |
WARRANTS | ||||
Warrants exercisable term | 12 months | 12 months | ||
Exercise Price per share | $ / shares | $ 19.57 | $ 19.57 | ||
Outstanding Units | shares | 1,597,235 | 3,744,032 | ||
Fair value at the closing date | ¥ | ¥ 37,869 | ¥ 71,874 |
WARRANTS - Summary of fair valu
WARRANTS - Summary of fair value of warrant liabilities (Details) | Dec. 17, 2020 | Sep. 11, 2020 |
Risk-free rate of return | ||
WARRANTS | ||
Warrants outstanding, measurement input | 0.08 | 0.12 |
Maturity date | ||
WARRANTS | ||
Warrants and rights outstanding, maturity date | Dec. 17, 2021 | Sep. 11, 2021 |
Estimated volatility rate | ||
WARRANTS | ||
Warrants outstanding, measurement input | 59.56 | 60.72 |
Exercise price | ||
WARRANTS | ||
Warrants outstanding, measurement input | 19.57 | 19.57 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 31, 2020 shares | Jan. 17, 2020 CNY (¥) shares | Jan. 16, 2020 CNY (¥) | Feb. 22, 2019 $ / shares shares | Oct. 31, 2017 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) director $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2019 CNY (¥) | Dec. 31, 2017 $ / shares shares | Jun. 17, 2022 shares | May 28, 2021 shares | Jul. 15, 2020 shares | Oct. 29, 2019 shares | Dec. 31, 2018 $ / shares | |
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 371,000 | $ 53,789 | ¥ 621,876 | ¥ 526,171 | ||||||||||||||
Share based payment award, stock options granted | 2,787,738 | 2,787,738 | 2,698,245 | |||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Stock options exercisable | 519,377 | 0 | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | ¥ | 91,051 | |||||||||||||||||
Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 239,272 | $ 34,691 | ¥ 406,683 | 209,033 | ||||||||||||||
Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 117,876 | 17,090 | 201,926 | 284,431 | ||||||||||||||
Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 13,852 | $ 2,008 | ¥ 13,267 | 32,707 | ||||||||||||||
One Performance Condition | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 75% | 75% | ||||||||||||||||
Employee Stock Option | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, stock options surrendered, exercise price | $ / shares | $ 1 | |||||||||||||||||
Employee Stock Option | Lei Fang | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, stock options surrendered | 130,000 | |||||||||||||||||
Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, maximum shares authorized | 7,686,081 | |||||||||||||||||
Restricted shares | Tranche One | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Restricted shares | Tranche Two | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Restricted shares | Tranche Three | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Restricted shares | Tranche Four | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Restricted shares | One Performance Condition | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 20% | |||||||||||||||||
Restricted shares | Two Performance Conditions | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 40% | |||||||||||||||||
Restricted shares | Three Performance Conditions | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 60% | |||||||||||||||||
Restricted shares | Four Performance Conditions | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 80% | |||||||||||||||||
Share price based awards | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting period | 90 days | 90 days | ||||||||||||||||
Share price based awards | Tranche One | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 75% | 75% | ||||||||||||||||
Share price based awards | Tranche Two | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 100% | 100% | ||||||||||||||||
2019 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, maximum shares authorized | 100,000 | |||||||||||||||||
Share based payment award, stock options granted | 72,000 | |||||||||||||||||
Exercise price | $ / shares | $ 6.09 | |||||||||||||||||
2017 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 0 | ¥ 3,126 | ¥ 126,293 | |||||||||||||||
Number of shares granted | 9,609,084 | |||||||||||||||||
Share based payment award, maximum shares authorized | 9,609,084 | 13,376,865 | ||||||||||||||||
Share based payment award, stock options surrendered, exercise price | $ / shares | $ 1 | $ 1 | ||||||||||||||||
Stock options exercisable | 1,782,617 | 2,569,017 | ||||||||||||||||
Number of shares unvested | 332,566 | 332,566 | 10,500 | 338,876 | ||||||||||||||
2017 Plan | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 2,835 | ¥ 52,802 | ||||||||||||||||
2017 Plan | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | (225) | 69,214 | ||||||||||||||||
2017 Plan | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 516 | 4,277 | ||||||||||||||||
2017 Plan | Senior Management Employees | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Number of shares unvested | 83,142 | |||||||||||||||||
2017 Plan | Employee Stock Option | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting period | 3 years | |||||||||||||||||
2017 Plan | Employee Stock Option | Tranche Two | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 50% | |||||||||||||||||
2017 Plan | Employee Stock Option | Tranche Three | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 50% | |||||||||||||||||
2018 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 91,051 | 4,790 | 113,937 | ¥ 0 | ||||||||||||||
Number of shares granted | 11,005,888 | |||||||||||||||||
Share based payment award, vesting period | 2 years | 2 years | ||||||||||||||||
Share based payment award, maximum shares authorized | 14,005,745 | 15,452,620 | ||||||||||||||||
Stock options exercisable | 1,508,393 | |||||||||||||||||
2018 Plan | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 4,478 | 48,055 | ||||||||||||||||
2018 Plan | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 55 | 65,656 | ||||||||||||||||
2018 Plan | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 257 | ¥ 226 | ||||||||||||||||
2018 Plan | Tranche One | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 50% | 50% | ||||||||||||||||
2018 Plan | Tranche Two | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 50% | 50% | ||||||||||||||||
2018 Plan | Dr. Zang | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 1 | |||||||||||||||||
