Legend Biotech (LEGN) 6-K12 Nov 242024 Q3 Legend Biotech Reports Third Quarter 2024 Results and Recent HighlightsFinancial data

Company Profile

COVER

COVER	9 Months Ended
COVER	Sep. 30, 2024
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Legend Biotech Corporation
Entity Central Index Key	0001801198
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false

UNAUDITED INTERIM CONDENSED CON

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
REVENUE
License revenue	$ 120,123	$ 35,172
Collaboration revenue	314,563	170,369
Other revenue	6,033	138
Total revenue	440,719	205,679
Collaboration cost of revenue	(146,966)	(111,764)
Cost of license and other revenue	(13,693)	0
Other income and gains	49,148	49,812
Research and development expenses	(309,112)	(276,535)
Administrative expenses	(102,582)	(78,062)
Selling and distribution expenses	(98,556)	(60,481)
Other expenses	(1,139)	(231)
Fair value loss of warrant liability	0	(85,750)
Finance costs	(16,463)	(15,974)
LOSS BEFORE TAX	(198,644)	(373,306)
Income tax expense	(4,666)	(130)
LOSS FOR THE PERIOD	(203,310)	(373,436)
Attributable to:
Ordinary equity holders of the parent	$ (203,310)	$ (373,436)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic (in dollars per share)	$ (0.56)	$ (1.07)
Diluted (in dollars per share)	$ (0.56)	$ (1.07)
OTHER COMPREHENSIVE INCOME/(LOSS)
Exchange differences on translation of foreign operations	$ 3,374	$ (13,705)
Net other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods	3,374	(13,705)
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD, NET OF TAX	3,374	(13,705)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(199,936)	(387,141)
Attributable to:
Ordinary equity holders of the parent	$ (199,936)	$ (387,141)

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
NON-CURRENT ASSETS
Property, plant and equipment	$ 104,031	$ 108,725
Advance payments for property, plant and equipment	376	451
Right-of-use assets	99,452	80,502
Time deposits	4,509	4,362
Intangible assets	2,507	4,061
Collaboration prepaid leases	172,981	151,216
Other non-current assets	1,932	1,493
Total non-current assets	385,788	350,810
CURRENT ASSETS
Collaboration inventories, net	23,548	19,433
Trade receivables	705	100,041
Prepayments, other receivables and other assets	112,801	69,251
Financial assets at fair value through profit or loss	0	663
Pledged deposits	583	357
Time deposits	753,123	30,341
Cash and cash equivalents	459,277	1,277,713
Total current assets	1,350,037	1,497,799
Total assets	1,735,825	1,848,609
CURRENT LIABILITIES
Trade payables	26,906	20,160
Other payables and accruals	164,864	132,802
Government grants	554	68
Lease liabilities	4,342	3,175
Tax payable	11,067	7,203
Contract liabilities	63,161	53,010
Total current liabilities	270,894	216,418
NON-CURRENT LIABILITIES
Collaboration interest-bearing advanced funding	296,623	281,328
Lease liabilities long term	45,626	44,169
Government grants	6,548	7,305
Contract liabilities	0	47,962
Other non-current liabilities	27	56
Total non-current liabilities	348,824	380,820
Total liabilities	619,718	597,238
EQUITY
Share capital	37	36
Reserves	1,116,070	1,251,335
Total ordinary shareholders’ equity	1,116,107	1,251,371
Total equity	1,116,107	1,251,371
Total liabilities and equity	$ 1,735,825	$ 1,848,609

UNAUDITED INTERIM CONDENSED C_3

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Private Placement For Institutional Investors	Registered Direct Offering	Exercise of Warrant	Share capital	Share capital Private Placement For Institutional Investors	Share capital Registered Direct Offering	Share capital Exercise of Warrant	Share premium	[1]	Share premium Private Placement For Institutional Investors	[1]	Share premium Registered Direct Offering	[1]	Share premium Exercise of Warrant	[1]	Share-based compensation reserves	[1]	Foreign currency translation reserve	[1]	Retained accumulated losses	[1]
Beginning balance at Dec. 31, 2022	$ 744,312				$ 33				$ 1,657,015								$ 39,049		$ 14,671		$ (966,456)
Statement of changes in equity [Roll Forward]
Loss for the period	(373,436)																				(373,436)
Other comprehensive loss:
Exchange differences on translation of foreign operations	(13,705)																		(13,705)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(387,141)																		(13,705)		(373,436)
Issuance of ordinary shares		$ 234,410	$ 349,278	$ 352,491		$ 1	$ 1	$ 1			$ 234,409		$ 349,277		$ 352,490
Exercise of share options	11,195								17,301								(6,106)
Reclassification of vested restricted share units	0								23,421								(23,421)
Equity-settled share-based compensation expense	35,091																35,091
Ending balance at Sep. 30, 2023	1,339,636				36				2,633,913								44,613		966		(1,339,892)
Other comprehensive loss:
Reserves	1,339,600
Reserves	1,251,335
Beginning balance at Dec. 31, 2023	1,251,371				36				2,637,120								54,621		44,304		(1,484,710)
Statement of changes in equity [Roll Forward]
Loss for the period	(203,310)																				(203,310)
Other comprehensive loss:
Exchange differences on translation of foreign operations	3,374																		3,374
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(199,936)																		3,374		(203,310)
Exercise of share options	9,118								14,011								(4,893)
Reclassification of vested restricted share units	1				1				34,596								(34,596)
Equity-settled share-based compensation expense	55,553																55,553
Ending balance at Sep. 30, 2024	1,116,107				$ 37				$ 2,685,727								$ 70,685		$ 47,678		$ (1,688,020)
Other comprehensive loss:
Reserves	$ 1,116,070

