0001104659-23-053462 | 20-F | XBRL Viewer

As of December 31,

US$ (Note 2.5)

Investigational products

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
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	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Address Line One	55th Floor, New Bund Center, 555 West Haiyang 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	200124
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Common Stock, Shares Outstanding	190,879,919
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, China
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	55th Floor, New Bund Center, 555 West Haiyang Road, Pudong District
Entity Address, Postal Zip Code	200124
Country Region	86
City Area Code	21
Local Phone Number	6057-8000
Contact Personnel Name	Richard Yeh, Interim
Contact Personnel Email Address	Richard.Yeh@i-mabbiopharma.com
ADS
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, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets
Cash and cash equivalents	¥ 3,214,005	$ 465,987	¥ 3,523,632
Restricted cash	96,764	14,029
Accounts receivable	0	0	33,081
Contract assets	0	0	253,780
Short-term investments	235,429	34,134	753,164
Inventories	0	0	27,237
Prepayments and other receivables	80,278	11,639	190,824
Total current assets	3,626,476	525,789	4,781,718
Property, equipment and software	60,841	8,821	45,716
Operating lease right-of-use assets	63,125	9,152	112,781
Intangible assets	118,888	17,237	119,666
Goodwill	162,574	23,571	162,574
Investments accounted for using the equity method	30,850	4,473	352,106
Other non-current assets	10,911	1,582	26,634
Total assets	4,073,665	590,625	5,601,195
Current liabilities
Short-term bank borrowings	18,956	2,748
Accruals and other payables	706,572	102,443	593,335
Contract liabilities, current	8,677	1,258
Operating lease liabilities, current	23,961	3,474	30,669
Total current liabilities	758,166	109,923	624,004
Put right liabilities	88,687	12,858	96,911
Contract liabilities, non-current	267,878	38,839	224,000
Operating lease liabilities, non-current	32,069	4,650	81,786
Other non-current liabilities	16,963	2,459	14,934
Total liabilities	1,163,763	168,729	1,041,635
Commitments and contingencies
Shareholders' equity
Ordinary shares (US$0.0001 par value, 800,000,000 shares authorized as of December 31, 2021 and 2022; 183,826,753 and 190,879,919 shares issued and outstanding as of December 31, 2021 and 2022, respectively)	132	19	126
Treasury stock	(21,249)	(3,081)
Additional paid-in capital	9,579,375	1,388,879	9,100,777
Accumulated other comprehensive income (loss)	213,794	30,997	(186,510)
Accumulated deficit	(6,862,150)	(994,918)	(4,354,833)
Total shareholders' equity	2,909,902	421,896	4,559,560
Total liabilities and shareholders' equity	¥ 4,073,665	$ 590,625	¥ 5,601,195

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Balance Sheets
Ordinary shares par value	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Ordinary shares authorized	800,000,000	800,000,000		500,000,000	500,000,000
Ordinary shares issued	190,879,919	183,826,753
Ordinary shares outstanding	190,879,919	183,826,753

Consolidated Statements of Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Revenues
Revenues	¥ (221,563)	$ (32,124)	¥ 88,026	¥ 1,542,668
Cost of revenues	(27,237)	(3,949)	(46,432)
Expenses
Research and development expenses	(904,901)	(131,198)	(1,212,958)	(984,689)
Administrative expenses	(815,766)	(118,275)	(899,943)	(402,409)
Income (loss) from operations	(1,969,467)	(285,546)	(2,071,307)	155,570
Interest income	26,908	3,901	21,333	24,228
Interest expense	(9)	(1)		(957)
Other income (expenses), net	(126,587)	(18,353)	83,162	412,892
Equity in loss of affiliates	(437,465)	(63,426)	(367,883)	(108,587)
Income (loss) before income tax expense	(2,506,620)	(363,425)	(2,334,695)	483,146
Income tax benefit (expense)	(697)	(101)	3,154	(12,231)
Net income (loss) attributable to I-MAB	(2,507,317)	(363,526)	(2,331,541)	470,915
Net income (loss) attributable to ordinary shareholders	(2,507,317)	(363,526)	(2,331,541)	470,915
Net income (loss) attributable to I-MAB	(2,507,317)	(363,526)	(2,331,541)	470,915
Other comprehensive income (loss):
Foreign currency translation adjustments, net of nil tax	400,304	58,039	(135,717)	(120,920)
Total comprehensive income (loss) attributable to I-MAB	(2,107,013)	(305,487)	(2,467,258)	349,995
Net income (loss) attributable to ordinary shareholders	¥ (2,507,317)	$ (363,526)	¥ (2,331,541)	¥ 470,915
Weighted-average number of ordinary shares used in calculating net income (loss) per share - basic	189,787,292	189,787,292	174,707,055	134,158,824
Weighted-average number of ordinary shares used in calculating net income (loss) per share - diluted	189,787,292	189,787,292	174,707,055	157,231,652
Net income (loss) per share attributable to ordinary shareholders
-Basic \| (per share)	¥ (13.21)	$ (1.92)	¥ (13.35)	¥ 3.51
-Diluted \| (per share)	(13.21)	(1.92)	(13.35)	3.00
ADS
Net income (loss) per share attributable to ordinary shareholders
-Basic \| (per share)	(30.38)	(4.41)	(30.71)	8.07
-Diluted \| (per share)	¥ (30.38)	$ (4.41)	¥ (30.71)	¥ 6.90
Licensing and collaboration revenue
Revenues
Revenues	¥ (249,665)	$ (36,198)	¥ 40,115	¥ 1,542,668
Supply of investigational products
Revenues
Revenues	¥ 28,102	$ 4,074	¥ 47,911

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income (Loss)
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0

Consolidated Statements of Changes in Shareholders' Equity (Deficit) ¥ in Thousands, $ in Thousands	Ordinary share CNY (¥) shares	Treasury stock CNY (¥) shares	Additional paid-in capital CNY (¥)	Accumulated other comprehensive income (loss) CNY (¥)	Accumulated deficit CNY (¥)	CNY (¥) shares	USD ($) shares
Beginning balance at Dec. 31, 2019	¥ 6		¥ 389,379	¥ 70,127	¥ (2,494,207)	¥ (2,034,695)
Beginning balance (in shares) at Dec. 31, 2019 \| shares	8,363,719
Foreign currency translation adjustments				(120,920)		(120,920)
Net income (loss)					470,915	470,915
Share-based compensation of I-Mab			402,413			402,413
Exercise of stock options	¥ 3		7,771			7,774
Exercise of stock options (in shares) \| shares	1,841,373
Issuance of ordinary shares for restricted share units			46			46
Issuance of ordinary shares for restricted share units (in shares) \| shares	7,000
Conversion from convertible promissory notes	¥ 1		58,825			58,826
Conversion from convertible promissory notes (in shares) \| shares	900,000
Proportionate share of share-based compensation expenses recorded in an equity method affiliate			41,163			41,163
Capital contribution from stock option surrender			91,051			91,051
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO")	¥ 69		3,104,108			3,104,177
Conversion of preferred shares to ordinary shares upon the completion of initial public offering ("IPO") (in shares) \| shares	99,760,129
Issuance of ordinary shares to Everest	¥ 4		254,844			254,848
Issuance of ordinary shares to Everest (in shares) \| shares	6,078,571
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost	¥ 13		697,865			697,878
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares) \| shares	18,804,225
Issuance of ordinary shares upon private placement, net of issuance cost	¥ 18		2,543,908			2,543,926
Issuance of ordinary shares upon private placement, net of issuance cost (in shares) \| shares	29,133,502
Issuance of warrants			109,743			109,743
Ending balance at Dec. 31, 2020	¥ 114		7,701,116	(50,793)	(2,023,292)	5,627,145
Ending balance (in shares) at Dec. 31, 2020 \| shares	164,888,519
Foreign currency translation adjustments				(135,717)		(135,717)
Net income (loss)					(2,331,541)	(2,331,541)
Share-based compensation of I-Mab			608,609			608,609
Exercise of stock options	¥ 5		51,310			51,315
Exercise of stock options (in shares) \| shares	8,227,843
Issuance of ordinary shares for restricted share units	¥ 4		8,547			8,551
Issuance of ordinary shares for restricted share units (in shares) \| shares	5,369,140
Exercise of warrants	¥ 3		672,661			672,664
Exercise of warrants (in shares) \| shares	5,341,267
Proportionate share of share-based compensation expenses recorded in an equity method affiliate			58,534			58,534
Ordinary shares surrendered by a shareholder (in shares) \| shares	(16)
Ending balance at Dec. 31, 2021	¥ 126	¥ 0	9,100,777	(186,510)	(4,354,833)	4,559,560
Ending balance (in shares) at Dec. 31, 2021 \| shares	183,826,753
Ending balance (in shares) at Dec. 31, 2021 \| shares		0
Foreign currency translation adjustments				400,304		400,304	$ 58,039
Net income (loss)					(2,507,317)	(2,507,317)	$ (363,526)
Share-based compensation of I-Mab			357,148			357,148
Exercise of stock options	¥ 5		44,645			¥ 44,650
Exercise of stock options (in shares) \| shares	6,845,888
Issuance of ordinary shares for restricted share units	¥ 1		(1)
Issuance of ordinary shares for restricted share units (in shares) \| shares	1,859,819					7,235,959	7,235,959
Proportionate share of share-based compensation expenses recorded in an equity method affiliate			76,806			¥ 76,806
Repurchase of shares		¥ (21,249)				(21,249)
Repurchase of shares (in shares) \| shares		(1,652,541)
Ending balance at Dec. 31, 2022	¥ 132	¥ (21,249)	¥ 9,579,375	¥ 213,794	¥ (6,862,150)	¥ 2,909,902	$ 421,896
Ending balance (in shares) at Dec. 31, 2022 \| shares	192,532,460
Ending balance (in shares) at Dec. 31, 2022 \| shares		(1,652,541)

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Changes in Shareholders' Equity (Deficit)
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities
Net income (loss)	¥ (2,507,317)	$ (363,526)	¥ (2,331,541)	¥ 470,915
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation of property, equipment and software	25,340	3,674	13,776	12,743
Amortization of intangible assets	778	113	778	1,556
Loss on disposal of property, equipment and operating lease right-of-use asset	117	17	288	8
Fair value change of put right liabilities	(34,260)	(4,967)	(16,628)	(3,024)
Equity in loss of affiliates	437,465	63,426	367,883	108,587
Share-based compensation	357,148	51,782	608,609	493,464
Amortization of right-of use assets and interest of lease liabilities	37,698	5,466	19,582	8,837
Recognition of deferred cost for planned dual listing	14,613	2,119
Gains on deconsolidation of a subsidiary				(407,598)
Fair value change of short-term and other investments	13,549	1,964	(30,360)	(11,288)
Changes in operating assets and liabilities
Accounts receivable	33,081	4,796	97,417	(130,498)
Contract assets	253,780	36,795	(26,389)	(227,391)
Prepayments and other receivables	109,226	15,835	(5,155)	(58,692)
Inventories	27,237	3,949	(27,237)
Accruals and other payables	109,863	15,928	152,101	173,713
Contract liabilities	52,555	7,620	224,000
Other non-current liabilities	2,029	294	5,959	7,474
Deferred subsidy income			(7,509)	3,589
Lease liabilities	(35,707)	(5,177)	(18,667)	(8,837)
Net cash generated from (used in) operating activities	(1,102,805)	(159,892)	(973,093)	433,558
Cash flows from investing activities
Purchase of property, equipment and software	(45,830)	(6,645)	(29,932)	(8,008)
Proceeds from disposal of property and equipment	26	4
Capital injection in an affiliate			(6,000)
Proceeds from disposal of short-term and other investments	7,911,518	1,147,062	9,482,040	2,503,749
Purchase of short-term and other investments	(7,407,332)	(1,073,962)	(10,173,314)	(2,491,991)
Cash disposed of resulting from deconsolidation of a subsidiary				(257,651)
Cash received from repayment of loans due from an affiliate				52,000
Net cash generated from (used in) investing activities	458,382	66,459	(727,206)	(201,901)
Cash flows from financing activities
Proceeds from initial public offering and over-allotment, net of underwriting discounts and commissions				726,300
Payment of issuance cost for initial public offering and over-allotment				(27,595)
Proceeds from private placement				2,789,699
Payments of the issuance cost in relation to private placement			(128,786)	(7,244)
Payments of cost in relation to planned dual listing			(9,820)
Proceeds from exercise of warrants			672,664	0
Proceeds from exercise of stock options	44,650	6,474	51,315	9,275
Proceeds from issuance of ordinary shares for restricted share units			8,551	46
Proceeds from bank borrowings	18,956	2,748
Repayment of bank borrowings				(50,000)
Payment for stock repurchase	(21,249)	(3,081)
Prepayment for stock repurchase				34,859
Cash received from collection of prepayment for stock repurchase program				34,859
Net cash generated from financing activities	42,357	6,141	593,924	3,440,481
Effect of exchange rate changes on cash, cash equivalents and restricted cash	389,203	56,429	(128,771)	(106,643)
Net increase (decrease) in cash, cash equivalents and restricted cash	(212,863)	(30,863)	(1,235,146)	3,565,495
Cash, cash equivalents and restricted cash, beginning of year	3,523,632	510,879	4,758,778	1,193,283
Cash, cash equivalents and restricted cash, end of the year	3,310,769	480,016	3,523,632	4,758,778
Additional ASC 842 supplemental disclosures
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	35,707	5,177	18,667	8,837
Right-of-use assets obtained in exchange for operating lease obligations	9,888	1,434	118,436	7,459
Other supplemental cash flow disclosures
Interest paid				957
Income tax paid			9,077
Non-cash activities
Payables for purchase of property, equipment and software	7,124	1,033	6,679
Accrued planned dual listing costs payable			¥ 4,793
Recognition of put right liabilities	¥ 17,729	$ 2,570
Accrued private placement offering costs payable				128,786
Ordinary shares issued to Everest				254,848
Conversion of preferred shares to ordinary shares				3,104,177
Conversion of convertible promissory notes to ordinary shares				¥ 58,826

PRINCIPAL ACTIVITIES AND ORGANIZATION

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACTIVITIES AND ORGANIZATION

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.

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, 2022, the Company’s principal subsidiaries are as follows:


			Percentage
			of direct
			or indirect
		Date of	ownership
	Place of	incorporation or	by the
Subsidiaries	incorporation	acquisition	Company		Principal activities
I-Mab Biopharma Hong Kong Limited (“I-Mab Hong Kong”)	Hong Kong	July 8, 2016	100	%	Investment holding
I-Mab Biopharma Co., Ltd. (“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
Zhejiang Tianli Pharmaceutical Sales Co., Ltd.	PRC	September 29,2021	100	%	Sales and distribution of medicine products

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

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 10).