2018 Plan | Senior Management Employees | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Number of shares unvested | 2,544,917 | |||||||||||||||||
2018 Plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Granted | 1,328,120 | |||||||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 1 | |||||||||||||||||
Number of shares outstanding | 762,920 | |||||||||||||||||
2019 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Stock options exercisable | 48,000 | 24,000 | ||||||||||||||||
Number of independent directors | director | 3 | |||||||||||||||||
2019 plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 288 | $ 42 | 707 | ¥ 1,171 | ||||||||||||||
Share based payment award, stock options granted | 72,000 | |||||||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 6.09 | |||||||||||||||||
Stock options exercisable | 48,000 | |||||||||||||||||
Number of shares outstanding | 72,000 | |||||||||||||||||
2019 plan | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 288 | $ 42 | 707 | ¥ 1,171 | ||||||||||||||
2019 plan | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 0 | 0 | 0 | 0 | ||||||||||||||
2019 plan | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 | ||||||||||||||
2020 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, stock options surrendered, exercise price | $ / shares | $ 7.65 | $ 6.23 | 5.91 | |||||||||||||||
Share based payment award, stock options granted | 2,026,300 | 2,026,300 | ||||||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 9.20 | $ 18.85 | $ 5.91 | |||||||||||||||
Stock options exercisable | 353,949 | |||||||||||||||||
Number of shares unvested | 170,490 | 170,490 | 111,495 | 24,365 | ||||||||||||||
2020 Plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Number of shares granted | 755,734 | 755,734 | ||||||||||||||||
Number of shares cancelled | 270,482 | 270,482 | 198,872 | 13,461 | ||||||||||||||
Granted | 755,734 | 755,734 | 1,649,045 | 4,093,079 | ||||||||||||||
Number of shares outstanding | 1,246,811 | 1,481,791 | ||||||||||||||||
2020 plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Share based payment award, vesting period | 4 years | 4 years | ||||||||||||||||
Share based payment award, maximum shares authorized | 10,760,513 | |||||||||||||||||
Share based payment award, stock options granted | 2,026,300 | 2,026,300 | 133,913 | 1,068,733 | ||||||||||||||
Stock options exercisable | 353,949 | 192,340 | ||||||||||||||||
Number of shares unvested | 170,490 | 170,490 | ||||||||||||||||
Number of additional shares authorized | 1,446,875 | 1,446,875 | ||||||||||||||||
Share based compensation arrangement, shares vested | 245,305 | 245,305 | ||||||||||||||||
2020 plan | Employee Stock Option | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Restricted share units were vested but not issued as ordinary shares | 1,328,120 | |||||||||||||||||
2020 plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | ¥ 58,887 | ¥ 112,251 | ||||||||||||||||
2020 plan | Restricted shares | Third One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Number of days for calculating the weighted average market value of shares | 30 days | 30 days | ||||||||||||||||
Share based compensation equity instruments other than options aggregate fair value vested in period | $ | $ 2,000,000 | |||||||||||||||||
2020 plan | Restricted shares | Second One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Number of days for calculating the weighted average market value of shares | 30 days | 30 days | ||||||||||||||||
Average market value of shares | 20% | 20% | ||||||||||||||||
2020 plan | Restricted shares | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 54,011 | 25,985 | ||||||||||||||||
2020 plan | Restricted shares | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 4,156 | 67,181 | ||||||||||||||||
2020 plan | Restricted shares | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ | 720 | 19,085 | ||||||||||||||||
2021 plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, maximum shares authorized | 12,023,618 | |||||||||||||||||
2021 plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, maximum shares authorized | 6,011,809 | |||||||||||||||||
2021 plan | Restricted shares | Second One Third Portion | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Average market value of shares | 20% | 20% | ||||||||||||||||
2020 plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 45,811 | $ 6,643 | 26,879 | 16,411 | ||||||||||||||
2020 plan | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 25,897 | 3,755 | 8,702 | 4,357 | ||||||||||||||
2020 plan | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 17,068 | 2,475 | 14,915 | 10,435 | ||||||||||||||
2020 plan | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 2,846 | 413 | 3,262 | 1,619 | ||||||||||||||
2020 plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 59,668 | $ 8,651 | ¥ 354,272 | ¥ 156,108 | ||||||||||||||
Restricted share units were vested but not issued as ordinary shares | 755,734 | 755,734 | 1,649,045 | 4,093,079 | ||||||||||||||
2020 plan | Restricted shares | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 37,399 | $ 5,422 | ¥ 227,392 | ¥ 76,663 | ||||||||||||||
2020 plan | Restricted shares | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 18,055 | 2,618 | 118,368 | 71,945 | ||||||||||||||
2020 plan | Restricted shares | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 4,214 | 611 | 8,512 | 7,500 | ||||||||||||||
2021 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 114,799 | $ 16,643 | ¥ 55,656 | |||||||||||||||
Share based payment award, vesting period | 4 years | 4 years | ||||||||||||||||
Share based payment award, stock options surrendered, exercise price | $ / shares | $ 18.21 | $ 26.39 | ||||||||||||||||
Share based payment award, stock options granted | 2,787,738 | 2,787,738 | 2,698,245 | |||||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 9.20 | $ 26.43 | ||||||||||||||||
Stock options exercisable | 519,377 | |||||||||||||||||
Number of shares unvested | 880,304 | 880,304 | 253,805 | |||||||||||||||
Share based compensation arrangement, shares vested | 565,579 | 565,579 | ||||||||||||||||
2021 Plan | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 75,980 | $ 11,016 | ¥ 35,226 | |||||||||||||||
2021 Plan | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 36,104 | 5,234 | 20,430 | |||||||||||||||
