Cover
Cover | 9 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | Legend Biotech Corporation |
Entity Central Index Key | 0001801198 |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUE | ||
License revenue | $ 35,172 | $ 50,000 |
Collaboration revenue | 170,369 | 39,236 |
Other revenue | 138 | 136 |
Total revenue | 205,679 | 89,372 |
Collaboration cost of revenue | (111,764) | (42,399) |
Other income and gains | 49,812 | 4,693 |
Research and development expenses | (276,535) | (254,892) |
Administrative expenses | (78,062) | (53,950) |
Selling and distribution expenses | (60,481) | (67,594) |
Other expenses | (231) | (9,496) |
Fair value gain/(loss) of warrant liability | (85,750) | 30,200 |
Finance costs | (15,974) | (5,935) |
Loss before tax | (373,306) | (310,001) |
Income tax benefit/(expense) | (130) | (472) |
LOSS FOR THE PERIOD | (373,436) | (310,473) |
Attributable to: | ||
Ordinary equity holders of the parent | $ (373,436) | $ (310,473) |
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | ||
Basic (in dollars per share) | $ (1.07) | $ (990) |
Diluted (in dollars per share) | $ (1.07) | $ (990) |
OTHER COMPREHENSIVE INCOME | ||
Exchange differences on translation of foreign operations | $ (13,705) | $ 1,143 |
Net other comprehensive (loss)/ income that may be reclassified to profit or loss in subsequent periods | (13,705) | 1,143 |
OTHER COMPREHENSIVE (LOSS)/ INCOME FOR THE PERIOD, NET OF TAX | (13,705) | 1,143 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (387,141) | (309,330) |
Attributable to: | ||
Ordinary equity holders of the parent | $ (387,141) | $ (309,330) |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 109,503 | $ 105,168 |
Advance payments for property, plant and equipment | 419 | 914 |
Right-of-use assets | 74,811 | 55,590 |
Time deposits | 4,268 | 0 |
Intangible assets | 4,009 | 3,409 |
Collaboration prepaid leases | 135,997 | 65,276 |
Other non-current assets | 1,531 | 1,487 |
Total non-current assets | 330,538 | 231,844 |
CURRENT ASSETS | ||
Collaboration inventories | 18,014 | 10,354 |
Trade receivables | 20 | 90 |
Prepayments, other receivables and other assets | 66,569 | 61,755 |
Financial assets at fair value through profit or loss | 185,792 | 185,603 |
Pledged deposits | 356 | 1,270 |
Time deposits | 274,575 | 54,016 |
Cash and cash equivalents | 963,470 | 786,031 |
Total current assets | 1,508,796 | 1,099,119 |
Total assets | 1,839,334 | 1,330,963 |
CURRENT LIABILITIES | ||
Trade payables | 17,173 | 32,893 |
Other payables and accruals | 144,651 | 184,109 |
Government grants | 630 | 451 |
Lease liabilities | 2,915 | 3,563 |
Tax payable | 9,853 | 9,772 |
Warrant liability | 0 | 67,000 |
Total current liabilities | 175,222 | 297,788 |
NON-CURRENT LIABILITIES | ||
Collaboration interest-bearing advanced funding | 275,906 | 260,932 |
Lease liabilities long term | 41,687 | 20,039 |
Government grants | 6,764 | 7,659 |
Other non-current liabilities | 119 | 233 |
Total non-current liabilities | 324,476 | 288,863 |
Total liabilities | 499,698 | 586,651 |
EQUITY | ||
Share capital | 36 | 33 |
Reserves | 1,339,600 | 744,279 |
Total ordinary shareholders’ equity | 1,339,636 | 744,312 |
Total equity | 1,339,636 | 744,312 |
Total liabilities and equity | $ 1,839,334 | $ 1,330,963 |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Private Placement for Public Offering | Private Placement for Institutional Investors | Registered Direct Offering | Exercise of Warrant | Share capital | Share capital Private Placement for Public Offering | Share capital Private Placement for Institutional Investors | Share capital Registered Direct Offering | Share capital Exercise of Warrant | Share premium | [1] | Share premium Private Placement for Public Offering | [1] | Share premium Private Placement for Institutional Investors | [1] | Share premium Registered Direct Offering | [1] | Share premium Exercise of Warrant | [1] | Share-based compensation reserves | [1] | Foreign currency translation reserve | [1] | Retained earnings/(accumulated losses) | [1] |
Beginning balance at Dec. 31, 2021 | $ 765,944 | $ 31 | $ 1,261,454 | $ 19,702 | $ 4,864 | $ (520,107) | ||||||||||||||||||||
Statement of changes in equity [Roll Forward] | ||||||||||||||||||||||||||
Loss for the period | (310,473) | (310,473) | ||||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 1,143 | 1,143 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (309,330) | 1,143 | (310,473) | |||||||||||||||||||||||
Issuance of ordinary shares | $ 377,643 | $ 2 | $ 377,641 | |||||||||||||||||||||||
Exercise of share options | 2,305 | 3,280 | (975) | |||||||||||||||||||||||
Reclassification of vested restricted share units | 0 | 12,314 | (12,314) | |||||||||||||||||||||||
Equity-settled share-based compensation expense | 25,365 | 25,365 | ||||||||||||||||||||||||
Ending balance at Sep. 30, 2022 | 861,927 | 33 | 1,654,689 | 31,778 | 6,007 | (830,580) | ||||||||||||||||||||
Beginning balance at Dec. 31, 2022 | 744,312 | 33 | 1,657,015 | 39,049 | 14,671 | (966,456) | ||||||||||||||||||||
Statement of changes in equity [Roll Forward] | ||||||||||||||||||||||||||
Loss for the period | (373,436) | (373,436) | ||||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | (13,705) | (13,705) | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (387,141) | (13,705) | (373,436) | |||||||||||||||||||||||
Issuance of ordinary shares | $ 234,410 | $ 349,278 | $ 352,491 | $ 1 | $ 1 | $ 1 | $ 234,409 | $ 349,277 | $ 352,490 | |||||||||||||||||
Exercise of share options | 11,195 | 17,301 | (6,106) | |||||||||||||||||||||||
Reclassification of vested restricted share units | 0 | 23,421 | (23,421) | |||||||||||||||||||||||
Equity-settled share-based compensation expense | 35,091 | 35,091 | ||||||||||||||||||||||||
Ending balance at Sep. 30, 2023 | $ 1,339,636 | $ 36 | $ 2,633,913 | $ 44,613 | $ 966 | $ (1,339,892) | ||||||||||||||||||||
[1]These reserve accounts comprise the consolidated reserves of $1,339.6 million and $861.9 million in the consolidated statements of financial position as at September 30, 2023 and, 2022, respectively |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | ||
Loss before tax | $ (373,306) | $ (310,001) |
Adjustments for: | ||
Finance income | (37,185) | (3,293) |
Finance costs | 15,974 | 5,935 |
Depreciation of property, plant and equipment | 7,978 | 7,692 |
Loss on disposal of property, plant and equipment | 223 | 8 |
Amortization of intangible assets | 1,442 | 1,621 |
Depreciation of right-of-use assets | 5,680 | 3,830 |
Fair value gain/(loss) of warrant liability | 85,750 | (30,200) |
Fair value gains on financial assets measured at fair value through profit or loss | (792) | (102) |
Foreign currency exchange loss, net | (10,136) | 9,322 |
Equity-settled share-based compensation expense | 35,091 | 25,365 |
Deferred government grant | (484) | (234) |
Cash flows from (used in) operations before changes in working capital | (269,765) | (290,057) |
Decrease in trade receivables | 70 | 50,351 |
Increase in prepayments, other receivables and other assets | (6,413) | (63,446) |
Decrease in other non-current assets | 0 | 895 |
Increase in collaboration inventories | (7,660) | (8,680) |
Government grant received | 0 | 6,521 |
(Decrease)/increase in trade payables | (15,720) | 30,504 |
(Decrease)/increase in other payables and accruals | (28,784) | 117,544 |
Decrease in other non-current liabilities | (1,243) | (122) |
Cash used in operations | (329,515) | (156,490) |
Interest income received | 32,903 | 1,801 |
Income tax received | 0 | 3,709 |
Interest on lease payments | (1,019) | (559) |
Net cash used in operating activities | (297,631) | (151,539) |
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (15,739) | (14,374) |
Purchase of intangible assets | (134) | (379) |
Prepayment to collaborator for collaboration assets | (80,218) | (7,846) |
Purchase of financial assets measured at fair value through profit or loss | 0 | (160,000) |
Cash received from withdrawal of financial assets measured at fair value through profit or loss | 0 | 99,990 |
Cash received from withdrawal of financial assets measured at amortized cost | 0 | 30,000 |
Cash receipts of investment income | 6,402 | 310 |
Decrease/(addition) of pledged short-term deposits | 922 | (400) |
Addition in time deposits | (2,948,694) | (369,971) |
Decrease in time deposits | 2,722,738 | 320,646 |
Net cash used in investing activities | (314,723) | (102,024) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from registered direct offering, net of issuance costs | 0 | 0 |
Proceeds from exercise of warrant by warrant holder, net of issuance cost | 199,741 | 0 |
Proceeds from issuance of ordinary shares for follow on public offering, net of issuance costs | 349,278 | 377,643 |
Proceeds from issuance of ordinary shares for institutional investors, net of issuance costs | 234,410 | 0 |
