0001193125-21-135440 | 20-F | XBRL Viewer

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2020 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	I-MAB
Entity Central Index Key	0001778016
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Address Line One	Suite 802, West Tower, OmniVision, 88 Shangke Road, Pudong District
Entity Interactive Data Current	Yes
Entity File Number	001-39173
Entity Incorporation, State or Country Code	E9
Entity Address, Postal Zip Code	201210
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Common Stock, Shares Outstanding	164,888,519
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
Ordinary Share [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Ordinary shares, par value US$0.0001 per share
No Trading Symbol Flag	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Address Line One	Suite 802, West Tower, OmniVision, 88 Shangke Road, Pudong District
Entity Address, Postal Zip Code	201210
City Area Code	86
Local Phone Number	6057-8000
Contact Personnel Name	Jielun Zhu
Contact Personnel Email Address	jielun.zhu@i-mabbiopharma.com
American Depositary Shares [Member]
Document Information [Line Items]
Trading Symbol	IMAB
Security Exchange Name	NASDAQ
Title of 12(b) Security	American depositary shares, each ten (10) American depositary shares representing twenty-three (23) ordinary shares

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Current assets
Cash and cash equivalents	¥ 4,758,778	$ 729,315	¥ 1,137,473
Restricted cash			55,810
Accounts receivable	130,498	20,000
Contract assets	227,391	34,849
Short-term investments	31,530	4,832	32,000
Prepayments and other receivables	195,467	29,957	136,036
Total current assets	5,343,664	818,953	1,361,319
Property, equipment and software	25,272	3,873	30,069
Operating lease right-of-use assets	14,997	2,298	16,435
Intangible assets	120,444	18,459	148,844
Goodwill	162,574	24,916	162,574
Investment accounted for using the equity method	664,832	101,890
Other non-current assets	2,010	308	18,331
Total assets	6,333,793	970,697	1,737,572
Current liabilities
Short-term borrowings			50,000
Accruals and other payables	560,558	85,909	273,553
Operating lease liabilities, current	8,058	1,235	6,807
Ordinary shares to be issued to Everest			258,119
Deferred subsidy income	7,509	1,151
Total current liabilities	576,125	88,295	588,479
Convertible promissory notes			68,199
Put right liabilities	116,006	17,779
Operating lease liabilities, non-current	5,542	849	7,492
Deferred subsidy income			3,920
Other non-current liabilities	8,975	1,375
Total liabilities	706,648	108,298	668,090
Commitments and contingencies
Mezzanine equity
Total mezzanine equity			3,104,177
Shareholders' equity (deficit)
Ordinary shares (US$0.0001 par value, 500,000,000 and 800,000,000 shares authorized as of December 31, 2019 and December 31, 2020, respectively; 8,363,719 and 164,888,519 shares issued and outstanding as of December 31, 2019 and December 31, 2020, respectively)	114	17	6
Additional paid-in capital	7,701,116	1,180,249	389,379
Accumulated other comprehensive income (loss)	(50,793)	(7,784)	70,127
Accumulated deficit	(2,023,292)	(310,083)	(2,494,207)
Total shareholders' equity (deficit)	5,627,145	862,399	(2,034,695)
Total liabilities, mezzanine equity and shareholders' equity (deficit)	¥ 6,333,793	$ 970,697	1,737,572
Series A Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			687,482
Series B Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			921,243
Series C Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			1,306,633
Series C-1 Convertible Preferred Shares [Member]
Mezzanine equity
Total mezzanine equity			¥ 188,819

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Ordinary Shares Par Value	$ 0.0001	$ 0.0001
Ordinary Shares Authorized	800,000,000	500,000,000
Ordinary Shares Issued	164,888,519	8,363,719
Ordinary Shares Outstanding	164,888,519	8,363,719
Series A Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	30,227,056
Temporary Shares Issued	0	30,227,056
Temporary Shares Outstanding	0	30,227,056
Series B Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	30,305,212
Temporary Shares Issued	0	30,305,212
Temporary Shares Outstanding	0	30,305,212
Series C Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	31,046,360
Temporary Shares Issued	0	31,046,360
Temporary Shares Outstanding	0	31,046,360
Series C-1 Convertible Preferred Shares [Member]
Temporary Stock Par Value	$ 0.0001	$ 0.0001
Temporary Shares Authorized	0	3,857,143
Temporary Shares Issued	0	3,857,143
Temporary Shares Outstanding	0	3,857,143

Consolidated Statements of Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Revenues
Licensing and collaboration revenue	¥ 1,542,668	$ 236,424	¥ 30,000	¥ 53,781
Expenses
Research and development expenses	(984,689)	(150,910)	(840,415)	(426,028)
Administrative expenses	(402,409)	(61,672)	(654,553)	(66,391)
Income (loss) from operations	155,570	23,842	(1,464,968)	(438,638)
Interest income	24,228	3,713	30,570	4,597
Interest expense	(957)	(147)	(2,991)	(11,695)
Other income (expenses), net	412,892	63,278	(20,205)	(16,780)
Equity in loss of an affiliate	(108,587)	(16,642)
Fair value change of warrants			5,644	61,405
Income (loss) before income tax expense	483,146	74,044	(1,451,950)	(401,111)
Income tax expense	(12,231)	(1,874)	0	(1,722)
Net income (loss) attributable to I-MAB	470,915	72,170	(1,451,950)	(402,833)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares			(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)
Net income (loss) attributable to ordinary shareholders	470,915	72,170	(1,485,001)	(402,833)
Net income (loss) attributable to I-MAB	470,915	72,170	(1,451,950)	(402,833)
Other comprehensive income
Foreign currency translation adjustments, net of nil tax	(120,920)	(18,531)	10,747	53,689
Total comprehensive income (loss) attributable to I-MAB	349,995	53,639	(1,441,203)	(349,144)
Net income (loss) attributable to ordinary shareholders	¥ 470,915	$ 72,170	¥ (1,485,001)	¥ (402,833)
Weighted-average number of ordinary shares used in calculating net income (loss) per share - basic \| shares	134,158,824	134,158,824	7,381,230	6,529,092
Weighted-average number of ordinary shares used in calculating net income (loss) per share - diluted \| shares	157,231,652	157,231,652	7,381,230	6,529,092
Net income (loss) per share attributable to ordinary shareholders
—Basic \| (per share)	¥ 3.51	$ 0.54	¥ (201.19)	¥ (61.70)
—Diluted \| (per share)	3.00	0.46	(201.19)	(61.70)
ADS [Member]
Net income (loss) per share attributable to ordinary shareholders
—Basic \| (per share)	8.07	1.24	(462.74)	(141.91)
—Diluted \| (per share)	¥ 6.90	$ 1.06	¥ (462.74)	¥ (141.91)

Consolidated Statements of Changes in Shareholders' Equity (Deficit) ¥ in Thousands, $ in Thousands	CNY (¥) shares	USD ($) shares	Ordinary share CNY (¥) shares	Treasury stock CNY (¥)	Additional paid-in capital CNY (¥)	Accumulated other comprehensive income (loss) CNY (¥)	Accumulated deficit CNY (¥)
Beginning balance at Dec. 31, 2017	¥ (299,795)		¥ 6	¥ (1)	¥ 52,369	¥ 5,691	¥ (357,860)
Beginning balance, shares at Dec. 31, 2017 \| shares			8,363,719
Foreign currency translation adjustments	53,689					53,689
Net income (loss)	(402,833)						(402,833)
Share-based compensation	3,520				3,520
Transaction with redeemable non- controlling interests	(309,685)				(55,889)		(253,796)
Ending balance at Dec. 31, 2018	(955,104)		¥ 6	(1)		59,380	(1,014,489)
Ending balance, shares at Dec. 31, 2018 \| shares			8,363,719
Foreign currency translation adjustments	10,747					10,747
Net income (loss)	(1,451,950)						(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)				(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				27,768		(27,768)
Ending balance at Dec. 31, 2019	(2,034,695)		¥ 6		389,379	70,127	(2,494,207)
Ending balance, shares at Dec. 31, 2019 \| shares			8,363,719
Foreign currency translation adjustments	(120,920)	$ (18,531)				(120,920)
Net income (loss)	470,915	$ 72,170					470,915
Share-based compensation	402,413				402,413
Exercise of stock options	7,774		¥ 3		7,771
Exercise of stock options, share \| shares			1,841,373
Issuance of ordinary shares for restricted share units (Note 17 (f))	¥ 46				46
Issuance of ordinary shares for restricted share units, Shares (Note 17 (f)) \| shares	7,000	7,000	7,000
Conversion from convertible promissory notes (Note 15)	¥ 58,826	$ 9,015	¥ 1		58,825
Conversion from convertible promissory notes, Shares \| shares			900,000
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 9(a))	41,163				41,163
Capital contribution from stock option surrender (Note 17 (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
Issuance of ordinary shares upon private placement, net of issuance cost	2,543,926		¥ 18		2,543,908
Issuance of ordinary shares upon private placement, net of issuance cost, shares \| shares			29,133,502
Issuance of warrants	109,743				109,743
Ending balance at Dec. 31, 2020	¥ 5,627,145	$ 862,399	¥ 114		¥ 7,701,116	¥ (50,793)	¥ (2,023,292)
Ending balance, shares at Dec. 31, 2020 \| shares			164,888,519

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Cash flows from operating activities
Net income (loss)	¥ 470,915	$ 72,170	¥ (1,451,950)	¥ (402,833)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation of property, equipment and software	12,743	1,953	9,831	6,740
Amortization of intangible assets	1,556	238
Loss on disposal of property, equipment and software	8	1
Interest expenses of convertible promissory notes and onshore convertible loans				6,963
Fair value change of warrants			(5,644)	(61,405)
Fair value change of put right liabilities	(3,024)	(463)
Fair value change of other financial assets			(42)
Income from other financial assets				(13,622)
Equity in loss of an affiliate	108,587	16,642
Share-based compensation	493,464	75,627	366,895	3,520
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
Amortization of right-of use assets and interest of lease liabilities	8,837	1,354	5,803
Gains on deconsolidation of a subsidiary	(407,598)	(62,467)
Fair value change of short-term investments	(11,288)	(1,730)	(703)
Changes in operating assets and liabilities
Accounts receivable	(130,498)	(20,000)
Contract assets	(227,391)	(34,849)	11,000	(11,000)
Prepayments and other receivables	(58,692)	(8,995)	(48,831)	(76,276)
Accruals and other payables	173,713	26,624	188,375	55,641
Contract liabilities				(15,803)
Advance from customers			(14,151)	14,151
Research and development funding received			53,148	178,715
Other non-current liabilities	7,474	1,145
Deferred subsidy income	3,589	550	1,420	2,500
Lease liabilities	(8,837)	(1,354)	(6,172)
Net cash generated from (used in) operating activities	433,558	66,446	(867,982)	(280,705)
Cash flows from investing activities
Purchase of property, equipment and software	(8,008)	(1,227)	(12,241)	(14,409)
Proceeds from disposal of short-term investments	2,503,749	383,716	102,703
Purchase of short-term investments	(2,491,991)	(381,914)	(134,000)
Cash paid for investments in other financial assets				(30,000)
Cash disposed of resulting from deconsolidation of a subsidiary	(257,651)	(39,487)
Cash received from disposal of other financial assets			256,000	40,000
Cash received on income from other financial assets			0	13,909
Cash received from repayment of loans due from an affiliate	52,000	7,969
Net cash generated from (used in) investing activities	(201,901)	(30,943)	212,462	9,500
Cash flows from financing activities
Proceeds from issuance of convertible preferred shares, net of issuance cost			183,536	1,306,633
Proceeds from issuance of convertible promissory notes				59,704
Proceeds from initial public offering and over-allotment, net of underwriting discounts and commissions	726,300	111,310
Payment of issuance cost for initial public offering and over-allotment	(27,595)	(4,229)	(827)
Proceeds from private placement, net of payment of issuance cost	2,782,455	426,430
Proceeds from exercise of warrants				132,332
Proceeds from exercise of stock options	9,275	1,422
Proceeds from issuance of ordinary shares for restricted share units	46	7
Proceeds from bank borrowings			50,000	80,000
Repayment of bank borrowings	(50,000)	(7,663)	(80,000)	(99,000)
Prepayment for stock repurchase program	(34,859)	(5,342)
Cash received from collection of prepayment for stock repurchase program	34,859	5,342
Net cash generated from financing activities	3,440,481	527,277	152,709	1,479,669
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(106,643)	(16,344)	15,163	59,754
Net increase (decrease) in cash and cash equivalents and restricted cash	3,565,495	546,436	(487,648)	1,268,218
Cash, cash equivalents, and restricted cash, beginning of year	1,193,283	182,879	1,680,931	412,713
Cash, cash equivalents, and restricted cash, end of the year	4,758,778	729,315	1,193,283	1,680,931
Additional ASC 842 supplemental disclosures
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	8,837	1,354	6,172
Right-of-use assets obtained in exchange for operating lease obligations	7,459	1,143	8,595
Other supplemental cash flow disclosures
Interest paid	957	147	2,991	4,862
Non-cash activities
Exercise of warrants				1,314
Payables for in-licensed patent rights				¥ 5,970
Accrued initial public offering costs payable			17,504
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares			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
Accrued private placement offering costs payable	128,786	19,737
Ordinary shares issued to Everest	254,848	39,057
Conversion of preferred shares to ordinary shares	3,104,177	475,736
Conversion of convertible promissory notes to ordinary shares	¥ 58,826	$ 9,015

Principal Activities and Organization

12 Months Ended

Dec. 31, 2020

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

Act

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$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$114.5 million. Each ten ADSs represents twenty-three ordinary shares of the Company.

As of

December 31, 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

(“I-Mab

Hong Kong”)

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

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principal Accounting Policies

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

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.

The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (VIE) or voting interest model. The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity.

The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note

VIE Model

An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.

Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive

kick-out

or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.

As of December 31, 2020, the Group determined that the one entity subject to the consolidation guidance is a VIE for which the Group is not the primary beneficiary.

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, warrants and put right liabilities, impairment of accounts receivables, contract assets, 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, 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 and 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, accounts receivable, contract assets, other receivables, short-term borrowings, accruals and other payables, warrant liabilities and put right liabilities. As of December 31, 2019 and 2020, except for short-term investments, other financial assets and put right 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 put right liabilities at fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive income (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 measures its short-term investments, other financial assets, warrant liabilities, and put right liabilities at fair value on a recurring basis. As the Group’s short-term investments, other financial assets, warrant liabilities and put right 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, warrant liabilities and put right 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, 2019 and 2020:

As of December 31, 2019

Active market

Observable input

Non-

observable input

(Level 1)

(Level 2)

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of December 31, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

31,530

Liabilities

Put right liabilities

—

116,006

The roll forward of major Level 3 financial assets

nd financial liabilities are as follows:


	Short-term investments			Other financial assets			Warrant liabilities			Put right liabilities
Fair value of Level 3 financial asset and liabilities 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		—			(256,000	)		—			—
Fair value changes		703			42			5,644			—
Currency translation differences		—			—			(26	)		—

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

Purchase of short-term investments		2,491,991			—			—			—
Disposal of short-term investments		(2,503,749	)		—			—			—
Grant of put right liabilities		—			—			—			124,321
Fair value changes		11,288			—			—			(3,024	)
Currency translation differences		—			—			—			(5,291	)

Fair value of Level 3 financial assets and liabilities as of December 31, 2020		31,530			—			—			116,006

See Note

for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2020.

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 income (loss).

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 (loss). The exchange rates

used for translation on December 31, 2019 and 2020 were US$1.00 = RMB6.9762 and RMB6.5249 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 income (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, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.5250, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 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 Group 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 will be released when the Group repays the related bank borrowings. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets.

Cash, cash equivalents and restricted cash as reporte

in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,
	2019		2020
	RMB		RMB
Cash and cash equivalents		1,137,473		4,758,778
Restricted cash		55,810		—

Total		1,193,283		4,758,778

2.8 Accounts receivable

Accounts receivable are stated at amortized cost less allowance for credit losses. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions.

2.9 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 income (loss).

2.10 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 of any estimated residual value:


Laboratory equipment		3 to 10 years
Software		1 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognizes the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive income (loss).

2.11 Intangible assets

Intangible assets acquired in a business combination that are used in research and development activities, or in-process research and development (IPR&D) intangible assets, are considered indefinite lived until the completion or abandonment of the associated research and development efforts. During the period that those assets are considered indefinite lived, they are not amortized but are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. If after assessing the totality of events and circumstances and their potential effect on significant inputs to the fair value determination the Group determines that it is not more likely than not that the indefinite-lived intangible is impaired, then the entity shall calculate the fair value of the intangible asset and perform the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. For IPR&D assets, the impairment loss is recognized in research and development expenses in the consolidated statements of comprehensive income (loss).

Intangible assets with finite useful lives are amortized over their useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the Group. The Group uses the straight-line amortization method when the economic benefits of the intangible assets are consumed or otherwise used up cannot be reliably determined. In particular, the Group amortizes the IPR&D intangible assets with finite useful lives over 10 to 20 years on a straight-line basis. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. If circumstances require an intangible asset be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset to its carrying amount. If the carrying amount is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. For IPR&D assets, the impairment loss is recognized in research and development expenses in the consolidated statements of comprehensive income (loss).

2.12 Impairment of long-lived assets

Long-lived assets, such as property, plant, and software, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. For the years ended December 31, 2019 and 2020, there was no impairment of the value of the Group’s long-lived assets.

2.13 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 is tested on at least an annual basis or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

The Group first assesses 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, 2019 and 2020, the Group determined that there were no indicators of impairment of the goodwill.

