COVER
COVER | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | Legend Biotech Corporation |
Entity Central Index Key | 0001801198 |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUE | ||
License revenue | $ 12,181 | $ 0 |
Collaboration revenue | 78,481 | 36,280 |
Other revenue | 3,329 | 56 |
Total revenue | 93,991 | 36,336 |
Collaboration cost of revenue | (49,101) | (35,613) |
Cost of license and other revenue | (5,638) | 0 |
Other income and gains | 64,091 | 8,199 |
Research and development expenses | (100,964) | (84,889) |
Administrative expenses | (31,929) | (22,205) |
Selling and distribution expenses | (24,223) | (17,954) |
Other expenses | (540) | (10,734) |
Fair value gain of warrant liability | 0 | 20,000 |
Finance costs | (5,475) | (5,113) |
LOSS BEFORE TAX | (59,788) | (111,973) |
Income tax expense | (5) | (128) |
LOSS FOR THE PERIOD | (59,793) | (112,101) |
Attributable to: | ||
Ordinary equity holders of the parent | $ (59,793) | $ (112,101) |
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | ||
Basic (in dollars per share) | $ (0.16) | $ (0.34) |
Diluted (in dollars per share) | $ (0.16) | $ (0.34) |
OTHER COMPREHENSIVE (LOSS)/ INCOME | ||
Exchange differences on translation of foreign operations | $ (47,993) | $ 13,507 |
Net other comprehensive (loss)/ income that may be reclassified to profit or loss in subsequent periods | (47,993) | 13,507 |
OTHER COMPREHENSIVE (LOSS)/ INCOME FOR THE PERIOD, NET OF TAX | (47,993) | 13,507 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (107,786) | (98,594) |
Attributable to: | ||
Ordinary equity holders of the parent | $ (107,786) | $ (98,594) |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 105,278 | $ 108,725 |
Advance payments for property, plant and equipment | 563 | 451 |
Right-of-use assets | 80,179 | 80,502 |
Time deposits | 4,387 | 4,362 |
Intangible assets | 3,152 | 4,061 |
Collaboration prepaid leases | 166,344 | 151,216 |
Other non-current assets | 1,412 | 1,493 |
Total non-current assets | 361,315 | 350,810 |
CURRENT ASSETS | ||
Collaboration inventories | 22,146 | 19,433 |
Trade receivables | 3,307 | 100,041 |
Prepayments, other receivables and other assets | 85,603 | 69,251 |
Financial assets at fair value through profit or loss | 150,449 | 663 |
Pledged deposits | 359 | 357 |
Time deposits | 254,357 | 30,341 |
Cash and cash equivalents | 897,571 | 1,277,713 |
Total current assets | 1,413,792 | 1,497,799 |
Total assets | 1,775,107 | 1,848,609 |
CURRENT LIABILITIES | ||
Trade payables | 39,485 | 20,160 |
Other payables and accruals | 136,012 | 132,802 |
Government grants | 538 | 68 |
Lease liabilities | 3,116 | 3,175 |
Tax payable | 7,273 | 7,203 |
Contract liabilities | 63,251 | 53,010 |
Total current liabilities | 249,675 | 216,418 |
NON-CURRENT LIABILITIES | ||
Collaboration interest-bearing advanced funding | 286,396 | 281,328 |
Lease liabilities long term | 45,174 | 44,169 |
Government grants | 6,664 | 7,305 |
Contract liabilities | 23,109 | 47,962 |
Other non-current liabilities | 30 | 56 |
Total non-current liabilities | 361,373 | 380,820 |
Total liabilities | 611,048 | 597,238 |
EQUITY | ||
Share capital | 36 | 36 |
Reserves | 1,164,023 | 1,251,335 |
Total ordinary shareholders’ equity | 1,164,059 | 1,251,371 |
Total equity | 1,164,059 | 1,251,371 |
Total liabilities and equity | $ 1,775,107 | $ 1,848,609 |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share capital | Share premium | [1] | Share-based compensation reserves | [1] | Foreign currency translation reserve | [1] | Retained earnings/(accumulated losses) | [1] |
Beginning balance at Dec. 31, 2022 | $ 744,312 | $ 33 | $ 1,657,015 | $ 39,049 | $ 14,671 | $ (966,456) | ||||
Statement of changes in equity [Roll Forward] | ||||||||||
Loss for the period | (112,101) | (112,101) | ||||||||
Other comprehensive loss: | ||||||||||
Exchange differences on translation of foreign operations | 13,507 | 13,507 | ||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (98,594) | 13,507 | (112,101) | |||||||
Exercise of share options | 370 | 528 | (158) | |||||||
Reclassification of vested restricted share units | 0 | 6,438 | (6,438) | |||||||
Equity-settled share-based compensation expense | 7,069 | 7,069 | ||||||||
Ending balance at Mar. 31, 2023 | 653,157 | 33 | 1,663,981 | 39,522 | 28,178 | (1,078,557) | ||||
Other comprehensive loss: | ||||||||||
Reserves | 653,100 | |||||||||
Reserves | 1,251,335 | |||||||||
Beginning balance at Dec. 31, 2023 | 1,251,371 | 36 | 2,637,120 | 54,621 | 44,304 | (1,484,710) | ||||
