Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Entity Registrant Name | Connect Biopharma Holdings Limited |
Entity Central Index Key | 0001835268 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40212 |
Entity Address, Address Line One | 12265 El Camino Real |
Entity Address, Address Line Two | Suite 350 |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92130 |
Entity Address, Country | US |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Loss ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) ¥ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 CNY (¥) ¥ / shares | |
Income Statement [Abstract] | |||
Research and development expenses | ¥ (185,283) | $ (25,642) | ¥ (340,775) |
Administrative expenses | (56,222) | (7,781) | (71,830) |
Other income | 10,061 | 1,392 | 1,584 |
Other gains - net | 8,168 | 1,130 | 9,241 |
Operating loss | (223,300) | (30,901) | (401,780) |
Finance income | 11,837 | 1,638 | 1,294 |
Finance cost | (72) | (10) | (58) |
Finance income - net | 11,765 | 1,628 | 1,236 |
Net loss before income tax | (211,511) | (29,273) | (400,544) |
Income tax expense | (449) | (62) | (737) |
Net loss | (211,960) | (29,335) | (401,281) |
Net loss attributable to : | |||
Owners of the Company | ¥ (211,960) | $ (29,335) | ¥ (401,281) |
Net loss per share | |||
Basic net loss per share | (per share) | ¥ (3.9) | $ (0.5) | ¥ (7.3) |
Diluted net loss per share | (per share) | ¥ (3.9) | $ (0.5) | ¥ (7.3) |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Statement Of Comprehensive Income [Abstract] | |||
Net loss | ¥ (211,960) | $ (29,335) | ¥ (401,281) |
Items that may be reclassified to profit or loss | |||
Exchange differences on translation of foreign operations | (84,408) | (11,681) | (74,273) |
Changes in the fair value of debt instruments at fair value through other comprehensive income | 1,533 | 212 | (1,311) |
Items that will not be reclassified to profit or loss | |||
Exchange differences on translation of foreign operations | 111,460 | 15,425 | 142,630 |
Other comprehensive income/(loss), net of tax | 28,585 | 3,956 | 67,046 |
Total comprehensive loss | (183,375) | (25,379) | (334,235) |
Total comprehensive loss attributable to: | |||
Owners of the Company | ¥ (183,375) | $ (25,379) | ¥ (334,235) |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Non-current assets | |||
Property, plant and equipment | ¥ 32,683 | $ 4,523 | ¥ 34,659 |
Right-of-use assets | 4,206 | 582 | 24,337 |
Intangible assets | 468 | 65 | 499 |
Investments: | |||
Financial assets at fair value through other comprehensive income | 65,744 | ||
Other non-current assets | 5,329 | 737 | 1,754 |
Total non-current assets | 42,686 | 5,907 | 126,993 |
Current assets | |||
Cash and cash equivalents | 589,689 | 81,609 | 550,274 |
Other receivable and prepayments | 47,741 | 6,607 | 23,413 |
Investments: | |||
Financial assets at fair value through other comprehensive income | 360,979 | 49,957 | 511,250 |
Total current assets | 998,409 | 138,173 | 1,084,937 |
Total assets | 1,041,095 | 144,080 | 1,211,930 |
Non-current liabilities | |||
Lease liabilities | 2,331 | 323 | 1,704 |
Deferred income | 1,173 | 162 | 4,539 |
Total non-current liabilities | 3,504 | 485 | 6,243 |
Current liabilities | |||
Lease liabilities | 1,963 | 272 | 1,294 |
Trade payables | 83,242 | 11,520 | 83,138 |
Other payables and accruals | 22,672 | 3,138 | 24,385 |
Total current liabilities | 107,877 | 14,930 | 108,817 |
Total liabilities | 111,381 | 15,415 | 115,060 |
Net assets | 929,700 | 128,700 | 1,096,870 |
SHAREHOLDERS' EQUITY | |||
Share capital | 66 | 9 | 66 |
Share premium | 4,094,719 | 566,680 | 4,094,566 |
Treasury shares | (1,164) | (161) | (1,164) |
Share-based compensation reserve | 123,568 | 17,101 | 107,502 |
Other reserves | 99,705 | 13,798 | 71,120 |
Accumulated losses | (3,387,180) | (468,762) | (3,175,220) |
Total shareholders' equity | 929,714 | 128,665 | 1,096,870 |
Total liabilities and shareholders' equity | ¥ 1,041,095 | $ 144,080 | ¥ 1,211,930 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Share Capital CNY (¥) | Share Premium CNY (¥) | Treasury Shares CNY (¥) | Share-Based Compensation Reserves CNY (¥) | Other Reserves CNY (¥) | Accumulated Losses CNY (¥) |
Balance at Dec. 31, 2021 | ¥ 1,735,831 | ¥ 66 | ¥ 4,094,434 | ¥ (1,164) | ¥ 61,904 | ¥ (41,244) | ¥ (2,378,165) | |
Comprehensive loss | ||||||||
Net loss | (401,281) | (401,281) | ||||||
Unrealized losses from investments | (1,311) | (1,311) | ||||||
Exchange differences | 68,357 | 68,357 | ||||||
Total comprehensive loss | (334,235) | 67,046 | (401,281) | |||||
Transactions with owners | ||||||||
Share-based compensation | 27,894 | 27,894 | ||||||
Total Transactions with owners | 27,894 | 27,894 | ||||||
Balance at Jun. 30, 2022 | 1,429,490 | 66 | 4,094,434 | (1,164) | 89,798 | 25,802 | (2,779,446) | |
Balance at Dec. 31, 2022 | 1,096,870 | 66 | 4,094,566 | (1,164) | 107,502 | 71,120 | (3,175,220) | |
Comprehensive loss | ||||||||
Net loss | (211,960) | $ (29,335) | (211,960) | |||||
Unrealized losses from investments | 1,533 | 1,533 | ||||||
Exchange differences | 27,052 | 27,052 | ||||||
Total comprehensive loss | (183,375) | (25,379) | 28,585 | (211,960) | ||||
Transactions with owners | ||||||||
Shares issued | 153 | 153 | ||||||
Share-based compensation | 16,066 | 16,066 | ||||||
Total Transactions with owners | 16,219 | 153 | 16,066 | |||||
Balance at Jun. 30, 2023 | ¥ 929,714 | $ 128,665 | ¥ 66 | ¥ 4,094,719 | ¥ (1,164) | ¥ 123,568 | ¥ 99,705 | ¥ (3,387,180) |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Cash flows from operating activities | |||
Cash used in operations | ¥ (223,697) | $ (30,958) | ¥ (342,663) |
Interest received | 8,231 | 1,139 | 206 |
Net cash used in operating activities | (215,466) | (29,800) | (342,457) |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (1,980) | (274) | (11,283) |
Purchase of financial assets at fair value through profit or loss | (41,000) | ||
Purchase of financial assets at fair value through other comprehensive income | (214,596) | (29,699) | (481,029) |
Proceeds from disposal of financial assets at fair value through profit or loss | 41,981 | ||
Proceeds from maturities of financial assets at fair value through comprehensive income | 453,967 | 62,826 | |
Net cash (used in) / generated from investing activities | 237,391 | 32,853 | (491,331) |
Cash flows from financing activities | |||
Proceeds from exercise of options | 758 | ||
Proceeds from issuance of ordinary shares | 153 | 21 | |
Payment for lease liabilities | (1,056) | (146) | (530) |
Net cash generated from / (used in) financing activities | (903) | (125) | 228 |
Net (decrease) / increase in cash and cash equivalents | 21,022 | 2,909 | (833,560) |
Cash and cash equivalents at the beginning of the six months ended | 550,274 | 76,154 | 1,706,880 |
Effects of exchange rate changes on cash and cash equivalents | 18,393 | 2,546 | 75,445 |
Cash and cash equivalents at end of the six months ended | ¥ 589,689 | $ 81,609 | ¥ 948,765 |
General Information, Reorganiza
General Information, Reorganization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of General Information Reorganization And Basis Of Presentation [Abstract] | |
General Information and Basis of Presentation | 1. General Information and Basis of Presentation 1.1 General Information Connect Biopharma Holdings Limited (the “Company”) was incorporated in November 2015 in the Cayman Islands as an exempted company with limited liability. The address of the Company’s registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company completed its initial public offering (“IPO”) on March 23, 2021 and the Company’s American Depositary Shares (“ADSs”) have been listed on the Nasdaq Global Market (“Nasdaq”) since then. Each ADS of the Company represents one ordinary share, par value USD 0.000174 per share. The Company and its subsidiaries (collectively, the “Group”) is a clinical-stage company focused on the discovery and development of next-generation immune modulators for the treatment of serious autoimmune diseases and inflammation. The Group has leveraged its expertise in the biology of T cell modulation to build a portfolio of drug candidates consisting of small molecules and antibodies targeting critical pathways of inflammation. The Group currently carries out both global and region-specific clinical trials on its product candidates. Connect Biopharma HongKong Limited (“Connect HK”) is a direct wholly owned subsidiary of the Company and the Group carries out its business through Connect HK’s wholly owned subsidiaries: Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”), Connect Biopharm LLC (“Connect US”) and Connect Biopharma Australia PTY LTD (“Connect AU”). 1.2 Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). Accordingly, they do not include all of the information and footnotes required by IFRS for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. The unaudited interim condensed consolidated financial statements include adjustments of a normal recurring nature, as necessary, for the fair statement of the Company’s financial position as of June 30, 2023, and results of operations and cash flows for the six months ended June 30, 2022 and 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by IFRS. The unaudited interim condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited interim condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal years. Accordingly, these financial statements should be read in conjunction with audited consolidated financial statements and related footnotes for the years ended December 31, 2021, and 2022 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. The accounting policies, other than the adoption of new or amended standards as described in Note 2, applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. Results for the six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any future period. 1. General Information and Basis of Presentation (continued) Liquidity Since inception, the Group has incurred accumulated losses of RMB 3.4 billion (USD 468.8 million). For the six months ended June 30, 2023, the Group had net operating loss of RMB 223.3 million (USD 30.9 million) and net operating cash outflow of RMB 215.5 million (USD 29.8 million). The principal sources of funding have historically been cash contributions from equity holders. The cumulative contributions up through June 30, 2023 have been approximately RMB 2,835 million, which included approximately RMB 1,431.8 million (USD 219.9 million based on the exchange rate as of the date of the IPO) of proceeds from issuance of ordinary shares in connection with the IPO. As of June 30, 2023, the Group had net assets of RMB 929.7 million (USD 128.7 million), including cash, cash equivalents, and short-term investments of RMB 950.7 million (USD 131.6 million). Taking this into consideration, the Group believes it will have sufficient available financial resources to meet its obligations and working capital requirements for at least the next twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Group considers that it is appropriate to prepare the consolidated financial information on a going concern basis. |
Summary of Accounting Policies
