Schedule I — Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

(in thousands of $, except for number of shares and per share data)


	December 31,
	2023	2022

Assets
Current assets:
Cash and cash equivalents	565,981	944,649

Prepayments and other current assets	7,423	10,203
Total current assets	573,404	954,852
Investment in subsidiaries	224,954	93,363
Total assets	798,358	1,048,215
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Other current liabilities	2,240	2,620
Total current liabilities	2,240	2,620

Total liabilities	2,240	2,620
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6	6
Additional paid-in capital	2,975,302	2,893,120
Accumulated deficit	(2,195,980)	(1,861,360)
Accumulated other comprehensive income	37,626	25,685
Treasury stock	(20,836)	(11,856)
Total shareholders’ equity	796,118	1,045,595
Total liabilities and shareholders’ equity	798,358	1,048,215

Condensed Statements of Operations and Comprehensive Loss

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Operating Expenses:
Research and development	(82)	(178)	(6)
General and administrative	(16,958)	(19,773)	(12,074)
Loss from operations	(17,040)	(19,951)	(12,080)
Interest income	30,840	12,857	1,881
Other income (expense), net	4,029	(8,678)	(18,173)
Profit (Loss) before income tax and equity in loss of subsidiaries	17,829	(15,772)	(28,372)
Equity in loss of subsidiaries	(352,449)	(427,514)	(676,099)
Income tax expense	—	—	—

Net loss	(334,620)	(443,286)	(704,471)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustment	11,941	49,330	(9,121)
Comprehensive loss	(322,679)	(393,956)	(713,592)

Condensed Statements of Cash Flows

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Cash flows from operating activities:
Net loss	(334,620)	(443,286)	(704,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred income	—	(234)	(312)
Share based compensation	3,217	3,724	3,435
Equity in loss of subsidiaries	352,449	427,514	676,099
Loss from fair value changes of equity investment of readily determinable fair value	(2,789)	8,952	14,617
Changes in operating assets and liabilities:
Prepayments and other current assets	2,780	(7,839)	(439)
Other current liabilities	(379)	1,648	(376)
Net cash provided by (used in) operating activities	20,658	(9,521)	(11,447)
Cash flows from investing activities:
Purchases of short-term investments	—	(260,274)	(445,000)
Proceeds from maturity of short-term investments	—	705,274	743,902
Purchase of investment in equity investee	—	—	(30,000)
Investment in subsidiaries	(392,893)	(80,942)	(884,342)
Net cash (used in) provided by investing activities	(392,893)	364,058	(615,440)
Cash flows from financing activities:
Proceeds from exercises of stock options	2,369	5,870	7,418
Proceeds from issuance of ordinary shares upon public offerings	—	—	818,875
Payment of public offering costs	—	—	(1,692)
Employee taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,348
Effect of foreign exchange rate changes on cash and cash equivalent	—	—	773
Net (decrease) increase in cash and cash equivalents	(378,668)	352,807	194,234
Cash and cash equivalents-beginning of the year	944,649	591,842	397,608
Cash and cash equivalents-end of the year	565,981	944,649	591,842