0001193125-20-307060 | F-1 | XBRL Viewer

Print Document View Excel Document

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2020
Document Information [Line Items]
Document Type	F-1
Amendment Flag	false
Entity Registrant Name	I-MAB
Entity Central Index Key	0001778016
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, Country	CN
Entity Incorporation, State or Country Code	E9

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Current assets
Cash and cash equivalents	¥ 1,560,031	$ 220,808	¥ 1,137,473	$ 160,999	¥ 1,588,278
Restricted cash			55,810	7,899	92,653
Contract assets					11,000
Short-term investments	1,926	273	32,000	4,529
Prepayments and other receivables	131,130	18,560	136,036	19,255	88,972
Other financial assets					255,958
Total current assets	1,693,087	239,641	1,361,319	192,682	2,036,861
Property, equipment and software	26,625	3,769	30,069	4,256	27,659
Operating lease right-of-use assets	17,592	2,490	16,435	2,326
Intangible assets	148,844	21,068	148,844	21,068	148,844
Goodwill	162,574	23,011	162,574	23,011	162,574
Other non-current assets			18,331	2,594
Total assets	2,048,722	289,979	1,737,572	245,937	2,375,938
Current liabilities
Short-term borrowings			50,000	7,078	80,000
Accruals and other payables	243,068	34,404	273,553	38,719	67,674
Advance from customers					14,151
Operating lease liabilities, current	8,202	1,161	6,807	963
Research and development funding received					178,715
Ordinary shares to be issued to Everest			258,119	36,534
Warrant liabilities					5,618
Total current liabilities	251,270	35,565	588,479	83,294	346,158
Convertible promissory notes	69,138	9,787	68,199	9,652	67,026
Operating lease liabilities, non-current	7,254	1,027	7,492	1,060
Deferred subsidy income	7,760	1,098	3,920	555	2,500
Other non-current liabilities	9,424	1,334
Total liabilities	344,846	48,811	668,090	94,561	415,684
Commitments and contingencies
Mezzanine equity
Total mezzanine equity			3,104,177	439,368	2,915,358
Shareholders' equity (deficit)
Ordinary shares	92	13	6	1	6
Treasury stock					(1)
Additional paid-in capital	4,675,991	661,844	389,379	55,113	0
Accumulated other comprehensive income	104,853	14,841	70,127	9,926	59,380
Accumulated deficit	(3,077,060)	(435,530)	(2,494,207)	(353,032)	(1,014,489)
Total shareholders' equity (deficit)	1,703,876	241,168	(2,034,695)	(287,992)	(955,104)
Total liabilities, mezzanine equity and shareholders' equity (deficit)	¥ 2,048,722	$ 289,979	1,737,572	245,937	2,375,938
Series A Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			687,482	97,307	687,482
Series B Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			921,243	130,393	921,243
Series C Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			1,306,633	184,942	¥ 1,306,633
Series C-1 Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			¥ 188,819	$ 26,726

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Ordinary Shares Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary Shares Authorized	500,000,000	500,000,000	500,000,000
Ordinary Shares Issued	133,006,644	8,363,719	8,363,719
Ordinary Shares Outstanding	133,006,644	8,363,719	8,363,719
Series A Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	30,227,056	30,227,056
Temporary Shares Issued	0	30,227,056	30,227,056
Temporary Shares Outstanding	0	30,227,056	30,227,056
Series B Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	30,305,212	30,305,212
Temporary Shares Issued	0	30,305,212	30,305,212
Temporary Shares Outstanding	0	30,305,212	30,305,212
Series C Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	31,046,360	31,046,360
Temporary Shares Issued	0	31,046,360	31,046,360
Temporary Shares Outstanding	0	31,046,360	31,046,360
Series C-1 Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	3,857,143	0
Temporary Shares Issued	0	3,857,143	0
Temporary Shares Outstanding	0	3,857,143	0

Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥) ¥ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Revenues
Licensing and collaboration revenue			¥ 15,000	¥ 30,000	$ 4,246	¥ 53,781	¥ 11,556
Expenses
Research and development expenses	¥ (442,291)	$ (62,602)	(265,084)	(840,415)	(118,953)	(426,028)	(267,075)
Administrative expenses	(171,384)	(24,258)	(574,584)	(654,553)	(92,646)	(66,391)	(25,436)
Loss from operations	(613,675)	(86,860)	(824,668)	(1,464,968)	(207,353)	(438,638)	(280,955)
Interest income	18,955	2,683	12,818	30,570	4,327	4,597	858
Interest expense	(957)	(135)	(1,936)	(2,991)	(423)	(11,695)	(5,643)
Other income (expenses), net	12,824	1,815	303	(20,205)	(2,860)	(16,780)	1,527
Fair value change of warrants			(43,854)	5,644	799	61,405	(14,027)
Loss before income tax expense	(582,853)	(82,497)	(857,337)	(1,451,950)	(205,510)	(401,111)	(298,240)
Income tax expense \| ¥						(1,722)
Net loss attributable to I-MAB	(582,853)	(82,497)	(857,337)	(1,451,950)	(205,510)	(402,833)	(298,240)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares				(5,283)	(748)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares				(27,768)	(3,930)
Net loss attributable to ordinary shareholders	(582,853)	(82,497)	(857,337)	(1,485,001)	(210,188)	(402,833)	(298,240)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of nil tax	34,726	4,915	(4,972)	10,747	1,521	53,689	5,918
Total comprehensive loss attributable to I-MAB	(548,127)	(77,582)	(862,309)	(1,441,203)	(203,989)	(349,144)	(292,322)
Net loss attributable to ordinary shareholders	¥ (582,853)	$ (82,497)	¥ (857,337)	¥ (1,485,001)	$ (210,188)	¥ (402,833)	¥ (298,240)
Weighted-average number of ordinary shares used in calculating net loss per share—basic and diluted \| shares	121,815,986	121,815,986	7,184,086	7,381,230	7,381,230	6,529,092	5,742,669
Net loss per share attributable to ordinary shareholders
—Basic \| (per share)	¥ (4.78)	$ (0.68)	¥ (119.34)	¥ (201.19)	$ (28.48)	¥ (61.70)	¥ (51.93)
—Diluted \| (per share)	¥ (4.78)	$ (0.68)	¥ (119.34)	¥ (201.19)	$ (28.48)	¥ (61.70)	¥ (51.93)

Consolidated Statements of Changes in Shareholders' Deficit ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)	Ordinary share CNY (¥) shares	Treasury stock CNY (¥)	Additional paid-in capital CNY (¥)	Accumulated other comprehensive income CNY (¥)	Accumulated deficit CNY (¥)
Beginning balance at Dec. 31, 2016	¥ (14,512)		¥ 6	¥ (2)	¥ 45,331	¥ (227)	¥ (59,620)
Beginning balance, shares at Dec. 31, 2016 \| shares			8,363,719
Foreign currency translation adjustments	5,918					5,918
Net loss	(298,240)						(298,240)
Share-based compensation	7,039			1	7,038
Ending balance at Dec. 31, 2017	(299,795)		¥ 6	(1)	52,369	5,691	(357,860)
Ending balance, shares at Dec. 31, 2017 \| shares			8,363,719
Foreign currency translation adjustments	53,689					53,689
Net loss	(402,833)						(402,833)
Share-based compensation	3,520				3,520
Ending balance at Dec. 31, 2018	(955,104)		¥ 6	(1)		59,380	(1,014,489)
Transaction with redeemable non- controlling interests	(309,685)				(55,889)		(253,796)
Ending balance, shares at Dec. 31, 2018 \| shares			8,363,719
Foreign currency translation adjustments	(4,972)					(4,972)
Net loss	(857,337)						(857,337)
Share-based compensation	366,356				366,356
Ending balance at Jun. 30, 2019	(1,451,057)		¥ 6	(1)	366,356	54,408	(1,871,826)
Ending balance, shares at Jun. 30, 2019 \| shares			8,363,719
Beginning balance at Dec. 31, 2018	(955,104)		¥ 6	(1)		59,380	(1,014,489)
Beginning balance, shares at Dec. 31, 2018 \| shares			8,363,719
Foreign currency translation adjustments	10,747	$ 1,521				10,747
Net loss	(1,451,950)	(205,510)					(1,451,950)
Share-based compensation	366,895			¥ 1	366,894
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares	(5,283)	(748)			(5,283)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares	27,768	3,930			27,768		(27,768)
Ending balance at Dec. 31, 2019	(2,034,695)	(287,992)	¥ 6		389,379	70,127	(2,494,207)
Ending balance, shares at Dec. 31, 2019 \| shares			8,363,719
Foreign currency translation adjustments	34,726	4,915				34,726
Net loss	(582,853)	(82,497)					(582,853)
Share-based compensation	138,744				138,744
Capital contribution from stock option surrender (Note 14 (h))	91,051				91,051
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO")	3,104,177		¥ 69		3,104,108
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO"), shares \| shares			99,760,129
Issuance of ordinary shares to Everest	254,848		¥ 4		254,844
Issuance of ordinary shares to Everest, shares \| shares			6,078,571
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost	697,878		¥ 13		697,865
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost, shares \| shares			18,804,225
Ending balance at Jun. 30, 2020	¥ 1,703,876	$ 241,168	¥ 92		¥ 4,675,991	¥ 104,853	¥ (3,077,060)
Ending balance, shares at Jun. 30, 2020 \| shares			133,006,644

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Cash flows from operating activities
Net loss	¥ (582,853)	$ (82,497)	¥ (857,337)	¥ (1,451,950)	$ (205,510)	¥ (402,833)	¥ (298,240)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property, equipment and software	5,092	721	4,458	9,831	1,391	6,740	1,634
Loss on disposal of property, equipment and software	8	1					79
Interest expenses of convertible promissory notes and onshore convertible loans						6,963	3,835
Fair value change of short-term investments	(415)	(59)		(703)	(100)
Fair value change of warrants			43,854	(5,644)	(799)	(61,405)	14,027
Fair value change of other financial assets			508	(42)	(6)
Income from other financial assets						(13,622)	(5,572)
Share-based compensation	229,795	32,525	366,356	366,895	51,931	3,520	7,039
Loss from conversion of 2017 Notes						18,375
Loss from conversion of onshore convertible loans						8,548
Loss from issuance of 2018 Notes						5,081
Loss on termination agreement with Everest				23,039	3,261
Amortization of right-of use assets and interest of lease liabilities	4,063	575	2,788	5,803	821
Changes in operating assets and liabilities
Contract assets				11,000	1,557	(11,000)
Prepayments and other receivables	4,906	694	6,122	(48,831)	(6,912)	(76,276)	8,830
Accruals and other payables	(19,590)	(2,773)	8,696	188,375	26,664	55,641	408
Contract liabilities						(15,803)	15,803
Advance from customers			(14,151)	(14,151)	(2,003)	14,151
Research and development funding received			51,588	53,148	7,523	178,715
Deferred subsidy income	3,840	544	1,420	1,420	201	2,500
Other non-current liabilities	9,424	1,334
Lease liabilities	(4,063)	(575)	(3,336)	(6,172)	(874)
Net cash used in operating activities	(349,793)	(49,510)	(389,034)	(867,982)	(122,855)	(280,705)	(252,157)
Cash flows from investing activities
Cash acquired from acquisition of a subsidiary							93,335
Purchase of property, equipment and software	(135)	(19)	(1,930)	(12,241)	(1,733)	(14,409)	(20,327)
Proceeds from disposal of short-term investments	143,511	20,314	12	102,000	14,437
Purchase of short-term investments	(113,022)	(15,997)		(134,000)	(18,966)
Cash paid for investments in other financial assets						(30,000)	(369,000)
Cash received from disposal of other financial assets			159,974	256,000	36,234	40,000	133,000
Cash received on income from short-term investments				703	100
Cash received on income from other financial assets						13,909	5,327
Net cash (used in) generated from investing activities	30,354	4,298	158,056	212,462	30,072	9,500	(157,665)
Cash flows from financing activities
Proceeds from IPO and over-allotment, net of payment of issuance cost	703,798	99,616
Proceeds from issuance of convertible preferred shares, net of issuance cost				183,536	25,978	1,306,633	346,515
Proceeds from issuance of redeemable non-controlling interest							161,196
Proceeds from issuance of convertible promissory notes						59,704	75,970
Proceeds from issuance of onshore convertible loans							35,341
Proceeds from issuance of warrants							40,563
Proceeds from exercise of warrants						132,332
Proceeds from bank borrowings			50,000	50,000	7,077	80,000	99,000
Repayment of bank borrowings	(50,000)	(7,077)	(80,000)	(80,000)	(11,323)	(99,000)
Payment of initial public offering costs				(827)	(117)
Net cash generated from financing activities	653,798	92,539	(30,000)	152,709	21,615	1,479,669	758,585
Effect of exchange rate changes on cash and cash equivalents and restricted cash	32,389	4,584	(3,093)	15,163	2,146	59,754	(132)
Net increase (decrease) in cash and cash equivalents and restricted cash	366,748	51,911	(264,071)	(487,648)	(69,022)	1,268,218	348,631
Cash, cash equivalents, and restricted cash, beginning of year	1,193,283	168,898	1,680,931	1,680,931	237,920	412,713	64,082
Cash, cash equivalents, and restricted cash, end of the year	1,560,031	220,808	1,416,860	1,193,283	168,898	1,680,931	412,713
Additional ASC 842 supplemental disclosures
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	4,462	632	3,336	6,172	874
Right-of-use assets obtained in exchange for operating lease obligations	5,261	745	2,952	8,595	1,217
Other supplemental cash flow disclosures
Interest paid	957	135	¥ 1,936	2,991	423	4,862	1,677
Non-cash activities
Exercise of warrants						1,314
Payables for purchase of property, equipment and software	1,521	215					2,346
Payables for in-licensed patent rights						¥ 5,970
Convertible preferred shares issued for business combination							¥ 289,024
Accrued initial public offering costs payable	5,094	721		17,504	2,478
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares				5,283	748
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares				¥ 27,768	$ 3,930
Ordinary shares issued to Everest	254,848	36,071
Conversion of preferred shares to ordinary shares	¥ 3,104,177	$ 439,368

Principal Activities and Organization

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal Activities and Organization

1. Principal Activities and Organization

I-Mab

(the “Company”) was incorporated in the Cayman Islands on June 30, 2016 as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company and its subsidiaries (together the “Group”) are principally engaged in discovering and developing transformational biologics in the fields of immuno-oncology and immuno-inflammation diseases in the People’s Republic of China (the “PRC”) and other countries and regions.

Prior to the incorporation of the Company, the Group carried out its operation in the PRC since November 2014 mainly through Third Venture Biopharma (Nanjing) Co., Ltd. (“Third Venture”), which was incorporated on November 17, 2014 in the PRC. For the purpose of introduction of overseas investors and in preparation for a listing of the Company’s shares on the overseas capital markets, the Group underwent a reorganization (the “Reorganization”) in 2016. The Reorganization was approved by the Board of Directors and a restructuring framework agreement was entered into by Third Venture, the Company, and the shareholders of the Company based on Reorganization framework agreement, pursuant to which on July 7, 2016, Third Venture transferred all of its assets and operations to the Company’s wholly owned subsidiary,

I-Mab

Biopharma Co., Ltd.

(“I-Mab

Shanghai”), which was a transaction in which shareholders had identical ownership interests before and after the transaction and was accounted for in a manner similar to a common control transaction.

The Reorganization, as described above has been accounted for at historical cost. That Reorganization was reverse merger of Third Venture and Third Venture is the predecessor of the Company. As such, the assets and liabilities of Third Venture are consolidated in the Company’s financial statements at historical cost.

On January 17, 2020, the Company consummated its IPO on the Nasdaq Global Market, where 7,407,400 American Depositary Shares (“ADSs”) were issued at the price of US$14.00 per ADS for total gross proceeds of US$104.0 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total gross proceeds of US$114.5 million. Each ten ADSs represents twenty-three ordinary shares of the Company.

As of

June 30, 2020, the Company’s principal subsidiaries are as follows:


Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of direct or indirect ownership by the Company			Principal activities
I-Mab Biopharma Hong Kong Limited	Hong Kong	July 8, 2016		100	%	Investment holding
I-Mab Shanghai	PRC	August 24, 2016		100	%	Research and development of innovative medicines
I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”)	PRC	July 15, 2017		100	%	Research and development of innovative medicines
I-Mab Biopharma US Ltd.	U.S.	February 28, 2018		100	%	Research and development of innovative medicines

1. Principal Activities and Organization

I-Mab

Biopharma Co., Ltd.

(“I-Mab

As of December 31, 2019, the Company’s principal subsidiaries are as follows:


Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of direct or indirect ownership by the Company			Principal activities
I-Mab Biopharma Hong Kong Limited	Hong Kong	July 8, 2016		100	%	Investment holding

I-Mab Shanghai	PRC	August 24, 2016		100	%	Research and development of innovative medicines

I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”)	PRC	July 15, 2017		100	%	Research and development of innovative medicines

I-Mab Biopharma US Ltd.	U.S.	February 28, 2018		100	%	Research and development of innovative medicines

On January 17, 2020, the Company completed its Initial Public Offering and became listed on the Nasdaq Global Market (see Note 25 for details).

Principal Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Principal Accounting Policies

2. Principal Accounting Policies

2.1 Basis of presentation

The accompanying unaudited interim condensed consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes normally included in the annual financial statements prepared in accordance with U.S. GAAP. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation

S-X.

In the opinion of management, the Group’s unaudited interim condensed consolidated financial statements and accompanying notes include all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement of the Group’s financial position as of June 30, 2020, and results of operations and cash flows for the six months ended June 30, 2019 and 2020. Interim results of operations are not necessarily indicative of the results for the full year or for any future period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2019, and related notes included in the Group’s audited consolidated financial statements. The financial information as of December 31, 2019 presented in the unaudited interim condensed consolidated financial statements is derived from the audited consolidated financial statements as of December 31, 2019.

Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

2.2 Basis of consolidation

The accompanying consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation.

2.3 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as fair value measurements of wealth management products, impairment of other receivables, long-lived assets, intangible assets and goodwill, useful lives of property, equipment and software, recognition of

right-of-use

assets and lease liabilities, fair value measurements of warrant liabilities, variable consideration in collaboration revenue arrangements, determination of the standalone selling price of each performance obligation in the Company’s revenue arrangements, valuation of share-based compensation arrangements, deferred tax assets valuation allowances. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.

2.4 Fair value measurements

Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, other financial assets, contract assets, other receivables, short-term borrowings, accruals and other payables and warrants liabilities. As of December 31, 2019, and June 30, 2020, except for short-term investments, other financial assets and warrant liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments, other financial assets and warrant liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive loss.

The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 includes unobservable inputs that reflect the management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including the own data.

Assets and liabilities measured at fair value on a recurring basis

The Group measured its short-term investments at fair value on a recurring basis. As the Group’s short-term investments are not traded in an active market with readily observable prices, the Group uses significant unobservable inputs to measure the fair value of short-term investments. These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement.

The following table summarizes the Group’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2019 and June 30, 2020:

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of June 30, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

1,926

The roll forward of major Level 3 financial assets are as follows:


	Short-term investments
Fair value of Level 3 financial asset as of December 31, 2019		32,000
Purchase of short-term investments		113,022
Disposal of short-term investments		(143,511	)
Fair value changes		415

Fair value of Level 3 financial asset as of June 30, 2020		1,926

2.5 Foreign currency translation

The Group uses Chinese Renminbi (“RMB”) as its reporting currency. The United States Dollar (“US$”) is the functional currency of the Group’s entities incorporated in the Cayman Islands, the United States of America (“U.S.”) and Hong Kong, the Australia Dollar (“AUD”) is the functional currency of the Group’s entity incorporated in Australia and the RMB is the functional currency of the Company’s PRC subsidiaries.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in other than the functional currencies are translated at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive loss.

The unaudited interim condensed consolidated financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses are translated at the average exchange rates prevailing for the year. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income. The exchange rates used for translation on December 31, 2019 and June 30, 2020 were US$1.00 = RMB6.9762 and RMB7.0795 respectively, representing the index rates stipulated by the People’s Bank of China.

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the six months ended June 30, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0651, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2020, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

2.6 Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents.

2.7 Restricted cash

Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing agreements. Such restricted cash was released when the Group repaid the related bank borrowings.

2.8 Short-term investments

Short-term investments represent the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss.

2.9 Property, equipment and software

Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value:


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive loss.

2.10 Intangible assets

Intangible assets with definite useful lives are amortized to their estimated residual values over their estimated useful lives and reviewed for impairment if certain events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization is initiated for

in-process

research and development (IPR&D) intangible assets that are acquired from business combination when their useful lives have been determined. IPR&D intangible assets which are determined to have an impairment in their fair value are adjusted downward and an expense recognized in research and development in the consolidated statements of comprehensive loss. These IPR&D intangible assets are tested at least on an annual basis on December 31 or when a triggering event occurs that could indicate a potential impairment (see Note 5).

2.11 Impairment of long-lived assets

Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the year ended December 31, 2019 and six months ended June 30, 2020, there was no impairment of the value of the Group’s long-lived assets.

2.12 Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Group allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

The Group has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the year ended December 31, 2019 and six months ended June 30, 2020, the Group determined that there were no indicators of impairment of the goodwill.

2.13 Deferred subsidy income

Deferred subsidy income consists of deferred income from government grants. Government grants mainly consist of cash subsidies received by the Group’s subsidiaries in the PRC from local governments as support on expenses relating to certain projects. Grants received with government specified performance obligations are recognized when all the obligations have been fulfilled. If such obligations are not satisfied, the Group may be required to refund the subsidy. Cash grants of RMB3,920 was recorded in deferred subsidy income as of December 31, 2019. As of June 30, 2020, cash grants of RMB7,760 was recorded in deferred subsidy income, which will be recognized when the government specified performance obligation is satisfied, which is expected to be more than 12 months after June 30, 2020.

2.14 Revenue recognition

The Group adopted Accounting Standard Codification (“ASC”) 606,

Revenue from Contracts with Customers

(Topic 606) (“ASC 606”) for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services.

Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (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. The Group only applies the five-step model to contracts when it is probable that the entity will collect substantially all the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group audits the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied.

Collaboration revenue

At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,

Collaborative Arrangements

(“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Group first determines if the collaboration is deemed to be within the scope of ASC 808. For any units of account that are reflective of a vendor-customer relationship those units of account are accounted for within the scope of ASC 606. For any units of account that are not accounted for under ASC 606 and therefore accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.

The Group’s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Group must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Group considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained.

When the timing of the delivery of product is different from the timing of payments made by the customers, the Group recognizes either a contract asset (performance precedes the contractual due date) or a contract liability (customer payment precedes performance). The Group’s contractual payment terms are typically due in no more than 30 days from invoicing. In limited situations, certain customer contractual payment terms require the Group to bill in arrears; thus, the Group satisfies some or all of the performance obligations before the Group is contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of the time is required before payment of the consideration is due. A contract asset is recorded when the Group has transferred products or services to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. For example, certain of the contractual arrangements do not permit the Group to bill until the completion of the production of the samples. In other limited situations, certain customer contractual payment terms allow the Group to bill in advance; thus, the Group receives customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities.

Licenses of Intellectual Property:

Upfront

non-refundable

payments for licensing the Group’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Group recognizes revenues from

non-refundable,

up-front

fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.

Research and Development Services:

The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as revenue over time as delivery or performance of such services provided to the Group’s customers occurs.

Milestone Payments

: At the inception of each arrangement that includes development, commercialization, and regulatory milestone payments, the Group evaluates whether the milestones are considered probable of being reached and to the extent that a significant reversal of cumulative revenue would not occur in future periods, estimates the amount to be included in the transaction price using the most likely amount method. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Group recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Group

re-evaluates

the probability of achieving such development milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

Royalties

: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties or milestone payments based on the level of sales relate, the Group recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

2.15

Value-added-tax

(“VAT”) recoverable and surcharges

Value added tax recoverable represent amounts paid by the Group for purchases. The surcharges (i.e., Urban construction and maintenance tax, educational surtax, local educational surtax), vary from 6% to 17% of

the value-added-tax depending

the tax-payer’s location.

The deductible input VAT balance is reflected in the prepayments and other receivables, and VAT payable balance is recorded in the accruals and other payables.

2.16 Research and development expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities,

(2) in-licensed

patent rights fee of exclusive development rights of drugs granted to the Group, (3) expenses related to preclinical testing of the Group’s technologies under development and clinical trials such as payments to contract research organizations (“CRO”), investigators and clinical trial sites that conduct the clinical studies (4) expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (5) other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Group’s research and development services and have no alternative future uses.

The Group has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as

pre-commercial

milestone payments, are immediately expensed as acquired

in-process

research and development in the period in which they are incurred, provided that the new drug compound did not also include processes or activities that would constitute a “business” as defined under U.S. GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval would be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. The conditions enabling capitalization of development expenses as an asset have not yet been met and, therefore, all development expenditures are recognized in profit or loss when incurred.

2.17 Leases

In accordance with ASC 842 adopted on January 1, 2019, the Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease

right-of-use

(“ROU”) assets, operating lease liability, and operating lease liability,

non-current

in the Group’s consolidated balance sheets. The Group does not have any finance leases since the adoption date.

ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate, which it calculates based on the credit quality of the Group and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease.

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU

2016-02:

(i) elect for each lease not to separate

non-lease

components from lease components and instead to account for each separate lease component and the

non-lease

components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (iii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

In connection with the adoption of ASC 842, on January 1, 2019, the Company recorded an impact of RMB13,100 on its assets and RMB11,333 on its liabilities for the recognition of operating lease

right-of-use-assets

and operating lease liabilities, respectively, which are primarily related to the lease of the Group’s offices and warehouses. The adoption of ASC 842 did not have a material impact on the Company’s results of operations or cash flows.

2.18 Comprehensive loss

Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss.

2.19 Share-based compensation

The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share based awards granted with only service conditions, using the graded vesting method net of estimated forfeitures over the vesting period; or c) for share-based awards granted with service conditions and the occurrence of an initial public offering (“IPO”) as performance condition cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO using the graded vesting method.

A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. The Group calculates incremental compensation expense of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period when the modification occurs. For awards not being fully vested, the Group recognizes the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original awards over the remaining requisite service period after modification.

Share-based compensation in relation to the restricted shares is measured based on the fair market value of the Group’s ordinary shares at the grant date of the award. Prior to the listing, estimation of the fair value of the Group’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the Binominal Option Pricing Model. The determination of the fair value of share options is affected by the share price of the Group’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from an independent valuation firm.

2.20 Income taxes

The Group accounts for income taxes under the liability method. Under the liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax income rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some portion or all of the deferred income tax assets will not be utilized in the foreseeable future.

The Group evaluates its uncertain tax positions using the provisions of ASC

740-10, Income

Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Group recognizes in the financial statements the benefit of a tax position which is ‘‘more likely than not’’ to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.

2.21 Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statements of comprehensive loss over the period of the borrowings using the effective interest method.

2.22 Segment information

In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in and derived from the PRC, no geographical segments are presented.

2.23 Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using

the two-class method.

Under

the two-class method,

the net loss is allocated between ordinary shares and other participating securities based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using

the if-converted method,

shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using

the if-converted method,

and shares issuable upon the exercise of warrants using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.

2.24 Adopted accounting pronouncements

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU

2016-13”).

This guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability. In November 2018, the FASB issued ASU

2018-19,

Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU

2018-19”),

which clarifies certain topics included within ASU

2016-13.

ASU

2016-13

and ASU

2018-19

are effective for the annual reporting period beginning after December 15, 2019, including interim periods within that reporting period. The impact of this ASU to the consolidated financial statements is immaterial. The Group elected to adopt this ASU and applied this guidance retrospectively to all periods presented.

In January 2017, the FASB issued ASU

2017-04,

Intangibles—Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the

two-step

impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Group adopted this ASU on January 1, 2020 and the adoption of this ASU does not have a material impact to its consolidated financial statements.

In August 2018 the FASB issued ASU

No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements on fair value measurements. This standard became effective for us on January 1, 2020.

In November 2018 the FASB issued

ASU No. 2018-18, Collaborative

Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard makes targeted improvements for collaborative arrangements as follows:

•

Clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606, Revenue from Contracts with Customers, when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in ASC 606 should be applied, including recognition, measurement, presentation and disclosure requirements;

•

Adds unit-of-account guidance

to ASC 808, Collaborative Arrangements, to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606; and

•

Precludes a company from presenting transactions with collaborative arrangement participants that are not directly related to sales to third parties with revenue recognized under ASC 606 if the collaborative arrangement participant is not a customer.

This standard became effective for the Group on January 1, 2020. A retrospective transition approach is required for either all contracts or only for contracts that are not completed at the date of initial application of ASC 606, with a cumulative adjustment to opening retained earnings. Since the Group’s all relevant units of accounts were accounted for under ASC 606, the adoption of this ASU does not have a material impact to the Group’s consolidated financial statements, with no adjustment to its opening retained earnings.

2.25 Recent accounting pronouncements

In December 2019, the FASB issued ASU

2019-12-Income

Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU

2019-12

simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU

2019-12

is effective for the Company beginning on January 1, 2022. Early adoption of the amendments is permitted. The Company is currently evaluating the impact of ASU

2019-12

on its consolidated financial statements.

2. Principal Accounting Policies

2.1 Basis of presentation

The accompanying consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

2.2 Basis of consolidation

2.3 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as useful lives of property, equipment and software, impairment of contract assets and other receivables, impairment of long-lived assets and goodwill, share-based compensation, leases, tax valuation allowances and revenues from licensing and collaboration arrangements. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.

2.4 Fair value measurements

Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, other financial assets, contract assets, other receivables, short-term borrowings, accruals and other payables and warrants liabilities. As of December 31, 2018 and 2019, except for short-term investments, other financial assets and warrant liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments, other financial assets and warrant liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive loss.

The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Assets and liabilities measured at fair value on a recurring basis

The Group measured its short-term investments, other financial assets and warrant liabilities at fair value on a recurring basis. As the Group’s short-term investments, other financial assets and warrants liabilities are not traded in an active market with readily observable prices, the Group uses significant unobservable inputs to measure the fair value of short-term investments, other financial assets and warrant liabilities. These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement.

The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2018 and 2019:

As of December 31, 2018

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Other financial assets

—

255,958

Liabilities:

Warrant liabilities

—

5,618

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

The roll forward of major Level 3 financial assets and financial liability are as follows:


	Short-term investments			Other financial assets			Warrant liabilities
Fair value of Level 3 financial asset and liability as of December 31, 2017		—			266,245			(65,832	)
Investment in other financial assets		—			30,000			—
Disposal of other financial assets		—			(40,000	)		—
Fair value change		—			13,622			61,405
Exercise of warrants		—			—			1,314
Income received from other financial assets		—			(13,909	)		—
Currency translation differences		—			—			(2,505	)

Fair value of Level 3 financial asset and liability as of December 31, 2018		—			255,958			(5,618	)
Purchase of short-term investments		134,000			—			—
Disposal of short-term investments		(102,703	)		—			—
Disposal of other financial assets due to Termination Agreement (Note 4)		—			(256,000	)		—
Fair value changes		703			42			5,644
Currency translation differences		—			—			(26	)

Fair value of Level 3 financial assets and liability as of December 31, 2019		32,000			—			—

Refer to Note 15 for additional information about Level 3 warrant liabilities measured at fair value on a recurring basis for the year ended December 31, 2018.

2.5 Foreign currency translation

The consolidated financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses are translated at the average exchange rates prevailing for the year. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income. The exchange rates used for translation on December 31, 2018 and 2019 were US$1.00 = RMB6.8632 and RMB6.9762 respectively, representing the index rates stipulated by the People’s Bank of China.

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0651, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2020, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

2.6 Cash and cash equivalents

2.7 Restricted cash

Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing agreements. Such restricted cash will be released when the Group repays the related bank borrowings.

2.8 Short-term investments

2.9 Property, equipment and software


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive loss.

2.10 Intangible assets

in-process

research and development (IPR&D) intangible assets that are acquired from business combination when their useful lives have been determined. IPR&D intangible assets which are determined to have an impairment in their fair value are adjusted downward and an expense recognized in research and development in the consolidated statements of comprehensive loss. These IPR&D intangible assets are tested at least an annual basis on December 31 or when a triggering event occurs that could indicate a potential impairment. (see Note 7).

2.11 Impairment of long-lived assets

Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the years ended December 31, 2018 and 2019, there was no impairment of the value of the Group’s long-lived assets.

2.12 Goodwill

The Group has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2018 and 2019, the Group determined that there were no indicators of impairment of the goodwill.

2.13 Deferred subsidy income

Deferred subsidy income consists of deferred income from government grants. Government grants consist of cash subsidies received by the Group’s subsidiaries in the PRC from local governments as support on expenses relating to certain projects. Grants received with government specified performance obligations are recognized when all the obligations have been fulfilled. If such obligations are not satisfied, the Group may be required to refund the subsidy. Cash grants of RMB3,920 was recorded in deferred subsidy income as of December 31, 2019, which will be recognized when the government specified performance obligation is satisfied, which is expected to be more than 12 months after December 31, 2019.

2.14 Revenue recognition

The Group adopted Accounting Standard Codification (“ASC”) 606,

Revenue from Contracts with Customers

Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (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. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Collaboration revenue

At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,

Collaborative Arrangements

(“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Group first determines if the collaboration is deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For the collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.

When the timing of the delivery of product is different from the timing of payments made by the customers, the Group recognizes either a contract asset (performance precedes the contractual due date) or a contract liability (customer payment precedes performance). The Group’s contractual payment terms are typically due in no more than 30 days from invoicing. In limited situations, certain customer contractual payment terms require the Group to bill in arrears; thus, the Group satisfies some or all of the performance obligations before the Group is contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. For example, certain of the contractual arrangements do not permit the Group to bill until the completion of the production of the samples. In other limited situations, certain customer contractual payment terms allow the Group to bill in advance; thus, the Group receives customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities.

Licenses of Intellectual Property:

Upfront

non-refundable

non-refundable,

up-front

fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.

Research and Development Services:

The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as collaboration revenue over time as delivery or performance of such services occurs.

Milestone Payments

re-evaluates

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

Royalties

: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

2.15

Value-added-tax

(“VAT”) recoverable and surcharges

the value-added-tax depending

the tax-payer’s location.

2.16 Research and development expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities,

(2) in-licensed

The Group has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as

pre-commercial

milestone payments, are immediately expensed as acquired

in-process

2.17 Leases

Prior to the adoption of ASC 842 on January 1, 2019:

Leases, mainly leases of offices, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Group had no capital leases for any of the years stated herein.

Upon and hereafter the adoption of ASC 842 on January 1, 2019:

The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease

right-of-use

(“ROU”) assets, operating lease liability, and operating lease liability,

non-current

in the Group’s consolidated balance sheets.

