0001651308false12/312021Q2P5YP2Y00016513082021-01-012021-06-30xbrli:shares00016513082021-07-31iso4217:USD00016513082021-06-3000016513082020-12-31iso4217:USDxbrli:shares0001651308us-gaap:ProductMember2021-04-012021-06-300001651308us-gaap:ProductMember2020-04-012020-06-300001651308us-gaap:ProductMember2021-01-012021-06-300001651308us-gaap:ProductMember2020-01-012020-06-300001651308bgne:CollaborationMember2021-04-012021-06-300001651308bgne:CollaborationMember2020-04-012020-06-300001651308bgne:CollaborationMember2021-01-012021-06-300001651308bgne:CollaborationMember2020-01-012020-06-3000016513082021-04-012021-06-3000016513082020-04-012020-06-3000016513082020-01-012020-06-300001651308us-gaap:OperatingExpenseMember2021-04-012021-06-300001651308us-gaap:OperatingExpenseMember2020-04-012020-06-300001651308us-gaap:OperatingExpenseMember2021-01-012021-06-300001651308us-gaap:OperatingExpenseMember2020-01-012020-06-3000016513082019-12-3100016513082020-06-300001651308us-gaap:CommonStockMember2020-12-310001651308us-gaap:AdditionalPaidInCapitalMember2020-12-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001651308us-gaap:RetainedEarningsMember2020-12-310001651308us-gaap:ParentMember2020-12-310001651308us-gaap:NoncontrollingInterestMember2020-12-310001651308us-gaap:CommonStockMember2021-01-012021-03-310001651308us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001651308us-gaap:ParentMember2021-01-012021-03-3100016513082021-01-012021-03-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001651308us-gaap:RetainedEarningsMember2021-01-012021-03-310001651308us-gaap:CommonStockMember2021-03-310001651308us-gaap:AdditionalPaidInCapitalMember2021-03-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001651308us-gaap:RetainedEarningsMember2021-03-310001651308us-gaap:ParentMember2021-03-310001651308us-gaap:NoncontrollingInterestMember2021-03-3100016513082021-03-310001651308us-gaap:CommonStockMember2021-04-012021-06-300001651308us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001651308us-gaap:ParentMember2021-04-012021-06-300001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001651308us-gaap:RetainedEarningsMember2021-04-012021-06-300001651308us-gaap:CommonStockMember2021-06-300001651308us-gaap:AdditionalPaidInCapitalMember2021-06-300001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001651308us-gaap:RetainedEarningsMember2021-06-300001651308us-gaap:ParentMember2021-06-300001651308us-gaap:NoncontrollingInterestMember2021-06-300001651308us-gaap:CommonStockMember2019-12-310001651308us-gaap:AdditionalPaidInCapitalMember2019-12-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001651308us-gaap:RetainedEarningsMember2019-12-310001651308us-gaap:ParentMember2019-12-310001651308us-gaap:NoncontrollingInterestMember2019-12-310001651308us-gaap:CommonStockMemberbgne:CollaborationMember2020-01-012020-03-310001651308us-gaap:AdditionalPaidInCapitalMemberbgne:CollaborationMember2020-01-012020-03-310001651308us-gaap:ParentMemberbgne:CollaborationMember2020-01-012020-03-310001651308bgne:CollaborationMember2020-01-012020-03-310001651308us-gaap:CommonStockMember2020-01-012020-03-310001651308us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001651308us-gaap:ParentMember2020-01-012020-03-3100016513082020-01-012020-03-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001651308us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001651308us-gaap:RetainedEarningsMember2020-01-012020-03-310001651308us-gaap:CommonStockMember2020-03-310001651308us-gaap:AdditionalPaidInCapitalMember2020-03-310001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001651308us-gaap:RetainedEarningsMember2020-03-310001651308us-gaap:ParentMember2020-03-310001651308us-gaap:NoncontrollingInterestMember2020-03-3100016513082020-03-310001651308us-gaap:CommonStockMember2020-04-012020-06-300001651308us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001651308us-gaap:ParentMember2020-04-012020-06-300001651308us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001651308us-gaap:RetainedEarningsMember2020-04-012020-06-300001651308us-gaap:CommonStockMember2020-06-300001651308us-gaap:AdditionalPaidInCapitalMember2020-06-300001651308us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001651308us-gaap:RetainedEarningsMember2020-06-300001651308us-gaap:ParentMember2020-06-300001651308us-gaap:NoncontrollingInterestMember2020-06-30bgne:molecule0001651308bgne:BrukinsaMember2021-06-30bgne:peoplebgne:trial0001651308srt:MinimumMember2021-06-30bgne:productbgne:patient0001651308bgne:ApprovedMedicinesMember2021-06-300001651308bgne:ApprovedMember2021-06-300001651308bgne:ClinicalDevelopmentMember2021-06-30bgne:employeebgne:country0001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-06-300001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001651308us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001651308us-gaap:LicenseMember2021-04-012021-06-300001651308us-gaap:LicenseMember2020-04-012020-06-300001651308us-gaap:LicenseMember2021-01-012021-06-300001651308us-gaap:LicenseMember2020-01-012020-06-300001651308bgne:CollaborationResearchAndDevelopmentServiceMember2021-04-012021-06-300001651308bgne:CollaborationResearchAndDevelopmentServiceMember2020-04-012020-06-300001651308bgne:CollaborationResearchAndDevelopmentServiceMember2021-01-012021-06-300001651308bgne:CollaborationResearchAndDevelopmentServiceMember2020-01-012020-06-300001651308us-gaap:CollaborativeArrangementMemberbgne:NovartisMember2021-01-012021-01-310001651308us-gaap:CollaborativeArrangementMemberbgne:NovartisMember2021-01-310001651308bgne:LicensingAgreementsAndTrademarksMemberus-gaap:CollaborativeArrangementMemberbgne:NovartisMember2021-01-310001651308bgne:CollaborationResearchAndDevelopmentServiceMemberus-gaap:CollaborativeArrangementMemberbgne:NovartisMember2021-01-012021-01-310001651308us-gaap:LicenseMemberus-gaap:CollaborativeArrangementMemberbgne:NovartisMember2021-01-012021-01-310001651308bgne:CollaborationResearchAndDevelopmentServiceMemberbgne:NovartisMember2021-04-012021-06-300001651308bgne:AmgenIncMembersrt:MinimumMember2021-01-012021-06-300001651308srt:MaximumMemberbgne:AmgenIncMember2021-01-012021-06-300001651308bgne:AmgenIncMember2021-06-30xbrli:pure0001651308bgne:AmgenIncMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-012021-06-300001651308bgne:AmgenIncMember2020-01-022020-01-020001651308bgne:AmgenIncMember2020-01-020001651308bgne:BeigeneLtdMemberbgne:AmgenIncMember2020-01-020001651308us-gaap:CommonStockMember2020-01-020001651308us-gaap:CommonStockMember2020-01-022020-01-020001651308bgne:AmgenIncMember2021-04-012021-06-300001651308bgne:AmgenIncMember2020-04-012020-06-300001651308bgne:AmgenIncMember2021-01-012021-06-300001651308bgne:AmgenIncMember2020-01-012020-06-300001651308bgne:AmgenIncMember2020-12-310001651308us-gaap:CostOfSalesMember2021-04-012021-06-300001651308us-gaap:CostOfSalesMember2020-04-012020-06-300001651308us-gaap:CostOfSalesMember2021-01-012021-06-300001651308us-gaap:CostOfSalesMember2020-01-012020-06-300001651308us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001651308us-gaap:ResearchAndDevelopmentExpenseMember2020-04-012020-06-300001651308us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001651308us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-06-300001651308us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001651308us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300001651308us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001651308us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300001651308bgne:AmgenIncMemberus-gaap:CollaborativeArrangementMember2021-06-300001651308bgne:AmgenIncMemberus-gaap:CollaborativeArrangementMember2020-12-310001651308us-gaap:USTreasurySecuritiesMember2021-06-300001651308us-gaap:USTreasurySecuritiesMember2020-12-310001651308us-gaap:SeriesBPreferredStockMemberbgne:LeapTherapeuticIncMember2020-01-012020-01-310001651308bgne:LeapTherapeuticIncMember2021-06-300001651308bgne:LeapTherapeuticIncMember2021-04-012021-06-300001651308bgne:LeapTherapeuticIncMember2021-01-012021-06-300001651308bgne:LeapTherapeuticIncMember2020-04-012020-06-300001651308bgne:LeapTherapeuticIncMember2020-01-012020-06-300001651308bgne:LeapTherapeuticIncMemberus-gaap:CommonStockMember2021-06-300001651308bgne:LeapTherapeuticIncMemberus-gaap:CommonStockMember2020-12-310001651308us-gaap:WarrantsAndRightsSubjectToMandatoryRedemptionMemberbgne:LeapTherapeuticIncMember2021-06-300001651308us-gaap:WarrantsAndRightsSubjectToMandatoryRedemptionMemberbgne:LeapTherapeuticIncMember2020-12-310001651308bgne:MapKureMemberus-gaap:SeriesAPreferredStockMember2019-06-300001651308bgne:MapKureMember2019-06-300001651308bgne:MapKureMemberus-gaap:SeriesAPreferredStockMemberbgne:SpringWorksMember2019-06-012019-06-300001651308bgne:MapKureMemberbgne:SpringWorksMember2019-06-300001651308bgne:TwoIndividualsMemberbgne:MapKureMemberus-gaap:SeriesAPreferredStockMember2019-06-012019-06-300001651308bgne:TwoIndividualsMemberbgne:MapKureMember2019-06-300001651308bgne:MapKureMember2020-06-300001651308us-gaap:SeriesAPreferredStockMember2020-06-300001651308bgne:MapKureMember2020-06-012020-06-300001651308bgne:MapKureMember2020-06-080001651308bgne:MapKureMember2021-04-012021-06-300001651308bgne:MapKureMember2021-01-012021-06-300001651308bgne:MapKureMember2020-04-012020-06-300001651308bgne:MapKureMember2020-01-012020-06-300001651308bgne:MapKureMember2021-06-300001651308bgne:MapKureMember2020-12-310001651308bgne:BeigeneGuangzhouCoLtdMember2020-07-23iso4217:CNYbgne:application0001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2020-07-230001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2020-07-232020-07-23bgne:member0001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2021-04-012021-06-300001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2021-01-012021-06-300001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2021-06-300001651308bgne:GETBiomedicalIndustryInvestmentFundManagementCoLtdMember2020-12-310001651308bgne:LaboratoryEquipmentMember2021-06-300001651308bgne:LaboratoryEquipmentMember2020-12-310001651308us-gaap:LeaseholdImprovementsMember2021-06-300001651308us-gaap:LeaseholdImprovementsMember2020-12-310001651308us-gaap:BuildingMember2021-06-300001651308us-gaap:BuildingMember2020-12-310001651308us-gaap:MachineryAndEquipmentMember2021-06-300001651308us-gaap:MachineryAndEquipmentMember2020-12-310001651308us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-06-300001651308us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2020-12-310001651308us-gaap:ConstructionInProgressMember2021-06-300001651308us-gaap:ConstructionInProgressMember2020-12-310001651308bgne:BeigeneHongKongCoLimitedMember2017-03-31bgne:asset0001651308bgne:BeigeneHongKongCoLimitedMember2017-03-012017-03-310001651308bgne:BeigeneBiologicsCoLtdMemberbgne:BeigeneHongKongCoLimitedMember2017-03-012017-03-310001651308bgne:GuangzhouGetTechnologyDevelopmentCoLtdMember2017-03-310001651308bgne:BeigeneBiologicsCoLtdMemberbgne:GuangzhouGetTechnologyDevelopmentCoLtdMember2017-03-310001651308us-gaap:ConvertibleDebtMemberbgne:BeigeneBiologicsCoLtdMemberbgne:ShareholderLoanMemberus-gaap:InvestorMember2017-03-070001651308bgne:BeigeneBiologicsCoLtdMemberbgne:GuangzhouGetTechnologyDevelopmentCoLtdMember2020-09-300001651308bgne:BeigeneBiologicsCoLtdMemberbgne:BeigeneHongKongCoLimitedMember2020-09-012020-09-300001651308bgne:BeigeneBiologicsCoLtdMemberbgne:BeigeneHongKongCoLimitedMember2020-09-300001651308bgne:BeigeneBiologicsCoLtdMemberbgne:BeigeneHongKongCoLimitedMember2020-11-300001651308bgne:BeigeneHongKongCoLimitedMember2020-09-300001651308us-gaap:ConvertibleDebtMemberbgne:BeigeneBiologicsCoLtdMemberbgne:ShareholderLoanMember2020-09-300001651308bgne:ChinaMinshengBankMemberbgne:SeniorLoanMemberus-gaap:SeniorNotesMember2021-06-300001651308bgne:ChinaMinshengBankMemberbgne:SeniorLoanReservedForJVPurchaseMemberus-gaap:SeniorNotesMember2021-06-300001651308bgne:ChinaMinshengBankMemberbgne:WorkingCapitalMemberus-gaap:SeniorNotesMember2021-06-30bgne:option0001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:SeniorLoanMember2021-06-300001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:SeniorLoanMember2021-01-012021-06-300001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:WorkingCapitalMember2020-10-310001651308us-gaap:LoansPayableMemberbgne:AcquisitionFacilityMemberbgne:JVShareRepurchaseMember2020-10-310001651308bgne:RelatedPartyLoanMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMemberus-gaap:SeniorSubordinatedNotesMember2021-06-300001651308bgne:JuniorLoanGeneralCorporateUseMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMember2021-06-300001651308us-gaap:LoansPayableMemberbgne:JuniorLoanGeneralCorporateUseMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMember2021-06-300001651308us-gaap:LoansPayableMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMember2021-06-300001651308bgne:RelatedPartyLoanMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMember2021-06-300001651308us-gaap:DistributionRightsMember2021-06-300001651308us-gaap:DistributionRightsMember2020-12-310001651308us-gaap:DevelopedTechnologyRightsMember2021-06-300001651308us-gaap:DevelopedTechnologyRightsMember2020-12-310001651308us-gaap:LicensingAgreementsMember2021-06-300001651308us-gaap:LicensingAgreementsMember2020-12-310001651308us-gaap:DistributionRightsMember2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedApril42018Memberbgne:ChinaConstructionBankMember2021-06-300001651308us-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedApril42018Memberbgne:ChinaConstructionBankMember2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedApril42018Memberbgne:ChinaConstructionBankMember2020-12-310001651308bgne:ChinaMerchantsBankMemberbgne:ShortTermBankLoanDatedJanuary222020Memberus-gaap:LoansPayableMember2021-01-012021-06-300001651308bgne:ChinaMerchantsBankMemberbgne:ShortTermBankLoanDatedJanuary222020Memberus-gaap:LoansPayableMember2021-06-300001651308bgne:ChinaMerchantsBankMemberbgne:ShortTermBankLoanDatedJanuary222020Memberus-gaap:LoansPayableMember2020-12-310001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedSeptember242020Member2021-06-300001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedSeptember242020Member2021-01-012021-06-300001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:ShortTermBankLoanDatedSeptember242020Member2020-12-310001651308us-gaap:LoansPayableMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMemberbgne:ShortTermBankLoanDatedSeptember242020Member2021-06-300001651308us-gaap:LoansPayableMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMemberbgne:ShortTermBankLoanDatedSeptember242020Member2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:ZhuhaiHillhouseZhaohuiEquityInvestmentPartnershipMemberbgne:ShortTermBankLoanDatedSeptember242020Member2020-12-310001651308us-gaap:LoansPayableMember2021-06-300001651308us-gaap:LoansPayableMember2020-12-310001651308us-gaap:LoansPayableMemberbgne:LongTermBankLoanApril42018Memberbgne:ChinaConstructionBankMember2021-06-300001651308us-gaap:LoansPayableMemberbgne:LongTermBankLoanApril42018Memberbgne:ChinaConstructionBankMember2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:LongTermBankLoanApril42018Memberbgne:ChinaConstructionBankMember2020-12-310001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedJanuary222020Member2021-01-012021-06-300001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedJanuary222020Member2021-06-300001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedJanuary222020Member2020-12-310001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedNovember92020Member2021-06-300001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedNovember92020Member2021-01-012021-06-300001651308bgne:ChinaMerchantsBankMemberus-gaap:LoansPayableMemberbgne:LongTermBankLoanDatedNovember92020Member2020-12-310001651308bgne:ChinaMerchantsBankMemberbgne:ShortTermBankLoanDatedJanuary222020Memberus-gaap:LoansPayableMember2020-01-222020-01-220001651308bgne:ChinaMerchantsBankMemberbgne:ShortTermBankLoanDatedJanuary222020Memberus-gaap:LoansPayableMember2020-01-220001651308bgne:ChinaMinshengBankMemberus-gaap:LoansPayableMemberbgne:SeniorLoanReservedForJVPurchaseMember2021-06-300001651308us-gaap:LoansPayableMemberbgne:ChinaIndustrialBankMember2020-12-310001651308us-gaap:LoansPayableMemberbgne:ChinaIndustrialBankMember2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:BeijingInnerwayBiotechCo.LtdMemberbgne:WorkingCapitalFacilityMemberbgne:ChinaIndustrialBankMember2021-01-012021-06-300001651308us-gaap:LoansPayableMemberbgne:BeijingInnerwayBiotechCo.LtdMemberbgne:WorkingCapitalFacilityMemberbgne:ChinaIndustrialBankMember2021-06-300001651308us-gaap:ProductMemberbgne:TislelizumabMember2021-04-012021-06-300001651308us-gaap:ProductMemberbgne:TislelizumabMember2020-04-012020-06-300001651308us-gaap:ProductMemberbgne:TislelizumabMember2021-01-012021-06-300001651308us-gaap:ProductMemberbgne:TislelizumabMember2020-01-012020-06-300001651308bgne:BrukinsaMemberus-gaap:ProductMember2021-04-012021-06-300001651308bgne:BrukinsaMemberus-gaap:ProductMember2020-04-012020-06-300001651308bgne:BrukinsaMemberus-gaap:ProductMember2021-01-012021-06-300001651308bgne:BrukinsaMemberus-gaap:ProductMember2020-01-012020-06-300001651308bgne:RevlimidMemberus-gaap:ProductMember2021-04-012021-06-300001651308bgne:RevlimidMemberus-gaap:ProductMember2020-04-012020-06-300001651308bgne:RevlimidMemberus-gaap:ProductMember2021-01-012021-06-300001651308bgne:RevlimidMemberus-gaap:ProductMember2020-01-012020-06-300001651308us-gaap:ProductMemberbgne:VidazaMember2021-04-012021-06-300001651308us-gaap:ProductMemberbgne:VidazaMember2020-04-012020-06-300001651308us-gaap:ProductMemberbgne:VidazaMember2021-01-012021-06-300001651308us-gaap:ProductMemberbgne:VidazaMember2020-01-012020-06-300001651308us-gaap:ProductMemberbgne:AbraxaneMember2021-04-012021-06-300001651308us-gaap:ProductMemberbgne:AbraxaneMember2020-04-012020-06-300001651308us-gaap:ProductMemberbgne:AbraxaneMember2021-01-012021-06-300001651308us-gaap:ProductMemberbgne:AbraxaneMember2020-01-012020-06-300001651308bgne:XgevaMemberus-gaap:ProductMember2021-04-012021-06-300001651308bgne:XgevaMemberus-gaap:ProductMember2020-04-012020-06-300001651308bgne:XgevaMemberus-gaap:ProductMember2021-01-012021-06-300001651308bgne:XgevaMemberus-gaap:ProductMember2020-01-012020-06-300001651308us-gaap:ProductMemberbgne:PamiparibMember2021-04-012021-06-300001651308us-gaap:ProductMemberbgne:PamiparibMember2020-04-012020-06-300001651308us-gaap:ProductMemberbgne:PamiparibMember2021-01-012021-06-300001651308us-gaap:ProductMemberbgne:PamiparibMember2020-01-012020-06-300001651308us-gaap:ProductMemberbgne:OtherMember2021-04-012021-06-300001651308us-gaap:ProductMemberbgne:OtherMember2020-04-012020-06-300001651308us-gaap:ProductMemberbgne:OtherMember2021-01-012021-06-300001651308us-gaap:ProductMemberbgne:OtherMember2020-01-012020-06-300001651308us-gaap:ProductMember2020-12-310001651308us-gaap:ProductMember2019-12-310001651308us-gaap:ProductMember2021-06-300001651308us-gaap:ProductMember2020-06-300001651308bgne:ShareOptionAndIncentivePlan2016Member2016-01-310001651308bgne:ShareIncentivePlan2011Member2021-01-012021-06-300001651308bgne:ShareOptionAndIncentivePlan2016Member2018-12-012018-12-310001651308bgne:ShareOptionAndIncentivePlan2016Member2020-06-012020-06-300001651308bgne:EmployeeAndNonemployeeStockOptionMemberbgne:ShareOptionAndIncentivePlan2016Member2021-01-012021-06-300001651308us-gaap:RestrictedStockUnitsRSUMemberbgne:ShareOptionAndIncentivePlan2016Member2021-01-012021-06-300001651308bgne:EmployeeAndNonemployeeStockOptionMemberbgne:ShareOptionAndIncentivePlan2016Member2021-06-300001651308us-gaap:RestrictedStockUnitsRSUMemberbgne:ShareOptionAndIncentivePlan2016Member2021-06-300001651308bgne:ShareOptionAndIncentivePlan2016Member2021-06-300001651308bgne:InducementEquityPlan2018Member2018-06-300001651308bgne:EmployeeAndNonemployeeStockOptionMemberbgne:InducementEquityPlan2018Member2021-06-300001651308us-gaap:RestrictedStockUnitsRSUMemberbgne:InducementEquityPlan2018Member2021-06-300001651308bgne:InducementEquityPlan2018Member2021-06-300001651308bgne:EmployeeSharePurchasePlan2018Member2018-06-300001651308bgne:EmployeeSharePurchasePlan2018Member2018-12-012018-12-310001651308bgne:EmployeeSharePurchasePlan2018Member2018-12-310001651308bgne:EmployeeSharePurchasePlan2018Member2019-06-012019-06-300001651308bgne:EmployeeSharePurchasePlan2018Member2019-06-300001651308bgne:EmployeeSharePurchasePlan2018Member2021-06-300001651308bgne:EmployeeSharePurchasePlan2018Member2021-02-262021-02-260001651308bgne:EmployeeSharePurchasePlan2018Member2021-02-260001651308bgne:EmployeeSharePurchasePlan2018Member2020-08-312020-08-310001651308bgne:EmployeeSharePurchasePlan2018Member2020-08-310001651308bgne:EmployeeSharePurchasePlan2018Member2020-02-282020-02-280001651308bgne:EmployeeSharePurchasePlan2018Member2020-02-280001651308us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001651308us-gaap:GeneralAndAdministrativeExpenseMember2020-04-012020-06-300001651308us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001651308us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-06-300001651308us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001651308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001651308us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001651308us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001651308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001651308us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001651308us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001651308us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001651308us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001651308country:CN2021-06-300001651308country:CN2020-12-310001651308bgne:MinimumPurchaseCommitmentsForSupplyPurchasedMember2021-01-012021-06-300001651308us-gaap:InventoriesMember2021-01-012021-06-300001651308us-gaap:CapitalAdditionsMember2021-06-300001651308us-gaap:ResearchAndDevelopmentArrangementMember2021-06-300001651308bgne:InvestmentsFundingCommitmentMember2021-06-300001651308bgne:PensionCommitmentMember2021-06-30bgne:segment0001651308country:CN2021-04-012021-06-300001651308country:CN2020-04-012020-06-300001651308country:CN2021-01-012021-06-300001651308country:CN2020-01-012020-06-300001651308country:US2021-04-012021-06-300001651308country:US2020-04-012020-06-300001651308country:US2021-01-012021-06-300001651308country:US2020-01-012020-06-300001651308bgne:AllOtherCountriesExceptChinaAndUnitedStatesOfAmericaMember2021-04-012021-06-300001651308bgne:AllOtherCountriesExceptChinaAndUnitedStatesOfAmericaMember2020-04-012020-06-300001651308bgne:AllOtherCountriesExceptChinaAndUnitedStatesOfAmericaMember2021-01-012021-06-300001651308bgne:AllOtherCountriesExceptChinaAndUnitedStatesOfAmericaMember2020-01-012020-06-300001651308country:USbgne:CollaborationMember2021-04-012021-06-300001651308country:USbgne:CollaborationMember2021-01-012021-06-300001651308country:USbgne:CollaborationMember2020-04-012020-06-300001651308country:USbgne:CollaborationMember2020-01-012020-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 10-Q
___________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to
Commission File Number: 001-37686
___________________________________________________________
BEIGENE, LTD.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Cayman Islands98-1209416
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
c/o Mourant Governance Services (Cayman) Limited
94 Solaris Avenue, Camana Bay
Grand Cayman
Cayman IslandsKY1-1108
(Address of principal executive offices)
(Zip Code)
+1 (345) 949-4123
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per shareBGNEThe NASDAQ Global Select Market
Ordinary Shares, par value $0.0001 per share*06160The Stock Exchange of Hong Kong Limited
*Included in connection with the registration of the American Depositary Shares with the Securities and Exchange Commission. The ordinary shares are not registered or listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited.
As of July 31, 2021, 1,211,067,023 ordinary shares, par value $0.0001 per share, were outstanding, of which 990,490,709 ordinary shares were held in the form of 76,191,593 American Depositary Shares, each representing 13 ordinary shares.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐     No  