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, 2022, 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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

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 short-term investments, 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, accrued research and development expenses, cost-to-cost measure of progress for over time performance obligations, variable consideration in collaboration revenue arrangements, determination of the standalone selling price of each performance obligation in the Company’s revenue arrangements, valuation of share-based compensation arrangements, deferred tax assets valuation allowances and provision for ongoing litigation. 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, accounts receivable, contract assets, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities, and other non-current liabilities. As of December 31, 2021 and 2022, except for short-term investments 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 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 and put right liabilities at fair value on a recurring basis. As the Group’s short-term investments 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 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

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, 2021 and 2022:


	As of December 31, 2021
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	753,164	753,164
Liabilities
Put right liabilities	—	—	96,911	96,911


	As of December 31, 2022
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	235,429	235,429
Liabilities
Put right liabilities	—	—	88,687	88,687

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


	Short-term	Put right
	investments	liabilities
Fair value of Level 3 financial assets and liabilities as of December 31, 2020	31,530	116,006
Purchase of short-term and other investments	10,173,314	—
Disposal of short-term and other investments	(9,482,040)	—
Fair value changes	30,360	(16,628)
Currency translation differences	—	(2,467)
Fair value of Level 3 financial assets and liabilities as of December 31, 2021	753,164	96,911
Purchase of short-term and other investments	7,407,332	—
Disposal of short-term and other investments	(7,911,518)	—
Recognition of put right liabilities	—	17,729
Fair value changes	(13,549)	(34,260)
Currency translation differences	—	8,307
Fair value of Level 3 financial assets and liabilities as of December 31, 2022	235,429	88,687

See Note 10 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2021 and 2022.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

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, 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, 2021 and 2022 were US$1.00 = RMB6.3757 and RMB6.9646 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, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, 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 and bank notes agreements. Such restricted cash will be released when the Group repays the related bank borrowings or bank notes. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.7 Restricted cash (continued)

Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,
	2021	2022
	RMB	RMB

Cash and cash equivalents	3,523,632	3,214,005
Restricted cash	—	96,764
Total	3,523,632	3,310,769

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 Inventories

Prior to the regulatory approval of product candidates, the Company may incur expenses for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred.

Investigational products for external supply are capitalized as inventories with probable future economic benefit. Inventories are stated at the lower of cost and net realizable value, with cost determined in a manner that approximates the first-in, first-out method. The Company periodically analyzes its inventory levels, and writes down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of product sales. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded in the consolidated statements of comprehensive income (loss).

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.11 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
Delivery equipment		4 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).

2.12 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 contract related intangible assets with finite useful lives over 10 to 20 years on a straight-line basis in accordance with the economic life of the out-licensed patent. 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 intangible assets with finite useful life, the impairment loss is recognized in cost of revenues in the consolidated statements of comprehensive income (loss).

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.13 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, 2020, 2021 and 2022, there was no impairment of the value of the Group’s long-lived assets.

2.14 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 reporting unit exceeds its fair value.

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. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022.

2.15 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 differ 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.15 Long-term investments (continued)

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 years ended December 31, 2020, 2021 and 2022.

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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.16 Revenue recognition (continued)

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).

Supply of investigational products

Revenue from supply of investigational products is recognized when there is a transfer of control from the Group to the customer. The Group determines transfer of control based on when the product is delivered, and title passed to the customer. Sales are generally made with a limited right of return under certain conditions. Revenues are recorded net of provisions for sales discounts and returns.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.16 Revenue recognition (continued)

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, 2020, 2021 and 2022.

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.

Cost-to-cost measure of progress for over time performance obligations

Under the Group’s certain licensing and collaboration arrangement entered into with a business partner, the Group recognized revenue using the cost-to-cost measure of progress for its over time performance obligations as this recognition best depicts the transfer of benefits to its business partner as costs are incurred under the licensing and collaboration arrangement. Under the cost-to-cost measure of progress method, the extent of progress towards completion is measured based on the ratio of costs incurred to-date to the total estimated costs for completion of the performance obligations. The Group applied significant judgment in estimating the total estimated costs for completion of performance obligations under such licensing and collaboration arrangement.

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 on 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 expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities, (2) in-licensed patent rights fee of exclusive development rights of drugs granted to the Group, (3) expenses related to preclinical testing of the Group’s technologies under development and clinical trials such as payments to contract research organizations (“CRO”), investigators and clinical trial sites that conduct the clinical studies, (4) expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.18 Research and development expenses (continued)

The Group applied significant judgment in estimating the progress of its research and development activities and completion of or likelihood of achieving milestone events per underlying agreements when estimating the research and development costs to be accrued at each reporting period end. The process of estimating its research and development expenses involves reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated costs incurred for the services when the Group has not yet been invoiced or otherwise notified of the actual costs.

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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.20 Government subsidies

Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the governments. The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has set certain conditions for the subsidies. Other subsidies are the subsidies that the local government has not set any conditions and are not tied to future trends or performance of the Group, receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. For the years ended December 31, 2020, 2021 and 2022, no specific subsidies were received by the Group. Other subsidies of RMB11,633, RMB9,216 and RMB25,470 for the years ended December 31, 2020, 2021 and 2022 respectively, are recognized as other income upon receipt as further performance by the Group is not required.

2.21 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).

2.22 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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.23 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.

2.24 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.

2.25 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. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.26 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.

2.27 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. 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.

2.28 Adopted accounting pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements.

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05, Lessors—Certain Leases with Variable Lease (“ASU 2021-05”). It requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases. The Company adopted this from January 1, 2022, which did not have a material impact on the Group’s consolidated financial statements.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.28 Adopted accounting pronouncements (Continued)

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Company for the year ending March 31, 2025 and interim reporting periods during the year ending March 31, 2025. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.

2.29 Recent accounting pronouncements

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). It requires issuers to apply ASC 606 Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. ASU 2021-08 is effective for the Company from January 1, 2023, with early adoption permitted. The ASU is currently not expected to have a material impact on the Group’s consolidated financial statements.

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

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,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Accounts receivable, gross	33,081	—	—
Allowance for credit losses	—	—	—
Accounts receivable, net	33,081	—	—


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Contract assets, gross (Note 17)	253,780	—	—
Allowance for credit losses	—	—	—
Contract assets, net	253,780	—	—

No allowance for credit losses was recorded as of December 31, 2021 and 2022.

Inventories

12 Months Ended

Dec. 31, 2022

Inventories

Inventories

4. Inventories

Inventories consist of the following:

In April 2021, the Group entered into a master clinical supply agreement with AbbVie. Inc for the supply of investigational products for use in the clinical trials. For the year ended December 31, 2021, the Group recognized revenue of RMB47,911 for the products delivered to AbbVie. Inc. The inventories balance as of December 31, 2021 represented the investigational products that have been produced by the contract manufacturer and transferred control to the Group. For the year ended December 31, 2022, the Group recognized revenue of RMB28,102 for the products delivered to AbbVie. Inc.

PREPAYMENTS AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER RECEIVABLES

PREPAYMENTS AND OTHER RECEIVABLES

5. PREPAYMENTS AND OTHER RECEIVABLES


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Prepayments:
– Prepayments to CRO vendors	79,568	32,960	4,779
– Prepayments for other services	906	1,321	192
– Prepayments to an affiliate (Note 22)	8,079	8,231	1,193
Value-added tax recoverable	89,578	8,197	1,188
Deposits	616	4,570	663
Other receivables	12,077	24,999	3,624
	190,824	80,278	11,639

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

6. PROPERTY, EQUIPMENT AND SOFTWARE

Property, equipment and software consist of the following:


	As of December 31,	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Cost
Laboratory equipment	36,295	52,989	7,683
Leasehold improvement	18,945	37,375	5,419
Software	11,071	14,506	2,103
Office furniture and equipment	2,468	11,171	1,620
Delivery equipment	—	165	24
Total property, equipment and software	68,779	116,206	16,849

Less: accumulated depreciation and amortization	(44,162)	(61,583)	(8,929)

Net book value	24,617	54,623	7,920
Construction in progress	21,099	6,218	901
Total net book value of property, equipment and software	45,716	60,841	8,821

The total amounts charged to the consolidated statements of comprehensive income/(loss) for depreciation and amortization expenses amounted to approximately RMB12.7 million and RMB13.8 million and RMB25.3 million (US$3.7 million), for the years ended December 31, 2020, 2021 and 2022, respectively.

LEASES

12 Months Ended

Dec. 31, 2022

LEASES

LEASES

7. LEASES

As of December 31, 2022, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2028. 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 the Group’s leases qualify as operating leases.

Information related to operating leases as of December 31, 2021 and 2022 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2021		2022
	RMB		RMB		US$ (Note 2.5)
Assets
Operating lease right-of-use assets	112,781		63,125		9,152
Liabilities

Operating lease liabilities, current	30,669		23,961		3,474
Operating lease liabilities, non-current	81,786		32,069		4,650
Weighted average remaining lease term (years)	3.6		2.9		2.9
Weighted average discount rate	5	%	5	%	5	%

Information related to operating lease activities during the years ended December 31, 2020, 2021 and 2022 are as follows:


	For the Year Ended
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets	8,158	16,997	34,520	5,005
Expense for short-term leases within 12 months	—	16	12	2
Interest of lease liabilities	679	2,585	3,178	461
	8,837	19,598	37,710	5,468

Maturities of lease liabilities were as follows:


	As of December 31,
	2022
	RMB	US$ (Note 2.5)
2023	37,867	5,490
2024	26,723	3,874
2025	5,193	753
2026	5,288	767
2027	4,729	686
Thereafter	1,209	175
Total undiscounted lease payments	81,009	11,745
Less: imputed interest	(24,979)	(3,621)
Total lease liabilities	56,030	8,124

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS

INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

Intangible assets as of December 31, 2021 and 2022 are summarized as follows:


	As of December 31, 2021
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB
Intangible assets
TJ103	11,670	(2,334)	9,336
IPR&D TJ101	110,330	—	110,330
Total intangible assets	122,000	(2,334)	119,666


	As of December 31, 2022
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB
Intangible assets
TJ103	11,670	(3,112)	8,558
IPR&D TJ101	110,330	—	110,330
Total intangible assets	122,000	(3,112)	118,888

The two IPR&D assets (TJ103 and TJ101) 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 two 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.

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, 2020, 2021 and 2022 was RMB1,556, RMB778 and RMB778, respectively. The estimated amortization expense for each of the five succeeding fiscal years is RMB778.

As of December 31, 2021 and 2022, there was no impairment of the value of the Group’s intangible assets.

GOODWILL

12 Months Ended

Dec. 31, 2022

GOODWILL

GOODWILL

9. 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 8). As of December 31, 2021 and 2022, the goodwill of RMB162,574 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, 2021, 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.

As of December 31, 2022, the Group performed the quantitative impairment test by comparing the Group’s single reporting unit’s carrying amount, including goodwill, to its fair value. The Group’s single reporting unit fair value was determined using discounted cash flows based on ten-year financial projections with future revenues assumption for direct product sales of each pipeline plus a terminal value related to cash flows beyond the projection period extrapolated at an estimated terminal growth rate. A pre-tax discount rate was applied, which reflected an assessment of time value and specific risks relating to the industries that the Group operates in. The probabilities of the success of the clinical trials based on the status of these trials and reference to the industry benchmark was also incorporated into the assumption of future revenues.

Management leveraged their experiences in the industries and provided forecast based on past performance and their anticipation of future business and market developments. Management has not identified reasonably possible change in key assumptions that could cause carrying amounts of the Group’s single reporting unit to exceed the fair value as material headroom resulted from the impairment reviews over their respective carrying amounts. No impairment was recognized for the year ended December 31, 2022.

INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

12 Months Ended

Dec. 31, 2022

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

(a)Investments accounted for using the equity method

Investment in I-Mab Hangzhou

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 “Series A Closing Date”), I-Mab Hong Kong entered into an equity transfer and investment agreement (the “Series A 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 (“Series A Domestic Investors”).

In accordance with the terms of the Series A 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 Series A 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 Series A Closing Date;

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED)

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

Investment in I-Mab Hangzhou (continued)

(ii)

Management Holdco would acquire 10% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 10% 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 Series A Closing Date;

(iii)

ESOP Holdco would acquire 5% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 5 % 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)

Series A Domestic Investors would acquire a total of 40% of the equity of I-Mab Hangzhou from I-Mab Hong Kong with no consideration. The 40% 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.

Upon closing of the Series A 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 Hong Kong while the remaining 12,000,000 shares was held by Series A 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 these 4,500,000 subscribed shares of I-Mab Hangzhou are purchased by or issued to Management Holdco and ESOP Holdco, the equity interest in I-Mab Hangzhou held by I-Mab Hong Kong, Series A Domestic Investors, Management Holdco and ESOP Holdco would be 45%, 40%, 10% and 5% respectively. For the years ended December 31, 2021 and 2022, 750,000 and 750,000 shares were issued to Management Holdco, respectively.

On the same day, I-Mab Hong Kong also entered into a shareholders agreement with the aforementioned investors (the “Series A 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 Series A 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 Series A Closing Date in accordance with ASC 810 since I-Mab Hangzhou meets the definition of a business under ASC 805. Pipeline candidate related matters are considered to be the activities that most significantly impact the economic performance of I-Mab Hangzhou at the current stage, and these matters cannot be acted without the consent from Series A Investors Directors. 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.

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED)

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

Investment in I-Mab Hangzhou (continued)

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 Series A 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 Series A Closing Date.

A gain of RMB407,598 was recognized as a result of the deconsolidation in September 2020. The gain represented the difference between:

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

ii)	The aggregate of all of the following:

the carrying amount of transferred intellectual property related to TJ102 at the Series A Closing Date;

the fair value of the put right liabilities written by I-Mab Hong Kong to Series A Domestic Investors;

the carrying amount of I-Mab Hangzhou’s net assets at the Series A Closing Date.

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. The Group recognized RMB67,425, RMB309,208 and RMB360,436 in equity in loss of an affiliate in the consolidated statements of comprehensive loss for the years ended December 31, 2020, 2021 and 2022, and in investment accounted for using the equity method in the consolidated balance sheets as of December 31, 2020, 2021 and 2022, respectively.

The purchase price of US$3 million committed by Management Holdco under Series A 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 Series A Closing Date. Consequently, the Group recognizes its proportionate share of the compensation expense recorded by I-Mab Hangzhou. For the years ended December 31, 2020, 2021 and 2022, the Group recognized RMB8,456, RMB28,236 and RMB29,375 in equity in loss of affiliates in the consolidated financial statements of comprehensive loss, respectively.

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 16(d)). And there were some employees transferred from the Group to I-Mab Hangzhou in 2021 and 2022.These individuals continued to qualify the definition of the eligible participants under the 2020 Plan and 2021 Share Incentive Plan (“2021 Plan”, see Note 16(e)) after their resignation date from the Group. 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 and 2021 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 years ended December 31, 2020, 2021 and 2022, such expenses of RMB32,707, RMB13,267 and RMB13,852 were recorded in the equity in loss of affiliates in the consolidated statements of comprehensive income (loss), respectively.

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED)

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

Investment in I-Mab Hangzhou (continued)

In 2021 and 2022, I-Mab Hangzhou granted stock options to its employees. 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. Accordingly, the Group recorded RMB17,031 and RMB33,579 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss for the years ended December 31, 2021 and 2022, and in additional paid-in capital in the consolidated balance sheets as of December 31, 2021 and 2022, respectively.

In July 2022, I-Mab Hangzhou entered into an equity transfer and investment agreement (the “Series B SPA”) and a shareholders agreement (the “Series B SHA”) with a group of domestic investors (“Series B Domestic Investors”) in China to raise approximately US$46 million in RMB equivalent. As of the date of this report, this round of financing has not completed yet. Once all the shares of I-Mab Hangzhou are purchased by or issued to its investors, including Management Holdco and ESOP Holdco, the Group would hold 37.13% equity interest in I-Mab Hangzhou. Pursuant to the Series B SHA, Management Holdco and ESOP Holdco no longer had irrevocably consented to act in concert with I-Mab Hong Kong. I-Mab Hangzhou remains the affiliate of the Group. The Group increased the carrying amount of the long-term investment based on the fair value of the put right liabilities written by I-Mab Hong Kong to Series B Domestic Investors with the amount of RMB17,729 (Note 10 (b)).