Statement of changes in equity [Roll Forward] | ||||||||||
Loss for the period | (59,793) | (59,793) | ||||||||
Other comprehensive loss: | ||||||||||
Exchange differences on translation of foreign operations | (47,993) | (47,993) | ||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (107,786) | (47,993) | (59,793) | |||||||
Exercise of share options | 1,771 | 2,668 | (897) | |||||||
Reclassification of vested restricted share units | 0 | 6,081 | (6,081) | |||||||
Equity-settled share-based compensation expense | 18,703 | 18,703 | ||||||||
Ending balance at Mar. 31, 2024 | 1,164,059 | $ 36 | $ 2,645,869 | $ 66,346 | $ (3,689) | $ (1,544,503) | ||||
Other comprehensive loss: | ||||||||||
Reserves | $ 1,164,023 | |||||||||
[1]These reserve accounts comprise the consolidated reserves of $1,164.0 million and $653.1 million in the consolidated statements of financial position as at March 31, 2024 and, 2023, respectively |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS PROVIDED BY/ (USED IN), OPERATING ACTIVITIES | ||
Loss before tax | $ (59,788) | $ (111,973) |
Adjustments for: | ||
Finance income | (13,870) | (6,755) |
Finance costs | 5,475 | 5,113 |
Provision for inventory reserve | 1,757 | 351 |
Depreciation of property, plant and equipment | 2,796 | 3,120 |
Loss on disposal of property, plant and equipment | 2 | 75 |
Amortization of intangible assets | 885 | 826 |
Depreciation of right-of-use assets | 2,041 | 1,235 |
Fair value loss of warrant liability | 0 | (20,000) |
Fair value gains on financial assets measured at fair value through profit or loss | (449) | (705) |
Increase in contract liabilities (current) | 11,645 | 0 |
Decrease in contract liabilities (non-current) | (23,826) | 0 |
Foreign currency exchange (gain)/loss, net | (49,056) | 10,659 |
Equity-settled share-based compensation expense | 18,703 | 7,069 |
Deferred government grant | (157) | (131) |
Cash flows provided by (used in) operations before changes in working capital | (103,842) | (111,116) |
Decrease in trade receivables | 96,734 | 34 |
Decrease/(increase) in prepayments, other receivables and other assets | (16,266) | 12,153 |
Decrease in other non-current assets | 77 | 425 |
Increase in collaboration inventories | (4,470) | (2,173) |
Increase/(decrease) in trade payables | 19,298 | (3,082) |
Increase/(decrease) in other payables and accruals | 10,878 | (39,184) |
Decrease in other non-current liabilities | (25) | (9) |
Increase in pledged deposits, net | 0 | (2) |
Cash used in operations | 2,384 | (142,954) |
Interest income received | 13,479 | 3,935 |
Income tax paid | 71 | 0 |
Interest on lease payments | (416) | (196) |
Net cash provided by/(used in) operating activities | 15,518 | (139,215) |
CASH FLOWS (USED IN)/ PROVIDED BY INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (6,243) | (4,274) |
Purchase of intangible assets | 0 | 310 |
Prepayment to collaborator for collaboration assets | (16,541) | (26,666) |
Purchase of financial assets measured at fair value through profit or loss | (150,308) | 0 |
Cash receipts of investment income | 663 | 1,264 |
Proceeds from disposal of property, plant and equipment | (2) | 53 |
Addition in time deposits | (721,990) | (4,363) |
Decrease in time deposits | 498,273 | 49,708 |
Net cash provided by/(used in) Investing activities | (396,148) | 16,032 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of share options | 1,589 | 370 |
Principal portion of lease payments | (758) | (814) |
Net cash provided by/(used in) financing activities | 831 | (444) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (379,799) | (123,627) |
Effect of foreign exchange rate changes, net | (343) | (2,354) |
Cash and cash equivalents at beginning of year | 1,277,713 | 786,031 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 897,571 | 660,050 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | ||
Cash and bank balances | 1,156,674 | 670,065 |
Less: Pledged deposits | 359 | 1,283 |
Time deposits | 258,744 | 8,732 |
Cash and cash equivalents as stated in the statement of financial position | 897,571 | 660,050 |
Cash and cash equivalents as stated in the statement of cash flows | $ 897,571 | $ 660,050 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