[1]These reserve accounts comprise the consolidated reserves of $1,116.1 million and $1,339.6 million in the consolidated statements of financial position as at September 30, 2024 and, 2023, respectively

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS USED IN OPERATING ACTIVITIES
Loss before tax	$ (198,644)	$ (373,306)
Adjustments for:
Finance income	(47,550)	(37,185)
Finance costs	16,463	15,974
Provision for inventory reserve	6,828	1,344
Depreciation of property, plant and equipment	7,957	7,978
Loss on disposal of property, plant and equipment	2	223
Amortization of intangible assets	1,565	1,442
Depreciation of right-of-use assets	7,041	5,680
Fair value loss of warrant liability	0	85,750
Fair value gains on financial assets measured at fair value through profit or loss	0	(792)
Decrease in contract liabilities, net	(37,507)	0
Foreign currency exchange loss/(gain), net	1,111	(10,136)
Equity-settled share-based compensation expense	55,553	35,091
Deferred government grant	(430)	(484)
Cash flows provided by (used in) operations before changes in working capital	(187,611)	(268,421)
Decrease in trade receivables	99,336	70
Increase in prepayments, other receivables and other assets	(43,929)	(6,413)
Increase in other non-current assets	(455)	0
Increase in collaboration inventories, net	(10,943)	(9,004)
Government grant received	85	0
Increase/(decrease) in trade payables	6,560	(15,720)
Increase/(decrease) in other payables and accruals	49,793	(28,784)
Decrease in other non-current liabilities	(29)	(1,243)
Increase in pledged deposits, net	(221)	0
Cash used in operations	(87,414)	(329,515)
Interest income received	27,520	32,903
Income tax paid	(896)	0
Interest on lease payments	(1,165)	(1,019)
Net cash used in operating activities	(61,955)	(297,631)
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of property, plant and equipment	(11,727)	(15,739)
Purchase of intangible assets	0	(134)
Prepayment to collaborator for collaboration assets	(49,110)	(80,218)
Purchase of financial assets measured at fair value through profit or loss	(149,800)	0
Cash receipts of investment income	2,467	6,402
Decrease/(addition) of pledged short-term deposits	0	922
Cash received from withdrawal of financial assets measured at fair value through profit or loss	149,800	0
Addition in time deposits	(2,249,001)	(2,948,694)
Decrease in time deposits	1,544,669	2,722,738
Net cash used in investing activities	(762,702)	(314,723)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of warrant by warrant holder, net of issuance cost	0	199,741
Proceeds from issuance of ordinary shares for follow on public offering, net of issuance costs	0	349,278
Proceeds from issuance of ordinary shares for institutional investors, net of issuance costs	0	234,410
Proceeds from exercise of share options	9,113	11,195
Principal portion of lease payments	(3,082)	(4,059)
Net cash provided by financing activities	6,031	790,565
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(818,626)	178,211
Effect of foreign exchange rate changes, net	190	(772)
Cash and cash equivalents at beginning of year	1,277,713	786,031
CASH AND CASH EQUIVALENTS AT END OF PERIOD	459,277	963,470
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances	1,217,492	1,242,669
Less: Pledged deposits	583	356
Time deposits	757,632	278,843
Cash and cash equivalents as stated in the statement of financial position	459,277	963,470
Cash and cash equivalents as stated in the statement of cash flows	$ 459,277	$ 963,470

CORPORATE INFORMATION

CORPORATE INFORMATION	9 Months Ended
CORPORATE INFORMATION	Sep. 30, 2024
Disclosure of subsidiaries [abstract]
CORPORATE INFORMATION	CORPORATE INFORMATION Legend Biotech Corporation, (the "Company"), was incorporated on May 27, 2015 as an exempted company in the Cayman Islands with limited liability under the Companies Act (As Revised) of the Cayman Islands. The registered office address of the Company is PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1002, Cayman Islands. Legend Biotech Corporation is an investment holding company. The Company’s subsidiaries are principally engaged in the discovery, development, manufacturing and commercialization of novel cell therapies for oncology and other indications.

BASIS OF PREPARATION

BASIS OF PREPARATION	9 Months Ended
BASIS OF PREPARATION	Sep. 30, 2024
Basis of Preparation [Abstract]
BASIS OF PREPARATION	BASIS OF PREPARATION The unaudited interim condensed consolidated financial statements of Legend and its subsidiaries (collectively referred to as the “Company”) for the nine months ended September 30, 2024 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting (“IAS34”) issued by the International Accounting Standards Board (the “IASB”). The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company financial statements for the year ended December 31, 2023. The Company has not early adopted any other standards, interpretation or amendments that have been issued but are not yet effective. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of results to be expected for any other interim periods or for the year ended December 31, 2023. The condensed consolidated statement of financial position as of December 31, 2023 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by the IASB for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023.