2.14 Long-term investments

The Group’s long-term investments include equity investments in an affiliate in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. The investment is accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of the equity investee’s net income or loss after the date of investment. When the liquidation rights and priorities as defined by an equity investment agreement diff

r from what is reflected by the underlying percentage ownership interests, applying the percentage ownership interest to U.S. GAAP net income in order to determine earnings or losses does not accurately represent the income allocation and cash flow distributions that will ultimately be received by the investors. As such, for this type of investments, the Group uses the Hypothetical Liquidation at Book Value (“HLBV”) method for allocating earnings or losses of the equity method investee. The HLBV method is considered as a balance sheet approach. Specifically, a calculation is prepared at each balance sheet date to determine the amount that the Group would receive if an equity investment entity were to liquidate all of its assets (as valued in accordance with U.S. GAAP) and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Group’s share of the earnings or losses from the equity investment for the period.

As it relates to the share-based compensation awarded by an equity method investee to its own employees, the Group recognizes its proportionate share of the compensation expense over the vesting period, included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss). As it relates to the share-based compensation awarded by the Group to the equity method investee employees that are based on the Group’s stock, when the other investors do not provide proportionate value to the investee or the Group does not receive any consideration, the Group expenses the entire cost associated with the award in the same period the costs are recognized by the investee, to the extent that the Group’s claim on the investee’s book value has not been increased. The expenses recognized by the Group is included in the equity in loss of affiliate in the consolidated statements of comprehensive income (loss).

The Group evaluates the equity method investment for impairment under ASC 323. An impairment loss on the equity method investments is recognized in losses when the decline in value is determined to be other-than-temporary. No impairment charge was recognized for the year ended December 31, 2020.

2.15 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 as other income when all the obligations have been satisfied. If such obligations are not satisfied, the Group may be required to refund the subsidy. The Group recorded cash grants

of RMB7,509 and RMB3,920 and in deferred subsidy income as of December 31, 2020 and 2019 respectively.

2.16 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. An the entity performs the following five steps to account for the arrangements that an entity determines are within the scope of ASC 606: (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.

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, we analyze 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, we first determine 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, such as grant of licenses of intellectual property rights, promises to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. When multiple units of account or performance obligations are identified within the 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.

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 the license that is determined to be distinct, the Group recognizes revenues in the amount of

non-refundable,

up-front

fees allocated to the license at a point in time, upon which 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 resulting adjustment is recorded on a cumulative

catch-up

basis, which would affect the Group’s reported revenues and earnings in the period of the 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 sales-based royalties or milestone payments 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).

Contract assets and liabilities

Contract assets primarily represent revenue earnings over time that are not yet billable based on the terms of the contracts. The Group does not have impairment losses associated with contracts with customers for the years ended December 31, 2019 and 2020.

Contract liabilities consist of fees invoiced or paid by the Group’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Group’s revenue recognition criteria described above.

Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the consolidated balance sheet when the Group expects to complete the related performance obligations and invoice the customers within one year of the balance sheet date, and as long-term when the Group expects to complete the related performance obligations and invoice the customers more than one year out from the balance sheet date. Contract liabilities are classified as current in the consolidated balance sheet when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date.

2.17 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 12% of

the value-added-tax depending

the tax-payer’s location.

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

2.18 Research and development expensesElements 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, and (5) other research and development expenses. Research and development expenses are charged to expenses as incurred when these expenditures are used for the Group’s research and development activities 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 does 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 are capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. All development expenditures are recognized in profit or loss when incurred, as long as the conditions enabling capitalization of development expenses as an asset have not yet been met.

2.19 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 Group 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 Group’s results of operations or cash flows.

2.20 Comprehensive income (loss)

Comprehensive income (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 income (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 income (loss) includes net income (loss) and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive income (loss).

2.21 Share-based compensation

The Group 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, if equity-classified, are measured at the grant date fair value of the awards and are recognized as expenses over the requisite period of the award, which is generally the vesting term of share-based payment awards.

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. In addition, the forfeiture rate is estimated based on an analysis of the Group’s actual forfeitures and the appropriateness of the forfeiture rate will continue to be evaluated based on the actual forfeiture experience, analysis of employee turnover and other factors. The fair value of these awards was determined with the assistance from an independent third-party valuation firm.

2.22 Income taxes

The Group accounts for income taxes under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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.

2.23 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 as interest expense in the consolidated statements of comprehensive income (loss) over the period of the borrowings, using the effective interest method.

2.24 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.

2.25 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.

2.26 Income (loss) per share

Basic income (loss) per share is computed by dividing net income (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 income (loss) is allocated between ordinary shares and other participating securities based on their participating rights. Net income (loss) is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the income (loss). Diluted income (loss) per share is calculated by dividing net income (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 issuance of ordinary shares to be issued to Everest using the if-converted method, shares issuable upon the conversion of the convertible promissory notes using the if-converted method, shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the issuance of ordinary shares for restricted shares units using the treasury stock 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 income (loss) per share calculation when inclusion of such shares would be anti-dilutive.

2.27 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.

2.27 Adopted accounting pronouncements (continued)

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.

2.28 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 U.S. 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.

In January 2020, the FASB issued ASU

2020-01,

Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying Interactions between Topic 321, Topic 323, and Topic 815. ASU 2020-01addresses accounting for the transition into and out of the equity method and provides guidance on whether equity method accounting would be applied to certain purchased options and forward contracts upon settlement. ASU

2020-01

is effective for the Group’s annual periods beginning after December 15, 2021. ASU

2020-01

will be applied prospectively. Early adoption is permitted. The Group is currently evaluating the effect the adoption of ASU

2020-01

will have on its consolidated financial statements.

Accounts Receivable And Contract Assets

12 Months Ended

Dec. 31, 2020

Accounts Receivable And Contract Assets [Abstract]

Accounts Receivable And Contract Assets

3. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

Accounts receivable and contract assets, net of allowance for credit losses, consisted of the following:


	As of December 31,
	2019		2020
	RMB		RMB		US$(Note 2.5)

Accounts receivable, gross		—		130,498		20,000
Allowance for credit losses		—		—		—

Accounts receivable, net		—		130,498		20,000


	As of December 31,
	2019		2020
	RMB		RMB		US$(Note 2.5)

Contract assets, gross		—		227,391		34,849
Allowance for credit losses		—		—		—

Contract assets, net		—		227,391		34,849

No allowance for credit losses was recorded as of December 31, 2019 and 2020.

Prepayments And Other Receivables

12 Months Ended

Dec. 31, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses And Other Receivables

4. PREPAYMENTS AND OTHER RECEIVABLES


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Prepayments:
- Prepayments to CRO vendors		78,740		83,140		12,742
- Prepayments for other services		880		2,550		391
Receivables due from employees (1)		16,201		—		—
Receivables due from an affiliate (Note 2 3 )		—		21,212		3,251
Value-added tax recoverable		12,517		63,664		9,757
Rental deposits		546		1,766		271
Interest receivables		764		236		36
Others		26,388		22,899		3,509

		136,036		195,467		29,957

(1)	The balance mainly represents the receivables due from certain employees, arose from the Group’s obligation to pay the withholding individual income tax (“IIT”) for those employees’ stock option activities. The balance was collected by the Group in January 2020.

Property, Equipment And Software

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

5. PROPERTY, EQUIPMENT AND SOFTWARE

Property, equipment and software consist of the following:


	As of December 31,			As of December 31,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipmen t		24,265			30,808			4,722
Leasehold improvement		11,856			13,842			2,121
Software		10,220			9,990			1,531
Office furniture and equipment		1,526			1,531			234

Total property, equipment and software		47,867			56,171			8,608

Less: accumulated depreciation and amortization		(18,221	)		(30,899	)		(4,735	)

Net book value		29,646			25,272			3,873
Construction in progress		423			—			—

Total net book value of property, equipment and software		30,069			25,272			3,873

The total amounts charged to the consolidated statements of comprehensive income/(loss) for depreciation and amortization expenses amounted to approximately RMB6.7 million, RMB9.8 million and RMB12.7 million, for the years ended December 31, 2018, 2019 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

. LEASES

As of December 31, 2020, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2023. 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 and 2020 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Assets
Operating lease right-of-use assets		16,435			14,997			2,298

Liabilities
Operating lease liabilities, current		6,807			8,058			1,235
Operating lease liabilities, non-current		7,492			5,542			849

Weighted average remaining lease term (years)		2.4			1.7			1.7
Weighted average discount rate		5	%		5	%		5	%

Information related to operating lease activity during the years ended December 31, 2019 and 2020 is as follows:


	For the Year Ended
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets		5,260		8,158		1,250
Expense for short-term leases within 12 months		592		—		—
Interest of lease liabilities		543		679		104

		6,395		8,837		1,354

Maturities of lease liabilities were as follows:


	As of December 31,
	2020
	RMB			US$ (Note 2.5)

2020		—			—
2021		8,901			1,364
2022		5,464			837
2023		536			82
2024		—			—
Thereafter		—			—

Total undiscounted lease payments		14,901			2,283
Less: imputed interest		(1,301	)		(199	)

Total lease liabilities		13,600			2,084

Intangible Assests

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

. INTANGIBLE ASSETS

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


	As of December 31, 2020
	Gross carrying amount		Accumulated amortization			Net carrying amount
	RMB		RMB			RMB		US$ (Note 2.5)
Intangible assets
IPR&D TJ103		11,670		(1,556	)		10,114		1,550
IPR&D TJ101		110,330		—			110,330		16,909

Total intangible assets		122,000		(1,556	)		120,444		18,459


	As of December 31, 2019
	Gross carrying amount		Accumulated amortization		Net carrying amount
	RMB		RMB		RMB		US$ (Note 2.5)
Intangible assets
IPR&D TJ103		11,670		—		11,670		1,788
IPR&D TJ102		26,844		—		26,844		4,114
IPR&D TJ101		110,330		—		110,330		16,909

Total intangible assets		148,844		—		148,844		22,811

The three IPR&D assets (TJ103, TJ101, and TJ102) were acquired from the 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. The licensor of these IPR&D assets was Genexine, Inc. The gross carrying amounts represent the fair value assigned to the respective research and development assets. At the date of acquisition, all three assets had not reached technological feasibility. They were considered indefinite lived.

IPR&D related to TJ103 was subsequently determined to have a finite useful life as a result of an

out-licensing

arrangement. Consequently, the Group uses the straight-line method to amortize the asset. The amortization for the years ended December 31, 2018, 2019 and 2020 was nil, nil, and RMB1,556 respectively, recognized as research and development expenses in the consolidated statements of comprehensive income (loss). The estimated amortization expense for each of the five succeeding fiscal years is RMB778.

On September 15, 2020, I-Mab Hong Kong and Genexine, Inc. entered into amendments to Intellectual Property License Agreement with I-Mab Hangzhou to assign and transfer all the rights and obligations related to TJ102 to I-Mab Biopharma (Hangzhou) Limited (“I-Mab Hangzhou”), pursuant to an equity transfer and investment agreement entered into between I-Mab Hong Kong and various parties (see Note

As of December 31, 2019 and 2020, there was no impairment of the value of the Group’s intangible assets.

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	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, 2019 and 2020, the goodwill of RMB162,574 (US$24,916) 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, 2019 and 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.

Investment Accounted for Using the Equity Method and Put Right Liabilities

12 Months Ended

Dec. 31, 2020

Investment Accounted For Using The Equity Method And Put Right Liabilities [Abstract]

Investment Accounted for Using the Equity Method and Put Right Liabilities

. INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

(a) Investment accounted for using the equity method

I-Mab

Hangzhou, incorporated on June 16, 2019, was a wholly owned subsidiary of

I-Mab

Hong Kong with registered capital of US$30 million, which was paid up by

I-Mab

Hong Kong on September 14, 2020.

On September 15, 2020 (the “Closing Date”),

I-Mab

Hong Kong entered into an equity transfer and investment agreement (the “SPA”) with (i) a limited partnership jointly established by the management of

I-Mab

Hangzhou to hold restricted equity of

I-Mab

Hangzhou issued to the management (“Management Holdco”), (ii) a limited partnership established to hold the shares of

I-Mab

Hangzhou for future equity incentive plan (“ESOP Holdco”) and (iii) a group of domestic investors in China (“Domestic Investors”).

In accordance with the terms of the SPA,

(i)

I-Mab

Hong Kong agreed to assign all rights and obligations/ownership of certain drug candidates in different stages of development (“Target Pipelines”) to

I-Mab

Hangzhou as of the Closing Date as well as to transfer employment of a team of designated management/workforce to

I-Mab

Hangzhou. The Target Pipelines were evaluated by an independent valuer, with a total value of US$105 million as of the Closing Date;

(ii)

Management Holdco would acquire 10% of the equity of

I-Mab

Hangzhou from

I-Mab

Hong Kong with no consideration. The

% equity is represented by

I-Mab

Hangzhou’s registered capital of US$3 million, and that after acquiring such equity, Management Holdco is committed to pay US$3 million in cash to

I-Mab

Hangzhou to fulfil its capital contribution obligations in a period of four years starting from the Closing Date;

(iii)

ESOP Holdco would acquire 5% of the equity of

I-Mab

Hangzhou from

I-Mab

Hong Kong with no consideration. The

% equity is represented by

I-Mab

Hangzhou’s registered capital of US$1.5 million. All of such equity would be used for

I-Mab

Hangzhou’s future equity incentive plan.

(iv)

Domestic Investors would acquire a total of 40% of the equity of

I-Mab

Hangzhou from

I-Mab

Hong Kong with no consideration. The

% equity is represented by

I-Mab

Hangzhou’s registered capital of US$12 million, and after acquiring such equity of

I-Mab

Hangzhou, Domestic Investors would pay US$120 million collectively in cash to

I-Mab

Hangzhou to fulfil its capital contribution obligations.

(a) Investment accounted for using the equity method (continued)

Upon closing of the SPA, the registered capital of I-Mab Hangzhou remained to be

US$30

million. As of December 31, 2020, among the total

25,500,000 outstanding shares of

I-Mab

Hangzhou, 13,500,000 shares were held by

I-Mab

ong Kong

while the remaining 12,000,000

shares was held by Domestic Investors.

Shares subscribed by Management Holdco and ESOP Holdco, in the total number of 4,500,000, have not yet been purchased by or issued to Management Holdco and ESOP Holdco as of December, 31, 2020.

Once all the

se 4,500,000

subscribed shares of I-Mab Hangzhou are purchased

or issued to Management Holdco and ESOP Holdco, the equity interest in I-Mab Hangzhou held by I-Mab Hong Kong, Domestic Investors, Management Holdco and ESOP Holdco would be

45%, 40%, 10% and 5% respectively

On the same day,

I-Mab

Hong Kong also entered into a shareholders agreement with the aforementioned investors (the “SHA”). According to the SHA and

I-Mab

Hangzhou’s articles of association, the board of directors of

I-Mab

Hangzhou shall be composed of seven directors. The directors shall be elected in the following ways:

I-Mab

Hong Kong is entitled to appoint three directors, including the chairman of the board of directors, as well as nominate one independent director; the Management Holdco is entitled to appoint one director; two

non-related

entities of the Domestic Investors are entitled to appoint one director respectively (“Investors Directors”). Each director of the board of directors shall have one vote.

I-Mab

Hong Kong, Management Holdco and ESOP Holdco agree to act in concert, as long as each of Management Holdco and ESOP Holdco respectively holds equity in

I-Mab

Hangzhou, when exercising the rights as a shareholder.

As a result of the above transactions,

I-Mab

Hangzhou became an affiliate of the Group on the Closing Date in accordance with ASC 810 since

I-Mab

Hangzhou meets the definition of a business under ASC 805. In accordance with ASC

810-10,

I-Mab

Hangzhou is a variable interest entity, and no shareholder shall consolidate

I-Mab

Hangzhou under VIE model as neither party have the power to direct all the activities that most significantly impact the economic performance of

I-Mab

Hangzhou. Therefore, the Group deconsolidated

I-Mab

Hangzhou and retained significant influence in

I-Mab

Hangzhou. The investment was accounted for using the equity method. The retained investment in the common stock of

I-Mab

Hangzhou was initially measured at fair value in accordance with ASC

810-10-40.

The Group determined the fair value of its retained equity interest with the assistance of an independent third-party valuation firm. The Group used equity allocation model to estimate the fair value of the investment. The fair value as of the Closing Date was US$112,039 (equivalent to approximately RMB764,352), which reflected the fact that the shares subscribed by Management Holdco and ESOP Holdco were not issued and outstanding as of the Closing Date.

A gain of RMB407,598 million was recognized as a result of the deconsolidation. The gain represented the difference between:

i)	The fair value of the retained noncontrolling investment in I-Mab Hangzhou at the Closing Date; and

ii)	The aggregate of all of the following:

the carrying amount of transferred intellectual property related to TJ102 at the Closing Date (see Note

);

the fair value of the put right liabilities written by

I-Mab

Hong Kong to Domestic Investors;

the carrying amount of

I-Mab

Hangzhou’s net assets at the Closing Date

(a) Investment accounted for using the equity method (continued)

Subsequently, pursuant to the

I-Mab

Hangzhou’s articles of association, the Group applies the HLBV method to allocate earnings or losses of

I-Mab

Hangzhou because the liquidation rights and priorities sufficiently differ from what is reflected by the underlying percentage ownership interests. For the period from September 15, 2020 to December 31, 2020, the Group recognized RMB67,425 in equity in loss of an affiliate in the consolidated statements of comprehensive income.

The purchase price of US$3 million committed by Management Holdco under SPA, representing 10% of the equity of I-Mab Hangzhou, is significantly lower than the fair value of the corresponding subscribed shares as of the Closing Date. The excess is considered as share-based compensation to the I-Mab Hangzhou’s management for the services to be used or consumed in the I-Mab Hangzhou’s own operations. The share-based compensation is considered granted upon the Closing Date and cliff vests after five years of service since the Closing Date. Consequently, the Group recognizes its proportionate share of the compensation expense recorded by I-Mab Hangzhou. For the period from September 15, 2020 to December 31, 2020, the amount included in the equity in loss of an affiliate in the Group’s consolidated statements of comprehensive income is RMB8,456.

