2023 Q3 Form 10-Q Financial Statement
#000183128323000110 Filed on August 14, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $17.28M | $15.59M |
| YoY Change | 6.07% | 7.14% |
| % of Gross Profit | ||
| Research & Development | $9.018M | $9.454M |
| YoY Change | 9.2% | -66.93% |
| % of Gross Profit | ||
| Depreciation & Amortization | $300.0K | $300.0K |
| YoY Change | 0.0% | 50.0% |
| % of Gross Profit | ||
| Operating Expenses | $26.30M | $25.04M |
| YoY Change | 7.14% | -41.95% |
| Operating Profit | -$26.30M | -$25.04M |
| YoY Change | 7.14% | -41.95% |
| Interest Expense | $2.710M | $2.754M |
| YoY Change | 92.88% | 398.01% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $141.0K | $869.0K |
| YoY Change | -88.75% | 328.08% |
| Pretax Income | -$23.45M | -$21.42M |
| YoY Change | 7.12% | -49.46% |
| Income Tax | $586.0K | $200.0K |
| % Of Pretax Income | ||
| Net Earnings | -$24.04M | -$21.62M |
| YoY Change | 9.78% | -49.0% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | -$0.22 | -$0.20 |
| Diluted Earnings Per Share | -$0.22 | -$0.20 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 107.2M shares | 107.2M shares |
| Diluted Shares Outstanding | 107.2M shares | 107.2M shares |
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $252.2M | $267.3M |
| YoY Change | -19.1% | -18.84% |
| Cash & Equivalents | $103.5M | $104.1M |
| Short-Term Investments | $148.8M | $163.2M |
| Other Short-Term Assets | $3.800M | $4.476M |
| YoY Change | 25.66% | -19.22% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | $910.0K | $1.025M |
| Total Short-Term Assets | $257.8M | $273.1M |
| YoY Change | -20.49% | -20.54% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $2.364M | $2.562M |
| YoY Change | -24.59% | -14.37% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $20.00K | $20.00K |
| YoY Change | -45.95% | -48.72% |
| Total Long-Term Assets | $5.097M | $5.700M |
| YoY Change | -81.54% | -79.72% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $257.8M | $273.1M |
| Total Long-Term Assets | $5.097M | $5.700M |
| Total Assets | $262.9M | $278.8M |
| YoY Change | -25.28% | -25.02% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $6.229M | $1.908M |
| YoY Change | 208.52% | 54.62% |
| Accrued Expenses | $15.88M | $16.88M |
| YoY Change | -11.13% | -6.08% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $25.63M | $21.64M |
| YoY Change | 16.34% | -0.48% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $213.0K | $210.0K |
| YoY Change | 6.5% | 0.96% |
| Total Long-Term Liabilities | $213.0K | $210.0K |
| YoY Change | 6.5% | 0.96% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $25.63M | $21.64M |
| Total Long-Term Liabilities | $213.0K | $210.0K |
| Total Liabilities | $26.79M | $23.29M |
| YoY Change | -40.79% | -48.94% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$540.2M | -$516.2M |
| YoY Change | 19.46% | 19.93% |
| Common Stock | $745.8M | $741.2M |
| YoY Change | 2.31% | 2.36% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $202.3M | $221.7M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $262.9M | $278.8M |
| YoY Change | -25.28% | -25.02% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$24.04M | -$21.62M |
| YoY Change | 9.78% | -49.0% |
| Depreciation, Depletion And Amortization | $300.0K | $300.0K |
| YoY Change | 0.0% | 50.0% |
| Cash From Operating Activities | -$15.86M | -$19.32M |
| YoY Change | -0.65% | -50.98% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $160.0K | $50.00K |
| YoY Change | -117.08% | -115.2% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $15.68M | $22.02M |
| YoY Change | -141.73% | -35.18% |
| Cash From Investing Activities | $15.52M | $21.97M |
| YoY Change | -140.3% | -34.7% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 0.000 | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -15.86M | -19.32M |
| Cash From Investing Activities | 15.52M | 21.97M |
| Cash From Financing Activities | 0.000 | 0.000 |
| Net Change In Cash | -340.0K | 2.654M |
| YoY Change | -99.38% | -165.53% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$15.86M | -$19.32M |
| Capital Expenditures | $160.0K | $50.00K |
| Free Cash Flow | -$16.02M | -$19.37M |
| YoY Change | 6.61% | -50.44% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q4 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
302400000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
195271000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
64000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
14897000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
848000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
210168000 | usd |
| CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
107043924 | shares |
| CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
107043924 | shares |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107164401 | shares |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107164401 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107922501 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107922501 | shares |
| CY2021Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
387336000 | usd |
| CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
4669000 | usd |
| CY2022Q1 | adr |
Apic Due From Related Parties Increase For Cost Recognition
APICDueFromRelatedPartiesIncreaseForCostRecognition
|
1710000 | usd |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-27726000 | usd |
| CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-1216000 | usd |
| CY2022Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
364773000 | usd |
| CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
4528000 | usd |
| CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42391000 | usd |
| CY2022Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-712000 | usd |
| CY2022Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
326198000 | usd |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-45666000 | usd | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-70117000 | usd | |
| adr |
Non Cash Operating Lease Expense Benefit
NonCashOperatingLeaseExpenseBenefit
|
0 | usd | |
| adr |
Non Cash Operating Lease Expense Benefit
NonCashOperatingLeaseExpenseBenefit
|
430000 | usd | |
| us-gaap |
Depreciation
Depreciation
|
658000 | usd | |
| us-gaap |
Depreciation
Depreciation
|
409000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
8770000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
9197000 | usd | |
| us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