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU

2016-02:

(i) elect for each lease not to separate

non-lease

components from lease components and instead to account for each separate lease component and the

non-lease

In connection with the adoption of ASC 842, on January 1, 2019, the Company recorded an impact of RMB13,100 on its assets and RMB11,333 on its liabilities for the recognition of operating lease right-of-use-assets and operating lease liabilities, respectively, which are primarily related to the lease of the Group’s offices and warehouses. The adoption of ASC 842 did not have a material impact on the Company’s results of operations or cash flows.

2.18 Comprehensive loss

2.19 Share-based compensation

The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

2.20 Income taxes

The Group evaluates its uncertain tax positions using the provisions of ASC

740-10, Income

2.21 Borrowings

2.22 Business combination

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC topic 805, Business Combinations (“ASC 805”). The acquisition method of accounting requires all of the following steps: (i) identifying the acquirer, (ii) determining the acquisition date, (iii) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, and (iv) recognizing and measuring goodwill or a gain from a bargain purchase. The consideration transferred in a business combination is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date.

The Group allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets may include, but are not limited to, future expected cash flows from acquired assets, timing and probability of success of clinical events and regulatory approvals, and assumptions on useful lives of the patents and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Additional information, such as that related to income tax and other contingencies, existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed one year from the acquisition date, which may result in changes to the amounts and allocations recorded.

Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. For transactions determined to be asset acquisitions, the Group allocates the total cost of the acquisition, including transaction costs, to the net assets acquired based on their relative fair values.

2.23 Segment information

2.24 Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using

the two-class method.

Under

the two-class method,

the if-converted method,

shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using

the if-converted method,

2.25 Adopted accounting pronouncements

In 2016, the FASB issued ASU

2016-02,

Leases (Topic 842). This ASU requires lessees to recognize lease assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms greater than 12 months. As we are not a lessor, other changes in the guidance applicable to lessors do not apply. Additionally, in 2018, the FASB issued codification and targeted improvements to this guidance effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Group adopted the new guidance on January 1, 2019, using the alternative transition approach. For additional information, see Note 6—“Leases.”

In November 2016, the FASB issued ASU

2016-18,

Statement of Cash Flows (Topic 230)

(“ASU 2016-18”).

This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU

2016-18

requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update was required to be adopted for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, and early adoption is permitted in any interim or annual period. The Group elected to early adopt this ASU and applied this guidance retrospectively to all periods presented.

2.26 Recent accounting pronouncements

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU

2016-13”).

2018-19,

Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU

2018-19”),

which clarifies certain topics included within ASU

2016-13.

ASU

2016-13

and ASU

2018-19

In August 2018 the FASB issued ASU

No. 2018-13,

In November 2018 the FASB issued ASU

No. 2018-18,

Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard makes targeted improvements for collaborative arrangements as follows:

•

Adds

unit-of-account

guidance to ASC 808, Collaborative Arrangements, to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606; and

•

This standard became effective for us on January 1, 2020. A retrospective transition approach is required for either all contracts or only for contracts that are not completed at the date of initial application of ASC 606, with a cumulative adjustment to opening retained earnings, as of January 1, 2018. The impact of this ASU to the consolidated financial statements is immaterial.

Prepayments And Other Receivables

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments And Other Receivables

3. Prepayments and Other Receivables


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Prepayments:
—Prepayments to CRO vendors		78,740		82,742		11,711
—Prepayments for other services		880		1,153		163
Receivables due from employees (Note)		16,201		—		—
Value-added tax recoverable		12,517		15,856		2,244
Rental deposits		546		1,478		209
Interest receivables		764		2,987		423
Others		26,388		26,914		3,810

		136,036		131,130		18,560

Note: The balance mainly represented the receivables due from employees, which were arising from the Group’s obligation to pay the withholding individual income tax (“IIT”) for those employees’ stock option activities and was collected by the Group in January 2020.

3. Prepayments and Other Receivables


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Prepayments:
—Prepayments to CRO vendors		71,894		78,740		11,145
—Prepayments for other services		3,160		880		125
Receivables due from employees (Note)		—		16,201		2,293
Value-added tax recoverable		4,235		12,517		1,772
Rental deposits		1,012		546		77
Interest receivables		1,502		764		108
Others		7,169		26,388		3,735

		88,972		136,036		19,255

Other Financial Assets

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Other Financial Assets

4. Other Financial Assets


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Financial asset at fair value through profit or loss		215,571		—		—
Note receivables		40,387		—		—

		255,958		—		—

The Group placed the principal amount for investments through a contractual arrangement with a third party for the period from June 30, 2017 to June 30, 2020 (“Principal Amount”). The Principal Amount can be redeemed from the third party at the discretion of the Group from time to time whereby the Group is expecting to earn an income on the Principal Amount with an average yield in the range from 4.50% to 5.25% per annum. The Group initially records these assets at cost, which approximates its fair value at inception and subsequently records these assets at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss.

On June 22, 2019, the Group entered into an agreement with the relevant party involved for early termination of the contractual arrangement (“Termination Agreement”). Pursuant to the Termination Agreement, the Group shall receive cash with an amount of RMB95,056 and commercial bills with a total face value of RMB160,944 (including those commercial bills redeemed during the year ended December 31, 2018 with a face value of RMB40,387). No material gain or loss was arising from such termination. As of December 31, 2019, cash of RMB95,056 was received and all commercial bills have been collected upon maturity.

Property, Equipment And Software

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

4. Property, Equipment and Software

Property, equipment and software consist of the following:


	As of December 31,			As of June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipment		24,265			24,634			3,487
Leasehold improvement		11,856			12,222			1,730
Software		10,220			10,230			1,448
Office furniture and equipment		1,526			1,526			216

Total property, equipment and software		47,867			48,612			6,881
Less: accumulated depreciation and amortization		(18,221	)		(23,312	)		(3,300	)

Net book value		29,646			25,300			3,581
Construction in progress		423			1,325			188

Total net book value of property, equipment and software		30,069			26,625			3,769

The total amounts charged to the interim condensed consolidated statements of comprehensive loss for depreciation and amortization expenses amounted to approximately RMB4.5 million and RMB5.1 million for the six months ended June 30, 2019 and 2020, respectively.

5. Property, Equipment and Software

Property, equipment and software consist of the following:


	As of December 31,			As of December 31,
	2018			2019
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipment		20,796			24,265			3,434
Leasehold improvement		10,271			11,856			1,678
Software		3,632			10,220			1,447
Office furniture and equipment		1,350			1,526			216

Total property, equipment and software		36,049			47,867			6,775
Less: accumulated depreciation and amortization		(8,390	)		(18,221	)		(2,579	)

Net book value		27,659			29,646			4,196
Construction in process		—			423			60

Total net book value of property, equipment and software		27,659			30,069			4,256

The total amounts charged to the consolidated statements of comprehensive loss for depreciation and amortization expenses amounted to approximately RMB1.6 million, RMB6.7 million and RMB9.8 million for the years ended December 31, 2017, 2018 and 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

6. Leases

As of December 31, 2019, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2027. The Group does not plan to cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. All of the Group’s leases qualify as operating leases.

Information related to operating leases as of December 31, 2019 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2019
	RMB			US$ (Note 2.5)
Assets
Operating lease right-of-use assets		16,435			2,326

Liabilities
Operating lease liabilities, current		6,807			963
Operating lease liabilities, non-current		7,492			1,060
Weighted average remaining lease term (years)		2.4			2.4
Weighted average discount rate		5	%		5	%

Information related to operating lease activity during the year ended December 31, 2019 is as follows:


	For the Year Ended December 31, 2019
	RMB		US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets		5,260		745
Expense for short-term leases within 12 months		592		84
Interest of lease liabilities		543		76

		6,395		905

Future annual minimum lease payments for operating leases as of December 31, 2018 under ASC 840 were as follows:


	Operating Leases
	RMB
2019		5,754
2020		5,274
2021		3,511
2022		60
2023		60
Thereafter		276

Total		14,935

Maturities of lease liabilities were as follows:


	As of December 31, 2019
	RMB			US$ (Note 2.5)
2020		7,634			1,081
2021		5,617			795
2022		1,885			267
2023		60			8
2024		60			8
Thereafter		181			26

Total undiscounted lease payments		15,437			2,185
Less: imputed interest		(1,138	)		(161	)

Total lease liabilities		14,299			2,024

Intangible Assests

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Intangible assets as of December 31, 2019 and June 30, 2020 are summarized as follows:


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Cost
IPR&D		148,844		148,844		21,068
Less: accumulated amortization		—		—		—

Net book value		148,844		148,844		21,068

IPR&D represents the fair value assigned to research and development assets that the Group acquired from business combination of

I-Mab

Tianjin and its subsidiaries including Chengdu Tasgen

Bio-Tech

Co., Ltd. and Shanghai Tianyunjian

Bio-Tech

Co., Ltd. (together the “Tasgen Group”) in 2017 and had not reached technological feasibility at the date of acquisition. Upon commercialization, the Group will determine the estimated useful life and amortize these amounts based upon an economic consumption method. As of December 31, 2019, and June 30, 2020, there was no impairment of the value of the Group’s intangible assets.

7. Intangible Assets

Intangible assets as of December 31, 2018 and 2019 are summarized as follows:


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Cost
IPR&D		148,844		148,844		21,068
Less: accumulated amortization		—		—		—

Net book value		148,844		148,844		21,068

IPR&D represents the fair value assigned to research and development assets that the Group acquired from business combination of

I-Mab

Tianjin and its subsidiaries including Chengdu Tasgen Bio-Tech Co., Ltd. and Shanghai Tianyunjian Bio-Tech Co., Ltd. (together the “Tasgen Group”) in 2017 and had not reached technological feasibility at the date of acquisition. Upon commercialization, the Group will determine the estimated useful life and amortize these amounts based upon an economic consumption method. As of December 31, 2018 and 2019, there was no impairment of the value of the Group’s intangible assets.

Goodwill

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

6. Goodwill

On July 15, 2017, the Group acquired 66.67% of the equity interests in the Tasgen Group by issuing convertible preferred shares and controlled the board of directors and business of

I-Mab

Tianjin since then. Tasgen Group is principally engaged in the research and development of innovative medicines and the Group acquired Tasgen Group for its research team, technical experience, and IPR&D pipeline assets (see Note 5). As of December 31, 2019 and June 30, 2020, the goodwill of RMB162,574 (US$23,011) represented the goodwill generated from the aforementioned acquisition of Tasgen Group and the business of Tasgen Group was fully integrated into the Company after the acquisition. There was no impairment of the value of the Group’s goodwill.

As of December 31, 2019 and June 30, 2020, the Group performed a qualitative assessment by evaluating relevant events and circumstances that would affect the Group’s single reporting unit and did not note any indicator that it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount and therefore the Group’s goodwill was not impaired.

8. Goodwill

On July 15, 2017, the Group acquired 66.67% of the equity interests in the Tasgen Group by issuing convertible preferred shares, and controlled the board of directors and business of I-Mab Tianjin since then. Tasgen Group is principally engaged in the research and development of innovative medicines and the Group acquired Tasgen Group for its research team, technical experience, and IPR&D pipeline assets (see Note 7). As of December 31, 2018 and 2019, the goodwill of RMB162,574 (US$23,011) represented the goodwill generated from the aforementioned acquisition of Tasgen Group and the business of Tasgen Group was fully integrated into the Company after the acquisition.

As of December 31, 2018 and 2019, the Group performed a qualitative assessment by evaluating relevant events and circumstances that would affect the Group’s single reporting unit and did not note any indicator that it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount and therefore the Group’s goodwill was not impaired.

Short-Term Borrowings

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Disclosure Text Block [Abstract]

Short-Term Borrowings

7. Short-term Borrowings

In June 2019,

I-Mab

Bio-tech

(Tianjin) Co., Ltd. borrowed a loan of RMB50,000 from China Merchant Bank Co., Ltd. for a term of one year and at the interest rate of 4.15% per annum. To facilitate this borrowing, another subsidiary of the Company in Hong Kong placed cash deposits of US$8,000 (equivalent to approximately RMB55,810) with the bank. The use of such cash deposits and the interest earned thereon are restricted by the bank during the period of the borrowing. The deposits have a

one-year

term and bear interest at 2.63% per annum. The borrowing was repaid in June 2020.

9. Short-term Borrowings

In July 2018,

I-Mab

Bio-tech

(Tianjin) Co., Ltd. borrowed a loan of RMB80,000 from China Merchant Bank Co., Ltd. for a term of one year and at the interest rate of 4.20% per annum. To facilitate this borrowing, another subsidiary of the Company in Hong Kong placed cash deposits of US$13,500 (equivalent to approximately RMB92,653) with the bank. The use of such cash deposits and the interest earned thereon are restricted by the bank during the period of the borrowing. The deposits have a

one-year

term and bear interest at 3.26% per annum. The borrowing was fully repaid during the year ended December 31, 2019.

In June 2019,

I-Mab

Bio-tech

one-year

term and bear interest at 2.63% per annum. The borrowing will be due for repayment in June 2020.

Accruals And Other Payables

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Payables and Accruals [Abstract]

Accruals and other Payables

8. Accruals and Other Payables


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Current:
Staff salaries and welfare payables		30,166		18,875		2,672
Accrued external research and development activities related expenses		144,000		155,973		22,077
Accrued initial public offering costs payable		17,504		5,094		721
Withholding IIT payable related to stock options		16,201		—		—
Non-refundable incentive payment from depositary bank (Note)		—		2,630		372
Accrued traveling expenses, office expenses and others		65,682		60,496		8,562

		273,553		243,068		34,404

Non-current:
Non-refundable incentive payment from depositary bank (Note)		—		9,424		1,334

Note: The Group received a

non-refundable

incentive payment of US$1,857 (equivalent to approximately RMB13,150) from depositary bank in April 2020. The amount will be recorded ratably as other gains over a five-year arrangement period. For the six months ended June 30, 2020, the Group has recorded RMB1,090 as other income in the interim condensed consolidated financial statements.

10. Accruals and Other Payables


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Staff salaries and welfare payables		18,869		30,166		4,270
Accrued external research and development activities related expenses		39,068		144,000		20,382
Accrued initial public offering costs payable		—		17,504		2,478
Withholding IIT payable related to stock options		—		16,201		2,293
Accrued traveling expenses, office expenses and others		9,737		65,682		9,296

		67,674		273,553		38,719

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Disclosure Text Block [Abstract]

Income Taxes

9. Income Taxes

The Group has incurred net accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these net accumulated operating losses will not be utilized in the future. Therefore, the Group has provided full valuation allowances for the deferred tax assets as of December 31, 2019 and June 30, 2020.

11. Income Taxes

Cayman Islands

I-Mab is

incorporated in the Cayman Islands. Under the current laws of the Cayman

Islands, I-Mab is

not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

I-Mab Biopharma

Hong Kong Limited is incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Hong Kong tax laws. The applicable tax rate in Hong Kong is 16.5%. For the years ended December 31, 2017, 2018 and

2019, I-Mab Biopharma

Hong Kong Limited did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earnings in Hong Kong for any of the periods presented. Under the Hong Kong tax

law, I-Mab Biopharma

Hong Kong Limited is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

Australia

Mab Biopharma Australia Pty Ltd is incorporated in Australia. Companies registered in Australia are subject to Australia profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Australia tax laws. The applicable tax rate in Australia is

30%. I-Mab Biopharma

Australia Pty Ltd has no taxable income for all periods presented, therefore, no provision for income taxes is required.

United States

I-Mab Biopharma US Ltd. is incorporated in U.S. and is subject to U.S. federal corporate income tax at a rate of 21%.

I-Mab

Biopharma US Ltd. is also subject to state income tax in Maryland of 8.25%.

I-Mab

Biopharma US Ltd. has no taxable income for all periods presented, therefore, no provision for income taxes is required.

China

On March 16, 2007, the National People’s Congress of PRC enacted a new Enterprise Income Tax Law (“new EIT law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to corporate income tax at a uniform rate of 25%. The new EIT law became effective on January 1, 2008. Under the new EIT law, preferential tax treatments will continue to be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “High and New Technology Enterprises”.

I-Mab Shanghai

has been qualified as “High and New Technology Enterprise” and enjoys a preferential income tax rate of 15% from 2018 to 2020.

The Company’s other PRC subsidiaries are subject to the statutory income tax rate of 25%.

No provision for income taxes has been made because the Group are in cumulative loss positions for all the periods presented.

Reconciliations of the differences between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2017, 2018 and 2019 are as follows:


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Loss before income tax		(298,240	)		(401,111	)		(1,451,950	)		(205,510	)
Income tax computed at respective applicable tax rate		(37,672	)		(56,093	)		(148,871	)		(21,071	)
Non-deductible expenses		3,889			2,548			87,021			12,317
Research and development expenses plus deduction		(2,846	)		(6,762	)		(9,254	)		(1,310	)
Changes in valuation allowance		36,629			62,029			71,104			10,064

		—			1,722			—			—

Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share		—			3.07			9.55			1.35

The principal components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Deferred tax assets:
Net operating loss carryforward		73,105			92,185			136,443			19,312
Depreciation and amortization of property, equipment, software and intangible asset, net		—			18,405			44,398			6,285
Accrual expense		13,647			21,132			21,867			3,095
Less: valuation allowance		(49,541	)		(94,511	)		(165,497	)		(23,425	)

Total deferred tax assets		37,211			37,211			37,211			5,267

Deferred tax liabilities:
Acquired intangible assets		37,211			37,211			37,211			5,267

Total deferred tax liabilities		37,211			37,211			37,211			5,267

Deferred tax assets, net		—			—			—			—

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Balance as of January 1		(6,472	)		(49,541	)		(94,511	)		(13,377	)
Business combination		(6,440	)		—			—			—
Additions		(36,629	)		(62,029	)		(71,104	)		(10,065	)
Decrease due to the change of tax rate		—			17,059			118			17

Balance as of December 31		(49,541	)		(94,511	)		(165,497	)		(23,425	)

As of December 31, 2019, the Group had a majority of net operating losses of approximately RMB715,156 which arose from the subsidiaries established in the PRC. The tax losses carried forward various in the PRC will expire during the period beginning from 2021 to 2029 based on entity’s preferential tax status.

A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered as more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. In making such determination, the Group evaluates a variety of positive and negative factors including the Group’s operating history, accumulated deficit, the existence of taxable temporary differences and reversal periods.

The Group has incurred net accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these net accumulated operating losses together with other deferred tax assets will not be utilized in the foreseeable future. Therefore, the Group has provided full valuation allowances for the deferred tax assets as of December 31, 2018 and 2019.

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2018 and 2019, the Group did not have any significant unrecognized uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Ordinary Shares

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Ordinary shares

10. Ordinary Shares

As of December 31, 2019 and June 30, 2020, 500,000,000 ordinary shares had been authorized by the Company. Each ordinary share is entitled to one vote. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors of the Company.

On October 29, 2019, the Company’s shareholders and board of directors approved that immediately prior to the completion of initial public offering, the Company’s authorized share capital will be changed into US$80,000 divided into 800,000,000 ordinary shares of a par value of US$0.0001 each.

On January 17, 2020, the Company completed its IPO and became listed on the Nasdaq Global Market by issuing 7,407,400 American Depositary Shares (“ADSs”) at the price of US$14.00 per ADS for total gross proceeds of US$103.7 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total net proceeds of US$101.3 million(equivalent to RMB697,788), netting of issuance cost from total gross proceeds of US$114.5 million. Each ten ADSs represent twenty-three ordinary shares of the Company.

On January 17, 2020, the Company also issued 6,078,571 ordinary shares to Everest (see Note 15 for details).

Upon the completion of the IPO, the Company’s then outstanding 30,227,056 Series A Preferred Shares, 23,288,783 Series B Preferred Shares, 3,714,580 Series

B-1

Preferred Shares, 3,301,849 Series

B-2

Preferred Shares, 31,046,360 Series C Preferred Shares and 3,857,143 Series

C-1

Preferred Shares were converted into 30,227,056, 23,288,783, 3,714,580, 3,571,427, 34,420,469 and 4,537,814 ordinary shares, respectively.

12. Ordinary Shares

As of December 31, 2018 and 2019, 500,000,000 ordinary shares had been authorized by the Company. Each ordinary share is entitled to one vote. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors of the Company.

Convertible Preferred Shares

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Temporary Equity Disclosure [Abstract]

Convertible Preferred Shares

11. Convertible Preferred Shares

On January 17, 2020, immediately prior to the completion of the Company’s IPO, all of the convertible redeemable preferred shares were converted to ordinary shares. Prior to their conversion, the convertible redeemable preferred shares were entitled to certain privileges over ordinary shares with respect to dividends, conversion, and liquidation. The transactions and impact are disclosed as below.

On October 18, 2016, the Company issued 5,141,587 shares of Series

A-1

and

A-2

Preferred Shares with a consideration of US$11,282 (equivalent to approximately RMB74,742). In connection with the Series

A-1

and

A-2

Preferred Shares issuance, the Company also issued 2,246,744 warrant to purchase its Series

A-3

Preferred Shares (“Series

A-3

Warrants” and see Note 13).

On September 6, 2017, in connection with the Group’s acquisition of Tasgen Group, the Company issued 16,723,646 shares of Series

A-3

Preferred Shares at a price of US$2.55 per share with a total consideration of US$42,645 (equivalent to approximately RMB289,024).

Series

A-1

Preferred Shares, Series

A-2

Preferred Shares and Series

A-3

Preferred Shares are also referred to as Series A Preferred Shares.

On September 22, 2017, the Company issued 15,894,594 shares of Series B Preferred Shares with a consideration of US$52,546 (equivalent to approximately RMB346,515). In connection with the Series B Preferred Shares issuance, the Company also issued convertible promissory notes that are convertible into Series

B-1

Preferred Shares (“2017 Notes” and see Notes 12) and 5,633,780 warrants to purchase its Series

B-2

Preferred Shares (“Series B Warrant” and see Note 13).

Concurrently with the Company’s issuance of Series B Preferred Shares, the Company also completed a round of onshore financing with respect to the Group’s subsidiary

I-MAB

Tianjin (“Series B Onshore Financing”). Series B Onshore Financing comprised 1) capital injection to

I-Mab

Tianjin by a number of investors (“Series B Onshore Investors”) (see Note 12), 2)

I-Mab

Tianjin’s issuance of convertible loans (“Onshore Convertible Loans” and see Note 12), and 3) the Company’s issuance of 2,620,842 warrants to purchase its Series

B-2

Preferred Shares (“Series B Warrants” and see Note 13).

On June 29, 2018, the Company issued total 8,361,823 shares of Series

A-3

Preferred Shares upon exercise of Series

A-3

Option held by its holder.

On June 29, 2018, the Company issued 2,535,201 shares of Series

B-1

Preferred Shares upon conversion of 2017 Notes and issued 2,253,512 shares of Series

B-2

Preferred Shares upon exercise of Series B Warrant by Series B preferred shareholders.

On June 29, 2018, the Company issued 5,938,640 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor and issued 947,218 shares of Series

B-1

Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 12), respectively.

On July 6, 2018, the Company issued 1,455,549 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor, issued 232,161 shares of Series

B-1

Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 12) and issued 1,048,337 shares of Series

B-2

Preferred Shares upon exercise of Series B Warrant by Series B Onshore Investors, respectively.

Series B Preferred Shares, Series

B-1

Preferred Shares and Series

B-2

Preferred Shares are also referred to as Series B Preferred Shares.

On July 6, 2018, the Company issued 31,046,360 shares of Series C Preferred Shares at a price of US$6.4419 per share with a total consideration of US$200,000 (equivalent to approximately RMB1,323,363). In connection with the offering of the Series C Preferred Shares, the Company incurred issuance costs of RMB16,730.

On July 25, 2019, the Group entered into a share purchase agreement with certain third party investors, under which these investors will subscribe for an aggregate of 3,857,143 Series

C-1

convertible preferred shares of the Company for an aggregate purchase price of US$27.0 million. Out of the aforementioned subscription of 3,857,143 Series

C-1

convertible preferred shares by certain third party investors, 1,428,571 Series

C-1

convertible preferred shares were issued to an investor on October 17, 2019, and the Group also received the cash consideration of US$10,000 (equivalent to approximately RMB70,036). On November 6, 2019, the Group received cash consideration of US$17,000 (equivalent to approximately RMB119,387) for the remaining 2,428,572 Series

C-1

convertible preferred shares from the investors and the issuance of such 2,428,572 Series

C-1

convertible preferred shares were consummated on that day. In connection with the offering of the Series

C-1

convertible preferred shares, the Company incurred issuance costs of approximately US$840 (equivalent to approximately RMB5,887).

Upon the completion of the IPO on January 17, 2020, all outstanding 30,227,056 Series A Preferred Shares, 23,288,783 Series B Preferred Shares, 3,714,580 Series

B-1

Preferred Shares, 3,301,849 Series

B-2

Preferred Shares, 31,046,360 Series C Preferred Shares and 3,857,143 Series

C-1

Preferred Shares were converted into 30,227,056, 23,288,783, 3,714,580, 3,571,427, 34,420,469 and 4,537,814 ordinary shares, respectively.

Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series

C-1

Preferred Shares are collectively referred to as Preferred Shares.

Key terms of the Preferred Shares are summarized as follows:

Dividends

The holders of Preferred Shares are entitled to receive dividends, out of any assets legally available therefore, prior and in preference to any declaration or payment of any dividend on the ordinary shares or any other class or series of shares of the Group at the rate of eight percent (8%) of the original issue price per share per annum on each Preferred Share, payable in US$ and annually when, as and if declared by the Board of Directors. Such distributions shall not be cumulative. No dividend, whether in cash, in property or in shares of the capital of the Group, shall be paid on or declared and set aside for any ordinary shares or any other class or series of shares of the Group unless and until all dividends have been paid in full on the Preferred Shares (on an

as-converted

basis).

Conversion

Each Preferred Share may be converted at any time into ordinary shares at the option of the preferred shares holders at the then applicable conversion price. The initial conversion ratio is 1:1, subject to adjustment in the event of (i) share splits, share combinations, share dividends or distribution, other dividends, recapitalizations and similar events, or (ii) issuance of ordinary shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance.

The Preferred Shares shall be automatically converted into ordinary shares immediately upon the closing of a public offering of the Company’s shares with an offering price (exclusive of underwriting commissions and expenses) that reflects a market capitalization (immediately prior to the public offering) of not less than US$1,000,000,000 or otherwise approved by all directors and certain preferred shareholders as specified in the Company’s memorandum and articles of association (the “Qualified Public Offering”).

The Group determined that there were no beneficial conversion features (“BCF”) identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Group will reevaluate whether or not a beneficial conversion feature should be recognized.

Liquidation

In the event of any liquidation (unless waived by the preferred shareholders) including deemed liquidation, dissolution or winding up of the Company, holders of the Preferred Shares shall be entitled to receive a per share amount equal to one hundred percent (100%) of the original issue price on each Preferred Share, plus an amount representing an internal rate of return of twelve percent (12%) per annum on the original issue price as adjusted for share dividends, share splits, combinations, recapitalizations or similar events, plus all accrued and declared but unpaid dividends thereon, in the sequence of Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares. After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata basis among the holders of the Preferred Shares, on an

as-converted

basis, together with the holders of the ordinary shares.

Accounting of preferred shares

The Preferred Shares are redeemable by the holders upon a liquidation event, including a deemed liquidation event (e.g., change in control), and as such are presented as mezzanine equity on the consolidated balance sheets. In accordance with ASC

480-10-S99,

each issuance of the convertible preferred shares should be recognized at the date of issuance after deducting fair value allocated to the detachable warrants and issuance costs.

Modification of preferred shares

The Company assesses whether an amendment to the terms of its convertible preferred shares is an extinguishment or a modification using the fair value model.

When convertible redeemable preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible redeemable Preferred Shareholders and the carrying amount of such preferred shares (net of issuance costs) is treated as a deemed dividend to the Preferred Shareholders. When convertible redeemable preferred shares are modified and such modification results in value transfer between Preferred Shareholders and ordinary shareholders, the change in fair value resulted from the amendment is treated as a deemed dividend to or from the Preferred Shareholders.

On December 25, 2019, the Company’s shareholders and board of

directors

approved that, where the final offering price of a Qualified Public Offering is no less than US$4.176 per ordinary share, the agreed provisions related to the number of shares to be converted into the Company’s ordinary shares shall apply with respect to the Series

C-1

Preferred Shares, Series C Preferred Shares, Series

B-2

Preferred Shares and Series

B-1

Preferred Shares, which will generally give rise to a one to multiple conversion of the such rounds of Preferred Shares, provided that unanimous consent of the directors on the final offering price needs to be obtained in the event that the final offering price per ordinary share of such IPO is fixed at a price equal to or higher than US$4.176 per ordinary share but lower than US$5.22 per ordinary share.

The Company evaluated the aforementioned modifications and concluded that they represented modifications, rather than extinguishment, to Series

B-1,

B-2

and C Preferred Shares, which resulted in a transfer of value from ordinary shareholders to preferred shareholders. The combined change in fair value of Series

B-1,

B-2

and C Preferred Shares immediately before and after the modification was US$4.0 million (equivalent to approximately RMB27.8 million) on December 25, 2019. This decrease in fair value of the ordinary shares of US$4.0 million (equivalent to approximately RMB27.8 million) on December 25, 2019 was, in substance, a transfer of wealth mostly from ordinary shareholders to preferred shareholders, and therefore was recorded as a deemed dividend to the preferred shareholders

The Company evaluated the aforementioned modifications and concluded that they represented extinguishment to Series

C-1

Preferred Shares. The difference between the fair value of the modified Series

C-1

Preferred Shares and the carrying value of the original Series

C-1

Preferred Shares was amounting US$0.8 million on December 25, 2019 and represented the fair value of the consideration transferred, and therefore was recognized as a deemed dividend to the preferred shareholders and adjustment to the carrying amount of Series

C-1

Preferred Shares

The Company’s convertible preferred shares activities for the six months ended June 30, 2019 and 2020 are summarized below:


	Series A Preferred Shares									Series B Preferred Shares									Series C Preferred Shares									Series C-1 Preferred Shares
	Number of shares			Amount			Amount			Number of shares			Amount			Amount			Number of shares			Amount			Amount			Number of shares			Amount			Amount
				US$			RMB						US$			RMB						US$			RMB						US$			RMB
Balance as of January 1, 2019 and June 30, 2019		30,227,056			102,852			687,482			30,305,212			139,407			921,243			31,046,360			197,478			1,306,633			—			—			—

Balance as of January 1, 2020		30,227,056			102,852			687,482			30,305,212			139,407			921,243			31,046,360			197,478			1,306,633			3,857,143			26,914			188,819
Conversion to ordinary shares upon IPO		(30,227,056	)		(102,852	)		(687,482	)		(30,305,212	)		(139,407	)		(921,243	)		(31,046,360	)		(197,478	)		(1,306,633	)		(3,857,143	)		(26,914	)		(188,819	)

Balance as of June 30, 2020		—			—			—			—			—			—			—			—			—			—			—			—

13. Convertible Preferred Shares

On October 18, 2016, the Company issued 5,141,587 shares of Series

A-1

and

A-2

Preferred Shares with a consideration of US$11,282 (equivalent to approximately RMB74,742). In connection with the Series

A-1

and

A-2

Preferred Shares issuance, the Company also issued 2,246,744 warrant to purchase its Series

A-3

Preferred Shares (“Series

A-3

Warrants” and see Note 15).

On September 6, 2017, in connection with the Group’s acquisition of Tasgen Group, the Company issued 16,723,646 shares of Series

A-3

Preferred Shares at a price of US$2.55 per share with a total consideration of US$42,645 (equivalent to approximately RMB289,024).

Series

A-1

Preferred Shares, Series

A-2

Preferred Shares and Series

A-3

Preferred Shares are also referred to as Series A Preferred Shares.

B-1

Preferred Shares (“2017 Notes” and see Notes 14) and 5,633,780 warrants to purchase its Series

B-2

Preferred Shares (“Series B Warrant” and see Note 15).

Concurrently with the Company’s issuance of Series B Preferred Shares, the Company also completed a round of onshore financing with respect to the Group’s subsidiary

I-MAB

Tianjin (“Series B Onshore Financing”). Series B Onshore Financing comprised 1) capital injection to

I-Mab

Tianjin by a number of investors (“Series B Onshore Investors”) (see Note 14), 2)

I-Mab

Tianjin’s issuance of convertible loans (“Onshore Convertible Loans” and see Note 14), and 3) the Company’s issuance of 2,620,842 warrants to purchase its Series

B-2

Preferred Shares (“Series B Warrants” and see Note 15).

On June 29, 2018, the Company issued total 8,361,823 shares of Series

A-3

Preferred Shares upon exercise of Series

A-3

Option held by its holder.

On June 29, 2018, the Company issued 2,535,201 shares of Series

B-1

Preferred Shares upon conversion of 2017 Notes and issued 2,253,512 shares of Series

B-2

Preferred Shares upon exercise of Series B Warrant by Series B preferred shareholders.

On June 29, 2018, the Company issued 5,938,640 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor and issued 947,218 shares of Series

B-1

Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 14), respectively.

On July 6, 2018, the Company issued 1,455,549 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor, issued 232,161 shares of Series

B-1

Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 14) and issued 1,048,337 shares of Series

B-2

Preferred Shares upon exercise of Series B Warrant by Series B Onshore Investors, respectively.

Series B Preferred Shares, Series

B-1

Preferred Shares and Series

B-2

Preferred Shares are also referred to as Series B Preferred Shares.

On July 25, 2019, the Group entered into a share purchase agreement with certain third party investors, under which these investors will subscribe for an aggregate of 3,857,143 Series

C-1

convertible preferred shares of the Company for an aggregate purchase price of US$27.0 million. Out of the aforementioned subscription of 3,857,143 Series

C-1

convertible preferred shares by certain third party investors, 1,428,571 Series

C-1

convertible preferred shares from the investors and the issuance of such 2,428,572 Series

C-1

convertible preferred shares was consummated on that day. In connection with the offering of the Series

C-1

convertible preferred shares, the Company incurred issuance costs of approximately US$840 (equivalent to approximately RMB5,887).

Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series

C-1

Preferred Shares are collectively referred to as Preferred Shares.

Key terms of the Preferred Shares are summarized as follows:

Dividends

as-converted

basis).

Conversion

Liquidation

as-converted

basis, together with the holders of the ordinary shares.

Accounting of preferred shares

480-10-S99,

each issuance of the convertible preferred shares should be recognized at the date of issuance after deducting fair value allocated to the detachable warrants and issuance costs.

Modification of preferred shares

The Company assesses whether an amendment to the terms of its convertible preferred shares is an extinguishment or a modification using the fair value model.