2021 Plan | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 2,715 | 393 | ||||||||||||||||
2021 Plan | Restricted shares | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 150,434 | $ 21,810 | ¥ 117,559 | 0 | ||||||||||||||
Number of shares granted | 821,215 | 821,215 | ||||||||||||||||
Number of shares cancelled | 301,908 | 301,908 | 170,913 | |||||||||||||||
Granted | 821,215 | 821,215 | 1,827,166 | |||||||||||||||
Number of shares outstanding | 1,035,973 | 1,656,253 | ||||||||||||||||
2021 Plan | Restricted shares | Administrative expenses | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 99,708 | $ 14,456 | ¥ 73,332 | 0 | ||||||||||||||
2021 Plan | Restricted shares | Research and Development Expense | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | 46,649 | 6,763 | 44,227 | 0 | ||||||||||||||
2021 Plan | Restricted shares | Equity in loss of an affiliate | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share-based compensation expense | ¥ 4,077 | $ 591 | ¥ 0 | ¥ 0 | ||||||||||||||
2022 Plan | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | ||||||||||||||||
Share based payment award, maximum shares authorized | 13,148,594 | |||||||||||||||||
Share based payment award, stock options granted | 0 | 0 | ||||||||||||||||
2022 Plan | Restricted share units | ||||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
Share based payment award, maximum shares authorized | 7,670,017 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Jan. 17, 2020 CNY (¥) | Jan. 16, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | ¥ 371,000 | $ 53,789 | ¥ 621,876 | ¥ 526,171 | |||
2017 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | ¥ 0 | 3,126 | 126,293 | ||||
2018 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | ¥ 91,051 | 4,790 | 113,937 | ¥ 0 | |||
2019 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 288 | 42 | 707 | 1,171 | |||
2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 114,799 | 16,643 | 55,656 | ||||
2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 45,811 | 6,643 | 26,879 | 16,411 | |||
Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 58,887 | 112,251 | |||||
Restricted shares | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 150,434 | 21,810 | 117,559 | 0 | |||
Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 59,668 | 8,651 | 354,272 | 156,108 | |||
Research and Development Expense | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 117,876 | 17,090 | 201,926 | 284,431 | |||
Research and Development Expense | 2017 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | (225) | 69,214 | |||||
Research and Development Expense | 2018 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 55 | 65,656 | |||||
Research and Development Expense | 2019 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 0 | 0 | 0 | 0 | |||
Research and Development Expense | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 36,104 | 5,234 | 20,430 | ||||
Research and Development Expense | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 17,068 | 2,475 | 14,915 | 10,435 | |||
Research and Development Expense | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 4,156 | 67,181 | |||||
Research and Development Expense | Restricted shares | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 46,649 | 6,763 | 44,227 | 0 | |||
Research and Development Expense | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 18,055 | 2,618 | 118,368 | 71,945 | |||
Administrative expenses | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 239,272 | 34,691 | 406,683 | 209,033 | |||
Administrative expenses | 2017 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 2,835 | 52,802 | |||||
Administrative expenses | 2018 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 4,478 | 48,055 | |||||
Administrative expenses | 2019 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 288 | 42 | 707 | 1,171 | |||
Administrative expenses | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 75,980 | 11,016 | 35,226 | ||||
Administrative expenses | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 25,897 | 3,755 | 8,702 | 4,357 | |||
Administrative expenses | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 54,011 | 25,985 | |||||
Administrative expenses | Restricted shares | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 99,708 | 14,456 | 73,332 | 0 | |||
Administrative expenses | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 37,399 | 5,422 | 227,392 | 76,663 | |||
Equity in loss of an affiliate | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 13,852 | 2,008 | 13,267 | 32,707 | |||
Equity in loss of an affiliate | 2017 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 516 | 4,277 | |||||
Equity in loss of an affiliate | 2018 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 257 | 226 | |||||
Equity in loss of an affiliate | 2019 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 0 | 0 | 0 | 0 | |||
Equity in loss of an affiliate | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 2,715 | 393 | |||||
Equity in loss of an affiliate | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 2,846 | 413 | 3,262 | 1,619 | |||
Equity in loss of an affiliate | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 720 | 19,085 | |||||
Equity in loss of an affiliate | Restricted shares | 2021 Plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | 4,077 | 591 | 0 | 0 | |||
Equity in loss of an affiliate | Restricted shares | 2020 plan | |||||||
SHARE-BASED COMPENSATION | |||||||
Share-based compensation expenses | ¥ 4,214 | $ 611 | ¥ 8,512 | ¥ 7,500 |
SHARE-BASED COMPENSATION - Sc_2
SHARE-BASED COMPENSATION - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2020 | Jan. 17, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numbers of shares | ||||||
Granted | 2,787,738 | 2,698,245 | ||||
Exercisable | 519,377 | 0 | ||||
2017 Plan | ||||||
Numbers of shares | ||||||
Number of shares Outstanding | 2,569,017 | 7,702,066 | 9,812,881 | |||
Exercised | (786,400) | (5,122,549) | (1,439,373) | |||
Forfeited | (332,566) | (332,566) | (10,500) | (338,876) | ||
Surrendered | (332,566) | |||||
Number of shares Outstanding | 1,782,617 | 2,569,017 | 7,702,066 | 9,812,881 | ||
Exercisable | 1,782,617 | 2,569,017 | ||||