Along with the equity transfer transaction, the team of designated management/workforce transferred from the Group to I-Mab Hangzhou consists of several grantees under the Group’s 2020 Share Incentive Plan (“2020 Plan”, see Note 1

(f)). These individuals continued to qualify the definition of the eligible participants under the 2020 Plan after the Closing Date. Meanwhile, there has been no change to any of the award terms. The equity transfer transaction did not trigger the modification accounting to the share-based compensation. Additionally, given that I-Mab Hangzhou became an affiliate to the Group upon deconsolidation, and that the other shareholders of I-Mab Hangzhou are not providing proportionate value to sponsor the 2020 Plan nor is the Group receiving any consideration for the awards granted to employees of I-Mab Hangzhou, the Group is required, under Topic 323, to expense the full costs of share-based compensation as incurred at the same period as the costs are recognized by I-Mab Hangzhou. For the year ended

December 31, 2020, such expenses of

RMB32,707

and was recorded in the equity in loss of an affiliate in the consolidated statements of comprehensive income.

As of December 31, 2020, the carrying value of the Group’s long-term investment measured under equity method was

RMB664,832.

The Group presented the summarized financial information of the Group’s long-term investment measured under equity method below in accordance with Rule 4-08 of Regulation S-X (RMB in thousands).


	For the period from September 15 , 2020 to December 31, 2020
Operating data:
Revenue		271
Gross profit		271
Loss from operations		(85,945	)
Net Loss		(85,945	)


	As of December 31,
	2020
Balance sheet data:
Current assets		923,010
Non-current assets		810,623
Current liabilities		31,519
Non-current liabilities		10,933
Non-controlling interests		—

(b) Put right liabilities

Pursuant to the SHA, if

I-Mab

Hangzhou fails to close a public offering of

I-Mab

Hangzhou’s shares on the China Stock Exchange’s Science and Technology Innovation Board, Main Board, Small and

Medium-Sized

Enterprise Board, Growth Enterprise Board, or Hong Kong Stock Exchange, U.S. Stock Exchange, or other stock exchanges approved by the shareholders of

I-Mab

Hangzhou in accordance with provisions of the SHA within 4 years after September 15, 2020,

I-Mab

Hong Kong is obligated to repurchase the equity held by Domestic Investors in cash or in

I-Mab’s

stock (subject to the approval procedures of

I-Mab)

within 3 years from the expiration of the

4-year

period after the Closing Date of September 15, 2020.

The put right written by

I-Mab

Hong Kong to Domestic Investors is a freestanding equity-linked instrument, which is classified as a put right liability and is initially measured at fair value. Subsequent changes in fair value are recorded in other income (loss) in the

consolidated statements of comprehensive income (loss).

The Group determined the fair value of the put right with the assistance of an independent third-party valuation firm. The Group used the option pricing model (finnerty model) to estimate the fair value of the put right using the following assumptions:


	As of September 15, and September 30,			As of December 31,
	2020			2020
Expected terms (Year)		4			4
Estimated volatility		55.2	%		55.9	%
Spot price	US$	143,401		US$	143,804
Probability of triggering event for redemption option		65	%		65	%

The model requires the input of highly subjective assumptions including the expected terms, estimated volatility, spot price and probability of triggering event for redemption option. Expected terms is estimated based on the timing of a hypothetical redemption event which is assumed to be the earlier of expected redemption date or expected public offering date. Expected volatility is estimated based on daily stock prices of the comparable company for a period with length commensurate to the expected terms of redemption event. The spot price was determined with assistance from an independent third-party valuation firm. The Group’s management is ultimately responsible for the determination of the spot price and probability of triggering event for redemption option.

Significant decreases in interval between valuation date and maturity date, estimated volatility, spot price and probability of triggering event for redemption option would result in a significantly lower fair value measurement.

Short-Term Borrowings	12 Months Ended
Short-Term Borrowings	Dec. 31, 2020
Disclosure Text Block [Abstract]
Short-Term Borrowings	10 . 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 (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 fully repaid in June 2020.

Accruals And Other Payables

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accruals and other Payables

. ACCRUALS AND OTHER PAYABLES


	As of December 31,		As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Current:
Staff salaries and welfare payables		30,166		94,133		14,427
Accrued external research and development activities related expenses		144,000		218,583		33,499
Accrued initial public offering costs payable		17,504		—		—
Accrued private placement offering costs payable		—		128,786		19,737
Withholding IIT payable related to stock options		16,201		—		—
Non-refundable incentive payment from depositary bank (2)		—		2,424		371
Accrued traveling expenses, office expenses and others		65,682		116,632		17,875

		273,553		560,558		85,909

Non-current:
Non-refundable incentive payment from depositary bank (2)		—		7,474		1,145
Advance payment received from an employee for exercise of stock options		—		1,501		230

		—		8,975		1,375
Total		—		569,533		87,284

(2)

The Group received a

non-refundable

incentive payment of US$1,857 (equivalent to approximately RMB12,982) from depositary bank in April 2020. The amount was recorded ratably as other gains over a five-year arrangement period. For the year ended December 31, 2020, the Group has recorded RMB2,348 as other income in the consolidated statements of comprehensive income.

Income Taxes

12 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

Income Taxes

. 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.

I-Mab

did business registration in Hong Kong and has a Hong Kong tax file number.

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, 2018, 2019 and

2020, 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

I-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 corporate income taxes for corresponding tax residents has been made because the Group are in cumulative loss positions for all the periods presented. During the year ended December 31, 2020, the Group recorded withholding taxes with the amount of RMB12,231

in relation to research and development service and other supporting service charges made by its non-PRC tax resident subsidiaries to its PRC tax resident subsidiaries.

Reconciliations of

he differences between

he PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2018, 2019 and 2020 are as follows:


	Year Ended December 31,
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Income (loss) before income ta x		(401,111	)		(1,451,950	)		483,146			74,044
Income tax computed at respective applicable tax rate		(56,093	)		(148,871	)		66,044			10,122
Non-deductible expenses		2,548			87,021			72,256			11,073
Research and development expenses plus deduction		(6,762	)		(9,254	)		(60,776	)		(9,314	)
Changes in valuation allowance		62,029			71,104			(65,293	)		(10,007	)

		1,722			—			12,231			1,874

Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share		3.07			9.55			0.34			0.05

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


	Year Ended December 31,
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Deferred tax assets:
Net operating loss carryforwar d		92,185			136,443			107,344			16,451
Depreciat i on and amortization of property, equipment, software and intangible asset, net		18,405			44,398			30,417			4,662
Accrual expense		21,132			21,867			10,568			1,620
Less: valuation allowance		(94,511	)		(165,497	)		(100,204	)		(15,358	)

Total deferred tax asset s		37,211			37,211			48,125			7,375

Deferred tax liabilities:
Acquired intangible assets		37,211			37,211			18,067			2,768
Contract assets		—			—			30,058			4,607

Total deferred tax liabilities		37,211			37,211			48,125			7,375

Deferred tax assets, net		—			—			—			—

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Balance as of January 1		(49,541	)		(94,511	)		(165,497	)		(25,364	)
Addition s		(62,029	)		(71,104	)		(36,061	)		(5,527	)
Utilization and reversal of valuation allowances		—			—			89,154			13,663
Decrease due to the change of tax rate		17,059			118			12,200			1,870

Balance as of December 31		(94,511	)		(165,497	)		(100,204	)		(15,358	)

As of December 31, 2020, the Group had a majority of net operating losses of approximately RMB556,649 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 2030 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, 2019 and 2020.

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, 2019 and 2020, 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	12 Months Ended
Ordinary Shares	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Ordinary shares	1 3 . 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. 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 1 8 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. On July 15, 2020, the Company’s Board of Directors approved a share repurchase program to repurchase in the open market up to US$20 million worth of outstanding ADSs of the Group. The Company made a total prepayment of US$5,000 (equivalent to RMB34,051) for the share repurchase. The prepayment was collected subsequently in October 2020. No repurchase activity was taken place for the year ended December, 31, 2020. On September 3, 2020, the Company 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 the Group’s 29,133,502 ordinary shares (equivalent to 12,666,740 ADSs) at a purchase price equivalent to US$33 per ADS amounting to approximately US$418 million; and (2) warrants (the “Investor Warrants”, see Note 1 6 (b)) 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 Investor Warrants are fully exercised. The Investor Warrants will remain exercisable at the election of the Investors within 12 months after the closing of the private placement. The subscription agreement with the Hillhouse entities contemplates two closings. The first closing occurred on September 11, 2020, and the second closing is conditioned upon an existing director of the Company having resigned to enable the Hillhouse entities to appoint a director to replace such director and the lemzoparlimab out-licensing agreement with AbbVie (see Note 1 8 ) being or remaining effective. Upon the first closing, 20,421,378 ordinary shares and 3,744,032 Investor Warrants were issued to the Investors for total gross proceeds of approximately US$293.0 million. On December 17, 2020, the Group entered into a written amendment made to the subscription agreement with the Hillhouse entities, which removed one of the two conditions for the second closing that an existing director of the Company having resigned to enable the Hillhouse entities to appoint a director to replace such director. The second closing occurred as the other condition was satisfied and 8,712,124 ordinary shares as well as 1,597,235 Investor Warrants were issued to the Hillhouse entities for total gross proceeds of approximately US$125.0 million. The total net proceeds, netting of issuance cost, from the private placement was US$397.2 million (equivalent to RMB2,653,669). As of December 31, 2020, 1,841,373 stock options were exercised, and 7,000 restricted share units were issued as ordinary shares.

Convertible Preferred Shares

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Convertible Preferred Shares

. 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”).

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 Note 14) and 5,633,780 warrants to purchase its Series

B-2

Preferred Shares (“Series B Warrant” and see Note 1

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 1

), 2)

I-Mab

Tianjin’s issuance of convertible loans (“Onshore Convertible Loans” and see Note 1

), 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 1

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 1

), 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 1

) 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 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

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 RMB

27.8

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 years ended December 31, 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		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

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 December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—

Convertible Promissory Notes And Onshore Convertible Loans	12 Months Ended
	Dec. 31, 2020
Convertible Promissory Notes And Onshore Convertible Loan [Abstract]
Convertible promissory notes and onshore convertible loans	1 5 . 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 1 4 ) 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 Genexine, Inc. 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. On December 17, 2020, the Group issued 900,000 ordinary shares to Genexine, Inc. upon the full conversion of the 2018 Notes with the conversion price of US$10 per share. 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

12 Months Ended

Dec. 31, 2020

Warrants Disclosure [Abstract]

Warrants

. WARRANTS

(a) Warrants to purchase preferred shares

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 years ended December 31, 2019 and 2020 was amounting to RMB5,644 and nil, respectively.

Accounting of warrants for purchase preferred shares

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.

(b) Warrants to purchase ordinary shares

As mentioned in Note 1

, on September 3, 2020, the Group entered into definitive subscription agreements with the Investors to raise approximately US$418 million through a private placement, which comprises the Investor 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.

The Subscription Agreement with the Hillhouse entities contemplates two closings. In the first closing occurred on September 11, 2020 and second closing occurred on December 17, 2020, the Investor Warrants were issued with fixed exercise prices of US$45.00 per ADS (equivalent to US$19.57 per share) and lives of one year. The number of common share purchasable upon exercise of the Investor Warrants shall be proportionally adjusted to reflect any share dividend, share split, combination of shares or reverse share split, or other similar event affecting the number of outstanding common shares.

Accounting for warrants to purchase ordinary shares

The Investor Warrants are regarded as indexed to the Company’s own stock and were classified as equity and initially measured at fair value and subsequent changes in fair value are not recognized as long as the Investor Warrants continue to be classified as equity. The estimated fair value of the Investor Warrants was shown below, which were used to determine the allocation of the total proceeds for the sale of ordinary shares between the Investor Warrants and ordinary shares.


	Terms		Exercise Price per share US$		Outstanding Units		Fair value at the closing date RMB’000
Warrants to purchase ordinary shares (first closing on September 11, 2020)		12 months		19.57		3,744,032		71,874
Warrants to purchase ordinary shares (second closing on December 17, 2020)		12 months		19.57		1,597,235		37,869

The Group determined the fair value of the warrants with the assistance of an independent third-party valuation firm. The Group used the binomial model to estimate the fair value of the warrant on September 11, 2020 and December 17, 2020 when the Investor Warrants were issued using the following assumptions:


	As of September 11,			As of December 17,
	2020			2020

Risk-free rate of return		0.12	%		0.08	%
Maturity date		September 11, 2021			December 17, 2021
Estimated volatility rate		60.72	%		59.56	%
Exercise price	US$	19.57		US$	19.57

The model requires the input of assumptions including the risk-free rate of return, maturity date and estimated volatility rate. 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.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

. 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 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 years ended December 31, 2018, 2019 and 2020 were RMB3,520, RMB1,566 and nil, respectively.

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


	Year Ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		1,056		470		—		—
Administrative expenses		2,464		1,096		—		—

		3,520		1,566		—		—

(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 val

e 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.

For the years ended December 31, 2018 and 2019, the Group granted 1,470,000 and 640,000 stock options respectively, to its employees (all with an exercise price of US$1).

The Group did not grant any stock options to employees for the year ended December 31, 2020. No options were exercisable as of December 31, 2019 and 6,790,924 stock options were exercisable as of December 31, 2020. No options were exercised as of December 31, 2019 and 1,439,373 stock options were exercised as of December 31, 2020.

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, 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 1 7 (d))		(3,435,215	)		1.00		—		—

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

Forfeited		(338,876	)		1.00		—		—
Exercised		(1,439,373	)		0.72		—		—
Surrendered (Note 1 7 (h))		(332,566	)		1.00		—		—

Outstanding as of December 31 ,2020		7,702,066			0.97		6.75		150,415

Exercisable as of December 31, 2020		6,790,924			0.97		6.75		132,650

A summa

y of

non-vested

stock option activities for the year ended December 31, 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		(6,790,924	)		1.90
Exercised		(1,439,373	)		1.37
Forfeited		(338,876	)		2.29
Surrendered		(332,566	)		1.47

Non-vested at December 31, 2020		911,142			4.96

Since the exercisability

s dependent upon the listing, and it

s not probable that this performance condition c

ould

be achieved until a listing, no share-based compensation expense relating to the 2017 Plan was recorded for the year ended December 31, 2018 and 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 year ended December 31, 2020 and recognized RMB52,802

RMB69,213 and

RMB4,277 share-based compensation expenses in administrative expenses

research and development

expenses and equity in loss of an affiliate, 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 Note 1

(d) for further details).

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 1

(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 years ended December 31, 2019 and 2020:


	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 1 7 (d))		(454,940	)		1.00		—		—

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

Exercised		(402,000	)		1.00		—		—
Surrendered (Note 1 7 (h))		(2,544,917	)		1.00		—		—
Outstanding as of December 31, 2020		10,589,671			1.00		8.15		206,499

Exercisable as of December 31, 2020		9,764,670			1.00		8.15		190,411

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

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

A summa

y of

non-vested

stock option activities for the year ended December 31, 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		(1,871,500	)		5.57
Exercise d		(402,000	)		5.57

Non-vested at December 31, 2020		825,000			5.57

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,
	2018			2019

Expected volatility		61.32%-62.13	%		54.64	%
Risk-free interest rate (per annum)		2.81%-3.06	%		2.15	%
Exercise multiple		2.80			2.80
Expected dividend yield		—			—
Contractual term (in years)		10			10

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 year ended December 31, 2020 and recognized RMB48,055

, RMB65,656 and

RMB226

share-based compensation expense in administrative expenses and research, development expenses and equity in loss of an affiliate, 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 (see Note 1

(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.

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 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.

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 year ended December 31, 2020, the Group granted 72,000 stock options to 3 independent directors (all with an exercise price of US$6.09) and recognized RMB1,171

share-based compensation expenses in administrative expenses according to the options’ vesting schedule.

No options were exercisable as of December 31, 2020.

The following table sets forth the stock options activities of 2019 Plan for the year ended December 31, 2020 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 December 31, 2020		72,000		6.09		9.33		1,038

Exercisable as of December 31, 2020		—		—		—		—

A summary of

non-vested

stock options activity for the year ended December 31, 2020 is presented below:


	Number of shares		Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—		—
Granted		72,000		4.50

Non-vested at December 31, 2020		72,000		4.50

Stock options granted to the 3 independent directors were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year Ended December 31,
	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

(f) 2020 Plan

On July 15, 2020, the Group adopted 2020 Share Incentive Plan (“2020 Plan”). Under the 2020 Plan, the maximum aggregate number of shares authorized to be issued is 10,760,513 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 7,686,081 ordinary shares.

Stock options granted to employees under the 2020 Plan are graded vesting in four years with 25% vesting each year.

For the year ended December 31, 2020, the Group granted 1,068,733 stock options to its employees and recognized RMB4,357 RMB10,435

and RMB1,619

share-based compensation expenses in administrative expenses, research and development expenses and equity in loss of an affiliate, respectively, in the

consolidated

statement of

comprehensive income

No option became exercisable as of December 31, 2020.