Summary of Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Summary of Accounting Policies | 2. Summary of Accounting Policies The accounting policies and method of computation used in the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the audited consolidated financial statements for the preceding fiscal years included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. Convenience Translation Translations of the unaudited interim condensed consolidated balance sheet, the unaudited interim condensed consolidated statement of loss, unaudited interim condensed consolidated statement of comprehensive loss and unaudited interim condensed consolidated statement of cash flows from RMB into USD as of and for the six months ended June 30, 2023 are solely for the convenience of the readers and calculated at the rate of USD 1.00 = RMB 7.2258 , representing the exchange rate as of June 30, 2023 set forth in the China Foreign Exchange Trade System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate as of that or any other date. New and amended standards and interpretations adopted by the Group Effective for annual periods beginning on or after Amendments to IAS 1, IAS 8, IFRS 9 and IFRS 17* General Improvements January 1, 2023 Amendments to IAS 12 International Tax Reform - Pillar Two Model Rules January 1, 2023 * There was no significant impact to the consolidated financial statements from adoption. The Group has adopted the amendments and applied the temporary exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Co-operation and Development. The Group will continue to evaluate the impact of these amendments, and reflect the new disclosures in the consolidated financial statements as at and for the year ending December 31, 2023. 2. Summary of Accounting Policies (continued) New and amended standards and interpretations not yet adopted by the Group Effective for annual periods beginning on or after Amendments to IAS 1* Minimum structure guidelines content in financial statements. January 1, 2024 Amendments to IFRS 16* Lease liability in a sale and leaseback transaction. January 1, 2024 Amendments to IAS 7 and IFRS 7* Disclosures on supplier finance arrangements and their effects in the financial statements. January 1, 2024 Amendments to IAS 28 and IFRS 10* Sale or contribution of assets between an investor and its associate or joint venture. To be determined * The Company does not expect the adoption of these standards to have a material impact on the consolidated financial statements. |
Fair Value Estimation
Fair Value Estimation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair Value Estimation | 3. Fair Value Estimation The table below summarizes the Group’s financial instruments carried at fair value as of December 31, 2022 and June 30, 2023 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows: (i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). (ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). (iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). As of December 31, 2022 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Cash equivalents 127,926 - - 127,926 Financial assets at fair value through other comprehensive income (current) 271,499 239,751 - 511,250 Financial assets at fair value through other comprehensive income (non-current) 11,739 54,005 - 65,744 Total 411,164 293,756 - 704,920 As of June 30, 2023 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Cash equivalents 386,378 - - 386,378 Financial assets at fair value through other comprehensive income (current) 157,606 203,373 - 360,979 Total 543,984 203,373 - 747,357 There were no transfers between Levels 1, 2 and 3 during the periods. 3. Fair Value Estimation (continued) Financial instruments in Level 1 The fair value of financial instruments identified as Level 1 are supported by quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. Financial instruments in Level 2 The fair value of financial instruments identified as Level 2 is determined by the use of valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific measures. For these financial instruments, all significant inputs required as inputs to fair value are observable. Financial instruments in Level 3 If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. Level 3 instruments within the Group’s assets and liabilities include short-term investment in wealth management products measured at fair value through profit or loss. Specific valuation techniques used to value financial instruments include: • Quoted market prices or dealer quotes for similar instruments; • Comparison of accreted purchase price at trade date to face value at maturity and comparison to prices of subsequent similar transactions; and • A combination of observable and unobservable inputs, including expected rate of return, risk-free rate, expected volatility, discount rate for lack of marketability (“DLOM”), bond terms and conditions, current performance data, etc. Financial assets at fair value through other comprehensive income ("FVOCI") are reflected as Level 1 and 2 instruments, as short-term and long-term investments. The following table presents the changes in Level 1 and 2 instruments of short-term and long-term investments for the six months ended June 30, 2022 and 2023. Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Financial assets at fair value through other comprehensive income Opening balance - 576,994 Additions 481,029 214,596 Settlements (including coupon interest received) ( 452 ) ( 453,967 ) Accrued interest 561 1,758 Discount Accreted 527 7,240 Change in fair value debited to other comprehensive (loss) / income* ( 1,311 ) 1,533 Exchange difference - 12,825 Closing balance 480,354 360,979 *includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period 3. Fair Value Estimation (continued) The following table presents the changes in Level 3 instruments of short-term investment in wealth management products for the six months ended June 30, 2022. As of June 30, 2023, the Group did not have any Level 3 investments. Six Months Ended June 30, 2022 RMB’000 Financial assets at fair value through profit or loss Opening balance - Additions 41,000 Settlements ( 41,140 ) Fair value gains recognized in profit or loss 140 Closing balance - Investments in money market funds are reflected as Level 1 instruments and as cash equivalents. The following table presents the changes in Level 1 instruments of money market funds included in cash equivalents for the six months ended June 30, 2022 and 2023. Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Financial assets at fair value through profit or loss Opening balance - 127,926 Additions 643,255 453,967 Settlements (including coupon interest received, net of fees) ( 474,870 ) ( 215,220 ) Interest income credited to profit or loss 386 5,444 Exchange difference 22,181 14,261 Closing balance 190,952 386,378 The carrying amounts of the Group’s other financial assets and liabilities, including cash at banks, other receivables, trade payable and other payables, approximate their fair values. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 6 Months Ended |
Jun. 30, 2023 | |
Critical Accounting Estimates And Judgements [Abstract] | |
Critical Accounting Estimates and Judgements | 4. Critical Accounting Estimates and Judgments The preparation of the interim condensed consolidated financial statements requires the use of accounting estimates which, by definition, may not equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances. In preparing the interim condensed consolidated financial statements, the nature of significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty were consistent with those described in the audited consolidated financial statements for the preceding fiscal years included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. |
Expenses by Nature
Expenses by Nature | 6 Months Ended |
Jun. 30, 2023 | |
Expense By Nature [Abstract] | |
Expenses by Nature | 5. Expenses by Nature Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Clinical trials related expenses 282,740 138,765 Employee benefit expenses (Note 6) 79,850 63,215 Professional service fees 25,267 22,428 Insurance 8,698 6,577 Depreciation and amortization 3,258 3,508 R&D materials and consumable supplies 4,739 2,081 Office expenses 4,590 2,776 Others 3,463 2,155 412,605 241,505 |
Employee Benefit Expenses
Employee Benefit Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Classes Of Employee Benefits Expense [Abstract] | |
Employee Benefit Expenses | 6. Employee Benefit Expenses Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Wages, salaries and bonuses 44,678 39,735 Share-based compensation expenses (Note 19) 27,894 16,066 Welfare expenses 6,388 6,725 Housing funds 890 689 79,850 63,215 Employee benefit expenses were charged in the following line items in the interim condensed consolidated statements of loss: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Research and development expenses 45,492 34,321 Administrative expenses 34,358 28,894 79,850 63,215 |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2023 | |
Other Income Expense [Abstract] | |
Other Income | 7. Other Income Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Government grants and tax incentives (i) 1,584 10,061 1,584 10,061 (i) Government grants are cash incentives received related to specific operating expenses incurred. During the six months ended June 30, 2023, the Group received government subsidies from a Chinese local government totaling RMB 3.7 million (USD 0.5 million) and a research and development tax incentive from the Australia government totaling RMB 6.3 million (USD 0.9 million). During the six months ended June 30, 2022, the Group received a government subsidy from a Chinese local government for research and development spending totaling RMB 1.3 million. |
Other Gains - Net
Other Gains - Net | 6 Months Ended |
Jun. 30, 2023 | |
Other Income (Losses) Net [Abstract] | |
Other Gains - Net | 8. Other Gains – Net Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Net foreign exchange gains 7,762 3,431 Investment income from investments at fair value through profit and loss 386 5,444 Investment income from wealth management products 140 - Other gain / (loss) (i) 953 ( 707 ) 9,241 8,168 (i) During the six months ended June 30, 2023, related to the Company’s termination of its construction project in the People's Republic of China (the "PRC") and the related repurchase of the land use rights by the Jiangsu Taicang High-tech Industrial Development Zone Administrative Commission ("Jiangsu Taicang HIDC") , the Group incurred a loss on disposal of land use rights of RMB 0.3 million (USD 0.04 million) (Notes 13 and 16). During the six months ended June 30 2022, the Company received an insurance recovery of RMB 1.0 million. |
Finance Income - Net
Finance Income - Net | 6 Months Ended |
Jun. 30, 2023 | |
Profit Loss [Abstract] | |
