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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net Loss $ (22,230,000) $ (207,729,000) $ (371,053,000)
Less: net gain (loss) from discontinued operations 27,466,000 (125,512,000) (229,850,000)
Net loss from continuing operations (49,696,000) (82,217,000) (141,203,000)
Adjustments to reconcile net loss to net cash used in operating activities      
Share-based compensation (1,949,000) 10,239,000 13,149,000
Change in fair value and extinguishment of put right liabilities (13,852,000) 1,118,000 (5,070,000)
Equity in loss of affiliates 1,038,000 11,404,000 64,707,000
Depreciation of property, equipment and software 261,000 475,000 206,000
Impairment of goodwill 0 23,041,000 0
Settlement of TJ Biopharma repurchase obligations 12,388,000    
Amortization of right-of use assets 717,000 586,000 1,209,000
Impairment of fixed assets 622,000    
Impairment of assets held for sale 624,000    
Gain on disposal of property and equipment (11,000)   (27,000)
Change in fair value of short-term and other investments   (221,000) (1,898,000)
Recognition of deferred cost for planned dual listing     2,253,000
Changes in operating assets and liabilities      
Prepayments and other receivables (1,904,000) 28,000 (1,800,000)
Accruals and other payables (213,000) (35,681,000) 18,337,000
Other non-current liabilities (106,000) (894,000) 226,000
Operating lease liability, net (588,000) (575,000) (1,217,000)
Accounts receivable     (2,755,000)
Contract assets     4,301,000
Net cash used in operating activities from continuing operations (52,669,000) (72,697,000) (49,582,000)
Cash flows from investing activities      
Proceeds from disposal of short-term and other investments 109,834,000 85,000,000 764,421,000
Purchase of short-term and other investments (194,748,000) (100,000,000) (767,510,000)
Purchase of available-for-sale debt securities (51,115,000)    
Purchase of property, equipment and software (48,000) (164,000) (2,091,000)
Proceeds from disposal of property and equipment 62,000    
Net cash used in investing activities from continuing operations (136,015,000) (15,164,000) (5,180,000)
Cash flows from financing activities      
Payment for stock repurchases (335,000) (8,644,000) (3,006,000)
Proceeds from exercise of stock options   407,000 6,918,000
Net cash (used in) generated from financing activities from continuing operations (335,000) (8,237,000) 3,912,000
Discontinued operations:      
Net cash used in operating activities (27,498,000) (109,791,000) (116,663,000)
Net cash (used in) generated from investing activities (22,289,000) 26,077,000 73,216,000
Net cash (used in) generated from financing activities (4,171,000) 9,911,000 2,805,000
Net cash used in discontinued operations (53,958,000) (73,803,000) (40,642,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 573,000 5,197,000 14,197,000
Net decrease in cash and cash equivalents (242,404,000) (164,704,000) (77,295,000)
Cash and cash equivalents, beginning of year 310,667,000 475,371,000 552,666,000
Cash and cash equivalents, end of year 68,263,000 310,667,000 475,371,000
Additional ASC 842 supplemental disclosures      
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities 805,000 739,000 909,000
Right-of-use assets obtained in exchange for operating lease obligations 282,000 1,426,000  
Other supplemental cash flow disclosures      
Income tax paid     103,000
Non-cash activities      
Payables for purchase of property, equipment and software     124,000
Unrealized loss on available-for-sale debt securities 8,168,000    
Cash and cash equivalents 68,263,000 291,506,000 342,922,000
Restricted cash [1]     5,000,000
Cash and cash equivalents in current assets of discontinued operations   10,843,000 8,894,000
Restricted cash in non-current assets of discontinued operations   8,318,000 118,555,000
Total cash and cash equivalents and restricted cash $ 68,263,000 $ 310,667,000 $ 475,371,000
[1] The $5.0 million of restricted cash represents cash deposits placed by I-Mab Hong Kong in connection with a December 2022 bank loan held by TJBio Shanghai. This borrowing was repaid in full and the restrictions on the cash deposits were released during 2023.