0001801198-24-000021 | 20-F | XBRL Viewer

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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	$ 105,168	$ 102,506
Additions	15,064	17,217
Disposals	(165)	(542)
Depreciation provided during the year	(10,704)	(10,173)
Exchange realignment	(638)	(3,840)
Transfers	0	0
Property, plant and equipment, ending balance	108,725	105,168
Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	130,377	119,448
Property, plant and equipment, ending balance	143,727	130,377
Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(25,209)	(16,942)
Property, plant and equipment, ending balance	(35,002)	(25,209)
Freehold land
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	2,889	2,889
Additions	0	0
Disposals	0	0
Depreciation provided during the year	0	0
Exchange realignment	0	0
Transfers	0	0
Property, plant and equipment, ending balance	2,889	2,889
Freehold land \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	2,889	2,889
Property, plant and equipment, ending balance	2,889	2,889
Freehold land \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	0	0
Property, plant and equipment, ending balance	0	0
Buildings
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	42,727	14,651
Additions	238	1,732
Disposals	0	0
Depreciation provided during the year	(1,493)	(988)
Exchange realignment	(116)	0
Transfers	20,344	27,332
Property, plant and equipment, ending balance	61,700	42,727
Buildings \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	45,075	16,011
Property, plant and equipment, ending balance	65,540	45,075
Buildings \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(2,348)	(1,360)
Property, plant and equipment, ending balance	(3,840)	(2,348)
Leasehold improvement
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	16,167	17,405
Additions	156	522
Disposals	(87)	0
Depreciation provided during the year	(2,603)	(2,566)
Exchange realignment	(91)	(1,164)
Transfers	1,249	1,970
Property, plant and equipment, ending balance	14,791	16,167
Leasehold improvement \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	21,974	20,908
Property, plant and equipment, ending balance	23,117	21,974
Leasehold improvement \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(5,807)	(3,503)
Property, plant and equipment, ending balance	(8,326)	(5,807)
Machinery and equipment
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	27,770	24,819
Additions	48	583
Disposals	(77)	(122)
Depreciation provided during the year	(6,033)	(5,818)
Exchange realignment	(253)	(1,802)
Transfers	3,778	10,110
Property, plant and equipment, ending balance	25,233	27,770
Machinery and equipment \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	42,576	35,251
Property, plant and equipment, ending balance	45,480	42,576
Machinery and equipment \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(14,806)	(10,432)
Property, plant and equipment, ending balance	(20,247)	(14,806)
Computer and office equipment
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	1,407	1,344
Additions	6	34
Disposals	(1)	(14)
Depreciation provided during the year	(571)	(797)
Exchange realignment	(4)	(32)
Transfers	217	872
Property, plant and equipment, ending balance	1,054	1,407
Computer and office equipment \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	3,638	2,977
Property, plant and equipment, ending balance	3,622	3,638
Computer and office equipment \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(2,231)	(1,633)
Property, plant and equipment, ending balance	(2,568)	(2,231)
Transportation equipment
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	24	31
Additions	0	0
Disposals	0	0
Depreciation provided during the year	(4)	(4)
Exchange realignment	(1)	(3)
Transfers	0	0
Property, plant and equipment, ending balance	19	24
Transportation equipment \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	41	45
Property, plant and equipment, ending balance	40	41
Transportation equipment \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(17)	(14)
Property, plant and equipment, ending balance	(21)	(17)
Construction in progress
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	14,184	41,367
Additions	14,616	14,346
Disposals	0	(406)
Depreciation provided during the year	0	0
Exchange realignment	(173)	(839)
Transfers	(25,588)	(40,284)
Property, plant and equipment, ending balance	3,039	14,184
Construction in progress \| Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	14,184	41,367
Property, plant and equipment, ending balance	3,039	14,184
Construction in progress \| Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	0	0
Property, plant and equipment, ending balance	$ 0	$ 0

SHARE OPTION SCHEME - Additional Information (Details)		12 Months Ended
SHARE OPTION SCHEME - Additional Information (Details)	Dec. 21, 2017	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares $ / shares	Dec. 31, 2021 USD ($) shares $ / shares	May 11, 2023 shares	May 13, 2021 shares	Dec. 31, 2020 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Period that share option scheme remains in force	10 years
Weighted average share price for share options in share-based payment arrangement exercised during period (in dollars per share) \| $ / shares		$ 31.8140	$ 22.5813	$ 18.4846
Fair value of share options granted \| $		$ 4,800,000	$ 27,200,000	$ 5,700,000
Fair value per share of options granted (in dollars per share) \| $ / shares		$ 13.397	$ 12.010	$ 9.497
Share option expense \| $		$ 11,300,000	$ 10,700,000	$ 2,400,000
Weighted average share price used in share option fair value valuation model (in dollars per share) \| $ / shares		$ 23.5300
Number of options (in shares)		6,367,000	9,180,000	9,529,000			14,241,000
Number of shares issued (in shares)						20,809,850
Binomial Model
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of options (in shares)		6,366,538
Additional share capital amount \| $		$ 637
Share premium before issue expenses \| $		$ 59,400,000
Percentage of options outstanding		1.70%
Ordinary Shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued (in shares)					10,000,000
Ordinary Shares \| Binomial Model
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued (in shares)		6,366,538

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Disclosure of transactions between related parties [abstract]

RELATED PARTY TRANSACTIONS


Company						Relationship
Genscript Biotech Corporation ("Genscript")						The Company’s most significant shareholder
Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.)						Controlled by Genscript or its parent, Genscript Corporation
Jiangsu GenScript Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Genscript USA Incorporated						Controlled by Genscript or its parent, Genscript Corporation
Genscript USA Holdings Inc						Controlled by Genscript or its parent, Genscript Corporation
Genscript Probio USA Inc						Controlled by Genscript or its parent, Genscript Corporation
Nanjing Probio Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Jiangsu GenScript Probio Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Genscript Netherlands						Controlled by Genscript or its parent, Genscript Corporation

(a)In addition to the transactions detailed elsewhere in the consolidated financial statements, the Company had the following transactions with related parties during the year:

(i)Licensing of patents to related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing Probio Biotech Co., Ltd.	—	—	3,019

The sale was generated from an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates.

(ii)Sales of products and sales-based royalties from related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing Probio Biotech Co., Ltd.	179	328	405

The sale was mainly generated from sales-based royalties related to the exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates.

(iii)Purchases from related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing GenScript Biotech Co., Ltd.	4,078	6,174	9,615
Jiangsu GenScript Probio Biotech Co., Ltd	303	1,306	334
Genscript USA Incorporated	473	1,028	786
Genscript USA Holdings Inc	389	380	—
Nanjing Probio Biotech Co., Ltd.	35	237	21
Jiangsu GenScript Biotech Co., Ltd	1	51	146
GenScript Probio USA Inc.	—	8	—
Genscript Netherlands	—	5	6
Total	5,279	9,189	10,908

The transactions were made according to the price and terms agreed with related parties.

(iv)Shared services:

During the years ended December 31, 2023, 2022 and 2021, Nanjing GenScript Biotech Co., Ltd. provided certain accounting, legal, IT and administrative shared services to the Company for a consideration of $0.2 million, $1.6 million and $1.6 million, respectively.

(v)Compensation fee for termination of service agreement:


	2023	2022	2021
	US$’000	US$’000	US$’000
Jiangsu GenScript Biotech Co., Ltd.	—	—	2,666

In May 2021, pursuant to a settlement agreement between the Company and Jiangsu GenScript Biotech Co., Ltd., the Company incurred compensation charges for the termination of a service agreement related to the design and construction of a lab facility.

(vi)Financing from follow-on public offering, net of issuance cost


	2023	2022	2021
	US$’000	US$’000	US$’000
Genscript Biotech Corporation	—	—	84,600

Genscript purchased 4,500,000 ordinary shares, in the form of ADSs issued as part of the follow-on public offering on December 20, 2021, at the same price as these shares issued to the public.

(vii)Lease contract guarantee

In 2018, Legend Ireland entered into a property lease agreement with a third party in Dublin with lease period from 2018 to August 2028. Genscript provided a guarantee on Legend Ireland’s payment obligations under the lease agreement for nil consideration.

(b)Outstanding balances with related parties:

The Company had the following significant balances with its related parties at the end of the year:

(i)Due from related parties


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Trade receivables
Nanjing Probio Biotech Co., Ltd.	41	90


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Other receivables
Nanjing GenScript Biotech Co., Ltd.	22	321
Genscript USA Incorporated	16	16
Jiangsu Genscript Biotech Co., Ltd	—	3
Total	38	340


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Prepayment
Nanjing Probio Biotech Co., Ltd.	237	251
Jiangsu GenScript Probio Biotech Co., Ltd	—	21
Total	237	272

(ii)Due to related parties.


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Trade payables
Nanjing GenScript Biotech Co., Ltd.	265	935
Genscript USA Incorporated	35	134
Jiangsu GenScript Biotech Co., Ltd	—	93
Jiangsu GenScript Probio Biotech Co., Ltd	272	—
Nanjing Probio Biotech Co., Ltd.	—	21
Total	572	1,183


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Other payables
Nanjing GenScript Biotech Co., Ltd.	892	2,435
GenScript USA Incorporated.	—	58
Jiangsu Genscript Biotech Co., Ltd	—	7
Jiangsu Genscript Probio Biotech Co., Ltd	—	4
Nanjing Probio Biotech Co., Limited	—	3
Genscript Netherlands	—	1
Total	892	2,508


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Lease liabilities
Genscript USA Holdings Inc	—	427
Nanjing GenScript Biotech Co., Ltd.	136	205
Total	136	632

Except for lease liabilities with incremental borrowing rates between 5.14% and 7.94% repayable over 5 years, all other related party balances are unsecured and repayable on demand and interest free.

