Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39173 |
Entity Registrant Name | I-MAB |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 2440 Research Boulevard, Suite 400 |
Entity Address, City or Town | Rockville |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20850 |
Entity Address, Country | US |
Entity Common Stock, Shares Outstanding | 185,613,662 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Location | Shanghai, China |
Auditor Firm ID | 1424 |
Entity Central Index Key | 0001778016 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 2440 Research Boulevard, Suite 400 |
Entity Address, City or Town | Rockville |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20850 |
Entity Address, Country | US |
City Area Code | 240 |
Local Phone Number | 745-6330 |
Contact Personnel Name | Joseph Skelton |
ADS | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares, each ten(10) American depositary shares representing twenty-three (23) ordinary shares |
Trading Symbol | IMAB |
Security Exchange Name | NASDAQ |
Ordinary share | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value US$0.0001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 2,141,445 | $ 301,616 | ¥ 3,214,005 |
Short-term restricted cash | 96,764 | ||
Short-term investments | 143,221 | 20,172 | 235,429 |
Prepayments and other receivables | 52,003 | 7,325 | 80,278 |
Total current assets | 2,336,669 | 329,113 | 3,626,476 |
Long-term restricted cash | 58,913 | 8,298 | |
Property, equipment and software | 36,511 | 5,142 | 60,841 |
Operating lease right-of-use assets | 46,400 | 6,535 | 63,125 |
Intangible assets | 118,110 | 16,635 | 118,888 |
Goodwill | 162,574 | ||
Investments accounted for using the equity method | 12,082 | 1,702 | 30,850 |
Other non-current assets | 4,282 | 603 | 10,911 |
Total assets | 2,612,967 | 368,028 | 4,073,665 |
Current liabilities | |||
Short-term bank borrowings | 29,970 | 4,221 | 18,956 |
Accruals and other payables | 357,754 | 50,389 | 706,572 |
Contract liabilities, current | 2,200 | 310 | 8,677 |
Operating lease liabilities, current | 21,890 | 3,083 | 23,961 |
Total current liabilities | 411,814 | 58,003 | 758,166 |
Put right liabilities | 98,110 | 13,819 | 88,687 |
Contract liabilities, non-current | 292,124 | 41,145 | 267,878 |
Operating lease liabilities, non-current | 23,099 | 3,253 | 32,069 |
Other non-current liabilities | 69,664 | 9,811 | 16,963 |
Total liabilities | 894,811 | 126,031 | 1,163,763 |
Commitments and contingencies | |||
Shareholders' equity | |||
Ordinary shares (US$0.0001 par value, 800,000,000 shares authorized as of December 31, 2022 and 2023; 190,879,919 and 185,613,662 shares issued and outstanding as of December 31, 2022 and 2023, respectively) | 133 | 19 | 132 |
Treasury stock | (56,803) | (8,001) | (21,249) |
Additional paid-in capital | 9,804,379 | 1,380,918 | 9,579,375 |
Accumulated other comprehensive income | 298,291 | 42,013 | 213,794 |
Accumulated deficit | (8,327,844) | (1,172,952) | (6,862,150) |
Total shareholders' equity | 1,718,156 | 241,997 | 2,909,902 |
Total liabilities and shareholders' equity | ¥ 2,612,967 | $ 368,028 | ¥ 4,073,665 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||||
Ordinary shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Ordinary shares authorized | 800,000,000 | 800,000,000 | ||
Ordinary shares issued | 185,613,662 | 190,879,919 | 164,888,519 | |
Ordinary shares outstanding | 185,613,662 | 190,879,919 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenues | ||||
Revenues | ¥ 27,644 | $ 3,893 | ¥ (221,563) | ¥ 88,026 |
Cost of revenues | ¥ | (27,237) | (46,432) | ||
Expenses | ||||
Research and development expenses | (810,646) | (114,177) | (904,901) | (1,212,958) |
Administrative expenses | (453,017) | (63,806) | (815,766) | (899,943) |
Impairment of goodwill | (162,574) | (22,898) | 0 | 0 |
Loss from operations | (1,398,593) | (196,988) | (1,969,467) | (2,071,307) |
Interest income | 51,749 | 7,289 | 26,908 | 21,333 |
Interest expense | (722) | (102) | (9) | 0 |
Other income (expenses), net | (38,109) | (5,368) | (126,587) | 83,162 |
Equity in loss of affiliates | (80,019) | (11,270) | (437,465) | (367,883) |
Loss before income tax expense | (1,465,694) | (206,439) | (2,506,620) | (2,334,695) |
Income tax benefit (expense) | ¥ | (697) | 3,154 | ||
Net loss attributable to I-MAB | (1,465,694) | (206,439) | (2,507,317) | (2,331,541) |
Net loss attributable to ordinary shareholders | (1,465,694) | (206,439) | (2,507,317) | (2,331,541) |
Net loss attributable to I-Mab | (1,465,694) | (206,439) | (2,507,317) | (2,331,541) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of nil tax | 84,497 | 11,901 | 400,304 | (135,717) |
Total comprehensive loss attributable to I-MAB | (1,381,197) | (194,538) | (2,107,013) | (2,467,258) |
Net loss attributable to ordinary shareholders | ¥ (1,465,694) | $ (206,439) | ¥ (2,507,317) | ¥ (2,331,541) |
Weighted-average number of ordinary shares used in calculating net loss per share - basic | shares | 191,423,850 | 191,423,850 | 189,787,292 | 174,707,055 |
Weighted-average number of ordinary shares used in calculating net loss per share - diluted | shares | 191,423,850 | 191,423,850 | 189,787,292 | 174,707,055 |
Net loss per share attributable to shareholders | ||||
-Basic | (per share) | ¥ (7.66) | $ (1.08) | ¥ (13.21) | ¥ (13.35) |
-Diluted | (per share) | (7.66) | (1.08) | (13.21) | (13.35) |
ADS | ||||
Net loss per share attributable to shareholders | ||||
-Basic | (per share) | (17.62) | (2.48) | (30.38) | (30.71) |
-Diluted | (per share) | ¥ (17.62) | $ (2.48) | ¥ (30.38) | ¥ (30.71) |
Licensing and collaboration revenue | ||||
Revenues | ||||
Revenues | ¥ 16,814 | $ 2,368 | ¥ (249,665) | ¥ 40,115 |
Supply of investigational products | ||||
Revenues | ||||
Revenues | ¥ 10,830 | $ 1,525 | ¥ 28,102 | ¥ 47,911 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Loss | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ 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, 2020 | ¥ 114 | ¥ 7,701,116 | ¥ (50,793) | ¥ (2,023,292) | ¥ 5,627,145 | ||
Beginning balance (in shares) at Dec. 31, 2020 | shares | 164,888,519 | ||||||
Foreign currency translation adjustments | (135,717) | (135,717) | |||||
Net 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 (Shares) | shares | 8,227,843 | 8,227,843 | 8,227,843 | ||||
Issuance of ordinary shares for restricted share units (Note 13) | shares | 5,369,140 | 5,369,140 | 5,369,140 | ||||
Issuance of ordinary shares for restricted share units (shares) (Note 13) | ¥ 4 | 8,547 | ¥ 8,551 | ||||
Exercise of warrants | ¥ 3 | 672,661 | ¥ 672,664 | ||||
Exercise of warrants (in shares) | shares | 5,341,267 | 5,341,267 | 5,341,267 | ||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a)) | 58,534 | ¥ 58,534 | |||||
Ordinary shares surrendered by a shareholder | shares | (16) | ||||||
Ending balance at Dec. 31, 2021 | ¥ 126 | 9,100,777 | (186,510) | (4,354,833) | 4,559,560 | ||
Ending balance (in shares) at Dec. 31, 2021 | shares | 183,826,753 | ||||||
Foreign currency translation adjustments | 400,304 | 400,304 | |||||
Net loss | (2,507,317) | (2,507,317) | |||||
Share-based compensation of I-Mab | 357,148 | 357,148 | |||||
Exercise of stock options | ¥ 5 | 44,645 | ¥ 44,650 | ||||
Exercise of stock options (Shares) | shares | 6,845,888 | 6,845,888 | 6,845,888 | ||||
Issuance of ordinary shares for restricted share units (Note 13) | shares | 1,859,819 | 1,859,819 | 1,859,819 | ||||
Issuance of ordinary shares for restricted share units (shares) (Note 13) | ¥ 1 | (1) | |||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a)) | 76,806 | ¥ 76,806 | |||||
Repurchase of shares (Note 12) | ¥ (21,249) | (21,249) | |||||
Repurchase of shares (Note 12) (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 | |
Ending balance (in shares) at Dec. 31, 2022 | shares | 192,532,460 | ||||||
Ending balance (in shares) at Dec. 31, 2022 | shares | (1,652,541) | ||||||
Foreign currency translation adjustments | 84,497 | 84,497 | $ 11,901 | ||||
Net loss | (1,465,694) | (1,465,694) | $ (206,439) | ||||
Share-based compensation of I-Mab | 193,002 | 193,002 | |||||
Exercise of stock options | ¥ 847 | 1,941 | ¥ 2,788 | ||||
Exercise of stock options (Shares) | shares | 280,568 | 126,874 | 280,568 | 280,568 | |||
Issuance of ordinary shares for restricted share units (Note 13) | shares | 1,260,701 | 3,722,394 | 1,260,701 | 1,260,701 | |||
Issuance of ordinary shares for restricted share units (shares) (Note 13) | ¥ 1 | ¥ 24,859 | (24,860) | ||||
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a)) | 54,921 | ¥ 54,921 | |||||
Repurchase of shares (Note 12) | ¥ (61,260) | (61,260) | |||||
Repurchase of shares (Note 12) (in shares) | shares | (10,656,794) | ||||||
Ending balance at Dec. 31, 2023 | ¥ 133 | ¥ (56,803) | ¥ 9,804,379 | ¥ 298,291 | ¥ (8,327,844) | ¥ 1,718,156 | $ 241,997 |
Ending balance (in shares) at Dec. 31, 2023 | shares | 194,073,729 | ||||||
Ending balance (in shares) at Dec. 31, 2023 | shares | (8,460,067) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Statements of Changes in Shareholders' Equity | |||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities | ||||
Net loss | ¥ (1,465,694) | $ (206,439) | ¥ (2,507,317) | ¥ (2,331,541) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation of property, equipment and software | 23,949 | 3,373 | 25,340 | 13,776 |
Amortization of intangible assets | 778 | 110 | 778 | 778 |
Impairment of goodwill | 162,574 | 22,898 | 0 | 0 |
Loss on disposal of property, equipment and operating lease right-of-use asset | 488 | 69 | 117 | 288 |
Fair value change of put right liabilities | 7,888 | 1,111 | (34,260) | (16,628) |
Equity in loss of affiliates | 80,019 | 11,270 | 437,465 | 367,883 |
Share-based compensation | 193,002 | 27,184 | 357,148 | 608,609 |
Amortization of right-of use assets and interest of lease liabilities | 27,986 | 3,942 | 37,698 | 19,582 |
Recognition of deferred cost for planned dual listing | 14,613 | |||
Loss on deconsolidation of a subsidiary | 7,905 | 1,113 | ||
Fair value change of short-term and other investments | (26,461) | (3,727) | 13,549 | (30,360) |
Changes in operating assets and liabilities | ||||
Accounts receivable | 33,081 | 97,417 | ||
Contract assets | 253,780 | (26,389) | ||
Prepayments and other receivables | 35,863 | 5,051 | 109,226 | (5,155) |
Inventories | 27,237 | (27,237) | ||
Accruals and other payables | (342,715) | (48,270) | 109,863 | 152,101 |
Contract liabilities | 17,769 | 2,503 | 52,555 | 224,000 |
Other non-current liabilities | (6,212) | (875) | 2,029 | 5,959 |
Deferred subsidy income | (7,509) | |||
Lease liabilities | (22,089) | (3,111) | (35,707) | (18,667) |
Net cash used in operating activities | (1,304,950) | (183,798) | (1,102,805) | (973,093) |
Cash flows from investing activities | ||||
Purchase of property, equipment and software | (11,351) | (1,599) | (45,830) | (29,932) |
Proceeds from disposal of property and equipment | 19 | 3 | 26 | |
Capital injection in an affiliate | (6,000) | (845) | (6,000) | |
Proceeds from disposal of short-term and other investments | 1,005,249 | 141,586 | 7,911,518 | 9,482,040 |
Purchase of short-term and other investments | (885,580) | (124,731) | (7,407,332) | (10,173,314) |
Cash received from deconsolidation of a subsidiary | 178 | 25 | ||
Net cash generated from (used in) investing activities | 102,515 | 14,439 | 458,382 | (727,206) |
Cash flows from financing activities | ||||
Payments of the issuance cost in relation to private placement | (128,786) | |||
Payments of cost in relation to planned dual listing | (9,820) | |||
Proceeds from exercise of warrants | 672,664 | |||
Proceeds from exercise of stock options | 2,788 | 393 | 44,650 | 51,315 |
Proceeds from issuance of ordinary shares for restricted share units | 8,551 | |||
Proceeds from bank borrowings | 118,853 | 16,740 | 18,956 | |
Repayment of bank borrowings | (48,926) | (6,892) | ||
Payment for stock repurchase | (61,260) | (8,628) | (21,249) | |
Prepayment for stock repurchase | 3,883 | 547 | ||
Net cash generated from financing activities | 7,572 | 1,066 | 42,357 | 593,924 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 84,452 | 11,896 | 389,203 | (128,771) |
Net decrease in cash, cash equivalents and restricted cash | (1,110,411) | (156,397) | (212,863) | (1,235,146) |
Cash, cash equivalents and restricted cash, beginning of year | 3,310,769 | 466,311 | 3,523,632 | 4,758,778 |
Cash, cash equivalents and restricted cash, end of the year | 2,200,358 | 309,914 | 3,310,769 | 3,523,632 |
Additional ASC 842 supplemental disclosures | ||||
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | 22,089 | 3,111 | 35,707 | 18,667 |
Right-of-use assets obtained in exchange for operating lease obligations | 11,108 | 1,565 | 9,888 | 118,436 |
Other supplemental cash flow disclosures | ||||
Income tax paid | 697 | 9,077 | ||
Interest paid | 704 | 99 | ||
Non-cash activities | ||||
Payables for purchase of property, equipment and software | ¥ 1,226 | $ 173 | 7,124 | 6,679 |
Accrued planned dual listing costs payable | ¥ 4,793 | |||
Recognition of put right liabilities | ¥ 17,729 |
PRINCIPAL ACTIVITIES AND ORGANI
PRINCIPAL ACTIVITIES AND ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
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. On January 17, 2020, the Company became listed on the Nasdaq Global Market in the United States. 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 February 6, 2024, the Group entered into definitive agreements with I-Mab Hangzhou and a group of China-based investors. Pursuant to the definitive agreements, the Group will transfer 100% of the outstanding equity interest in I-Mab Shanghai, a wholly owned subsidiary of the Company that operates the Company’s business in China to I-Mab Hangzhou for an aggregate consideration of the RMB equivalent of up to US$80 million, contingent on the I-Mab Hangzhou’s achievement of certain future regulatory and sales-based milestone events. Given the nature of the transaction, it is considered as a non-adjusting subsequent event and its impact is therefore not considered as of December 31, 2023. Details of the transaction please refer to Note 22. As of December 31, 2023, 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 |
PRINCIPAL ACCOUNTING POLICIES
PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
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 8). 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, 2023, 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 and put right liabilities, impairment of 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, 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, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities and other non-current liabilities. As of December 31, 2022 and 2023, 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 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) 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. 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, 2022 and 2023: 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 As of December 31, 2023 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 143,221 143,221 Liabilities Put right liabilities — — 98,110 98,110 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) 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, 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 Purchase of short-term investments 885,580 — Disposal of short-term investments (1,005,249) — Fair value changes 26,461 7,888 Currency translation differences 1,000 1,535 Fair value of Level 3 financial assets and liabilities as of December 31, 2023 143,221 98,110 See Note 8 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 and 2023. 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 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 loss. The exchange rates used for translation on December 31, 2022 and 2023 were US$1.00 = RMB6.9646 and RMB7.0827 respectively, representing the index rates stipulated by the People’s Bank of China. Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, 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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 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, bank notes agreements and other bank financing arrangement. Such restricted cash will be released when the Group repays the related bank borrowings, bank notes and other bank financing. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets. 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, 2022 2023 RMB RMB Cash and cash equivalents 3,214,005 2,141,445 Short-term restricted cash 96,764 — Long-term restricted cash — 58,913 Total 3,310,769 2,200,358 2.8 Short-term investments Short-term investments represent the investments issued by commercial banks with a variable interest rate indexed to the performance of underlying assets within one year, or the fixed term deposits held in commercial banks with a fixed interest rate over three months and within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. 2.9 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 to 5 years 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 loss. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.10 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 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 loss. 2.11 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, 2021, 2022 and 2023, there was no impairment of the value of the Group’s long-lived assets. 2.12 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.12 Goodwill (continued) 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. For the years ended December 31, 2021, 2022 and 2023, the Group recognized goodwill impairment with amount of nil, nil and RMB 162,574, respectively (Note 7). 2.13 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. 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 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 loss. The Group discontinues applying the equity method if the carrying amount of the investment is reduced to zero. 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, 2021, 2022 and 2023. 2.14 Revenue recognition The Group adopted Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.14 Revenue recognition (continued) 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. 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.14 Revenue recognition (continued) Collaboration revenue (continued) 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. 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, 2021, 2022 and 2023. 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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.15 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. 2.16 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. 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 re |
PREPAYMENTS AND OTHER RECEIVABL
PREPAYMENTS AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
PREPAYMENTS AND OTHER RECEIVABLES | |
PREPAYMENTS AND OTHER RECEIVABLES | 3. PREPAYMENTS AND OTHER RECEIVABLES As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Prepayments: – Prepayments to CRO vendors 32,960 5,175 729 – Prepayments for stock repurchase — 3,883 547 – 1,321 5,908 832 – 8,231 14,208 2,001 Value-added tax recoverable 8,197 4,696 661 Deposits 4,570 4,863 685 Other receivables 24,999 13,270 1,870 80,278 52,003 7,325 |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, EQUIPMENT AND SOFTWARE | |