2360000 | usd | |
| us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-1000 | usd | |
| us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
1261000 | usd | |
| us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-240000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-3710000 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-3130000 | usd | |
| us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-745000 | usd | |
| us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
1281000 | usd | |
| us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
0 | usd | |
| us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-8000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
476000 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1957000 | usd | |
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-2198000 | usd | |
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
7414000 | usd | |
| us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
273000 | usd | |
| us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
50000 | usd | |
| adr |
Increase Decrease In Operating Lease Assets And Liabilities
IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities
|
-97000 | usd | |
| adr |
Increase Decrease In Operating Lease Assets And Liabilities
IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities
|
-32000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-36950000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-52508000 | usd | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
69000 | usd | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
673000 | usd | |
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
87806000 | usd | |
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
126138000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
150391000 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
85125000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
62516000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-41686000 | usd | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | usd | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1710000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1710000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-732000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-1289000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
24834000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-93773000 | usd | |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
79294000 | usd |
| CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
248182000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
104128000 | usd |
| CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
154409000 | usd |
| CY2023Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
104059000 | usd |
| CY2022Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
134334000 | usd |
| CY2023Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
69000 | usd |
| CY2022Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
20075000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
104128000 | usd |
| CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
154409000 | usd |
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
3000 | usd | |
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
343000 | usd | |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
150000 | usd | |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
938000 | usd | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
Nature of Business <div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">LianBio (“LianBio” or the “Company”) is a clinical stage biopharmaceutical company dedicated to bringing innovative medicines to patients with unmet medical needs in Asia. The Company’s initial focus is to license assets for development and commercialization in Greater China and other Asian markets.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was incorporated in the Cayman Islands in July 2019 and maintains its Chinese headquarters in Shanghai, China. The Company conducts its corporate activities at its United States headquarters located in Princeton, New Jersey. </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 3, 2021, the Company completed its initial public offering (“IPO”) through an underwritten sale of 20,312,500 American Depositary Shares (“ADSs”) representing 20,312,500 ordinary shares at a price of $16.00 per share. Following the close of the IPO, on December 1, 2021, the underwriters partially exercised their option to purchase additional shares and purchased an additional 593,616 ADSs at the IPO price of $16.00 per ADS. The Company received gross proceeds of $334.5 million in connection with the IPO and subsequent exercise of the underwriters’ option and aggregate net proceeds of $304.8 million after deducting underwriting discounts, commissions and other offering expenses.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concurrent with the IPO, all of the Company’s convertible preferred shares then-outstanding were automatically converted into an aggregate of 64,467,176 ordinary shares and were reclassified into permanent equity. Following the IPO, there were no preferred shares outstanding.</span></div> | ||
| CY2021Q4 | us-gaap |
Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
|
64467176 | shares |
| CY2021Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
0 | shares |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(B) Use of Estimates </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The only material estimates in the accompanying financial statements are the fair value of warrants, share-based compensation, and share options. Actual results could differ from those used in evaluating these accounting estimates.</span></div> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(i) Concentration of Credit Risk and Other Risks and Uncertainties</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s operations have not been significantly impacted by the global novel coronavirus disease 2019 (“COVID-19”) pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and operations, including planned clinical trials. The impact of the COVID-19 pandemic on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy continue to be highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents in deposits at financial institutions that exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to material credit risk due to the financial position of the banking institutions. The Company has no off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s results of operations involve numerous risks and uncertainties. Factors that could affect the Company’s operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials, uncertainty of regulatory approval of the Company’s potential product candidates, uncertainty of market acceptance of its product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each of the Company’s product candidates require approvals from the National Medical Products Administration (“NMPA”) in China and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, such events could have a materially adverse impact on the Company’s business.</span></div> | ||