Table of Contents

BeiGene, Ltd.
Quarterly Report on Form 10-Q
TABLE OF CONTENTS
  Page
   
   
   
   
  
  
  
  
  
  
  
  
  
  

2

Table of Contents

Summary of Risk Factors
Below is a summary of the principal factors that make an investment in our American Depositary Shares (“ADSs”) or ordinary shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, are summarized in “Part II – Item 1A – Risk Factors” and should be carefully considered, together with other information in this Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), before making an investment decision regarding our ADSs or ordinary shares.
Our medicines may fail to achieve and maintain the degree of market acceptance by physicians, patients, third-party payors, and others in the medical community necessary for commercial success.
We have limited experience in launching and marketing our internally developed and in-licensed medicines. If we are unable to further develop marketing and sales capabilities or enter into agreements with third parties to market and sell our medicines, we may not be able to generate substantial product sales revenue.
If we are not able to continue to obtain, or experience delays in obtaining, required regulatory approvals, we will not be able to commercialize our medicines and drug candidates, and our ability to generate revenue will be materially impaired.
We face substantial competition, which may result in others discovering, developing, or commercializing competing medicines before or more successfully than we do.
The market opportunities for our medicines may be limited to those patients who are ineligible for or have failed prior treatments and may be small.
We have limited manufacturing capability and must rely on third-party manufacturers to manufacture some of our commercial products and clinical supplies, and if they fail to meet their obligations, the development and commercialization of our medicines and drug candidates could be adversely affected.
If we or any third parties with which we may collaborate to market and sell our medicines are unable to achieve and maintain coverage and adequate level of reimbursement, our commercial success and business operations could be adversely affected.
We depend substantially on the success of the clinical development of our medicines and drug candidates. If we are unable to successfully complete clinical development, obtain regulatory approvals and commercialize our medicines and drug candidates, or experience significant delays in doing so, our business will be materially harmed.
Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
If clinical trials of our drug candidates fail to demonstrate safety and efficacy to the satisfaction of regulatory authorities or do not otherwise produce positive results, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our drug candidates.
If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
All material aspects of the research, development, manufacturing and commercialization of pharmaceutical products are heavily regulated, and we may face difficulties in complying with or be unable to comply with such regulations, which could have a material adverse effect on our business.
The approval processes of regulatory authorities in the United States, China, Europe and other comparable regulatory authorities are lengthy, time consuming and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our drug candidates, our business will be substantially harmed.
Our medicines and any future approved drug candidates will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our medicines and drug candidates.
Even if we are able to commercialize our medicines and any approved drug candidates, the medicines may become subject to unfavorable pricing regulations or third-party reimbursement practices or healthcare reform initiatives, which could harm our business.
3