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. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Preparation [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION The unaudited interim condensed consolidated financial statements of Legend and its subsidiaries (collectively referred to as the “Company”) for the three months ended March 31, 2024 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting (“IAS34”) issued by the International Accounting Standards Board (the “IASB”). The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company financial statements for the year ended December 31, 2023. The Company has not early adopted any other standards, interpretation or amendments that have been issued but are not yet effective. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for any other interim periods or for the year ended December 31, 2023. The condensed consolidated statement of financial position as of December 31, 2023 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by the IASB for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023. |
NEW STANDARDS, INTERPRETATIONS
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY | NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY There were no new International Financial Reporting Standards (“IFRS”), amendments or interpretations issued by the IASB that became effective in the three months ended March 31, 2024 that had a material impact on the Company's unaudited interim condensed consolidated financial statements. |
REVENUE, OTHER INCOME AND GAINS
REVENUE, OTHER INCOME AND GAINS | 3 Months Ended |
Mar. 31, 2024 | |
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: Three months ended March 31, 2024 2023 US$’000 US$’000 Revenue Licensing of intellectual property 12,181 — Collaboration revenue 78,481 36,280 Other revenue 3,329 56 Total 93,991 36,336 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 "Novartis License Agreement"). The Company granted Novartis the worldwide 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 Novartis License Agreement was effective on December 28, 2023, with a $100 million receivable initially recorded, representing the Novartis upfront payment which was then received on January 3rd, 2024. Novartis has also agreed to pay up to $1.01 billion in milestone payments upon achievement of specified clinical, regulatory and commercial milestones, as well as tiered royalties on net sales. We determined that any milestone payments will be recognized upon occurrence as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. We determined that any sales-based royalties will be recognized when the related sales occur as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. Under the Novartis License Agreement, Legend Biotech will conduct the Legend Phase 1 clinical trial for LB2102 in the U.S. Novartis will conduct all other development, manufacture and commercialization for the licensed product(s). The following table shows the deferred revenue which is included in contract liabilities for the periods presented: March 31 December 31 2024 2023 US$’000 US$’000 Contract liabilities (Current) 63,251 53,010 Contract liabilities (Non-Current) 23,109 47,962 Total 86,360 100,972 The following table summarizes the Total other income and gains: Three months ended March 31, 2024 2023 US$’000 US$’000 Other income and gains Other income: Finance income 13,870 6,755 Government grants* 616 710 Other 100 29 Total income 14,586 7,494 Gains: Foreign currency exchange gain, net 49,056 — Fair value gains on financial assets measured at fair value change through profit or loss 449 705 Total gains 49,505 705 Total other income and gains 64,091 8,199 *The amount represents subsidies received from local government authorities to support the Company’s business. There were no unfulfilled conditions and other contingencies attached to these government grants. |
FINANCE COSTS
FINANCE COSTS | 3 Months Ended |
Mar. 31, 2024 | |
Finance Costs [Abstract] | |
FINANCE COSTS | FINANCE COSTS Three months ended March 31, 2024 2023 US$’000 US$’000 Interest on lease liabilities 416 196 Collaboration interest-bearing advanced funding 5,059 4,917 Total 5,475 5,113 |
LOSS PER SHARE ATTRIBUTABLE TO
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | 3 Months Ended |
Mar. 31, 2024 | |
Basic earnings per share [abstract] | |