Weighted average exercise price | ||||||
Outstanding | $ 1 | $ 0.97 | $ 0.93 | |||
Exercised | 1 | 0.96 | 0.72 | |||
Forfeited | 1 | $ 1 | ||||
Surrendered | 1 | |||||
Outstanding | 1 | $ 1 | $ 0.97 | $ 0.93 | ||
Exercisable as of December 31, 2022 | $ 1 | |||||
Weighted average remaining contractual term, Outstanding | 4 years 9 months | 5 years 9 months 14 days | 6 years 9 months | 7 years 9 months 3 days | ||
Weighted average remaining contractual term, Exercisable | 4 years 9 months | |||||
Aggregate intrinsic value, Outstanding | $ 1,457 | $ 50,361 | $ 150,415 | $ 47,671 | ||
Aggregate intrinsic value, Exercisable | $ 1,457 | |||||
2018 Plan | ||||||
Numbers of shares | ||||||
Number of shares Outstanding | 7,553,236 | 10,589,671 | 13,536,588 | |||
Exercised | (6,044,843) | (3,036,435) | (402,000) | |||
Surrendered | (2,544,917) | |||||
Number of shares Outstanding | 1,508,393 | 7,553,236 | 10,589,671 | 13,536,588 | ||
Exercisable | 1,508,393 | |||||
Weighted average exercise price | ||||||
Outstanding | $ 1 | $ 1 | $ 1 | |||
Exercised | 1 | 1 | $ 1 | |||
Surrendered | 1 | |||||
Outstanding | 1 | $ 1 | $ 1 | $ 1 | ||
Exercisable as of December 31, 2022 | $ 1 | |||||
Weighted average remaining contractual term, Outstanding | 6 years 1 month 24 days | 7 years 1 month 24 days | 8 years 1 month 24 days | 8 years 10 months 9 days | ||
Weighted average remaining contractual term, Exercisable | 6 years 1 month 24 days | |||||
Aggregate intrinsic value, Outstanding | $ 1,233 | $ 148,076 | $ 206,499 | $ 64,840 | ||
Aggregate intrinsic value, Exercisable | $ 1,233 | |||||
2018 Plan | Restricted shares | ||||||
Weighted average exercise price | ||||||
Outstanding | $ 1 | |||||
Granted | $ 1 | |||||
Outstanding | $ 1 | |||||
2019 Plan | ||||||
Numbers of shares | ||||||
Exercisable | 48,000 | 24,000 | ||||
2019 plan | ||||||
Numbers of shares | ||||||
Number of shares Outstanding | 72,000 | |||||
Granted | 72,000 | |||||
Number of shares Outstanding | 72,000 | 72,000 | ||||
Exercisable | 48,000 | |||||
Weighted average exercise price | ||||||
Outstanding | $ 6.09 | $ 6.09 | ||||
Granted | $ 6.09 | |||||
Outstanding | 6.09 | $ 6.09 | $ 6.09 | |||
Exercisable as of December 31, 2022 | $ 6.09 | |||||
Weighted average remaining contractual term, Outstanding | 7 years 18 days | 9 years 3 months 29 days | ||||
Weighted average remaining contractual term, Exercisable | 7 years 18 days | |||||
Aggregate intrinsic value, Outstanding | $ 1,038 | |||||
2020 plan | ||||||
Numbers of shares | ||||||
Granted | 2,026,300 | 133,913 | 1,068,733 | |||
Forfeited | (170,490) | |||||
Exercisable | 353,949 | 192,340 | ||||
2020 Plan | ||||||
Numbers of shares | ||||||
Number of shares Outstanding | 997,773 | 1,044,368 | ||||
Granted | 2,026,300 | |||||
Exercised | (14,645) | (68,859) | ||||
Forfeited | (170,490) | (111,495) | (24,365) | |||
Expired | (69,051) | (154) | ||||
Number of shares Outstanding | 2,769,887 | 997,773 | 1,044,368 | |||
Exercisable | 353,949 | |||||
Weighted average exercise price | ||||||
Outstanding | $ 7.61 | $ 5.91 | ||||
Granted | 9.20 | 18.85 | $ 5.91 | |||
Exercised | 5.91 | 5.91 | ||||
Forfeited | 7.65 | 6.23 | 5.91 | |||
Expired | 6.74 | 5.91 | ||||
Outstanding | 8.81 | $ 7.61 | $ 5.91 | |||
Exercisable as of December 31, 2022 | $ 7 | |||||
Weighted average remaining contractual term, Outstanding | 8 years 9 months 3 days | 8 years 8 months 4 days | 9 years 7 months 13 days | |||
Weighted average remaining contractual term, Exercisable | 7 years 8 months 1 day | |||||
Aggregate intrinsic value, Outstanding | $ 12,967 | $ 15,237 | ||||
2021 Plan | ||||||
Numbers of shares | ||||||
Number of shares Outstanding | 2,444,440 | |||||
Granted | 2,787,738 | 2,698,245 | ||||
Forfeited | (880,304) | (253,805) | ||||
Expired | (46,202) | |||||
Number of shares Outstanding | 4,305,672 | 2,444,440 | ||||
Exercisable | 519,377 | |||||
Weighted average exercise price | ||||||
Outstanding | $ 26.44 | |||||
Granted | 9.20 | $ 26.43 | ||||
Forfeited | 18.21 | 26.39 | ||||
Expired | 26.39 | |||||
Outstanding | 17.32 | $ 26.44 | ||||
Exercisable as of December 31, 2022 | $ 26.46 | |||||
Weighted average remaining contractual term, Outstanding | 8 years 10 months 20 days | 9 years 6 months 25 days | ||||
Weighted average remaining contractual term, Exercisable | 8 years 6 months 10 days |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Valuation Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2019 plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 54.88% | ||
Risk-free interest rate (per annum) | 0.79% | ||
Exercise multiple | 2.80 | ||
Expected dividend yield | 0% | ||
Time to maturity (in years) | 10 years | ||
2020 plan | |||
SHARE-BASED COMPENSATION | |||
Expected dividend yield | 0% | 0% | |
2020 Plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 53.66% | 56.51% | |
Expected volatility, Minimum | 50.78% | ||
Expected volatility, Maximum | 51.84% | ||
Risk-free interest rate (per annum) | 1.88% | 0.86% | |
Risk-free interest rate, Minimum | 1.32% | ||
Risk-free interest rate, Maximum | 1.88% | ||
Exercise multiple, Minimum | 2.20 | 2.20 | 2.20 |
Exercise multiple, Maximum | 2.80 | 2.80 | 2.80 |
Time to maturity (in years) | 10 years | 10 years | 10 years |
2021 Plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility, Minimum | 53.66% | 51.77% | |
Expected volatility, Maximum | 58.97% | 54.37% | |
Risk-free interest rate, Minimum | 1.88% | 1.44% | |
Risk-free interest rate, Maximum | 3.53% | 1.68% | |
Exercise multiple, Minimum | 2.20 | 2.20 | |
Exercise multiple, Maximum | 2.80 | 2.80 | |
Expected dividend yield | 0% | 0% | |
Time to maturity (in years) | 10 years | 10 years |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of non-vested stock option activities (Details) - $ / shares | 12 Months Ended | ||||
Jan. 31, 2020 | Jan. 17, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numbers of shares | |||||
Granted | 2,787,738 | 2,698,245 | |||
2017 Plan | |||||
Numbers of shares | |||||
Forfeited | (332,566) | (332,566) | (10,500) | (338,876) | |
2019 plan | |||||
Numbers of shares | |||||
Granted | 72,000 | ||||
Weighted average Grant date fair value | |||||
Weighted average grant date fair value Outstanding | $ 4.50 | ||||
Vested | 4.50 | ||||
Weighted average grant date fair value Outstanding | $ 4.50 | $ 4.50 | |||
