COVER
COVER | 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 Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39307 |
Entity Registrant Name | LEGEND BIOTECH CORPORATION |
Entity Address, Country | KY |
Entity Address, Address Line One | Legend Biotech Corporation |
Entity Address, Address Line Two | 2101 Cottontail Lane |
Entity Address, City or Town | Somerset |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08873 |
Title of 12(b) Security | American depositary shares, each representing two ordinary shares, par value $0.0001 per share |
Trading Symbol | LEGN |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 363,822,069 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Financial Statement Error Correction [Flag] | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2023 |
Entity Central Index Key | 0001801198 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Incorporation, State or Country Code | E9 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Legend Biotech Corporation |
Entity Address, Address Line Two | 2101 Cottontail Lane |
Entity Address, City or Town | Somerset |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08873 |
Contact Personnel Name | Ying Huang |
City Area Code | 737 |
Local Phone Number | 317-5050 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Iselin, New Jersey |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE | |||
License revenue | $ 35,160 | $ 50,000 | $ 65,402 |
Collaboration revenue | 249,804 | 66,677 | 0 |
Other revenue | 179 | 328 | 3,424 |
Total revenue | 285,143 | 117,005 | 68,826 |
Collaboration cost of revenue | (144,214) | (65,363) | 0 |
Other income and gains | 58,126 | 12,049 | 3,059 |
Research and development expenses | (382,218) | (335,648) | (313,346) |
Administrative expenses | (106,769) | (80,631) | (46,961) |
Selling and distribution expenses | (94,158) | (93,417) | (102,542) |
Other expenses | (28,484) | (9,823) | (9,132) |
Fair value (loss)/gain of warrant liability | (85,750) | 20,900 | (6,200) |
Finance costs | (21,794) | (10,796) | (900) |
LOSS BEFORE TAX | (520,118) | (445,724) | (407,196) |
Income tax benefit/(expense) | 1,864 | (625) | 3,614 |
LOSS FOR THE YEAR | (518,254) | (446,349) | (403,582) |
Attributable to: | |||
Ordinary equity holders of the parent | $ (518,254) | $ (446,349) | $ (403,582) |
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | |||
Basic (in dollars per share) | $ (1.47) | $ (1.40) | $ (1.43) |
Diluted (in dollars per share) | $ (1.47) | $ (1.40) | $ (1.43) |
OTHER COMPREHENSIVE INCOME | |||
Exchange differences on translation of foreign operations | $ 29,633 | $ 9,807 | $ 5,215 |
Net other comprehensive income that may be reclassified to profit or loss in subsequent periods | 29,633 | 9,807 | 5,215 |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX | 29,633 | 9,807 | 5,215 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (488,621) | (436,542) | (398,367) |
Attributable to: | |||
Ordinary equity holders of the parent | $ (488,621) | $ (436,542) | $ (398,367) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 108,725 | $ 105,168 |
Advance payments for property, plant and equipment | 451 | 914 |
Right-of-use assets | 80,502 | 55,590 |
Time deposits | 4,362 | 0 |
Intangible assets | 4,061 | 3,409 |
Collaboration prepaid leases | 151,216 | 65,276 |
Other non-current assets | 1,493 | 1,487 |
Total non-current assets | 350,810 | 231,844 |
CURRENT ASSETS | ||
Collaboration inventories | 19,433 | 10,354 |
Trade receivables | 100,041 | 90 |
Prepayments, other receivables and other assets | 69,251 | 61,755 |
Financial assets at fair value through profit or loss | 663 | 185,603 |
Pledged deposits | 357 | 1,270 |
Time deposits | 30,341 | 54,016 |
Cash and cash equivalents | 1,277,713 | 786,031 |
Total current assets | 1,497,799 | 1,099,119 |
Total assets | 1,848,609 | 1,330,963 |
CURRENT LIABILITIES | ||
Trade payables | 20,160 | 32,893 |
Other payables and accruals | 132,802 | 184,109 |
Government grants | 68 | 451 |
Lease liabilities | 3,175 | 3,563 |
Tax payable | 7,203 | 9,772 |
Warrant liability | 0 | 67,000 |
Contract liabilities | 53,010 | 0 |
Total current liabilities | 216,418 | 297,788 |
NON-CURRENT LIABILITIES | ||
Collaboration interest-bearing advanced funding | 281,328 | 260,932 |
Lease liabilities long term | 44,169 | 20,039 |
Government grants | 7,305 | 7,659 |
Contract liabilities | 47,962 | 0 |
Other non-current liabilities | 56 | 233 |
Total non-current liabilities | 380,820 | 288,863 |
Total liabilities | 597,238 | 586,651 |
EQUITY | ||
Share capital | 36 | 33 |
Reserves | 1,251,335 | 744,279 |
Total ordinary shareholders’ equity | 1,251,371 | 744,312 |
Total equity | 1,251,371 | 744,312 |
Total liabilities and equity | $ 1,848,609 | $ 1,330,963 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Private Placement for Institutional Investor | Follow-On Public Offering | Registered Direct Offering | Exercise of Warrant | Share capital | Share capital Private Placement for Institutional Investor | Share capital Follow-On Public Offering | Share capital Registered Direct Offering | Share capital Exercise of Warrant | Share premium | [1] | Share premium Private Placement for Institutional Investor | [1] | Share premium Follow-On Public Offering | [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, 2020 | $ 597,771 | $ 27 | $ 708,306 | $ 6,314 | $ (351) | $ (116,525) | ||||||||||||||||||||
Statement of Changes in Equity [Roll Forward] | ||||||||||||||||||||||||||
Loss for the year | (403,582) | (403,582) | ||||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 5,215 | 5,215 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (398,367) | 5,215 | (403,582) | |||||||||||||||||||||||
Issuance of ordinary shares | $ 218,300 | $ 323,440 | $ 2 | $ 2 | $ 218,298 | $ 323,438 | ||||||||||||||||||||
Exercise of share options | 4,642 | 6,089 | (1,447) | |||||||||||||||||||||||
Reclassification of vested restricted share units | 0 | 5,323 | (5,323) | |||||||||||||||||||||||
Equity-settled share-based compensation expense | 20,158 | 20,158 | ||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 765,944 | 31 | 1,261,454 | 19,702 | 4,864 | (520,107) | ||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Reserves | 766,000 | |||||||||||||||||||||||||
Loss for the year | (446,349) | (446,349) | ||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 9,807 | 9,807 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (436,542) | 9,807 | (446,349) | |||||||||||||||||||||||
Issuance of ordinary shares | $ 377,643 | $ 2 | $ 377,641 | |||||||||||||||||||||||
Exercise of share options | 2,929 | 4,070 | (1,141) | |||||||||||||||||||||||
Reclassification of vested restricted share units | 0 | 13,850 | (13,850) | |||||||||||||||||||||||
Equity-settled share-based compensation expense | 34,338 | 34,338 | ||||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | 744,312 | 33 | 1,657,015 | 39,049 | 14,671 | (966,456) | ||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Reserves | 744,279 | |||||||||||||||||||||||||
Loss for the year | (518,254) | (518,254) | ||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 29,633 | 29,633 | ||||||||||||||||||||||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (488,621) | 29,633 | (518,254) | |||||||||||||||||||||||
Issuance of ordinary shares | $ 234,410 | $ 349,278 | $ 352,491 | $ 1 | $ 1 | $ 1 | $ 234,409 | $ 349,277 | $ 352,490 | |||||||||||||||||
Exercise of share options | 11,821 | 18,051 | (6,230) | |||||||||||||||||||||||
Reclassification of vested restricted share units | 0 | 25,878 | (25,878) | |||||||||||||||||||||||
Equity-settled share-based compensation expense | 47,680 | 47,680 | ||||||||||||||||||||||||
Ending balance at Dec. 31, 2023 | 1,251,371 | $ 36 | $ 2,637,120 | $ 54,621 | $ 44,304 | $ (1,484,710) | ||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Reserves | $ 1,251,335 | |||||||||||||||||||||||||
[1] These reserve accounts comprise the consolidated reserves of US$1,251 million, US$744 million and US$766 million in the consolidated statements of financial position as at December 31, 2023, 2022 and 2021, respectively |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss before tax | $ (520,118) | $ (445,724) | $ (407,196) | |
Adjustments for: | ||||
Finance income | (54,487) | (8,182) | (971) | |
Finance costs | 21,794 | 10,796 | 900 | |
Provision for inventory reserve | [1] | 3,627 | 5,288 | 0 |
Depreciation of property, plant and equipment | 10,704 | 10,173 | 8,139 | |
Loss on disposal of property, plant and equipment | 226 | 481 | 974 | |
Amortization of intangible assets | 1,924 | 2,476 | 1,379 | |
Depreciation of right-of-use assets | 7,823 | 5,743 | 4,399 | |
Fair value loss/(gain) of warrant liability | 85,750 | (20,900) | 6,200 | |
Fair value gains on financial assets measured at fair value change through profit or loss | (663) | (593) | 0 | |
Foreign currency exchange loss/(gain), net | 28,224 | 9,159 | 4,867 | |
Equity-settled share-based compensation expense | 47,680 | 34,338 | 20,158 | |
Deferred government grant | (628) | (307) | (295) | |
Cash flows from (used in) operations before changes in working capital | (368,144) | (397,252) | (361,446) | |
(Increase)/decrease in trade receivables | (98,980) | 50,320 | 24,590 | |
(Increase)/decrease in prepayments, other receivables and other assets | (8,724) | (50,614) | (2,966) | |
Decrease/(increase) in other non-current assets | 753 | 3,661 | (1,175) | |
(Increase)/decrease in collaboration inventories | [1] | (12,706) | (13,893) | 51 |
Government grant received | 23 | 6,180 | 80 | |
(Decrease)/increase in trade payables | (12,702) | 25,850 | 1,805 | |
(Decrease)/increase in other payables and accruals | (38,809) | 165,883 | 140,747 | |
Increase/(decrease) in other non-current liabilities | (176) | (163) | (158) | |
Increase/(decrease) in contract liabilities (current) | 52,500 | 0 | 0 | |
Increase/(decrease) in contract liabilities (non-current) | 47,500 | 0 | 0 | |
Increase in pledged deposits, net | 0 | (15) | (1,060) | |
Cash used in operations | (439,465) | (210,043) | (199,532) | |
Income tax paid | (668) | 0 | 0 | |
Interest income received | 47,275 | 5,580 | 652 | |
Income tax received | 976 | 3,709 | 557 | |
Interest on lease payments | (1,394) | (527) | (142) | |
Net cash used in operating activities | (393,276) | (201,281) | (198,465) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | (20,084) | (20,927) | (42,197) | |
Purchase of intangible assets | (2,638) | (1,348) | (3,207) | |
Prepayment to collaborator for collaboration assets | (98,784) | (14,810) | (1,708) | |
Purchase of financial assets measured at fair value through profit or loss | 0 | (285,000) | (50,000) | |
Cash received from withdrawal of financial assets measured at fair value through profit or loss | 185,000 | 99,990 | 50,081 | |
Cash received from withdrawal of financial assets measured at amortized cost | 0 | 30,000 | 0 | |
Cash receipts of investment income | 8,810 | 1,252 | 0 | |
Proceeds from disposal of property, plant and equipment | 0 | 0 | 4 | |
Addition in time deposits | (4,863,149) | (369,971) | (298,107) | |
Decrease in time deposits | 4,882,724 | 483,617 | 180,000 | |
Decrease in pledged deposits | 907 | 105 | 0 | |
Purchase of financial assets measured at amortized cost | 0 | 0 | (29,849) | |
Net cash provided by/(used in) investing activities | 92,786 | (77,092) | (194,983) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of ordinary shares for institutional investors, net of issuance cost | 234,410 | 0 | 0 | |
Proceeds from issuance of ordinary shares for follow on public offering, net of issuance costs | 349,278 | 377,643 | 323,440 | |
Proceeds from exercise of warrant by warrant holder, net of issuance cost | 199,741 | 0 | 0 | |
Proceeds from issuance of ordinary shares and warrant relating to private placement for an institutional investor | 0 | 0 | 300,000 | |
Proceeds from exercise of share options | 11,816 | 2,929 | 4,642 | |
Principal portion of lease payments | (3,755) | (2,596) | (1,419) | |
Net cash provided by financing activities | 791,490 | 377,976 | 626,663 | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 491,000 | 99,603 | 233,215 | |
Effect of foreign exchange rate changes, net | 682 | (2,510) | 34 | |
Cash and cash equivalents at beginning of year | 786,031 | 688,938 | 455,689 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,277,713 | 786,031 | 688,938 | |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | ||||
Cash and bank balances | 1,312,773 | 841,317 | 858,607 | |
Less: Pledged deposits | 357 | 1,270 | 1,444 | |
Time deposits | 34,703 | 54,016 | 168,225 | |
Cash and cash equivalents as stated in the statement of financial position | 1,277,713 | 786,031 | 688,938 | |
Cash and cash equivalents as stated in the statement of cash flows | $ 1,277,713 | $ 786,031 | $ 688,938 | |
[1]2022 increase/decrease in collaboration inventories has been reclassified to break out the provision for inventory reserve for comparative purposes in the 2023 presentation. |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION Legend Biotech Corporation, (the "Company"), was incorporated on May 27, 2015 as an exempted company in the Cayman Islands with limited liability under the Companies Act (As Revised) of the Cayman Islands. The registered office address of the Company is PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grant Cayman KY1-1002, Cayman Islands. Legend Biotech Corporation is an investment holding company. The Company’s subsidiaries are principally engaged in the discovery, and development, manufacturing and commercialization of novel cell therapies for oncology and other indications. In the opinion of the Company's Board of Directors, the ultimate holding company of Legend Biotech Corporation, a Cayman Islands corporation, is Genscript Corporation (“Genscript Corp”), which was incorporated in the United States of America. Information about subsidiaries Company Place and date Issued ordinary Percentage of equity Principal Direct % Indirect % Legend Biotech Limited (“Legend BVI”) The British Virgin Islands June 2, 2015 US$ 2,453,819,239 100 — Investment holding Legend Biotech HK Limited (“Legend HK”) Hong Kong June 3, 2015 US$ 2,453,819,239 — 100 Investment holding Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”) PRC* November 17, 2014 US$ 212,500,000 — 100 Manufacture and sale of life sciences research products; performance and sale of research and development services Legend Biotech USA Incorporated (“Legend USA”) Delaware, United States of America August 31, 2017 — — 100 Manufacture and sale of life sciences products; performance of life sciences research and development Legend Biotech Ireland Limited (“Legend Ireland”) Ireland November 13, 2017 US$ 2,217,445,234 — 100 Manufacture and sale of life sciences products; performance of life sciences research and development; treasury center for Legend Biotech Legend Biotech Belgium B.V. (“Legend Belgium”) Belgium June 23, 2021 US$ 46,177,685 — 100 Manufacture and sale of life sciences products Hainan Chuanji Biotechnology Co., Ltd. (“Hainan Chuanji”) PRC October 25, 2021 — — 100 General & administrative * * The People’s Republic of China (the “PRC” or “China”), including the Hong Kong Special Administrative Region of China (“Hong Kong”). |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION The consolidated financial statements of Legend Biotech Corporation and its subsidiaries (collectively referred to as “the Company”) have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board which comprise all standards and interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities, which have been measured at fair value. The consolidated financial statements are presented in U.S. dollars (“$”) and all values are rounded to the nearest thousand except when otherwise indicated. Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results of operations, total assets, total liabilities, or cash flows. Basis of consolidation The consolidated financial statements include the financial statements of the Company for each of the three years ended December 31, 2023. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities of the investee). The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income or loss are attributed to the equity holders of the Company. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the Company are eliminated in full on consolidation. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES | CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES There were no new IFRS standards, amendments or interpretations that became effective in 2023 that had a material impact on the Company's consolidated financial statements. |
ISSUED BUT NOT YET EFFECTIVE IN
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS | ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS There are no new standards issued but not yet effective that are expected to have a significant impact on the Company’s consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fair value measurement The Company measures its financial assets at fair value through profit or loss and warrant liability at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than contract assets and financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. Related parties A party is considered to be related to the Company if: (a) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Company; (ii) has significant influence over the Company; or (iii) is a member of the key management personnel of the Company or of a parent of the Company; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Company are members of the same Company; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Company are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a Company of which it is a part, provides key management personnel services to the Company or to the parent of the Company. Property, plant and equipment, and depreciation Property, plant and equipment, other than construction in progress, are stated at cost (or valuation) less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss and other comprehensive income in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Freehold land Not depreciated Building 39 to 50 years Leasehold improvements lesser of the lease term or the asset life Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years Transportation equipment 10 years Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss and other comprehensive income in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Construction in progress represents equipment under installation, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of installation. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The useful lives of intangible assets are assessed to be either finite. Intangible assets with finite lives are subsequently amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Intangible assets are amortized on the straight-line basis over the following useful economic lives: Software 3 years Patents up to 20 years Research and development costs All research costs are charged to the statement of profit or loss and other comprehensive income as incurred. Expenditures incurred on projects to develop new product candidates is capitalized and deferred only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product candidate development expenditure which does not meet these criteria is expensed when incurred. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Company as a lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Company elected to allocate the consideration in the contract to the lease and non-lease components on the basis of the relative standalone price of each component. (a) Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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 as follow; Leasehold land 50 years Building up to 50 years Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years If ownership of the leased asset transfers to the Company by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. (b) Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for termination of a lease, if the lease term reflects the Company exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. The lease term includes the period of any lease extension that management assess as reasonably certain to be exercised by the Company. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. (c) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases, which are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term. Company as a lessor When the Company acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease. Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Leases of collaboration assets The Company and its collaboration partner purchase assets to be used for their collaboration and share the associated costs in accordance with the terms and conditions of the Janssen Agreement. The Company accounts for leases to and by the collaboration by applying the guidance in IFRS 16 on joint arrangements by analogy. If the Company’s collaboration partner owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company’s collaboration partner to the collaboration, the Company recognizes a right-of-use asset and lease liability for its share of the asset leased from the collaboration partner to the collaboration. This is usually the case when the collaboration, through the Joint Steering Committee ("JSC") and other governance committees, has the right to direct the use and obtains substantially all of the economic benefits from using the asset. Lease payments the Company makes prior to lease commencement are recorded as prepaid rent within other non-current assets and will be reclassified to a right-of-use asset upon lease commencement. If the Company owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company to the collaboration, the Company recognizes a finance lease for the asset it leases to the collaboration. In such cases, the Company’s share of the asset that is jointly controlled by the collaboration is recorded in property, plant and equipment, and a lease receivable is recognized for the collaboration partner’s share of the asset on the consolidated statements of financial position within prepayments, other receivables and other assets. The Company recognizes the full lease liability, rather than its share, for leases entered into on behalf of the collaboration if the Company has the primary responsibility for making the lease payments. This may be the case when the Company, as a lead operator of the collaboration, is the sole signatory to the lease. A finance sublease is subsequently recognized if the related right-of-use asset is subleased to the collaboration. Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient of not adjusting the effect of a significant financing component, the Company initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. In order for a financial asset to be classified and measured at amortized cost, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement Financial assets measured at amortized cost (debt instruments) Financial assets measured at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss and other comprehensive income when the asset is derecognized, modified or impaired. Financial assets measured at fair value through profit or loss Financial assets measured at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss and other comprehensive income. The Company's financial assets measured at fair value through profit or loss comprise of money market funds, which are classified as level 1 in the fair value hierarchy. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when: • the rights to receive cash flows from the asset have expired; or • the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Impairment of financial assets The Company recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets measured at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs, except for trade receivables and contract assets which apply the simplified approach as detailed below. Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs. Simplified approach For trade receivables and contract assets that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Financial liabilities Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade payables, other payables, warrant liability, collaboration interest-bearing advanced funding, and lease liabilities. Subsequent measurement Financial liabilities measured at amortized cost (Loans and borrowings) After initial recognition, collaboration interest-bearing advanced funding are subsequently measured at amorti z ed cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recogni z ed in the statement of profit or loss and other comprehensive income when the liabilities are derecogni z ed as well as through the effective interest rate amorti z ation process. Amorti z ed cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amorti z ation is included in finance costs in the statement of profit or loss and other comprehensive income. Collaboration inventories Collaboration inventories include finished goods manufactured, items in the process of being manufactured, and the materials to be used in the manufacturing process associated with goods that are to be sold to the Company's collaboration partner. Finished goods represent manufactured product that are pending quality release. Upon quality release, the product is delivered to the Company's collaboration partner to distribute to the customer. Collaboration inventories are stated at the lower of cost and the collaboration inventory's net realizable value. Cost is determined on the first-in, first-out basis and, in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overheads. Net realizable value is based on the estimated selling prices the collaboration sells the product to customers less any estimated costs to be incurred to completion and disposal. The Company records provisions for obsolete, slow moving or defective inventory. Collaboration inventory costs for product that is used for preclinical and clinical programs are charged to research and development expenses when the inventory is dedicated to preclinical or clinical use. The Company records within prepayments, other receivables and other assets the accounts receivable related to inventory purchased and delivered to the Company's collaboration partner as well as the amount the Company is entitled to be reimbursed from its collaboration partner for inventory costs incurred that are in process of production. Cash and cash equivalents For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have an original maturity of three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Company’s cash management. For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including deposits, and assets similar in nature to cash, which are not restricted as to use. Time deposits Time deposits represent cash placed with banks with original maturities of more than three months when acquired. The time deposits are presented as a non-current asset if the collection of time deposits is expected more than one year. Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of profit or loss and other comprehensive income. Income tax Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Company operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • where the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Judgements And Estimates [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES | SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES Judgement In the process of applying the Company’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognized in the consolidated financial statements: Revenue from contracts with customers The Company has applied the following judgements that significantly affect the determination of the performance obligations and the method to estimate variable consideration of revenue from contracts with customers, specifically the historic accounting under the Janssen Agreement: (i) Determining the performance obligations of the contract A good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and (b) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company determined that the license is capable of being distinct under the Janssen Agreement. In assessing whether the license under the Janssen Agreement has standalone value to the customer, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace, which indicates that the customer can benefit from the license on its own. The Company determined that the license of intellectual property and technology transfer service form a single performance obligation. The license of intellectual property and technology transfer are highly interdependent and are not separately identifiable from each other. The technology transfer is essential for the customer's ability to obtain the use of and benefit from the license. The promise to transfer the license, including a technology transfer service, is distinct within the context of the contract. The license of intellectual property, including a technology transfer service, is separately identifiable in the contract and is meant to be transferred separate from other collaborative activities. The license, including a technology transfer service, is not an input that will be integrated with the service which represents a combined output. The preparation and attendance of the various steering committees and participation in the collaborative activities (e.g. joint development) is to assist in conducting clinical trials and obtaining regulatory approval of the technology, but does not modify the license and technology. In addition, the license, including the technology transfer service, is not highly interdependent or highly interrelated with the JSC and other collaborative activities, because the delivery of license and technology transfer service is not dependent on these activities to be provided in the future, and accordingly, it is not interdependent or interrelated with these activities. In determining whether the license, including the technology transfer service, transfers to a customer either at a point in time or over time, the Company considers whether the nature of the Company’s promise in granting the license to a customer is to provide a right to access or a right to use the Company’s intellectual property. The Company assessed that the Company provides a right to use the license as the license under the Janssen Agreement exists (in terms of form and functionality) at a point in time at which it is granted and the technology transfer occurred, which is when the customer can use and benefit from the license. The license is already developed and has positive results on cancer patient candidates. The next step is to perform clinical trials again in a controlled and monitored environment. The Company has allocated the entire transaction price to the license of intellectual property under the Janssen Agreement, as this is the sole performance obligation in the arrangement. (ii) Determining the method to estimate variable consideration Certain contracts include milestone payments that give rise to variable consideration. In estimating the variable consideration, the Company is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. The Company determined that the most likely amount method is the appropriate method to use in estimating the variable consideration for the milestone payments as this method better predicts the amount of variable consideration to which the Company will be entitled. Before including any amount of variable consideration in the transaction price, the Company considers whether the amount of variable consideration is constrained. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. Estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use assets) at the end of each reporting period. Non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows. There were no indicators of impairment for all periods presented. Deferred tax assets Deferred tax assets are recognized for unused tax losses and deductible temporary differences to the extent that it is probable that taxable profit will be available against which the losses and deductible temporary differences can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. The outcome of their actual utilization may be different. Further details are contained in note 20 to the consolidated financial statements. Warrant liability The fair value of the warrant liability is determined by using the binominal model. The use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Management estimates expected volatility based on the historical volatility of the stock of comparable companies. The risk-free interest rate is based on treasury yield curve rates with a remaining term which approximates to the expected life of the warrant. Changes in these input variables would affect fair value of the warrant. Further details are contained in notes 21 and 32 to the consolidated financial statements. On May 11, 2023, the PIPE Investor exercised the Warrant in full, and as of year-end, there is no warrant liability balance. Share-based compensation The fair value of share options granted by the Company is estimated using the binomial model. The use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Management estimates expected volatility based on the historical volatility of the stock of comparable companies. Expiration date is the basis for determining the expected life of an option. The risk-free interest rate is based on treasury yield curve rates with a remaining term which approximates to the expected life assumed at the date of grant. Changes in these input variables would affect the amount of expense associated with share-based compensation. The compensation expense recognized for all share-based awards is net of estimated forfeitures. The Company estimates forfeiture rates based on historical analysis of option forfeitures. If actual forfeitures vary from estimated forfeitures, adjustments to the compensation expense may be required. Further details are contained in note 25 and 26 to the consolidated financial statements. |
OPERATING SEGMENT INFORMATION
OPERATING SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reporting about components of the Company that are regularly reviewed by the chief operating decision-maker in order to allocate resources to segments and to assess their performance. The information reported to the Board of Directors of the Company, who are the chief operating decision makers, for the purposes of resource allocation and assessment of performance does not contain discrete operation segment financial information and the directors reviewed the financial results of the Company as a whole. Therefore, no further information on the operating segment is presented. Geographic information (a) Revenue 2023 2022 2021 US$’000 US$’000 US$’000 License and other revenue United States of America* 35,160 50,000 65,402 China 179 328 3,424 Total revenue and other revenue 35,339 50,328 68,826 Collaboration revenue United States of America* 234,734 66,602 — Europe* 15,070 75 — Total collaboration revenue 249,804 66,677 — Total revenue 285,143 117,005 68,826 The revenue information above is based on the locations of the customers. *Certain prior year amounts have been reclassified for comparative purposes (b) Non-current assets December 31, December 31, US$’000 US$’000 United States of America 151,225 114,426 China 56,007 54,510 Europe 139,216 62,908 Total 346,448 231,844 The non-current asset information above is based on the locations of assets and excludes non-current time deposits. Information about major customer Revenue of $35.2 million, $50.0 million and $65.4 million for the years ended December 31, 2023, 2022 and 2021, respectively, was derived from license revenue to a single customer and under the Janssen Agreement. |
REVENUE, OTHER INCOME AND GAINS
REVENUE, OTHER INCOME AND GAINS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
REVENUE, OTHER INCOME AND GAINS | REVENUE, OTHER INCOME AND GAINS An analysis of revenue is as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Revenue Licensing of intellectual property 35,160 50,000 65,402 Collaboration revenue 249,804 66,677 — Other revenue 179 328 3,424 Total Revenue 285,143 117,005 68,826 Revenue from licensing of intellectual property is recognized at a point in time with respect to the Janssen collaboration. 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. Novartis License Agreement On November 10, 2023, Legend Biotech, through its wholly owned subsidiary, Legend Biotech Ireland Limited, entered into an exclusive, global license agreement with Novartis Pharma AG. The Company granted Novartis the rights to develop, manufacture and commercialize LB2102 and other potential chimeric antigen receptor T-cell (CAR-T) therapies selectively targeting Delta-like Ligand 3 (DLL3). The agreement was effective on December 28, 2023, with a $100 million receivable recorded, representing the Novartis upfront payment to be received shortly after December 31, 2023. Novartis has also agreed to pay up to $1.01 billion in milestone payments upon achievement of specified clinical, regulatory and commercial milestones, as well as tiered royalties on net sales. We determined that any milestone payments will be recognized when occur as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. We determined that any sales-based royalties will be recognized when the related sales occur as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. Under the Novartis License Agreement, Legend Biotech will conduct the Legend Phase 1 clinical trial for LB2102 in the U.S. Novartis will conduct all other development for the licensed products. The following table shows the deferred revenue which is included in contract liabilities for the periods presented: 2023 2022 US$’000 US$’000 Contract liabilities (Current) 53,010 — Contract liabilities (Non Current) 47,962 — Total 100,972 — Performance Obligations The Novartis License Agreement represents a transaction with a customer and therefore is accounted for in accordance with IFRS 15. We identified the following performance obligations: •Performance Obligation 1 (PO1) A combined performance obligation that includes delivery of the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial. •Performance Obligation 2 (PO2) Supply of materials (supply of Lentivirus/other materials). We concluded that the license to intellectual property is not distinct from the completion of Phase 1 trial as the license has minimal utility prior to receipt of the completed Legend Phase 1 trial by Legend Biotech. The IP license granted at contract inception is unproven as it relates to products in the early development stage and, therefore the IP may be revised throughout the completion of the Phase 1 trial. In order for Novartis to get the full benefit of the IP, Novartis needs Legend Biotech to provide the IP, the know-how and the completion of the Legend Phase 1 clinical trial, which culminates with the delivery of the handover package. Without each of these deliverables, Novartis would have experienced significant delays in utilizing the IP and commencing the Novartis Phase 1 clinical trial. Transaction Price The following table summarizes the composition of the total transaction price for the following periods. December 31, December 31, US$’000 US$’000 PO1: Licensing of intellectual property and performing Legend Phase 1 trial 120,710 — PO2: Supply of materials 4,600 — Total 125,310 — PO1: In accordance with the Novartis License Agreement, Legend Biotech will receive a $100.0 million up-front payment from Novartis upon entering into the Novartis License Agreement. The Company determined this upfront payment represents fixed consideration to be included in the transaction price in accordance with IFRS 15 as the payment is non-refundable and represents consideration in exchange for Legend Biotech providing Novartis delivery of the license (inclusive of know-how). PO1: Novartis must reimburse Legend Biotech for development costs incurred or paid by Legend Biotech prior to, on or after the Effective Date. There is up to $33 million in total aggregate reimbursable development costs through such occurrence. Given it is contractually agreed upon, the Company will include as variable consideration the expected amount it will be reimbursed by Novartis for the Legend Phase 1 clinical trial. The Company concluded that the development costs that are highly probable of being achieved should be included in the transaction price. We have included the estimate of cost reimbursement for the R&D in the transaction price for the first twelve months of expenses through the end of 2024; totaling $20.7 million. The remaining R&D Costs $12.3 million are constrained at inception of the contract as we concluded that they aren’t highly probable that a significant reversal in the cumulative amount of revenue recognized would not occur. PO2: Given supply is contractually agreed upon for the existing materials and clearly laid out for new materials it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. As such the supply of materials cost included in the transaction price is $4.6 million. The difference between the $125.3 million transaction price and the $100.0 million disclosed above is the variable consideration of $25.3 million. The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2023: December 31, December 31, US$’000 US$’000 PO1: Licensing of intellectual property and completion of Legend Phase 1 trial 120,710 — PO2: Supply of materials 4,600 — Total 125,310 — Remaining unsatisfied performance obligation 125,310 — The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of December 31, 2023 are as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Amounts expected to be recognized as revenue: Licensing of intellectual property and completion of Legend Phase 1 trial Within 1 year 63,360 — — 1 - 2 years 37,920 — — 2 - 3 Years 12,490 — — 3 - 4 years 6,940 — — After 4 years — — — Total 120,710 — — The amounts of transaction prices allocated to the remaining performance obligations which are expected to be recognized as revenue relate to Novartis Licensing Agreement, of which the performance obligations are to be satisfied over the completion of Legend Phase 1 trial for LB2102, which is estimated to be 4 years. As part of the Novartis transaction, the Company allocated the transaction price to performance obligations based on the estimated stand-alone selling prices of promised goods or services and specifically the residual approach for this performance obligation. The amounts disclosed above do not include variable consideration which is constrained. We re-evaluate the transaction price at the end of each reporting period. Revenue The following summarizes the revenue recognized for the periods presented: There was no revenue recognized in the current reporting period that was included in the contract liabilities at the beginning of the reporting period and there was no revenue recognized from performance obligations satisfied in previous periods. The Company will recognize revenue for the allocation of the transaction price for licensing of intellectual property and completion of Legend Phase 1 trial using the percentage of completion method using the input method (costs). The model used is based on budgeted R&D costs during our Phase 1 trial. There were no 2023 expenses incurred from the effective date through year end. As such, there was no revenue recognized in 2023 in this percentage of completion model. The Company will recognize revenue for the allocation of the transaction price for supply of materials at a point in time. As of the end of 2023 no materials have been delivered, as such there will be no revenue recognized in 2023. The following table summarizes the Total other income and gains: 2023 2022 2021 US$’000 US$’000 US$’000 Other income and gains Other income: Finance income 54,487 8,182 971 Government grants* 2,731 2,434 1,736 Other 245 88 35 Total income 57,463 10,704 2,742 Gains: Fair value gains on financial assets measured at fair value change through profit or loss 663 603 — Other — 742 317 Total gains 663 1,345 317 Total other income and gains 58,126 12,049 3,059 |
LOSS BEFORE TAX
LOSS BEFORE TAX | 12 Months Ended |
Dec. 31, 2023 | |
Profit (loss) [abstract] | |
LOSS BEFORE TAX | LOSS BEFORE TAX The Company’s loss before tax is arrived at after charging: 2023 2022 2021 US$’000 US$’000 US$’000 Employee benefit expense (including directors’ remuneration): Wages and salaries 204,128 147,385 105,751 Other employee benefits 7,729 5,057 2,257 Equity-settled share-based compensation expense 47,680 34,338 20,158 |
FINANCE COSTS
FINANCE COSTS | 12 Months Ended |
Dec. 31, 2023 | |
Finance Costs [Abstract] | |
FINANCE COSTS | FINANCE COSTS 2023 2022 2021 US$’000 US$’000 US$’000 Interest on lease liabilities 1,394 527 142 Collaboration interest-bearing advanced funding 20,400 10,269 758 Total 21,794 10,796 900 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 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 the jurisdictions in which the Company and its subsidiaries are domiciled and operate. Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. The Company 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 subsidiary incorporated in the 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 and 2021: HK$2,000,000) of assessable profits were taxed at 8.25% (2022 and 2021: 8.25%) and the remaining assessable profits were taxed at 16.5% (2022 and 2021: 16.5%). Under the Hong Kong tax law, the subsidiaries in Hong Kong are 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 of America ("USA"), the subsidiary which operates in the United States of America is subject to federal tax at a rate of 21% (2022 and 2021: 21%) and state tax at a rate of 3.3% (2022 and 2021: 9%). Dividends payable by the Company’s US entity, 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 arrangements with US that provides for a reduced withholding tax rate or an exemption from withholding tax. Ireland Under the current laws of the Ireland, the subsidiary which operates in Ireland is subject to Corporate Income Tax ("CIT") at a rate of 12.5% (2022 and 2021: 12.5%) on its taxable trading income. Any non-trading income is subject to CIT at a rate of 25% (2022 and 2021: 25%). Dividend withholding tax is imposed on distributions made by Irish companies at a rate of 25% in 2023 (2022 and 2021: 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”), the subsidiaries which operate in Greater China are subject to CIT at a rate of 25% on the taxable income. Legend Nanjing is qualified as High and New Technology Enterprise, which is subject to income tax at a preferential tax rate of 15% during the year ended December 31, 2023. During the years ended December 31, 2022, and 2021, the applicable income tax rate was 25%. Dividends, interests, rent or royalties payable by the Company’s PRC entities, 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 Group operates. 2023 2022 2021 US$’000 US$’000 US$’000 Current – United States of America 511 224 211 Current – Elsewhere (2,375) 401 416 Deferred (note 20) — — (4,241) Total tax charge/(credit) for the year (1,864) 625 (3,614) A reconciliation of the tax charge/(credit) applicable to loss before tax at the statutory rates for the countries (or jurisdictions) in which the Company and the majority of its subsidiaries are domiciled to the tax expense/(credit) at the effective tax rates is as follows: 2023 2022 2021 US$’000 % US$’000 % US$’000 % Loss before tax (520,118) (445,724) (407,196) At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%) (126,638) 24.3 (125,293) 28.1 (114,463) 28.1 Preferential tax rate in other countries and regions 4,091 (0.8) — — — — Effect of tax rate differences in other countries and regions 47,001 (9.0) 15,129 (3.4) 15,027 (3.7) Research and development credit (8,942) 1.7 (24,970) 5.6 (954) 0.2 State rate change 5,959 (1.1) (107) — — — Effect of non-deductible expenses 2,111 (0.4) 1,829 (0.4) 2,298 (0.6) Tax losses and deductible temporary differences not recognized* 83,054 (16.0) 137,912 (30.9) 106,623 (26.2) Stock-based compensation income tax charge/(benefit)* (7,911) 1.5 (4,050) 0.9 (13,674) 3.4 Others (589) 0.2 175 — 1,529 (0.4) Tax charge/(benefit) at the Company’s effective rate (1,864) 0.4 625 (0.1) (3,614) 0.9 |
LOSS PER SHARE ATTRIBUTABLE TO
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | 12 Months Ended |
Dec. 31, 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 year attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 352,165,418, 318,083,913 and 281,703,291 in issue during the years ended December 31, 2023, 2022 and 2021, respectively. The calculation of the diluted earnings per share amount is based on the loss for the year attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the year, 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 dilutive potential ordinary shares into ordinary shares. No adjustment has been made to the basic loss per share amounts presented for the years ended December 31, 2023, 2022 and 2021 in respect of a dilution as the impact of the outstanding share options, RSU 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: 2023 2022 2021 US$’000 US$’000 US$’000 Earnings Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (518,254) (446,349) (403,582) Number of shares 2023 2022 2021 Shares Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation 352,165,418 318,083,913 281,703,291 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Freehold Buildings Leasehold improvement Machinery Computer Transportation Construction Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2023 At January 1, 2023 Cost 2,889 45,075 21,974 42,576 3,638 41 14,184 130,377 Accumulated depreciation — (2,348) (5,807) (14,806) (2,231) (17) — (25,209) Net carrying amount 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 At January 1, 2023, net of accumulated depreciation 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 Additions — 238 156 48 6 — 14,616 15,064 Disposals — — (87) (77) (1) — — (165) Depreciation provided during the year — (1,493) (2,603) (6,033) (571) (4) — (10,704) Exchange realignment — (116) (91) (253) (4) (1) (173) (638) Transfers — 20,344 1,249 3,778 217 — (25,588) — At December 31, 2023, net of accumulated depreciation 2,889 61,700 14,791 25,233 1,054 19 3,039 108,725 At December 31, 2023: Cost 2,889 65,540 23,117 45,480 3,622 40 3,039 143,727 Accumulated depreciation — (3,840) (8,326) (20,247) (2,568) (21) — (35,002) Net carrying amount 2,889 61,700 14,791 25,233 1,054 19 3,039 108,725 Freehold Buildings Leasehold improvement Machinery Computer, fixtures Transportation Construction Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2022 At January 1, 2022 Cost 2,889 16,011 20,908 35,251 2,977 45 41,367 119,448 Accumulated depreciation — (1,360) (3,503) (10,432) (1,633) (14) — (16,942) Net carrying amount 2,889 14,651 17,405 24,819 1,344 31 41,367 102,506 At January 1, 2022, net of accumulated depreciation 2,889 14,651 17,405 24,819 1,344 31 41,367 102,506 Additions — 1,732 522 583 34 — 14,346 17,217 Disposals — — — (122) (14) — (406) (542) Depreciation provided during the year — (988) (2,566) (5,818) (797) (4) — (10,173) Exchange realignment — — (1,164) (1,802) (32) (3) (839) (3,840) Transfers — 27,332 1,970 10,110 872 — (40,284) — At December 31, 2022, net of accumulated depreciation 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 At December 31, 2022: Cost 2,889 45,075 21,974 42,576 3,638 41 14,184 130,377 Accumulated depreciation — (2,348) (5,807) (14,806) (2,231) (17) — (25,209) Net carrying amount 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Software US$’000 December 31, 2023 At January 1, 2023 Cost 7,505 Accumulated amortization (4,096) Net carrying amount 3,409 At January 1, 2023, net of accumulated amortization 3,409 Additions 2,638 Disposals (61) Amortization provided during the year (1,924) Exchange realignment (1) At December 31, 2023, net of accumulated amortization 4,061 At December 31, 2023 Cost 10,080 Accumulated amortization (6,019) Net carrying amount 4,061 December 31, 2022 At January 1, 2022 Cost 6,402 Accumulated amortization (1,718) Net carrying amount 4,684 At January 1, 2022, net of accumulated amortization 4,684 Additions 1,264 Disposals (6) Amortization provided during the year (2,476) Exchange realignment (57) At December 31, 2022, net of accumulated amortization 3,409 At December 31, 2022 Cost 7,505 Accumulated amortization (4,096) Net carrying amount 3,409 |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Categories of current financial assets [abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS December 31, December 31, US$’000 US$’000 Prepaid expenses 1,208 1,092 Lease receivables 285 395 Total 1,493 1,487 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
LEASES | LEASES The Company as a lessee The Company has leases for office, research laboratory and manufacturing facilities, equipment, vehicles and land. The terms of the leases vary, although most generally have lease terms between 3 and 29 years. Lump sum payments were made upfront to acquire the leasehold land from the owners with lease periods of 50 years, and no ongoing payments will be made under the terms of these leasehold land. Leases with terms of 12 months or less are expensed as incurred, Collaboration assets represent the Company’s share of assets leased to the collaboration from Janssen, which purchased the assets on behalf of the collaboration, in connection with the Janssen Agreement. Collaboration assets under construction that will be leased to the collaboration from Janssen when placed into service are classified as collaboration prepaid leases on the consolidated financial statements. (a) Right-of-use assets December 31, December 31, US$’000 US$’000 Leasehold land 4,192 4,357 Lease buildings 3,621 4,887 Collaboration assets 72,689 46,346 Total 80,502 55,590 The carrying amounts of the Company’s right-of-use assets and the movements during the year are as follows: Non-Collaboration Assets Leased Collaboration Assets Leased Leasehold Buildings* Buildings* Machinery Computer Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2023 Right-of-use assets at January 1, 2023 4,357 4,887 36,624 9,711 11 55,590 Additions — 880 26,777 4,433 — 32,090 Accumulated depreciation — — — — — — Exchange realignment (72) 22 695 — — 645 Depreciation of right-of-use assets (93) (2,168) (3,556) (2,002) (4) (7,823) Right-of-use assets at December 31, 2023 4,192 3,621 60,540 12,142 7 80,502 December 31, 2022 Right-of-use assets at January 1, 2022 4,862 2,324 19,907 11,174 16 38,283 Additions — 4,677 18,486 298 — 23,461 Exchange realignment (408) (224) 221 — — (411) Depreciation of right-of-use assets (97) (1,890) (1,990) (1,761) (5) (5,743) Right-of-use assets at December 31, 2022 4,357 4,887 36,624 9,711 11 55,590 *Certain prior year amounts have been reclassified for comparative purposes (b) Lease liabilities Lease liabilities are as indicated below: At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. 2023 2022 US$’000 US$’000 Carrying amount at January 1 23,602 2,504 Additions 26,692 23,703 Accretion of interest recognized during the year 1,394 527 Payments (5,149) (3,123) Exchange realignment 805 (9) Carrying amount at December 31 47,344 23,602 Analyzed into: Current portion 3,175 3,563 Non-current portion 44,169 20,039 Total 47,344 23,602 (c) The amounts recognized in profit or loss in relation to leases are as follows: 2023 2022 US$’000 US$’000 Interest on lease liabilities 1,394 527 Depreciation charge of right-of-use assets 7,823 5,743 Expense relating to short-term leases 2,338 1,132 Total amount recognized in profit or loss 11,555 7,402 The maturity analysis of lease liabilities is disclosed in note 33 to the financial statements. The total cash outflow for leases is disclosed in note 28 (c) to the financial statements. The Company as a lessor The Company leases assets it owns to the collaboration in accordance with the Janssen Agreement. These are finance leases for which the Company recognized an insignificant amount of finance income for the year ended December 31, 2023 and 2022. At December 31, 2023 and 2022, the undiscounted minimum lease payments receivables by the Company in future periods under non-cancellable operating leases with its tenants are as follows: 2023 2022 US$’000 US$’000 Finance leases: Total 1,673 583 |
COLLABORATION INVENTORIES
COLLABORATION INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
COLLABORATION INVENTORIES | COLLABORATION INVENTORIES December 31, December 31, US$’000 US$’000 Raw materials 13,155 6,989 Work-in-process 2,990 690 Finished goods 3,288 2,675 Total collaboration inventories 19,433 10,354 The Company's reserve for inventory was $8.9 million as of December 31, 2023 and $5.3 million as of December 31, 2022. The Company’s reserve for inventory as of December 31, 2023 was primarily related to expired material and certain batches or units of product that did not meet quality specifications that were charged to collaboration cost of sales. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
TRADE RECEIVABLES | TRADE RECEIVABLES December 31, December 31, US$’000 US$’000 Trade receivables 100,041 90 The Company’s trading terms with its customers are mainly on credit. The credit period is 45 to 60 days. The Company seeks to maintain strict control over its outstanding receivables and overdue balances are reviewed regularly by management. Trade receivables are non-interest-bearing. The Company had concentration of credit risk of $100 million trade receivables that were due from one single customer under a license agreement as of December 31, 2023. |
PREPAYMENTS, OTHER RECEIVABLES
