0001801198-24-000033 | 6-K | XBRL Viewer

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LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share [abstract]
Weighted average number of ordinary shares in issue (in shares)	364,010,429	330,497,072

SHARE CAPITAL AND SHARE PREMIUM - Summary of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Issued and fully paid:
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each	$ 36	$ 36
Ordinary Shares
Authorized:
Ordinary shares authorized (in shares)	2,000,000,000	2,000,000,000
Authorized, price per share (in dollars per share)	$ 0.0001	$ 0.0001
2,000,000,000 ordinary shares of $0.0001 each	$ 200	$ 200
Issued and fully paid:
Ordinary shares issued and fully paid (in shares)	364,566,989	363,822,069
Price per share (in dollars per share)	$ 0.0001	$ 0.0001
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each	$ 36	$ 36

COLLABORATION INTEREST-BEARING ADVANCED FUNDING (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure of detailed information about borrowings [abstract]

Summary of Interest-Bearing Loans and Borrowings

Effective interest rate (%)

Maturity

March 31,
2024

US$’000
(Unaudited)

Non-current

Loans from a collaborator

8.27

No specific maturity date

286,396

COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Summary of Interest-Bearing Loans and Borrowings (Details) - 11.0% Interest Bearing Loans $ in Thousands	Mar. 31, 2024 USD ($)
Disclosure Of Detailed Information About Borrowings [Line Items]
Effective interest rate (%)	8.27%
Loans from a collaborator	$ 286,396

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

3 Months Ended

Mar. 31, 2024

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

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


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000

Cash and bank balances	1,156,674	1,312,773
Less: Pledged deposits	(359)	(357)
Time deposits	(258,744)	(34,703)

Cash and cash equivalents	897,571	1,277,713

Denominated in USD	866,800	1,254,969
Denominated in RMB	15,702	12,675
Denominated in EUR	15,069	10,069

Cash and cash equivalents	897,571	1,277,713

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY	3 Months Ended
	Mar. 31, 2024
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY	NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY There were no new International Financial Reporting Standards (“IFRS”), amendments or interpretations issued by the IASB that became effective in the three months ended March 31, 2024 that had a material impact on the Company's unaudited interim condensed consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT (Details) $ in Thousands	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	$ 108,725
Additions	1,645
Disposals	(2,102)
Depreciation provided during the period	(2,796)
Exchange realignment	(194)
Property, plant and equipment, ending balance	105,278
Cost
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	143,727
Property, plant and equipment, ending balance	142,987
Accumulated depreciation
Property, Plant and Equipment [Roll Forward]
Property, plant and equipment, beginning balance	(35,002)
Property, plant and equipment, ending balance	$ (37,709)

REVENUE, OTHER INCOME AND GAINS

3 Months Ended

Mar. 31, 2024

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

REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as follows:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Revenue
Licensing of intellectual property	12,181	—
Collaboration revenue	78,481	36,280
Other revenue	3,329	56
Total	93,991	36,336

Novartis License Agreement

On November 10, 2023, Legend Biotech, through its wholly owned subsidiary, Legend Biotech Ireland Limited, entered into an exclusive, global license agreement with Novartis Pharma AG (the "Novartis License Agreement"). The Company granted Novartis the worldwide rights to develop, manufacture and commercialize LB2102 and other potential chimeric antigen receptor T-cell (CAR-T) therapies selectively targeting Delta-like Ligand 3 (DLL3). The Novartis License Agreement was effective on December 28, 2023, with a $100 million receivable initially recorded, representing the Novartis upfront payment which was then received on January 3rd, 2024. Novartis has also agreed to pay up to $1.01 billion in milestone payments upon achievement of specified clinical, regulatory and commercial milestones, as well as tiered royalties on net sales. We determined that any milestone payments will be recognized upon occurrence as they were determined to relate predominately to the license granted and therefore have been excluded from the transaction price. 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, manufacture and commercialization for the licensed product(s).

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


	March 31	December 31
	2024	2023
	US$’000 (Unaudited)	US$’000
Contract liabilities (Current)	63,251	53,010
Contract liabilities (Non-Current)	23,109	47,962
Total	86,360	100,972

The following table summarizes the Total other income and gains:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Other income and gains
Other income:
Finance income	13,870	6,755
Government grants*	616	710
Other	100	29
Total income	14,586	7,494

Gains:
Foreign currency exchange gain, net	49,056	—
Fair value gains on financial assets measured at fair value change through profit or loss	449	705

Total gains	49,505	705
Total other income and gains	64,091	8,199

*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.