NEW STANDARDS, INTERPRETATIONS

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY	9 Months Ended
	Sep. 30, 2024
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY	NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANYThere were no new International Financial Reporting Standards (“IFRS”), amendments or interpretations issued by the IASB that became effective in the nine months ended September 30, 2024 that had a material impact on the Company's unaudited interim condensed consolidated financial statements.

REVENUE, OTHER INCOME AND GAINS

REVENUE, OTHER INCOME AND GAINS	9 Months Ended
REVENUE, OTHER INCOME AND GAINS	Sep. 30, 2024
Disclosure of disaggregation of revenue from contracts with customers [abstract]
REVENUE, OTHER INCOME AND GAINS	REVENUE, OTHER INCOME AND GAINS An analysis of revenue is as follows: Nine months ended September 30, 2024 2023 US$’000 US$’000 Revenue License revenue 120,123 35,172 Collaboration revenue 314,563 170,369 Other revenue 6,033 138 Total 440,719 205,679 Janssen Collaboration Agreement License revenue from licensing of intellectual property is recognized at a point in time with respect to the exclusive worldwide collaboration and license agreement with Janssen Biotech, Inc., a Johnson & Johnson company (“Janssen”), to develop and commercialize cilta-cel (the “Janssen Agreement”). License revenue from licensing of intellectual property represents variable consideration relating to the milestone payments that were constrained in prior years but included in the transaction price when the achievement of the milestones was highly probable. The Company recognized license revenue of $75.1 million for the nine months ended September 30, 2024 for milestones achieved under the Janssen Agreement. Collaboration revenue includes the Company's pro-rata share of collaboration net trade sales for which Janssen is the principal in the sale to the customer under the Janssen Agreement. Novartis License Agreement On November 10, 2023, Legend Biotech, through its wholly owned subsidiary, Legend Biotech Ireland Limited, entered into an exclusive, global license agreement with Novartis Pharma AG (the "Novartis License Agreement"). The Company granted Novartis the worldwide rights to develop, manufacture and commercialize LB2102 and other potential chimeric antigen receptor T-cell (CAR-T) therapies selectively targeting Delta-like Ligand 3 (DLL3). The Novartis License Agreement was effective on December 28, 2023, with a $100 million receivable initially recorded, representing the Novartis upfront payment which was then received on January 3rd, 2024. Novartis has also agreed to pay up to $1.01 billion in milestone payments upon achievement of specified clinical, regulatory and commercial milestones, as well as tiered royalties on net sales. The Company determined that any milestone payments will be recognized upon occurrence as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. The Company determined that any sales-based royalties will be recognized when the related sales occur as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. Under the Novartis License Agreement, Legend Biotech will conduct the Legend Phase 1 clinical trial for LB2102 in the U.S. Novartis will conduct all other development, manufacture and commercialization for the licensed product(s). The Company recognized license revenue of $45 million for the nine months ended September 30, 2024 due to the timing of underlying activities performed in connection with the Novartis License Agreement. Other Revenue Other revenue primarily includes supply of materials by us to Novartis under the terms of the Novartis License Agreement. The following table shows the deferred revenue which is included in contract liabilities for the periods presented: September 30, December 31 2024 2023 US$’000 US$’000 Contract liabilities (Current) 63,161 53,010 Contract liabilities (Non-Current) — 47,962 Total 63,161 100,972 The following table summarizes the Total other income and gains: Nine months ended September 30, 2024 2023 US$’000 US$’000 Other income and gains Other income: Finance income 47,550 37,185 Government grants* 1,342 1,528 Other 235 5 Total income 49,127 38,718 Gains: Foreign currency exchange gain, net — 10,136 Fair value gains on financial assets measured at fair value change through profit or loss — 792 Other 21 166 Total gains 21 11,094 Total other income and gains 49,148 49,812 *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.

FINANCE COSTS

FINANCE COSTS	9 Months Ended
FINANCE COSTS	Sep. 30, 2024
Finance Costs [Abstract]
FINANCE COSTS	FINANCE COSTS Nine months ended September 30, 2024 2023 US$’000 US$’000 Interest on lease liabilities 1,165 1,019 Collaboration interest-bearing advanced funding 15,298 14,955 Total 16,463 15,974

LOSS PER SHARE ATTRIBUTABLE TO

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT	9 Months Ended
	Sep. 30, 2024
Basic earnings per share [abstract]
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT	LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic loss per share amount is based on the loss for the period attributable to ordinary equity holders of Legend Biotech Corporation, and the weighted average number of ordinary shares of 365,268,372 and 348,293,363 in issue during the nine months ended September 30, 2024 and 2023, respectively. The calculation of the diluted earnings per share amount is based on the loss for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation. The diluted loss per share equals the basic loss per share amounts presented for the nine months ended September 30, 2024 and 2023, as the impact of the outstanding share options and RSU had an anti-dilutive effect on the basic loss per share amounts presented. The calculations of basic and diluted loss per share are based on: Nine months ended September 30, 2024 2023 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic and diluted earnings per share calculation (203,310) (373,436) Number of shares 2024 2023 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic and diluted earnings per share calculation 365,268,372 348,293,363