The following table sets forth the stock options activities of 2020 Plan for the year ended December 31, 2020:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		1,068,733			5.91		—		—
Forfeited		(24,365	)		5.91		—		—

Outstanding as of December 31, 2020		1,044,368			5.91		9.62		15,237

Exercisable as of December 31, 2020		—			—		—		—

A summary of

non-vested

stock option activities for the year ended December 31, 2020 is presented below:


	Number of shares			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		1,068,733			8.71
Forfeited		(24,365	)		8.65

Non-vested at December 31, 2020		1,044,368			8.71

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,
	2020
Expected volatility		56.51	%
Risk-free interest rate (per annum)		0.86	%
Exercise multiple		2.20-2.80
Expected dividend yield		—
Contractual term (in years)		10

Restricted share units granted to employees under the 2020 Plan will be exercisable under the following items:

(a) 1/3 of the awarded restricted share units shall vest based on the following time attribution:(i) a vesting of 25% of the time attribution based restricted share units on the first anniversary of the applicable adoption date;(ii) a vesting of 25% of the time attribution based restricted share units on the second anniversary of the applicable adoption date;(iii) a vesting of 25% of the time attribution based restricted share units on the third anniversary of the applicable adoption date;(iv) a vesting of 25% of the time attribution based restricted share units on the fourth anniversary of the applicable adoption date.

(b) 1/3 of the awarded restricted share units shall vest based on the Group’s weighted average market value during the last 30 days prior to the initial vesting date, the terms and conditions of which are set forth in the executed award agreements. In the event that dilution of additional share issuance occurs, the market value targets herein shall be adjusted accordingly with the proportion of additional share issuance. In the event that the average market value of Standard & Poor’s 500 index falls by more than 20% from the date of grant, it shall be deemed as a decline of the market, and the board of the Group or a committee that board delegated its powers or authority to shall adjust the vesting schedule as appropriate.

(c) 1/3 of the awarded restricted share units shall vest based on certain performance conditions:(i) a vesting of 20% of the performance conditions based restricted share units if one of the performance conditions has been met at the initial vesting date;(ii) a vesting of 40% of the performance conditions based restricted share units if two of the performance conditions have been met at the initial vesting date;(iii) a vesting of 60% of the performance conditions based restricted share units if three of the performance conditions have been met at the initial vesting date;(iv) a vesting of 80% of the performance conditions based restricted share units if four of the performance conditions have been met at the initial vesting date; (v) a vesting of all of the performance conditions based restricted share units if five of the performance conditions or more have been met at the initial vesting date. As of December 31, 2020, it is probable that the 1/3 of the awarded restricted share units are fully vested because it is probable that at least five of the performance conditions will be met at the initial vesting date.

Notwithstanding the foregoing, if the Group’s weighted average market value during the last 30 days prior to the initial vesting date reaches US$2 billion or above, and to the extent such restricted share units have been granted and outstanding, any such restricted share unit (except for those are based on time attribution) shall vest in full with immediate effect, inure to the benefit of the related grantees.

For the year ended December 31, 2020, the Group granted 4,093,079 restricted share units to employees and recognized RMB76,663 RMB71,945

and RMB7,500 share-based compensation expenses in administrative expenses, research and development expenses and equity in loss of an affiliate, respectively, in the

consolidated statement of comprehensive income

. No restricted share units became exercisable as of December 31, 2020.

The following table sets forth the restricted share units of 2020 Plan for the year ended December 31, 2020:


	Number of restricted share units			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		4,093,079			—		—		—
Forfeited		(13,461	)		—		—		—

Outstanding as of December 31, 2020		4,079,618			—		9.70		83,632

A summary of

non-vested

restricted share units activities for the year ended December 31, 2020 is presented below:


	Number of restricted share units			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		4,093,079			13.99
Forfeited		(13,461	)		11.73

Non-vested at December 31, 2020		4,079,618			14.00

Apart from the aforementioned restricted share units, up to 1,446,875 shares can be issued in the form of restricted share unit to eligible grantees that the board of the Group or a committee that board delegated its powers or authority determined appropriate with immediate effect of being fully vested, which are defined as special awards and are subject to terms and conditions under 2018 Plan.

For the year ended December 31, 2020, the Group granted 1,328,120 such restricted share units to employees and recognized

RMB25,985 RMB67,182

and RMB19,085 share-based compensation expenses in administrative expenses, research and development expenses and equity in loss of an affiliate, respectively, in the consolidated statement of comprehensive incomes of December 31, 2020, 565,200 restricted share units were vested,

among

which

558,200

restricted share units were vested but not issued as ordinary shares as the employees will not be entitled to the rights of ordinary shares from the Group until they have the consideration for the transaction settled.

The following table sets forth the restricted share units subject to terms and conditions under 2018 Plan for the year ended December 31, 2020:


	Number of restricted share units			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		1,328,120			1.00		—		—
Vested		(565,200	)		1.00		—		—

Outstanding as of December 31, 2020		762,920			1.00		9.65		14,877

A summary of

non-vested

restricted share units activities for the year ended December 31, 2020 is presented below:


	Number of restricted share units			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		1,328,120			13.34
Vested		(565,200	)		13.95

Non-vested at December 31, 2020		762,920			12.89

(g) 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 balance sheets.

(h) 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 stock options to be surrendered and the number of stock options would not be determined until listing, the capital contribution was not accounted for during the year ended December 31, 2019. For the year ended December 31, 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 stock options surrendered in the

consolidated statement of comprehensive income.

Share-Based Compensation Expense

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


	Year Ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		1,056		470		284,431		43,591
Administrative expenses		2,464		514,733		209,033		32,036
Equity in loss of an affiliate		—		—		32,707		5,013

		3,520		515,203		526,171		80,640

Licensing And Collaboration Arrangements

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Licensing And Collaboration Arrangements

. 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, 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 consolidated statement of comprehensive loss for the year ended December 31, 2019. No additional payments were made for the year ended December 31, 2020 as no milestone has been achieved.

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
2020		—		—		—		—		—
2019		—	US$	8,000		—		—		—

2018		—		—		—		—		—

In December 2017, the Group entered into an intellectual property 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 year ended December 31, 2019 and 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 2020.

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
2020		—		—		—		—		—
2019		—		—		—		—		—
2018	US$	12,000		—		—		—		—

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 December 31, 2020, the costs incurred for the development of this new indication was RMB4.3 million and thus RMB2.9 million expense was recorded in the consolidated statement of comprehensive income for the year ended December 31, 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 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. In August 2020, the project achieved the first milestone and the Group paid US$1.0 million (equivalent to approximately RMB6.9 million) of milestone fees to Morphosys, which was recorded as research and development expenses in the consolidated statement of comprehensive income for the year ended December 31, 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 2020.

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
2020		—	US$	1,000		—		—		—
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

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 year ended December 31, 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.

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 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 development and commercialization based targets, the Group evaluated and concluded that no milestones are probable as of December 31, 2019 and 2020.


	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
2020		—		—		—		—		—
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. The Group additionally recorded US$3.1 million (equivalent to approximately RMB21.3 million) milestone payment during the year ended December 31, 2020.

As of December 31, 2020,

under the terms

of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$107.4 million (equivalent to approximately RMB740.4 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.

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”)

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 2

). 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.

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,

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

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 RMB

23.0

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”).

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. For the year ended December 31, 2020, US$0.04 million (equivalent to approximately RMB0.28 million) expenses were incurred by ABL Bio. Accordingly, the Group recorded US$0.02 million (equivalent to approximately RMB0.14 million)

(

50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive income for the year ended December 31, 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 2020, no other milestone has been achieved. No revenue was recognized for the year ended December 31, 2019 and 2020.

On December 4, 2020, I-Mab Hong Kong, ABL Bio and I-Mab Hangzhou entered into an amendment, which is made effective as of September 15, 2020, that I-Mab Hong Kong, as the subject of the aforementioned licensing agreement, shall be replaced and substituted by I-Mab Hangzhou

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 consolidated

statements of comprehensive income (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. For the year ended December 31, 20

, RMB43.6 million expenses were incurred by the Group and RMB44.0 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB43.8 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive income for the year ended December 31, 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

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. 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. 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. As of December 31, 2020, the Group has recorded US$0.03 million (equivalent to approximately RMB0.17 million) of research and development costs in the consolidated statement of comprehensive

income for the year ended December 31, 2020.

In April 2020, Tracon issued a notice of disputes with respect to the TJD5 Agreement and the BsAbs Agreement. As of the date of this report, these disputes have not been resolved.

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 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. No additional revenue was recognized in the

year

ended December 31, 2020 as no further milestone has been achieved.

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-CD

antibody in Phase

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 December 31, 2020, no revenue was recognized during the year ended December 31, 2020.

Global Strategic Partnership with AbbVie

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. The Group is also responsible for performing the development activities at its sole cost and expense as outlined in the initial development plan. Such initial development activities consist of two studies, Study I and Study II. Study I is conducted in the United States evaluating lemzoparlimab in combination with pembrolizumab or rituximab in patients with relapsed or refractory solid tumors and lymphoma. Study II is conducted in Mainland China evaluating the safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary efficacy of lemzoparlimab in patients with acute myeloid leukemia (AML) or myelodysplastic syndrome (MDS). AbbVie will conduct further global clinical trials (which the Group may elect to

co-fund)

to evaluate lemzoparlimab in multiple cancers.

Potential collaboration on future CD47-related therapeutic agents is also allowed for under this arrangement, 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.

A joint governance committee was established as set forth in the agreement, functioning as an oversight and governance mechanism. Both parties will participate in the joint governance committee to facilitate decision-making during the terms of the collaborative endeavor. Furthermore, the Group and AbbVie will share manufacturing responsibilities, with AbbVie having the opportunity to manufacture 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.

F-7

Upon the satisfaction of all the pre-effect date covenants, the collaborative agreement took effect on December 10, 2020, on which date the Group was entitled to a non-refundable upfront payment of

US$180 million.

In addition,

the Group

eligible to receive up to US$1.76 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-to-mid teen double-digit percentages on global net sales outside of Mainland China, Macau, and Hong Kong.

The Group identified three performance obligations: (1) grant of lemzoparlimab license upon the effective date, (2) delivering the Study I initial development services, and (3) delivering the Study II initial development services. The total transaction price under the agreement for the year ended December 31, 2020 is US$250 million consisting of (i) the upfront payment of US$180 million upon the effective date, (ii) the first milestone payment of US$20 million upon the achievement of the first milestone event in late December 2020, and (iii) the second milestone payment of US$50 million as of December 31, 2020 as the Group deemed that the achievement of the second milestone event is probable as of December 31, 2020 that a significant reversal of revenue would not occur. The achievements of the remaining development and regulatory based milestone events are constrained as of December 31, 2020, and will be included in the transaction price when uncertainty associated with the variable consideration is subsequently resolved. Sales-based milestones and royalties will be recognized when the subsequent sales occur.

The non-constrained consideration of US$250

million is then allocated to the three performance obligations based on the relative stand-alone selling price. For the grant of lemzoparlimab license, the Group adopted an income approach based on key assumptions and several factors including, but not limited to estimated market demand, stand-alone selling price by making reference to market comparable, development timeline, regulatory risks, future revenue potential and discount rate.

The allocated price is US$228.8 million. The entire US$228.8

million (equivalent to approximately RMB1,502.9 million) was recognized

as revenue at

the point of the license transfer at the effective date. For the Study I and Study II initial development services, a cost-plus margin approach is utilized. The allocated price to Study I and Study II is

US$

11.0

million

and US$10.2 million respectively. These two performance obligations are determined to be satisfied over time. The Group uses a

cost-to-cost

input method to measure progress as that method best depicts the transfer of the two performance obligations under the agreement. As of December 31, 2020, the cumulative percentages complete in the

cost-to-cost

input method for Study I and Study II

wer

estimated to approximate 17 % and 41 % respectively. As a result, US$1.8

million (equivalent to approximately RMB12.0 million)

and US$

4.2

million (equivalent to approximately RMB27.8 million)

were

recognized as revenue for the year ended December

2020

in the consolidated statement of comprehensive income for Study I and Study II respectively, resulting in a contract asset of

US$

34.8

million

for this agreement as of December

2020

in the consolidated balance sheets. As of December

2020

, the upfront payment of US$

180

million was received by the Group. The

st milestone payment of US$

million was subsequently

collected by the Group in March 2021.

Other Income (Expenses), Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income (Expenses), Net

. OTHER INCOME (EXPENSES), NET

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2018, 2019 and 2020:


		Year Ended December 31
		2018			2019			2020
	Notes	RMB			RMB			RMB			US$
											(Note 2.5)
Loss from conversion of 2017 Notes	1 5		(18,375	)		—			—			—
Loss from conversion of Onshore Convertible Loan s	1 5		(8,548	)		—			—			—
Loss from issuance of 2018 Notes	1 5		(5,081	)		—			—			—
Loss on termination agreement with Everest	1 8		—			(23,039	)		—			—
Income of incentive payment from depository bank	1 1		—			—			2,348			360
Fair value change of short-term investments			—			703			11,288			1,730
Fair value change of put right liabilities			—			—			3,024			463
Income from other financial assets			13,622			—			—			—
Net foreign exchange gains (losses)			742			1,619			(22,126	)		(3,391	)
Subsidy income (3)			750			568			11,633			1,783
Gains on deconsolidation of a subsidiary	9		—			—			407,598			62,467
Fair value change of other financial assets			—			42			—			—
Others			110			(98	)		(873	)		(134	)

			(16,780	)		(20,205	)		412,892			63,278

(3)	For the year ended December 31, 2020, subsidy income consists primarily of the government grant of RMB10 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City to support the research and development activities in the local region.

Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income (Loss) per Share

NET INCOME (LOSS) PER SHARE

Basic and diluted net income (loss) per share for eac

of the periods presented are calculated as follows:


	Year Ended December 31
	2018			2019			2020
	RMB			RMB			RMB		US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net income (loss) attributable to I-Mab		(402,833	)		(1,451,950	)		470,915		72,170

Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			(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	)		—		—

Net income (loss) attributable to ordinary shareholders		(402,833	)		(1,485,001	)		470,915		72,170


Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding		6,529,092			7,381,230			134,158,824		134,158,824
Dilutive effect of convertible preferred shares		—			—			4,373,047		4,373,047
Dilutive effect of ordinary shares to be issued to Everes t		—			—			266,458		266,458
Dilutive effect of convertible promissory notes		—			—			865,479		865,479
Dilutive effect of restricted shares units		—			—			778,130		778,130
Dilutive effect of stock options		—			—			16,789,714		16,789,714

Denominator for diluted income (loss) per share calculation		6,529,092			7,381,230			157,231,652		157,231,652
Net income (loss) per share - basic		(61.70	)		(201.19	)		3.51		0.54
Net income (loss) per share - diluted		(61.70	)		(201.19	)		3.00		0.46

The effects of all outstanding convertible preferred shares, restricted shares and certain stock options have been excluded from the computation of diluted loss per share for the years ended December 31, 2018 and 2019 as their effects would be anti-dilutive. For the years ended December 31, 2018 and 2019, the Company also has certain dilutive potential stock options. These stock options which cannot be exercised until the Company completed 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
	2018		2019
Convertible preferred shares		64,389,968		92,238,119
Restricted shares		1,134,058		—
Stock options		not applicable		11,388,776

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2020
Postemployment Benefits [Abstract]
Employee Benefits	2 1 . 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 income (loss) for such employee benefits amounted to approximately RMB9,294, RMB14,152 and RMB10,049 for the years ended December 31, 2018, 2019 and 2020, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	2 2 . 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 (see Note 18). In April 2020, Tracon issued a notice of disputes with respect to the TJD5 Agreement and the BsAbs Agreement. As of the date of this report, these disputes have not been resolved (see Note 18). As of December 31, 2020, the Group did not record any liabilities for these disputes. Information available prior to issuance of the financial statements did not indicate that it is probable that a liability had been incurred at the date of the financial statements and the Company is also unable to reasonably estimate the range of any liability or possible loss, if any. The Group did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2019 and 2020.

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2020

Related Party Balances and Transactions

. 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 2020:


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

Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		Controlled by the ultimate controlling party of a principal shareholder of the Group

I-Mab Biopharma (Hangzhou) Co., Limited		Subsidiary of the Group before September 15, 2020; Affiliate of the Group after September 15, 2020

Details of related party balances as of December 31, 2019 and 2020 are as follows:

Ordinary Shares to be issued to Everest


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Everest (Note 1 8 )		258,119		—		—

Other receivables


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou		—		21,212		3,251

Accruals and other payables


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		—		2,395		367

Details of related party transactions for the years ended December 31, 2018, 2019 and 2020 are as follows:

Receipt of CRO services

—

recognized in research and development expenses


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		2,786		—		681		104
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		—		—		2,395		367
Tasly Pharmaceutical Group Co., Ltd.		—		5,590		—		—

Receipt of research and development funding


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Everest (Note 1 8 )		178,715		53,148		—		—

Collection of loan to an affiliate


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou (4)		—		—		52,000		7,969

(4)

In July 2019 and July 2020,

I-Mab

Shanghai provided an interest free loan to

I-Mab

Hangzhou of RMB2,000 and RMB50,000 respectively to finance

I-Mab

Hangzhou’s operation. These loans were repaid in November 2020.

Expenses paid on behalf of an affiliate


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou		—		—		21,212		3,251

Concentration of Credit Risk	12 Months Ended
Concentration of Credit Risk	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	2 4 . CONCENTRATION OF CREDIT RISK Financial instruments that are potentially subject to significant con c entration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, other financial assets, accounts receivable, 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, 2019 and 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 accounts receivable, contract assets, other receivables and other financial assets, the Group performs on-going credit evaluations of the financial condition of its customers and counterparties. F-7 8

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	2 5 . SUBSEQUENT EVENTS In February 2021, the Group sent Tracon a notice to terminate the TJD5 Agreement, which would result in a prespecified termination fee of US$9.0 million owing to Tracon. In March 2021, the Group entered into two collaboration agreements with Complix, an EU-based biotech company (the “Complix Agreement”), and Affinity, a Shanghai-based biotech company (the “Affinity Agreement”), respectively, allowing the Group to access cutting edge technology platforms to create next generation of novel and highly differentiated drug candidates, including Cell Penetrating Alphabodies (“CPAB”) for otherwise intractable intracellular drug targets and masked antibodies for targeted tumor-site activation. Under the Complix Agreement, both parties will collaborate to discover, develop and commercialize novel therapeutics for mutually agreed targets based on the Complix’s proprietary technology. Under the Affinity Agreement, both parties will collaborate to develop lead compounds for mutually agreed targets based on Affinity’s Tumor MicroEnvironment Activated body (“TMEAbody”) platform technology. In March 2021, the Group entered into a license and collaboration agreement with Genbase, a Shanghai-based biotech company to develop bi-specific antibodies or/and multi-specific antibodies using antibody sequences from both companies. Under this agreement, Genbase granted to the Group a non-transferable, sublicensable, and royalty-bearing license under Genbase parental antibody technology and Genbase parental antibody improvements owned and controlled by Genbase to make, develop and commercialize the licensed compounds and licensed products in all uses and indications worldwide.