PROPERTY, EQUIPMENT AND SOFTWARE | 4. PROPERTY, EQUIPMENT AND SOFTWARE Property, equipment and software consist of the following: As of December 31, As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Cost Laboratory equipment 52,989 54,377 7,659 Leasehold improvement 37,375 33,646 4,739 Software 14,506 12,018 1,693 Office furniture and equipment 11,171 9,967 1,403 Delivery equipment 165 — — Total property, equipment and software 116,206 110,008 15,494 Less: accumulated depreciation and amortization (61,583) (73,497) (10,352) Net book value 54,623 36,511 5,142 Construction in progress 6,218 — — Total net book value of property, equipment and software 60,841 36,511 5,142 The total amounts charged to the consolidated statements of comprehensive loss for depreciation and amortization expenses amounted to approximately RMB13.8 million and RMB25.3 million and RMB23.9 million (US$3.4 million), for the years ended December 31, 2021, 2022 and 2023, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 5. LEASES As of December 31, 2023, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2031. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. All the Group’s leases qualify as operating leases. Information related to operating leases as of December 31, 2022 and 2023 is as follows (in thousands, except for percentages and years). As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Assets Operating lease right-of-use assets 63,125 46,400 6,535 Liabilities Operating lease liabilities, current 23,961 21,890 3,083 Operating lease liabilities, non-current 32,069 23,099 3,253 Weighted average remaining lease term (years) 2.9 3.4 3.4 Weighted average discount rate 5 % 5 % 5 % Information related to operating lease activities during the years ended December 31, 2021, 2022 and 2023 are as follows: For the Year Ended 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Operating lease rental expense Amortization of right-of-use assets 16,997 34,520 25,813 3,636 Expense for short-term leases within 12 months 16 12 — — Interest of lease liabilities 2,585 3,178 2,173 306 19,598 37,710 27,986 3,942 Maturities of lease liabilities were as follows: As of December 31, 2023 RMB US$ (Note 2.5) 2024 22,949 3,232 2025 6,202 873 2026 6,378 898 2027 6,562 924 2028 3,087 435 Thereafter 4,825 680 Total undiscounted lease payments 50,003 7,042 Less: imputed interest (5,014) (705) Total lease liabilities 44,989 6,337 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS Intangible assets as of December 31, 2022 and 2023 are summarized as follows: 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 As of December 31, 2023 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB US$ (Note 2.5) Intangible assets TJ103 11,670 (3,890) 7,780 1,096 IPR&D TJ101 110,330 — 110,330 15,539 Total intangible assets 122,000 (3,890) 118,110 16,635 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, these 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, 2021, 2022 and 2023 was RMB778, RMB778 and RMB778, respectively. The estimated amortization expense for each of the five succeeding fiscal years As of December 31, 2022 and 2023, there was no impairment of the value of the Group’s intangible assets. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL | |
GOODWILL | 7. 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 6). As of December 31, 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, 2022 and 2023, 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 were 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. As of December 31, 2022, management had 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. As of December 31, 2023, as result of the impairment assessment, management identified that the carrying amount of the Group’s single reporting unit had exceeded its fair value. Therefore, the Group recognized a full impairment of RMB162,574 (US$22,898) against the goodwill balance. The goodwill impairment resulted from the Group’s annual impairment analysis and reflects the continued disconnet between I-Mab’s anticipated future performance and present uncertainty reflected in its market valuation. |
INVESTMENTS ACCOUNTED FOR USING
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | |
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | 8. 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; 8. 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, Series A 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, 2021,2022 and 2023, 750,000, 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. 8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) Investment in I-Mab Hangzhou (continued) 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 RMB 309,208 , RMB 360,436 and RMB 25,544 in equity in loss of an affiliate in the consolidated statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, and in investment accounted for using the equity method in the consolidated balance sheets as of December 31, 2021, 2022 and 2023, respectively. During the year of 2023, the Group discontinued to apply the equity method since the carrying amount of the investment had been reduced to zero . 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, 2021, 2022 and 2023, the Group recognized RMB 28,236 , RMB 29,375 and RMB 30,969 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 13(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 13(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, 2021, 2022 and 2023, such expenses of RMB 13,267 , RMB 13,852 and RMB 4,815 were recorded in the equity in loss of affiliates in the consolidated statements of comprehensive loss, respectively. In 2021, 2022 and 2023, 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 RMB 17,031 , RMB 33,579 and RMB 19,137 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, and in additional paid-in capital in the consolidated balance sheets as of December 31, 2021, 2022 and 2023, 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. 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 Series B rounding financing in I-Mab Hangzhou was consummated in 2023. As of December 31, 2022 and 2023, the carrying value of the Group’s long-term investment in I-Mab Hangzhou RMB 25,214 and nil , respectively. On February 6, 2024, the Company entered into definitive agreements with I-Mab Hangzhou and its investors which provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders. Details, please refer to Note 22. 8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (a) 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, RMB223 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss. In 2023, the Group paid the second investment of RMB6,000 to the partnership. For the year ended December 31, 2023, the Group recorded RMB446 in the equity in income of affiliates in the consolidated financial statements of comprehensive loss. As of December 31, 2022 and 2023, the carrying value of the Group’s long-term investment in this affiliate was RMB5,636 and RMB12,082, 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 year ended For the year ended For the year ended December 31, 2021 December 31, 2022 December 31, 2023 I-Mab Other equity I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Hangzhou investments Operating data: Revenue 5,660 — 103,826 — 122,604 — Income (Loss) from operations (295,186) (3,513) (356,734) (5,565) (313,600) 11,123 Net income (loss) (290,586) (3,513) (346,322) (5,565) (313,600) 11,123 As of December 31, 2022 2023 I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Balance sheet data: Current assets 499,665 81,683 333,423 67,221 Non-current assets 1,432,328 135,347 1,508,244 313,282 Current liabilities 281,587 107 313,204 58 Non-current liabilities 232,083 — 349,821 — (b) Pursuant to the Series A SHA and Series B SHA, if I-Mab Hangzhou fails to consummate 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 (the “Repurchase Scenario”), the Series A Domestic Investors and Series B Domestic Investors (collectively, the “Domestic Investors”) will have the right to elect to request I-Mab Hong Kong to repurchase all or any part of the equity of I-Mab Hangzhou held by such Domestic Investors within three years of the occurrence of the Repurchase Scenario. I-Mab Hong Kong is obligated to repurchase the equity held by the Domestic Investors in cash or in I-Mab’s stock (subject to the approval procedures of I-Mab) within 1 year from the date on which any of the Domestic Investors delivers request of repurchase in writing. The repurchase price is determined based on the investment cost of the Domestic Investors with pre-agreed interest. The put right liabilities were recorded as non-current liabilities as of December 31, 2022 and 2023 based on management’s best estimate of the timing in settlement of potential repurchase request from the Domestic Investors as of the balance sheet date. 8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED) (b) The put right written by I-Mab Hong Kong to the 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 loss. On February 6, 2024, the Company entered into definitive agreements with I-Mab Hangzhou and its investors which provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders. Details, please refer to Note 22. 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 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 33.9 % 36.5 % Spot price US$ 148,276 US$ 156,707 Probability of triggering event for redemption option 70 % 100 % As of As of December 31, December 31, Put right liabilities - Series B 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 31.1 % 33.5 % Spot price US$ 36,516 US$ 44,570 Probability of triggering event for redemption option 70 % 100 % 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, 2023 | |
SHORT-TERM BORROWINGS | |
SHORT-TERM BORROWINGS | 9. 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. This borrowing was repaid in full and the restrictions on the cash deposits were thereof released in 2023. 9. SHORT-TERM BORROWINGS (CONTINUED) In June 2023, I - Mab Shanghai borrowed credit loans with a total amount of RMB29,970 from China Merchants Bank for a term of six months and at the interest rate of 3.40% per annum. These borrowings were extended in the fourth quarter of 2023 and were fully repaid in March 2024 subsequently. |
ACCRUALS AND OTHER PAYABLES
ACCRUALS AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
ACCRUALS AND OTHER PAYABLES | |
ACCRUALS AND OTHER PAYABLES | 10. ACCRUALS AND OTHER PAYABLES As of December 31, As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Current: Staff salaries and welfare payables 43,483 48,604 6,846 Accrued external research and development activities related expenses 264,972 181,232 25,526 Payable due to an affiliate (Note 19) 64,782 35,058 4,938 Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14) 161,106 — — Non-refundable incentive payment from depositary bank (1) 6,428 9,014 1,270 Payables for purchase of property, equipment and software 7,124 1,226 173 Accrued traveling expenses, office expenses and others 158,677 82,620 11,636 706,572 357,754 50,389 Non-current: Non-refundable incentive payment from depositary bank (1) 6,963 751 105 Non-refundable payment received in relation to the exclusive promotion right granted to a third party (2) 10,000 10,000 1,408 Borrowings for supply chain financing (3) — 58,913 8,298 16,963 69,664 9,811 Total 723,535 427,418 60,200 (1) The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982), US$1,195 (equivalent to approximately RMB8,075) and US$671 (equivalent to approximately RMB4,734) from depositary bank in April 2020, December 2022 and March 2023, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2021, 2022 and 2023, the Group has recorded RMB2,395, RMB2,821 and RMB8,569 as other income in the consolidated statements of comprehensive 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. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products. (3) In April 2023, the Group entered into an agreement with China Merchants Bank, under which the Group was granted a total credit facility of RMB60,000 for a term of two years to support its payments to suppliers. As of December 31, 2023, the Group placed cash deposits of RMB58,913 with the bank, and the bank paid RMB58,913 to the supplier. The use of such cash deposits is restricted until the Group repay RMB58,913 to the bank in 2025 and is classified as long-term restricted cash. No interest expenses will be charged to the Group. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | 11. 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 I-Mab did business registration in Hong Kong and has a Hong Kong tax file number.I-Mab Biopharma Hong Kong Limited is incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Hong Kong tax laws. The applicable tax rate in Hong Kong is 16.5%. For the years ended December 31, 2021, 2022 and 2023, the income tax expenses recorded in the consolidated statements of comprehensive loss for I-Mab were nil, RMB697 and nil, respectively. For the years ended December 31, 2021, 2022 and 2023, I-Mab Biopharma Hong Kong Limited did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earnings in Hong Kong for any of the periods presented. Under the Hong Kong tax law, I-Mab and I-Mab Biopharma Hong Kong Limited is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. 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. 11. 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, 2021, 2022 and 2023 are as follows: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Loss before income tax (2,334,695) (2,506,620) (1,465,694) (206,439) Income tax computed at respective applicable tax rate (410,899) (442,343) (263,660) (37,136) Non-deductible expenses 68,400 38,570 124,733 17,569 Research and development expenses plus deduction (50,530) (74,415) (80,069) (11,278) True up of withholding tax expenses (3,154) — — — Changes in valuation allowance 393,029 478,885 218,996 30,845 (3,154) 697 — — Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share (0.84) (0.65) (0.42) (0.06) The principal components of the deferred tax assets and liabilities are as follows: As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Deferred tax assets: Net operating loss carryforward 792,602 912,137 128,472 Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses 39,189 91,214 12,847 Share-based compensation expenses 127,950 197,274 27,785 Accrual expense 30,210 8,205 1,156 Less: valuation allowance (972,118) (1,191,114) (167,765) Total deferred tax assets 17,833 17,716 2,495 Deferred tax liabilities: Acquired intangible assets 17,833 17,716 2,495 Total deferred tax liabilities 17,833 17,716 2,495 Deferred tax assets, net — — — 11. INCOME TAXES (CONTINUED) China (continued) Movement of the valuation allowance is as follows: Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Balance as of January 1 (100,204) (493,233) (972,118) (136,920) Additions (393,029) (478,885) (283,273) (39,898) Utilization and reversal of valuation allowances — — 64,277 9,053 Balance as of December 31 (493,233) (972,118) (1,191,114) (167,765) As of December 31, 2023, the Group had a majority of net operating losses of approximately RMB4,854,145 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 2024 to 2033 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, 2022 and 2023. 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, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions. |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2023 | |
ORDINARY SHARES | |
ORDINARY SHARES | 12. ORDINARY SHARES The Company’s authorized share capital is US$80,000 comprising 800,000,000 ordinary shares with a par value of US$0.0001 each. As of December 31, 2020, the Company issued 164,888,519 ordinary shares. During the year ended December 31, 2021, warrants provided to external investor in 2020 were exercised to subscribe 5,341,267 ordinary shares of the Company. 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 $40 million of ADSs in aggregate. In August 2023, the Board of Directors of the Company authorized a new share repurchase program under which the Company may repurchase up to US$ 40 million of ADSs, each ten ADSs representing 23 ordinary shares of the Company, or ordinary shares in aggregate over a 12-month period. For the year ended December 31, 2022 and 2023, the Company had repurchased 1,652,541 12. ORDINARY SHARES (CONTINUED) For the years ended December 31, 2021, 2022 and 2023, nil , nil and 3,849,268 treasury stock was used for the issuance of ordinary shares for exercise of share options and vesting of restricted share units, respectively. As of December 31, 2022 and 2023, 1,652,541 and 8,460,067 shares were recorded as treasury stock, respectively. During the years ended December 31, 2021, 2022 and 2023, 8,227,843, 6,845,888 and 280,568 stock options were exercised, and 5,369,140, 1,859,819 and 1,260,701 restricted share units were issued as ordinary shares, respectively. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 13. 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. 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, 2021, 2022 and 2023. 1,782,617 and 1,665,252 stock options were exercisable as of December 31, 2022 and 2023, respectively. 13. 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 , 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 Exercised (73,444) 1.00 — — Expired (43,921) 1.00 — — Outstanding as of December 31 , 2023 1,665,252 1.00 3.66 — Exercisable as of December 31, 2023 1,665,252 1.00 3.66 — All the stock options were vested as of December 31, 2021. Share-based compensation expenses related to the stock options of 2017 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses (225) — — — Administrative expenses 2,835 — — — Equity in loss of affiliates 516 — — — 3,126 — — — (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. 13. SHARE-BASED COMPENSATION (CONTINUED) (b) 2018 Employee Stock Option Plan (“2017 Plan”) (continued) 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, 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 Exercised (333,998) 1.00 — — Expired (998) 1.00 — — Outstanding as of December 31, 2023 1,173,397 1.00 5.15 — Exercisable as of December 31, 2023 1,173,397 1.00 5.15 — All the stock options were vested as of December 31, 2021. Share-based compensation expenses related to the stock options of 2018 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 55 — — — Administrative expenses 4,478 — — — Equity in loss of affiliates 257 — — — 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. 13. SHARE-BASED COMPENSATION (CONTINUED) (c) 2019 Share Incentive Plan (“2019 Plan”) (continued) 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$6.09). 48,000 and 72,000 options were exercisable as of December 31, 2022 and 2023, respectively. The following table sets forth the stock options activities of 2019 Plan for periods presented: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 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 — Granted — — — — Outstanding as of December 31, 2023 72,000 6.09 6.05 — Exercisable as of December 31, 2023 72,000 6.09 6.05 — A summary of non-vested stock options activity for the year ended December 31, 2023 is presented below: Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 24,000 4.50 Vested (24,000) 4.50 Non-vested at December 31, 2023 — — Share-based compensation expenses related to the stock options of 2019 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses — — — — Administrative expenses 707 288 13 2 Equity in loss of affiliates — — — — 707 288 13 2 13. SHARE-BASED COMPENSATION (CONTINUED) (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 For the years ended December 31, 2021, 2022 and 2023, the Group granted 133,913, 2,026,300 and nil stock options to its employees, respectively. 