(iii)Compensation of key management personnel of the Company:


	2023	2022	2021
	US$’000	US$’000	US$’000
Equity-settled share-based compensation expense	8,037	3,582	2,907
Short-term employee benefits	2,691	2,170	1,942
Total	10,728	5,752	4,849

OPERATING SEGMENT INFORMATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer	Dec. 31, 2017 customer
Disclosure Of Operating Segments [Line Items]
License revenue	$ 35,160	$ 50,000	$ 65,402
Janssen
Disclosure Of Operating Segments [Line Items]
License revenue	$ 35,200	$ 50,000	$ 65,400
Collaboration agreement, number of customers \| customer	1	1	1	1

FINANCIAL INSTRUMENTS BY CATEGORY - Summary of Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	$ 1,469,117	$ 884,436
Financial assets at value through profit or loss	663	185,603
Trade receivables
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	100,041	90
Financial assets at value through profit or loss	0	0
Financial assets included in prepayments, other receivables and other assets (note 16)
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	56,303	43,029
Financial assets at value through profit or loss	0	0
Financial assets measured at fair value through profit and loss
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	0	0
Financial assets at value through profit or loss	663	185,603
Time deposits
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	34,703	54,016
Financial assets at value through profit or loss	0	0
Pledged deposits
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	357	1,270
Financial assets at value through profit or loss	0	0
Cash and cash equivalents
Disclosure Of Financial Assets [Line Items]
Financial assets at amortized cost	1,277,713	786,031
Financial assets at value through profit or loss	$ 0	$ 0

SHARE OPTION SCHEME - Summary of Share Options Outstanding Under the Scheme (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Weighted average exercise price
At January 1 (in dollars per share) \| $ / shares	$ 7.1370	$ 2.8970	$ 1.9353
Granted during the year (in dollars per share) \| $ / shares	23.5300	19.4468	15.4774
Forfeited during the year (in dollars per share) \| $ / shares	2.8336	4.2888	2.9987
Exercised during the year (in dollars per share) \| $ / shares	5.0687	1.8032	1.3346
At December 31 (in dollars per share) \| $ / shares	9.3287	7.1370	2.8970
Exercisable at December 31 (in dollars per share) \| $ / shares	$ 4.5401	$ 2.8705	$ 1.4334
Number of options
At January 1 (in shares) \| shares	9,180	9,529	14,241
Granted during the year (in shares) \| shares	355	2,265	595
Forfeited during the year (in shares) \| shares	(708)	(573)	(1,251)
Exercised during the year (in shares) \| shares	(2,460)	(2,041)	(4,056)
At December 31 (in shares) \| shares	6,367	9,180	9,529
Exercisable at December 31 (in shares) \| shares	3,470	3,281	2,828

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract]

Summary of Changes in Liabilities Arising from Financing Activities

Changes in liabilities arising from financing activities


						Lease liabilities
						US$’000
At January 1, 2023						23,602
Additions of lease liabilities						26,692
Changes from financing cash flows						(3,755)
Disposal						—
Interest expense						1,394
Interest paid classified as operating cash flows						(1,394)
Foreign exchange movement						805
At December 31, 2023						47,344
At January 1, 2022						2,504
Additions of lease liabilities						23,703
Changes from financing cash flows						(2,596)
Disposal						—
Interest expense						527
Interest paid classified as operating cash flows						(527)
Foreign exchange movement						(9)
At December 31, 2022						23,602
At January 1, 2021						3,373
Additions of lease liabilities						678
Changes from financing cash flows						(1,419)
Disposal						(68)
Interest expense						142
Interest paid classified as operating cash flows						(142)
Foreign exchange movement						(60)
At December 31, 2021						2,504

Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows

The total cash outflow for leases included in the statement of cash flows is as follows:


	2023	2022	2021
	US$’000	US$’000	US$’000
Within operating activities	1,394	527	142
Within financing activities	3,755	2,596	1,419
Short-term leases	2,338	1,132	182
Total	7,487	4,255	1,743

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Private Placement for Institutional Investor

Follow-On Public Offering

Registered Direct Offering

Exercise of Warrant

Share capital

Private Placement for Institutional Investor

Share capital

Follow-On Public Offering

Share capital

Registered Direct Offering

Share capital

Exercise of Warrant

Share premium

^[1]

Share premium

Private Placement for Institutional Investor

^[1]

Share premium

Follow-On Public Offering

^[1]

Share premium

Registered Direct Offering

^[1]

Share premium

Exercise of Warrant

^[1]

Share-based compensation reserves

^[1]

Foreign currency translation reserve

^[1]

Retained earnings/(accumulated losses)

^[1]

Beginning balance at Dec. 31, 2020

$ 597,771

$ 27

$ 708,306

$ 6,314

$ (351)

$ (116,525)

Statement of Changes in Equity [Roll Forward]

Loss for the year

(403,582)

Other comprehensive loss:

Exchange differences on translation of foreign operations

5,215

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(398,367)

5,215

(403,582)

Issuance of ordinary shares

$ 218,300

$ 323,440

$ 2

$ 218,298

$ 323,438

Exercise of share options

4,642

6,089

(1,447)

Reclassification of vested restricted share units

5,323

(5,323)

Equity-settled share-based compensation expense

20,158

Ending balance at Dec. 31, 2021

765,944

1,261,454

19,702

4,864

(520,107)

Other comprehensive loss:

Reserves

766,000

Loss for the year

(446,349)

Exchange differences on translation of foreign operations

9,807

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(436,542)

9,807

(446,349)

Issuance of ordinary shares

$ 377,643

$ 2

$ 377,641

Exercise of share options

2,929

4,070

(1,141)

Reclassification of vested restricted share units

13,850

(13,850)

Equity-settled share-based compensation expense

34,338

Ending balance at Dec. 31, 2022

744,312

1,657,015

39,049

14,671

(966,456)

Other comprehensive loss:

Reserves

744,279

Loss for the year

(518,254)

Exchange differences on translation of foreign operations

29,633

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(488,621)

29,633

(518,254)

Issuance of ordinary shares

$ 234,410

$ 349,278

$ 352,491

$ 1

$ 234,409

$ 349,277

$ 352,490

Exercise of share options

11,821

18,051

(6,230)

Reclassification of vested restricted share units

25,878

(25,878)

Equity-settled share-based compensation expense

47,680

Ending balance at Dec. 31, 2023

1,251,371

$ 36

$ 2,637,120

$ 54,621

$ 44,304

$ (1,484,710)

Other comprehensive loss:

Reserves

$ 1,251,335

[1]	These reserve accounts comprise the consolidated reserves of US$1,251 million, US$744 million and US$766 million in the consolidated statements of financial position as at December 31, 2023, 2022 and 2021, respectively

REVENUE, OTHER INCOME AND GAINS

12 Months Ended

Dec. 31, 2023

Disclosure of disaggregation of revenue from contracts with customers [abstract]

REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as follows:


	2023	2022	2021
	US$’000	US$’000	US$’000
Revenue
Licensing of intellectual property	35,160	50,000	65,402
Collaboration revenue	249,804	66,677	—
Other revenue	179	328	3,424
Total Revenue	285,143	117,005	68,826

Revenue from licensing of intellectual property is recognized at a point in time with respect to the Janssen collaboration. 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. Collaboration revenue includes our pro-rata share of collaboration net trade sales for which Janssen

Biotech, Inc. (“Janssen”) is the principal in the sale to the customer under the collaboration and license agreement with Janssen (the “Janssen Agreement”).

Other revenue is related to an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd. and its affiliates and related subsequent sales-based royalties.

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 Company granted Novartis the 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 agreement was effective on December 28, 2023, with a $100 million receivable recorded, representing the Novartis upfront payment to be received shortly after December 31, 2023. 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. We determined that any milestone payments will be recognized when occur as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. We 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 for the licensed products.

The following table shows the deferred revenue which is included in contract liabilities for the periods presented:


	2023	2022
	US$’000	US$’000
Contract liabilities (Current)	53,010	—
Contract liabilities (Non Current)	47,962	—
Total	100,972	—

Performance Obligations

The Novartis License Agreement represents a transaction with a customer and therefore is accounted for in accordance with IFRS 15. We identified the following performance obligations:

•Performance Obligation 1 (PO1)

A combined performance obligation that includes delivery of the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial.

•Performance Obligation 2 (PO2)

Supply of materials (supply of Lentivirus/other materials).

We concluded that the license to intellectual property is not distinct from the completion of Phase 1 trial as the license has minimal utility prior to receipt of the completed Legend Phase 1 trial by Legend Biotech. The IP license granted at contract inception is unproven as it relates to products in the early development stage and, therefore the IP may be revised throughout the completion of the Phase 1 trial. In order for Novartis to get the full benefit of the IP, Novartis needs Legend Biotech to provide the IP, the know-how and the completion of the Legend Phase 1 clinical trial, which culminates with the delivery of the handover package. Without each of these deliverables, Novartis would have experienced significant delays in utilizing the IP and commencing the Novartis Phase 1 clinical trial.

Transaction Price

The following table summarizes the composition of the total transaction price for the following periods.


	December 31, 2023	December 31, 2022
	US$’000	US$’000

PO1: Licensing of intellectual property and performing Legend Phase 1 trial	120,710	—
PO2: Supply of materials	4,600	—
Total	125,310	—

PO1: In accordance with the Novartis License Agreement, Legend Biotech will receive a $100.0 million up-front payment from Novartis upon entering into the Novartis License Agreement. The Company determined this upfront payment represents fixed consideration to be included in the transaction price in accordance with IFRS 15 as the payment is non-refundable and represents consideration in exchange for Legend Biotech providing Novartis delivery of the license (inclusive of know-how).

PO1: Novartis must reimburse Legend Biotech for development costs incurred or paid by Legend Biotech prior to, on or after the Effective Date. There is up to $33 million in total aggregate reimbursable development costs through such occurrence. Given it is contractually agreed upon, the Company will include as variable consideration the expected amount it will be reimbursed by Novartis for the Legend Phase 1 clinical trial. The Company concluded that the development costs that are highly probable of being achieved should be included in the transaction price. We have included the estimate of cost reimbursement for the R&D in the transaction price for the first twelve months of expenses through the end of 2024; totaling $20.7 million. The remaining R&D Costs $12.3 million are constrained at inception of the contract as we concluded that they aren’t highly probable that a significant reversal in the cumulative amount of revenue recognized would not occur.

PO2: Given supply is contractually agreed upon for the existing materials and clearly laid out for new materials it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. As such the supply of materials cost included in the transaction price is $4.6 million.

The difference between the $125.3 million transaction price and the $100.0 million disclosed above is the variable consideration of $25.3 million.

The following table summarizes the allocation of the total transaction price to the identified performance obligations under the arrangement, and the amount of the transaction price unsatisfied as of December 31, 2023:


	December 31, 2023	December 31, 2022
	US$’000	US$’000

PO1: Licensing of intellectual property and completion of Legend Phase 1 trial	120,710	—
PO2: Supply of materials	4,600	—
Total	125,310	—
Remaining unsatisfied performance obligation	125,310	—

The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of December 31, 2023 are as follows:


	2023	2022	2021
	US$’000	US$’000	US$’000
Amounts expected to be recognized as revenue:
Licensing of intellectual property and completion of Legend Phase 1 trial
Within 1 year	63,360	—	—
1 - 2 years	37,920	—	—
2 - 3 Years	12,490	—	—
3 - 4 years	6,940	—	—
After 4 years	—	—	—
Total	120,710	—	—

The amounts of transaction prices allocated to the remaining performance obligations which are expected to be recognized as revenue relate to Novartis Licensing Agreement, of which the performance obligations are to be satisfied over the completion of Legend Phase 1 trial for LB2102, which is estimated to be 4 years. As part of the Novartis transaction, the Company allocated the transaction price to performance obligations based on the estimated stand-alone selling prices of promised goods or services and specifically the residual approach for this performance obligation. The amounts disclosed above do not include variable consideration which is constrained. We re-evaluate the transaction price at the end of each reporting period.

