UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K/A
(Amendment No. 1)
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date of Report: February 17, 2023
Commission File Number: 001-39307
Legend Biotech Corporation
(Exact Name of Registrant as Specified in its Charter)
2101 Cottontail Lane
Somerset, New Jersey 08873
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
1
Explanatory Note
Legend Biotech Corporation (“Legend Biotech”, “Legend”, or the “Company”) is filing this Amendment No. 1 on Form 6-K/A (the “Form 6-K/A”), which was originally filed with the Securities and Exchange Commission (the “SEC”) on June 1, 2022, to amend and restate its unaudited financial results for the three months ended March 31, 2022 and 2021 (the "Original 6-K").
As previously reported, on October 19, 2022, the audit committee (the “Audit Committee”) of Legend Biotech, based on the recommendation of, and after consultation with, the Company’s management, concluded that the Company’s previously issued unaudited interim financial statements for the three months ended March 31, 2022 and 2021 (the “Unaudited Affected Financials”) should no longer be relied upon. The Company determined that the original valuation of the commercial license for cilta-cel (the “Commercial License”) pursuant to its worldwide collaboration and license agreement with Janssen Biotech, Inc. (“Janssen”) was understated and together with a technology transfer service, was a single performance obligation and, as a result, the accounting for revenue recognition in the Unaudited Affected Financials was materially incorrect.
This Form 6-K/A includes restated unaudited interim financial results for the three months ended March 31, 2022 and March 31, 2021. The individual restatement matters that underlie the restatement adjustments are described below under “Restatement of Previously Issued Financial Results”.
This Form 6-K/A is hereby incorporated by reference in the registration statements of Legend Biotech on Form F-3 (Nos. 333-257609 and 333-257625) and Form S-8 (No. 333-239478), to the extent not superseded by documents or reports subsequently filed.
2
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
| Three months ended March 31, 2022 | Three months ended March 31, 2021 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| As Restated | As Restated | ||||||||||
| (in thousands, US$, except share and per share data) | |||||||||||
| REVENUE | 50,040 | — | |||||||||
| Other income and gains | 1,012 | 722 | |||||||||
| Research and development expenses | (81,548) | (71,072) | |||||||||
| Administrative expenses | (12,657) | (8,764) | |||||||||
| Selling and distribution expenses | (21,302) | (13,417) | |||||||||
| Other expenses | (1,527) | (2,034) | |||||||||
| Fair value gain of warrant liability | 34,900 | — | |||||||||
| Finance costs | (1,044) | (38) | |||||||||
| LOSS BEFORE TAX | (32,126) | (94,603) | |||||||||
| Income tax (expense)/credit | (163) | 4,082 | |||||||||
| LOSS FOR THE PERIOD | (32,289) | (90,521) | |||||||||
| Attributable to: | |||||||||||
| Ordinary equity holders of the parent | (32,289) | (90,521) | |||||||||
| Loss per share attributable to ordinary equity holders of the parent: | |||||||||||
| Ordinary shares – basic | (0.10) | (0.34) | |||||||||
| Ordinary shares – diluted | (0.10) | (0.34) | |||||||||
| Shares used in loss per share computation: | |||||||||||
| Ordinary shares – basic | 308,699,034 | 266,293,913 | |||||||||
| Ordinary shares – diluted | 308,699,034 | 266,293,913 | |||||||||
3
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| March 31, 2022 | December 31, 20211 | ||||||||||
| (Unaudited) | Audited | ||||||||||
| (in thousands, US$) | As Restated | As Restated | |||||||||
| NON-CURRENT ASSETS | |||||||||||
| Property, plant and equipment | 105,988 | 102,506 | |||||||||
| Advance payments for property, plant and equipment | 258 | 2,168 | |||||||||
| Right-of-use assets | 39,771 | 38,283 | |||||||||
| Time deposits | 4,726 | 4,705 | |||||||||
| Intangible assets | 4,411 | 4,684 | |||||||||
| Other non-current assets | 24,623 | 17,269 | |||||||||
| Total non-current assets | 179,777 | 169,615 | |||||||||
| CURRENT ASSETS | |||||||||||
| Collaboration inventories | 1,448 | 1,749 | |||||||||
| Trade receivables | 50,451 | 50,410 | |||||||||
| Prepayments, other receivables and other assets | 19,102 | 13,758 | |||||||||