Proceeds from exercise of share options | 11,195 | 2,305 |
Principal portion of lease payments | (4,059) | (1,189) |
Net cash provided by financing activities | 790,565 | 378,759 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 178,211 | 125,196 |
Effect of foreign exchange rate changes, net | (772) | (1,401) |
Cash and cash equivalents at beginning of year | 786,031 | 688,938 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 963,470 | 812,733 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | ||
Cash and bank balances | 1,242,669 | 1,031,334 |
Less: Pledged deposits | 356 | 1,851 |
Time deposits | 278,843 | 216,750 |
Cash and cash equivalents as stated in the statement of financial position | 963,470 | 812,733 |
Cash and cash equivalents as stated in the statement of cash flows | $ 963,470 | $ 812,733 |
UNAUDITED INTERIM CONDENSED C_5
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Statement of changes in equity [abstract] | |||
Reserves | $ 1,339,600 | $ 744,279 | $ 861,900 |
Corporate Information
Corporate Information | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of subsidiaries [abstract] | |
Corporate Information | CORPORATE INFORMATION Legend Biotech Corporation ("Legend") was incorporated on May 27, 2015 as an exempted company in the Cayman Islands with limited liability under the Companies Law of the Cayman Islands. The address of Legend's registered office is PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grant Cayman KY1-1002, Cayman Islands. Legend is an investment holding company. Legend’s subsidiaries are principally engaged in the discovery, development, manufacturing and commercialization of novel cell therapies for oncology and other indications. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Preparation [Abstract] | |
Basis of Preparation | BASIS OF PREPARATION The unaudited interim condensed consolidated financial statements of Legend and its subsidiaries (collectively referred to as the “Company”) for the nine months ended September 30, 2023 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting (“IAS34”) issued by the International Accounting Standards Board (the “IASB”). The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company financial statements for the year ended December 31, 2022. The Company has not early adopted any other standards, interpretation or amendments that have been issued but are not yet effective. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the nine months ended September 30, 2023 are not necessarily indicative of results to be expected for any other interim periods or for the year ended December 31, 2023. The condensed consolidated statement of financial position as of December 31, 2022 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by the IASB for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022. |
New Standards, Interpretations
New Standards, Interpretations and Amendments Adopted by the Company | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
New Standards, Interpretations and Amendments Adopted by the Company | NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANYThere were no new International Financial Reporting Standards (“IFRS”), amendments or interpretations issued by the IASB that became effective in the nine months ended September 30, 2023 that had a material impact on the Company's unaudited interim condensed consolidated financial statements. |
Revenue, Other Income and Gains
Revenue, Other Income and Gains | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue, Other Income and Gains | REVENUE, OTHER INCOME AND GAINS An analysis of revenue is as follows: Nine months ended September 30, 2023 2022 US$’000 US$’000 Revenue Licensing of intellectual property 35,172 50,000 Collaboration revenue 170,369 39,236 Other revenue 138 136 Total 205,679 89,372 Revenue from licensing of intellectual property is recognized at a point in time. Revenue from licensing of intellectual property represents variable consideration relating to the milestone payments that were constrained in prior years but included in the transaction price when the achievement of the milestones was highly probable. Collaboration revenue includes our pro-rata share of collaboration net trade sales for which Janssen Biotech, Inc. (“Janssen”) is the principal in the sale to the customer under the collaboration and license agreement with Janssen (the “Janssen Agreement”). Other revenue is related to an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd. and its affiliates and related subsequent sales-based royalties. Nine months ended September 30, 2023 2022 US$’000 US$’000 Other income and gains Other income: Finance income 37,185 3,293 Government grants* 1,528 1,066 Other 5 91 Total income 38,718 4,450 Gains: Foreign currency exchange gain, net 10,136 — Fair value gains on financial assets measured at fair value change through profit or loss 792 112 Other 166 131 Total gains 11,094 243 Total other income and gains 49,812 4,693 ________________________________ * The amount represents subsidies received from local government authorities to support the Company’s business. There were no unfulfilled conditions and other contingencies attached to these government grants. |
Loss Before Tax
Loss Before Tax | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Loss Before Tax | LOSS BEFORE TAX The Company’s loss before tax is arrived at after charging: Nine months ended September 30, 2023 2022 US$’000 US$’000 Employee benefit expense (including directors’ remuneration): Wages and salaries 148,850 104,324 Pension scheme contributions (defined contribution schemes) 5,251 4,333 Equity-settled share-based compensation expense 35,091 25,365 |
Finance Costs
Finance Costs | 9 Months Ended |
Sep. 30, 2023 | |
Finance Costs [Abstract] | |
Finance Costs | FINANCE COSTS Nine months ended September 30, 2023 2022 US$’000 US$’000 Interest on lease liabilities 1,019 286 Collaboration interest-bearing advanced funding 14,955 5,649 Total 15,974 5,935 |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Income Tax | INCOME TAX The Company is subject to income tax on an entity basis on profits arising in or derived from jurisdictions in which Legend or its subsidiaries are domiciled and operate. Cayman Islands Under the current laws of the Cayman Islands, Legend is not subject to tax on income or capital gains. Legend is subject to withholding tax on intercompany notes, which is insignificant. British Virgin Islands Under the current laws of the British Virgin Islands (“BVI”), the subsidiary that operates in BVI is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company’s subsidiaries incorporated in BVI to its shareholders, no withholding tax will be imposed. Hong Kong Under the current tax laws of Hong Kong, the subsidiary which operates in Hong Kong is subject to the two-tiered profits tax rates regime. The first HK$2,000,000 (2022: HK$2,000,000) of assessable profits were taxed at 8.25% (2022: 8.25%) and the remaining assessable profits were taxed at 16.5% (2022: 16.5%). Under the Hong Kong tax law, Legend's subsidiary in Hong Kong 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 of America Under the current tax laws of the United States, Legend's subsidiary which operates in the United States is subject to federal tax at a rate of 21% (2022: 21%) and a blended state tax rate of 5.4% (2022: 9%). Dividends payable by Legend's subsidiary in the United States, to non-US resident enterprises shall be subject to 30% withholding tax, unless the respective non-US resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangement with the United States that provides for a reduced withholding tax rate or an exemption from withholding tax. Ireland Under the current laws of Ireland, Legend's subsidiary which operates in Ireland is subject to Corporate Income Tax ("CIT") at a rate of 12.5% (2022: 12.5%) on its taxable trading income. Any non-trading income is subject to CIT at a rate of 25% (2022: 25%). Dividend withholding tax is imposed on distributions made by Irish companies at a rate of 25% in 2022 (2022: 25%) with many exemptions provided. Greater China Pursuant to the Corporate Income Tax Law of the People's Republic of China (the "PRC") and the respective regulations (the “CIT Law”), Legend's subsidiaries which operate in the PRC are subject to CIT at a rate of 25% on the taxable income. During the nine months ended September 30, 2023 and 2022, the applicable income tax rate was 25%. Dividends, interests, rent or royalties payable by Legend's PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% CIT, namely withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with the PRC that provides for a reduced withholding tax rate or an exemption from withholding tax. Belgium Under the current laws of Belgium, the subsidiary which operates in Belgium is subject to CIT at a rate of 25% on its taxable trading income. Dividend withholding tax is imposed on distributions made by Belgium companies at a rate of 30% with many exemptions provided. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the jurisdictions in which the Company operates. |