Revenue

The following summarizes the revenue recognized for the periods presented:

There was no revenue recognized in the current reporting period that was included in the contract liabilities at the beginning of the reporting period and there was no revenue recognized from performance obligations satisfied in previous periods.

The Company will recognize revenue for the allocation of the transaction price for licensing of intellectual property and completion of Legend Phase 1 trial using the percentage of completion method using the input method (costs). The model used is based on budgeted R&D costs during our Phase 1 trial. There were no 2023 expenses incurred from the effective date through year end. As such, there was no revenue recognized in 2023 in this percentage of completion model.

The Company will recognize revenue for the allocation of the transaction price for supply of materials at a point in time. As of the end of 2023 no materials have been delivered, as such there will be no revenue recognized in 2023.

The following table summarizes the Total other income and gains:


	2023	2022	2021
	US$’000	US$’000	US$’000
Other income and gains
Other income:
Finance income	54,487	8,182	971
Government grants*	2,731	2,434	1,736
Other	245	88	35
Total income	57,463	10,704	2,742

Gains:
Fair value gains on financial assets measured at fair value change through profit or loss	663	603	—
Other	—	742	317
Total gains	663	1,345	317
Total other income and gains	58,126	12,049	3,059

* 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.

OPERATING SEGMENT INFORMATION - Summary of Non-current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 346,448	$ 231,844
United States of America
Disclosure Of Operating Segments [Line Items]
Non-current assets	151,225	114,426
China
Disclosure Of Operating Segments [Line Items]
Non-current assets	56,007	54,510
Europe
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 139,216	$ 62,908

REVENUE, OTHER INCOME AND GAINS - Summary of Transaction Price Allocation to Performance Obligations (Details) - Novartis - USD ($) $ in Thousands		12 Months Ended
	Dec. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of performance obligations [line items]
Total	$ 125,300	$ 125,310	$ 0
Remaining unsatisfied performance obligation		125,310	0
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure of performance obligations [line items]
Total	120,700	120,710	0
Remaining unsatisfied performance obligation		120,710	0	$ 0
PO2: Supply of materials
Disclosure of performance obligations [line items]
Total	$ 4,600	$ 4,600	$ 0

FINANCE COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
FINANCE COSTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance Costs [Abstract]
Interest on lease liabilities	$ 1,394	$ 527	$ 142
Collaboration interest-bearing advanced funding	20,400	10,269	758
Total	$ 21,794	$ 10,796	$ 900

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Significant Accounting Judgements And Estimates [Abstract]
Warrant liability	$ 0	$ 67,000	$ 87,900

COLLABORATION INTEREST-BEARING ADVANCED FUNDING

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about borrowings [abstract]

COLLABORATION INTEREST-BEARING ADVANCED FUNDING

Effective
interest
rate

Maturity

December 31,
2023

US$’000

Non-current

Loans from a collaborator

8.07

No specific maturity date

281,328

Pursuant to the license and collaboration agreement entered into with a collaborator, the Company is entitled to receive funding advances from the collaborator 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 the collaborator, respectively (collectively, the “Funding Advances”).

These Funding Advances are accounted for as interest-bearing borrowings funded by the collaborator, constituted by a principal amounting to $250.0 million and applicable interests accrued amounting to $31.3 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 license and collaboration agreement, the collaborator 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 and, 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 the collaborator 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.

COLLABORATION INVENTORIES - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Classes of current inventories [abstract]
Inventory reserve	$ 8.9	$ 5.3

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS - Summary of Prepayments, Other Receivables and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Lease receivables	$ 285	$ 395
Prepayments	1,208	1,092
Prepayments, Other Receivable and Other Assets
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Other Collaboration Receivables	54,078	40,376
Interest receivable	47	1,517
Other receivables	790	948
Lease receivables	1,388	188
VAT recoverable	717	1,396
Prepayments	12,231	17,330
Total	$ 69,251	$ 61,755

REVENUE, OTHER INCOME AND GAINS - Transaction Price Amounts Allocated to Remaining Performance Obligations (Details) - Novartis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	$ 125,310	$ 0
PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	120,710	0	$ 0
Within 1 year \| PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	63,360	0	0
1 - 2 years \| PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	37,920	0	0
2 - 3 Years \| PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	12,490	0	0
3 - 4 years \| PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	6,940	0	0
After 4 years \| PO1: Licensing of intellectual property and completion of Legend Phase 1 trial
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items]
Amounts expected to be recognized as revenue	$ 0	$ 0	$ 0

TRADE RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other receivables [abstract]

Summary of Trade Receivables


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Trade receivables	100,041	90

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Fair value measurement

The Company measures its financial assets at fair value through profit or loss and warrant liability at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than contract assets and financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

Related parties

A party is considered to be related to the Company if:

(a)the party is a person or a close member of that person’s family and that person

(i)has control or joint control over the Company;

(ii)has significant influence over the Company; or

(iii)is a member of the key management personnel of the Company or of a parent of the Company;

(b)the party is an entity where any of the following conditions applies:

(i)the entity and the Company are members of the same Company;

(ii)one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii)the entity and the Company are joint ventures of the same third party;

(iv)one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)the entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company;

(vi)the entity is controlled or jointly controlled by a person identified in (a);

(vii)a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii)the entity, or any member of a Company of which it is a part, provides key management personnel services to the Company or to the parent of the Company.

Property, plant and equipment, and depreciation

Property, plant and equipment, other than construction in progress, are stated at cost (or valuation) less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss and other comprehensive income in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:


Freehold land			Not depreciated
Building			39 to 50 years
Leasehold improvements			lesser of the lease term or the asset life
Machinery and equipment			5 to 15 years
Computer and office equipment			3 to 5 years
Transportation equipment			10 years

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss and other comprehensive income in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Construction in progress represents equipment under installation, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of installation. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The useful lives of intangible assets are assessed to be either finite. Intangible assets with finite lives are subsequently amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end.

Intangible assets are amortized on the straight-line basis over the following useful economic lives:


Software			3 years
Patents			up to 20 years

Research and development costs

All research costs are charged to the statement of profit or loss and other comprehensive income as incurred.

Expenditures incurred on projects to develop new product candidates is capitalized and deferred only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product candidate development expenditure which does not meet these criteria is expensed when incurred.

Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Company elected to allocate the consideration in the contract to the lease and non-lease components on the basis of the relative standalone price of each component.

(a)Right-of-use assets

Right-of-use assets are recognized at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follow;


Leasehold land			50 years
Building			up to 50 years
Machinery and equipment			5 to 15 years
Computer and office equipment			3 to 5 years

If ownership of the leased asset transfers to the Company by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

(b)Lease liabilities

Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for termination of a lease, if the lease term reflects the Company exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. The lease term includes the period of any lease extension that management assess as reasonably certain to be exercised by the Company.

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

(c)Short-term leases

The Company applies the short-term lease recognition exemption to its short-term leases, which are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option.

Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term.

Company as a lessor

When the Company acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income.

Leases of collaboration assets

The Company and its collaboration partner purchase assets to be used for their collaboration and share the associated costs in accordance with the terms and conditions of the Janssen Agreement. The Company accounts for leases to and by the collaboration by applying the guidance in IFRS 16 on joint arrangements by analogy.

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 Joint Steering Committee ("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 on the consolidated statements of financial position within prepayments, other receivables and other assets.

The Company recognizes the full lease liability, rather than its share, for leases entered into on behalf of the collaboration if the Company has the primary responsibility for making the lease payments. This may be the case when the Company, as a lead operator of the collaboration, is the sole signatory to the lease. A finance sublease is subsequently recognized if the related right-of-use asset is subleased to the collaboration.

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. With the exception of trade receivables that do not

contain a significant financing component or for which the Company has applied the practical expedient of not adjusting the effect of a significant financing component, the Company initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below.

In order for a financial asset to be classified and measured at amortized cost, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows.

All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Subsequent measurement

Financial assets measured at amortized cost (debt instruments)

Financial assets measured at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss and other comprehensive income when the asset is derecognized, modified or impaired.

Financial assets at fair value through profit or loss

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss and other comprehensive income.

The Company's financial assets measured at fair value through profit or loss comprise of money market funds, which are classified as level 1 in the fair value hierarchy.

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when:

•the rights to receive cash flows from the asset have expired; or

•the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of financial assets

The Company recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

General approach

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial assets measured at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs, except for trade receivables and contract assets which apply the simplified approach as detailed below.

Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs

Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs

Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs.

Simplified approach

For trade receivables and contract assets that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade payables, other payables, warrant liability, collaboration interest-bearing advanced funding, and lease liabilities.

Subsequent measurement

Financial liabilities measured at amortized cost (Loans and borrowings)

After initial recognition, collaboration interest-bearing advanced funding are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the statement of profit or loss and other comprehensive income when the liabilities are derecognized as well as through the effective interest rate amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the statement of profit or loss and other comprehensive income.

Collaboration inventories

Collaboration inventories include finished goods manufactured, items in the process of being manufactured, and the materials to be used in the manufacturing process associated with goods that are to be sold to the Company's collaboration partner. Finished goods represent manufactured product that are pending quality release. Upon quality release, the product is delivered to the Company's collaboration partner to distribute to the customer.

Collaboration inventories are stated at the lower of cost and the collaboration inventory's net realizable value. Cost is determined on the first-in, first-out basis and, in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overheads. Net realizable value is based on the estimated selling prices the collaboration sells the product to customers less any estimated costs to be incurred to completion and disposal.

The Company records provisions for obsolete, slow moving or defective inventory. Collaboration inventory costs for product that is used for preclinical and clinical programs are charged to research and development expenses when the inventory is dedicated to preclinical or clinical use. The Company records within prepayments, other receivables and other assets the accounts receivable related to inventory purchased and delivered to the Company's collaboration partner as well as the amount the Company is entitled to be reimbursed from its collaboration partner for inventory costs incurred that are in process of production.

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have an original maturity of three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Company’s cash management.

For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including deposits, and assets similar in nature to cash, which are not restricted as to use.

Time deposits

Time deposits represent cash placed with banks with original maturities of more than three months when acquired. The time deposits are presented as a non-current asset if the collection of time deposits is expected more than one year.