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Sep. 30, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The carrying amounts of the Company’s property, plant and equipment and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 At January 1, 2024 Cost 143,727 Accumulated depreciation (35,002) Net carrying amount 108,725 At January 1, 2024, net of accumulated depreciation 108,725 Additions 3,650 Disposals (982) Depreciation provided during the period (7,957) Exchange realignment 595 At September 30, 2024, net of accumulated depreciation 104,031 At September 30, 2024: Cost 146,338 Accumulated depreciation (42,307) Net carrying amount 104,031

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2024
Lease [Abstract]
LEASES	LEASES The Company as a lessee The Company has leases for office, research laboratory and manufacturing facilities, equipment, vehicles, land and collaboration assets. The terms of the leases vary, although most generally have lease terms between 3 and 29 years. Lump sum payments were made upfront to acquire the leasehold land from the owners with lease periods of 50 years, and no ongoing payments will be made under the terms of these leasehold land. Leases with terms of 12 months or less are expensed as incurred. Collaboration assets represent the Company’s share of assets leased to the collaboration from Janssen, which purchased the assets on behalf of the collaboration, in connection with the Janssen Agreement. Collaboration assets under construction that will be leased to the collaboration from Janssen when placed into service are classified as collaboration prepaid leases on the consolidated financial statements. (a) Right-of-use assets The carrying amounts of the Company’s right-of-use assets and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 Right-of-use assets at January 1, 2024 80,502 Additions 25,231 Exchange realignment 760 Depreciation of right-of-use assets (7,041) Right-of-use assets at September 30, 2024 99,452 (b) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The balance of the Company’s lease liabilities and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 Carrying amount at January 1, 2024 47,344 Additions 5,271 Accretion of interest recognized during the period 1,165 Payments (4,247) Exchange realignment 435 Carrying amount at September 30, 2024 49,968 Analyzed into: Current portion 4,342 Non-current portion 45,626 Total 49,968

COLLABORATION INVENTORIES, NET

COLLABORATION INVENTORIES, NET	9 Months Ended
COLLABORATION INVENTORIES, NET	Sep. 30, 2024
Classes of current inventories [abstract]
COLLABORATION INVENTORIES, NET	COLLABORATION INVENTORIES, NET September 30, December 31, US$’000 US$’000 Raw materials 18,179 13,155 Work-in-process 4,944 2,990 Finished goods 425 3,288 Total collaboration inventories, net 23,548 19,433 The Company's reserve for inventory was $15.8 million and $8.9 million as of September 30, 2024 and December 31, 2023, respectively. The Company’s reserve for inventory was primarily related to expired material and certain batches or units of product that did not meet quality specifications that were charged to collaboration cost of sales.

PREPAYMENTS, OTHER RECEIVABLES

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	9 Months Ended
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	Sep. 30, 2024
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS September 30, December 31, US$’000 US$’000 Other collaboration receivables 96,819 54,078 Other receivables 1,904 837 Lease receivables 163 1,388 VAT recoverable 4,388 717 Prepayments 9,527 12,231 Total 112,801 69,251 None of the above assets are either past due or impaired. The above balances relate to receivables for which there was no recent history of default. The Company estimated that the expected credit loss for the above receivables as at September 30, 2024 and December 31, 2023 is insignificant.

CASH AND CASH EQUIVALENTS, TIME

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS	9 Months Ended
	Sep. 30, 2024
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract]
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS	CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS September 30, December 31, US$’000 US$’000 Cash and bank balances 1,217,492 1,312,773 Less: Pledged deposits (583) (357) Time deposits (757,632) (34,703) Cash and cash equivalents 459,277 1,277,713 Denominated in USD 439,687 1,254,969 Denominated in RMB 12,140 12,675 Denominated in EUR 7,450 10,069 Cash and cash equivalents 459,277 1,277,713 The cash and cash equivalents of the Company denominated in Renminbi (“RMB”) amounted to $12.1 million and $12.7 million in the consolidated statements of financial position as at September 30, 2024 and December 31, 2023, respectively. The RMB is not freely convertible into other currencies, however, under Greater China Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business. The pledged deposit as at September 30, 2024 was primarily pledged for office space and credit card facilities, while the pledged deposit as at December 31, 2023 was pledged for credit card facilities.

OTHER PAYABLES AND ACCRUALS

OTHER PAYABLES AND ACCRUALS	9 Months Ended
OTHER PAYABLES AND ACCRUALS	Sep. 30, 2024
Disclosure Of Other Payables And Accruals [Abstract]
OTHER PAYABLES AND ACCRUALS	OTHER PAYABLES AND ACCRUALS September 30, December 31, US$’000 US$’000 Accrued payroll 39,417 30,974 Accrued expense 99,841 71,462 Other payables 15,080 11,944 Payable for collaboration assets 8,563 16,338 Other tax payables 1,963 2,084 Total 164,864 132,802 Other payables are non-interest-bearing and repayable on demand.