Finance Income - Net | 9. Finance Income - Net Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Finance income Interest from bank deposits and term deposits 206 2,839 Investment income from investments at fair value through other comprehensive income 1,088 8,998 1,294 11,837 Finance cost Interest for lease liabilities ( 58 ) ( 72 ) ( 58 ) ( 72 ) 1,236 11,765 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Taxes | 10. Income Tax Income tax expense is recognized based on the income tax rates in the following main tax jurisdictions where the Group operated for the six months ended June 30, 2022 and 2023. The Company is incorporated in the Cayman Islands with subsidiaries in the United States, the PRC, Australia and Hong Kong and is exempt from income tax in the Cayman Islands. For the six months ended June 30, 2023, the Group’s income tax expense of RMB 0.4 million (USD 0.06 million) is due primarily to income tax expense for Connect US. Connect US is treated for income tax purposes as a service provider for Connect HK and earns service fee income on a cost-plus basis. As of June 30, 2023, the Group did no t have any significant unrecognized uncertain tax positions. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share Basic net loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding. Basic and diluted net losses per share are presented as follows: Six Months Ended June 30, 2022 2023 Net loss attributable to owners of the Company (RMB’000) ( 401,281 ) ( 211,960 ) Weighted average number of ordinary shares outstanding 55,064,947 55,051,351 Basic and diluted net loss per share (RMB) ( 7.3 ) ( 3.9 ) Share options are considered as potential dilutive shares throughout the reporting periods. However, since the Group had incurred losses for the six months ended June 30, 2022 and 2023, the potential dilutive shares of 174,481 and 149,376 , respectively, if converted, were excluded in the computation of diluted net loss per share as their impact would be anti-dilutive. Thus, diluted net loss per share is equivalent to the basic net loss per share. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 12. Property, Plant and Equipment Laboratory equipment Leasehold improvements Office equipment, furniture and others Total RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Cost 38,348 5,157 1,830 45,335 Accumulated depreciation ( 6,917 ) ( 2,639 ) ( 1,120 ) ( 10,676 ) Net book value 31,431 2,518 710 34,659 Six months ended June 30, 2023 Opening net book value 31,431 2,518 710 34,659 Exchange difference - 9 27 36 Additions 520 1 - 521 Transfers - - - - Depreciation ( 1,741 ) ( 492 ) ( 299 ) ( 2,532 ) Disposal - - ( 1 ) ( 1 ) Closing net book value 30,210 2,036 437 32,683 As of June 30, 2023 Cost 38,868 5,167 1,856 45,891 Accumulated depreciation ( 8,658 ) ( 3,131 ) ( 1,419 ) ( 13,208 ) Net book value 30,210 2,036 437 32,683 |
Right-of-Use Assets and Leases
Right-of-Use Assets and Leases | 6 Months Ended |
Jun. 30, 2023 | |
Presentation of leases for lessee [abstract] | |
Right-of-Use Assets and Leases | 13. Right-of-Use Assets and Leases Amounts recognized in the condensed consolidated balance sheets are as follows: (i) Right-of-use assets Land use rights Office rental Total RMB’000 RMB’000 RMB’000 Opening net book amount-as of January 1, 2023 21,542 2,795 24,337 Additions - 2,127 2,127 Depreciation ( 149 ) ( 796 ) ( 945 ) Government repurchase (i) ( 21,393 ) - ( 21,393 ) Exchange difference - 80 80 Closing net book amount-as of June 30, 2023 - 4,206 4,206 As of June 30, 2023 Cost - 8,316 8,316 Accumulated depreciation - ( 4,110 ) ( 4,110 ) Net book value - 4,206 4,206 (i) In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) (Note 16) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC. (ii) Lease liabilities During the six months ended June 30, 2022, the Group commenced an office lease in San Diego, U.S. for facilities being used as the Group’s executive headquarters and office for U.S. based employees. During the six months ended June 30, 2023, the Group renewed an office lease in Taicang, Suzhou, PRC for facilities being used for the Group’s China -based employees. Amounts recognized as liabilities in the interim condensed consolidated balance sheets were as follows: December 31, June 30, 2022 2023 RMB’000 RMB’000 Non-current 1,704 2,331 Current 1,294 1,963 2,998 4,294 13. Right-of-Use Assets and Leases (continued) Amounts recognized in the interim condensed consolidated statements of loss in addition to office rental depreciation were as follows: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Interest expense 58 72 The total cash outflow for leases for the six months ended June 30, 2022 and 2023 was RMB 0.5 million and RMB 1.1 million (USD 0.15 million), respectively. |
Financial Assets at Fair Value
Financial Assets at Fair Value Through Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Financial assets at fair value through other comprehensive income [abstract] | |
Financial Assets at Fair Value Through Comprehensive Income | 14. Financial Assets at Fair Value Through Comprehensive Income Financial assets at FVOCI comprise of debt securities where the contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved by collecting contractual cash flows and selling financial assets. Debt investments at FVOCI were comprised of investments in U.S. treasury bills, listed and unlisted bonds, and unlisted debt securities. Unlisted debt securities comprise of investments in commercial paper of financial institutions. On disposal of debt investments, any related balance within the FVOCI reserve is reclassified to other gains/(losses) within profit or loss. There were no disposals of debt investments during the six months ended June 30, 2023. December 31, June 30, 2022 2023 RMB’000 RMB’000 Non-current assets U.S. Treasury bills 11,739 - Listed bonds 54,005 - 65,744 - Current assets U.S. Treasury bills 271,499 157,606 U.S. Government agency bond 8,365 36,724 Listed bonds 52,730 26,935 Unlisted debt securities 178,656 139,714 511,250 360,979 The following amounts for debt investments at FVOCI were recognized in profit or loss and other comprehensive income, respectively: June 30, June 30, 2022 2023 RMB’000 RMB’000 Interest income recognized in profit and loss related to debt investments 1,088 8,998 (Losses)/gains recognized in other comprehensive income related to debt investments ( 1,311 ) 1,533 Information about the methods and assumptions used in determining fair value is provided in Note 3. Impairment on debt investments at FVOCI is measured based on expected losses and changes in credit risk and recognized into profit and loss when determined. As of June 30, 2023, no impairment has been recognized on debt investments at FVOCI. All financial assets at FVOCI are denominated in USD. |
Other non-current Assets
Other non-current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous Noncurrent Assets [Abstract] | |
Other Non-Current Assets | 15. Other Non-Current Assets December 31, June 30, 2022 2023 RMB’000 RMB’000 Deductible value-added tax 1,109 5,110 Prepayments for purchase of non-current assets 408 26 Others 237 193 1,754 5,329 |
Other Receivables and Prepaymen
Other Receivables and Prepayments | 6 Months Ended |
Jun. 30, 2023 | |
Other Receivables And Prepayments [Abstract] | |
Other Receivables and Prepayments | 16. Other Receivables and Prepayments December 31, June 30, 2022 2023 RMB’000 RMB’000 Prepayment for contract research organization ("CRO") services 18,871 16,561 Prepaid expenses (i) 2,571 8,307 Deposits (ii) 356 365 Others (iii) 1,615 22,508 23,413 47,741 (i) In March 2023, the Group made payments to purchase annual director and officer liability insurance. Such expenses are amortized over 1 year. (ii) Deposits held by CRO suppliers are refundable upon the completion of related services. (iii) In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) (Note 13) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 17. Cash and Cash Equivalents December 31, June 30, 2022 2023 RMB’000 RMB’000 Cash at bank - USD deposits 353,379 149,550 - RMB deposits 63,856 44,197 - Australian Dollar deposits 5,113 9,564 Cash equivalents (Note 3) 127,926 386,378 550,274 589,689 Cash at banks located in the PRC earns interest at floating rates based on daily bank deposit rates, while deposits in banks outside the PRC earned interest income of nil and RMB 0.6 million (USD 0.1 million) for the six months ended June 30, 2022 and 2023, respectively. Cash at banks denominated in RMB are deposited with banks in the PRC. The conversion of these RMB-denominated balances into foreign currencies and the remittance of funds out of the PRC are subject to the rules and regulations of foreign exchange control promulgated by the PRC government. As of June 30, 2023, USD 8.7 million of deposits and AU$ 2.0 million of deposits were held in the banks outside the PRC. Cash equivalents are denominated in USD and are comprised of short-term, highly liquid investments with original maturities of 90 days or less, such as money market funds, that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share Capital | 18. Share Capital The authorized share capital of the Company as of June 30, 2023 is USD 76,560 . As of both December 31, 2022 and June 30, 2023, there were 2,407,091 treasury shares of the Company. The number of the Company’s ordinary shares outstanding, net of treasury shares, as of December 31, 2022 and June 30, 2023 was 55,041,247 and 55,071,559 , respectively. In May 2023, 30,312 shares were issued under the 2021 Employee Share Purchase Plan ("2021 ESPP"). The movement in the number of ordinary shares outstanding is as follows: Number of ordinary shares Share capital Share premium Total RMB’000 RMB’000 RMB’000 As of January 1, 2023 57,448,338 66 4,094,566 4,094,632 Shares issued 30,312 - 153 153 Net book value 57,478,650 66 4,094,719 4,094,785 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-Based Compensation | 19. Share-based Compensation 2019 Stock Incentive Plan The Group adopted the 2019 Stock Incentive Plan (“2019 Plan”) and obtained Board’s approval on November 1, 2019, under which the Group may grant various awards such as options, restricted shares or restricted share units to employees, directors, and consultants for services rendered. 2021 Stock Incentive Plan The Group adopted the 2021 Stock Incentive Plan (“2021 Plan”) effective on the day of effectiveness of the Company’s IPO. Awards granted under the 2021 Plan may be either stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), restricted stock awards (“RSA”) or dividend equivalent right (“DER”). Through December 31, 2022, the Company granted a total of 4,492,547 options under the 2021 Plan. During the six months ended June 30, 2023, the Company granted an additional 1,682,787 options from the 2021 Plan. As of June 30, 2023, the Group has 5,276,549 ordinary shares under the 2021 Plan for future stock option grants. 2021 Employee Share Purchase Plan The Group adopted the 2021 ESPP and began implementation in May 2022. A total of 600,000 ordinary shares were initially reserved for issuance under the 2021 ESPP. The first offering was made under the 2021 ESPP starting May 1, 2022 for the Section 423 component of the plan with the following key provisions: each offering period covers a 24-month period with each offering period providing four purchase periods, with implementation of consecutive overlapping offering periods, limitation on the number of shares, reset and look-back provisions, and other restrictions. As of June 30, 2023, 55,780 total shares have been issued under the 2021 ESPP. Additional Shares Subject to 2021 Plan and 2021 ESPP During 2023, an additional 1,376,000 shares and nil shares were made available in accordance with the evergreen provisions of the Company’s 2021 Plan and 2021 ESPP, respectively. The activities of the options outstanding for the six months ended June 30, 2023 were as follows: Number of Options Weighted Average Exercise Price Per Share Option Options outstanding as of December 31, 2022 5,103,627 Granted during the six months ended June 30, 2023 1,682,787 USD 1.25 Forfeited during the six months ended June 30, 2023 (i) ( 240,602 ) USD 5.73 Options outstanding as of June 30, 2023 6,545,812 Options exercisable as of June 30, 2023 2,585,995 The weighted average remaining contractual life of options outstanding as of December 31, 2022 and June 30, 2023 were 8.7 and 8.6 years, respectively. (i) The options were forfeited when the employment terminated. 