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Lease [Abstract]

Summary of Carrying Amounts of The Right-of-use Assets and Movements

The carrying amounts of the Company’s right-of-use assets and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)

Right-of-use assets at January 1, 2024						80,502
Additions						2,824

Exchange realignment						(1,106)
Depreciation of right-of-use assets						(2,041)
Right-of-use assets at March 31, 2024						80,179

Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term

The balance of the Company’s lease liabilities and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)
Carrying amount at January 1, 2024						47,344
Additions						2,828
Accretion of interest recognized during the period						416
Payments						(1,172)
Exchange realignment						(1,126)
Carrying amount at March 31, 2024						48,290
Analyzed into:
Current portion						3,116
Non-current portion						45,174
Total						48,290

OTHER PAYABLES AND ACCRUALS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disclosure Of Other Payables And Accruals [Abstract]
Accrued payroll	$ 19,185	$ 30,974
Accrued expense	88,323	71,462
Other payables	11,351	11,944
Payable for collaboration assets	14,171	16,338
Other tax payables	2,982	2,084
Total	$ 136,012	$ 132,802

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 897,571	$ 1,277,713	$ 660,050	$ 786,031
Denominated in RMB
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 15,702	$ 12,675

LEASES

3 Months Ended

Mar. 31, 2024

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

The carrying amounts of the Company’s right-of-use assets and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)

Right-of-use assets at January 1, 2024						80,502
Additions						2,824

Exchange realignment						(1,106)
Depreciation of right-of-use assets						(2,041)
Right-of-use assets at March 31, 2024						80,179

(b)Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The balance of the Company’s lease liabilities and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)
Carrying amount at January 1, 2024						47,344
Additions						2,828
Accretion of interest recognized during the period						416
Payments						(1,172)
Exchange realignment						(1,126)
Carrying amount at March 31, 2024						48,290
Analyzed into:
Current portion						3,116
Non-current portion						45,174
Total						48,290

LEASES - Summary of Carrying Amounts of The Right-of-use Assets and Movements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Right-of-Use Assets [Roll Forward]
Beginning balance	$ 80,502
Additions	2,824
Exchange realignment	(1,106)
Depreciation of right-of-use assets	(2,041)
Ending balance	$ 80,179

COLLABORATION INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials	$ 17,820	$ 13,155
Work-in-process	2,641	2,990
Finished goods	1,685	3,288
Total collaboration inventories	$ 22,146	$ 19,433

SHARE CAPITAL AND SHARE PREMIUM (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure of classes of share capital [abstract]

Summary of Shares


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Authorized:
2,000,000,000 ordinary shares of $0.0001 each	200	200
Issued and fully paid:
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each	36	36

Summary of Movements in the Company's Share Capital and Share Premium

A summary of movements in the Company’s share capital and share premium is as follows:


	Number of shares in issue	Share capital	Share premium	Total
		US$’000	US$’000	US$’000
At December 31, 2023 and January 1, 2024	363,822,069	36	2,637,120	2,637,156
Exercise of share option	317,988	—	2,668	2,668
Reclassification of vesting of restricted share units	426,932	—	6,081	6,081
At March 31, 2024 (Unaudited)	364,566,989	36	2,645,869	2,645,905

COLLABORATION INVENTORIES

3 Months Ended

Mar. 31, 2024

Classes of current inventories [abstract]

COLLABORATION INVENTORIES


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Raw materials	17,820	13,155
Work-in-process	2,641	2,990
Finished goods	1,685	3,288
Total collaboration inventories	22,146	19,433

The Company's reserve for inventory was $10.7 million and $8.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s reserve for inventory was primarily related to expired material and certain batches or units of product that did not meet quality specifications that were charged to collaboration cost of sales.