Loss per Share Attributable to
Loss per Share Attributable to Ordinary Equity Holders of the Parent | 9 Months Ended |
Sep. 30, 2023 | |
Basic earnings per share [abstract] | |
Loss per Share Attributable to Ordinary Equity Holders of the Parent | LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic loss per share amount is based on the loss for the period attributable to ordinary equity holders of Legend Biotech Corporation, and the weighted average number of ordinary shares of 348,293,363 and 314,094,019 in issue during the nine months ended September 30, 2023 and 2022, respectively. The calculation of the diluted earnings per share amount is based on the loss for the period attributable to ordinary equity holders of Legend Biotech Corporation. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all potentially dilutive securities into ordinary shares. No adjustment for dilution has been made to the basic loss per share amounts presented for the nine months ended September 30, 2023 and 2022, as the impact of the outstanding share options, restricted share units (the "RSUs"), and warrant liability had an anti-dilutive effect on the basic loss per share amounts presented. The calculations of basic and diluted loss per share are based on: Nine months ended September 30, 2023 2022 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (373,436) (310,473) Number of shares 2023 2022 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 348,293,363 314,094,019 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The carrying amounts of the Company’s property, plant and equipment and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 At January 1, 2023 Cost 130,377 Accumulated depreciation (25,209) Net carrying amount 105,168 At January 1, 2023, net of accumulated depreciation 105,168 Additions 14,110 Disposals (153) Depreciation provided during the period (7,978) Exchange realignment (1,644) At September 30, 2023, net of accumulated depreciation 109,503 At September 30, 2023: Cost 141,463 Accumulated depreciation (31,960) Net carrying amount 109,503 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Lease [Abstract] | |
Leases | LEASES The Company as a lessee The Company has lease contracts for leasehold land, buildings and collaboration assets. Lump sum payments were made upfront to acquire the leasehold land from the owners with lease periods of 50 years, and no ongoing payments will be made under the terms of these leasehold land contracts. Collaboration assets represent the Company’s share of assets leased to the collaboration from Janssen, which purchased the assets on behalf of the collaboration, in connection with the Janssen Agreement. Collaboration assets under construction that will be leased to the collaboration from Janssen when placed into service are classified as collaboration prepaid leases on the condensed consolidated financial statements. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets. (a) Right-of-use assets The carrying amounts of the Company’s right-of-use assets and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 Right-of-use assets at January 1, 2023 55,590 Additions 25,918 Exchange realignment (1,017) Depreciation of right-of-use assets (5,680) Right-of-use assets at September 30, 2023 74,811 (b) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The balance of the Company’s lease liabilities and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 Carrying amount at January 1, 2023 (23,602) Additions (25,925) Accretion of interest recognized during the period (1,013) Payments 5,072 Exchange realignment 866 Carrying amount at September 30, 2023 (44,602) Analyzed into: Current portion (2,915) Non-current portion (41,687) Total (44,602) |
Collaboration Inventories
Collaboration Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Classes of current inventories [abstract] | |
Collaboration Inventories | COLLABORATION INVENTORIES September 30, December 31, US$’000 US$’000 Raw materials 11,737 6,989 Work-in-process 2,287 690 Finished goods 3,990 2,675 Total collaboration inventories 18,014 10,354 The Company's reserve for inventory was $6.6 million and $5.3 million as of September 30, 2023 and December 31, 2022, respectively. The Company’s reserve for inventory primarily represented expired material and certain batches or units of product that did not meet quality specifications that were charged to collaboration cost of sales. |
Prepayments, Other Receivables
Prepayments, Other Receivables and Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
Prepayments, Other Receivables and Other Assets | PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS September 30, December 31, US$’000 US$’000 Interest receivable — 1,517 Other receivables 48,332 41,324 Lease receivables 99 188 VAT recoverable 1,236 1,396 Prepayments 16,902 17,330 Total 66,569 61,755 None of the above assets are either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. The Company estimated that the expected credit loss for the above receivables as at September 30, 2023 and December 31, 2022 is insignificant. |
Cash and Cash Equivalents, Time
Cash and Cash Equivalents, Time Deposits and Pledged Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
Cash and Cash Equivalents, Time Deposits and Pledged Deposits | CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS September 30, December 31, US$’000 US$’000 Cash and bank balances 1,242,669 841,317 Pledged deposits (356) (1,270) Time deposits (278,843) (54,016) Cash and cash equivalents 963,470 786,031 Denominated in USD 932,371 727,160 Denominated in RMB 13,411 21,472 Denominated in EUR 17,688 37,399 Cash and cash equivalents 963,470 786,031 The cash and cash equivalents of the Company denominated in Renminbi (“RMB”) amounted to $13.4 million and $21.5 million as at September 30, 2023 and December 31, 2022, respectively. The RMB is not freely convertible into other currencies, however, under Greater China Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business. The pledged deposit as at September 30, 2023 and December 31, 2022 was pledged for issuing a letter of guarantee to a supplier of the Company and for credit card facilities. |
Other Payables and Accruals
Other Payables and Accruals | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
Other Payables and Accruals | OTHER PAYABLES AND ACCRUALS September 30, December 31, US$’000 US$’000 Accrued payroll 25,189 21,892 Accrued expense 89,581 127,390 Other payables 11,649 10,960 Payable for Collaboration Assets 16,465 22,852 Other tax payables 1,767 1,015 Total 144,651 184,109 Other payables are non-interest-bearing and repayable on demand. |
Warrant Liability
Warrant Liability | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of reserves within equity [abstract] | |
Warrant Liability | WARRANT LIABILITY On May 13, 2021, the Company entered into a subscription agreement with an institutional investor (the “PIPE Investor”) relating to the offer and sale of 20,809,850 ordinary shares of the Company, par value $0.0001 per share (the “ordinary shares”), in a private placement at a purchase price of $14.41625 per ordinary share (the “PIPE Offering”). The total proceeds from the PIPE Offering were $300.0 million. Pursuant to the subscription agreement, the Company also issued to the PIPE Investor, concurrently with the PIPE offering, a warrant (the “Warrant”) exercisable for up to an aggregate of 10,000,000 ordinary shares (such transaction together with the PIPE Offering, the “Transactions”). The Transactions closed on May 21, 2021 (the “Closing Date”). The Warrant was exercisable, in whole or in part, at an exercise price of $20.00 per ordinary share. The Warrant was exercisable after the Closing Date and prior to the two-year anniversary of the Closing Date. On May 11, 2023, the PIPE Investor exercised the Warrant in full for an aggregate exercise price of $200.0 million, and, as a result, the Company issued 10,000,000 ordinary shares to the PIPE Investor. The Warrant was accounted for as a financial liability because the Warrant was net share settleable at the holder’s option. In 2023, up to the exercise of the warrant, the Company recorded a fair value loss of $85.8 million. The movement of the warrant liability is set out as below: Total US$’000 At January 1, 2023 67,000 Fair value loss of the warrant liability 85,750 Exercise of the warrant liability (152,750) At September 30, 2023 — |
Collaboration Interest-Bearing
