Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38205 | |
Entity Registrant Name | ZAI LAB LIMITED | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1144595 | |
Entity Address, Address Line One | 4560 Jinke Road | |
Entity Address, Address Line Two | Bldg. 1, Fourth Floor, Pudong | |
Entity Address, City or Town | Shanghai | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 201210 | |
City Area Code | 86 21 | |
Local Phone Number | 6163 2588 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001704292 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
American Depositary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing 10 Ordinary Shares, par value $0.000006 per share | |
Trading Symbol | ZLAB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 743,576,320 | |
Ordinary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, par value $0.000006 per share | |
Trading Symbol | 9688 | |
Entity Common Stock, Shares Outstanding | 979,087,430 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 879,844 | $ 1,008,470 |
Short-term investments | 50,550 | 0 |
Accounts receivable (net of allowance for credit loss of $13 and $11 as of March 31, 2023 and December 31, 2022, respectively) | 43,346 | 39,963 |
Notes receivable | 17,381 | 8,608 |
Inventories, net | 38,405 | 31,621 |
Prepayments and other current assets | 42,772 | 35,674 |
Total current assets | 1,072,298 | 1,124,336 |
Restricted cash, non-current | 1,003 | 803 |
Long term investments (including the fair value measured investment of $6,872 and $6,431 as of March 31, 2023 and December 31, 2022, respectively) | 6,872 | 6,431 |
Prepayments for equipment | 1,721 | 1,396 |
Property and equipment, net | 58,309 | 57,863 |
Operating lease right-of-use assets | 20,148 | 19,512 |
Land use rights, net | 6,920 | 6,892 |
Intangible assets, net | 1,479 | 1,511 |
Long-term deposits | 1,324 | 1,396 |
Total assets | 1,170,074 | 1,220,140 |
Current liabilities: | ||
Accounts payable | 66,361 | 65,974 |
Current operating lease liabilities | 7,318 | 7,050 |
Other current liabilities | 50,881 | 66,818 |
Total current liabilities | 124,560 | 139,842 |
Deferred income | 30,968 | 21,360 |
Non-current operating lease liabilities | 12,979 | 13,343 |
Other non-current liabilities | 325 | 0 |
Total liabilities | 168,832 | 174,545 |
Commitments and contingencies (Note 15) | ||
Shareholders’ equity | ||
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 967,197,350 and 962,455,850 shares issued as of March 31, 2023 and December 31, 2022, respectively; 963,688,740 and 960,219,570 shares outstanding as of March 31, 2023 and December 31, 2022, respectively) | 6 | 6 |
Additional paid-in capital | 2,911,454 | 2,893,120 |
Accumulated deficit | (1,910,504) | (1,861,360) |
Accumulated other comprehensive income | 17,272 | 25,685 |
Treasury Stock (at cost, 3,508,610 and 2,236,280 shares as of March 31, 2023 and December 31, 2022, respectively) | (16,986) | (11,856) |
Total shareholders’ equity | 1,001,242 | 1,045,595 |
Total liabilities and shareholders’ equity | $ 1,170,074 | $ 1,220,140 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 13 | $ 11 |
Investments, fair value | $ 6,872 | $ 6,431 |
Ordinary shares, par value (in dollars per share) | $ 0.000006 | $ 0.000006 |
Ordinary shares, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Ordinary shares, shares issued (in shares) | 967,197,350 | 962,455,850 |
Ordinary shares, shares outstanding (in shares) | 963,688,740 | 960,219,570 |
Treasury Stock (in shares) | 3,508,610 | 2,236,280 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Product revenue, net | $ 62,797,000 | $ 46,095,000 |
Collaboration revenue | 0 | 629,000 |
Total revenues | 62,797,000 | 46,724,000 |
Expenses: | ||
Cost of sales | (21,337,000) | (15,643,000) |
Research and development | (48,472,000) | (53,854,000) |
Selling, general, and administrative | (62,510,000) | (56,991,000) |
Loss from operations | (69,522,000) | (79,764,000) |
Interest income | 10,232,000 | 188,000 |
Foreign currency gain | 8,912,000 | 2,285,000 |
Other income (expenses), net | 1,234,000 | (4,882,000) |
Loss before income tax and share of loss from equity method investment | (49,144,000) | (82,173,000) |
Income tax expense | 0 | 0 |
Share of loss from equity method investment | 0 | (221,000) |
Net loss | (49,144,000) | (82,394,000) |
Net loss attributable to ordinary shareholders - basic | (49,144,000) | (82,394,000) |
Net loss attributable to ordinary shareholders - diluted | $ (49,144,000) | $ (82,394,000) |
Loss per share/ADS - basic (in dollars per share) | $ (0.05) | $ (0.09) |