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic loss per share amount is based on the loss for the period attributable to ordinary equity holders of Legend Biotech Corporation, and the weighted average number of ordinary shares of 364,010,429 and 330,497,072 in issue during the three months ended March 31, 2024 and 2023, respectively. The calculation of the diluted earnings per share amount is based on the loss for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all dilutive potential ordinary shares into ordinary shares. No adjustment has been made to the basic loss per share amounts presented for the three months ended March 31, 2024 and 2023, as the impact of the outstanding share options and RSU had an anti-dilutive effect on the basic loss per share amounts presented. The calculations of basic and diluted loss per share are based on: Three months ended March 31, 2024 2023 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (59,793) (112,101) Number of shares 2024 2023 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 364,010,429 330,497,072 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The carrying amounts of the Company’s property, plant and equipment and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 At January 1, 2024 Cost 143,727 Accumulated depreciation (35,002) Net carrying amount 108,725 At January 1, 2024, net of accumulated depreciation 108,725 Additions 1,645 Disposals (2,102) Depreciation provided during the period (2,796) Exchange realignment (194) At March 31, 2024, net of accumulated depreciation 105,278 At March 31, 2024: Cost 142,987 Accumulated depreciation (37,709) Net carrying amount 105,278 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
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 The carrying amounts of the Company’s right-of-use assets and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 Right-of-use assets at January 1, 2024 80,502 Additions 2,824 Exchange realignment (1,106) Depreciation of right-of-use assets (2,041) Right-of-use assets at March 31, 2024 80,179 (b) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The balance of the Company’s lease liabilities and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 Carrying amount at January 1, 2024 47,344 Additions 2,828 Accretion of interest recognized during the period 416 Payments (1,172) Exchange realignment (1,126) Carrying amount at March 31, 2024 48,290 Analyzed into: Current portion 3,116 Non-current portion 45,174 Total 48,290 |
COLLABORATION INVENTORIES
COLLABORATION INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Classes of current inventories [abstract] | |
COLLABORATION INVENTORIES | COLLABORATION INVENTORIES March 31, December 31, US$’000 US$’000 Raw materials 17,820 13,155 Work-in-process 2,641 2,990 Finished goods 1,685 3,288 Total collaboration inventories 22,146 19,433 The Company's reserve for inventory was $10.7 million and $8.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s reserve for inventory was primarily related to expired material and certain batches or units of product that did not meet quality specifications that were charged to collaboration cost of sales. |
PREPAYMENTS, OTHER RECEIVABLES
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS | PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS March 31, December 31, US$’000 US$’000 Other collaboration receivables 68,917 54,078 Other receivables 1,077 837 Lease receivables 3,106 1,388 VAT recoverable 1,549 717 Prepayments 10,954 12,231 Total 85,603 69,251 None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. The Company estimated that the expected credit loss for the above receivables as at March 31, 2024 and December 31, 2023 is insignificant. |
CASH AND CASH EQUIVALENTS, TIME
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS | CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS March 31, December 31, US$’000 US$’000 Cash and bank balances 1,156,674 1,312,773 Less: Pledged deposits (359) (357) Time deposits (258,744) (34,703) Cash and cash equivalents 897,571 1,277,713 Denominated in USD 866,800 1,254,969 Denominated in RMB 15,702 12,675 Denominated in EUR 15,069 10,069 Cash and cash equivalents 897,571 1,277,713 The cash and cash equivalents of the Company denominated in Renminbi (“RMB”) amounted to $15.7 million and $12.7 million in the consolidated statements of financial position as at March 31, 2024 and December 31, 2023, respectively. The RMB is not freely convertible into other currencies, however, under Greater China Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business. The pledged deposit as at March 31, 2024 and December 31, 2023 was pledged for credit card facilities. |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUALS | OTHER PAYABLES AND ACCRUALS March 31, December 31, US$’000 US$’000 Accrued payroll 19,185 30,974 Accrued expense 88,323 71,462 Other payables 11,351 11,944 Payable for collaboration assets 14,171 16,338 Other tax payables 2,982 2,084 Total 136,012 132,802 Other payables are non-interest-bearing and repayable on demand. |