Collaboration Interest-Bearing Advanced Funding | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Collaboration Interest-Bearing Advanced Funding | COLLABORATION INTEREST-BEARING ADVANCED FUNDING Effective interest rate (%) Maturity September 30, US$’000 Non-current Loans from a collaborator 8.64 No specific maturity date 275,906 Pursuant to the Janssen Agreement, the Company is entitled to receive funding advances from Janssen when certain operational conditions are met. As a result, the Company took an initial funding advance with principal amounting to $17.3 million on June 18, 2021, a second funding advance with principal amounting to $53.1 million on September 17, 2021, a third funding advance with principal amounting to $49.3 million on December 17, 2021, a forth funding advance with principal amounting to $5.3 million on March 18, 2022, a fifth funding advance with principal amounting to $60.9 million on June 17, 2022, a sixth funding advance with principal amounting to $60.5 million on September 16, 2022, and a seventh funding advance with principal amounting to $3.6 million on December 16, 2022, by reducing the same amount of other payables due to Janssen, respectively (collectively, the “Funding Advances”). These Funding Advances are accounted for as interest-bearing borrowings funded by Janssen, constituted by a principal amounting to $250.0 million and applicable interests accrued amounting to $25.9 million upon such principal. The interest rate pursuant to the Janssen Agreement has transitioned in accordance with the LIBOR Act . Thus, outstanding advances accrue interest at 12 month CME term SOFR plus LIBOR/SOFR adjustment (12 month) plus a margin of 2.5%. For each of the seven batches of funding advances, interest started to accrue from June 18, 2021, September 17, 2021, December 17, 2021, March 18, 2022, June 17, 2022, September 16, 2022, and December 16, 2022, respectively Pursuant to the terms of the Janssen Agreement, Janssen may recoup the aggregate amount of Funding Advances, together with interest thereon, from Company’s share of pre-tax profits from the first profitable year of the collaboration program a nd, subject to some limitations, from milestone payments due to the Company under the Janssen Agreement . The Company’s management estimated the loan will not be recouped by Janssen within one year, nor does the Company expect to repay the funding advances within one year, and thus the loan was classified as a long-term liability. |
Share Capital and Share Premium
Share Capital and Share Premium | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Share Premium | SHARE CAPITAL AND SHARE PREMIUM Shares September 30, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 363,577,853 and 330,134,480 ordinary shares of $0.0001 each 36 33 A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2022 and January 1, 2023 330,134,480 33 1,657,015 1,657,048 Issuance of ordinary shares for private placements, net of issuance cost 8,834,742 1 234,409 234,410 Issuance of ordinary shares for registered direct offering, net of issuance cost 10,937,500 1 349,277 349,278 Issuance of ordinary shares for exercise of warrants 10,000,000 1 352,490 352,491 Exercise of share option 2,344,228 — 17,301 17,301 Reclassification of vesting of restricted share units 1,326,903 — 23,421 23,421 At September 30, 2023 (Unaudited) 363,577,853 36 2,633,913 2,633,949 On April 24, 2023, May 2, 2023 and May 19, 2023 the Company sold 7,656,968, 484,992 and 692,782 ordinary shares to institutional investors in private placement transactions, respectively, for net proceeds of $234.4 million, after deduction of related issuance costs of $0.4 million. On May 10, 2023, the Company sold 10,937,500 ordinary shares to certain investors in a registered direct offering at a price of $32.00 per share, for net proceeds of $349.3 million, after deduction of related issuance costs of $0.7 million. On May 11, 2023, the PIPE Investor exercised the Warrant in full for an aggregate exercise price of $200.0 million, and, as a result, the Company issued 10,000,000 ordinary shares to the PIPE Investor. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Capital commitments [abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES (a) Capital commitments The Company had the following capital commitments as at September 30, 2023: September 30, 2023 (Unaudited) Construction in progress 12,491 (b) Lease contingency We are party to a lease with Janssen under which we expect to lease an approximately 106,000 square foot manufacturing facility from Janssen located in Raritan, New Jersey. That lease will become effective and recorded as a lease on a future date in connection with the Company’s assumption of control of such facility in accordance with the Janssen Agreement . For this facility, which we will collaboratively operate wit h Janssen, we continue to invest in manufacturing, quality, information technology and distribution capabilities to support the launch of CARVYKTI. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Company Relationship Genscript Biotech Corporation ("Genscript") The Company’s most significant shareholder Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.) Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript USA Incorporated Controlled by Genscript or its parent, Genscript Corporation Genscript USA Holdings Inc Controlled by Genscript or its parent, Genscript Corporation Nanjing Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript Netherlands Controlled by Genscript or its parent, Genscript Corporation (a) In addition to the transactions detailed elsewhere in the interim unaudited condensed consolidated financial statements, the Company had the following transactions with related parties during the periods presented: (i) Sales-based royalties from related parties: Nine months ended September 30, 2023 2022 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. 138 136 The sales-based royalties related to the exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (ii) Purchases from related parties: Nine months ended September 30, 2023 2022 US$’000 US$’000 Nanjing GenScript Biotech Co., Ltd. 3,045 4,938 Genscript USA Incorporated 337 846 Jiangsu GenScript Probio Biotech Co., Ltd 199 1,236 Nanjing Probio Biotech Co., Ltd. 26 219 Jiangsu GenScript Biotech Co., Ltd 1 52 GenScript Probio USA Inc. — 8 Genscript Netherlands — 2 Total 3,608 7,301 The transactions were made according to the price and terms agreed with related parties. (iii) Shared services: During the nine months ended September 30, 2023, no material shared services were provided to the Company by related parties. During the nine months ended September 30, 2022, Nanjing Genscript Biotech Co., Ltd provided certain accounting, legal, IT and administrative shared services to the Company for consideration of $1.5 million. (iv) Lease contract guarantee In 2018, Legend Biotech Ireland Limited ("Legend Ireland") entered into a property lease agreement with a third party in Dublin with lease period from 2018 to August 2028. Genscript provided a guarantee on Legend Ireland’s payment obligations under the lease agreement for nil consideration. (b) Outstanding balances with related parties: The Company had the following significant balances with its related parties at the end of the year: (i) Due from related parties September 30, December 31, US$’000 US$’000 Trade receivables Nanjing Probio Biotech Co., Ltd. 20 90 September 30, December 31, US$’000 US$’000 Other receivables Nanjing GenScript Biotech Co., Ltd. 15 321 Genscript USA Incorporated 16 16 Jiangsu Genscript Biotech Co., Ltd — 3 Total 31 340 September 30, December 31, US$’000 US$’000 Prepayment Nanjing Probio Biotech Co., Ltd. 244 251 Jiangsu GenScript Probio Biotech Co., Ltd — 21 Total 244 272 (ii) Due to related parties September 30, December 31, US$’000 US$’000 Trade payables Nanjing GenScript Biotech Co., Ltd. 311 935 Jiangsu GenScript Biotech Co., Ltd — 93 Genscript USA Incorporated 57 134 Nanjing Probio Biotech Co., Ltd. — 21 Jiangsu Genscript Probio Biotech Co., Ltd 90 — Total 458 1,183 September 30, December 31, US$’000 US$’000 Other payables Nanjing GenScript Biotech Co., Ltd. 1,028 2,435 Jiangsu Genscript Probio Biotech Co., Ltd 115 4 GenScript USA Incorporated. 17 58 Jiangsu Genscript Biotech Co., Ltd 1 7 Nanjing Probio Biotech Co., Limited — 3 Nanjing Bestzyme Bio-Engineering Co., Ltd. 1 — Genscript Netherlands — 1 Total 1,162 2,508 September 30, December 31, US$’000 US$’000 Lease liabilities Genscript USA Holdings Inc 110 427 Nanjing GenScript Biotech Co., Ltd. 152 205 Total 262 632 Except for lease liabilities with incremental borrowing rates between 5.14% and 7.94% repayable over 5 years, all other related party balances are unsecured and repayable on demand and interest free. (iii) Compensation of key management personnel of the Company: Nine months ended September 30, 2023 2022 US$’000 US$’000 Equity-settled share-based compensation expense 4,830 2,675 Short-term employee benefits 2,243 1,595 Total 7,073 4,270 |