Table of Contents

We have incurred significant net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future and may not become profitable.
We have limited experience in obtaining regulatory approvals and commercializing pharmaceutical products, which may make it difficult to evaluate our current business and predict our future performance.
We may need to obtain additional financing to fund our operations, and if we are unable to obtain such financing, we may be unable to complete the development of our drug candidates or achieve profitability.
If we are unable to obtain and maintain patent protection for our medicines and drug candidates through intellectual property rights, or if the scope of such intellectual property rights is not sufficiently broad, third parties may compete against us.
If we fail to maintain an effective distribution channel for our medicines, our business and sales could be adversely affected.
We rely on third parties to manufacture some of our commercial and clinical drug supplies. Our business could be harmed if those third parties fail to provide us with sufficient quantities of product or fail to do so at acceptable quality levels or prices.
If third-party manufacturers fail to comply with manufacturing regulations, our financial results and financial condition could be adversely affected.
We have entered into licensing and collaboration arrangements and may enter into additional collaborations, licensing arrangements, or strategic alliances in the future, and we may not realize the benefits of such arrangements.
If we are not able to successfully develop and/or commercialize Amgen’s oncology products, the expected benefits of the collaboration will not materialize.
We have significantly increased and expect to continue to increase our research, development, manufacturing, and commercial capabilities, and we may experience difficulties in managing our growth.
Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
Our business is subject to complex and evolving industry-specific laws and regulations regarding the collection and transfer of personal data. These laws and regulations can be complex and stringent, and many are subject to change and uncertain interpretation, which could result in claims, changes to our data and other business practices, significant penalties, increased cost of operations, or otherwise adversely impact our business.
We manufacture some of our medicines and intend to manufacture some of our drug candidates, if approved. Delays in completing and receiving regulatory approvals for our manufacturing facilities, or damage to, destruction of or interruption of production at such facilities, could delay our development plans or commercialization efforts.
Changes in the political and economic policies of the PRC government or in relations between China and the United States or other governments may materially and adversely affect our business, financial condition, and results of operations and may result in our inability to sustain our growth and expansion strategies.
The audit report included in our Annual Report on Form 10-K filed with the SEC is prepared by auditors who are not inspected fully by the Public Company Accounting Oversight Board, and as such, investors are deprived of the benefits of such inspection.
The trading prices of our ordinary shares and/or ADSs can be volatile, which could result in substantial losses to you.
4

Table of Contents

PART I.     FINANCIAL INFORMATION
Item 1.     Financial Statements
BEIGENE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
  As of
  June 30,December 31, 
 Note20212020
  $$
  (unaudited)(audited)
Assets   
Current assets:   
Cash and cash equivalents 1,776,448 1,381,950 
Short-term restricted cash4310 307 
Short-term investments42,605,452 3,268,725 
Accounts receivable, net1073,787 60,403 
Inventories5117,587 89,293 
Prepaid expenses and other current assets10225,455 160,012 
Total current assets 4,799,039 4,960,690 
Long-term restricted cash49,927 7,748 
Property, plant and equipment, net6395,167 357,686 
Operating lease right-of-use assets95,980 90,581 
Intangible assets, net812,008 5,000 
Deferred tax assets979,751 65,962 
Other non-current assets10132,244 113,090 
Total non-current assets 725,077 640,067 
Total assets 5,524,116 5,600,757 
Liabilities and shareholders' equity 
Current liabilities: 
Accounts payable 168,826 231,957 
Accrued expenses and other payables10398,856 346,144 
Deferred revenue, current portion363,605  
Tax payable913,855 20,380 
Operating lease liabilities, current portion16,550 13,895 
Research and development cost share liability, current portion3145,820 127,808 
Short-term debt11434,802 335,015 
Total current liabilities 1,242,314 1,075,199 
Non-current liabilities: 
Long-term bank loans11194,856 183,637 
Deferred revenue, non-current portion375,272  
Operating lease liabilities, non-current portion34,172 29,417 
Deferred tax liabilities912,270 10,792 
Research and development cost share liability, non-current portion3303,126 375,040 
Other long-term liabilities1055,331 57,429 
Total non-current liabilities 675,027 656,315 
Total liabilities 1,917,341 1,731,514 
Commitments and contingencies18
Equity: 
Ordinary shares, US$0.0001 par value per share; 9,500,000,000 shares authorized; 1,204,567,023 and 1,190,821,941 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
 120 118 
Additional paid-in capital 7,561,155 7,414,932 
Accumulated other comprehensive income1512,095 6,942 
Accumulated deficit (3,966,595)(3,552,749)
Total equity3,606,775 3,869,243 
Total liabilities and equity 5,524,116 5,600,757 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
  Three Months EndedSix Months Ended
  June 30,June 30,
 Note2021202020212020
  $$
Revenues   
Product revenue, net12138,624 65,635 244,741 117,694 
Collaboration revenue311,368  511,123  
Total revenues 149,992 65,635 755,864 117,694 
Expenses 
Cost of sales - product 36,263 14,307 68,948 28,456 
Research and development 356,091 285,968 676,817 590,270 
Selling, general and administrative 232,289 124,049 414,395 231,130 
Amortization of intangible assets 187 188 375 471 
Total expenses 624,830 424,512 1,160,535 850,327 
Loss from operations (474,838)(358,877)(404,671)(732,633)
Interest (expense) income, net (4,866)1,108 (9,045)7,798 
Other (expense) income, net (867)19,976 (4,990)23,657 
Loss before income taxes (480,571)(337,793)(418,706)(701,178)
Income tax (benefit) expense9(230)(1,475)(4,860)79 
Net loss (480,341)(336,318)(413,846)(701,257)
Less: net loss attributable to noncontrolling interests  (1,116) (2,320)
Net loss attributable to BeiGene, Ltd. (480,341)(335,202)(413,846)(698,937)
Loss per share attributable to BeiGene, Ltd.(0.40)(0.33)(0.35)(0.69)
Weighted-average shares outstanding—basic and diluted1,194,071,476 1,010,230,470 1,191,521,766 1,007,967,904 
Loss per American Depositary Share ("ADS")(5.23)(4.31)(4.52)(9.01)
Weighted-average ADSs outstanding—basic and diluted91,851,652 77,710,036 91,655,520 77,535,993 
 The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Table of Contents

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
 Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
 $$$$
Net loss(480,341)(336,318)(413,846)(701,257)
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments9,626 1,732 5,864 (2,617)
Pension liability adjustments(136) 361  
Unrealized holding (loss) gain, net(599)(4,470)(1,072)1,228 
Comprehensive loss(471,450)(339,056)(408,693)(702,646)
Less: comprehensive loss attributable to noncontrolling interests (1,103) (2,411)
Comprehensive loss attributable to BeiGene, Ltd.(471,450)(337,953)(408,693)(700,235)
 The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Table of Contents