| Financial assets measured at amortized cost | 29,974 | 29,937 | |||||||||
| Financial assets at fair value through profit or loss | 99,995 | — | |||||||||
| Lease receivables | 688 | 94 | |||||||||
| Pledged deposits | 1,448 | 1,444 | |||||||||
| Time deposits | 283,505 | 163,520 | |||||||||
| Cash and cash equivalents | 377,786 | 688,938 | |||||||||
| Total current assets | 864,397 | 949,850 | |||||||||
| Total assets | 1,044,174 | 1,119,465 | |||||||||
| CURRENT LIABILITIES | |||||||||||
| Trade and notes payables | 9,712 | 7,043 | |||||||||
| Other payables and accruals | 96,050 | 123,558 | |||||||||
| Government grants | 320 | 304 | |||||||||
| Lease liabilities | 1,774 | 911 | |||||||||
| Warrant liability | 53,000 | 87,900 | |||||||||
| Tax payable | 9,565 | 9,488 | |||||||||
| Total current liabilities | 170,421 | 229,204 | |||||||||
| NON-CURRENT LIABILITIES | |||||||||||
| Collaboration interest-bearing advanced funding | 126,714 | 120,462 | |||||||||
| Lease liabilities | 3,650 | 1,593 | |||||||||
| Government grants | 1,873 | 1,866 | |||||||||
| Other non-current liabilities | 356 | 396 | |||||||||
| Total non-current liabilities | 132,593 | 124,317 | |||||||||
| Total liabilities | 303,014 | 353,521 | |||||||||
| EQUITY | |||||||||||
| Share capital | 31 | 31 | |||||||||
| Reserves | 741,129 | 765,913 | |||||||||
| Total ordinary shareholders’ equity | 741,160 | 765,944 | |||||||||
| Total equity | 741,160 | 765,944 | |||||||||
| Total liabilities and equity | 1,044,174 | 1,119,465 | |||||||||
1 Please see 20F/A Company’s Consolidated Statements of Financial Position December 31, 2021
4
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three months ended March 31, 2022 | Three months ended March 31, 2021 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| As Restated | As Restated | ||||||||||
| (in thousands, US$) | |||||||||||
| LOSS BEFORE TAX | (32,126) | (94,603) | |||||||||
| CASH FLOWS USED IN OPERATING ACTIVITIES | (78,687) | (26,787) | |||||||||
| CASH FLOWS USED IN INVESTING ACTIVITIES | (232,500) | (17,150) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | 25 | 207 | |||||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (311,162) | (43,730) | |||||||||
| Effect of foreign exchange rate changes, net | 10 | 337 | |||||||||
| Cash and cash equivalents at beginning of the period | 688,938 | 455,689 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 377,786 | 412,296 | |||||||||
| ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | |||||||||||
| Cash and bank balances | 667,465 | 462,552 | |||||||||
| Less: Pledged deposits | 1,448 | 256 | |||||||||
| Time deposits | 288,231 | 50,000 | |||||||||
| Cash and cash equivalents as stated in the statement of financial position | 377,786 | 412,296 | |||||||||
| Cash and cash equivalents as stated in the statement of cash flows | 377,786 | 412,296 | |||||||||
5
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL RESULTS
The Company has restated its unaudited interim Condensed Consolidated Statements of Financial Position at March 31, 2022, and unaudited interim Condensed Consolidated Statements of Profit or Loss and Cash Flows for each of the three months ended March 31, 2022 (“Q1 2022”) and 2021 (“Q1 2021”) included in the Original 6-K. The individual restatement matters that underlie the restatement adjustments are described below.
Revenue Recognition Adjustments
In December 2017, the Company entered into a worldwide collaboration and license agreement with Janssen for the worldwide development and commercialization of cilta-cel (the “Janssen Agreement”). Historically, the Company has recognized revenue under the Janssen Agreement pursuant to two performance obligations: (i) the sale of the commercial license for cilta-cel (the “Commercial License”) and (ii) service on the Joint Steering Committee (the “JSC”) under the collaboration. The sale of the Commercial License was recognized as revenue at the time of sale and the revenue the Company recognized as a result of its service on the JSC was recognized over the term of the clinical development plan under the Janssen Agreement. The Company concluded that the transaction price, at inception of the Janssen Agreement, includes the fixed upfront fee of $350 million and $50 million of milestone payments that are highly probable of being achieved. All other potential milestone payments are considered variable consideration.