19. Share-based Compensation (continued) Fair value of options granted and ESPP compensation Based on the fair value of underlying ordinary shares, using public market pricing, the Group used the Binomial option-pricing model to determine the fair value of options as of the grant date. Separately, the Group used the Black-Scholes option-pricing model to determine the fair value of ESPP compensation expense calculation as of the grant date. The amounts withheld from employees’ paychecks totaled RMB 0.1 million (USD 0.02 million), which is recorded in Other payables and accruals within Current liabilities. Key assumptions for the options granted for the periods and ESPP compensation are set forth below: Stock Incentive Plan ESPP June 30, June 30, June 30, June 30, 2022 2023 2022 2023 RMB’000 RMB’000 RMB’000 RMB’000 Weighted average exercise price during the period USD 3.57 USD 1.25 (i) (i) Grant date share price USD 0.75 ~USD 4.91 USD 0.99 ~USD 1.29 USD 1.86 USD 1.05 Risk-free interest rate 1.9 %~ 3.1 % 3.6 %~ 4.2 % 1.5 %~ 2.7 % 4.14 %~ 5.14 % Expected volatility 61.4 %~ 61.8 % 59.6 %~ 60.0 % 51.1 %~ 55.4 % 46.96 %~ 60.20 % Expected life 10 years 10 years 0.5 ~ 2.0 years 0.5 ~ 2.0 years Expected early exercise multiple 2.2 ~ 2.8 2.2 - 2.8 N/A N/A Dividend yield Nil Nil Nil Nil Forfeiture rate * 3.0 %- 9.6 % * 8.5 %- 12.3 % 3.0 % 3.0 % Weighted average fair value of options granted during the period USD 2.06 USD 0.72 USD 0.71 USD 0.40 *Forfeiture rates for executives and directors, and all other employees in six months ended June 30, 2022, were 3.0 % and 9.6 %, respectively. Forfeiture rates for executives and directors, and all other employees in the six months ended June 30, 2023, were 8.5 %~ 12.3 % and 11.7 %, respectively. (i) No shares were issued under the ESPP for the six months ended June 30, 2022. Discounted ESPP price for issued shares during the six months ended June 30, 2023 was USD 0.73 . The Company adopted the average volatility of comparable companies as a proxy of the expected volatility of the underlying shares. The volatility of each comparable company was based on the historical daily stock prices for a period with length commensurate to the remaining maturity life of the share options and ESPP shares, respectively. Share-based compensation expenses included in the interim condensed consolidated statements of loss for the six months ended June 30, 2022 and 2023 were as follows: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Research and development expenses (Note 6) 12,778 7,639 Administrative expenses (Note 6) 15,116 8,427 27,894 16,066 |
Other Payables and Accruals
Other Payables and Accruals | 6 Months Ended |
Jun. 30, 2023 | |
Other Payables and Accruals [Abstract] | |
Other Payables and Accruals | 20. Other Payables and Accruals December 31, June 30, 2022 2023 RMB’000 RMB’000 Construction payables 1,424 327 Accrued professional service fee 5,696 4,909 Payroll and welfare payables 14,959 9,395 Others (i) 2,306 8,041 24,385 22,672 (i) During the six months ended June 30, 2023, in relations to the Company's termination of its construction project in the PRC, the Company reclassified a RMB 5.0 million (USD 0.7 million) previously received government subsidy from Deferred income into Other payables and accruals. |
Cash Flow Information
Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Cash Flow Information [Abstract] | |
Cash Flow Information | 21. Cash flow information Cash used in operations Six Months Ended June 30, Notes 2022 2023 RMB’000 RMB’000 Net loss before income tax ( 400,544 ) ( 211,511 ) Adjustments for: Interest for lease liabilities 9 58 72 Investment income from investments in wealth management products 8 ( 140 ) - Interest income from investments at fair value through other comprehensive income 9 ( 1,088 ) ( 8,998 ) Interest income from investments at fair value through profit and loss 8 ( 386 ) - Amortization of intangible assets 31 31 Depreciation of property, plant and equipment 12 2,309 2,532 Depreciation of rights-of-use assets 13 918 945 Share-based compensation expenses 19 27,894 16,066 Net foreign exchange differences 8 ( 7,762 ) ( 3,431 ) Loss on disposal of land use rights and other 8 - 723 Loss on disposal of property, plant and equipment 4 1 Changes in working capital Other receivables and prepayments ( 1,541 ) ( 3,198 ) Other non-current assets 13,200 ( 3,575 ) Other payables and accruals 2,807 ( 1,861 ) Deferred income - ( 3,366 ) Trade payables 21,783 104 Net cash used in operations ( 342,457 ) ( 215,466 ) 21. Cash flow information (continued) Supplemental Cash Flow Information: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Interest received 206 8,231 |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Capital Commitments [Abstract] | |
Commitments | 22. Commitments As of June 30, 2023, the Group had no capital commitments. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control or exercise significant influence over the other party. Parties are also considered to be related if they are subject to common control. Members of key management of the Group and their close family members are also considered as related parties. The following is a summary of significant transactions with members of key management during the six months ended June 30, 2022 and 2023. There were no balances with members of key management as of June 30, 2022 and 2023. On May 27, 2022, a member of key management surrendered 60,540 shares to the Company for no consideration. The surrendered shares were cancelled. In relation to the share surrender, the Company did not enter into any agreement or commitment for future consideration or compensation. Key management personnel compensation: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Wages, salaries and bonuses 11,287 10,671 Share-based compensation expenses (i) 861 7,345 Contributions to defined contribution plan 118 190 Welfare, housing funds and other 117 116 (i) For the six months ended June 30, 2022, the share-based compensation expenses included a credit of RMB 4.4 million from forfeitures of unvested stock options from the departure of a member of key management. |
Events After the Reporting Peri
Events After the Reporting Period | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events After the Reporting Period | 24. Events After the Reporting Period Grant of stock options under 2021 stock incentive plan During the period from July 1, 2023 to September 12, 2023, 94,000 options were granted to newly hired employees and consultants at an weighted-average exercise price of USD 0.87 per share. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Basis of Presentation | 1.2 Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). Accordingly, they do not include all of the information and footnotes required by IFRS for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. The unaudited interim condensed consolidated financial statements include adjustments of a normal recurring nature, as necessary, for the fair statement of the Company’s financial position as of June 30, 2023, and results of operations and cash flows for the six months ended June 30, 2022 and 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by IFRS. The unaudited interim condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited interim condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal years. Accordingly, these financial statements should be read in conjunction with audited consolidated financial statements and related footnotes for the years ended December 31, 2021, and 2022 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. The accounting policies, other than the adoption of new or amended standards as described in Note 2, applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. Results for the six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any future period. 1. General Information and Basis of Presentation (continued) Liquidity Since inception, the Group has incurred accumulated losses of RMB 3.4 billion (USD 468.8 million). For the six months ended June 30, 2023, the Group had net operating loss of RMB 223.3 million (USD 30.9 million) and net operating cash outflow of RMB 215.5 million (USD 29.8 million). The principal sources of funding have historically been cash contributions from equity holders. The cumulative contributions up through June 30, 2023 have been approximately RMB 2,835 million, which included approximately RMB 1,431.8 million (USD 219.9 million based on the exchange rate as of the date of the IPO) of proceeds from issuance of ordinary shares in connection with the IPO. As of June 30, 2023, the Group had net assets of RMB 929.7 million (USD 128.7 million), including cash, cash equivalents, and short-term investments of RMB 950.7 million (USD 131.6 million). Taking this into consideration, the Group believes it will have sufficient available financial resources to meet its obligations and working capital requirements for at least the next twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Group considers that it is appropriate to prepare the consolidated financial information on a going concern basis. |
Convenience Translation | Convenience Translation Translations of the unaudited interim condensed consolidated balance sheet, the unaudited interim condensed consolidated statement of loss, unaudited interim condensed consolidated statement of comprehensive loss and unaudited interim condensed consolidated statement of cash flows from RMB into USD as of and for the six months ended June 30, 2023 are solely for the convenience of the readers and calculated at the rate of USD 1.00 = RMB 7.2258 , representing the exchange rate as of June 30, 2023 set forth in the China Foreign Exchange Trade System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate as of that or any other date. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Summary of property, plant and equipment useful life | New and amended standards and interpretations adopted by the Group Effective for annual periods beginning on or after Amendments to IAS 1, IAS 8, IFRS 9 and IFRS 17* General Improvements January 1, 2023 Amendments to IAS 12 International Tax Reform - Pillar Two Model Rules January 1, 2023 * There was no significant impact to the consolidated financial statements from adoption. The Group has adopted the amendments and applied the temporary exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Co-operation and Development. The Group will continue to evaluate the impact of these amendments, and reflect the new disclosures in the consolidated financial statements as at and for the year ending December 31, 2023. 2. Summary of Accounting Policies (continued) New and amended standards and interpretations not yet adopted by the Group Effective for annual periods beginning on or after Amendments to IAS 1* Minimum structure guidelines content in financial statements. January 1, 2024 Amendments to IFRS 16* Lease liability in a sale and leaseback transaction. January 1, 2024 Amendments to IAS 7 and IFRS 7* Disclosures on supplier finance arrangements and their effects in the financial statements. January 1, 2024 Amendments to IAS 28 and IFRS 10* Sale or contribution of assets between an investor and its associate or joint venture. To be determined * The Company does not expect the adoption of these standards to have a material impact on the consolidated financial statements. |