Fair Value and Fair Value Hiera
Fair Value and Fair Value Hierarchy of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Fair Value and Fair Value Hierarchy of Financial Instruments | FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS Management has assessed that the fair values of cash and cash equivalents, pledged deposits, time deposits, financial assets included in prepayments, other receivables and other assets, trade receivables, trade payables and financial liabilities included in other payables and accruals approximate to their carrying amounts largely due to the short-term maturities of these instruments. The Company’s finance department, headed by the Corporate Controller, is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance department reports directly to the finance manager. At September 30, 2023, the finance department analyzed the movements in the values of financial instruments and determined the major inputs applied in the valuation. The valuation was reviewed and approved by the finance manager. The valuation process and results are discussed with the directors once a year for annual financial reporting. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following table illustrates the fair value measurement hierarchy of the Company’s financial instruments: Asset measured at fair value: As at September 30, 2023 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 185,792 — — 185,792 Financial assets measured at fair value consist of money market funds. During the nine months ended September 30, 2023, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Event | SUBSEQUENT EVENT On November 10, 2023, Legend Ireland entered into a ("License Agreement") with Novartis Pharma AG (“Novartis”) pursuant to which Legend Ireland granted Novartis an exclusive worldwide license under certain intellectual property rights controlled by Legend Ireland in order to develop, manufacture, commercialize and otherwise exploit certain chimeric antigen receptor T-cell (“CAR-T”) cell therapies targeting Delta-like ligand protein 3, including Legend’s existing autologous CAR-T cell therapy candidate which Legend refers to as “LB2102” ("Licensed Products"). The provisions of the License Agreement, subject to certain customary exceptions, will not become effective until the parties obtain any necessary consents and approvals, including review by the appropriate regulatory agencies under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “Conditions to Effectiveness”). Following the occurrence of the Conditions to Effectiveness, Novartis will be obligated to pay to Legend a $100 million upfront cash payment. In addition, Legend will be eligible to receive from Novartis up to an aggregate of $1.01 billion in milestone payments upon achievement of specified clinical, regulatory and commercial milestones. Legend will also be eligible to receive tiered royalties from the high single digits to the low teens based upon net sales of Licensed Products, subject to certain reductions and offsets. Royalty payments obligations of Novartis continue on a Licensed Product-by-Licensed Product and country-by-country basis, until the latest of: (i) a specified period of time after the first commercial sale of such Licensed Product in such country; (ii) the expiration of the last-to-expire qualifying valid claim of |
Approval of the Interim Condens
Approval of the Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
Statement of financial position [abstract] | |
Approval of the Interim Condensed Consolidated Financial Statements | APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on November 20, 2023. |
Revenue, Other Income and Gai_2
Revenue, Other Income and Gains (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Analysis of Revenue | An analysis of revenue is as follows: Nine months ended September 30, 2023 2022 US$’000 US$’000 Revenue Licensing of intellectual property 35,172 50,000 Collaboration revenue 170,369 39,236 Other revenue 138 136 Total 205,679 89,372 |
Other Income and Gains | Other revenue is related to an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd. and its affiliates and related subsequent sales-based royalties. Nine months ended September 30, 2023 2022 US$’000 US$’000 Other income and gains Other income: Finance income 37,185 3,293 Government grants* 1,528 1,066 Other 5 91 Total income 38,718 4,450 Gains: Foreign currency exchange gain, net 10,136 — Fair value gains on financial assets measured at fair value change through profit or loss 792 112 Other 166 131 Total gains 11,094 243 Total other income and gains 49,812 4,693 ________________________________ * The amount represents subsidies received from local government authorities to support the Company’s business. There were no unfulfilled conditions and other contingencies attached to these government grants. |
Loss Before Tax (Tables)
Loss Before Tax (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Profit (Loss) Before Tax Arrived After Charging | The Company’s loss before tax is arrived at after charging: Nine months ended September 30, 2023 2022 US$’000 US$’000 Employee benefit expense (including directors’ remuneration): Wages and salaries 148,850 104,324 Pension scheme contributions (defined contribution schemes) 5,251 4,333 Equity-settled share-based compensation expense 35,091 25,365 |
Finance Costs (Tables)
Finance Costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Finance Costs [Abstract] | |
Summary of Finance Costs | Nine months ended September 30, 2023 2022 US$’000 US$’000 Interest on lease liabilities 1,019 286 Collaboration interest-bearing advanced funding 14,955 5,649 Total 15,974 5,935 |
Loss per Share Attributable t_2
Loss per Share Attributable to Ordinary Equity Holders of the Parent (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Basic earnings per share [abstract] | |
Summary of Calculations of Basic and Diluted Loss per Share | The calculations of basic and diluted loss per share are based on: Nine months ended September 30, 2023 2022 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (373,436) (310,473) Number of shares 2023 2022 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 348,293,363 314,094,019 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The carrying amounts of the Company’s property, plant and equipment and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 At January 1, 2023 Cost 130,377 Accumulated depreciation (25,209) Net carrying amount 105,168 At January 1, 2023, net of accumulated depreciation 105,168 Additions 14,110 Disposals (153) Depreciation provided during the period (7,978) Exchange realignment (1,644) At September 30, 2023, net of accumulated depreciation 109,503 At September 30, 2023: Cost 141,463 Accumulated depreciation (31,960) Net carrying amount 109,503 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Lease [Abstract] | |
Summary of Carrying Amounts of The Right-of-use Assets and Movements | The carrying amounts of the Company’s right-of-use assets and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 Right-of-use assets at January 1, 2023 55,590 Additions 25,918 Exchange realignment (1,017) Depreciation of right-of-use assets (5,680) Right-of-use assets at September 30, 2023 74,811 |
Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term | The balance of the Company’s lease liabilities and the movements for the nine months ended September 30, 2023 are as follows: 2023 US$’000 Carrying amount at January 1, 2023 (23,602) Additions (25,925) Accretion of interest recognized during the period (1,013) Payments 5,072 Exchange realignment 866 Carrying amount at September 30, 2023 (44,602) Analyzed into: Current portion (2,915) Non-current portion (41,687) Total (44,602) |
Collaboration Inventories (Tabl
Collaboration Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Classes of current inventories [abstract] | |
Summary of Inventories | September 30, December 31, US$’000 US$’000 Raw materials 11,737 6,989 Work-in-process 2,287 690 Finished goods 3,990 2,675 Total collaboration inventories 18,014 10,354 |
Prepayments, Other Receivable_2
Prepayments, Other Receivables and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
Summary of Prepayments, Other Receivables and Other Assets | September 30, December 31, US$’000 US$’000 Interest receivable — 1,517 Other receivables 48,332 41,324 Lease receivables 99 188 VAT recoverable 1,236 1,396 Prepayments 16,902 17,330 Total 66,569 61,755 |
Cash and Cash Equivalents, Ti_2