The Company has since determined the Janssen Agreement contains a contract with a customer (Janssen) in the scope of IFRS 15 for a right to use our intellectual property (in the form of a license) and technology transfer service that form a single performance obligation. These elements of the Janssen Agreement are representative of a vendor-customer relationship as Janssen contracted with Legend to obtain a license of its intellectual property for LCAR-B38M and related technology transfer, which are an output of Legend’s ordinary activities, in exchange for consideration. Janssen is not a customer for collaborative activities, including participation on the JSC, which are in the scope of other IFRS standards. Also, the Company determined that the original stand-alone selling price of the Commercial License performance obligation was understated.
The Company has revised its accounting treatment to recognize revenue for the $350 million upfront fee and $50 million milestone license revenue in 2018, the year in which the single performance obligation to deliver the license of intellectual property, including a technology transfer service, was satisfied. Subsequent development, manufacturing and regulatory milestones will be recognized in full in the period in which it is highly probable a significant reversal of the cumulative revenue recognized for the IFRS 15 contract will not occur, as they are associated with the performance obligation to deliver the license of intellectual property that was satisfied in 2018. The Company recognized revenue of $50 million for a regulatory milestone achieved in Q1 2022. No milestones were achieved in Q1 2021. The Company will recognize revenue for sales-based milestones when the milestone is achieved pursuant to the royalty recognition constraint.
In connection with the restatement, the Company has also corrected the corresponding contract liabilities of previously deferred license and collaboration revenue as a result in the change in performance obligations identified.
Collaboration Assets Adjustments
The Company has identified and corrected errors related to the accounting treatment of assets purchased by the Company or Janssen that are solely to be used by the collaboration and subject to the cost sharing terms and conditions in the Janssen Agreement (“Collaboration Assets”). Historically, the Company recorded Collaboration Assets it purchased from a third party vendor, net of Janssen’s share of these costs, and its share of Collaboration Assets purchased by Janssen as property, plant and equipment.
The Company has revised its accounting treatment to record its share of Collaborations Assets that are leased to and by the collaboration in accordance with IFRS 16, Leases to correctly reflect the assets associated with the collaboration.
If the Company’s collaboration partner owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company’s collaboration partner to the collaboration, the Company recognizes a right-of-use asset and lease liability for its share of the asset leased from the collaboration partner to the collaboration. This is usually the case when the collaboration, through the JSC and other governance committees, has the right to direct the use and obtains substantially all of the economic benefits from using the asset. Lease payments the Company makes prior to lease commencement are recorded as prepaid rent within other non-current assets and will be reclassified to a right-of-use asset upon lease commencement.
If the Company owns the asset, and on the basis of the terms and conditions of the collaboration agreement, there is a lease from the Company to the collaboration, the Company recognizes a finance lease for the asset it leases to the collaboration. In such cases, the Company’s share of the asset that is jointly controlled by the collaboration is recorded in property, plant and equipment, and a lease receivable is recognized for the collaboration partner’s share of the asset.
For lease agreements the Company entered into on behalf of the collaboration, the Company recognizes the full lease liability, rather than its share, because the Company has the primary responsibility for making the lease payments. The Company records a finance sublease for the related right-of-use asset it subleases to the collaboration.
The Company also identified and corrected certain errors in the amounts reported as collaboration inventory. The Company has revised its accounting treatment to include within collaboration inventory the inventory costs incurred by the Company measured at the lower
6
of its cost and the collaboration inventory's net realizable value. The Company records within prepayments, other receivables and other assets the amount it is entitled to be reimbursed from its collaboration partner for inventory costs incurred.
Income Taxes
The Company recorded adjustments to income taxes to reflect the impact of the restatement adjustments, as well as additional income tax adjustments related to the accounting for the Janssen Agreement.