353,949 options and 1,299,637 options were exercisable as of December 31, 2022 and 2023, 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, 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 — Expired (179,992) 10.78 — — Forfeited (291,751) 10.33 — — Outstanding as of December 31, 2023 2,298,144 8.47 7.62 — Exercisable as of December 31, 2023 1,299,637 8.21 7.37 — A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below: Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 2,415,938 5.40 Vested (1,125,680) 5.22 Forfeited (291,751) 7.20 Non-vested at December 31, 2023 998,507 5.08 13. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (continued) 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 50.78%-51.84% 53.66 % Risk-free interest rate (per annum) 1.32%-1.88% 1.88 % Exercise multiple 2.20-2.80 2.20-2.80 Expected dividend yield — — Time to maturity (in years) 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, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 14,915 17,068 3,244 457 Administrative expenses 8,702 25,897 9,189 1,294 Equity in loss of affiliates 3,262 2,846 1,299 182 26,879 45,811 13,732 1,933 Restricted share units granted to employees under the 2020 Plan will be exercisable under the following items: (1) (2) 30 days 13. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (Continued) (3) Notwithstanding the foregoing, if the Group’s weighted average market value during the last 30 days For the years ended December 31, 2021, 2022 and 2023, the Group granted 1,649,045, 755,734 and nil restricted share units to employees, respectively. 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, 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 Vested (576,326) — — — Forfeited (152,478) — — — Outstanding as of December 31, 2023 518,007 — 7.63 428 13. SHARE-BASED COMPENSATION (CONTINUED) (d) 2020 Plan (Continued) A summary of non-vested restricted share units activities for the year ended December 31, 2023 is presented below: Weighted average grant-date Number of restricted share fair value units US$ Non-vested at December 31, 2022 1,246,811 2.98 Vested (576,326) 11.76 Forfeited (152,478) 13.35 Non-vested at December 31, 2023 518,007 12.33 Share-based compensation expenses related to the aforementioned restricted share units of 2020 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 118,368 18,055 4,657 656 Administrative expenses 227,392 37,399 10,232 1,441 Equity in loss of affiliates 8,512 4,214 1,575 222 354,272 59,668 16,464 2,319 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. 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, 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, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 4,156 — — — Administrative expenses 54,011 — — — Equity in loss of affiliates 720 — — — 58,887 — — — 13. SHARE-BASED COMPENSATION (CONTINUED) (e) 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 The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2023: 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 — Granted 322,575 6.20 — — Forfeited (770,989) 15.31 — — Expired (401,300) 14.34 — — Outstanding as of December 31, 2023 3,455,958 17.07 7.88 — Exercisable as of December 31, 2023 1,569,157 18.07 7.69 — A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below: Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 3,786,295 1.76 Granted 322,575 1.07 Vested (1,451,080) 7.22 Forfeited (770,989) 7.81 Non-vested at December 31, 2023 1,886,801 8.36 13. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (Continued) 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 2023 Expected volatility 51.77%-54.37 % 53.66%-58.97 % 59.49 % Risk-free interest rate (per annum) 1.44%-1.68 % 1.88%-3.53 % 3.88 % Exercise multiple 2.20-2.80 2.20-2.80 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 2021 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 20,430 36,104 8,540 1,203 Administrative expenses 35,226 75,980 25,683 3,617 Equity in loss of affiliates — 2,715 1,538 217 55,656 114,799 35,761 5,037 Restricted share units granted to employees under the 2021 Plan will be exercisable under the following items: (1) (2) i. ii. 13. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) 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) 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 Granted 2,080,299 — — — Vested (1,494,415) — — — Forfeited (206,519) — — — Outstanding as of December 31, 2023 1,415,338 — 8.82 1,169 13. SHARE-BASED COMPENSATION (CONTINUED) (e) 2021 Share Incentive Plan (“2021 Plan”) (continued) A summary of non-vested restricted share units activities for year ended December 31, 2023 is presented below: Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2022 1,035,973 5.19 Granted 2,080,299 2.21 Vested (1,494,415) 5.94 Forfeited (206,519) 11.75 Non-vested at December 31, 2023 1,415,338 6.46 Share-based compensation expenses related to the restricted share units of 2021 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 44,227 46,649 10,495 1,478 Administrative expenses 73,332 99,708 25,471 3,588 Equity in loss of affiliates — 4,077 403 57 117,559 150,434 36,369 5,123 (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 5,478,577 ordinary shares. Stock options granted to employees under the 2022 Plan are graded vesting in four years with 25% vesting each year. For the years ended December 31, 2022 and 2023, the Group granted nil and 6,672,944 stock options to its employees, respectively. 1,468,707 were exercisable as of December 31, 2023. The following table sets forth the stock options activities of 2022 Plan for the year ended December 31, 2023: Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2022 — — — — Granted 6,672,944 2.60 — — Forfeited (812,507) 2.41 — — Expired (124,933) 2.41 — — Outstanding as of December 31, 2023 5,735,504 2.62 8.95 — Exercisable as of December 31, 2023 1,468,707 2.62 8.74 — 13. SHARE-BASED COMPENSATION (CONTINUED) (f) 2022 Share Incentive Plan (“2022 Plan”) (continued) A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below: Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 — — Granted 6,672,944 1.33 Vested (1,593,640) 1.34 Forfeited (812,507) 1.28 Non-vested at December 31, 2023 4,266,797 1.34 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, 2023 Expected volatility 59.18 % Risk-free interest rate (per annum) 3.89 % Exercise multiple 2.20-2.80 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. Share-based compensation expenses related to the stock options of 2022 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$(Note 2.5) Research and development expenses — — 13,452 1,895 Administrative expenses — — 20,231 2,849 Equity in loss of affiliates — — — — — — 33,683 4,744 13. SHARE-BASED COMPENSATION (CONTINUED) (f) 2022 Share Incentive Plan (“2022 Plan”) (Continued) Restricted share units granted to employees under the 2022 Plan will be exercisable under the following items: (1) 1/2 of the awarded restricted share units shall vest based on the following time attribution:(i) a vesting of 25% of the time attribution based restricted share units on the first anniversary of the applicable adoption date;(ii) a vesting of 25% of the time attribution based restricted share units on the second anniversary of the applicable adoption date;(iii) a vesting of 25% of the time attribution based restricted share units on the third anniversary of the applicable adoption date;(iv) a vesting of 25% of the time attribution based restricted share units on the fourth anniversary of the applicable adoption date. (2) 1/2 of the awarded restricted share units shall vest based on performance conditions as approved by the board (the “Performance Conditions Based Awards”): i. ii. As of December 31, 2023, it is probable that the 1/2 of the awarded restricted share units are fully vested because more than ten of the thirteen performance conditions will be met on or before the first anniversary of the adoption date. The following table sets forth the restricted share units of 2022 Plan for the period presented: Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2022 — — — — Granted 4,883,452 — — — Vested (2,912,354) — — — Forfeited (416,374) — — — Outstanding as of December 31, 2023 1,554,724 — 9.02 1,284 A summary of non-vested restricted share units activities for year ended December 31, 2023 is presented below: Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2022 — — Granted 4,883,452 2.41 Vested (2,912,354) 2.41 Forfeited (416,374) 2.41 Non-vested at December 31, 2023 1,554,724 2.41 13. SHARE-BASED COMPENSATION (CONTINUED) (f) 2022 Share Incentive Plan (“2022 Plan”) (Continued) Share-based compensation expenses related to the restricted share units of 2022 Plan are included in: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$(Note 2.5) Research and development expenses — — 26,370 3,714 Administrative expenses — — 35,425 4,990 Equity in loss of affiliates — — — — — — 61,795 8,704 (g) Establishment of Biomaster Trust Biomaster Trust was established under the trust deed dated October 23, 2019, between the Company and TMF Trust (HK) Limited, or TMF Trust, as the trustee of the Biomaster Trust. Through the Biomaster Trust, the Company’s ordinary shares and other rights and interests under awards granted pursuant to 2017 Plan and 2018 Plan may be provided to certain recipients of equity awards. Upon satisfaction of vesting conditions, TMF Trust will exercise the equity awards and transfer the relevant ordinary shares and other rights and interests under the equity awards to the relevant grant recipients with the consent of the advisory committee of Biomaster Trust. TMF Trust shall not exercise the voting rights attached to such ordinary shares unless otherwise directed by the advisory committee, whose members shall be appointed by I-Mab. The Company has the power to direct the relevant activities of Biomaster Trust and it has the ability to use its power over the Biomaster Trust to affect its exposure to returns. Therefore, the assets and liabilities of the Biomaster Trust are included in the Group’s consolidated balance sheets. Biomaster Trust was dissolved in 2023. Share-Based Compensation Expense The allocation of share-based compensation expense was as follows: Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 201,926 117,876 66,758 9,403 Administrative expenses 406,683 239,272 126,244 17,781 Equity in loss of an affiliate 13,267 13,852 4,815 678 621,876 371,000 197,817 27,862 As of December 31, 2023, there was RMB91,024 (US$12,820) of unrecognized share-based compensation cost related to non-vested share options and restricted share units. That deferred cost is expected to be recognized over a weighted average vesting period of 1.32 years. To the extent the actual forfeiture rate is different from the original estimate, actual share-based compensation related to these awards may be different from the expectation. |
LICENSING AND COLLABORATION ARR
LICENSING AND COLLABORATION ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
LICENSING AND COLLABORATION ARRANGEMENTS | |
LICENSING AND COLLABORATION ARRANGEMENTS | 14. 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, 2023. 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. 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, 2021, 2022 and 2023 as no milestone has been achieved. Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the license and collaboration agreement with MorphoSys with respect to TJ202 (felzartamab) and will no longer assume any rights, title, interest and obligations thereof. 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. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with Genexine, Inc. (“Genexine”) (continued) 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, 2021, 2022 and 2023. 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, 2021, 2022 and 2023. 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, 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. For the year ended December 31, 2023, the costs incurred for the development of this new indication was RMB1.7 million and thus RMB1.2 million expense was recorded in the consolidated statement of comprehensive loss. Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company has not completed the assignment of the intellectual property license agreement with Genexine with respect to GX-I7/TJ107 (efineptakin alfa). 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. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MorphoSys (continued) 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$1.5 million (equivalent to approximately RMB9.7 million) of milestone fees to Morphosys and the related withholding tax of RMB1.1 million, which was recorded as research and development expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2021. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2021, 2022 and 2023. Summarized financial information related to the above agreement is presented below: Years Ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2023 — — — — — 2022 — — — — — 2021 — US$ 1,500 — — — 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. No revenue from MorphoSys was recognized for the year ended December 31, 2023. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MorphoSys (continued) Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the license and collaboration agreement with MorphoSys with respect to MOR210/TJ210 and will no longer assume any rights, title, interest and obligations thereof. 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. 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$4.5 million (equivalent to approximately RMB28.9 million) of milestone fees to MacroGenics, which was recorded as research and development expenses in the consolidated statement of comprehensive loss for the year ended December 31, 2021. No additional payments were made in the year ended December 31, 2022. The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which the Group participates, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2021. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) Licensing Agreement with MacroGenics (continued) Summarized financial information related to the above agreement is presented below: Year ended December 31, As of December 31, Research and Development Expense Amortization of prepaid Extension/ Termination of research and Upfront Fees Milestones agreements development Intangible asset balance 2023 — — — — — 2022 — — — — — 2021 — US$ 4,484 — — — 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. 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 8 (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. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) A. In-Licensing Arrangements (continued) 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$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. The Group recorded nil upfront payment and RMB1.5 million (US$0.2 million) milestone payment as research and development expenses during the year ended December 31, 2023. As of December 31, 2023, under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$173.0 million (equivalent to approximately RMB1,225.3 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 Collaboration Arrangements 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. At contract inception, 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 loss. 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. For the year ended December 31, 2023, RMB54.1 million expenses were incurred by the Group and RMB49.6 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB51.8 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2023. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) 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$0.02 million (equivalent to approximately RMB0.11 million), nil, nil of research and development costs in the consolidated statement of comprehensive loss for the year ended December 31, 2021, 2022 and 2023. In April 2020, Tracon issued a notice of dispute with respect to the TJD5 Agreement and the BsAbs Agreement. The disputes relating to the TJD5 Agreement and the BsAbs Agreement are the subject of a binding arbitration proceeding under the Rules of Arbitration of the International Chamber of Commerce before an arbitration tribunal. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Collaboration Agreements with Tracon Pharmaceuticals, Inc. (“Tracon”) (Continued) In February 2021, the Group sent Tracon a notice to terminate the TJD5 Agreement, which would result in a prespecified termination fee of US$ 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 US $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. The final amount paid to Tracon in July 2023 was US $22.0 million (equivalent to approximately RMB 155.2 million) based on both parties’ further negotiation. The variance between the actual payment and accrued expenses of US $1.1 million (equivalent to approximately RMB 8.0 million) was recorded as a deduction of administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2023. 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. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) Licensing Agreement with CSPC Pharmaceutical Group Limited (“CSPC”) (Continued) 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 years ended December 31, 2022 and 2023. Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the product development agreement with CSPC with respect to TJ103 and will no longer assume any rights, title, interest and obligations thereof. 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, 2021, 2022 and 2023, no revenue was recognized during the years ended December 31, 2021, 2022 and 2023. In June 2023, the Company terminated the first negotiation agreement with KG Bio, pursuant to which, KG Bio no longer has a right of first negotiation for the exclusive right to commercialize uliledlimab in southeast asia and other regions. 14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED) B. Out-Licensing and Collabration Arrangements (continued) 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 |
OTHER INCOME (EXPENSES), NET
OTHER INCOME (EXPENSES), NET | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME (EXPENSES), NET | |
OTHER INCOME (EXPENSES), NET | 15. OTHER INCOME (EXPENSES), NET The following table summarizes other income (expenses), net recognized for the years ended December 31, 2021, 2022 and 2023: Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Income of incentive payment from depository bank 2,395 2,821 8,569 1,207 Fair value change of short-term and other investments 30,360 (13,549) 26,461 3,727 Fair value change of put right liabilities 16,628 34,260 (7,888) (1,111) Net foreign exchange gains (losses) 25,373 (175,391) (60,704) (8,550) Subsidy income (1) 9,216 25,470 5,354 754 Losses in deconsolidation of a subsidiary — — (7,905) (1,113) Others (810) (198) (1,996) (282) 83,162 (126,587) (38,109) (5,368) (1) 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 LOSS PER SHARE
NET LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
NET LOSS PER SHARE | |
NET LOSS PER SHARE | 16. NET LOSS PER SHARE Basic and diluted net loss per share for each of the periods presented are calculated as follows: Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) (in thousands, except for share and per share data) Numerator: Net loss attributable to I-Mab (2,331,541) (2,507,317) (1,465,694) (206,439) Net loss attributable to ordinary shareholders (2,331,541) (2,507,317) (1,465,694) (206,439) Denominator: Denominator for basic calculation-weighted average number of common shares outstanding 174,707,055 189,787,292 191,423,850 191,423,850 Denominator for diluted loss per share calculation 174,707,055 189,787,292 191,423,850 191,423,850 Net loss per share - basic and diluted (13.35) (13.21) (7.66) (1.08) The effects of all outstanding restricted share units, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021, 2022 and 2023 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 2023 Restricted share units 3,150,881 484,395 1,543,009 Stock options 14,584,833 2,939,322 617,707 Warrants 648,359 — — |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