Fair Value Estimation (Tables)
Fair Value Estimation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of fair value measurement of assets [abstract] | |
Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques | The table below summarizes the Group’s financial instruments carried at fair value as of December 31, 2022 and June 30, 2023 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows: (i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). (ii) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). (iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). As of December 31, 2022 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Cash equivalents 127,926 - - 127,926 Financial assets at fair value through other comprehensive income (current) 271,499 239,751 - 511,250 Financial assets at fair value through other comprehensive income (non-current) 11,739 54,005 - 65,744 Total 411,164 293,756 - 704,920 As of June 30, 2023 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Cash equivalents 386,378 - - 386,378 Financial assets at fair value through other comprehensive income (current) 157,606 203,373 - 360,979 Total 543,984 203,373 - 747,357 |
Summary of Changes in Financial Instruments of Short-term and Long-term Investments | The following table presents the changes in Level 1 and 2 instruments of short-term and long-term investments for the six months ended June 30, 2022 and 2023. Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Financial assets at fair value through other comprehensive income Opening balance - 576,994 Additions 481,029 214,596 Settlements (including coupon interest received) ( 452 ) ( 453,967 ) Accrued interest 561 1,758 Discount Accreted 527 7,240 Change in fair value debited to other comprehensive (loss) / income* ( 1,311 ) 1,533 Exchange difference - 12,825 Closing balance 480,354 360,979 *includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period |
Summary of Financial Assets at Fair Value Through Profit or Loss | The following table presents the changes in Level 3 instruments of short-term investment in wealth management products for the six months ended June 30, 2022. As of June 30, 2023, the Group did not have any Level 3 investments. Six Months Ended June 30, 2022 RMB’000 Financial assets at fair value through profit or loss Opening balance - Additions 41,000 Settlements ( 41,140 ) Fair value gains recognized in profit or loss 140 Closing balance - Investments in money market funds are reflected as Level 1 instruments and as cash equivalents. The following table presents the changes in Level 1 instruments of money market funds included in cash equivalents for the six months ended June 30, 2022 and 2023. Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Financial assets at fair value through profit or loss Opening balance - 127,926 Additions 643,255 453,967 Settlements (including coupon interest received, net of fees) ( 474,870 ) ( 215,220 ) Interest income credited to profit or loss 386 5,444 Exchange difference 22,181 14,261 Closing balance 190,952 386,378 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Expense By Nature [Abstract] | |
Summary of Expenses by Nature | Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Clinical trials related expenses 282,740 138,765 Employee benefit expenses (Note 6) 79,850 63,215 Professional service fees 25,267 22,428 Insurance 8,698 6,577 Depreciation and amortization 3,258 3,508 R&D materials and consumable supplies 4,739 2,081 Office expenses 4,590 2,776 Others 3,463 2,155 412,605 241,505 |
Employee Benefit Expenses (Tabl
Employee Benefit Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Classes Of Employee Benefits Expense [Abstract] | |
Schedule of Employee Benefit Expenses | Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Wages, salaries and bonuses 44,678 39,735 Share-based compensation expenses (Note 19) 27,894 16,066 Welfare expenses 6,388 6,725 Housing funds 890 689 79,850 63,215 Employee benefit expenses were charged in the following line items in the interim condensed consolidated statements of loss: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Research and development expenses 45,492 34,321 Administrative expenses 34,358 28,894 79,850 63,215 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income Expense [Abstract] | |
Summary of Other income | Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Government grants and tax incentives (i) 1,584 10,061 1,584 10,061 (i) Government grants are cash incentives received related to specific operating expenses incurred. During the six months ended June 30, 2023, the Group received government subsidies from a Chinese local government totaling RMB 3.7 million (USD 0.5 million) and a research and development tax incentive from the Australia government totaling RMB 6.3 million (USD 0.9 million). During the six months ended June 30, 2022, the Group received a government subsidy from a Chinese local government for research and development spending totaling RMB 1.3 million. |
Other Gains - Net (Tables)
Other Gains - Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income (Losses) Net [Abstract] | |
Schedule of Other Gains - Net | 8. Other Gains – Net Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Net foreign exchange gains 7,762 3,431 Investment income from investments at fair value through profit and loss 386 5,444 Investment income from wealth management products 140 - Other gain / (loss) (i) 953 ( 707 ) 9,241 8,168 (i) During the six months ended June 30, 2023, related to the Company’s termination of its construction project in the People's Republic of China (the "PRC") and the related repurchase of the land use rights by the Jiangsu Taicang High-tech Industrial Development Zone Administrative Commission ("Jiangsu Taicang HIDC") , the Group incurred a loss on disposal of land use rights of RMB 0.3 million (USD 0.04 million) (Notes 13 and 16). During the six months ended June 30 2022, the Company received an insurance recovery of RMB 1.0 million. |
Finance Income - Net (Tables)
Finance Income - Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Profit Loss [Abstract] | |
Summary of Finance Income - Net | Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Finance income Interest from bank deposits and term deposits 206 2,839 Investment income from investments at fair value through other comprehensive income 1,088 8,998 1,294 11,837 Finance cost Interest for lease liabilities ( 58 ) ( 72 ) ( 58 ) ( 72 ) 1,236 11,765 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | Basic and diluted net losses per share are presented as follows: Six Months Ended June 30, 2022 2023 Net loss attributable to owners of the Company (RMB’000) ( 401,281 ) ( 211,960 ) Weighted average number of ordinary shares outstanding 55,064,947 55,051,351 Basic and diluted net loss per share (RMB) ( 7.3 ) ( 3.9 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Laboratory equipment Leasehold improvements Office equipment, furniture and others Total RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Cost 38,348 5,157 1,830 45,335 Accumulated depreciation ( 6,917 ) ( 2,639 ) ( 1,120 ) ( 10,676 ) Net book value 31,431 2,518 710 34,659 Six months ended June 30, 2023 Opening net book value 31,431 2,518 710 34,659 Exchange difference - 9 27 36 Additions 520 1 - 521 Transfers - - - - Depreciation ( 1,741 ) ( 492 ) ( 299 ) ( 2,532 ) Disposal - - ( 1 ) ( 1 ) Closing net book value 30,210 2,036 437 32,683 As of June 30, 2023 Cost 38,868 5,167 1,856 45,891 Accumulated depreciation ( 8,658 ) ( 3,131 ) ( 1,419 ) ( 13,208 ) Net book value 30,210 2,036 437 32,683 |
Right-of-Use Assets and Leases
Right-of-Use Assets and Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Presentation of leases for lessee [abstract] | |
Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets | Amounts recognized in the condensed consolidated balance sheets are as follows: (i) Right-of-use assets Land use rights Office rental Total RMB’000 RMB’000 RMB’000 Opening net book amount-as of January 1, 2023 21,542 2,795 24,337 Additions - 2,127 2,127 Depreciation ( 149 ) ( 796 ) ( 945 ) Government repurchase (i) ( 21,393 ) - ( 21,393 ) Exchange difference - 80 80 Closing net book amount-as of June 30, 2023 - 4,206 4,206 As of June 30, 2023 Cost - 8,316 8,316 Accumulated depreciation - ( 4,110 ) ( 4,110 ) Net book value - 4,206 4,206 (i) In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) (Note 16) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC. (ii) Lease liabilities During the six months ended June 30, 2022, the Group commenced an office lease in San Diego, U.S. for facilities being used as the Group’s executive headquarters and office for U.S. based employees. During the six months ended June 30, 2023, the Group renewed an office lease in Taicang, Suzhou, PRC for facilities being used for the Group’s China -based employees. |
Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability | Amounts recognized as liabilities in the interim condensed consolidated balance sheets were as follows: December 31, June 30, 2022 2023 RMB’000 RMB’000 Non-current 1,704 2,331 Current 1,294 1,963 2,998 4,294 |
Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Office Rental Depreciation | Amounts recognized in the interim condensed consolidated statements of loss in addition to office rental depreciation were as follows: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Interest expense 58 72 |
Financial Assets at Fair Valu_2
Financial Assets at Fair Value Through Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial assets at fair value through other comprehensive income [abstract] | |
Schedule of Financial Assets at Fair Value Through Comprehensive Income | December 31, June 30, 2022 2023 RMB’000 RMB’000 Non-current assets U.S. Treasury bills 11,739 - Listed bonds 54,005 - 65,744 - Current assets U.S. Treasury bills 271,499 157,606 U.S. Government agency bond 8,365 36,724 Listed bonds 52,730 26,935 Unlisted debt securities 178,656 139,714 511,250 360,979 |
Schedule of Debt Investments Recognized in Profit or Loss and Other Comprehensive Income | The following amounts for debt investments at FVOCI were recognized in profit or loss and other comprehensive income, respectively: June 30, June 30, 2022 2023 RMB’000 RMB’000 Interest income recognized in profit and loss related to debt investments 1,088 8,998 (Losses)/gains recognized in other comprehensive income related to debt investments ( 1,311 ) 1,533 |
Other non-current Assets (Table
Other non-current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous Noncurrent Assets [Abstract] | |
