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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Loss before tax $ (445,724) $ (407,196) $ (308,285)
Adjustments for:      
Finance income (8,182) (971) (2,930)
Finance costs 10,796 900 4,209
Depreciation of property, plant and equipment 10,173 8,139 6,234
Loss on disposal of property, plant and equipment 481 974 55
Amortization of intangible assets 2,476 1,379 192
Depreciation of right-of-use assets 5,743 4,399 3,507
Fair value (gain)/ loss of warrant liability (20,900) 6,200 0
Fair value loss of convertible redeemable preferred shares 0 0 79,984
Fair value gains on financial assets measured at fair value change through profit or loss (593) 0 (47)
Foreign currency exchange loss/(gain), net 9,159 4,867 (66)
Equity-settled share-based compensation expense 34,338 20,158 4,760
Deferred government grant (307) (295) (114)
Cash flows from (used in) operations before changes in working capital (402,540) (361,446) (212,501)
Decrease/(increase) in trade receivables 50,320 24,590 (45,000)
(Increase)/decrease in prepayments, other receivables and other assets (50,614) (2,966) 3,366
Decrease/(increase) in other non-current assets 3,661 (1,175) (3,973)
(Increase)/decrease in collaboration inventories (8,605) 51 (643)
Government grant received 6,180 80 2,452
Increase/(decrease) in trade payables 25,850 1,805 (4,348)
Increase in other payables and accruals 165,883 140,747 26,932
Increase/(decrease) in other non-current liabilities (163) (158) 554
Increase in pledged deposits, net (15) (1,060) (128)
Cash used in operations (210,043) (199,532) (233,289)
Income tax paid 0 0 (278)
Interest income received 5,580 652 3,366
Income tax received 3,709 557 7,391
Interest on lease payments (527) (142) (195)
Net cash used in operating activities (201,281) (198,465) (223,005)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property, plant and equipment (20,927) (42,197) (26,254)
Purchase of intangible assets (1,348) (3,207) (4,029)
Prepayment to collaborator for collaboration assets (14,810) (1,708) (19,493)
Purchase of financial assets measured at fair value through profit or loss (285,000) (50,000) (22,682)
Cash received from withdrawal of financial assets measured at fair value through profit or loss 99,990 50,081 22,682
Cash received from withdrawal of financial assets measured at amortized cost 30,000 0 0
Cash receipts of investment income 1,252 0 47
Proceeds from disposal of property, plant and equipment 0 4 1
Addition in time deposits (369,971) (298,107) (50,000)
Decrease in time deposits 483,617 180,000 75,559
Decrease in pledged deposits 105 0 0
Purchase of financial assets measured at amortized cost 0 (29,849) 0
Net cash used in investing activities (77,092) (194,983) (24,169)
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayment of cash advances from related parties 0 0 (4)
Proceeds from convertible redeemable preferred shares 0 0 160,450
Proceeds from issuance of ordinary shares for initial public offering, net of issuance costs 0 0 450,085
Proceeds from issuance of ordinary shares relating to private placement by GenScript 0 0 12,000
Proceeds from issuance of ordinary shares for follow on public offering, net of issuance costs 377,643 323,440 0
Proceeds from issuance of ordinary shares and warrant relating to private placement for an institutional investor 0 300,000 0
Proceeds from exercise of share options 2,929 4,642 1,464
Payments of expenses for issuance of convertible redeemable preferred shares 0 0 (2,514)
Principal portion of lease payments (2,596) (1,419) (2,602)
Net cash provided by financing activities 377,976 626,663 618,879
NET INCREASE IN CASH AND CASH EQUIVALENTS 99,603 233,215 371,705
Effect of foreign exchange rate changes, net (2,510) 34 620
Cash and cash equivalents at beginning of year 688,938 455,689 83,364
CASH AND CASH EQUIVALENTS AT END OF YEAR 786,031 688,938 455,689
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS      
Cash and bank balances 841,317 858,607 506,073
Less: Pledged deposits 1,270 1,444 384
Time deposits 54,016 168,225 50,000
Cash and cash equivalents as stated in the statement of financial position 786,031 688,938 455,689
Cash and cash equivalents as stated in the statement of cash flows $ 786,031 $ 688,938 $ 455,689