EMPLOYEE BENEFITS | |
EMPLOYEE BENEFITS | 17. 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 loss for such employee benefits amounted to approximately RMB26,426, RMB35,332 and RMB26,401 for the years ended December 31, 2021, 2022 and 2023, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 18. 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 14). 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 14. On February 6, 2024, the Company entered into definitive agreements with I-Mab Hangzhou and its investors which provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders. In connection with the divestiture of the Greater China assets and business operations, the Company has transferred the equity interests it held in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders in the amount of approximately US$183 million. However, the non-participating shareholders of I-Mab Hangzhou have initiated legal proceedings against I-Mab Hong Kong and the Company in connection with the aforementioned transaction. On January 31, 2024, the non-participating shareholders of I-Mab Hangzhou, commenced arbitration against I-Mab Hong Kong before China International Economic and Trade Arbitration Commission Zhejiang Sub-Commission. These non-participating shareholders seek monetary relief amounting to US$17.36 million as of January 29, 2024 in total and an order that I-Mab Hong Kong pay all arbitration fees and property preservation fees incurred by them. The arbitration proceeding before the Zhejiang arbitration sub-commission is still pending. The Company has not yet received the notice of hearing and is currently unable to predict the outcome of the arbitration. As of December 31, 2023, the Group did not record any liabilities for the arbitration. Information available prior to issuance of the financial statements did not indicate that it is probable that a liability had been incurred at the date of the financial statements and the Company is also unable to reasonably estimate the range of any liability or possible loss, if any. The Group did not have significant long-term obligations, or guarantees as of December 31, 2022 and 2023. Capital commitments The capital expenditures related to property, equipment and software contracted for as of December 31, 2022 and 2023 but not recognized in the Group’s consolidated financial statements were RMB4,392 and nil, respectively. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
RELATED PARTY BALANCES AND TRANSACTIONS | 19. 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, 2021, 2022 and 2023: 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, 2022 and 2023 are as follows: Prepayments and other receivables As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 8,231 14,208 2,001 Accruals and other payables As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 64,782 35,058 4,938 Details of related party transactions for the years ended December 31, 2021, 2022 and 2023 are as follows: Receipt of CRO and CMC services - recognized in research and development expenses For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Jiangsu Taslydiyi Pharmaceutical Co., Ltd. 2,697 — — — I-Mab Hangzhou 2,465 84,673 96,359 13,572 Revenue sharing - recognized as deduction of revenue For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 14) — 18,583 — — 19. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) Expenses paid on behalf of an affiliate For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 17,649 — — — Provision of FTE and other services - recognized in other income For the year ended December 31, 2021 2022 2023 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, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 281 — — — Amounts received related to the sublicense agreement For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 14) 19,102 — — — Amounts paid by an affiliate on behalf of the Group For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 25,448 837 69 10 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2023 | |
CONCENTRATION OF CREDIT RISK | |
CONCENTRATION OF CREDIT RISK | 20. 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, and other receivables. The carrying amounts of cash and cash equivalents and short-term investments represent the maximum amount of loss due to credit risk. As of December 31, 2022 and 2023, 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 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, 2023 | |
RESTRICTED NET ASSETS | |
RESTRICTED NET ASSETS | 21. 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, 2021, 2022 and 2023, 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, 2023, the net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be RMB0.1 million, 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 22. SUBSEQUENT EVENTS On February 6, 2024, the Group entered into definitive agreements with I-Mab Hangzhou and its investors. Pursuant to the definitive agreements, the Group will transfer 100% of the outstanding equity interest in I-Mab Shanghai, a wholly owned subsidiary of the Company that operates the Company’s business in China to I-Mab Hangzhou for an aggregate consideration of the RMB equivalent of up to US$80 million, contingent on the I-Mab Hangzhou’s achievement of certain future regulatory and sales-based milestone events. The Group also retains a right of first negotiation outside of Greater China related to three future investigational new drug candidates. This transaction was closed on April 2, 2024. The definitive agreements also provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders (Note 8) in the amount of approximately US$183 million. After which the total remaining amount of potential repurchase obligations owed by the Group to the non-participating shareholders of I-Mab Hangzhou upon the closing of the transaction is expected to range from US$30 million to US$35 million, an amount that includes actual or potential claims in legal proceedings by the non-participating shareholders against I-Mab Hong Kong and the Company in connection with the aforementioned transaction. Meanwhile, the Group participated in the Series C fundraising of I-Mab Hangzhou for an equity interest subscription of US$19 million in cash. |
PRINCIPAL ACCOUNTING POLICIES (
PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 8). 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, 2023, 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 and put right liabilities, impairment of 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, 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, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities and other non-current liabilities. As of December 31, 2022 and 2023, 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 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) 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. 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, 2022 and 2023: 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 As of December 31, 2023 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 143,221 143,221 Liabilities Put right liabilities — — 98,110 98,110 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.4 Fair value measurements (continued) 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, 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 Purchase of short-term investments 885,580 — Disposal of short-term investments (1,005,249) — Fair value changes 26,461 7,888 Currency translation differences 1,000 1,535 Fair value of Level 3 financial assets and liabilities as of December 31, 2023 143,221 98,110 See Note 8 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 and 2023. |
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 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 loss. The exchange rates used for translation on December 31, 2022 and 2023 were US$1.00 = RMB6.9646 and RMB7.0827 respectively, representing the index rates stipulated by the People’s Bank of China. Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, 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, bank notes agreements and other bank financing arrangement. Such restricted cash will be released when the Group repays the related bank borrowings, bank notes and other bank financing. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets. 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, 2022 2023 RMB RMB Cash and cash equivalents 3,214,005 2,141,445 Short-term restricted cash 96,764 — Long-term restricted cash — 58,913 Total 3,310,769 2,200,358 |
Short-term investments | 2.8 Short-term investments Short-term investments represent the investments issued by commercial banks with a variable interest rate indexed to the performance of underlying assets within one year, or the fixed term deposits held in commercial banks with a fixed interest rate over three months and within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. |
Property, equipment and software | 2.9 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 to 5 years 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 loss. |
Intangible assets | 2.10 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 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 loss. |
Impairment of long-lived assets | 2.11 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, 2021, 2022 and 2023, there was no impairment of the value of the Group’s long-lived assets. |
Goodwill | 2.12 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.12 Goodwill (continued) 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. For the years ended December 31, 2021, 2022 and 2023, the Group recognized goodwill impairment with amount of nil, nil and RMB 162,574, respectively (Note 7). |
Long-term investments | 2.13 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. 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 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 loss. The Group discontinues applying the equity method if the carrying amount of the investment is reduced to zero. 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, 2021, 2022 and 2023. |
Revenue recognition | 2.14 Revenue recognition The Group adopted Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.14 Revenue recognition (continued) 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. 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.14 Revenue recognition (continued) Collaboration revenue (continued) 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. 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, 2021, 2022 and 2023. 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 | 2.15 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 | 2.16 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. 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 | 2.17 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.17 Leases (continued) 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 | 2.18 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, 2021, 2022 and 2023, no specific subsidies were received by the Group. Other subsidies of RMB9,216, RMB25,470 and RMB5,354 for the years ended December 31, 2021, 2022 and 2023, respectively, are recognized as other income upon receipt as further performance by the Group is not required. |
Comprehensive loss | 2.19 Comprehensive loss Comprehensive 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 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 loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss. |
Share-based compensation | 2.20 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.20 Share-based compensation (continued) 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 | 2.21 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 | 2.22 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 loss over the period of the borrowings, using the effective interest method. |
Business combination | 2.23 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. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 2.23 Business combination (continued) 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 | 2.24 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. |
Loss per share | 2.25 Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net 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 exercise of share options using the treasury stock method and shares issuable upon the issuance of ordinary shares for restricted shares units using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. |
Adopted accounting pronouncements | 2.26 Adopted 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 Company adopted this from January 1, 2023, which did not have a material impact on the Group’s consolidated financial statements. |
Recent accounting pronouncements | 2.27 Recent accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). The standard requires disaggregation of the effective rate reconciliation into standard categories, enhances disclosure of income taxes paid, and modifies other income tax-related disclosures. The standard is effective for the Company from January 1, 2025, with early adoption permitted. The ASU is currently not expected to have a material impact on the Group’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. ASU 2023-07 is effective for the Company from January 1, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. 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, 2023 | |
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 |
PRINCIPAL ACCOUNTING POLICIES_2
PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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 As of December 31, 2023 Non- Active market Observable input observable input (Level 1) (Level 2) (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments — — 143,221 143,221 Liabilities Put right liabilities — — 98,110 98,110 |
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, 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 Purchase of short-term investments 885,580 — Disposal of short-term investments (1,005,249) — Fair value changes 26,461 7,888 Currency translation differences 1,000 1,535 Fair value of Level 3 financial assets and liabilities as of December 31, 2023 143,221 98,110 |
Schedule of cash, cash equivalents and restricted cash | As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 3,214,005 2,141,445 Short-term restricted cash 96,764 — Long-term restricted cash — 58,913 Total 3,310,769 2,200,358 |
Summary of Estimated Useful Lives | Laboratory equipment 3 to 10 years Software 1 to 5 years Office furniture and equipment 5 years Delivery equipment 4 years Leasehold improvements Lesser of useful life or lease term |
PREPAYMENTS AND OTHER RECEIVA_2
PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PREPAYMENTS AND OTHER RECEIVABLES | |
Summary of prepayments and other receivables | As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Prepayments: – Prepayments to CRO vendors 32,960 5,175 729 – Prepayments for stock repurchase — 3,883 547 – 1,321 5,908 832 – 8,231 14,208 2,001 Value-added tax recoverable 8,197 4,696 661 Deposits 4,570 4,863 685 Other receivables 24,999 13,270 1,870 80,278 52,003 7,325 |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, EQUIPMENT AND SOFTWARE | |
Schedule of property, equipment and software | As of December 31, As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Cost Laboratory equipment 52,989 54,377 7,659 Leasehold improvement 37,375 33,646 4,739 Software 14,506 12,018 1,693 Office furniture and equipment 11,171 9,967 1,403 Delivery equipment 165 — — Total property, equipment and software 116,206 110,008 15,494 Less: accumulated depreciation and amortization (61,583) (73,497) (10,352) Net book value 54,623 36,511 5,142 Construction in progress 6,218 — — Total net book value of property, equipment and software 60,841 36,511 5,142 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of Operating Lease Related Assets And Liabilities And Other Related Information | Information related to operating leases as of December 31, 2022 and 2023 is as follows (in thousands, except for percentages and years). As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Assets Operating lease right-of-use assets 63,125 46,400 6,535 Liabilities Operating lease liabilities, current 23,961 21,890 3,083 Operating lease liabilities, non-current 32,069 23,099 3,253 Weighted average remaining lease term (years) 2.9 3.4 3.4 Weighted average discount rate 5 % 5 % 5 % |
Schedule Of Components Of Operating Lease Expense | For the Year Ended 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Operating lease rental expense Amortization of right-of-use assets 16,997 34,520 25,813 3,636 Expense for short-term leases within 12 months 16 12 — — Interest of lease liabilities 2,585 3,178 2,173 306 19,598 37,710 27,986 3,942 |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2023 RMB US$ (Note 2.5) 2024 22,949 3,232 2025 6,202 873 2026 6,378 898 2027 6,562 924 2028 3,087 435 Thereafter 4,825 680 Total undiscounted lease payments 50,003 7,042 Less: imputed interest (5,014) (705) Total lease liabilities 44,989 6,337 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
Summary of Intangible assets | 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 As of December 31, 2023 Accumulated Gross carrying amount amortization Net carrying amount RMB RMB RMB US$ (Note 2.5) Intangible assets TJ103 11,670 (3,890) 7,780 1,096 IPR&D TJ101 110,330 — 110,330 15,539 Total intangible assets 122,000 (3,890) 118,110 16,635 |
INVESTMENTS ACCOUNTED FOR USI_2
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES | |
Summary of group long term investment measured under equity method | For the year ended For the year ended For the year ended December 31, 2021 December 31, 2022 December 31, 2023 I-Mab Other equity I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Hangzhou investments Operating data: Revenue 5,660 — 103,826 — 122,604 — Income (Loss) from operations (295,186) (3,513) (356,734) (5,565) (313,600) 11,123 Net income (loss) (290,586) (3,513) (346,322) (5,565) (313,600) 11,123 As of December 31, 2022 2023 I-Mab Other equity I-Mab Other equity Hangzhou investments Hangzhou investments Balance sheet data: Current assets 499,665 81,683 333,423 67,221 Non-current assets 1,432,328 135,347 1,508,244 313,282 Current liabilities 281,587 107 313,204 58 Non-current liabilities 232,083 — 349,821 — |
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 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 33.9 % 36.5 % Spot price US$ 148,276 US$ 156,707 Probability of triggering event for redemption option 70 % 100 % As of As of December 31, December 31, Put right liabilities - Series B 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 31.1 % 33.5 % Spot price US$ 36,516 US$ 44,570 Probability of triggering event for redemption option 70 % 100 % |
ACCRUALS AND OTHER PAYABLES (Ta
ACCRUALS AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCRUALS AND OTHER PAYABLES | |