Restricted Net Assets

12 Months Ended

Dec. 31, 2020

Restricted Net Assets Disclosure [Abstract]

Restricted Net Assets

. 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, 2018, 2019 and 2020, 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.

As of December 31, 2020, the net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be zero, while the Group has a consolidated shareholders’ equity. Therefore, as the restricted net assets of consolidated subsidiaries do not exceed 25% of consolidated net assets as of the most recent fiscal year end, the Group is not required to provide parent company financial information.

Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of presentation

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

The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note

VIE Model

Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive

kick-out

As of December 31, 2020, the Group determined that the one entity subject to the consolidation guidance is a VIE for which the Group is not the primary beneficiary.

Use of Estimates

2.3 Use of 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 and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2019 and 2020:

As of December 31, 2019

Active market

Observable input

Non-

observable input

(Level 1)

(Level 2)

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of December 31, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

31,530

Liabilities

Put right liabilities

—

116,006

The roll forward of major Level 3 financial assets

nd financial liabilities are as follows:


	Short-term investments			Other financial assets			Warrant liabilities			Put right liabilities
Fair value of Level 3 financial asset and liabilities 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		—			(256,000	)		—			—
Fair value changes		703			42			5,644			—
Currency translation differences		—			—			(26	)		—

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

Purchase of short-term investments		2,491,991			—			—			—
Disposal of short-term investments		(2,503,749	)		—			—			—
Grant of put right liabilities		—			—			—			124,321
Fair value changes		11,288			—			—			(3,024	)
Currency translation differences		—			—			—			(5,291	)

Fair value of Level 3 financial assets and liabilities as of December 31, 2020		31,530			—			—			116,006

See Note

for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2020.

Foreign currency translation

2.5 Foreign currency translation

income (loss). The exchange rates

used for translation on December 31, 2019 and 2020 were US$1.00 = RMB6.9762 and RMB6.5249 respectively, representing the index rates stipulated by the People’s Bank of China.

Cash and cash equivalents

2.6 Cash and cash equivalents

Restricted cash

2.7 Restricted cash

Cash, cash equivalents and restricted cash as reporte

in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,
	2019		2020
	RMB		RMB
Cash and cash equivalents		1,137,473		4,758,778
Restricted cash		55,810		—

Total		1,193,283		4,758,778

Accounts receivable

2.8 Accounts receivable

Short-term investments

2.9 Short-term investments

Property, equipment and software

2.10 Property, equipment and software


Laboratory equipment		3 to 10 years
Software		1 to 5 years
Office furniture and equipment		5 years
Leasehold improvements		Lesser of useful life or lease term

The Group recognizes the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive income (loss).

Intangible assets

2.11 Intangible assets

Impairment of long-lived assets

2.12 Impairment of long-lived assets

Goodwill

2.13 Goodwill

Long Term Investments

2.14 Long-term investments

Deferred subsidy income

2.15 Deferred subsidy income

of RMB7,509 and RMB3,920 and in deferred subsidy income as of December 31, 2020 and 2019 respectively.

Revenue recognition

2.16 Revenue recognition

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

Revenue from Contracts with Customers

Collaboration revenue

At contract inception, we analyze 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, upon which 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 the Group’s reported revenues and earnings in the period of the adjustment.

Royalties

Contract assets and liabilities

Value-added-tax ("VAT") recoverable and surcharges

2.17 Value-added-tax (“VAT”) recoverable and surcharges

the value-added-tax depending

the tax-payer’s location.

Research and development expenses

2.18 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

2.19 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 Group 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

Comprehensive loss

2.20 Comprehensive income (loss)

Share-based compensation

2.21 Share-based compensation

The Group 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

2.22 Income taxes

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

740-10, Income

Borrowings

2.23 Borrowings

Business combination

2.24 Business combination

Segment information

2.25 Segment information

Income (loss) per share

2.26 Income (loss) per share

Adopted accounting pronouncements

2.27 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

•

Recent accounting pronouncements

2.28 Recent accounting pronouncements

In January 2020, the FASB issued ASU

2020-01,

2020-01

is effective for the Group’s annual periods beginning after December 15, 2021. ASU

2020-01

will be applied prospectively. Early adoption is permitted. The Group is currently evaluating the effect the adoption of ASU

2020-01

will have on its consolidated financial statements.

Principal Activities and Organization (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Principal Subsidiaries

As of

December 31, 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

(“I-Mab

Hong Kong”)

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)

12 Months Ended

Dec. 31, 2020

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 and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2019 and 2020:

As of December 31, 2019

Active market

Observable input

Non-

observable input

(Level 1)

(Level 2)

(Level 3)

Total

RMB

Assets:

Short-term investments

—

32,000

As of December 31, 2020

Active market
(Level 1)

Observable input
(Level 2)

Non-

observable input
(Level 3)

Total

RMB

Assets:

Short-term investments

—

31,530

Liabilities

Put right liabilities

—

116,006

Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability

The roll forward of major Level 3 financial assets

nd financial liabilities are as follows:


	Short-term investments			Other financial assets			Warrant liabilities			Put right liabilities
Fair value of Level 3 financial asset and liabilities 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		—			(256,000	)		—			—
Fair value changes		703			42			5,644			—
Currency translation differences		—			—			(26	)		—

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

Purchase of short-term investments		2,491,991			—			—			—
Disposal of short-term investments		(2,503,749	)		—			—			—
Grant of put right liabilities		—			—			—			124,321
Fair value changes		11,288			—			—			(3,024	)
Currency translation differences		—			—			—			(5,291	)

Fair value of Level 3 financial assets and liabilities as of December 31, 2020		31,530			—			—			116,006

summary of Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows

Cash, cash equivalents and restricted cash as reporte

in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,
	2019		2020
	RMB		RMB
Cash and cash equivalents		1,137,473		4,758,778
Restricted cash		55,810		—

Total		1,193,283		4,758,778

Summary of Estimated Useful Lives


Laboratory equipment		3 to 10 years
Software		1 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

Accounts Receivable And Contract Assets (Tables)

12 Months Ended

Dec. 31, 2020

Accounts Receivable And Contract Assets [Abstract]

summary of Accounts receivable and contract assets, net of allowance for credit losses

Accounts receivable and contract assets, net of allowance for credit losses, consisted of the following:


	As of December 31,
	2019		2020
	RMB		RMB		US$(Note 2.5)

Accounts receivable, gross		—		130,498		20,000
Allowance for credit losses		—		—		—

Accounts receivable, net		—		130,498		20,000


	As of December 31,
	2019		2020
	RMB		RMB		US$(Note 2.5)

Contract assets, gross		—		227,391		34,849
Allowance for credit losses		—		—		—

Contract assets, net		—		227,391		34,849

Prepayments And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepayments And Other Receivables


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Prepayments:
- Prepayments to CRO vendors		78,740		83,140		12,742
- Prepayments for other services		880		2,550		391
Receivables due from employees (1)		16,201		—		—
Receivables due from an affiliate (Note 2 3 )		—		21,212		3,251
Value-added tax recoverable		12,517		63,664		9,757
Rental deposits		546		1,766		271
Interest receivables		764		236		36
Others		26,388		22,899		3,509

		136,036		195,467		29,957

(1)	The balance mainly represents the receivables due from certain employees, arose from the Group’s obligation to pay the withholding individual income tax (“IIT”) for those employees’ stock option activities. The balance was collected by the Group in January 2020.

Property, Equipment And Software (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Cost
Laboratory equipmen t		24,265			30,808			4,722
Leasehold improvement		11,856			13,842			2,121
Software		10,220			9,990			1,531
Office furniture and equipment		1,526			1,531			234

Total property, equipment and software		47,867			56,171			8,608

Less: accumulated depreciation and amortization		(18,221	)		(30,899	)		(4,735	)

Net book value		29,646			25,272			3,873
Construction in progress		423			—			—

Total net book value of property, equipment and software		30,069			25,272			3,873

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Operating Lease Related Assets And Liabilities And Other Related Information

Information related to operating leases as of December 31, 2019 and 2020 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2019			2020
	RMB			RMB			US$ (Note 2.5)
Assets
Operating lease right-of-use assets		16,435			14,997			2,298

Liabilities
Operating lease liabilities, current		6,807			8,058			1,235
Operating lease liabilities, non-current		7,492			5,542			849

Weighted average remaining lease term (years)		2.4			1.7			1.7
Weighted average discount rate		5	%		5	%		5	%

Schedule of Components of Operating Lease Expense


	For the Year Ended
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets		5,260		8,158		1,250
Expense for short-term leases within 12 months		592		—		—
Interest of lease liabilities		543		679		104

		6,395		8,837		1,354

Schedule of Operating Lease, Maturity

Maturities of lease liabilities were as follows:


	As of December 31,
	2020
	RMB			US$ (Note 2.5)

2020		—			—
2021		8,901			1,364
2022		5,464			837
2023		536			82
2024		—			—
Thereafter		—			—

Total undiscounted lease payments		14,901			2,283
Less: imputed interest		(1,301	)		(199	)

Total lease liabilities		13,600			2,084

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible assets

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


	As of December 31, 2020
	Gross carrying amount		Accumulated amortization			Net carrying amount
	RMB		RMB			RMB		US$ (Note 2.5)
Intangible assets
IPR&D TJ103		11,670		(1,556	)		10,114		1,550
IPR&D TJ101		110,330		—			110,330		16,909

Total intangible assets		122,000		(1,556	)		120,444		18,459


	As of December 31, 2019
	Gross carrying amount		Accumulated amortization		Net carrying amount
	RMB		RMB		RMB		US$ (Note 2.5)
Intangible assets
IPR&D TJ103		11,670		—		11,670		1,788
IPR&D TJ102		26,844		—		26,844		4,114
IPR&D TJ101		110,330		—		110,330		16,909

Total intangible assets		148,844		—		148,844		22,811

Investment Accounted for Using the Equity Method and Put Right Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Investment Accounted For Using The Equity Method And Put Right Liabilities [Abstract]

Summary of Group Long term Investment Measured Under Equity method

The Group presented the summarized financial information of the Group’s long-term investment measured under equity method below in accordance with Rule 4-08 of Regulation S-X (RMB in thousands).


	For the period from September 15 , 2020 to December 31, 2020
Operating data:
Revenue		271
Gross profit		271
Loss from operations		(85,945	)
Net Loss		(85,945	)


	As of December 31,
	2020
Balance sheet data:
Current assets		923,010
Non-current assets		810,623
Current liabilities		31,519
Non-current liabilities		10,933
Non-controlling interests		—

Summary of Estimate the Fair Value of the Put Right Using the Following Assumptions


	As of September 15, and September 30,			As of December 31,
	2020			2020
Expected terms (Year)		4			4
Estimated volatility		55.2	%		55.9	%
Spot price	US$	143,401		US$	143,804
Probability of triggering event for redemption option		65	%		65	%

Accruals And Other Payables (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Summary of accruals and other payables


	As of December 31,		As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Current:
Staff salaries and welfare payables		30,166		94,133		14,427
Accrued external research and development activities related expenses		144,000		218,583		33,499
Accrued initial public offering costs payable		17,504		—		—
Accrued private placement offering costs payable		—		128,786		19,737
Withholding IIT payable related to stock options		16,201		—		—
Non-refundable incentive payment from depositary bank (2)		—		2,424		371
Accrued traveling expenses, office expenses and others		65,682		116,632		17,875

		273,553		560,558		85,909

Non-current:
Non-refundable incentive payment from depositary bank (2)		—		7,474		1,145
Advance payment received from an employee for exercise of stock options		—		1,501		230

		—		8,975		1,375
Total		—		569,533		87,284

(2)

The Group received a

non-refundable

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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

he differences between

he PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2018, 2019 and 2020 are as follows:


	Year Ended December 31,
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Income (loss) before income ta x		(401,111	)		(1,451,950	)		483,146			74,044
Income tax computed at respective applicable tax rate		(56,093	)		(148,871	)		66,044			10,122
Non-deductible expenses		2,548			87,021			72,256			11,073
Research and development expenses plus deduction		(6,762	)		(9,254	)		(60,776	)		(9,314	)
Changes in valuation allowance		62,029			71,104			(65,293	)		(10,007	)

		1,722			—			12,231			1,874

Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share		3.07			9.55			0.34			0.05

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,
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Deferred tax assets:
Net operating loss carryforwar d		92,185			136,443			107,344			16,451
Depreciat i on and amortization of property, equipment, software and intangible asset, net		18,405			44,398			30,417			4,662
Accrual expense		21,132			21,867			10,568			1,620
Less: valuation allowance		(94,511	)		(165,497	)		(100,204	)		(15,358	)

Total deferred tax asset s		37,211			37,211			48,125			7,375

Deferred tax liabilities:
Acquired intangible assets		37,211			37,211			18,067			2,768
Contract assets		—			—			30,058			4,607

Total deferred tax liabilities		37,211			37,211			48,125			7,375

Deferred tax assets, net		—			—			—			—

Summary of Movement of the Valuation Allowance

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2018			2019			2020
	RMB			RMB			RMB			US$ (Note 2.5)
Balance as of January 1		(49,541	)		(94,511	)		(165,497	)		(25,364	)
Addition s		(62,029	)		(71,104	)		(36,061	)		(5,527	)
Utilization and reversal of valuation allowances		—			—			89,154			13,663
Decrease due to the change of tax rate		17,059			118			12,200			1,870

Balance as of December 31		(94,511	)		(165,497	)		(100,204	)		(15,358	)

Convertible Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Shares Activities

The Company’s convertible preferred shares activities for the years ended December 31, 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		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

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 December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—

Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Warrants Disclosure [Abstract]

Summary of fair value of warrant liabilities

The Group used the binomial model to estimate the fair value of the warrant on September 11, 2020 and December 17, 2020 when the Investor Warrants were issued using the following assumptions:


	As of September 11,			As of December 17,
	2020			2020

Risk-free rate of return		0.12	%		0.08	%
Maturity date		September 11, 2021			December 17, 2021
Estimated volatility rate		60.72	%		59.56	%
Exercise price	US$	19.57		US$	19.57

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The estimated fair value of the Investor Warrants was shown below, which were used to determine the allocation of the total proceeds for the sale of ordinary shares between the Investor Warrants and ordinary shares.


	Terms		Exercise Price per share US$		Outstanding Units		Fair value at the closing date RMB’000
Warrants to purchase ordinary shares (first closing on September 11, 2020)		12 months		19.57		3,744,032		71,874
Warrants to purchase ordinary shares (second closing on December 17, 2020)		12 months		19.57		1,597,235		37,869

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Share-Based Compensation Expenses Related to Restricted Shares

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


	Year Ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		1,056		470		284,431		43,591
Administrative expenses		2,464		514,733		209,033		32,036
Equity in loss of an affiliate		—		—		32,707		5,013

		3,520		515,203		526,171		80,640

Summary of Valuation Assumptions Used


	As of September 15, and September 30,			As of December 31,
	2020			2020
Expected terms (Year)		4			4
Estimated volatility		55.2	%		55.9	%
Spot price	US$	143,401		US$	143,804
Probability of triggering event for redemption option		65	%		65	%

Restricted Stock [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 were included in:


	Year Ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Research and development expenses		1,056		470		—		—
Administrative expenses		2,464		1,096		—		—

		3,520		1,566		—		—

2018 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Non vested Share Activity

A summa

y of

non-vested

stock option activities for the year ended December 31, 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		(1,871,500	)		5.57
Exercise d		(402,000	)		5.57

Non-vested at December 31, 2020		825,000			5.57

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2018 Plan for the years ended December 31, 2019 and 2020:


	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 1 7 (d))		(454,940	)		1.00		—		—

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

Exercised		(402,000	)		1.00		—		—
Surrendered (Note 1 7 (h))		(2,544,917	)		1.00		—		—
Outstanding as of December 31, 2020		10,589,671			1.00		8.15		206,499

Exercisable as of December 31, 2020		9,764,670			1.00		8.15		190,411

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

2017 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Non vested Share Activity

A summa

y of

non-vested

stock option activities for the year ended December 31, 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		(6,790,924	)		1.90
Exercised		(1,439,373	)		1.37
Forfeited		(338,876	)		2.29
Surrendered		(332,566	)		1.47

Non-vested at December 31, 2020		911,142			4.96

Summary of Stock Options Activities

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, 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 1 7 (d))		(3,435,215	)		1.00		—		—

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

Forfeited		(338,876	)		1.00		—		—
Exercised		(1,439,373	)		0.72		—		—
Surrendered (Note 1 7 (h))		(332,566	)		1.00		—		—

Outstanding as of December 31 ,2020		7,702,066			0.97		6.75		150,415

Exercisable as of December 31, 2020		6,790,924			0.97		6.75		132,650

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,
	2018			2019

Expected volatility		61.32%-62.13	%		54.64	%
Risk-free interest rate (per annum)		2.81%-3.06	%		2.15	%
Exercise multiple		2.80			2.80
Expected dividend yield		—			—
Contractual term (in years)		10			10