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS | PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS December 31, December 31, US$’000 US$’000 Other Collaboration Receivables* 54,078 40,376 Interest receivable 47 1,517 Other receivables* 790 948 Lease receivables 1,388 188 VAT recoverable 717 1,396 Prepayments* 12,231 17,330 Total 69,251 61,755 *Certain prior year amounts have been reclassified for comparative purposes The amounts due from the Company’s related parties that are repayable on demand, which were included in the Company’s other receivables, was $0.04 million and $0.3 million, for December 31, 2023 and 2022, respectively (note 30). As at December 31, 2023 and 2022, amounts prepaid to the Company’s related parties were $0.2 million and $0.3 million, respectively (note 30). None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. The majority of the above balances were settled within 12 months and had no history of default. The Company estimated that the expected credit loss for the above receivables as at December 31, 2023 and 2022 is insignificant. |
CASH AND CASH EQUIVALENTS, TIME
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS | CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS December 31, December 31, US$’000 US$’000 Cash and bank balances 1,312,773 841,317 Less: Pledged deposits (357) (1,270) Time deposits (34,703) (54,016) Cash and cash equivalents 1,277,713 786,031 Denominated in USD 1,254,969 727,160 Denominated in RMB 12,675 21,472 Denominated in EUR 10,069 37,399 Cash and cash equivalents 1,277,713 786,031 The cash and cash equivalents of the Company denominated in Renminbi (“RMB”) amounted to $12.7 million and $21.5 million in the consolidated statements of financial position as at December 31, 2023 and 2022, respectively. The RMB is not freely convertible into other currencies, however, under Greater China Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business. The pledged deposit as at December 31, 2023 was pledged for credit card facilities. The pledged deposit as at December 31, 2022 was pledged for issuing bank acceptance notes to suppliers of the Company and credit card facilities. Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default. The carrying amounts of the cash and cash equivalents approximate to their fair values. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
TRADE PAYABLES | TRADE PAYABLES December 31, December 31, US$’000 US$’000 Trade payables 20,160 32,893 The trade payables are non-interest-bearing and are normally settled on 30-day terms. As at December 31, 2023 and 2022, amounts due to the Company’s related parties, included in the Company’s trade payables, were $0.6 million and $1.2 million, respectively (note 30). |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUALS | OTHER PAYABLES AND ACCRUALS December 31, December 31, US$’000 US$’000 Accrued payroll 30,974 21,892 Accrued expense 71,462 127,390 Other payables 11,944 10,960 Payable for Collaboration Assets 16,338 22,852 Other tax payables 2,084 1,015 132,802 184,109 Other payables are non-interest-bearing and repayable on demand. As at December 31, 2023 and 2022, amounts due to the Company’s related parties, included in the Company’s other payables, were $0.9 million and $2.5 million, respectively (note 30). |
DEFERRED TAX
DEFERRED TAX | 12 Months Ended |
Dec. 31, 2023 | |
Deferred tax assets and liabilities [abstract] | |
DEFERRED TAX | DEFERRED TAX The movements in the deferred tax liabilities and assets during the years ended December 31, 2023 and 2022, are as follows: Deferred tax liabilities Collaboration revenue License revenue - transitional adjustment Difference allowance in excess of related depreciation 1 Right of use assets Total US$’000 US$’000 US$’000 US$’000 US$’000 At January 1, 2022 (14,125) — (8,636) — (22,761) Deferred tax charged/(credited) to the statement of profit or loss during the year 14,125 — 885 (114) 14,896 Gross deferred tax liabilities at December 31, 2022 — — (7,751) (114) (7,865) At January 1, 2023 — — (7,751) (114) (7,865) Deferred tax charged/(credited) to the statement of profit or loss during the year — (3,144) 4,563 (6,374) (4,955) Gross deferred tax liabilities at December 31, 2023 — (3,144) (3,188) (6,488) (12,820) Deferred tax assets Losses available for offsetting against future taxable profits Difference in intangible assets amortization Accrued expense Lease liability Cost recovery of R&D expense Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 At January 1, 2022 20,448 1,056 1,257 — — 22,761 Deferred tax charged to the statement of profit or loss during the year (20,448) 194 2,192 120 3,046 (14,896) Gross deferred tax assets at December 31, 2022 — 1,250 3,449 120 3,046 7,865 At January 1, 2023 — 1,250 3,449 120 3,046 7,865 Deferred tax charged to the statement of profit or loss during the year 1,521 1,551 (1,500) 6,429 (3,046) 4,955 Gross deferred tax assets at December 31, 2023 1,521 2,801 1,949 6,549 — 12,820 The Company has tax losses arising in Hong Kong of $0.4 million in 2023 (2022: $1.9 million) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. The Company has tax losses arising in Greater China of $90.9 million in 2022 that will expire in 10 years for offsetting against future taxable profits of the companies in which the losses arose. The Company has tax losses arising in Ireland of $134.8 million in 2023 (2022 $118.6 million) that can be carried back for 1 year and carried forward indefinitely for offsetting against taxable profits of the company. The Company has tax losses arising in the United States of America of $48.8 million in 2023 (2022: $179.8 million) that are available indefinitely for offsetting against up to 80% of future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognized in respect of these tax losses as it is not considered probable that taxable profits will be available against which the tax losses can be utilized. Deferred tax assets have not been recognized in respect of the following items as of the end of the reporting year: 2023 2022 US$’000 US$’000 Deductible temporary differences 440,801 210,953 Tax losses and credits 1,241,550 1,002,104 Total 1,682,351 1,213,057 Deferred income tax assets are recognized for tax losses carried-forward to the extent that realization of the related tax benefit through future taxable profits is probable. Deferred tax assets have not been recognized in respect of the above items as it is not considered probable that taxable profits will be available against which the above items can be utilized. Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Greater China. The requirement is effective from January 1, 2008 and applies to earnings after December 31, 2007. A lower withholding tax rate may be applied if there is a tax treaty between Greater China and the jurisdiction of the foreign investors. For the Company, the applicable rate is 10%. The Company is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in Greater China in respect of earnings generated from January 1, 2008. At December 31, 2023 and 2022, the subsidiaries in Greater China had no distributable retained earnings. According to the US tax laws, dividends payable by the Company’s US entity, to non-US resident enterprises shall be subject to 30% withholding tax. A lower withholding tax rate may be applied if there is a tax treaty between US and the jurisdiction of the foreign investors. For the Company, the applicable rate is 5%. The Company is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in US. |
WARRANT LIABILITY
WARRANT LIABILITY | 12 Months Ended |
Dec. 31, 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 the PIPE Investor, l 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 $20.0 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 $85.8 million. The movement of the warrant liability is set out as below: 2023 2022 US$’000 US$’000 Balance, beginning of the period 67,000 87,900 Fair value loss/(gain) of the warrant liability 85,750 (20,900) Exercise of the warrant liability (152,750) — Balance, end of the period — 67,000 |
GOVERNMENT GRANTS
GOVERNMENT GRANTS | 12 Months Ended |
Dec. 31, 2023 | |
Government Grant [Abstract] | |
GOVERNMENT GRANTS | GOVERNMENT GRANTS 2023 2022 US$’000 US$’000 Deferred government grants 7,373 8,110 Current 68 451 Non-current 7,305 7,659 |
COLLABORATION INTEREST-BEARING
COLLABORATION INTEREST-BEARING ADVANCED FUNDING | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
COLLABORATION INTEREST-BEARING ADVANCED FUNDING | COLLABORATION INTEREST-BEARING ADVANCED FUNDING Effective Maturity December 31, % US$’000 Non-current Loans from a collaborator 8.07 No specific maturity date 281,328 Pursuant to the license and collaboration agreement entered into with a collaborator, the Company is entitled to receive funding advances from the collaborator 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 the collaborator, respectively (collectively, the “Funding Advances”). These Funding Advances are accounted for as interest-bearing borrowings funded by the collaborator, constituted by a principal amounting to $250.0 million and applicable interests accrued amounting to $31.3 million upon such principal. The respective interest rate of each borrowing has transitioned from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) in accordance with the LIBOR ACT. Thus, outstanding advances accrue interest at 12 month CME term SOFR plus LIBOR/SOFR adjustment (12 month) plus a margin of 2.5% For each of the seven batches of funding advances, interest started to accrue from June 18, 2021, September 17, 2021, December 17, 2021, March 18, 2022, June 17, 2022, September 16, 2022, and December 16, 2022, respectively. Pursuant to the terms of the license and collaboration agreement, the collaborator may recoup the aggregate amount of Funding Advances together with interest thereon from Company’s share of pre-tax profits from the first profitable year of the collaboration program a nd, subject to some limitations, from milestone payments due to the Company under the Janssen Agreement. The Company’s management estimated the loan will not be recouped by the collaborator within one year, nor does the Company expect to repay the funding advances within one year, and thus the loan was classified as a long-term liability. |
SHARE CAPITAL AND SHARE PREMIUM
SHARE CAPITAL AND SHARE PREMIUM | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL AND SHARE PREMIUM | SHARE CAPITAL AND SHARE PREMIUM Shares December 31, December 31, US$’000 US$’000 Authorized: 2,000,000,000 shares of $0.0001 each 200 200 Issued and fully paid: 363,822,069 (2022: 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, 2021 and January 1, 2022 308,456,852 31 1,261,454 1,261,485 Issuance of ordinary shares for follow-on public offering, net of issuance cost 18,722,000 2 377,641 377,643 Exercise of share options 2,040,580 — 4,070 4,070 Reclassification of vesting of restricted share units 915,048 — 13,850 13,850 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 options 2,460,172 — 18,051 18,051 Reclassification of vesting of restricted share units 1,455,175 — 25,878 25,878 At December 31, 2023 363,822,069 36 2,637,120 2,637,156 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 o f $32.00 per s hare, 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 $200.0 million, and, as a result, the Company issued 10,000,000 ordinary shares to the PIPE Investor. |
SHARE OPTION SCHEME
SHARE OPTION SCHEME | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE OPTION SCHEME | SHARE OPTION SCHEME The Company operates a share option scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Eligible participants of the Scheme include the Company’s directors, including independent non-executive directors, and employees of any member of the Company. The Scheme became effective on December 21, 2017 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The Scheme has a performance vesting condition and is subject to forfeiture if the participants cannot meet certain performance targets set by the board of directors. Share options do not confer any voting rights, or rights to participate in any dividends or distributions. The following share options were outstanding under the Scheme during the year: 2023 2022 2021 Weighted Number of Weighted Number of Weighted Number of US$ per share ’000 US$ per share ’000 US$ per share ’000 At January 1, 7.1370 9,180 2.8970 9,529 1.9353 14,241 Granted during the year 23.5300 355 19.4468 2,265 15.4774 595 Forfeited during the year 2.8336 (708) 4.2888 (573) 2.9987 (1,251) Exercised during the year 5.0687 (2,460) 1.8032 (2,041) 1.3346 (4,056) At December 31, 9.3287 6,367 7.1370 9,180 2.8970 9,529 Exercisable at December 31 4.5401 3,470 2.8705 3,281 1.4334 2,828 The weighted average share price at the date of exercise for share options exercised during 2023 w as $31.8140 pe r share (2022: $22.5813, 2021: $18.4846). The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows: December 31, 2023 Number of Exercise price* Exercise period 1,747 0.5 2019/12/25 – 2027/12/25 801 1.0 2019/07/01 – 2028/08/29 84 1.0 2019/12/31 – 2028/12/30 723 1.5 2020/07/02 – 2029/07/01 152 11.5 2020/11/29 – 2029/11/28 54 11.5 2021/06/05 – 2030/06/04 255 16.3 2021/09/01 – 2030/08/31 210 14.1 2022/03/29 – 2031/03/28 160 19.0 2022/08/27 – 2031/08/26 409 18.4 2023/03/31 - 2032/03/30 740 18.2 2023/04/30 - 2032/04/29 80 18.4 2023/05/02 - 2032/05/01 40 18.4 2023/05/05 - 2032/05/04 80 18.4 2023/05/08 - 2032/05/07 200 18.4 2023/05/10 - 2032/05/09 10 19.7 2023/05/13 - 2032/05/12 207 27.5 2023/06/30 - 2032/06/29 60 23.3 2023/08/02 - 2032/08/01 355 23.5 2024/04/03 - 2033/04/02 6,367 December 31, 2022 Number of Exercise price* Exercise period 2,875 0.5 2019/12/25 – 2027/12/25 1,248 1.0 2019/07/01 – 2028/08/29 271 1.0 2019/12/31 – 2028/12/30 1,393 1.5 2020/07/02 – 2029/07/01 201 11.5 2020/11/29 – 2029/11/28 90 11.5 2021/06/05 – 2030/06/04 322 16.3 2021/09/01 – 2030/08/31 410 14.1 2022/03/29 – 2031/03/28 165 19.0 2022/08/27 – 2031/08/26 740 18.4 2023/03/31 - 2032/03/30 750 18.2 2023/04/30 - 2032/04/29 80 18.4 2023/05/02 - 2032/05/01 40 18.4 2023/05/05 - 2032/05/04 80 18.4 2023/05/08 - 2032/05/07 200 18.4 2023/05/10 - 2032/05/09 15 19.7 2023/05/13 - 2032/05/12 240 27.5 2023/06/30 - 2032/06/29 60 23.3 2023/08/02 - 2032/08/01 9,180 December 31, 2021 Number of Exercise price* Exercise period 4,054 0.5 2019/12/25 – 2027/12/25 1,849 1.0 2019/07/01 – 2028/08/29 382 1.0 2019/12/31 – 2028/12/30 1,822 1.5 2020/07/02 – 2029/07/01 332 11.5 2020/11/29 – 2029/11/28 90 11.5 2021/06/05 – 2030/06/04 385 16.3 2021/09/01 – 2030/08/31 20 13.6 2021/11/19 – 2030/11/18 430 14.1 2022/03/29 – 2031/03/28 165 19.0 2022/08/27 – 2031/08/26 9,529 * The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in the Company’s share capital. Pursuant to certain listing rules of the Hong Kong Stock Exchange to which members of the Genscript Group are subject to, the Company adjusted the exercise price of options granted during November 29, 2019 through December 9, 2019 to $11.50 per share. Concurrent with this adjustment, the Company agreed to pay each employee holding affected share options an amount in cash representing the difference between the adjusted exercise price over the original exercise price upon exercising the share options. The fair value of the share options granted during the year ended December 31, 2023 was $4.8 million ($13.397 each) (2022: $27.2 million, $12.010 each; 2021: $5.7 million, $9.497 each). The Company recognized share option expense of $11.3 million (2022: $10.7 million, 2021: $2.4 million) during the year ended December 31, 2023. The fair value of equity-settled share options granted during the period was estimated, using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: 2023 2022 2021 Dividend yield (%) — — — Expected volatility (%) 66.1 % 73.0% -87.1% 73.2% - 76.4% Risk-free interest rate (%) 3.40% - 4.84% 0.52% - 3.11% 0.03%- 1.72% Expected life of options (year) 10 10 10 The volatility measured at the standard deviation of expected share price returns is based on statistical analysis of comparable listed companies in the same industry. The weighted average share price was $23.5300 used in the share option fair value valuation model during the year ended December 31, 2023. As at December 31, 2023, the Company had 6,366,538 share options outstanding under the Scheme. The exercise in full of the outstanding share options would, under the present capital structure of the Company, result in the issue of 6,366,538 additional ordinary shares of the Company, an additional share capital of $637 and a share premium of $59.4 million (before issue expenses). As at December 31, 2023, the Company had 6,366,538 share options outstanding under the share option scheme, which represented approximately 1.7% of the Company's shares in issue as at that date. |
RESTRICTED SHARE UNITS
RESTRICTED SHARE UNITS | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Stock Units [Abstract] | |
RESTRICTED SHARE UNITS | RESTRICTED SHARE UNITS The Company operates a RSU scheme for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Eligible participants of the Scheme include the Company’s directors, including independent non-executive directors, and employees of any member of the Company. The RSU Scheme became effective on May 26, 2020 and, unless otherwise cancelled or amended, will remain in force. The RSU Scheme has a performance vesting condition and is subject to forfeiture if the participants cannot meet certain performance target set by the board of directors. The movement in the number of RSUs outstanding for the year ended December 31, 2023, 2022 and 2021 was as follows: 2023 2022 2021 Weighted Number of Weighted Number of Weighted Number of US$ per unit ’000 US$ per unit ’000 US$ per unit ’000 Outstanding at January 1 18.3704 3,386 15.1808 2,601 15.3409 1,113 Granted during the year 29.6040 3,429 20.5695 2,200 15.0120 2,133 Vested during the year 17.7836 (1,455) 15.1354 (915) 15.2420 (349) Forfeited during the year 21.5612 (411) 17.3746 (500) 14.4913 (296) Outstanding at December 31 26.0613 4,949 18.3704 3,386 15.1808 2,601 The fair value of the awarded shares was calculated based on the market price of the Company’s shares at the respective grant date. For the year ended December 31, 2023, the fair value of the RSUs granted during the period was $101.5 million ($29.604 each), of which the Company recognized RSU expense of $36.3 million. For the year ended December 31, 2022, the fair value of the RSUs granted during the period was $45.3 million ($20.570 each), of which the Company recognized RSU expense of $23.6 million. For the year ended December 31, 2021, the fair value of the RSUs granted during the period was $32.0 million ($15.012 each), of which the Company recognized RSU expense of $17.8 million. As at December 31, 2023, the Company had 4,948,956 RSUs outstanding under the RSU Scheme, which represented approximately 1.4% of the Company's ordinary shares in issue as at that date. |
RESERVES
RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [abstract] | |
RESERVES | RESERVES The amounts of the Company’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity of the consolidated financial statements. The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of operations with a functional currency other than US$. Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of net assets restricted include paid in capital and reserve funds of the Company’s PRC subsidiaries, totaling $107.3 million and $81.8 million as at December 31, 2023 and 2022, respectively. |
NOTES TO THE CONSOLIDATED STATE
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract] | |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (a) Major non-cash transactions For the year ended December 31, 2022 and 2021, the Company had non-cash additions to collaboration interest-bearing advanced funding of $130.3 million and $119.7 million which was received through the deduction of other payables to a collaborator. There were no such non-cash additions to the collaboration interest-bearing advanced funding in 2023. For the year ended December 31, 2023, 2022 and 2021, the Company recorded a non-cash fair value loss of $85.8 million, non-cash fair value gain of $20.9 million, and non-cash fair value loss of $6.2 million of warrant liability, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company had non-cash additions to right-of-use assets of $26.7 million, $23.2 million and $0.7 million, and lease liabilities of $26.7 million, $23.7 million and $0.7 million, in respect of lease arrangements for buildings, respectively. For the years ended December 31, 2023, 2022 and 2021, the Group had non-cash additions to collaboration prepaid leases included in the other payables and accruals for the assets leased from the collaboration partner of $16.30 million $26.5 million and $7.6 million, respectively, and had non-cash additions to property, plant and equipment included in other payables and accruals of $6.6 million, $5.1 million and $6.7 million, respectively. (b) Changes in liabilities arising from financing activities Lease liabilities US$’000 At January 1, 2023 23,602 Additions of lease liabilities 26,692 Changes from financing cash flows (3,755) Disposal — Interest expense 1,394 Interest paid classified as operating cash flows (1,394) Foreign exchange movement 805 At December 31, 2023 47,344 At January 1, 2022 2,504 Additions of lease liabilities 23,703 Changes from financing cash flows (2,596) Disposal — Interest expense 527 Interest paid classified as operating cash flows (527) Foreign exchange movement (9) At December 31, 2022 23,602 At January 1, 2021 3,373 Additions of lease liabilities 678 Changes from financing cash flows (1,419) Disposal (68) Interest expense 142 Interest paid classified as operating cash flows (142) Foreign exchange movement (60) At December 31, 2021 2,504 (c) Total cash outflow for leases The total cash outflow for leases included in the statement of cash flows is as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Within operating activities 1,394 527 142 Within financing activities 3,755 2,596 1,419 Short-term leases 2,338 1,132 182 Total 7,487 4,255 1,743 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES (a) Capital commitments The Company had the following capital commitments at the end of the year: 2023 2022 2021 US$’000 US$’000 US$’000 Construction in progress 11,270 22,706 25,897 (b) Loss contingencies In September 2021, a former employee elected to enter into arbitration against Legend USA with the American Arbitration Association, claiming such former employee was discriminated against due to her gender and wrong fully terminated in retaliation for engaging in alleged protected activity. The former employee demanded Legend USA to pay damages of approximately $3.0 million for alleged lost pay, lost equity, damage to reputation, emotional distress and other related losses. Management believes that the former employee’s claims above are without merit and intends to defend vigorously. At the early stage of the process, management cannot predict the ultimate outcome of the above claims, whether in whole or in part, which may result in a loss, if any. Therefore, in the opinion of management and legal counsel, an estimate of the amount or arrange of reasonably possible losses cannot be made at this time. Accordingly, no provision for any liability has been made in the financial statements. (c) 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 contingent on the U.S. Food and Drug Administration’s approval of our Biologics License Application for cilta-cel, which we referred to as the Facility Transition Date. For this facility, which we collaboratively operate with 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 | 12 Months Ended |
Dec. 31, 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 Genscript Probio USA 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 consolidated financial statements, the Company had the following transactions with related parties during the year: (i) Licensing of patents to related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. — — 3,019 The sale was generated from an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (ii) Sales of products and sales-based royalties from related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. 179 328 405 The sale was mainly generated from sales-based royalties related to the exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (iii) Purchases from related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing GenScript Biotech Co., Ltd. 4,078 6,174 9,615 Jiangsu GenScript Probio Biotech Co., Ltd 303 1,306 334 Genscript USA Incorporated 473 1,028 786 Genscript USA Holdings Inc 389 380 — Nanjing Probio Biotech Co., Ltd. 35 237 21 Jiangsu GenScript Biotech Co., Ltd 1 51 146 GenScript Probio USA Inc. — 8 — Genscript Netherlands — 5 6 Total 5,279 9,189 10,908 The transactions were made according to the price and terms agreed with related parties. (iv) Shared services: During the years ended December 31, 2023, 2022 and 2021, Nanjing GenScript Biotech Co., Ltd. provided certain accounting, legal, IT and administrative shared services to the Company for a consideration of $0.2 million, $1.6 million and $1.6 million, respectively. (v) Compensation fee for termination of service agreement: 2023 2022 2021 US$’000 US$’000 US$’000 Jiangsu GenScript Biotech Co., Ltd. — — 2,666 In May 2021, pursuant to a settlement agreement between the Company and Jiangsu GenScript Biotech Co., Ltd., the Company incurred compensation charges for the termination of a service agreement related to the design and construction of a lab facility. (vi) Financing from follow-on public offering, net of issuance cost 2023 2022 2021 US$’000 US$’000 US$’000 Genscript Biotech Corporation — — 84,600 Genscript purchased 4,500,000 ordinary shares, in the form of ADSs issued as part of the follow-on public offering on December 20, 2021, at the same price as these shares issued to the public. (vii) Lease contract guarantee In 2018, Legend Ireland entered into a property lease agreement with a third party in Dublin with lease period from 2018 to August 2028. Genscript provided a guarantee on Legend Ireland’s payment obligations under the lease agreement for nil consideration. (b) Outstanding balances with related parties: The Company had the following significant balances with its related parties at the end of the year: (i) Due from related parties December 31, December 31, US$’000 US$’000 Trade receivables Nanjing Probio Biotech Co., Ltd. 41 90 December 31, December 31, US$’000 US$’000 Other receivables Nanjing GenScript Biotech Co., Ltd. 22 321 Genscript USA Incorporated 16 16 Jiangsu Genscript Biotech Co., Ltd — 3 Total 38 340 December 31, December 31, US$’000 US$’000 Prepayment Nanjing Probio Biotech Co., Ltd. 237 251 Jiangsu GenScript Probio Biotech Co., Ltd — 21 Total 237 272 (ii) Due to related parties. December 31, December 31, US$’000 US$’000 Trade payables Nanjing GenScript Biotech Co., Ltd. 265 935 Genscript USA Incorporated 35 134 Jiangsu GenScript Biotech Co., Ltd — 93 Jiangsu GenScript Probio Biotech Co., Ltd 272 — Nanjing Probio Biotech Co., Ltd. — 21 Total 572 1,183 December 31, December 31, US$’000 US$’000 Other payables Nanjing GenScript Biotech Co., Ltd. 892 2,435 GenScript USA Incorporated. — 58 Jiangsu Genscript Biotech Co., Ltd — 7 Jiangsu Genscript Probio Biotech Co., Ltd — 4 Nanjing Probio Biotech Co., Limited — 3 Genscript Netherlands — 1 Total 892 2,508 December 31, December 31, US$’000 US$’000 Lease liabilities Genscript USA Holdings Inc — 427 Nanjing GenScript Biotech Co., Ltd. 136 205 Total 136 632 Except for lease liabilities with incremental borrowing rates between 5.14% and 7.94% repayable over 5 years, all other related party balances are unsecured and repayable on demand and interest free. (iii) Compensation of key management personnel of the Company: 2023 2022 2021 US$’000 US$’000 US$’000 Equity-settled share-based compensation expense 8,037 3,582 2,907 Short-term employee benefits 2,691 2,170 1,942 Total 10,728 5,752 4,849 |
FINANCIAL INSTRUMENTS BY CATEGO
FINANCIAL INSTRUMENTS BY CATEGORY | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS BY CATEGORY | FINANCIAL INSTRUMENTS BY CATEGORY The carrying amounts of each of the categories of financial instruments as at the end of each of the reporting periods are as follows: As at December 31, 2023 Financial assets Financial assets at Financial assets at US$’000 US$’000 Trade receivables 100,041 — Financial assets included in prepayments, other receivables and other assets (note 16) 56,303 — Financial assets measured at fair value through profit and loss — 663 Time deposits 34,703 — Pledged deposits 357 — Cash and cash equivalents 1,277,713 — Total 1,469,117 663 Financial liabilities Financial liabilities Financial US$’000 US$’000 Trade payables 20,160 — Financial liabilities included in other payables and accruals (note 19) 11,944 — Collaboration interest-bearing advanced funding 281,328 — Lease liabilities 47,344 — Total 360,776 — As at December 31, 2022 Financial assets Financial assets Financial assets at US$’000 US$’000 Trade receivables 90 — Financial assets included in prepayments, other receivables and other assets (note 16) 43,029 — Financial assets measured at fair value through profit and loss — 185,603 Time deposits 54,016 — Pledged deposits 1,270 — Cash and cash equivalents 786,031 — Total 884,436 185,603 Financial liabilities Financial liabilities Financial US$’000 US$’000 Trade payables 32,893 — Warrant liability — 67,000 Financial liabilities included in other payables and accruals (note 19) 10,960 — Collaboration interest-bearing advanced funding 260,932 — Lease liabilities 23,602 — Total 328,387 67,000 |