CORPORATE INFORMATION	3 Months Ended
CORPORATE INFORMATION	Mar. 31, 2024
Disclosure of subsidiaries [abstract]
CORPORATE INFORMATION	CORPORATE INFORMATION Legend Biotech Corporation, (the "Company"), was incorporated on May 27, 2015 as an exempted company in the Cayman Islands with limited liability under the Companies Act (As Revised) of the Cayman Islands. The registered office address of the Company is PO Box 10240, Harbour Place, 103 South Church Street, George Town, Grant Cayman KY1-1002, Cayman Islands. Legend Biotech Corporation is an investment holding company. The Company’s subsidiaries are principally engaged in the discovery, and development, manufacturing and commercialization of novel cell therapies for oncology and other indications.

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS

3 Months Ended

Mar. 31, 2024

Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000

Other collaboration receivables	68,917	54,078

Other receivables	1,077	837
Lease receivables	3,106	1,388
VAT recoverable	1,549	717
Prepayments	10,954	12,231
Total	85,603	69,251

None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. The Company estimated that the expected credit loss for the above receivables as at March 31, 2024 and December 31, 2023 is insignificant.

REVENUE, OTHER INCOME AND GAINS - Additional Information (Details) - USD ($) $ in Thousands	Dec. 28, 2023	Mar. 31, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront fee receivable		$ 3,307	$ 100,041
Novartis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront fee receivable	$ 100,000
Future estimated milestone payments (up to)	$ 1,010,000

FINANCE COSTS

3 Months Ended

Mar. 31, 2024

Finance Costs [Abstract]

FINANCE COSTS


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Interest on lease liabilities	416	196
Collaboration interest-bearing advanced funding	5,059	4,917
Total	5,475	5,113

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share [abstract]
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation	$ (59,793)	$ (112,101)
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation (in shares)	364,010,429	330,497,072

COLLABORATION INVENTORIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Inventory reserve	$ 10.7	$ 8.9

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Property, Plant and Equipment

The carrying amounts of the Company’s property, plant and equipment and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)
At January 1, 2024
Cost						143,727
Accumulated depreciation						(35,002)
Net carrying amount						108,725
At January 1, 2024, net of accumulated depreciation						108,725
Additions						1,645
Disposals						(2,102)
Depreciation provided during the period						(2,796)
Exchange realignment						(194)
At March 31, 2024, net of accumulated depreciation						105,278
At March 31, 2024:
Cost						142,987
Accumulated depreciation						(37,709)
Net carrying amount						105,278

REVENUE, OTHER INCOME AND GAINS (Tables)

3 Months Ended

Mar. 31, 2024

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

Summary of Analysis of Revenue

An analysis of revenue is as follows:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Revenue
Licensing of intellectual property	12,181	—
Collaboration revenue	78,481	36,280
Other revenue	3,329	56
Total	93,991	36,336

Summary of Deferred Revenue from Contract Liabilities

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


	March 31	December 31
	2024	2023
	US$’000 (Unaudited)	US$’000
Contract liabilities (Current)	63,251	53,010
Contract liabilities (Non-Current)	23,109	47,962
Total	86,360	100,972

Other Income and Gains

The following table summarizes the Total other income and gains:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Other income and gains
Other income:
Finance income	13,870	6,755
Government grants*	616	710
Other	100	29
Total income	14,586	7,494

Gains:
Foreign currency exchange gain, net	49,056	—
Fair value gains on financial assets measured at fair value change through profit or loss	449	705

Total gains	49,505	705
Total other income and gains	64,091	8,199

REVENUE, OTHER INCOME AND GAINS - Summary of Analysis of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Licensing of intellectual property	$ 12,181	$ 0
Collaboration revenue	78,481	36,280
Other revenue	3,329	56
Total revenue	$ 93,991	$ 36,336

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 28
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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-URIDate 2023-03-23

+ Details

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

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

PROPERTY, PLANT AND EQUIPMENT

The carrying amounts of the Company’s property, plant and equipment and the movements for the three months ended March 31, 2024 are as follows:


						2024
						US$’000 (Unaudited)
At January 1, 2024
Cost						143,727
Accumulated depreciation						(35,002)
Net carrying amount						108,725
At January 1, 2024, net of accumulated depreciation						108,725
Additions						1,645
Disposals						(2,102)
Depreciation provided during the period						(2,796)
Exchange realignment						(194)
At March 31, 2024, net of accumulated depreciation						105,278
At March 31, 2024:
Cost						142,987
Accumulated depreciation						(37,709)
Net carrying amount						105,278