Schedule of accruals and other payables | As of December 31, As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Current: Staff salaries and welfare payables 43,483 48,604 6,846 Accrued external research and development activities related expenses 264,972 181,232 25,526 Payable due to an affiliate (Note 19) 64,782 35,058 4,938 Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14) 161,106 — — Non-refundable incentive payment from depositary bank (1) 6,428 9,014 1,270 Payables for purchase of property, equipment and software 7,124 1,226 173 Accrued traveling expenses, office expenses and others 158,677 82,620 11,636 706,572 357,754 50,389 Non-current: Non-refundable incentive payment from depositary bank (1) 6,963 751 105 Non-refundable payment received in relation to the exclusive promotion right granted to a third party (2) 10,000 10,000 1,408 Borrowings for supply chain financing (3) — 58,913 8,298 16,963 69,664 9,811 Total 723,535 427,418 60,200 (1) The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982), US$1,195 (equivalent to approximately RMB8,075) and US$671 (equivalent to approximately RMB4,734) from depositary bank in April 2020, December 2022 and March 2023, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2021, 2022 and 2023, the Group has recorded RMB2,395, RMB2,821 and RMB8,569 as other income in the consolidated statements of comprehensive loss, respectively. (2) In November 2021, the Group entered into a collaboration agreement with a third party located in China to grant the third party an exclusive right to conduct promotion activities for the TJ202 drug products in designated hospitals after the commercialization of TJ202 in future years. In November 2021, the Group received a non-refundable payment of RMB10,000 from the third party and recorded it as the non-current liabilities in the consolidated balance sheet. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products. (3) In April 2023, the Group entered into an agreement with China Merchants Bank, under which the Group was granted a total credit facility of RMB60,000 for a term of two years to support its payments to suppliers. As of December 31, 2023, the Group placed cash deposits of RMB58,913 with the bank, and the bank paid RMB58,913 to the supplier. The use of such cash deposits is restricted until the Group repay RMB58,913 to the bank in 2025 and is classified as long-term restricted cash. No interest expenses will be charged to the Group. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Schedule of differences between the PRC statutory income tax rate and the Group's effective income tax rate | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Loss before income tax (2,334,695) (2,506,620) (1,465,694) (206,439) Income tax computed at respective applicable tax rate (410,899) (442,343) (263,660) (37,136) Non-deductible expenses 68,400 38,570 124,733 17,569 Research and development expenses plus deduction (50,530) (74,415) (80,069) (11,278) True up of withholding tax expenses (3,154) — — — Changes in valuation allowance 393,029 478,885 218,996 30,845 (3,154) 697 — — Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share (0.84) (0.65) (0.42) (0.06) |
Schedule of the deferred tax assets and liabilities | As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) Deferred tax assets: Net operating loss carryforward 792,602 912,137 128,472 Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses 39,189 91,214 12,847 Share-based compensation expenses 127,950 197,274 27,785 Accrual expense 30,210 8,205 1,156 Less: valuation allowance (972,118) (1,191,114) (167,765) Total deferred tax assets 17,833 17,716 2,495 Deferred tax liabilities: Acquired intangible assets 17,833 17,716 2,495 Total deferred tax liabilities 17,833 17,716 2,495 Deferred tax assets, net — — — |
Schedule of movement of the valuation allowance | Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Balance as of January 1 (100,204) (493,233) (972,118) (136,920) Additions (393,029) (478,885) (283,273) (39,898) Utilization and reversal of valuation allowances — — 64,277 9,053 Balance as of December 31 (493,233) (972,118) (1,191,114) (167,765) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION | |
Schedule of valuation assumptions used | As of As of December 31, December 31, Put right liabilities - Series A 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 33.9 % 36.5 % Spot price US$ 148,276 US$ 156,707 Probability of triggering event for redemption option 70 % 100 % As of As of December 31, December 31, Put right liabilities - Series B 2022 2023 Expected terms (Year) 1.7 0.7 Estimated volatility 31.1 % 33.5 % Spot price US$ 36,516 US$ 44,570 Probability of triggering event for redemption option 70 % 100 % |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 201,926 117,876 66,758 9,403 Administrative expenses 406,683 239,272 126,244 17,781 Equity in loss of an affiliate 13,267 13,852 4,815 678 621,876 371,000 197,817 27,862 |
2017 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ 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 Exercised (73,444) 1.00 — — Expired (43,921) 1.00 — — Outstanding as of December 31 , 2023 1,665,252 1.00 3.66 — Exercisable as of December 31, 2023 1,665,252 1.00 3.66 — |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses (225) — — — Administrative expenses 2,835 — — — Equity in loss of affiliates 516 — — — 3,126 — — — |
2018 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ 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 Exercised (333,998) 1.00 — — Expired (998) 1.00 — — Outstanding as of December 31, 2023 1,173,397 1.00 5.15 — Exercisable as of December 31, 2023 1,173,397 1.00 5.15 — |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 55 — — — Administrative expenses 4,478 — — — Equity in loss of affiliates 257 — — — 4,790 — — — |
2019 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ 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 — Granted — — — — Outstanding as of December 31, 2023 72,000 6.09 6.05 — Exercisable as of December 31, 2023 72,000 6.09 6.05 — |
Schedule of non-vested stock option activities | Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 24,000 4.50 Vested (24,000) 4.50 Non-vested at December 31, 2023 — — |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses — — — — Administrative expenses 707 288 13 2 Equity in loss of affiliates — — — — 707 288 13 2 |
2020 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ 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 — Expired (179,992) 10.78 — — Forfeited (291,751) 10.33 — — Outstanding as of December 31, 2023 2,298,144 8.47 7.62 — Exercisable as of December 31, 2023 1,299,637 8.21 7.37 — |
Schedule of non-vested stock option activities | Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 2,415,938 5.40 Vested (1,125,680) 5.22 Forfeited (291,751) 7.20 Non-vested at December 31, 2023 998,507 5.08 |
Schedule of valuation assumptions used | Year Ended December 31, 2021 2022 Expected volatility 50.78%-51.84% 53.66 % Risk-free interest rate (per annum) 1.32%-1.88% 1.88 % 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 | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 14,915 17,068 3,244 457 Administrative expenses 8,702 25,897 9,189 1,294 Equity in loss of affiliates 3,262 2,846 1,299 182 26,879 45,811 13,732 1,933 |
2020 Plan | Restricted share units | |
SHARE-BASED COMPENSATION | |
Schedule of restricted share units activities | 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 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 Vested (576,326) — — — Forfeited (152,478) — — — Outstanding as of December 31, 2023 518,007 — 7.63 428 |
Schedule of non-vested restricted share units activities | Weighted average grant-date Number of restricted share fair value units US$ Non-vested at December 31, 2022 1,246,811 2.98 Vested (576,326) 11.76 Forfeited (152,478) 13.35 Non-vested at December 31, 2023 518,007 12.33 |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 118,368 18,055 4,657 656 Administrative expenses 227,392 37,399 10,232 1,441 Equity in loss of affiliates 8,512 4,214 1,575 222 354,272 59,668 16,464 2,319 |
2020 Plan | Restricted share unit, special awards | |
SHARE-BASED COMPENSATION | |
Schedule of restricted share units activities | 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 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 | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 4,156 — — — Administrative expenses 54,011 — — — Equity in loss of affiliates 720 — — — 58,887 — — — |
2021 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | 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 — Granted 322,575 6.20 — — Forfeited (770,989) 15.31 — — Expired (401,300) 14.34 — — Outstanding as of December 31, 2023 3,455,958 17.07 7.88 — Exercisable as of December 31, 2023 1,569,157 18.07 7.69 — |
Schedule of valuation assumptions used | Year Ended December 31, 2021 2022 2023 Expected volatility 51.77%-54.37 % 53.66%-58.97 % 59.49 % Risk-free interest rate (per annum) 1.44%-1.68 % 1.88%-3.53 % 3.88 % Exercise multiple 2.20-2.80 2.20-2.80 2.80 Expected dividend yield — — — Time to maturity (in years) 10 10 10 |
Schedule of non-vested restricted share units activities | Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 3,786,295 1.76 Granted 322,575 1.07 Vested (1,451,080) 7.22 Forfeited (770,989) 7.81 Non-vested at December 31, 2023 1,886,801 8.36 |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 20,430 36,104 8,540 1,203 Administrative expenses 35,226 75,980 25,683 3,617 Equity in loss of affiliates — 2,715 1,538 217 55,656 114,799 35,761 5,037 |
2021 Plan | Restricted share units | |
SHARE-BASED COMPENSATION | |
Schedule of restricted share units activities | 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 Granted 2,080,299 — — — Vested (1,494,415) — — — Forfeited (206,519) — — — Outstanding as of December 31, 2023 1,415,338 — 8.82 1,169 |
Schedule of non-vested restricted share units activities | Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2022 1,035,973 5.19 Granted 2,080,299 2.21 Vested (1,494,415) 5.94 Forfeited (206,519) 11.75 Non-vested at December 31, 2023 1,415,338 6.46 |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Research and development expenses 44,227 46,649 10,495 1,478 Administrative expenses 73,332 99,708 25,471 3,588 Equity in loss of affiliates — 4,077 403 57 117,559 150,434 36,369 5,123 |
2022 Plan | Employee Stock Option | |
SHARE-BASED COMPENSATION | |
Schedule of stock options activities | Weighted Weighted average average Aggregate exercise remaining intrinsic Number of price contractual value shares US$ term US$ Outstanding as of December 31, 2022 — — — — Granted 6,672,944 2.60 — — Forfeited (812,507) 2.41 — — Expired (124,933) 2.41 — — Outstanding as of December 31, 2023 5,735,504 2.62 8.95 — Exercisable as of December 31, 2023 1,468,707 2.62 8.74 — |
Schedule of non-vested stock option activities | Weighted average grant-date fair value Number of shares US$ Non-vested at December 31, 2022 — — Granted 6,672,944 1.33 Vested (1,593,640) 1.34 Forfeited (812,507) 1.28 Non-vested at December 31, 2023 4,266,797 1.34 |
Schedule of valuation assumptions used | Year Ended December 31, 2023 Expected volatility 59.18 % Risk-free interest rate (per annum) 3.89 % Exercise multiple 2.20-2.80 Expected dividend yield — Time to maturity (in years) 10 |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$(Note 2.5) Research and development expenses — — 13,452 1,895 Administrative expenses — — 20,231 2,849 Equity in loss of affiliates — — — — — — 33,683 4,744 |
2022 Plan | Restricted share units | |
SHARE-BASED COMPENSATION | |
Schedule of non-vested stock option activities | Weighted average Number of restricted grant-date fair value share units US$ Non-vested at December 31, 2022 — — Granted 4,883,452 2.41 Vested (2,912,354) 2.41 Forfeited (416,374) 2.41 Non-vested at December 31, 2023 1,554,724 2.41 |
Schedule of restricted share units activities | Weighted Weighted average average Aggregate Number of exercise remaining intrinsic restricted price contractual value share units US$ term US$ Outstanding as of December 31, 2022 — — — — Granted 4,883,452 — — — Vested (2,912,354) — — — Forfeited (416,374) — — — Outstanding as of December 31, 2023 1,554,724 — 9.02 1,284 |
Schedule of share-based compensation expenses | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$(Note 2.5) Research and development expenses — — 26,370 3,714 Administrative expenses — — 35,425 4,990 Equity in loss of affiliates — — — — — — 61,795 8,704 |
LICENSING AND COLLABORATION A_2
LICENSING AND COLLABORATION ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Breakdown of licensing and collaboration revenue | Year Ended December 31, 2021 2022 2023 RMB RMB RMB US$(Note 2.5) Recognition in the year 31,615 39,891 16,814 2,368 Reduction in the year — (314,181) — — Revenues from AbbVie 31,615 (274,290) 16,814 2,368 Revenues from other partners 8,500 24,625 — — 40,115 (249,665) 16,814 2,368 |
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 2023 — — — — — 2022 — — — — — 2021 — US$ 1,500 — — — |
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 2023 — — — — — 2022 — — — — — 2021 — US$ 4,484 — — — |
OTHER INCOME (EXPENSES), NET (T
OTHER INCOME (EXPENSES), NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME (EXPENSES), NET | |
Schedule of other income and expenses | Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Income of incentive payment from depository bank 2,395 2,821 8,569 1,207 Fair value change of short-term and other investments 30,360 (13,549) 26,461 3,727 Fair value change of put right liabilities 16,628 34,260 (7,888) (1,111) Net foreign exchange gains (losses) 25,373 (175,391) (60,704) (8,550) Subsidy income (1) 9,216 25,470 5,354 754 Losses in deconsolidation of a subsidiary — — (7,905) (1,113) Others (810) (198) (1,996) (282) 83,162 (126,587) (38,109) (5,368) (1) 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 LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NET LOSS PER SHARE | |
Schedule of basic and diluted net loss per shares | Basic and diluted net loss per share for each of the periods presented are calculated as follows: Year Ended December 31 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) (in thousands, except for share and per share data) Numerator: Net loss attributable to I-Mab (2,331,541) (2,507,317) (1,465,694) (206,439) Net loss attributable to ordinary shareholders (2,331,541) (2,507,317) (1,465,694) (206,439) Denominator: Denominator for basic calculation-weighted average number of common shares outstanding 174,707,055 189,787,292 191,423,850 191,423,850 Denominator for diluted loss per share calculation 174,707,055 189,787,292 191,423,850 191,423,850 Net loss per share - basic and diluted (13.35) (13.21) (7.66) (1.08) |
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 share units, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021, 2022 and 2023 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 2023 Restricted share units 3,150,881 484,395 1,543,009 Stock options 14,584,833 2,939,322 617,707 Warrants 648,359 — — |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY BALANCES AND TRANSACTIONS | |
Schedule of related party balances | Details of related party balances as of December 31, 2022 and 2023 are as follows: Prepayments and other receivables As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 8,231 14,208 2,001 Accruals and other payables As of December 31, 2022 2023 RMB RMB US$ (Note 2.5) I-Mab Hangzhou 64,782 35,058 4,938 |
Schedule of related party transactions | Details of related party transactions for the years ended December 31, 2021, 2022 and 2023 are as follows: Receipt of CRO and CMC services - recognized in research and development expenses For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) Jiangsu Taslydiyi Pharmaceutical Co., Ltd. 2,697 — — — I-Mab Hangzhou 2,465 84,673 96,359 13,572 Revenue sharing - recognized as deduction of revenue For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 14) — 18,583 — — Expenses paid on behalf of an affiliate For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 17,649 — — — Provision of FTE and other services - recognized in other income For the year ended December 31, 2021 2022 2023 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, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 281 — — — Amounts received related to the sublicense agreement For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou (Note 14) 19,102 — — — Amounts paid by an affiliate on behalf of the Group For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (Note 2.5) I-Mab Hangzhou 25,448 837 69 10 |
PRINCIPAL ACTIVITIES AND ORGA_3
PRINCIPAL ACTIVITIES AND ORGANIZATION - Schedule of Principal Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 06, 2024 | Dec. 31, 2023 | |
Segment Discontinued Operations | I-Mab Hangzhou | Subsequent Event | I-Mab Shanghai | ||
Percentage of transfer of outstanding equity interest | 100% | |
Segment Discontinued Operations | I-Mab Hangzhou | Subsequent Event | Maximum | I-Mab Shanghai | ||
Aggregate consideration | $ 80 | |
I-Mab Biopharma Hong Kong Limited | Investment holding | ||
Place of incorporation | Hong Kong | |
Date of incorporation or acquisition | Jul. 08, 2016 | |
Percentage of direct or indirect ownership by the company | 100% | |
Principal activities | Investment holding | |
I-Mab Shanghai | Research and development of innovative medicines | ||
Place of incorporation | PRC | |
Date of incorporation or acquisition | Aug. 24, 2016 | |
Percentage of direct or indirect ownership by the company | 100% | |
Principal activities | Research and development of innovative medicines | |
I-MabTianjin | Research and development of innovative medicines | ||
Place of incorporation | PRC | |
Date of incorporation or acquisition | 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. | Research and development of innovative medicines | ||
Place of incorporation | U.S. | |
Date of incorporation or acquisition | Feb. 28, 2018 | |
Percentage of direct or indirect ownership by the company | 100% | |
Principal activities | Research and development of innovative medicines |
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Assets: | |||
Short-term investments | ¥ 143,221 | $ 20,172 | ¥ 235,429 |
Liabilities | |||
Put right liabilities | 98,110 | $ 13,819 | 88,687 |
Fair Value, Recurring | |||
Assets: | |||
Short-term investments | 143,221 | 235,429 | |
Liabilities | |||
Put right liabilities | 98,110 | 88,687 | |
Fair Value, Recurring | Level 3 | |||
Assets: | |||
Short-term investments | 143,221 | 235,429 | |
Liabilities | |||
Put right liabilities | ¥ 98,110 | ¥ 88,687 |
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, 2023 | Dec. 31, 2022 | |
Short-term investments | ||
PRINCIPAL ACCOUNTING POLICIES | ||
Fair value of Level 3 financial assets and liabilities at the beginning of the period | ¥ 235,429 | ¥ 753,164 |
Purchase of short-term investments | 885,580 | 7,407,332 |
Disposal of short-term investments | (1,005,249) | (7,911,518) |
Fair value changes | 26,461 | (13,549) |
Currency translation differences | 1,000 | |
Fair value of Level 3 financial assets and liabilities at the end of the period | 143,221 | 235,429 |
Put right liabilities | ||
PRINCIPAL ACCOUNTING POLICIES | ||
Fair value of Level 3 financial assets and liabilities at the beginning of the period | 88,687 | 96,911 |
Purchase of short-term investments | 0 | 0 |
Disposal of short-term investments | 0 | |
Recognition of put right liabilities | 17,729 | |
Fair value changes | 7,888 | (34,260) |
Currency translation differences | 1,535 | 8,307 |
Fair value of Level 3 financial assets and liabilities at the end of the period | ¥ 98,110 | ¥ 88,687 |
PRINCIPAL ACCOUNTING POLICIES_4
PRINCIPAL ACCOUNTING POLICIES - Restricted Cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Cash and cash equivalents, Restricted cash | ||||||
Cash and cash equivalents | ¥ 2,141,445 | $ 301,616 | ¥ 3,214,005 | |||
Short-term restricted cash | 96,764 | |||||