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
  Six Months Ended June 30,
 Note20212020
  $$
Operating activities:   
Net loss (413,846)(701,257)
Adjustments to reconcile net loss to net cash used in operating activities: 
Depreciation and amortization expense 21,159 15,617 
Share-based compensation expenses14110,624 83,723 
Unrealized losses/(gains) on equity investments46,033 (11,264)
Acquired in-process research and development53,500 43,000 
Amortization of research and development cost share liability3(53,902)(55,240)
Deferred income tax benefits (12,311)(1,060)
Other items, net 11,212 (7,064)
Changes in operating assets and liabilities: 
Accounts receivable (13,338)9,094 
Inventories (28,294)(4,681)
Other assets (77,204)(51,962)
Accounts payable (42,558)34,851 
Accrued expenses and other payables 1,688 41,465 
Deferred revenue 138,877  
Other liabilities 3,189 (108)
Net cash used in operating activities (295,171)(604,886)
Investing activities: 
Purchases of property, plant and equipment (80,920)(54,138)
Purchases of investments (1,357,051)(2,442,943)
Proceeds from sale or maturity of investments 1,997,515 997,242 
Purchase of in-process research and development(8,500)(43,000)
Other investing activities(7,500)(2,025)
Net cash provided by (used in) investing activities 543,544 (1,544,864)
Financing activities: 
Proceeds from sale of ordinary shares, net of cost16 2,162,407 
Proceeds from research and development cost share liability  616,834 
Proceeds from long-term loan1110,819 49,525 
Proceeds from short-term loans11112,589 26,197 
Repayment of short-term loan(15,959) 
Proceeds from option exercises and employee share purchase plan 35,601 28,198 
Net cash provided by financing activities 143,050 2,883,161 
Effect of foreign exchange rate changes, net 5,257 (4,287)
Net increase in cash, cash equivalents, and restricted cash 396,680 729,124 
Cash, cash equivalents, and restricted cash at beginning of period 1,390,005 620,775 
Cash, cash equivalents, and restricted cash at end of period 1,786,685 1,349,899 
Supplemental cash flow information: 
Cash and cash equivalents 1,776,448 1,345,014 
Short-term restricted cash 310 283 
Long-term restricted cash9,927 4,602 
Income taxes paid 14,527 9,250 
Interest paid 14,267 3,354 
Supplemental non-cash information: 
Acquisitions of equipment included in accounts payable 28,885 28,962 
Acquired in-process research and development included in accrued expenses45,000  
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Table of Contents

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
 Attributable to BeiGene, Ltd.  
 Ordinary SharesAdditional
Paid-In
Capital
Accumulated
Other Comprehensive Income
Accumulated
Deficit
TotalNoncontrolling
Interests
 
 SharesAmountTotal
$$$$$$$
Balance at December 31, 20201,190,821,941 118 7,414,932 6,942 (3,552,749)3,869,243  3,869,243 
Use of shares reserved for share option exercises(123,097)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")6,623,773 1 25,753 — — 25,754 — 25,754 
Share-based compensation— — 45,833 — — 45,833 — 45,833 
Other comprehensive loss— — — (3,738)— (3,738)— (3,738)
Net income— — — — 66,495 66,495 — 66,495 
Balance at March 31, 20211,197,322,617 119 7,486,518 3,204 (3,486,254)4,003,587  4,003,587 
Use of shares reserved for share option exercises(1,599,676)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")8,844,082 1 9,846 — — 9,847 — 9,847 
Share-based compensation— — 64,791 — — 64,791 — 64,791 
Other comprehensive loss— — — 8,891 — 8,891 — 8,891 
Net loss— — — — (480,341)(480,341)— (480,341)
Balance at June 30, 20211,204,567,023 120 7,561,155 12,095 (3,966,595)3,606,775  3,606,775 
Balance at December 31, 2019801,340,698 79 2,925,970 (8,001)(1,955,843)962,205 16,150 978,355 
Issuance of ordinary shares in connection with collaboration206,635,013 21 2,162,386 — — 2,162,407 — 2,162,407 
Use of shares reserved for share option exercises(3,705,468)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")3,706,573 1 11,628 — — 11,629 — 11,629 
Share-based compensation— — 38,255 — — 38,255 — 38,255 
Other comprehensive income— — — 1,453 — 1,453 (104)1,349 
Net loss— — — — (363,735)(363,735)(1,204)(364,939)
Balance at March 31, 20201,007,976,816 101 5,138,239 (6,548)(2,319,578)2,812,214 14,842 2,827,056 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")10,493,392 1 16,568 — — 16,569 — 16,569 
Use of shares reserved for share option exercises and RSU releases(3,493,516)— — — — — — — 
Share-based compensation— — 45,468 — — 45,468 — 45,468 
Deconsolidation of entity— — — — — — (3,545)(3,545)
Other comprehensive loss— — — (2,751)— (2,751)13 (2,738)
Net loss— — — — (335,202)(335,202)(1,116)(336,318)
Balance at June 30, 20201,014,976,692 102 5,200,275 (9,299)(2,654,780)2,536,298 10,194 2,546,492 
The accompanying notes are an integral part of these condensed consolidated financial statements.

9

Table of Contents

BEIGENE, LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollar (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
(Unaudited)
1. Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies
Description of business
BeiGene, Ltd. (the "Company", "BeiGene", "it", "its") is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and expand access for patients worldwide.
The Company has delivered ten molecules into the clinic in its first ten years, including three commercial medicines, BRUKINSA®, a small molecule inhibitor of Bruton’s Tyrosine Kinase (“BTK”) for the treatment of various blood cancers, tislelizumab, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers, and pamiparib, a selective small molecule inhibitor of PARP1 and PARP2. The Company is marketing BRUKINSA® in the world’s two largest pharmaceutical markets, the United States and the People's Republic of China ("China" or the "PRC"), and tislelizumab and pamiparib in China, with an established, science-based commercial organization. Additionally, the Company has licensed the China rights to multiple medicines, including Amgen's XGEVA®, BLINCYTO®, and KYPROLIS®; BMS's REVLIMID®, VIDAZA®, and ABRAXANE®; and EUSA Pharma's SYLVANT® and QARZIBA®. The Company has built state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines and plans to build a commercial-stage biologics manufacturing and clinical R&D center in New Jersey. It also works with high quality contract manufacturing organizations (“CMOs”) to manufacture its internally developed clinical and commercial products.
The Company is a leader in China-inclusive global clinical development, which it believes can facilitate faster and more cost-effective development of innovative medicines. Its internal clinical development capabilities are deep, including a more than 1,600-person global clinical development team that is running more than 90 ongoing or planned clinical trials. This includes more than 30 pivotal or registration-enabling trials for three drug candidates that have enrolled more than 13,000 patients and healthy volunteers, of which approximately one-half have been outside of China, as of June 2021. The Company has over 45 medicines and drug candidates in commercial stage or clinical development, including 8 approved medicines, 4 pending approval, and over 30 in clinical development.
Supported by its development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen and Novartis to develop and commercialize innovative medicines globally. Since its inception in 2010 in Beijing, the Company has become a fully integrated global organization of over 6,400 employees in 18 countries and regions as of June 30, 2021, including China, the United States, Europe and Australia.
Basis of presentation and consolidation
The accompanying condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of shareholders' equity for the three and six months ended June 30, 2021 and 2020, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report").
The unaudited interim condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of the operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period.
The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.
10