Cash and Cash Equivalents, Time Deposits and Pledged Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits | September 30, December 31, US$’000 US$’000 Cash and bank balances 1,242,669 841,317 Pledged deposits (356) (1,270) Time deposits (278,843) (54,016) Cash and cash equivalents 963,470 786,031 Denominated in USD 932,371 727,160 Denominated in RMB 13,411 21,472 Denominated in EUR 17,688 37,399 Cash and cash equivalents 963,470 786,031 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
Summary of Other Payables and Accruals | September 30, December 31, US$’000 US$’000 Accrued payroll 25,189 21,892 Accrued expense 89,581 127,390 Other payables 11,649 10,960 Payable for Collaboration Assets 16,465 22,852 Other tax payables 1,767 1,015 Total 144,651 184,109 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Movement of Warrant Liability | The movement of the warrant liability is set out as below: Total US$’000 At January 1, 2023 67,000 Fair value loss of the warrant liability 85,750 Exercise of the warrant liability (152,750) At September 30, 2023 — |
Collaboration Interest-Bearin_2
Collaboration Interest-Bearing Advanced Funding (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Interest-Bearing Loans and Borrowings | Effective interest rate (%) Maturity September 30, US$’000 Non-current Loans from a collaborator 8.64 No specific maturity date 275,906 |
Share Capital and Share Premi_2
Share Capital and Share Premium (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shares | Shares September 30, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 363,577,853 and 330,134,480 ordinary shares of $0.0001 each 36 33 |
Summary of Movements in the Company's Share Capital and Share Premium | A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2022 and January 1, 2023 330,134,480 33 1,657,015 1,657,048 Issuance of ordinary shares for private placements, net of issuance cost 8,834,742 1 234,409 234,410 Issuance of ordinary shares for registered direct offering, net of issuance cost 10,937,500 1 349,277 349,278 Issuance of ordinary shares for exercise of warrants 10,000,000 1 352,490 352,491 Exercise of share option 2,344,228 — 17,301 17,301 Reclassification of vesting of restricted share units 1,326,903 — 23,421 23,421 At September 30, 2023 (Unaudited) 363,577,853 36 2,633,913 2,633,949 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Capital commitments [abstract] | |
Summary of Capital Commitments | The Company had the following capital commitments as at September 30, 2023: September 30, 2023 (Unaudited) Construction in progress 12,491 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Nature of Related Party Relationship | Company Relationship Genscript Biotech Corporation ("Genscript") The Company’s most significant shareholder Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.) Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript USA Incorporated Controlled by Genscript or its parent, Genscript Corporation Genscript USA Holdings Inc Controlled by Genscript or its parent, Genscript Corporation Nanjing Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript Netherlands Controlled by Genscript or its parent, Genscript Corporation |
Summary of Transactions with Related Parties | In addition to the transactions detailed elsewhere in the interim unaudited condensed consolidated financial statements, the Company had the following transactions with related parties during the periods presented: (i) Sales-based royalties from related parties: Nine months ended September 30, 2023 2022 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. 138 136 The sales-based royalties related to the exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (ii) Purchases from related parties: Nine months ended September 30, 2023 2022 US$’000 US$’000 Nanjing GenScript Biotech Co., Ltd. 3,045 4,938 Genscript USA Incorporated 337 846 Jiangsu GenScript Probio Biotech Co., Ltd 199 1,236 Nanjing Probio Biotech Co., Ltd. 26 219 Jiangsu GenScript Biotech Co., Ltd 1 52 GenScript Probio USA Inc. — 8 Genscript Netherlands — 2 Total 3,608 7,301 |
Disclosure of Outstanding Balances with Related Parties Explanatory | The Company had the following significant balances with its related parties at the end of the year: (i) Due from related parties September 30, December 31, US$’000 US$’000 Trade receivables Nanjing Probio Biotech Co., Ltd. 20 90 September 30, December 31, US$’000 US$’000 Other receivables Nanjing GenScript Biotech Co., Ltd. 15 321 Genscript USA Incorporated 16 16 Jiangsu Genscript Biotech Co., Ltd — 3 Total 31 340 September 30, December 31, US$’000 US$’000 Prepayment Nanjing Probio Biotech Co., Ltd. 244 251 Jiangsu GenScript Probio Biotech Co., Ltd — 21 Total 244 272 (ii) Due to related parties September 30, December 31, US$’000 US$’000 Trade payables Nanjing GenScript Biotech Co., Ltd. 311 935 Jiangsu GenScript Biotech Co., Ltd — 93 Genscript USA Incorporated 57 134 Nanjing Probio Biotech Co., Ltd. — 21 Jiangsu Genscript Probio Biotech Co., Ltd 90 — Total 458 1,183 September 30, December 31, US$’000 US$’000 Other payables Nanjing GenScript Biotech Co., Ltd. 1,028 2,435 Jiangsu Genscript Probio Biotech Co., Ltd 115 4 GenScript USA Incorporated. 17 58 Jiangsu Genscript Biotech Co., Ltd 1 7 Nanjing Probio Biotech Co., Limited — 3 Nanjing Bestzyme Bio-Engineering Co., Ltd. 1 — Genscript Netherlands — 1 Total 1,162 2,508 September 30, December 31, US$’000 US$’000 Lease liabilities Genscript USA Holdings Inc 110 427 Nanjing GenScript Biotech Co., Ltd. 152 205 Total 262 632 |
Summary of Compensation of Key Management Personnel | Compensation of key management personnel of the Company: Nine months ended September 30, 2023 2022 US$’000 US$’000 Equity-settled share-based compensation expense 4,830 2,675 Short-term employee benefits 2,243 1,595 Total 7,073 4,270 |
Fair Value and Fair Value Hie_2
Fair Value and Fair Value Hierarchy of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Summary of Assets Measured at Fair Value | Asset measured at fair value: As at September 30, 2023 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 185,792 — — 185,792 |
Revenue, Other Income and Gai_3
Revenue, Other Income and Gains - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | ||
Licensing of intellectual property | $ 35,172 | $ 50,000 |
Collaboration revenue | 170,369 | 39,236 |
Other revenue | 138 | 136 |
Total revenue | $ 205,679 | $ 89,372 |
Revenue, Other Income and Gai_4
Revenue, Other Income and Gains - Other Income and Gains (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Other income: | ||
Finance income | $ 37,185 | $ 3,293 |
Government grants | 1,528 | 1,066 |
Other | 5 | 91 |
Total income | 38,718 | 4,450 |
Gains: | ||
Foreign currency exchange gain, net | 10,136 | 0 |
Fair value gains on financial assets measured at fair value change through profit or loss | 792 | 112 |
Other | 166 | 131 |
Total gains | 11,094 | 243 |
Total other income and gains | $ 49,812 | $ 4,693 |
Loss Before Tax (Details)
Loss Before Tax (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Employee benefit expense (including directors’ remuneration): | ||
Equity-settled share-based compensation expense | $ 35,091 | $ 25,365 |
Profit Loss Before Tax Arrived After Charging And Crediting | ||
Employee benefit expense (including directors’ remuneration): | ||
Wages and salaries | 148,850 | 104,324 |
Pension scheme contributions (defined contribution schemes) | 5,251 | 4,333 |
Equity-settled share-based compensation expense | $ 35,091 | $ 25,365 |
Finance Costs (Details)
Finance Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Finance Costs [Abstract] | ||
Interest on lease liabilities | $ 1,019 | $ 286 |
Collaboration interest-bearing advanced funding | 14,955 | 5,649 |
Total | $ 15,974 | $ 5,935 |
Income Tax (Details)
Income Tax (Details) $ in Thousands, $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 HKD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 HKD ($) | |
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax expense | $ 130 | $ 472 | ||
Hong Kong | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Taxable income | $ 2 | $ 2 | ||
Income tax rate | 8.25% | 8.25% | 8.25% | 8.25% |
Income tax rate on remaining assessable profits | 16.50% | 16.50% | 16.50% | 16.50% |
United States | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax rate | 21% | 21% | 21% | 21% |
Withholding tax rate | 30% | 30% | ||
New Jersey | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax rate | 5.40% | 5.40% | 9% | 9% |
Ireland | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax rate | 12.50% | 12.50% | 12.50% | 12.50% |
Withholding tax rate | 25% | 25% | 25% | 25% |
Non-trading income tax rate | 25% | 25% | 25% | 25% |
China | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax rate | 25% | 25% | 25% | 25% |
Withholding tax rate | 10% | 10% | ||