2020 plan | |||||
Numbers of shares | |||||
Number of shares Outstanding | 805,433 | ||||
Granted | 2,026,300 | 133,913 | 1,068,733 | ||
Vested | (245,305) | ||||
Forfeited | (170,490) | ||||
Number of shares Outstanding | 2,415,938 | 805,433 | |||
Weighted average Grant date fair value | |||||
Weighted average grant date fair value Outstanding | $ 9.44 | ||||
Granted | 1.35 | ||||
Vested | 9.40 | ||||
Forfeited | 7.39 | ||||
Weighted average grant date fair value Outstanding | $ 0.53 | $ 9.44 | |||
2021 Plan | |||||
Numbers of shares | |||||
Number of shares Outstanding | 2,444,440 | ||||
Granted | 2,787,738 | 2,698,245 | |||
Vested | (565,579) | ||||
Forfeited | (880,304) | (253,805) | |||
Number of shares Outstanding | 3,786,295 | 2,444,440 | |||
Weighted average Grant date fair value | |||||
Vested | $ 14.18 | ||||
2020 Plan | |||||
Numbers of shares | |||||
Granted | 2,026,300 | ||||
Forfeited | (170,490) | (111,495) | (24,365) |
SHARE-BASED COMPENSATION - Sc_3
SHARE-BASED COMPENSATION - Schedule of Non-vested Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | |||
Jan. 17, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Weighted average grant date fair value, Outstanding | $ 14.12 | |||
Weighted average grant date fair value, Granted | 2.70 | |||
Weighted average grant date fair value, Forfeited | 7.64 | |||
Weighted average grant date fair value, Outstanding | $ 1.76 | $ 14.12 | ||
2019 plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 48,000 | |||
Vested | (24,000) | |||
Numbers of shares, Outstanding | 24,000 | 48,000 | ||
2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Granted | 11,005,888 | |||
Restricted shares | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 1,481,791 | 4,079,618 | ||
Granted | 755,734 | |||
Vested | (720,232) | (4,048,000) | ||
Forfeited | (270,482) | |||
Numbers of shares, Outstanding | 1,246,811 | 1,481,791 | 4,079,618 | |
Weighted average grant date fair value, Outstanding | $ 17.80 | |||
Weighted average grant date fair value, Granted | 10.11 | |||
Weighted average grant date fair value, Vested | 19.71 | |||
Weighted average grant date fair value, Forfeited | 14.52 | |||
Weighted average grant date fair value, Outstanding | $ 2.98 | $ 17.80 | ||
Restricted shares | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 1,656,253 | |||
Granted | 821,215 | |||
Vested | (1,139,587) | |||
Forfeited | (301,908) | |||
Numbers of shares, Outstanding | 1,035,973 | 1,656,253 | ||
Weighted average grant date fair value, Outstanding | $ 26.45 | |||
Weighted average grant date fair value, Granted | 9.18 | |||
Weighted average grant date fair value, Vested | 26.41 | |||
Weighted average grant date fair value, Forfeited | 17.85 | |||
Weighted average grant date fair value, Outstanding | $ 5.19 | $ 26.45 | ||
Restricted shares | 2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Vested | (565,200) | |||
Weighted average grant date fair value, Vested | $ 1 | $ 1 |
SHARE-BASED COMPENSATION - Sc_4
SHARE-BASED COMPENSATION - Schedule of Share-based Payment Arrangement Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2018 Plan | |||
Weighted average exercise price | |||
Outstanding | $ 1 | $ 1 | $ 1 |
Outstanding | $ 1 | $ 1 | 1 |
2019 plan | |||
Numbers of shares | |||
Numbers of shares, Outstanding | 72,000 | ||
Vested | (24,000) | ||
Numbers of shares, Outstanding | 72,000 | ||
Weighted average exercise price | |||
Outstanding | $ 6.09 | $ 6.09 | |
Granted | 6.09 | ||
Outstanding | 6.09 | $ 6.09 | 6.09 |
Weighted average remaining contractual term, Outstanding | 8 years 18 days | ||
Aggregate intrinsic value, Outstanding | $ 1,045 | ||
2020 Plan | |||
Weighted average exercise price | |||
Outstanding | 7.61 | $ 5.91 | |
Granted | 9.20 | 18.85 | 5.91 |
Outstanding | 8.81 | 7.61 | $ 5.91 |
2021 Plan | |||
Weighted average exercise price | |||
Outstanding | 26.44 | ||
Granted | 9.20 | 26.43 | |
Outstanding | $ 17.32 | $ 26.44 | |
Restricted shares | 2018 Plan | |||
Numbers of shares | |||
Numbers of shares, Outstanding | 762,920 | ||
Granted | 1,328,120 | ||
Vested | (565,200) | ||
Vested | (762,920) | ||
Numbers of shares, Outstanding | 762,920 | ||
Weighted average exercise price | |||
Outstanding | $ 1 | ||
Granted | $ 1 | ||
Outstanding | $ 1 | ||
Weighted average remaining contractual term, Outstanding | 9 years 7 months 24 days | ||
Aggregate intrinsic value, Outstanding | $ 14,877 | ||
Restricted shares | 2020 Plan | |||
Numbers of shares | |||
Numbers of shares, Outstanding | 1,481,791 | ||
Granted | 755,734 | 1,649,045 | 4,093,079 |
Vested | (720,232) | (4,048,000) | |
Forfeited | (270,482) | (198,872) | (13,461) |
Numbers of shares, Outstanding | 1,246,811 | 1,481,791 | |
Weighted average exercise price | |||
Weighted average remaining contractual term, Outstanding | 8 years 6 months 18 days | 8 years 11 months 12 days | 9 years 8 months 12 days |
Aggregate intrinsic value, Outstanding | $ 2,266 | $ 30,531 | $ 83,632 |
Restricted shares | 2021 Plan | |||
Numbers of shares | |||
Numbers of shares, Outstanding | 1,656,253 | ||
Granted | 821,215 | 1,827,166 | |
Vested | (1,139,587) | ||
Forfeited | (301,908) | (170,913) | |
Numbers of shares, Outstanding | 1,035,973 | 1,656,253 | |
Weighted average exercise price | |||
Weighted average remaining contractual term, Outstanding | 8 years 6 months 18 days | 9 years 6 months 25 days | |
Aggregate intrinsic value, Outstanding | $ 2,266 | $ 34,126 |
LICENSING AND COLLABORATION A_3
LICENSING AND COLLABORATION ARRANGEMENTS (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2022 CNY (¥) | Sep. 03, 2020 USD ($) | Jan. 01, 2018 | Nov. 17, 2017 CNY (¥) | Nov. 17, 2017 USD ($) | Aug. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jan. 31, 2021 CNY (¥) | Jan. 31, 2021 USD ($) | Aug. 31, 2020 CNY (¥) | Aug. 31, 2020 USD ($) | Sep. 30, 2019 CNY (¥) | Feb. 28, 2019 CNY (¥) | Jan. 31, 2018 CNY (¥) | Jan. 31, 2018 USD ($) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 CNY (¥) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 CNY (¥) | Dec. 31, 2017 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Mar. 31, 2021 USD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 17, 2020 shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ 904,901 | $ 131,198 | ¥ 1,212,958 | ¥ 984,689 | |||||||||||||||||||||||||||||||||