On December 25, 2019, the Company’s shareholders and board of directors approved that, where the final offering price of a Qualified Public Offering is no less than US$4.176 per ordinary share, the agreed provisions related to the number of shares to be converted into the Company’s ordinary shares shall apply with respect to the Series

C-1

Preferred Shares, Series C Preferred Shares, Series

B-2

Preferred Shares and Series

B-1

The Company evaluated the aforementioned modifications and concluded that they represented modifications, rather than extinguishment, to Series B-1,

B-2

and C Preferred Shares, which resulted in a transfer of value from ordinary shareholders to preferred shareholders. The combined change in fair value of Series

B-1,

B-2

The Company evaluated the aforementioned modifications and concluded that they represented extinguishment to Series

C-1

Preferred Shares. The difference between the fair value of the modified Series

C-1

Preferred Shares and the carrying value of the original Series

C-1

Preferred Shares

The Company’s convertible preferred shares activities for the years ended December 31, 2018 and 2019 are summarized below:


	Series A Preferred Shares						Series B Preferred Shares						Series C Preferred Shares						Series C-1 Preferred Shares
	Number of shares		Amount		Amount		Number of shares		Amount		Amount		Number of shares		Amount		Amount		Number of shares		Amount		Amount
			US$		RMB				US$		RMB				US$		RMB				US$		RMB
Balance as of January 1, 2018		21,865,233		53,927		363,766		15,894,594		52,546		346,515		—		—		—		—		—		—
Issuance of Series A Preferred Shares upon exercise of Series A-3 Option		8,361,823		48,925		323,716		—		—		—		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon exercise of Series-B Option		—		—		—		7,394,189		44,083		291,677		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon conversion of 2017 Notes		—		—		—		2,535,201		15,401		101,906		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon conversion of Onshore Convertible Loans		—		—		—		1,179,379		7,165		47,407		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon exercise of Tranche I of Series B Warrants		—		—		—		3,301,849		20,212		133,738		—		—		—		—		—		—
Issuance of Series C Preferred Shares, net of issuance costs		—		—		—		—		—		—		31,046,360		197,478		1,306,633		—		—		—

Balance as of December 31, 2018		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		—		—		—

Balance as of January 1, 2019		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		—		—		—
Issuance of Series C-1 Preferred Shares, net of issuance costs		—		—		—		—		—		—		—		—		—		3,857,143		26,160		183,536
Adjustment at extinguishment of Series C-1 Preferred Shares		—		—		—		—		—		—		—		—		—		—		754		5,283

Balance as of December 31, 2019		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		3,857,143		26,914		188,819

Convertible Promissory Notes And Onshore Convertible Loans

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Convertible Promissory Notes And Onshore Convertible Loan [Abstract]

Convertible promissory notes and onshore convertible loans

12. Convertible Promissory Notes

On February 3, 2018, the Company issued US$9,000 (equivalent to approximately RMB59,704) convertible promissory notes (“2018 Notes”) to an investor of Series

A-3

Preferred Shares at an annual interest rate of 0%, maturing on 36 months after the issuance date. Under the agreement, the holder of the 2018 Notes may convert the 2018 Notes outstanding principal amount into Series

B-1

Preferred Shares at the conversion price being lower of US$10 per share and fair market value at any time prior to the maturity date. Alternatively, the 2018 Notes shall be automatically converted into the Company’s Series B Preferred Shares upon the maturity. As the fair value of the Company’s ordinary shares on February 3, 2018 of US$3.96 was equal to the effective conversion price (being lower of US$10 per share and fair market value), the Company did not record a BCF.

14. Convertible Promissory Notes and Onshore Convertible Loans

2017 Notes

On September 25, 2017, the Company issued US$11,520 convertible promissory notes (“2017 Notes”) to investors of Series B Preferred Shares (see Note 13) at a compound interest rate of 8% per annum, maturing on 36 months after the issuance date. Under the agreement, the holder of the 2017 Notes may convert the outstanding principal amount into Series

B-1

Preferred Shares at the conversion price of US$5.38 per share or a lower price as may be agreed by the investors and the Company at any time from six months prior to the maturity date and prior to the repayment in full of the 2017 Note. No interest shall be accrued if the 2017 Notes have been converted into Series

B-1

Preferred Shares.

As the fair value of the Company’s ordinary shares on September 25, 2017 was lower than the effective conversion price of US$5.38, the Company did not record a BCF.

On June 29, 2018, the Company’s 2017 Notes were converted into the Company’s 2,535,201 Series

B-1

Preferred Shares at the nominal conversion price of US$5.38 per share.

2018 Notes

On February 3, 2018, the Company issued US$9,000 (equivalent to approximately RMB59,704) convertible promissory notes (“2018 Notes”) to an investor of Series

A-3

B-1

Onshore Convertible Loans

On September 25, 2017,

I-Mab

Tianjin issued a US$5,359 convertible loan to Series B Onshore Investors at a compound interest rate of 8% per annum, maturing on 36 months after the issuance date. Under the agreement, the holder of the Onshore Convertible Loans may convert the outstanding principal amount into

I-Mab

Tianjin’s equity interest a stipulated conversion price at any time from six months prior to the maturity date and prior to the repayment in full of the Onshore Convertible Loans. No interest shall be accrued if the Onshore Convertible Loans have been converted into

I-Mab

Tianjin’s equity interest. As the fair value of the

I-Mab

Tianjin’s ordinary shares on September 25, 2017 was lower than the effective conversion price of US$4.31, the Company did not record a BCF.

In June and July 2018, the Company reached agreements with holders of Onshore Convertible Loans and the principal amount of Onshore Convertible Loans were then effectively converted into 1,179,379 Series

B-1

Preferred Shares of the Company and the accrued interests were waived, resulting in an extinguishment loss of RMB8,548.

Warrants

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Warrants Disclosure [Abstract]

Warrants

13. Warrants

In connection with the issuance of the Series B Preferred Shares on September 22, 2017, 5,633,780 Series B Warrants were issued to Series B preferred shareholders, which provided the holders the right to purchase

Series B-2 Preferred

Shares.

In connection with the Company’s Series B Onshore Financing that took place on September 25, 2017, 2,620,842 Series B Warrants were issued to Series B Onshore Investors, which provided the holders the right to purchase

Series B-2 Preferred

Shares.

During the period from June 29, 2018 to July 6, 2018, 3,301,849 Series B Warrants (representing Tranche I of Series B Warrants) were exercised to purchase 3,301,849

Series B-2 Preferred

Shares with proceeds of US$20,000 (equivalent to approximately RMB132,332).

On July 6, 2018, the Series B Warrants holders agreed that the Series B Warrants shall be divided into two tranches and exercisable in accordance with different time schedules, such that: (i) the holders have exercised part of the Series B Warrants in the total consideration of US$20,000 (“Tranche I of Series B Warrants”) and 3,301,849

Series B-2 Preferred

Shares of the Company in aggregate have been newly issued to such holders on a pro rata basis; (ii) only when the Company fails to submit a Qualified Public Offering application at an internationally recognized securities exchange by March 31, 2019, the Warrant Holders may exercise the remaining part of Series B Warrants, in the total consideration of US$30,000 (“Tranche II of Series B Warrants”) and 4,952,773

Series B-2 Preferred

Shares of the Company in aggregate will be issued to such holders on a pro rata basis; (iii) provided that the Company successfully submits a Qualified Public Offering application at an internationally recognized securities exchange by March 31, 2019, the holders shall unconditionally and irrevocably waive and cancel Tranche II of Series B Warrants; and (iv) the Tranche II of Series B Warrants may only be concurrently exercised by all the Warrant Holders in one lump. This is considered to be a modification to Series B Warrants.

According to the confirmations issued by the Company’s Series B Warrants holders in July 2019, the holders of Series B Warrants has unconditionally and irrevocably waived and cancelled the Tranche II of Series B Warrants. The fair value gain of warrants for the six months ended June 30, 2019 and 2020 was amounting to RMB43,854 and nil, respectively.

Accounting of warrants

The warrant is a freestanding instrument and is recorded as liability in accordance with ASC 480,

Distinguishing Liabilities from Equity

As the Company’s issuance of warrants were bundled with other instruments (such as convertible preferred shares, convertible promissory notes, etc.), out of total considerations, the warrants are initially recognized at fair value and the remaining were allocated to other instruments on a relative fair value basis (if applicable). The fair value changes of the warrants (including the fair value changes arising from modification of warrants) up to the time of exercise or termination were recognized in earnings. Upon exercise, the total carrying value of the associated warrant liabilities was reclassified into the carrying value of the Preferred Shares into which it was converted.

The Company determined the fair value of the warrants with the assistance of an independent third-party valuation firm.

15. Warrants

In connection with the issuance of the Series

A-1

and

A-2

Preferred Shares on October 18, 2016, 2,246,744 Series

A-3

Warrants were issued to Series

A-1

and

A-2

preferred shareholders, which provided the holder the right to purchase Series

A-3

Preferred Shares. The Series

A-3

Warrants were later terminated on September 6, 2017 without being exercised.

B-2

Preferred Shares.

B-2

Preferred Shares.

During the period from June 29, 2018 to July 6, 2018, 3,301,849 Series B Warrants (representing Tranche I of Series B Warrants) were exercised to purchase 3,301,849 Series

B-2

Preferred Shares with proceeds of US$20,000 (equivalent to approximately RMB132,332).

B-2

Preferred Shares of the Company in aggregate have been newly issued to such holders on a pro rata basis; (ii) only when the Company fails to submit a Qualified Public Offering application at an internationally recognized securities exchange by March 31, 2019, the Warrant Holders may exercise the remaining part of Series B Warrants, in the total consideration of US$30,000 (“Tranche II of Series B Warrants”) and 4,952,773 Series

B-2

Preferred Shares of the Company in aggregate will be issued to such holders on a pro rata basis; (iii) provided that the Company successfully submits a Qualified Public Offering application at an internationally recognized securities exchange by March 31, 2019, the holders shall unconditionally and irrevocably waive and cancel Tranche II of Series B Warrants; and (iv) the Tranche II of Series B Warrants may only be concurrently exercised by all the Warrant Holders in one lump. This is considered to be a modification to Series B Warrants.

According to the confirmations issued by the Company’s Series B Warrants holders in July 2019, the holders of Series B Warrants has unconditionally and irrevocably waived and cancelled the Tranche II of Series B Warrants. The fair value gain of warrants for the year ended December 31, 2019 was amounting to RMB5,644.

Accounting of Warrants

The warrant is a freestanding instrument and is recorded as liability in accordance with ASC 480,

Distinguishing Liabilities from Equity

The Company determined the fair value of the warrants with the assistance of an independent third party valuation firm.

The Group has measured the warrant liabilities at fair values on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018. The Group used the binomial model to estimate the fair value of warrant liabilities using the following assumptions:


	As of December 31,
	2018
Risk-free rate of return		2.49	%
Maturity date		September 25, 2019
Estimated volatility rate		50.9	%
Exercise price	US$	6.06
Fair value of underlying convertible preferred shares	US$	6.91

The model requires the input of highly subjective assumptions including the risk-free rate of return, maturity date, estimated volatility rate and fair value of underlying preferred shares. The risk-free rate for periods within the contractual life is based on the US treasury strip bond with maturity similar to the maturity of the warrants as of valuation dates plus a China country risk premium. For expected volatilities, the Group has made reference to the historical daily stock prices volatilities of ordinary shares of several comparable companies in the same industry as the Group. The estimated fair value of the preferred shares was determined with assistance from an independent third party valuation firm. The Group’s management is ultimately responsible for the determination of the estimated fair value of its preferred shares.

The significant unobservable inputs used in the fair value measurement of the warrant liabilities include risk-free rate of return, interval between valuation date and maturity date, estimated volatility rate and fair value of underlying preferred shares. Significant decreases in interval between valuation date and maturity date, estimated volatility rate and fair value of underlying preferred shares would result in a significantly lower fair value measurement. Significant increases in risk-free rate of return would result in a significantly lower fair value measurement.

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2019

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

16. Redeemable

Non-Controlling

Interests

In connection with the Company’s acquisition of Tasgen Group on September 6, 2017, the Company also entered into an option agreement with the third party investor of

I-Mab

Tianjin, pursuant to which the Company granted the third party investor an option to subscribe for certain number of Series

A-3

Preferred Shares of the Company at a price that stipulated in the agreement, and at the same time, the third party investor transferred its equity interests in

I-Mab

Tianjin to the Company at the same price (“Series

A-3

Option”). This Series

A-3

can be exercised at any time at the holder’s own discretion or upon the request of the Company if the shareholders of the Company approves an initial public offering. In addition, in the event that the exercise of Series

A-3

Option has not been completed within 6 months after the option holder delivers the share purchase option notice, the Company shall purchase the third party investor’s equity interest in

I-Mab

Tianjin and the Series

A-3

Option at a price that stipulated in the agreement.

Concurrently with the Company’s issuance of Series B Preferred Shares (see Note 13), on September 25, 2017, the Group’s subsidiary

I-MAB

Tianjin entered into a capital increase subscription agreement with Series B Onshore Investors, pursuant to which Series B Onshore Investors subscribed for additional equity in

I-MAB

Tianjin of US$24,444 (equivalent to approximately RMB161,196). On September 25, 2017 and in tandem with the aforementioned

I-Mab

Tianjin’s capital increase subscription agreement, the Company also entered into option agreements with Series B Onshore Investors, pursuant to which the Company granted Series B Onshore Investors options to subscribe for certain numbers of Series

B-1

Preferred Shares of the Company at a price that stipulated in the agreements, and at the same time, the Series B Onshore Investors shall transfer their equity interests in

I-Mab

Tianjin to the Company at the same price (“Series B Option”). The Series B Option can be exercised at any time at the holders’ own discretion or upon the request of the Company if the shareholders of the Company approve an initial public offering. In addition, in the event that the exercise of Series B Option has not been completed within 6 months after the option holders deliver the share purchase option notice, the Company shall purchase the third party investor’s equity interest in

I-Mab

Tianjin and the Series B Option at a price that stipulated in the agreements.

Based on the accounting assessments, the Company considers that the aforementioned Series

A-3

and Series B Options are embedded features of the

non-controlling

interests that are not required to be bifurcated. Since the aforementioned

non-controlling

interests in

I-Mab

Tianjin are redeemable at a determinable price, upon occurrence of an event that is not solely within the control of

I-Mab

Tianjin, the aforementioned

non-controlling

interests in

I-Mab

Tianjin are accounted for as redeemable

non-controlling

interests in the Group’s consolidated balance sheets. Subsequently, the redeemable

non-controlling

interests should be carried at the higher of (1) the carrying amount after the attribution of net income of the Company and (2) the expected redemption value.

The Series

A-3

Option and Series B Option were exercised by respective holders on June 29, 2018 and July 6, 2018 to acquire 8,361,823 Series

A-3

Preferred Shares and 7,394,189 Series B Preferred Shares, respectively. The transactions were accounted for as equity transactions, and the differences between the carrying amount of redeemable

non-controlling

interests of RMB305,708 and the fair value of convertible preferred shares of RMB615,393 that issued was recognized in additional

paid-in

capital.

The Group’s redeemable

non-controlling

interest activities for the years ended December 31, 2017, 2018 and 2019 is summarized as follows:


	Year Ended December 31,
	2017		2018			2019
	RMB		RMB			RMB		US$ (Note 2.5)
Beginning balance		—		305,708			—		—
Capital injection by Series B Onshore Investors		161,196		—			—		—
Redeemable non-controlling interests arising from business combination		144,512		—			—		—
Exercise of Series A-3 Option		—		(144,512	)		—		—
Exercise of Series B Option		—		(161,196	)		—		—

Ending balance		305,708		—			—		—

Share-Based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

14. Share-based Compensation

(a) Restricted shares

During the year ended December 31, 2016, the Company issued 4,019,554 ordinary shares to Mr. Zang Jingwu Zhang, Ms. Qian Lili, Mr. Wang Zhengyi and Mr. Fang Lei (collectively the “Founders”), including the 369,301 shares which represented the equity interests of Third Venture held by the Founders, and the Company recorded share-based compensation expense of RMB18.7 million for issuance and grant of 3,650,253 ordinary shares to the Founders in June 2016.

In October 2016, the Founders entered into an arrangement with other investors of the Company, and the 87,441 ordinary shares issued to the Founders in June 2016 were canceled and out of the remaining 3,932,113 ordinary shares held by the Founders, 70% became restricted and subject to service vesting conditions, that should vest 20%, 20% and 30% over the next three years, respectively. There shall be no acceleration of the vesting schedule except that, in case of a change of control of the Company or a Qualified Public Offering, or the termination of the Founder’s employment with the Group without cause.

Deferred share-based compensation was measured for the restricted shares using the estimated fair value of the Company’s ordinary shares of US$0.77 at the date of imposition of the restriction in October 2016, and was amortized to the interim condensed consolidated statements of comprehensive loss by using graded vesting method over the vesting term of 3 years. As of December 31, 2019, all the restricted shares were fully vested.

The amounts of shared-based compensation expense in relation to the restricted shares recognized in the year ended December 31, 2019 was RMB1,566, of which RMB1,026 was recognized in the six months ended June 30, 2019. No

share-based

compensation expense was recognized in the six months ended June 30, 2020.

Share-based compensation expenses related to restricted shares are included in:


	Year Ended December 31,		Six Months Ended June 30,
	2019		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		470		308		—		—
Administrative expenses		1,096		718		—		—

		1,566		1,026		—		—

(b) 2017 Employee Stock Option Plan (“2017 Plan”)

In October 2017, the Company adopted the 2017 Plan. Under the 2017 Plan, a maximum aggregate number of 13,376,865 shares that may be issued pursuant to all awards granted was approved. Stock options granted to an employee under the 2017 Plan will be exercisable upon the Company completes a listing and the employee renders service to the Company in accordance with a stipulated service schedule starting from the employee’s date of employment. Employees are generally subject to a three-year service schedule, under which an employee earns an entitlement to vest in 50% of the option grants on the second anniversary of the grant date, a vesting of the remaining 50% on the third anniversary of the applicable grant date. The stock option under 2017 Plan, to the extent then vested, shall become exercisable only upon the earlier of (i) a listing, and (ii) occurrence of a change in control.

On December 25, 2019, the Second Amended and Restated 2017 Plan was approved by the shareholders and board of directors of the Company, pursuant to which, in connection with the Company’s IPO, the maximum aggregate number of shares that may be granted pursuant to all awards under 2017 Plan shall be adjusted in accordance with a formula

pre-approved

by the shareholders. In connection with above amendments to 2017 Plan, each of the Company’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang, is willing to irrevocably surrender by him or her, for no consideration, a portion of the unvested options granted to him or her, which, if vested, would entitle him or her to acquire up to 130,000 ordinary shares of the Company, par value US$0.0001 per share, at an exercise price of US$1.0, respectively, under the Second Amended and Restated 2017 Plan (in respect of each individual, the “Founder’s Surrendered Options”). On December 25, 2019, the board of directors of the Company approved that the Company accepts all Founder’s Surrendered Options from each of the founders, Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang, for no consideration, with effect immediately prior to the completion of the IPO and such surrendered options be cancelled with effect immediately prior to the completion of the IPO.

Prior to the Company completes a listing, all stock options granted to an employee shall be forfeited at the time the employee terminates his employment with the Group. After the Company completes a listing, vested options not exercised by an employee shall be exercised until later of: (i) 90 days after the date when the options become exercisable, or (ii) 30 days after the date of cessation of employment or directorship, or such longer period as the Board of Directors may otherwise determine.

The Group did not grant any stock options to employees for the year ended December 31, 2019 and the six months ended June 30, 2020. No options are exercisable as of December 31, 2019 and 4,061,176 stock options are exercisable as of June 30, 2020.

The following table sets forth the stock options activities of 2017 Plan for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		9,812,881			0.93		7.76		47,671
Forfeited		(329,377	)		1.00		—		—
Surrendered (Note 14 (h))		(332,566	)		1.00		—		—

Outstanding as of June 30,2020		9,150,938			0.93		7.26		110,598

Exercisable as of June 30, 2020		4,061,176			1.00		7.26		48,787

A summary of

non-vested

stock option activities for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average Grant date fair value US$
Non-vested at December 31, 2019		9,812,881			2.10
Vested		(4,061,176	)		1.62
Forfeited		(329,377	)		2.21
Surrendered		(332,566	)		1.47

Non-vested at June 30, 2020		5,089,762			2.53

Since the exercisability is dependent upon the listing, and it is not probable that this performance condition can be achieved until a listing, no share-based compensation expense relating to the 2017 Plan was recorded for the year ended December 31, 2019.

On January 17, 2020, the Group completed its IPO. After achieving this performance condition, the options continue to vest based only on service period completed according to the graded vesting schedule. The Group has begun recognizing share-based compensation expense for the options granted using the graded vesting method with a cumulative

catch-up

for the service period completed to date during the six months ended June 30, 2020 and recognized RMB53,362 and RMB66,837 share-based compensation expenses in administrative expenses and research and development expenses respectively relating to options vested cumulatively. According to the amendments to 2017 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2017 Plan was changed to 9,609,084. Each of the Group’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang surrendered 83,142 unvested stock options that were granted to him or her under 2017 Plan before, totally 332,566 unvested options, for no consideration, and these stock options were cancelled immediately.

On February 22, 2019, the Group adopted the 2018 Plan, which was subsequently amended on July 22, 2019.Under the amended and restated 2018 Plan, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards is 14,005,745, and if the Group successfully lists on an internationally recognized securities exchange for a Qualified Public Offering by December 31, 2019, the maximum aggregate number of ordinary shares which may be issued shall be 15,452,620.

On December 25, 2019, the Second Amended and Restated 2018 Plan were approved by the shareholders and board of directors of the Company, pursuant to which, in connection with the Company’s IPO, the maximum aggregate number of shares that may be granted pursuant to all awards under 2018 Plan shall be adjusted in accordance with a formula

pre-approved

by the shareholders. In connection with above amendments to 2018 Plan, the director of the Company, Dr. Jingwu Zhang Zang is willing to irrevocably surrender by him, for no consideration, of the right to acquire a certain amount of ordinary shares of the Company, par value US$0.0001 per share, at an exercise price of US$1.0 pursuant to the options granted to him under the Second Amended and Restated 2018 Plan (the “Dr. Zang’s Surrendered Options”). On December 25, 2019, the board of directors of the Company approved that the Company accepts the irrevocable surrender of Dr. Zang’s Surrendered Options for no consideration, with effect immediately prior to the completion of the IPO and such surrendered options be cancelled with effect immediately prior to the completion of the IPO.

Stock options granted to an employee under the 2018 Plan will be generally exercisable when the Company completes a listing and the employee renders service to the Company in accordance with a stipulated service schedule starting from the employee’s date of employment. The vesting schedule shall generally be a

two-year

vesting schedule consisting of a cliff vesting 50% on the first anniversary of the applicable vesting commencement date, and a vesting of the remaining 50% on the second anniversary of the applicable vesting commencement date. If a listing occurs at anytime prior to any option granted under the 2018 Plan becoming full vested, and to the extent such option has been granted and outstanding, any such option shall vest in full with immediate effect upon the listing. Except as otherwise approved by the board of directors, vested portion of option shall become exercisable upon the earlier of six months after a listing or the occurrence of a change in control; provided, however that in each case, no option of an employee shall become exercisable until the third anniversary of such employee’s employment commencement date.

Pursuant to the Board of Director’s approval of 2018 Plan on February 22, 2019, the 10,893,028 stock options granted to a director of the Group under 2018 Plan were fully vested and exercisable upon the adoption of 2018 Plan. Out of aforementioned total 10,893,028 stock options, 454,940 stock options were repurchased by the Group (see Note14(d) for further details).

recognized in the six months ended June 30, 2019 and in the year

ended December 31, 2019 was RMB365,330, included in administrative expenses.

The following table sets forth the stock options activities of 2018 Plan for the six months ended June 30, 2020:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		13,536,588			1.00		9.15		64,840
Surrendered (Note 14 (h))		(2,544,917	)		1.00		—		—

Outstanding as of June 30, 2020		10,991,671			1.00		8.65		132.043

Exercisable as of June 30, 2020		9,565,171			1.00		8.65		114,907

A summary of

non-vested

stock option activities for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average grant- date fair value US$
Non-vested at December 31, 2019		3,098,500			5.57
Vested		(1,672,000	)		5.57

Non-vested at June 30, 2020		1,426,500			5.57

Except for the aforementioned grant of stock options to a director of the Group under 2018 Plan, since the exercisability is dependent upon the listing, and it is not probable that this performance condition can be achieved until a listing, no share-based compensation expense related to the 2018 Plan was recorded for the year ended December 31, 2019.

catch-up

for the service period completed to date during the six months ended June 30, 2020 and recognized RMB43,410 and RMB65,887 share-based compensation expense in administrative expenses and research and development expenses, respectively relating to options vested cumulatively. According to the amendments to 2018 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2018 Plan was changed to 11,005,888. The director of the Company, Dr. Jingwu Zhang Zang surrendered 2,544,917 unvested options that were granted to him under 2018 Plan, for no consideration, and these stock options were cancelled immediately.

(d) Repurchase of share awards held by a director

On February 22, 2019, the amendment and restated 2017 equity incentive plan was approved by the Board of Directors of the Group, pursuant to which only the 3,435,215 stock options held by the director under the 2017 equity incentive plan became fully vested and exercisable on February 22, 2019. As a result of the performance condition being waived, the stock options held by the director of the Group were accounted for as a Type III modification where a condition that the Group expects will not be satisfied is changed to a condition that the Group expects will be satisfied.

Additionally, on the same day, the Group repurchased such 3,435,215 stock options under the amendment and restated 2017 equity incentive plan that was held by the director of the Group along with 454,940 of his stock options under the 2018 equity incentive plan for which the share awards also became fully vested and exercisable, at a total consideration of US$21,902 (equivalent to approximately RMB148,308) at an average share price of US$5.63 per share.

For the six months ended June 30, 2019, the Group recorded the total payment of US$21,902 (equivalent to approximately RMB148,308) as share-based compensation costs (included in administrative expenses) in the condensed consolidated statement of comprehensive loss. There was no impact to the overall stockholder’s equity balance as the amended shares vested immediately and were repurchased.

(e) 2019 Share Incentive Plan (“2019 Plan”)

On October 29, 2019, the Group adopted 2019 Share Incentive Plan (the “2019 Plan”), which will become effective immediately prior to the completion of the Group’s initial public offering. Under the 2019 Plan, the maximum aggregate number of ordinary shares available for issuance shall initially be 100,000.

The options shall vest when the Group completes a listing and the employee renders service to the Group in accordance with a stipulated service schedule starting from the employee’s date of employment. Stock options granted to 3 independence directors under the 2019 Plan will be generally exercisable under the following terms:(a) a cliff vesting of 1/3 of the option on the first anniversary of the vesting commencement date(January 17, 2020);(b) a cliff vesting of 1/3 of the option on the second anniversary of the vesting commencement date(January 17, 2020);(c) a vesting of the remaining 1/3 of the option on the third anniversary of the vesting commencement date. In the last year of the grantee’s service, the options shall vest on a prorated basis to reflect the portion of the year during which the grantee provided services to the Group.

For the six months ended June 30, 2020, the Group granted 72,000 stock options to 3 independent directors (all with an exercise price of US$6.09) and recognized RMB299 share-based compensation expenses relating to the options vested. No options were exercisable as of June 30, 2020.

The following table sets forth the stock options activities of 2019 Plan for the periods presented:


	Number of shares		Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—		—		—		—
Granted		72,000		6.09		—		—

Outstanding as of June 30, 2020		72,000		6.09		9.84		498

Exercisable as of June 30, 2020		—		—		—		—

A summary of

non-vested

share option activity for the six months ended June 30, 2020 is presented below:


	Number of shares		Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—		—
Granted		72,000		6.09

Non-vested at June 30, 2020		72,000		6.09

Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Six Months Ended June 30,
	2020
Expected volatility		54.88	%
Risk-free interest rate (per annum)		0.79	%
Exercise multiple		2.80
Expected dividend yield		—
Contractual term (in years)		10

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price when employees would decide to voluntarily exercise their vested options. As the Group did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. Expected dividend yield is zero as the Group has never declared or paid any cash dividends on its shares, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the option.

(f) Establishment of Biomaster Trust

Biomaster Trust was established under the trust deed dated October 23, 2019, between the Company and TMF Trust (HK) Limited, or TMF Trust, as the trustee of the Biomaster Trust. Through the Biomaster Trust, the Company’s ordinary shares and other rights and interests under awards granted pursuant to 2017 Plan and 2018 Plan may be provided to certain recipients of equity awards. Upon satisfaction of vesting conditions, TMF Trust will exercise the equity awards and transfer the relevant ordinary shares and other rights and interests under the equity awards to the relevant grant recipients with the consent of the advisory committee of Biomaster Trust. TMF Trust shall not exercise the voting rights attached to such ordinary shares unless otherwise directed by the advisory committee, whose members shall be appointed by

I-Mab.

The Company has the power to direct the relevant activities of Biomaster Trust and it has the ability to use its power over the Biomaster Trust to affect its exposure to returns. Therefore, the assets and liabilities of the Biomaster Trust are included in the Group’s consolidated statement of financial position.

(g) Surrender of stock options

On January 17, 2020, the Group completed its IPO. According to the amendments to 2017 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2017 Plan was changed to 9,609,084. Each of the Company’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang surrendered 83,142 unvested stock options that were granted to him or her under 2017 Plan before, totally 332,566 unvested options, for no consideration, and these stock options were cancelled immediately. According to the amendments to 2018 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2018 Plan was changed to 11,005,888. The director of the Company, Dr. Jingwu Zhang Zang surrendered 2,544,917 unvested options that were granted to him under 2018 Plan, for no consideration, and these stock options were cancelled immediately. Upon the completion of the Company’s IPO in January 2020, the Group has recorded RMB91,051 share-based compensation expense related to these surrendered options.

The stock options surrendered by the founders should be accounted for as capital contribution. As the founders did not get the title of the options to be surrendered and the number of share options would not be determined until listing, the capital contribution was not accounted for during the year ended December 31, 2019. For the six months ended June 30, 2020, the Group has reclassified RMB91,051 from additional

paid-in

capital—share-based compensation to additional

paid-in

capital—capital contribution relating to the options surrendered in the condensed consolidated financial statement of comprehensive loss.

Share-Based Compensation Expense

The allocation of share-based compensation expense was as follows:


	Year Ended December 31,		Six Months Ended June 30,
	2019		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		470		308		132,724		18,786
Administrative expenses		514,733		514,356		97,071		13,739

		515,203		514,664		229,795		32,525

17. Share-Based Compensation

(a) Restricted Shares

Deferred share-based compensation was measured for the restricted shares using the estimated fair value of the Company’s ordinary shares of US$0.77 at the date of imposition of the restriction in October 2016, and was amortized to the consolidated statements of comprehensive loss by using graded vesting method over the vesting term of 3 years.

The following table summarizes the Group’s Founders’ restricted shares activities:


	Numbers of shares			Weighted- average grant date fair value
Outstanding at December 31, 2016		2,752,479			0.77
Vested		(786,423	)

Outstanding at December 31, 2017		1,966,056			0.77
Vested		(786,423	)

Outstanding at December 31, 2018		1,179,633			0.77
Vested		(1,179,633	)

Outstanding at December 31, 2019		—			—

The amounts of shared-based compensation expense in relation to the restricted shares recognized in the years ended December 31, 2017, 2018 and 2019 were RMB7,039, RMB3,520 and RMB1,566, respectively.

Share-based compensation expenses related to restricted shares were included in:


	Year Ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		2,112		1,056		470		67
Administrative expenses		4,927		2,464		1,096		155

		7,039		3,520		1,566		222

(b) 2017 Employee Stock Option Plan (“2017 Plan”)

pre-approved

For the years ended December 31, 2017, 2018 and 2019, the Group granted 11,051,230 stock options, 1,470,000 stock options and 640,000 stock options, respectively, to its employees (all with an exercise price of US$1). No options are exercisable as of December 31, 2017, 2018, and 2019 and prior to the Group completes a listing.

The following table sets forth the stock options activities of 2017 Plan for the periods presented:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2016		—			—		—		—
Granted		11,051,230			1.00		—		—
Other addition (note)		710,366			0.06		—		—

Outstanding as of December 31, 2017		11,761,596			0.94		9.50		24,890
Granted		1,470,000			1.00		—		—
Forfeited		(226,000	)		1.00		—		—

Outstanding as of December 31, 2018		13,005,596			0.95		8.61		70,129
Granted		640,000			1.00		—		—
Forfeited		(397,500	)		1.00		—		—
Repurchased (Note 17(d))		(3,435,215	)		1.00		—		—

Outstanding as of December 31 ,2019		9,812,881			0.93		7.76		47,671

Exercisable as of December 31, 2019		—			—		—		—

Note:

Other addition represented the modified share options that originally granted to two senior management employees in October 2016 (see (f) other share-based compensation).

Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year ended December 31,
	2017			2018			2019
Expected volatility		62.34	%		61.32%-62.13	%		54.64	%
Risk-free interest rate (per annum)		2.32	%		2.81%-3.06	%		2.15	%
Exercise multiple		2.80			2.80			2.80
Expected dividend yield		—			—			—
Contractual term (in years)		10			10			10

There were 640,000 stock options granted to employees under 2017 Plan for the year ended December 31, 2019. Since the exercisability is dependent upon the listing, and it is not probable that this performance condition can be achieved until a listing, no share-based compensation expense relating to the 2017 Plan was recorded for the years ended December 31, 2017, 2018 and 2019. The Group will recognize compensation expenses relating to options vested cumulatively upon the completion of the Company’s listing.

On February 22, 2019, the Group adopted the 2018 Plan, which was subsequently amended on July 22, 2019. Under the amended and restated 2018 Plan, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards is 14,005,745, and if the Group successfully lists on an internationally recognized securities exchange for a Qualified Public Offering by December 31, 2019, the maximum aggregate number of ordinary shares which may be issued shall be 15,452,620.

pre-approved

two-year

The amounts of shared-based compensation expense in relation to the aforementioned grant of stock options to a director of the Group (except for those repurchased by the Group as described in Note 17(d)) recognized in the year ended December 31, 2019 was RMB365,329, included in administrative expenses.

The following table sets forth the stock options activities of 2018 Plan for the year ended December 31, 2019:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of January 1, 2019		—			—		—		—
Granted		13,991,528			1.00		—		—
Repurchased (Note 17 (d))		(454,940	)		1.00		—		—

Outstanding as of December 31, 2019		13,536,588			1.00		8.86		64,840

Exercisable as of December 31 , 2019		10,438,088			1.00		9.15		49,998

Stock options granted to certain directors and employees of the Group were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year ended December 31, 2019
Expected volatility		54.64%-56.31	%
Risk-free interest rate (per annum)		2.15%-2.75	%
Exercise multiple		2.80
Expected dividend yield		—
Contractual term (in years)		10

(d) Repurchase of Share Awards held by a Director

On February 22, 2019, the amendment and restated 2017 equity incentive plan was approved by the Board of Directors of the Group, pursuant to which only the 3,435,215 stock options held by the director (see Note 17(c)) under the 2017 equity incentive plan became fully vested and exercisable on February 22, 2019. As a result of the performance condition being waived, the stock options held by the director of the Group were accounted for as a Type III modification where a condition that the Group expects will not be satisfied is changed to a condition that the Group expects will be satisfied.