Long-term restricted cash | 58,913 | 8,298 | ||||
Total | ¥ 2,200,358 | $ 309,914 | ¥ 3,310,769 | $ 466,311 | ¥ 3,523,632 | ¥ 4,758,778 |
PRINCIPAL ACCOUNTING POLICIES_5
PRINCIPAL ACCOUNTING POLICIES - Summary of Estimated Useful Lives (Details) | Dec. 31, 2023 |
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) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) segment $ / ¥ | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 CNY (¥) $ / ¥ | Dec. 31, 2021 CNY (¥) | |
PRINCIPAL ACCOUNTING POLICIES | ||||
Impairment of long-lived assets | ¥ 0 | ¥ 0 | ¥ 0 | |
Impairment of goodwill | 162,574 | $ 22,898 | 0 | 0 |
Impairment of equity method investments | 0 | 0 | 0 | |
Impairment loss, contract assets with customer | 0 | 0 | 0 | |
Deferred subsidy income | ¥ 5,354 | ¥ 25,470 | ¥ 9,216 | |
Number of reportable segments | segment | 1 | 1 | ||
Minimum | ||||
PRINCIPAL ACCOUNTING POLICIES | ||||
VAT surcharges percent | 6% | 6% | ||
Maximum | ||||
PRINCIPAL ACCOUNTING POLICIES | ||||
VAT surcharges percent | 12% | 12% | ||
Peoples Bank of China | ||||
PRINCIPAL ACCOUNTING POLICIES | ||||
Translation exchange rates | $ / ¥ | 7.0827 | 6.9646 | ||
Federal Reserve Bank of New York | ||||
PRINCIPAL ACCOUNTING POLICIES | ||||
Translation exchange rates | $ / ¥ | 7.0999 |
PREPAYMENTS AND OTHER RECEIVA_3
PREPAYMENTS AND OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
PREPAYMENTS AND OTHER RECEIVABLES | |||
Prepayments to CRO vendors | ¥ 5,175 | $ 729 | ¥ 32,960 |
Prepayments for stock repurchase | 3,883 | 547 | |
Prepayments for other services | 5,908 | 832 | 1,321 |
Prepayments to an affiliate (Note 19) | 14,208 | 2,001 | 8,231 |
Value-added tax recoverable | 4,696 | 661 | 8,197 |
Deposits | 4,863 | 685 | 4,570 |
Other receivables | 13,270 | 1,870 | 24,999 |
Total | ¥ 52,003 | $ 7,325 | ¥ 80,278 |
PROPERTY, EQUIPMENT AND SOFTW_3
PROPERTY, EQUIPMENT AND SOFTWARE- Additional Information (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
PROPERTY, EQUIPMENT AND SOFTWARE | ||||
Depreciation and amortization expenses | ¥ 23.9 | $ 3.4 | ¥ 25.3 | ¥ 13.8 |
PROPERTY, EQUIPMENT AND SOFTW_4
PROPERTY, EQUIPMENT AND SOFTWARE - Schedule of property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | ¥ 110,008 | $ 15,494 | ¥ 116,206 |
Less: accumulated depreciation and amortization | (73,497) | (10,352) | (61,583) |
Net book value | 36,511 | 5,142 | 54,623 |
Construction in progress | 6,218 | ||
Total net book value of property, equipment and software | 36,511 | 5,142 | 60,841 |
Laboratory equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 54,377 | 7,659 | 52,989 |
Leasehold improvements | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 33,646 | 4,739 | 37,375 |
Software | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | 12,018 | 1,693 | 14,506 |
Office furniture and equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | ¥ 9,967 | $ 1,403 | 11,171 |
Delivery equipment | |||
Property, Plant and Equipment, Net, by Type | |||
Total property, equipment and software | ¥ 165 |
LEASES - Operating Lease Relate
LEASES - Operating Lease Related Assets And Liabilities And Other Related Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Assets | |||
Operating lease right-of-use assets | ¥ 46,400 | $ 6,535 | ¥ 63,125 |
Liabilities | |||
Operating lease liabilities, current | 21,890 | 3,083 | 23,961 |
Operating lease liabilities, non-current | ¥ 23,099 | $ 3,253 | ¥ 32,069 |
Weighted average remaining lease term (years) | 3 years 4 months 24 days | 3 years 4 months 24 days | 2 years 10 months 24 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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
LEASES | ||||
Amortization of right-of-use assets | ¥ 25,813 | $ 3,636 | ¥ 34,520 | ¥ 16,997 |
Expense for short-term leases within 12 months | 12 | 16 | ||
Interest of lease liabilities | 2,173 | 306 | 3,178 | 2,585 |
Operating lease rental expense | ¥ 27,986 | $ 3,942 | ¥ 37,710 | ¥ 19,598 |
LEASES - Operating Lease, Matur
LEASES - Operating Lease, Maturity (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASES | ||
2024 | ¥ 22,949 | $ 3,232 |
2025 | 6,202 | 873 |
2026 | 6,378 | 898 |
2027 | 6,562 | 924 |
2028 | 3,087 | 435 |
Thereafter | 4,825 | 680 |
Total undiscounted lease payments | 50,003 | 7,042 |
Less: imputed interest | (5,014) | (705) |
Total lease liabilities | ¥ 44,989 | $ 6,337 |
INTANGIBLE ASSETS - Summary Of
INTANGIBLE ASSETS - Summary Of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | ¥ 122,000 | ¥ 122,000 | |
Accumulated amortization | (3,890) | (3,112) | |
Net carrying amount | 118,110 | $ 16,635 | 118,888 |
TJ103 | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 11,670 | 11,670 | |
Accumulated amortization | (3,890) | (3,112) | |
Net carrying amount | 7,780 | 1,096 | 8,558 |
IPR And D TJ101 | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 110,330 | 110,330 | |
Accumulated amortization | 0 | 0 | |
Net carrying amount | ¥ 110,330 | $ 15,539 | ¥ 110,330 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Amortization of intangible assets | ¥ 778 | $ 110 | ¥ 778 | ¥ 778 |
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 | |||
Impairment of intangible assets | 0 | 0 | ||
IPR And D TJ103 | ||||
Amortization of intangible assets | ¥ 778 | ¥ 778 | ¥ 778 |
GOODWILL (Details)
GOODWILL (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Jul. 15, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | ¥ 162,574 | ||||
Period of financial projections | 10 years | 10 years | 10 years | ||
Impairment of goodwill | ¥ 162,574 | $ 22,898 | ¥ 0 | ¥ 0 | |
Tasgen Group | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Voting Interests Acquired | 66.67% |
INVESTMENTS ACCOUNTED FOR USI_3
INVESTMENTS 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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Operating Data | |||||
Revenues | ¥ 27,644 | $ 3,893 | ¥ (221,563) | ¥ 88,026 | |
Income (Loss) from operations | (1,398,593) | (196,988) | (1,969,467) | (2,071,307) | |
Net loss | (1,465,694) | $ (206,439) | (2,507,317) | (2,331,541) | |
Balance Sheet Data | |||||
Current assets | 2,336,669 | 3,626,476 | $ 329,113 | ||
Current liabilities | 411,814 | 758,166 | $ 58,003 | ||
I-Mab Hangzhou | |||||
Operating Data | |||||
Revenues | 122,604 | 103,826 | 5,660 | ||
Income (Loss) from operations | (313,600) | (356,734) | (295,186) | ||
Net loss | (313,600) | (346,322) | (290,586) | ||
Balance Sheet Data | |||||
Current assets | 333,423 | 499,665 | |||
Non-current assets | 1,508,244 | 1,432,328 | |||
Current liabilities | 313,204 | 281,587 | |||
Non-current liabilities | 349,821 | 232,083 | |||
Other equity investments | |||||
Operating Data | |||||
Income (Loss) from operations | 11,123 | (5,565) | (3,513) | ||
Net loss | 11,123 | (5,565) | ¥ (3,513) | ||
Balance Sheet Data | |||||
Current assets | 67,221 | 81,683 | |||
Non-current assets | 313,282 | 135,347 | |||
Current liabilities | ¥ 58 | ¥ 107 |
INVESTMENTS ACCOUNTED FOR USI_4
INVESTMENTS 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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Put Right Liabilities Series A | ||
Schedule of Equity Method Investments [Line Items] | ||
Expected terms (Year) | 8 months 12 days | 1 year 8 months 12 days |
Estimated volatility | 36.50% | 33.90% |
Spot price | $ 156,707 | $ 148,276 |
Probability of triggering event for redemption option | 100% | 70% |
Put Right Liabilities Series B | ||
Schedule of Equity Method Investments [Line Items] | ||
Expected terms (Year) | 8 months 12 days | 1 year 8 months 12 days |
Estimated volatility | 33.50% | 31.10% |
Spot price | $ 44,570 | $ 36,516 |
Probability of triggering event for redemption option | 100% | 70% |
INVESTMENTS ACCOUNTED FOR USI_5
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2021 CNY (¥) | Dec. 31, 2020 USD ($) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Jul. 31, 2022 CNY (¥) | Jul. 31, 2021 shares | Jun. 16, 2019 USD ($) | |
Schedule of Equity Method Investments | ||||||||||
Losses in deconsolidation of a subsidiary | ¥ (7,905) | $ (1,113) | ||||||||
Common stock, shares outstanding | shares | 185,613,662 | 190,879,919 | 185,613,662 | |||||||
Equity in loss of affiliates | ¥ (80,019) | (11,270) | ¥ (437,465) | ¥ (367,883) | ||||||
Investments accounted for using the equity method | 12,082 | 30,850 | $ 1,702 | |||||||
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 | ||||||||||
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 accounted for using the equity method | ¥ 0 | ¥ 25,214 | ||||||||
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 | 750,000 | ||||||
Equity in loss of affiliates | ¥ (30,969) | ¥ (29,375) | ¥ (28,236) | |||||||
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 | ¥ (25,544) | (360,436) | (309,208) | |||||||
Group's Share Based Compensation | I-Mab Hangzhou | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Equity in loss of affiliates | (4,815) | (13,852) | (13,267) | |||||||
Partnership Agreement | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Equity method investment, ownership percentage | 4% | |||||||||
Equity in loss of affiliates | 446 | (223) | (141) | |||||||
Shares subscribed, not yet been purchased or issued | shares | 20,000 | |||||||||
Investments accounted for using the equity method | 12,082 | 5,636 | ||||||||
Equity method investment paid | ¥ 6,000 | 6,000 | ||||||||
I-Mab Hangzhou Share Based Compensation | I-Mab Hangzhou | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Equity in loss of affiliates | ¥ (19,137) | ¥ (33,579) | ¥ (17,031) | |||||||
I-Mab Hangzhou | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Equity method investment, ownership percentage | 10% | 10% | ||||||||
Investments accounted for using the equity method | ¥ 0 | |||||||||
I-Mab Hangzhou | I-Mab Hangzhou | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Equity method investment, ownership percentage | 37.13% |
SHORT-TERM BORROWINGS - Additio
SHORT-TERM BORROWINGS - Additional information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
SHORT-TERM BORROWINGS | |||||
Loan borrowed | ¥ 18,956 | ¥ 29,970 | $ 4,221 | ||
Loan One | Shanghai Pudong Development 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 | |||
Loan Two | China Merchant Bank Co Ltd | |||||
SHORT-TERM BORROWINGS | |||||
Loan borrowed | ¥ 29,970 | ||||
Lender name | China Merchants Bank | ||||
Loan term | 6 months | ||||
Interest rate | 3.40% |
ACCRUALS AND OTHER PAYABLES - S
ACCRUALS AND OTHER PAYABLES - Summary of accruals and other payables (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current: | |||
Staff salaries and welfare payables | ¥ 48,604 | $ 6,846 | ¥ 43,483 |
Accrued external research and development activities related expenses | 181,232 | 25,526 | 264,972 |
Payable due to an affiliate (Note 19) | 35,058 | 4,938 | 64,782 |
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14) | 161,106 | ||
Non-refundable incentive payment from depositary bank | 9,014 | 1,270 | 6,428 |
Payables for purchase of property, equipment and software | 1,226 | 173 | 7,124 |
Accrued traveling expenses, office expenses and others | 82,620 | 11,636 | 158,677 |
Accounts Payable and Accrued Liabilities, Current | 357,754 | 50,389 | 706,572 |
Non-current: | |||
Non-refundable incentive payment from depositary bank | 751 | 105 | 6,963 |
Non-refundable payment received in relation to the exclusive promotion right granted to a third party | 10,000 | 1,408 | 10,000 |
Borrowings supply chain financing | ¥ 58,913 | $ 8,298 | |
Supplier Finance Program, Obligation, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Accounts Payable and Accrued Liabilities, Non-current | ¥ 69,664 | $ 9,811 | 16,963 |
Total | ¥ 427,418 | $ 60,200 | ¥ 723,535 |
ACCRUALS AND OTHER PAYABLES - A
ACCRUALS AND OTHER PAYABLES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Apr. 30, 2020 CNY (¥) | Apr. 30, 2020 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Apr. 30, 2023 CNY (¥) | Nov. 30, 2021 CNY (¥) | |
ACCRUALS AND OTHER PAYABLES | |||||||||||
Proceeds from non-refundable incentive | ¥ 4,734 | $ 671 | ¥ 12,982 | $ 1,857 | ¥ 8,075 | $ 1,195 | |||||
Provision of FTE and other services - recognized in other income | ¥ 8,569 | ¥ 2,821 | ¥ 2,395 | ||||||||
Proceeds from non refundable payment | ¥ 10,000 | ||||||||||
Cash deposits restricted | 58,913 | $ 8,298 | |||||||||
Amount paid to supplier on behalf of the Group | 58,913 | $ 8,298 | |||||||||
Agreement with China Merchants Bank | |||||||||||
ACCRUALS AND OTHER PAYABLES | |||||||||||
Credit facility granted | ¥ 60,000 | ||||||||||
Term of credit facility | 2 years | ||||||||||
Cash deposits restricted | 58,913 | ||||||||||
Amount paid to supplier on behalf of the Group | 58,913 | ||||||||||
Interest expenses | ¥ 0 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expenses | ¥ 697 | ¥ (3,154) | ||
Applicable tax rate | 21% | |||
Applicable state tax rate | 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% | |||
HONG KONG | ||||
Income tax expenses | ¥ 0 | ¥ 697 | ¥ 0 | |
Applicable tax rate | 16.50% | |||
PRC | ||||
Operating loss | ¥ 4,854,145 | |||
CN | ||||
Applicable tax rate | 25% | |||
Preferential income tax rate | 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, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | |
INCOME TAXES | ||||
Loss before income tax | ¥ (1,465,694) | $ (206,439) | ¥ (2,506,620) | ¥ (2,334,695) |
Income tax computed at respective applicable tax rate | (263,660) | (37,136) | (442,343) | (410,899) |
Non-deductible expenses | 124,733 | 17,569 | 38,570 | 68,400 |
Research and development expenses plus deduction | (80,069) | (11,278) | (74,415) | (50,530) |
True up of withholding tax expenses | 0 | 0 | 0 | (3,154) |
Changes in valuation allowance | ¥ 218,996 | $ 30,845 | 478,885 | 393,029 |
Income (loss) before income tax | ¥ 697 | ¥ (3,154) | ||
Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share | (per share) | ¥ (0.42) | $ (0.06) | ¥ (0.65) | ¥ (0.84) |
INCOME TAXES - Components of th
INCOME TAXES - Components of the deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Deferred tax assets: | ||||||
Net operating loss carryforward | ¥ 912,137 | $ 128,472 | ¥ 792,602 | |||
Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses | 91,214 | 12,847 | 39,189 | |||
Share-based compensation expenses | 197,274 | 27,785 | 127,950 | |||
Accrual expense | 8,205 | 1,156 | 30,210 | |||
Less: valuation allowance | (1,191,114) | (167,765) | (972,118) | $ (136,920) | ¥ (493,233) | ¥ (100,204) |
Total deferred tax assets | 17,716 | 2,495 | 17,833 | |||
Deferred tax liabilities: | ||||||
Acquired intangible assets | 17,716 | 2,495 | 17,833 | |||
Total deferred tax liabilities | 17,716 | 2,495 | 17,833 | |||
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, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
INCOME TAXES | ||||
Balance as of January 1 | ¥ (972,118) | $ (136,920) | ¥ (493,233) | ¥ (100,204) |
Additions | (283,273) | (39,898) | (478,885) | (393,029) |
Utilization and reversal of valuation allowances | 64,277 | 9,053 | ||
Balance as of December 31 | ¥ (1,191,114) | $ (167,765) | ¥ (972,118) | ¥ (493,233) |
ORDINARY SHARES - Additional In
ORDINARY SHARES - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 $ / shares shares | Aug. 23, 2022 USD ($) | Dec. 31, 2020 shares | |
ORDINARY SHARES | ||||||||
Common stock value authorized | $ | $ 80,000 | |||||||
Ordinary shares, shares authorized | 800,000,000 | 800,000,000 | ||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Ordinary shares issued | 185,613,662 | 190,879,919 | 164,888,519 | |||||
Exercise of warrants (in shares) | 5,341,267 | |||||||
Number of ordinary shares represented by one ADS | 2.3 | |||||||
Stock Repurchase Program, Period in Force | 12 months | |||||||
Repurchased shares | 10,656,794 | 10,656,794 | 1,652,541 | 1,652,541 | ||||
Aggregate amount repurchased | $ 8,600 | ¥ 61,260 | ||||||
Exercise of stock options (in shares) | 280,568 | 280,568 | 6,845,888 | 6,845,888 | 8,227,843 | |||
Issuance of ordinary shares for restricted share units | 1,260,701 | 1,260,701 | 1,859,819 | 1,859,819 | 5,369,140 | |||
ADS | ||||||||
ORDINARY SHARES | ||||||||
Amount of stock repurchase | $ | $ 40,000 | $ 40,000 | ||||||
Aggregate amount repurchased | $ 3,000 | ¥ 21,249 | ||||||
Treasury stock exercise of option | 3,849,268 | 3,849,268 | 0 | 0 | 0 | |||
Treasury stock not in use and not outstanding | 8,460,067 | 1,652,541 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2017 shares | Dec. 31, 2023 CNY (¥) director shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2023 USD ($) director shares | Jun. 17, 2022 shares | May 28, 2021 shares | Jul. 15, 2020 shares | Dec. 31, 2019 shares | Oct. 29, 2019 shares | Feb. 22, 2019 shares | |
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 197,817 | $ 27,862 | ¥ 371,000 | ¥ 621,876 | |||||||||||
Unrecognized share-based compensation | ¥ 91,024 | $ 12,820 | |||||||||||||
Recognized over a weighted average vesting period | 1 year 3 months 25 days | 1 year 3 months 25 days | |||||||||||||
Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 126,244 | $ 17,781 | 239,272 | 406,683 | |||||||||||
Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 66,758 | 9,403 | 117,876 | 201,926 | |||||||||||
Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 4,815 | $ 678 | ¥ 13,852 | 13,267 | |||||||||||
Tranche Two | Second One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Tranche Three | Second One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Tranche Four | Second One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
One Performance Condition | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 75% | 75% | |||||||||||||
Restricted share units | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Number of shares cancelled | 416,374 | 416,374 | |||||||||||||
Granted | 4,883,452 | 4,883,452 | |||||||||||||
Share based payment award, maximum shares authorized | 7,686,081 | ||||||||||||||
Number of shares outstanding | 1,554,724 | 1,554,724 | |||||||||||||
Restricted share units | Tranche One | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Restricted share units | Tranche One | Second One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Restricted share units | Tranche Two | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Restricted share units | Tranche Three | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Restricted share units | Tranche Four | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 25% | 25% | |||||||||||||
Restricted share units | One Performance Condition | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 20% | 20% | |||||||||||||
Restricted share units | Two Performance Conditions | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 40% | 40% | |||||||||||||
Restricted share units | Three Performance Conditions | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 60% | 60% | |||||||||||||
Restricted share units | Four Performance Conditions | Third One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share based payment award, vesting percentage | 80% | 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% | |||||||||||||
2017 Plan | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | ¥ 3,126 | ||||||||||||||
Share based payment award, maximum shares authorized | 13,376,865 | ||||||||||||||
Stock options exercisable | 1,665,252 | 1,782,617 | 1,782,617 | 1,665,252 | |||||||||||
Number of shares unvested | 10,500 | ||||||||||||||
2017 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | ¥ 2,835 | ||||||||||||||
2017 Plan | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | (225) | ||||||||||||||
2017 Plan | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 516 | ||||||||||||||
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 | ¥ | 4,790 | ||||||||||||||