Contract liabilities, current | 8,677 | $ 1,258 | |||||||||||||||||||||||||||||||||||
Revenues | (221,563) | (32,124) | 88,026 | 1,542,668 | |||||||||||||||||||||||||||||||||
Issue of shares, value | ¥ 132 | ¥ 126 | $ 19 | ||||||||||||||||||||||||||||||||||
Issue of shares | shares | 190,879,919 | 183,826,753 | 190,879,919 | 183,826,753 | |||||||||||||||||||||||||||||||||
Contract assets | ¥ 0 | ¥ 253,780 | $ 0 | ||||||||||||||||||||||||||||||||||
Contract liabilities, non-current | 267,878 | 224,000 | 38,839 | ||||||||||||||||||||||||||||||||||
Interest payable | 9,000 | ||||||||||||||||||||||||||||||||||||
Termination Fees | 600 | 4,200 | |||||||||||||||||||||||||||||||||||
Definitive license agreement | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Aggregate amount receivable | 340,000 | ||||||||||||||||||||||||||||||||||||
Imab Hangzhou [Member] | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | 3,000 | $ 3,000 | |||||||||||||||||||||||||||||||||||
Imab Hangzhou [Member] | Ferring Agreement [Member] | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | 3,000 | ||||||||||||||||||||||||||||||||||||
MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront payment received | $ 15,000 | ||||||||||||||||||||||||||||||||||||
Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 7,000 | 13,200 | |||||||||||||||||||||||||||||||||||
ABL Bio | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 33,700 | 20,700 | |||||||||||||||||||||||||||||||||||
AbbVie | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | $ 180,000 | ||||||||||||||||||||||||||||||||||||
Research and development expense | 1,502,900 | $ 228,800 | |||||||||||||||||||||||||||||||||||
Proceeds from milestone achievement | 1,740,000 | ||||||||||||||||||||||||||||||||||||
Total transaction price under the agreement | $ 1,295,000 | ||||||||||||||||||||||||||||||||||||
Contract asset with customer | 31,600 | 227,400 | $ 4,900 | $ 34,800 | |||||||||||||||||||||||||||||||||
Upfront payment received | 180,000 | ||||||||||||||||||||||||||||||||||||
Milestone payment receivable | 20,000 | $ 20,000 | |||||||||||||||||||||||||||||||||||
Revenue from contract with customer at time of transfer of license | 228,800 | ||||||||||||||||||||||||||||||||||||
Total contract asset | 253,800 | $ 39,700 | |||||||||||||||||||||||||||||||||||
AbbVie | Study I | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | 5,800 | ||||||||||||||||||||||||||||||||||||
Revenue from collaborative arrangement, excluding assessed tax | 25,600 | 4,000 | 12,000 | 1,800 | |||||||||||||||||||||||||||||||||
Accumulated revenue recognized | ¥ | 7,400 | ||||||||||||||||||||||||||||||||||||
AbbVie | Study II | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 39,900 | ||||||||||||||||||||||||||||||||||||
Revenue from collaborative arrangement, excluding assessed tax | 6,000 | 900 | 27,800 | 4,200 | |||||||||||||||||||||||||||||||||
Accumulated revenue recognized | ¥ | 7,200 | ||||||||||||||||||||||||||||||||||||
AbbVie | Lemzoparlimab License | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | 200,000 | 180,000 | |||||||||||||||||||||||||||||||||||
Total transaction price under the agreement | 250,000 | $ 250,000 | |||||||||||||||||||||||||||||||||||
AbbVie | Lemzoparlimab License | Study | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | 183,000 | ||||||||||||||||||||||||||||||||||||
AbbVie | Lemzoparlimab License | Study I | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | 8,800 | ||||||||||||||||||||||||||||||||||||
AbbVie | Lemzoparlimab License | Study II | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | 8,200 | ||||||||||||||||||||||||||||||||||||
AbbVie | First milestone | Lemzoparlimab License | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | $ 20,000 | ||||||||||||||||||||||||||||||||||||
AbbVie | Second milestone | Lemzoparlimab License | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||
AbbVie | Clinical milestones | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Proceeds from milestone achievement | $ 840,000 | ||||||||||||||||||||||||||||||||||||
KG Bio | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Revenue recognized | ¥ | 0 | ¥ 0 | ¥ 0 | ||||||||||||||||||||||||||||||||||
Licensing Agreement with MorphoSys AG | MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Second milestone payment | ¥ 9,700 | $ 1,500 | |||||||||||||||||||||||||||||||||||
Payments related to withholding tax amount | ¥ | ¥ 1,100 | ||||||||||||||||||||||||||||||||||||
Licensing Agreement with Genexine, Inc. | Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 3,482,700 | 525,000 | |||||||||||||||||||||||||||||||||||
Licensing Agreement with Genexine, Inc. | Genexine, Inc. | GX-I7 | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | 2,000,000 | ||||||||||||||||||||||||||||||||||||
Licensing Agreement with Genexine, Inc. | MacroGenics | Development milestone | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | $ 75,000 | ||||||||||||||||||||||||||||||||||||
Licensing Agreement with MacroGenics | MacroGenics | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Licensing arrangements of terms | The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which the Group participates, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China. | The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which the Group participates, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China. | |||||||||||||||||||||||||||||||||||
Collaboration Agreement With ABL Bio | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Cost sharing ratio | 50% | 50% | 50% | 50% | 50% | 50% | |||||||||||||||||||||||||||||||
Other In-Licensing Arrangements | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 21,300 | $ 3,100 | |||||||||||||||||||||||||||||||||||
Milestone payment receivable | ¥ 1,207,800 | 173,400 | |||||||||||||||||||||||||||||||||||