LEASES - Summary of Lease Liabilities Measured at Present Value of Lease Payments to be Made Over Lease Term (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Analyzed into:
Current portion	$ 3,116	$ 3,175
Non-current portion	45,174	44,169
Lease liabilities
Leases [Roll Forward]
Beginning balance, carrying amount	47,344
Additions	2,828
Accretion of interest recognized during the period	416
Payments	(1,172)
Exchange realignment	(1,126)
Ending balance, carrying amount	48,290
Analyzed into:
Current portion	3,116
Non-current portion	45,174
Total	$ 48,290	$ 47,344

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

Total

Share capital

Share premium

^[1]

Share-based compensation reserves

^[1]

Foreign currency translation reserve

^[1]

Retained earnings/(accumulated losses)

^[1]

Beginning balance at Dec. 31, 2022

$ 744,312

$ 33

$ 1,657,015

$ 39,049

$ 14,671

$ (966,456)

Statement of changes in equity [Roll Forward]

Loss for the period

(112,101)

Other comprehensive loss:

Exchange differences on translation of foreign operations

13,507

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(98,594)

13,507

(112,101)

Exercise of share options

370

528

(158)

Reclassification of vested restricted share units

6,438

(6,438)

Equity-settled share-based compensation expense

7,069

Ending balance at Mar. 31, 2023

653,157

1,663,981

39,522

28,178

(1,078,557)

Other comprehensive loss:

Reserves

653,100

Reserves

1,251,335

Beginning balance at Dec. 31, 2023

1,251,371

2,637,120

54,621

44,304

(1,484,710)

Statement of changes in equity [Roll Forward]

Loss for the period

(59,793)

Other comprehensive loss:

Exchange differences on translation of foreign operations

(47,993)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(107,786)

(47,993)

(59,793)

Exercise of share options

1,771

2,668

(897)

Reclassification of vested restricted share units

6,081

(6,081)

Equity-settled share-based compensation expense

18,703

Ending balance at Mar. 31, 2024

1,164,059

$ 36

$ 2,645,869

$ 66,346

$ (3,689)

$ (1,544,503)

Other comprehensive loss:

Reserves

$ 1,164,023

[1]	These reserve accounts comprise the consolidated reserves of $1,164.0 million and $653.1 million in the consolidated statements of financial position as at March 31, 2024 and, 2023, respectively

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Tables)

3 Months Ended

Mar. 31, 2024

Basic earnings per share [abstract]

Summary of Calculations of Basic and Diluted Loss per Share

The calculations of basic and diluted loss per share are based on:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Losses
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation	(59,793)	(112,101)


	Number of shares Three months ended March 31,
	2024	2023
	(Unaudited)	(Unaudited)
Shares
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation	364,010,429	330,497,072

APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2024
Statement of financial position [abstract]
APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on May 8, 2024.

LEASES - Additional Information (Details)	3 Months Ended
LEASES - Additional Information (Details)	Mar. 31, 2024 USD ($)
Leasehold land
Leases [Line Items]
Lessee, lease terms	50 years
Ongoing lease payments	$ 0
Bottom of Range
Leases [Line Items]
Lessee, lease terms	3 years
Top of Range
Leases [Line Items]
Lessee, lease terms	29 years

REVENUE, OTHER INCOME AND GAINS - Other Income and Gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other income:
Finance income	$ 13,870	$ 6,755
Government grants	616	710
Other	100	29
Total income	14,586	7,494
Gains:
Foreign currency exchange gain, net	49,056	0
Fair value gains on financial assets measured at fair value change through profit or loss	449	705
Total gains	49,505	705
Total other income and gains	$ 64,091	$ 8,199

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

3 Months Ended

Mar. 31, 2024

Basic earnings per share [abstract]

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The calculation of the basic loss per share amount is based on the loss for the period attributable to ordinary equity holders of Legend Biotech Corporation, and the weighted average number of ordinary shares of 364,010,429 and 330,497,072 in issue during the three months ended March 31, 2024 and 2023, respectively.

The calculation of the diluted earnings per share amount is based on the loss for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all dilutive potential ordinary shares into ordinary shares.

No adjustment has been made to the basic loss per share amounts presented for the three months ended March 31, 2024 and 2023, as the impact of the outstanding share options and RSU had an anti-dilutive effect on the basic loss per share amounts presented.