Loss per share/ADS - diluted (in dollars per share) | $ (0.05) | $ (0.09) |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - basic (in shares) | 961,444,780 | 955,499,030 |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - diluted (in shares) | 961,444,780 | 955,499,030 |
American Depositary Shares | ||
Expenses: | ||
Loss per share/ADS - basic (in dollars per share) | $ (0.51) | $ (0.86) |
Loss per share/ADS - diluted (in dollars per share) | $ (0.51) | $ (0.86) |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - basic (in shares) | 96,144,478 | 95,549,903 |
Weighted-average shares/ADSs used in calculating net loss per ordinary share/ADS - diluted (in shares) | 96,144,478 | 95,549,903 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (49,144) | $ (82,394) |
Other comprehensive income (loss), net of tax of nil: | ||
Foreign currency translation adjustments | (8,413) | (2,193) |
Comprehensive loss | $ (57,557) | $ (84,587) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Other comprehensive (loss) income, tax | $ 0 | $ 0 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Ordinary Shares | Additional paid in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2021 | 955,363,980 | |||||
Beginning balance at Dec. 31, 2021 | $ 1,379,956 | $ 6 | $ 2,825,948 | $ (1,418,074) | $ (23,645) | $ (4,279) |
Beginning balance (in shares) at Dec. 31, 2021 | (382,930) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 514,800 | |||||
Issuance of ordinary shares upon vesting of restricted shares | 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 1,156,660 | |||||
Exercise of shares options | 297 | $ 0 | 297 | |||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation (in shares) | (15,150) | |||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | (68) | $ (68) | ||||
Share-based compensation | 12,410 | 12,410 | ||||
Net loss | (82,394) | (82,394) | ||||
Foreign currency translation | (2,193) | (2,193) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 957,035,440 | |||||
Ending balance at Mar. 31, 2022 | $ 1,308,008 | $ 6 | 2,838,655 | (1,500,468) | (25,838) | $ (4,347) |
Ending balance (in shares) at Mar. 31, 2022 | (398,080) | |||||
Beginning balance (in shares) at Dec. 31, 2022 | 960,219,570 | 962,455,850 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,045,595 | $ 6 | 2,893,120 | (1,861,360) | 25,685 | $ (11,856) |
Beginning balance (in shares) at Dec. 31, 2022 | (2,236,280) | (2,236,280) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon vesting of restricted shares (in shares) | 732,040 | |||||
Issuance of ordinary shares upon vesting of restricted shares | $ 0 | $ 0 | 0 | |||
Exercise of shares options (in shares) | 4,009,460 | |||||
Exercise of shares options | 1,673 | $ 0 | 1,673 | |||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation (in shares) | (1,272,330) | |||||
Receipt of employees’ shares to satisfy tax withholding obligations related to share-based compensation | (5,130) | $ (5,130) | ||||
Share-based compensation | 16,661 | 16,661 | ||||
Net loss | (49,144) | (49,144) | ||||
Foreign currency translation | $ (8,413) | (8,413) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 963,688,740 | 967,197,350 | ||||
Ending balance at Mar. 31, 2023 | $ 1,001,242 | $ 6 | $ 2,911,454 | $ (1,910,504) | $ 17,272 | $ (16,986) |
Ending balance (in shares) at Mar. 31, 2023 | (3,508,610) | (3,508,610) |
Unaudited Condensed Consolida_7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (49,144) | $ (82,394) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Allowance for credit loss (gain) | 1 | (1) |
Inventory write-down | 377 | 138 |
Depreciation and amortization expenses | 2,657 | 2,013 |
Amortization of deferred income | (582) | (708) |
Share-based compensation | 16,661 | 12,410 |
Share of loss from equity method investment | 0 | 221 |
(Gain) Loss from fair value changes of equity investment with readily determinable fair value | (441) | 6,939 |
Loss (gain) on disposal of property and equipment | 64 | (11) |
Non-cash lease expenses | 2,464 | 2,017 |
Foreign currency remeasurement gain | (8,912) | (2,285) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,852) | 14,080 |
Notes receivable | (8,599) | (3,513) |
Inventories | (6,686) | (1,475) |
Prepayments and other current assets | (6,470) | 1,531 |
Long-term deposits | 72 | (71) |
Value added tax recoverable | 0 | 3,092 |
Accounts payable | (327) | (28,002) |
Other current liabilities | (15,593) | (8,837) |
Operating lease liabilities | (2,141) | (2,389) |
Deferred income | 9,839 | 118 |
Other non-current liabilities | 325 | 0 |
Net cash used in operating activities | (69,287) | (87,127) |
Cash flows from investing activities | ||
Purchases of short-term investments | (100,000) | (120,274) |