As of December 31, 2021 and 2022, the carrying value of the Group’s long-term investment in I-Mab Hangzhou RMB346,247 and RMB25,214, respectively.

Other long-term investment measured under equity method

In July 2021, the Group, as a limited partner, entered into a partnership agreement with other investors and subscribed RMB20,000 for a 4% equity interest in a partnership located in Hangzhou. In August 2021, the Group paid the initial investment of RMB6,000 to the partnership. Pursuant to the partnership agreement, the Group, as a limited partner, shall not participate in any activities in relation to management of the investment business. In addition, members of the investment committee shall only be appointed by the general partner. For the years ended December 31, 2021 and 2022, the Group recorded RMB141 and RMB223 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss. As of December 31, 2021 and 2022, the carrying value of the Group’s long-term investment in this affiliate was RMB5,859 and RMB5,636, respectively.

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	For the year ended		For the year ended
	December 31, 2020	December 31, 2021		December 31, 2022
	I-Mab	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	Hangzhou	investments	Hangzhou	investments
Operating data:
Revenue	271	5,660	—	103,826	—
Loss from operations	(85,945)	(295,186)	(3,513)	(356,734)	(5,565)
Net Loss	(85,945)	(290,586)	(3,513)	(346,322)	(5,565)

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED)

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

Other long-term investment measured under equity method (continued)


	As of December 31,
	2021		2022
	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments
Balance sheet data:
Current assets	602,047	20,037	499,665	81,683
Non-current assets	1,207,132	40,000	1,432,328	135,347
Current liabilities	168,763	50	281,587	107
Non-current liabilities	176,436	—	232,083	—
Non-controlling interests	—	—	—	—

(b)Put right liabilities

Pursuant to the Series A SHA and Series B 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 Series A SHA and Series B SHA within 4 years after September 15, 2020, I-Mab Hong Kong is obligated to repurchase the equity held by Series A 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 Series A 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 (expenses) 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			As of
	December 31,			December 31,
Put right liabilities - Series A	2021			2022
Expected terms (Year)		2.7			1.7
Estimated volatility		34.5	%		33.9	%
Spot price	US$	171,134		US$	148,276
Probability of triggering event for redemption option		70	%		70	%


	As of			As of
	August 19,			December 31,
Put right liabilities - Series B	2022			2022
Expected terms (Year)		2.1			1.7
Estimated volatility		31.3	%		31.1	%
Spot price	US$	36,570		US$	36,516
Probability of triggering event for redemption option		70	%		70	%

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (CONTINUED)

(b)Put right liabilities (continued)

The model requires the input of key assumptions including the expected terms, estimated volatility, spot price and probability of triggering event for redemption option. The significant unobservable inputs used in the option pricing model included spot price, estimated volatility 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 companies for a period with length commensurate to the expected terms of redemption event. The spot price was determined using the market approach with assistance from an independent third-party valuation firm. The significant unobservable inputs used in the market approach include estimated volatility and probability of triggering event for redemption option. 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

Dec. 31, 2022

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

11. SHORT-TERM BORROWINGS

In December 2022, I-Mab Shanghai borrowed a loan of RMB18,956 from Shanghai Pudong Development Bank Co., Ltd. for a term of six months and at the interest rate of 3.40% per annum. To facilitate this borrowing, I-Mab Hong Kong placed cash deposits of USD5,000 (equivalent to approximately RMB34,823) 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.

ACCRUALS AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2022

ACCRUALS AND OTHER PAYABLES

ACCRUALS AND OTHER PAYABLES

12. ACCRUALS AND OTHER PAYABLES


	As of December 31,	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Current:
Staff salaries and welfare payables	52,526	43,483	6,304
Accrued external research and development activities related expenses	367,976	264,972	38,417
Accrued cost in relation to planned dual listing	4,793	—	—
Payable due to an affiliate (Note 22)	—	64,782	9,393
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 17)	57,381	161,106	23,358
Non-refundable incentive payment from depositary bank ⁽¹⁾	2,369	6,428	932
Accrued traveling expenses, office expenses and others	108,290	165,801	24,039
	593,335	706,572	102,443
Non-current:
Non-refundable incentive payment from depositary bank ⁽¹⁾	4,934	6,963	1,009
Non-refundable payment received in relation to the exclusive promotion right granted to a third party ⁽²⁾	10,000	10,000	1,450
	14,934	16,963	2,459

Total	608,269	723,535	104,902

⁽¹⁾

The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982) and US$1,195 (equivalent to approximately RMB8,075) from depositary bank in April 2020 and December 2022, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2020, 2021 and 2022, the Group has recorded RMB2,348, RMB2,395 and RMB2,821 as other income in the consolidated statements of comprehensive income (loss), respectively.

⁽²⁾

In November 2021, the Group entered into a collaboration agreement with a third party located in China to grant the third party an exclusive right to conduct promotion activities for the TJ202 drug products in designated hospitals after the commercialization of TJ202 in future years. In November 2021, the Group received a non-refundable payment of RMB10,000 from the third party and recorded it as the non-current liabilities in the consolidated balance sheet as of December 31, 2021. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Cayman Islands

I-Mab is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, I-Mab is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

I-Mab did business registration in Hong Kong and has a Hong Kong tax file number.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, 2020, 2021 and 2022, the income tax expenses recorded in the consolidated statements of comprehensive income (loss) for I-Mab were nil, nil and RMB697, respectively. For the years ended December 31, 2020, 2021 and 2022, 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 and 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.

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 2021 to 2023.

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 accrued 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. As the actual withholding taxes paid to local tax bureau was RMB9,077, the Group reversed the tax expenses of RMB3,154 in the year ended December 31, 2021.

13. INCOME TAXES (CONTINUED)

China (continued)

Reconciliations of the differences between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2020, 2021 and 2022 are as follows:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
				(Note 2.5)
Income (loss) before income tax	483,146	(2,334,695)	(2,506,620)	(363,425)
Income tax computed at respective applicable tax rate	66,044	(410,899)	(442,343)	(64,134)
Non-deductible expenses	72,256	68,400	38,570	5,592
Research and development expenses plus deduction	(60,776)	(50,530)	(74,415)	(10,789)
True up of withholding tax expenses	—	(3,154)	—	—
Changes in valuation allowance	(65,293)	393,029	478,885	69,432
	12,231	(3,154)	697	101
Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share	0.34	(0.84)	(0.65)	(0.09)

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


	As of December 31,
	2021	2022
	RMB	RMB	US$
			(Note 2.5)
Deferred tax assets:
Net operating loss carryforward	380,695	792,602	114,916
Depreciation and amortization of property, equipment, software and intangible asset, net	41,020	39,189	5,682
Share-based compensation expenses	59,296	127,950	18,551
Accrual expense	30,172	30,210	4,380
Less: valuation allowance	(493,233)	(972,118)	(140,944)
Total deferred tax assets	17,950	17,833	2,585

Deferred tax liabilities:
Acquired intangible assets	17,950	17,833	2,585
Total deferred tax liabilities	17,950	17,833	2,585

Deferred tax assets, net	—	—	—

13. INCOME TAXES (CONTINUED)

China (continued)

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB	US$
				(Note 2.5)
Balance as of January 1	(165,497)	(100,204)	(493,233)	(71,512)
Additions	(36,061)	(393,029)	(478,885)	(69,432)
Utilization and reversal of valuation allowances	89,154	—	—	—
Decrease due to the change of tax rate	12,200	—	—	—
Balance as of December 31	(100,204)	(493,233)	(972,118)	(140,944)

As of December 31, 2022, the Group had a majority of net operating losses of approximately RMB3,834,455 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 2023 to 2032 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, 2021 and 2022.

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, 2021 and 2022, 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.

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+ Details

ORDINARY SHARES

12 Months Ended

Dec. 31, 2022

ORDINARY SHARES

ORDINARY SHARES

14. 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.

14. ORDINARY SHARES (CONTINUED)

On January 17, 2020, the Company also issued 6,078,571 ordinary shares to Everest.

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, 2021.

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 15(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. All of the warrants were exercised by the Investors during the year ended December 31, 2021.

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 Ireland Unlimited Group (“AbbVie”) (see Note 17) 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).

On August 23, 2022, the Company announced, that it plans to implement share repurchases pursuant to the share repurchase program previously authorized by its board of directors. Under the share purchase plans, the Company and the senior management may purchase up to US$40 million of ADSs in aggregate. As of December 31, 2022, the Company had purchased 1,652,541 ordinary shares in an aggregate amount of approximately US$3 million (equivalent to RMB21,249) under the authorized share purchase program. These repurchased shares are considered not outstanding and therefore were accounted for under the cost method and includes such treasury stock as a component of the shareholder’s equity. For the year ended December 31, 2022, no treasury stock was used for exercise of option. As of December 31, 2022, 1,652,541 shares were not in use and not outstanding.

As of December 31, 2022, 16,915,104 stock options were exercised, and 7,235,959 restricted share units were issued as ordinary shares.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

WARRANTS

12 Months Ended

Dec. 31, 2022

WARRANTS

WARRANTS

15. WARRANTS

As mentioned in Note 14, 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). The Investor Warrants will remain exercisable at the election of the Investors within 12 months after the closing of the private placement. 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. All of the warrants were exercised by the Investors during the year ended December 31, 2021.

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.


		Exercise		Fair value at
		Price per		the closing
		share	Outstanding	date
	Terms	US$	Units	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, 2022

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

16. SHARE-BASED COMPENSATION

(a)

2017 Employee Stock Option Plan (“2017 Plan”)

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

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

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

The Group did not grant any stock options to employees for the years ended December 31, 2020, 2021 and 2022. 2,569,017 and 1,782,617 stock options were exercisable as of December 31, 2021 and 2022, respectively.

16. SHARE-BASED COMPENSATION (CONTINUED)

(a)2017 Employee Stock Option Plan (“2017 Plan”) (continued)

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


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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 16(h))	(332,566)	1.00	—	—
Outstanding as of December 31 , 2020	7,702,066	0.97	6.75	150,415
Exercised	(5,122,549)	0.96	—	—
Forfeited	(10,500)	1.00	—	—
Outstanding as of December 31 , 2021	2,569,017	1.00	5.79	50,361
Exercised	(786,400)	1.00	—	—
Outstanding as of December 31 , 2022	1,782,617	1.00	4.75	1,457
Exercisable as of December 31, 2022	1,782,617	1.00	4.75	1,457

All the stock options were vested as of December 31, 2021.

Since the exercisability was dependent upon the listing, and it was not probable that this performance condition could be achieved until a listing, no share-based compensation expense relating to the 2017 Plan was recorded prior to the Company’s IPO in 2020.

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, RMB69,214 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, totalling 332,566 unvested options, for no consideration, and these stock options were cancelled immediately.

Share-based compensation expenses related to the stock options of 2017 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	69,214	(225)	—	—
Administrative expenses	52,802	2,835	—	—
Equity in loss of affiliates	4,277	516	—	—
	126,293	3,126	—	—

16. SHARE-BASED COMPENSATION (CONTINUED)

(b)2018 Employee Stock Option Plan (“2018 Plan”)

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.

The following table sets forth the stock options activities of 2018 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2019	13,536,588	1.00	8.86	64,840
Exercised	(402,000)	1.00	—	—
Surrendered (Note 16 (h))	(2,544,917)	1.00	—	—
Outstanding as of December 31, 2020	10,589,671	1.00	8.15	206,499
Exercised	(3,036,435)	1.00	—	—
Outstanding as of December 31, 2021	7,553,236	1.00	7.15	148,076
Exercised	(6,044,843)	1.00	—	—
Outstanding as of December 31, 2022	1,508,393	1.00	6.15	1,233
Exercisable as of December 31, 2022	1,508,393	1.00	6.15	1,233

All the stock options were vested as of December 31, 2021.

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.

16. SHARE-BASED COMPENSATION (CONTINUED)

(b)2018 Employee Stock Option Plan (“2018 Plan”) (continued)

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 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.

Share-based compensation expenses related to the stock options of 2018 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	65,656	55	—	—
Administrative expenses	48,055	4,478	—	—
Equity in loss of affiliates	226	257	—	—
	113,937	4,790	—	—

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 independent 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). 24,000 and 48,000 options were exercisable as of December 31, 2021 and 2022, respectively.

16. SHARE-BASED COMPENSATION (CONTINUED)

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


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	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
Granted	—	—	—	—
Outstanding as of December 31, 2021	72,000	6.09	8.05	1,045
Granted	—	—	—	—
Outstanding as of December 31, 2022	72,000	6.09	7.05	—
Exercisable as of December 31, 2022	48,000	6.09	7.05	—

A summary of non-vested stock options activity for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	48,000	4.50
Vested	(24,000)	4.50
Non-vested at December 31, 2022	24,000	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	—
Time to maturity (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. Time to maturity equals to the contract life of the option.

16. SHARE-BASED COMPENSATION (CONTINUED)

Share-based compensation expenses related to the stock options of 2019 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	—	—	—
Administrative expenses	1,171	707	288	42
Equity in loss of affiliates	—	—	—	—
	1,171	707	288	42

(d)2020 Plan

On July 15, 2020, the Group adopted 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 years ended December 31, 2020, 2021 and 2022, the Group granted 1,068,733, 133,913 and 2,026,300 stock options to its employees, respectively. 192,340 options and 353,949 options were exercisable as of December 31, 2021 and 2022, respectively.

The following table sets forth the stock options activities of 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	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
Granted	133,913	18.85	—	—
Exercised	(68,859)	5.91	—	—
Expired	(154)	5.91	—	—
Forfeited	(111,495)	6.23	—	—
Outstanding as of December 31, 2021	997,773	7.61	8.68	12,967
Granted	2,026,300	9.20	—	—
Exercised	(14,645)	5.91	—	—
Expired	(69,051)	6.74	—	—
Forfeited	(170,490)	7.65	—	—
Outstanding as of December 31, 2022	2,769,887	8.81	8.76	—
Exercisable as of December 31, 2022	353,949	7.00	7.67	—

16. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (Continued)

A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	805,433	9.44
Granted	2,026,300	1.35
Vested	(245,305)	9.40
Forfeited	(170,490)	7.39
Non-vested at December 31, 2022	2,415,938	0.53

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		2021	2022
Expected volatility	56.51	%	50.78%-51.84%	53.66	%
Risk-free interest rate (per annum)	0.86	%	1.32%-1.88%	1.88	%
Exercise multiple	2.20-2.80		2.20-2.80	2.20-2.80
Expected dividend yield	—		—	—
Time to maturity (in years)	10		10	10

Share-based compensation expenses related to the stock options of 2020 Plan are included in:


	Year Ended December 31,
	2020	2021	2021
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	10,435	14,915	17,068	2,475
Administrative expenses	4,357	8,702	25,897	3,755
Equity in loss of affiliates	1,619	3,262	2,846	413
	16,411	26,879	45,811	6,643

16. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (Continued)

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

(1)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.

(2)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.

(3)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 years ended December 31, 2020, 2021 and 2022, the Group granted 4,093,079, 1,649,045 and 755,734 restricted share units to employees, respectively.

16. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (Continued)

The following table sets forth the restricted share units of 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	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
Granted	1,649,045	—	—	—
Vested	(4,048,000)	—	—	—
Forfeited	(198,872)	—	—	—
Outstanding as of December 31, 2021	1,481,791	—	8.95	30,531
Granted	755,734	—	—	—
Vested	(720,232)	—	—	—
Forfeited	(270,482)	—	—	—
Outstanding as of December 31, 2022	1,246,811	—	8.55	2,266

A summary of non-vested restricted share units activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
	Number of restricted share	date fair value
	units	US$
Non-vested at December 31, 2021	1,481,791	17.80
Granted	755,734	10.11
Vested	(720,232)	19.71
Forfeited	(270,482)	14.52
Non-vested at December 31, 2022	1,246,811	2.98

Share-based compensation expenses related to the aforementioned restricted share units of 2020 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	71,945	118,368	18,055	2,618
Administrative expenses	76,663	227,392	37,399	5,422
Equity in loss of affiliates	7,500	8,512	4,214	611
	156,108	354,272	59,668	8,651

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. All the restricted share units were vested as of December 31, 2021.

16. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (continued)

The following table sets forth the restricted share units subject to terms and conditions under 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	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
Vested	(762,920)	1.00	—	—
Outstanding as of December 31, 2021	—	—	—	—

Share-based compensation expenses related to these restricted share units are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	67,181	4,156	—	—
Administrative expenses	25,985	54,011	—	—
Equity in loss of affiliates	19,085	720	—	—
	112,251	58,887	—	—

(e)2021 Share Incentive Plan (“2021 Plan”)

On May 28, 2021, the Group adopted 2021 Plan. Under the 2021 Plan, the maximum aggregate number of shares authorized to be issued is 12,023,618 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 6,011,809 ordinary shares.

Stock options granted to employees under the 2021 Plan are graded vesting in four years with 25% vesting each year. For the years ended December 31, 2021 and 2022, the Group granted 2,698,245 and 2,787,738 stock options to its employees, respectively. Nil options and 519,377 were exercisable as of December 31, 2021 and 2022, respectively.

16. SHARE-BASED COMPENSATION (CONTINUED)

(e)2021 Share Incentive Plan (“2021 Plan”) (continued)

The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2022:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2020	—	—	—	—
Granted	2,698,245	26.43	—	—
Forfeited	(253,805)	26.39	—	—
Outstanding as of December 31, 2021	2,444,440	26.44	9.57	—
Granted	2,787,738	9.20	—	—
Forfeited	(880,304)	18.21	—	—
Expired	(46,202)	26.39	—	—
Outstanding as of December 31, 2022	4,305,672	17.32	8.89	—
Exercisable as of December 31, 2022	519,377	26.46	8.53	—

A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	2,444,440	14.12
Granted	2,787,738	2.70
Vested	(565,579)	14.18
Forfeited	(880,304)	7.64
Non-vested at December 31, 2022	3,786,295	1.76

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,
	2021		2022
Expected volatility	51.77%-54.37	%	53.66%-58.97%
Risk-free interest rate (per annum)	1.44%-1.68	%	1.88%-3.53%
Exercise multiple	2.20-2.80		2.20-2.80
Expected dividend yield	—		—
Time to maturity (in years)	10		10

16. SHARE-BASED COMPENSATION (CONTINUED)

(e)2021 Share Incentive Plan (“2021 Plan”) (continued)

Share-based compensation expenses related to the stock options of 2021 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	20,430	36,104	5,234
Administrative expenses	—	35,226	75,980	11,016
Equity in loss of affiliates	—	—	2,715	393
	—	55,656	114,799	16,643

Restricted share units granted to employees under the 2021 Plan will be exercisable under the following items:

(2)1/3 of the awarded restricted share units shall vest based on the Group’s weighted average share price during any consecutive 90 days within one year after the adoption date of 2021 Plan (the “Share Price Based Awards”):

i.a vesting of 75% of the Share Price Based Awards on the first anniversary of the adoption date of 2021 Plan, if the Group’s weighted average share price reaches the first share price level as approved by the Board;

ii.a vesting of 100% of the Share Price Based Awards on the first anniversary of the adoption date of 2021 Plan, if the Group’s weighted average share price reaches the second share price level as approved by the Board;

In the event that any share issuance in connection with any share split, share dividend, reclassification or other similar event occurs, the target share price herein shall be adjusted accordingly with the proportion of additional share issuance. In the event that the average market value of NASDAQ Biotechnology Index falls by more than 20% from the adoption date of the 2021 Plan, it shall be deemed as a decline of the market, and the Group shall adjust the vesting schedule as appropriate.

(3)1/3 of the awarded restricted share units shall vest based on the performance conditions as approved by the Board (the “Performance Conditions Based Awards”):

16. SHARE-BASED COMPENSATION (CONTINUED)

(e)2021 Share Incentive Plan (“2021 Plan”) (continued)

i.a vesting of 75% of the Performance Conditions Based Awards if more than nine (including nine) but less than twelve of the fifteen performance conditions have been met on or before the first anniversary of the adoption date;

ii.a vesting of all of Performance Conditions Based Awards if more than twelve (including twelve) of the fifteen performance conditions have been met on or before the first anniversary of the adoption date;

As of December 31, 2021, it is probable that the 2/3 of the awarded restricted share units are fully vested because it is probable that the Group’s weighted average share price can reach the second share price level as approved by the Board during any consecutive 90 days within one year after the adoption date of 2021 Plan, and more than twelve of the fifteen performance conditions will be met on or before the first anniversary of the adoption date.

The following table sets forth the restricted share units of 2021 Plan for the period presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	US$
Outstanding as of December 31, 2020	—	—	—	—
Granted	1,827,166	—	—	—
Forfeited	(170,913)	—	—	—
Outstanding as of December 31, 2021	1,656,253	—	9.57	34,126
Granted	821,215	—	—	—
Vested	(1,139,587)	—	—	—
Forfeited	(301,908)	—	—	—
Outstanding as of December 31, 2022	1,035,973	—	8.55	2,266

A summary of non-vested restricted share units activities for year ended December 31, 2022 is presented below:


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2021	1,656,253	26.45
Granted	821,215	9.18
Vested	(1,139,587)	26.41
Forfeited	(301,908)	17.85
Non-vested at December 31, 2022	1,035,973	5.19

16. SHARE-BASED COMPENSATION (CONTINUED)

(e)2021 Share Incentive Plan (“2021 Plan”) (continued)

Share-based compensation expenses related to the restricted share units of 2021 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	44,227	46,649	6,763
Administrative expenses	—	73,332	99,708	14,456
Equity in loss of affiliates	—	—	4,077	591
	—	117,559	150,434	21,810

(f)2022 Share Incentive Plan (“2022 Plan”)

On June 17, 2022, the Group adopted 2022 Plan. Under the 2022 Plan, the maximum aggregate number of shares authorized to be issued is 13,148,594 ordinary shares, provided that the maximum number of shares to be issued in the form of restricted share units shall not exceed 7,670,017 ordinary shares.

As of December 31, 2022, no options or restricted share units were granted under 2022 Plan.

(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.

16. SHARE-BASED COMPENSATION (CONTINUED)

(h)Surrender of stock options (continued)

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,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	284,431	201,926	117,876	17,090
Administrative expenses	209,033	406,683	239,272	34,691
Equity in loss of an affiliate	32,707	13,267	13,852	2,008
	526,171	621,876	371,000	53,789

LICENSING AND COLLABORATION ARRANGEMENTS

12 Months Ended

Dec. 31, 2022

LICENSING AND COLLABORATION ARRANGEMENTS

LICENSING AND COLLABORATION ARRANGEMENTS

17. 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, 2022.

A. 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.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MorphoSys AG (“MorphoSys”) (continued)

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 years ended December 31, 2020, 2021 and 2022 as no milestone has been achieved.

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

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, 2020, 2021 and 2022. 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, 2020, 2021 and 2022.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

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

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. For the year ended 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, 2021, the costs incurred for the development of this new indication was RMB13.2 million and thus RMB8.8 million expense was recorded in the consolidated statement of comprehensive loss. For the year ended December 31, 2022, the costs incurred for the development of this new indication was RMB7.0 million and thus RMB4.7 million expense was recorded in the consolidated statement of comprehensive loss.

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. In January 2021, the project achieved the second milestone and the Group paid US$1.5 million (equivalent to approximately RMB9.7 million) of milestone fees to Morphosys and the related withholding tax of RMB1.1 million, which was recorded as research and development expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2021. 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, 2020, 2021 and 2022.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MorphoSys (continued)

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


	Years Ended December 31,					As of December 31,
	Research and Development Expense
					Amortization of prepaid
				Extension/ Termination of	research and
	Upfront Fees	Milestones		agreements	development	Intangible asset balance
2022	—		—	—	—	—
2021	—	US$	1,500	—	—	—
2020	—	US$	1,000	—	—	—

In June 2022, Morphosys entered into an equity participation agreement and license agreements to allow HIBio to develop and commercialize MorphoSys’ felzartamab, an anti-CD38 antibody, and MOR210, an anti-C5aR1 antibody. Under the terms of the agreements, HIBio will obtain exclusive rights to develop and commercialize felzartamab and MOR210 across all indications worldwide, with the exception of Greater China for felzartamab and Greater China and South Korea for MOR210. Upon signing, MorphoSys also receives an upfront payment of US$15 million for MOR210. Subject to the terms agreed in the C5aR Agreement, I-Mab is entitled to share certain economics upon certain clinical milestones in the U.S. Accordingly, the Group received US$0.9 million from MorphoSys and recorded RMB6.0 million in revenue in the consolidated statement of comprehensive loss for the year ended December 31, 2022.

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.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MacroGenics (continued)

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. In September 2021, the project achieved the first milestone and the Group paid around US$4.5 million (equivalent to approximately RMB28.9 million) of milestone fees to MacroGenics, which was recorded as research and development expenses in the consolidated statement of comprehensive loss for the year ended December 31, 2021. No additional payments were made in the year ended December 31, 2022.

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 the remaining milestones are still not probable as of December 31, 2020 and 2021.

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


	Year ended December 31,					As of December 31,
	Research and Development Expense
					Amortization of prepaid
				Extension/ Termination of	research and
	Upfront Fees	Milestones		agreements	development	Intangible asset balance
2022	—		—	—	—	—
2021	—	US$	4,484	—	—	—
2020	—		—	—	—	—

In July 2022, due to an unexpected high incidence of fatal bleeding, MacroGenenics terminated a phase 2 study of enoblituzumab as a combination therapy with PD-1 antibody or PD-1/LAG3 bispecific antibody in patients with head and neck cancers (NHSCC). The Company has exercised its termination right under the license and collaboration agreement with MacroGenics by serving a termination notice to MacroGenics on August 29, 2022. The termination took effect in February 2023.

Licensing Agreement with Ferring

In November 2016, the Company, as the licensee, entered into a license and sublicense agreement with Ferring International Center SA (“Ferring”), with respect to Olamkicept (TJ301), a potential highly differentiated IL-6 blocker for ulcerative colitis and other autoimmune diseases (the “Ferring In-licensing Agreement”). Under the Ferring Agreement, Ferring granted to I-Mab an exclusive license to research, commercially develop, make, import, use, sell, dispose of, offer to sell or dispose of the licensed product in China (including Hong Kong, Macau), Taiwan and Korea. In July 2018, the Company sub-licensed the above license to I-Mab Hong Kong.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with Ferring (continued)

In September 2020, I-Mab Hong Kong agreed to assign all rights and obligations/ownership of Target Pipelines (including TJ301) to I-Mab Hangzhou (see Note 10 (a)). The Group entered into a sublicense agreement with I-Mab Hangzhou (“TJ301 Sublicense Agreement”), under which the Group sublicensed to I-Mab Hangzhou an exclusive, sublicensable license to develop, manufacture and commercialize olamkicept in mainland China, Hong Kong, Macau, Taiwan and South Korea.

In the second half year of 2021, I-Mab Hangzhou achieved one of the development milestones by completing the Phase IIA study report in China. Upon the achievement of the milestone, I-Mab Hangzhou made a milestone payment with the amount of US$3 million to I-Mab Hong Kong. As I-Mab Hangzhou’s payment of US$3 million is just passthrough payment to I-Mab, and will be eventually paid to Ferring, which does not have any financial impact to I-Mab. The Company recorded it as a payable to Ferring in the consolidated balance sheets for the year ended December 31, 2021 . The US$3 million payable was settled in December 2022.

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$3.1 million (equivalent to approximately RMB21.3 million) milestone payment during the year ended December 31, 2020. The Group recorded US$1.1 million (equivalent to approximately RMB6.8 million) upfront payment and US$2.9 million (equivalent to approximately RMB19.8 million) milestone payment as research and development expenses during the year ended December 31, 2021. The Group recorded RMB0.5 million (US$0.07 million) upfront payment and RMB2.8 million (US$0.4 million) milestone payment as research and development expenses during the year ended December 31, 2022. As of December 31, 2022, under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$173.4 million (equivalent to approximately RMB1,207.8 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.

B.Out-Licensing and Collabration Arrangement

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.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Collaboration Agreement with ABL Bio (continued)

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). For the year ended December 31, 2020, 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. For the year ended December 31, 2021, RMB27.9 million expenses were incurred by the Group and RMB20.7 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB24.3 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2021. For the year ended December 31, 2022, RMB63.1 million expenses were incurred by the Group and RMB33.7 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB48.4 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2022.

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. The Group has recorded US$0.03 million (equivalent to approximately RMB0.17 million), US$0.02 million (equivalent to approximately RMB0.11 million), nil of research and development costs in the consolidated statement of comprehensive income for the year ended December 31, 2020, 2021 and 2022.

In April 2020, Tracon issued a notice of dispute with respect to the TJD5 Agreement and the BsAbs Agreement. The disputes relating to the TJD5 Agreement and the BsAbs Agreement are the subject of a binding arbitration proceeding under the Rules of Arbitration of the International Chamber of Commerce before an arbitration tribunal.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Collaboration Agreements with Tracon Pharmaceuticals, Inc. (Continued)

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. The Group accrued and recorded this termination fee of US$9.0 million (equivalent to approximately RMB58.0 million) as administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2021.

On April 25, 2023, the arbitration award determined that the TJD5 Agreement has been terminated for a pre-agreed termination fee of $9.0 million plus interest payable pursuant to the original agreement. For the year ended December 31, 2022, the Group accrued and recorded the interest for the termination fee with an amount of US$0.6 million (equivalent to approximately RMB4.2 million) as administrative expenses in the consolidated financial statements of comprehensive loss. The tribunal also confirmed the termination of the BsAb Agreement. Based on the arbitration award, I-Mab will bear a portion of Tracon's legal fees and costs, totaling approximately US$13.5 million (equivalent to approximately RMB91.3 million), which was recorded as administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2022.

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. On January 31, 2022, the Group and CSPC entered into an amendment to revise the second milestone payment from RMB10 million to RMB8.5 million.