COLLABORATION INTEREST-BEARING
COLLABORATION INTEREST-BEARING ADVANCED FUNDING | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
COLLABORATION INTEREST-BEARING ADVANCED FUNDING | COLLABORATION INTEREST-BEARING ADVANCED FUNDING Effective interest rate (%) Maturity March 31, US$’000 Non-current Loans from a collaborator 8.27 No specific maturity date 286,396 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 $36.4 million upon such principal. The respective interest rate of each borrowing has transitioned from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) in accordance with the LIBOR ACT . Thus, outstanding advances accrue interest at 12 month CME term SOFR plus LIBOR/SOFR adjustment (12 month) plus a margin of 2.5%. For each of the seven batches of funding advances, interest started to accrue from June 18, 2021, September 17, 2021, December 17, 2021, March 18, 2022, June 17, 2022, September 16, 2022, and December 16, 2022, respectively. Pursuant to the terms of the license and collaboration agreement, the collaborator may recoup the aggregate amount of Funding Advances, together with interest thereon, from Company’s share of pre-tax profits from the first profitable year of the collaboration program a nd, subject to some limitations, from milestone payments due to the Company under the Janssen Agreement . The Company’s management estimated the loan will not be recouped by the collaborator within one year, nor does the Company expect to repay the funding advances within one year, and thus the loan was classified as a long-term liability. |
SHARE CAPITAL AND SHARE PREMIUM
SHARE CAPITAL AND SHARE PREMIUM | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL AND SHARE PREMIUM | SHARE CAPITAL AND SHARE PREMIUM Shares March 31, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each 36 36 A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2023 and January 1, 2024 363,822,069 36 2,637,120 2,637,156 Exercise of share option 317,988 — 2,668 2,668 Reclassification of vesting of restricted share units 426,932 — 6,081 6,081 At March 31, 2024 (Unaudited) 364,566,989 36 2,645,869 2,645,905 |
FAIR VALUE AND FAIR VALUE HIERA
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, 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 March 31, 2024 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 150,449 — — 150,449 As at December 31, 2023 (Audited) 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 Financial assets measured at fair value consists of money market funds. During the three months ended March 31, 2024, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities. |
APPROVAL OF THE INTERIM CONDENS
APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Statement of financial position [abstract] | |
APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on May 8, 2024. |
REVENUE, OTHER INCOME AND GAI_2
REVENUE, OTHER INCOME AND GAINS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Analysis of Revenue | An analysis of revenue is as follows: Three months ended March 31, 2024 2023 US$’000 US$’000 Revenue Licensing of intellectual property 12,181 — Collaboration revenue 78,481 36,280 Other revenue 3,329 56 Total 93,991 36,336 |
Summary of Deferred Revenue from Contract Liabilities | The following table shows the deferred revenue which is included in contract liabilities for the periods presented: March 31 December 31 2024 2023 US$’000 US$’000 Contract liabilities (Current) 63,251 53,010 Contract liabilities (Non-Current) 23,109 47,962 Total 86,360 100,972 |
Other Income and Gains | The following table summarizes the Total other income and gains: Three months ended March 31, 2024 2023 US$’000 US$’000 Other income and gains Other income: Finance income 13,870 6,755 Government grants* 616 710 Other 100 29 Total income 14,586 7,494 Gains: Foreign currency exchange gain, net 49,056 — Fair value gains on financial assets measured at fair value change through profit or loss 449 705 Total gains 49,505 705 Total other income and gains 64,091 8,199 *The amount represents subsidies received from local government authorities to support the Company’s business. There were no unfulfilled conditions and other contingencies attached to these government grants. |
