FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Sensitivity to Reasonably Possible Change in Exchange Rates

The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the Euro ("EUR") and RMB exchange rate against US$, with all other variables held constant, of the Company’s loss before tax (due to changes in the fair values of monetary assets and liabilities).

	Increase/ (decrease) in the rate of foreign currency	Decrease/ (increase) in loss before tax
	%	US$’000
Year ended December 31, 2023
If US$ strengthens against RMB	5	1,300
If US$ weakens against RMB	(5)	(1,300)
If US$ strengthens against EUR	5	(51,887)
If US$ weakens against EUR	(5)	51,887
Year ended December 31, 2022
If US$ strengthens against RMB	5	1,314
If US$ weakens against RMB	(5)	(1,314)
If US$ strengthens against EUR	5	(1,441)
If US$ weakens against EUR	(5)	1,441
Year ended December 31, 2021
If US$ strengthens against RMB	5	1,215
If US$ weakens against RMB	(5)	(1,215)
If US$ strengthens against EUR	5	(3,086)
If US$ weakens against EUR	(5)	3,086

Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments

The maturity profile of the Company’s financial liabilities as at the end of the reporting period, based on contractual undiscounted payments, is as follows:

As at December 31, 2023
	Less than 1 years	Over 1 years	Total
	US$’000	US$’000	US$’000
Trade payables	20,160	—	20,160
Other payables	11,944	—	11,944
Collaboration interest-bearing advanced funding	—	281,328	281,328
Lease liabilities	4,703	60,088	64,791
Total	36,807	341,416	378,223

As at December 31, 2022
	Less than 1 years	Over 1 years	Total
	US$’000	US$’000	US$’000
Trade payables	32,893	—	32,893
Other payables	10,960	—	10,960
Warrant liability	67,000	—	67,000
Collaboration interest-bearing advanced funding	—	260,932	260,932
Lease liabilities	3,966	23,193	27,159
Total	114,819	284,125	398,944

Summary of Monitoring Capital Using Gearing Ratio

The Company monitors capital using a gearing ratio, which is total liabilities divided by total assets. The gearing ratios as at the end of each year were as follows:

	December 31, 2023		December 31, 2022
	US$’000		US$’000
Total liabilities	597,238		586,651
Total assets	1,848,609		1,330,963
Gearing ratio	32	%	44	%