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. The second milestone was achieved in November 2021 and RMB8.5 million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2021. No revenue was recognized in the consolidated statements of comprehensive loss for the year ended December 31, 2022.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

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

In March 2020, the Group entered into a strategic partnership with Kalbe Genexine Biologics (“KG Bio”) to grant a right of first negotiation for an exclusive license for the development and commercialization of two I-Mab-discovered product candidates: uliledlimab, a highly differentiated anti-CD73 antibody in Phase 1 development for advanced solid tumors (“First Program”), and an I-Mab product candidate (“Second Program”) to be agreed upon by both parties in certain regions. Through this agreement, both parties intend to negotiate the terms that will be reflected in definitive agreements for each prospective program covered under this agreement.

If and when the Group and KG Bio enter into the definitive licensing agreement, the Group will be eligible to receive from KG Bio an aggregate amount of up to approximately US$340 million, including an upfront payment and subsequent payments conditional upon achieving certain development and commercial milestones. KG Bio will pay the Group tiered royalties in the low to mid-teen percentages on net sales from certain regions. As the right of first negotiation has not been exercised and the definitive agreement has not been entered into as of December 31, 2020, 2021 and 2022, no revenue was recognized during the years ended December 31, 2020, 2021 and 2022.

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.

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.

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 has received milestone payment of US$20 million from AbbVie and is eligible to receive up to US$1.74 billion in further success-based development, regulatory and sales milestone payments for lemzoparlimab, of which US$840 million are based on clinical development and regulatory approval milestones, with the remainder based on commercial milestones. Upon commercialization of lemzoparlimab, AbbVie will also pay tiered royalties from low-to-mid teen double-digit percentages on global net sales outside of Mainland China, Macau, and Hong Kong.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Global Strategic Partnership with AbbVie (continued)

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 years ended December 31, 2020 and 2021 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 and 2021 as the Group deemed that the achievement of the second milestone event is probable as of December 31, 2020 and 2021 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 2021, 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.

As of December 31, 2020 and 2021, 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 were 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 31, 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 (RMB 227.4 million) for this agreement as of December 31, 2020 in the consolidated balance sheets. As of December 31, 2020, the upfront payment of US$180 million was received by the Group. The 1st milestone payment of US$20 million was subsequently collected by the Group in March 2021. As of December 31, 2021, the cumulative percentages complete in the cost-to-cost input method for Study I and Study II were estimated to approximate 53% and 51% respectively. As a result, US$4.0 million (equivalent to approximately RMB25.6 million) and US$0.9 million (equivalent to approximately RMB6.0 million) were recognized as revenue for the year ended December 31, 2021 in the consolidated financial statements of comprehensive loss for Study I and Study II respectively, resulting in an addition of contract asset of US$4.9 million (equivalent to approximately RMB31.6 million) for this agreement, and the total contract asset related to this agreement was US$39.7 million (RMB 253.8 million) as of December 31, 2021.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Global Strategic Partnership with AbbVie (continued)

In August 2022, the Group and AbbVie entered into an amendment to the original license and collaboration agreement dated September 3, 2020. The Group will be eligible to receive, and AbbVie will pay, up to US$1.295 billion in the development, regulatory, and sales milestone payments, and the tiered royalties at rates from mid-to-high single-digit percentages on global net sales outside of Greater China for certain new anti-CD47 antibodies currently in development, or the original milestone payments and tiered royalties for other licensed products. The Group has the exclusive right to develop and commercialize all licensed products under the agreement in Greater China. AbbVie discontinued the global Phase 1b study of lemzoparlimab combination therapy with AZA and venetoclax in patients with MDS and acute myeloid leukemia (AML), and a Phase 1b study of lemzoparlimab in patients with relapsed/refractory multiple myeloma. As a result of the amendment to the original collaboration arrangement in the second half of 2022, the Group estimated the amount of consideration to which it will be entitled to under the amended agreement and determined the probability of achieving the second milestone payment of US$50 million is lowered. The Group concluded it is not probable that a significant reversal of revenue will not occur once the uncertainty associated with the milestone payment is resolved, the variable consideration of US$50 million associated with the second milestone is excluded from the transaction price at the amendment date. The consideration of US$200 million was re-allocated to the three performance obligations based on the relative stand-alone selling price at the amendment date. The allocated price for the grant of lemzoparlimab license, Study I and Study II is US183.0 million, US$8.8 million and US$ 8.2 million, respectively. As of the amendment date, based on the updated transaction price and the progress of each performance obligation, the Group recorded a cumulative catch-up adjustment which resulted in a reduction of revenue of US$48.0 million (equivalent to RMB 314.2 million), a reversal of contract assets of US$39.8 million, and a recognition of contract liabilities of US$8.2 million in the second half of 2022. Offsetting this amount, the revenue of US$5.8 million (equivalent to RMB 39.9 million) was recorded for the ongoing Study I and Study II initial development services for the year ended December 31, 2022. As of December 31, 2022, the cumulative percentages complete in the cost-to-cost input method for Study I and Study II were estimated to be approximate 84% and 88%, respectively. The accumulated revenue recognized for Study I and Study II was US$7.4 million and US$7.2 million, respectively, as of December 31, 2022. As of December 31, 2022, the balance of contract assets related to the collaboration arrangement with AbbVie was nil, while the balance of contract liabilities was US$2.4 million (RMB16.6 million).

Strategic collaboration with Jumpcan

On November 10, 2021, the Group entered into a strategic collaboration agreement (the “Jumpcan Agreement”) with Jumpcan Pharmaceutical Group (“Jumpcan”), a China pharmaceutical company specialized in and committed to pediatric medicines, for the development, manufacturing and commercialization of I-Mab’s highly differentiated long-acting recombinant human growth hormone, eftansomatropin alfa (the “TJ101” and “Licensed Product”) in mainland China (the “Territory”).

Under the collaboration agreement, I-Mab will continue to lead the ongoing registrational Phase 3 clinical trial of eftansomatropin alfa in pediatric growth hormone deficiency (PGHD). The two companies will share costs of manufacturing tech transfer, process optimization and new formulation development. I-Mab will be the marketing authorization holder (MAH) of the product and supply the product at agreed cost to Jumpcan. Jumpcan will be responsible for commercializing the product and developing new indications in collaboration with I-Mab in mainland China. I-Mab will provide clinical, manufacturing and academic support.

According to the terms of the collaboration agreement, Jumpcan will make an upfront payment of RMB 224 million to I-Mab and, upon achievement of development, registration and sales milestones, certain milestone payments of up to RMB 1.792 billion, making the non-royalty payments a total of up to RMB 2.016 billion. In addition, I-Mab and Jumpcan will share profits generated from commercialization of the product in mainland China on a 50/50 basis, pursuant to which I-Mab will be entitled to receive tiered low double-digit royalties on net sales.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Strategic collaboration with Jumpcan (continued)

The Group performed assessment and concluded that all the promise identified, including the grant of the license to Jumpcan, Phase III clinical trial in PGHD and CMC development under the Jumpcan Agreement have been bundled into a single performance obligation. The amounts of the transaction price allocable to this performance obligation are deferred until the control of the manufactured commercial drug product has begun to transfer to Jumpcan. For the year ended December 31, 2021, the Group received the upfront fee of RMB224 million from Jumpcan and recorded it as contract liabilities in the consolidated balance sheet as of December 31, 2021. According to the terms of the collaboration agreement, Jumpcan shall undertake to bear 50% proportion of the CMC cost occurred by I-Mab after the effective date of this agreement. these costs. For the year ended December 31, 2022, the Group received the payment of RMB22.0 million from Jumpcan related to the cost sharing and recorded it as contract liabilities in the consolidated balance sheet.

Cell Line Collaboration with Ferring

In May 2022, the Group entered into an amended and restated license and sublicense agreement and a cell line and manufacturing collaboration agreement (“Cell Line Collaboration Agreement”) with Ferring, under which the Group granted to Ferring an exclusive, perpetual and transferrable sublicense, with the right to grant further sublicenses to sublicensees, under all of the intellectual properties licensed to I-Mab by I-Mab’s business partner to research, develop, make, import, use and sell olamkicept as expressed by or produced by cell lines created by I-Mab’s business partner and its affiliates, in any human indications in the territories other than Greater China and Korea. The Group also granted to Ferring an exclusive, perpetual and royalty-free license, with right of sublicense to sublicensees, under the intellectual property owned or controlled by I-Mab which relates to cell lines created by I-Mab’s business partner and its affiliates, for the research, development, making, using or selling of olamkicept, including prespecified patents and know-how and improvements thereto. As of December 31, 2022, Ferring paid to the Group the milestone payment as specified in the Cell Line Collaboration Agreement. This payment was recorded in revenue in the consolidated statements of comprehensive loss for the year ended December 31, 2022. Ferring also agreed to make milestone payments to us, conditioned on the achievement of certain development milestones in Ferring’s licensed territory.

In May 2022, the Group entered into a supplementary sublicensing agreement to the TJ301 Sublicense Agreement (“TJ301 Supplemental Sublicense Agreement”) with I-Mab Hangzhou. Pursuant to the TJ301 Supplemental Sublicense Agreement, I-Mab Hong Kong should pay I-Mab Hangzhou US$2.75 million (equivalent to approximately RMB18.6 million) to reimburse the effort and contribution from I-Mab Hangzhou in the development of Wuxi Cell Line, which was recorded as the reduction of revenue in the consolidated financial statements of comprehensive loss for the year ended December 31, 2022.

17. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

Breakdown of licensing and collaboration revenue

The breakdown of licensing and collaboration revenue was as follows:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$(Note 2.5)
Recognition in the year	1,542,668	31,615	39,891	5,784
Reduction in the year	—	—	(314,181)	(45,552)
Revenues from AbbVie	1,542,668	31,615	(274,290)	(39,768)
Revenues from other partners	—	8,500	24,625	3,570
	1,542,668	40,115	(249,665)	(36,198)

OTHER INCOME (EXPENSES), NET

12 Months Ended

Dec. 31, 2022

OTHER INCOME (EXPENSES), NET

OTHER INCOME (EXPENSES), NET

18. OTHER INCOME (EXPENSES), NET

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2020, 2021 and 2022:


		Year Ended December 31
		2020	2021	2022
	Notes	RMB	RMB	RMB	US$
					(Note 2.5)
Income of incentive payment from depository bank	11	2,348	2,395	2,821	409
Fair value change of short-term and other investments		11,288	30,360	(13,549)	(1,964)
Fair value change of put right liabilities		3,024	16,628	34,260	4,967
Net foreign exchange gains (losses)		(22,126)	25,373	(175,391)	(25,429)
Subsidy income ⁽³⁾		11,633	9,216	25,470	3,693
Gains on deconsolidation of a subsidiary	10	407,598	—	—	—
Others		(873)	(810)	(198)	(29)
		412,892	83,162	(126,587)	(18,353)

⁽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. For the year ended December 31, 2021, subsidy income primarily consists of an amount of RMB2.9 million related to the paycheck protection program loan forgiveness approved by the U.S. Small Business Administration in April 2021, and an amount of RMB4.5 million recognized in connection with the completion of a project related to one of the Group’s pipelines. For the year ended December 31, 2022, subsidy income consists primarily of the government grant of RMB18.9 million. The government grant was granted by the project management office of Shanghai Zhangjiang Science City and the management committee of Shanghai Free Trade Zone to support the research and development activities in the local region.

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2022

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

19. NET INCOME (LOSS) PER SHARE

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


	Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net income (loss) attributable to I-Mab	470,915	(2,331,541)	(2,507,317)	(363,526)
Net income (loss) attributable to ordinary shareholders	470,915	(2,331,541)	(2,507,317)	(363,526)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	134,158,824	174,707,055	189,787,292	189,787,292
Dilutive effect of convertible preferred shares	4,373,047	—	—	—
Dilutive effect of ordinary shares to be issued to Everest	266,458	—	—	—
Dilutive effect of convertible promissory notes	865,479	—	—	—
Dilutive effect of restricted shares units	778,130	—	—	—
Dilutive effect of stock options	16,789,714	—	—	—
Denominator for diluted income (loss) per share calculation	157,231,652	174,707,055	189,787,292	189,787,292
Net income (loss) per share - basic	3.51	(13.35)	(13.21)	(1.92)
Net income (loss) per share - diluted	3.00	(13.35)	(13.21)	(1.92)

The effects of all outstanding restricted shares, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021 and 2022 as their effects would be anti-dilutive. 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
	2021	2022
Restricted shares	3,150,881	484,395
Stock options	14,584,833	2,939,322
Warrants	648,359	—

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2022

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

20. 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 RMB10,049, RMB26,426 and RMB35,332 for the years ended December 31, 2020, 2021 and 2022, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

21. 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 17). In April 2020, Tracon issued a notice of dispute with respect to the TJD5 Agreement and the BsAbs Agreement. The disputes relating to the TJD5 Agreement and the BsAbs Agreement are the subject of a binding arbitration proceeding under the Rules of Arbitration of the International Chamber of Commerce before an arbitration tribunal. In April 2023, the Group received the result of the arbitration, which is further discussed in Note 17.

The Group did not have significant long-term obligations, or guarantees as of December 31, 2021 and 2022.

Capital commitments

The capital expenditures related to property, equipment and software contracted for as of December 31, 2021 and 2022 but not recognized in the Group’s consolidated financial statements were RMB24,426 and RMB4,392, respectively.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY BALANCES AND TRANSACTIONS

22. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Group for the years ended December 31, 2020, 2021 and 2022:


Name of related parties		Relationship with the Group

CMAB Biopharma (Suzhou) Inc.		Controlled by the ultimate controlling party of a principal shareholder of the Group before April 30, 2021
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.		Controlled by the ultimate controlling party of a principal shareholder of the Group before December 9, 2021
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, 2021 and 2022 are as follows:

Prepayments and other receivables

Accruals and other payables


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.	5,092	—	—
I-Mab Hangzhou	—	64,782	9,393

22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows:

Receipt of CRO and CMC services - recognized in research and development expenses


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.	681	—	—	—
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.	2,395	2,697	—	—
I-Mab Hangzhou	—	2,465	84,673	12,276

Revenue sharing - recognized as deduction of revenue


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 17)	—	—	18,583	2,694

Collection of loan to an affiliate


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou ⁽⁴⁾	52,000	—	—	—

⁽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,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	21,212	17,649	—	—

Provision of FTE and other services - recognized in other income


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	11,691	—	—

Amounts received on behalf of an affiliate


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	281	—	—

22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

Amounts received related to the sublicense agreement


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 17)	—	19,102	—	—

Amounts paid by an affiliate on behalf of the Group


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	25,448	837	121

CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2022

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

23. CONCENTRATION OF CREDIT RISK

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, and other receivables. The carrying amounts of cash and cash equivalents, short-term investments and contract assets represent the maximum amount of loss due to credit risk. As of December 31, 2021 and 2022, 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 and other receivables, the Group performs on-going credit evaluations of the financial condition of its customers and counterparties.

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2022

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

24. 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, 2020, 2021 and 2022, 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, 2022, 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, 2022

PRINCIPAL ACCOUNTING POLICIES

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 10).