COLLABORATION INTEREST-BEARING

COLLABORATION INTEREST-BEARING ADVANCED FUNDING	9 Months Ended
COLLABORATION INTEREST-BEARING ADVANCED FUNDING	Sep. 30, 2024
Disclosure of detailed information about borrowings [abstract]
COLLABORATION INTEREST-BEARING ADVANCED FUNDING	COLLABORATION INTEREST-BEARING ADVANCED FUNDING Effective interest rate (%) Maturity September 30, US$’000 Non-current Collaboration Interest-bearing Advanced Funding 7.21 No specific maturity date 296,623 Pursuant to the Janssen Agreement, the Company is entitled to receive funding advances from Janssen when certain operational conditions are met. As a result, the Company took an initial funding advance with principal amounting to $17.3 million on June 18, 2021, a second funding advance with principal amounting to $53.1 million on September 17, 2021, a third funding advance with principal amounting to $49.3 million on December 17, 2021, a forth funding advance with principal amounting to $5.3 million on March 18, 2022, a fifth funding advance with principal amounting to $60.9 million on June 17, 2022, a sixth funding advance with principal amounting to $60.5 million on September 16, 2022, and a seventh funding advance with principal amounting to $3.6 million on December 16, 2022, by reducing the same amount of other payables due to Janssen, respectively (collectively, the “Funding Advances”). These Funding Advances are accounted for as interest-bearing borrowings funded by Janssen, constituted by a principal amounting to $250.0 million and applicable interests accrued amounting to $46.6 million upon such principal. The respective interest rate of each borrowing has transitioned from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) in accordance with the LIBOR ACT. Thus, outstanding advances accrue interest at 12 month CME term SOFR plus LIBOR/SOFR adjustment (12 month) plus a margin of 2.5%. For each of the seven batches of funding advances, interest started to accrue from June 18, 2021, September 17, 2021, December 17, 2021, March 18, 2022, June 17, 2022, September 16, 2022, and December 16, 2022, respectively. Pursuant to the terms of the Janssen agreement, Janssen may recoup the aggregate amount of Funding Advances, together with interest thereon, from Company’s share of pre-tax profits from the first profitable year of the collaboration program a nd, subject to some limitations, from milestone payments due to the Company under the Janssen Agreement . The Company’s management estimated the loan will not be recouped by Janssen within one year, nor does the Company expect to repay the funding advances within one year, and thus the loan was classified as a long-term liability.

SHARE CAPITAL AND SHARE PREMIUM

SHARE CAPITAL AND SHARE PREMIUM	9 Months Ended
SHARE CAPITAL AND SHARE PREMIUM	Sep. 30, 2024
Disclosure of classes of share capital [abstract]
SHARE CAPITAL AND SHARE PREMIUM	SHARE CAPITAL AND SHARE PREMIUM Shares September 30, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 366,901,007 and (2023: 363,822,069) ordinary shares of $0.0001 each 37 36 A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2023 and January 1, 2024 363,822,069 36 2,637,120 2,637,156 Exercise of share options 1,517,492 — 14,011 14,011 Reclassification of vesting of restricted share units 1,561,446 1 34,596 34,597 At September 30, 2024 (Unaudited) 366,901,007 37 2,685,727 2,685,764

FAIR VALUE AND FAIR VALUE HIERA

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Disclosure Of Fair Value Of Financial Instruments [Abstract]
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS	FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS Management has assessed that the fair values of cash and cash equivalents, pledged deposits, time deposits, financial assets included in prepayments, other receivables and other assets, trade receivables, trade payables and financial liabilities included in other payables and accruals approximate to their carrying amounts largely due to the short-term maturities of these instruments. At September 30, 2024, the Company analyzed the movements in the values of financial instruments and determined the major inputs applied in the valuation, if any. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following table illustrates the fair value measurement hierarchy of the Company’s financial instruments: Asset measured at fair value: As at September 30, 2024 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss — — — — As at December 31, 2023 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 663 — — 663 The Company's financial assets at fair value through profit or loss consists of money market funds. During the nine months ended September 30, 2024, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities.

APPROVAL OF THE INTERIM CONDENS

APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2024
Statement of financial position [abstract]
APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements were approved and authorized for issue by the Audit Committee of the Board of Directors on November 8, 2024

REVENUE, OTHER INCOME AND GAI_2

REVENUE, OTHER INCOME AND GAINS (Tables)	9 Months Ended
REVENUE, OTHER INCOME AND GAINS (Tables)	Sep. 30, 2024
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Summary of Analysis of Revenue	An analysis of revenue is as follows: Nine months ended September 30, 2024 2023 US$’000 US$’000 Revenue License revenue 120,123 35,172 Collaboration revenue 314,563 170,369 Other revenue 6,033 138 Total 440,719 205,679
Summary of Deferred Revenue from Contract Liabilities	The following table shows the deferred revenue which is included in contract liabilities for the periods presented: September 30, December 31 2024 2023 US$’000 US$’000 Contract liabilities (Current) 63,161 53,010 Contract liabilities (Non-Current) — 47,962 Total 63,161 100,972
Other Income and Gains	The following table summarizes the Total other income and gains: Nine months ended September 30, 2024 2023 US$’000 US$’000 Other income and gains Other income: Finance income 47,550 37,185 Government grants* 1,342 1,528 Other 235 5 Total income 49,127 38,718 Gains: Foreign currency exchange gain, net — 10,136 Fair value gains on financial assets measured at fair value change through profit or loss — 792 Other 21 166 Total gains 21 11,094 Total other income and gains 49,148 49,812 *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.