Belgium | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Income tax rate | 25% | 25% | ||
Withholding tax rate | 30% | 30% |
Loss per Share Attributable t_3
Loss per Share Attributable to Ordinary Equity Holders of the Parent - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per share [abstract] | ||
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation (in shares) | 348,293,363 | 314,094,019 |
Loss per Share Attributable t_4
Loss per Share Attributable to Ordinary Equity Holders of the Parent - Summary of Calculations of Basic and Diluted Loss per Share (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per share [abstract] | ||
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation | $ (373,436) | $ (310,473) |
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation (in shares) | 348,293,363 | 314,094,019 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | $ 105,168 |
Additions | 14,110 |
Disposals | (153) |
Depreciation provided during the period | (7,978) |
Exchange realignment | (1,644) |
Property, plant and equipment, ending balance | 109,503 |
Cost | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | 130,377 |
Property, plant and equipment, ending balance | 141,463 |
Accumulated depreciation | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | (25,209) |
Property, plant and equipment, ending balance | $ (31,960) |
Leases - Additional Information
Leases - Additional Information (Details) - Leasehold land $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Leases [Line Items] | |
Lessee, lease terms | 50 years |
Ongoing lease payments | $ 0 |
Leases - Summary of Carrying Am
Leases - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Right-of-Use Assets [Roll Forward] | |
Beginning balance | $ 55,590 |
Additions | 25,918 |
Exchange realignment | (1,017) |
Depreciation of right-of-use assets | (5,680) |
Ending balance | $ 74,811 |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Analyzed into: | ||
Current portion | $ (2,915) | $ (3,563) |
Non-current portion | (41,687) | (20,039) |
Lease liabilities | ||
Leases [Roll Forward] | ||
Carrying amount at January 1, 2023 | (23,602) | |
Additions | (25,925) | |
Accretion of interest recognized during the period | (1,013) | |
Payments | 5,072 | |
Exchange realignment | 866 | |
Carrying amount at September 30, 2023 | (44,602) | |
Analyzed into: | ||
Current portion | (2,915) | |
Non-current portion | (41,687) | |
Total | $ (44,602) | $ (23,602) |
Collaboration Inventories - Sum
Collaboration Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Raw materials | $ 11,737 | $ 6,989 |
Work-in-process | 2,287 | 690 |
Finished goods | 3,990 | 2,675 |
Total collaboration inventories | $ 18,014 | $ 10,354 |
Collaboration Inventories - Add
Collaboration Inventories - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Inventory reserve | $ 6.6 | $ 5.3 |
Prepayments, Other Receivable_3
Prepayments, Other Receivables and Other Assets (Details) - Prepayments Other Receivable and Other Assets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Interest receivable | $ 0 | $ 1,517 |
Other receivables | 48,332 | 41,324 |
Lease receivables | 99 | 188 |
VAT recoverable | 1,236 | 1,396 |
Prepayments | 16,902 | 17,330 |
Total | $ 66,569 | $ 61,755 |
Cash and Cash Equivalents, Ti_3
Cash and Cash Equivalents, Time Deposits and Pledged Deposits - Summary of Cash and Cash Equivalents and Pledged Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and bank balances | $ 1,242,669 | $ 841,317 | ||
Pledged deposits | (356) | (1,270) | ||
Time deposits | (278,843) | (54,016) | ||
Cash and cash equivalents | 963,470 | 786,031 | $ 812,733 | $ 688,938 |
Denominated in USD | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | 932,371 | 727,160 | ||
Denominated in RMB | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and bank balances | 13,400 | 21,500 | ||
Cash and cash equivalents | 13,411 | 21,472 | ||
Denominated in EUR | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 17,688 | $ 37,399 |
Cash and Cash Equivalents, Ti_4
Cash and Cash Equivalents, Time Deposits and Pledged Deposits - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||
Cash and cash equivalents | $ 1,242,669 | $ 841,317 |
Denominated in RMB | ||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||
Cash and cash equivalents | $ 13,400 | $ 21,500 |
Other Payables and Accruals (De
Other Payables and Accruals (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Other Payables And Accruals [Abstract] | ||
Accrued payroll | $ 25,189 | $ 21,892 |
Accrued expense | 89,581 | 127,390 |
Other payables | 11,649 | 10,960 |
Payable for Collaboration Assets | 16,465 | 22,852 |
Other tax payables | 1,767 | 1,015 |
Total | $ 144,651 | $ 184,109 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
May 11, 2023 | May 13, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Number of shares issued (in shares) | 20,809,850 | |||
Price per share (in dollars per share) | $ 0.0001 | |||
Private placement purchase price per share (in dollars per share) | $ 14.41625 | |||
Aggregate exercise price of warrants | $ 300,000 | |||
Aggregate exercise price of warrant | $ 200,000 | |||
Fair value loss of warrant liability | $ 85,750 | |||
Ordinary Shares | ||||
Number of shares issued (in shares) | 10,000,000 | |||
Price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Warrant | ||||
Number of shares issued (in shares) | 10,000,000 | |||
Private placement purchase price per share (in dollars per share) | $ 20 |
Warrant Liability - Schedule of
Warrant Liability - Schedule of Movement of Warrant Liability (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Warranty Liabilities [Roll Forward] | |
Balance, beginning of the period | $ 67,000 |
Fair value loss of the warrant liability | 85,750 |
Exercise of the warrant liability | (152,750) |
Balance, end of the period | $ 0 |
Collaboration Interest-Bearin_3
Collaboration Interest-Bearing Advanced Funding - Summary of Interest-Bearing Loans and Borrowings (Details) - 11.0% Interest Bearing Loans $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Effective interest rate (%) | 8.64% |
Maturity | No specific maturity date |
Loans from a collaborator | $ 275,906 |
Collaboration Interest-Bearin_4
Collaboration Interest-Bearing Advanced Funding - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |||||||
Sep. 30, 2023 | Dec. 16, 2022 | Sep. 16, 2022 | Jun. 17, 2022 | Mar. 18, 2022 | Dec. 17, 2021 | Sep. 17, 2021 | Jun. 18, 2021 | |
Disclosure of detailed information about borrowings [abstract] | ||||||||
Funding advances from collaborator principal amount | $ 250 | $ 3.6 | $ 60.5 | $ 60.9 | $ 5.3 | $ 49.3 | $ 53.1 | $ 17.3 |
Interest bearing borrowings funded interests accrued | $ 25.9 | |||||||
Interest rate margin (percent) | 2.50% |
Share Capital and Share Premi_3
Share Capital and Share Premium - Summary of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | May 13, 2021 |
Authorized: | |||
Price per share (in dollars per share) | $ 0.0001 | ||
Issued and fully paid: | |||
Price per share (in dollars per share) | $ 0.0001 | ||
363,577,853 and 330,134,480 ordinary shares of $0.0001 each | $ 36 | $ 33 | |
Ordinary Shares | |||
Authorized: | |||
Ordinary shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | |
Price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
2,000,000,000 ordinary shares of $0.0001 each | $ 200 | $ 200 | |
Issued and fully paid: | |||
Ordinary shares issued and fully paid (in shares) | 363,577,853 | 330,134,480 | |
Price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
363,577,853 and 330,134,480 ordinary shares of $0.0001 each | $ 36 | $ 33 |
Share Capital and Share Premi_4
Share Capital and Share Premium - Summary of Movements in the Company's Share Capital and Share Premium (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) shares | |
Share Capital [Roll Forward] | |
Beginning balance | $ 1,657,048 |
Issuance of ordinary shares for private placements, net of issuance cost | 234,410 |
Issuance of ordinary shares for registered direct offering, net of issuance cost | 349,278 |
Issuance of ordinary shares for exercise of warrants | 352,491 |
Exercise of share option | 17,301 |
Reclassification of vesting of restricted share units | 23,421 |
Ending balance | $ 2,633,949 |
Number of shares in issue | |
Share Capital [Roll Forward] | |
Beginning balance (in shares) | shares | 330,134,480 |
Issuance of ordinary shares for private placements, net of issuance cost (in shares) | shares | 8,834,742 |
Issuance of ordinary shares for registered direct offering, net of issuance cost (in shares) | shares | 10,937,500 |
Issuance of ordinary shares for exercise of warrants (in shares) | shares | 10,000,000 |
Exercise of share option (in shares) | shares | 2,344,228 |
Reclassification of vesting of restricted share units (in shares) | shares | 1,326,903 |