Collaboration Agreements with Tracon Pharmaceuticals, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Termination fee payable | $ 9,000 | ||||||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Total transaction price under the agreement | $ 250,000 | 250,000 | |||||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Genexine, Inc. | Study I | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | $ 11,000 | ||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 17% | 17% | |||||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Genexine, Inc. | Study II | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | $ 10,200 | ||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 51% | 51% | 41% | 41% | |||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | AbbVie | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Reversal revenue | ¥ 314,200 | $ 48,000 | |||||||||||||||||||||||||||||||||||
Contract asset reversal | 39,800 | ||||||||||||||||||||||||||||||||||||
Contract liabilities | $ 8,200 | $ 8,200 | |||||||||||||||||||||||||||||||||||
Contract assets | 0 | ||||||||||||||||||||||||||||||||||||
Contract liabilities, non-current | ¥ 16,600 | $ 2,400 | |||||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | AbbVie | Study I | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 84% | 84% | |||||||||||||||||||||||||||||||||||
Strategic Alliance Agreement with PT Kalbe Genexine Biologics | AbbVie | Study II | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 88% | 88% | |||||||||||||||||||||||||||||||||||
Strategic collaboration with Jumpcan | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | ¥ 224,000 | ||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ | 1,792,000 | ||||||||||||||||||||||||||||||||||||
Upfront payment received | ¥ | ¥ 224,000 | ||||||||||||||||||||||||||||||||||||
Non-royalty payments | ¥ | 2,016,000 | ||||||||||||||||||||||||||||||||||||
Amount of payments received as cost sharing | ¥ | ¥ 22,000 | ||||||||||||||||||||||||||||||||||||
Proportion of CMC cost sharing | 50% | 50% | |||||||||||||||||||||||||||||||||||
Cell Line Collaboration with Ferring | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Reimbursement | ¥ 18,600 | $ 2,750 | |||||||||||||||||||||||||||||||||||
Collaboration Agreement with Everest [Member] | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Shares issued upon conversion | shares | 6,078,571 | ||||||||||||||||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 63,100 | 27,900 | ¥ 43,600 | ||||||||||||||||||||||||||||||||||
Research and development expense | Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 4,700 | 8,800 | |||||||||||||||||||||||||||||||||||
Research and development expense | MacroGenics | Licensing Agreements | Minimum [Member] | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | 60,000 | ||||||||||||||||||||||||||||||||||||
Research and development expense | Licensing Agreement with MorphoSys AG | MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Research and development expense | Licensing Agreements with Morphosys | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | $ 1,500 | $ 1,000 | |||||||||||||||||||||||||||||||||||
Research and development expense | Licensing Agreement with MacroGenics | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | 4,484 | ||||||||||||||||||||||||||||||||||||
Research and development expense | Other In-Licensing Arrangements | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | 500 | 70 | 6,800 | 1,100 | |||||||||||||||||||||||||||||||||
Milestone payments | 2,800 | 400 | 19,800 | 2,900 | |||||||||||||||||||||||||||||||||
Operating expense | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 48,400 | 24,300 | 43,800 | ||||||||||||||||||||||||||||||||||
Operating expense | Collaboration Agreements with Tracon Pharmaceuticals, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | 0 | 110 | $ 20 | 170 | $ 30 | ||||||||||||||||||||||||||||||||
Administrative expenses | Collaboration Agreements with Tracon Pharmaceuticals, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Termination fee payable | 58,000 | $ 9,000 | |||||||||||||||||||||||||||||||||||
MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Revenue received | ¥ | 6,000 | ||||||||||||||||||||||||||||||||||||
MorphoSys AG | Licensing Agreement with MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 6,900 | $ 1,000 | |||||||||||||||||||||||||||||||||||
Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 4,300 | ||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Licensing Agreement with Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 0 | ¥ 0 | 0 | ||||||||||||||||||||||||||||||||||
Reduction in milestone payment | 50% | ||||||||||||||||||||||||||||||||||||
Agreement terminated period (in years) | 15 years | 15 years | |||||||||||||||||||||||||||||||||||
Genexine, Inc. | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Study I | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 53% | 53% | |||||||||||||||||||||||||||||||||||
Genexine, Inc. | Research and development expense | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 2,900 | ||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Research and development expense | Licensing Agreement with Genexine, Inc. | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ 79,600 | $ 12,000 | |||||||||||||||||||||||||||||||||||
Milestone payments | 152,600 | 23,000 | |||||||||||||||||||||||||||||||||||
MorphoSys | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Revenue received | 900 | ||||||||||||||||||||||||||||||||||||
MorphoSys | Licensing Agreement with MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ 132,700 | $ 20,000 | |||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 653,500 | $ 98,500 | |||||||||||||||||||||||||||||||||||
MorphoSys | Research and development expense | Licensing Agreement with MorphoSys AG | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ 0 | ¥ 132,700 | $ 20,000 | ||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 55,700 | $ 8,000 | |||||||||||||||||||||||||||||||||||
MorphoSys | Research and development expense | Licensing Agreements with Morphosys | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | 0 | 23,200 | $ 3,500 | ||||||||||||||||||||||||||||||||||
MacroGenics | Research and development expense | Licensing Agreement with MacroGenics | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | 0 | 104,400 | $ 15,000 | ||||||||||||||||||||||||||||||||||
Milestone payments | 0 | ¥ 28,900 | $ 4,500 | ||||||||||||||||||||||||||||||||||
ABL Bio | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | 44,000 | ||||||||||||||||||||||||||||||||||||