FAIR VALUE AND FAIR VALUE HIERA
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 Corporate Controller. At December 31, 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 December 31, 2023 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 663 — — 663 Asset measured at fair value: December 31, 2022 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 185,603 — — 185,603 Financial assets measured at fair value consists of money market funds. Liability measured at fair value: December 31, 2022 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Warrant liability — 67,000 — 67,000 The following table lists the inputs to the binominal model used for the fair value valuation of warrant liability: December 31, 2022 Underlying stock price $24.96 Volatility 62.3 % Risk free rate 3.8%-4.7% Dividend 0 % |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Company’s principal financial instruments comprise cash and cash equivalents, pledged deposits, time deposits, prepayments, other receivables and other assets, and financial liabilities included in other payables and accruals. The main purpose of these financial instruments is to raise finance for the Company’s operations. The Company has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The main risks arising from the Company’s financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarized below. Interest rate risk As at December 31, 2023, the Company's exposure to the risk of changes in interest rates primarily relates to the Company's Funding Advances with a floating interest rate as disclosed in note 23 to the consolidated financial statements. As at December 31, 2023, management considered that any reasonable changes in the interest rate would not have significant impact on the interest expense from the Funding Advances. Accordingly, no sensitivity analysis for interest rate risk is presented. Foreign currency risk The Company has transactional currency exposures. Such exposures arise from sales or purchases by operating units in currencies other than the units’ functional currencies. Approximately 5.0% in 2023, 2022 in 0.3% and 2021 in 54% of the Company’s sales were denominated in currencies other than the functional currencies of the operating units making the sale. As at December 31, 2023, 2022 and 2021, the Company had no outstanding foreign currency forward exchange contract. At present, the Company does not intend to seek to hedge its exposure to foreign exchange fluctuations. However, management constantly monitors the economic situation and the Company’s foreign exchange risk profile and will consider appropriate hedging measures in the future should the need arise. The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the Euro ("EUR") and RMB exchange rate against US$, with all other variables held constant, of the Company’s loss before tax (due to changes in the fair values of monetary assets and liabilities). Increase/ Decrease/ % US$’000 Year ended December 31, 2023 If US$ strengthens against RMB 5 1,300 If US$ weakens against RMB (5) (1,300) If US$ strengthens against EUR 5 (51,887) If US$ weakens against EUR (5) 51,887 Year ended December 31, 2022 If US$ strengthens against RMB 5 1,314 If US$ weakens against RMB (5) (1,314) If US$ strengthens against EUR 5 (1,441) If US$ weakens against EUR (5) 1,441 Year ended December 31, 2021 If US$ strengthens against RMB 5 1,215 If US$ weakens against RMB (5) (1,215) If US$ strengthens against EUR 5 (3,086) If US$ weakens against EUR (5) 3,086 Credit risk The Company trades only with recognized and creditworthy third parties. It is the Company’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Company’s exposure to bad debts is not significant. For transactions that are not denominated in the functional currency of the relevant operating unit, the Company does not offer credit terms without the specific approval of the Head of Credit Control. The credit risk of the Company’s other financial assets, which comprise cash and cash equivalents, pledged deposits, and other receivables, arises from default of the counterparty, with a maximum exposure equal to the carrying amounts of these instruments. Further quantitative data in respect of the Company’s exposure to credit risk arising from trade receivables and other receivables are disclosed in notes 15 and 16 to the consolidated financial statements, respectively. Since the Company trades only with recognized and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are managed by debtor. The Company had certain concentrations of credit risk with respect to trade receivables, which are disclosed in note 15 to the consolidated financial statements. Liquidity risk The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g., trade receivables and other financial assets) and projected cash flows from operations. The maturity profile of the Company’s financial liabilities as at the end of the reporting period, based on contractual undiscounted payments, is as follows: As at December 31, 2023 Less than 1 Over 1 Total US$’000 US$’000 US$’000 Trade payables 20,160 — 20,160 Other payables 11,944 — 11,944 Collaboration interest-bearing advanced funding — 281,328 281,328 Lease liabilities 4,703 60,088 64,791 Total 36,807 341,416 378,223 As at December 31, 2022 Less than 1 Over 1 Total US$’000 US$’000 US$’000 Trade payables 32,893 — 32,893 Other payables 10,960 — 10,960 Warrant liability 67,000 — 67,000 Collaboration interest-bearing advanced funding — 260,932 260,932 Lease liabilities 3,966 23,193 27,159 Total 114,819 284,125 398,944 Note: Pursuant to the terms of the license and collaboration agreement, the collaborator may recoup the aggregate amount of Funding Advances together with interest thereon from Company’s share of pre-tax profits for 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 the collaborator within one year. Capital management The primary objectives of the Company’s capital management are to safeguard the Company’s ability to continue as a going concern and to maintain a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders’ value. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the reporting periods. The Company monitors capital using a gearing ratio, which is total liabilities divided by total assets. The gearing ratios as at the end of each year were as follows: December 31, December 31, US$’000 US$’000 Total liabilities 597,238 586,651 Total assets 1,848,609 1,330,963 Gearing ratio 32 % 44 % |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTNo events have occurred subsequent to December 31, 2023 that could significantly affect these audited financial statements. |
APPROVAL OF THE CONSOLIDATED FI
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Statement of financial position [abstract] | |
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS | APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved and authorized for issue by the Board of Directors on March 18, 2024. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Fair value measurement | Fair value measurement The Company measures its financial assets at fair value through profit or loss and warrant liability at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Impairment of non-financial assets | Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than contract assets and financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. |
Related parties | Related parties A party is considered to be related to the Company if: (a) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Company; (ii) has significant influence over the Company; or (iii) is a member of the key management personnel of the Company or of a parent of the Company; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Company are members of the same Company; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Company are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a Company of which it is a part, provides key management personnel services to the Company or to the parent of the Company. |
Property, plant and equipment, and depreciation | Property, plant and equipment, and depreciation Property, plant and equipment, other than construction in progress, are stated at cost (or valuation) less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss and other comprehensive income in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Freehold land Not depreciated Building 39 to 50 years Leasehold improvements lesser of the lease term or the asset life Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years Transportation equipment 10 years Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss and other comprehensive income in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Construction in progress represents equipment under installation, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of installation. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use. |
Intangible assets | Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The useful lives of intangible assets are assessed to be either finite. Intangible assets with finite lives are subsequently amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Intangible assets are amortized on the straight-line basis over the following useful economic lives: Software 3 years Patents up to 20 years |
Research and development costs | Research and development costs All research costs are charged to the statement of profit or loss and other comprehensive income as incurred. Expenditures incurred on projects to develop new product candidates is capitalized and deferred only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product candidate development expenditure which does not meet these criteria is expensed when incurred. |
Leases | Leases The Company assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Company as a lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Company elected to allocate the consideration in the contract to the lease and non-lease components on the basis of the relative standalone price of each component. (a) Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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 as follow; Leasehold land 50 years Building up to 50 years Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years If ownership of the leased asset transfers to the Company by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. (b) Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for termination of a lease, if the lease term reflects the Company exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. The lease term includes the period of any lease extension that management assess as reasonably certain to be exercised by the Company. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. (c) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases, which are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term. Company as a lessor When the Company acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease. Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Leases of collaboration assets The Company and its collaboration partner purchase assets to be used for their collaboration and share the associated costs in accordance with the terms and conditions of the Janssen Agreement. The Company accounts for leases to and by the collaboration by applying the guidance in IFRS 16 on joint arrangements by analogy. If the Company’s collaboration partner owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company’s collaboration partner to the collaboration, the Company recognizes a right-of-use asset and lease liability for its share of the asset leased from the collaboration partner to the collaboration. This is usually the case when the collaboration, through the Joint Steering Committee ("JSC") and other governance committees, has the right to direct the use and obtains substantially all of the economic benefits from using the asset. Lease payments the Company makes prior to lease commencement are recorded as prepaid rent within other non-current assets and will be reclassified to a right-of-use asset upon lease commencement. If the Company owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company to the collaboration, the Company recognizes a finance lease for the asset it leases to the collaboration. In such cases, the Company’s share of the asset that is jointly controlled by the collaboration is recorded in property, plant and equipment, and a lease receivable is recognized for the collaboration partner’s share of the asset on the consolidated statements of financial position within prepayments, other receivables and other assets. The Company recognizes the full lease liability, rather than its share, for leases entered into on behalf of the collaboration if the Company has the primary responsibility for making the lease payments. This may be the case when the Company, as a lead operator of the collaboration, is the sole signatory to the lease. A finance sublease is subsequently recognized if the related right-of-use asset is subleased to the collaboration. |
Investments and other financial assets | Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient of not adjusting the effect of a significant financing component, the Company initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. In order for a financial asset to be classified and measured at amortized cost, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement Financial assets measured at amortized cost (debt instruments) Financial assets measured at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss and other comprehensive income when the asset is derecognized, modified or impaired. |
Financial assets at fair value through profit or loss | Financial assets measured at fair value through profit or loss Financial assets measured at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss and other comprehensive income. The Company's financial assets measured at fair value through profit or loss comprise of money market funds, which are classified as level 1 in the fair value hierarchy. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when: • the rights to receive cash flows from the asset have expired; or • the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. |
Impairment of financial assets | Impairment of financial assets The Company recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets measured at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs, except for trade receivables and contract assets which apply the simplified approach as detailed below. Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs. Simplified approach For trade receivables and contract assets that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. |
Financial liabilities | Financial liabilities Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade payables, other payables, warrant liability, collaboration interest-bearing advanced funding, and lease liabilities. Subsequent measurement Financial liabilities measured at amortized cost (Loans and borrowings) After initial recognition, collaboration interest-bearing advanced funding are subsequently measured at amorti z ed cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recogni z ed in the statement of profit or loss and other comprehensive income when the liabilities are derecogni z ed as well as through the effective interest rate amorti z ation process. Amorti z ed cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amorti z ation is included in finance costs in the statement of profit or loss and other comprehensive income. |
Collaboration inventories | Collaboration inventories Collaboration inventories include finished goods manufactured, items in the process of being manufactured, and the materials to be used in the manufacturing process associated with goods that are to be sold to the Company's collaboration partner. Finished goods represent manufactured product that are pending quality release. Upon quality release, the product is delivered to the Company's collaboration partner to distribute to the customer. Collaboration inventories are stated at the lower of cost and the collaboration inventory's net realizable value. Cost is determined on the first-in, first-out basis and, in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overheads. Net realizable value is based on the estimated selling prices the collaboration sells the product to customers less any estimated costs to be incurred to completion and disposal. |
Cash and cash equivalents | Cash and cash equivalents For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have an original maturity of three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Company’s cash management. For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including deposits, and assets similar in nature to cash, which are not restricted as to use. |
Time deposits | Time deposits Time deposits represent cash placed with banks with original maturities of more than three months when acquired. The time deposits are presented as a non-current asset if the collection of time deposits is expected more than one year. |
Provisions | Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of profit or loss and other comprehensive income. |
Income tax | Income tax Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Company operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • where the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if and only if the Company has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Government grants | Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss and other comprehensive income over the expected useful life of the relevant asset by equal annual installments. |
Collaboration Arrangements | Collaboration Arrangements The Company enters into collaboration arrangements with pharmaceutical and biotechnology collaboration partners, under which the Company may grant licenses to its collaboration partner to further develop and commercialize one of its product candidates. The Company may also perform research, development, manufacturing and commercial activities under its collaboration arrangements. Consideration under these contracts may include an upfront payment, development and regulatory milestones, commercial sales milestones and other contingent payments, expense reimbursements, and profit-sharing. For collaboration arrangements that contain multiple elements, at contract inception the Company determines whether elements of the collaboration are reflective of a vendor-customer relationship and therefore are within the scope of IFRS 15. Elements of the collaboration arrangements that involve joint operating activities performed by the parties that are both active participants in the activities and exposed to significant risks and rewards of such activities are not arrangements with a customer and are outside the scope of IFRS 15. For a distinct bundle of goods or services within the arrangement that is not with a customer, the recognition and measurement of that unit of account shall be based on other authoritative accounting literature, or if there is no appropriate authoritative accounting literature, a reasonable, rational and consistently applied accounting policy election. If the Company concludes that its collaboration partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing and commercial activities, the Company presents payments from its collaboration partner as a reduction of expense, based on where the Company presents the underling expense. If the Company's collaborator performs research and development, manufacturing or commercialization-related activities, the Company recognizes as expense (e.g. research and development expense or selling and distribution expense, as applicable) in the period when its collaborator incurs such expenses, the portion of the collaborator’s expenses that the Company is obligated to reimburse. Janssen Agreement In December 2017, the Company entered into a collaboration and license agreement (the “Janssen Agreement”) with Janssen for the worldwide development and commercialization of cilta-cel. Pursuant to the Janssen Agreement, we granted Janssen a worldwide, co-exclusive (with us) license to develop and commercialize cilta-cel. We and Janssen will collaborate to develop and commercialize cilta-cel for the treatment of MM worldwide pursuant to a global development plan and global commercialization plan. Janssen will be responsible for conducting all clinical trials worldwide with participation by our team in the United States and Greater China for cilta-cel. We will be responsible for conducting regulatory activities, obtaining pricing approval and booking sales for Greater China, while Janssen will be responsible for conducting regulatory activities, obtaining pricing approval and booking sales for the rest of the world. We and Janssen share development, production and commercialization costs and pre-tax profits or losses equally in all countries of the world except for Greater China, for which the cost-sharing and profit/loss split will be 70% for us and 30% for Janssen In consideration for the licenses and other rights granted to Janssen, Janssen paid us an upfront fee of $350.0 million and we were eligible to receive up to an additional $1.35 billion in milestone payments from Janssen. Of the $1.35 billion, we may not receive up to $280 million due to mutually agreed upon modifications to our clinical development plan that resulted in the decision to not conduct certain trials as originally planned. In connection with the Janssen Agreement, we entered into the Interim Product Supply Agreement dated as of February 28, 2022 (the “IPSA”) pursuant to which we will supply cilta-cel to Janssen for clinical and commercial use worldwide (excluding Greater China). Under the IPSA, Janssen pays us a transfer price for supplied product based on the total costs necessary to produce and supply such product. Ultimately, however, the cost for commercial supply and clinical supply of product are shared equally by us and Janssen as “Allowable Expenses” and “Development Costs,” respectively, under the Janssen Agreement. The IPSA will remain in effect until June 30, 2024 or such alternate date determined by the joint manufacturing committee (the “JMC”) that has been established under the Janssen Agreement. The IPSA will also terminate if the Janssen Agreement expires or is terminated. We expect to enter into a product supply agreement with Janssen that will replace the IPSA. |
Revenue recognition | Revenue recognition Revenue from contracts with customers The Company recognizes revenue in accordance with IFRS 15, Revenue from Contracts with Customers (IFRS 15). Under IFRS 15, revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, the Company performs the following five-steps: (i) identify the contract, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (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 IFRS 15, at contract inception the Company assesses the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. A good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and (b) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company determines the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable or a combination of both. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Company will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The contracts generally do not include a significant financing component. The Company recognizes revenue only when it satisfies a performance obligation by transferring control of the promised goods or services. The transfer of control can occur over time or at a point in time. A performance obligation is satisfied over time if it meets one of the following criteria: (i) the counterparty simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs; or (ii) the Company’s performance creates or enhances an asset that the counterparty controls as the asset is created or enhanced. The portion of the transaction price that is allocated to performance obligations satisfied at a point in time is recognized as revenue when control of the goods or services is transferred to the counterparty. If the performance obligation is satisfied over time, the portion of the transaction price allocated to that performance obligation is recognized as revenue as the performance obligation is satisfied. The Company adopts an appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress at the end of each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Contracts may be amended to account for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. When contract modifications create new performance obligations and the increase in consideration approximates the standalone selling price for goods and services related to such new performance obligations as adjusted for specific facts and circumstances of the contract, the modification is considered to be a separate contract. If a contract modification is not accounted for as a separate contract, the Company accounts for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. For a change in transaction price that occurs after a contract modification, the Company allocates the change in the transaction price to the performance obligations identified in the contract before the modification if, and to the extent that, the change in the transaction price is attributable to an amount of variable consideration promised before the modification. The Company accounts for a contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. In such case, the effect that the contract modification has on the transaction price, and on the entity’s measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis). License and collaboration revenue Licenses of Intellectual Property For collaboration arrangements that include a grant of a license to the Company's intellectual property, the Company considers whether the license grant is distinct from the other performance obligations included in the arrangement. In assessing whether a license is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a license for its intended purpose without the receipt of the remaining promise(s) by considering whether the value of the license is dependent on the unsatisfied promise(s), whether there are other vendors that could provide the remaining promise(s), and whether it is separately identifiable from the remaining promise(s). The Company evaluated that the license, including a technology transfer service, is a single performance obligation in the Janssen Agreement, which represents a right to use our license as it exists at the point in time that the license is granted. Revenue from licenses is recognized when the control of the right to use of the license is transferred to the customer. The Company evaluated that the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial, is a single performance obligation in the Novartis Licensing Agreement, which represents a right to use our license over time after the license is granted and the Legend Phase 1 trial is ongoing. Revenue from licenses is recognized when the value of the right to use of the license is transferred to the customer which occurs over time during the Phase 1 trial. Input Method We use input methods to measure the progress toward the complete satisfaction of performance obligations satisfied over time. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which we are expected to complete our performance obligations under an arrangement. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. We have concluded that revenue associated with the Novartis Licensing Agreement will be recognized over time using the input method as the delivery of the license is not distinct from the Legend Phase 1 trial. Milestone Payments Milestone payments represent a form of variable consideration which are included in the transaction price to the extent that it is highly probable that a significant reversal of accumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered highly probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgement involved in determining whether it is highly probable that a significant reversal of cumulative revenue would not occur. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. When the Company cannot conclude that it is highly probable that a significant revenue reversal of cumulative revenue under the contract will not occur, the Company constrains the related variable consideration resulting in its exclusion from the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Royalty Payments The Company recognizes revenue for sales-based milestone payments promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs: (a) the subsequent sale occurs; and (b) the performance obligation to which some or all of the sales-based royalty has been allocated has been satisfied (or partially satisfied). Janssen Agreement The Company entered into a license and collaboration agreement with one customer (Janssen). The terms of the arrangement include: non-refundable upfront fees of $350.0 million and milestone payments for the achievement of specified manufacturing milestones, specified development milestones, specified regulatory milestones and specified net trade sales milestones of $125.0 million, $215.0 million, $800.0 million and $210.0 million, respectively. The Company has assessed that there is one distinct performance obligation, being the transfer of a license of intellectual property, including a technology transfer service. The Company considers this performance obligation is distinct from other collaborative activities as the license has stand-alone value without the Company being further involved in the research and development or other collaborative activities. Upon contract inception, the Company has estimated that the total transaction price is constrained to $400.0 million which included upfront fees of $350.0 million and milestone payments of $50.0 million. The transaction price was allocated to the single performance obligation in the contract. Novartis Licensing Agreement The Company entered into a license agreement with Novartis. The terms of the arrangement include: non-refundable upfront fees of $100.0 million and milestone payments for the achievement of specified development milestones and specified net trade sales milestones of up to $330.0 million and $680.0 million, respectively as well as tiered royalties. The Company has assessed that there are two distinct performance obligations. Performance Obligation 1 (PO1); A combined performance obligation that includes delivery of the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial. Performance Obligation 2 (PO2); Supply of materials (supply of Lentivirus/other materials). Upon contract inception, the Company has estimated that the total transaction price is constrained to $125.3 million which included upfront fees of $100.0 million and variable consideration of $25.3 million. The transaction price was allocated to the two performance obligations (PO1) $120.7 million and (PO2) $4.6 million, respectively. Upfront fees Upfront payment is allocated to the single performance obligation in the Janssen Agreement. The upfront fees of $350.0 million were included in the transaction price upon contract inception in 2017 and were recognized when the single performance obligation to deliver the intellectual property, including a technology transfer service, was completed in 2018. The $350.0 million upfront fees were fully received by the Company in 2018. Milestone payments Certain milestone payments were allocated to the single performance obligation in the Janssen Agreement to deliver the license of intellectual property, including the technology transfer service. The initial two milestone payments of aggregate $50.0 million were included in the transaction price at contract inception in 2017 and were recognized when the single performance obligation was completed in 2018. Subsequently in 2019, an additional two milestone payments of $60.0 million were included in the transaction price when the milestones triggered by dosing of a specified number of patients in the CARTITUDE-1 clinical trial were achieved. In 2021, an additional milestone with a payment of $75.0 million was achieved relating to the clinical development of cilta-cel. In 2021, three additional milestone payments amounting to $65.0 million were achieved relating to the submission of a Marketing Authorization to the EMA, enrollment of a specified number of patients in the CARTITUDE-5 clinical trial and filing of a Drug approval application for a product by the Ministry of Health, Labour a nd Welfare in Japan. In 2022, additional milestone payments of $50.0 million were achieved in connection with the submission of a NDA to the PMDA in Japan, the enrollment of a specified number of patients in the Company’s CARTITUDE-5 clinical trial and in connection with the receipt of a commercialization approval for cilta-cel in the U.S. In 2023, two additional milestone payments amounting to $35 million were achieved relating to the acceptance of a submission of a supplemental BLA to the FDA and the acceptance of a submission of a Type II variation application to the EMA. As of December 31, 2023, pursuant to the Agreement, the remaining future contractual milestone payments for the Company aggregated to $1.02 billion for the achievement of various development, regulatory, manufacturing and net trade sales milestones. More specifically, the future contractual milestones consist of $125.0 million for the achievement of specified manufacturing milestones, $60.0 million for the achievement of specified development milestones, $620.0 million for the achievement of specified regulatory milestones and $210.0 million for the achievement of specified net trade sales milestones. The Company’s development plans and research progresses might change from time to time, which would increase the uncertainties of achieving future contractual milestones. The Company does not believe $280.0 million of the remaining $1.02 billion contractual milestone payments would be eligible to be received based on a subsequent change in development plan with the collaborator. Furthermore, the Company assessed that achievement of all the remaining contractual milestones is highly uncertain and the related milestone payments are not included in the transaction price. The milestone is achieved when the triggering event described in the agreement occurs. Profit sharing The Company and Janssen share equally profits on sales of CARVYKTI in all areas other than the People's Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan (“Greater China”), where the Company retains or bears 70% of pre-tax profits or losses. In all areas other than Greater China, as Janssen is the principal in the sale transaction with the customer, the Company recognizes a pro-rata share of collaboration net trade sales in the period Janssen completes the sale and delivers the product to the customer. The Company's share of collaboration net trade sales in all areas other than Greater China are recognized within collaboration revenue on the statement of profit or loss and other comprehensive income. Subsequent to regulatory approval, revenue from sales of product in Greater China will be recognized within Product sales on the statement of profit or loss and other comprehensive income as the Company will be the principal in the sale to the customer. Collaborative activities In addition to the license of intellectual property, the Janssen Agreement includes joint development, manufacturing and commercial activities that are performed by the Company and its collaboration partner. These activities and the related consideration for these activities are outside the scope of IFRS 15 as the Company and its collaboration partner are both active participants in the activities and are exposed to significant risks and rewards of such activities. Product Sales Revenue from the sale of goods is recognized at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods. To date the Company has not generated any product sales. Our share of collaboration net trade sales in which Janssen is the principal in the sale transaction with the customer is recognized within collaboration revenue on the statement of profit or loss and other comprehensive income. Collaboration cost of revenue Collaboration cost of revenue relates to the sale of CARVYKTI and includes costs incurred by the Company as well as the Company's pro-rata share of collaboration cost of revenue. Collaboration cost of revenue includes the cost of inventory sold, manufacturing costs, other costs attributable to production, and provisions to write down inventory, such as for excess and obsolete inventory or inventory that did not meet quality specifications. Other income Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. |
Share-based payments | Share-based payments The Company operates a share option scheme and a restricted share unit scheme (“RSU Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Employees and directors of the Company receive remuneration in the form of share-based payments, whereby employees and directors render services as consideration for equity instruments (“equity-settled transactions”). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value of share option is determined by using a binomial model, and the fair value of each RSU is determined by reference to market price of the Company’s shares at the respective grant date, further details of which are given in notes 25 and 26 to the consolidated financial statements. The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefit expense. The cumulative expense recognized for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period. Service and performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. For awards that do not ultimately vest because performance and/or service conditions have not been met, no expense is recognized. |
Other employee benefits | Other employee benefits Pension scheme The employees of the Company’s subsidiaries which operates in Greater China and Hong Kong are required to participate in a central pension scheme operated by the local municipal government. These subsidiaries are required to contribute certain percentage of their payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme. Defined contribution plan |
Foreign Currency Transactions and Foreign Currency Translation | Foreign Currency Transactions These consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. Each of the Company's subsidiaries determines its own functional currency and items included in the consolidated financial statements of each entity are measured using that functional currency. Transactions that are denominated in a currency other than the functional currency of an entity are recorded at that functional currency by applying the spot exchange rates prevailing at the dates of the transactions. At the end of the reporting period, monetary assets and liabilities denominated in a currency other than the functional currency are revalued to the functional currency by applying the spot exchange rate prevailing at the end of the reporting period. Gains and losses arising from these foreign currency revaluations are recognized in net income as other income and gains or other expenses. Foreign-currency-denominated transactions that are classified as non-monetary are measured using the historical spot exchange rate. Foreign Currency Translation The functional currencies of certain subsidiaries established in the PRC and Europe are currencies other than the U.S. dollar. As at the end of the reporting period, the assets and liabilities of these entities are translated into U.S. dollars at the exchange rates prevailing at the end of the reporting period and their statements of profit or loss are translated into U.S. dollars using the average foreign exchange rates during the period. The resulting exchange differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in net income. For the purpose of the consolidated statements of cash flows, the cash flows of the subsidiaries established in the PRC and Europe are translated into U.S. dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of the companies established in the PRC and Europe which arise throughout the year are translated into U.S. dollars at the weighted average exchange rates for the year. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future. |
Global Economic Conditions | Global Economic Conditions Worldwide economic conditions remain uncertain and we continue to monitor the impact of macroeconomic conditions, including those related to the public health crises, the Russia-Ukraine war, the conflict between Israel and Hamas, the failure and instability of financial institutions and rising inflation rates. Changes in economic conditions, supply chain constraints, logistics challenges, labor shortages, the Russia-Ukraine war, the conflict between Israel and Hamas and steps taken by governments and central banks, have led to higher inflation, which has led to an increase in costs and has caused changes in fiscal and monetary policy, including increased interest rates. Our product manufacturing in both the U.S. and China has continued. Currently we have not experienced any material impact to our material supply chain or as a result of inflation and rising interest rates. Increased quantities of certain raw materials and consumables have been stocked as an appropriate safety measure. We believe we have established robust sourcing strategies for all necessary materials and do not expect any significant impact. In addition, in China, although we experienced disruptions from COVID-19 during the year ended December 31, 2023, we do not believe they had a material impact to our business. There are still uncertainties of COVID-19’s future impact on our business in China, results of operations and financial condition, and the extent of the impact will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the development and progress of distribution of COVID-19 vaccines and other medical treatments, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. If COVID-19 resurges or if other public health crises create similar disruptions, our business, results of operations and financial condition could be materially and adversely affected. We will continue to monitor and assess the impact of the ongoing development of the pandemic on our financial position and operating results and respond accordingly. |
CORPORATE INFORMATION (Tables)
CORPORATE INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Information About Subsidiaries | Information about subsidiaries Company Place and date Issued ordinary Percentage of equity Principal Direct % Indirect % Legend Biotech Limited (“Legend BVI”) The British Virgin Islands June 2, 2015 US$ 2,453,819,239 100 — Investment holding Legend Biotech HK Limited (“Legend HK”) Hong Kong June 3, 2015 US$ 2,453,819,239 — 100 Investment holding Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”) PRC* November 17, 2014 US$ 212,500,000 — 100 Manufacture and sale of life sciences research products; performance and sale of research and development services Legend Biotech USA Incorporated (“Legend USA”) Delaware, United States of America August 31, 2017 — — 100 Manufacture and sale of life sciences products; performance of life sciences research and development Legend Biotech Ireland Limited (“Legend Ireland”) Ireland November 13, 2017 US$ 2,217,445,234 — 100 Manufacture and sale of life sciences products; performance of life sciences research and development; treasury center for Legend Biotech Legend Biotech Belgium B.V. (“Legend Belgium”) Belgium June 23, 2021 US$ 46,177,685 — 100 Manufacture and sale of life sciences products Hainan Chuanji Biotechnology Co., Ltd. (“Hainan Chuanji”) PRC October 25, 2021 — — 100 General & administrative * * The People’s Republic of China (the “PRC” or “China”), including the Hong Kong Special Administrative Region of China (“Hong Kong”). |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Depreciation Calculated on Straight-line Basis Over Estimated Useful Lives of Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Freehold land Not depreciated Building 39 to 50 years Leasehold improvements lesser of the lease term or the asset life Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years Transportation equipment 10 years |
Summary of Intangible Assets Amortized | Intangible assets are amortized on the straight-line basis over the following useful economic lives: Software 3 years Patents up to 20 years |
Summary of Estimated Useful Lives of Right-of-Use Assets | 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 as follow; Leasehold land 50 years Building up to 50 years Machinery and equipment 5 to 15 years Computer and office equipment 3 to 5 years |
OPERATING SEGMENT INFORMATION (
OPERATING SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Revenue | Revenue 2023 2022 2021 US$’000 US$’000 US$’000 License and other revenue United States of America* 35,160 50,000 65,402 China 179 328 3,424 Total revenue and other revenue 35,339 50,328 68,826 Collaboration revenue United States of America* 234,734 66,602 — Europe* 15,070 75 — Total collaboration revenue 249,804 66,677 — Total revenue 285,143 117,005 68,826 The revenue information above is based on the locations of the customers. *Certain prior year amounts have been reclassified for comparative purposes |
Summary of Non-current Assets | Non-current assets December 31, December 31, US$’000 US$’000 United States of America 151,225 114,426 China 56,007 54,510 Europe 139,216 62,908 Total 346,448 231,844 |
REVENUE, OTHER INCOME AND GAI_2
REVENUE, OTHER INCOME AND GAINS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Analysis of Revenue | An analysis of revenue is as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Revenue Licensing of intellectual property 35,160 50,000 65,402 Collaboration revenue 249,804 66,677 — Other revenue 179 328 3,424 Total Revenue 285,143 117,005 68,826 |
Summary of Deferred Revenue from Contract Liabilities | The following table shows the deferred revenue which is included in contract liabilities for the periods presented: 2023 2022 US$’000 US$’000 Contract liabilities (Current) 53,010 — Contract liabilities (Non Current) 47,962 — Total 100,972 — |
Summary of Transaction Price and Performance Obligations | The following table summarizes the composition of the total transaction price for the following periods. December 31, December 31, US$’000 US$’000 PO1: Licensing of intellectual property and performing Legend Phase 1 trial 120,710 — PO2: Supply of materials 4,600 — Total 125,310 — The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2023: December 31, December 31, US$’000 US$’000 PO1: Licensing of intellectual property and completion of Legend Phase 1 trial 120,710 — PO2: Supply of materials 4,600 — Total 125,310 — Remaining unsatisfied performance obligation 125,310 — |
Transaction Price Amounts Allocated to Remaining Performance Obligations | The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of December 31, 2023 are as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Amounts expected to be recognized as revenue: Licensing of intellectual property and completion of Legend Phase 1 trial Within 1 year 63,360 — — 1 - 2 years 37,920 — — 2 - 3 Years 12,490 — — 3 - 4 years 6,940 — — After 4 years — — — Total 120,710 — — |
Other Income and Gains | The following table summarizes the Total other income and gains: 2023 2022 2021 US$’000 US$’000 US$’000 Other income and gains Other income: Finance income 54,487 8,182 971 Government grants* 2,731 2,434 1,736 Other 245 88 35 Total income 57,463 10,704 2,742 Gains: Fair value gains on financial assets measured at fair value change through profit or loss 663 603 — Other — 742 317 Total gains 663 1,345 317 Total other income and gains 58,126 12,049 3,059 |
LOSS BEFORE TAX (Tables)
LOSS BEFORE TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Profit (loss) [abstract] | |
Schedule of Profit (Loss) Before Tax Arrived After Charging | The Company’s loss before tax is arrived at after charging: 2023 2022 2021 US$’000 US$’000 US$’000 Employee benefit expense (including directors’ remuneration): Wages and salaries 204,128 147,385 105,751 Other employee benefits 7,729 5,057 2,257 Equity-settled share-based compensation expense 47,680 34,338 20,158 |
FINANCE COSTS (Tables)
FINANCE COSTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance Costs [Abstract] | |
Summary of Finance Costs | 2023 2022 2021 US$’000 US$’000 US$’000 Interest on lease liabilities 1,394 527 142 Collaboration interest-bearing advanced funding 20,400 10,269 758 Total 21,794 10,796 900 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of Tax Charges | Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the jurisdictions in which the Group operates. 2023 2022 2021 US$’000 US$’000 US$’000 Current – United States of America 511 224 211 Current – Elsewhere (2,375) 401 416 Deferred (note 20) — — (4,241) Total tax charge/(credit) for the year (1,864) 625 (3,614) |
Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates | A reconciliation of the tax charge/(credit) applicable to loss before tax at the statutory rates for the countries (or jurisdictions) in which the Company and the majority of its subsidiaries are domiciled to the tax expense/(credit) at the effective tax rates is as follows: 2023 2022 2021 US$’000 % US$’000 % US$’000 % Loss before tax (520,118) (445,724) (407,196) At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%) (126,638) 24.3 (125,293) 28.1 (114,463) 28.1 Preferential tax rate in other countries and regions 4,091 (0.8) — — — — Effect of tax rate differences in other countries and regions 47,001 (9.0) 15,129 (3.4) 15,027 (3.7) Research and development credit (8,942) 1.7 (24,970) 5.6 (954) 0.2 State rate change 5,959 (1.1) (107) — — — Effect of non-deductible expenses 2,111 (0.4) 1,829 (0.4) 2,298 (0.6) Tax losses and deductible temporary differences not recognized* 83,054 (16.0) 137,912 (30.9) 106,623 (26.2) Stock-based compensation income tax charge/(benefit)* (7,911) 1.5 (4,050) 0.9 (13,674) 3.4 Others (589) 0.2 175 — 1,529 (0.4) Tax charge/(benefit) at the Company’s effective rate (1,864) 0.4 625 (0.1) (3,614) 0.9 |
LOSS PER SHARE ATTRIBUTABLE T_2
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Tables) | 12 Months Ended |
Dec. 31, 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: 2023 2022 2021 US$’000 US$’000 US$’000 Earnings Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (518,254) (446,349) (403,582) Number of shares 2023 2022 2021 Shares Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation 352,165,418 318,083,913 281,703,291 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Freehold Buildings Leasehold improvement Machinery Computer Transportation Construction Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2023 At January 1, 2023 Cost 2,889 45,075 21,974 42,576 3,638 41 14,184 130,377 Accumulated depreciation — (2,348) (5,807) (14,806) (2,231) (17) — (25,209) Net carrying amount 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 At January 1, 2023, net of accumulated depreciation 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 Additions — 238 156 48 6 — 14,616 15,064 Disposals — — (87) (77) (1) — — (165) Depreciation provided during the year — (1,493) (2,603) (6,033) (571) (4) — (10,704) Exchange realignment — (116) (91) (253) (4) (1) (173) (638) Transfers — 20,344 1,249 3,778 217 — (25,588) — At December 31, 2023, net of accumulated depreciation 2,889 61,700 14,791 25,233 1,054 19 3,039 108,725 At December 31, 2023: Cost 2,889 65,540 23,117 45,480 3,622 40 3,039 143,727 Accumulated depreciation — (3,840) (8,326) (20,247) (2,568) (21) — (35,002) Net carrying amount 2,889 61,700 14,791 25,233 1,054 19 3,039 108,725 Freehold Buildings Leasehold improvement Machinery Computer, fixtures Transportation Construction Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2022 At January 1, 2022 Cost 2,889 16,011 20,908 35,251 2,977 45 41,367 119,448 Accumulated depreciation — (1,360) (3,503) (10,432) (1,633) (14) — (16,942) Net carrying amount 2,889 14,651 17,405 24,819 1,344 31 41,367 102,506 At January 1, 2022, net of accumulated depreciation 2,889 14,651 17,405 24,819 1,344 31 41,367 102,506 Additions — 1,732 522 583 34 — 14,346 17,217 Disposals — — — (122) (14) — (406) (542) Depreciation provided during the year — (988) (2,566) (5,818) (797) (4) — (10,173) Exchange realignment — — (1,164) (1,802) (32) (3) (839) (3,840) Transfers — 27,332 1,970 10,110 872 — (40,284) — At December 31, 2022, net of accumulated depreciation 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 At December 31, 2022: Cost 2,889 45,075 21,974 42,576 3,638 41 14,184 130,377 Accumulated depreciation — (2,348) (5,807) (14,806) (2,231) (17) — (25,209) Net carrying amount 2,889 42,727 16,167 27,770 1,407 24 14,184 105,168 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Intangible Assets | Software US$’000 December 31, 2023 At January 1, 2023 Cost 7,505 Accumulated amortization (4,096) Net carrying amount 3,409 At January 1, 2023, net of accumulated amortization 3,409 Additions 2,638 Disposals (61) Amortization provided during the year (1,924) Exchange realignment (1) At December 31, 2023, net of accumulated amortization 4,061 At December 31, 2023 Cost 10,080 Accumulated amortization (6,019) Net carrying amount 4,061 December 31, 2022 At January 1, 2022 Cost 6,402 Accumulated amortization (1,718) Net carrying amount 4,684 At January 1, 2022, net of accumulated amortization 4,684 Additions 1,264 Disposals (6) Amortization provided during the year (2,476) Exchange realignment (57) At December 31, 2022, net of accumulated amortization 3,409 At December 31, 2022 Cost 7,505 Accumulated amortization (4,096) Net carrying amount 3,409 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Categories of current financial assets [abstract] | |
Summary of Other Non-Current Assets | December 31, December 31, US$’000 US$’000 Prepaid expenses 1,208 1,092 Lease receivables 285 395 Total 1,493 1,487 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Summary of Carrying Amounts of The Right-of-use Assets and Movements | Right-of-use assets December 31, December 31, US$’000 US$’000 Leasehold land 4,192 4,357 Lease buildings 3,621 4,887 Collaboration assets 72,689 46,346 Total 80,502 55,590 The carrying amounts of the Company’s right-of-use assets and the movements during the year are as follows: Non-Collaboration Assets Leased Collaboration Assets Leased Leasehold Buildings* Buildings* Machinery Computer Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2023 Right-of-use assets at January 1, 2023 4,357 4,887 36,624 9,711 11 55,590 Additions — 880 26,777 4,433 — 32,090 Accumulated depreciation — — — — — — Exchange realignment (72) 22 695 — — 645 Depreciation of right-of-use assets (93) (2,168) (3,556) (2,002) (4) (7,823) Right-of-use assets at December 31, 2023 4,192 3,621 60,540 12,142 7 80,502 December 31, 2022 Right-of-use assets at January 1, 2022 4,862 2,324 19,907 11,174 16 38,283 Additions — 4,677 18,486 298 — 23,461 Exchange realignment (408) (224) 221 — — (411) Depreciation of right-of-use assets (97) (1,890) (1,990) (1,761) (5) (5,743) Right-of-use assets at December 31, 2022 4,357 4,887 36,624 9,711 11 55,590 *Certain prior year amounts have been reclassified for comparative purposes |
Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term | Lease liabilities are as indicated below: 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. 2023 2022 US$’000 US$’000 Carrying amount at January 1 23,602 2,504 Additions 26,692 23,703 Accretion of interest recognized during the year 1,394 527 Payments (5,149) (3,123) Exchange realignment 805 (9) Carrying amount at December 31 47,344 23,602 Analyzed into: Current portion 3,175 3,563 Non-current portion 44,169 20,039 Total 47,344 23,602 |
Summary of Lease Expense | The amounts recognized in profit or loss in relation to leases are as follows: 2023 2022 US$’000 US$’000 Interest on lease liabilities 1,394 527 Depreciation charge of right-of-use assets 7,823 5,743 Expense relating to short-term leases 2,338 1,132 Total amount recognized in profit or loss 11,555 7,402 |
Summary of Undiscounted Minimum Lease Payments Receivables for Leases | At December 31, 2023 and 2022, the undiscounted minimum lease payments receivables by the Company in future periods under non-cancellable operating leases with its tenants are as follows: 2023 2022 US$’000 US$’000 Finance leases: Total 1,673 583 |
COLLABORATION INVENTORIES (Tabl
COLLABORATION INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Summary of Inventories | December 31, December 31, US$’000 US$’000 Raw materials 13,155 6,989 Work-in-process 2,990 690 Finished goods 3,288 2,675 Total collaboration inventories 19,433 10,354 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Summary of Trade Receivables | December 31, December 31, US$’000 US$’000 Trade receivables 100,041 90 |
PREPAYMENTS, OTHER RECEIVABLE_2