VIE Model

As of December 31, 2022, 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

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

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, 2021 and 2022:


	As of December 31, 2021
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	753,164	753,164
Liabilities
Put right liabilities	—	—	96,911	96,911


	As of December 31, 2022
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	235,429	235,429
Liabilities
Put right liabilities	—	—	88,687	88,687

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


	Short-term	Put right
	investments	liabilities
Fair value of Level 3 financial assets and liabilities as of December 31, 2020	31,530	116,006
Purchase of short-term and other investments	10,173,314	—
Disposal of short-term and other investments	(9,482,040)	—
Fair value changes	30,360	(16,628)
Currency translation differences	—	(2,467)
Fair value of Level 3 financial assets and liabilities as of December 31, 2021	753,164	96,911
Purchase of short-term and other investments	7,407,332	—
Disposal of short-term and other investments	(7,911,518)	—
Recognition of put right liabilities	—	17,729
Fair value changes	(13,549)	(34,260)
Currency translation differences	—	8,307
Fair value of Level 3 financial assets and liabilities as of December 31, 2022	235,429	88,687

See Note 10 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2021 and 2022.

Foreign currency translation

2.5 Foreign currency translation

Cash and cash equivalents

2.6 Cash and cash equivalents

Restricted cash

2.7 Restricted cash

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.7 Restricted cash (continued)

Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,
	2021	2022
	RMB	RMB

Cash and cash equivalents	3,523,632	3,214,005
Restricted cash	—	96,764
Total	3,523,632	3,310,769

Accounts receivable

2.8 Accounts receivable

Short-term investments

2.9 Short-term investments

Inventories

2.10 Inventories

Property, equipment and software

2.11 Property, equipment and software

Laboratory equipment		3 to 10 years
Software		1 to 5 years
Office furniture and equipment		5 years
Delivery equipment		4 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

2.12 Intangible assets

Impairment of long-lived assets

2.13 Impairment of long-lived assets

Goodwill

2.14 Goodwill

Long-term investments

2.15 Long-term investments

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.15 Long-term investments (continued)

Revenue recognition

2.16 Revenue recognition

Collaboration revenue

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.16 Revenue recognition (continued)

Supply of investigational products

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.16 Revenue recognition (continued)

Contract assets and liabilities

Cost-to-cost measure of progress for over time performance obligations

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

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

Research and development expenses

2.18 Research and development expenses

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.18 Research and development expenses (continued)

Leases

2.19 Leases

Government subsidies

2.20 Government subsidies

Comprehensive income (loss)

2.21 Comprehensive income (loss)

Share-based compensation

2.22 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

2.23 Income taxes

Borrowings

2.24 Borrowings

Business combination

2.25 Business combination

Segment information

2.26 Segment information

Income (loss) per share

2.27 Income (loss) per share

Adopted accounting pronouncements

2.28 Adopted accounting pronouncements

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.28 Adopted accounting pronouncements (Continued)

Recent accounting pronouncements

2.29 Recent accounting pronouncements

PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACTIVITIES AND ORGANIZATION

Schedule of Principal Subsidiaries


			Percentage
			of direct
			or indirect
		Date of	ownership
	Place of	incorporation or	by the
Subsidiaries	incorporation	acquisition	Company		Principal activities
I-Mab Biopharma Hong Kong Limited (“I-Mab Hong Kong”)	Hong Kong	July 8, 2016	100	%	Investment holding
I-Mab Biopharma Co., Ltd. (“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
Zhejiang Tianli Pharmaceutical Sales Co., Ltd.	PRC	September 29,2021	100	%	Sales and distribution of medicine products

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


	As of December 31, 2021
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	753,164	753,164
Liabilities
Put right liabilities	—	—	96,911	96,911


	As of December 31, 2022
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	235,429	235,429
Liabilities
Put right liabilities	—	—	88,687	88,687

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


	Short-term	Put right
	investments	liabilities
Fair value of Level 3 financial assets and liabilities as of December 31, 2020	31,530	116,006
Purchase of short-term and other investments	10,173,314	—
Disposal of short-term and other investments	(9,482,040)	—
Fair value changes	30,360	(16,628)
Currency translation differences	—	(2,467)
Fair value of Level 3 financial assets and liabilities as of December 31, 2021	753,164	96,911
Purchase of short-term and other investments	7,407,332	—
Disposal of short-term and other investments	(7,911,518)	—
Recognition of put right liabilities	—	17,729
Fair value changes	(13,549)	(34,260)
Currency translation differences	—	8,307
Fair value of Level 3 financial assets and liabilities as of December 31, 2022	235,429	88,687

Schedule of cash, cash equivalents and restricted cash


	As of December 31,
	2021	2022
	RMB	RMB

Cash and cash equivalents	3,523,632	3,214,005
Restricted cash	—	96,764
Total	3,523,632	3,310,769

Summary of Estimated Useful Lives

Laboratory equipment		3 to 10 years
Software		1 to 5 years
Office furniture and equipment		5 years
Delivery equipment		4 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, 2022

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS

Summary of accounts receivable and contract assets, net of allowance for credit losses


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Accounts receivable, gross	33,081	—	—
Allowance for credit losses	—	—	—
Accounts receivable, net	33,081	—	—


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Contract assets, gross (Note 17)	253,780	—	—
Allowance for credit losses	—	—	—
Contract assets, net	253,780	—	—

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories

Summary of inventories consist

PREPAYMENTS AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER RECEIVABLES

Summary of prepayments and other receivables


	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Prepayments:
– Prepayments to CRO vendors	79,568	32,960	4,779
– Prepayments for other services	906	1,321	192
– Prepayments to an affiliate (Note 22)	8,079	8,231	1,193
Value-added tax recoverable	89,578	8,197	1,188
Deposits	616	4,570	663
Other receivables	12,077	24,999	3,624
	190,824	80,278	11,639

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND SOFTWARE

Schedule of property, equipment and software


	As of December 31,	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Cost
Laboratory equipment	36,295	52,989	7,683
Leasehold improvement	18,945	37,375	5,419
Software	11,071	14,506	2,103
Office furniture and equipment	2,468	11,171	1,620
Delivery equipment	—	165	24
Total property, equipment and software	68,779	116,206	16,849

Less: accumulated depreciation and amortization	(44,162)	(61,583)	(8,929)

Net book value	24,617	54,623	7,920
Construction in progress	21,099	6,218	901
Total net book value of property, equipment and software	45,716	60,841	8,821

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Schedule of Operating Lease Related Assets And Liabilities And Other Related Information

Information related to operating leases as of December 31, 2021 and 2022 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2021		2022
	RMB		RMB		US$ (Note 2.5)
Assets
Operating lease right-of-use assets	112,781		63,125		9,152
Liabilities

Operating lease liabilities, current	30,669		23,961		3,474
Operating lease liabilities, non-current	81,786		32,069		4,650
Weighted average remaining lease term (years)	3.6		2.9		2.9
Weighted average discount rate	5	%	5	%	5	%

Schedule Of Components Of Operating Lease Expense


	For the Year Ended
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets	8,158	16,997	34,520	5,005
Expense for short-term leases within 12 months	—	16	12	2
Interest of lease liabilities	679	2,585	3,178	461
	8,837	19,598	37,710	5,468

Schedule of Lessee, Operating Lease, Liability, Maturity


	As of December 31,
	2022
	RMB	US$ (Note 2.5)
2023	37,867	5,490
2024	26,723	3,874
2025	5,193	753
2026	5,288	767
2027	4,729	686
Thereafter	1,209	175
Total undiscounted lease payments	81,009	11,745
Less: imputed interest	(24,979)	(3,621)
Total lease liabilities	56,030	8,124

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS

Summary of Intangible assets


	As of December 31, 2021
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB
Intangible assets
TJ103	11,670	(2,334)	9,336
IPR&D TJ101	110,330	—	110,330
Total intangible assets	122,000	(2,334)	119,666


	As of December 31, 2022
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB
Intangible assets
TJ103	11,670	(3,112)	8,558
IPR&D TJ101	110,330	—	110,330
Total intangible assets	122,000	(3,112)	118,888

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

Summary of group long term investment measured under equity method


	For the period from
	September 15, 2020 to	For the year ended		For the year ended
	December 31, 2020	December 31, 2021		December 31, 2022
	I-Mab	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	Hangzhou	investments	Hangzhou	investments
Operating data:
Revenue	271	5,660	—	103,826	—
Loss from operations	(85,945)	(295,186)	(3,513)	(356,734)	(5,565)
Net Loss	(85,945)	(290,586)	(3,513)	(346,322)	(5,565)


	As of December 31,
	2021		2022
	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments
Balance sheet data:
Current assets	602,047	20,037	499,665	81,683
Non-current assets	1,207,132	40,000	1,432,328	135,347
Current liabilities	168,763	50	281,587	107
Non-current liabilities	176,436	—	232,083	—
Non-controlling interests	—	—	—	—

Summary of estimate the fair value of the put right using the following assumptions


	As of			As of
	December 31,			December 31,
Put right liabilities - Series A	2021			2022
Expected terms (Year)		2.7			1.7
Estimated volatility		34.5	%		33.9	%
Spot price	US$	171,134		US$	148,276
Probability of triggering event for redemption option		70	%		70	%


	As of			As of
	August 19,			December 31,
Put right liabilities - Series B	2022			2022
Expected terms (Year)		2.1			1.7
Estimated volatility		31.3	%		31.1	%
Spot price	US$	36,570		US$	36,516
Probability of triggering event for redemption option		70	%		70	%

ACCRUALS AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2022

ACCRUALS AND OTHER PAYABLES

Schedule of accruals and other payables


	As of December 31,	As of December 31,
	2021	2022
	RMB	RMB	US$ (Note 2.5)
Current:
Staff salaries and welfare payables	52,526	43,483	6,304
Accrued external research and development activities related expenses	367,976	264,972	38,417
Accrued cost in relation to planned dual listing	4,793	—	—
Payable due to an affiliate (Note 22)	—	64,782	9,393
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 17)	57,381	161,106	23,358
Non-refundable incentive payment from depositary bank ⁽¹⁾	2,369	6,428	932
Accrued traveling expenses, office expenses and others	108,290	165,801	24,039
	593,335	706,572	102,443
Non-current:
Non-refundable incentive payment from depositary bank ⁽¹⁾	4,934	6,963	1,009
Non-refundable payment received in relation to the exclusive promotion right granted to a third party ⁽²⁾	10,000	10,000	1,450
	14,934	16,963	2,459

Total	608,269	723,535	104,902

⁽¹⁾

⁽²⁾

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of differences between the PRC statutory income tax rate and the Group's effective income tax rate


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
				(Note 2.5)
Income (loss) before income tax	483,146	(2,334,695)	(2,506,620)	(363,425)
Income tax computed at respective applicable tax rate	66,044	(410,899)	(442,343)	(64,134)
Non-deductible expenses	72,256	68,400	38,570	5,592
Research and development expenses plus deduction	(60,776)	(50,530)	(74,415)	(10,789)
True up of withholding tax expenses	—	(3,154)	—	—
Changes in valuation allowance	(65,293)	393,029	478,885	69,432
	12,231	(3,154)	697	101
Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share	0.34	(0.84)	(0.65)	(0.09)

Schedule of the deferred tax assets and liabilities


	As of December 31,
	2021	2022
	RMB	RMB	US$
			(Note 2.5)
Deferred tax assets:
Net operating loss carryforward	380,695	792,602	114,916
Depreciation and amortization of property, equipment, software and intangible asset, net	41,020	39,189	5,682
Share-based compensation expenses	59,296	127,950	18,551
Accrual expense	30,172	30,210	4,380
Less: valuation allowance	(493,233)	(972,118)	(140,944)
Total deferred tax assets	17,950	17,833	2,585

Deferred tax liabilities:
Acquired intangible assets	17,950	17,833	2,585
Total deferred tax liabilities	17,950	17,833	2,585

Deferred tax assets, net	—	—	—

Schedule of movement of the valuation allowance


	Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB	US$
				(Note 2.5)
Balance as of January 1	(165,497)	(100,204)	(493,233)	(71,512)
Additions	(36,061)	(393,029)	(478,885)	(69,432)
Utilization and reversal of valuation allowances	89,154	—	—	—
Decrease due to the change of tax rate	12,200	—	—	—
Balance as of December 31	(100,204)	(493,233)	(972,118)	(140,944)

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2022

WARRANTS

Schedule of stockholders' equity, warrants


		Exercise		Fair value at
		Price per		the closing
		share	Outstanding	date
	Terms	US$	Units	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

Summary of fair value of warrant liabilities


	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

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

Schedule of valuation assumptions used


	As of			As of
	December 31,			December 31,
Put right liabilities - Series A	2021			2022
Expected terms (Year)		2.7			1.7
Estimated volatility		34.5	%		33.9	%
Spot price	US$	171,134		US$	148,276
Probability of triggering event for redemption option		70	%		70	%


	As of			As of
	August 19,			December 31,
Put right liabilities - Series B	2022			2022
Expected terms (Year)		2.1			1.7
Estimated volatility		31.3	%		31.1	%
Spot price	US$	36,570		US$	36,516
Probability of triggering event for redemption option		70	%		70	%

Schedule of share-based compensation expenses

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


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	284,431	201,926	117,876	17,090
Administrative expenses	209,033	406,683	239,272	34,691
Equity in loss of an affiliate	32,707	13,267	13,852	2,008
	526,171	621,876	371,000	53,789

2017 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities

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


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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 16(h))	(332,566)	1.00	—	—
Outstanding as of December 31 , 2020	7,702,066	0.97	6.75	150,415
Exercised	(5,122,549)	0.96	—	—
Forfeited	(10,500)	1.00	—	—
Outstanding as of December 31 , 2021	2,569,017	1.00	5.79	50,361
Exercised	(786,400)	1.00	—	—
Outstanding as of December 31 , 2022	1,782,617	1.00	4.75	1,457
Exercisable as of December 31, 2022	1,782,617	1.00	4.75	1,457

Schedule of share-based compensation expenses

Share-based compensation expenses related to the stock options of 2017 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	69,214	(225)	—	—
Administrative expenses	52,802	2,835	—	—
Equity in loss of affiliates	4,277	516	—	—
	126,293	3,126	—	—

2018 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the stock options activities of 2018 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2019	13,536,588	1.00	8.86	64,840
Exercised	(402,000)	1.00	—	—
Surrendered (Note 16 (h))	(2,544,917)	1.00	—	—
Outstanding as of December 31, 2020	10,589,671	1.00	8.15	206,499
Exercised	(3,036,435)	1.00	—	—
Outstanding as of December 31, 2021	7,553,236	1.00	7.15	148,076
Exercised	(6,044,843)	1.00	—	—
Outstanding as of December 31, 2022	1,508,393	1.00	6.15	1,233
Exercisable as of December 31, 2022	1,508,393	1.00	6.15	1,233

Schedule of share-based compensation expenses

Share-based compensation expenses related to the stock options of 2018 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	65,656	55	—	—
Administrative expenses	48,055	4,478	—	—
Equity in loss of affiliates	226	257	—	—
	113,937	4,790	—	—

2019 plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities

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


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	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
Granted	—	—	—	—
Outstanding as of December 31, 2021	72,000	6.09	8.05	1,045
Granted	—	—	—	—
Outstanding as of December 31, 2022	72,000	6.09	7.05	—
Exercisable as of December 31, 2022	48,000	6.09	7.05	—

Schedule of non-vested stock option activities

A summary of non-vested stock options activity for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	48,000	4.50
Vested	(24,000)	4.50
Non-vested at December 31, 2022	24,000	4.50

Schedule 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	—
Time to maturity (in years)	10

Schedule of share-based compensation expenses

Share-based compensation expenses related to the stock options of 2019 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	—	—	—
Administrative expenses	1,171	707	288	42
Equity in loss of affiliates	—	—	—	—
	1,171	707	288	42