For the year ended December 31, 2019, the Group recorded the total payment of US$21,902 (equivalent to approximately RMB148,308) as share-based compensation costs (included in administrative expenses) in the consolidated statement of comprehensive loss. There was no impact to the overall stockholder’s equity balance as the amended shares vested immediately and were repurchased.

(e) 2019 Share Incentive Plan (“2019 Plan”)

On October 29, 2019, the Group adopted 2019 Share Incentive Plan (the “2019 Plan”), which will become effective immediately prior to the completion of the Company’s initial public offering. Under the 2019 Plan, the maximum aggregate number of ordinary shares available for issuance shall initially be 100,000.

(f) Other Share-Based Compensation

In October 2017, in connection with the adoption of 2017 Plan, the Group amended the stock option agreement with the two aforementioned employees, under which the stock options would become exercisable only upon the earlier of (i) a listing, and (ii) occurrence of a change in control that defined in the stock option agreements. As the modification of terms and conditions of share-based compensation were not beneficial to its employees, no further accounting impact was resulting from it.

(g) Establishment of Biomaster Trust

Licensing And Collaboration Arrangements

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Licensing And Collaboration Arrangements

15. Licensing and Collaboration Arrangements

The following is a description of the Group’s significant licensing and collaboration agreements entered into from January 1, 2017 to June 30, 2020.

In-Licensing

Arrangements

Licensing Agreement with MorphoSys AG (“MorphoSys”)

In November 2017, the Group entered into a license and collaboration agreement with MorphoSys, with respect to the development and commercialization of MOR202/TJ202, MorphoSys´s proprietary investigational antibody against CD38 (the “CD38 product”).

Under this agreement, MorphoSys granted to the Group an exclusive, royalty-bearing, sublicensable license to exploit MOR202/TJ202 for any human therapeutic or diagnostic purpose in the licensed territory, namely mainland China, Hong Kong, Macau and Taiwan (collectively “Greater China”).

Pursuant to this agreement, the Group granted to MorphoSys an exclusive license to its rights in any inventions that the Group make while exploiting the CD38 product under this agreement, solely to exploit the CD38 product outside of Greater China.

Pursuant to this agreement, the Group paid to MorphoSys an upfront license fee of US$20.0 million (equivalent to approximately RMB132.7 million). The Group also agreed to make milestone payments to MorphoSys, conditioned upon the achievement of certain development, regulatory and commercial milestones, in the aggregate amount of US$98.5 million (equivalent to approximately RMB653.5 million). Such milestones include first patient dosed in human clinical trials, marketing approval, and first annual net sales of CD38 products covered by the agreement in excess of a certain amount.

In addition, the Group is required to pay tiered

low-double-digit

royalties to MorphoSys on a

country-by-country

and

product-by-product

basis during the term, commencing with the first commercial sale of a relevant licensed product in Greater China. Unless terminated earlier in accordance with the terms thereof, this agreement will remain in effect until the expiration of the Group’s last payment obligation under the agreement.

In 2017, the Group paid US$20.0 million (equivalent to approximately RMB132.7 million) upfront fee to MorphoSys, which was recorded as research and development expense. No additional payments were made in 2018. Due to the uncertainty involved in meeting these developments and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2018. In March and April 2019, the project achieved the first and second milestone and the Group paid US$8.0 million (equivalent to approximately RMB55.7 million) of milestone fees to MorphoSys, which was recorded as research and development expense in the interim condensed consolidated statement of

comprehensive loss for the six months ended June 30, 2019 and for the year

ended December 31, 2019. No additional payments were made for the six months ended June 30, 2020 as no milestone has been achieved.

Licensing Agreement with Genexine, Inc. (“Genexine”)

In December 2017, the Group entered into an intellectual property license agreement with Genexine with respect to

GX-I7/TJ107,

a long-acting

IL-7

cytokine. Under this agreement, the Group obtained an exclusive, sublicensable and transferable license to use and otherwise exploit certain intellectual property in connection with the

pre-clinical

and clinical development, manufacturing, sale and distribution of GX-I7 to treat cancer in Greater China.

Under the terms of the agreement, the Group made an upfront payment of US$12.0 million (equivalent to approximately RMB79.6 million) to Genexine which was recorded as a research and development expense in January 2018. The Group also agreed to make milestone payments in the aggregate amount of US$23.0 million (equivalent to approximately RMB152.6 million), conditioned upon the achievement of certain development milestones, including completion of Phase 2 and Phase 3 clinical studies and new drug application (“NDA”) or biologic license application (“BLA”) approval in Greater China.

Further, the Group agreed to make milestone payments in the aggregate amount of US$525.0 million (equivalent to approximately RMB3,482.7 million), conditioned upon the achievement of certain cumulative net sales of GX

-I7

up to US$2,000 million. The Group also is required to pay Genexine a

low-single-digit

percentage royalty in respect of the total annual net sales of

GX-I7.

The aforesaid milestones and royalties (other than the upfront payment) will be reduced by 50% following the entry of a generic version of

GX-I7

in China, Hong Kong, Macau and Taiwan without the consent or authorization of the Group or any of the Group’s sublicensees.

Unless terminated earlier in accordance with the terms thereof, this agreement will remain in effect until the later of (i) the expiry of the last to expire patent of the licensed intellectual property that includes a valid claim for Greater China and that covers the composition of GX-I7; and (ii) 15 years from the date of the first commercial sale of

GX-I7.

No additional payments to Genexine were made in the six months ended June 30,

2019

and 2020. Due to

the uncertainty involved in meeting these developments and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2019 and June 30, 2020.

In May 2020, the Group and Genexine entered into an amendment to this agreement whereby both parties desire to establish collaboration on TJ107 GBM Study in Greater China. Under the terms of the expanded collaboration, the Group will be mainly responsible for using commercially reasonable efforts to conduct the Phase 2 GBM clinical trial in Greater China, and Genexine will share the development strategies, data and costs for success of this clinical trial. The Group shall undertake to bear

two-

thirds

(2/3) proportion of the clinical development costs and Genexine shall undertake to bear

one-third

(1/3) proportion of these costs. As of June 30, 2020, the costs incurred for the development of this new indication was immaterial and thus no material impact to the unaudited interim condensed consolidated financial statements for the first six months ended June 30, 2020.

Licensing Agreement with MorphoSys

In November 2018, the Group entered into a license and collaboration agreement with MorphoSys for MorphoSys´s proprietary antibody (MOR210/TJ210) directed against C5aR (the “C5aR Agreement”). Under this agreement, the Group obtained an exclusive, royalty-bearing license to explore, develop and commercialize certain anti-C5aR antibodies in Greater China and South Korea.

The Group will perform and fund all global development activities related to the development of MOR210/TJ210 in Greater China and South Korea, including all relevant clinical trials (including in the U.S. and China) and all development activities required for IND filing in the US as well as CMC development of manufacturing processes. MorphoSys retains rights in respect of development and commercialization of MOR210/TJ210 in the rest of the world.

Under the terms of the agreement, the Group also agreed to make milestone payments conditional upon the achievement of certain development milestones and certain annual net sales of anti-C5aR antibodies. The Group is also required to pay to MorphoSys tiered

mid-single-digit

royalties on annual net sales of anti-C5aR antibody products within the licensed territory.

In 2018, the Group paid US$3.5 million (equivalent to approximately RMB23.2 million) upfront fee to MorphoSys, which was recorded as research and development expense. No additional payments were made in the year ended December 31, 2019 and in the six months ended June 30, 2020. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2019 and June 30, 2020.

Licensing Agreement with MacroGenics

In July 2019, the Group entered into a license and collaboration agreement with MacroGenics, Inc. for development and commercialization of an

Fc-optimized

antibody known as enoblituzumab that targets

B7-H3,

including in combination with other agents, such as the

anti-PD-1

antibody known as MGA012, in the People’s Republic of China, Hong Kong, Macau and Taiwan(“Greater China”). Under this agreement, the Group obtained an exclusive, sublicenseable, royalty-bearing license to MacroGenics’ patents and

know-how

to develop and commercialize the enoblituzumab product, and a combination regimen of enoblituzumab and MGA012, in Greater China during the term of the agreement.

In exchange for these rights, in addition to certain financial consideration, the Group will grant to MacroGenics a royalty-free, sublicenseable, license outside of Greater China, to

the

patents and

know-how

that are related to the enoblituzumab product or useful or necessary for MacroGenics to develop or commercialize the enoblituzumab product or a product containing MGA012, and combinations thereof. The license is

(i) non-exclusive

with respect to the enoblituzumab product, and (ii) exclusive with regard to MGA012.

Pursuant to the agreement, the Group paid an upfront fee of US$15.0 million (equivalent to approximately RMB104.4 million) to MacroGenics, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019. No additional payments were made in the six months ended June 30, 2020. Under the terms of the agreement, the Group also agreed to pay MacroGenics development milestone fees of up to US$75.0 million and regulatory milestones fees of up to US$60.0 million, respectively, and tiered double-digit royalties (ranging from

mid-teens

to twenty percent) based on annual net sales in the territories.

which the Group participates,

(ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.

Due to the uncertainty involved in meeting these developments and commercialization based targets, the Group evaluated and concluded that no milestones are probable as of December 31, 2019 and June 30, 2020.

Other

In-Licensing

Arrangements

In addition to the above arrangements, the Group has entered into other various

in-licensing

, of which US$0.2 million (equivalent to approximately RMB1.4 million) milestone payment was recorded during the six months ended June 30, 2019.

The Group additionally recorded US$0.2 million (equivalent to approximately RMB1.4 million) milestone payment during the six months ended June 30, 2020. Under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$164.4 million (equivalent to approximately RMB1,144.5 million) in milestone payments upon the achievement of contractually specified development milestones and sales milestones, such as regulatory approval for the drug candidates, which may be before the Group has commercialized the drug or received any revenue from sales of such drug candidate, which may never occur.

Out-Licensing

and collaboration Arrangements

Licensing Agreement among HDYM,

I-Mab

and Hangzhou HealSun Biopharm Co., Ltd. (“HealSun”)

In April 2017, one of the Company’s subsidiaries,

I-Mab

Shanghai, entered into a technology transfer agreement with HDYM and HealSun with respect to

anti-PD-L1

humanized monoclonal antibodies. Under the agreement,

I-Mab

Shanghai agreed to grant to HDYM exclusive, worldwide and sublicensable rights to develop, manufacture, have manufactured, use, sell, have sold, import, or otherwise exploit certain

PD-L1

related patents, patent applications, know-hows, data and information of

I-Mab

Shanghai, relevant cell lines as well as any

anti-PD-L1

monoclonal antibody arising from such cell lines for the treatment of diseases. Further,

I-Mab

Shanghai and its cooperative party, HealSun agreed to provide subsequent research and development services on such intellectual property to HDYM, including the selection and examination of innovative

anti-PD-L1

humanized monoclonal antibodies, cultivation and selection of stable cell lines, establishment of cell bank, research and development of manufacturing processes and preparation of samples, toxicological and pharmacological testing,

pre-clinical

pharmaceutical experiment report drafting, and application for and registration of clinical trials. HDYM agreed to make milestone payments conditioned upon achieving certain contractually defined milestones.

The Group determined that this collaboration is reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, due to the early stage nature of the

development, in which the underlying intellectual property is significantly modified by the development activities being performed, the

Group determined the license to the intellectual property and research and development services are not distinct and thus were accounted for as a single performance obligation that is satisfied over time. The Group would receive RMB51.0 million (inclusive of VAT) milestone payments under this agreement, and considered that the achievements of milestone II, III, IV are constrained such that the transaction price shall initially only include the milestones payment which have been achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods.

All the revenue has been recognized before the year ended December 31, 2019 and all the milestone payments were received by the Group as of December 31, 2019.

Collaboration Agreement with Everest (“Everest”)

In January 2018, the Group entered into a collaboration agreement with Everest, which is controlled by the ultimate controlling party of a principal shareholder of the Group. Under the agreement, both parties agreed to collaborate on programs to

co-develop

MorphoSys’ proprietary anti-CD38 antibody for all indications in hematologic oncology and commercialize of MOR202/TJ202 in Greater China.

A joint steering committee with equal representation from each party was established to coordinate and oversee the development and commercialization of the CD38 product. All decisions of the joint steering committee shall be made by unanimous vote.

Under the agreement, the Group is primarily responsible for carrying out the development, manufacture and supply of the CD38 product, as well as seeking regulatory approval of the CD38 product. Everest is primarily responsible for sharing the development costs of the CD38 product, including payments due to MorphoSys under the Licensing Agreement, dated November 30, 2017, in the proportion of 75% by Everest and 25% by the Group.

The joint steering committee will decide which party shall be responsible for conducting the commercialization of the CD38 product pursuant to the commercialization plan approved by the committee. If Everest is selected to be responsible for commercialization, the Group shall grant an exclusive royalty-free license to Everest to commercialize the CD38 product for all indications in hematologic oncology in Greater China.

The Group and Everest will share the profit and loss and

out-licensing

revenue derived from the CD 38 product in proportion to the costs that each party incur in developing the product. The parties will also split

out-license

revenue according to the proportion of development costs incurred, with the Group getting an additional five percent (5%) share and Everest receiving five percent (5%) less. Everest cannot share in any profit from the commercialization of CD38 product until it has fulfilled its payment obligations under this agreement.

Upon any termination of this arrangement, the terminating party has the right to continue the development and commercialization of CD38 product. If Everest is the rightful terminating party, the Group shall reasonably cooperate with Everest to facilitate the following: (i) assign the MorphoSys license to Everest (subject to the terms and conditions of such license); (ii) grant to Everest an exclusive license to all intellectual property rights that the Group owns or controls to further develop, manufacture, and commercialize the CD38 product; (iii) transfer the development, manufacture and commercialization of the CD38 product to Everest. The terminating party shall be solely responsible for the cost and expense of such development and commercialization after termination. In the event that such continuing party successfully develops and commercializes the CD38 product, it shall pay to the other party a percentage of the product profit and

out-license

revenue generated therefrom in accordance with the terms of this agreement.

During the year ended December 31, 2018, the US$26.0 million in aggregate proceeds from Everest under the agreement represented the funding available under the agreement and was recorded as a research and development funding received liability (equivalent to approximately RMB178.7 million) on the consolidated balance sheet as of December 31, 2018, in accordance with ASC 730, Research and Development. Because there is a significant related party relationship between the Group and Everest, the Group is treating its obligation to make payments under the commercialization stage as an implicit obligation to repay the funds advanced by Everest (see Note 20).

During the six months ended June 30, 2019, an additional US$7.6 million (equivalent to approximately RMB51.6 million) of funding was received and recorded as a research and development funding received liability, no further funding received from July 1, 2019 to the date of termination agreement entered into with Everest. No additional milestone has been achieved in the year ended December 31, 2019.

Termination Agreement with Everest

On November 4, 2019, the Group and Everest have terminated the collaboration agreement with respect to the

co-development

and commercialization of TJ202 in Greater China. Upon the termination, Everest will not retain any rights or entitlements to develop or commercialize TJ202 or any economic interest in its commercialization. All intellectual property rights in respect of TJ202 arising from its development under the collaboration agreement are vested and owned by

I-Mab,

million (equivalent to approximately RMB258.1 million) of

ordinary shares (the “CPP Shares”) to Everest, representing Everest’s historical contribution to the collaboration and the associated time cost. The CPP Shares will be issued concurrently with, and subject to, the completion of the Company’s initial public offering within 180 days from termination of the collaboration agreement. The total value of US$37.0 million was calculated based on the sum of (1) US$33.7 million, which equals cumulative

paid-in

contributions historically made by Everest under the collaboration agreement; and (2) a negotiated US$3.3 million time cost of the foregoing historical contribution in light of

I-Mab’s

exclusive rights over the commercialization of TJ202 after this termination. The issuance of the CPP Shares was approved by

I-Mab’s

existing shareholders on December 25, 2019. In the event that the initial public offering has not been completed within 180 days from the termination of the collaboration agreement, the Company will issue 4,762,751 ordinary shares (the “Subject Shares”) to Everest on the 181st day. As a result of the aforementioned termination of the collaboration agreement with Everest, the Group derecognized the research and development funding received from Everest and recognized a liability that represented the ordinary shares to be issued to Everest, which was measured at fair value in accordance with ASC 480, and the difference of US$3.3 million (equivalent to approximately RMB23.0 million) between the initial fair value of the liability and the carrying amount of research and development funding received was recognized as other expenses in the consolidated statements of comprehensive loss for the year ended December 31, 2019. Upon the completion of the IPO in January 2020, the Group issued 6,078,571 ordinary shares to Everest.

Licensing Agreement with ABL Bio

In July 2018, the Group entered into a license and collaboration agreement with ABL Bio, under which the Group granted to ABL Bio exclusive, worldwide (excluding Greater China), royalty-bearing rights to develop and commercialize a bispecific antibody (“BsAb”).

ABL Bio, of which US$0.06 million (equivalent to approximately RMB0.4 million) were incurred for the six months ended June 30, 2019.

In the six months ended June 30, 2020, US$0.04 million (equivalent to approximately RMB0.3 million) expenses were incurred by ABL Bio. Accordingly, the Group recorded US$0.02 million (equivalent to approximately RMB0.15 million) (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year six months ended June 30, 2020.

Pursuant to the license and collaboration agreement that signed in July 2018 and memorandum of understanding that subsequently entered into with ABL Bio in January 2020, ABL Bio agreed to pay the Group an upfront fee of US$2.5 million (equivalent to approximately RMB17.2 million), and milestone payments in the aggregate amount of US$97.5 million (equivalent to approximately RMB690.3 million) conditioned upon achieving certain research, clinical development and sales milestones. These include clinical milestones of up to US$32.5 million (equivalent to approximately RMB230.1 million) and sales milestones of up to US$65 million (equivalent to approximately RMB460.2 million). Further, ABL Bio agreed to pay the Group royalties at

mid-single-digit

percentages in respect of the total annual net sales of the licensed BsAb product.

In addition, ABL Bio granted to the Group an exclusive, royalty-free, sublicensable license to use the BsAb technology solely to exploit the licensed BsAb product for all indications in Greater China.

The Group determined that this collaboration is reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, the only one performance obligation was to grant the BsAb license to ABL Bio. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Achievement of milestones that are not within the control of the Group or the licensee, such as regulatory approvals, are not considered probable until the approvals are achieved.

The Group recognized revenue of US$2.5 million (equivalent to RMB17.2 million) of revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2018, which was the upfront fee related to the grant of the rights of BsAb to ABL Bio as mentioned above. As of December 31, 2019 and June 30, 2020, no other milestone has been

achieved. No revenue was recognized for the six months ended June 30, 2020 and 2019.

Collaboration Agreement with ABL Bio

In July 2018, the Group and ABL Bio entered into a collaboration agreement (the “ABL Bio Collaboration”) whereby both parties agreed to collaborate to develop three

PD-L1

based bispecific antibodies by using ABL Bio’s proprietary BsAb technology and commercialize them in their respective territories, which, collectively, include Greater China and South Korea, and other territories throughout the rest of the world if both parties agree to do so in such other territories during the performance of the agreement.

At contract inception, as both

I-Mab

and ABL Bio participate actively in the research and development activity. Also, the parties share the risk of failure of the BsAb products and share the income of licensing, so this contract meet the criteria of the definition of a collaborative arrangement, the Group categorized this agreement within the scope ASC 808. Prior to commercialization, the Group recorded the share of the expenses incurred by the collaboration for the development of three

PD-L1

based bispecific antibodies products in research and development expense in the interim condensed consolidated statements of comprehensive loss. As of December 31, 2019, in total RMB12.2 million expenses were incurred by the Group and RMB8.0 million expenses were incurred by ABL, of which, RMB3.49 million expenses were incurred by the Group and RMB3.41 million expenses were incurred by ABL for the six months ended June 30, 2019. According to the terms set out in the agreement, the Group recorded RMB3.45 million (50% cost sharing) of expenses in the Group’s interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2019. For the six months ended June 30, 2020, RMB11.1 million expenses were incurred by the Group and RMB33.4 million expenses were incurred by ABL. According to the terms set out in the agreement, the Group recorded RMB22.3 million (50% cost sharing) of expenses in the Group’s interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2020.

Collaboration Agreements with Tracon Pharmaceuticals, Inc. (“Tracon”)

In November 2018, the Group entered into collaboration agreements with Tracon, under which both parties agreed to

co-develop

the Group’s proprietary CD73 antibody, TJD5 (the “TJD5 Agreement”) and

co-develop

Hoffmann-La

Roche Ltd (“Roche”) on a clinical supply agreement for Roche to supply atezolizumab for use in clinical studies under the collaboration agreement with Tracon. As of December 31, 2019, the Group has recorded US$4.0 million (equivalent to approximately RMB27.8 million) of research and development costs in the consolidated statement of comprehensive loss for the year ended December 31, 2019

, of which US$0.6 million (equivalent to approximately RMB4.4 million) was recorded in the six months ended June 30, 2019.

As of June 30, 2020, no payments or royalties are due under this agreement. For the six months ended June 30, 2020, the Group has recorded US$0.02 million (equivalent to approximately RMB0.1 million) of research and development costs in the interim condensed consolidated statements of comprehensive loss.

Licensing Agreement with CSPC Pharmaceutical Group Limited (“CSPC”)

In December 2018, the Group entered into a product development agreement with CSPC. The Group granted to CSPC exclusive,

non-transferable,

non-irrevocable

and sublicensable rights in the PRC (excluding Hong Kong, Macau and Taiwan) to develop and commercialize TJ103 for treating type 2 diabetes.

CSPC is responsible for developing, obtaining market approval and commercializing the licensed products. The Group is responsible for transferring the manufacturing technology of the licensed products to CSPC and assisting CSPC in the continued optimization of such manufacturing technology thereafter.

In consideration of the license, CSPC agreed to pay the Group an upfront fee of RMB15.0 million and milestone payments in an aggregate amount of RMB135.0 million conditioned upon achieving certain clinical development and regulatory approval milestones. In addition, the Group is also entitled to royalties of up to

low-double-digit

percentages in respect of the total annual net sales of the products after its commercialization in the PRC.

The Group determined that this collaboration is reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, the only one performance obligation was to grant TJ103 license to CSPC. considering that the achievements of milestones are constrained such that the transaction price shall initially only include upfront payment and subsequently, once another milestone was achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods. As of December 31, 2018, the amount received of RMB14.2 million (net of VAT) was recorded as advance from customers in the consolidated balance sheet. In February 2019, an additional amount of RMB0.8 million (net of VAT) was received, and the license was also approved by China intellectual property office in May 2019. The first milestone was achieved in September 2019 and the amount of RMB15.0 million (net of VAT) was received according to the terms of the agreement. Accordingly, RMB30.0 million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2019

, of which RMB15.0 million of upfront payment was recognized for the six months ended June 30, 2019.

No additional revenue was recognized in the six months ended June 30, 2020 as no further milestone has been achieved.

Strategic Alliance Agreement with PT Kalbe Genexine Biologics (“KG Bio”)

In March 2020, the Group entered into a strategic partnership with Kalbe Genexine Biologics (“KG Bio”) to grant a right of first negotiation for an exclusive license for the development and commercialization of two

I-Mab-discovered

product candidates: uliledlimab, a highly differentiated anti-CD73 antibody in Phase 1 development for advanced solid tumors (“First Program”), and an I-Mab product candidate (“Second Program”) to be agreed upon by both parties in certain regions. Through this agreement, both parties intend to negotiate the terms that will be reflected in definitive agreements for each prospective program covered under this agreement.

If and when the Group and KG Bio enter into the definitive licensing agreement, the Group will be eligible to receive from KG Bio an aggregate amount of up to approximately US$340 million, including an upfront payment and subsequent payments conditional upon achieving certain development and commercial milestones. KG Bio will pay the Group tiered royalties in the low to

mid-teen

percentages on net sales from certain regions. As the right of first negotiation has not been exercised and the definitive agreement has not been entered into as of June 30, 2020, no revenue was recognized during the six months ended June 30, 2020.

18. Licensing and Collaboration Arrangements

The following is a description of the Group’s significant licensing and collaboration agreements entered into from January 1, 2017 to December 31, 2019.

In-Licensing

Arrangements

Licensing Agreement with MorphoSys AG (“MorphoSys”)

In addition, the Group is required to pay tiered

low-double-digit

royalties to MorphoSys on a

country-by-country

and

product-by-product

In 2017, the Group paid US$20.0 million (equivalent to approximately RMB132.7 million) upfront fee to MorphoSys, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2017. No additional payments were made in 2018. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2018. In March and April 2019, the project achieved the first and second milestone and the Group paid US$8.0 million (equivalent to approximately RMB55.7 million) of milestone fees to MorphoSys, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019.

Summarized financial information related to the above agreement is presented below:


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—	US$	8,000		—		—		—
2018		—		—		—		—		—
2017	US$	20,000		—		—		—		—

Licensing Agreement with Genexine, Inc. (“Genexine”)

In December 2017, the Group entered into an intellectual property license agreement with Genexine with respect to

GX-I7/TJ107,

a long-acting

IL-7

cytokine. Under this agreement, the Group obtained an exclusive, sublicensable and transferable license to use and otherwise exploit certain intellectual property in connection with the

pre-clinical

and clinical development, manufacturing, sale and distribution of GX-I7 to treat cancer in Greater China.

-I7

up to US$2,000 million. The Group also is required to pay Genexine a

low-single-digit

percentage royalty in respect of the total annual net sales of

GX-I7.

The aforesaid milestones and royalties (other than the upfront payment) will be reduced by 50% following the entry of a generic version of

GX-I7

in China, Hong Kong, Macau and Taiwan without the consent or authorization of the Group or any of the Group’s sublicensees.

GX-I7.

No additional payments to Genexine were made in the year ended December 31, 2019. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2018 and 2019.

Summarized financial information related to the above agreement is presented below:


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—		—		—		—		—
2018	US$	12,000		—		—		—		—

Licensing Agreement with MorphoSys

mid-single-digit

royalties on annual net sales of anti-C5aR antibody products within the licensed territory.

In 2018, the Group paid US$3.5 million (equivalent to approximately RMB23.2 million) upfront fee to MorphoSys, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2018. No additional payments were made in the year ended December 31, 2019. Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that the remaining milestones are still not probable as of December 31, 2018 and 2019.

Summarized financial information related to the above agreement is presented below:


	Years Ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—		—		—		—		—
2018	US$	3,500		—		—		—		—

Licensing Agreement with MacroGenics

In July 2019, the Group entered into a license and collaboration agreement with MacroGenics, Inc. for development and commercialization of an

Fc-optimized

antibody known as enoblituzumab that targets

B7-H3,

including in combination with other agents, such as the

anti-PD-1

know-how

to develop and commercialize the enoblituzumab product, and a combination regimen of enoblituzumab and MGA012, in Greater China during the term of the agreement.

In exchange for these rights, in addition to certain financial consideration, the Group will grant to MacroGenics a royalty-free, sublicenseable, license outside of Greater China, to our patents and

know-how

(i) non-exclusive

with respect to the enoblituzumab product, and (ii) exclusive with regard to MGA012.

Pursuant to the agreement, the Group paid an upfront fee of US$15.0 million (equivalent to approximately RMB104.4 million) to MacroGenics, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019. Under the terms of the agreement, the Group also agreed to pay MacroGenics development milestone fees of up to US$75.0 million and regulatory milestones fees of up to US$60.0 million, respectively, and tiered double-digit royalties (ranging from

mid-teens

to twenty percent) based on annual net sales in the territories.

The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which we participate, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.

Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that no milestones are probable as of December 31, 2019.


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019	US$	15,000		—		—		—		—

Other

In-Licensing

Arrangements

In addition to the above arrangements, the Group has entered into other various

in-licensing

and collaboration agreements with third party licensors to develop and commercialize drug candidates. Based on the terms of these agreements the Group is contingently obligated to make additional material payments upon the achievement of certain contractually defined milestones. The Group recorded US$0.6 million (equivalent to approximately RMB4.0 million) upfront fee and US$0.3 million (equivalent to approximately RMB2.0 million) milestone payment under these agreements for the year ended December 31, 2018. The Group recorded US$1.2 million (equivalent to approximately RMB8.4 million) milestone payment during the year ended December 31, 2019. Under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$164.4 million (equivalent to approximately RMB1,144.5 million) in milestone payments upon the achievement of contractually specified development milestones and sales milestones, such as regulatory approval for the drug candidates, which may be before the Group has commercialized the drug or received any revenue from sales of such drug candidate, which may never occur.

Out-Licensing

and Collaboration Arrangements

Licensing Agreement among HDYM,

I-Mab

and Hangzhou HealSun Biopharm Co., Ltd. (“HealSun”)

In April 2017, one of the Company’s subsidiaries,

I-Mab

Shanghai, entered into a technology transfer agreement with HDYM and HealSun with respect to

anti-PD-L1

humanized monoclonal antibodies. Under the agreement,

I-Mab

Shanghai agreed to grant to HDYM exclusive, worldwide and sublicensable rights to develop, manufacture, have manufactured, use, sell, have sold, import, or otherwise exploit certain

PD-L1

related patents, patent applications, know-hows, data and information of

I-Mab

Shanghai, relevant cell lines as well as any

anti-PD-L1

monoclonal antibody arising from such cell lines for the treatment of diseases. Further,

I-Mab

Shanghai and its cooperative party, HealSun agreed to provide subsequent research and development services on such intellectual property to HDYM, including the selection and examination of innovative

anti-PD-L1

pre-clinical

The Group determined that this collaboration is more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, due to the early stage nature of the development, the Group determined the license to the intellectual property and research and development services are not distinct and thus were accounted for as a single performance obligation that is satisfied over time. The Group would receive RMB51.0 million (inclusive of VAT) milestone payments under this agreement, and considered that the achievements of milestone II, III, IV are constrained such that the transaction price shall initially only include the milestones payment which have been achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods.

The Group used a

cost-to-cost

input method to measure progress as that method best depicts its performance under the agreement. For the year ended December 31, 2017, the Group achieved milestones I and II and received milestone payments totaling of RMB29.0 million (inclusive of VAT). The cumulative percentage complete in the

cost-to-cost

input method related to this agreement as of December 31, 2017 is estimated to approximate 42%, the Group recognized RMB11.6 million (exclusive of VAT of RMB0.7 million) of revenue in the consolidated statement of comprehensive loss, and RMB15.8 million (exclusive of VAT of RMB0.9 million) were deferred as contract liability related to this arrangement.

During the year ended December 31, 2018, the Group achieved milestones III and IV and received milestone III payment of RMB11.0 million (inclusive of VAT), milestone IV payment of RMB 11.0 million(inclusive of VAT) was recognized as contract assets as of December 31, 2018. As of December 31, 2018, the cumulative percentage complete in the

cost-to

cost input method related to this arrangement is estimated to approximate 100%. The Group recognized RMB36.5 million (exclusive of VAT of RMB1.3 million) of revenue in the consolidated statement of comprehensive loss for the year ended December 31, 2018. All of the milestone payments were received by the Group as of December 31, 2019.

Collaboration Agreement with Everest (“Everest”)

co-develop

MorphoSys’ proprietary anti-CD38 antibody for all indications in hematologic oncology and commercialize of MOR202/TJ202 in Greater China.

The Group and Everest will share the profit and loss and

out-licensing

revenue derived from the CD 38 product in proportion to the costs that each party incur in developing the product. The parties will also split

out-license

revenue generated therefrom in accordance with the terms of this agreement.

During the year ended December 31, 2018, the US$26.0 million in aggregate proceeds from Everest under the agreement represented the funding available under the agreement, and was recorded as a research and development funding received liability (equivalent to approximately RMB178.7 million) on the consolidated balance sheet as of December 31, 2018, in accordance with ASC 730, Research and Development. Because there is a significant related party relationship between the Group and Everest, the Group is treating its obligation to make payments under the commercialization stage as an implicit obligation to repay the funds advanced by Everest (see Note 23). During the year ended December 31, 2019, an additional US$7.6million (equivalent to approximately RMB53.1 million) of funding was received and recorded as a research and development funding received liability. No additional milestone has been achieved in the year ended December 31, 2019.

Termination Agreement with Everest

On November 4, 2019, the Group and Everest have terminated the collaboration agreement with respect to the

co-development

I-Mab,

and the Group holds all intellectual property rights and have maximum flexibility to further develop, manufacture and commercialize TJ202 in Greater China. In consideration of the above arrangements, the board of directors of the Group has approved the issuance of a total value of US$37.0 million of ordinary shares (the “CPP Shares”) to Everest, representing Everest’s historical contribution to the collaboration and the associated time cost. The CPP Shares will be issued concurrently with, and subject to, the completion of the Company’s initial public offering within 180 days from termination of the collaboration agreement. The total value of US$37.0 million was calculated based on the sum of (1) US$33.7 million, which equals cumulative

paid-in

contributions historically made by Everest under the collaboration agreement; and (2) a negotiated US$3.3 million time cost of the foregoing historical contribution in light of

I-Mab’s

exclusive rights over the commercialization of TJ202 after this termination. The issuance of the CPP Shares was approved by

I-Mab’s

Licensing Agreement with ABL Bio

The Group agreed to share costs fifty-fifty (50:50) with ABL Bio through the completion of in vivo studies, with ABL Bio responsible for all costs and activities following that time. For the year ended December 31, 2019, US$0.2 million (equivalent to approximately RMB1.4 million) expenses were incurred by ABL Bio. Accordingly, the Group recorded US$0.1 million (equivalent to approximately RMB0.7 million ) (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2019.

In consideration of the license and a memorandum of understanding signed with ABL Bio in January 2020, ABL Bio agreed to pay the Group an upfront fee of US$2.5 million (equivalent to approximately RMB17.2 million), and milestone payments in the aggregate amount of US$97.5 million (equivalent to approximately RMB646.8 million) conditioned upon achieving certain research, clinical development and sales milestones. These include clinical milestones of up to US$32.5 million (equivalent to approximately RMB215.6 million) and sales milestones of up to US$65 million (equivalent to approximately RMB431.2 million). Further, ABL Bio agreed to pay the Group royalties at

mid-single-digit

percentages in respect of the total annual net sales of the licensed BsAb product.

As of December 31, 2018 and 2019, no milestone has been achieved, and the Group recognized revenue of US$2.5 million (equivalent to RMB17.2 million) of revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2018, which was the upfront fee related to the grant of the rights of BsAb to ABL Bio as mentioned above.

Collaboration Agreement with ABL Bio

In July 2018, the Group and ABL Bio entered into a collaboration agreement (the “ABL Bio Collaboration”) whereby both parties agreed to collaborate to develop three

PD-L1

At contract inception, as both

I-Mab

PD-L1

based bispecific antibodies products in research and development expense in the consolidated statements of comprehensive loss. As of December 31, 2018, RMB1.0 million expenses were incurred by the Group and ABL Bio did not incur any expense. According to the terms set out in the agreement, the Group recorded RMB0.5 million (50% cost sharing) of expense in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2018. For the year ended December 31, 2019, RMB11.2 million expenses were incurred by the Group and RMB8.0 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB9.6 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2019.