The tables below present the impact of the restatement on the Company’s interim unaudited Condensed Consolidated Statements of Financial Position at March 31, 2022, and Condensed Consolidated Statements of Profit or Loss and Cash Flows for the three months ended March 31, 2022 and 2021.
| Condensed consolidated statements of profit or loss for the three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Adjustments by category | |||||||||||||||||||||||||||||||||||
| As Previously Reported | Revenue Recognition | Collaboration assets | Tax impacts | Total Adjustments | Total | ||||||||||||||||||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||||||||||
| REVENUE | 40,827 | 9,213 | — | — | 9,213 | 50,040 | |||||||||||||||||||||||||||||
| Other income and gains | 1,012 | — | — | — | — | 1,012 | |||||||||||||||||||||||||||||
| Research and development expenses | (81,346) | — | (202) | — | (202) | (81,548) | |||||||||||||||||||||||||||||
| Administrative expenses | (12,657) | — | — | — | — | (12,657) | |||||||||||||||||||||||||||||
| Selling and distribution expenses | (21,302) | — | — | — | — | (21,302) | |||||||||||||||||||||||||||||
| Other expenses | (1,527) | — | — | — | — | (1,527) | |||||||||||||||||||||||||||||
| Fair value gain of warrant liability | 34,900 | — | — | — | — | 34,900 | |||||||||||||||||||||||||||||
| Finance costs | (994) | — | (50) | — | (50) | (1,044) | |||||||||||||||||||||||||||||
| LOSS BEFORE TAX | (41,087) | 9,213 | (252) | — | 8,961 | (32,126) | |||||||||||||||||||||||||||||
| Income tax expense | — | — | — | (163) | — | (163) | |||||||||||||||||||||||||||||
| LOSS FOR THE PERIOD | (41,087) | 9,213 | (252) | (163) | 8,961 | (32,289) | |||||||||||||||||||||||||||||
| Attributable to: | |||||||||||||||||||||||||||||||||||
| Ordinary equity holders of the parent | (41,087) | 9,213 | (252) | (163) | 8,961 | (32,289) | |||||||||||||||||||||||||||||
| Loss per share attributable to ordinary equity holders of the parent: | |||||||||||||||||||||||||||||||||||
| Ordinary shares - basic | (0.13) | 0.03 | — | — | 0.03 | (0.10) | |||||||||||||||||||||||||||||
| Ordinary shares - diluted | (0.13) | 0.03 | — | — | 0.03 | (0.10) | |||||||||||||||||||||||||||||
| Shares used in loss per share computation: | |||||||||||||||||||||||||||||||||||
| Ordinary shares - basic | 308,699,034 | 308,699,034 | |||||||||||||||||||||||||||||||||
| Ordinary shares - diluted | 308,699,034 | 308,699,034 | |||||||||||||||||||||||||||||||||
7
| Condensed consolidated statements of financial position as at March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Adjustments by category | |||||||||||||||||||||||||||||||||||
| As Previously Reported | Revenue Recognition | Collaboration assets | Tax impacts | Total Adjustments | Total | ||||||||||||||||||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||||||||||
| NON-CURRENT ASSETS | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment | 156,005 | — | (50,017) | — | (50,017) | 105,988 | |||||||||||||||||||||||||||||
| Advance payments for property, plant and equipment | 258 | — | — | — | — | 258 | |||||||||||||||||||||||||||||
| Right-of-use assets | 7,393 | — | 32,378 | — | 32,378 | 39,771 | |||||||||||||||||||||||||||||
| Time deposits | 4,726 | — | — | — | — | 4,726 | |||||||||||||||||||||||||||||
| Intangible assets | 4,517 | — | (106) | — | (106) | 4,411 | |||||||||||||||||||||||||||||
| Other non-current assets | 4,912 | — | 19,711 | — | 19,711 | 24,623 | |||||||||||||||||||||||||||||
| Total non-current assets | 177,811 | — | 1,966 | — | 1,966 | 179,777 | |||||||||||||||||||||||||||||
| CURRENT ASSETS | |||||||||||||||||||||||||||||||||||
| Collaboration inventories | 2,895 | — | (1,447) | — | (1,447) | 1,448 | |||||||||||||||||||||||||||||
| Trade receivables | 50,451 | — | — | — | — | 50,451 | |||||||||||||||||||||||||||||
| Prepayments, other receivables and other assets | 16,651 | — | 1,447 | 1,004 | 2,451 | 19,102 | |||||||||||||||||||||||||||||