The calculations of basic and diluted loss per share are based on:


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Losses
Loss attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation	(59,793)	(112,101)


	Number of shares Three months ended March 31,
	2024	2023
	(Unaudited)	(Unaudited)
Shares
Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation	364,010,429	330,497,072

OTHER PAYABLES AND ACCRUALS (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure Of Other Payables And Accruals [Abstract]

Summary of Other Payables and Accruals


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Accrued payroll	19,185	30,974
Accrued expense	88,323	71,462
Other payables	11,351	11,944
Payable for collaboration assets	14,171	16,338
Other tax payables	2,982	2,084
Total	136,012	132,802

SHARE CAPITAL AND SHARE PREMIUM

3 Months Ended

Mar. 31, 2024

Disclosure of classes of share capital [abstract]

SHARE CAPITAL AND SHARE PREMIUM


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Authorized:
2,000,000,000 ordinary shares of $0.0001 each	200	200
Issued and fully paid:
364,566,989 and (2023: 363,822,069) ordinary shares of $0.0001 each	36	36

A summary of movements in the Company’s share capital and share premium is as follows:


	Number of shares in issue	Share capital	Share premium	Total
		US$’000	US$’000	US$’000
At December 31, 2023 and January 1, 2024	363,822,069	36	2,637,120	2,637,156
Exercise of share option	317,988	—	2,668	2,668
Reclassification of vesting of restricted share units	426,932	—	6,081	6,081
At March 31, 2024 (Unaudited)	364,566,989	36	2,645,869	2,645,905

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
License revenue	$ 12,181	$ 0
Collaboration revenue	78,481	36,280
Other revenue	3,329	56
Total revenue	93,991	36,336
Collaboration cost of revenue	(49,101)	(35,613)
Cost of license and other revenue	(5,638)	0
Other income and gains	64,091	8,199
Research and development expenses	(100,964)	(84,889)
Administrative expenses	(31,929)	(22,205)
Selling and distribution expenses	(24,223)	(17,954)
Other expenses	(540)	(10,734)
Fair value gain of warrant liability	0	20,000
Finance costs	(5,475)	(5,113)
LOSS BEFORE TAX	(59,788)	(111,973)
Income tax expense	(5)	(128)
LOSS FOR THE PERIOD	(59,793)	(112,101)
Attributable to:
Ordinary equity holders of the parent	$ (59,793)	$ (112,101)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic (in dollars per share)	$ (0.16)	$ (0.34)
Diluted (in dollars per share)	$ (0.16)	$ (0.34)
OTHER COMPREHENSIVE (LOSS)/ INCOME
Exchange differences on translation of foreign operations	$ (47,993)	$ 13,507
Net other comprehensive (loss)/ income that may be reclassified to profit or loss in subsequent periods	(47,993)	13,507
OTHER COMPREHENSIVE (LOSS)/ INCOME FOR THE PERIOD, NET OF TAX	(47,993)	13,507
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(107,786)	(98,594)
Attributable to:
Ordinary equity holders of the parent	$ (107,786)	$ (98,594)

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Disclosure Of Fair Value Of Financial Instruments [Abstract]

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

Management has assessed that the fair values of cash and cash equivalents, pledged deposits, time deposits, financial assets included in prepayments, other receivables and other assets, trade receivables, trade payables and financial liabilities included in other payables and accruals approximate to their carrying amounts largely due to the short-term maturities of these instruments.

The Company’s finance department, headed by the Corporate Controller, is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance department reports directly to the Corporate Controller. At March 31, 2024, the finance department analyzed the movements in the values of financial instruments and determined the major inputs applied in the valuation. The valuation was reviewed and approved by the finance manager. The valuation process and results are discussed with the directors once a year for annual financial reporting.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following table illustrates the fair value measurement hierarchy of the Company’s financial instruments:

Asset measured at fair value:

As at March 31, 2024 (Unaudited)

Fair value measurement using

Quoted
prices
in active
markets
(Level 1)

Significant
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$’000

Financial assets at fair value through profit or loss

150,449

—

150,449

As at December 31, 2023 (Audited)

Fair value measurement using

Quoted
prices
in active
markets
(Level 1)

Significant
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$’000

Financial assets at fair value through profit or loss

663

—

663

Financial assets measured at fair value consists of money market funds.

