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REVENUE, OTHER INCOME AND GAINS (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]  
Summary of Analysis of Revenue
An analysis of revenue is as follows:
202320222021
US$’000US$’000US$’000
Revenue
Licensing of intellectual property35,160 50,000 65,402 
Collaboration revenue249,804 66,677 — 
Other revenue179 328 3,424 
Total Revenue
285,143 117,005 68,826 
Summary of Deferred Revenue from Contract Liabilities
The following table shows the deferred revenue which is included in contract liabilities for the periods presented:

20232022
US$’000US$’000
Contract liabilities (Current)53,010 — 
Contract liabilities (Non Current)47,962 — 
Total 100,972 — 
Summary of Transaction Price and Performance Obligations
The following table summarizes the composition of the total transaction price for the following periods.
December 31,
2023		December 31,
2022
US$’000US$’000
PO1: Licensing of intellectual property and performing Legend Phase 1 trial120,710 — 
PO2: Supply of materials4,600 — 
Total125,310 — 
The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2023:

December 31,
2023		December 31,
2022
US$’000US$’000
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial120,710 — 
PO2: Supply of materials4,600 — 
Total125,310 — 
Remaining unsatisfied performance obligation125,310 — 
Transaction Price Amounts Allocated to Remaining Performance Obligations
The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of December 31, 2023 are as follows:
202320222021
US$’000US$’000US$’000
Amounts expected to be recognized as revenue:
Licensing of intellectual property and completion of Legend Phase 1 trial
Within 1 year63,360 — — 
1 - 2 years37,920 — — 
2 - 3 Years12,490 — — 
3 - 4 years 6,940 — — 
After 4 years— — — 
Total
120,710 — — 
Other Income and Gains
The following table summarizes the Total other income and gains:
202320222021
US$’000US$’000US$’000
Other income and gains
Other income:
Finance income54,487 8,182 971 
Government grants*2,731 2,434 1,736 
Other245 88 35 
Total income57,463 10,704 2,742 
Gains:
Fair value gains on financial assets measured at fair value change through profit or loss663 603 — 
Other— 742 317 
Total gains663 1,345 317 
Total other income and gains 58,126 12,049 3,059 
*    The amount represents subsidies received from local government authorities to support the Company’s business. There were no unfulfilled conditions and other contingencies attached to these government grants.