| CY2023Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-516200000 | usd |
| CY2022Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-470500000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
267300000 | usd |
| CY2023Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4672000 | usd |
| CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4663000 | usd |
| CY2023Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2110000 | usd |
| CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1547000 | usd |
| CY2023Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2562000 | usd |
| us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(E) Reclassification</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications of prior year information have been made to conform to the current year’s presentation.</span></div> | ||
| CY2019Q4 | adr |
Class Of Warrant Or Right Number Of Tranches
ClassOfWarrantOrRightNumberOfTranches
|
3 | tranche |
| CY2021Q1 | adr |
Class Of Warrant Or Right Number Of Tranches
ClassOfWarrantOrRightNumberOfTranches
|
3 | tranche |
| CY2023Q2 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
163757000 | usd |
| CY2023Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
2000 | usd |
| CY2023Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
550000 | usd |
| CY2023Q2 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
163209000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
223981000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
9000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
848000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
223142000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
479000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
142035000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
71000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
7236000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
550000 | usd |
| CY2023Q2 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
149271000 | usd |
| CY2022Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
784000 | usd |
| CY2023Q2 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
156044000 | usd |
| CY2023Q2 | adr |
Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOne
|
7165000 | usd |
| CY2022Q4 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
205163000 | usd |
| CY2022Q4 | adr |
Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOne
|
17979000 | usd |
| CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3116000 | usd |
| CY2023Q2 | us-gaap |
Depreciation
Depreciation
|
300000 | usd |
| us-gaap |
Depreciation
Depreciation
|
700000 | usd | |
| CY2022Q2 | us-gaap |
Depreciation
Depreciation
|
200000 | usd |
| us-gaap |
Depreciation
Depreciation
|
400000 | usd | |
| CY2023Q2 | adr |
Prepaid Rent And Supplies
PrepaidRentAndSupplies
|
1921000 | usd |
| CY2022Q4 | adr |
Prepaid Rent And Supplies
PrepaidRentAndSupplies
|
1957000 | usd |
| CY2023Q2 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
1259000 | usd |
| CY2022Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
2953000 | usd |
| CY2023Q2 | us-gaap |
Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
|
329000 | usd |
| CY2022Q4 | us-gaap |
Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
|
2640000 | usd |
| CY2023Q2 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
1296000 | usd |
| CY2022Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
1090000 | usd |
| CY2023Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
4805000 | usd |
| CY2022Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
8640000 | usd |
| CY2023Q2 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
3866000 | usd |
| CY2022Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
7833000 | usd |
| CY2023Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
2724000 | usd |
| CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
4438000 | usd |
| CY2023Q2 | adr |
Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
|
10160000 | usd |
| CY2022Q4 | adr |
Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
|
7379000 | usd |
| CY2023Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
129000 | usd |
| CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
176000 | usd |
| CY2023Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
16879000 | usd |
| CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
19826000 | usd |
| CY2022Q4 | us-gaap |
Other Commitment
OtherCommitment
|
0 | usd |
| CY2023Q2 | us-gaap |
Other Commitment
OtherCommitment
|
0 | usd |
| CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21621000 | usd |
| CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-42391000 | usd |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-45666000 | usd | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-70117000 | usd | |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107164401 | shares |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107164401 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107922501 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107922501 | shares |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107163220 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107163220 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
107600767 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
107600767 | shares | |
| CY2023Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.20 | |
| CY2023Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.20 | |
| CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.39 | |
| CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.39 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.43 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.43 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.65 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.65 |