Collaboration Agreements with Tracon Pharmaceuticals, Inc. (“Tracon”)

In November 2018, the Group entered into collaboration agreements with Tracon, under which both parties agreed to

co-develop

the Group’s proprietary CD73 antibody, TJD5 (the “TJD5 Agreement”) and

co-develop

up to five BsAbs (the “BsAbs Agreement”). Both agreements may be terminated by either party for the other party’s uncured material breach, bankruptcy or insolvency or for safety reasons. In addition, the agreement in respect of TJD5 may be terminated by the Group: (i) for convenience within a certain period upon completing different clinical stages subject to certain payments and royalties, based on the clinical stage, that would be owed to Tracon upon the exercise of such termination for convenience; (ii) in the event that Tracon causes the Phase 1 study timeline to be delayed beyond the agreed extension periods; or (iii) if the Group decides to end the development of the collaborative product prior to its first commercial sale. Further, prior to the first commercial sale, Tracon may deem this agreement to be terminated by the Group if it reasonably believes that the Group has discontinued all meaningful development of the collaborative product for at least 12 months and certain other conditions are met. As of December 31, 2019, no payments or royalties are due under this agreement. As of December 31, 2019, the Group has recorded US$4.0 million (equivalent to approximately RMB27.8 million) of research and development costs in the consolidated statement of comprehensive loss for the year ended December 31, 2019. Additionally, in March 2019, the Group agreed with Tracon and F. Hoffmann-La Roche Ltd (“Roche”) on a clinical supply agreement for Roche to supply atezolizumab for use in clinical studies under the collaboration agreement with Tracon.

Licensing Agreement with CSPC Pharmaceutical Group Limited (“CSPC”)

In December 2018, the Group entered into a product development agreement with CSPC. The Group granted to CSPC exclusive,

non-transferable,

non-irrevocable

and sublicensable rights in the PRC (excluding Hong Kong, Macau and Taiwan) to develop and commercialize TJ103 for treating type 2 diabetes.

low-double-digit

percentages in respect of the total annual net sales of the products after its commercialization in the PRC.

The Group determined that this collaboration is more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, the only one performance obligation was to grant TJ103 license to CSPC. considering that the achievements of milestones are constrained such that the transaction price shall initially only include upfront payment and subsequently, once another milestone was achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods. As of December 31, 2018, the amount received of RMB14.2 million (net of VAT) was recorded as advance from customers in the consolidated balance sheet. In February 2019, an additional amount of RMB0.8 million (net of VAT) was received, and the license was also approved by China intellectual property office in May 2019. The first milestone was achieved in September 2019 and the amount of RMB15.0 million (net of VAT) was received according to the terms of the agreement. Accordingly, RMB30.0 million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2019.

Other Income (expenses), Net

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Other Income and Expenses [Abstract]

Other Income (expenses), Net

16. Other Income, Net

The following table summarizes other income and expenses, recognized for the six months ended June 30, 2019 and 2020:


	Six Months Ended June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Fair value change of short-term investments		—			415			59
Income of incentive payment from depository bank (Note 7)		—			1,090			154
Net foreign exchange gains		140			947			134
Subsidy income (Note (i))		100			10,408			1,473
Fair value change of other financial assets		(508	)		—			—
Others		571			(36	)		(5	)

		303			12,824			1,815

Note:

(i) For the six months ended June 30, 2020, subsidy income consists primarily of RMB10 million. The government grant was granted from the project management office of Shanghai Zhangjiang Science City to support the research and development activities in the local region.

19. Other Income (expenses), Net

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2017, 2018 and 2019:


						Year Ended December 31
			2017			2018			2019
	Notes		RMB			RMB			RMB			US$ (Note 2.5)
Loss from conversion of 2017 Notes		14		—			(18,375	)		—			—
Loss from conversion of Onshore Convertible Loans		14		—			(8,548	)		—			—
Loss from issuance of 2018 Notes		14		—			(5,081	)		—			—
Loss on termination agreement with Everest		18		—			—			(23,039	)		(3,261	)
Fair value change of short-term investments				—			—			703			100
Income from other financial assets				5,572			13,622			—			—
Net foreign exchange gains (losses)				(3,873	)		742			1,619			229
Subsidy income				—			750			568			80
Fair value change of other financial assets				—			—			42			6
Others				(172	)		110			(98	)		(14	)

				1,527			(16,780	)		(20,205	)		(2,860	)

Net Loss per Share

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss per Share

17. Net Loss Per Share

Basic and diluted net loss per share for each of the periods presented are calculated as follows:


	Six Months Ended June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Numerator:
Net loss attributable to I-Mab		(857,337	)		(582,853	)		(82,497	)
Net loss attributable to ordinary shareholders		(857,337	)		(582,853	)		(82,497	)
Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted		7,184,086			121,815,986			121,815,986
Net loss per share—basic and diluted		(119.34	)		(4.78	)		(0.68	)

For the six months ended June 30, 2019 and 2020, the effects of all outstanding convertible preferred shares, restricted shares, convertible promissory notes and certain stock options have been excluded from the computation of diluted loss per share for the six months ended June 30, 2019 and 2020 as their effects would be anti-dilutive.

For the six months ended June 30, 2019 and 2020, the Company also has certain dilutive potential stock options. These stock options which cannot be exercised until the Company completes its listing are not included in the computation of diluted earnings per shares as such contingent event had not taken place.

The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows:


	Six Months Ended June 30,
	2019		2020
Convertible preferred shares		91,578,628		—
Convertible promissory notes		1,167,779		—
Restricted shares		252,099		—
Stock options		8,803,305		27,019,861

20. Net Loss Per Share

Basic and diluted net loss per share for each of the periods presented are calculated as follows:


	Year Ended December 31
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
	(in thousands, except for loss per shares)
Numerator:
Net loss attributable to I-Mab		(298,240	)		(402,833	)		(1,451,950	)		(205,510	)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			—			(5,283	)		(748	)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares		—			—			(27,768	)		(3,930	)

Net loss attributable to ordinary shareholders		(298,240	)		(402,833	)		(1,485,001	)		(210,188	)


Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted		5,742,669			6,529,092			7,381,230			7,381,230

Net loss per share—basic and diluted		(51.93	)		(61.70	)		(201.19	)		(28.48	)

For the years ended December 31, 2017, 2018 and 2019, the effects of all outstanding convertible preferred shares, restricted shares, warrants and certain stock options have been excluded from the computation of diluted loss per share for the years ended December 31, 2017, 2018 and 2019 as their effects would be anti-dilutive.

For the years ended December 31, 2017, 2018 and 2019, the Company also has certain dilutive potential stock options. These stock options which cannot be exercised until the Company completes its listing are not included in the computation of diluted earnings per shares as such contingent event had not taken place.

The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows:


	Year Ended December 31
	2017		2018		2019
Convertible preferred shares		14,811,182		64,389,968		92,238,119
Convertible promissory notes		673,738		—		—
Restricted shares		1,623,553		1,134,058		—
Stock options		not applicable		not applicable		11,388,776

Employee Benefits

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Postemployment Benefits [Abstract]

Employee Benefits

18. Employee Benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentage of the employees’ salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contribution made. The total amounts charged to the interim condensed consolidated statements of comprehensive loss for such employee benefits amounted to approximately RMB5,204 and RMB5,411 for the six months ended June 30, 2019 and 2020, respectively.

21. Employee Benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentage of the employees’ salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contribution made. The total amounts charged to the consolidated statements of comprehensive loss for such employee benefits amounted to approximately RMB5,120, RMB9,294 and RMB14,152 for the years ended December 31, 2017, 2018 and 2019, respectively.

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

19. Commitments and Contingencies

Contingencies

The Group is a party to or an assignee of license and collaboration agreements that may require it to make future payments relating to milestone fees and royalties on future sales of licensed products (Note 15).

The Group did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2019 and June 30, 2020.

22. Commitments and Contingencies

Contingencies

The Group did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2018 and 2019.

Related Party Balances and Transactions

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Related Party Balances and Transactions

20. Related Party Balances and Transactions

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2019 and June 30, 2020:


Name of related parties		Relationship with the Group
Everest		Controlled by the ultimate controlling party of a principal shareholder of the Group
Tasly Pharmaceutical Group Co., Ltd.		Controlled by the ultimate controlling party of a principal shareholder of the Group
CMAB Biopharma (Suzhou) Inc.		Controlled by the ultimate controlling party of a principal shareholder of the Group

Details of related party balance as of December 31, 2019 and June 30, 2020 are as follows:

Ordinary Shares to be issued to Everest*


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ ( Note 2.5)
Everest		258,119		—		—

*	Note: Please refer to Note 15 for further details.

Details of related party transactions for the six months ended June 30, 2019 and 2020 are as follows:

Receipt of CRO services—recognized in research and development expenses


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Tasly Pharmaceutical Group Co., Ltd.		5,590		—		—

Receipt of research and development funding


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Everest (Note 15)		51,588		—		—

Project development fee—recognized in research and development expenses


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		—		695		98

23. Related Party Balances and Transactions

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2018 and 2019:


Name of related parties		Relationship with the Group
Everest		Controlled by the ultimate controlling party of a principal shareholder of the Group
CMAB Biopharma (Suzhou) Inc.		Controlled by the ultimate controlling party of a principal shareholder of the Group
Tasly Pharmaceutical Group Co., Ltd.		Controlled by the ultimate controlling party of a principal shareholder of the Group

Details of related party balance as of December 31, 2018 and 2019 are as follows:

Research and development funding received*


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Everest		178,715		—		—

Ordinary Shares to be issued to Everest*


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Everest		—		258,119		36,534

*Note:

Please refer to Note 18 for further details.

Details of related party transactions for the years ended December 31, 2017, 2018 and 2019 are as follows:

Receipt of CRO services—recognized in research and development expenses


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		—		2,786		—		—
Tasly Pharmaceutical Group Co., Ltd.		752		—		5,590		791

Receipt of research and development funding


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
Everest (Note 18)		—		178,715		53,148		7,523

Concentration of Credit Risk

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

21. Concentration of Credit Risk

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments and other receivables. The carrying amounts of cash and cash equivalents, restricted cash, and short-term investments represent the maximum amount of loss due to credit risk. As of December 31, 2019 and June 30, 2020, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and international financial institutions outside of the PRC which management believes are of high credit quality and continually monitors the credit worthiness of these financial institutions. With respect to the contract assets, other receivables and other financial assets, the Group performs

on-going

credit evaluations of the financial condition of its customers and counterparties.

24. Concentration of Credit Risk

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, other financial assets, contract assets, and other receivables. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, contract assets, and other financial assets represent the maximum amount of loss due to credit risk. As of December 31, 2018 and 2019, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and international financial institutions outside of the PRC which management believes are of high credit quality and continually monitors the credit worthiness of these financial institutions. With respect to the contract assets, other receivables and other financial assets, the Group performs

on-going

credit evaluations of the financial condition of its customers and counterparties.

Subsequent Events

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

22. Subsequent Events

The Group evaluated subsequent events through October 21, 2020.

(a)

On July 15, 2020, the Group announced that its Board of Directors has authorized a stock repurchase program under which the Group may repurchase up to US$20 million of its ordinary shares in the form of American depositary shares.

(b)

On July 15, 2020, the Group adopted 2020 Share Incentive Plan (the “2020 Plan”). Under the 2020 Plan, the maximum aggregate number of shares which may be issued pursuant to all awards shall be 10,760,513 ordinary shares, provided that the maximum number of shares may be issued pursuant to awards in the form of restricted share units under this plan shall not exceed 7,686,081 ordinary shares. From August 2020 through September 2020, the Group granted 1,068,733 stock options and 4,892,918 restricted share units under 2020 Plan to its employees, respectively.

(c)

On September 3, 2020, the Group, through

I-Mab

Biopharma (Shanghai) Co., Ltd. and

I-Mab

Biopharma US Limited, each a wholly-owned subsidiary of the Group, entered into a broad global strategic partnership with AbbVie Ireland Unlimited Group (“AbbVie”).

Pursuant to this collaboration, the Group will grant AbbVie a global license, excluding Mainland China, Macau, and Hong Kong, to develop and commercialize lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by

I-Mab

for the treatment of multiple cancers. The Group will retain all rights to develop and commercialize lemzoparlimab (as well as certain other compounds directed against CD47) in Mainland China, Macau, and Hong Kong. AbbVie will conduct further global clinical trials (which the Group may elect to co-fund) to evaluate lemzoparlimab in multiple cancers. This deal also allows for potential collaboration on future CD47-related therapeutic agents, including CD47-based bispecific antibodies and combination therapies with lemzoparlimab and AbbVie’s venetoclax (Venclexta

). Each party will have the opportunity subject to rights of first negotiation to further licenses, to explore certain of each other’s related CD47-antibody programs in their respective territories. In addition, the Group and AbbVie will share manufacturing responsibilities, with AbbVie being the primary manufacturer supply outside of Mainland China, Hong Kong and Macau and the Group being the primary manufacturer for supply for Mainland China, Hong Kong and Macau. The Group believes that this collaboration will accelerate its establishment of commercial production operations in China.

AbbVie will pay the Group an upfront payment of US$180 million. Additionally, in connection with the recently released clinical data from the Phase 1 trial of lemzoparlimab in the United States, the Group expects to be paid a first milestone payment of US$20 million. The Group will also be eligible to receive up to US$1.74 billion in further success-based development, regulatory and sales milestone payments for lemzoparlimab, of which US$840 million are based on clinical development and regulatory approval milestones, with the remainder based on commercial milestones. Upon commercialization of lemzoparlimab, AbbVie will also pay tiered royalties from low double-digit percentages on global net sales outside of Mainland China, Macau, and Hong Kong. In addition, AbbVie has a license and right of first negotiation to further develop and commercialize two additional lemzoparlimab-based bispecific antibodies discovered and currently being developed by the Group and the Group cannot commercialize products containing these two additional lemzoparlimab-based bispecific antibodies outside of Mainland China, Macau and Hong Kong even if AbbVie does not exercise its right of first negotiation or the both parties are unable to come to financial terms on such products. The potential value of each such license is minimum US$500 million in upfront and milestone payments, for a combined total of no less than US$1 billion.

(d)

On September 4, 2020, the Group announced that it has entered into definitive subscription agreements with a consortium of institutional investors (the “Investors”) to raise approximately US$418 million through a private placement. The consortium is led by Hillhouse Capital Group (“Hillhouse”), with significant participation by GIC Private Limited, and also includes certain other leading Asian and U.S. biotech investment funds. Hillhouse is entitled to nominate one representative to

I-Mab’s

Board of Directors.

The private placement comprises (1) the sale to the Investors of approximately US$418 million of the Group’s 29,133,502 ordinary shares (the “Ordinary Shares”) (equivalent to 12,666,740 ADSs) at a purchase price equivalent to US$33 per ADS; and (2) warrants (the “Warrants”) to subscribe for an aggregate of 5,341,267 Ordinary Shares (equivalent to 2,322,290 ADSs) at an exercise price equivalent to US$45 per ADS, which may further increase the proceeds of approximately US$104.5 million if the Warrants are fully exercised. The Warrants will remain exercisable at the election of the Investors within 12 months after the closing of the private placement.

(e)

On September 15, 2020,

I-Mab

Biopharma Hong Kong Limited entered into an equity transfer and investment agreement with a group of domestic investors in China, to transfer 40% equity interest of

I-Mab

Biopharma (Hangzhou) Limited

(“I-Mab

Hangzhou”) to these investors at the consideration of US$120 million in cash and transfer 10% equity interest to the management team shareholding platform that holds the share awards which are granted to I-Mab Hangzhou’s management team and 5% equity interest to the equity incentive shareholding platform that holds the shares for the purpose of future share awards grants respectively with no consideration.

25. Subsequent Events

The Group evaluated subsequent events through April 29, 2020.


(a)	i)	On January 17, 2020, the Company completed its IPO and became listed on the Nasdaq Global Market by issuing 7,407,400 American Depositary Shares (“ADSs”) at the price of US$14.00 per ADS for a total gross proceeds of US$103.7 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total gross proceeds of US$114,460,500. Each ten ADSs represent twenty-three ordinary shares of the Company.

	ii)	On January 17, 2020, the Company also issued 6,078,571 ordinary shares to Everest (see Note 18 for details).

	iii)	Upon the completion of the IPO, the Company’s then outstanding 30,227,056 Series A Preferred Shares, 23,288,783 Series B Preferred Shares, 3,714,580 Series B-1 Preferred Shares, 3,301,849 Series B-2 Preferred Shares, 31,046,360 Series C Preferred Shares and 3,857,143 Series C-1 Preferred Shares were converted into 30,227,056, 23,288,783, 3,714,580, 3,571,427, 34,420,469 and 4,537,814 ordinary shares, respectively.

	iv)	Upon the completion of the IPO and according to the amendments to 2017 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2017 Plan was changed to 9,609,084. Each of the Company’s founders, namely Zheru Zhang, Lili Qian, Zhengyi Wang and Lei Fang surrendered 83,142 unvested stock options that granted to him or her under 2017 Plan before, totally 332,566 unvested options, for no consideration, and these stock options were cancelled immediately. Upon the completion of the IPO and according to the amendments to 2018 Plan, the maximum aggregate number of shares which may be granted pursuant to all awards under 2018 Plan was changed to 11,005,888. The director of the Company, Dr. Jingwu Zhang Zang surrendered 2,544,917 unvested options that granted to him under 2018 Plan, for no consideration, and these stock options were cancelled immediately.

(b)

As of the date of these consolidated financial statements,

I-Mab

has not identified any significant impact on the Group’s financial performance as a result of the

COVID-19

outbreak.

I-Mab

will continue to assess potential impact of

COVID-19

on its business. Currently,

I-Mab

expects the

COVID-19

worldwide health crisis to have immaterial impact on its business as its operations in China are in conjunction with hospitals located in regions that were relatively less affected by

COVID-19.

However, as research hospitals and government agencies focus clinical resources on the pandemic,

I-Mab

believes there could be some delays in regulatory interactions and inspections, and patient recruitment and participation, particularly in the first quarter of 2020. Similarly, the worsening situation of

COVID-19

in the U.S. may cause some delays in the

on-going

clinical trials in the U.S. On the other hand,

I-Mab

clinical trials in both the U.S. and China involve many clinical sites and hospitals located in many different regions. While the full scope and duration of the crisis is far from clear at this time,

I-Mab

is actively and diligently working to minimize delays and disruptions to its clinical trials. At the present time, the

COVID-19

situation has improved in China, and

I-Mab

will continue to execute on its regulatory and clinical development goals in China and the U.S.

(c)	In March 2020, I-Mab signed a strategic partnership with Kalbe Genexine Biologics for first right of negotiation for an exclusive license to potentially commercialize I-Mab’s CD73 antibody, in ASEAN, MENA and Sri Lanka. The deal package is valued up to approximately US$340 million.

Stock Repurchase Program (Unaudited)

2020 Share Incentive Plan (Unaudited)

Global Strategic Partnership with AbbVie (Unaudited)

On September 3, 2020, the Group, through

I-Mab

Biopharma (Shanghai) Co., Ltd. and

I-Mab

Biopharma US Limited, each a wholly-owned subsidiary of the Group, entered into a broad global strategic partnership with AbbVie Ireland Unlimited Group (“AbbVie”).

I-Mab

co-fund)

to evaluate lemzoparlimab in multiple cancers. This deal also allows for potential collaboration on future CD47-related therapeutic agents, including CD47-based bispecific antibodies and combination therapies with lemzoparlimab and AbbVie’s venetoclax (Venclexta

Private Placement (Unaudited)

On September 4, 2020, the Group announced that it has entered into definitive subscription agreements with a consortium of institutional investors (the “Investors”) to raise approximately US$418 million through a private placement. The consortium is led by Hillhouse Capital Group (“Hillhouse”), with significant participation by GIC, and also includes certain other leading Asian and U.S. biotech investment funds, such as Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group, L.P. Hillhouse is entitled to nominate one representative to

I-Mab’s

Board of Directors.

Transfer of Equity Interest of I-Mab Hangzhou (Unaudited)

On September 15, 2020,

I-Mab

Biopharma Hong Kong Limited entered into an equity transfer and investment agreement with a group of domestic investors in China, to transfer 40% equity interest of

I-Mab

Biopharma (Hangzhou) Limited

(“I-Mab

Hangzhou”) to these investors at the consideration of US$120 million in cash and transfer 10% equity interest to the management team shareholding platform that holds the share awards that granted

I-Mab

Hangzhou’s management team and 5% equity interest to the equity incentive shareholding platform that holds the shares for the purpose of future share awards grants respectively with no consideration.

Restricted Net Assets

12 Months Ended

Dec. 31, 2019

Restricted Net Assets Disclosure [Abstract]

Restricted Net Assets

26. Restricted Net Assets

The Group’s ability to pay dividends may depend on the Group receiving distributions of funds from its PRC subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiary only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s PRC subsidiary.

In accordance with the Company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual

after-tax

profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Group’s PRC subsidiary was established as domestic invested enterprise and therefore is subject to the above mentioned restrictions on distributable profits.

For the years ended December 31, 2017, 2018 and 2019, no appropriation to statutory reserves was made because the PRC subsidiary had substantial losses during such periods.

As a result of these PRC laws and regulations subject to the limit discussed above that require annual appropriations of 10% of

after-tax

income to be set aside, prior to payment of dividends, as general reserve fund, the Group’s PRC subsidiary is restricted in their ability to transfer a portion of their net assets to the Group.

Foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances.

Since the Group has a consolidated shareholders’ deficit, its net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be zero. Therefore, the restrictions placed on the net assets of the Company’s PRC subsidiaries with positive equity would result in the 25 percent threshold being exceeded and a corresponding requirement to provide parent company financial information (Note 27).

Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company

27. Condensed Financial Information of the Parent Company

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation

S-X

Rule4-08

(e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company.

The subsidiaries did not pay any dividends to the Company for the years presented. For the purpose of presenting parent company only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investments (deficit) in subsidiaries” and the loss of the subsidiaries is presented as “share of losses of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as of December 31, 2018 and 2019.

Balance sheets


	As of December 31,
	2018			2019
	RMB			RMB			US$ (Note 2.5)
Assets
Current assets
Cash and cash equivalents		603,234			719,269			101,806

Total current assets		603,234			719,269			101,806
Receivables due from subsidiaries		1,455,048			939,832			133,024
Other non-current assets		—			18,331			2,595

Total assets		2,058,282			1,677,432			237,425

Liabilities, mezzanine equity and shareholders’ deficit
Current liabilities
Accruals and other payables		—			117,977			16,699
Ordinary shares to be issued to Everest		—			258,119			36,534
Warrant liabilities		5,618			—			—

Total current liabilities		5,618			376,096			53,233
Convertible promissory notes		67,026			68,199			9,653
Deficit in subsidiaries		25,384			163,655			23,163

Total liabilities		98,028			607,950			86,049

Mezzanine equity
Series A convertible preferred shares (US$0.0001 par value, 30,227,056 shares authorized, issued and outstanding as of December 31, 2018 and 2019)		687,482			687,482			97,037
Series B convertible preferred shares (US$0.0001 par value, 30,305,212 shares authorized, issued and outstanding as of December 31, 2018 and 2019)		921,243			921,243			130,393
Series C convertible preferred shares (US$0.0001 par value, 31,046,360 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		1,306,633			1,306,633			184,942
Series C-1 convertible preferred shares (US$0.0001 par value, nil and 3,857,143 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		—			188,819			26,726

Total mezzanine equity		2,915,358			3,104,177			439,368

Shareholders’ deficit
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized as of December 31, 2018 and 2019, 8,363,719 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		6			6			1
Treasury stock		(1	)		—			—
Additional paid-in capital		—			389,379			55,113
Accumulated other comprehensive income		59,380			70,127			9,926
Accumulated deficit		(1,014,489	)		(2,494,207	)		(353,032	)

Total shareholders’ deficit		(955,104	)		(2,034,695	)		(287,992	)

Total liabilities, mezzanine equity and shareholders’ deficit		2,058,282			1,677,432			237,425

Statements of comprehensive loss


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Operating expenses
Research and development expenses		(128,721	)		(121,734	)		(380,143	)		(53,806	)
Administrative expenses		—			(15,373	)		(204,874	)		(28,998	)

Total operating expenses		(128,721	)		(137,107	)		(585,017	)		(82,804	)
Interest income (expenses), net		(3,892	)		(7,467	)		16,995			2,405
Other expenses		—			—			(23,492	)		(3,325	)
Share of losses of subsidiaries		(151,600	)		(319,664	)		(866,080	)		(122,585	)
Fair value change of warrants		(14,027	)		61,405			5,644			799

Loss before income tax expense		(298,240	)		(402,833	)		(1,451,950	)		(205,510	)

Net loss attributable to I-MAB		(298,240	)		(402,833	)		(1,451,950	)		(205,510	)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			—			(5,283	)		(748	)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares		—			—			(27,768	)		(3,930	)

Net loss attributable to ordinary shareholders		(298,240	)		(402,833	)		(1,485,001	)		(210,188	)

Net loss attributable to I-MAB		(298,240	)		(402,833	)		(1,451,950	)		(205,510	)
Other comprehensive income:
Foreign currency translation adjustments, net of nil tax		5,918			53,689			10,747			1,521

Total comprehensive loss		(292,322	)		(349,144	)		(1,441,203	)		(203,989	)

Statements of cash flows


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Net cash (used in) generated from operating activities		(132,732	)		40,232			(528,322	)		(74,779	)

Net cash (used in) generated from investing activities		(356,635	)		(1,032,483	)		449,592			63,636

Net cash generated from financing activities		475,224			1,498,669			183,536			25,978

Effect of exchange rate changes on cash and cash equivalents		4,697			62,587			11,229			1,589
Net (decrease) increase in cash and cash equivalents		(9,446	)		569,005			116,035			16,424
Cash and cash equivalents at beginning of the year		43,675			34,229			603,234			85,382

Cash and cash equivalents at end of the year		34,229			603,234			719,269			101,806

Principal Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of presentation

2.1 Basis of presentation

S-X.

Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

2.1 Basis of presentation

The accompanying consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Basis of consolidation

2.2 Basis of consolidation

Use of Estimates

2.3 Use of estimates

right-of-use

2.3 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as useful lives of property, equipment and software, impairment of contract assets and other receivables, impairment of long-lived assets and goodwill, share-based compensation, leases, tax valuation allowances and revenues from licensing and collaboration arrangements. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.

Fair Value Measurements

2.4 Fair value measurements

The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Group’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2019 and June 30, 2020:

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of June 30, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

1,926

The roll forward of major Level 3 financial assets are as follows:


	Short-term investments
Fair value of Level 3 financial asset as of December 31, 2019		32,000
Purchase of short-term investments		113,022
Disposal of short-term investments		(143,511	)
Fair value changes		415

Fair value of Level 3 financial asset as of June 30, 2020		1,926

2.4 Fair value measurements

Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, other financial assets, contract assets, other receivables, short-term borrowings, accruals and other payables and warrants liabilities. As of December 31, 2018 and 2019, except for short-term investments, other financial assets and warrant liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments, other financial assets and warrant liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive loss.

The Group measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2018 and 2019:

As of December 31, 2018

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Other financial assets

—

255,958

Liabilities:

Warrant liabilities

—

5,618

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

The roll forward of major Level 3 financial assets and financial liability are as follows:


	Short-term investments			Other financial assets			Warrant liabilities
Fair value of Level 3 financial asset and liability as of December 31, 2017		—			266,245			(65,832	)
Investment in other financial assets		—			30,000			—
Disposal of other financial assets		—			(40,000	)		—
Fair value change		—			13,622			61,405
Exercise of warrants		—			—			1,314
Income received from other financial assets		—			(13,909	)		—
Currency translation differences		—			—			(2,505	)

Fair value of Level 3 financial asset and liability as of December 31, 2018		—			255,958			(5,618	)
Purchase of short-term investments		134,000			—			—
Disposal of short-term investments		(102,703	)		—			—
Disposal of other financial assets due to Termination Agreement (Note 4)		—			(256,000	)		—
Fair value changes		703			42			5,644
Currency translation differences		—			—			(26	)

Fair value of Level 3 financial assets and liability as of December 31, 2019		32,000			—			—

Refer to Note 15 for additional information about Level 3 warrant liabilities measured at fair value on a recurring basis for the year ended December 31, 2018.

Foreign currency translation

2.5 Foreign currency translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0651, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2020, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

Cash and cash equivalents

2.6 Cash and cash equivalents

Restricted cash

2.7 Restricted cash

Short-term investments

2.8 Short-term investments

Property, equipment and software

2.9 Property, equipment and software


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive loss.

2.9 Property, equipment and software


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive loss.

Intangible assets

2.10 Intangible assets

in-process

2.10 Intangible assets

in-process

research and development (IPR&D) intangible assets that are acquired from business combination when their useful lives have been determined. IPR&D intangible assets which are determined to have an impairment in their fair value are adjusted downward and an expense recognized in research and development in the consolidated statements of comprehensive loss. These IPR&D intangible assets are tested at least an annual basis on December 31 or when a triggering event occurs that could indicate a potential impairment. (see Note 7).

Impairment of long-lived assets

2.11 Impairment of long-lived assets

Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the years ended December 31, 2018 and 2019, there was no impairment of the value of the Group’s long-lived assets.

Goodwill

2.12 Goodwill

The Group has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2018 and 2019, the Group determined that there were no indicators of impairment of the goodwill.

Deferred subsidy income

2.13 Deferred subsidy income

Revenue recognition

2.14 Revenue recognition

The Group adopted Accounting Standard Codification (“ASC”) 606,

Revenue from Contracts with Customers

Collaboration revenue

At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,

Collaborative Arrangements

Licenses of Intellectual Property:

Upfront

non-refundable

non-refundable,

up-front

fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.

Research and Development Services:

Milestone Payments

re-evaluates

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

Royalties

2.14 Revenue recognition

The Group adopted Accounting Standard Codification (“ASC”) 606,

Revenue from Contracts with Customers

Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (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. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Collaboration revenue

At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,

Collaborative Arrangements

(“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Group first determines if the collaboration is deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For the collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.

When the timing of the delivery of product is different from the timing of payments made by the customers, the Group recognizes either a contract asset (performance precedes the contractual due date) or a contract liability (customer payment precedes performance). The Group’s contractual payment terms are typically due in no more than 30 days from invoicing. In limited situations, certain customer contractual payment terms require the Group to bill in arrears; thus, the Group satisfies some or all of the performance obligations before the Group is contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. For example, certain of the contractual arrangements do not permit the Group to bill until the completion of the production of the samples. In other limited situations, certain customer contractual payment terms allow the Group to bill in advance; thus, the Group receives customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities.

Licenses of Intellectual Property:

Upfront

non-refundable

non-refundable,

up-front

fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.

Research and Development Services:

Milestone Payments

re-evaluates

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

Royalties

: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Value-added-tax ("VAT") recoverable and surcharges

2.15

Value-added-tax

(“VAT”) recoverable and surcharges

the value-added-tax depending

the tax-payer’s location.

The deductible input VAT balance is reflected in the prepayments and other receivables, and VAT payable balance is recorded in the accruals and other payables.

2.15

Value-added-tax

(“VAT”) recoverable and surcharges

the value-added-tax depending

the tax-payer’s location.

Research and development expenses

2.16 Research and development expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities,

(2) in-licensed

The Group has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as

pre-commercial

milestone payments, are immediately expensed as acquired

in-process

2.16 Research and development expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities,

(2) in-licensed

The Group has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as

pre-commercial

milestone payments, are immediately expensed as acquired

in-process

Leases

2.17 Leases

In accordance with ASC 842 adopted on January 1, 2019, the Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease

right-of-use

(“ROU”) assets, operating lease liability, and operating lease liability,

non-current

in the Group’s consolidated balance sheets. The Group does not have any finance leases since the adoption date.

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU

2016-02:

(i) elect for each lease not to separate

non-lease

components from lease components and instead to account for each separate lease component and the

non-lease

In connection with the adoption of ASC 842, on January 1, 2019, the Company recorded an impact of RMB13,100 on its assets and RMB11,333 on its liabilities for the recognition of operating lease

right-of-use-assets

2.17 Leases

Prior to the adoption of ASC 842 on January 1, 2019:

Upon and hereafter the adoption of ASC 842 on January 1, 2019:

The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease

right-of-use

(“ROU”) assets, operating lease liability, and operating lease liability,

non-current

in the Group’s consolidated balance sheets.

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU

2016-02:

(i) elect for each lease not to separate

non-lease

components from lease components and instead to account for each separate lease component and the

non-lease

Comprehensive loss

2.18 Comprehensive loss

Share-based compensation

2.19 Share-based compensation

The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

2.19 Share-based compensation

The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

Income taxes

2.20 Income taxes

The Group evaluates its uncertain tax positions using the provisions of ASC

740-10, Income

2.20 Income taxes

The Group evaluates its uncertain tax positions using the provisions of ASC

740-10, Income

Borrowings

2.21 Borrowings

Business combination

2.22 Business combination

Segment information

2.22 Segment information

2.23 Segment information

Loss per share

2.23 Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using

the two-class method.

Under

the two-class method,

the if-converted method,

shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using

the if-converted method,

2.24 Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using

the two-class method.

Under

the two-class method,

the if-converted method,

shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using

the if-converted method,

Adopted accounting pronouncements

2.24 Adopted accounting pronouncements

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU

2016-13”).

2018-19,

Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU

2018-19”),

which clarifies certain topics included within ASU

2016-13.

ASU

2016-13

and ASU

2018-19

In January 2017, the FASB issued ASU

2017-04,

Intangibles—Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by removing the second step of the

two-step

In August 2018 the FASB issued ASU

No. 2018-13,

In November 2018 the FASB issued

ASU No. 2018-18, Collaborative

Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard makes targeted improvements for collaborative arrangements as follows:

•

Adds unit-of-account guidance

•

2.25 Adopted accounting pronouncements

In 2016, the FASB issued ASU

2016-02,

In November 2016, the FASB issued ASU

2016-18,

Statement of Cash Flows (Topic 230)

(“ASU 2016-18”).

This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU

2016-18

Recent accounting pronouncements

2.25 Recent accounting pronouncements

In December 2019, the FASB issued ASU

2019-12-Income

Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU

2019-12

is effective for the Company beginning on January 1, 2022. Early adoption of the amendments is permitted. The Company is currently evaluating the impact of ASU

2019-12

on its consolidated financial statements.

2.26 Recent accounting pronouncements

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU

2016-13”).

2018-19,

Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU

2018-19”),

which clarifies certain topics included within ASU

2016-13.