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
Summary of Prepayments, Other Receivables and Other Assets | December 31, December 31, US$’000 US$’000 Other Collaboration Receivables* 54,078 40,376 Interest receivable 47 1,517 Other receivables* 790 948 Lease receivables 1,388 188 VAT recoverable 717 1,396 Prepayments* 12,231 17,330 Total 69,251 61,755 *Certain prior year amounts have been reclassified for comparative purposes |
CASH AND CASH EQUIVALENTS, TI_2
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits | December 31, December 31, US$’000 US$’000 Cash and bank balances 1,312,773 841,317 Less: Pledged deposits (357) (1,270) Time deposits (34,703) (54,016) Cash and cash equivalents 1,277,713 786,031 Denominated in USD 1,254,969 727,160 Denominated in RMB 12,675 21,472 Denominated in EUR 10,069 37,399 Cash and cash equivalents 1,277,713 786,031 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Summary of Trade and Notes Payables | December 31, December 31, US$’000 US$’000 Trade payables 20,160 32,893 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
Summary of Other Payables and Accruals | December 31, December 31, US$’000 US$’000 Accrued payroll 30,974 21,892 Accrued expense 71,462 127,390 Other payables 11,944 10,960 Payable for Collaboration Assets 16,338 22,852 Other tax payables 2,084 1,015 132,802 184,109 |
DEFERRED TAX (Tables)
DEFERRED TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred tax assets and liabilities [abstract] | |
Disclosure Of Movements In Deferred Tax Assets And Liabilities | The movements in the deferred tax liabilities and assets during the years ended December 31, 2023 and 2022, are as follows: Deferred tax liabilities Collaboration revenue License revenue - transitional adjustment Difference allowance in excess of related depreciation 1 Right of use assets Total US$’000 US$’000 US$’000 US$’000 US$’000 At January 1, 2022 (14,125) — (8,636) — (22,761) Deferred tax charged/(credited) to the statement of profit or loss during the year 14,125 — 885 (114) 14,896 Gross deferred tax liabilities at December 31, 2022 — — (7,751) (114) (7,865) At January 1, 2023 — — (7,751) (114) (7,865) Deferred tax charged/(credited) to the statement of profit or loss during the year — (3,144) 4,563 (6,374) (4,955) Gross deferred tax liabilities at December 31, 2023 — (3,144) (3,188) (6,488) (12,820) Deferred tax assets Losses available for offsetting against future taxable profits Difference in intangible assets amortization Accrued expense Lease liability Cost recovery of R&D expense Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 At January 1, 2022 20,448 1,056 1,257 — — 22,761 Deferred tax charged to the statement of profit or loss during the year (20,448) 194 2,192 120 3,046 (14,896) Gross deferred tax assets at December 31, 2022 — 1,250 3,449 120 3,046 7,865 At January 1, 2023 — 1,250 3,449 120 3,046 7,865 Deferred tax charged to the statement of profit or loss during the year 1,521 1,551 (1,500) 6,429 (3,046) 4,955 Gross deferred tax assets at December 31, 2023 1,521 2,801 1,949 6,549 — 12,820 |
Summary of Items with Respect to, Deferred Tax Assets have not been Recognized | Deferred tax assets have not been recognized in respect of the following items as of the end of the reporting year: 2023 2022 US$’000 US$’000 Deductible temporary differences 440,801 210,953 Tax losses and credits 1,241,550 1,002,104 Total 1,682,351 1,213,057 |
WARRANT LIABILITY (Tables)
WARRANT LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Movement of Warrant Liability | The movement of the warrant liability is set out as below: 2023 2022 US$’000 US$’000 Balance, beginning of the period 67,000 87,900 Fair value loss/(gain) of the warrant liability 85,750 (20,900) Exercise of the warrant liability (152,750) — Balance, end of the period — 67,000 |
GOVERNMENT GRANTS (Tables)
GOVERNMENT GRANTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Government Grant [Abstract] | |
Summary of Deferred Government Grants | 2023 2022 US$’000 US$’000 Deferred government grants 7,373 8,110 Current 68 451 Non-current 7,305 7,659 |
COLLABORATION INTEREST-BEARIN_2
COLLABORATION INTEREST-BEARING ADVANCED FUNDING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Interest-Bearing Loans and Borrowings | Effective Maturity December 31, % US$’000 Non-current Loans from a collaborator 8.07 No specific maturity date 281,328 |
SHARE CAPITAL AND SHARE PREMI_2
SHARE CAPITAL AND SHARE PREMIUM (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shares | Shares December 31, December 31, US$’000 US$’000 Authorized: 2,000,000,000 shares of $0.0001 each 200 200 Issued and fully paid: 363,822,069 (2022: 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, 2021 and January 1, 2022 308,456,852 31 1,261,454 1,261,485 Issuance of ordinary shares for follow-on public offering, net of issuance cost 18,722,000 2 377,641 377,643 Exercise of share options 2,040,580 — 4,070 4,070 Reclassification of vesting of restricted share units 915,048 — 13,850 13,850 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 options 2,460,172 — 18,051 18,051 Reclassification of vesting of restricted share units 1,455,175 — 25,878 25,878 At December 31, 2023 363,822,069 36 2,637,120 2,637,156 |
SHARE OPTION SCHEME (Tables)
SHARE OPTION SCHEME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Share Options Outstanding Under the Scheme | The following share options were outstanding under the Scheme during the year: 2023 2022 2021 Weighted Number of Weighted Number of Weighted Number of US$ per share ’000 US$ per share ’000 US$ per share ’000 At January 1, 7.1370 9,180 2.8970 9,529 1.9353 14,241 Granted during the year 23.5300 355 19.4468 2,265 15.4774 595 Forfeited during the year 2.8336 (708) 4.2888 (573) 2.9987 (1,251) Exercised during the year 5.0687 (2,460) 1.8032 (2,041) 1.3346 (4,056) At December 31, 9.3287 6,367 7.1370 9,180 2.8970 9,529 Exercisable at December 31 4.5401 3,470 2.8705 3,281 1.4334 2,828 |
Summary of Exercise Prices and Exercise Periods of Share Options Outstanding | The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows: December 31, 2023 Number of Exercise price* Exercise period 1,747 0.5 2019/12/25 – 2027/12/25 801 1.0 2019/07/01 – 2028/08/29 84 1.0 2019/12/31 – 2028/12/30 723 1.5 2020/07/02 – 2029/07/01 152 11.5 2020/11/29 – 2029/11/28 54 11.5 2021/06/05 – 2030/06/04 255 16.3 2021/09/01 – 2030/08/31 210 14.1 2022/03/29 – 2031/03/28 160 19.0 2022/08/27 – 2031/08/26 409 18.4 2023/03/31 - 2032/03/30 740 18.2 2023/04/30 - 2032/04/29 80 18.4 2023/05/02 - 2032/05/01 40 18.4 2023/05/05 - 2032/05/04 80 18.4 2023/05/08 - 2032/05/07 200 18.4 2023/05/10 - 2032/05/09 10 19.7 2023/05/13 - 2032/05/12 207 27.5 2023/06/30 - 2032/06/29 60 23.3 2023/08/02 - 2032/08/01 355 23.5 2024/04/03 - 2033/04/02 6,367 December 31, 2022 Number of Exercise price* Exercise period 2,875 0.5 2019/12/25 – 2027/12/25 1,248 1.0 2019/07/01 – 2028/08/29 271 1.0 2019/12/31 – 2028/12/30 1,393 1.5 2020/07/02 – 2029/07/01 201 11.5 2020/11/29 – 2029/11/28 90 11.5 2021/06/05 – 2030/06/04 322 16.3 2021/09/01 – 2030/08/31 410 14.1 2022/03/29 – 2031/03/28 165 19.0 2022/08/27 – 2031/08/26 740 18.4 2023/03/31 - 2032/03/30 750 18.2 2023/04/30 - 2032/04/29 80 18.4 2023/05/02 - 2032/05/01 40 18.4 2023/05/05 - 2032/05/04 80 18.4 2023/05/08 - 2032/05/07 200 18.4 2023/05/10 - 2032/05/09 15 19.7 2023/05/13 - 2032/05/12 240 27.5 2023/06/30 - 2032/06/29 60 23.3 2023/08/02 - 2032/08/01 9,180 December 31, 2021 Number of Exercise price* Exercise period 4,054 0.5 2019/12/25 – 2027/12/25 1,849 1.0 2019/07/01 – 2028/08/29 382 1.0 2019/12/31 – 2028/12/30 1,822 1.5 2020/07/02 – 2029/07/01 332 11.5 2020/11/29 – 2029/11/28 90 11.5 2021/06/05 – 2030/06/04 385 16.3 2021/09/01 – 2030/08/31 20 13.6 2021/11/19 – 2030/11/18 430 14.1 2022/03/29 – 2031/03/28 165 19.0 2022/08/27 – 2031/08/26 9,529 * The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in the Company’s share capital. Pursuant to certain listing rules of the Hong Kong Stock Exchange to which members of the Genscript Group are subject to, the Company adjusted the exercise price of options granted during November 29, 2019 through December 9, 2019 to $11.50 per share. Concurrent with this adjustment, the Company agreed to pay each employee holding affected share options an amount in cash representing the difference between the adjusted exercise price over the original exercise price upon exercising the share options. |
Summary of Fair Value of Equity Settled Share Options Granted | The following table lists the inputs to the model used: 2023 2022 2021 Dividend yield (%) — — — Expected volatility (%) 66.1 % 73.0% -87.1% 73.2% - 76.4% Risk-free interest rate (%) 3.40% - 4.84% 0.52% - 3.11% 0.03%- 1.72% Expected life of options (year) 10 10 10 |
RESTRICTED SHARE UNITS (Tables)
RESTRICTED SHARE UNITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Stock Units [Abstract] | |
Summary of Movement in Number of RSU Outstanding | The movement in the number of RSUs outstanding for the year ended December 31, 2023, 2022 and 2021 was as follows: 2023 2022 2021 Weighted Number of Weighted Number of Weighted Number of US$ per unit ’000 US$ per unit ’000 US$ per unit ’000 Outstanding at January 1 18.3704 3,386 15.1808 2,601 15.3409 1,113 Granted during the year 29.6040 3,429 20.5695 2,200 15.0120 2,133 Vested during the year 17.7836 (1,455) 15.1354 (915) 15.2420 (349) Forfeited during the year 21.5612 (411) 17.3746 (500) 14.4913 (296) Outstanding at December 31 26.0613 4,949 18.3704 3,386 15.1808 2,601 |
NOTES TO THE CONSOLIDATED STA_2
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract] | |
Summary of Changes in Liabilities Arising from Financing Activities | Changes in liabilities arising from financing activities Lease liabilities US$’000 At January 1, 2023 23,602 Additions of lease liabilities 26,692 Changes from financing cash flows (3,755) Disposal — Interest expense 1,394 Interest paid classified as operating cash flows (1,394) Foreign exchange movement 805 At December 31, 2023 47,344 At January 1, 2022 2,504 Additions of lease liabilities 23,703 Changes from financing cash flows (2,596) Disposal — Interest expense 527 Interest paid classified as operating cash flows (527) Foreign exchange movement (9) At December 31, 2022 23,602 At January 1, 2021 3,373 Additions of lease liabilities 678 Changes from financing cash flows (1,419) Disposal (68) Interest expense 142 Interest paid classified as operating cash flows (142) Foreign exchange movement (60) At December 31, 2021 2,504 |
Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows | The total cash outflow for leases included in the statement of cash flows is as follows: 2023 2022 2021 US$’000 US$’000 US$’000 Within operating activities 1,394 527 142 Within financing activities 3,755 2,596 1,419 Short-term leases 2,338 1,132 182 Total 7,487 4,255 1,743 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Summary of Capital Commitments | The Company had the following capital commitments at the end of the year: 2023 2022 2021 US$’000 US$’000 US$’000 Construction in progress 11,270 22,706 25,897 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Nature of Related Party Relationship | Company Relationship Genscript Biotech Corporation ("Genscript") The Company’s most significant shareholder Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.) Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript USA Incorporated Controlled by Genscript or its parent, Genscript Corporation Genscript USA Holdings Inc Controlled by Genscript or its parent, Genscript Corporation Genscript Probio USA Inc Controlled by Genscript or its parent, Genscript Corporation Nanjing Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Jiangsu GenScript Probio Biotech Co., Ltd. Controlled by Genscript or its parent, Genscript Corporation Genscript Netherlands Controlled by Genscript or its parent, Genscript Corporation |
Summary of Transactions with Related Parties | In addition to the transactions detailed elsewhere in the consolidated financial statements, the Company had the following transactions with related parties during the year: (i) Licensing of patents to related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. — — 3,019 Sales of products and sales-based royalties from related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing Probio Biotech Co., Ltd. 179 328 405 Purchases from related parties: 2023 2022 2021 US$’000 US$’000 US$’000 Nanjing GenScript Biotech Co., Ltd. 4,078 6,174 9,615 Jiangsu GenScript Probio Biotech Co., Ltd 303 1,306 334 Genscript USA Incorporated 473 1,028 786 Genscript USA Holdings Inc 389 380 — Nanjing Probio Biotech Co., Ltd. 35 237 21 Jiangsu GenScript Biotech Co., Ltd 1 51 146 GenScript Probio USA Inc. — 8 — Genscript Netherlands — 5 6 Total 5,279 9,189 10,908 Compensation fee for termination of service agreement: 2023 2022 2021 US$’000 US$’000 US$’000 Jiangsu GenScript Biotech Co., Ltd. — — 2,666 Financing from follow-on public offering, net of issuance cost 2023 2022 2021 US$’000 US$’000 US$’000 Genscript Biotech Corporation — — 84,600 |
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 December 31, December 31, US$’000 US$’000 Trade receivables Nanjing Probio Biotech Co., Ltd. 41 90 December 31, December 31, US$’000 US$’000 Other receivables Nanjing GenScript Biotech Co., Ltd. 22 321 Genscript USA Incorporated 16 16 Jiangsu Genscript Biotech Co., Ltd — 3 Total 38 340 December 31, December 31, US$’000 US$’000 Prepayment Nanjing Probio Biotech Co., Ltd. 237 251 Jiangsu GenScript Probio Biotech Co., Ltd — 21 Total 237 272 (ii) Due to related parties. December 31, December 31, US$’000 US$’000 Trade payables Nanjing GenScript Biotech Co., Ltd. 265 935 Genscript USA Incorporated 35 134 Jiangsu GenScript Biotech Co., Ltd — 93 Jiangsu GenScript Probio Biotech Co., Ltd 272 — Nanjing Probio Biotech Co., Ltd. — 21 Total 572 1,183 December 31, December 31, US$’000 US$’000 Other payables Nanjing GenScript Biotech Co., Ltd. 892 2,435 GenScript USA Incorporated. — 58 Jiangsu Genscript Biotech Co., Ltd — 7 Jiangsu Genscript Probio Biotech Co., Ltd — 4 Nanjing Probio Biotech Co., Limited — 3 Genscript Netherlands — 1 Total 892 2,508 December 31, December 31, US$’000 US$’000 Lease liabilities Genscript USA Holdings Inc — 427 Nanjing GenScript Biotech Co., Ltd. 136 205 Total 136 632 |
Summary of Compensation of Key Management Personnel | Compensation of key management personnel of the Company: 2023 2022 2021 US$’000 US$’000 US$’000 Equity-settled share-based compensation expense 8,037 3,582 2,907 Short-term employee benefits 2,691 2,170 1,942 Total 10,728 5,752 4,849 |
FINANCIAL INSTRUMENTS BY CATE_2
FINANCIAL INSTRUMENTS BY CATEGORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Financial Assets | Financial assets Financial assets at Financial assets at US$’000 US$’000 Trade receivables 100,041 — Financial assets included in prepayments, other receivables and other assets (note 16) 56,303 — Financial assets measured at fair value through profit and loss — 663 Time deposits 34,703 — Pledged deposits 357 — Cash and cash equivalents 1,277,713 — Total 1,469,117 663 Financial assets Financial assets Financial assets at US$’000 US$’000 Trade receivables 90 — Financial assets included in prepayments, other receivables and other assets (note 16) 43,029 — Financial assets measured at fair value through profit and loss — 185,603 Time deposits 54,016 — Pledged deposits 1,270 — Cash and cash equivalents 786,031 — Total 884,436 185,603 |
Summary of Financial Liabilities | Financial liabilities Financial liabilities Financial US$’000 US$’000 Trade payables 20,160 — Financial liabilities included in other payables and accruals (note 19) 11,944 — Collaboration interest-bearing advanced funding 281,328 — Lease liabilities 47,344 — Total 360,776 — Financial liabilities Financial liabilities Financial US$’000 US$’000 Trade payables 32,893 — Warrant liability — 67,000 Financial liabilities included in other payables and accruals (note 19) 10,960 — Collaboration interest-bearing advanced funding 260,932 — Lease liabilities 23,602 — Total 328,387 67,000 |
FAIR VALUE AND FAIR VALUE HIE_2
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Summary of Assets Measured at Fair Value | The following table illustrates the fair value measurement hierarchy of the Company’s financial instruments: Asset measured at fair value: As at December 31, 2023 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 663 — — 663 Asset measured at fair value: December 31, 2022 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 185,603 — — 185,603 |
Summary of Liabilities Measured at Fair Value | Liability measured at fair value: December 31, 2022 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Warrant liability — 67,000 — 67,000 |
Summary of Fair Value Valuation of Warrant Liability | The following table lists the inputs to the binominal model used for the fair value valuation of warrant liability: December 31, 2022 Underlying stock price $24.96 Volatility 62.3 % Risk free rate 3.8%-4.7% Dividend 0 % |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Sensitivity to Reasonably Possible Change in Exchange Rates | The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the Euro ("EUR") and RMB exchange rate against US$, with all other variables held constant, of the Company’s loss before tax (due to changes in the fair values of monetary assets and liabilities). Increase/ Decrease/ % US$’000 Year ended December 31, 2023 If US$ strengthens against RMB 5 1,300 If US$ weakens against RMB (5) (1,300) If US$ strengthens against EUR 5 (51,887) If US$ weakens against EUR (5) 51,887 Year ended December 31, 2022 If US$ strengthens against RMB 5 1,314 If US$ weakens against RMB (5) (1,314) If US$ strengthens against EUR 5 (1,441) If US$ weakens against EUR (5) 1,441 Year ended December 31, 2021 If US$ strengthens against RMB 5 1,215 If US$ weakens against RMB (5) (1,215) If US$ strengthens against EUR 5 (3,086) If US$ weakens against EUR (5) 3,086 |
Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments | The maturity profile of the Company’s financial liabilities as at the end of the reporting period, based on contractual undiscounted payments, is as follows: As at December 31, 2023 Less than 1 Over 1 Total US$’000 US$’000 US$’000 Trade payables 20,160 — 20,160 Other payables 11,944 — 11,944 Collaboration interest-bearing advanced funding — 281,328 281,328 Lease liabilities 4,703 60,088 64,791 Total 36,807 341,416 378,223 As at December 31, 2022 Less than 1 Over 1 Total US$’000 US$’000 US$’000 Trade payables 32,893 — 32,893 Other payables 10,960 — 10,960 Warrant liability 67,000 — 67,000 Collaboration interest-bearing advanced funding — 260,932 260,932 Lease liabilities 3,966 23,193 27,159 Total 114,819 284,125 398,944 |
Summary of Monitoring Capital Using Gearing Ratio | The Company monitors capital using a gearing ratio, which is total liabilities divided by total assets. The gearing ratios as at the end of each year were as follows: December 31, December 31, US$’000 US$’000 Total liabilities 597,238 586,651 Total assets 1,848,609 1,330,963 Gearing ratio 32 % 44 % |
CORPORATE INFORMATION - Informa
CORPORATE INFORMATION - Information About Subsidiaries (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Issued ordinary shares/paid-up capital | $ 36,000 | $ 33,000 |
Legend Biotech Limited (“Legend BVI”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Legend Biotech Limited (“Legend BVI”) | |
Place and date of incorporation | The British Virgin Islands June 2, 2015 | |
Issued ordinary shares/paid-up capital | $ 2,453,819,239 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Investment holding | |
Legend Biotech HK Limited (“Legend HK”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Legend Biotech HK Limited (“Legend HK”) | |
Place and date of incorporation | Hong Kong June 3, 2015 | |
Issued ordinary shares/paid-up capital | $ 2,453,819,239 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Investment holding | |
Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Nanjing Legend Biotechnology Co., Ltd. (“Legend Nanjing”) | |
Place and date of incorporation | PRC* November 17, 2014 | |
Issued ordinary shares/paid-up capital | $ 212,500,000 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Manufacture and sale of life sciences research products; performance and sale of research and development services | |
Legend Biotech USA Incorporated (“Legend USA”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Legend Biotech USA Incorporated (“Legend USA”) | |
Place and date of incorporation | Delaware, United States of America August 31, 2017 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Manufacture and sale of life sciences products; performance of life sciences research and development | |
Legend Biotech Ireland Limited (“Legend Ireland”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Legend Biotech Ireland Limited (“Legend Ireland”) | |
Place and date of incorporation | Ireland November 13, 2017 | |
Issued ordinary shares/paid-up capital | $ 2,217,445,234 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Manufacture and sale of life sciences products; performance of life sciences research and development; treasury center for Legend Biotech | |
Legend Biotech Belgium B.V. (“Legend Belgium”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Legend Biotech Belgium B.V. (“Legend Belgium”) | |
Place and date of incorporation | Belgium June 23, 2021 | |
Issued ordinary shares/paid-up capital | $ 46,177,685 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | Manufacture and sale of life sciences products | |
Hainan Chuanji Biotechnology Co., Ltd. (“Hainan Chuanji”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Company | Hainan Chuanji Biotechnology Co., Ltd. (“Hainan Chuanji”) | |
Place and date of incorporation | PRC October 25, 2021 | |
Percentage of equity interest attributable to the Company | 100% | |
Principal activities | General & administrative |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 28, 2023 USD ($) performanceObligation | Dec. 31, 2017 USD ($) performanceObligation customer | Dec. 31, 2023 USD ($) milestonePayment customer | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer milestonePayment | Dec. 31, 2019 USD ($) milestonePayment | Dec. 31, 2018 USD ($) milestonePayment | Dec. 31, 2017 USD ($) performanceObligation customer | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Impairment loss of non-financial assets | $ 0 | |||||||
Upfront fee receivable | 100,041,000 | $ 90,000 | ||||||
Equity-settled share-based compensation expense | 47,680,000 | $ 34,338,000 | $ 20,158,000 | |||||
Stock Option and Restricted Stock Unit Scheme | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Equity-settled share-based compensation expense | 0 | |||||||
Janssen | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Proceeds from upfront fees recognized as revenue | $ 350,000,000 | $ 350,000,000 | ||||||
Future estimated milestone payments | 1,350,000,000 | 1,020,000,000 | ||||||
Milestone payment not eligible to receive based on subsequent change in development plan | $ 280,000,000 | $ 280,000,000 | $ 280,000,000 | |||||
Collaboration agreement, number of customers | customer | 1 | 1 | 1 | 1 | 1 | |||
Upfront fee receivable | $ 350,000,000 | $ 350,000,000 | ||||||
Collaboration agreement, number of performance obligations | performanceObligation | 1 | 1 | ||||||
Transaction price | $ 400,000,000 | |||||||
Janssen | Transfer Of Intellectual Property License | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | 50,000,000 | |||||||
Milestone payments recognized as revenue | $ 50,000,000 | |||||||
Number of milestone payments | milestonePayment | 2 | |||||||
Janssen | CARTITUDE-1 Clinical Trial | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Milestone payments recognized as revenue | $ 60,000,000 | |||||||
Number of milestone payments | milestonePayment | 2 | |||||||
Janssen | Cilta-cel | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Milestone payments recognized as revenue | $ 75,000,000 | |||||||
Janssen | CARTITUDE-5 Clinical Trial | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Milestone payments recognized as revenue | $ 65,000,000 | |||||||
Number of milestone payments | milestonePayment | 3 | |||||||
Janssen | Submission of NDA | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Milestone payments recognized as revenue | $ 50,000,000 | |||||||
Janssen | Application Acceptance | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Milestone payments recognized as revenue | $ 35,000,000 | |||||||
Number of milestone payments | milestonePayment | 2 | |||||||
Janssen | Specified manufacturing milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | $ 125,000,000 | 125,000,000 | ||||||
Janssen | Specified development milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | 60,000,000 | 215,000,000 | ||||||
Janssen | Specified regulatory milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | 620,000,000 | 800,000,000 | ||||||
Janssen | Specified net trade sales milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | 210,000,000 | $ 210,000,000 | ||||||
Novartis | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | $ 1,010,000,000 | |||||||
Upfront fee receivable | $ 100,000,000 | |||||||
Collaboration agreement, number of performance obligations | performanceObligation | 2 | |||||||
Transaction price | $ 125,300,000 | 125,310,000 | 0 | |||||
Variable consideration | 25,300,000 | |||||||
Novartis | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Transaction price | 120,700,000 | 120,710,000 | 0 | |||||
Novartis | PO2: Supply of materials | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Transaction price | 4,600,000 | $ 4,600,000 | $ 0 | |||||
Novartis | Specified development milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | 330,000,000 | |||||||
Novartis | Specified net trade sales milestones | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Future estimated milestone payments | $ 680,000,000 | |||||||
China | Legend Biotech | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Profit/loss split percentage | 70% | 70% | ||||||
China | Janssen | ||||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||||
Profit/loss split percentage | 30% | 30% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Transportation equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 10 years |
Bottom of Range | Building | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 39 years |
Bottom of Range | Machinery and equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 5 years |
Bottom of Range | Computer and office equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 3 years |
Top of Range | Building | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 50 years |
Top of Range | Machinery and equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 15 years |
Top of Range | Computer and office equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful life of property, plant and equipment | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Amortized on Straight-Line Basis over Useful Economic Lives (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Software | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful economic lives of intangible assets | 3 years |
Patents | Top of Range | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Useful economic lives of intangible assets | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Right-of-use Assets Depreciated on Straight-line Basis over Lease Terms and Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Leasehold land | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 50 years |
Bottom of Range | Machinery and equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 5 years |
Bottom of Range | Computer and office equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 3 years |
Top of Range | Building | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 50 years |
Top of Range | Machinery and equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 15 years |
Top of Range | Computer and office equipment | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Lease terms and estimated useful lives of right-of-use assets | 5 years |
SIGNIFICANT ACCOUNTING JUDGEM_2
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Significant Accounting Judgements And Estimates [Abstract] | |||
Warrant liability | $ 0 | $ 67,000 | $ 87,900 |
OPERATING SEGMENT INFORMATION -
OPERATING SEGMENT INFORMATION - Summary of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | |||
Total revenue and other revenue | $ 35,339 | $ 50,328 | $ 68,826 |
Total collaboration revenue | 249,804 | 66,677 | 0 |
Total revenue | 285,143 | 117,005 | 68,826 |
United States of America | |||
Disclosure Of Operating Segments [Line Items] | |||
Total revenue and other revenue | 35,160 | 50,000 | 65,402 |
Total collaboration revenue | 234,734 | 66,602 | 0 |
China | |||
Disclosure Of Operating Segments [Line Items] | |||