Provisions

A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of profit or loss and other comprehensive income.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Company operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

•where the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized, except:

•when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if and only if the Company has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Government grants

Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed.

Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss and other comprehensive income over the expected useful life of the relevant asset by equal annual installments.

Collaboration Arrangements

The Company enters into collaboration arrangements with pharmaceutical and biotechnology collaboration partners, under which the Company may grant licenses to its collaboration partner to further develop and commercialize one of its product candidates. The Company may also perform research, development, manufacturing and commercial activities under its collaboration arrangements. Consideration under these contracts may include an upfront payment, development and regulatory milestones, commercial sales milestones and other contingent payments, expense reimbursements, and profit-sharing.

For collaboration arrangements that contain multiple elements, at contract inception the Company determines whether elements of the collaboration are reflective of a vendor-customer relationship and therefore are within the scope of IFRS 15. Elements of the collaboration arrangements that involve joint operating activities performed by the parties that are both active participants in the activities and exposed to significant risks and rewards of such activities are not arrangements with a customer and are outside the scope of IFRS 15. For a distinct bundle of goods or services within the arrangement that is not with a customer, the recognition and measurement of that unit of account shall be based on other authoritative accounting literature, or if there is no appropriate authoritative accounting literature, a reasonable, rational and consistently applied accounting policy election.

If the Company concludes that its collaboration partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing and commercial activities, the Company presents payments from its collaboration partner as a reduction of expense, based on where the Company presents the underling expense. If the Company's collaborator performs research and development, manufacturing or commercialization-related activities, the Company recognizes as expense (e.g. research and development expense or selling and distribution expense, as applicable) in the period when its collaborator incurs such expenses, the portion of the collaborator’s expenses that the Company is obligated to reimburse.

Janssen Agreement

In December 2017, the Company entered into a collaboration and license agreement (the “Janssen Agreement”) with Janssen for the worldwide development and commercialization of cilta-cel. Pursuant to the Janssen Agreement, we granted Janssen a worldwide, co-exclusive (with us) license to develop and commercialize cilta-cel. We and Janssen will collaborate to develop and commercialize cilta-cel for the treatment of MM worldwide pursuant to a global development plan and global commercialization plan.

Janssen will be responsible for conducting all clinical trials worldwide with participation by our team in the United States and Greater China for cilta-cel. We will be responsible for conducting regulatory activities, obtaining pricing approval and booking sales for Greater China, while Janssen will be responsible for conducting regulatory activities, obtaining pricing approval and booking sales for the rest of the world. We and Janssen share development, production and commercialization costs and pre-tax profits or losses equally in all countries of the world except for Greater China, for which the cost-sharing and profit/loss split will be 70% for us and 30% for Janssen

In consideration for the licenses and other rights granted to Janssen, Janssen paid us an upfront fee of $350.0 million and we were eligible to receive up to an additional $1.35 billion in milestone payments from Janssen. Of the $1.35 billion, we may not receive up to $280 million due to mutually agreed upon modifications to our clinical development plan that resulted in the decision to not conduct certain trials as originally planned.

In connection with the Janssen Agreement, we entered into the Interim Product Supply Agreement dated as of February 28, 2022 (the “IPSA”) pursuant to which we will supply cilta-cel to Janssen for clinical and commercial use worldwide (excluding Greater China). Under the IPSA, Janssen pays us a transfer price for supplied product based on the total costs necessary to produce and supply such product. Ultimately, however, the cost for commercial supply and clinical supply of product are shared equally by us and Janssen as “Allowable Expenses” and “Development Costs,” respectively, under the Janssen Agreement. The IPSA will remain in effect until June 30, 2024 or such alternate date determined by the joint manufacturing committee (the “JMC”) that has been established under the Janssen Agreement. The IPSA will also terminate if the Janssen Agreement expires or is terminated. We expect to enter into a product supply agreement with Janssen that will replace the IPSA.

Revenue recognition

Revenue from contracts with customers

The Company recognizes revenue in accordance with IFRS 15, Revenue from Contracts with Customers (IFRS 15). Under IFRS 15, revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, the Company performs the following five-steps: (i) identify the contract, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Once a contract is determined to be within the scope of IFRS 15, at contract inception the Company assesses the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. A good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer; and (b) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.

The Company determines the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable or a combination of both. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Company will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The contracts generally do not include a significant financing component.

The Company recognizes revenue only when it satisfies a performance obligation by transferring control of the promised goods or services. The transfer of control can occur over time or at a point in time. A performance obligation is satisfied over time if it meets one of the following criteria: (i) the counterparty simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs; or (ii) the Company’s performance creates or enhances an asset that the counterparty controls as the asset is created or enhanced.

The portion of the transaction price that is allocated to performance obligations satisfied at a point in time is recognized as revenue when control of the goods or services is transferred to the counterparty. If the performance obligation is satisfied over time, the portion of the transaction price allocated to that performance obligation is recognized as revenue as the performance obligation is satisfied. The Company adopts an appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress at the end of each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Contracts may be amended to account for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. When contract modifications create new performance obligations and the increase in consideration approximates the standalone selling price for goods and services related to such new performance obligations as adjusted for specific facts and circumstances of the contract, the modification is considered to be a separate contract.

If a contract modification is not accounted for as a separate contract, the Company accounts for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. For a change in transaction price that occurs after a contract modification, the Company allocates the change in the transaction price to the performance obligations identified in the contract before the modification if, and to the extent that, the change in the transaction price is attributable to an amount of variable consideration promised before the modification.

The Company accounts for a contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. In such case, the effect that the contract modification has on the transaction price, and on the entity’s measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to

revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis).

License and collaboration revenue

Licenses of Intellectual Property

For collaboration arrangements that include a grant of a license to the Company's intellectual property, the Company considers whether the license grant is distinct from the other performance obligations included in the arrangement. In assessing whether a license is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a license for its intended purpose without the receipt of the remaining promise(s) by considering whether the value of the license is dependent on the unsatisfied promise(s), whether there are other vendors that could provide the remaining promise(s), and whether it is separately identifiable from the remaining promise(s). The Company evaluated that the license, including a technology transfer service, is a single performance obligation in the Janssen Agreement, which represents a right to use our license as it exists at the point in time that the license is granted. Revenue from licenses is recognized when the control of the right to use of the license is transferred to the customer. The Company evaluated that the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial, is a single performance obligation in the Novartis Licensing Agreement, which represents a right to use our license over time after the license is granted and the Legend Phase 1 trial is ongoing. Revenue from licenses is recognized when the value of the right to use of the license is transferred to the customer which occurs over time during the Phase 1 trial.

Input Method

We use input methods to measure the progress toward the complete satisfaction of performance obligations satisfied over time. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which we are expected to complete our performance obligations under an arrangement. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.

We have concluded that revenue associated with the Novartis Licensing Agreement will be recognized over time using the input method as the delivery of the license is not distinct from the Legend Phase 1 trial.

Milestone Payments

Milestone payments represent a form of variable consideration which are included in the transaction price to the extent that it is highly probable that a significant reversal of accumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered highly probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgement involved in determining whether it is highly probable that a significant reversal of cumulative revenue would not occur. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price.

When the Company cannot conclude that it is highly probable that a significant revenue reversal of cumulative revenue under the contract will not occur, the Company constrains the related variable consideration resulting in its exclusion from the transaction price. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price.

Royalty Payments

The Company recognizes revenue for sales-based milestone payments promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs:

(a)the subsequent sale occurs; and

(b)the performance obligation to which some or all of the sales-based royalty has been allocated has been satisfied (or partially satisfied).

Janssen Agreement

The Company entered into a license and collaboration agreement with one customer (Janssen). The terms of the arrangement include: non-refundable upfront fees of $350.0 million and milestone payments for the achievement of specified manufacturing milestones, specified development milestones, specified regulatory milestones and specified net trade sales milestones of $125.0 million, $215.0 million, $800.0 million and $210.0 million, respectively. The Company has assessed that there is one distinct performance obligation, being the transfer of a license of intellectual property, including a technology transfer service. The Company considers this performance obligation is distinct from other collaborative activities as the license has stand-alone value without the Company being further involved in the research and development or other collaborative activities. Upon contract inception, the Company has estimated that the total transaction price is constrained to $400.0 million which included upfront fees of $350.0 million and milestone payments of $50.0 million. The transaction price was allocated to the single performance obligation in the contract.

Novartis Licensing Agreement

The Company entered into a license agreement with Novartis. The terms of the arrangement include: non-refundable upfront fees of $100.0 million and milestone payments for the achievement of specified development milestones and specified net trade sales milestones of up to $330.0 million and $680.0 million, respectively as well as tiered royalties. The Company has assessed that there are two distinct performance obligations. Performance Obligation 1 (PO1); A combined performance obligation that includes delivery of the license (inclusive of know-how) and the delivery of the Handover Package Documents which includes performing the Legend Phase 1 trial. Performance Obligation 2 (PO2); Supply of materials (supply of Lentivirus/other materials). Upon contract inception, the Company has estimated that the total transaction price is constrained to $125.3 million which included upfront fees of $100.0 million and variable consideration of $25.3 million. The transaction price was allocated to the two performance obligations (PO1) $120.7 million and (PO2) $4.6 million, respectively.

Upfront fees

Upfront payment is allocated to the single performance obligation in the Janssen Agreement. The upfront fees of $350.0 million were included in the transaction price upon contract inception in 2017 and were recognized when the single performance obligation to deliver the intellectual property, including a technology transfer service, was completed in 2018. The $350.0 million upfront fees were fully received by the Company in 2018.

Milestone payments

Certain milestone payments were allocated to the single performance obligation in the Janssen Agreement to deliver the license of intellectual property, including the technology transfer service. The initial two milestone payments of aggregate $50.0 million were included in the transaction price at contract inception in 2017 and were recognized when the single performance obligation was completed in 2018. Subsequently in 2019, an additional two milestone payments of $60.0 million were included in the transaction price when the milestones triggered by dosing of a specified number of patients in the CARTITUDE-1 clinical trial were achieved. In 2021, an additional milestone with a payment of $75.0 million was achieved relating to the clinical development of cilta-cel. In 2021, three additional milestone payments amounting to $65.0 million were achieved relating to the submission of a Marketing Authorization to the EMA, enrollment of a specified number of patients in the CARTITUDE-5 clinical trial and filing of a Drug approval application for a product by the Ministry of Health, Labour and Welfare in Japan. In 2022, additional milestone payments of $50.0 million were achieved in connection with the submission of a NDA to the PMDA in Japan, the enrollment of a specified number of patients in the Company’s CARTITUDE-5 clinical trial and in connection with the receipt of a commercialization approval for cilta-cel in the U.S. In 2023, two additional milestone payments amounting to $35 million were achieved relating to the

acceptance of a submission of a supplemental BLA to the FDA and the acceptance of a submission of a Type II variation application to the EMA.