Proceeds from maturity of short-term investment | 49,450 | 100,000 |
Disposal of property and equipment | 112 | 25 |
Purchases of property and equipment | (3,513) | (9,743) |
Purchases of intangible assets | (3) | (152) |
Net cash used in investing activities | (53,954) | (30,144) |
Cash flows from financing activities | ||
Proceeds from exercises of stock options | 1,197 | 297 |
Employee taxes paid related to settlement of equity awards | (5,083) | (39) |
Net cash (used in) provided by financing activities | (3,886) | 258 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1,299) | (130) |
Net decrease in cash, cash equivalents and restricted cash | (128,426) | (117,143) |
Cash, cash equivalents and restricted cash - beginning of period | 1,009,273 | 964,903 |
Cash, cash equivalents and restricted cash - end of period | 880,847 | 847,760 |
Supplemental disclosure on non-cash investing and financing activities | ||
Payables for purchase of property and equipment | 4,232 | 668 |
Payables for intangible assets | 268 | 73 |
Payables for treasury stock | 0 | 55 |
Receivables for stock option exercise under equity incentive plans | 476 | 0 |
Right-of-use asset acquired under operating leases | 2,662 | 4,596 |
Receivables for dispose of property and equipment | 10 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 879,844 | 846,957 |
Restricted cash, non-current | 1,003 | 803 |
Total cash and cash equivalents and restricted cash | $ 880,847 | $ 847,760 |
Organization and Principal Acti
Organization and Principal Activities | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | Organization and Principal Activities Zai Lab Limited was incorporated on March 28, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands (as amended). Zai Lab Limited and its subsidiaries (collectively referred to as the “Company”) are focused on discovering, developing, and commercializing products and product candidates that address medical conditions with significant unmet needs, including in the areas of oncology, autoimmune disorders, infectious diseases, and neuroscience. The Company’s principal operations and geographic markets are in Greater China. The Company has a substantial presence in Greater China and the United States. The accompanying unaudited condensed consolidated financial statements are the financial statements of the Company. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation and Significant Accounting Policies | Basis of Presentation and Consolidation and Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 1, 2023 (the “2022 Annual Report”). The December 31, 2022 condensed consolidated balance sheet data included in this report were derived from the audited financial statements included in the 2022 Annual Report. In the third quarter of 2022, we began to separately present the amount of foreign currency remeasurement gain (loss) on our statements of cash flows. This amount was previously included in changes in other current liabilities. This change did not have any impact on net cash used in operating activities. Corresponding amount in the prior period of the condensed consolidated financial statement has been presented to conform to the current period presentation. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2023. (b) Principles of Consolidation The unaudited condensed consolidated financial statements include the financial statements of the Company. All intercompany transactions and balances are eliminated upon consolidation. (c) Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses to the appropriate financial reporting period based on the progress of the research and development projects, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. (d) Fair Value Measurements Equity investments with readily determinable fair value are measured using level 1 inputs and were $6.9 million and $6.4 million as of March 31, 2023 and December 31, 2022, respectively. The unrealized gains and losses from fair value changes are recognized in other income (expenses), net in the consolidated statements of operations. Financial instruments of the Company primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities. As of March 31, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximated its fair value based on the nature of the assessment of the ability to recover these amounts. (e) Recent Accounting Pronouncements There were no standards adopted since the 2022 Annual Report. (f) Significant Accounting Policies For a more complete discussion of the Company’s significant accounting policies, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the 2022 Annual Report. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table presents the Company’s cash and cash equivalents ($ in thousands): March 31, 2023 December 31, 2022 Cash at bank and in hand 878,786 1,007,423 Cash equivalents (i) 1,058 1,047 879,844 1,008,470 Denominated in: US$ 836,981 957,824 RMB (ii) 38,278 45,486 Hong Kong dollar (“HK$”) 3,864 4,378 Australian dollar (“A$”) 588 598 Taiwan dollar (“TW$”) 133 184 879,844 1,008,470 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net The Company’s net inventory balance was $38.4 million and $31.6 million as of March 31, 2023 and December 31, 2022, respectively, and mainly consisted of finished goods purchased from Tesaro Inc., now GlaxoSmithKline (“GSK”), for distribution in Hong Kong, from NovoCure Limited (“NovoCure”) for distribution in Hong Kong and mainland China, and from Deciphera Pharmaceuticals, LLC (“Deciphera”) for distribution in Hong Kong, mainland China and Taiwan, as well as finished goods and certain raw materials for ZEJULA and NUZYRA commercialization in mainland China. The following table presents the Company’s inventories, net ($ in thousands): March 31, 2023 December 31, 2022 Finished goods 17,832 12,156 Raw materials 20,521 19,029 Work in Progress 52 436 Inventories, net 38,405 31,621 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The following table presents the components of the Company’s property and equipment, net ($ in thousands): March 31, 2023 December 31, 2022 Office equipment 998 977 Electronic equipment 8,315 7,416 Vehicle 205 202 Laboratory equipment 19,491 18,726 Manufacturing equipment 16,763 17,055 Leasehold improvements 11,470 11,300 Construction in progress 25,546 24,251 82,788 79,927 Less: accumulated depreciation (24,479) (22,064) Property and equipment, net 58,309 57,863 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Product Revenue The Company’s product revenue is primarily derived from the sales of ZEJULA, Optune, QINLOCK, and NUZYRA in mainland China and Hong Kong. The table below presents the Company’s product revenue ($ in thousands): Three Months Ended March 31, 2023 2022 Product revenue - gross 71,212 53,310 Less: Rebates and sales returns (8,415) (7,215) Product revenue - net 62,797 46,095 Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of revenue. Estimated rebates are determined based on contracted rates, sales volumes, and level of distributor inventories. The following table presents the Company’s net revenue by product ($ in thousands): Three Months Ended March 31, 2023 2022 ZEJULA 42,680 29,597 Optune 13,342 12,797 QINLOCK 1,306 2,959 NUZYRA 5,469 742 Product revenue - net 62,797 46,095 |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax No provision for income taxes has been required to be accrued because the Company and all of its subsidiaries are in cumulative loss positions for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of March 31, 2023 and December 31, 2022. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities The following table presents the Company’s other current liabilities ($ in thousands): March 31, 2023 December 31, 2022 Payroll 11,472 31,689 Accrued professional service fee 7,148 4,080 Payables for purchase of property and equipment 4,232 5,269 Accrued rebate to distributors 11,536 8,443 Tax payables 13,001 13,283 Others (i) 3,492 4,054 Total 50,881 66,818 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to ordinary shareholders (49,144) (82,394) Denominator: Weighted average number of ordinary shares - basic and diluted 961,444,780 955,499,030 Net loss per share - basic and diluted (0.05) (0.09) As a result of the Company’s net loss for the first quarter of 2023 and 2022, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. March 31 2023 2022 Share options 86,242,060 80,514,330 Non-vested restricted shares 32,154,670 9,846,360 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related-Party Transactions The Company incurred research and development expenses for product research and development services provided by MEDx (Suzhou) Translational Medicine Co., Ltd (“MEDx”), over which an immediate family member of our Chief Executive Officer and Chairperson of the Board held significant influence. The Company incurred development expenses with MEDx of nil and $0.1 million during the first quarter of 2023 and 2022, respectively. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation In March 2015, the Board of Directors of the Company approved an Equity Incentive Plan (the “2015 Plan”), pursuant to which the Board of Directors could grant options to purchase ordinary shares to management including officers, directors, employees, and individual advisors who rendered services to the Company. In August 2017, in connection with the completion of the Company’s initial public offering on Nasdaq (the “IPO”), the Board of Directors approved the 2017 Equity Incentive Plan (the “2017 Plan”). All equity-based awards subsequent to the IPO would be granted under the 2017 Plan. The 2017 Plan provided for an automatic annual increase to the number of ordinary shares reserved under the 2017 Plan on each January 1st between January 1, 2018 and January 1, 2027 equal to the lesser of 4% of the number of ordinary shares outstanding as of the close of business on the immediately prior December 31st or such number as approved by the Board on or prior to such date each year. On June 22, 2022, at the 2022 Annual General Meeting of Shareholders of the Company, the Company’s shareholders approved the 2022 Equity Incentive Plan (the “2022 Plan”), which was previously approved by the Board of Directors on April 20, 2022, conditioned on and subject to (i) the dual primary listing of the Company on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) and (ii) the granting of a waiver on Note 1 to Rule 17.03(9) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company’s voluntary conversion of its secondary listing status to primary listing status on the Hong Kong Stock Exchange became effective on June 27, 2022, and the waiver was granted to the Company in connection with the primary conversion. As such, the 2022 Plan became effective on June 27, 2022, and the aggregate number of shares that may be delivered in satisfaction of awards under the 2022 Plan is 97,908,743 ordinary shares as of June 22, 2022. No new grants will be made under the 2015 Plan or the 2017 Plan as of the effective date of the 2022 Plan. The options granted have a contractual term of ten years and generally vest ratably over a five-year period, with 20% of the awards vesting on each anniversary of the grant date, subject to continued employment with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. The shares underlying restricted share grants represent shares not yet vested until they have met related consideration or vesting requirements, which are generally continued employment/service to the Company or satisfaction of specified performance conditions. The restricted shares will be released from the restrictions once they vest. Upon termination of the award holders’ service with the Company for any reason, any shares that are outstanding and not yet vested will be immediately forfeited unless otherwise set forth in an agreement between the Company and the award holder. Upon each settlement date of certain share-based awards, shares were withheld to cover the required withholding tax, which was based on the value of a share on the settlement date as determined by the applicable price of the ADSs on the trading day of the applicable settlement date. The remaining shares after the withholding were delivered to the recipient. The amount remitted to the tax authorities for employee tax obligations was reflected as a financing activity on the consolidated statements of cash flows. These shares withheld by the Company as a result of the net settlement were accounted for as treasury stock and considered issued but not outstanding. During the first quarter of 2023, the Company granted 92,640 share options and 266,570 non-vested restricted shares under the 2022 Plan. The share options were granted at an exercise price of $3.99 per share. The share options granted were valued using the Black-Scholes model, and the grant-date fair value was $2.70 per share. The following table presents the stock-based compensation expense that has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands): Three Months Ended March 31, 2023 2022 Selling, general and administrative 10,063 6,992 Research and development 6,598 5,418 Total 16,661 12,410 |
License and Collaboration Agree
License and Collaboration Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License and Collaboration Agreements | License and Collaboration AgreementsThe Company may enter into collaboration agreements with third parties to license intellectual property. For a description of the material terms of the Company’s significant license and collaboration agreements, see Note 16 to our 2022 Annual Report. During the first quarter of 2023, the Company did not enter into any new significant license or collaboration agreements, and the Company did not pay or accrue any material upfront or milestone fees for our existing significant license and collaboration agreements. |
Other Income (Expenses), Net