Total revenue and other revenue | 179 | 328 | 3,424 |
Europe | |||
Disclosure Of Operating Segments [Line Items] | |||
Total collaboration revenue | $ 15,070 | $ 75 | $ 0 |
OPERATING SEGMENT INFORMATION_2
OPERATING SEGMENT INFORMATION - Summary of Non-current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | $ 346,448 | $ 231,844 |
United States of America | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 151,225 | 114,426 |
China | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 56,007 | 54,510 |
Europe | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | $ 139,216 | $ 62,908 |
OPERATING SEGMENT INFORMATION_3
OPERATING SEGMENT INFORMATION - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | Dec. 31, 2017 customer | |
Disclosure Of Operating Segments [Line Items] | ||||
License revenue | $ 35,160 | $ 50,000 | $ 65,402 | |
Janssen | ||||
Disclosure Of Operating Segments [Line Items] | ||||
License revenue | $ 35,200 | $ 50,000 | $ 65,400 | |
Collaboration agreement, number of customers | customer | 1 | 1 | 1 | 1 |
REVENUE, OTHER INCOME AND GAI_3
REVENUE, OTHER INCOME AND GAINS - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |||
Licensing of intellectual property | $ 35,160 | $ 50,000 | $ 65,402 |
Collaboration revenue | 249,804 | 66,677 | 0 |
Other revenue | 179 | 328 | 3,424 |
Total revenue | $ 285,143 | $ 117,005 | $ 68,826 |
REVENUE, OTHER INCOME AND GAI_4
REVENUE, OTHER INCOME AND GAINS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Upfront fee receivable | $ 100,041 | $ 90 | |
Novartis | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Upfront fee receivable | $ 100,000 | ||
Future estimated milestone payments (up to) | 1,010,000 | ||
Transaction price | 125,300 | 125,310 | 0 |
Variable consideration | 25,300 | ||
Novartis | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price | 120,700 | $ 120,710 | 0 |
Performance obligation satisfaction period | 4 years | ||
Novartis | PO1: Up-Front Payment | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Upfront fee receivable | 100,000 | ||
Novartis | PO1: First Twelve Months of Expenses | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price, total aggregate reimbursable development costs (up to) | 33,000 | ||
Transaction price | 20,700 | ||
Transaction price, amount constrained at inception | 12,300 | ||
Novartis | PO2: Supply of materials | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price | $ 4,600 | $ 4,600 | $ 0 |
REVENUE, OTHER INCOME AND GAI_5
REVENUE, OTHER INCOME AND GAINS - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Contract liabilities (Current) | $ 53,010 | $ 0 |
Contract liabilities (Non Current) | 47,962 | 0 |
Total | $ 100,972 | $ 0 |
REVENUE, OTHER INCOME AND GAI_6
REVENUE, OTHER INCOME AND GAINS - Summary of Transaction Price Composition (Details) - Novartis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Total | $ 125,300 | $ 125,310 | $ 0 |
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Total | 120,700 | 120,710 | 0 |
PO2: Supply of materials | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Total | $ 4,600 | $ 4,600 | $ 0 |
REVENUE, OTHER INCOME AND GAI_7
REVENUE, OTHER INCOME AND GAINS - Summary of Transaction Price Allocation to Performance Obligations (Details) - Novartis - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of performance obligations [line items] | ||||
Total | $ 125,300 | $ 125,310 | $ 0 | |
Remaining unsatisfied performance obligation | 125,310 | 0 | ||
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | ||||
Disclosure of performance obligations [line items] | ||||
Total | 120,700 | 120,710 | 0 | |
Remaining unsatisfied performance obligation | 120,710 | 0 | $ 0 | |
PO2: Supply of materials | ||||
Disclosure of performance obligations [line items] | ||||
Total | $ 4,600 | $ 4,600 | $ 0 |
REVENUE, OTHER INCOME AND GAI_8
REVENUE, OTHER INCOME AND GAINS - Transaction Price Amounts Allocated to Remaining Performance Obligations (Details) - Novartis - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | $ 125,310 | $ 0 | |
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | 120,710 | 0 | $ 0 |
Within 1 year | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | 63,360 | 0 | 0 |
1 - 2 years | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | 37,920 | 0 | 0 |
2 - 3 Years | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | 12,490 | 0 | 0 |
3 - 4 years | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | 6,940 | 0 | 0 |
After 4 years | PO1: Licensing of intellectual property and completion of Legend Phase 1 trial | |||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |||
Amounts expected to be recognized as revenue | $ 0 | $ 0 | $ 0 |
REVENUE, OTHER INCOME AND GAI_9
REVENUE, OTHER INCOME AND GAINS - Other Income and Gains (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other income: | |||
Finance income | $ 54,487 | $ 8,182 | $ 971 |
Government grants | 2,731 | 2,434 | 1,736 |
Other | 245 | 88 | 35 |
Total income | 57,463 | 10,704 | 2,742 |
Gains: | |||
Fair value gains on financial assets measured at fair value change through profit or loss | 663 | 603 | 0 |
Other | 0 | 742 | 317 |
Total gains | 663 | 1,345 | 317 |
Total other income and gains | $ 58,126 | $ 12,049 | $ 3,059 |
LOSS BEFORE TAX (Details)
LOSS BEFORE TAX (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee benefit expense (including directors’ remuneration): | |||
Equity-settled share-based compensation expense | $ 47,680 | $ 34,338 | $ 20,158 |
Profit Loss Before Tax Arrived After Charging And Crediting | |||
Employee benefit expense (including directors’ remuneration): | |||
Wages and salaries | 204,128 | 147,385 | 105,751 |
Other employee benefits | 7,729 | 5,057 | 2,257 |
Equity-settled share-based compensation expense | $ 47,680 | $ 34,338 | $ 20,158 |
FINANCE COSTS (Details)
FINANCE COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Costs [Abstract] | |||
Interest on lease liabilities | $ 1,394 | $ 527 | $ 142 |
Collaboration interest-bearing advanced funding | 20,400 | 10,269 | 758 |
Total | $ 21,794 | $ 10,796 | $ 900 |
INCOME TAX - Additional Informa
INCOME TAX - Additional Information (Details) - HKD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Hong Kong | |||
Major Components Of Tax Expense Income [Line Items] | |||
Taxable income | $ 2 | $ 2 | $ 2 |
Income tax rate | 8.25% | 8.25% | 8.25% |
Income tax rate on remaining assessable profits | 16.50% | 16.50% | 16.50% |
United States of America | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 21% | 21% | 21% |
Withholding tax rate | 30% | ||
New Jersey | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 3.30% | 9% | 9% |
Ireland | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 12.50% | 12.50% | 12.50% |
Withholding tax rate | 25% | 25% | 25% |
Non-trading income tax rate | 25% | 25% | 25% |
China | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 25% | 25% | 25% |
Withholding tax rate | 10% | ||
China | Legend Nanjing | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 15% | ||
Belgium | |||
Major Components Of Tax Expense Income [Line Items] | |||
Income tax rate | 25% | ||
Withholding tax rate | 30% |
INCOME TAX - Summary of Tax Cha
INCOME TAX - Summary of Tax Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major Components Of Tax Expense Income [Line Items] | |||
Deferred (note 20) | $ 0 | $ 0 | $ (4,241) |
Total tax charge/(credit) for the year | (1,864) | 625 | (3,614) |
United States of America | |||
Major Components Of Tax Expense Income [Line Items] | |||
Current | 511 | 224 | 211 |
Elsewhere | |||
Major Components Of Tax Expense Income [Line Items] | |||
Current | $ (2,375) | $ 401 | $ 416 |
INCOME TAX - Summary of Reconci
INCOME TAX - Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax expense (income), amount [Abstract] | |||
Loss before tax | $ (520,118) | $ (445,724) | $ (407,196) |
At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%) | (126,638) | (125,293) | (114,463) |
Preferential tax rate in other countries and regions | 4,091 | 0 | 0 |
Effect of tax rate differences in other countries and regions | 47,001 | 15,129 | 15,027 |
Research and development credit | (8,942) | (24,970) | (954) |
State rate change | 5,959 | (107) | 0 |
Effect of non-deductible expenses | 2,111 | 1,829 | 2,298 |
Tax losses and deductible temporary differences not recognized | 83,054 | 137,912 | 106,623 |
Stock-based compensation income tax charge/(benefit) | (7,911) | (4,050) | (13,674) |
Others | (589) | 175 | 1,529 |
Tax charge/(benefit) at the Company’s effective rate | $ (1,864) | $ 625 | $ (3,614) |
Tax expense (income), effective tax rate [Abstract] | |||
At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%) | 24.30% | 28.10% | 28.10% |
Preferential tax rate in other countries and regions | (0.80%) | 0% | 0% |
Effect of tax rate differences in other countries and regions | (9.00%) | (3.40%) | (3.70%) |
Research and development credit | 1.70% | 5.60% | 0.20% |
State rate change | (1.10%) | 0% | 0% |
Effect of non-deductible expenses | (0.40%) | (0.40%) | (0.60%) |
Tax losses and deductible temporary differences not recognized | (16.00%) | (30.90%) | (26.20%) |
Stock-based compensation income tax charge/(benefit) | 1.50% | 0.90% | 3.40% |
Others | 0.20% | 0% | (0.40%) |
Tax charge/(benefit) at the Company’s effective rate | 0.40% | (0.10%) | 0.90% |
LOSS PER SHARE ATTRIBUTABLE T_3
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share [abstract] | |||
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation (in shares) | 352,165,418 | 318,083,913 | 281,703,291 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share [abstract] | |||
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation | $ (518,254) | $ (446,349) | $ (403,582) |
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation (in shares) | 352,165,418 | 318,083,913 | 281,703,291 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | $ 105,168 | $ 102,506 |
Additions | 15,064 | 17,217 |
Disposals | (165) | (542) |
Depreciation provided during the year | (10,704) | (10,173) |
Exchange realignment | (638) | (3,840) |
Transfers | 0 | 0 |
Property, plant and equipment, ending balance | 108,725 | 105,168 |
Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 130,377 | 119,448 |
Property, plant and equipment, ending balance | 143,727 | 130,377 |
Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (25,209) | (16,942) |
Property, plant and equipment, ending balance | (35,002) | (25,209) |
Freehold land | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 2,889 | 2,889 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Depreciation provided during the year | 0 | 0 |
Exchange realignment | 0 | 0 |
Transfers | 0 | 0 |
Property, plant and equipment, ending balance | 2,889 | 2,889 |
Freehold land | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 2,889 | 2,889 |
Property, plant and equipment, ending balance | 2,889 | 2,889 |
Freehold land | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 0 |
Buildings | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 42,727 | 14,651 |
Additions | 238 | 1,732 |
Disposals | 0 | 0 |
Depreciation provided during the year | (1,493) | (988) |
Exchange realignment | (116) | 0 |
Transfers | 20,344 | 27,332 |
Property, plant and equipment, ending balance | 61,700 | 42,727 |
Buildings | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 45,075 | 16,011 |
Property, plant and equipment, ending balance | 65,540 | 45,075 |
Buildings | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (2,348) | (1,360) |
Property, plant and equipment, ending balance | (3,840) | (2,348) |
Leasehold improvement | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 16,167 | 17,405 |
Additions | 156 | 522 |
Disposals | (87) | 0 |
Depreciation provided during the year | (2,603) | (2,566) |
Exchange realignment | (91) | (1,164) |
Transfers | 1,249 | 1,970 |
Property, plant and equipment, ending balance | 14,791 | 16,167 |
Leasehold improvement | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 21,974 | 20,908 |
Property, plant and equipment, ending balance | 23,117 | 21,974 |
Leasehold improvement | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (5,807) | (3,503) |
Property, plant and equipment, ending balance | (8,326) | (5,807) |
Machinery and equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 27,770 | 24,819 |
Additions | 48 | 583 |
Disposals | (77) | (122) |
Depreciation provided during the year | (6,033) | (5,818) |
Exchange realignment | (253) | (1,802) |
Transfers | 3,778 | 10,110 |
Property, plant and equipment, ending balance | 25,233 | 27,770 |
Machinery and equipment | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 42,576 | 35,251 |
Property, plant and equipment, ending balance | 45,480 | 42,576 |
Machinery and equipment | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (14,806) | (10,432) |
Property, plant and equipment, ending balance | (20,247) | (14,806) |
Computer and office equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 1,407 | 1,344 |
Additions | 6 | 34 |
Disposals | (1) | (14) |
Depreciation provided during the year | (571) | (797) |
Exchange realignment | (4) | (32) |
Transfers | 217 | 872 |
Property, plant and equipment, ending balance | 1,054 | 1,407 |
Computer and office equipment | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 3,638 | 2,977 |
Property, plant and equipment, ending balance | 3,622 | 3,638 |
Computer and office equipment | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (2,231) | (1,633) |
Property, plant and equipment, ending balance | (2,568) | (2,231) |
Transportation equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 24 | 31 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Depreciation provided during the year | (4) | (4) |
Exchange realignment | (1) | (3) |
Transfers | 0 | 0 |
Property, plant and equipment, ending balance | 19 | 24 |
Transportation equipment | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 41 | 45 |
Property, plant and equipment, ending balance | 40 | 41 |
Transportation equipment | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (17) | (14) |
Property, plant and equipment, ending balance | (21) | (17) |
Construction in progress | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 14,184 | 41,367 |
Additions | 14,616 | 14,346 |
Disposals | 0 | (406) |
Depreciation provided during the year | 0 | 0 |
Exchange realignment | (173) | (839) |
Transfers | (25,588) | (40,284) |
Property, plant and equipment, ending balance | 3,039 | 14,184 |
Construction in progress | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 14,184 | 41,367 |
Property, plant and equipment, ending balance | 3,039 | 14,184 |
Construction in progress | Accumulated depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 0 | 0 |
Property, plant and equipment, ending balance | $ 0 | $ 0 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets [Roll Forward] | ||
Net carrying amount, beginning balance | $ 3,409 | |
Net carrying amount, ending balance | 4,061 | $ 3,409 |
Software | ||
Intangible Assets [Roll Forward] | ||
Net carrying amount, beginning balance | 3,409 | 4,684 |
Additions | 2,638 | 1,264 |
Disposals | (61) | (6) |
Amortization provided during the year | (1,924) | (2,476) |
Exchange realignment | (1) | (57) |
Net carrying amount, ending balance | 4,061 | 3,409 |
Software | Cost | ||
Intangible Assets [Roll Forward] | ||
Net carrying amount, beginning balance | 7,505 | 6,402 |
Net carrying amount, ending balance | 10,080 | 7,505 |
Software | Accumulated amortization | ||
Intangible Assets [Roll Forward] | ||
Net carrying amount, beginning balance | (4,096) | (1,718) |
Net carrying amount, ending balance | $ (6,019) | $ (4,096) |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Categories of current financial assets [abstract] | ||
Prepaid expenses | $ 1,208 | $ 1,092 |
Lease receivables | 285 | 395 |
Total | $ 1,493 | $ 1,487 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Bottom of Range | |
Leases [Line Items] | |
Lessee, lease terms | 3 years |
Top of Range | |
Leases [Line Items] | |
Lessee, lease terms | 29 years |
Leasehold land | |
Leases [Line Items] | |
Lessee, lease terms | 50 years |
Ongoing lease payments | $ 0 |
LEASES - Right-of-use Assets (D
LEASES - Right-of-use Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right-of-use assets | $ 80,502 | $ 55,590 | $ 38,283 |
Leasehold land | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right-of-use assets | 4,192 | 4,357 | |
Lease buildings | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right-of-use assets | 3,621 | 4,887 | |
Collaboration assets | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right-of-use assets | $ 72,689 | $ 46,346 |
LEASES - Summary of Carrying Am
LEASES - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | $ 55,590 | $ 38,283 |
Additions | 32,090 | 23,461 |
Accumulated depreciation | 0 | |
Exchange realignment | 645 | (411) |
Depreciation of right-of-use assets | (7,823) | (5,743) |
Ending balance | 80,502 | 55,590 |
Leasehold land | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 4,357 | |
Ending balance | 4,192 | 4,357 |
Leasehold land | Non-Collaboration Assets Leased | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 4,357 | 4,862 |
Additions | 0 | 0 |
Accumulated depreciation | 0 | |
Exchange realignment | (72) | (408) |
Depreciation of right-of-use assets | (93) | (97) |
Ending balance | 4,192 | 4,357 |
Buildings | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 4,887 | |
Ending balance | 3,621 | 4,887 |
Buildings | Non-Collaboration Assets Leased | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 4,887 | 2,324 |
Additions | 880 | 4,677 |
Accumulated depreciation | 0 | |
Exchange realignment | 22 | (224) |
Depreciation of right-of-use assets | (2,168) | (1,890) |
Ending balance | 3,621 | 4,887 |
Buildings | Collaboration Assets Leased | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 36,624 | 19,907 |
Additions | 26,777 | 18,486 |
Accumulated depreciation | 0 | |
Exchange realignment | 695 | 221 |
Depreciation of right-of-use assets | (3,556) | (1,990) |
Ending balance | 60,540 | 36,624 |
Machinery and equipment | Collaboration Assets Leased | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 9,711 | 11,174 |
Additions | 4,433 | 298 |
Accumulated depreciation | 0 | |
Exchange realignment | 0 | 0 |
Depreciation of right-of-use assets | (2,002) | (1,761) |
Ending balance | 12,142 | 9,711 |
Computer and office equipment | Collaboration Assets Leased | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning balance | 11 | 16 |
Additions | 0 | 0 |
Accumulated depreciation | 0 | |
Exchange realignment | 0 | 0 |
Depreciation of right-of-use assets | (4) | (5) |
Ending balance | $ 7 | $ 11 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Roll Forward] | |||
Payments | $ (7,487) | $ (4,255) | $ (1,743) |
Analyzed into: | |||
Current portion | 3,175 | 3,563 | |
Non-current portion | 44,169 | 20,039 | |
Lease liabilities | |||
Leases [Roll Forward] | |||
Carrying amount at January 1 | 23,602 | 2,504 | |
Additions | 26,692 | 23,703 | |
Accretion of interest recognized during the year | 1,394 | 527 | |
Payments | (5,149) | (3,123) | |
Exchange realignment | 805 | (9) | (60) |
Carrying amount at December 31 | 47,344 | 23,602 | 2,504 |
Analyzed into: | |||
Current portion | 3,175 | 3,563 | |
Non-current portion | 44,169 | 20,039 | |
Total | $ 47,344 | $ 23,602 | $ 2,504 |
LEASES - Summary of Lease Expen
LEASES - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease [Abstract] | |||
Interest on lease liabilities | $ 1,394 | $ 527 | $ 142 |
Depreciation charge of right-of-use assets | 7,823 | 5,743 | |
Expense relating to short-term leases | 2,338 | 1,132 | |
Total amount recognized in profit or loss | $ 11,555 | $ 7,402 |
LEASES - Summary of Undiscounte
LEASES - Summary of Undiscounted Minimum Lease Payments Receivables in Future Periods under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease [Abstract] | ||
Undiscounted finance lease payments to be received | $ 1,673 | $ 583 |
COLLABORATION INVENTORIES - Sum
COLLABORATION INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Raw materials | $ 13,155 | $ 6,989 |
Work-in-process | 2,990 | 690 |
Finished goods | 3,288 | 2,675 |
Total collaboration inventories | $ 19,433 | $ 10,354 |
COLLABORATION INVENTORIES - Add
COLLABORATION INVENTORIES - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Inventory reserve | $ 8.9 | $ 5.3 |
TRADE RECEIVABLES - Summary of
TRADE RECEIVABLES - Summary of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Assets [Line Items] | ||
Trade receivables | $ 100,041 | $ 90 |
Gross Carrying Amount | ||
Disclosure Of Financial Assets [Line Items] | ||
Trade receivables | $ 100,041 | $ 90 |
TRADE RECEIVABLES - Additional
TRADE RECEIVABLES - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Trade receivables | Credit risk | One Customer | |
Disclosure Of Financial Assets [Line Items] | |
Amount of trade receivables subject to concentration of credit risk | $ 100 |
Bottom of Range | |
Disclosure Of Financial Assets [Line Items] | |
Credit period of trade receivables | 45 days |
Top of Range | |
Disclosure Of Financial Assets [Line Items] | |
Credit period of trade receivables | 60 days |
PREPAYMENTS, OTHER RECEIVABLE_3
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS - Summary of Prepayments, Other Receivables and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Lease receivables | $ 285 | $ 395 |
Prepayments | 1,208 | 1,092 |
Prepayments, Other Receivable and Other Assets | ||
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other Collaboration Receivables | 54,078 | 40,376 |
Interest receivable | 47 | 1,517 |
Other receivables | 790 | 948 |
Lease receivables | 1,388 | 188 |
VAT recoverable | 717 | 1,396 |
Prepayments | 12,231 | 17,330 |
Total | $ 69,251 | $ 61,755 |
PREPAYMENTS, OTHER RECEIVABLE_4
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other receivables | ||
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other receivables due from related parties | $ 38 | $ 340 |
Other receivables | Related Parties | ||
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other receivables due from related parties | 40 | 300 |
Prepayment | ||
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other receivables due from related parties | 237 | 272 |
Prepayment | Related Parties | ||
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other receivables due from related parties | $ 200 | $ 300 |
CASH AND CASH EQUIVALENTS, TI_3
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and bank balances | $ 1,312,773 | $ 841,317 | ||
Less: Pledged deposits | (357) | (1,270) | ||
Time deposits | (34,703) | (54,016) | ||
Cash and cash equivalents | 1,277,713 | 786,031 | $ 688,938 | $ 455,689 |
Denominated in USD | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | 1,254,969 | 727,160 | ||
Denominated in RMB | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | 12,675 | 21,472 | ||
Denominated in EUR | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 10,069 | $ 37,399 |
CASH AND CASH EQUIVALENTS, TI_4
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 1,277,713 | $ 786,031 | $ 688,938 | $ 455,689 |
Denominated in RMB | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 12,675 | $ 21,472 |
TRADE PAYABLES - Summary of Tra
TRADE PAYABLES - Summary of Trade and Notes Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables [abstract] | ||
Trade payables | $ 20,160 | $ 32,893 |
TRADE PAYABLES - Additional Inf
TRADE PAYABLES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade And Notes Payables [Line Items] | ||
Trade payables, term | 30 days | |
Trade payables | $ 20,160 | $ 32,893 |
Related Parties | ||
Trade And Notes Payables [Line Items] | ||
Trade payables | $ 600 | $ 1,200 |
OTHER PAYABLES AND ACCRUALS - S
OTHER PAYABLES AND ACCRUALS - Summary of Other Payables and Accruals (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Other Payables And Accruals [Abstract] | ||
Accrued payroll | $ 30,974 | $ 21,892 |
Accrued expense | 71,462 | 127,390 |
Other payables | 11,944 | 10,960 |
Payable for Collaboration Assets | 16,338 | 22,852 |
Other tax payables | 2,084 | 1,015 |
Other payables and accruals | $ 132,802 | $ 184,109 |
OTHER PAYABLES AND ACCRUALS - A
OTHER PAYABLES AND ACCRUALS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Other Payables And Accruals [Abstract] | ||
Other payables due to related parties | $ 0.9 | $ 2.5 |
DEFERRED TAX - Disclosure Of Mo
DEFERRED TAX - Disclosure Of Movements In Deferred Tax Assets And Liabilities Explanatory (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Liabilities [Roll Forward] | ||
Deferred tax liabilities, beginning balance | $ (7,865) | $ (22,761) |
Deferred tax charged/(credited) to the statement of profit or loss during the year | (4,955) | 14,896 |
Deferred tax liabilities, ending balance | (12,820) | (7,865) |
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 7,865 | 22,761 |
Deferred tax charged to the statement of profit or loss during the year | 4,955 | (14,896) |
Deferred tax assets, ending balance | 12,820 | 7,865 |
Collaboration revenue | ||
Deferred Tax Liabilities [Roll Forward] | ||
Deferred tax liabilities, beginning balance | 0 | (14,125) |
Deferred tax charged/(credited) to the statement of profit or loss during the year | 0 | 14,125 |
Deferred tax liabilities, ending balance | 0 | 0 |
License revenue - transitional adjustment | ||
Deferred Tax Liabilities [Roll Forward] | ||
Deferred tax liabilities, beginning balance | 0 | 0 |
Deferred tax charged/(credited) to the statement of profit or loss during the year | (3,144) | 0 |
Deferred tax liabilities, ending balance | (3,144) | 0 |
Difference allowance in excess of related depreciation | ||
Deferred Tax Liabilities [Roll Forward] | ||
Deferred tax liabilities, beginning balance | (7,751) | (8,636) |
Deferred tax charged/(credited) to the statement of profit or loss during the year | 4,563 | 885 |
Deferred tax liabilities, ending balance | (3,188) | (7,751) |
Right of use assets | ||
Deferred Tax Liabilities [Roll Forward] | ||
Deferred tax liabilities, beginning balance | (114) | 0 |
Deferred tax charged/(credited) to the statement of profit or loss during the year | (6,374) | (114) |
Deferred tax liabilities, ending balance | (6,488) | (114) |
Losses available for offsetting against future taxable profits | ||
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 0 | 20,448 |
Deferred tax charged to the statement of profit or loss during the year | 1,521 | (20,448) |
Deferred tax assets, ending balance | 1,521 | 0 |
Difference in intangible assets amortization | ||
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 1,250 | 1,056 |
Deferred tax charged to the statement of profit or loss during the year | 1,551 | 194 |
Deferred tax assets, ending balance | 2,801 | 1,250 |
Accrued expense | ||
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 3,449 | 1,257 |
Deferred tax charged to the statement of profit or loss during the year | (1,500) | 2,192 |
Deferred tax assets, ending balance | 1,949 | 3,449 |
Lease liability | ||
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 120 | 0 |
Deferred tax charged to the statement of profit or loss during the year | 6,429 | 120 |
Deferred tax assets, ending balance | 6,549 | 120 |
Cost recovery of R&D expense | ||
Deferred Tax Assets [Roll Forward] | ||
Deferred tax assets, beginning balance | 3,046 | 0 |
Deferred tax charged to the statement of profit or loss during the year | (3,046) | 3,046 |
Deferred tax assets, ending balance | $ 0 | $ 3,046 |
DEFERRED TAX - Additional Infor
DEFERRED TAX - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Hong Kong | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Tax losses | $ 0.4 | $ 1.9 |
China | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Tax losses | $ 90.9 | |
Deferred tax carry forward period | 10 years | |
Withholding tax percentage | 10% | |
Income tax rate | 10% | |
China | Subsidiaries | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Distributable retained earnings | $ 0 | $ 0 |
Ireland | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Tax losses | $ 134.8 | $ 118.6 |
Deferred tax carry back period | 1 year | 1 year |
United States of America | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Tax losses | $ 48.8 | $ 179.8 |
Maximum percent of future taxable profits that can be indefinitely offset | 80% | |
Withholding tax percentage | 30% | |
Income tax rate | 5% | |
United States of America | Subsidiaries | ||
Reconciliation Of Changes In Deferred Tax Assets and Liabilities [Line Items] | ||
Distributable retained earnings | $ 0 | $ 0 |
DEFERRED TAX - Summary of Items
DEFERRED TAX - Summary of Items with Respect to, Deferred Tax Assets have not been Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets and liabilities [abstract] | ||
Deductible temporary differences | $ 440,801 | $ 210,953 |
Tax losses and credits | 1,241,550 | 1,002,104 |
Total | $ 1,682,351 | $ 1,213,057 |
