UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date of Report: February 17, 2023
Commission File Number: 001-39307
Legend Biotech Corporation
(Exact Name of Registrant as Specified in its Charter)
2101 Cottontail Lane
Somerset, New Jersey 08873
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
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Legend Biotech Reports Second Quarter 2022 Financial Results
Legend Biotech Corporation (“Legend Biotech”) is filing this Form 6-K to report its unaudited condensed consolidated statements of profit or loss for the three and six months ended June 30, 2022 and its unaudited condensed consolidated statements of financial position as at June 30, 2022, as required by Nasdaq Listing Rule 5250(c)(2).
This report on Form 6-K is hereby incorporated by reference in the registration statements of Legend Biotech on Form F-3 (Nos. 333-257609 and 333-257625) and Form S-8 (No. 333-239478), to the extent not superseded by documents or reports subsequently filed.
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LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Three months ended June 30, 2022 | Six months ended June 30, 2022 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
| (in thousands, US$, except share and per share data) | ||||||||||||||
| REVENUE | ||||||||||||||
| License revenue | — | 50,000 | ||||||||||||
| Collaboration revenue | 11,937 | 11,937 | ||||||||||||
| Other revenue | 34 | 74 | ||||||||||||
| Total Revenue | 11,971 | 62,011 | ||||||||||||
| Collaboration cost of revenue | (16,939) | (16,939) | ||||||||||||
| Other income and gains | 1,856 | 2,868 | ||||||||||||
| Research and development expenses | (68,827) | (150,375) | ||||||||||||
| Administrative expenses | (18,050) | (30,707) | ||||||||||||
| Selling and distribution expenses | (27,440) | (48,742) | ||||||||||||
| Other expenses | (8,099) | (9,626) | ||||||||||||
| Fair value gain/loss of warrant liability | (65,900) | (31,000) | ||||||||||||
| Finance costs | (1,643) | (2,687) | ||||||||||||
| LOSS BEFORE TAX | (193,071) | (225,197) | ||||||||||||
| Income tax expense | (157) | (320) | ||||||||||||
| LOSS FOR THE PERIOD | (193,228) | (225,517) | ||||||||||||
| Attributable to: | ||||||||||||||
| Ordinary equity holders of the parent | (193,228) | (225,517) | ||||||||||||
| Loss per share attributable to ordinary equity holders of the parent: | ||||||||||||||
| Ordinary shares – basic | (0.62) | (0.73) | ||||||||||||
| Ordinary shares – diluted | (0.62) | (0.73) | ||||||||||||
| Shares used in loss per share computation: | ||||||||||||||
| Ordinary shares – basic | 309,777,816 | 309,241,404 | ||||||||||||
| Ordinary shares – diluted | 309,777,816 | 309,241,404 | ||||||||||||
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LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| June 30, 2022 | |||||||||||
| (Unaudited) | |||||||||||
| (in thousands, US$) | |||||||||||
| NON-CURRENT ASSETS | |||||||||||
| Property, plant and equipment | 106,181 | ||||||||||
| Advance payments for property, plant and equipment | 191 | ||||||||||
| Right-of-use assets | 39,423 | ||||||||||
| Other non-current assets | 31,911 | ||||||||||
| Intangible assets | 4,624 | ||||||||||
| Time deposits | 4,470 | ||||||||||
| Total non-current assets | 186,800 | ||||||||||
| CURRENT ASSETS | |||||||||||
| Collaboration inventories | 8,158 | ||||||||||
| Trade receivables | 461 | ||||||||||
| Prepayments, other receivables and other assets | 42,143 | ||||||||||
| Collaboration lease receivables | 671 | ||||||||||
| Pledged deposits | 1,402 | ||||||||||
| Time deposits | 403,334 | ||||||||||
| Cash and cash equivalents | 379,776 | ||||||||||
| Total current assets | 835,945 | ||||||||||
| Total assets | 1,022,745 | ||||||||||
| CURRENT LIABILITIES | |||||||||||
| Trade and notes payables | 12,238 | ||||||||||
| Other payables and accruals | 116,842 | ||||||||||
| Government grants | 315 | ||||||||||
| Tax payable | 9,339 | ||||||||||
| Warrant liability | 118,900 | ||||||||||
| Lease liabilities | 2,122 | ||||||||||
| Total current liabilities | 259,756 | ||||||||||
| NON-CURRENT LIABILITIES | |||||||||||
| Lease liabilities | 4,380 | ||||||||||
| Collaboration interest-bearing advanced funding | 189,218 | ||||||||||
| Other non-current liabilities | 314 | ||||||||||
| Government grants | 6,445 | ||||||||||
| Total non-current liabilities | 200,357 | ||||||||||
| Total liabilities | 460,113 | ||||||||||
| EQUITY | |||||||||||
| Share capital | 31 | ||||||||||
| Reserves | 562,601 | ||||||||||
| Total ordinary shareholders’ equity | 562,632 | ||||||||||
| Total equity | 562,632 | ||||||||||
| Total liabilities and equity | 1,022,745 | ||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LEGEND BIOTECH CORPORATION | ||||||||
| Date: February 17, 2023 | By: | /s/ Ying Huang | ||||||
| Name: | Ying Huang, Ph.D. | |||||||
| Title: | Chief Executive Officer | |||||||
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