Share based payment award, vesting period | 2 years | 2 years | |||||||||||||
Share based payment award, maximum shares authorized | 15,452,620 | 14,005,745 | |||||||||||||
Stock options exercisable | 1,173,397 | 1,173,397 | |||||||||||||
2018 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 4,478 | ||||||||||||||
2018 Plan | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 55 | ||||||||||||||
2018 Plan | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 257 | ||||||||||||||
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% | |||||||||||||
2019 Plan | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 13 | $ 2 | ¥ 288 | 707 | |||||||||||
Share based payment award, maximum shares authorized | 100,000 | ||||||||||||||
Share based payment award, stock options granted | 72,000 | ||||||||||||||
Stock options exercisable | 72,000 | 48,000 | 48,000 | 72,000 | |||||||||||
Exercise price | $ / shares | $ 6.09 | ||||||||||||||
Number of shares outstanding | 72,000 | 72,000 | |||||||||||||
Number of independent directors | director | 3 | 3 | |||||||||||||
2019 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 13 | 2 | ¥ 288 | 707 | |||||||||||
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 compensation expense | ¥ 13,732 | $ 1,933 | ¥ 45,811 | ¥ 26,879 | |||||||||||
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 | 0 | 0 | 2,026,300 | 133,913 | |||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 9.20 | $ 18.85 | |||||||||||||
Stock options exercisable | 1,299,637 | 353,949 | 353,949 | 1,299,637 | |||||||||||
Number of shares unvested | 291,751 | 291,751 | 170,490 | 111,495 | |||||||||||
Share based compensation arrangement, shares vested | 1,125,680 | 1,125,680 | |||||||||||||
2020 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 9,189 | $ 1,294 | ¥ 25,897 | ¥ 8,702 | |||||||||||
2020 Plan | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 3,244 | 457 | 17,068 | 14,915 | |||||||||||
2020 Plan | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 1,299 | 182 | 2,846 | 3,262 | |||||||||||
2020 Plan | Restricted share units | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 16,464 | $ 2,319 | ¥ 59,668 | ¥ 354,272 | |||||||||||
Number of shares granted | 755,734 | 1,649,045 | |||||||||||||
Restricted share units were vested but not issued as ordinary shares | 0 | 0 | 755,734 | 1,649,045 | |||||||||||
2020 Plan | Restricted share units | 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 share units | 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 share units | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 10,232 | $ 1,441 | ¥ 37,399 | ¥ 227,392 | |||||||||||
2020 Plan | Restricted share units | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 4,657 | 656 | 18,055 | 118,368 | |||||||||||
2020 Plan | Restricted share units | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 1,575 | $ 222 | 4,214 | 8,512 | |||||||||||
2020 Plan | Restricted share unit, special awards | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 58,887 | ||||||||||||||
Restricted share units were vested but not issued as ordinary shares | 1,328,120 | ||||||||||||||
Number of additional shares authorized | 1,446,875 | 1,446,875 | |||||||||||||
2020 Plan | Restricted share unit, special awards | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 54,011 | ||||||||||||||
2020 Plan | Restricted share unit, special awards | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 4,156 | ||||||||||||||
2020 Plan | Restricted share unit, special awards | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ | 720 | ||||||||||||||
2021 Plan | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 35,761 | $ 5,037 | ¥ 114,799 | ¥ 55,656 | |||||||||||
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 | 12,023,618 | ||||||||||||||
Share based payment award, stock options granted | 322,575 | 322,575 | 2,787,738 | 2,698,245 | |||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 6.20 | $ 9.20 | $ 26.43 | ||||||||||||
Stock options exercisable | 1,569,157 | 519,377 | 519,377 | 1,569,157 | |||||||||||
Number of shares unvested | 770,989 | 770,989 | 880,304 | 253,805 | |||||||||||
Share based compensation arrangement, shares vested | 1,451,080 | 1,451,080 | |||||||||||||
2021 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 25,683 | $ 3,617 | ¥ 75,980 | ¥ 35,226 | |||||||||||
2021 Plan | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 8,540 | 1,203 | 36,104 | 20,430 | |||||||||||
2021 Plan | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 1,538 | 217 | 2,715 | ||||||||||||
2021 Plan | Restricted share units | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 36,369 | $ 5,123 | ¥ 150,434 | ¥ 117,559 | |||||||||||
Number of shares granted | 2,080,299 | 2,080,299 | |||||||||||||
Number of shares cancelled | 206,519 | 206,519 | 301,908 | 170,913 | |||||||||||
Granted | 2,080,299 | 2,080,299 | 821,215 | 1,827,166 | |||||||||||
Share based payment award, maximum shares authorized | 6,011,809 | ||||||||||||||
Number of shares outstanding | 1,415,338 | 1,035,973 | 1,035,973 | 1,656,253 | 1,656,253 | 1,415,338 | |||||||||
2021 Plan | Restricted share units | Second One Third Portion | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Average market value of shares | 20% | 20% | |||||||||||||
2021 Plan | Restricted share units | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 25,471 | $ 3,588 | ¥ 99,708 | ¥ 73,332 | |||||||||||
2021 Plan | Restricted share units | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 10,495 | 1,478 | 46,649 | 44,227 | |||||||||||
2021 Plan | Restricted share units | Equity in loss of an affiliate | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 403 | 57 | ¥ 4,077 | ¥ 0 | |||||||||||
2022 Plan | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 33,683 | $ 4,744 | |||||||||||||
Number of shares granted | 4,883,452 | 4,883,452 | |||||||||||||
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 | 13,148,594 | ||||||||||||||
Share based payment award, stock options granted | 6,672,944 | 6,672,944 | 0 | ||||||||||||
Share based payment award, stock options granted exercise price | $ / shares | $ 2.60 | ||||||||||||||
Stock options exercisable | 1,468,707 | 1,468,707 | |||||||||||||
Number of shares unvested | 812,507 | 812,507 | |||||||||||||
Share based compensation arrangement, shares vested | 1,593,640 | 1,593,640 | |||||||||||||
2022 Plan | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 20,231 | $ 2,849 | |||||||||||||
2022 Plan | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 13,452 | 1,895 | |||||||||||||
2022 Plan | Restricted share units | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 61,795 | 8,704 | |||||||||||||
Share based payment award, maximum shares authorized | 5,478,577 | ||||||||||||||
2022 Plan | Restricted share units | Administrative expenses | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | 35,425 | 4,990 | |||||||||||||
2022 Plan | Restricted share units | Research and Development Expense | |||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
Share-based compensation expense | ¥ 26,370 | $ 3,714 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numbers of shares | ||||
Exercised | (280,568) | (6,845,888) | (8,227,843) | |
2017 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 1,782,617 | 2,569,017 | 7,702,066 | |
Exercised | (73,444) | (786,400) | (5,122,549) | |
Forfeited | (10,500) | |||
Expired | (43,921) | |||
Number of shares Outstanding | 1,665,252 | 1,782,617 | 2,569,017 | 7,702,066 |
Exercisable | 1,665,252 | 1,782,617 | ||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 1 | $ 1 | $ 0.97 | |
Exercised | 1 | 1 | 0.96 | |
Forfeited | 1 | |||
Expired | 1 | |||
Outstanding as of December 31 | 1 | $ 1 | $ 1 | $ 0.97 |
Exercisable as of December 31 | $ 1 | |||
Weighted average remaining contractual term, Outstanding | 3 years 7 months 28 days | 4 years 9 months | 5 years 9 months 14 days | 6 years 9 months |
Weighted average remaining contractual term, Exercisable | 3 years 7 months 28 days | |||
Aggregate intrinsic value, Outstanding | $ 1,457 | $ 50,361 | $ 150,415 | |
2018 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 1,508,393 | 7,553,236 | 10,589,671 | |
Exercised | (333,998) | (6,044,843) | (3,036,435) | |
Expired | (998) | |||
Number of shares Outstanding | 1,173,397 | 1,508,393 | 7,553,236 | 10,589,671 |
Exercisable | 1,173,397 | |||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 1 | $ 1 | $ 1 | |
Exercised | 1 | 1 | 1 | |
Expired | 1 | |||
Outstanding as of December 31 | 1 | $ 1 | $ 1 | $ 1 |
Exercisable as of December 31 | $ 1 | |||
Weighted average remaining contractual term, Outstanding | 5 years 1 month 24 days | 6 years 1 month 24 days | 7 years 1 month 24 days | 8 years 1 month 24 days |
Weighted average remaining contractual term, Exercisable | 5 years 1 month 24 days | |||
Aggregate intrinsic value, Outstanding | $ 1,233 | $ 148,076 | $ 206,499 | |
2019 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 72,000 | 72,000 | ||
Granted | 72,000 | |||
Number of shares Outstanding | 72,000 | 72,000 | 72,000 | |
Exercisable | 72,000 | 48,000 | ||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 6.09 | $ 6.09 | $ 6.09 | |
Outstanding as of December 31 | 6.09 | $ 6.09 | $ 6.09 | $ 6.09 |
Exercisable as of December 31 | $ 6.09 | |||
Weighted average remaining contractual term, Outstanding | 6 years 18 days | 8 years 18 days | 9 years 3 months 29 days | |
Weighted average remaining contractual term, Exercisable | 6 years 18 days | |||
Aggregate intrinsic value, Outstanding | $ 1,045 | $ 1,038 | ||
2020 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 2,769,887 | 997,773 | 1,044,368 | |
Granted | 0 | 2,026,300 | 133,913 | |
Exercised | (14,645) | (68,859) | ||
Forfeited | (291,751) | (170,490) | (111,495) | |
Expired | (179,992) | (69,051) | (154) | |
Number of shares Outstanding | 2,298,144 | 2,769,887 | 997,773 | 1,044,368 |
Exercisable | 1,299,637 | 353,949 | ||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 8.81 | $ 7.61 | $ 5.91 | |
Granted | 9.20 | 18.85 | ||
Exercised | 5.91 | 5.91 | ||
Forfeited | 10.33 | 7.65 | 6.23 | |
Expired | 10.78 | 6.74 | 5.91 | |
Outstanding as of December 31 | 8.47 | $ 8.81 | $ 7.61 | $ 5.91 |
Exercisable as of December 31 | $ 8.21 | |||
Weighted average remaining contractual term, Outstanding | 7 years 7 months 13 days | 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 4 months 13 days | |||
Aggregate intrinsic value, Outstanding | $ 12,967 | $ 15,237 | ||
2021 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 4,305,672 | 2,444,440 | ||
Granted | 322,575 | 2,787,738 | 2,698,245 | |
Forfeited | (770,989) | (880,304) | (253,805) | |
Expired | (401,300) | (46,202) | ||
Number of shares Outstanding | 3,455,958 | 4,305,672 | 2,444,440 | |
Exercisable | 1,569,157 | 519,377 | ||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 17.32 | $ 26.44 | ||
Granted | 6.20 | 9.20 | $ 26.43 | |
Forfeited | 15.31 | 18.21 | 26.39 | |
Expired | 14.34 | 26.39 | ||
Outstanding as of December 31 | 17.07 | $ 17.32 | $ 26.44 | |
Exercisable as of December 31 | $ 18.07 | |||
Weighted average remaining contractual term, Outstanding | 7 years 10 months 17 days | 8 years 10 months 20 days | 9 years 6 months 25 days | |
Weighted average remaining contractual term, Exercisable | 7 years 8 months 8 days | |||
2022 Plan | ||||
Numbers of shares | ||||
Granted | 6,672,944 | 0 | ||
Forfeited | (812,507) | |||
Expired | (124,933) | |||
Number of shares Outstanding | 5,735,504 | |||
Exercisable | 1,468,707 | |||
Weighted average exercise price | ||||
Granted | $ 2.60 | |||
Forfeited | 2.41 | |||
Expired | 2.41 | |||
Outstanding as of December 31 | 2.62 | |||
Exercisable as of December 31 | $ 2.62 | |||
Weighted average remaining contractual term, Outstanding | 8 years 11 months 12 days | |||
Weighted average remaining contractual term, Exercisable | 8 years 8 months 26 days |
SHARE-BASED COMPENSATION - Sc_2
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | ¥ 197,817 | $ 27,862 | ¥ 371,000 | ¥ 621,876 |
2017 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 3,126 | |||
2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 4,790 | |||
2019 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 13 | 2 | 288 | 707 |
2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 13,732 | 1,933 | 45,811 | 26,879 |
2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 35,761 | 5,037 | 114,799 | 55,656 |
2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 33,683 | 4,744 | ||
Restricted share units | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 16,464 | 2,319 | 59,668 | 354,272 |
Restricted share units | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 36,369 | 5,123 | 150,434 | 117,559 |
Restricted share units | 2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 61,795 | 8,704 | ||
Restricted share unit, special awards | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 58,887 | |||
Research and Development Expense | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 66,758 | 9,403 | 117,876 | 201,926 |
Research and Development Expense | 2017 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | (225) | |||
Research and Development Expense | 2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 55 | |||
Research and Development Expense | 2019 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 0 | 0 | 0 | 0 |
Research and Development Expense | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 3,244 | 457 | 17,068 | 14,915 |
Research and Development Expense | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 8,540 | 1,203 | 36,104 | 20,430 |
Research and Development Expense | 2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 13,452 | 1,895 | ||
Research and Development Expense | Restricted share units | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 4,657 | 656 | 18,055 | 118,368 |
Research and Development Expense | Restricted share units | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 10,495 | 1,478 | 46,649 | 44,227 |
Research and Development Expense | Restricted share units | 2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 26,370 | 3,714 | ||
Research and Development Expense | Restricted share unit, special awards | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 4,156 | |||
Administrative expenses | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 126,244 | 17,781 | 239,272 | 406,683 |
Administrative expenses | 2017 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 2,835 | |||
Administrative expenses | 2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 4,478 | |||
Administrative expenses | 2019 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 13 | 2 | 288 | 707 |
Administrative expenses | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 9,189 | 1,294 | 25,897 | 8,702 |
Administrative expenses | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 25,683 | 3,617 | 75,980 | 35,226 |
Administrative expenses | 2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 20,231 | 2,849 | ||
Administrative expenses | Restricted share units | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 10,232 | 1,441 | 37,399 | 227,392 |
Administrative expenses | Restricted share units | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 25,471 | 3,588 | 99,708 | 73,332 |
Administrative expenses | Restricted share units | 2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 35,425 | 4,990 | ||
Administrative expenses | Restricted share unit, special awards | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 54,011 | |||
Equity in loss of an affiliate | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 4,815 | 678 | 13,852 | 13,267 |
Equity in loss of an affiliate | 2017 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 516 | |||
Equity in loss of an affiliate | 2018 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 257 | |||
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 | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 1,299 | 182 | 2,846 | 3,262 |
Equity in loss of an affiliate | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 1,538 | 217 | 2,715 | |
Equity in loss of an affiliate | Restricted share units | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | 1,575 | 222 | 4,214 | 8,512 |
Equity in loss of an affiliate | Restricted share units | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | ¥ 403 | $ 57 | ¥ 4,077 | 0 |
Equity in loss of an affiliate | Restricted share unit, special awards | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Share-based compensation expenses | ¥ 720 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Valuation Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2020 Plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 53.66% | ||
Expected volatility, Minimum | 50.78% | ||
Expected volatility, Maximum | 51.84% | ||
Risk-free interest rate (per annum) | 1.88% | ||
Risk-free interest rate, Minimum | 1.32% | ||
Risk-free interest rate, Maximum | 1.88% | ||
Exercise multiple, Minimum | 2.20 | 2.20 | |
Exercise multiple, Maximum | 2.80 | 2.80 | |
Expected dividend yield | 0% | ||
Time to maturity (in years) | 10 years | 10 years | |
2021 Plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility, Minimum | 59.49% | 53.66% | 51.77% |
Expected volatility, Maximum | 58.97% | 54.37% | |
Risk-free interest rate, Minimum | 3.88% | 1.88% | 1.44% |
Risk-free interest rate, Maximum | 3.53% | 1.68% | |
Exercise multiple, Minimum | 2.80 | 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 | 10 years |
2022 Plan | |||
SHARE-BASED COMPENSATION | |||
Expected volatility | 59.18% | ||
Risk-free interest rate (per annum) | 3.89% | ||
Exercise multiple, Minimum | 2.20 | ||
Exercise multiple, Maximum | 2.80 | ||
Expected dividend yield | 0% | ||
Time to maturity (in years) | 10 years |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of non-vested stock option activities (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2017 Plan | ||||
Numbers of shares | ||||
Forfeited | (10,500) | |||
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 | |||
2020 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 2,415,938 | |||
Granted | 0 | 2,026,300 | 133,913 | |
Vested | (1,125,680) | |||
Forfeited | (291,751) | (170,490) | (111,495) | |
Number of shares Outstanding | 998,507 | 2,415,938 | ||
Weighted average Grant date fair value | ||||
Weighted average grant date fair value Outstanding | $ 5.40 | |||
Vested | 5.22 | |||
Forfeited | 7.20 | |||
Weighted average grant date fair value Outstanding | $ 5.08 | $ 5.40 | ||
2021 Plan | ||||
Numbers of shares | ||||
Number of shares Outstanding | 3,786,295 | |||
Granted | 322,575 | 2,787,738 | 2,698,245 | |
Vested | (1,451,080) | |||
Forfeited | (770,989) | (880,304) | (253,805) | |
Number of shares Outstanding | 1,886,801 | 3,786,295 | ||
Weighted average Grant date fair value | ||||
Vested | $ 7.22 | |||
2022 Plan | ||||
Numbers of shares | ||||
Granted | 6,672,944 | 0 | ||
Vested | (1,593,640) | |||
Forfeited | (812,507) | |||
Number of shares Outstanding | 4,266,797 | |||
Weighted average Grant date fair value | ||||
Granted | $ 1.33 | |||
Vested | 1.34 | |||
Forfeited | 1.28 | |||
Weighted average grant date fair value Outstanding | $ 1.34 |
SHARE-BASED COMPENSATION - Sc_3
SHARE-BASED COMPENSATION - Schedule of Non-vested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2019 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 24,000 | |||
Vested | (24,000) | |||
Numbers of shares, Outstanding | 24,000 | |||
Weighted average remaining contractual term, Outstanding | 7 years 18 days | |||
2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Weighted average grant date fair value, Outstanding | $ 1.76 | |||