ASU

2016-13

and ASU

2018-19

In August 2018 the FASB issued ASU

No. 2018-13,

In November 2018 the FASB issued ASU

No. 2018-18,

Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard makes targeted improvements for collaborative arrangements as follows:

•

Adds

unit-of-account

•

Principal Activities and Organization (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Principal Subsidiaries

As of

June 30, 2020, the Company’s principal subsidiaries are as follows:


Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of direct or indirect ownership by the Company			Principal activities
I-Mab Biopharma Hong Kong Limited	Hong Kong	July 8, 2016		100	%	Investment holding
I-Mab Shanghai	PRC	August 24, 2016		100	%	Research and development of innovative medicines
I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”)	PRC	July 15, 2017		100	%	Research and development of innovative medicines
I-Mab Biopharma US Ltd.	U.S.	February 28, 2018		100	%	Research and development of innovative medicines

As of December 31, 2019, the Company’s principal subsidiaries are as follows:


Subsidiaries	Place of incorporation	Date of incorporation or acquisition	Percentage of direct or indirect ownership by the Company			Principal activities
I-Mab Biopharma Hong Kong Limited	Hong Kong	July 8, 2016		100	%	Investment holding

I-Mab Shanghai	PRC	August 24, 2016		100	%	Research and development of innovative medicines

I-Mab Bio-tech (Tianjin) Co., Ltd. (“I-Mab Tianjin”)	PRC	July 15, 2017		100	%	Research and development of innovative medicines

I-Mab Biopharma US Ltd.	U.S.	February 28, 2018		100	%	Research and development of innovative medicines

Principal Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Group’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2019 and June 30, 2020:

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of June 30, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-observable input

(Level 3)

Total

RMB

Assets:

Short-term investments

—

1,926

The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2018 and 2019:

As of December 31, 2018

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Other financial assets

—

255,958

Liabilities:

Warrant liabilities

—

5,618

As of December 31, 2019

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

The roll forward of major Level 3 financial assets and financial liability are as follows:

Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability

The roll forward of major Level 3 financial assets are as follows:


	Short-term investments
Fair value of Level 3 financial asset as of December 31, 2019		32,000
Purchase of short-term investments		113,022
Disposal of short-term investments		(143,511	)
Fair value changes		415

Fair value of Level 3 financial asset as of June 30, 2020		1,926


	Short-term investments			Other financial assets			Warrant liabilities
Fair value of Level 3 financial asset and liability as of December 31, 2017		—			266,245			(65,832	)
Investment in other financial assets		—			30,000			—
Disposal of other financial assets		—			(40,000	)		—
Fair value change		—			13,622			61,405
Exercise of warrants		—			—			1,314
Income received from other financial assets		—			(13,909	)		—
Currency translation differences		—			—			(2,505	)

Fair value of Level 3 financial asset and liability as of December 31, 2018		—			255,958			(5,618	)
Purchase of short-term investments		134,000			—			—
Disposal of short-term investments		(102,703	)		—			—
Disposal of other financial assets due to Termination Agreement (Note 4)		—			(256,000	)		—
Fair value changes		703			42			5,644
Currency translation differences		—			—			(26	)

Fair value of Level 3 financial assets and liability as of December 31, 2019		32,000			—			—

Summary of Estimated Useful Lives


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term


Laboratory equipment		3 to 5 years
Software		2 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Prepayments And Other Receivables (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepayments And Other Receivables


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Prepayments:
—Prepayments to CRO vendors		78,740		82,742		11,711
—Prepayments for other services		880		1,153		163
Receivables due from employees (Note)		16,201		—		—
Value-added tax recoverable		12,517		15,856		2,244
Rental deposits		546		1,478		209
Interest receivables		764		2,987		423
Others		26,388		26,914		3,810

		136,036		131,130		18,560


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Prepayments:
—Prepayments to CRO vendors		71,894		78,740		11,145
—Prepayments for other services		3,160		880		125
Receivables due from employees (Note)		—		16,201		2,293
Value-added tax recoverable		4,235		12,517		1,772
Rental deposits		1,012		546		77
Interest receivables		1,502		764		108
Others		7,169		26,388		3,735

		88,972		136,036		19,255

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Summary of Other Financial Assets


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Financial asset at fair value through profit or loss		215,571		—		—
Note receivables		40,387		—		—

		255,958		—		—

Property, Equipment And Software (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, equipment and software, net

Property, equipment and software consist of the following:


	As of December 31,			As of June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipment		24,265			24,634			3,487
Leasehold improvement		11,856			12,222			1,730
Software		10,220			10,230			1,448
Office furniture and equipment		1,526			1,526			216

Total property, equipment and software		47,867			48,612			6,881
Less: accumulated depreciation and amortization		(18,221	)		(23,312	)		(3,300	)

Net book value		29,646			25,300			3,581
Construction in progress		423			1,325			188

Total net book value of property, equipment and software		30,069			26,625			3,769

Property, equipment and software consist of the following:


	As of December 31,			As of December 31,
	2018			2019
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipment		20,796			24,265			3,434
Leasehold improvement		10,271			11,856			1,678
Software		3,632			10,220			1,447
Office furniture and equipment		1,350			1,526			216

Total property, equipment and software		36,049			47,867			6,775
Less: accumulated depreciation and amortization		(8,390	)		(18,221	)		(2,579	)

Net book value		27,659			29,646			4,196
Construction in process		—			423			60

Total net book value of property, equipment and software		27,659			30,069			4,256

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Lease Related Assets And Liabilities And Other Related Information

Information related to operating leases as of December 31, 2019 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2019
	RMB			US$ (Note 2.5)
Assets
Operating lease right-of-use assets		16,435			2,326

Liabilities
Operating lease liabilities, current		6,807			963
Operating lease liabilities, non-current		7,492			1,060
Weighted average remaining lease term (years)		2.4			2.4
Weighted average discount rate		5	%		5	%

Schedule of Components of Operating Lease Expense

Information related to operating lease activity during the year ended December 31, 2019 is as follows:


	For the Year Ended December 31, 2019
	RMB		US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets		5,260		745
Expense for short-term leases within 12 months		592		84
Interest of lease liabilities		543		76

		6,395		905

Schedule of Operating Lease Future Annual Minimum Lease Payments

Future annual minimum lease payments for operating leases as of December 31, 2018 under ASC 840 were as follows:


	Operating Leases
	RMB
2019		5,754
2020		5,274
2021		3,511
2022		60
2023		60
Thereafter		276

Total		14,935

Schedule of Operating Lease, Maturity

Maturities of lease liabilities were as follows:


	As of December 31, 2019
	RMB			US$ (Note 2.5)
2020		7,634			1,081
2021		5,617			795
2022		1,885			267
2023		60			8
2024		60			8
Thereafter		181			26

Total undiscounted lease payments		15,437			2,185
Less: imputed interest		(1,138	)		(161	)

Total lease liabilities		14,299			2,024

Intangible Assets (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible assets

Intangible assets as of December 31, 2019 and June 30, 2020 are summarized as follows:


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Cost
IPR&D		148,844		148,844		21,068
Less: accumulated amortization		—		—		—

Net book value		148,844		148,844		21,068

Intangible assets as of December 31, 2018 and 2019 are summarized as follows:


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Cost
IPR&D		148,844		148,844		21,068
Less: accumulated amortization		—		—		—

Net book value		148,844		148,844		21,068

Accruals And Other Payables (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Payables and Accruals [Abstract]

Summary of accruals and other payables


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Current:
Staff salaries and welfare payables		30,166		18,875		2,672
Accrued external research and development activities related expenses		144,000		155,973		22,077
Accrued initial public offering costs payable		17,504		5,094		721
Withholding IIT payable related to stock options		16,201		—		—
Non-refundable incentive payment from depositary bank (Note)		—		2,630		372
Accrued traveling expenses, office expenses and others		65,682		60,496		8,562

		273,553		243,068		34,404

Non-current:
Non-refundable incentive payment from depositary bank (Note)		—		9,424		1,334


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Staff salaries and welfare payables		18,869		30,166		4,270
Accrued external research and development activities related expenses		39,068		144,000		20,382
Accrued initial public offering costs payable		—		17,504		2,478
Withholding IIT payable related to stock options		—		16,201		2,293
Accrued traveling expenses, office expenses and others		9,737		65,682		9,296

		67,674		273,553		38,719

Income Taxes (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Reconciliations of the Differences Between the PRC Statutory Income Tax Rate and the Group's Effective Income Tax Rate

Reconciliations of the differences between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2017, 2018 and 2019 are as follows:


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Loss before income tax		(298,240	)		(401,111	)		(1,451,950	)		(205,510	)
Income tax computed at respective applicable tax rate		(37,672	)		(56,093	)		(148,871	)		(21,071	)
Non-deductible expenses		3,889			2,548			87,021			12,317
Research and development expenses plus deduction		(2,846	)		(6,762	)		(9,254	)		(1,310	)
Changes in valuation allowance		36,629			62,029			71,104			10,064

		—			1,722			—			—

Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share		—			3.07			9.55			1.35

Components of the Deferred Tax Assets and Liabilities

The principal components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Deferred tax assets:
Net operating loss carryforward		73,105			92,185			136,443			19,312
Depreciation and amortization of property, equipment, software and intangible asset, net		—			18,405			44,398			6,285
Accrual expense		13,647			21,132			21,867			3,095
Less: valuation allowance		(49,541	)		(94,511	)		(165,497	)		(23,425	)

Total deferred tax assets		37,211			37,211			37,211			5,267

Deferred tax liabilities:
Acquired intangible assets		37,211			37,211			37,211			5,267

Total deferred tax liabilities		37,211			37,211			37,211			5,267

Deferred tax assets, net		—			—			—			—

Summary of Movement of the Valuation Allowance

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Balance as of January 1		(6,472	)		(49,541	)		(94,511	)		(13,377	)
Business combination		(6,440	)		—			—			—
Additions		(36,629	)		(62,029	)		(71,104	)		(10,065	)
Decrease due to the change of tax rate		—			17,059			118			17

Balance as of December 31		(49,541	)		(94,511	)		(165,497	)		(23,425	)

Convertible Preferred Shares (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Shares Activities

The Company’s convertible preferred shares activities for the six months ended June 30, 2019 and 2020 are summarized below:


	Series A Preferred Shares									Series B Preferred Shares									Series C Preferred Shares									Series C-1 Preferred Shares
	Number of shares			Amount			Amount			Number of shares			Amount			Amount			Number of shares			Amount			Amount			Number of shares			Amount			Amount
				US$			RMB						US$			RMB						US$			RMB						US$			RMB
Balance as of January 1, 2019 and June 30, 2019		30,227,056			102,852			687,482			30,305,212			139,407			921,243			31,046,360			197,478			1,306,633			—			—			—

Balance as of January 1, 2020		30,227,056			102,852			687,482			30,305,212			139,407			921,243			31,046,360			197,478			1,306,633			3,857,143			26,914			188,819
Conversion to ordinary shares upon IPO		(30,227,056	)		(102,852	)		(687,482	)		(30,305,212	)		(139,407	)		(921,243	)		(31,046,360	)		(197,478	)		(1,306,633	)		(3,857,143	)		(26,914	)		(188,819	)

Balance as of June 30, 2020		—			—			—			—			—			—			—			—			—			—			—			—

The Company’s convertible preferred shares activities for the years ended December 31, 2018 and 2019 are summarized below:


	Series A Preferred Shares						Series B Preferred Shares						Series C Preferred Shares						Series C-1 Preferred Shares
	Number of shares		Amount		Amount		Number of shares		Amount		Amount		Number of shares		Amount		Amount		Number of shares		Amount		Amount
			US$		RMB				US$		RMB				US$		RMB				US$		RMB
Balance as of January 1, 2018		21,865,233		53,927		363,766		15,894,594		52,546		346,515		—		—		—		—		—		—
Issuance of Series A Preferred Shares upon exercise of Series A-3 Option		8,361,823		48,925		323,716		—		—		—		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon exercise of Series-B Option		—		—		—		7,394,189		44,083		291,677		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon conversion of 2017 Notes		—		—		—		2,535,201		15,401		101,906		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon conversion of Onshore Convertible Loans		—		—		—		1,179,379		7,165		47,407		—		—		—		—		—		—
Issuance of Series B Preferred Shares upon exercise of Tranche I of Series B Warrants		—		—		—		3,301,849		20,212		133,738		—		—		—		—		—		—
Issuance of Series C Preferred Shares, net of issuance costs		—		—		—		—		—		—		31,046,360		197,478		1,306,633		—		—		—

Balance as of December 31, 2018		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		—		—		—

Balance as of January 1, 2019		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		—		—		—
Issuance of Series C-1 Preferred Shares, net of issuance costs		—		—		—		—		—		—		—		—		—		3,857,143		26,160		183,536
Adjustment at extinguishment of Series C-1 Preferred Shares		—		—		—		—		—		—		—		—		—		—		754		5,283

Balance as of December 31, 2019		30,227,056		102,852		687,482		30,305,212		139,407		921,243		31,046,360		197,478		1,306,633		3,857,143		26,914		188,819

Warrants (Tables)

12 Months Ended

Dec. 31, 2019

Warrants Disclosure [Abstract]

Summary of fair value of warrant liabilities

The Group used the binomial model to estimate the fair value of warrant liabilities using the following assumptions:


	As of December 31,
	2018
Risk-free rate of return		2.49	%
Maturity date		September 25, 2019
Estimated volatility rate		50.9	%
Exercise price	US$	6.06
Fair value of underlying convertible preferred shares	US$	6.91

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2019

Redeemable Noncontrolling Interest, Equity, Fair Value [Abstract]

Schedule of Redeemable Non-Controlling Interest

The Group’s redeemable

non-controlling

interest activities for the years ended December 31, 2017, 2018 and 2019 is summarized as follows:


	Year Ended December 31,
	2017		2018			2019
	RMB		RMB			RMB		US$ (Note 2.5)
Beginning balance		—		305,708			—		—
Capital injection by Series B Onshore Investors		161,196		—			—		—
Redeemable non-controlling interests arising from business combination		144,512		—			—		—
Exercise of Series A-3 Option		—		(144,512	)		—		—
Exercise of Series B Option		—		(161,196	)		—		—

Ending balance		305,708		—			—		—

Share-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Group's Founders' Restricted Shares Activities

The following table summarizes the Group’s Founders’ restricted shares activities:


	Numbers of shares			Weighted- average grant date fair value
Outstanding at December 31, 2016		2,752,479			0.77
Vested		(786,423	)

Outstanding at December 31, 2017		1,966,056			0.77
Vested		(786,423	)

Outstanding at December 31, 2018		1,179,633			0.77
Vested		(1,179,633	)

Outstanding at December 31, 2019		—			—

Summary of Share-Based Compensation Expenses Related to Restricted Shares

The allocation of share-based compensation expense was as follows:


	Year Ended December 31,		Six Months Ended June 30,
	2019		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		470		308		132,724		18,786
Administrative expenses		514,733		514,356		97,071		13,739

		515,203		514,664		229,795		32,525

Share-based compensation expenses related to restricted shares were included in:


	Year Ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		2,112		1,056		470		67
Administrative expenses		4,927		2,464		1,096		155

		7,039		3,520		1,566		222

2017 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2017 Plan for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		9,812,881			0.93		7.76		47,671
Forfeited		(329,377	)		1.00		—		—
Surrendered (Note 14 (h))		(332,566	)		1.00		—		—

Outstanding as of June 30,2020		9,150,938			0.93		7.26		110,598

Exercisable as of June 30, 2020		4,061,176			1.00		7.26		48,787

The following table sets forth the stock options activities of 2017 Plan for the periods presented:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2016		—			—		—		—
Granted		11,051,230			1.00		—		—
Other addition (note)		710,366			0.06		—		—

Outstanding as of December 31, 2017		11,761,596			0.94		9.50		24,890
Granted		1,470,000			1.00		—		—
Forfeited		(226,000	)		1.00		—		—

Outstanding as of December 31, 2018		13,005,596			0.95		8.61		70,129
Granted		640,000			1.00		—		—
Forfeited		(397,500	)		1.00		—		—
Repurchased (Note 17(d))		(3,435,215	)		1.00		—		—

Outstanding as of December 31 ,2019		9,812,881			0.93		7.76		47,671

Exercisable as of December 31, 2019		—			—		—		—

Summary of Valuation Assumptions Used

Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year ended December 31,
	2017			2018			2019
Expected volatility		62.34	%		61.32%-62.13	%		54.64	%
Risk-free interest rate (per annum)		2.32	%		2.81%-3.06	%		2.15	%
Exercise multiple		2.80			2.80			2.80
Expected dividend yield		—			—			—
Contractual term (in years)		10			10			10

Schedule of Nonvested Share Activity [Table Text Block]

A summary of

non-vested

stock option activities for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average Grant date fair value US$
Non-vested at December 31, 2019		9,812,881			2.10
Vested		(4,061,176	)		1.62
Forfeited		(329,377	)		2.21
Surrendered		(332,566	)		1.47

Non-vested at June 30, 2020		5,089,762			2.53

2018 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2018 Plan for the six months ended June 30, 2020:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		13,536,588			1.00		9.15		64,840
Surrendered (Note 14 (h))		(2,544,917	)		1.00		—		—

Outstanding as of June 30, 2020		10,991,671			1.00		8.65		132.043

Exercisable as of June 30, 2020		9,565,171			1.00		8.65		114,907

The following table sets forth the stock options activities of 2018 Plan for the year ended December 31, 2019:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of January 1, 2019		—			—		—		—
Granted		13,991,528			1.00		—		—
Repurchased (Note 17 (d))		(454,940	)		1.00		—		—

Outstanding as of December 31, 2019		13,536,588			1.00		8.86		64,840

Exercisable as of December 31 , 2019		10,438,088			1.00		9.15		49,998

Summary of Valuation Assumptions Used

Stock options granted to certain directors and employees of the Group were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year ended December 31, 2019
Expected volatility		54.64%-56.31	%
Risk-free interest rate (per annum)		2.15%-2.75	%
Exercise multiple		2.80
Expected dividend yield		—
Contractual term (in years)		10

Schedule of Nonvested Share Activity [Table Text Block]

A summary of

non-vested

stock option activities for the six months ended June 30, 2020 is presented below:


	Number of shares			Weighted average grant- date fair value US$
Non-vested at December 31, 2019		3,098,500			5.57
Vested		(1,672,000	)		5.57

Non-vested at June 30, 2020		1,426,500			5.57

2019 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2019 Plan for the periods presented:


	Number of shares		Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—		—		—		—
Granted		72,000		6.09		—		—

Outstanding as of June 30, 2020		72,000		6.09		9.84		498

Exercisable as of June 30, 2020		—		—		—		—

Summary of Valuation Assumptions Used

Stock options granted to the employees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Six Months Ended June 30,
	2020
Expected volatility		54.88	%
Risk-free interest rate (per annum)		0.79	%
Exercise multiple		2.80
Expected dividend yield		—
Contractual term (in years)		10

Schedule of Nonvested Share Activity [Table Text Block]

A summary of

non-vested

share option activity for the six months ended June 30, 2020 is presented below:


	Number of shares		Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—		—
Granted		72,000		6.09

Non-vested at June 30, 2020		72,000		6.09

Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Share-Based Compensation Expenses Related to Restricted Shares

Share-based compensation expenses related to restricted shares are included in:


	Year Ended December 31,		Six Months Ended June 30,
	2019		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		470		308		—		—
Administrative expenses		1,096		718		—		—

		1,566		1,026		—		—

Licensing and Collaboration Agreements (Tables)

12 Months Ended

Dec. 31, 2019

Licensing Agreement with MorphoSys AG [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Licensing And Collaboration Arrangements Summarized Financial Information Disclosure

Summarized financial information related to the above agreement is presented below:


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—	US$	8,000		—		—		—
2018		—		—		—		—		—
2017	US$	20,000		—		—		—		—

Licensing Agreement with Genexine Inc [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Licensing And Collaboration Arrangements Summarized Financial Information Disclosure

Summarized financial information related to the above agreement is presented below:


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—		—		—		—		—
2018	US$	12,000		—		—		—		—

Licensing Agreement with MorphoSys [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Licensing And Collaboration Arrangements Summarized Financial Information Disclosure

Summarized financial information related to the above agreement is presented below:


	Years Ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019		—		—		—		—		—
2018	US$	3,500		—		—		—		—

Licensing Agreement with MacroGenics [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Licensing And Collaboration Arrangements Summarized Financial Information Disclosure

Due to the uncertainty involved in meeting these development and commercialization based targets, the Group evaluated and concluded that no milestones are probable as of December 31, 2019.


	Year ended December 31,								As of December 31,
	Research and Development Expense
	Upfront Fees		Milestones		Extension/Termination of agreements		Amortization of prepaid research and development		Intangible asset balance
2019	US$	15,000		—		—		—		—

Other Income (Expenses), Net (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Other Income and Expenses [Abstract]

Summary of Other Income (Expenses), Net

The following table summarizes other income and expenses, recognized for the six months ended June 30, 2019 and 2020:


	Six Months Ended June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Fair value change of short-term investments		—			415			59
Income of incentive payment from depository bank (Note 7)		—			1,090			154
Net foreign exchange gains		140			947			134
Subsidy income (Note (i))		100			10,408			1,473
Fair value change of other financial assets		(508	)		—			—
Others		571			(36	)		(5	)

		303			12,824			1,815

Note:

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2017, 2018 and 2019:


						Year Ended December 31
			2017			2018			2019
	Notes		RMB			RMB			RMB			US$ (Note 2.5)
Loss from conversion of 2017 Notes		14		—			(18,375	)		—			—
Loss from conversion of Onshore Convertible Loans		14		—			(8,548	)		—			—
Loss from issuance of 2018 Notes		14		—			(5,081	)		—			—
Loss on termination agreement with Everest		18		—			—			(23,039	)		(3,261	)
Fair value change of short-term investments				—			—			703			100
Income from other financial assets				5,572			13,622			—			—
Net foreign exchange gains (losses)				(3,873	)		742			1,619			229
Subsidy income				—			750			568			80
Fair value change of other financial assets				—			—			42			6
Others				(172	)		110			(98	)		(14	)

				1,527			(16,780	)		(20,205	)		(2,860	)

Net Loss per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss per Share

Basic and diluted net loss per share for each of the periods presented are calculated as follows:


	Six Months Ended June 30,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Numerator:
Net loss attributable to I-Mab		(857,337	)		(582,853	)		(82,497	)
Net loss attributable to ordinary shareholders		(857,337	)		(582,853	)		(82,497	)
Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted		7,184,086			121,815,986			121,815,986
Net loss per share—basic and diluted		(119.34	)		(4.78	)		(0.68	)

Basic and diluted net loss per share for each of the periods presented are calculated as follows:


	Year Ended December 31
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
	(in thousands, except for loss per shares)
Numerator:
Net loss attributable to I-Mab		(298,240	)		(402,833	)		(1,451,950	)		(205,510	)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			—			(5,283	)		(748	)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares		—			—			(27,768	)		(3,930	)

Net loss attributable to ordinary shareholders		(298,240	)		(402,833	)		(1,485,001	)		(210,188	)


Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted		5,742,669			6,529,092			7,381,230			7,381,230

Net loss per share—basic and diluted		(51.93	)		(61.70	)		(201.19	)		(28.48	)

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows:


	Six Months Ended June 30,
	2019		2020
Convertible preferred shares		91,578,628		—
Convertible promissory notes		1,167,779		—
Restricted shares		252,099		—
Stock options		8,803,305		27,019,861

The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows:


	Year Ended December 31
	2017		2018		2019
Convertible preferred shares		14,811,182		64,389,968		92,238,119
Convertible promissory notes		673,738		—		—
Restricted shares		1,623,553		1,134,058		—
Stock options		not applicable		not applicable		11,388,776

Related Party Balances and Transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Summary of Related Party Balances

Ordinary Shares to be issued to Everest*


	As of December 31,		As of June 30,
	2019		2020
	RMB		RMB		US$ ( Note 2.5)
Everest		258,119		—		—

*	Note: Please refer to Note 15 for further details.

Research and development funding received*


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Everest		178,715		—		—

Ordinary Shares to be issued to Everest*


	As of December 31,
	2018		2019
	RMB		RMB		US$ (Note 2.5)
Everest		—		258,119		36,534

*Note:

Please refer to Note 18 for further details.

Summary of Related Party Transactions

Receipt of CRO services—recognized in research and development expenses


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Tasly Pharmaceutical Group Co., Ltd.		5,590		—		—

Receipt of research and development funding


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Everest (Note 15)		51,588		—		—

Project development fee—recognized in research and development expenses


	Six Months Ended June 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		—		695		98

Receipt of CRO services—recognized in research and development expenses


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		—		2,786		—		—
Tasly Pharmaceutical Group Co., Ltd.		752		—		5,590		791

Receipt of research and development funding


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$ (Note 2.5)
Everest (Note 18)		—		178,715		53,148		7,523

Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Summary of Balance Sheets

Balance sheets


	As of December 31,
	2018			2019
	RMB			RMB			US$ (Note 2.5)
Assets
Current assets
Cash and cash equivalents		603,234			719,269			101,806

Total current assets		603,234			719,269			101,806
Receivables due from subsidiaries		1,455,048			939,832			133,024
Other non-current assets		—			18,331			2,595

Total assets		2,058,282			1,677,432			237,425

Liabilities, mezzanine equity and shareholders’ deficit
Current liabilities
Accruals and other payables		—			117,977			16,699
Ordinary shares to be issued to Everest		—			258,119			36,534
Warrant liabilities		5,618			—			—

Total current liabilities		5,618			376,096			53,233
Convertible promissory notes		67,026			68,199			9,653
Deficit in subsidiaries		25,384			163,655			23,163

Total liabilities		98,028			607,950			86,049

Mezzanine equity
Series A convertible preferred shares (US$0.0001 par value, 30,227,056 shares authorized, issued and outstanding as of December 31, 2018 and 2019)		687,482			687,482			97,037
Series B convertible preferred shares (US$0.0001 par value, 30,305,212 shares authorized, issued and outstanding as of December 31, 2018 and 2019)		921,243			921,243			130,393
Series C convertible preferred shares (US$0.0001 par value, 31,046,360 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		1,306,633			1,306,633			184,942
Series C-1 convertible preferred shares (US$0.0001 par value, nil and 3,857,143 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		—			188,819			26,726

Total mezzanine equity		2,915,358			3,104,177			439,368

Shareholders’ deficit
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized as of December 31, 2018 and 2019, 8,363,719 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)		6			6			1
Treasury stock		(1	)		—			—
Additional paid-in capital		—			389,379			55,113
Accumulated other comprehensive income		59,380			70,127			9,926
Accumulated deficit		(1,014,489	)		(2,494,207	)		(353,032	)

Total shareholders’ deficit		(955,104	)		(2,034,695	)		(287,992	)

Total liabilities, mezzanine equity and shareholders’ deficit		2,058,282			1,677,432			237,425

Summary of Statement of Comprehensive Income

Statements of comprehensive loss


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Operating expenses
Research and development expenses		(128,721	)		(121,734	)		(380,143	)		(54,604	)
Administrative expenses		—			(15,373	)		(204,874	)		(29,428	)

Total operating expenses		(128,721	)		(137,107	)		(585,017	)		(84,032	)
Interest income (expenses), net		(3,892	)		(7,467	)		16,995			2,441
Other expenses		—			—			(23,492	)		(3,374	)
Share of losses of subsidiaries		(151,600	)		(319,664	)		(866,080	)		(124,406	)
Fair value change of warrants		(14,027	)		61,405			5,644			811

Loss before income tax expense		(298,240	)		(402,833	)		(1,451,950	)		(208,560	)

Net loss attributable to I-MAB		(298,240	)		(402,833	)		(1,451,950	)		(208,560	)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			—			(5,283	)		(759	)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares		—			—			(27,768	)		(3,989	)

Net loss attributable to ordinary shareholders		(298,240	)		(402,833	)		(1,485,001	)		(213,308	)

Net loss attributable to I-MAB		(298,240	)		(402,833	)		(1,451,950	)		(208,560	)
Other comprehensive income:
Foreign currency translation adjustments, net of nil tax		5,918			53,689			10,747			1,544

Total comprehensive loss		(292,322	)		(349,144	)		(1,441,203	)		(207,016	)

Summary of Statement of Cash Flows

Statements of cash flows


	Year Ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$ (Note 2.5)
Net cash (used in) generated from operating activities		(132,732	)		40,232			(528,322	)		(74,779	)

Net cash (used in) generated from investing activities		(356,635	)		(1,032,483	)		449,592			63,636

Net cash generated from financing activities		475,224			1,498,669			183,536			25,978

Effect of exchange rate changes on cash and cash equivalents		4,697			62,587			11,229			1,589
Net (decrease) increase in cash and cash equivalents		(9,446	)		569,005			116,035			16,424
Cash and cash equivalents at beginning of the year		43,675			34,229			603,234			85,382

Cash and cash equivalents at end of the year		34,229			603,234			719,269			101,806

Principal Activities and Organization - Schedule of Principal Subsidiaries (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
I-Mab Biopharma Hong Kong Limited [Member]
Place of incorporation	Hong Kong	Hong Kong
Date of incorporation	Jul. 08, 2016	Jul. 08, 2016
Percentage of direct or indirect ownership by the company	100.00%	100.00%
Principal activities	Investment holding	Investment holding
I-Mab Shanghai [Member]
Place of incorporation	PRC	PRC
Date of incorporation	Aug. 24, 2016	Aug. 24, 2016
Percentage of direct or indirect ownership by the company	100.00%	100.00%
Principal activities	Research and development of innovative medicines	Research and development of innovative medicines
I-MabTianjin [Member]
Place of incorporation	PRC	PRC
Date of incorporation	Jul. 15, 2017	Jul. 15, 2017
Percentage of direct or indirect ownership by the company	100.00%	100.00%
Principal activities	Research and development of innovative medicines	Research and development of innovative medicines
I-MabBiopharma US Ltd. [Member]
Place of incorporation	U.S.	U.S
Date of incorporation	Feb. 28, 2018	Feb. 28, 2018
Percentage of direct or indirect ownership by the company	100.00%	100.00%
Principal activities	Research and development of innovative medicines	Research and development of innovative medicines

Principal Activities and Organization - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands				6 Months Ended
	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) shares	Jan. 17, 2020 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Oct. 31, 2016 $ / shares
Proceeds from initial public offering				¥ 703,798	$ 99,616
Share price \| $ / shares						$ 0.77
IPO [Member] \| American Depositary Shares [Member]
Number of share issued, ADS \| shares		7,407,400	7,407,400
Number of share issued, price per share \| $ / shares			$ 14.00
Proceeds from initial public offering \| $		$ 103,700	$ 104,000
Over-Allotment Option [Member] \| American Depositary Shares [Member]
Number of share issued, ADS \| shares	8,175,750
Proceeds from initial public offering \| $	$ 114,500
Common stock shares issuable \| shares	768,350
Share price \| $ / shares	$ 14.00

Principal Accounting Policies - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Assets [Abstract]
Short-term Investments	¥ 1,926	$ 273	¥ 32,000	$ 4,529
Other financial assets					¥ 255,958
Fair Value, Recurring [Member]
Assets [Abstract]
Short-term Investments	1,926		32,000
Other financial assets					255,958
Liabilities [Abstract]
Warrant liabilities					5,618
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets [Abstract]
Short-term Investments	¥ 1,926		¥ 32,000
Other financial assets					255,958
Liabilities [Abstract]
Warrant liabilities					¥ 5,618

Principal Accounting Policies - Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability (Detail) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Short-term Investments [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of Level 3 financial asset and liability	¥ 32,000
Purchase of short-term investments	113,022	¥ 134,000
Disposal of short-term investments	(143,511)	(102,703)
Fair value change	415	703
Fair value of Level 3 financial asset and liability	¥ 1,926	32,000
Other financial assets [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of Level 3 financial asset and liability		255,958	¥ 266,245
Disposal of other financial assets due to Termination Agreement		(256,000)	(40,000)
Fair value change		42	13,622
Investment in other financial assets			30,000
Income received from other financial assets			(13,909)
Fair value of Level 3 financial asset and liability			255,958
Warrant liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of Level 3 financial asset and liability		(5,618)	(65,832)
Fair value change		5,644	61,405
Currency translation differences		¥ (26)	(2,505)
Exercise of warrants			1,314
Fair value of Level 3 financial asset and liability			¥ (5,618)

Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)	Dec. 31, 2018
Deferred subsidy income	¥ 7,760	¥ 3,920
Operating lease right-of-use assets	¥ 17,592	16,435	$ 2,490	$ 2,326	¥ 13,100
Operating lease, liability		¥ 14,299		$ 2,024	¥ 11,333
Minimum [Member]
VAT surcharges percent	6.00%	6.00%
Maximum [Member]
VAT surcharges percent	17.00%	17.00%
Peoples Bank of China [Member]
Translation exchange rates	7.0795	6.9762	7.0795	6.9762		6.8632
Federal Reserve Bank of New York [Member]
Translation exchange rates	7.0651	7.0651	7.0651	7.0651

Principal Accounting Policies - Summary of Estimated Useful Lives (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Laboratory Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years	3 years
Laboratory Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years	5 years
Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years	2 years
Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years	5 years
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Lesser of useful life or lease term	Lesser of useful life or lease term

Prepayments And Other Receivables - Summary of Prepayments And Other Receivables (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Prepaid Expense, Current [Abstract]
—Prepayments to CRO vendors	¥ 82,742	$ 11,711	¥ 78,740	$ 11,145	¥ 71,894
—Prepayments for other services	1,153	163	880	125	3,160
Receivables due from employees (Note)			16,201	2,293
Value-added tax recoverable	15,856	2,244	12,517	1,772	4,235
Rental deposits	1,478	209	546	77	1,012
Interest receivables	2,987	423	764	108	1,502
Others	26,914	3,810	26,388	3,735	7,169
Total	¥ 131,130	$ 18,560	¥ 136,036	$ 19,255	¥ 88,972

Other Financial Assets - Summary of Other Financial Assets (Detail) ¥ in Thousands	Dec. 31, 2018 CNY (¥)
Receivables [Abstract]
Financial asset at fair value through profit or loss	¥ 215,571
Note receivables	40,387
Total other financial assets	¥ 255,958

Other Financial Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Jun. 22, 2019	Dec. 31, 2018
Termination Agreement [Member]
Agreement termination charges receivable		¥ 95,056
Commercial bills face value		¥ 160,944	¥ 40,387
Agreement termination charges received	¥ 95,056
Minimum [Member]
Expected interest earnings on Principal	4.50%
Maximum [Member]
Expected interest earnings on Principal	5.25%

Property, Equipment And Software - Additional Information (Detail) - CNY (¥) ¥ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	¥ 5.1	¥ 4.5	¥ 9.8	¥ 6.7	¥ 1.6

Property, Equipment And Software - Schedule of property, equipment and software, net (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	¥ 48,612	$ 6,881	¥ 47,867	$ 6,775	¥ 36,049
Less: accumulated depreciation and amortization	(23,312)	(3,300)	(18,221)	(2,579)	(8,390)
Net book value	25,300	3,581	29,646	4,196	27,659
Construction in process	1,325	188	423	60
Total net book value of property, equipment and software	26,625	3,769	30,069	4,256	27,659
Laboratory Equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	24,634	3,487	24,265	3,434	20,796
Leasehold improvement [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	12,222	1,730	11,856	1,678	10,271
Software [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	10,230	1,448	10,220	1,447	3,632
Office furniture and equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	¥ 1,526	$ 216	¥ 1,526	$ 216	¥ 1,350

Leases - Operating Lease Related Assets And Liabilities And Other Related Information (Detail)) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)
Assets
Operating lease right-of-use assets	¥ 17,592	$ 2,490	¥ 16,435	$ 2,326	¥ 13,100
Liabilities
Operating lease liabilities, current	8,202	1,161	6,807	963
Operating lease liabilities, non-current	¥ 7,254	$ 1,027	¥ 7,492	$ 1,060
Weighted average remaining lease term (years)			2 years 4 months 24 days	2 years 4 months 24 days
Weighted average discount rate			5.00%	5.00%

Leases - Components of Operating Lease Expense (Detail) - 12 months ended Dec. 31, 2019 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Schedule of Components of Operating Lease Expense [Line Items]
Amortization of right-of-use assets	¥ 5,260	$ 745
Expense for short-term leases within 12 months	592	84
Interest of lease liabilities	543	76
Operating lease rental expense	¥ 6,395	$ 905

Leases - Operating Lease Future Annual Minimum Lease Payments (Detail) ¥ in Thousands	Dec. 31, 2019 CNY (¥)
Schedule of Operating Lease Future Annual Minimum Lease Payments [Line Items]
2019	¥ 5,754
2020	5,274
2021	3,511
2022	60
2023	60
Thereafter	276
Total	¥ 14,935

Leases - Operating Lease, Maturity (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)
Schedule of Operating Lease Maturity [Line Items]
2020	¥ 7,634	$ 1,081
2021	5,617	795
2022	1,885	267
2023	60	8
2024	60	8
Thereafter	181	26
Total undiscounted lease payments	15,437	2,185
Less: imputed interest	(1,138)	(161)
Total lease liabilities	¥ 14,299	$ 2,024	¥ 11,333

Intangible Assets - Summary Of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization
Net book value	¥ 148,844	$ 21,068	148,844	21,068	148,844
IPR&D [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets	¥ 148,844	$ 21,068	¥ 148,844	$ 21,068	¥ 148,844

Intangible Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	¥ 0	¥ 0	¥ 0

Goodwill - Additional Information (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Jul. 15, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	¥ 162,574	$ 23,011	¥ 162,574	$ 23,011	¥ 162,574
Goodwill, accumulated impairment loss	¥ 0		¥ 0		¥ 0
Tasgen Group [Member]
Indefinite-lived Intangible Assets [Line Items]
Voting Interests Acquired						66.67%

Short-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands	1 Months Ended
	Jun. 30, 2019 CNY (¥)	Jul. 31, 2018 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Jul. 31, 2018 USD ($)	Sep. 25, 2017
Loan Borrowed			¥ 50,000	$ 7,078		¥ 80,000
Interest Rate								8.00%
Loan One [Member] \| China Merchant Bank Co., Ltd [Member]
Lender name	China Merchant Bank Co., Ltd.	China Merchant Bank Co., Ltd.
Loan Term	1 year	1 year
Loan Borrowed	¥ 50,000	¥ 80,000
Interest Rate	4.15%	4.20%			4.15%		4.20%
Collateral Value	¥ 55,810	¥ 92,653			$ 8,000		$ 13,500
Percentage of interest bearing on deposit	2.63%	3.26%			2.63%		3.26%
Debt instrument, maturity	The borrowing was repaid in June 2020.
Loan Two [Member] \| China Merchant Bank Co., Ltd [Member]
Lender name	China Merchant Bank Co., Ltd.
Loan Term	1 year
Loan Borrowed	¥ 50,000
Interest Rate	4.15%				4.15%
Collateral Value	¥ 55,810				$ 8,000
Percentage of interest bearing on deposit	2.63%				2.63%
Debt instrument, maturity	The borrowing will be due for repayment in June 2020.