Other Income (Expenses), Net | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses), Net | Other Income (Expenses), Net The following table presents the Company’s other income (expenses), net ($ in thousands): Three Months Ended March 31, 2023 2022 Government grants — 1,576 Gain (loss) on equity investments with readily determinable fair value 441 (6,939) Others miscellaneous gain 793 481 Total 1,234 (4,882) |
Restricted Net Assets
Restricted Net Assets | 3 Months Ended |
Mar. 31, 2023 | |
Restricted net assets | |
Restricted Net Assets | Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its Chinese subsidiaries. Relevant Chinese laws and regulations permit payments of dividends by the Company’s Chinese subsidiaries only out of its retained earnings, if any, as determined in accordance with Chinese accounting standards and regulations. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s Chinese subsidiaries. In accordance with the Company Law of the People’s Republic of China, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s Chinese statutory accounts. A domestic enterprise may provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s Chinese statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s Chinese subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. No appropriation to statutory reserves was made during the first quarter of 2023 and 2022 because the Chinese subsidiaries had substantial losses during such periods. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Purchase Commitments The Company’s commitments related to purchase of property and equipment contracted but not yet reflected in the unaudited condensed consolidated financial statements were $6.0 million as of March 31, 2023 and were expected to be incurred within one year. (b) Legal Proceedings The Company is not currently a party to any material legal proceedings. (c) Indemnifications |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 1, 2023 (the “2022 Annual Report”). The December 31, 2022 condensed consolidated balance sheet data included in this report were derived from the audited financial statements included in the 2022 Annual Report. In the third quarter of 2022, we began to separately present the amount of foreign currency remeasurement gain (loss) on our statements of cash flows. This amount was previously included in changes in other current liabilities. This change did not have any impact on net cash used in operating activities. Corresponding amount in the prior period of the condensed consolidated financial statement has been presented to conform to the current period presentation. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2023. |
Principles of Consolidation | The unaudited condensed consolidated financial statements include the financial statements of the Company. All intercompany transactions and balances are eliminated upon consolidation. |
Use of Estimates | The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses to the appropriate financial reporting period based on the progress of the research and development projects, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. |
Fair Value Measurements | Financial instruments of the Company primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities. As of March 31, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of restricted cash approximated its fair value based on the nature of the assessment of the ability to recover these amounts. |
Recent Accounting Pronouncements | There were no standards adopted since the 2022 Annual Report. |
Significant Accounting Policies | For a more complete discussion of the Company’s significant accounting policies, the unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the 2022 Annual Report. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table presents the Company’s cash and cash equivalents ($ in thousands): March 31, 2023 December 31, 2022 Cash at bank and in hand 878,786 1,007,423 Cash equivalents (i) 1,058 1,047 879,844 1,008,470 Denominated in: US$ 836,981 957,824 RMB (ii) 38,278 45,486 Hong Kong dollar (“HK$”) 3,864 4,378 Australian dollar (“A$”) 588 598 Taiwan dollar (“TW$”) 133 184 879,844 1,008,470 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | The following table presents the Company’s inventories, net ($ in thousands): March 31, 2023 December 31, 2022 Finished goods 17,832 12,156 Raw materials 20,521 19,029 Work in Progress 52 436 Inventories, net 38,405 31,621 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The following table presents the components of the Company’s property and equipment, net ($ in thousands): March 31, 2023 December 31, 2022 Office equipment 998 977 Electronic equipment 8,315 7,416 Vehicle 205 202 Laboratory equipment 19,491 18,726 Manufacturing equipment 16,763 17,055 Leasehold improvements 11,470 11,300 Construction in progress 25,546 24,251 82,788 79,927 Less: accumulated depreciation (24,479) (22,064) Property and equipment, net 58,309 57,863 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Product Revenue | The table below presents the Company’s product revenue ($ in thousands): Three Months Ended March 31, 2023 2022 Product revenue - gross 71,212 53,310 Less: Rebates and sales returns (8,415) (7,215) Product revenue - net 62,797 46,095 |