| Financial assets measured at amortized cost | 29,974 | — | — | — | — | 29,974 | |||||||||||||||||||||||||||||
| Financial assets at fair value through profit or loss | 99,995 | — | — | — | — | 99,995 | |||||||||||||||||||||||||||||
| Lease receivables | — | — | 688 | — | 688 | 688 | |||||||||||||||||||||||||||||
| Pledged deposits | 1,448 | — | — | — | 1,448 | ||||||||||||||||||||||||||||||
| Time deposits | 283,505 | — | — | — | — | 283,505 | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 377,786 | — | — | — | — | 377,786 | |||||||||||||||||||||||||||||
| Total current assets | 862,705 | — | 688 | 1,004 | 1,692 | 864,397 | |||||||||||||||||||||||||||||
| Total assets | 1,040,516 | — | 2,654 | 1,004 | 3,658 | 1,044,174 | |||||||||||||||||||||||||||||
| CURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||
| Trade and notes payables | 9,712 | — | — | — | — | 9,712 | |||||||||||||||||||||||||||||
| Other payables and accruals | 96,055 | — | (5) | — | (5) | 96,050 | |||||||||||||||||||||||||||||
| Government grants | 320 | — | — | — | — | 320 | |||||||||||||||||||||||||||||
| Lease liabilities | 883 | — | 891 | — | 891 | 1,774 | |||||||||||||||||||||||||||||
| Warrant liability | 53,000 | — | — | — | — | 53,000 | |||||||||||||||||||||||||||||
| Tax payable | — | — | — | 9,565 | 9,565 | 9,565 | |||||||||||||||||||||||||||||
| Contract liabilities | 65,560 | (65,560) | — | — | (65,560) | — | |||||||||||||||||||||||||||||
| Total current liabilities | 225,530 | (65,560) | 886 | 9,565 | (55,109) | 170,421 | |||||||||||||||||||||||||||||
| NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||
| Collaboration interest-bearing advanced funding | 126,714 | — | — | — | — | 126,714 | |||||||||||||||||||||||||||||
| Contract liabilities | 245,850 | (245,850) | — | — | (245,850) | — | |||||||||||||||||||||||||||||
| Lease liabilities | 1,630 | — | 2,020 | — | 2,020 | 3,650 | |||||||||||||||||||||||||||||
| Government grants | 1,873 | — | — | — | — | 1,873 | |||||||||||||||||||||||||||||
| Other non-current liabilities | 356 | — | — | — | — | 356 | |||||||||||||||||||||||||||||
| Total non-current liabilities | 376,423 | (245,850) | 2,020 | — | (243,830) | 132,593 | |||||||||||||||||||||||||||||
| Total liabilities | 601,953 | (311,410) | 2,906 | 9,565 | (298,939) | 303,014 | |||||||||||||||||||||||||||||
| EQUITY | |||||||||||||||||||||||||||||||||||
| Share capital | 31 | — | — | — | — | 31 | |||||||||||||||||||||||||||||
| Reserves | 438,532 | 311,410 | (252) | (8,561) | 302,597 | 741,129 | |||||||||||||||||||||||||||||
| Total ordinary shareholders' equity | 438,563 | 311,410 | (252) | (8,561) | 302,597 | 741,160 | |||||||||||||||||||||||||||||
| Total equity | 438,563 | 311,410 | (252) | (8,561) | 302,597 | 741,160 | |||||||||||||||||||||||||||||
| Total liabilities and equity | 1,040,516 | — | 2,654 | 1,004 | 3,658 | 1,044,174 | |||||||||||||||||||||||||||||
8
| Condensed consolidated statement of cash flows for the three months ended March 31, 2022 | |||||||||||||||||
| As Previously Reported | Total Restatement Impacts | As Restated | |||||||||||||||
| US$’000 | US$’000 | US$’000 | |||||||||||||||
| CASH FLOWS USED IN OPERATING ACTIVITIES | (78,687) | — | (78,687) | ||||||||||||||
| CASH FLOWS USED IN INVESTING ACTIVITIES | (232,500) | — | (232,500) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | 25 | — | 25 | ||||||||||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (311,162) | — | (311,162) | ||||||||||||||
| Effect of foreign exchange rate changes, net | 10 | — | 10 | ||||||||||||||
| Cash and cash equivalents at beginning of the period | 688,938 | — | 688,938 | ||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 377,786 | — | 377,786 | ||||||||||||||
| ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | |||||||||||||||||
| Cash and bank balances | 667,465 | — | 667,465 | ||||||||||||||
| Less: Pledged deposits | 1,448 | — | 1,448 | ||||||||||||||
| Time deposits | 288,231 | — | 288,231 | ||||||||||||||