2019 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Non vested Share Activity

A summary of

non-vested

stock options activity for the year ended December 31, 2020 is presented below:


	Number of shares		Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—		—
Granted		72,000		4.50

Non-vested at December 31, 2020		72,000		4.50

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2019 Plan for the year ended December 31, 2020 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 December 31, 2020		72,000		6.09		9.33		1,038

Exercisable as of December 31, 2020		—		—		—		—

Summary of Valuation Assumptions Used

Stock options granted to the 3 independent directors were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:


	Year Ended December 31,
	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

2020 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Non vested Share Activity

A summary of

non-vested

stock option activities for the year ended December 31, 2020 is presented below:


	Number of shares			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		1,068,733			8.71
Forfeited		(24,365	)		8.65

Non-vested at December 31, 2020		1,044,368			8.71

Summary of Stock Options Activities

The following table sets forth the stock options activities of 2020 Plan for the year ended December 31, 2020:


	Number of shares			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		1,068,733			5.91		—		—
Forfeited		(24,365	)		5.91		—		—

Outstanding as of December 31, 2020		1,044,368			5.91		9.62		15,237

Exercisable as of December 31, 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:


	Year Ended December 31,
	2020
Expected volatility		56.51	%
Risk-free interest rate (per annum)		0.86	%
Exercise multiple		2.20-2.80
Expected dividend yield		—
Contractual term (in years)		10

2020 Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options Activities

The following table sets forth the restricted share units of 2020 Plan for the year ended December 31, 2020:


	Number of restricted share units			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		4,093,079			—		—		—
Forfeited		(13,461	)		—		—		—

Outstanding as of December 31, 2020		4,079,618			—		9.70		83,632

Schedule of Nonvested Restricted Stock Units Activity

A summary of

non-vested

restricted share units activities for the year ended December 31, 2020 is presented below:


	Number of restricted share units			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		4,093,079			13.99
Forfeited		(13,461	)		11.73

Non-vested at December 31, 2020		4,079,618			14.00

2020 Plan [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Options Activities

The following table sets forth the restricted share units subject to terms and conditions under 2018 Plan for the year ended December 31, 2020:


	Number of restricted share units			Weighted average exercise price US$		Weighted average remaining contractual term		Aggregate intrinsic value US$
Outstanding as of December 31, 2019		—			—		—		—
Granted		1,328,120			1.00		—		—
Vested		(565,200	)		1.00		—		—

Outstanding as of December 31, 2020		762,920			1.00		9.65		14,877

Schedule of Nonvested Restricted Stock Units Activity

A summary of

non-vested

restricted share units activities for the year ended December 31, 2020 is presented below:


	Number of restricted share units			Weighted average grant-date fair value US$
Non-vested at December 31, 2019		—			—
Granted		1,328,120			13.34
Vested		(565,200	)		13.95

Non-vested at December 31, 2020		762,920			12.89

Licensing and Collaboration Agreements (Tables)

12 Months Ended

Dec. 31, 2020

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
2020		—		—		—		—		—
2019		—	US$	8,000		—		—		—

2018		—		—		—		—		—

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
2020		—		—		—		—		—
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
2020		—	US$	1,000		—		—		—
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 and 2020.


	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
2020		—		—		—		—		—
2019	US$	15,000		—		—		—		—

Other Income (Expenses), Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Summary of Other Income (Expenses), Net

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2018, 2019 and 2020:


		Year Ended December 31
		2018			2019			2020
	Notes	RMB			RMB			RMB			US$
											(Note 2.5)
Loss from conversion of 2017 Notes	1 5		(18,375	)		—			—			—
Loss from conversion of Onshore Convertible Loan s	1 5		(8,548	)		—			—			—
Loss from issuance of 2018 Notes	1 5		(5,081	)		—			—			—
Loss on termination agreement with Everest	1 8		—			(23,039	)		—			—
Income of incentive payment from depository bank	1 1		—			—			2,348			360
Fair value change of short-term investments			—			703			11,288			1,730
Fair value change of put right liabilities			—			—			3,024			463
Income from other financial assets			13,622			—			—			—
Net foreign exchange gains (losses)			742			1,619			(22,126	)		(3,391	)
Subsidy income (3)			750			568			11,633			1,783
Gains on deconsolidation of a subsidiary	9		—			—			407,598			62,467
Fair value change of other financial assets			—			42			—			—
Others			110			(98	)		(873	)		(134	)

			(16,780	)		(20,205	)		412,892			63,278

Net Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss per Share

Basic and diluted net income (loss) per share for eac

of the periods presented are calculated as follows:


	Year Ended December 31
	2018			2019			2020
	RMB			RMB			RMB		US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net income (loss) attributable to I-Mab		(402,833	)		(1,451,950	)		470,915		72,170

Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares		—			(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	)		—		—

Net income (loss) attributable to ordinary shareholders		(402,833	)		(1,485,001	)		470,915		72,170


Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding		6,529,092			7,381,230			134,158,824		134,158,824
Dilutive effect of convertible preferred shares		—			—			4,373,047		4,373,047
Dilutive effect of ordinary shares to be issued to Everes t		—			—			266,458		266,458
Dilutive effect of convertible promissory notes		—			—			865,479		865,479
Dilutive effect of restricted shares units		—			—			778,130		778,130
Dilutive effect of stock options		—			—			16,789,714		16,789,714

Denominator for diluted income (loss) per share calculation		6,529,092			7,381,230			157,231,652		157,231,652
Net income (loss) per share - basic		(61.70	)		(201.19	)		3.51		0.54
Net income (loss) per share - diluted		(61.70	)		(201.19	)		3.00		0.46

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:


	Year Ended December 31
	2018		2019
Convertible preferred shares		64,389,968		92,238,119
Restricted shares		1,134,058		—
Stock options		not applicable		11,388,776

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Related Party Balances

Details of related party balances as of December 31, 2019 and 2020 are as follows:

Ordinary Shares to be issued to Everest


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Everest (Note 1 8 )		258,119		—		—

Other receivables


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou		—		21,212		3,251

Accruals and other payables


	As of December 31,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		—		2,395		367

Summary of Related Party Transactions

Receipt of CRO services

—

recognized in research and development expenses


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.		2,786		—		681		104
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		—		—		2,395		367
Tasly Pharmaceutical Group Co., Ltd.		—		5,590		—		—

Receipt of research and development funding


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
Everest (Note 1 8 )		178,715		53,148		—		—

Collection of loan to an affiliate


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou (4)		—		—		52,000		7,969

Expenses paid on behalf of an affiliate


	For the year ended December 31,
	2018		2019		2020
	RMB		RMB		RMB		US$ (Note 2.5)
I-Mab Hangzhou		—		—		21,212		3,251

Principal Activities and Organization - Schedule of Principal Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2020
I-Mab Biopharma Hong Kong Limited [Member]
Place of incorporation	Hong Kong
Date of incorporation	Jul. 08, 2016
Percentage of direct or indirect ownership by the company	100.00%
Principal activities	Investment holding
I-Mab Shanghai [Member]
Place of incorporation	PRC
Date of incorporation	Aug. 24, 2016
Percentage of direct or indirect ownership by the company	100.00%
Principal activities	Research and development of innovative medicines
I-MabTianjin [Member]
Place of incorporation	PRC
Date of incorporation	Jul. 15, 2017
Percentage of direct or indirect ownership by the company	100.00%
Principal activities	Research and development of innovative medicines
I-MabBiopharma US Ltd. [Member]
Place of incorporation	U.S.
Date of incorporation	Feb. 28, 2018
Percentage of direct or indirect ownership by the company	100.00%
Principal activities	Research and development of innovative medicines

Principal Activities and Organization - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands			12 Months Ended
	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Jan. 17, 2020 $ / shares	Oct. 31, 2016 $ / shares
Proceeds from initial public offering			¥ 726,300	$ 111,310
Share price \| $ / shares						$ 0.77
IPO [Member] \| American Depositary Shares [Member]
Number of share issued, ADS \| shares		7,407,400
Number of share issued, price per share \| $ / shares					$ 14.00
Proceeds from initial public offering \| $		$ 103,700
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	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Assets [Abstract]
Short-term Investments	¥ 31,530	$ 4,832	¥ 32,000
Liabilities [Abstract]
Put right liabilities	116,006	$ 17,779
Fair Value, Recurring [Member]
Assets [Abstract]
Short-term Investments	31,530		32,000
Liabilities [Abstract]
Put right liabilities	116,006
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets [Abstract]
Short-term Investments	31,530		¥ 32,000
Liabilities [Abstract]
Put right liabilities	¥ 116,006

Principal Accounting Policies - Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Disposal of short-term investments		¥ (102,703)
Fair value change		703
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	2,491,991	134,000
Disposal of short-term investments	(2,503,749)
Fair value change	11,288
Fair value of Level 3 financial asset and liability	31,530	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	0	255,958
Disposal of other financial assets due to Termination Agreement		(256,000)
Fair value change		42
Fair value of Level 3 financial asset and liability		0
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	0	(5,618)
Fair value change		5,644
Currency translation differences		(26)
Fair value of Level 3 financial asset and liability		¥ 0
Put Right Liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Grant of put right liabilities	124,321
Fair value change	(3,024)
Currency translation differences	(5,291)
Fair value of Level 3 financial asset and liability	¥ 116,006

Principal Accounting Policies - summary of Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	¥ 4,758,778	$ 729,315	¥ 1,137,473
Restricted cash			55,810
Total	¥ 4,758,778	$ 729,315	¥ 1,193,283	$ 182,879	¥ 1,680,931	¥ 412,713

Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2020 USD ($)	Jan. 01, 2019 CNY (¥)
Deferred subsidy income	¥ 7,509	¥ 3,920
Operating lease right-of-use assets	14,997	16,435	$ 2,298	¥ 13,100
Operating lease, liability	13,600		$ 2,084	¥ 11,333
Impairment loss, contract assets with customer	¥ 0	¥ 0
Minimum [Member]
VAT surcharges percent	6.00%
Maximum [Member]
VAT surcharges percent	12.00%
Peoples Bank of China [Member]
Translation exchange rates	6.5249	6.9762	6.5249
Federal Reserve Bank of New York [Member]
Translation exchange rates	6.5250		6.5250

Principal Accounting Policies - Summary of Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2020
Laboratory Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Laboratory Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	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

Accounts Receivable And Contract Assets - summary of Accounts receivable and contract assets, net of allowance for credit losses (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)
Accounts Receivable
Accounts receivable, gross	¥ 130,498	$ 20,000
Allowance for credit losses
Accounts receivable, net	130,498	20,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current [abstract]
Contract assets, gross	227,391	34,849
Allowance for credit losses
Contract assets, net	¥ 227,391	$ 34,849

Prepayments And Other Receivables - Summary of Prepayments And Other Receivables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Prepaid Expense, Current [Abstract]
-Prepayments to CRO vendors	¥ 83,140	$ 12,742	¥ 78,740
-Prepayments for other services	2,550	391	880
Receivables due from employees			16,201
Receivables due from an affiliate (Note 23)	21,212	3,251
Value-added tax recoverable	63,664	9,757	12,517
Rental deposits	1,766	271	546
Interest Receivable	236	36	764
Others	22,899	3,509	26,388
Total	¥ 195,467	$ 29,957	¥ 136,036

Property, Equipment And Software - Additional Information (Detail) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	¥ 12.7	¥ 9.8	¥ 6.7

Property, Equipment And Software - Schedule of property, equipment and software, net (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	¥ 56,171	$ 8,608	¥ 47,867
Less: accumulated depreciation and amortization	(30,899)	(4,735)	(18,221)
Net book value	25,272	3,873	29,646
Construction in progress	0		423
Total net book value of property, equipment and software	25,272	3,873	30,069
Laboratory Equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	30,808	4,722	24,265
Leasehold improvement [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	13,842	2,121	11,856
Software [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	9,990	1,531	10,220
Office furniture and equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Total property, equipment and software	¥ 1,531	$ 234	¥ 1,526

Leases - Operating Lease Related Assets And Liabilities And Other Related Information (Detail)) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Jan. 01, 2019 CNY (¥)
Assets
Operating lease right-of-use assets	¥ 14,997	$ 2,298	¥ 16,435	¥ 13,100
Liabilities
Operating lease liabilities, current	8,058	1,235	6,807
Operating lease liabilities, non-current	¥ 5,542	$ 849	¥ 7,492
Weighted average remaining lease term (years)	1 year 8 months 12 days	1 year 8 months 12 days	2 months 12 days
Weighted average discount rate	5.00%	5.00%	5.00%

Leases - Components of Operating Lease Expense (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Schedule of Components of Operating Lease Expense [Line Items]
Amortization of right-of-use assets	¥ 8,158	$ 1,250	¥ 5,260
Expense for short-term leases within 12 months			592
Interest of lease liabilities	679	104	543
Operating lease rental expense	¥ 8,837	$ 1,354	¥ 6,395

Leases - Operating Lease, Maturity (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Jan. 01, 2019 CNY (¥)
Schedule of Operating Lease Maturity [Line Items]
2021	¥ 8,901	$ 1,364
2022	5,464	837
2023	536	82
Total undiscounted lease payments	14,901	2,283
Less: imputed interest	(1,301)	(199)
Total lease liabilities	¥ 13,600	$ 2,084	¥ 11,333

Intangible Assets - Summary Of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	¥ 122,000		¥ 148,844
Accumulated amortization	(1,556)
Net carrying amount	120,444	$ 18,459	148,844	$ 22,811
IPR And D TJ103 [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	11,670		11,670
Accumulated amortization	(1,556)
Net carrying amount	10,114	1,550	11,670	1,788
IPR And D TJ102 [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount			26,844
Net carrying amount			26,844	4,114
IPR And D TJ101 [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	110,330		110,330
Net carrying amount	¥ 110,330	$ 16,909	¥ 110,330	$ 16,909

Intangible Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Impairment of intangible assets \| ¥	¥ 0		¥ 0
Amortization of intangible assets	¥ 1,556	$ 238
Estimated amortization expense		778
IPR And D TJ103 [Member]
Amortization of intangible assets		$ 1,556

Goodwill - Additional Information (Detail) $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Jul. 15, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	¥ 162,574,000	$ 24,916	¥ 162,574,000
Goodwill, accumulated impairment loss	¥ 0		¥ 0
Tasgen Group [Member]
Indefinite-lived Intangible Assets [Line Items]
Voting Interests Acquired				66.67%

Investment Accounted for Using the Equity Method and Put Right Liabilities - Summary of Group Long term Investment Measured Under Equity method (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Operating Data [Abstract]
Investments in subsidiaries	¥ 664,832	$ 101,890
Balance Sheet Data [Abstract]
Current assets	5,343,664	818,953	¥ 1,361,319
Current liabilities	576,125	$ 88,295	¥ 588,479
Long Term Investment under Equity Method [Member]
Balance Sheet Data [Abstract]
Current assets	923,010
Non-current assets	810,623
Current liabilities	31,519
Non-current liabilities	10,933
Non-controlling interests	0
Revenue [Member] \| Long Term Investment under Equity Method [Member]
Operating Data [Abstract]
Investments in subsidiaries	271
Gross Profit [Member] \| Long Term Investment under Equity Method [Member]
Operating Data [Abstract]
Investments in subsidiaries	271
Loss from Operation [Member] \| Long Term Investment under Equity Method [Member]
Operating Data [Abstract]
Investments in subsidiaries	(85,945)
Net Income Loss [Member] \| Long Term Investment under Equity Method [Member]
Operating Data [Abstract]
Investments in subsidiaries	¥ (85,945)

Investment Accounted for Using the Equity Method and Put Right Liabilities - Summary of Estimate the Fair Value of the Put Right Using the Following Assumptions (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020
Investment Accounted For Using The Equity Method And Put Right Liabilities [Abstract]
Expected terms (Year)	4 years	4 years
Estimated volatility	55.20%	55.90%
Spot price	$ 143,401	$ 143,804
Probability of triggering event for redemption option	65.00%	65.00%

Investment Accounted for Using the Equity Method and Put Right Liabilities - Additional Information (Detail) ¥ in Thousands, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 shares	Jun. 16, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Disposal of an equity method investment		¥ 407,598	$ 62,467
Common stock, shares outstanding \| shares	164,888,519	164,888,519		164,888,519	8,363,719
Equity in loss of affiliate		¥ (108,587)	(16,642)
HoldCo [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Ownership percentage	10.00%	10.00%		10.00%
Purchase price committed				$ 3,000
Equity in loss of affiliate \| ¥	¥ 8,456
I-Mab Hangzhou [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment fair value	¥ 764,352	¥ 764,352		112,039
Equity method investment, Amount sold \| ¥		¥ 664,832
Registered capital of subsidiary						$ 30,000
Assets recognized value				$ 105,000
Equity method investment, Ownership percentage	45.00%	45.00%		45.00%
Proceeds from contributions from affiliates			30,000
Common stock, shares outstanding \| shares	13,500,000	13,500,000		13,500,000
OCI, equity method Investment, after tax \| ¥	¥ 67,425
Employee benefit and share based compensation recognized in comprehensive income of entity \| ¥		¥ 32,707
Shares subscribed,not yet been purchased or issued \| shares	4,500,000	4,500,000		4,500,000
Imab Hong Kong [member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Ownership percentage	40.00%	40.00%		40.00%
Management Holdco [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, shares outstanding \| shares	25,500,000	25,500,000		25,500,000
Shares subscribed,not yet been purchased or issued \| shares	4,500,000	4,500,000		4,500,000
Management Holdco [Member] \| I-Mab Hangzhou [Member]
Schedule of Equity Method Investments [Line Items]
Registered capital of subsidiary				$ 3,000
Equity method investment, Ownership percentage	10.00%	10.00%		10.00%
Proceeds from contributions from affiliates			3,000
Esop Holdco [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Ownership percentage	5.00%	5.00%		5.00%
Esop Holdco [Member] \| I-Mab Hangzhou [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Ownership percentage	5.00%	5.00%		5.00%
Proceeds from contributions from affiliates			1,500
Domestic Investors [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Ownership percentage	10.00%	10.00%		10.00%
Common stock, shares outstanding \| shares	12,000,000	12,000,000		12,000,000
Domestic Investors [Member] \| I-Mab Hangzhou [Member]
Schedule of Equity Method Investments [Line Items]
Registered capital of subsidiary				$ 12,000
Equity method investment, Ownership percentage	40.00%	40.00%		40.00%
Proceeds from contributions from affiliates			$ 120,000

Short-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands	Jun. 30, 2019 CNY (¥)	Jul. 31, 2018 CNY (¥)	Dec. 31, 2019 CNY (¥)	Jun. 30, 2019 USD ($)	Jul. 31, 2018 USD ($)	Sep. 25, 2017
Loan Borrowed			¥ 50,000
Interest Rate						8.00%
Loan One [Member] \| China Merchant Bank Co., Ltd [Member]
Lender name		China Merchant Bank Co., Ltd
Loan Term		1 year
Loan Borrowed		¥ 80,000
Interest Rate		4.20%			4.20%
Collateral Value		¥ 92,653			$ 13,500
Percentage of interest bearing on deposit		3.26%			3.26%
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 was fully repaid in June 2020.