FINANCE COSTS (Tables)
FINANCE COSTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Finance Costs [Abstract] | |
Summary of Finance Costs | Three months ended March 31, 2024 2023 US$’000 US$’000 Interest on lease liabilities 416 196 Collaboration interest-bearing advanced funding 5,059 4,917 Total 5,475 5,113 |
LOSS PER SHARE ATTRIBUTABLE T_2
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three months ended March 31, 2024 2023 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation (59,793) (112,101) Number of shares 2024 2023 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 364,010,429 330,497,072 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The carrying amounts of the Company’s property, plant and equipment and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 At January 1, 2024 Cost 143,727 Accumulated depreciation (35,002) Net carrying amount 108,725 At January 1, 2024, net of accumulated depreciation 108,725 Additions 1,645 Disposals (2,102) Depreciation provided during the period (2,796) Exchange realignment (194) At March 31, 2024, net of accumulated depreciation 105,278 At March 31, 2024: Cost 142,987 Accumulated depreciation (37,709) Net carrying amount 105,278 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Lease [Abstract] | |
Summary of Carrying Amounts of The Right-of-use Assets and Movements | The carrying amounts of the Company’s right-of-use assets and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 Right-of-use assets at January 1, 2024 80,502 Additions 2,824 Exchange realignment (1,106) Depreciation of right-of-use assets (2,041) Right-of-use assets at March 31, 2024 80,179 |
Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term | The balance of the Company’s lease liabilities and the movements for the three months ended March 31, 2024 are as follows: 2024 US$’000 Carrying amount at January 1, 2024 47,344 Additions 2,828 Accretion of interest recognized during the period 416 Payments (1,172) Exchange realignment (1,126) Carrying amount at March 31, 2024 48,290 Analyzed into: Current portion 3,116 Non-current portion 45,174 Total 48,290 |
COLLABORATION INVENTORIES (Tabl
COLLABORATION INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Classes of current inventories [abstract] | |
Summary of Inventories | March 31, December 31, US$’000 US$’000 Raw materials 17,820 13,155 Work-in-process 2,641 2,990 Finished goods 1,685 3,288 Total collaboration inventories 22,146 19,433 |
PREPAYMENTS, OTHER RECEIVABLE_2
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract] | |
Summary of Prepayments, Other Receivables and Other Assets | March 31, December 31, US$’000 US$’000 Other collaboration receivables 68,917 54,078 Other receivables 1,077 837 Lease receivables 3,106 1,388 VAT recoverable 1,549 717 Prepayments 10,954 12,231 Total 85,603 69,251 |
CASH AND CASH EQUIVALENTS, TI_2
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract] | |
Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits | March 31, December 31, US$’000 US$’000 Cash and bank balances 1,156,674 1,312,773 Less: Pledged deposits (359) (357) Time deposits (258,744) (34,703) Cash and cash equivalents 897,571 1,277,713 Denominated in USD 866,800 1,254,969 Denominated in RMB 15,702 12,675 Denominated in EUR 15,069 10,069 Cash and cash equivalents 897,571 1,277,713 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Other Payables And Accruals [Abstract] | |
Summary of Other Payables and Accruals | March 31, December 31, US$’000 US$’000 Accrued payroll 19,185 30,974 Accrued expense 88,323 71,462 Other payables 11,351 11,944 Payable for collaboration assets 14,171 16,338 Other tax payables 2,982 2,084 Total 136,012 132,802 |
COLLABORATION INTEREST-BEARIN_2
COLLABORATION INTEREST-BEARING ADVANCED FUNDING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Interest-Bearing Loans and Borrowings | Effective interest rate (%) Maturity March 31, US$’000 Non-current Loans from a collaborator 8.27 No specific maturity date 286,396 |
SHARE CAPITAL AND SHARE PREMI_2
SHARE CAPITAL AND SHARE PREMIUM (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shares | Shares March 31, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each 36 36 |
Summary of Movements in the Company's Share Capital and Share Premium | A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2023 and January 1, 2024 363,822,069 36 2,637,120 2,637,156 Exercise of share option 317,988 — 2,668 2,668 Reclassification of vesting of restricted share units 426,932 — 6,081 6,081 At March 31, 2024 (Unaudited) 364,566,989 36 2,645,869 2,645,905 |