FINANCE COSTS (Tables)

FINANCE COSTS (Tables)	9 Months Ended
FINANCE COSTS (Tables)	Sep. 30, 2024
Finance Costs [Abstract]
Summary of Finance Costs	Nine months ended September 30, 2024 2023 US$’000 US$’000 Interest on lease liabilities 1,165 1,019 Collaboration interest-bearing advanced funding 15,298 14,955 Total 16,463 15,974

LOSS PER SHARE ATTRIBUTABLE T_2

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Tables)	9 Months Ended
	Sep. 30, 2024
Basic earnings per share [abstract]
Summary of Calculations of Basic and Diluted Loss per Share	The calculations of basic and diluted loss per share are based on: Nine months ended September 30, 2024 2023 US$’000 US$’000 Losses Loss attributable to ordinary equity holders of the parent, used in the basic and diluted earnings per share calculation (203,310) (373,436) Number of shares 2024 2023 (Unaudited) (Unaudited) Shares Weighted average number of ordinary shares in issue during the period used in the basic and diluted earnings per share calculation 365,268,372 348,293,363

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Sep. 30, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	The carrying amounts of the Company’s property, plant and equipment and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 At January 1, 2024 Cost 143,727 Accumulated depreciation (35,002) Net carrying amount 108,725 At January 1, 2024, net of accumulated depreciation 108,725 Additions 3,650 Disposals (982) Depreciation provided during the period (7,957) Exchange realignment 595 At September 30, 2024, net of accumulated depreciation 104,031 At September 30, 2024: Cost 146,338 Accumulated depreciation (42,307) Net carrying amount 104,031

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2024
Lease [Abstract]
Summary of Carrying Amounts of The Right-of-use Assets and Movements	The carrying amounts of the Company’s right-of-use assets and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 Right-of-use assets at January 1, 2024 80,502 Additions 25,231 Exchange realignment 760 Depreciation of right-of-use assets (7,041) Right-of-use assets at September 30, 2024 99,452
Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term	The balance of the Company’s lease liabilities and the movements for the nine months ended September 30, 2024 are as follows: 2024 US$’000 Carrying amount at January 1, 2024 47,344 Additions 5,271 Accretion of interest recognized during the period 1,165 Payments (4,247) Exchange realignment 435 Carrying amount at September 30, 2024 49,968 Analyzed into: Current portion 4,342 Non-current portion 45,626 Total 49,968

COLLABORATION INVENTORIES, NET

COLLABORATION INVENTORIES, NET (Tables)	9 Months Ended
COLLABORATION INVENTORIES, NET (Tables)	Sep. 30, 2024
Classes of current inventories [abstract]
Summary of Inventories	September 30, December 31, US$’000 US$’000 Raw materials 18,179 13,155 Work-in-process 4,944 2,990 Finished goods 425 3,288 Total collaboration inventories, net 23,548 19,433

PREPAYMENTS, OTHER RECEIVABLE_2

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables)	Sep. 30, 2024
Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]
Summary of Prepayments, Other Receivables and Other Assets	September 30, December 31, US$’000 US$’000 Other collaboration receivables 96,819 54,078 Other receivables 1,904 837 Lease receivables 163 1,388 VAT recoverable 4,388 717 Prepayments 9,527 12,231 Total 112,801 69,251

CASH AND CASH EQUIVALENTS, TI_2

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract]
Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits	September 30, December 31, US$’000 US$’000 Cash and bank balances 1,217,492 1,312,773 Less: Pledged deposits (583) (357) Time deposits (757,632) (34,703) Cash and cash equivalents 459,277 1,277,713 Denominated in USD 439,687 1,254,969 Denominated in RMB 12,140 12,675 Denominated in EUR 7,450 10,069 Cash and cash equivalents 459,277 1,277,713

OTHER PAYABLES AND ACCRUALS (Ta

OTHER PAYABLES AND ACCRUALS (Tables)	9 Months Ended
OTHER PAYABLES AND ACCRUALS (Tables)	Sep. 30, 2024
Disclosure Of Other Payables And Accruals [Abstract]
Summary of Other Payables and Accruals	September 30, December 31, US$’000 US$’000 Accrued payroll 39,417 30,974 Accrued expense 99,841 71,462 Other payables 15,080 11,944 Payable for collaboration assets 8,563 16,338 Other tax payables 1,963 2,084 Total 164,864 132,802

COLLABORATION INTEREST-BEARIN_2

COLLABORATION INTEREST-BEARING ADVANCED FUNDING (Tables)	9 Months Ended
COLLABORATION INTEREST-BEARING ADVANCED FUNDING (Tables)	Sep. 30, 2024
Disclosure of detailed information about borrowings [abstract]
Summary of Interest-Bearing Loans and Borrowings	Effective interest rate (%) Maturity September 30, US$’000 Non-current Collaboration Interest-bearing Advanced Funding 7.21 No specific maturity date 296,623