CSPC | Licensing Agreement with CSPC Pharmaceutical Group Limited ("CSPC") | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 15,000 | ||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ | 135,000 | ||||||||||||||||||||||||||||||||||||
Second milestone payment | ¥ | ¥ 10,000 | 8,500 | |||||||||||||||||||||||||||||||||||
Contract liabilities, current | ¥ | ¥ 14,200 | ||||||||||||||||||||||||||||||||||||
Proceeds from milestone achievement | ¥ | ¥ 15,000 | ¥ 800 | 0 | ||||||||||||||||||||||||||||||||||
Revenues | ¥ | 0 | ¥ 8,500 | ¥ 0 | ¥ 30,000 | |||||||||||||||||||||||||||||||||
Tracon | |||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||
Legal Fees | ¥ 91,300 | $ 13,500 |
LICENSING AND COLLABORATION A_4
LICENSING AND COLLABORATION ARRANGEMENTS - Breakdown of licensing and collaboration revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Recognition in the year | ¥ 39,891 | $ 5,784 | ¥ 31,615 | ¥ 1,542,668 |
Reduction in the year | (314,181) | (45,552) | ||
Revenues | (249,665) | (36,198) | 40,115 | 1,542,668 |
AbbVie | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Revenues | (274,290) | (39,768) | 31,615 | ¥ 1,542,668 |
Other partners | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Revenues | ¥ 24,625 | $ 3,570 | ¥ 8,500 |
OTHER INCOME (EXPENSES), NET (D
OTHER INCOME (EXPENSES), NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
OTHER INCOME (EXPENSES), NET | ||||
Income of incentive payment from depository bank | ¥ 2,821 | $ 409 | ¥ 2,395 | ¥ 2,348 |
Fair value change of short-term and other investments | (13,549) | (1,964) | 30,360 | 11,288 |
Fair value change of put right liabilities | 34,260 | 4,967 | 16,628 | 3,024 |
Net foreign exchange gains (losses) | (175,391) | (25,429) | 25,373 | (22,126) |
Subsidy income | 25,470 | 3,693 | 9,216 | 11,633 |
Gains on deconsolidation of a subsidiary | 407,598 | |||
Others | (198) | (29) | (810) | (873) |
Other income (expenses), net | ¥ (126,587) | $ (18,353) | ¥ 83,162 | ¥ 412,892 |
OTHER INCOME (EXPENSES), NET -
OTHER INCOME (EXPENSES), NET - Additional information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Subsidy income | ¥ (221,563) | $ (32,124) | ¥ 88,026 | ¥ 1,542,668 | |
Paycheck protection program loan | |||||
Subsidy income | 2,900 | ||||
Grant [Member] | |||||
Subsidy income | ¥ 18,900 | ¥ 10,000 | |||
Pipeline [Member] | |||||
Subsidy income | ¥ 4,500 |
NET INCOME (LOSS) PER SHARE - B
NET INCOME (LOSS) PER SHARE - Basic and diluted net loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net income (loss) attributable to I-MAB | ¥ (2,507,317) | $ (363,526) | ¥ (2,331,541) | ¥ 470,915 |
Net income (loss) attributable to ordinary shareholders | ¥ (2,507,317) | $ (363,526) | ¥ (2,331,541) | ¥ 470,915 |
Denominator: | ||||
Denominator for basic calculation-weighted average number of common shares outstanding | 189,787,292 | 189,787,292 | 174,707,055 | 134,158,824 |
Dilutive effect of convertible preferred shares | 4,373,047 | |||
Dilutive effect of ordinary shares to be issued to Everest | 266,458 | |||
Dilutive effect of convertible promissory notes | 865,479 | |||
Dilutive effect of restricted shares units | 778,130 | |||
Dilutive effect of stock options | 16,789,714 | |||
Denominator for diluted income (loss) per share calculation | 189,787,292 | 189,787,292 | 174,707,055 | 157,231,652 |
Net income (loss) per share - basic | (per share) | ¥ (13.21) | $ (1.92) | ¥ (13.35) | ¥ 3.51 |
Net income (loss) per share - diluted | (per share) | ¥ (13.21) | $ (1.92) | ¥ (13.35) | ¥ 3 |
NET INCOME (LOSS) PER SHARE - A
NET INCOME (LOSS) PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities that have not been included in calculation of diluted net loss per share | 484,395 | 3,150,881 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities that have not been included in calculation of diluted net loss per share | 2,939,322 | 14,584,833 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities that have not been included in calculation of diluted net loss per share | 648,359 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFITS | |||
Employee benefit expenses | ¥ 35,332 | ¥ 26,426 | ¥ 10,049 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | ||
Capital expenditure incurred | ¥ 4,392 | ¥ 24,426 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS - Related party balances (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
I-Mab Hangzhou | |||
Related Party Transaction [Line Items] | |||
Prepayments and other receivables | ¥ 8,231 | $ 1,193 | ¥ 8,079 |
Accruals and other payables | ¥ 64,782 | $ 9,393 | |
Jiangsu Taslydiyi Pharmaceutical Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Accruals and other payables | ¥ 5,092 |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS - Related party transactions (Details) ¥ in Thousands, $ in Thousands | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Provision of FTE and other services - recognized in other income | ¥ 2,821 | ¥ 2,395 | ¥ 2,348 | ||
I-Mab Hangzhou | |||||
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | $ 12,276 | 84,673 | 2,465 | ||
Revenue sharing - recognized as deduction of revenue | 2,694 | 18,583 | |||
Collection of loan to an affiliate | 52,000 | ||||
Expenses paid on behalf of an affiliate | 17,649 | 21,212 | |||
Provision of FTE and other services - recognized in other income | 11,691 | ||||
Amounts received on behalf of an affiliate | $ 30,000 | 281 | |||
Amounts received related to the sublicense agreement | 19,102 | ||||
Amounts paid by an affiliate on behalf of the group | $ 121 | ¥ 837 | 25,448 | ||
CMAB Bipharma Suzhou Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | 681 | ||||
Jiangsu Taslydiyi Pharmaceutical Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | ¥ 2,697 | ¥ 2,395 |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS - Summary of Related Party Balances (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
I-Mab Hangzhou | ||
Debt instrument, face amount | ¥ 50,000 | ¥ 2,000 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
RESTRICTED NET ASSETS | ||||
Statutory reserve, annual appropriation percentage from after tax profit | 10% | |||
Statutory reserve, threshold limit for annual appropriation | 50% | |||
Appropriation to statutory reserve | $ 0 | $ 0 | $ 0 | |
Prc Subsidiaries | ||||
RESTRICTED NET ASSETS | ||||
Net assets | $ 0 | |||
Percentage of net asset to consolidated net assets | 25% |