As of December 31, 2023, pursuant to the Agreement, the remaining future contractual milestone payments for the Company aggregated to $1.02 billion for the achievement of various development, regulatory, manufacturing and net trade sales milestones. More specifically, the future contractual milestones consist of $125.0 million for the achievement of specified manufacturing milestones, $60.0 million for the achievement of specified development milestones, $620.0 million for the achievement of specified regulatory milestones and $210.0 million for the achievement of specified net trade sales milestones. The Company’s development plans and research progresses might change from time to time, which would increase the uncertainties of achieving future contractual milestones. The Company does not believe $280.0 million of the remaining $1.02 billion contractual milestone payments would be eligible to be received based on a subsequent change in development plan with the collaborator. Furthermore, the Company assessed that achievement of all the remaining contractual milestones is highly uncertain and the related milestone payments are not included in the transaction price. The milestone is achieved when the triggering event described in the agreement occurs.

Profit sharing

The Company and Janssen share equally profits on sales of CARVYKTI in all areas other than the People's Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan (“Greater China”), where the Company retains or bears 70% of pre-tax profits or losses. In all areas other than Greater China, as Janssen is the principal in the sale transaction with the customer, the Company recognizes a pro-rata share of collaboration net trade sales in the period Janssen completes the sale and delivers the product to the customer. The Company's share of collaboration net trade sales in all areas other than Greater China are recognized within collaboration revenue on the statement of profit or loss and other comprehensive income. Subsequent to regulatory approval, revenue from sales of product in Greater China will be recognized within Product sales on the statement of profit or loss and other comprehensive income as the Company will be the principal in the sale to the customer.

Collaborative activities

In addition to the license of intellectual property, the Janssen Agreement includes joint development, manufacturing and commercial activities that are performed by the Company and its collaboration partner. These activities and the related consideration for these activities are outside the scope of IFRS 15 as the Company and its collaboration partner are both active participants in the activities and are exposed to significant risks and rewards of such activities.

Product Sales

Revenue from the sale of goods is recognized at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods. To date the Company has not generated any product sales. Our share of collaboration net trade sales in which Janssen is the principal in the sale transaction with the customer is recognized within collaboration revenue on the statement of profit or loss and other comprehensive income.

Collaboration cost of revenue

Collaboration cost of revenue relates to the sale of CARVYKTI and includes costs incurred by the Company as well as the Company's pro-rata share of collaboration cost of revenue. Collaboration cost of revenue includes the cost of inventory sold, manufacturing costs, other costs attributable to production, and provisions to write down inventory, such as for excess and obsolete inventory or inventory that did not meet quality specifications.

Other income

Interest income is recognized on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.

Share-based payments

The Company operates a share option scheme and a restricted share unit scheme (“RSU Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Employees and directors of the Company receive remuneration in the form of share-based payments, whereby employees and directors render services as consideration for equity instruments (“equity-settled transactions”).

The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value of share option is determined by using a binomial model, and the fair value of each RSU is determined by reference to market price of the Company’s shares at the respective grant date, further details of which are given in notes 25 and 26 to the consolidated financial statements.

The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefit expense. The cumulative expense recognized for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period.

Service and performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest.

For awards that do not ultimately vest because performance and/or service conditions have not been met, no expense is recognized.

Other employee benefits

Pension scheme

The employees of the Company’s subsidiaries which operates in Greater China and Hong Kong are required to participate in a central pension scheme operated by the local municipal government. These subsidiaries are required to contribute certain percentage of their payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme.

Defined contribution plan

Employees in the U.S. are eligible to participate in the defined contribution plan we sponsor. The defined contribution plan allows employees to contribute a portion of their compensation on a pre-tax basis in accordance with specified guidelines. We match a percentage of employee contributions up to certain limits.

Foreign Currency Transactions and Foreign Currency Translation

Foreign Currency Transactions

These consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. Each of the Company's subsidiaries determines its own functional currency and items included in the consolidated financial statements of each entity are measured using that functional currency.

Transactions that are denominated in a currency other than the functional currency of an entity are recorded at that functional currency by applying the spot exchange rates prevailing at the dates of the transactions. At the end of the reporting period, monetary assets and liabilities denominated in a currency other than the functional currency are revalued to the functional currency by applying the spot exchange rate prevailing at the end of the reporting period. Gains and losses arising from these foreign currency revaluations are recognized in net income as other income and gains or other expenses. Foreign-currency-denominated transactions that are classified as non-monetary are measured using the historical spot exchange rate.

Foreign Currency Translation

The functional currencies of certain subsidiaries established in the PRC and Europe are currencies other than the U.S. dollar. As at the end of the reporting period, the assets and liabilities of these entities are translated into U.S. dollars at the exchange rates prevailing at the end of the reporting period and their statements of profit or loss are translated into U.S. dollars using the average foreign exchange rates during the period.

The resulting exchange differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in net income.

For the purpose of the consolidated statements of cash flows, the cash flows of the subsidiaries established in the PRC and Europe are translated into U.S. dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of the companies established in the PRC and Europe which arise throughout the year are translated into U.S. dollars at the weighted average exchange rates for the year.

Use of Estimates

The preparation of the Company’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

Global Economic Conditions

Worldwide economic conditions remain uncertain and we continue to monitor the impact of macroeconomic conditions, including those related to the public health crises, the Russia-Ukraine war, the conflict between Israel and Hamas, the failure and instability of financial institutions and rising inflation rates.

Changes in economic conditions, supply chain constraints, logistics challenges, labor shortages, the Russia-Ukraine war, the conflict between Israel and Hamas and steps taken by governments and central banks, have led to higher inflation, which has led to an increase in costs and has caused changes in fiscal and monetary policy, including increased interest rates. Our product manufacturing in both the U.S. and China has continued. Currently we have not experienced any material impact to our material supply chain or as a result of inflation and rising interest rates. Increased quantities of certain raw materials and consumables have been stocked as an appropriate safety measure. We believe we have established robust sourcing strategies for all necessary materials and do not expect any significant impact.

In addition, in China, although we experienced disruptions from COVID-19 during the year ended December 31, 2023, we do not believe they had a material impact to our business. There are still uncertainties of COVID-19’s future impact on our business in China, results of operations and financial condition, and the extent of the impact will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the development and progress of distribution of COVID-19 vaccines and other medical treatments, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. If COVID-19 resurges or if other public health crises create similar disruptions, our business, results of operations and financial condition could be materially and adversely affected. We will continue to monitor and assess the impact of the ongoing development of the pandemic on our financial position and operating results and respond accordingly.

If these changes in economic conditions continue or if they increase in severity, it could result in further economic uncertainty and volatility in the capital markets in the near term, and could negatively affect our operations. Although we do not believe that these macroeconomic conditions have had a material impact on our financial position or results of operations to date, we may experience impacts in the near future (especially if inflation rates continue to rise) on our operating costs, including our labor costs and research and development costs, due to supply chain constraints, consequences associated with public health crises, the ongoing conflict between Russia and Ukraine and the conflict between Israel and Hamas, and employee availability and wage increases, which may result in additional stress on our working capital resources.

FINANCE COSTS (Tables)

12 Months Ended

Dec. 31, 2023

Finance Costs [Abstract]

Summary of Finance Costs


	2023	2022	2021
	US$’000	US$’000	US$’000
Interest on lease liabilities	1,394	527	142
Collaboration interest-bearing advanced funding	20,400	10,269	758
Total	21,794	10,796	900

RESTRICTED SHARE UNITS - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares $ / shares	Dec. 31, 2021 USD ($) shares $ / shares	Dec. 31, 2020 shares
Restricted Stock Units [Line Items]
Fair value per share of options granted (in dollars per share) \| $ / shares	$ 13.397	$ 12.010	$ 9.497
Equity-settled share-based compensation expense	$ 47,680	$ 34,338	$ 20,158
RSU
Restricted Stock Units [Line Items]
Fair value of share options granted	$ 101,500	$ 45,300	$ 32,000
Fair value per share of options granted (in dollars per share) \| $ / shares	$ 29.604	$ 20.570	$ 15.012
Equity-settled share-based compensation expense	$ 36,300	$ 23,600	$ 17,800
Number of RSU, outstanding (in shares) \| shares	4,949,000	3,386,000	2,601,000	1,113,000
Restricted Scheme
Restricted Stock Units [Line Items]
Number of RSU, outstanding (in shares) \| shares	4,948,956
Percentage of number of shares issued	1.40%

REVENUE, OTHER INCOME AND GAINS - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Contract liabilities (Current)	$ 53,010	$ 0
Contract liabilities (Non Current)	47,962	0
Total	$ 100,972	$ 0

LEASES - Additional Information (Details)	12 Months Ended
LEASES - Additional Information (Details)	Dec. 31, 2023 USD ($)
Bottom of Range
Leases [Line Items]
Lessee, lease terms	3 years
Top of Range
Leases [Line Items]
Lessee, lease terms	29 years
Leasehold land
Leases [Line Items]
Lessee, lease terms	50 years
Ongoing lease payments	$ 0

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Categories of current financial assets [abstract]

Summary of Other Non-Current Assets


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Prepaid expenses	1,208	1,092
Lease receivables	285	395
Total	1,493	1,487

REVENUE, OTHER INCOME AND GAINS - Other Income and Gains (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income:
Finance income	$ 54,487	$ 8,182	$ 971
Government grants	2,731	2,434	1,736
Other	245	88	35
Total income	57,463	10,704	2,742
Gains:
Fair value gains on financial assets measured at fair value change through profit or loss	663	603	0
Other	0	742	317
Total gains	663	1,345	317
Total other income and gains	$ 58,126	$ 12,049	$ 3,059

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Capital commitments [abstract]

Summary of Capital Commitments

The Company had the following capital commitments at the end of the year:


	2023	2022	2021
	US$’000	US$’000	US$’000
Construction in progress	11,270	22,706	25,897

SHARE CAPITAL AND SHARE PREMIUM - Summary of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	May 13, 2021
Authorized:
Authorized, price per share (in dollars per share)			$ 0.0001
Issued and fully paid:
Issued and fully paid, price per share (in dollars per share)			$ 0.0001
363,822,069 (2022: 330,134,480) ordinary shares of $0.0001 each	$ 36	$ 33
Ordinary Shares
Authorized:
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 shares of $0.0001 each	$ 200	$ 200
Issued and fully paid:
Issued and fully paid (in shares)	363,822,069	330,134,480
Issued and fully paid, price per share (in dollars per share)	$ 0.0001	$ 0.0001
363,822,069 (2022: 330,134,480) ordinary shares of $0.0001 each	$ 36	$ 33