Ending balance (in shares) | shares | 363,577,853 |
Share capital | |
Share Capital [Roll Forward] | |
Beginning balance | $ 33 |
Issuance of ordinary shares for private placements, net of issuance cost | 1 |
Issuance of ordinary shares for registered direct offering, net of issuance cost | 1 |
Issuance of ordinary shares for exercise of warrants | 1 |
Exercise of share option | 0 |
Reclassification of vesting of restricted share units | 0 |
Ending balance | 36 |
Share premium | |
Share Capital [Roll Forward] | |
Beginning balance | 1,657,015 |
Issuance of ordinary shares for private placements, net of issuance cost | 234,409 |
Issuance of ordinary shares for registered direct offering, net of issuance cost | 349,277 |
Issuance of ordinary shares for exercise of warrants | 352,490 |
Exercise of share option | 17,301 |
Reclassification of vesting of restricted share units | 23,421 |
Ending balance | $ 2,633,913 |
Share Capital and Share Premi_5
Share Capital and Share Premium - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||||||
May 11, 2023 | May 10, 2023 | May 19, 2023 | Sep. 30, 2023 | May 02, 2023 | Apr. 24, 2023 | Dec. 31, 2022 | May 13, 2021 | |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares issued (in shares) | 20,809,850 | |||||||
Price per share (in dollars per share) | $ 0.0001 | |||||||
Aggregate exercise price of warrant | $ 200 | |||||||
Exercise of Warrant | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Aggregate exercise price of warrant | $ 200 | |||||||
Ordinary Shares | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares issued (in shares) | 10,000,000 | |||||||
Price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Ordinary Shares | Private Placement Transactions | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares issued (in shares) | 692,782 | 484,992 | 7,656,968 | |||||
Proceeds from issuance of ordinary shares for initial public offering, net of issuance costs | $ 234.4 | |||||||
Issuance costs | $ 0.4 | |||||||
Ordinary Shares | Registered Direct Offering | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares issued (in shares) | 10,937,500 | |||||||
Proceeds from issuance of ordinary shares for initial public offering, net of issuance costs | $ 349.3 | |||||||
Issuance costs | $ 0.7 | |||||||
Price per share (in dollars per share) | $ 32 | |||||||
Ordinary Shares | Exercise of Warrant | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares issued (in shares) | 10,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Capital Commitments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Capital commitments [abstract] | |
Construction in progress | $ 12,491 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) ft² in Thousands | Sep. 30, 2023 ft² |
Capital commitments [abstract] | |
Area of manufacturing facility expected to be leased (in square feet) | 106 |
Related Party Transactions - Su
Related Party Transactions - Summary of Nature of Related Party Relationship (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Genscript Biotech Corporation ("Genscript") | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | The Company’s most significant shareholder |
Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.) | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Jiangsu GenScript Biotech Co., Ltd. | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Genscript USA Incorporated | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Genscript USA Holdings Inc | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Nanjing Probio Biotech Co., Ltd. | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Jiangsu GenScript Probio Biotech Co., Ltd. | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Genscript Netherlands | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | Controlled by Genscript or its parent, Genscript Corporation |
Related Party Transactions - _2
Related Party Transactions - Summary of Transactions with Related Parties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | $ 3,608 | $ 7,301 |
Nanjing Probio Biotech Co., Ltd. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Sales-based royalties from related parties | 138 | 136 |
Purchases from related parties | 26 | 219 |
Nanjing GenScript Biotech Co., Ltd. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | 3,045 | 4,938 |
Genscript USA Incorporated | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | 337 | 846 |
Jiangsu GenScript Probio Biotech Co., Ltd. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | 199 | 1,236 |
Jiangsu GenScript Biotech Co., Ltd. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | 1 | 52 |
GenScript Probio USA Inc. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | 0 | 8 |
Genscript Netherlands | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Purchases from related parties | $ 0 | $ 2 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Bottom of Range | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Lessee's incremental borrowing rate applied to lease liabilities | 5.14% | |
Lease liabilities, repayment term | 5 years | |
Top of Range | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Lessee's incremental borrowing rate applied to lease liabilities | 7.94% | |
Nanjing GenScript Biotech Co., Ltd. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Consideration paid for shared services | $ 0 | $ 1.5 |
Related Party Transactions - _3
Related Party Transactions - Summary of Outstanding Balances with Related Parties (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lease liabilities | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | $ 262 | $ 632 |
Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 31 | 340 |
Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 244 | 272 |
Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 458 | 1,183 |
Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 1,162 | 2,508 |
Nanjing Probio Biotech Co., Ltd. | Trade receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 20 | 90 |
Nanjing Probio Biotech Co., Ltd. | Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 244 | 251 |
Nanjing Probio Biotech Co., Ltd. | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 21 |
Nanjing Probio Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 3 |
Nanjing GenScript Biotech Co., Ltd. | Lease liabilities | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 152 | 205 |
Nanjing GenScript Biotech Co., Ltd. | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 15 | 321 |
Nanjing GenScript Biotech Co., Ltd. | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 311 | 935 |
Nanjing GenScript Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 1,028 | 2,435 |
Genscript USA Incorporated | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 16 | 16 |
Genscript USA Incorporated | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 57 | 134 |
Genscript USA Incorporated | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 17 | 58 |
Jiangsu GenScript Biotech Co., Ltd. | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 0 | 3 |
Jiangsu GenScript Biotech Co., Ltd. | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 93 |
Jiangsu GenScript Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 1 | 7 |
Jiangsu GenScript Probio Biotech Co., Ltd. | Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Other receivables due from related parties | 0 | 21 |
Jiangsu GenScript Probio Biotech Co., Ltd. | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 90 | 0 |
Jiangsu GenScript Probio Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 115 | 4 |
Nanjing Bestzyme Bio-Engineering Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 1 | 0 |
Genscript Netherlands | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 1 |
Genscript USA Holdings Inc | Lease liabilities | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | $ 110 | $ 427 |
Related Party Transactions - _4
Related Party Transactions - Summary of Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure of transactions between related parties [abstract] | ||
Equity-settled share-based compensation expense | $ 4,830 | $ 2,675 |
Short-term employee benefits | 2,243 | 1,595 |
Total | $ 7,073 | $ 4,270 |
Fair Value and Fair Value Hie_3
Fair Value and Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 185,792 | $ 185,603 |
Quoted prices in active markets (Level 1) | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 185,792 | |
Significant observable inputs (Level 2) | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Significant unobservable inputs (Level 3) | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - Novartis Agreement - License Agreement $ in Millions | Nov. 10, 2023 USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |
Expected upfront cash payment | $ 100 |
Expected milestone payments receivable | $ 1,010 |