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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Loss before tax $ (520,118) $ (445,724) $ (407,196)
Adjustments for:      
Finance income (54,487) (8,182) (971)
Finance costs 21,794 10,796 900
Provision for inventory reserve [1] 3,627 5,288 0
Depreciation of property, plant and equipment 10,704 10,173 8,139
Loss on disposal of property, plant and equipment 226 481 974
Amortization of intangible assets 1,924 2,476 1,379
Depreciation of right-of-use assets 7,823 5,743 4,399
Fair value loss/(gain) of warrant liability 85,750 (20,900) 6,200
Fair value gains on financial assets measured at fair value change through profit or loss (663) (593) 0
Foreign currency exchange loss/(gain), net 28,224 9,159 4,867
Equity-settled share-based compensation expense 47,680 34,338 20,158
Deferred government grant (628) (307) (295)
Cash flows from (used in) operations before changes in working capital (368,144) (397,252) (361,446)
(Increase)/decrease in trade receivables (98,980) 50,320 24,590
(Increase)/decrease in prepayments, other receivables and other assets (8,724) (50,614) (2,966)
Decrease/(increase) in other non-current assets 753 3,661 (1,175)
(Increase)/decrease in collaboration inventories [1] (12,706) (13,893) 51
Government grant received 23 6,180 80
(Decrease)/increase in trade payables (12,702) 25,850 1,805
(Decrease)/increase in other payables and accruals (38,809) 165,883 140,747
Increase/(decrease) in other non-current liabilities (176) (163) (158)
Increase/(decrease) in contract liabilities (current) 52,500 0 0
Increase/(decrease) in contract liabilities (non-current) 47,500 0 0
Increase in pledged deposits, net 0 (15) (1,060)
Cash used in operations (439,465) (210,043) (199,532)
Income tax paid (668) 0 0
Interest income received 47,275 5,580 652
Income tax received 976 3,709 557
Interest on lease payments (1,394) (527) (142)
Net cash used in operating activities (393,276) (201,281) (198,465)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property, plant and equipment (20,084) (20,927) (42,197)
Purchase of intangible assets (2,638) (1,348) (3,207)
Prepayment to collaborator for collaboration assets (98,784) (14,810) (1,708)
Purchase of financial assets measured at fair value through profit or loss 0 (285,000) (50,000)
Cash received from withdrawal of financial assets measured at fair value through profit or loss 185,000 99,990 50,081
Cash received from withdrawal of financial assets measured at amortized cost 0 30,000 0
Cash receipts of investment income 8,810 1,252 0
Proceeds from disposal of property, plant and equipment 0 0 4
Addition in time deposits (4,863,149) (369,971) (298,107)
Decrease in time deposits 4,882,724 483,617 180,000
Decrease in pledged deposits 907 105 0
Purchase of financial assets measured at amortized cost 0 0 (29,849)
Net cash provided by/(used in) investing activities 92,786 (77,092) (194,983)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of ordinary shares for institutional investors, net of issuance cost 234,410 0 0
Proceeds from issuance of ordinary shares for follow on public offering, net of issuance costs 349,278 377,643 323,440
Proceeds from exercise of warrant by warrant holder, net of issuance cost 199,741 0 0
Proceeds from issuance of ordinary shares and warrant relating to private placement for an institutional investor 0 0 300,000
Proceeds from exercise of share options 11,816 2,929 4,642
Principal portion of lease payments (3,755) (2,596) (1,419)
Net cash provided by financing activities 791,490 377,976 626,663
NET INCREASE IN CASH AND CASH EQUIVALENTS 491,000 99,603 233,215
Effect of foreign exchange rate changes, net 682 (2,510) 34
Cash and cash equivalents at beginning of year 786,031 688,938 455,689
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,277,713 786,031 688,938
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS      
Cash and bank balances 1,312,773 841,317 858,607
Less: Pledged deposits 357 1,270 1,444
Time deposits 34,703 54,016 168,225
Cash and cash equivalents as stated in the statement of financial position 1,277,713 786,031 688,938
Cash and cash equivalents as stated in the statement of cash flows $ 1,277,713 $ 786,031 $ 688,938
[1] 2022 increase/decrease in collaboration inventories has been reclassified to break out the provision for inventory reserve for comparative purposes in the 2023 presentation.