Accruals And Other Payables - Summary of accruals and other payables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 25, 2019 CNY (¥)
Current:
Staff salaries and welfare payables	¥ 94,133	$ 14,427	¥ 30,166
Accrued external research and development activities related expenses	218,583	33,499	144,000
Accrued initial public offering costs payable	0	0	17,504
Accrued private placement offering costs payable	128,786	19,737		¥ 0
Withholding IIT payable related to stock options	0	0	16,201
Non-refundable incentive payment from depositary bank	2,424	371	0
Accrued traveling expenses, office expenses and others	116,632	17,875	65,682
Accounts Payable and Accrued Liabilities, Current	560,558	85,909	273,553
Non-current:
Non-refundable incentive payment from depositary bank	7,474	1,145	0
Advance payment received from an employee for exercise of stock options	1,501	230	¥ 0
Accounts Payable and Accrued Liabilities, Non-current	8,975	1,375
Total	¥ 569,533	$ 87,284

Accruals And Other Payables - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2020 CNY (¥)	Apr. 30, 2020 USD ($)	Dec. 31, 2020 CNY (¥)
Payables and Accruals [Abstract]
Proceeds from non-refundable incentive	¥ 12,982	$ 1,857
Other income			¥ 2,348

Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Applicable tax rate	21.00%
Applicable state tax rate	8.25%
Withholding Tax	¥ 12,231
I MOB other subsidiaries [Member]
Applicable tax rate	25.00%
HONG KONG
Applicable tax rate	16.50%	16.50%	16.50%
AUSTRALIA
Applicable tax rate	30.00%
PRC [Member]
Operating loss	¥ 556,649
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	12 Months Ended
	Dec. 31, 2020 CNY (¥) ¥ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 CNY (¥) ¥ / shares	Dec. 31, 2018 CNY (¥) ¥ / shares
Loss before income tax	¥ 483,146	$ 74,044	¥ (1,451,950)	¥ (401,111)
Income tax computed at respective applicable tax rate	66,044	10,122	(148,871)	(56,093)
Non-deductible expenses	72,256	11,073	87,021	2,548
Research and development expenses plus deduction	(60,776)	(9,314)	(9,254)	(6,762)
Changes in valuation allowance	(65,293)	(10,007)	71,104	62,029
Income Tax Expense	¥ 12,231	$ 1,874	¥ 0	¥ 1,722
Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share \| (per share)	¥ 0.34	$ 0.05	¥ 9.55	¥ 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, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Deferred Tax Assets, Net [Abstract]
Net operating loss carryforward	¥ 107,344	$ 16,451	¥ 136,443		¥ 92,185
Depreciation and amortization of property, equipment, software and intangible asset, net	30,417	4,662	44,398		18,405
Accrual expense	10,568	1,620	21,867		21,132
Less: valuation allowance	(100,204)	(15,358)	(165,497)	$ (25,364)	(94,511)	¥ (49,541)
Total deferred tax assets	48,125	7,375	37,211		37,211
Deferred Tax Liabilities, Net [Abstract]
Acquired intangible assets	18,067	2,768	37,211		37,211
Contract assets	30,058	4,607
Total deferred tax liabilities	48,125	7,375	¥ 37,211		¥ 37,211
Deferred tax assets, net	¥ 0	$ 0

Income Taxes - Summary of Movement of the Valuation Allowance (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Income Tax Disclosure [Abstract]
Balance as of January 1	¥ (165,497)	$ (25,364)	¥ (94,511)	¥ (49,541)
Additions	(36,061)	(5,527)	(71,104)	(62,029)
Utilization and reversal of valuation allowances	89,154	13,663
Decrease due to the change of tax rate	12,200	1,870	118	17,059
Balance as of December 31	¥ (100,204)	$ (15,358)	¥ (165,497)	¥ (94,511)

Ordinary Shares - Additional Information (Detail)					12 Months Ended
Ordinary Shares - Additional Information (Detail)	Feb. 10, 2020 CNY (¥) shares	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) shares	Jan. 17, 2020 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥)	Jul. 15, 2020 CNY (¥)	Jul. 15, 2020 USD ($)	Dec. 31, 2019 $ / shares shares	Oct. 29, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares	Oct. 31, 2016 $ / shares
Ordinary shares, shares authorized						800,000,000				500,000,000		500,000,000
Voting rights					Each ordinary share is entitled to one vote.	Each ordinary share is entitled to one vote.
Ordinary shares, par value \| $ / shares						$ 0.0001				$ 0.0001		$ 0.0001	$ 0.0001
Proceeds from initial public offering					¥ 726,300,000	$ 111,310,000
Share Price \| $ / shares														$ 0.77
American depository shares, common share equivalent	23	23
Issuance of Private Placement					¥ 2,782,455,000	$ 426,430,000
Issuance of ordinary shares for restricted share units					7,000	7,000
2017 Employee Stock Option Plan [Member]
Shares Held in Employee Stock Option Plan						1,841,373
Collaboration Agreement with Everest [Member] \| Everests [Member]
Shares Issued Upon Conversion				6,078,571
Hillhouse Entities [Member]
Proceeds from Issuance of Warrants \| $						$ 45.00
Hillhouse Entities [Member] \| First Closing Period [Member]
Shares, Issued						20,421,378
Number of warrants issued						3,744,032
Gross proceeds of shares and warrants \| $						$ 293,000,000.0
Hillhouse Entities [Member] \| Second Closing Period [Member]
Issuance of Private Placement					¥ 2,653,669,000,000	$ 397,200,000
Shares, Issued						8,712,124
Number of warrants issued						1,597,235
Gross proceeds of shares and warrants \| $						$ 125,000,000.0
Collaboration agreement with investors [Member]
Issuance of Private Placement \| $						$ 418,000,000
Director [Member]
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]
Preferred stock, shares outstanding				30,227,056						30,227,056		30,227,056
Number of preferred shares converted to common shares				30,227,056
Convertible Preferred Stock Series B [Member]
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]
Preferred stock, shares outstanding				3,714,580
Number of preferred shares converted to common shares				3,714,580
Convertible Preferred Stock Series B2 [Member]
Temporary Shares Outstanding				3,301,849
Number of preferred shares converted to common shares				3,571,427
Series C Preferred Stock [Member]
Temporary Shares Outstanding				31,046,360
Number of preferred shares converted to common shares				34,420,469
Series C-1 Convertible Preferred Stock [Member]
Temporary Shares Outstanding				3,857,143
Number of preferred shares converted to common shares				4,537,814
American Depositary Shares [Member] \| Investor Warrants [Member]
Number of share issued, ADS					5,341,267	5,341,267
Share Price \| $ / shares						$ 45
Proceeds from Issuance of Warrants \| $						$ 104,500,000
American Depositary Shares [Member] \| IPO [Member]
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
American Depositary Shares [Member] \| Private Placement [Member]
Number of share issued, ADS					29,133,502	29,133,502
Share Price \| $ / shares						$ 33
Issuance of Private Placement \| $						$ 418,000,000
American Depositary Shares [Member] \| Over-Allotment Option [Member]
Number of share issued, ADS	8,175,750	8,175,750
Proceeds from initial public offering \| $		$ 114,500,000
Common Stock Shares Issuable		768,350
Share Price \| $ / shares		$ 14.00
Proceeds from initial public offering, net	¥ 697,788,000	$ 101,300,000
American Depositary Shares [Member] \| Board Of Directors [Member]
Amount of stock repurchase \| $									$ 20,000,000
Prepaid Expensestock repurchase program								¥ 34,051	$ 5,000

Convertible Preferred Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands														11 Months Ended		12 Months Ended
	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 ($) shares	Dec. 25, 2019 CNY (¥)	Dec. 25, 2019 USD ($) $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Jul. 25, 2019 USD ($) shares	Jun. 29, 2018 shares
Temporary Equity [Line Items]
Consideration in issuance Preference Shares \| ¥																		¥ 183,536	¥ 1,306,633
Stock Issuance Costs																¥ 27,595	$ 4,229,000	¥ 827
Offering Price of converted shares \| $	$ 1,000,000,000
Preferred Stock Liquidation Preference Percentage																(100.00%)	(100.00%)
Internal Rate of Return																(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
Convertible Preferred Stock Series B-2 [Member]
Temporary Equity [Line Items]
Issuance of Warrants								2,620,842	2,620,842
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
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
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 \| $																				$ 27,000,000.0
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
Temporary Equity [Member] \| Preferred Stock [Member]
Temporary Equity [Line Items]
Increase in the fair value of ordinary shares														¥ 27,800	$ 4,000,000.0

Convertible Preferred Shares - Schedule of Convertible Preferred Shares Activities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($) shares
Temporary Equity [Line Items]
Issuance of Series C-1 Preferred Shares, net of issuance costs, Value \| ¥			¥ 3,104,177
Conversion to ordinary shares upon IPO, value \| ¥	¥ 3,104,177
Series A Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 687,482	$ 102,852	¥ 687,482	$ 102,852
Opening Balance, Shares	30,227,056	30,227,056	30,227,056	30,227,056
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			¥ 687,482	$ 102,852
Closing Balance, Shares			30,227,056	30,227,056
Series B Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Opening Balance	¥ 921,243	$ 139,407	¥ 921,243	$ 139,407
Opening Balance, Shares	30,305,212	30,305,212	30,305,212	30,305,212
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			¥ 921,243	$ 139,407
Closing Balance, Shares			30,305,212	30,305,212
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
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			¥ 1,306,633	$ 197,478
Closing Balance, Shares			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
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares	0	0	3,857,143		3,857,143
Issuance of Series C-1 Preferred Shares, net of issuance costs, Value \| ¥			¥ 188,819
Conversion to ordinary shares upon IPO, value	¥ (188,819)	$ (26,914)
Conversion to ordinary shares upon IPO, shares	(3,857,143)	(3,857,143)
Closing Balance			¥ 188,819	$ 26,914
Closing Balance, Shares			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		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
Closing Balance

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	Dec. 17, 2020 $ / shares 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] \| Genexine Inc [Member]
Debt Conversion [Line Items]
Share Price				$ 10
Shares issued \| shares				900,000
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) $ / shares in Units, ¥ in Thousands					12 Months Ended
	Jul. 06, 2018 CNY (¥) shares	Jul. 06, 2018 USD ($) shares	Sep. 25, 2017 shares	Sep. 22, 2017 shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Jun. 29, 2018 shares	Oct. 31, 2016 $ / shares
Value of outstanding securities \| ¥								¥ 132,332
Fair value gain of warrants for the year \| ¥							¥ (5,644)	(61,405)
Proceeds from Issuance of Private Placement					¥ 2,782,455	$ 426,430,000
Share price \| $ / shares										$ 0.77
Collaboration agreement with investors [Member]
Proceeds from Issuance of Private Placement \| $						418,000,000
Hillhouse Entities [Member]
Proceeds from issuance of warrants \| $						45.00
Series B Preferred Shareholders [Member]
Number of share issued, ADS				5,633,780
Series B Onshore Investors [Member]
Number of share issued, ADS			2,620,842
Tranche I Of Series B Warrants [Member]
Value of outstanding securities \| $						$ 20,000,000
Warrants issued and exercised	3,301,849	3,301,849
Series B2 Preferred Shares [Member]
Number of share issued, ADS					3,301,849	3,301,849
Value of outstanding securities	¥ 132,332	$ 20,000,000
Warrants issued and exercised									3,301,849
Tranche II of Series B Warrants [Member]
Value of outstanding securities \| $						$ 30,000,000
Series B Warrants Shares [Member]
Warrants issued and exercised	4,952,773	4,952,773
Fair value gain of warrants for the year \| ¥					¥ 5,644
American Depositary Shares [Member] \| Investor Warrants [Member]
Number of share issued, ADS					5,341,267	5,341,267
Share price \| $ / shares						$ 45

Warrants - Details of accounting for warrants to purchase ordinary shares (Detail) - Warrants to purchase ordinary shares [Member] ¥ in Thousands	Dec. 17, 2020 CNY (¥) shares	Sep. 11, 2020 CNY (¥) shares	Dec. 17, 2020 $ / shares	Sep. 11, 2020 $ / shares
Class of Warrant or Right [Line Items]
Class Of Warrant or Rights Exercisable Term	12 months	12 months
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 19.57	$ 19.57
Class of Warrant or Right, Outstanding \| shares	1,597,235	3,744,032
Warrants and Rights Outstanding \| ¥	¥ 37,869	¥ 71,874

Warrants - Summary of fair value of warrant liabilities (Detail)	Dec. 17, 2020	Sep. 11, 2020
Risk-free rate of return [Member]
Warrants and Rights Outstanding, Measurement Input	0.08	0.12
Maturity date [Member]
Warrants and Rights Outstanding, Maturity Date	Dec. 17, 2021	Sep. 11, 2021
Estimated volatility rate [Member]
Warrants and Rights Outstanding, Measurement Input	59.56	60.72
Exercise price [Member]
Warrants and Rights Outstanding, Measurement Input	19.57	19.57

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands						1 Months Ended			12 Months Ended
	Jan. 31, 2020 shares	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	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 shares	Jul. 15, 2020 shares	Oct. 29, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									¥ 526,171	$ 80,640	¥ 515,203	$ 0	¥ 3,520	$ 0
Estimated fair value of Company's ordinary shares \| $ / shares							$ 0.77
Common shares, par value \| $ / shares										$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Share-based Compensation Arrangement by Share-based Payment Award, 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									¥ 209,033	$ 32,036	514,733		2,464
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									284,431	43,591	470		1,056
Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									32,707	5,013
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]
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	$ 0	1,566		3,520
Share based payment award, maximum shares authorized																	7,686,081
Share based compensation by share based payment arrangement restricted stock units granted									558,200	558,200
Restricted Shares [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									¥ 0	$ 0	1,096		2,464
Restricted Shares [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									¥ 0	$ 0	470		¥ 1,056
Restricted Shares [Member] \| Tranche One [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									25.00%	25.00%
Restricted Shares [Member] \| Tranche Two [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									25.00%	25.00%
Restricted Shares [Member] \| Tranche Three [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									25.00%	25.00%
Restricted Shares [Member] \| Tranche Four [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									25.00%	25.00%
Restricted Shares [Member] \| One Performance Condition [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									20.00%	20.00%
Restricted Shares [Member] \| Two Performance Conditions [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									40.00%	40.00%
Restricted Shares [Member] \| Three Performance Conditions [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									60.00%	60.00%
Restricted Shares [Member] \| Four Performance Conditions [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									80.00%	80.00%
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
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
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
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 \| $										$ 1,171
Share based payment award, maximum shares authorized										100,000
Share based payment award, stock options granted									72,000	72,000
Stock Option, Exercise Price, Increase \| $ / shares										$ 6.09
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, shares vested									565,200	565,200
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		9,609,084				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	1,470,000
Share based payment award, stock options granted exercise price \| $ / shares												$ 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
Stock options exercisable										6,790,924		0
Exercise of stock options, shares									1,439,373	1,439,373	0	0
Number of shares unvested	332,566	332,566							338,876	338,876	397,500	397,500	226,000	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 \| ¥									¥ 52,802
2017 Plan [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									69,213
2017 Plan [Member] \| Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 4,277
2017 Plan [Member] \| Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 payment award, vesting period						3 years
Share based payment award, stock options granted											640,000	640,000	1,470,000	1,470,000
Share based payment award, stock options granted exercise price \| $ / shares												$ 1		$ 1
Number of shares unvested									338,876	338,876
Share based compensation arrangement, shares vested									6,790,924	6,790,924
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
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	454,940	454,940
Stock options, repurchased during the period, average price \| $ / shares												$ 1.00
Stock options exercisable										9,764,670
Exercise of stock options, shares									402,000	402,000
2018 Plan [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 48,055		¥ 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 \| ¥									65,656
2018 Plan [Member] \| Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 226
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
2018 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding										762,920
Share based payment award, stock options granted exercise price \| $ / shares										$ 1.00
2018 Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement, shares vested									1,871,500	1,871,500
2018 Plan [Member] \| Employee Stock Option [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 25,985
2018 Plan [Member] \| Employee Stock Option [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									67,182
2018 Plan [Member] \| Employee Stock Option [Member] \| Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 19,085
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
2020 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting percentage									25.00%	25.00%
Share based payment award, maximum shares authorized																	10,760,513
Share based payment award, stock options granted									1,068,733	1,068,733
Stock options exercisable										0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized									1,446,875	1,446,875
2020 Plan [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 4,357
2020 Plan [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									10,435
2020 Plan [Member] \| Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 1,619
2020 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted									4,093,079	4,093,079
2020 Plan [Member] \| Restricted Shares [Member] \| Third One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of days for calculating the weighted average market value of shares									30 days	30 days
Share based comensation equity instruments other than options aggregate fair value vested in period \| $										$ 2,000,000
2020 Plan [Member] \| Restricted Shares [Member] \| Second One Third Portion [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of days for calculating the weighted average market value of shares									30 days	30 days
Maximum Percentage Reduction In The Weighted Average Market Value Of Shares									20.00%	20.00%
2020 Plan [Member] \| Restricted Shares [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 76,663
2020 Plan [Member] \| Restricted Shares [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									71,945
2020 Plan [Member] \| Restricted Shares [Member] \| Equity in Loss of an Affiliate [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| ¥									¥ 7,500
2020 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
Share based compensation by share based payment arrangement restricted stock units granted									1,328,120	1,328,120
2020 Plan [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement restricted stock units granted									4,093,079	4,093,079