During the three months ended March 31, 2024, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS PROVIDED BY/ (USED IN), OPERATING ACTIVITIES
Loss before tax	$ (59,788)	$ (111,973)
Adjustments for:
Finance income	(13,870)	(6,755)
Finance costs	5,475	5,113
Provision for inventory reserve	1,757	351
Depreciation of property, plant and equipment	2,796	3,120
Loss on disposal of property, plant and equipment	2	75
Amortization of intangible assets	885	826
Depreciation of right-of-use assets	2,041	1,235
Fair value loss of warrant liability	0	(20,000)
Fair value gains on financial assets measured at fair value through profit or loss	(449)	(705)
Increase in contract liabilities (current)	11,645	0
Decrease in contract liabilities (non-current)	(23,826)	0
Foreign currency exchange (gain)/loss, net	(49,056)	10,659
Equity-settled share-based compensation expense	18,703	7,069
Deferred government grant	(157)	(131)
Cash flows provided by (used in) operations before changes in working capital	(103,842)	(111,116)
Decrease in trade receivables	96,734	34
Decrease/(increase) in prepayments, other receivables and other assets	(16,266)	12,153
Decrease in other non-current assets	77	425
Increase in collaboration inventories	(4,470)	(2,173)
Increase/(decrease) in trade payables	19,298	(3,082)
Increase/(decrease) in other payables and accruals	10,878	(39,184)
Decrease in other non-current liabilities	(25)	(9)
Increase in pledged deposits, net	0	(2)
Cash used in operations	2,384	(142,954)
Interest income received	13,479	3,935
Income tax paid	71	0
Interest on lease payments	(416)	(196)
Net cash provided by/(used in) operating activities	15,518	(139,215)
CASH FLOWS (USED IN)/ PROVIDED BY INVESTING ACTIVITIES
Purchase of property, plant and equipment	(6,243)	(4,274)
Purchase of intangible assets	0	310
Prepayment to collaborator for collaboration assets	(16,541)	(26,666)
Purchase of financial assets measured at fair value through profit or loss	(150,308)	0
Cash receipts of investment income	663	1,264
Proceeds from disposal of property, plant and equipment	(2)	53
Addition in time deposits	(721,990)	(4,363)
Decrease in time deposits	498,273	49,708
Net cash provided by/(used in) Investing activities	(396,148)	16,032
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	1,589	370
Principal portion of lease payments	(758)	(814)
Net cash provided by/(used in) financing activities	831	(444)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(379,799)	(123,627)
Effect of foreign exchange rate changes, net	(343)	(2,354)
Cash and cash equivalents at beginning of year	1,277,713	786,031
CASH AND CASH EQUIVALENTS AT END OF PERIOD	897,571	660,050
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances	1,156,674	670,065
Less: Pledged deposits	359	1,283
Time deposits	258,744	8,732
Cash and cash equivalents as stated in the statement of financial position	897,571	660,050
Cash and cash equivalents as stated in the statement of cash flows	$ 897,571	$ 660,050

COVER	3 Months Ended
COVER	Mar. 31, 2024
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Legend Biotech Corporation
Entity Central Index Key	0001801198
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS - Summary of Cash and Cash Equivalents, Time Deposits and Pledged Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and bank balances	$ 1,156,674	$ 1,312,773
Less: Pledged deposits	(359)	(357)
Time deposits	(258,744)	(34,703)
Cash and cash equivalents	897,571	1,277,713	$ 660,050	$ 786,031
Denominated in USD
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	866,800	1,254,969
Denominated in RMB
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	15,702	12,675
Denominated in EUR
Disclosure Of Cash And Cash Equivalents Time Deposits And Pledged Deposits [Line Items]
Cash and cash equivalents	$ 15,069	$ 10,069

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure Of Prepayments Other Receivables And Other Assets [Abstract]

Summary of Prepayments, Other Receivables and Other Assets


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000

Other collaboration receivables	68,917	54,078

Other receivables	1,077	837
Lease receivables	3,106	1,388
VAT recoverable	1,549	717
Prepayments	10,954	12,231
Total	85,603	69,251