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic earnings per share [abstract]
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation	$ (518,254)	$ (446,349)	$ (403,582)
Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation (in shares)	352,165,418	318,083,913	281,703,291

DEFERRED TAX - Disclosure Of Movements In Deferred Tax Assets And Liabilities Explanatory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Liabilities [Roll Forward]
Deferred tax liabilities, beginning balance	$ (7,865)	$ (22,761)
Deferred tax charged/(credited) to the statement of profit or loss during the year	(4,955)	14,896
Deferred tax liabilities, ending balance	(12,820)	(7,865)
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	7,865	22,761
Deferred tax charged to the statement of profit or loss during the year	4,955	(14,896)
Deferred tax assets, ending balance	12,820	7,865
Collaboration revenue
Deferred Tax Liabilities [Roll Forward]
Deferred tax liabilities, beginning balance	0	(14,125)
Deferred tax charged/(credited) to the statement of profit or loss during the year	0	14,125
Deferred tax liabilities, ending balance	0	0
License revenue - transitional adjustment
Deferred Tax Liabilities [Roll Forward]
Deferred tax liabilities, beginning balance	0	0
Deferred tax charged/(credited) to the statement of profit or loss during the year	(3,144)	0
Deferred tax liabilities, ending balance	(3,144)	0
Difference allowance in excess of related depreciation
Deferred Tax Liabilities [Roll Forward]
Deferred tax liabilities, beginning balance	(7,751)	(8,636)
Deferred tax charged/(credited) to the statement of profit or loss during the year	4,563	885
Deferred tax liabilities, ending balance	(3,188)	(7,751)
Right of use assets
Deferred Tax Liabilities [Roll Forward]
Deferred tax liabilities, beginning balance	(114)	0
Deferred tax charged/(credited) to the statement of profit or loss during the year	(6,374)	(114)
Deferred tax liabilities, ending balance	(6,488)	(114)
Losses available for offsetting against future taxable profits
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	0	20,448
Deferred tax charged to the statement of profit or loss during the year	1,521	(20,448)
Deferred tax assets, ending balance	1,521	0
Difference in intangible assets amortization
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	1,250	1,056
Deferred tax charged to the statement of profit or loss during the year	1,551	194
Deferred tax assets, ending balance	2,801	1,250
Accrued expense
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	3,449	1,257
Deferred tax charged to the statement of profit or loss during the year	(1,500)	2,192
Deferred tax assets, ending balance	1,949	3,449
Lease liability
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	120	0
Deferred tax charged to the statement of profit or loss during the year	6,429	120
Deferred tax assets, ending balance	6,549	120
Cost recovery of R&D expense
Deferred Tax Assets [Roll Forward]
Deferred tax assets, beginning balance	3,046	0
Deferred tax charged to the statement of profit or loss during the year	(3,046)	3,046
Deferred tax assets, ending balance	$ 0	$ 3,046

INCOME TAX - Additional Information (Details) - HKD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Hong Kong
Major Components Of Tax Expense Income [Line Items]
Taxable income	$ 2	$ 2	$ 2
Income tax rate	8.25%	8.25%	8.25%
Income tax rate on remaining assessable profits	16.50%	16.50%	16.50%
United States of America
Major Components Of Tax Expense Income [Line Items]
Income tax rate	21.00%	21.00%	21.00%
Withholding tax rate	30.00%
New Jersey
Major Components Of Tax Expense Income [Line Items]
Income tax rate	3.30%	9.00%	9.00%
Ireland
Major Components Of Tax Expense Income [Line Items]
Income tax rate	12.50%	12.50%	12.50%
Withholding tax rate	25.00%	25.00%	25.00%
Non-trading income tax rate	25.00%	25.00%	25.00%
China
Major Components Of Tax Expense Income [Line Items]
Income tax rate	25.00%	25.00%	25.00%
Withholding tax rate	10.00%
China \| Legend Nanjing
Major Components Of Tax Expense Income [Line Items]
Income tax rate	15.00%
Belgium
Major Components Of Tax Expense Income [Line Items]
Income tax rate	25.00%
Withholding tax rate	30.00%

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

12 Months Ended

Dec. 31, 2023

Disclosure Of Notes To Consolidated Statement Of Cash Flows [Abstract]

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

(a)Major non-cash transactions

For the year ended December 31, 2022 and 2021, the Company had non-cash additions to collaboration interest-bearing advanced funding of $130.3 million and $119.7 million which was received through the deduction of other payables to a collaborator. There were no such non-cash additions to the collaboration interest-bearing advanced funding in 2023.

For the year ended December 31, 2023, 2022 and 2021, the Company recorded a non-cash fair value loss of $85.8 million, non-cash fair value gain of $20.9 million, and non-cash fair value loss of $6.2 million of warrant liability, respectively.

For the years ended December 31, 2023, 2022 and 2021, the Company had non-cash additions to right-of-use assets of $26.7 million, $23.2 million and $0.7 million, and lease liabilities of $26.7 million, $23.7 million and $0.7 million, in respect of lease arrangements for buildings, respectively.

For the years ended December 31, 2023, 2022 and 2021, the Group had non-cash additions to collaboration prepaid leases included in the other payables and accruals for the assets leased from the collaboration partner of $16.30 million $26.5 million and $7.6 million, respectively, and had non-cash additions to property, plant and equipment included in other payables and accruals of $6.6 million, $5.1 million and $6.7 million, respectively.

(b)Changes in liabilities arising from financing activities


						Lease liabilities
						US$’000
At January 1, 2023						23,602
Additions of lease liabilities						26,692
Changes from financing cash flows						(3,755)
Disposal						—
Interest expense						1,394
Interest paid classified as operating cash flows						(1,394)
Foreign exchange movement						805
At December 31, 2023						47,344
At January 1, 2022						2,504
Additions of lease liabilities						23,703
Changes from financing cash flows						(2,596)
Disposal						—
Interest expense						527
Interest paid classified as operating cash flows						(527)
Foreign exchange movement						(9)
At December 31, 2022						23,602
At January 1, 2021						3,373
Additions of lease liabilities						678
Changes from financing cash flows						(1,419)
Disposal						(68)
Interest expense						142
Interest paid classified as operating cash flows						(142)
Foreign exchange movement						(60)
At December 31, 2021						2,504

(c)Total cash outflow for leases

The total cash outflow for leases included in the statement of cash flows is as follows:


	2023	2022	2021
	US$’000	US$’000	US$’000
Within operating activities	1,394	527	142
Within financing activities	3,755	2,596	1,419
Short-term leases	2,338	1,132	182
Total	7,487	4,255	1,743

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Abstract]

Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Cash and bank balances	1,312,773	841,317
Less: Pledged deposits	(357)	(1,270)
Time deposits	(34,703)	(54,016)

Cash and cash equivalents	1,277,713	786,031

Denominated in USD	1,254,969	727,160
Denominated in RMB	12,675	21,472
Denominated in EUR	10,069	37,399

Cash and cash equivalents	1,277,713	786,031

OTHER PAYABLES AND ACCRUALS - Summary of Other Payables and Accruals (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Other Payables And Accruals [Abstract]
Accrued payroll	$ 30,974	$ 21,892
Accrued expense	71,462	127,390
Other payables	11,944	10,960
Payable for Collaboration Assets	16,338	22,852
Other tax payables	2,084	1,015
Other payables and accruals	$ 132,802	$ 184,109

WARRANT LIABILITY - Schedule of Movement of Warrant Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Warranty Liabilities [Roll Forward]
Balance, beginning of the period	$ 67,000	$ 87,900
Fair value loss/(gain) of the warrant liability	85,750	(20,900)
Exercise of the warrant liability	(152,750)	0
Balance, end of the period	$ 0	$ 67,000

TRADE PAYABLES - Summary of Trade and Notes Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables [abstract]
Trade payables	$ 20,160	$ 32,893

COLLABORATION INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Summary of Inventories


	December 31, 2023	December 31, 2022
	US$’000	US$’000

Raw materials	13,155	6,989
Work-in-process	2,990	690
Finished goods	3,288	2,675
Total collaboration inventories	19,433	10,354

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of Property, Plant and Equipment


	Freehold land	Buildings	Leasehold improvement	Machinery and equipment	Computer and office equipment	Transportation equipment	Construction in progress	Total
	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2023
At January 1, 2023
Cost	2,889	45,075	21,974	42,576	3,638	41	14,184	130,377
Accumulated depreciation	—	(2,348)	(5,807)	(14,806)	(2,231)	(17)	—	(25,209)
Net carrying amount	2,889	42,727	16,167	27,770	1,407	24	14,184	105,168
At January 1, 2023, net of accumulated depreciation	2,889	42,727	16,167	27,770	1,407	24	14,184	105,168
Additions	—	238	156	48	6	—	14,616	15,064
Disposals	—	—	(87)	(77)	(1)	—	—	(165)
Depreciation provided during the year	—	(1,493)	(2,603)	(6,033)	(571)	(4)	—	(10,704)
Exchange realignment	—	(116)	(91)	(253)	(4)	(1)	(173)	(638)
Transfers	—	20,344	1,249	3,778	217	—	(25,588)	—
At December 31, 2023, net of accumulated depreciation	2,889	61,700	14,791	25,233	1,054	19	3,039	108,725
At December 31, 2023:
Cost	2,889	65,540	23,117	45,480	3,622	40	3,039	143,727
Accumulated depreciation	—	(3,840)	(8,326)	(20,247)	(2,568)	(21)	—	(35,002)
Net carrying amount	2,889	61,700	14,791	25,233	1,054	19	3,039	108,725


	Freehold land	Buildings	Leasehold improvement	Machinery and equipment	Computer, fixtures and office equipment	Transportation equipment	Construction in progress	Total
	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2022
At January 1, 2022
Cost	2,889	16,011	20,908	35,251	2,977	45	41,367	119,448
Accumulated depreciation	—	(1,360)	(3,503)	(10,432)	(1,633)	(14)	—	(16,942)
Net carrying amount	2,889	14,651	17,405	24,819	1,344	31	41,367	102,506
At January 1, 2022, net of accumulated depreciation	2,889	14,651	17,405	24,819	1,344	31	41,367	102,506
Additions	—	1,732	522	583	34	—	14,346	17,217
Disposals	—	—	—	(122)	(14)	—	(406)	(542)
Depreciation provided during the year	—	(988)	(2,566)	(5,818)	(797)	(4)	—	(10,173)
Exchange realignment	—	—	(1,164)	(1,802)	(32)	(3)	(839)	(3,840)
Transfers	—	27,332	1,970	10,110	872	—	(40,284)	—
At December 31, 2022, net of accumulated depreciation	2,889	42,727	16,167	27,770	1,407	24	14,184	105,168
At December 31, 2022:
Cost	2,889	45,075	21,974	42,576	3,638	41	14,184	130,377
Accumulated depreciation	—	(2,348)	(5,807)	(14,806)	(2,231)	(17)	—	(25,209)
Net carrying amount	2,889	42,727	16,167	27,770	1,407	24	14,184	105,168