Schedule of Other Non-Current Assets | December 31, June 30, 2022 2023 RMB’000 RMB’000 Deductible value-added tax 1,109 5,110 Prepayments for purchase of non-current assets 408 26 Others 237 193 1,754 5,329 |
Other Receivables and Prepaym_2
Other Receivables and Prepayments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Receivables And Prepayments [Abstract] | |
Schedule of Other Receivables and Prepayments | December 31, June 30, 2022 2023 RMB’000 RMB’000 Prepayment for contract research organization ("CRO") services 18,871 16,561 Prepaid expenses (i) 2,571 8,307 Deposits (ii) 356 365 Others (iii) 1,615 22,508 23,413 47,741 (i) In March 2023, the Group made payments to purchase annual director and officer liability insurance. Such expenses are amortized over 1 year. (ii) Deposits held by CRO suppliers are refundable upon the completion of related services. (iii) In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) (Note 13) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | December 31, June 30, 2022 2023 RMB’000 RMB’000 Cash at bank - USD deposits 353,379 149,550 - RMB deposits 63,856 44,197 - Australian Dollar deposits 5,113 9,564 Cash equivalents (Note 3) 127,926 386,378 550,274 589,689 |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Schedule of Share Capital and Share Premium | The movement in the number of ordinary shares outstanding is as follows: Number of ordinary shares Share capital Share premium Total RMB’000 RMB’000 RMB’000 As of January 1, 2023 57,448,338 66 4,094,566 4,094,632 Shares issued 30,312 - 153 153 Net book value 57,478,650 66 4,094,719 4,094,785 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Options Outstanding | The activities of the options outstanding for the six months ended June 30, 2023 were as follows: Number of Options Weighted Average Exercise Price Per Share Option Options outstanding as of December 31, 2022 5,103,627 Granted during the six months ended June 30, 2023 1,682,787 USD 1.25 Forfeited during the six months ended June 30, 2023 (i) ( 240,602 ) USD 5.73 Options outstanding as of June 30, 2023 6,545,812 Options exercisable as of June 30, 2023 2,585,995 (i) The options were forfeited when the employment terminated. |
Summary of Key Assumptions for Options Granted | Key assumptions for the options granted for the periods and ESPP compensation are set forth below: Stock Incentive Plan ESPP June 30, June 30, June 30, June 30, 2022 2023 2022 2023 RMB’000 RMB’000 RMB’000 RMB’000 Weighted average exercise price during the period USD 3.57 USD 1.25 (i) (i) Grant date share price USD 0.75 ~USD 4.91 USD 0.99 ~USD 1.29 USD 1.86 USD 1.05 Risk-free interest rate 1.9 %~ 3.1 % 3.6 %~ 4.2 % 1.5 %~ 2.7 % 4.14 %~ 5.14 % Expected volatility 61.4 %~ 61.8 % 59.6 %~ 60.0 % 51.1 %~ 55.4 % 46.96 %~ 60.20 % Expected life 10 years 10 years 0.5 ~ 2.0 years 0.5 ~ 2.0 years Expected early exercise multiple 2.2 ~ 2.8 2.2 - 2.8 N/A N/A Dividend yield Nil Nil Nil Nil Forfeiture rate * 3.0 %- 9.6 % * 8.5 %- 12.3 % 3.0 % 3.0 % Weighted average fair value of options granted during the period USD 2.06 USD 0.72 USD 0.71 USD 0.40 *Forfeiture rates for executives and directors, and all other employees in six months ended June 30, 2022, were 3.0 % and 9.6 %, respectively. Forfeiture rates for executives and directors, and all other employees in the six months ended June 30, 2023, were 8.5 %~ 12.3 % and 11.7 %, respectively. (i) No shares were issued under the ESPP for the six months ended June 30, 2022. Discounted ESPP price for issued shares during the six months ended June 30, 2023 was USD 0.73 . |
Summary of Share-Based Compensation Expenses | Share-based compensation expenses included in the interim condensed consolidated statements of loss for the six months ended June 30, 2022 and 2023 were as follows: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Research and development expenses (Note 6) 12,778 7,639 Administrative expenses (Note 6) 15,116 8,427 27,894 16,066 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade And Other Payables [Abstract] | |
Schedule of Other Payables and Accruals | December 31, June 30, 2022 2023 RMB’000 RMB’000 Construction payables 1,424 327 Accrued professional service fee 5,696 4,909 Payroll and welfare payables 14,959 9,395 Others (i) 2,306 8,041 24,385 22,672 (i) During the six months ended June 30, 2023, in relations to the Company's termination of its construction project in the PRC, the Company reclassified a RMB 5.0 million (USD 0.7 million) previously received government subsidy from Deferred income into Other payables and accruals. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Cash Flow Information [Abstract] | |
Summary of Cash Used in Operations | Cash used in operations Six Months Ended June 30, Notes 2022 2023 RMB’000 RMB’000 Net loss before income tax ( 400,544 ) ( 211,511 ) Adjustments for: Interest for lease liabilities 9 58 72 Investment income from investments in wealth management products 8 ( 140 ) - Interest income from investments at fair value through other comprehensive income 9 ( 1,088 ) ( 8,998 ) Interest income from investments at fair value through profit and loss 8 ( 386 ) - Amortization of intangible assets 31 31 Depreciation of property, plant and equipment 12 2,309 2,532 Depreciation of rights-of-use assets 13 918 945 Share-based compensation expenses 19 27,894 16,066 Net foreign exchange differences 8 ( 7,762 ) ( 3,431 ) Loss on disposal of land use rights and other 8 - 723 Loss on disposal of property, plant and equipment 4 1 Changes in working capital Other receivables and prepayments ( 1,541 ) ( 3,198 ) Other non-current assets 13,200 ( 3,575 ) Other payables and accruals 2,807 ( 1,861 ) Deferred income - ( 3,366 ) Trade payables 21,783 104 Net cash used in operations ( 342,457 ) ( 215,466 ) |
Summary of Supplemental Cash Flow Information | Supplemental Cash Flow Information: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Interest received 206 8,231 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Key Management Personnel Compensation | Key management personnel compensation: Six Months Ended June 30, 2022 2023 RMB’000 RMB’000 Wages, salaries and bonuses 11,287 10,671 Share-based compensation expenses (i) 861 7,345 Contributions to defined contribution plan 118 190 Welfare, housing funds and other 117 116 (i) For the six months ended June 30, 2022, the share-based compensation expenses included a credit of RMB 4.4 million from forfeitures of unvested stock options from the departure of a member of key management. |
General Information, Reorgani_2
General Information, Reorganization and Basis of Presentation - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Mar. 23, 2021 USD ($) | Mar. 31, 2021 CNY (¥) | Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 CNY (¥) | Jun. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) | |
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items] | |||||||
Month and year of incorporation | 2015-11 | 2015-11 | |||||
Country of incorporation | Cayman Islands | Cayman Islands | |||||
Address of registered office | P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. | P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. | |||||
Accumulated losses | ¥ 3,400,000 | $ 468,800 | |||||
Net operating loss | 223,300 | $ 30,901 | ¥ 401,780 | ||||
Net operating cash outflow | 215,466 | 29,800 | ¥ 342,457 | ||||
Cumulative cash contributions | ¥ | 2,835,000 | ||||||
Proceeds from issuance of ordinary shares | $ 219,900 | ¥ 1,431,800 | 153 | $ 21 | |||
Net assets | 929,700 | 128,700 | ¥ 1,096,870 | ||||
Cash, cash equivalents, and short-term investments | ¥ 950,700 | $ 131,600 | |||||
Ordinary Shares | |||||||
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items] | |||||||
Number of shares represented by one depositary shares | shares | 1 | 1 | |||||
Par value | $ / shares | $ 0.000174 |
Summary of Accounting Policie_3
Summary of Accounting Policies - Additional Information (Details) | Jun. 30, 2023 CNY (¥) |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |
Closing foreign exchange rate | 7.2258 |
Fair Value Estimation - Summary
Fair Value Estimation - Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure Of Financial Instruments [Line Items] | |||
Cash equivalents | ¥ 386,378 | ¥ 127,926 | |
Financial assets at fair value through other comprehensive income (current) | 360,979 | $ 49,957 | 511,250 |
Financial assets at fair value through other comprehensive income (non-current) | 65,744 | ||
Recurring | |||
Disclosure Of Financial Instruments [Line Items] | |||
Cash equivalents | 386,378 | 127,926 | |
Financial assets at fair value through other comprehensive income (current) | 360,979 | 511,250 | |
Financial assets at fair value through other comprehensive income (non-current) | 65,744 | ||
Total | 747,357 | 704,920 | |
Recurring | Level 1 | |||
Disclosure Of Financial Instruments [Line Items] | |||
Cash equivalents | 386,378 | 127,926 | |
Financial assets at fair value through other comprehensive income (current) | 157,606 | 271,499 | |
Financial assets at fair value through other comprehensive income (non-current) | 11,739 | ||
Total | 543,984 | 411,164 | |
Recurring | Level 2 | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets at fair value through other comprehensive income (current) | 203,373 | 239,751 | |
Financial assets at fair value through other comprehensive income (non-current) | 54,005 | ||
Total | ¥ 203,373 | ¥ 293,756 |
Fair Value Estimation - Summa_2
Fair Value Estimation - Summary of Changes in Financial Instruments of Short-term and Long-term Investments (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure of fair value measurement of assets [abstract] | |||
Opening balance | ¥ 576,994 | ||
Additions | 214,596 | $ 29,699 | ¥ 481,029 |
Settlements (including coupon interest received) | (453,967) | (452) | |
Accrued interest | 1,758 | 561 | |
Discount Accreted | 7,240 | 527 | |
Change in fair value debited to other comprehensive (loss) / income | 1,533 | (1,311) | |
Exchange difference | 12,825 | ||
Closing Balance | ¥ 360,979 | ¥ 480,354 |
Fair Value Estimation - Summa_3
Fair Value Estimation - Summary of Financial Assets at Fair Value Through Profit or Loss (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Assets | ||
Settlements (including coupon interest received) | ¥ (453,967) | ¥ (452) |
Level 3 | ||
Assets | ||
Additions | 41,000 | |
Settlements (including coupon interest received) | (41,140) | |
Fair value gains recognized in profit or loss | 140 | |
Level 1 | ||
Assets | ||
Opening balance | 127,926 | |
Additions | 453,967 | 643,255 |
Settlements (including coupon interest received) | (215,220) | (474,870) |
Fair value gains recognized in profit or loss | 5,444 | 386 |
Exchange difference | 14,261 | 22,181 |
Closing balance | ¥ 386,378 | ¥ 190,952 |
Expenses by Nature - Summary of
Expenses by Nature - Summary of Expenses by Nature (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Abstract] | ||
Clinical trials related expenses | ¥ 138,765 | ¥ 282,740 |
Employee benefit expenses (Note 6) | 63,215 | 79,850 |
Professional service fees | 22,428 | 25,267 |
Insurance | 6,577 | 8,698 |
Depreciation and amortization | 3,508 | 3,258 |
R&D materials and consumable supplies | 2,081 | 4,739 |
Office expenses | 2,776 | 4,590 |
Others | 2,155 | 3,463 |
