Related Party Transactions (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Disclosure of transactions between related parties [abstract] |
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Summary of Nature of Related Party Relationship |
| | | | | | | | | Company | | Relationship | Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.) | | Company controlled by the ultimate holding company | Jiangsu GenScript Biotech Co., Ltd. | | Company controlled by the ultimate holding company | Genscript USA Incorporated | | Company controlled by the ultimate holding company | Genscript USA Holdings Inc | | Company controlled by the ultimate holding company | Genscript Biotech (Netherlands) B.V. | | Company controlled by the ultimate holding company | Nanjing Probio Biotech Co., Ltd. | | Company controlled by the ultimate holding company | Jiangsu GenScript Probio Biotech Co., Ltd. | | Company controlled by the ultimate holding company | Genscript Netherlands | | Company controlled by the ultimate holding company | Genscript Biotech Corporation (“GenScript”) | | Company controlled by the ultimate holding company | Genscript Probio USA Inc. | | Company controlled by the ultimate holding company |
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Summary of Transactions with Related Parties |
In addition to the transactions detailed elsewhere in the consolidated financial statements, the Company had the following transactions with related parties during the year: (i)Licensing of patents to related parties: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Nanjing Probio Biotech Co., Ltd. | — | | | 3,019 | | | — | |
The sale was generated from an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (ii)Sales-based royalties from related parties: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Nanjing Probio Biotech Co., Ltd. | 328 | | | 405 | | | — | |
The sale was generated from sales-based royalties related to the exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates. (iii)Purchases from related parties: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Nanjing GenScript Biotech Co., Ltd. | 6,174 | | | 9,615 | | | 4,162 | | Jiangsu GenScript Probio Biotech Co., Ltd | 1,306 | | | 334 | | | — | | Genscript USA Incorporated | 1,028 | | | 786 | | | 424 | | Genscript USA Holdings Inc | 380 | | | — | | | — | | Nanjing Probio Biotech Co., Ltd. | 237 | | | 21 | | | — | | Jiangsu GenScript Biotech Co., Ltd | 51 | | | 146 | | | 41 | | GenScript Probio USA Inc. | 8 | | | — | | | — | | Genscript Netherlands | 5 | | | 6 | | | — | | Total | 9,189 | | | 10,908 | | | 4,627 | |
Compensation fee for termination of service agreement: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Jiangsu GenScript Biotech Co., Ltd. | — | | | 2,666 | | | — | | Financing from follow-on public offering, net of issuance cost | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Genscript Biotech Corporation | — | | | 84,600 | | | — | |
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Disclosure of Outstanding Balances with Related Parties Explanatory |
The Company had the following significant balances with its related parties at the end of the year: (i)Due from related parties | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Trade receivables | | | | Nanjing Probio Biotech Co., Ltd. | 90 | | | 409 | |
| | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Other receivables | | | | Nanjing GenScript Biotech Co., Ltd. | 321 | | | 243 | | Genscript USA Incorporated | 16 | | | 19 | | Jiangsu Genscript Biotech Co., Ltd | 3 | | | — | | Total | 340 | | | 262 | |
| | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Prepayment | | | | Nanjing Probio Biotech Co., Ltd. | 251 | | | 274 | | Jiangsu GenScript Probio Biotech Co., Ltd | 21 | | | 925 | | Total | 272 | | | 1,199 | |
(ii)Due to related parties. | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Trade payables | | | | Nanjing GenScript Biotech Co., Ltd. | 935 | | | 2,301 | | Genscript USA Incorporated | 134 | | | 46 | | Jiangsu GenScript Biotech Co., Ltd | 93 | | | 1 | | Nanjing Probio Biotech Co., Ltd. | 21 | | | 22 | | Total | 1,183 | | | 2,370 | |
| | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Other payables | | | | Nanjing GenScript Biotech Co., Ltd. | 2,435 | | | 3,293 | | GenScript USA Incorporated. | 58 | | | 50 | | Jiangsu Genscript Biotech Co., Ltd | 7 | | | — | | Jiangsu Genscript Probio Biotech Co., Ltd | 4 | | | — | | Nanjing Probio Biotech Co., Limited | 3 | | | — | | Genscript Netherlands | 1 | | | — | | Total | 2,508 | | | 3,343 | |
| | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | US$’000 | | US$’000 | Lease liabilities | | | | Genscript USA Holdings Inc | 427 | | | — | | Nanjing GenScript Biotech Co., Ltd. | 205 | | | 286 | | Total | 632 | | | 286 | |
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Summary of Compensation of Key Management Personnel |
Compensation of key management personnel of the Company: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | US$’000 | | US$’000 | | US$’000 | Equity-settled share-based compensation expense | 3,582 | | | 2,907 | | | 529 | | Short-term employee benefits | 2,170 | | | 1,942 | | | 1,733 | | Termination payment | — | | | — | | | 774 | | Total | 5,752 | | | 4,849 | | | 3,036 | |
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