SHARE CAPITAL AND SHARE PREMI_2

SHARE CAPITAL AND SHARE PREMIUM (Tables)	9 Months Ended
SHARE CAPITAL AND SHARE PREMIUM (Tables)	Sep. 30, 2024
Disclosure of classes of share capital [abstract]
Summary of Shares	Shares September 30, December 31, US$’000 US$’000 Authorized: 2,000,000,000 ordinary shares of $0.0001 each 200 200 Issued and fully paid: 366,901,007 and (2023: 363,822,069) ordinary shares of $0.0001 each 37 36
Summary of Movements in the Company's Share Capital and Share Premium	A summary of movements in the Company’s share capital and share premium is as follows: Number of Share Share Total US$’000 US$’000 US$’000 At December 31, 2023 and January 1, 2024 363,822,069 36 2,637,120 2,637,156 Exercise of share options 1,517,492 — 14,011 14,011 Reclassification of vesting of restricted share units 1,561,446 1 34,596 34,597 At September 30, 2024 (Unaudited) 366,901,007 37 2,685,727 2,685,764

FAIR VALUE AND FAIR VALUE HIE_2

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure Of Fair Value Of Financial Instruments [Abstract]
Summary of Assets Measured at Fair Value	Asset measured at fair value: As at September 30, 2024 (Unaudited) Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss — — — — As at December 31, 2023 Fair value measurement using Quoted Significant Significant Total US$’000 US$’000 US$’000 US$’000 Financial assets at fair value through profit or loss 663 — — 663

REVENUE, OTHER INCOME AND GAI_3

REVENUE, OTHER INCOME AND GAINS - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
License revenue	$ 120,123	$ 35,172
Collaboration revenue	314,563	170,369
Other revenue	6,033	138
Total revenue	$ 440,719	$ 205,679

REVENUE, OTHER INCOME AND GAI_4

REVENUE, OTHER INCOME AND GAINS - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
License revenue		$ 120,123	$ 35,172
Upfront fee receivable		705		$ 100,041
Janssen
Disclosure of disaggregation of revenue from contracts with customers [line items]
License revenue		75,100
Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
License revenue		$ 45,000
Upfront fee receivable	$ 100,000
Future estimated milestone payments (up to)	$ 1,010,000

REVENUE, OTHER INCOME AND GAI_5

REVENUE, OTHER INCOME AND GAINS - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Contract liabilities (Current)	$ 63,161	$ 53,010
Contract liabilities (Non-Current)	0	47,962
Total	$ 63,161	$ 100,972

REVENUE, OTHER INCOME AND GAI_6

REVENUE, OTHER INCOME AND GAINS - Other Income and Gains (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other income:
Finance income	$ 47,550	$ 37,185
Government grants	1,342	1,528
Other	235	5
Total income	49,127	38,718
Gains:
Foreign currency exchange gain, net	0	10,136
Fair value gains on financial assets measured at fair value change through profit or loss	0	792
Other	21	166
Total gains	21	11,094
Total other income and gains	$ 49,148	$ 49,812

FINANCE COSTS (Details)

FINANCE COSTS (Details) - USD ($) $ in Thousands	9 Months Ended
FINANCE COSTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Finance Costs [Abstract]
Interest on lease liabilities	$ 1,165	$ 1,019
Collaboration interest-bearing advanced funding	15,298	14,955
Total	$ 16,463	$ 15,974

LOSS PER SHARE ATTRIBUTABLE T_3

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share [abstract]
Weighted average number of ordinary shares in issue (in shares)	365,268,372	348,293,363

LOSS PER SHARE ATTRIBUTABLE T_4

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT - Summary of Calculations of Basic and Diluted Loss per Share (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share [abstract]
Loss attributable to ordinary equity holders of the parent, used in the basic and diluted earnings per share calculation	$ (203,310)	$ (373,436)
Weighted average number of ordinary shares in issue during the period used in the basic and diluted earnings per share calculation (in shares)	365,268,372	348,293,363

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) $ in Thousands	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	$ 108,725
Additions	3,650
Disposals	(982)
Depreciation provided during the period	(7,957)
Exchange realignment	595
Property, plant and equipment, ending balance	104,031
Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	143,727
Property, plant and equipment, ending balance	146,338
Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(35,002)
Property, plant and equipment, ending balance	$ (42,307)

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	9 Months Ended
LEASES - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Leasehold land
Leases [Line Items]
Lessee, lease terms	50 years
Ongoing lease payments	$ 0
Bottom of Range
Leases [Line Items]
Lessee, lease terms	3 years
Top of Range
Leases [Line Items]
Lessee, lease terms	29 years

LEASES - Summary of Carrying Am

LEASES - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Right-of-Use Assets [Roll Forward]
Beginning balance	$ 80,502
Additions	25,231
Exchange realignment	760
Depreciation of right-of-use assets	(7,041)
Ending balance	$ 99,452

LEASES - Summary of Lease Liabi

LEASES - Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Analyzed into:
Current portion	$ 4,342	$ 3,175
Non-current portion	45,626	44,169
Lease liabilities
Leases [Roll Forward]
Beginning balance, carrying amount	47,344
Additions	5,271
Accretion of interest recognized during the period	1,165
Payments	(4,247)
Exchange realignment	435
Ending balance, carrying amount	49,968
Analyzed into:
Current portion	4,342
Non-current portion	45,626
Total	$ 49,968	$ 47,344