Total expenses, by nature | ¥ 241,505 | ¥ 412,605 |
Employee Benefit Expenses - Sch
Employee Benefit Expenses - Schedule of Employee Benefit Expenses (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Classes Of Employee Benefits Expense [Abstract] | ||
Wages, salaries and bonuses | ¥ 39,735 | ¥ 44,678 |
Share-based compensation expenses (Note 19) | 16,066 | 27,894 |
Welfare expenses | 6,725 | 6,388 |
Housing funds | 689 | 890 |
Employee benefit expenses | ¥ 63,215 | ¥ 79,850 |
Employee Benefit Expenses - S_2
Employee Benefit Expenses - Schedule of Employee Benefit Expenses Included in Consolidated Statements of Loss (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Employee benefit expenses | ¥ 63,215 | ¥ 79,850 |
Research and Development Expenses | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Employee benefit expenses | 34,321 | 45,492 |
Administrative Expenses | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Employee benefit expenses | ¥ 28,894 | ¥ 34,358 |
Other Income - Summary of Other
Other Income - Summary of Other Income (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income Expense [Abstract] | ||
Government grants and tax incentives | ¥ 10,061 | ¥ 1,584 |
Total grants | ¥ 10,061 | ¥ 1,584 |
Other Income - Summary of Oth_2
Other Income - Summary of Other Income (Parenthetical) (Details) ¥ in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Other Income Expense [Abstract] | |||
Government grants received | ¥ 6.3 | $ 0.9 | |
Revenue from government as an incentive for research and development | ¥ 3.7 | $ 0.5 | ¥ 1.3 |
Other Gains - Net - Schedule of
Other Gains - Net - Schedule of Other Gains - Net (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Other Income (Losses) Net [Abstract] | |||
Net foreign exchange gains | ¥ 3,431 | ¥ 7,762 | |
Investment income from investments at fair value through profit and loss | 5,444 | 386 | |
Investment income from wealth management products | 140 | ||
Other (loss)/gain | (707) | 953 | |
Other (losses)/gains - net | ¥ 8,168 | $ 1,130 | ¥ 9,241 |
Other Gains - Net - Schedule _2
Other Gains - Net - Schedule of Other Gains - Net (Parenthetical) (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | 6 Months Ended | |||
Apr. 30, 2023 CNY (¥) | Apr. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Other Income (Losses) Net [Abstract] | |||||
Loss incurred on disposal of land use rights | ¥ 0.3 | $ 40 | ¥ 0.3 | $ 40 | |
Losses recovered from cyber insurance | ¥ 1 |
Finance Income - Net - Summary
Finance Income - Net - Summary of Finance Income - Net (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure Of Finance Income Expense [Abstract] | |||
Interest income on deposits | ¥ 2,839 | ¥ 206 | |
Interest and Investment Income From Investments At Fair Value Through Other Comprehensive Income | 8,998 | 1,088 | |
Finance income | 11,837 | $ 1,638 | 1,294 |
Interest for lease liabilities | (72) | (58) | |
Finance cost | (72) | (10) | (58) |
Finance income - net | ¥ 11,765 | $ 1,628 | ¥ 1,236 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure Of Income Taxes [Line Items] | |||
Income tax expense | ¥ 449 | $ 62 | ¥ 737 |
Unrecognized uncertain tax positions | 0 | ||
Connect Biopharm LLC | |||
Disclosure Of Income Taxes [Line Items] | |||
Income tax expense | ¥ 400 | $ 60 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) ¥ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 CNY (¥) ¥ / shares shares | |
Earnings Per Share [Abstract] | |||
Net loss attributable to owners of the Company (RMB'000) | ¥ (211,960) | $ (29,335) | ¥ (401,281) |
Weighted average number of ordinary shares outstanding | 55,051,351 | 55,051,351 | 55,064,947 |
Basic net loss per share (RMB) | (per share) | ¥ (3.9) | $ (0.5) | ¥ (7.3) |
Diluted net loss per share (RMB) | (per share) | ¥ (3.9) | $ (0.5) | ¥ (7.3) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Number of potential dilutive shares that are excluded from computation of dilutive earnings per share | 149,376 | 174,481 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | ¥ 32,683 | $ 4,523 | ¥ 34,659 |
Exchange difference | 36 | ||
Additions | 521 | ||
Depreciation | (2,532) | ||
Disposal | (1) | ||
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 45,891 | 45,335 | |
Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | (13,208) | (10,676) | |
Laboratory Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 30,210 | 31,431 | |
Additions | 520 | ||
Depreciation | (1,741) | ||
Laboratory Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 38,868 | 38,348 | |
Laboratory Equipment | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | (8,658) | (6,917) | |
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 2,036 | 2,518 | |
Exchange difference | 9 | ||
Additions | 1 | ||
Depreciation | (492) | ||
Leasehold Improvements | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 5,167 | 5,157 | |
Leasehold Improvements | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | (3,131) | (2,639) | |
Office Equipment, Furniture and Others | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 437 | 710 | |
Exchange difference | 27 | ||
Depreciation | (299) | ||
Disposal | (1) | ||
Office Equipment, Furniture and Others | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 1,856 | 1,830 | |
Office Equipment, Furniture and Others | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | ¥ (1,419) | ¥ (1,120) |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Net book amount. Beginning balance | ¥ 24,337 | ||
Additions | 2,127 | ||
Depreciation | (945) | ||
Government repurchase | (21,393) | ||
Exchange difference | 80 | ||
Net book amount, Ending balance | 4,206 | $ 582 | |
Cost | 8,316 | ||
Accumulated deprecation | (4,110) | ||
Net Book value | 4,206 | ¥ 4,206 | |
Land use Rights | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Net book amount. Beginning balance | 21,542 | ||
Depreciation | (149) | ||
Government repurchase | (21,393) | ||
Net Book value | |||
Office Rent | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Net book amount. Beginning balance | 2,795 | ||
Additions | 2,127 | ||
Depreciation | (796) | ||
Exchange difference | 80 | ||
Net book amount, Ending balance | 4,206 | ||
Cost | 8,316 | ||
Accumulated deprecation | (4,110) | ||
Net Book value | ¥ 4,206 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||
Aug. 31, 2023 CNY (¥) | Aug. 31, 2023 USD ($) | Apr. 30, 2023 CNY (¥) | Apr. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Apr. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||||
Land use rights at the original purchase price | ¥ 21,100 | $ 2,900 | |||||||
Other receivables and prepayments carrying amount | ¥ 47,741 | $ 6,607 | ¥ 23,413 | ||||||
Impairment loss | 300 | $ 40 | ¥ 300 | $ 40 | |||||
Land use rights under right-of-use assets received | ¥ 21,100 | $ 2,900 | |||||||
Land use Rights | |||||||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||||
Other receivables and prepayments carrying amount | ¥ 21,400 | $ 2,900 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Presentation of leases for lessee [abstract] | |||
Non-current | ¥ 2,331 | $ 323 | ¥ 1,704 |
Current | 1,963 | $ 272 | 1,294 |
Total lease liabilities | ¥ 4,294 | ¥ 2,998 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Office Rental Depreciation (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Presentation of leases for lessee [abstract] | ||
Interest expense | ¥ 72 | ¥ 58 |
Right-of-Use Assets and Lease_6
Right-of-Use Assets and Leases - Additional Information (Details) $ in Thousands, ¥ in Millions | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Total cash outflow for leases | ¥ 1.1 | $ 150 | ¥ 0.5 |
Financial Assets at Fair Valu_3
Financial Assets at Fair Value Through Comprehensive Income - Schedule of Financial Assets at Fair Value Through Comprehensive Income of Debt Securities (Details) - CNY (¥) ¥ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||
Current assets | ¥ 360,979 | ¥ 511,250 |
Non-current assets | 65,744 | |
U.S. Treasury Bills | ||
Disclosure Of Financial Instruments [Line Items] | ||
Current assets | 157,606 | 271,499 |
Non-current assets | 11,739 | |
U.S. Government Agency Bond | ||
Disclosure Of Financial Instruments [Line Items] | ||
Current assets | 36,724 | 8,365 |
Listed Bonds | ||
Disclosure Of Financial Instruments [Line Items] | ||
Current assets | 26,935 | 52,730 |
Non-current assets | 54,005 | |
Unlisted Debt Securities | ||
Disclosure Of Financial Instruments [Line Items] | ||
Current assets | ¥ 139,714 | ¥ 178,656 |
Financial Assets at Fair Valu_4
Financial Assets at Fair Value Through Comprehensive Income - Schedule of Debt Investments Recognized in Profit or Loss and Other Comprehensive Income Explanatory (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial assets at fair value through other comprehensive income [abstract] | ||
Interest income recognized in profit and loss related to debt investments | ¥ 8,998 | ¥ 1,088 |
(Losses)/gains recognized in other comprehensive income related to debt investments | ¥ 1,533 | ¥ (1,311) |
Other non-current Assets - Sche
Other non-current Assets - Schedule of Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Miscellaneous Noncurrent Assets [Abstract] | |||
Deductible value-added tax | ¥ 5,110 | ¥ 1,109 | |
Prepayments for purchase of non-current assets | 26 | 408 | |
Others | 193 | 237 | |
Other non-current assets | ¥ 5,329 | $ 737 | ¥ 1,754 |
Other Receivables and Prepaym_3
Other Receivables and Prepayments - Schedule of Other Receivables and Prepayments (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Other Receivables And Prepayments [Abstract] | |||
Prepayment for contract research organization ("CRO") services | ¥ 16,561 | ¥ 18,871 | |
Prepaid expenses | 8,307 | 2,571 | |
Deposits | 365 | 356 | |
Others | 22,508 | 1,615 | |
Other receivables and prepayments | ¥ 47,741 | $ 6,607 | ¥ 23,413 |
Other Receivables and Prepaym_4
Other Receivables and Prepayments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2023 CNY (¥) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Apr. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Other Receivables And Prepayments [Line Items] | ||||||||||
Amortized period | 1 year | |||||||||
Received the original purchase price | ¥ 21,100 | $ 2,900 | ||||||||
Other receivables and prepayments carrying amount | ¥ 47,741 | $ 6,607 | ¥ 23,413 | |||||||
Impairment loss | 300 | $ 40 | ¥ 300 | $ 40 | ||||||
Major Purchases of Assets | ||||||||||
Other Receivables And Prepayments [Line Items] | ||||||||||
Received the original purchase price | ¥ 21,100 | $ 2,900 | ||||||||
Land use Rights [Member] | ||||||||||
Other Receivables And Prepayments [Line Items] | ||||||||||
Other receivables and prepayments carrying amount | ¥ 21,400 | $ 2,900 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash And Cash Equivalents (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) |
Cash at bank | ||||||
Cash equivalents (Note 3) | ¥ 386,378 | ¥ 127,926 | ||||
Total cash and cash equivalents | 589,689 | $ 81,609 | 550,274 | $ 76,154 | ¥ 948,765 | ¥ 1,706,880 |
USD deposits | ||||||
Cash at bank | ||||||
Cash at bank | 149,550 | 353,379 | ||||
RMB deposits | ||||||
Cash at bank | ||||||
Cash at bank | 44,197 | 63,856 | ||||
Australian Dollar deposit | ||||||
Cash at bank | ||||||