2020 plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the stock options activities of 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	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
Granted	133,913	18.85	—	—
Exercised	(68,859)	5.91	—	—
Expired	(154)	5.91	—	—
Forfeited	(111,495)	6.23	—	—
Outstanding as of December 31, 2021	997,773	7.61	8.68	12,967
Granted	2,026,300	9.20	—	—
Exercised	(14,645)	5.91	—	—
Expired	(69,051)	6.74	—	—
Forfeited	(170,490)	7.65	—	—
Outstanding as of December 31, 2022	2,769,887	8.81	8.76	—
Exercisable as of December 31, 2022	353,949	7.00	7.67	—

Schedule of non-vested stock option activities

A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	805,433	9.44
Granted	2,026,300	1.35
Vested	(245,305)	9.40
Forfeited	(170,490)	7.39
Non-vested at December 31, 2022	2,415,938	0.53

Schedule 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		2021	2022
Expected volatility	56.51	%	50.78%-51.84%	53.66	%
Risk-free interest rate (per annum)	0.86	%	1.32%-1.88%	1.88	%
Exercise multiple	2.20-2.80		2.20-2.80	2.20-2.80
Expected dividend yield	—		—	—
Time to maturity (in years)	10		10	10

Schedule of share-based compensation expenses

Share-based compensation expenses related to the stock options of 2020 Plan are included in:


	Year Ended December 31,
	2020	2021	2021
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	10,435	14,915	17,068	2,475
Administrative expenses	4,357	8,702	25,897	3,755
Equity in loss of affiliates	1,619	3,262	2,846	413
	16,411	26,879	45,811	6,643

2020 plan | Restricted shares

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the restricted share units subject to terms and conditions under 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	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
Vested	(762,920)	1.00	—	—
Outstanding as of December 31, 2021	—	—	—	—

Schedule of share-based compensation expenses

Share-based compensation expenses related to these restricted share units are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	67,181	4,156	—	—
Administrative expenses	25,985	54,011	—	—
Equity in loss of affiliates	19,085	720	—	—
	112,251	58,887	—	—

2021 plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of non-vested stock option activities

A summary of non-vested stock option activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
		date fair value
	Number of shares	US$
Non-vested at December 31, 2021	2,444,440	14.12
Granted	2,787,738	2.70
Vested	(565,579)	14.18
Forfeited	(880,304)	7.64
Non-vested at December 31, 2022	3,786,295	1.76

Schedule 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,
	2021		2022
Expected volatility	51.77%-54.37	%	53.66%-58.97%
Risk-free interest rate (per annum)	1.44%-1.68	%	1.88%-3.53%
Exercise multiple	2.20-2.80		2.20-2.80
Expected dividend yield	—		—
Time to maturity (in years)	10		10

Schedule of share-based compensation expenses

Share-based compensation expenses related to the stock options of 2021 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	20,430	36,104	5,234
Administrative expenses	—	35,226	75,980	11,016
Equity in loss of affiliates	—	—	2,715	393
	—	55,656	114,799	16,643

2021 plan | Restricted shares

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the restricted share units of 2021 Plan for the period presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	US$
Outstanding as of December 31, 2020	—	—	—	—
Granted	1,827,166	—	—	—
Forfeited	(170,913)	—	—	—
Outstanding as of December 31, 2021	1,656,253	—	9.57	34,126
Granted	821,215	—	—	—
Vested	(1,139,587)	—	—	—
Forfeited	(301,908)	—	—	—
Outstanding as of December 31, 2022	1,035,973	—	8.55	2,266

Schedule of non-vested restricted share units activities

A summary of non-vested restricted share units activities for year ended December 31, 2022 is presented below:


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2021	1,656,253	26.45
Granted	821,215	9.18
Vested	(1,139,587)	26.41
Forfeited	(301,908)	17.85
Non-vested at December 31, 2022	1,035,973	5.19

Schedule of share-based compensation expenses

Share-based compensation expenses related to the restricted share units of 2021 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	44,227	46,649	6,763
Administrative expenses	—	73,332	99,708	14,456
Equity in loss of affiliates	—	—	4,077	591
	—	117,559	150,434	21,810

2020 Plan | Restricted shares

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the restricted share units of 2020 Plan for the periods presented:


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	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
Granted	1,649,045	—	—	—
Vested	(4,048,000)	—	—	—
Forfeited	(198,872)	—	—	—
Outstanding as of December 31, 2021	1,481,791	—	8.95	30,531
Granted	755,734	—	—	—
Vested	(720,232)	—	—	—
Forfeited	(270,482)	—	—	—
Outstanding as of December 31, 2022	1,246,811	—	8.55	2,266

Schedule of non-vested restricted share units activities

A summary of non-vested restricted share units activities for the year ended December 31, 2022 is presented below:


		Weighted average
		grant-
	Number of restricted share	date fair value
	units	US$
Non-vested at December 31, 2021	1,481,791	17.80
Granted	755,734	10.11
Vested	(720,232)	19.71
Forfeited	(270,482)	14.52
Non-vested at December 31, 2022	1,246,811	2.98

Schedule of share-based compensation expenses

Share-based compensation expenses related to the aforementioned restricted share units of 2020 Plan are included in:


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	71,945	118,368	18,055	2,618
Administrative expenses	76,663	227,392	37,399	5,422
Equity in loss of affiliates	7,500	8,512	4,214	611
	156,108	354,272	59,668	8,651

2021 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities

The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2022:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2020	—	—	—	—
Granted	2,698,245	26.43	—	—
Forfeited	(253,805)	26.39	—	—
Outstanding as of December 31, 2021	2,444,440	26.44	9.57	—
Granted	2,787,738	9.20	—	—
Forfeited	(880,304)	18.21	—	—
Expired	(46,202)	26.39	—	—
Outstanding as of December 31, 2022	4,305,672	17.32	8.89	—
Exercisable as of December 31, 2022	519,377	26.46	8.53	—

LICENSING AND COLLABORATION ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Breakdown of licensing and collaboration revenue


	Year Ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$(Note 2.5)
Recognition in the year	1,542,668	31,615	39,891	5,784
Reduction in the year	—	—	(314,181)	(45,552)
Revenues from AbbVie	1,542,668	31,615	(274,290)	(39,768)
Revenues from other partners	—	8,500	24,625	3,570
	1,542,668	40,115	(249,665)	(36,198)

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
					Amortization of prepaid
				Extension/ Termination of	research and
	Upfront Fees	Milestones		agreements	development	Intangible asset balance
2022	—		—	—	—	—
2021	—	US$	1,500	—	—	—
2020	—	US$	1,000	—	—	—

Licensing Agreement with MacroGenics

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
					Amortization of prepaid
				Extension/ Termination of	research and
	Upfront Fees	Milestones		agreements	development	Intangible asset balance
2022	—		—	—	—	—
2021	—	US$	4,484	—	—	—
2020	—		—	—	—	—

OTHER INCOME (EXPENSES), NET (Tables)

12 Months Ended

Dec. 31, 2022

OTHER INCOME (EXPENSES), NET

Schedule of other income and expenses


		Year Ended December 31
		2020	2021	2022
	Notes	RMB	RMB	RMB	US$
					(Note 2.5)
Income of incentive payment from depository bank	11	2,348	2,395	2,821	409
Fair value change of short-term and other investments		11,288	30,360	(13,549)	(1,964)
Fair value change of put right liabilities		3,024	16,628	34,260	4,967
Net foreign exchange gains (losses)		(22,126)	25,373	(175,391)	(25,429)
Subsidy income ⁽³⁾		11,633	9,216	25,470	3,693
Gains on deconsolidation of a subsidiary	10	407,598	—	—	—
Others		(873)	(810)	(198)	(29)
		412,892	83,162	(126,587)	(18,353)

⁽³⁾

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

NET INCOME (LOSS) PER SHARE

Schedule of basic and diluted net loss per shares

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


	Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net income (loss) attributable to I-Mab	470,915	(2,331,541)	(2,507,317)	(363,526)
Net income (loss) attributable to ordinary shareholders	470,915	(2,331,541)	(2,507,317)	(363,526)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	134,158,824	174,707,055	189,787,292	189,787,292
Dilutive effect of convertible preferred shares	4,373,047	—	—	—
Dilutive effect of ordinary shares to be issued to Everest	266,458	—	—	—
Dilutive effect of convertible promissory notes	865,479	—	—	—
Dilutive effect of restricted shares units	778,130	—	—	—
Dilutive effect of stock options	16,789,714	—	—	—
Denominator for diluted income (loss) per share calculation	157,231,652	174,707,055	189,787,292	189,787,292
Net income (loss) per share - basic	3.51	(13.35)	(13.21)	(1.92)
Net income (loss) per share - diluted	3.00	(13.35)	(13.21)	(1.92)

Schedule of potentially dilutive securities that have not been included in the calculation of diluted net loss per share


	Year Ended December 31
	2021	2022
Restricted shares	3,150,881	484,395
Stock options	14,584,833	2,939,322
Warrants	648,359	—

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of related party balances

Details of related party balances as of December 31, 2021 and 2022 are as follows:

Prepayments and other receivables

Schedule of related party transactions

22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows:

Receipt of CRO and CMC services - recognized in research and development expenses


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
CMAB Biopharma (Suzhou) Inc.	681	—	—	—
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.	2,395	2,697	—	—
I-Mab Hangzhou	—	2,465	84,673	12,276

Revenue sharing - recognized as deduction of revenue


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 17)	—	—	18,583	2,694

Collection of loan to an affiliate


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou ⁽⁴⁾	52,000	—	—	—

⁽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,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	21,212	17,649	—	—

Provision of FTE and other services - recognized in other income


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	11,691	—	—

Amounts received on behalf of an affiliate


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	281	—	—

22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

Amounts received related to the sublicense agreement


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 17)	—	19,102	—	—

Amounts paid by an affiliate on behalf of the Group


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	—	25,448	837	121

PRINCIPAL ACTIVITIES AND ORGANIZATION - Schedule of Principal Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022
I-Mab Biopharma Hong Kong Limited
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
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
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.
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
Zhejiang Tianli Pharmaceutical Sales Co., Ltd.
Place of incorporation	PRC
Date of incorporation	Sep. 29, 2021
Percentage of direct or indirect ownership by the company	100.00%
Principal activities	Sales and distribution of medicine products

PRINCIPAL ACTIVITIES AND ORGANIZATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Millions			12 Months Ended
	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 17, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥)
Proceeds from initial public offering \| ¥			¥ 726,300
Number of ordinary shares represented by one ADS	2.3
ADS
Number of share issued	8,175,750
Proceeds from initial public offering \| $	$ 114.5
Share price \| $ / shares	$ 14.00
IPO \| ADS
Number of share issued		7,407,400
Number of share issued, price per share \| $ / shares		$ 14.00
Proceeds from initial public offering \| $		$ 103.7
Over-Allotment Option \| ADS
Common stock shares issuable	768,350

PRINCIPAL ACCOUNTING POLICIES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Assets:
Short-term investments	¥ 235,429	$ 34,134	¥ 753,164
Liabilities
Put right liabilities	88,687	$ 12,858	96,911
Fair Value, Recurring
Assets:
Short-term investments	235,429		753,164
Liabilities
Put right liabilities	88,687		96,911
Fair Value, Recurring \| Level 3
Assets:
Short-term investments	235,429		753,164
Liabilities
Put right liabilities	¥ 88,687		¥ 96,911

PRINCIPAL ACCOUNTING POLICIES - Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Short-term and other investments
PRINCIPAL ACCOUNTING POLICIES
Fair value of Level 3 financial assets and liabilities at the beginning of the period	¥ 753,164	¥ 31,530
Purchase of short-term and other investments	7,407,332	10,173,314
Disposal of short-term and other investments	(7,911,518)	(9,482,040)
Fair value changes	(13,549)	30,360
Currency translation differences	0
Fair value of Level 3 financial assets and liabilities at the end of the period	235,429	753,164
Put Right Liabilities
PRINCIPAL ACCOUNTING POLICIES
Fair value of Level 3 financial assets and liabilities at the beginning of the period	96,911	116,006
Purchase of short-term and other investments	0	0
Disposal of short-term and other investments		0
Recognition of put right liabilities	17,729
Fair value changes	(34,260)	(16,628)
Currency translation differences	8,307	(2,467)
Fair value of Level 3 financial assets and liabilities at the end of the period	¥ 88,687	¥ 96,911

PRINCIPAL ACCOUNTING POLICIES - Restricted Cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash and cash equivalents, Restricted cash
Cash and cash equivalents	¥ 3,214,005	$ 465,987	¥ 3,523,632
Restricted cash	96,764	14,029
Total	¥ 3,310,769	$ 480,016	¥ 3,523,632	$ 510,879	¥ 4,758,778	¥ 1,193,283

PRINCIPAL ACCOUNTING POLICIES - Summary of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
PRINCIPAL ACCOUNTING POLICIES
Useful life of finite lived assets (in years)	10 years
Maximum
PRINCIPAL ACCOUNTING POLICIES
Useful life of finite lived assets (in years)	20 years
Laboratory equipment \| Minimum
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	3 years
Laboratory equipment \| Maximum
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	10 years
Software \| Minimum
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	1 year
Software \| Maximum
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	5 years
Office furniture and equipment
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	5 years
Delivery equipment
PRINCIPAL ACCOUNTING POLICIES
Property, Plant and Equipment, useful life	4 years

PRINCIPAL ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Deferred subsidy income	¥ 25,470,000	¥ 9,216,000	¥ 11,633,000
Impairment loss, contract assets with customer		0	0
Impairment of long-lived assets	0	0	0
Impairment on goodwill	0	0	0
Impairment of equity method investments	¥ 0	¥ 0	¥ 0
Number of reportable segments \| segment	1
Minimum
PRINCIPAL ACCOUNTING POLICIES
VAT surcharges percent	6.00%
Maximum
PRINCIPAL ACCOUNTING POLICIES
VAT surcharges percent	12.00%
Peoples Bank of China
PRINCIPAL ACCOUNTING POLICIES
Translation exchange rates	6.9646	6.3757
Federal Reserve Bank of New York
PRINCIPAL ACCOUNTING POLICIES
Translation exchange rates	6.8972

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accounts Receivable
Accounts receivable, gross	¥ 0	$ 0	¥ 33,081
Allowance for credit losses	0	0	0
Accounts receivable, net	0	0	33,081
Contract with Customer, Asset, after Allowance for Credit Loss, Current
Contract assets, gross	0	0	253,780
Allowance for credit losses	0	0	0
Contract assets, net	¥ 0	$ 0	¥ 253,780

Inventories - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AbbVie
Group recognized revenue	¥ 28,102	¥ 47,911

Inventories - Inventories consist (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Inventories
Investigational products	¥ 0	$ 0	¥ 27,237

PREPAYMENTS AND OTHER RECEIVABLES - (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
PREPAYMENTS AND OTHER RECEIVABLES
Prepayments to CRO vendors	¥ 32,960	$ 4,779	¥ 79,568
Prepayments for other services	1,321	192	906
Prepayments to an affiliate (Note 22)	8,231	1,193	8,079
Value-added tax recoverable	8,197	1,188	89,578
Deposits	4,570	663	616
Others	24,999	3,624	12,077
Total	¥ 80,278	$ 11,639	¥ 190,824