COLLABORATION INVENTORIES, NE_2

COLLABORATION INVENTORIES, NET - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials	$ 18,179	$ 13,155
Work-in-process	4,944	2,990
Finished goods	425	3,288
Total collaboration inventories, net	$ 23,548	$ 19,433

COLLABORATION INVENTORIES, NE_3

COLLABORATION INVENTORIES, NET - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Inventory reserve	$ 15.8	$ 8.9

PREPAYMENTS, OTHER RECEIVABLE_3

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Details) - Prepayments Other Receivable and Other Assets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Other collaboration receivables	$ 96,819	$ 54,078
Other receivables	1,904	837
Lease receivables	163	1,388
VAT recoverable	4,388	717
Prepayments	9,527	12,231
Total	$ 112,801	$ 69,251

CASH AND CASH EQUIVALENTS, TI_3

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and bank balances	$ 1,217,492	$ 1,312,773
Less: Pledged deposits	(583)	(357)
Time deposits	(757,632)	(34,703)
Cash and cash equivalents	459,277	1,277,713	$ 963,470	$ 786,031
Denominated in USD
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	439,687	1,254,969
Denominated in RMB
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	12,140	12,675
Denominated in EUR
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 7,450	$ 10,069

CASH AND CASH EQUIVALENTS, TI_4

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 459,277	$ 1,277,713	$ 963,470	$ 786,031
Denominated in RMB
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 12,140	$ 12,675

OTHER PAYABLES AND ACCRUALS (De

OTHER PAYABLES AND ACCRUALS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure Of Other Payables And Accruals [Abstract]
Accrued payroll	$ 39,417	$ 30,974
Accrued expense	99,841	71,462
Other payables	15,080	11,944
Payable for collaboration assets	8,563	16,338
Other tax payables	1,963	2,084
Total	$ 164,864	$ 132,802

COLLABORATION INTEREST-BEARIN_3

COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Summary of Interest-Bearing Loans and Borrowings (Details) - Interest Bearing Loans $ in Thousands	Sep. 30, 2024 USD ($)
Disclosure Of Detailed Information About Borrowings [Line Items]
Effective interest rate (%)	7.21%
Collaboration Interest-bearing Advanced Funding	$ 296,623

COLLABORATION INTEREST-BEARIN_4

COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Additional Information (Details) $ in Millions	9 Months Ended	18 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 16, 2022 USD ($) batch	Sep. 16, 2022 USD ($)	Jun. 17, 2022 USD ($)	Mar. 18, 2022 USD ($)	Dec. 17, 2021 USD ($)	Sep. 17, 2021 USD ($)	Jun. 18, 2021 USD ($)
Disclosure of detailed information about borrowings [abstract]
Funding advances from collaborator principal amount	$ 250	$ 3.6	$ 60.5	$ 60.9	$ 5.3	$ 49.3	$ 53.1	$ 17.3
Interest accrued on funding advances	$ 46.6
Interest rate margin percentage	2.50%
Number of batches of funding advances \| batch		7

SHARE CAPITAL AND SHARE PREMI_3

SHARE CAPITAL AND SHARE PREMIUM - Summary of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Issued and fully paid:
366,901,007 and (2023: 363,822,069) ordinary shares of $0.0001 each	$ 37	$ 36
Ordinary Shares
Authorized:
Ordinary shares authorized (in shares)	2,000,000,000	2,000,000,000
Authorized, price per share (in dollars per share)	$ 0.0001	$ 0.0001
2,000,000,000 ordinary shares of $0.0001 each	$ 200	$ 200
Issued and fully paid:
Ordinary shares issued and fully paid (in shares)	366,901,007	363,822,069
Price per share (in dollars per share)	$ 0.0001	$ 0.0001
366,901,007 and (2023: 363,822,069) ordinary shares of $0.0001 each	$ 37	$ 36

SHARE CAPITAL AND SHARE PREMI_4

SHARE CAPITAL AND SHARE PREMIUM - Summary of Movements in the Company's Share Capital and Share Premium (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share Capital [Roll Forward]
Beginning balance	$ 2,637,156
Exercise of share options	14,011
Reclassification of vesting of restricted share units	34,597
Ending balance	$ 2,685,764
Number of shares in issue
Share Capital [Roll Forward]
Beginning balance (in shares) \| shares	363,822,069
Exercise of share option (in shares) \| shares	1,517,492
Reclassification of vesting of restricted share units (in shares) \| shares	1,561,446
Ending balance (in shares) \| shares	366,901,007
Share capital
Share Capital [Roll Forward]
Beginning balance	$ 36
Exercise of share options	0
Reclassification of vesting of restricted share units	1
Ending balance	37
Share premium
Share Capital [Roll Forward]
Beginning balance	2,637,120
Exercise of share options	14,011
Reclassification of vesting of restricted share units	34,596
Ending balance	$ 2,685,727

FAIR VALUE AND FAIR VALUE HIE_3

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	$ 0	$ 663
Quoted prices in active markets (Level 1)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	0	663
Significant observable inputs (Level 2)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	0	0
Significant unobservable inputs (Level 3)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	$ 0	$ 0