Cash at bank | ¥ 9,564 | ¥ 5,113 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in Millions | 6 Months Ended | |||||||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 AUD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Cash at bank | ||||||||
Earned interest income | ¥ 2,839,000 | ¥ 206,000 | ||||||
Cash and cash equivalents | 589,689,000 | 948,765,000 | $ 81,609 | ¥ 550,274,000 | $ 76,154 | ¥ 1,706,880,000 | ||
Outside of PRC | ||||||||
Cash at bank | ||||||||
Earned interest income | ¥ 600,000 | $ 100 | ¥ 0 | |||||
Cash and cash equivalents | $ 8,700 | $ 2 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
May 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Value of share capital | $ 76,560 | ||
Number of treasury shares | 2,407,091 | 2,407,091 | |
Number of shares outstanding | 55,071,559 | 55,041,247 | |
Ordinary Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Par value per share | $ 0.000174 | ||
Number of shares outstanding | 57,478,650 | 57,448,338 | |
Shares issued | 30,312 | ||
2021 ESPP | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Shares issued | 30,312 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Capital and Share Premium (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 CNY (¥) shares | Jun. 30, 2023 USD ($) shares | |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance | ¥ 1,096,870 | |
Balance, shares | shares | 55,041,247 | 55,041,247 |
Shares issued | ¥ 153 | |
Balance | ¥ 929,714 | $ 128,665 |
Balance, shares | shares | 55,071,559 | 55,071,559 |
Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance, shares | shares | 57,448,338 | 57,448,338 |
Shares issued, shares | shares | 30,312 | 30,312 |
Balance, shares | shares | 57,478,650 | 57,478,650 |
Share Capital | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance | ¥ 66 | |
Balance | 66 | |
Share Premium | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance | 4,094,566 | |
Shares issued | 153 | |
Balance | 4,094,719 | |
Share Capital and Share Premium | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance | 4,094,632 | |
Shares issued | 153 | |
Balance | ¥ 4,094,785 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) $ in Thousands, ¥ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 CNY (¥) shares | Dec. 31, 2022 shares | Jun. 30, 2023 USD ($) shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share options granted | 1,682,787 | ||
Weighted average remaining contractual life of options outstanding | 8 years 7 months 6 days | 8 years 8 months 12 days | |
Other Payables and Accruals | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Amounts withheld from employees paychecks | ¥ 0.1 | $ 20 | |
2021 Stock Incentive Plan | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares reserved for future issuance | 5,276,549 | 5,276,549 | |
Share options granted | 1,682,787 | 4,492,547 | |
Additional shares available for issuance under the plan | 1,376,000 | 1,376,000 | |
2021 Employee Share Purchase Plan | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares reserved for future issuance | 600,000 | 600,000 | |
Description of share-based payment arrangement | The first offering was made under the 2021 ESPP starting May 1, 2022 for the Section 423 component of the plan with the following key provisions: each offering period covers a 24-month period with each offering period providing four purchase periods, with implementation of consecutive overlapping offering periods, limitation on the number of shares, reset and look-back provisions, and other restrictions. As of June 30, 2023, 55,780 total shares have been issued under the 2021 ESPP. | ||
Additional shares available for issuance under the plan | 0 | 0 | |
Number of shares issued | 55,780 | 55,780 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Details) | 6 Months Ended |
Jun. 30, 2023 shares $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Number of Options, Options outstanding, Beginning Balance | 5,103,627 |
Number of Options, Granted during the six months ended June 30, 2023 | 1,682,787 |
Number of Options, Forfeited during the six months ended June 30, 2023 | (240,602) |
Number of Options, Options outstanding, Ending Balance | 6,545,812 |
Number of Options, Options exercisable as of June 30, 2023 | 2,585,995 |
Weighted Average Exercise Price per Share Option, Granted during the six months ended June 30, 2023 | $ / shares | $ 1.25 |
Weighted Average Exercise Price per Share Option, Forfeited during the six months ended June 30, 2023 | $ / shares | $ 5.73 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Key Assumptions for Options Granted (Details) | 6 Months Ended | |
Jun. 30, 2023 USD ($) yr $ / shares | Jun. 30, 2022 USD ($) yr $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate | 11.70% | 3% |
ESPP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average exercise price during the period | $ 0.73 | |
Grant date share price | $ 1.05 | $ 1.86 |
Dividend yield | 0% | 0% |
Forfeiture rate | 3% | 3% |
Weighted average fair value of options granted during the period | $ | $ 0.40 | $ 0.71 |
Stock Incentive Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average exercise price during the period | $ 1.25 | $ 3.57 |
Expected life | yr | 10 | 10 |
Dividend yield | 0% | 0% |
Weighted average fair value of options granted during the period | $ | $ 0.72 | $ 2.06 |
Bottom of range | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate | 8.50% | |
Bottom of range | ESPP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Risk-free interest rate | 4.14% | 1.50% |
Expected volatility | 46.96% | 51.10% |
Expected life | yr | 0.5 | 0.5 |
Bottom of range | Stock Incentive Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Grant date share price | $ 0.99 | $ 0.75 |
Risk-free interest rate | 3.60% | 1.90% |
Expected volatility | 59.60% | 61.40% |
Expected early exercise multiple | 2.2 | 2.2 |
Forfeiture rate | 8.50% | 3% |
Top of range | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate | 12.30% | 9.60% |
Top of range | ESPP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Risk-free interest rate | 5.14% | 2.70% |
Expected volatility | 60.20% | 55.40% |
Expected life | yr | 2 | 2 |
Top of range | Stock Incentive Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Grant date share price | $ 1.29 | $ 4.91 |
Risk-free interest rate | 4.20% | 3.10% |
Expected volatility | 60% | 61.80% |
Expected early exercise multiple | 2.8 | 2.8 |
Forfeiture rate | 12.30% | 9.60% |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Key Assumptions for Options Granted (Parenthetical) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate for executives and directors, and all other employees | 11.70% | 3% |
ESPP | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate for executives and directors, and all other employees | 3% | 3% |
Number of shares issued | 0 | |
Discounted ESPP price | $ 0.73 | |
Bottom of range | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate for executives and directors, and all other employees | 8.50% | |
Top of range | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Forfeiture rate for executives and directors, and all other employees | 12.30% | 9.60% |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expenses | ¥ 16,066 | ¥ 27,894 |
Research and Development Expenses | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expenses | 7,639 | 12,778 |
Administrative Expenses | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expenses | ¥ 8,427 | ¥ 15,116 |
Other Payables and Accruals - S
Other Payables and Accruals - Schedule of Other Payables and Accruals (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Trade And Other Payables [Abstract] | |||
Construction payables | ¥ 327 | ¥ 1,424 | |
Payroll, welfare and bonus payables | 4,909 | 5,696 | |
Accrued professional service fee | 9,395 | 14,959 | |
Other payables | 8,041 | 2,306 | |
Other payables and accruals | ¥ 22,672 | $ 3,138 | ¥ 24,385 |
Other Payables and Accruals - A
Other Payables and Accruals - Additional Information (Details) - 6 months ended Jun. 30, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Trade And Other Payables [Abstract] | ||
Reclassified previously received government subsidy from deferred income | ¥ 5 | $ 0.7 |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash Used in Operations (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 CNY (¥) | |
Disclosure Of Cash Flow Information [Abstract] | |||
Net loss before income tax | ¥ (211,511) | $ (29,273) | ¥ (400,544) |
Adjustments for: | |||
Interest for lease liabilities | 72 | 58 | |
Investment income from investments in wealth management products | (140) | ||
Investment income from investments at fair value through other comprehensive income | (8,998) | (1,088) | |
Interest income from investments at fair value through profit and loss | (386) | ||
Amortization of intangible assets | 31 | 31 | |
Depreciation of property, plant and equipment | 2,532 | 2,309 | |
Depreciation of rights-of-use assets | 945 | 918 | |
Share-based compensation expenses | 16,066 | 27,894 | |
Net foreign exchange differences | (3,431) | (7,762) | |
Loss on disposal of land use rights and other | 723 | ||
Loss on disposal of property, plant and equipment | 1 | 4 | |
Changes in working capital | |||
Other receivables and prepayments | (3,198) | (1,541) | |
Other non-current assets | (3,575) | 13,200 | |
Other payables and accruals | (1,861) | 2,807 | |
Deferred income | (3,366) | ||
Trade payables | 104 | 21,783 | |
Net cash used in operating activities | ¥ (215,466) | $ (29,800) | ¥ (342,457) |
Cash flow information - Summa_2
Cash flow information - Summary of Supplemental Cash Flow Information (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Cash Flow Information [Abstract] | ||
Interest received | ¥ 8,231 | ¥ 206 |
Commitments - Additional Inform
Commitments - Additional Information (Details) | Jun. 30, 2023 CNY (¥) |
Capital Commitments [Abstract] | |
Capital commitments | ¥ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | May 27, 2022 CNY (¥) shares |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Number of shares surrendered and cancelled | shares | 60,540 |
Shares surrendered and cancelled, consideration value | ¥ | ¥ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Key Management Personnel Compensation (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transactions [Abstract] | ||
Wages, salaries and bonuses | ¥ 10,671 | ¥ 11,287 |
Share-based compensation expenses | 7,345 | 861 |
Contributions to defined benefit plan | 190 | 118 |
Welfare, housing funds and other | ¥ 116 | ¥ 117 |
Related Party Transactions - _2
Related Party Transactions - Summary of Key Management Personnel Compensation (Parenthetical) (Details) ¥ in Millions | 6 Months Ended |
Jun. 30, 2022 CNY (¥) | |
Related Party Transactions [Abstract] | |
Share-based compensation expense from forfeiture of unvested stock options | ¥ 4.4 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) | 2 Months Ended | 6 Months Ended |
Sep. 12, 2023 shares ¥ / shares | Jun. 30, 2023 shares $ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Share options granted | 1,682,787 | |
weighted average exercise price | $ / shares | $ 1.25 | |
Ordinary Share Options | 2021 Stock Incentive Plan | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Share options granted | 94,000 | |
weighted average exercise price | ¥ / shares | ¥ 0.87 |