Accruals And Other Payables - Summary of accruals and other payables (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Current:
Staff salaries and welfare payables	¥ 18,875	$ 2,672	¥ 30,166	$ 4,270	¥ 18,869
Accrued external research and development activities related expenses	155,973	22,077	144,000	20,382	39,068
Accrued initial public offering costs payable	5,094	721	17,504	2,478
Withholding IIT payable related to stock options			16,201	2,293
Non-refundable incentive payment from depositary bank (Note)	2,630	372
Accrued traveling expenses, office expenses and others	60,496	8,562	65,682	9,296	9,737
Accounts Payable and Accrued Liabilities, Current	243,068	34,404	¥ 273,553	$ 38,719	¥ 67,674
Non-current:
Non-refundable incentive payment from depositary bank (Note)	¥ 9,424	$ 1,334

Accruals And Other Payables - Additional Information (Details) ¥ in Thousands, $ in Thousands			6 Months Ended
	Apr. 30, 2020 CNY (¥)	Apr. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)
Payables and Accruals [Abstract]
Proceeds from non-refundable incentive	¥ 13,150	$ 1,857
Other income			¥ 1,090

Income Taxes - Additional Information (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)
Applicable tax rate	21.00%
Applicable state tax rate	8.25%
I MOB other subsidiaries [Member]
Applicable tax rate	25.00%
HONG KONG
Applicable tax rate	16.50%
AUSTRALIA
Applicable tax rate	30.00%
PRC [Member]
Operating loss	¥ 715,156
CN [Member]
Applicable tax rate	25.00%
Preferential income tax rate	15.00%

Income Taxes - Reconciliations of the Differences Between the PRC Statutory Income Tax Rate and the Group's Effective Income Tax Rate (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥) ¥ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 CNY (¥) ¥ / shares	Dec. 31, 2017 CNY (¥)
Loss before income tax	¥ (582,853)	$ (82,497)	¥ (857,337)	¥ (1,451,950)	$ (205,510)	¥ (401,111)	¥ (298,240)
Income tax computed at respective applicable tax rate				(148,871)	(21,071)	(56,093)	(37,672)
Non-deductible expenses				87,021	12,317	2,548	3,889
Research and development expenses plus deduction				(9,254)	(1,310)	(6,762)	(2,846)
Changes in valuation allowance				¥ 71,104	$ 10,064	62,029	¥ 36,629
Income Tax Expense						¥ 1,722
Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share \| (per share)				¥ 9.55	$ 1.35	¥ 3.07

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components of the Deferred Tax Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)
Deferred Tax Assets, Net [Abstract]
Net operating loss carryforward	¥ 136,443	$ 19,312	¥ 92,185		¥ 73,105
Depreciation and amortization of property, equipment, software and intangible asset, net	44,398	6,285	18,405
Accrual expense	21,867	3,095	21,132		13,647
Less: valuation allowance	(165,497)	(23,425)	(94,511)	$ (13,377)	(49,541)	¥ (6,472)
Total deferred tax assets	37,211	5,267	37,211		37,211
Deferred Tax Liabilities, Net [Abstract]
Acquired intangible assets	37,211	5,267	37,211		37,211
Total deferred tax liabilities	37,211	5,267	¥ 37,211		¥ 37,211
Deferred tax assets, net

Income Taxes - Summary of Movement of the Valuation Allowance (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Income Tax Disclosure [Abstract]
Balance as of January 1	¥ (94,511)	$ (13,377)	¥ (49,541)	¥ (6,472)
Business combination				(6,440)
Additions	(71,104)	(10,065)	(62,029)	(36,629)
Decrease due to the change of tax rate	118	17	17,059
Balance as of December 31	¥ (165,497)	$ (23,425)	¥ (94,511)	¥ (49,541)

Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands						6 Months Ended		12 Months Ended
	Apr. 15, 2020 shares	Feb. 10, 2020 CNY (¥) shares	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) shares	Jan. 17, 2020 USD ($) $ / shares shares	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares shares	Oct. 29, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares	Oct. 31, 2016 $ / shares
Statement Line Item [Line Items]
Ordinary shares, shares authorized							500,000,000	500,000,000		500,000,000
Voting rights						Each ordinary share is entitled to one vote	Each ordinary share is entitled to one vote	Each ordinary share is entitled to one vote
Ordinary shares, par value \| $ / shares							$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Proceeds from initial public offering						¥ 703,798	$ 99,616,000
Share price \| $ / shares												$ 0.77
Collaboration Agreement with Everest [Member] \| Everest Member [Member]
Statement Line Item [Line Items]
Shares issued upon conversion				6,078,571	6,078,571
American Depositary Shares [Member] \| IPO [Member]
Statement Line Item [Line Items]
Number of share issued, ADS				7,407,400	7,407,400
Number of share issued, price per share \| $ / shares					$ 14.00
Proceeds from initial public offering \| $				$ 103,700,000	$ 104,000,000
American Depositary Shares [Member] \| Over-Allotment Option [Member]
Statement Line Item [Line Items]
Number of share issued, ADS		8,175,750	8,175,750
Proceeds from initial public offering, net		¥ 697,788	$ 101,300,000
Proceeds from initial public offering \| $			$ 114,500,000
Common Stock Shares Issuable			768,350
Share price \| $ / shares			$ 14.00
American depository shares, common share equivalent		23	23
Director [Member]
Statement Line Item [Line Items]
Ordinary shares, shares authorized									800,000,000
Ordinary shares, par value \| $ / shares									$ 0.0001
Common stock value authorized \| $									$ 80,000,000
Series A Convertible Preferred Stock [Member]
Statement Line Item [Line Items]
Preferred stock, shares outstanding	30,227,056						0	30,227,056		30,227,056	21,865,233
Number of preferred shares converted to common shares	30,227,056
Series B Convertible Preferred Stock [Member]
Statement Line Item [Line Items]
Preferred stock, shares outstanding	23,288,783
Number of preferred shares converted to common shares	23,288,783
Convertible Preferred Stock Series B-1 Upon Conversion [Member]
Statement Line Item [Line Items]
Preferred stock, shares outstanding	3,714,580
Number of preferred shares converted to common shares	3,714,580
Convertible Preferred Stock Series B-2 [Member]
Statement Line Item [Line Items]
Temporary Shares Outstanding	3,301,849
Number of preferred shares converted to common shares	3,571,427
Series C Preferred Stock [Member]
Statement Line Item [Line Items]
Temporary Shares Outstanding	31,046,360
Number of preferred shares converted to common shares	34,420,469
Series C-1 Convertible Preferred Stock [Member]
Statement Line Item [Line Items]
Temporary Shares Outstanding	3,857,143
Number of preferred shares converted to common shares	4,537,814

Convertible Preferred Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands																6 Months Ended	11 Months Ended		12 Months Ended
	Apr. 15, 2020 shares	Jan. 17, 2020 shares	Dec. 25, 2019 USD ($) $ / shares	Nov. 06, 2019 CNY (¥) shares	Nov. 06, 2019 USD ($) shares	Oct. 17, 2019 CNY (¥) shares	Oct. 17, 2019 USD ($) shares	Jul. 06, 2018 CNY (¥)	Jul. 06, 2018 USD ($) $ / shares shares	Sep. 22, 2017 CNY (¥) shares	Sep. 22, 2017 USD ($) shares	Sep. 06, 2017 CNY (¥)	Sep. 06, 2017 USD ($) $ / shares shares	Oct. 18, 2016 CNY (¥) shares	Oct. 18, 2016 USD ($) shares	Jun. 30, 2020 shares	Dec. 25, 2019 CNY (¥)	Dec. 25, 2019 USD ($) $ / shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2017 CNY (¥)	Jul. 25, 2019 USD ($) shares	Jun. 29, 2018 shares
Temporary Equity [Line Items]
Consideration in issuance Preference Shares																			¥ 183,536	$ 25,978,000	¥ 1,306,633	¥ 346,515
Stock Issuance Costs																			¥ 827	$ 117,000
Offering Price of converted shares \| $			$ 1,000,000,000
Preferred Stock Liquidation Preference Percentage																(100.00%)			100.00%	100.00%
Internal Rate of Return																(12.00%)			12.00%	12.00%
Maximum [Member]
Temporary Equity [Line Items]
Final Offering Price \| $ / shares			$ 5.22															$ 5.22
Minimum [Member]
Temporary Equity [Line Items]
Final Offering Price \| $ / shares			$ 4.176															$ 4.176
Series A1 And A2 Preferred Stock [Member]
Temporary Equity [Line Items]
Consideration in issuance Preference Shares														¥ 74,742	$ 11,282,000
Issuance of Preference Shares														5,141,587	5,141,587
Convertible Preferred Stock Series A3 [Member]
Temporary Equity [Line Items]
Issuance of Warrants														2,246,744	2,246,744
Series A3 Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock Price \| $ / shares													$ 2.55
Consideration in issuance Preference Shares												¥ 289,024	$ 42,645,000
Issuance of Preference Shares													16,723,646
Convertible Preferred Stock Series B [Member]
Temporary Equity [Line Items]
Issuance of Warrants										5,633,780	5,633,780
Consideration in issuance Preference Shares										¥ 346,515	$ 52,546,000
Issuance of Preference Shares										15,894,594	15,894,594
Preferred stock, shares outstanding	23,288,783
Number of preferred shares converted to common shares	23,288,783
Convertible Preferred Stock Series B-2 [Member]
Temporary Equity [Line Items]
Issuance of Warrants										2,620,842	2,620,842
Number of preferred shares converted to common shares	3,571,427
Temporary Equity, Shares Outstanding	3,301,849
Convertible Preferred Stock Series B-2 [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Number of preferred shares converted to common shares	3,571,427	3,571,427
Temporary Equity, Shares Outstanding	31,046,360	31,046,360
Convertible Preferred Stock Series A Three Upon Exercise [Member]
Temporary Equity [Line Items]
Issuance of Preference Shares																								8,361,823
Convertible Preferred Stock Series B-1 Upon Conversion [Member]
Temporary Equity [Line Items]
Issuance of Preference Shares																								2,535,201
Preferred stock, shares outstanding	3,714,580
Number of preferred shares converted to common shares	3,714,580
Convertible Preferred Stock Series B-1 Upon Conversion [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Preferred stock, shares outstanding	3,714,580	3,714,580
Number of preferred shares converted to common shares	3,714,580	3,714,580
Temporary Equity, Shares Outstanding	3,301,849	3,301,849
Convertible Preferred Stock Series B Two Upon Exercise [Member]
Temporary Equity [Line Items]
Issuance of Preference Shares									1,048,337															2,253,512
Convertible Preferred Stock Series B Upon Exercise [Member]
Temporary Equity [Line Items]
Issuance of Preference Shares									1,455,549															5,938,640
Convertible Preferred Stock Series B One Upon Exercise [Member]
Temporary Equity [Line Items]
Issuance of Preference Shares									232,161															947,218
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock Price \| $ / shares									$ 6.4419
Consideration in issuance Preference Shares								¥ 1,323,363	$ 200,000,000
Issuance of Preference Shares									31,046,360
Stock Issuance Costs \| ¥								¥ 16,730
Number of preferred shares converted to common shares	34,420,469
Temporary Equity, Shares Outstanding	31,046,360
Series C Preferred Stock [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Number of preferred shares converted to common shares	34,420,469	34,420,469
Series C One Preferred Stock [Member]
Temporary Equity [Line Items]
Stock Issuance Costs				¥ 5,887	$ 840,000
Subscription of Preferred shares																							3,857,143
Aggregate Purchase Price \| $																							$ 27,000,000
Adjustments At Extinguishment Of Preferred Shares \| $																		$ 800,000
Series C-1 Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Consideration in issuance Preference Shares				¥ 119,387	$ 17,000,000	¥ 70,036	$ 10,000,000
Issuance of Preference Shares				2,428,572	2,428,572	1,428,571	1,428,571																2,428,572
Number of preferred shares converted to common shares	4,537,814
Temporary Equity, Shares Outstanding	3,857,143
Series C-1 Convertible Preferred Stock [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Number of preferred shares converted to common shares	4,537,814	4,537,814
Temporary Equity, Shares Outstanding	3,857,143	3,857,143
Temporary Equity [Member] \| Preferred Stock [Member]
Temporary Equity [Line Items]
Increase in the fair value of ordinary shares																	¥ 27,800	$ 4,000,000
Series A Convertible Preferred Shares [Member]
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding																0			30,227,056	30,227,056	30,227,056
Series A Convertible Preferred Shares [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Preferred stock, shares outstanding		30,227,056
Number of preferred shares converted to common shares		30,227,056
Series B Convertible Preferred Shares [Member]
Temporary Equity [Line Items]
Issuance of Warrants										2,620,842	2,620,842
Temporary Equity, Shares Outstanding																0			30,305,212	30,305,212	30,305,212
Series B Convertible Preferred Shares [Member] \| Subsequent Event [Member]
Temporary Equity [Line Items]
Preferred stock, shares outstanding		23,288,783
Number of preferred shares converted to common shares		23,288,783

Convertible Preferred Shares - Schedule of Convertible Preferred Shares Activities (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2020 USD ($) shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2019 USD ($) shares
Temporary Equity [Line Items]
Stock issued during period, value, new issues \| ¥	¥ 697,878
Conversion to ordinary shares upon IPO, value \| ¥	3,104,177
Issuance of Series C-1 Preferred Shares, net of issuance costs, Value			¥ 3,104,177		¥ 2,915,358		$ 439,368
Series A Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 687,482	$ 102,852	¥ 687,482	$ 102,852	¥ 363,766	$ 53,927
Opening Balance, Shares	30,227,056	30,227,056	30,227,056	30,227,056	21,865,233	21,865,233
Conversion to ordinary shares upon IPO, value	¥ (687,482)	$ (102,852)
Conversion to ordinary shares upon IPO, shares	(30,227,056)	(30,227,056)
Closing Balance	¥ 0	$ 0	¥ 687,482	$ 102,852	¥ 687,482	$ 102,852
Closing Balance, Shares	0	0	30,227,056	30,227,056	30,227,056	30,227,056
Series A Convertible Preferred Stock [Member] \| Series A-3 Option [Member]
Temporary Equity [Line Items]
Stock issued during period, value, new issues					¥ 323,716	$ 48,925
Stock issued during period, shares, new issues					8,361,823	8,361,823
Series B Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 921,243	$ 139,407	¥ 921,243	$ 139,407	¥ 346,515	$ 52,546
Opening Balance, Shares	30,305,212	30,305,212	30,305,212	30,305,212	15,894,594	15,894,594
Conversion to ordinary shares upon IPO, value	¥ (921,243)	$ (139,407)
Conversion to ordinary shares upon IPO, shares	(30,305,212)	(30,305,212)
Closing Balance	¥ 0	$ 0	¥ 921,243	$ 139,407	¥ 921,243	$ 139,407
Closing Balance, Shares	0	0	30,305,212	30,305,212	30,305,212	30,305,212
Series B Convertible Preferred Stock [Member] \| Series-B Option [Member]
Temporary Equity [Line Items]
Stock issued during period, value, new issues					¥ 291,677	$ 44,083
Stock issued during period, shares, new issues					7,394,189	7,394,189
Series B Convertible Preferred Stock [Member] \| 2017 Notes [Member]
Temporary Equity [Line Items]
Stock issued during period, value, new issues					¥ 101,906	$ 15,401
Stock issued during period, shares, new issues					2,535,201	2,535,201
Series B Convertible Preferred Stock [Member] \| Onshore Convertible Loans [Member]
Temporary Equity [Line Items]
Stock issued during period, value, new issues					¥ 47,407	$ 7,165
Stock issued during period, shares, new issues					1,179,379	1,179,379
Series B Convertible Preferred Stock [Member] \| Tranche I of Series B Warrants [Member]
Temporary Equity [Line Items]
Stock issued during period, value, new issues					¥ 133,738	$ 20,212
Stock issued during period, shares, new issues					3,301,849	3,301,849
Series C Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 1,306,633	$ 197,478	¥ 1,306,633	$ 197,478
Opening Balance, Shares	31,046,360	31,046,360	31,046,360	31,046,360
Stock issued during period, value, new issues					¥ 1,306,633	$ 197,478
Stock issued during period, shares, new issues					31,046,360	31,046,360
Conversion to ordinary shares upon IPO, value	¥ (1,306,633)	$ (197,478)
Conversion to ordinary shares upon IPO, shares	(31,046,360)	(31,046,360)
Closing Balance	¥ 0	$ 0	¥ 1,306,633	$ 197,478	¥ 1,306,633	$ 197,478
Closing Balance, Shares	0	0	31,046,360	31,046,360	31,046,360	31,046,360
Series C-1 Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 188,819	$ 26,914
Opening Balance, Shares	3,857,143	3,857,143
Conversion to ordinary shares upon IPO, value	¥ (188,819)	$ (26,914)
Conversion to ordinary shares upon IPO, shares	(3,857,143)	(3,857,143)
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares	0	0	3,857,143		0		3,857,143
Issuance of Series C-1 Preferred Shares, net of issuance costs, Value			¥ 188,819				$ 26,726
Closing Balance	¥ 0	$ 0	¥ 188,819	$ 26,914
Closing Balance, Shares	0	0	3,857,143	3,857,143
Series C-1 Convertible Preferred Stock [Member] \| Series C -1 [Member]
Temporary Equity [Line Items]
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares					3,857,143
Issuance of Series C-1 Preferred Shares, net of issuance costs, Value			¥ 183,536				$ 26,160
Adjustment at extinguishment of Series C-1 Preferred Shares			¥ 5,283	$ 754

Convertible Promissory Notes And Onshore Convertible Loans- Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands	Jun. 29, 2018 $ / shares shares	Feb. 03, 2018 CNY (¥)	Sep. 25, 2017 CNY (¥) shares	Feb. 03, 2018 USD ($) $ / shares	Sep. 25, 2017 USD ($) $ / shares	Oct. 31, 2016 $ / shares
Debt Conversion [Line Items]
Interest Rate					8.00%
Share Price						$ 0.77
Series B-1 Preferred Shares [Member]
Debt Conversion [Line Items]
Conversion price of debt instrument					$ 5.38
2018 Notes [Member] \| Series A-3 Preferred Shares [Member]
Debt Conversion [Line Items]
Convertible promissory notes issued to Investors \| ¥		¥ 59,704
Onshore Convertible Loan [Member] \| Series B-1 Preferred Shares [Member]
Debt Conversion [Line Items]
Debt conversion number of share issue \| shares			1,179,379
Onshore Convertible Loan [Member] \| Series B Onshore Investors [Member]
Debt Conversion [Line Items]
Loss on Extinguishment of Debt \| ¥			¥ 8,548
Maturity period of debt instrument			36 months
Convertible notes issued \| $					$ 5,359
Share Price					$ 4.31
Convertible Promissory Notes 2017 [Member] \| Series B-1 Preferred Shares [Member]
Debt Conversion [Line Items]
Conversion price of debt instrument	$ 5.38
Debt conversion number of share issue \| shares	2,535,201
Convertible Promissory Notes 2017 [Member] \| Series B Preferred Stock Holder [Member]
Debt Conversion [Line Items]
Maturity period of debt instrument			36 months
Convertible notes issued \| $					$ 11,520
Interest Rate					8.00%
Convertible Promissory Notes 2018 [Member] \| Series B-1 Preferred Shares [Member]
Debt Conversion [Line Items]
Conversion price of debt instrument				$ 10
Convertible Promissory Notes 2018 [Member] \| Series A-3 Preferred Shares [Member]
Debt Conversion [Line Items]
Maturity period of debt instrument		36 months
Convertible notes issued \| $				$ 9,000
Interest Rate				0.00%
Share Price				$ 3.96

Warrants - Additional Information (Detail) ¥ in Thousands, $ in Thousands						6 Months Ended			12 Months Ended
	Jul. 06, 2018 CNY (¥) shares	Jul. 06, 2018 USD ($) shares	Sep. 25, 2017 shares	Sep. 22, 2017 shares	Oct. 18, 2016 shares	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Jun. 29, 2018 shares
Value of outstanding securities \| ¥											¥ 132,332
Fair value gain of warrants for the year								¥ 43,854	¥ (5,644)	$ (799)	¥ (61,405)	¥ 14,027
Series A1 And A2 Preferred Shareholders [Member]
Stock Issued During Period, Shares, New Issues					2,246,744
Series B Preferred Shareholders [Member]
Stock Issued During Period, Shares, New Issues				5,633,780
Series B Onshore Investors [Member]
Stock Issued During Period, Shares, New Issues			2,620,842
Tranche I Of Series B Warrants [Member]
Value of outstanding securities \| $							$ 20,000			$ 20,000
Warrants issued and exercised	3,301,849	3,301,849
Series B2 Preferred Shares [Member]
Stock Issued During Period, Shares, New Issues						3,301,849	3,301,849		3,301,849	3,301,849
Value of outstanding securities	¥ 132,332	$ 20,000
Warrants issued and exercised													3,301,849
Tranche II of Series B Warrants [Member]
Value of outstanding securities \| $							$ 30,000			$ 30,000
Series B Warrants Shares [Member]
Warrants issued and exercised	4,952,773	4,952,773
Fair value gain of warrants for the year \| ¥						¥ 0		¥ 43,854	¥ 5,644

Warrants - Summary of fair value of warrant liabilities (Detail)	Dec. 31, 2018
Risk-free rate of return [Member]
Warrants and Rights Outstanding, Measurement Input	249
Maturity date [Member]
Warrants and Rights Outstanding, Maturity Date	Sep. 25, 2019
Estimated volatility rate [Member]
Warrants and Rights Outstanding, Measurement Input	5,090
Exercise price [Member]
Warrants and Rights Outstanding, Measurement Input	606
Fair value of underlying convertible preferred shares [Member]
Warrants and Rights Outstanding, Measurement Input	691

Redeemable Non-Controlling Interests- Additional Information (Detail) ¥ in Thousands, $ in Thousands	Jul. 06, 2018 shares	Jun. 29, 2018 shares	Dec. 31, 2019 CNY (¥)	Sep. 25, 2017 CNY (¥)	Sep. 25, 2017 USD ($)
Series B Onshore Investors [Member]
Class of Stock [Line Items]
Subscribed for additional equity				¥ 161,196	$ 24,444
Series A-3 Preferred Shares [Member]
Class of Stock [Line Items]
Shares issued relating to acquisition \| shares	8,361,823	8,361,823
Mezzanine equity \| ¥			¥ 305,708
Fair value of redeemable convertible stock \| ¥			¥ 615,393
Series B Preferred Shares [Member]
Class of Stock [Line Items]
Shares issued relating to acquisition \| shares	7,394,189	7,394,189

Redeemable Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interest (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Beginning balance	¥ 305,708
Redeemable non-controlling interests arising from business combination		¥ 144,512
Ending balance		305,708
Series B Onshore Investors [Member]
Noncontrolling Interest [Line Items]
Capital injection by Series B Onshore Investors		¥ 161,196
Series A-3 Preferred Shares [Member]
Noncontrolling Interest [Line Items]
Exercise of Series Option	(144,512)
Series B Preferred Shares [Member]
Noncontrolling Interest [Line Items]
Exercise of Series Option	¥ (161,196)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands					1 Months Ended			6 Months Ended				12 Months Ended
	Jan. 17, 2020 CNY (¥) shares	Oct. 31, 2019	Feb. 22, 2019 CNY (¥) shares	Feb. 22, 2019 USD ($) $ / shares shares	Oct. 31, 2017 shares	Oct. 31, 2016 $ / shares shares	Jun. 30, 2016 CNY (¥) shares	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2019 CNY (¥)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 $ / shares	Dec. 31, 2017 CNY (¥) shares	Dec. 31, 2017 $ / shares	Dec. 31, 2016 shares	Oct. 29, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense								¥ 229,795	$ 32,525	¥ 514,664		¥ 515,203
Estimated fair value of Company's ordinary shares \| $ / shares						$ 0.77
Common shares, par value \| $ / shares									$ 0.0001				$ 0.0001		$ 0.0001		$ 0.0001
Number of additional shares authorized								91,051	91,051
Third Venture [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares issued																		369,301
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense								¥ 97,071	$ 13,739	514,356		514,733
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense								132,724	$ 18,786	308		470
Founders [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares issued																		4,019,554
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, stock options granted exercise price \| $ / shares				$ 5.63
Common shares, par value \| $ / shares																			$ 0.0001
Stock options, repurchased during the period, average price \| $ / shares				$ 5.63
Stock options, repurchased during the period, total consideration			¥ 148,308	$ 21,902
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense								0		1,026		1,566	$ 222	¥ 3,520		¥ 7,039
Restricted Shares [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										718		1,096	155	2,464		4,927
Restricted Shares [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										308		470	67	¥ 1,056		¥ 2,112
Restricted Shares [Member] \| Founders [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥							¥ 18,700
Number of shares granted							3,650,253
Number of shares cancelled						87,441
Number of shares outstanding						3,932,113
Ordinary shares held, restriction percentage						70.00%
Share based payment award, vesting period		3 years				3 years
Restricted Shares [Member] \| Founders [Member] \| Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage						20.00%
Restricted Shares [Member] \| Founders [Member] \| Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage						20.00%
Restricted Shares [Member] \| Founders [Member] \| Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage						30.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, stock options surrendered, exercise price \| $ / shares																	1.0
Stock options exercisable									4,061,176
Employee Stock Option [Member] \| Director [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										¥ 148,308	$ 21,902	¥ 148,308	$ 21,902
Employee Stock Option [Member] \| Lei Fang [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, stock options surrendered																130,000
2019 Share Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥								¥ 299
Share based payment award, maximum shares authorized													100,000
Share based payment award, stock options granted								72,000	72,000
Stock options granted								72,000	72,000
Stock options, exercise price \| $ / shares									$ 6.09
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	9,609,084
Share based payment award, maximum shares authorized					13,376,865
Share based payment award, stock options surrendered, exercise price \| $ / shares									$ 1.00				$ 1.00		1.00
Share based payment award, stock options granted												640,000	640,000	1,470,000		11,051,230
Share based payment award, stock options granted exercise price \| $ / shares													$ 1.00		1.00		1.00
Stock options, repurchased during the period												3,435,215	3,435,215
Stock options, repurchased during the period, average price \| $ / shares													$ 1.00
Employee stock option issued to the employee													640,000
Stock options granted												640,000	640,000	1,470,000		11,051,230
Stock options exercisable									4,061,176
Number of shares unvested	332,566							329,377	329,377			397,500	397,500	226,000
Total number of shares unvested	332,566							329,377	329,377			397,500	397,500	226,000
2017 Plan [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥								¥ 53,362
2017 Plan [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥								¥ 66,837
2017 Plan [Member] \| Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares unvested	83,142
Total number of shares unvested	83,142
2017 Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥												¥ 0		¥ 0		¥ 0
Share based payment award, vesting percentage					50.00%
Share based payment award, vesting period					3 years
Share based payment award, stock options granted												640,000	640,000	1,470,000		11,051,230
Share based payment award, stock options granted exercise price \| $ / shares													$ 1		$ 1		$ 1
Stock options granted												640,000	640,000	1,470,000		11,051,230
2017 Plan [Member] \| Employee Stock Option [Member] \| Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage					50.00%
2017 Plan [Member] \| Employee Stock Option [Member] \| Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage					50.00%
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	¥ 91,051												$ 0
Number of shares granted	11,005,888
Share based payment award, maximum shares authorized			14,005,745	14,005,745									15,452,620
Share based payment award, stock options granted												13,991,528	13,991,528
Share based payment award, stock options granted exercise price \| $ / shares													$ 1.00
Stock options, repurchased during the period												454,940	454,940
Stock options, repurchased during the period, average price \| $ / shares													$ 1.00
Stock options granted												13,991,528	13,991,528
Stock options exercisable									9,565,171				10,438,088
Number of shares unvested								11,005,888	11,005,888
Total number of shares unvested								11,005,888	11,005,888
2018 Plan [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥								¥ 43,410				¥ 365,329
2018 Plan [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥								¥ 65,887
2018 Plan [Member] \| Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage			50.00%	50.00%
2018 Plan [Member] \| Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage			50.00%	50.00%
2018 Plan [Member] \| Dr. Zang [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, stock options granted exercise price \| $ / shares				$ 1.0
2018 Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Options, Vested And Exercisable Number			10,893,028	10,893,028
2018 Plan [Member] \| Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares unvested	2,544,917							2,544,917	2,544,917
Total number of shares unvested	2,544,917							2,544,917	2,544,917
2018 Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period			2 years	2 years
Amended 2017 Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, repurchased during the period			3,435,215	3,435,215
Share Options, Vested And Exercisable Number			3,435,215	3,435,215
2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, maximum shares authorized													100,000
Share based payment award, stock options granted								72,000	72,000
Share based payment award, stock options granted exercise price \| $ / shares									$ 6.09
Stock options granted								72,000	72,000

Share-Based Compensation - Summary of Group's Founders' Restricted Shares Activities (Detail) - Restricted Shares [Member] - Founders [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Numbers of shares, Outstanding	1,179,633	1,966,056	2,752,479
Number of shares, Vested	(1,179,633)	(786,423)	(786,423)
Numbers of shares, Outstanding		1,179,633	1,966,056
Weighted average grant date fair value, Outstanding	$ 0.77	$ 0.77	$ 0.77
Weighted average grant date fair value, Vested	0
Weighted average grant date fair value, Outstanding	$ 0	$ 0.77	$ 0.77

Share-Based Compensation - Schedule of Share-Based Compensation Expenses Related to Restricted Shares (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	¥ 229,795	$ 32,525	¥ 514,664	¥ 515,203
Restricted Shares [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	0		1,026	1,566	$ 222	¥ 3,520	¥ 7,039
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	132,724	18,786	308	470
Research and Development Expense [Member] \| Restricted Shares [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares			308	470	67	1,056	2,112
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	¥ 97,071	$ 13,739	514,356	514,733
General and Administrative Expense [Member] \| Restricted Shares [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares			¥ 718	¥ 1,096	$ 155	¥ 2,464	¥ 4,927

Share-Based Compensation - Schedule of Stock Option Activities (Detail) - USD ($)		6 Months Ended	12 Months Ended
	Jan. 17, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numbers of shares
Surrendered (Note 14 (h))		(2,544,917)
Weighted average exercise price
Surrendered (Note 14 (h))		$ 1.00
2017 Plan [Member]
Numbers of shares
Number of shares Outstanding		9,812,881	13,005,596	11,761,596
Granted			640,000	1,470,000	11,051,230
Other addition					710,366
Forfeited	(332,566)	(329,377)	(397,500)	(226,000)
Surrendered (Note 14 (h))		(332,566)
Repurchased			(3,435,215)
Number of shares Outstanding		9,150,938	9,812,881	13,005,596	11,761,596
Exercisable as of December 31, 2019		4,061,176
Weighted average exercise price
Outstanding		$ 0.93	$ 0.95	$ 0.94
Granted			1.00	1.00	$ 1.00
Other addition					0.06
Forfeited		1.00	1.00	1.00
Surrendered (Note 14 (h))		1.00
Repurchased			1.00
Outstanding		0.93	$ 0.93	$ 0.95	$ 0.94
Exercisable as of December 31, 2019		$ 1.00
Weighted average remaining contractual term, Outstanding		7 years 3 months 3 days	7 years 9 months 3 days	8 years 7 months 9 days	9 years 6 months
Weighted average remaining contractual term, Exercisable		7 years 3 months 3 days
Aggregate intrinsic value, Outstanding		$ 110,598	$ 47,671	$ 70,129	$ 24,890
Aggregate intrinsic value, Exercisable		$ 48,787
2018 Plan [Member]
Numbers of shares
Number of shares Outstanding		13,536,588
Granted			13,991,528
Forfeited		(11,005,888)
Repurchased			(454,940)
Number of shares Outstanding		10,991,671	13,536,588
Exercisable as of December 31, 2019		9,565,171	10,438,088
Weighted average exercise price
Outstanding		$ 1.00
Granted			$ 1.00
Repurchased			1.00
Outstanding		1.00	1.00
Exercisable as of December 31, 2019		$ 1.00	$ 1.00
Weighted average remaining contractual term, Outstanding		8 years 7 months 24 days	8 years 10 months 9 days
Weighted average remaining contractual term, Exercisable		8 years 7 months 24 days	9 years 1 month 24 days
Aggregate intrinsic value, Outstanding		$ 132.043	$ 64,840
Aggregate intrinsic value, Exercisable		$ 114,907	$ 49,998
2019 Plan [Member]
Numbers of shares
Granted		72,000
Number of shares Outstanding		72,000
Weighted average exercise price
Granted		$ 6.09
Outstanding		$ 6.09
Weighted average remaining contractual term, Outstanding		9 years 10 months 2 days
Aggregate intrinsic value, Outstanding		$ 498