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - Summary of Sensitivity to Reasonably Possible Change in Exchange Rates (Details) - Foreign Currency Risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
If US$ strengthens against RMB
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency	5.00%	5.00%	5.00%
Decrease/ (increase) in loss before tax	$ 1,300	$ 1,314	$ 1,215
If US$ weakens against RMB
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency	(5.00%)	(5.00%)	(5.00%)
Decrease/ (increase) in loss before tax	$ (1,300)	$ (1,314)	$ (1,215)
If US$ strengthens against EUR
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency	5.00%	5.00%	5.00%
Decrease/ (increase) in loss before tax	$ (51,887)	$ (1,441)	$ (3,086)
If US$ weakens against EUR
Disclosure Of Financial Instruments [Line Items]
Increase/ (decrease) in the rate of foreign currency	(5.00%)	(5.00%)	(5.00%)
Decrease/ (increase) in loss before tax	$ 51,887	$ 1,441	$ 3,086

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 1,277,713	$ 786,031	$ 688,938	$ 455,689
Denominated in RMB
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 12,675	$ 21,472

LOSS BEFORE TAX

12 Months Ended

Dec. 31, 2023

Profit (loss) [abstract]

LOSS BEFORE TAX

The Company’s loss before tax is arrived at after charging:


	2023	2022	2021
	US$’000	US$’000	US$’000
Employee benefit expense (including directors’ remuneration):
Wages and salaries	204,128	147,385	105,751
Other employee benefits	7,729	5,057	2,257
Equity-settled share-based compensation expense	47,680	34,338	20,158

APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS	Dec. 31, 2023
Statement of financial position [abstract]
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS	APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved and authorized for issue by the Board of Directors on March 18, 2024.

LEASES

12 Months Ended

Dec. 31, 2023

Lease [Abstract]

LEASES

The Company as a lessee

The Company has leases for office, research laboratory and manufacturing facilities, equipment, vehicles and land. 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


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Leasehold land	4,192	4,357
Lease buildings	3,621	4,887
Collaboration assets	72,689	46,346
Total	80,502	55,590

The carrying amounts of the Company’s right-of-use assets and the movements during the year are as follows:


	Non-Collaboration Assets Leased		Collaboration Assets Leased
	Leasehold land	Buildings*	Buildings*	Machinery and equipment	Computer and office equipment	Total
	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2023
Right-of-use assets at January 1, 2023	4,357	4,887	36,624	9,711	11	55,590
Additions	—	880	26,777	4,433	—	32,090
Accumulated depreciation	—	—	—	—	—	—
Exchange realignment	(72)	22	695	—	—	645
Depreciation of right-of-use assets	(93)	(2,168)	(3,556)	(2,002)	(4)	(7,823)
Right-of-use assets at December 31, 2023	4,192	3,621	60,540	12,142	7	80,502
December 31, 2022
Right-of-use assets at January 1, 2022	4,862	2,324	19,907	11,174	16	38,283
Additions	—	4,677	18,486	298	—	23,461
Exchange realignment	(408)	(224)	221	—	—	(411)
Depreciation of right-of-use assets	(97)	(1,890)	(1,990)	(1,761)	(5)	(5,743)
Right-of-use assets at December 31, 2022	4,357	4,887	36,624	9,711	11	55,590

*Certain prior year amounts have been reclassified for comparative purposes

(b)Lease liabilities

Lease liabilities are as indicated below:

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.


	2023	2022
	US$’000	US$’000
Carrying amount at January 1	23,602	2,504
Additions	26,692	23,703
Accretion of interest recognized during the year	1,394	527
Payments	(5,149)	(3,123)
Exchange realignment	805	(9)
Carrying amount at December 31	47,344	23,602
Analyzed into:
Current portion	3,175	3,563
Non-current portion	44,169	20,039
Total	47,344	23,602

(c)The amounts recognized in profit or loss in relation to leases are as follows:


	2023	2022
	US$’000	US$’000
Interest on lease liabilities	1,394	527
Depreciation charge of right-of-use assets	7,823	5,743
Expense relating to short-term leases	2,338	1,132
Total amount recognized in profit or loss	11,555	7,402

The maturity analysis of lease liabilities is disclosed in note 33 to the financial statements. The total cash outflow for leases is disclosed in note 28 (c) to the financial statements.

The Company as a lessor

The Company leases assets it owns to the collaboration in accordance with the Janssen Agreement. These are finance leases for which the Company recognized an insignificant amount of finance income for the year ended December 31, 2023 and 2022.

At December 31, 2023 and 2022, the undiscounted minimum lease payments receivables by the Company in future periods under non-cancellable operating leases with its tenants are as follows:


	2023	2022
	US$’000	US$’000
Finance leases:
Total	1,673	583

BASIS OF PREPARATION	12 Months Ended
BASIS OF PREPARATION	Dec. 31, 2023
Basis Of Preparation [Abstract]
BASIS OF PREPARATION	BASIS OF PREPARATION The consolidated financial statements of Legend Biotech Corporation and its subsidiaries (collectively referred to as “the Company”) have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board which comprise all standards and interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities, which have been measured at fair value. The consolidated financial statements are presented in U.S. dollars (“$”) and all values are rounded to the nearest thousand except when otherwise indicated. Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results of operations, total assets, total liabilities, or cash flows. Basis of consolidation The consolidated financial statements include the financial statements of the Company for each of the three years ended December 31, 2023. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities of the investee). The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income or loss are attributed to the equity holders of the Company. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the Company are eliminated in full on consolidation.

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [abstract]

Summary of Tax Charges

Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the jurisdictions in which the Group operates.


	2023	2022	2021
	US$’000	US$’000	US$’000
Current – United States of America	511	224	211
Current – Elsewhere	(2,375)	401	416
Deferred (note 20)	—	—	(4,241)
Total tax charge/(credit) for the year	(1,864)	625	(3,614)

Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates

A reconciliation of the tax charge/(credit) applicable to loss before tax at the statutory rates for the countries (or jurisdictions) in which the Company and the majority of its subsidiaries are domiciled to the tax expense/(credit) at the effective tax rates is as follows:


	2023		2022		2021
	US$’000	%	US$’000	%	US$’000	%
Loss before tax	(520,118)		(445,724)		(407,196)
At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%)	(126,638)	24.3	(125,293)	28.1	(114,463)	28.1
Preferential tax rate in other countries and regions	4,091	(0.8)	—	—	—	—
Effect of tax rate differences in other countries and regions	47,001	(9.0)	15,129	(3.4)	15,027	(3.7)
Research and development credit	(8,942)	1.7	(24,970)	5.6	(954)	0.2
State rate change	5,959	(1.1)	(107)	—	—	—
Effect of non-deductible expenses	2,111	(0.4)	1,829	(0.4)	2,298	(0.6)
Tax losses and deductible temporary differences not recognized*	83,054	(16.0)	137,912	(30.9)	106,623	(26.2)
Stock-based compensation income tax charge/(benefit)*	(7,911)	1.5	(4,050)	0.9	(13,674)	3.4
Others	(589)	0.2	175	—	1,529	(0.4)
Tax charge/(benefit) at the Company’s effective rate	(1,864)	0.4	625	(0.1)	(3,614)	0.9

*Certain prior year amounts have been reclassified for comparative purposes

SHARE CAPITAL AND SHARE PREMIUM - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	May 11, 2023	May 10, 2023	May 19, 2023	Dec. 31, 2023	May 02, 2023	Apr. 24, 2023	Dec. 31, 2022	May 13, 2021
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued (in shares)								20,809,850
Price per share (in dollars per share)								$ 0.0001
Aggregate exercise price of warrant	$ 200.0
Exercise of Warrant
Disclosure Of Classes Of Share Capital [Line Items]
Aggregate exercise price of warrant	$ 200.0
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued (in shares)	10,000,000
Price per share (in dollars per share)				$ 0.0001			$ 0.0001
Ordinary Shares \| Private Placement Transactions
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued (in shares)			692,782		484,992	7,656,968
Proceeds from issue of ordinary shares			$ 234.4
Issuance costs			$ 0.4
Ordinary Shares \| Registered Direct Offering
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued (in shares)		10,937,500
Proceeds from issue of ordinary shares		$ 349.3
Issuance costs		$ 0.7
Price per share (in dollars per share)		$ 32.00
Ordinary Shares \| Exercise of Warrant
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued (in shares)	10,000,000

SHARE OPTION SCHEME

12 Months Ended

Dec. 31, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

SHARE OPTION SCHEME

The Company operates a share option scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Eligible participants of the Scheme include the Company’s directors, including independent non-executive directors, and employees of any member of the Company.

The Scheme became effective on December 21, 2017 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The Scheme has a performance vesting condition and is subject to forfeiture if the participants cannot meet certain performance targets set by the board of directors.

Share options do not confer any voting rights, or rights to participate in any dividends or distributions. The following share options were outstanding under the Scheme during the year:


	2023		2022		2021
	Weighted average exercise price	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price	Number of options
	US$ per share	’000	US$ per share	’000	US$ per share	’000
At January 1,	7.1370	9,180	2.8970	9,529	1.9353	14,241
Granted during the year	23.5300	355	19.4468	2,265	15.4774	595
Forfeited during the year	2.8336	(708)	4.2888	(573)	2.9987	(1,251)
Exercised during the year	5.0687	(2,460)	1.8032	(2,041)	1.3346	(4,056)
At December 31,	9.3287	6,367	7.1370	9,180	2.8970	9,529
Exercisable at December 31	4.5401	3,470	2.8705	3,281	1.4334	2,828

The weighted average share price at the date of exercise for share options exercised during 2023 was $31.8140 per share (2022: $22.5813, 2021: $18.4846).