WARRANT LIABILITY - Additional
WARRANT LIABILITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
May 11, 2023 | May 21, 2021 | May 13, 2021 | Dec. 31, 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 | ||||
Proceeds from exercise of warrants | $ 300,000 | ||||
Aggregate exercise price of warrant | $ 200,000 | ||||
Fair value loss on warrant | $ 85,750 | $ (20,900) | |||
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 | ||||
Exercise period | 2 years |
WARRANT LIABILITY - Schedule of
WARRANT LIABILITY - Schedule of Movement of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warranty Liabilities [Roll Forward] | ||
Balance, beginning of the period | $ 67,000 | $ 87,900 |
Fair value loss/(gain) of the warrant liability | 85,750 | (20,900) |
Exercise of the warrant liability | (152,750) | 0 |
Balance, end of the period | $ 0 | $ 67,000 |
GOVERNMENT GRANTS (Details)
GOVERNMENT GRANTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Government Grants [Abstract] | ||
Deferred government grants | $ 7,373 | $ 8,110 |
Current | 68 | 451 |
Non-current | $ 7,305 | $ 7,659 |
COLLABORATION INTEREST-BEARIN_3
COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Summary of Interest-Bearing Loans and Borrowings (Details) - Interest Bearing Loans $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Effective interest rate | 8.07% |
Loans from a collaborator | $ 281,328 |
COLLABORATION INTEREST-BEARIN_4
COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Additional Information (Details) $ in Millions | 12 Months Ended | 18 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 16, 2022 USD ($) batch | Sep. 16, 2022 USD ($) | Jun. 17, 2022 USD ($) | Mar. 18, 2022 USD ($) | Dec. 17, 2021 USD ($) | Sep. 17, 2021 USD ($) | Jun. 18, 2021 USD ($) | |
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 accrued on funding advances | $ 31.3 | |||||||
Interest rate margin percentage | 2.50% | |||||||
Number of batches of funding advances | batch | 7 |
SHARE CAPITAL AND SHARE PREMI_3
SHARE CAPITAL AND SHARE PREMIUM - Summary of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | May 13, 2021 |
Authorized: | |||
Authorized, price per share (in dollars per share) | $ 0.0001 | ||
Issued and fully paid: | |||
Issued and fully paid, price per share (in dollars per share) | $ 0.0001 | ||
363,822,069 (2022: 330,134,480) ordinary shares of $0.0001 each | $ 36 | $ 33 | |
Ordinary Shares | |||
Authorized: | |||
Authorized (in shares) | 2,000,000,000 | 2,000,000,000 | |
Authorized, price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
2,000,000,000 shares of $0.0001 each | $ 200 | $ 200 | |
Issued and fully paid: | |||
Issued and fully paid (in shares) | 363,822,069 | 330,134,480 | |
Issued and fully paid, price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
363,822,069 (2022: 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Capital [Roll Forward] | ||
Beginning balance | $ 1,657,048 | $ 1,261,485 |
Issuance of ordinary shares for follow-on public offering, net of issuance cost | 377,643 | |
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 options | 18,051 | 4,070 |
Reclassification of vesting of restricted share units | 25,878 | 13,850 |
Ending balance | $ 2,637,156 | $ 1,657,048 |
Number of shares in issue | ||
Share Capital [Roll Forward] | ||
Beginning balance (in shares) | 330,134,480 | 308,456,852 |
Issuance of ordinary shares for follow-on public offering, net of issuance cost (in shares) | 18,722,000 | |
Issuance of ordinary shares for private placements, net of issuance cost (in shares) | 8,834,742 | |
Issuance of ordinary shares for registered direct offering, net of issuance cost (in shares) | 10,937,500 | |
Issuance of ordinary shares for exercise of warrants (in shares) | 10,000,000 | |
Exercise of share options (in shares) | 2,460,172 | 2,040,580 |
Reclassification of vesting of restricted share units (in shares) | 1,455,175 | 915,048 |
Ending balance (in shares) | 363,822,069 | 330,134,480 |
Share capital | ||
Share Capital [Roll Forward] | ||
Beginning balance | $ 33 | $ 31 |
Issuance of ordinary shares for follow-on public offering, net of issuance cost | 2 | |
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 options | 0 | 0 |
Reclassification of vesting of restricted share units | 0 | 0 |
Ending balance | 36 | 33 |
Share premium | ||
Share Capital [Roll Forward] | ||
Beginning balance | 1,657,015 | 1,261,454 |
Issuance of ordinary shares for follow-on public offering, net of issuance cost | 377,641 | |
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 options | 18,051 | 4,070 |
Reclassification of vesting of restricted share units | 25,878 | 13,850 |
Ending balance | $ 2,637,120 | $ 1,657,015 |
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 | Dec. 31, 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 issue of ordinary shares | $ 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 issue of ordinary shares | $ 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 |
SHARE OPTION SCHEME - Additiona
SHARE OPTION SCHEME - Additional Information (Details) | 12 Months Ended | ||||||
Dec. 21, 2017 | Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | May 11, 2023 shares | May 13, 2021 shares | Dec. 31, 2020 shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Period that share option scheme remains in force | 10 years | ||||||
Weighted average share price for share options in share-based payment arrangement exercised during period (in dollars per share) | $ / shares | $ 31.8140 | $ 22.5813 | $ 18.4846 | ||||
Fair value of share options granted | $ | $ 4,800,000 | $ 27,200,000 | $ 5,700,000 | ||||
Fair value per share of options granted (in dollars per share) | $ / shares | $ 13.397 | $ 12.010 | $ 9.497 | ||||
Share option expense | $ | $ 11,300,000 | $ 10,700,000 | $ 2,400,000 | ||||
Weighted average share price used in share option fair value valuation model (in dollars per share) | $ / shares | $ 23.5300 | ||||||
Number of options (in shares) | 6,367,000 | 9,180,000 | 9,529,000 | 14,241,000 | |||
Number of shares issued (in shares) | 20,809,850 | ||||||
Binomial Model | |||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Number of options (in shares) | 6,366,538 | ||||||
Additional share capital amount | $ | $ 637 | ||||||
Share premium before issue expenses | $ | $ 59,400,000 | ||||||
Percentage of options outstanding | 1.70% | ||||||
Ordinary Shares | |||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Number of shares issued (in shares) | 10,000,000 | ||||||
Ordinary Shares | Binomial Model | |||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Number of shares issued (in shares) | 6,366,538 |
SHARE OPTION SCHEME - Summary o
SHARE OPTION SCHEME - Summary of Share Options Outstanding Under the Scheme (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Weighted average exercise price | |||
At January 1 (in dollars per share) | $ / shares | $ 7.1370 | $ 2.8970 | $ 1.9353 |
Granted during the year (in dollars per share) | $ / shares | 23.5300 | 19.4468 | 15.4774 |
Forfeited during the year (in dollars per share) | $ / shares | 2.8336 | 4.2888 | 2.9987 |
Exercised during the year (in dollars per share) | $ / shares | 5.0687 | 1.8032 | 1.3346 |
At December 31 (in dollars per share) | $ / shares | 9.3287 | 7.1370 | 2.8970 |
Exercisable at December 31 (in dollars per share) | $ / shares | $ 4.5401 | $ 2.8705 | $ 1.4334 |
Number of options | |||
At January 1 (in shares) | shares | 9,180 | 9,529 | 14,241 |
Granted during the year (in shares) | shares | 355 | 2,265 | 595 |
Forfeited during the year (in shares) | shares | (708) | (573) | (1,251) |
Exercised during the year (in shares) | shares | (2,460) | (2,041) | (4,056) |
At December 31 (in shares) | shares | 6,367 | 9,180 | 9,529 |
Exercisable at December 31 (in shares) | shares | 3,470 | 3,281 | 2,828 |
SHARE OPTION SCHEME - Summary_2
SHARE OPTION SCHEME - Summary of Exercise Prices and Exercise Periods of Share Options Outstanding (Details) shares in Thousands | Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares | Dec. 09, 2019 $ / shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 6,367 | 9,180 | 9,529 | 14,241 | |
2019/12/25 – 2027/12/25 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 1,747 | 2,875 | 4,054 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | ||
2019/07/01 – 2028/08/29 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 801 | 1,248 | 1,849 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | ||
2019/12/31 – 2028/12/30 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 84 | 271 | 382 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | ||
2020/07/02 – 2029/07/01 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 723 | 1,393 | 1,822 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 1.5 | $ 1.5 | $ 1.5 | ||
2020/11/29 – 2029/11/28 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 152 | 201 | 332 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 11.5 | $ 11.5 | $ 11.5 | ||
2021/06/05 – 2030/06/04 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 54 | 90 | 90 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 11.5 | $ 11.5 | $ 11.5 | ||
2021/09/01 – 2030/08/31 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 255 | 322 | 385 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 16.3 | $ 16.3 | $ 16.3 | ||
2021/11/19 – 2030/11/18 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 20 | ||||
Exercise price per share (in dollars per share) | $ / shares | $ 13.6 | ||||
2022/03/29 – 2031/03/28 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 210 | 410 | 430 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 14.1 | $ 14.1 | $ 14.1 | ||
2022/08/27 – 2031/08/26 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 160 | 165 | 165 | ||
Exercise price per share (in dollars per share) | $ / shares | $ 19 | $ 19 | $ 19 | ||
2023/03/31 - 2032/03/30 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 409 | 740 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.4 | $ 18.4 | |||
2023/04/30 - 2032/04/29 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 740 | 750 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.2 | $ 18.2 | |||
2023/05/02 - 2032/05/01 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 80 | 80 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.4 | $ 18.4 | |||
2023/05/05 - 2032/05/04 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 40 | 40 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.4 | $ 18.4 | |||
2023/05/08 - 2032/05/07 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 80 | 80 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.4 | $ 18.4 | |||
2023/05/10 - 2032/05/09 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 200 | 200 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 18.4 | $ 18.4 | |||
2023/05/13 - 2032/05/12 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 10 | 15 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 19.7 | $ 19.7 | |||
2023/06/30 - 2032/06/29 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 207 | 240 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 27.5 | $ 27.5 | |||
2023/08/02 - 2032/08/01 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 60 | 60 | |||
Exercise price per share (in dollars per share) | $ / shares | $ 23.3 | $ 23.3 | |||
2024/04/03 - 2033/04/02 | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options (in shares) | shares | 355 | ||||
Exercise price per share (in dollars per share) | $ / shares | $ 23.5 | ||||
2019/11/29 - 2019/12/09 | Genscript Group | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Exercise price per share (in dollars per share) | $ / shares | $ 11.50 |
SHARE OPTION SCHEME - Summary_3
SHARE OPTION SCHEME - Summary of Fair Value of Equity Settled Share Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items] | |||
Dividend yield (%) | 0% | 0% | 0% |
Expected volatility (%) | 66.10% | ||
Expected life of options (year) | 10 years | 10 years | 10 years |
Bottom of Range | |||
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items] | |||
Expected volatility (%) | 73% | 73.20% | |
Risk-free interest rate (%) | 3.40% | 0.52% | 0.03% |
Top of Range | |||
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options [Line Items] | |||
Expected volatility (%) | 87.10% | 76.40% | |
Risk-free interest rate (%) | 4.84% | 3.11% | 1.72% |
RESTRICTED SHARE UNITS - Summar
RESTRICTED SHARE UNITS - Summary of Movement in Number of RSU Outstanding (Details) - RSU shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Weighted average grant date fair value | |||
Outstanding at January 1 (in dollars per share) | $ / shares | $ 18.3704 | $ 15.1808 | $ 15.3409 |
Granted during the year (in dollars per share) | $ / shares | 29.6040 | 20.5695 | 15.0120 |
Vested during the year (in dollars per share) | $ / shares | 17.7836 | 15.1354 | 15.2420 |
Forfeited during the year (in dollars per share) | $ / shares | 21.5612 | 17.3746 | 14.4913 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 26.0613 | $ 18.3704 | $ 15.1808 |
Number of RSU | |||
Outstanding at January 1 (in shares) | shares | 3,386 | 2,601 | 1,113 |
Granted during the year (in shares) | shares | 3,429 | 2,200 | 2,133 |
Vested during the year (in shares) | shares | (1,455) | (915) | (349) |
Forfeited during the year (in shares) | shares | (411) | (500) | (296) |
Outstanding at December 31 (in shares) | shares | 4,949 | 3,386 | 2,601 |
RESTRICTED SHARE UNITS - Additi
RESTRICTED SHARE UNITS - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 shares | |
Restricted Stock Units [Line Items] | ||||
Fair value per share of options granted (in dollars per share) | $ / shares | $ 13.397 | $ 12.010 | $ 9.497 | |
Equity-settled share-based compensation expense | $ 47,680 | $ 34,338 | $ 20,158 | |
RSU | ||||
Restricted Stock Units [Line Items] | ||||
Fair value of share options granted | $ 101,500 | $ 45,300 | $ 32,000 | |
Fair value per share of options granted (in dollars per share) | $ / shares | $ 29.604 | $ 20.570 | $ 15.012 | |
Equity-settled share-based compensation expense | $ 36,300 | $ 23,600 | $ 17,800 | |
Number of RSU, outstanding (in shares) | shares | 4,949,000 | 3,386,000 | 2,601,000 | 1,113,000 |
Restricted Scheme | ||||
Restricted Stock Units [Line Items] | ||||
Number of RSU, outstanding (in shares) | shares | 4,948,956 | |||
Percentage of number of shares issued | 1.40% |
RESERVES (Details)
RESERVES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of reserves within equity [abstract] | ||
Paid in capital and reserve funds | $ 107.3 | $ 81.8 |
NOTES TO THE CONSOLIDATED STA_3
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract] | |||
Non-cash additions to collaboration interest-bearing advanced funding | $ 0 | $ 130,300 | $ 119,700 |
Non-cash fair value loss (gain) of warrant liability | 85,750 | (20,900) | 6,200 |
Non-cash additions to right-of-use assets | 26,700 | 23,200 | 700 |
Non-cash additions to lease liabilities | 26,700 | 23,700 | 700 |
Non-cash additions to collaboration prepaid leases from collaboration partner | 16,300 | 26,500 | 7,600 |
Non-cash additions to property, plant and equipment | $ 6,600 | $ 5,100 | $ 6,700 |
NOTES TO THE CONSOLIDATED STA_4
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Summary of Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities from Financing Activities [Roll Forward] | |||
Additions of lease liabilities | $ 26,700 | $ 23,700 | $ 700 |
Interest expense | 1,394 | 527 | 142 |
Lease liabilities | |||
Liabilities from Financing Activities [Roll Forward] | |||
Beginning balance | 23,602 | 2,504 | 3,373 |
Additions of lease liabilities | 26,692 | 23,703 | 678 |
Changes from financing cash flows | (3,755) | (2,596) | (1,419) |
Disposal | 0 | 0 | (68) |
Interest expense | 1,394 | 527 | 142 |
Interest paid classified as operating cash flows | (1,394) | (527) | (142) |
Foreign exchange movement | 805 | (9) | (60) |
Ending balance | $ 47,344 | $ 23,602 | $ 2,504 |
NOTES TO THE CONSOLIDATED STA_5
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract] | |||
Within operating activities | $ 1,394 | $ 527 | $ 142 |
Within financing activities | 3,755 | 2,596 | 1,419 |
Short-term leases | 2,338 | 1,132 | 182 |
Total | $ 7,487 | $ 4,255 | $ 1,743 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of Capital Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Capital commitments [abstract] | |||
Construction in progress | $ 11,270 | $ 22,706 | $ 25,897 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) ft² in Thousands, $ in Millions | 1 Months Ended | |
Sep. 30, 2021 USD ($) | Dec. 31, 2023 ft² | |
Capital commitments [abstract] | ||
Former employee damages demanded | $ | $ 3 | |
Area of manufacturing facility expected to be leased (in square feet) | ft² | 106 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of Nature of Related Party Relationship (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Genscript Biotech Corporation | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Relationship | The Company’s most significant shareholder |
Nanjing GenScript Biotech 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 |
Genscript Probio USA 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | $ 5,279 | $ 9,189 | $ 10,908 |
Nanjing Probio Biotech Co., Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Licensing of patents to related parties | 0 | 0 | 3,019 |
Sales of products and sales-based royalties from related parties | 179 | 328 | 405 |
Purchases from related parties | 35 | 237 | 21 |
Nanjing GenScript Biotech Co., Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 4,078 | 6,174 | 9,615 |
Jiangsu GenScript Probio Biotech Co., Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 303 | 1,306 | 334 |
Genscript USA Incorporated | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 473 | 1,028 | 786 |
Genscript USA Holdings Inc | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 389 | 380 | 0 |
Jiangsu GenScript Biotech Co., Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 1 | 51 | 146 |
Compensation fee for termination of service agreement | 0 | 0 | 2,666 |
Genscript Probio USA Inc | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 0 | 8 | 0 |
Genscript Netherlands | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases from related parties | 0 | 5 | 6 |
Genscript Biotech Corporation | Follow-On Public Offering | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Financing from follow-on public offering, net of issuance cost | $ 0 | $ 0 | $ 84,600 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 20, 2021 | May 13, 2021 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Ordinary shares, purchased (in shares) | 20,809,850 | ||||
Lease liabilities, repayment term | 5 years | ||||
Bottom of Range | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Lessee's incremental borrowing rate applied to lease liabilities (in percent) | 5.14% | ||||
Top of Range | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Lessee's incremental borrowing rate applied to lease liabilities (in percent) | 7.94% | ||||
Nanjing GenScript Biotech Co., Ltd. | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Consideration paid for shared services | $ 0.2 | $ 1.6 | $ 1.6 | ||
Genscript Biotech Corporation | Follow-On Public Offering | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Ordinary shares, purchased (in shares) | 4,500,000 |
RELATED PARTY TRANSACTIONS - _3
RELATED PARTY TRANSACTIONS - Summary of Outstanding Balances with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease liabilities | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | $ 136 | $ 632 |
Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 38 | 340 |
Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 237 | 272 |
Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 572 | 1,183 |
Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 892 | 2,508 |
Nanjing Probio Biotech Co., Ltd. | Trade receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 41 | 90 |
Nanjing Probio Biotech Co., Ltd. | Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 237 | 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 | 136 | 205 |
Nanjing GenScript Biotech Co., Ltd. | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 22 | 321 |
Nanjing GenScript Biotech Co., Ltd. | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 265 | 935 |
Nanjing GenScript Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 892 | 2,435 |
Genscript USA Incorporated | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties | 16 | 16 |
Genscript USA Incorporated | Trade payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 35 | 134 |
Genscript USA Incorporated | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 58 |
Jiangsu GenScript Biotech Co., Ltd. | Other receivables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
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 | 0 | 7 |
Jiangsu GenScript Probio Biotech Co., Ltd. | Prepayment | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
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 | 272 | 0 |
Jiangsu GenScript Probio Biotech Co., Ltd. | Other payables | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due to related parties | 0 | 4 |
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 | $ 0 | $ 427 |
RELATED PARTY TRANSACTIONS - _4
RELATED PARTY TRANSACTIONS - Summary of Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |||
Equity-settled share-based compensation expense | $ 8,037 | $ 3,582 | $ 2,907 |
Short-term employee benefits | 2,691 | 2,170 | 1,942 |
Total | $ 10,728 | $ 5,752 | $ 4,849 |
FINANCIAL INSTRUMENTS BY CATE_3
FINANCIAL INSTRUMENTS BY CATEGORY - Summary of Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | $ 1,469,117 | $ 884,436 |
Financial assets at value through profit or loss | 663 | 185,603 |
Trade receivables | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 100,041 | 90 |
Financial assets at value through profit or loss | 0 | 0 |
Financial assets included in prepayments, other receivables and other assets (note 16) | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 56,303 | 43,029 |
Financial assets at value through profit or loss | 0 | 0 |
Financial assets measured at fair value through profit and loss | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 0 | 0 |
Financial assets at value through profit or loss | 663 | 185,603 |
Time deposits | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 34,703 | 54,016 |
Financial assets at value through profit or loss | 0 | 0 |
Pledged deposits | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 357 | 1,270 |
Financial assets at value through profit or loss | 0 | 0 |
Cash and cash equivalents | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 1,277,713 | 786,031 |
Financial assets at value through profit or loss | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS BY CATE_4
FINANCIAL INSTRUMENTS BY CATEGORY - Summary of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | $ 360,776 | $ 328,387 |
Financial liabilities at fair value | 0 | 67,000 |
Trade payables | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 20,160 | 32,893 |
Financial liabilities at fair value | 0 | 0 |
Warrant liability | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 0 | |
Financial liabilities at fair value | 67,000 | |
Financial liabilities included in other payables and accruals (note 19) | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 11,944 | 10,960 |
Financial liabilities at fair value | 0 | 0 |
Collaboration interest-bearing advanced funding | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 281,328 | 260,932 |
Financial liabilities at fair value | 0 | 0 |
Lease liabilities | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 47,344 | 23,602 |
Financial liabilities at fair value | $ 0 | $ 0 |
FAIR VALUE AND FAIR VALUE HIE_3
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS - Summary of Fair Value Measurement Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 663 | $ 185,603 |
Financial liabilities at fair value through profit or loss | 0 | 67,000 |
Warrant liability | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial liabilities at fair value through profit or loss | 67,000 | |
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 | 663 | 185,603 |
Quoted prices in active markets (Level 1) | Warrant liability | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
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 | 0 |
Significant observable inputs (Level 2) | Warrant liability | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial liabilities at fair value through profit or loss | 67,000 | |
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 | 0 |
Significant unobservable inputs (Level 3) | Warrant liability | ||
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial liabilities at fair value through profit or loss | $ 0 |
FAIR VALUE AND FAIR VALUE HIE_4
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS - Summary of Fair Value Valuation of Warrant Liability (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Volatility | 66.10% | ||
Dividend | 0% | 0% | 0% |
Bottom of Range | |||
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Volatility | 73% | 73.20% | |
Risk free rate | 3.40% | 0.52% | 0.03% |
Top of Range | |||
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Volatility | 87.10% | 76.40% | |
Risk free rate | 4.84% | 3.11% | 1.72% |
Warrant liability | |||
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Underlying stock price (in dollars per share) | $ 24.96 | ||
Volatility | 62.30% | ||
Dividend | 0% | ||
Warrant liability | Bottom of Range | |||
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Risk free rate | 380% | ||
Warrant liability | Top of Range | |||
Disclosure Of Fair Value Valuation Of Warrant Liability [Line Items] | |||
Risk free rate | 470% |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - Additional Information (Details) - Foreign Currency Risk - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Financial Instruments [Line Items] | |||
Percentage of foreign currency forward exchange contract | 5% | 0.30% | 54% |
Outstanding foreign currency forward exchange contracts | $ 0 | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - Summary of Sensitivity to Reasonably Possible Change in Exchange Rates (Details) - Foreign Currency Risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
If US$ strengthens against RMB | |||
Disclosure Of Financial Instruments [Line Items] | |||
Increase/ (decrease) in the rate of foreign currency | 5% | 5% | 5% |
Decrease/ (increase) in loss before tax | $ 1,300 | $ 1,314 | $ 1,215 |
If US$ weakens against RMB | |||
Disclosure Of Financial Instruments [Line Items] | |||
Increase/ (decrease) in the rate of foreign currency | (5.00%) | (5.00%) | (5.00%) |
Decrease/ (increase) in loss before tax | $ (1,300) | $ (1,314) | $ (1,215) |
If US$ strengthens against EUR | |||
Disclosure Of Financial Instruments [Line Items] | |||
Increase/ (decrease) in the rate of foreign currency | 5% | 5% | 5% |
Decrease/ (increase) in loss before tax | $ (51,887) | $ (1,441) | $ (3,086) |
If US$ weakens against EUR | |||
Disclosure Of Financial Instruments [Line Items] | |||
Increase/ (decrease) in the rate of foreign currency | (5.00%) | (5.00%) | (5.00%) |
Decrease/ (increase) in loss before tax | $ 51,887 | $ 1,441 | $ 3,086 |
FINANCIAL RISK MANAGEMENT OBJ_5
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Instruments [Line Items] | |||
Trade payables | $ 20,160 | $ 32,893 | |
Other payables | 132,802 | 184,109 | |
Warrant liability | 0 | 67,000 | $ 87,900 |
Liquidity Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Trade payables | 20,160 | 32,893 | |
Other payables | 11,944 | 10,960 | |
Warrant liability | 67,000 | ||
Collaboration interest-bearing advanced funding | 281,328 | 260,932 | |
Lease liabilities | 64,791 | 27,159 | |
Total | 378,223 | 398,944 | |
Less than 1 years | Liquidity Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Trade payables | 20,160 | 32,893 | |
Other payables | 11,944 | 10,960 | |
Warrant liability | 67,000 | ||
Collaboration interest-bearing advanced funding | 0 | 0 | |
Lease liabilities | 4,703 | 3,966 | |
Total | 36,807 | 114,819 | |
Over 1 years | |||
Disclosure Of Financial Instruments [Line Items] | |||
Total | 341,416 | 284,125 | |
Over 1 years | Liquidity Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Trade payables | 0 | 0 | |
Other payables | 0 | 0 | |
Warrant liability | 0 | ||
Collaboration interest-bearing advanced funding | 281,328 | 260,932 | |
Lease liabilities | $ 60,088 | $ 23,193 |
FINANCIAL RISK MANAGEMENT OBJ_6
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - Summary of Monitoring Capital Using Gearing Ratio (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||
Total liabilities | $ 597,238 | $ 586,651 |
Total assets | 1,848,609 | 1,330,963 |
Capital Management | ||
Disclosure Of Financial Instruments [Line Items] | ||
Total liabilities | 597,238 | 586,651 |
Total assets | $ 1,848,609 | $ 1,330,963 |
Gearing ratio | 32% | 44% |