Table of Contents

Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries which are not attributable, directly or indirectly, to the controlling shareholders. For a portion of fiscal 2020, the Company consolidated its interests in its joint venture, BeiGene Biologics Co., Ltd. ("BeiGene Biologics") and MapKure, LLC ("MapKure"), under the voting model and recognized the minority shareholder's equity interest as a noncontrolling interest in its condensed consolidated financial statements. In June 2020, the Company deconsolidated MapKure and recorded an equity method investment for its remaining ownership interest in the joint venture (see Note 4). In November 2020, the Company acquired the remaining equity interest in BeiGene Biologics. Subsequent to the share purchase, BeiGene Biologics is a wholly-owned subsidiary of the Company (see Note 7).
Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates 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, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
Recent accounting pronouncements
New accounting standards which have been adopted
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. Certain amendments in this update should be applied retrospectively or modified retrospectively, and all other amendments should be applied prospectively. The Company adopted this standard on January 1, 2021. There was no material impact to the Company's financial position or results of operations upon adoption.
Significant accounting policies
For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2020.
There have been no material changes to the Company’s significant accounting policies as of and for the six months ended June 30, 2021, as compared to the significant accounting policies described in the Annual Report.
2. Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in market with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
11

Table of Contents

The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and considers an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers.
The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2021 and December 31, 2020:
 Quoted Price  
 in ActiveSignificant 
 Market forOtherSignificant
 IdenticalObservableUnobservable
 AssetsInputsInputs
As of June 30, 2021(Level 1)(Level 2)(Level 3)
 $$$
Cash equivalents   
U.S. treasury securities527,749   
Money market funds195,444   
Short-term investment (Note 4):
U.S. Treasury securities2,605,452   
Other non-current assets (Note 4):
Equity securities with readily determinable fair values7,880 4,223  
Total3,336,525 4,223  
 
 Quoted Price  
 in ActiveSignificant 
 Market forOtherSignificant
 IdenticalObservableUnobservable
 AssetsInputsInputs
As of December 31, 2020(Level 1)(Level 2)(Level 3)
 $$$
Cash equivalents   
U.S. treasury securities286,072   
Money market funds80,838   
Short-term investment (Note 4):
U.S. Treasury securities3,268,725   
Other non-current assets (Note 4):
Equity securities with readily determinable fair values10,810 6,669  
Total3,646,445 6,669  
The Company's cash equivalents are highly liquid investments with original maturities of 3 months or less. Short-term investments represent the Company's investments in available-for-sale debt securities. The Company determines the fair value of cash equivalents and available-for-sale debt securities using a market approach based on quoted prices in active markets.
The Company's equity securities carried at fair value consist of holdings in common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. ("Leap"), which were acquired in connection with a collaboration and license agreement entered into in January 2020. The common stock investment in Leap, a publicly-traded biotechnology company, is measured and carried at fair value and classified as Level 1. The warrants to purchase additional shares of common stock in Leap are classified as a Level 2 investment and are measured using the Black-Scholes option-pricing valuation model, which utilizes a constant maturity risk-free rate and reflects the term of the warrants, dividend yield and stock price volatility, that is based on the historical volatility of similar companies. Refer to Note 4, Restricted Cash and Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments.
12

Table of Contents

As of June 30, 2021 or December 31, 2020, the fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term debt approximated their carrying values due to their short-term nature. Long-term bank loans approximate their fair value due to the fact that the related interest rates approximate the rates currently offered by financial institutions for similar debt instrument of comparable maturities.
3. Collaborative Arrangements
The Company has entered into collaborative arrangements for the research and development, manufacture and/or commercialization of medicines and drug candidates. To date, these collaborative arrangements have included out-licenses of internally developed products and drug candidates to other parties, in-licenses of products and drug candidates from other parties, and profit- and cost-sharing arrangements. These arrangements may include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing and reimbursement arrangements, royalty payments, and profit sharing.
Out-Licensing Arrangements
For the three and six months ended June 30, 2021, the Company’s collaboration revenue consisted entirely of revenue recognized under its out-licensing collaborative agreement with Novartis Pharma AG ("Novartis"). There was no collaboration revenue recognized for the three and six months ended June 30, 2020.
The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2021 and 2020:
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenue from Collaborators$$$$
License revenue 484,646  
Research and development service revenue11,368 26,477  
Total11,368 511,123  
Novartis
In January 2021, the Company entered into a collaboration and license agreement with Novartis, granting Novartis rights to develop, manufacture and commercialize tislelizumab in North America, Europe, and Japan (the "Novartis Territory"). The Company and Novartis have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals. In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and the Company has an option to co-detail the product in North America, funded in part by Novartis.
Under the agreement the Company received an upfront cash payment of $650,000 from Novartis. The Company is eligible to receive up to $1,300,000 upon the achievement of regulatory milestones, $250,000 upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory. Under the terms of the agreement, the Company is responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products. Each party retains the worldwide right to commercialize its propriety products in combination with tislelizumab.
The Company evaluated the Novartis agreement under ASC 606 as all the material units of account within the agreement represented transactions with a customer. The Company identified the following material components under the agreement: (1) exclusive license for Novartis to develop, manufacture, and commercialize tislelizumab in the Novartis Territory, transfer of know-how and use of the tislelizumab trademark; (2) conducting and completing ongoing trials of tislelizumab (“R&D services”); and (3) supplying Novartis with required quantities of the tislelizumab drug product, or drug substance, upon receipt of an order from Novartis.
The Company determined that the license, transfer of know-how and use of trademarks are not distinct from each other and represent a single performance obligation. The R&D services represent a material promise and were determined to be a separate performance obligation at the outset of the agreement as the promise is distinct and has standalone value to Novartis. The Company evaluated the supply component of the contract and noted the supply will not be provided at a significant incremental discount to Novartis. The Company concluded that, for the purpose of ASC 606, the provision related to providing clinical and
13

Table of Contents

commercial supply of tislelizumab in the Novartis Territory was an option but not a performance obligation of the Company at the outset of the Novartis collaboration agreement. A performance obligation for the clinical and commercial supply will be established as quantities of drug product or drug substance are ordered by Novartis.

The Company determined that the transaction price as of the outset of the arrangement was the upfront payment of $650,000. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained due to uncertainty of achievement. The transaction price was allocated to the two identified performance obligations based on a relative fair value basis. The standalone selling price of the license, transfer of know-how and use of trademarks performance obligation was determined using the adjusted market assessment approach. Based on the valuation performed by the Company, the standalone selling price of the license, transfer of know-how and use of trademarks was valued at $1,231,000. The standalone selling price of the R&D services was valued at $420,000 using a cost plus margin valuation approach. Based on the relative standalone selling prices of the two performance obligations, $484,646 of the total transaction price was allocated to the license and $165,354 was allocated to the R&D services.