Share-Based Compensation - Schedule of Share-Based Compensation Expenses Related to Restricted Shares (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	¥ 526,171	$ 80,640	¥ 515,203	$ 0	¥ 3,520	$ 0
Restricted Shares [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	0	0	1,566		3,520
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	284,431	43,591	470		1,056
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	0	0	470		1,056
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	209,033	32,036	514,733		2,464
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	0	0	¥ 1,096		¥ 2,464
Equity in Loss of an Affiliate [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expenses related to restricted shares	¥ 32,707	$ 5,013

Share-Based Compensation - Schedule of Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 31, 2020	Jan. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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
Forfeited	(332,566)	(332,566)	(338,876)	(397,500)	(226,000)
Repurchased				(3,435,215)
Exercised			(1,439,373)	0
Surrendered			(332,566)
Number of shares Outstanding			7,702,066	9,812,881	13,005,596
Exercisable as of December 31, 2020			6,790,924	0
Weighted average exercise price
Outstanding			$ 0.93	$ 0.95		$ 0.94
Granted				1.00	$ 1.00
Forfeited			1.00	1.00	1.00
Repurchased				1.00
Exercised			$ 0.72
Surrendered			1.00
Outstanding			$ 0.97	$ 0.93	$ 0.95
Exercisable as of December 31, 2020			$ 0.97
Weighted average remaining contractual term, Outstanding			6 years 9 months	7 years 9 months 3 days	8 years 7 months 9 days	9 years 6 months
Weighted average remaining contractual term, Exercisable			6 years 9 months
Aggregate intrinsic value, Outstanding			$ 150,415	$ 47,671	$ 70,129	$ 24,890
Aggregate intrinsic value, Exercisable			$ 132,650
2018 Plan [Member]
Numbers of shares
Number of shares Outstanding			13,536,588
Granted				13,991,528
Repurchased			(454,940)	(454,940)
Exercised			(402,000)
Surrendered			(2,544,917)
Number of shares Outstanding			10,589,671	13,536,588
Exercisable as of December 31, 2020			9,764,670
Weighted average exercise price
Outstanding			$ 1.00
Granted				$ 1.00
Repurchased				1.00
Exercised			$ 1.00
Surrendered			1.00
Outstanding			$ 1.00	$ 1.00
Exercisable as of December 31, 2020			$ 1.00
Weighted average remaining contractual term, Outstanding			8 years 1 month 24 days	8 years 10 months 9 days
Weighted average remaining contractual term, Exercisable			8 years 1 month 24 days
Aggregate intrinsic value, Outstanding			$ 206,499	$ 64,840
Aggregate intrinsic value, Exercisable			$ 190,411
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 3 months 29 days
Aggregate intrinsic value, Outstanding			$ 1,038
2020 Plan [Member]
Numbers of shares
Granted			1,068,733
Forfeited			(24,365)
Number of shares Outstanding			1,044,368
Weighted average exercise price
Granted			$ 5.91
Forfeited			5.91
Outstanding			$ 5.91
Weighted average remaining contractual term, Outstanding			9 years 7 months 13 days
Aggregate intrinsic value, Outstanding			$ 15,237

Share-Based Compensation - Summary of Valuation Assumptions Used (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	55.20%	55.90%
Contractual term (in years)	4 years	4 years
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			54.64%
Expected volatility, Maximum			56.31%	62.13%
Expected volatility, Minimum			54.64%	61.32%
Risk-free interest rate (per annum)			2.15%
Risk-free interest rate, Maximum			2.75%	3.06%
Risk-free interest rate, Minimum			2.15%	2.81%
Exercise multiple			2.80	2.80
Contractual term (in years)			10 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
Expected dividend yield
Contractual term (in years)		10 years
2020 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		56.51%
Risk-free interest rate (per annum)		0.86%
Exercise multiple, Maximum		2.20
Exercise multiple, Minimum		2.80
Contractual term (in years)		10 years

Share-Based Compensation - Summary of non-vested stock option activities (Detail) - $ / shares			12 Months Ended
	Jan. 31, 2020	Jan. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2017 Plan [Member]
Numbers of shares
Number of shares Outstanding			9,812,881	13,005,596
Granted				640,000	1,470,000
Forfeited	(332,566)	(332,566)	(338,876)	(397,500)	(226,000)
Number of shares Outstanding			7,702,066	9,812,881	13,005,596
2017 Plan [Member] \| Employee Stock Option [Member]
Numbers of shares
Number of shares Outstanding			9,812,881
Granted				640,000	1,470,000
Vested			(6,790,924)
Exercised			(1,439,373)
Forfeited			(338,876)
Surrendered			(332,566)
Number of shares Outstanding			911,142	9,812,881
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding			$ 2.10
Vested			$ 1.90
Exercised			1.37
Forfeited			$ 2.29
Surrendered			1.47
Weighted average grant date fair value Outstanding			$ 4.96	$ 2.10
2018 Plan [Member]
Numbers of shares
Number of shares Outstanding			13,536,588
Granted				13,991,528
Number of shares Outstanding			10,589,671	13,536,588
2018 Plan [Member] \| Employee Stock Option [Member]
Numbers of shares
Number of shares Outstanding			3,098,500
Vested			(1,871,500)
Exercised			(402,000)
Number of shares Outstanding			825,000	3,098,500
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding			$ 5.57
Vested			$ 5.57
Exercised			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			$ 4.50
Weighted average grant date fair value Outstanding			$ 4.50
2020 Plan [Member]
Numbers of shares
Granted			1,068,733
Forfeited			(24,365)
Number of shares Outstanding			1,044,368
Weighted average Grant date fair value
Forfeited			$ 8.65
Granted			8.71
Weighted average grant date fair value Outstanding			$ 8.71

Share-Based Compensation -Schedule of Nonvested Restricted Stock Units Activity (Detail) - Restricted Stock [Member] - 2020 Plan [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Schedule Of Nonvested Restricted Stock Units Activity [Line Items]
Granted \| shares	1,328,120
Vested \| shares	(565,200)
Numbers of shares, Outstanding \| shares	762,920
Granted \| $ / shares	$ 13.34
Vested \| $ / shares	13.95
Weighted average grant date fair value, Outstanding \| $ / shares	$ 12.89
Granted \| shares	4,093,079
Forfeited \| shares	(13,461)
Numbers of shares, Outstanding \| shares	4,079,618
Granted \| $ / shares	$ 13.99
Forfeited \| $ / shares	11.73
Weighted average grant date fair value, Outstanding \| $ / shares	$ 14.00

Share-based Compensation - Schedule of Share-based Payment Arrangement Restricted Stock Unit Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
2018 Plan [Member]
Weighted average exercise price
Granted		$ 1.00
Outstanding	$ 1.00	$ 1.00
2020 Plan [Member]
Weighted average exercise price
Granted	5.91
Outstanding	$ 5.91
Restricted Shares [Member] \| 2018 Plan [Member]
Numbers of shares
Granted	1,328,120
Vested	(565,200)
Numbers of shares, Outstanding	762,920
Weighted average exercise price
Granted	$ 1.00
Vested	1.00
Outstanding	$ 1.00
Weighted average remaining contractual term, Outstanding	9 years 7 months 24 days
Aggregate intrinsic value, Outstanding	$ 14,877
Restricted Shares [Member] \| 2020 Plan [Member]
Numbers of shares
Granted	4,093,079
Forfeited	(13,461)
Vested	(565,200)
Numbers of shares, Outstanding	4,079,618
Weighted average exercise price
Vested	$ 13.95
Weighted average remaining contractual term, Outstanding	9 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 83,632

Licensing And Collaboration Agreements - Additional Information (Detail) ¥ in Thousands, $ in Thousands										1 Months Ended					12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 03, 2020 USD ($)	Sep. 30, 2019 CNY (¥)	Feb. 28, 2019 CNY (¥)	Jul. 31, 2018 CNY (¥)	Jul. 31, 2018 USD ($)	Jan. 01, 2018	Nov. 17, 2017 CNY (¥)	Nov. 17, 2017 USD ($)	Aug. 31, 2020 CNY (¥)	Aug. 31, 2020 USD ($)	Jul. 31, 2018 CNY (¥)	Jul. 31, 2018 USD ($)	Jan. 31, 2018	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2010 CNY (¥)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	Jan. 31, 2020 shares	Nov. 04, 2019 CNY (¥) shares	Nov. 04, 2019 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															¥ 984,689	$ 150,910	¥ 840,415		¥ 426,028				¥ 43,600
Issue of shares, Value															¥ 114		¥ 6								$ 17
Issue of shares \| shares															164,888,519		8,363,719								164,888,519
Milestone revenue recognized															¥ 1,542,668	236,424	¥ 30,000		53,781
ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																							¥ 44,000
Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥															¥ 4,300
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
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]
Milestone payments \| ¥					¥ 690,300
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
Licensing Agreement With ABL Bio [Member] \| ABL Bio [Member] \| Sales Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments					¥ 460,200	65,000
Collaboration Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																	¥ 11,200		¥ 1,000
Cost sharing ratio															50.00%	50.00%	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]
Milestone payments						$ 97,500
Research and development expense \| ¥																	¥ 8,000
Licensing Agreement with MorphoSys AG [Member] \| MorphoSysAG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments										¥ 6,900	$ 1,000
Licensing Agreement with MorphoSys AG [Member] \| MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee								¥ 132,700	$ 20,000
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 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.	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 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.
Other In-Licensing Arrangements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																				$ 600
Milestone payments	$ 107,400														¥ 21,300	$ 3,100	8,400	$ 1,200	¥ 2,000	$ 300
Milestone payments due \| ¥															740,400
Licensing Agreement among HDYM, I-Mab and Hangzhou HealSun Biopharm Co., Ltd [Member] \| HealSun [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement, excluding assessed tax \| ¥																			¥ 36,500		¥ 11,600
Proceeds from milestone achievement \| ¥																					29,000
Milestone payments income \| ¥															51,000,000
Deferred revenue from collaborative arrangement excluding VAT \| ¥																					¥ 15,800
Cost-to-cost input method percent																			100.00%	100.00%	42.00%	42.00%
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] \| Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥															2,900
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
Research and Development Expense [Member] \| Licensing Agreements With Morphosys [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]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥															43,800
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															¥ 140	$ 20	¥ 700	$ 100
Cost sharing ratio															50.00%	50.00%	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																	¥ 9,600			500
Operating Expense [Member] \| Collaboration Agreements with Tracon Pharmaceuticals Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense															¥ 170	$ 30	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
Other In Licensing Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee \| ¥																			4,000
MorphoSysAG [Member] \| Research and Development Expense [Member] \| Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																0
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
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
Genexine Inc [Member] \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential value of license agreement																250,000
Genexine Inc [Member] \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics [Member] \| Study 1 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																$ 11,000
Cost-to-cost input method percent															17.00%	17.00%
Deferred Liability from Collabarative Arrangement excluding Tax																									$ 0
Genexine Inc [Member] \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics [Member] \| Study 2 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																$ 10,200
Cost-to-cost input method percent															41.00%	41.00%
Deferred Liability from Collabarative Arrangement excluding Tax																									$ 0
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] \| 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																	53,100	7,600
Convertible Preferred Stock, Shares Issued upon Conversion \| shares																										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%)
Research and development expense																			¥ 178,700	$ 26,000
Issue of shares, Value																												$ 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] \| Licensing Agreement With ABL Bio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone revenue recognized												¥ 17,200	$ 2,500
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															¥ 280	$ 40	¥ 1,400	$ 200
AbbVie [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee		$ 180,000
Research and development expense																228,800
Proceeds from milestone achievement		1,760,000
Revenue from contract with customer at time of transfer of license															1,502,900	228,800
Contract asset with customer																									$ 34,800
Upfront payment received																180,000
AbbVie [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payment Receivable																								$ 20,000
AbbVie [Member] \| Study 1 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement, excluding assessed tax															12,000	1,800
AbbVie [Member] \| Study 2 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement, excluding assessed tax															¥ 27,800	4,200
AbbVie [Member] \| Clinical Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from milestone achievement		$ 840,000
AbbVie [Member] \| Lemzoparlimab License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront License Fee																180,000
Potential value of license agreement																250,000
AbbVie [Member] \| Lemzoparlimab License [Member] \| First Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																20,000
AbbVie [Member] \| Lemzoparlimab License [Member] \| Second Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																$ 50,000

Licensing And Collaboration Arrangements - Summary of Financial Information (Detail) - Research and Development Expense [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Licensing Agreement with MorphoSys AG [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones		$ 8,000
Licensing Agreement with Genexine Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees			$ 12,000
Licensing Agreement with MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Fees			$ 3,500
Milestones	$ 1,000
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	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 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)
Income of incentive payment from depository bank	¥ 2,348	$ 360
Fair value change of short-term investments	11,288	1,730	703
Fair value change of put right liabilities	3,024	463
Income from other financial assets				13,622
Net foreign exchange gains (losses)	(22,126)	(3,391)	1,619	742
Subsidy income	11,633	1,783	568	750
Gains on deconsolidation of a subsidiary	407,598	62,467
Fair value change of other financial assets			42
Others	(873)	(134)	(98)	110
Other Income (Expenses), Net	¥ 412,892	$ 63,278	¥ (20,205)	¥ (16,780)

Other Income (Expenses), Net - Summary of Other Income (Expenses), Net (Parenthetical) (Detail) ¥ in Millions	12 Months Ended
	Dec. 31, 2020 CNY (¥)
Grant [Member]
Revenue	¥ 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 Income (Loss) per Share - Summary of Basic and Diluted Net Loss per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss) attributable to I-Mab	¥ 470,915	$ 72,170	¥ (1,451,950)	¥ (402,833)
Deemed dividend to Series C-1 preferred shareholders at extinguishment of Series C-1 Preferred Shares \| ¥			(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)
Net income (loss) attributable to ordinary shareholders	¥ 470,915	$ 72,170	¥ (1,485,001)	¥ (402,833)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	134,158,824	134,158,824	7,381,230	6,529,092
Dilutive effect of convertible preferred shares	4,373,047	4,373,047
Dilutive effect of ordinary shares to be issued to Everest	266,458	266,458
Dilutive effect of convertible promissory notes	865,479	865,479
Dilutive effect of restricted shares units	778,130	778,130
Dilutive effect of stock options	16,789,714	16,789,714
Denominator for diluted income (loss) per share calculation	157,231,652	157,231,652	7,381,230	6,529,092
Net income (loss) per share - basic \| (per share)	¥ 3.51	$ 0.54	¥ (201.19)	¥ (61.70)
Net income (loss) per share - diluted \| (per share)	¥ 3.00	$ 0.46	¥ (201.19)	¥ (61.70)

Net Income (Loss) per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	92,238,119	64,389,968
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		1,134,058
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	11,388,776

Employee Benefits - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Postemployment Benefits [Abstract]
Employee benefit expenses	¥ 10,049	¥ 14,152	¥ 9,294

Related Party Balances and Transactions - Summary of Related Party Balances (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Related Party Transaction [Line Items]
Ordinary shares to be issued to Everest			¥ 258,119
Collection of loan to an affiliate	¥ 21,212	$ 3,251
I-Mab Hangzhou [Member]
Related Party Transaction [Line Items]
Other receivables	21,212	3,251
Collection of loan to an affiliate	52,000	7,969
Expenses paid on behalf of an affiliate	21,212	3,251
Everest [Member]
Related Party Transaction [Line Items]
Ordinary shares to be issued to Everest			¥ 258,119
Jiangsu Taslydiyi Pharmaceutical Co Ltd [Member]
Related Party Transaction [Line Items]
Accruals and other payables	¥ 2,395	$ 367

Related Party Balances and Transactions - Summary of Related Party Balances (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands	Jul. 31, 2020	Jul. 31, 2019
I-Mab Hangzhou [Member]
Debt instrument, face amount	¥ 2,000	¥ 50,000

Related Party Balances and Transactions - Summary of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
CMAB Bipharma Suzhou Inc [Member] \| Receipt of Contract Research Organizations [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized	¥ 681	$ 104		¥ 2,786
Jiangsu Taslydiyi Pharmaceutical Co Ltd [Member] \| Receipt of Contract Research Organizations [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized	¥ 2,395	$ 367
Tasly Pharmaceutical Group Co Ltd [Member] \| Receipt of Contract Research Organizations [Member]
Related Party Transaction [Line Items]
Research and development expenses recognized			¥ 5,590
Everest [Member]
Related Party Transaction [Line Items]
Receipt of research and development funding			¥ 53,148	¥ 178,715

Subsequent Events - Additional information (Detail) $ in Millions	Feb. 28, 2021 USD ($)
Collaboration Agreements With Tracon Pharmaceuticals Inc [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Termination fee payable	$ 9.0

Restricted Net Assets - Additional information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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%