COLLABORATION INTEREST-BEARING ADVANCED FUNDING - Additional Information (Details) $ in Millions	3 Months Ended	18 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 16, 2022 USD ($) batch	Sep. 16, 2022 USD ($)	Jun. 17, 2022 USD ($)	Mar. 18, 2022 USD ($)	Dec. 17, 2021 USD ($)	Sep. 17, 2021 USD ($)	Jun. 18, 2021 USD ($)
Disclosure of detailed information about borrowings [abstract]
Funding advances from collaborator principal amount	$ 250.0	$ 3.6	$ 60.5	$ 60.9	$ 5.3	$ 49.3	$ 53.1	$ 17.3
Interest accrued on funding advances	$ 36.4
Interest rate margin percentage	2.50%
Number of batches of funding advances \| batch		7

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Details) - Prepayments Other Receivable and Other Assets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disclosure Of Prepayments Other Receivables And Other Assets [Line Items]
Other collaboration receivables	$ 68,917	$ 54,078
Other receivables	1,077	837
Lease receivables	3,106	1,388
VAT recoverable	1,549	717
Prepayments	10,954	12,231
Total	$ 85,603	$ 69,251

COLLABORATION INTEREST-BEARING ADVANCED FUNDING

3 Months Ended

Mar. 31, 2024

Disclosure of detailed information about borrowings [abstract]

COLLABORATION INTEREST-BEARING ADVANCED FUNDING

Effective interest rate (%)

Maturity

March 31,
2024

US$’000
(Unaudited)

Non-current

Loans from a collaborator

8.27

No specific maturity date

286,396

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 $36.4 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.

FINANCE COSTS (Tables)

3 Months Ended

Mar. 31, 2024

Finance Costs [Abstract]

Summary of Finance Costs


	Three months ended March 31,
	2024	2023
	US$’000 (Unaudited)	US$’000 (Unaudited)
Interest on lease liabilities	416	196
Collaboration interest-bearing advanced funding	5,059	4,917
Total	5,475	5,113

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure Of Fair Value Of Financial Instruments [Abstract]

Summary of Assets Measured at Fair Value

Asset measured at fair value:

As at March 31, 2024 (Unaudited)

Fair value measurement using

Quoted
prices
in active
markets
(Level 1)

Significant
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$’000

Financial assets at fair value through profit or loss

150,449

—

150,449

As at December 31, 2023 (Audited)

Fair value measurement using

Quoted
prices
in active
markets
(Level 1)

Significant
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

US$’000

Financial assets at fair value through profit or loss

663

—

663

SHARE CAPITAL AND SHARE PREMIUM - Summary of Movements in the Company's Share Capital and Share Premium (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share Capital [Roll Forward]
Beginning balance	$ 2,637,156
Exercise of share option	2,668
Reclassification of vesting of restricted share units	6,081
Ending balance	$ 2,645,905
Number of shares in issue
Share Capital [Roll Forward]
Beginning balance (in shares) \| shares	363,822,069
Exercise of share option (in shares) \| shares	317,988
Reclassification of vesting of restricted share units (in shares) \| shares	426,932
Ending balance (in shares) \| shares	364,566,989
Share capital
Share Capital [Roll Forward]
Beginning balance	$ 36
Exercise of share option	0
Reclassification of vesting of restricted share units	0
Ending balance	36
Share premium
Share Capital [Roll Forward]
Beginning balance	2,637,120
Exercise of share option	2,668
Reclassification of vesting of restricted share units	6,081
Ending balance	$ 2,645,869

COLLABORATION INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2024

Classes of current inventories [abstract]

Summary of Inventories


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Raw materials	17,820	13,155
Work-in-process	2,641	2,990
Finished goods	1,685	3,288
Total collaboration inventories	22,146	19,433

FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS - Summary of Fair Value Measurement Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	$ 150,449	$ 663
Quoted prices in active markets (Level 1)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	150,449	663
Significant observable inputs (Level 2)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	0	0
Significant unobservable inputs (Level 3)
Disclosure Fair Value Measurement Hierarchy Of Financial Instruments [Line Items]
Financial assets at fair value through profit or loss	$ 0	$ 0

OTHER PAYABLES AND ACCRUALS

3 Months Ended

Mar. 31, 2024

Disclosure Of Other Payables And Accruals [Abstract]

OTHER PAYABLES AND ACCRUALS


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000
Accrued payroll	19,185	30,974
Accrued expense	88,323	71,462
Other payables	11,351	11,944
Payable for collaboration assets	14,171	16,338
Other tax payables	2,982	2,084
Total	136,012	132,802

Other payables are non-interest-bearing and repayable on demand.

REVENUE, OTHER INCOME AND GAINS - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Contract liabilities (Current)	$ 63,251	$ 53,010	$ 53,010
Contract liabilities (Non-Current)	23,109	$ 47,962	47,962
Total	$ 86,360		$ 100,972

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
NON-CURRENT ASSETS
Property, plant and equipment	$ 105,278	$ 108,725
Advance payments for property, plant and equipment	563	451
Right-of-use assets	80,179	80,502
Time deposits	4,387	4,362
Intangible assets	3,152	4,061
Collaboration prepaid leases	166,344	151,216
Other non-current assets	1,412	1,493
Total non-current assets	361,315	350,810
CURRENT ASSETS
Collaboration inventories	22,146	19,433
Trade receivables	3,307	100,041
Prepayments, other receivables and other assets	85,603	69,251
Financial assets at fair value through profit or loss	150,449	663
Pledged deposits	359	357
Time deposits	254,357	30,341
Cash and cash equivalents	897,571	1,277,713
Total current assets	1,413,792	1,497,799
Total assets	1,775,107	1,848,609
CURRENT LIABILITIES
Trade payables	39,485	20,160
Other payables and accruals	136,012	132,802
Government grants	538	68
Lease liabilities	3,116	3,175
Tax payable	7,273	7,203
Contract liabilities	63,251	53,010
Total current liabilities	249,675	216,418
NON-CURRENT LIABILITIES
Collaboration interest-bearing advanced funding	286,396	281,328
Lease liabilities long term	45,174	44,169
Government grants	6,664	7,305
Contract liabilities	23,109	47,962
Other non-current liabilities	30	56
Total non-current liabilities	361,373	380,820
Total liabilities	611,048	597,238
EQUITY
Share capital	36	36
Reserves	1,164,023	1,251,335
Total ordinary shareholders’ equity	1,164,059	1,251,371
Total equity	1,164,059	1,251,371
Total liabilities and equity	$ 1,775,107	$ 1,848,609

BASIS OF PREPARATION	3 Months Ended
BASIS OF PREPARATION	Mar. 31, 2024
Basis of Preparation [Abstract]
BASIS OF PREPARATION	BASIS OF PREPARATION The unaudited interim condensed consolidated financial statements of Legend and its subsidiaries (collectively referred to as the “Company”) for the three months ended March 31, 2024 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting (“IAS34”) issued by the International Accounting Standards Board (the “IASB”). The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company financial statements for the year ended December 31, 2023. The Company has not early adopted any other standards, interpretation or amendments that have been issued but are not yet effective. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for any other interim periods or for the year ended December 31, 2023. The condensed consolidated statement of financial position as of December 31, 2023 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by the IASB for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023.

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS

3 Months Ended

Mar. 31, 2024

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

CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND PLEDGED DEPOSITS


	March 31, 2024	December 31, 2023
	US$’000 (Unaudited)	US$’000

Cash and bank balances	1,156,674	1,312,773
Less: Pledged deposits	(359)	(357)
Time deposits	(258,744)	(34,703)

Cash and cash equivalents	897,571	1,277,713

Denominated in USD	866,800	1,254,969
Denominated in RMB	15,702	12,675
Denominated in EUR	15,069	10,069

Cash and cash equivalents	897,571	1,277,713

The cash and cash equivalents of the Company denominated in Renminbi (“RMB”) amounted to $15.7 million and $12.7 million in the consolidated statements of financial position as at March 31, 2024 and December 31, 2023, respectively. The RMB is not freely convertible into other currencies, however, under Greater China Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business.

The pledged deposit as at March 31, 2024 and December 31, 2023 was pledged for credit card facilities.

Cash and cash equivalents earns interest at floating rates based on daily bank deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default. The carrying amounts of the cash and cash equivalents approximate to their fair values.

FINANCE COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
FINANCE COSTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Finance Costs [Abstract]
Interest on lease liabilities	$ 416	$ 196
Collaboration interest-bearing advanced funding	5,059	4,917
Total	$ 5,475	$ 5,113