FAIR VALUE AND FAIR VALUE HIE_2
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Summary of Assets Measured at Fair Value | Asset measured at fair value: As at March 31, 2024 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 150,449 — — 150,449 As at December 31, 2023 (Audited) 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 |
REVENUE, OTHER INCOME AND GAI_3
REVENUE, OTHER INCOME AND GAINS - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Licensing of intellectual property | $ 12,181 | $ 0 |
Collaboration revenue | 78,481 | 36,280 |
Other revenue | 3,329 | 56 |
Total revenue | $ 93,991 | $ 36,336 |
REVENUE, OTHER INCOME AND GAI_4
REVENUE, OTHER INCOME AND GAINS - Additional Information (Details) - USD ($) $ in Thousands | Dec. 28, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Upfront fee receivable | $ 3,307 | $ 100,041 | |
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 |
REVENUE, OTHER INCOME AND GAI_5
REVENUE, OTHER INCOME AND GAINS - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |||
Contract liabilities (Current) | $ 63,251 | $ 53,010 | $ 53,010 |
Contract liabilities (Non-Current) | 23,109 | $ 47,962 | 47,962 |
Total | $ 86,360 | $ 100,972 |
REVENUE, OTHER INCOME AND GAI_6
REVENUE, OTHER INCOME AND GAINS - Other Income and Gains (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other income: | ||
Finance income | $ 13,870 | $ 6,755 |
Government grants | 616 | 710 |
Other | 100 | 29 |
Total income | 14,586 | 7,494 |
Gains: | ||
Foreign currency exchange gain, net | 49,056 | 0 |
Fair value gains on financial assets measured at fair value change through profit or loss | 449 | 705 |
Total gains | 49,505 | 705 |
Total other income and gains | $ 64,091 | $ 8,199 |
FINANCE COSTS (Details)
FINANCE COSTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finance Costs [Abstract] | ||
Interest on lease liabilities | $ 416 | $ 196 |
Collaboration interest-bearing advanced funding | 5,059 | 4,917 |
Total | $ 5,475 | $ 5,113 |
LOSS PER SHARE ATTRIBUTABLE T_3
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic earnings per share [abstract] | ||
Weighted average number of ordinary shares in issue (in shares) | 364,010,429 | 330,497,072 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic earnings per share [abstract] | ||
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation | $ (59,793) | $ (112,101) |
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation (in shares) | 364,010,429 | 330,497,072 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | $ 108,725 |
Additions | 1,645 |
Disposals | (2,102) |
Depreciation provided during the period | (2,796) |
Exchange realignment | (194) |
Property, plant and equipment, ending balance | 105,278 |
Cost | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | 143,727 |
Property, plant and equipment, ending balance | 142,987 |
Accumulated depreciation | |
Property, Plant and Equipment [Roll Forward] | |
Property, plant and equipment, beginning balance | (35,002) |
Property, plant and equipment, ending balance | $ (37,709) |
LEASES - Additional Information
LEASES - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Leasehold land | |
Leases [Line Items] | |
Lessee, lease terms | 50 years |
Ongoing lease payments | $ 0 |
Bottom of Range | |
Leases [Line Items] | |
Lessee, lease terms | 3 years |
Top of Range | |
Leases [Line Items] | |
Lessee, lease terms | 29 years |
LEASES - Summary of Carrying Am
LEASES - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Right-of-Use Assets [Roll Forward] | |
Beginning balance | $ 80,502 |
Additions | 2,824 |
Exchange realignment | (1,106) |
Depreciation of right-of-use assets | (2,041) |
Ending balance | $ 80,179 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Analyzed into: | ||
Current portion | $ 3,116 | $ 3,175 |
Non-current portion | 45,174 | 44,169 |
Lease liabilities | ||
Leases [Roll Forward] | ||
Beginning balance, carrying amount | 47,344 | |
Additions | 2,828 | |
Accretion of interest recognized during the period | 416 | |
Payments | (1,172) | |
Exchange realignment | (1,126) | |
Ending balance, carrying amount | 48,290 | |
Analyzed into: | ||
Current portion | 3,116 | |
Non-current portion | 45,174 | |
Total | $ 48,290 | $ 47,344 |
COLLABORATION INVENTORIES - Sum
COLLABORATION INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Classes of current inventories [abstract] | ||
Raw materials | $ 17,820 | $ 13,155 |
Work-in-process | 2,641 | 2,990 |
Finished goods | 1,685 | 3,288 |
Total collaboration inventories | $ 22,146 | $ 19,433 |
COLLABORATION INVENTORIES - Add
COLLABORATION INVENTORIES - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Classes of current inventories [abstract] | ||
Inventory reserve | $ 10.7 | $ 8.9 |
PREPAYMENTS, OTHER RECEIVABLE_3
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Details) - Prepayments Other Receivable and Other Assets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items] | ||
Other collaboration receivables | $ 68,917 | $ 54,078 |
Other receivables | 1,077 | 837 |
Lease receivables | 3,106 | 1,388 |
VAT recoverable | 1,549 | 717 |
Prepayments | 10,954 | 12,231 |
Total | $ 85,603 | $ 69,251 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and bank balances | $ 1,156,674 | $ 1,312,773 | ||
Less: Pledged deposits | (359) | (357) | ||
Time deposits | (258,744) | (34,703) | ||
Cash and cash equivalents | 897,571 | 1,277,713 | $ 660,050 | $ 786,031 |
Denominated in USD | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | 866,800 | 1,254,969 | ||
Denominated in RMB | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | 15,702 | 12,675 | ||
Denominated in EUR | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 15,069 | $ 10,069 |
CASH AND CASH EQUIVALENTS, TI_4
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 897,571 | $ 1,277,713 | $ 660,050 | $ 786,031 |
Denominated in RMB | ||||
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items] | ||||
Cash and cash equivalents | $ 15,702 | $ 12,675 |
OTHER PAYABLES AND ACCRUALS (De
OTHER PAYABLES AND ACCRUALS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure Of Other Payables And Accruals [Abstract] | ||
Accrued payroll | $ 19,185 | $ 30,974 |
Accrued expense | 88,323 | 71,462 |
Other payables | 11,351 | 11,944 |
Payable for collaboration assets | 14,171 | 16,338 |
Other tax payables | 2,982 | 2,084 |
Total | $ 136,012 | $ 132,802 |
COLLABORATION INTEREST-BEARIN_3
COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Summary of Interest-Bearing Loans and Borrowings (Details) - 11.0% Interest Bearing Loans $ in Thousands | Mar. 31, 2024 USD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Effective interest rate (%) | 8.27% |
Loans from a collaborator | $ 286,396 |
COLLABORATION INTEREST-BEARIN_4
COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Additional Information (Details) $ in Millions | 3 Months Ended | 18 Months Ended | ||||||
Mar. 31, 2024 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 | $ 36.4 | |||||||
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Issued and fully paid: | ||
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each | $ 36 | $ 36 |
Ordinary Shares | ||
Authorized: | ||
Ordinary shares 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 ordinary shares of $0.0001 each | $ 200 | $ 200 |
Issued and fully paid: | ||
Ordinary shares issued and fully paid (in shares) | 364,566,989 | 363,822,069 |
Price per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each | $ 36 | $ 36 |
SHARE CAPITAL AND SHARE PREMI_4
SHARE CAPITAL AND SHARE PREMIUM - Summary of Movements in the Company's Share Capital and Share Premium (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Share Capital [Roll Forward] | |
Beginning balance | $ 2,637,156 |
Exercise of share option | 2,668 |
Reclassification of vesting of restricted share units | 6,081 |
Ending balance | $ 2,645,905 |
Number of shares in issue | |
Share Capital [Roll Forward] | |
Beginning balance (in shares) | shares | 363,822,069 |
Exercise of share option (in shares) | shares | 317,988 |
Reclassification of vesting of restricted share units (in shares) | shares | 426,932 |
Ending balance (in shares) | shares | 364,566,989 |
Share capital | |
Share Capital [Roll Forward] | |
Beginning balance | $ 36 |
Exercise of share option | 0 |
Reclassification of vesting of restricted share units | 0 |
Ending balance | 36 |
Share premium | |
Share Capital [Roll Forward] | |
Beginning balance | 2,637,120 |
Exercise of share option | 2,668 |
Reclassification of vesting of restricted share units | 6,081 |
Ending balance | $ 2,645,869 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 150,449 | $ 663 |
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 | 150,449 | 663 |
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 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 |