Share-Based Compensation - Summary of Valuation Assumptions Used (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		54.64%		62.34%
Expected volatility, Maximum			62.13%
Expected volatility, Minimum			61.32%
Risk-free interest rate (per annum)		2.15%		2.32%
Risk-free interest rate, Maximum			3.06%
Risk-free interest rate, Minimum			2.81%
Exercise multiple		2.80	2.80	2.80
Expected dividend yield
Contractual term (in years)		10 years	10 years	10 years
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, Maximum		56.31%
Expected volatility, Minimum		54.64%
Risk-free interest rate, Maximum		2.75%
Risk-free interest rate, Minimum		2.15%
Exercise multiple		2.80
Contractual term (in years)		10 years
2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	54.88%
Risk-free interest rate (per annum)	0.79%
Exercise multiple	2.80
Contractual term (in years)	10 years

Share-Based Compensation - Summary of non-vested stock option activities (Detail) - $ / shares		6 Months Ended	12 Months Ended
	Jan. 17, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2017 Plan [Member]
Numbers of shares
Number of shares Outstanding		9,812,881
Vested		(4,061,176)
Forfeited	(332,566)	(329,377)	(397,500)	(226,000)
Surrendered		(332,566)
Granted			640,000	1,470,000	11,051,230
Number of shares Outstanding		5,089,762	9,812,881
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding		$ 2.10
Vested		1.62
Forfeited		$ 2.21
Surrendered		1.47
Weighted average grant date fair value Outstanding		$ 2.53	$ 2.10
2018 Plan [Member]
Numbers of shares
Number of shares Outstanding		3,098,500
Vested		(1,672,000)
Forfeited		(11,005,888)
Granted			13,991,528
Number of shares Outstanding		1,426,500	3,098,500
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding		$ 5.57
Vested		5.57
Weighted average grant date fair value Outstanding		$ 5.57	$ 5.57
2019 Plan [Member]
Numbers of shares
Granted		72,000
Number of shares Outstanding		72,000
Weighted average Grant date fair value
Granted		$ 6.09
Weighted average grant date fair value Outstanding		$ 6.09

Share-Based Compensation - Disclosure of Stock-Based Compensation Expense (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	¥ 229,795	$ 32,525	¥ 514,664	¥ 515,203
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	132,724	18,786	308	470
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	¥ 97,071	$ 13,739	¥ 514,356	¥ 514,733

Licensing And Collaboration Agreements - Additional Information (Detail) ¥ in Thousands, $ in Thousands										1 Months Ended					6 Months Ended				12 Months Ended
	Sep. 03, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($)	Sep. 30, 2019 CNY (¥)	Feb. 28, 2019 CNY (¥)	Jan. 01, 2018	Nov. 17, 2017 CNY (¥)	Nov. 17, 2017 USD ($)	Jan. 31, 2020 CNY (¥) shares	Jan. 31, 2020 USD ($) shares	Jul. 31, 2018 CNY (¥)	Jul. 31, 2018 USD ($)	Jan. 31, 2018	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Jun. 30, 2020 USD ($) shares	Jan. 17, 2020 shares	Dec. 31, 2019 USD ($) shares	Nov. 04, 2019 CNY (¥) shares	Nov. 04, 2019 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $	$ 20,000
Research and development expense			¥ 3,490												¥ 442,291	$ 62,602	¥ 265,084		¥ 840,415	$ 118,953	¥ 426,028		¥ 267,075
Issue of shares, Value			¥ 6												¥ 92				¥ 6		¥ 6				$ 13		$ 1
Issue of shares \| shares			8,363,719												133,006,644				8,363,719		8,363,719				133,006,644		8,363,719
Advance from customers																					¥ 14,151
Milestone revenue recognized																	15,000		¥ 30,000	4,246	53,781		¥ 11,556
Licensing Agreement With CSPC Pharmaceutical Group Limited [Member] \| CSPC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																					15,000
Milestone payments																					135,000
Advance from customers																					14,200
Proceeds from milestone achievement					¥ 15,000	¥ 800
Milestone revenue recognized																			30,000
Licensing Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $		$ 0		$ 0																$ 0		$ 0
Research and development expense															¥ 33,400	20	¥ 3,410
Milestone revenue recognized																					17,200	$ 2,500
Licensing Agreement With ABL Bio [Member] \| ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee										¥ 17,200	$ 2,500	¥ 17,200	$ 2,500
Milestone payments										690,300	97,500	646,800	97,500
Licensing Agreement With ABL Bio [Member] \| ABL Bio [Member] \| Clinical Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments										¥ 230,100	$ 32,500	215,600	32,500
Licensing Agreement With ABL Bio [Member] \| ABL Bio [Member] \| Sales Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments												¥ 431,200	$ 65,000
Collaboration Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense			¥ 12,200																¥ 11,200		¥ 1,000
Cost sharing ratio																			50.00%	50.00%	50.00%	50.00%
Collaboration Agreement With ABL Bio [Member] \| ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense			¥ 8,000																¥ 8,000
Licensing Agreement with MorphoSys AG [Member] \| MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee								¥ 132,700	$ 20,000						¥ 132,700	$ 20,000
Milestone payments								653,500	98,500
Licensing Agreement with Genexine Inc [Member] \| Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reduction in milestone payment							50.00%
Long-term Purchase Commitment, Period														15 years
Licensing Agreement with MacroGenics [Member] \| MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Licensing Arrangements, Description of terms															The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which we participate, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.	The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which we participate, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.			The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which we participate, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.	The Group is responsible for all development costs in Greater China. MacroGenics is responsible for all development costs in the rest of the world, except that the Group is responsible for 20% of the costs incurred in (i) activities supporting global clinical trials in which we participate, (ii) certain CMC activities for material intended to be used in clinical trials in Greater China, and (iii) companion diagnostic development and validation for indications being studied in Greater China.
Licensing Agreement with MacroGenics [Member] \| MacroGenics [Member] \| Development Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																				$ 75,000
Other In-Licensing Arrangements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee \| $																				1,200		$ 600
Milestone payments				$ 164,400															¥ 8,400	1,200	¥ 2,000	$ 300
Milestone payments due															¥ 1,144,500				1,144,500	1,500
Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| HealSun [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost-to-cost input method percent																					100.00%	100.00%	42.00%	42.00%
Revenue from collaborative arrangement, excluding assessed tax																						$ 36,500	¥ 11,600
Proceeds from milestone achievement																							29,000
Milestone payments income															51,000				51,000,000
Deferred revenue from collaborative arrangement excluding VAT																							15,800
Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| HealSun [Member] \| Deferred Revenue [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Excise and Sales Taxes																							900
Research and Development Expense [Member] \| Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																				8,000
Research and Development Expense [Member] \| Licensing Agreement with MorphoSys AG [Member] \| MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																						0	132,700	$ 20,000
Milestone payments																			55,700	8,000
Research and Development Expense [Member] \| Licensing Agreement with Genexine Inc [Member] \| Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee															79,600	$ 12,000			79,600	12,000
Milestone payments																			152,600	23,000
Research and Development Expense [Member] \| Licensing Agreement with MorphoSys Member [Member] \| MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																				0	¥ 23,200	3,500
Research and Development Expense [Member] \| Licensing Agreement with MacroGenics [Member] \| MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee \| $																				15,000
Operating Expense [Member] \| ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															11,100
Operating Expense [Member] \| Licensing Agreement With ABL Bio [Member] \| ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			¥ 700	$ 100
Cost sharing ratio																			50.00%	50.00%
Operating Expense [Member] \| Collaboration Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															¥ 22,300				¥ 9,600			500
Cost sharing ratio															(50.00%)	(50.00%)	50.00%	50.00%
Operating Expense [Member] \| Collaboration Agreements with Tracon Pharmaceuticals Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															¥ 100	$ 20	¥ 4,400	$ 600	27,800	$ 4,000
Operating Expense [Member] \| Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| HealSun [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Excise and Sales Taxes																						1,300	¥ 700
Operating Expense [Member] \| Collaboration Agreement with Everest [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																	3,450
Licensing Agreements [Member] \| Research and Development Expense [Member] \| Minimum [Member] \| MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																				60,000
Other In Licensing Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																			8,400		4,000
Milestone payments															1,400	200	1,400	200
Milestone payments due																164,400			10,500
MorphoSysAG [Member] \| Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments								¥ 653,500	$ 98,500
MorphoSysAG [Member] \| Research and Development Expense [Member] \| Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																			55,700	8,000
MorphoSysAG [Member] \| Research and Development Expense [Member] \| Licensing Agreement with MorphoSys Member [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																0				0	23,200	3,500
Genexine Inc [Member] \| Licensing Agreement with Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments															3,482,700	525,000			3,482,700	525,000
Genexine Inc [Member] \| Licensing Agreement with Genexine Inc [Member] \| GXI7 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																2,000,000				2,000,000
Genexine Inc [Member] \| Licensing Agreement with MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-term Purchase Commitment, Period														15 years
Genexine Inc [Member] \| Research and Development Expense [Member] \| Licensing Agreement with Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																			152,600	23,000
MacroGenics [Member] \| Licensing Agreement with Genexine Inc [Member] \| Development Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																				75,000
MacroGenics [Member] \| Research and Development Expense [Member] \| Licensing Agreement with MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee \| $																				15,000
MacroGenics [Member] \| Licensing Agreements [Member] \| Research and Development Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																			104,400
MacroGenics [Member] \| Licensing Agreements [Member] \| Research and Development Expense [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments \| $																				60,000
HealSun [Member] \| Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| Milestone III [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from milestone achievement																					11,000
HealSun [Member] \| Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| Milestone Four [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from milestone achievement																					11,000
Everest [Member] \| Collaboration Agreement with Everest [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																	51,600	7,600	¥ 53,100	$ 7,600
Shares issued upon conversion \| shares										6,078,571	6,078,571															6,078,571
Everest [Member] \| Out Licensing Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of Payment Terms																			Under the agreement, the Group is primarily responsible for carrying out the development, manufacture and supply of the CD38 product, as well as seeking regulatory approval of the CD38 product. Everest is primarily responsible for sharing the development costs of the CD38 product, including payments due to MorphoSys under the Licensing Agreement, dated November 30, 2017, in the proportion of 75% by Everest and 25% by the Group.	Under the agreement, the Group is primarily responsible for carrying out the development, manufacture and supply of the CD38 product, as well as seeking regulatory approval of the CD38 product. Everest is primarily responsible for sharing the development costs of the CD38 product, including payments due to MorphoSys under the Licensing Agreement, dated November 30, 2017, in the proportion of 75% by Everest and 25% by the Group.
Sharing the profit and loss			5.00%																5.00%								5.00%
Research and development expense																					¥ 178,700	$ 26,000
Issue of shares, Value																												¥ 258,100	$ 37,000
Issue of shares \| shares																												4,762,751	4,762,751
Cumulative Paid In Contributions \| $																													$ 33,700
Time cost of foregoing historical contribution																												¥ 23,000	$ 3,300
ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															¥ 300	40	¥ 400	$ 60
ABL Bio [Member] \| Licensing Agreement With ABL Bio [Member] \| Sales Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments										¥ 460,200	$ 65,000
ABL Bio [Member] \| Research and Development Expense [Member] \| Licensing Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			¥ 1,400	$ 200
ABL Bio [Member] \| Operating Expense [Member] \| Licensing Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			¥ 150
Cost sharing ratio																			(50.00%)	(50.00%)
KG Bio [Member] \| Licensing Agreement with KG Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone income \| $																$ 340,000
KG Bio [Member] \| Licensing Agreements [Member] \| Research and Development Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			¥ 1,400	$ 200

Licensing And Collaboration Arrangements - Summary of Financial Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Sep. 03, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones	$ 20,000
Research and Development Expense [Member] \| Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees				$ 20,000
Milestones		$ 8,000
Research and Development Expense [Member] \| Licensing Agreement with Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees			$ 12,000
Research and Development Expense [Member] \| Licensing Agreement with MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees			$ 3,500
Research and Development Expense [Member] \| Licensing Agreement with MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees		$ 15,000

Other Income (Expenses), Net - Summary of Other Income (Expenses), Net (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Other Income and Expenses [Abstract]
Loss from conversion of 2017 Notes						¥ (18,375)
Loss from conversion of Onshore Convertible Loans						(8,548)
Loss from issuance of 2018 Notes						(5,081)
Loss on termination agreement with Everest				¥ (23,039)	$ (3,261)
Fair value change of short-term investments	¥ 415	$ 59		703	100
Income of incentive payment from depository bank (Note 7)	1,090	154
Income from other financial assets						13,622	¥ 5,572
Net foreign exchange gains (losses)	947	134	¥ 140	1,619	229	742	(3,873)
Subsidy income	10,408	1,473	100	568	80	750
Fair value change of other financial assets			(508)	42	6
Others	(36)	(5)	571	(98)	(14)	110	(172)
Other Income (Expenses), Net	¥ 12,824	$ 1,815	¥ 303	¥ (20,205)	$ (2,860)	¥ (16,780)	¥ 1,527

Other Income (Expenses), Net - Summary of Other Income (Expenses), Net (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Grant [Member]
Revenues	$ 10

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Net Loss per Share - Summary of Basic and Diluted Net Loss per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥) ¥ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Numerator:
Net loss attributable to I-Mab	¥ (582,853)	$ (82,497)	¥ (857,337)	¥ (1,451,950)	$ (205,510)	¥ (402,833)	¥ (298,240)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares				(5,283)	(748)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares				(27,768)	(3,930)
Net loss attributable to ordinary shareholders	¥ (582,853)	$ (82,497)	¥ (857,337)	¥ (1,485,001)	$ (210,188)	¥ (402,833)	¥ (298,240)
Denominator:
Weighted average number of ordinary shares outstanding—basic and diluted	121,815,986	121,815,986	7,184,086	7,381,230	7,381,230	6,529,092	5,742,669
Net loss per share—basic and diluted \| (per share)	¥ (4.78)	$ (0.68)	¥ (119.34)	¥ (201.19)	$ (28.48)	¥ (61.70)	¥ (51.93)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

Net Loss per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Convertible Preferred Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that have not been included in calculation of diluted net loss per share		91,578,628	92,238,119	64,389,968	14,811,182
Convertible promissory notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that have not been included in calculation of diluted net loss per share		1,167,779			673,738
Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that have not been included in calculation of diluted net loss per share		252,099		1,134,058	1,623,553
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that have not been included in calculation of diluted net loss per share	27,019,861	8,803,305	11,388,776

Employee Benefits - Additional Information (Detail) - CNY (¥) ¥ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Postemployment Benefits [Abstract]
Employee benefit expenses	¥ 5,411	¥ 5,204	¥ 14,152	¥ 9,294	¥ 5,120

Related Party Balances and Transactions - Summary of Related Party Balances (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Related Party Transaction [Line Items]
Ordinary shares to be issued to Everest	¥ 258,119	$ 36,534
Everest [Member]
Related Party Transaction [Line Items]
Research and development funding received			¥ 178,715
Ordinary shares to be issued to Everest	¥ 258,119	$ 36,534

Related Party Balances and Transactions - Summary of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
CMAB Biopharma Suzhou Inc [Member] \| Receipt of CRO Services [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized						¥ 2,786
CMAB Biopharma Suzhou Inc [Member] \| Project Development Fee [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized	¥ 695	$ 98
Tasly Pharmaceutical Group Co Ltd [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized			¥ 5,590
Tasly Pharmaceutical Group Co Ltd [Member] \| Receipt of CRO Services [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized				¥ 5,590	$ 791		¥ 752
Everest [Member]
Related Party Transaction [Line Items]
Receipt of research and development funding			¥ 51,588	¥ 53,148	$ 7,523	¥ 178,715

Subsequent Events - Additional information (Detail) $ / shares in Units, ¥ in Thousands											1 Months Ended	2 Months Ended	6 Months Ended		12 Months Ended
	Sep. 04, 2027 USD ($)	Sep. 04, 2022 shares	Sep. 04, 2021 shares	Sep. 15, 2020 USD ($)	Sep. 04, 2020 USD ($)	Sep. 03, 2020 USD ($)	Apr. 15, 2020 shares	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) shares	Jan. 17, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Sep. 30, 2020 shares	Jun. 30, 2020 CNY (¥) shares	Jun. 30, 2020 USD ($) shares	Dec. 31, 2017 CNY (¥) shares	Sep. 04, 2026 $ / shares	Sep. 04, 2025 shares	Sep. 04, 2024 shares	Sep. 04, 2023 $ / shares	Jul. 15, 2020 USD ($) shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares	Oct. 31, 2016 $ / shares
Subsequent Event [Line Items]
Proceeds from initial public offering													¥ 703,798	$ 99,616,000
Share price \| $ / shares																							$ 0.77
Milestone payments \| $						$ 20,000,000
Milestone Income \| $						1,740,000,000
Percentage of equity interest to domestic investors				40.00%
Consideration received \| $				$ 120,000,000
Percentage of equity interest to Management team				10.00%
Percentage of equity interest to Equity incentive plan				5.00%
Proceeds from Issuance of Warrants \| ¥															¥ 40,563
AbbVie [Member]
Subsequent Event [Line Items]
Upfront Fees \| $						180,000,000
Clinical Development and Regulatory Approval Milestones [Member]
Subsequent Event [Line Items]
Milestone Income \| $						840,000,000
Minimum [Member] \| Commercial Milestone [Member]
Subsequent Event [Line Items]
potential value of license agreement \| $						500,000,000
Maximum [Member] \| Commercial Milestone [Member]
Subsequent Event [Line Items]
potential value of license agreement \| $						$ 1,000,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based Payment Award, Number of options granted												1,068,733
Subsequent Event [Member] \| Restricted Shares [Member]
Subsequent Event [Line Items]
Share Based Payment Award Number Of Shares Authorized																				7,686,081
Share-based Payment Award, Number of other than options granted												4,892,918
Subsequent Event [Member] \| Amended 2017 Plan [Member]
Subsequent Event [Line Items]
Share Based Payment Award Number Of Shares Authorized							9,609,084
Share based compensation by share based payment arrangement number of non vested options forfeited							332,566
Subsequent Event [Member] \| Amended 2018 Plan [Member]
Subsequent Event [Line Items]
Share Based Payment Award Number Of Shares Authorized							11,005,888
Share based compensation by share based payment arrangement number of non vested options forfeited							2,544,917
Subsequent Event [Member] \| Share Incentive Plan 2020 [Member]
Subsequent Event [Line Items]
Share Based Payment Award Number Of Shares Authorized																				10,760,513
Subsequent Event [Member] \| Zheru Zhang [Member] \| Amended 2017 Plan [Member]
Subsequent Event [Line Items]
Share based compensation by share based payment arrangement number of non vested options forfeited							83,142
Subsequent Event [Member] \| Lili Qian [Member] \| Amended 2017 Plan [Member]
Subsequent Event [Line Items]
Share based compensation by share based payment arrangement number of non vested options forfeited							83,142
Subsequent Event [Member] \| Zhengyi Wang [Member] \| Amended 2017 Plan [Member]
Subsequent Event [Line Items]
Share based compensation by share based payment arrangement number of non vested options forfeited							83,142
Subsequent Event [Member] \| Lei Fang [Member] \| Amended 2017 Plan [Member]
Subsequent Event [Line Items]
Share based compensation by share based payment arrangement number of non vested options forfeited							83,142
Collaboration Agreement with Everest [Member] \| Everest [Member]
Subsequent Event [Line Items]
Shares issued upon conversion										6,078,571
Strategic Partnership Agreement With Kalbe Genexine Biologics [Member] \| Subsequent Event [Member] \| CD73 Antibody [Member]
Subsequent Event [Line Items]
Upfront license fee \| $											$ 340,000,000
American Depositary Shares [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchase of stock \| $																				$ 20,000,000
Common Stock [Member]
Subsequent Event [Line Items]
Number of share issued, ADS													18,804,225	18,804,225
IPO [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of share issued, ADS									7,407,400
Number of share issued, price per share \| $ / shares										$ 14.00
Proceeds from initial public offering \| $									$ 103,700,000
IPO [Member] \| American Depositary Shares [Member]
Subsequent Event [Line Items]
Number of share issued, ADS									7,407,400	7,407,400
Number of share issued, price per share \| $ / shares										$ 14.00
Proceeds from initial public offering \| $									$ 103,700,000	$ 104,000,000
Over-Allotment Option [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of share issued, ADS								8,175,750
Proceeds from initial public offering \| $								$ 114,460,500
American depository shares, common share equivalent								23
Common stock shares issuable								768,350
Share price \| $ / shares								$ 14.00
Over-Allotment Option [Member] \| American Depositary Shares [Member]
Subsequent Event [Line Items]
Number of share issued, ADS								8,175,750
Proceeds from initial public offering \| $								$ 114,500,000
American depository shares, common share equivalent								23
Common stock shares issuable								768,350
Share price \| $ / shares								$ 14.00
Private Placement [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Warrants \| $	$ 104,500,000
Sale of Stock, Consideration Received on Transaction \| $					$ 418,000,000
Private Placement [Member] \| Subsequent Event [Member] \| Hillhouse Capital Group [Member]
Subsequent Event [Line Items]
Investment income from private placement \| $					$ 418,000,000
Private Placement [Member] \| Common Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction			29,133,502
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																		5,341,267
Series A Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding							30,227,056						0	0	21,865,233						30,227,056	30,227,056
Number of preferred shares converted to common shares							30,227,056
Series A Convertible Preferred Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding							30,227,056
Number of preferred shares converted to common shares							30,227,056
Series B Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding													0	0	15,894,594						30,305,212	30,305,212
Series B Convertible Preferred Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding							23,288,783
Number of preferred shares converted to common shares							23,288,783
Convertible Preferred Stock Series B-1 Upon Conversion [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding							3,714,580
Number of preferred shares converted to common shares							3,714,580
Convertible Preferred Stock Series B-1 Upon Conversion [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, shares outstanding							3,714,580			3,714,580
Temporary Shares Outstanding							3,301,849			3,301,849
Number of preferred shares converted to common shares							3,714,580			3,714,580
Convertible Preferred Stock Series B-2 [Member]
Subsequent Event [Line Items]
Temporary Shares Outstanding							3,301,849
Number of preferred shares converted to common shares							3,571,427
Convertible Preferred Stock Series B-2 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Temporary Shares Outstanding							31,046,360			31,046,360
Number of preferred shares converted to common shares							3,571,427			3,571,427
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Temporary Shares Outstanding							31,046,360
Number of preferred shares converted to common shares							34,420,469
Series C Preferred Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of preferred shares converted to common shares							34,420,469			34,420,469
Series C-1 Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Temporary Shares Outstanding							3,857,143
Number of preferred shares converted to common shares							4,537,814
Series C-1 Convertible Preferred Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Temporary Shares Outstanding							3,857,143			3,857,143
Number of preferred shares converted to common shares							4,537,814			4,537,814
ADR [Member] \| Private Placement [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		12,666,740
Sale of Stock, Price Per Share \| $ / shares																			$ 33
Class of Warrant or Right, Number of Securities Called by Warrants or Rights																	2,322,290
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares																$ 45

Restricted Net Assets - Additional information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Net Assets Disclosure [Line Items]
Statutory reserve, annual appropriation percentage from after tax profit	10.00%
Statutory reserve, threshold limit for annual appropriation	50.00%
Appropriation to statutory reserve	$ 0	$ 0	$ 0
Prc Subsidiaries [Member]
Restricted Net Assets Disclosure [Line Items]
Net assets	$ 0
Percentage of net asset to consolidated net assets	25.00%

Condensed Financial Information of the Parent Company - Summary of Balance Sheet (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)
Current assets
Cash and cash equivalents	¥ 1,560,031	$ 220,808	¥ 1,137,473	$ 160,999		¥ 1,588,278
Total current assets	1,693,087	239,641	1,361,319	192,682		2,036,861
Other non-current assets			18,331	2,594
Total assets	2,048,722	289,979	1,737,572	245,937		2,375,938
Current liabilities
Accruals and other payables	243,068	34,404	273,553	38,719		67,674
Ordinary shares to be issued to Everest			258,119	36,534
Warrant liabilities						5,618
Total current liabilities	251,270	35,565	588,479	83,294		346,158
Convertible promissory notes	69,138	9,787	68,199	9,652		67,026
Total liabilities	344,846	48,811	668,090	94,561		415,684
Shareholders' deficit
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized as of December 31, 2018 and 2019, 8,363,719 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)	92	13	6	1		6
Treasury stock						(1)
Accumulated other comprehensive income (loss)	104,853	14,841	70,127	9,926		59,380
Accumulated deficit	(3,077,060)	(435,530)	(2,494,207)	(353,032)		(1,014,489)
Total shareholders' equity (deficit)	1,703,876	241,168	(2,034,695)	(287,992)	¥ (1,451,057)	(955,104)	¥ (299,795)	¥ (14,512)
Total liabilities, mezzanine equity and shareholders' equity (deficit)	¥ 2,048,722	$ 289,979	1,737,572	245,937		2,375,938
Parent Company [Member]
Current assets
Cash and cash equivalents			719,269	101,806		603,234
Total current assets			719,269	101,806		603,234
Receivables due from subsidiaries			939,832	133,024		1,455,048
Other non-current assets			18,331	2,595
Total assets			1,677,432	237,425		2,058,282
Current liabilities
Accruals and other payables			117,977	16,699
Ordinary shares to be issued to Everest			258,119	36,534
Warrant liabilities						5,618
Total current liabilities			376,096	53,233		5,618
Convertible promissory notes			68,199	9,653		67,026
Deficit in subsidiaries			163,655	23,163		25,384
Total liabilities			607,950	86,049		98,028
Mezzanine equity
Mezzanine equity			3,104,177	439,368		2,915,358
Shareholders' deficit
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized as of December 31, 2018 and 2019, 8,363,719 shares authorized, issued and outstanding as of December 31, 2018 and 2019, respectively)			6	1		6
Treasury stock						(1)
Additional paid-in capital			389,379	55,113
Accumulated other comprehensive income (loss)			70,127	9,926		59,380
Accumulated deficit			(2,494,207)	(353,032)		(1,014,489)
Total shareholders' equity (deficit)			(2,034,695)	(287,992)		(955,104)
Total liabilities, mezzanine equity and shareholders' equity (deficit)			1,677,432	237,425		2,058,282
Series A Convertible Preferred Shares [Member] \| Parent Company [Member]
Mezzanine equity
Mezzanine equity			687,482	97,037		687,482
Series B Convertible Preferred Shares [Member] \| Parent Company [Member]
Mezzanine equity
Mezzanine equity			921,243	130,393		921,243
Series C Convertible Preferred Shares [Member] \| Parent Company [Member]
Mezzanine equity
Mezzanine equity			1,306,633	184,942		¥ 1,306,633
Series C-1 Convertible Preferred Shares [Member] \| Parent Company [Member]
Mezzanine equity
Mezzanine equity			¥ 188,819	$ 26,726

Condensed Financial Information of the Parent Company - Summary of Balance Sheet (Parenthetical) (Detail) - $ / shares	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000,000	500,000,000	500,000,000
Ordinary Shares Issued	133,006,644	8,363,719	8,363,719
Ordinary shares, shares outstanding	133,006,644	8,363,719	8,363,719
Series A Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value	$ 0.0001	$ 0.0001	$ 0.0001
Mezzanine equity, shares authorized	0	30,227,056	30,227,056
Mezzanine equity, shares issued	0	30,227,056	30,227,056
Temporary Equity, Shares Outstanding	0	30,227,056	30,227,056
Series B Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value	$ 0.0001	$ 0.0001	$ 0.0001
Mezzanine equity, shares authorized	0	30,305,212	30,305,212
Mezzanine equity, shares issued	0	30,305,212	30,305,212
Temporary Equity, Shares Outstanding	0	30,305,212	30,305,212
Series C Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value	$ 0.0001	$ 0.0001	$ 0.0001
Mezzanine equity, shares authorized	0	31,046,360	31,046,360
Mezzanine equity, shares issued	0	31,046,360	31,046,360
Temporary Equity, Shares Outstanding	0	31,046,360	31,046,360
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value		$ 0.0001	$ 0.0001
Ordinary shares, shares authorized		500,000,000	500,000,000
Ordinary Shares Issued		8,363,719	8,363,719
Ordinary shares, shares outstanding		8,363,719	8,363,719
Parent Company [Member] \| Series A Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value			$ 0.0001	0.0001
Mezzanine equity, shares authorized			30,227,056
Mezzanine equity, shares issued			30,227,056
Temporary Equity, Shares Outstanding			30,227,056
Parent Company [Member] \| Series B Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value			$ 0.0001	$ 0.0001
Mezzanine equity, shares authorized			30,305,212
Mezzanine equity, shares issued			30,305,212
Temporary Equity, Shares Outstanding			30,305,212
Parent Company [Member] \| Series C Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value			$ 0.0001
Mezzanine equity, shares authorized			31,046,360
Mezzanine equity, shares issued			31,046,360
Temporary Equity, Shares Outstanding			31,046,360
Parent Company [Member] \| Series C-1 Convertible Preferred Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Mezzanine equity, par value		$ 0.0001	$ 0.0001
Mezzanine equity, shares authorized		3,857,143	0
Mezzanine equity, shares issued		3,857,143	0
Temporary Equity, Shares Outstanding		3,857,143	0

Condensed Financial Information of the Parent Company - Summary of Statement of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands		6 Months Ended			12 Months Ended
	Dec. 31, 2019 CNY (¥)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Operating Expenses [Abstract]
Research and development expenses	¥ 3,490	¥ 442,291	$ 62,602	¥ 265,084	¥ 840,415	$ 118,953	¥ 426,028	¥ 267,075
Administrative expenses		171,384	24,258	574,584	654,553	92,646	66,391	25,436
Loss before income tax expense		(582,853)	(82,497)	(857,337)	(1,451,950)	(205,510)	(401,111)	(298,240)
Net loss attributable to I-MAB		(582,853)	(82,497)	(857,337)	(1,451,950)	(205,510)	(402,833)	(298,240)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares					5,283	748
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares					27,768	3,930
Net loss attributable to ordinary shareholders		(582,853)	(82,497)	(857,337)	(1,485,001)	(210,188)	(402,833)	(298,240)
Net loss attributable to I-MAB		(582,853)	(82,497)	(857,337)	(1,451,950)	(205,510)	(402,833)	(298,240)
Other comprehensive income:
Foreign currency translation adjustments, net of nil tax		34,726	4,915	(4,972)	10,747	1,521	53,689	5,918
Total comprehensive loss attributable to I-MAB		¥ (548,127)	$ (77,582)	¥ (862,309)	(1,441,203)	(203,989)	(349,144)	(292,322)
Parent Company [Member]
Operating Expenses [Abstract]
Research and development expenses					(380,143)	(53,806)	(121,734)	(128,721)
Administrative expenses					(204,874)	(28,998)	(15,373)
Total operating expenses					(585,017)	(82,804)	(137,107)	(128,721)
Interest income (expenses), net					16,995	2,405	(7,467)	(3,892)
Other expenses					(23,492)	(3,325)
Share of losses of subsidiaries					(866,080)	(122,585)	(319,664)	(151,600)
Fair value change of warrants					5,644	799	61,405	(14,027)
Loss before income tax expense					(1,451,950)	(205,510)	(402,833)	(298,240)
Net loss attributable to I-MAB					(1,451,950)	(205,510)	(402,833)	(298,240)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares					(5,283)	(748)
Deemed dividend to Series B-1, B-2 and C preferred shareholders at modification of Series B-1, B-2 and C Preferred Shares					(27,768)	(3,930)
Net loss attributable to ordinary shareholders					(1,485,001)	(210,188)	(402,833)	(298,240)
Net loss attributable to I-MAB					(1,451,950)	(205,510)	(402,833)	(298,240)
Other comprehensive income:
Foreign currency translation adjustments, net of nil tax					10,747	1,521	53,689	5,918
Total comprehensive loss attributable to I-MAB					¥ (1,441,203)	$ (203,989)	¥ (349,144)	¥ (292,322)

Condensed Financial Information of the Parent Company - Summary of Cash Flow Statement (Detail) ¥ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) generated from operating activities	¥ (349,793)	$ (49,510)	¥ (389,034)	¥ (867,982)	$ (122,855)	¥ (280,705)	¥ (252,157)
Net cash (used in) generated from investing activities	30,354	4,298	158,056	212,462	30,072	9,500	(157,665)
Net cash generated from financing activities	653,798	92,539	(30,000)	152,709	21,615	1,479,669	758,585
Effect of exchange rate changes on cash and cash equivalents	32,389	4,584	(3,093)	15,163	2,146	59,754	(132)
Net increase (decrease) in cash and cash equivalents and restricted cash	366,748	51,911	(264,071)	(487,648)	(69,022)	1,268,218	348,631
Cash, cash equivalents, and restricted cash, beginning of year	1,193,283	168,898	1,680,931	1,680,931	237,920	412,713	64,082
Cash, cash equivalents, and restricted cash, end of the year	1,560,031	220,808	1,416,860	1,193,283	168,898	1,680,931	412,713
Parent Company [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) generated from operating activities				(528,322)	(74,779)	40,232	(132,732)
Net cash (used in) generated from investing activities				449,592	63,636	(1,032,483)	(356,635)
Net cash generated from financing activities				183,536	25,978	1,498,669	475,224
Effect of exchange rate changes on cash and cash equivalents				11,229	1,589	62,587	4,697
Net increase (decrease) in cash and cash equivalents and restricted cash				116,035	16,424	569,005	(9,446)
Cash, cash equivalents, and restricted cash, beginning of year	¥ 719,269	$ 101,806	¥ 603,234	603,234	85,382	34,229	43,675
Cash, cash equivalents, and restricted cash, end of the year				¥ 719,269	$ 101,806	¥ 603,234	¥ 34,229