Weighted average grant date fair value, Granted | 1.07 | |||
Weighted average grant date fair value, Forfeited | 7.81 | |||
Weighted average grant date fair value, Outstanding | $ 8.36 | $ 1.76 | ||
2022 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Granted | 4,883,452 | |||
Vested | (2,912,354) | |||
Forfeited | (416,374) | |||
Numbers of shares, Outstanding | 1,554,724 | |||
Weighted average grant date fair value, Granted | $ 2.41 | |||
Weighted average grant date fair value, Vested | 2.41 | |||
Weighted average grant date fair value, Forfeited | 2.41 | |||
Weighted average grant date fair value, Outstanding | $ 2.41 | |||
Restricted share units | ||||
SHARE-BASED COMPENSATION | ||||
Vested | (2,912,354) | |||
Weighted average remaining contractual term, Outstanding | 9 years 7 days | |||
Aggregate intrinsic value, Outstanding | $ 1,284 | |||
Restricted share units | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 1,246,811 | 1,481,791 | 4,079,618 | |
Granted | 755,734 | 1,649,045 | ||
Vested | (576,326) | (720,232) | (4,048,000) | |
Forfeited | (152,478) | (270,482) | (198,872) | |
Numbers of shares, Outstanding | 518,007 | 1,246,811 | 1,481,791 | 4,079,618 |
Weighted average grant date fair value, Outstanding | $ 2.98 | $ 1 | ||
Weighted average grant date fair value, Vested | 11.76 | |||
Weighted average grant date fair value, Forfeited | 13.35 | |||
Weighted average grant date fair value, Outstanding | $ 12.33 | $ 2.98 | $ 1 | |
Weighted average remaining contractual term, Outstanding | 7 years 7 months 17 days | 8 years 6 months 18 days | 8 years 11 months 12 days | 9 years 8 months 12 days |
Aggregate intrinsic value, Outstanding | $ 428 | $ 2,266 | $ 30,531 | $ 83,632 |
Restricted share units | 2021 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 1,035,973 | |||
Granted | 2,080,299 | |||
Vested | (1,494,415) | (1,139,587) | ||
Forfeited | (206,519) | |||
Numbers of shares, Outstanding | 1,415,338 | 1,035,973 | ||
Weighted average grant date fair value, Outstanding | $ 5.19 | |||
Weighted average grant date fair value, Granted | 2.21 | |||
Weighted average grant date fair value, Vested | 5.94 | |||
Weighted average grant date fair value, Forfeited | 11.75 | |||
Weighted average grant date fair value, Outstanding | $ 6.46 | $ 5.19 | ||
Weighted average remaining contractual term, Outstanding | 8 years 9 months 25 days | 8 years 6 months 18 days | 9 years 6 months 25 days | |
Aggregate intrinsic value, Outstanding | $ 1,169 | $ 2,266 | $ 34,126 | |
Restricted share unit, special awards | 2020 Plan | ||||
SHARE-BASED COMPENSATION | ||||
Numbers of shares, Outstanding | 762,920 | |||
Vested | (762,920) | |||
Numbers of shares, Outstanding | 762,920 | |||
Weighted average grant date fair value, Vested | $ 1 | |||
Weighted average remaining contractual term, Outstanding | 9 years 7 months 24 days | |||
Aggregate intrinsic value, Outstanding | $ 14,877 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2018 Plan | ||||
Weighted average exercise price | ||||
Outstanding as of December 31 | $ 1 | $ 1 | $ 1 | |
Outstanding as of December 31 | $ 1 | $ 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 as of December 31 | $ 6.09 | $ 6.09 | 6.09 | |
Outstanding as of December 31 | 6.09 | $ 6.09 | 6.09 | 6.09 |
Weighted average remaining contractual term, Outstanding | 7 years 18 days | |||
2020 Plan | ||||
Weighted average exercise price | ||||
Outstanding as of December 31 | 8.81 | $ 7.61 | 5.91 | |
Granted | 9.20 | 18.85 | ||
Outstanding as of December 31 | 8.47 | 8.81 | 7.61 | $ 5.91 |
2021 Plan | ||||
Weighted average exercise price | ||||
Outstanding as of December 31 | 17.32 | 26.44 | ||
Granted | 6.20 | 9.20 | 26.43 | |
Outstanding as of December 31 | $ 17.07 | $ 17.32 | $ 26.44 | |
Restricted share units | ||||
Numbers of shares | ||||
Granted | 4,883,452 | |||
Vested | (2,912,354) | |||
Forfeited | (416,374) | |||
Numbers of shares, Outstanding | 1,554,724 | |||
Weighted average exercise price | ||||
Weighted average remaining contractual term, Outstanding | 9 years 7 days | |||
Aggregate intrinsic value, Outstanding | $ 1,284 | |||
Restricted share units | 2020 Plan | ||||
Numbers of shares | ||||
Vested | (576,326) | (720,232) | (4,048,000) | |
Weighted average exercise price | ||||
Weighted average remaining contractual term, Outstanding | 7 years 7 months 17 days | 8 years 6 months 18 days | 8 years 11 months 12 days | 9 years 8 months 12 days |
Aggregate intrinsic value, Outstanding | $ 428 | $ 2,266 | $ 30,531 | $ 83,632 |
Restricted share units | 2021 Plan | ||||
Numbers of shares | ||||
Numbers of shares, Outstanding | 1,035,973 | 1,656,253 | ||
Granted | 2,080,299 | 821,215 | 1,827,166 | |
Vested | (1,494,415) | (1,139,587) | ||
Forfeited | (206,519) | (301,908) | (170,913) | |
Numbers of shares, Outstanding | 1,415,338 | 1,035,973 | 1,656,253 | |
Weighted average exercise price | ||||
Weighted average remaining contractual term, Outstanding | 8 years 9 months 25 days | 8 years 6 months 18 days | 9 years 6 months 25 days | |
Aggregate intrinsic value, Outstanding | $ 1,169 | $ 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 | ||||||||||||||||||||||||||||||||||||||
Sep. 21, 2023 USD ($) | Jan. 31, 2022 CNY (¥) | Sep. 03, 2020 USD ($) | 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, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) | 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, 2023 USD ($) shares | Sep. 21, 2023 CNY (¥) | Sep. 21, 2023 USD ($) | Apr. 25, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2020 USD ($) shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ 810,646 | $ 114,177 | ¥ 904,901 | ¥ 1,212,958 | |||||||||||||||||||||||||||||||||||||||
Contract liabilities, current | 2,200 | 8,677 | $ 310 | ||||||||||||||||||||||||||||||||||||||||
Revenues | 27,644 | $ 3,893 | (221,563) | ¥ 88,026 | |||||||||||||||||||||||||||||||||||||||
Issue of shares, value | ¥ 133 | ¥ 132 | $ 19 | ||||||||||||||||||||||||||||||||||||||||
Issue of shares | shares | 185,613,662 | 190,879,919 | 164,888,519 | 185,613,662 | 190,879,919 | 164,888,519 | |||||||||||||||||||||||||||||||||||||
Contract liabilities, non-current | ¥ 292,124 | ¥ 267,878 | $ 41,145 | ||||||||||||||||||||||||||||||||||||||||
Interest payable | $ 9,000 | ||||||||||||||||||||||||||||||||||||||||||
Termination Fees | ¥ 4,200 | $ 600 | |||||||||||||||||||||||||||||||||||||||||
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 payment receivable | ¥ 1,225,300 | $ 173,000 | |||||||||||||||||||||||||||||||||||||||||
Collaboration Agreements with Tracon Pharmaceuticals, Inc. | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Termination fee payable | $ 9,000 | ||||||||||||||||||||||||||||||||||||||||||
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 | ¥ | ¥ 45,200 | ¥ 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 | |||||||||||||||||||||||||||||||||||||||||
Definitive license agreement | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Aggregate amount receivable | $ 340,000 | ||||||||||||||||||||||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | ¥ | ¥ 54,100 | 63,100 | 27,900 | ||||||||||||||||||||||||||||||||||||||||
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 Arrangement | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 0 | ||||||||||||||||||||||||||||||||||||||||||
Milestone payments | 1,500 | 200 | |||||||||||||||||||||||||||||||||||||||||
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 | ¥ | 51,800 | 48,400 | 24,300 | ||||||||||||||||||||||||||||||||||||||||
Operating expense | Collaboration Agreements with Tracon Pharmaceuticals, Inc. | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | 0 | 0 | 110 | 20 | |||||||||||||||||||||||||||||||||||||||
Administrative expenses | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Decrease in administrative expense | 8,000 | 1,100 | |||||||||||||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||||||||||||||
Revenues | ¥ | 0 | 6,000 | |||||||||||||||||||||||||||||||||||||||||
Upfront payment received | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||
MorphoSys AG | Licensing Agreement with MorphoSys AG | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Milestone payments | ¥ 6,900 | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||
Second milestone payment | ¥ 9,700 | $ 1,500 | |||||||||||||||||||||||||||||||||||||||||
MorphoSys AG | Research and development expense | Licensing Agreement with MorphoSys AG | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | 1,700 | 7,000 | 13,200 | ||||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Licensing Agreement with Genexine, Inc. | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Upfront license fee | ¥ | 0 | 0 | ¥ 0 | ||||||||||||||||||||||||||||||||||||||||
Milestone payments | 3,482,700 | 525,000 | |||||||||||||||||||||||||||||||||||||||||
Reduction in milestone payment | 50% | ||||||||||||||||||||||||||||||||||||||||||
Agreement terminated period (in years) | 15 years | 15 years | |||||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Licensing Agreement with Genexine, Inc. | GX-I7 | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Milestone payments | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Total transaction price under the agreement | $ 250,000 | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Study I | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | $ 11,000 | ||||||||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 53% | 53% | 17% | 17% | |||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | 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% | |||||||||||||||||||||||||||||||||||||||
Genexine, Inc. | Research and development expense | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | 1,200 | 4,700 | ¥ 8,800 | ||||||||||||||||||||||||||||||||||||||||
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 | Licensing Agreement with Genexine, Inc. | Development milestone | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Milestone payments | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||
MacroGenics | Licensing Agreement with 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. | |||||||||||||||||||||||||||||||||||||||||
MacroGenics | Research and development expense | Licensing Agreements | Minimum | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Milestone payments | $ 60,000 | ||||||||||||||||||||||||||||||||||||||||||
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 | ¥ | ¥ 49,600 | 33,700 | 20,700 | ||||||||||||||||||||||||||||||||||||||||
KG Bio | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Revenues | ¥ | ¥ 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
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 | Lemzoparlimab License | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Upfront license fee | 200,000 | 180,000 | |||||||||||||||||||||||||||||||||||||||||
Research and development expense | 183,000 | ||||||||||||||||||||||||||||||||||||||||||
Total transaction price under the agreement | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||||||||||
Contract liabilities | ¥ 16,900 | $ 2,400 | |||||||||||||||||||||||||||||||||||||||||
Upfront and milestone payments received | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||
AbbVie | Study I | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Research and development expense | 8,800 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | 5,800 | 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 | $ 8,200 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | 39,900 | 6,000 | 900 | 27,800 | $ 4,200 | ||||||||||||||||||||||||||||||||||||||
Accumulated revenue recognized | ¥ | 7,200 | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
AbbVie | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Reversal of 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 | |||||||||||||||||||||||||||||||||||||||||
AbbVie | 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 | 84% | 84% | |||||||||||||||||||||||||||||||||||||||||
AbbVie | Strategic Alliance Agreement with PT Kalbe Genexine Biologics | Study II | |||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Cost-to-cost input method percent | 88% | 88% | 88% | 88% | |||||||||||||||||||||||||||||||||||||||
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 | 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 - Additional information (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 23, 2023 USD ($) | Jul. 23, 2023 CNY (¥) | Jan. 31, 2021 CNY (¥) | Aug. 31, 2020 USD ($) | Aug. 31, 2020 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Arbitration Relating To TJD5 and BsAbs Agreement | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Payments for legal settlements | $ 22 | ¥ 155.2 | |||||
I-Mab Hangzhou | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Milestone Payments | $ 3 | $ 3 | |||||
Licensing Agreement with Ferring | I-Mab Hangzhou | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Milestone Payments | $ 3 | ||||||
MorphoSys AG | Licensing Agreement with MorphoSys AG | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Milestone Payments | $ 1 | ¥ 6.9 | |||||
Payments Related To Withholding Tax Amount | ¥ | ¥ 1.1 |
LICENSING AND COLLABORATION A_5
LICENSING AND COLLABORATION ARRANGEMENTS - Financial Information (Details) - Research and development expense $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Licensing Agreement with MorphoSys [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Milestones | $ 1,500 |
Licensing Agreement with MacroGenics [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Milestones | $ 4,484 |
LICENSING AND COLLABORATION A_6
LICENSING AND COLLABORATION ARRANGEMENTS - Breakdown of licensing and collaboration revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Recognition in the year | ¥ 16,814 | $ 2,368 | ¥ 39,891 | ¥ 31,615 |
Reduction in the year | (314,181) | |||
Revenues | 16,814 | 2,368 | (249,665) | 40,115 |
AbbVie | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Revenues | ¥ 16,814 | $ 2,368 | (274,290) | 31,615 |
Other partners | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Revenues | ¥ 24,625 | ¥ 8,500 |
OTHER INCOME (EXPENSES), NET (D
OTHER INCOME (EXPENSES), NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
OTHER INCOME (EXPENSES), NET | ||||
Income of incentive payment from depository bank | ¥ 8,569 | $ 1,207 | ¥ 2,821 | ¥ 2,395 |
Fair value change of short-term and other investments | 26,461 | 3,727 | (13,549) | 30,360 |
Fair value change of put right liabilities | (7,888) | (1,111) | 34,260 | 16,628 |
Net foreign exchange gains (losses) | (60,704) | (8,550) | (175,391) | 25,373 |
Subsidy income | 5,354 | 754 | 25,470 | 9,216 |
Losses in deconsolidation of a subsidiary | (7,905) | (1,113) | ||
Others | (1,996) | (282) | (198) | (810) |
Other income (expenses), net | ¥ (38,109) | $ (5,368) | ¥ (126,587) | ¥ 83,162 |
OTHER INCOME (EXPENSES), NET -
OTHER INCOME (EXPENSES), NET - Additional information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Subsidy income | ¥ 27,644 | $ 3,893 | ¥ (221,563) | ¥ 88,026 |
Grant | ||||
Subsidy income | ¥ 18,900 |
NET LOSS PER SHARE - Basic and
NET 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, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to I-Mab | ¥ (1,465,694) | $ (206,439) | ¥ (2,507,317) | ¥ (2,331,541) |
Net loss attributable to ordinary shareholders | ¥ (1,465,694) | $ (206,439) | ¥ (2,507,317) | ¥ (2,331,541) |
Denominator: | ||||
Denominator for basic calculation-weighted average number of common shares outstanding | 191,423,850 | 191,423,850 | 189,787,292 | 174,707,055 |
Denominator for diluted loss per share calculation | 191,423,850 | 191,423,850 | 189,787,292 | 174,707,055 |
Net loss per share - basic | (per share) | ¥ (7.66) | $ (1.08) | ¥ (13.21) | ¥ (13.35) |
Net loss per share - diluted | (per share) | ¥ (7.66) | $ (1.08) | ¥ (13.21) | ¥ (13.35) |
NET LOSS PER SHARE - Antidiluti
NET LOSS PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted share units | |||
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 | 1,543,009 | 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 | 617,707 | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EMPLOYEE BENEFITS | |||
Employee benefit expenses | ¥ 26,401 | ¥ 35,332 | ¥ 26,426 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Feb. 06, 2024 USD ($) | Jan. 29, 2024 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
COMMITMENT AND CONTINGENCIES | ||||
Capital expenditure incurred | ¥ | ¥ 0 | ¥ 4,392 | ||
Segment Discontinued Operations | I-Mab Hong Kong | Subsequent Event | I-Mab Hangzhou | ||||
COMMITMENT AND CONTINGENCIES | ||||
Exchange for extinguishment of the existing repurchase obligations | $ 183,000 | |||
Monetary claim by nonparticipating shareholders | $ 17,360 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS - Related party balances (Details) - I-Mab Hangzhou ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Related Party Transaction [Line Items] | |||
Prepayments and other receivables | ¥ 14,208 | $ 2,001 | ¥ 8,231 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember |
Accruals and other payables | ¥ 35,058 | $ 4,938 | ¥ 64,782 |
Other Liability, Related Party, Type [Extensible Enumeration] | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember |
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 ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | ¥ 810,646 | $ 114,177 | ¥ 904,901 | ¥ 1,212,958 | |
Subsidy income | 27,644 | 3,893 | (221,563) | 88,026 | |
Provision of FTE and other services - recognized in other income | (38,109) | (5,368) | (126,587) | 83,162 | |
Provision of FTE and other services - recognized in other income | 8,569 | 2,821 | 2,395 | ||
I-Mab Hangzhou | |||||
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | 96,359 | 13,572 | 84,673 | 2,465 | |
Subsidy income | 18,583 | ||||
Expenses paid on behalf of an affiliate | 17,649 | ||||
Proceeds from Contributions from Affiliates | $ 30,000 | 281 | |||
Amounts received related to the sublicense agreement | 19,102 | ||||
Provision of FTE and other services - recognized in other income | 11,691 | ||||
Amounts received on behalf of an affiliate | $ 30,000 | 281 | |||
Amounts paid by an affiliate on behalf of the group | ¥ 69 | $ 10 | ¥ 837 | 25,448 | |
Jiangsu Taslydiyi Pharmaceutical Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Receipt of CRO and CMC services - recognized in research and development expenses | ¥ 2,697 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | |
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 | ¥ | ¥ 0.1 | |||
Percentage of net asset to consolidated net assets | 25% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions | Feb. 06, 2024 USD ($) |
I-Mab Hangzhou | |
Subsequent Event [Line Items] | |
Equity interest subscription amount | $ 19 |
Segment Discontinued Operations | I-Mab Shanghai | I-Mab Hangzhou | |
Subsequent Event [Line Items] | |
Percentage of transfer of outstanding equity interest | 100% |
Segment Discontinued Operations | I-Mab Shanghai | I-Mab Hangzhou | Maximum | |
Subsequent Event [Line Items] | |
Aggregate consideration | $ 80 |
Segment Discontinued Operations | I-Mab Hangzhou | I-Mab Hong Kong | |
Subsequent Event [Line Items] | |
Exchange for extinguishment of the existing repurchase obligations | 183 |
Segment Discontinued Operations | I-Mab Hangzhou | I-Mab Hong Kong | Maximum | |
Subsequent Event [Line Items] | |
Total amount of potential repurchase obligations owed | 35 |
Segment Discontinued Operations | I-Mab Hangzhou | I-Mab Hong Kong | Minimum | |
Subsequent Event [Line Items] | |
Total amount of potential repurchase obligations owed | $ 30 |