Schedule of Disaggregation of Net Revenue | The following table presents the Company’s net revenue by product ($ in thousands): Three Months Ended March 31, 2023 2022 ZEJULA 42,680 29,597 Optune 13,342 12,797 QINLOCK 1,306 2,959 NUZYRA 5,469 742 Product revenue - net 62,797 46,095 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The following table presents the Company’s other current liabilities ($ in thousands): March 31, 2023 December 31, 2022 Payroll 11,472 31,689 Accrued professional service fee 7,148 4,080 Payables for purchase of property and equipment 4,232 5,269 Accrued rebate to distributors 11,536 8,443 Tax payables 13,001 13,283 Others (i) 3,492 4,054 Total 50,881 66,818 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share | The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to ordinary shareholders (49,144) (82,394) Denominator: Weighted average number of ordinary shares - basic and diluted 961,444,780 955,499,030 Net loss per share - basic and diluted (0.05) (0.09) |
Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share | March 31 2023 2022 Share options 86,242,060 80,514,330 Non-vested restricted shares 32,154,670 9,846,360 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table presents the stock-based compensation expense that has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands): Three Months Ended March 31, 2023 2022 Selling, general and administrative 10,063 6,992 Research and development 6,598 5,418 Total 16,661 12,410 |
Other Income (Expenses), Net (T
Other Income (Expenses), Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense), Net | The following table presents the Company’s other income (expenses), net ($ in thousands): Three Months Ended March 31, 2023 2022 Government grants — 1,576 Gain (loss) on equity investments with readily determinable fair value 441 (6,939) Others miscellaneous gain 793 481 Total 1,234 (4,882) |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments with readily determinable fair value | $ 6.9 | $ 6.4 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash And Cash Equivalents [Line Items] | |||
Cash at bank and in hand | $ 878,786 | $ 1,007,423 | |
Cash equivalents | 1,058 | 1,047 | |
Cash and cash equivalents | 879,844 | 1,008,470 | $ 846,957 |
US$ | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 836,981 | 957,824 | |
RMB | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 38,278 | 45,486 | |
Hong Kong dollar (“HK$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 3,864 | 4,378 | |
Australian dollar (“A$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 588 | 598 | |
Taiwan dollar (“TW$”) | |||
Cash And Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 133 | $ 184 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |||
Net inventory balance | $ 38,405 | $ 31,621 | |
Inventory write-down | $ 400 | $ 100 |
Inventories, Net - Summary of i
Inventories, Net - Summary of inventories, net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 17,832 | $ 12,156 |
Raw materials | 20,521 | 19,029 |
Work in Progress | 52 | 436 |
Inventories, net | $ 38,405 | $ 31,621 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment | ||
Property and equipment, gross | $ 82,788 | $ 79,927 |
Less: accumulated depreciation | (24,479) | (22,064) |
Property and equipment, net | 58,309 | 57,863 |
Office equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 998 | 977 |
Electronic equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 8,315 | 7,416 |
Vehicle | ||
Property Plant And Equipment | ||
Property and equipment, gross | 205 | 202 |
Laboratory equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 19,491 | 18,726 |
Manufacturing equipment | ||
Property Plant And Equipment | ||
Property and equipment, gross | 16,763 | 17,055 |
Leasehold improvements | ||
Property Plant And Equipment | ||
Property and equipment, gross | 11,470 | 11,300 |
Construction in progress | ||
Property Plant And Equipment | ||
Property and equipment, gross | $ 25,546 | $ 24,251 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2.5 | $ 1.9 |
Revenue - Summary of Product Re
Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Product revenue - gross | $ 71,212 | $ 53,310 |
Less: Rebates and sales returns | (8,415) | (7,215) |