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows:


December 31, 2023
Number of options ’000	Exercise price* US$ per share	Exercise period
1,747	0.5	2019/12/25 – 2027/12/25
801	1.0	2019/07/01 – 2028/08/29
84	1.0	2019/12/31 – 2028/12/30
723	1.5	2020/07/02 – 2029/07/01
152	11.5	2020/11/29 – 2029/11/28
54	11.5	2021/06/05 – 2030/06/04
255	16.3	2021/09/01 – 2030/08/31
210	14.1	2022/03/29 – 2031/03/28
160	19.0	2022/08/27 – 2031/08/26
409	18.4	2023/03/31 - 2032/03/30
740	18.2	2023/04/30 - 2032/04/29
80	18.4	2023/05/02 - 2032/05/01
40	18.4	2023/05/05 - 2032/05/04
80	18.4	2023/05/08 - 2032/05/07
200	18.4	2023/05/10 - 2032/05/09
10	19.7	2023/05/13 - 2032/05/12
207	27.5	2023/06/30 - 2032/06/29
60	23.3	2023/08/02 - 2032/08/01
355	23.5	2024/04/03 - 2033/04/02
6,367


December 31, 2022
Number of options ’000	Exercise price* US$ per share	Exercise period
2,875	0.5	2019/12/25 – 2027/12/25
1,248	1.0	2019/07/01 – 2028/08/29
271	1.0	2019/12/31 – 2028/12/30
1,393	1.5	2020/07/02 – 2029/07/01
201	11.5	2020/11/29 – 2029/11/28
90	11.5	2021/06/05 – 2030/06/04
322	16.3	2021/09/01 – 2030/08/31
410	14.1	2022/03/29 – 2031/03/28
165	19.0	2022/08/27 – 2031/08/26
740	18.4	2023/03/31 - 2032/03/30
750	18.2	2023/04/30 - 2032/04/29
80	18.4	2023/05/02 - 2032/05/01
40	18.4	2023/05/05 - 2032/05/04
80	18.4	2023/05/08 - 2032/05/07
200	18.4	2023/05/10 - 2032/05/09
15	19.7	2023/05/13 - 2032/05/12
240	27.5	2023/06/30 - 2032/06/29
60	23.3	2023/08/02 - 2032/08/01
9,180


December 31, 2021
Number of options ’000	Exercise price* US$ per share	Exercise period
4,054	0.5	2019/12/25 – 2027/12/25
1,849	1.0	2019/07/01 – 2028/08/29
382	1.0	2019/12/31 – 2028/12/30
1,822	1.5	2020/07/02 – 2029/07/01
332	11.5	2020/11/29 – 2029/11/28
90	11.5	2021/06/05 – 2030/06/04
385	16.3	2021/09/01 – 2030/08/31
20	13.6	2021/11/19 – 2030/11/18
430	14.1	2022/03/29 – 2031/03/28
165	19.0	2022/08/27 – 2031/08/26
9,529

*The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in the Company’s share capital. Pursuant to certain listing rules of the Hong Kong Stock Exchange to which members of the Genscript Group are subject to, the Company adjusted the exercise price of options granted during November 29, 2019 through December 9, 2019 to $11.50 per share. Concurrent with this adjustment, the Company agreed to pay each employee holding affected share options an amount in cash representing the difference between the adjusted exercise price over the original exercise price upon exercising the share options.

The fair value of the share options granted during the year ended December 31, 2023 was $4.8 million ($13.397 each) (2022: $27.2 million, $12.010 each; 2021: $5.7 million, $9.497 each). The Company recognized share option expense of $11.3 million (2022: $10.7 million, 2021: $2.4 million) during the year ended December 31, 2023.

The fair value of equity-settled share options granted during the period was estimated, using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used:


	2023		2022	2021
Dividend yield (%)	—		—	—
Expected volatility (%)	66.1	%	73.0% -87.1%	73.2% - 76.4%
Risk-free interest rate (%)	3.40% - 4.84%		0.52% - 3.11%	0.03%- 1.72%
Expected life of options (year)	10		10	10

The volatility measured at the standard deviation of expected share price returns is based on statistical analysis of comparable listed companies in the same industry. The weighted average share price was $23.5300 used in the share option fair value valuation model during the year ended December 31, 2023.

As at December 31, 2023, the Company had 6,366,538 share options outstanding under the Scheme. The exercise in full of the outstanding share options would, under the present capital structure of the Company, result in the issue of 6,366,538 additional ordinary shares of the Company, an additional share capital of $637 and a share premium of $59.4 million (before issue expenses).

As at December 31, 2023, the Company had 6,366,538 share options outstanding under the share option scheme, which represented approximately 1.7% of the Company's shares in issue as at that date.

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of transactions between related parties [abstract]

Summary of Nature of Related Party Relationship


Company						Relationship
Genscript Biotech Corporation ("Genscript")						The Company’s most significant shareholder
Nanjing GenScript Biotech Co., Ltd. (formerly named as Nanjing Jinsirui Biotechnology Co., Ltd.)						Controlled by Genscript or its parent, Genscript Corporation
Jiangsu GenScript Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Genscript USA Incorporated						Controlled by Genscript or its parent, Genscript Corporation
Genscript USA Holdings Inc						Controlled by Genscript or its parent, Genscript Corporation
Genscript Probio USA Inc						Controlled by Genscript or its parent, Genscript Corporation
Nanjing Probio Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Jiangsu GenScript Probio Biotech Co., Ltd.						Controlled by Genscript or its parent, Genscript Corporation
Genscript Netherlands						Controlled by Genscript or its parent, Genscript Corporation

Summary of Transactions with Related Parties

In addition to the transactions detailed elsewhere in the consolidated financial statements, the Company had the following transactions with related parties during the year:

(i)Licensing of patents to related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing Probio Biotech Co., Ltd.	—	—	3,019

Sales of products and sales-based royalties from related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing Probio Biotech Co., Ltd.	179	328	405

Purchases from related parties:


	2023	2022	2021
	US$’000	US$’000	US$’000
Nanjing GenScript Biotech Co., Ltd.	4,078	6,174	9,615
Jiangsu GenScript Probio Biotech Co., Ltd	303	1,306	334
Genscript USA Incorporated	473	1,028	786
Genscript USA Holdings Inc	389	380	—
Nanjing Probio Biotech Co., Ltd.	35	237	21
Jiangsu GenScript Biotech Co., Ltd	1	51	146
GenScript Probio USA Inc.	—	8	—
Genscript Netherlands	—	5	6
Total	5,279	9,189	10,908

Compensation fee for termination of service agreement:


	2023	2022	2021
	US$’000	US$’000	US$’000
Jiangsu GenScript Biotech Co., Ltd.	—	—	2,666

Financing from follow-on public offering, net of issuance cost


	2023	2022	2021
	US$’000	US$’000	US$’000
Genscript Biotech Corporation	—	—	84,600

Disclosure of Outstanding Balances with Related Parties Explanatory

The Company had the following significant balances with its related parties at the end of the year:

(i)Due from related parties


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Trade receivables
Nanjing Probio Biotech Co., Ltd.	41	90


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Other receivables
Nanjing GenScript Biotech Co., Ltd.	22	321
Genscript USA Incorporated	16	16
Jiangsu Genscript Biotech Co., Ltd	—	3
Total	38	340


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Prepayment
Nanjing Probio Biotech Co., Ltd.	237	251
Jiangsu GenScript Probio Biotech Co., Ltd	—	21
Total	237	272

(ii)Due to related parties.


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Trade payables
Nanjing GenScript Biotech Co., Ltd.	265	935
Genscript USA Incorporated	35	134
Jiangsu GenScript Biotech Co., Ltd	—	93
Jiangsu GenScript Probio Biotech Co., Ltd	272	—
Nanjing Probio Biotech Co., Ltd.	—	21
Total	572	1,183


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Other payables
Nanjing GenScript Biotech Co., Ltd.	892	2,435
GenScript USA Incorporated.	—	58
Jiangsu Genscript Biotech Co., Ltd	—	7
Jiangsu Genscript Probio Biotech Co., Ltd	—	4
Nanjing Probio Biotech Co., Limited	—	3
Genscript Netherlands	—	1
Total	892	2,508


	December 31, 2023	December 31, 2022
	US$’000	US$’000
Lease liabilities
Genscript USA Holdings Inc	—	427
Nanjing GenScript Biotech Co., Ltd.	136	205
Total	136	632

Summary of Compensation of Key Management Personnel

Compensation of key management personnel of the Company:


	2023	2022	2021
	US$’000	US$’000	US$’000
Equity-settled share-based compensation expense	8,037	3,582	2,907
Short-term employee benefits	2,691	2,170	1,942
Total	10,728	5,752	4,849

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) ft² in Thousands, $ in Millions	1 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2023 ft²
Capital commitments [abstract]
Former employee damages demanded \| $	$ 3.0
Area of manufacturing facility expected to be leased (in square feet) \| ft²		106

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES	12 Months Ended
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES	Dec. 31, 2023
Disclosure of voluntary change in accounting policy [abstract]
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES	CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES There were no new IFRS standards, amendments or interpretations that became effective in 2023 that had a material impact on the Company's consolidated financial statements.

INCOME TAX - Summary of Reconciliation of Tax Expense Applicable to Loss Before Tax at the Statutory Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax expense (income), amount [Abstract]
Loss before tax	$ (520,118)	$ (445,724)	$ (407,196)
At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%)	(126,638)	(125,293)	(114,463)
Preferential tax rate in other countries and regions	4,091	0	0
Effect of tax rate differences in other countries and regions	47,001	15,129	15,027
Research and development credit	(8,942)	(24,970)	(954)
State rate change	5,959	(107)	0
Effect of non-deductible expenses	2,111	1,829	2,298
Tax losses and deductible temporary differences not recognized	83,054	137,912	106,623
Stock-based compensation income tax charge/(benefit)	(7,911)	(4,050)	(13,674)
Others	(589)	175	1,529
Tax charge/(benefit) at the Company’s effective rate	$ (1,864)	$ 625	$ (3,614)
Tax expense (income), effective tax rate [Abstract]
At the statutory blended US federal and state income tax rate of 24.3% (2022 and 2021: 28.1%)	24.30%	28.10%	28.10%
Preferential tax rate in other countries and regions	(0.80%)	0.00%	0.00%
Effect of tax rate differences in other countries and regions	(9.00%)	(3.40%)	(3.70%)
Research and development credit	1.70%	5.60%	0.20%
State rate change	(1.10%)	0.00%	0.00%
Effect of non-deductible expenses	(0.40%)	(0.40%)	(0.60%)
Tax losses and deductible temporary differences not recognized	(16.00%)	(30.90%)	(26.20%)
Stock-based compensation income tax charge/(benefit)	1.50%	0.90%	3.40%
Others	0.20%	0.00%	(0.40%)
Tax charge/(benefit) at the Company’s effective rate	0.40%	(0.10%)	0.90%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES