BeiGene Ltd
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 15. Exhibits and Financial Statement Schedules
The financial statements listed in the Index to Consolidated Financial Statements beginning on page 130 are filed as part of this Annual Report.
We have included Additional Financial Information of Parent Company - Financial Statements Schedule I for the years ended December 31, 2024, 2023 and 2022 on page 181. No other financial statement schedules have been filed as part of this report because they are not applicable, not required or the information required is shown in the financial statements or the notes thereto.
The exhibits filed as part of this Annual Report are set forth on the Exhibit Index immediately following our consolidated financial statements. The Exhibit Index is incorporated herein by reference.
Schedule I - Condensed Financial Information of Registrant
Condensed Statements of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| $ | $ | $ | |
| Operating expenses | |||
| Research and development | 353,903 | 326,560 | 637,152 |
| Selling, general and administrative | 357,103 | 304,543 | 228,801 |
| Total operating expenses | 711,006 | 631,103 | 865,953 |
| Loss from operations | (711,006) | (631,103) | (865,953) |
| Interest income, net | 3,101 | 48,982 | 39,585 |
| Other income (expense), net | 63,522 | (297,856) | (1,173,306) |
| Loss before income taxes | (644,383) | (879,977) | (1,999,674) |
| Income tax expense | 403 | 1,731 | 4,141 |
| Net loss | (644,786) | (881,708) | (2,003,815) |
Condensed Statements of Comprehensive Loss
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| $ | $ | $ | |
| Net loss | (644,786) | (881,708) | (2,003,815) |
| Other comprehensive (loss) income, net of tax of nil: | |||
| Foreign currency translation adjustments | (47,565) | (25,464) | (90,421) |
| Pension liability adjustments, net | (1,942) | (5,611) | 365 |
| Unrealized holding gain (loss), net | (35) | 9,046 | (5,311) |
| Comprehensive loss | (694,328) | (903,737) | (2,099,182) |
Condensed Balance Sheets
| As of December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| $ | $ | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 400,135 | 723,964 |
| Prepaid expenses and other current assets | 249,016 | 785,471 |
| Total current assets | 649,151 | 1,509,435 |
| Loans to subsidiaries | 1,731,266 | 2,030,249 |
| Investment in wholly owned subsidiaries | 2,081,335 | 1,207,352 |
| Other non-current assets | 114,728 | 69,361 |
| Total assets | 4,576,480 | 4,816,397 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Accrued expenses and other payables | 424,111 | 197,289 |
| Indebtedness to subsidiaries | — | 362,917 |
| Short-term debt | 762,146 | 547,215 |
| Total current liabilities | 1,186,257 | 1,107,421 |
| Other long-term liabilities | 58,000 | 171,649 |
| Total liabilities | 1,244,257 | 1,279,070 |
| Total shareholders’ equity | 3,332,223 | 3,537,327 |
| Total liabilities and shareholders’ equity | 4,576,480 | 4,816,397 |
Condensed Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| $ | $ | $ | |
| Cash flows from operating activities: | |||
| Net loss | (644,786) | (881,708) | (2,003,815) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Acquired in-process research and development | — | 15,000 | — |
| Amortization of research and development cost share liability | (73,226) | (55,294) | (96,402) |
| Unrealized (gains) losses in subsidiaries | (85,471) | 237,351 | 932,071 |
| Other items, net | 31,651 | (374,370) | (596,496) |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | 1,053 | 30,519 | 6,671 |
| Accrued expenses and other payables | 627,307 | (140,126) | 875,826 |
| Net cash used in operating activities | (143,472) | (1,168,628) | (882,145) |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | — | (2,075) | (1,485) |
| Proceeds from sale or maturity of short-term investments | 2,628 | 552,000 | 1,487,028 |
| Purchase of in-process research and development | — | (15,000) | (75,000) |
| Investment in subsidiaries | (406,624) | (883,328) | (2,675,908) |
| Other investing activities | (37,120) | 188,656 | 79,004 |
| Net cash used in investing activities | (441,116) | (159,747) | (1,186,361) |
| Cash flows from financing activities: | |||
| Proceeds from short-term loans | 813,058 | 547,842 | 296,188 |
| Repayment of short-term loans | (593,898) | (293,002) | (247,460) |
| Proceeds from option exercises and employee share purchase plan | 45,371 | 55,712 | 46,965 |
| Net cash provided by financing activities | 264,531 | 310,552 | 95,693 |
| Effect of foreign exchange rate changes, net | (4,356) | — | — |
| Net decrease in cash, cash equivalents, and restricted cash | (324,413) | (1,017,823) | (1,972,813) |
| Cash, cash equivalents, and restricted cash, beginning of year | 724,548 | 1,742,371 | 3,715,184 |
| Cash, cash equivalents, and restricted cash, end of year | 400,135 | 724,548 | 1,742,371 |
Notes
Schedule I has been provided pursuant to the requirements of Rules 12-04(a) and 5-04(c) of Regulation S-X (the “Rules”), which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.
The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements. For purposes of this condensed financial information, BeiGene, Ltd. (the “Parent Company”)’s investments in its wholly owned and majority owned subsidiaries are recorded under the equity method of accounting in accordance with ASC 323.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as allowed under the Rules. These footnote disclosures provide certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements.
As of December 31, 2024, the Parent Company had a remaining capital commitment of $7,350 on an equity investment which is expected to be paid from time to time over the investment period. The Parent Company has unconditionally guaranteed the payment and performance of the obligations of BeiGene Switzerland GmbH in accordance with the terms of the global strategic oncology collaboration with Amgen Inc. No amounts have been recognized related to this guarantee. The Parent Company has no other material contingencies, long-term obligations or guarantees not already disclosed in its consolidated financial statements.
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