| Cash and cash equivalents as stated in the statement of financial position | 377,786 | — | 377,786 | ||||||||||||||
| Cash and cash equivalents as stated in the statement of cash flows | 377,786 | — | 377,786 | ||||||||||||||
9
| Condensed consolidated statements of profit or loss for the three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
| Adjustments by category | |||||||||||||||||||||||||||||||||||
| As Previously Reported | Revenue Recognition | Collaboration assets | Tax impacts | Total Adjustments | Total | ||||||||||||||||||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||||||||||
| REVENUE | 13,682 | (13,682) | — | — | (13,682) | — | |||||||||||||||||||||||||||||
| Other income and gains | 722 | — | — | — | — | 722 | |||||||||||||||||||||||||||||
| Research and development expenses | (71,072) | — | — | — | — | (71,072) | |||||||||||||||||||||||||||||
| Administrative expenses | (8,742) | (22) | — | — | (22) | (8,764) | |||||||||||||||||||||||||||||
| Selling and distribution expenses | (13,417) | — | — | — | — | (13,417) | |||||||||||||||||||||||||||||
| Other expenses | (2,034) | — | — | — | — | (2,034) | |||||||||||||||||||||||||||||
| Finance costs | (38) | — | — | — | — | (38) | |||||||||||||||||||||||||||||
| LOSS BEFORE TAX | (80,899) | (13,704) | — | — | (13,704) | (94,603) | |||||||||||||||||||||||||||||
| Income tax credit | — | — | — | 4,082 | 4,082 | 4,082 | |||||||||||||||||||||||||||||
| LOSS FOR THE PERIOD | (80,899) | (13,704) | — | 4,082 | (9,622) | (90,521) | |||||||||||||||||||||||||||||
| Attributable to: | |||||||||||||||||||||||||||||||||||
| Ordinary equity holders of the parent | (80,899) | (13,704) | — | 4,082 | (9,622) | (90,521) | |||||||||||||||||||||||||||||
| Loss per share attributable to ordinary equity holders of the parent: | |||||||||||||||||||||||||||||||||||
| Ordinary shares - basic | (0.30) | (0.05) | — | 0.01 | (0.04) | (0.34) | |||||||||||||||||||||||||||||
| Ordinary shares - diluted | (0.30) | (0.05) | — | 0.01 | (0.04) | (0.34) | |||||||||||||||||||||||||||||
| Shares used in loss per share computation: | |||||||||||||||||||||||||||||||||||
| Ordinary shares - basic | 266,293,913 | 266,293,913 | |||||||||||||||||||||||||||||||||
| Ordinary shares - diluted | 266,293,913 | 266,293,913 | |||||||||||||||||||||||||||||||||
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| Condensed consolidated statement of cash flows for the three months ended March 31, 2021 | |||||||||||||||||
| As Previously Reported | Total Restatement Impacts | As Restated | |||||||||||||||
| US$’000 | US$’000 | US$’000 | |||||||||||||||
| CASH FLOWS | |||||||||||||||||
| CASH FLOWS USED IN OPERATING ACTIVITIES | (26,787) | — | (26,787) | ||||||||||||||
| CASH FLOWS USED IN INVESTING ACTIVITIES | (17,150) | — | (17,150) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | 207 | — | 207 | ||||||||||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (43,730) | — | (43,730) | ||||||||||||||
| Effect of foreign exchange rate changes, net | 337 | — | 337 | ||||||||||||||
| Cash and cash equivalents at beginning of the period | 455,689 | — | 455,689 | ||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 412,296 | — | 412,296 | ||||||||||||||
| ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | |||||||||||||||||
| Cash and bank balances | 462,552 | — | 462,552 | ||||||||||||||
| Less: Pledged deposits | 256 | — | 256 | ||||||||||||||
| Time deposits | 50,000 | — | 50,000 | ||||||||||||||
| Cash and cash equivalents as stated in the statement of financial position | 412,296 | — | 412,296 | ||||||||||||||
| Cash and cash equivalents as stated in the statement of cash flows | 412,296 | — | 412,296 | ||||||||||||||
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LEGEND BIOTECH CORPORATION | ||||||||
Date: February 17, 2023 | By: | /s/ Ying Huang | ||||||
Name: | Ying Huang, Ph.D. | |||||||
Title: | Chief Executive Officer | |||||||
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