The Company satisfied the license performance obligation at a point in time when the license was delivered and the transfer of know-how completed which occurred during the six months ended June 30, 2021. As such, the Company recognized the entire amount of the transaction price allocated to the license as collaboration revenue during the six months ended June 30, 2021. The portion of the transaction price allocated to the R&D services was deferred and is being recognized as collaboration revenue as the R&D services are performed using a percentage-of-completion method. Estimated costs to complete are reassessed on a periodic basis and any updates to the revenue earned are recognized on a prospective basis. The Company recognized R&D service revenue of $11,368 and $26,477 during the three and six months ended June 30, 2021, respectively.

In-Licensing Arrangements
Amgen
In October 2019, the Company entered into a global strategic oncology collaboration with Amgen (the "Amgen Collaboration Agreement") for the commercialization and development in China, excluding Hong Kong, Taiwan and Macau, of Amgen’s XGEVA®, KYPROLIS®, and BLINCYTO®, and the joint global development of a portfolio of oncology assets in Amgen’s pipeline, with BeiGene responsible for development and commercialization in China. The agreement became effective on January 2, 2020, following approval by the Company's shareholders and satisfaction of other closing conditions.
Under the agreement, the Company is responsible for the commercialization of XGEVA®, KYPROLIS® and BLINCYTO® in China for five or seven years. Amgen is responsible for manufacturing the products globally and will supply the products to the Company at an agreed upon price. The Company and Amgen will share equally in the China commercial profits and losses during the commercialization period. Following the commercialization period, the Company has the right to retain one product and is entitled to receive royalties on sales in China for an additional five years on the products not retained. XGEVA® was approved in China in 2019 for patients with giant cell tumor of the bone and in November 2020 for the prevention of skeletal-related events in cancer patients with bone metastases. In July 2020, the Company began commercializing XGEVA® in China. In December 2020, BLINCYTO® was approved in China for injection for the treatment of adult patients with relapsed or refractory (R/R) B-cell precursor acute lymphoblastic leukemia (ALL). In July 2021, KYPROLIS® was conditionally approved in China for injection in combination with dexamethasone for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma.
Amgen and the Company are also jointly developing a portfolio of Amgen oncology pipeline assets under the collaboration. The Company is responsible for conducting clinical development activities in China and co-funding global development costs by contributing cash and development services up to a total cap of $1,250,000. Amgen is responsible for all development, regulatory and commercial activities outside of China. For each pipeline asset that is approved in China, the Company will receive commercial rights for seven years from approval. The Company has the right to retain approximately one out of every three approved pipeline assets, other than LUMAKRAS (sotorasib), Amgen's KRAS G12C inhibitor, for commercialization in China. The Company and Amgen will share equally in the China commercial profits and losses during the commercialization period. The Company is entitled to receive royalties from sales in China for pipeline assets returned to Amgen for five years after the seven-year commercialization period. The Company is also entitled to receive royalties from global sales of each product outside of China (with the exception of sotorasib).
The Amgen Collaboration Agreement is within the scope of ASC 808, as both parties are active participants and are exposed to the risks and rewards dependent on the commercial success of the activities performed under the agreement. The Company is the principal for product sales to customers in China during the commercialization period and recognizes 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales are recorded as cost of sales. Cost reimbursements due to or from Amgen under the profit share are recognized as incurred and recorded to cost of sales;
14

Table of Contents

selling, general and administrative expense; or research and development expense, based on the underlying nature of the related activity subject to reimbursement. Costs incurred for the Company's portion of the global co-development funding are recorded to research and development expense as incurred.
In connection with the Amgen Collaboration Agreement, a Share Purchase Agreement ("SPA") was entered into by the parties in October 2019. On January 2, 2020, the closing date of the transaction, Amgen purchased 15,895,001 of the Company's ADSs for $174.85 per ADS, representing a 20.5% ownership stake in the Company. Per the SPA, the cash proceeds shall be used as necessary to fund the Company's development obligations under the Amgen Collaboration Agreement. Pursuant to the SPA, Amgen also received the right to designate one member of the Company's board of directors, and Anthony Hooper joined the Company's board of directors as the Amgen designee in January 2020.
In determining the fair value of the common stock at closing, the Company considered the closing price of the common stock on the closing date of the transaction and included a lack of marketability discount because the shares are subject to certain restrictions. The fair value of the shares on the closing date was determined to be $132.74 per ADS, or $2,109,902 in the aggregate. The Company determined that the premium paid by Amgen on the share purchase represents a cost share liability due to the Company's co-development obligations. The fair value of the cost share liability on the closing date was determined to be $601,857 based on the Company's discounted estimated future cash flows related to the pipeline assets. The total cash proceeds of $2,779,241 were allocated based on the relative fair value method, with $2,162,407 recorded to equity and $616,834 recorded as a research and development cost share liability. The cost share liability is being amortized proportionately as the Company contributes cash and development services to its total co-development funding cap.
Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2021 and 2020 were as follows:
 Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
 $$$$
Research and development expense27,687 28,337 55,330 56,703 
Amortization of research and development cost share liability26,973 27,606 53,903 55,240 
Total amount due to Amgen for BeiGene's portion of the development funding54,660 55,943 109,233 111,943 
As of
June 30,
2021
Remaining portion of development funding cap 909,777 
As of June 30, 2021 and December 31, 2020, the research and development cost share liability recorded in the Company's balance sheet was as follows:
 As of
 June 30,December 31,
 20212020
 $$
Research and development cost share liability, current portion145,820 127,808 
Research and development cost share liability, non-current portion303,126 375,040 
Total research and development cost share liability448,946 502,848 
15

Table of Contents

The total reimbursement due under the commercial profit-sharing agreement for in-line product sales is classified in the income statement for the three and six months ended June 30, 2021 and 2020 as follows:
 Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
 $$$$
Cost of sales - product(32) 678  
Research and development322  63  
Selling, general and administrative(9,218) (15,917) 
Total(8,928) (15,176) 
The Company purchases from Amgen inventory of XGEVA®, KYPROLIS® and BLINCYTO® to distribute in China. Amounts payable to Amgen for inventory purchases and co-development funding as of June 30, 2021 and December 31, 2020 were $94,616 and $121,917, respectively.
Shoreline
In June 2021, the Company signed an exclusive worldwide strategic collaboration with Shoreline Biosciences, Inc., to develop and commercialize a portfolio of NK-based based cell therapeutics leveraging Shoreline’s iPSC NK cell technology and BeiGene’s research and clinical development capabilities for different malignancies.
4. Restricted Cash and Investments
Restricted Cash
The Company’s restricted cash balance of $10,237 and $8,055 as of June 30, 2021 and December 31, 2020, respectively, primarily consists of RMB-denominated cash deposits held in designated bank accounts for collateral for letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction.
Short-Term Investments