Product revenue - net | $ 62,797 | $ 46,095 |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Product revenue - net | $ 62,797 | $ 46,095 |
ZEJULA | ||
Disaggregation of Revenue [Line Items] | ||
Product revenue - net | 42,680 | 29,597 |
Optune | ||
Disaggregation of Revenue [Line Items] | ||
Product revenue - net | 13,342 | 12,797 |
QINLOCK | ||
Disaggregation of Revenue [Line Items] | ||
Product revenue - net | 1,306 | 2,959 |
NUZYRA | ||
Disaggregation of Revenue [Line Items] | ||
Product revenue - net | $ 5,469 | $ 742 |
Income Tax (Details)
Income Tax (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 0 | $ 0 | |
Unrecognized tax benefits | 0 | $ 0 | |
Unrecognized tax benefits, interest and penalties | $ 0 | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Payroll | $ 11,472 | $ 31,689 |
Accrued professional service fee | 7,148 | 4,080 |
Payables for purchase of property and equipment | 4,232 | 5,269 |
Accrued rebate to distributors | 11,536 | 8,443 |
Tax payables | 13,001 | 13,283 |
Others | 3,492 | 4,054 |
Total | $ 50,881 | $ 66,818 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss attributable to ordinary shareholders - basic | $ (49,144) | $ (82,394) |
Net loss attributable to ordinary shareholders - diluted | $ (49,144) | $ (82,394) |
Denominator: | ||
Weighted average number of ordinary shares - basic (in shares) | 961,444,780 | 955,499,030 |
Weighted average number of ordinary shares - diluted (in shares) | 961,444,780 | 955,499,030 |
Net loss per share - basic (in dollars per share) | $ (0.05) | $ (0.09) |
Net loss per share - diluted (in dollars per share) | $ (0.05) | $ (0.09) |
Loss Per Share - Summary of Ant
Loss Per Share - Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted loss per share | 86,242,060 | 80,514,330 |
Non-vested restricted shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted loss per share | 32,154,670 | 9,846,360 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Research and development | Limited Liability Company | ||
Related Party Transaction [Line Items] | ||
Transactions between its related party | $ 0 | $ 100,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2017 | Mar. 31, 2023 | Jun. 22, 2022 | |
Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contractual term | 10 years | ||
Vesting period | 5 years | ||
Unrecognized share-based compensation expense related to unvested share options granted | $ 90.9 | ||
Recognized over a weighted-average period | 3 years 4 months 20 days | ||
Non-vested restricted shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense related to unvested restricted shares | $ 117.6 | ||
Recognized over a weighted-average period | 3 years 4 months 17 days | ||
Tranche one | Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 20% | ||
Tranche two | Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 20% | ||
Tranche three | Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 20% | ||
Tranche four | Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 20% | ||
Tranche five | Share options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 20% | ||
2017 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Threshold annual increase to the number of ordinary shares reserved as a percentage of number of ordinary shares outstanding | 4% | ||
2022 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares authorized (in shares) | 97,908,743 | ||
Options granted (in shares) | 92,640 | ||
Exercise price of options granted (in dollars per share) | $ 3.99 | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 2.70 | ||
2022 Plan | Non-vested restricted shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-option awards granted (in shares) | 266,570 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 16,661 | $ 12,410 |
Selling, general and administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 10,063 | 6,992 |
Research and development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 6,598 | $ 5,418 |
Other Income (Expenses), Net (D
Other Income (Expenses), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Government grants | $ 0 | $ 1,576 |
Gain (loss) on equity investments with readily determinable fair value | 441 | (6,939) |
Others miscellaneous gain | 793 | 481 |
Total | $ 1,234 | $ (4,882) |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - PRC - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Restricted net assets | |||
Statutory reserves | $ 0 | $ 0 | |
Restricted amount by subsidiaries | $ 456,000,000 | $ 456,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Property and Equipment | |
Loss Contingencies [Line Items] | |
Purchase obligation to be incurred within one year | $ 6 |