PROPERTY, EQUIPMENT AND SOFTWARE- Additional Information (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
PROPERTY, EQUIPMENT AND SOFTWARE
Depreciation and amortization	¥ 25.3	$ 3.7	¥ 13.8	¥ 12.7

PROPERTY, EQUIPMENT AND SOFTWARE - Schedule of property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	¥ 116,206	$ 16,849	¥ 68,779
Less: accumulated depreciation and amortization	(61,583)	(8,929)	(44,162)
Net book value	54,623	7,920	24,617
Construction in progress	6,218	901	21,099
Total net book value of property, equipment and software	60,841	8,821	45,716
Laboratory equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	52,989	7,683	36,295
Leasehold improvement
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	37,375	5,419	18,945
Software
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	14,506	2,103	11,071
Office furniture and equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	11,171	1,620	¥ 2,468
Delivery equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	¥ 165	$ 24

LEASES - Operating Lease Related Assets And Liabilities And Other Related Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Assets
Operating lease right-of-use assets	¥ 63,125	$ 9,152	¥ 112,781
Liabilities
Operating lease liabilities, current	23,961	3,474	30,669
Operating lease liabilities, non-current	¥ 32,069	$ 4,650	¥ 81,786
Weighted average remaining lease term (years)	2 years 10 months 24 days	2 years 10 months 24 days	3 years 7 months 6 days
Weighted average discount rate	5.00%	5.00%	5.00%

LEASES - Components of Operating Lease Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
LEASES
Amortization of right-of-use assets	¥ 34,520	$ 5,005	¥ 16,997	¥ 8,158
Expense for short-term leases within 12 months	12	2	16
Interest of lease liabilities	3,178	461	2,585	679
Operating lease rental expense	¥ 37,710	$ 5,468	¥ 19,598	¥ 8,837

LEASES - Operating Lease, Maturity (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
LEASES
2023	¥ 37,867	$ 5,490
2024	26,723	3,874
2025	5,193	753
2026	5,288	767
2027	4,729	686
Thereafter	1,209	175
Total undiscounted lease payments	81,009	11,745
Less: imputed interest	(24,979)	(3,621)
Total lease liabilities	¥ 56,030	$ 8,124

INTANGIBLE ASSETS - Summary Of Intangible Assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	¥ 122,000	¥ 122,000
Accumulated amortization	(3,112)	(2,334)
Net carrying amount	118,888	119,666
TJ103
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	11,670	11,670
Accumulated amortization	(3,112)	(2,334)
Net carrying amount	8,558	9,336
IPR And D TJ101
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	110,330	110,330
Accumulated amortization	0
Net carrying amount	¥ 110,330	¥ 110,330

INTANGIBLE ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Impairment of intangible assets	¥ 0		¥ 0
Amortization of intangible assets	778	$ 113	778	¥ 1,556
Estimated amortization expense - year one			778
Estimated amortization expense - year two			778
Estimated amortization expense - year three	778
Estimated amortization expense - year four	778
Estimated amortization expense - year five	778
IPR And D TJ103
Amortization of intangible assets	¥ 778		¥ 778	¥ 1,556

GOODWILL (Details) $ in Thousands	12 Months Ended
GOODWILL (Details) $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Jul. 15, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	¥ 162,574,000	¥ 162,574,000		$ 23,571
Goodwill, accumulated impairment loss		0
Period of financial projections	10 years
Impairment loss on goodwill	¥ 0	¥ 0	¥ 0
Tasgen Group
Indefinite-lived Intangible Assets [Line Items]
Voting Interests Acquired					66.67%

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Summary of Group Long term Investment Measured Under Equity method (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Operating Data
Investment in subsidiaries	¥ (437,465)	$ (63,426)	¥ (367,883)	¥ (108,587)
Balance Sheet Data
Current assets	3,626,476		4,781,718		$ 525,789
Current liabilities	758,166		624,004		$ 109,923
Long Term Investment under Equity Method \| Other equity investments
Balance Sheet Data
Current assets	81,683		20,037
Non-current assets	135,347		40,000
Current liabilities	107		50
Non-controlling interests	0		0
Long Term Investment under Equity Method \| I-Mab Hangzhou
Balance Sheet Data
Current assets	499,665		602,047
Non-current assets	1,432,328		1,207,132
Current liabilities	281,587		168,763
Non-current liabilities	232,083		176,436
Non-controlling interests	¥ 0		¥ 0

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 (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 19, 2022	Dec. 31, 2022	Dec. 31, 2021
Put Right Liabilities Series A [Member]
Schedule of Equity Method Investments [Line Items]
Expected terms (Year)		1 year 8 months 12 days	2 years 8 months 12 days
Estimated volatility		33.90%	34.50%
Spot price		$ 148,276	$ 171,134
Probability of triggering event for redemption option		70.00%	70.00%
Put Right Liabilities Series B [Member]
Schedule of Equity Method Investments [Line Items]
Expected terms (Year)	2 years 1 month 6 days	1 year 8 months 12 days
Estimated volatility	31.30%	31.10%
Spot price	$ 36,570	$ 36,516
Probability of triggering event for redemption option	70.00%	70.00%

INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Additional Information (Details) ¥ in Thousands, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Aug. 19, 2022 CNY (¥)	Jul. 31, 2022 CNY (¥)	Aug. 31, 2021 CNY (¥)	Jul. 31, 2021 shares	Jun. 16, 2019 USD ($)
Schedule of Equity Method Investments
Gains on deconsolidation of a subsidiary					¥ 407,598
Common stock, shares outstanding \| shares		190,879,919		183,826,753		190,879,919
Equity in loss of affiliates		¥ (437,465)	$ (63,426)	¥ (367,883)	¥ (108,587)
Investments in subsidiaries		30,850		352,106		$ 4,473
I-Mab Hangzhou \| Series B Domestic Investors
Schedule of Equity Method Investments
Amount agreed to raise								¥ 46,000
I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment fair value		764,352				112,039
Assets recognized value \| $						105,000
Proceeds from Contributions from Affiliates	$ 30,000			281
Common stock, shares outstanding \| shares					25,500,000
Purchase price committed \| $						$ 3,000
Investments in subsidiaries		¥ 25,214		¥ 346,247			¥ 17,729
I-Mab Hong Kong
Schedule of Equity Method Investments
Registered capital of subsidiary \| $											$ 30,000
Common stock, shares outstanding \| shares					13,500,000
Management Holdco \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage		10.00%			10.00%	10.00%
Shares issued \| shares		750,000		750,000		750,000
Equity in loss of affiliates		¥ 29,375		¥ 28,236	¥ 8,456
Shares subscribed, not yet been purchased or issued \| shares					4,500,000
Registered capital of affiliates \| $						$ 3,000
Cash Commitment \| $			3,000
Esop Holdco \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage		5.00%			5.00%	5.00%
Registered capital of affiliates \| $						$ 1,500
Domestic Investors
Schedule of Equity Method Investments
Common stock, shares outstanding \| shares					12,000,000
Domestic Investors \| I-Mab Hangzhou
Schedule of Equity Method Investments
Registered capital of subsidiary \| $						$ 12,000
Equity method investment, ownership percentage		40.00%			40.00%	40.00%
Cash Payments \| $			$ 120,000
I-Mab Hong Kong \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage					45.00%
HLBV Method \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity in loss of affiliates		¥ 360,436		309,208	¥ 67,425
Group's Share Based Compensation \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity in loss of affiliates		13,852		13,267	32,707
Partnership Agreement
Schedule of Equity Method Investments
Equity method investment, ownership percentage										4.00%
Equity in loss of affiliates		223		141
Shares subscribed, not yet been purchased or issued \| shares										20,000
Investments in subsidiaries		5,636		5,859					¥ 6,000
I-Mab Hangzhou Share Based Compensation \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity in loss of affiliates		¥ 33,579		17,031
I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage		10.00%				10.00%
I-Mab Hangzhou \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage								37.13%
Long Term Investment Under Equity Method [Member] \| I-Mab Hangzhou \| Revenue [Member]
Schedule of Equity Method Investments
Investments in subsidiaries		¥ 103,826		5,660	271
Long Term Investment Under Equity Method [Member] \| I-Mab Hangzhou \| Loss from Operation [Member]
Schedule of Equity Method Investments
Investments in subsidiaries		(356,734)		(295,186)	(85,945)
Long Term Investment Under Equity Method [Member] \| I-Mab Hangzhou \| Net Income Loss [Member]
Schedule of Equity Method Investments
Investments in subsidiaries		(346,322)		(290,586)	¥ (85,945)
Long Term Investment Under Equity Method [Member] \| Other Equity Investment [Member] \| Loss from Operation [Member]
Schedule of Equity Method Investments
Investments in subsidiaries		(5,565)		(3,513)
Long Term Investment Under Equity Method [Member] \| Other Equity Investment [Member] \| Net Income Loss [Member]
Schedule of Equity Method Investments
Investments in subsidiaries		¥ (5,565)		¥ (3,513)

SHORT-TERM BORROWINGS - Additional information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
SHORT-TERM BORROWINGS
Loan borrowed	¥ 18,956	$ 2,748
Loan One \| China Merchant Bank Co Ltd
SHORT-TERM BORROWINGS
Loan borrowed	¥ 18,956
Lender name	Shanghai Pudong Development Bank Co., Ltd
Loan term	6 months
Interest rate	3.40%	3.40%
Collateral value	¥ 34,823	$ 5,000

ACCRUALS AND OTHER PAYABLES - Summary of accruals and other payables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current:
Staff salaries and welfare payables	¥ 43,483	$ 6,304	¥ 52,526
Accrued external research and development activities related expenses	264,972	38,417	367,976
Accrued cost in relation to planned dual listing			4,793
Payable due to an affiliate	64,782	9,393
Accrued private placement offering costs payable	161,106	23,358	57,381
Non-refundable incentive payment from depositary bank	6,428	932	2,369
Accrued traveling expenses, office expenses and others	165,801	24,039	108,290
Accounts Payable and Accrued Liabilities, Current	706,572	102,443	593,335
Non-current:
Non-refundable incentive payment from depositary bank	6,963	1,009	4,934
Non-refundable payment received in relation to the exclusive promotion right granted to a third party	10,000	1,450	10,000
Accounts Payable and Accrued Liabilities, Non-current	16,963	2,459	14,934
Total	¥ 723,535	$ 104,902	¥ 608,269

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 ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Nov. 30, 2021 CNY (¥)
ACCRUALS AND OTHER PAYABLES
Proceeds from non-refundable incentive	¥ 12,982	$ 1,857	¥ 8,075	$ 1,195
Provision of FTE and other services - recognized in other income			¥ 2,821		¥ 2,395	¥ 2,348
Proceeds from non refundable payment							¥ 10,000

INCOME TAXES - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income tax expenses	¥ 697	$ 101	¥ (3,154)	¥ 12,231
Applicable tax rate	21.00%	21.00%
Applicable state tax rate	8.25%	8.25%
Withholding Tax			(3,154)	12,231
Payment of withholding taxes to tax authorities			9,077
I MOB other subsidiaries
Applicable tax rate	25.00%	25.00%
HONG KONG
Income tax expenses	¥ 697		¥ 0	¥ 0
Applicable tax rate	16.50%	16.50%
PRC
Operating loss	¥ 3,834,455
CN
Applicable tax rate	25.00%	25.00%
Preferential income tax rate	15.00%	15.00%

INCOME TAXES - Reconciliations of the Differences Between the PRC Statutory Income Tax Rate and the Group's Effective Income Tax Rate (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares	Dec. 31, 2020 CNY (¥) ¥ / shares
INCOME TAXES
Income (loss) before income tax	¥ (2,506,620)	$ (363,425)	¥ (2,334,695)	¥ 483,146
Income tax computed at respective applicable tax rate	(442,343)	(64,134)	(410,899)	66,044
Non-deductible expenses	38,570	5,592	68,400	72,256
Research and development expenses plus deduction	(74,415)	(10,789)	(50,530)	(60,776)
True up of withholding tax expenses	0	0	(3,154)	0
Changes in valuation allowance	478,885	69,432	393,029	(65,293)
Income (loss) before income tax	¥ 697	$ 101	¥ (3,154)	¥ 12,231
Effect of tax holidays entitled by the PRC subsidiaries on basic income (loss) per share \| (per share)	¥ (0.65)	$ (0.09)	¥ (0.84)	¥ 0.34

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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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 https://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
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ 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 (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Deferred tax assets:
Net operating loss carryforward	¥ 792,602	$ 114,916	¥ 380,695
Depreciation and amortization of property, equipment, software and intangible asset, net	39,189	5,682	41,020
Share-based compensation expenses	127,950	18,551	59,296
Accrual expense	30,210	4,380	30,172
Less: valuation allowance	(972,118)	(140,944)	(493,233)	$ (71,512)	¥ (100,204)	¥ (165,497)
Total deferred tax assets	17,833	2,585	17,950
Deferred tax liabilities:
Acquired intangible assets	17,833	2,585	17,950
Total deferred tax liabilities	17,833	2,585	17,950
Deferred tax assets, net	¥ 0	$ 0	¥ 0

INCOME TAXES - Movement of the valuation allowance (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
INCOME TAXES
Balance as of January 1	¥ (493,233)	$ (71,512)	¥ (100,204)	¥ (165,497)
Additions	(478,885)	(69,432)	(393,029)	(36,061)
Utilization and reversal of valuation allowances				89,154
Decrease due to the change of tax rate				12,200
Balance as of December 31	¥ (972,118)	$ (140,944)	¥ (493,233)	¥ (100,204)

ORDINARY SHARES - Additional Information (Details) $ / shares in Units, ¥ in Thousands					12 Months Ended
	Sep. 03, 2020 USD ($) $ / shares shares	Feb. 10, 2020 CNY (¥) shares	Feb. 10, 2020 USD ($) $ / shares shares	Jan. 17, 2020 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥)	Aug. 23, 2022 USD ($)	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares	Jul. 15, 2020 CNY (¥)	Jul. 15, 2020 USD ($)	Dec. 31, 2019 shares	Oct. 29, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares
ORDINARY SHARES
Ordinary shares, shares authorized						800,000,000			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	$ 0.0001
Proceeds from initial public offering \| ¥							¥ 726,300
American depository shares, common share equivalent		2.3	2.3
Number of ordinary shares represented by one ADS			2.3
Issuance of ordinary shares for restricted share units					7,235,959	7,235,959
Employee Stock Option Plan
ORDINARY SHARES
Shares Held in Employee Stock Option Plan						16,915,104
Investor Warrants
ORDINARY SHARES
Number of share issued	5,341,267				5,341,267	5,341,267
Collaboration Agreement with Everest
ORDINARY SHARES
Shares issued upon conversion				6,078,571
Hillhouse Entities
ORDINARY SHARES
Proceeds from Issuance of Warrants \| $						$ 45.00
Hillhouse Entities \| First Closing Period
ORDINARY SHARES
Number of shares for warrants to subscribe						3,744,032
Gross proceeds of shares and warrants \| $						$ 293,000,000.0
Shares issued						20,421,378
Hillhouse Entities \| Second Closing Period
ORDINARY SHARES
Number of shares for warrants to subscribe						1,597,235
Issuance of private placement					¥ 2,653,669	$ 397,200,000
Gross proceeds of shares and warrants \| $						$ 125,000,000.0
Shares issued						8,712,124
Collaboration agreement with investors
ORDINARY SHARES
Issuance of private placement \| $	$ 418,000,000					$ 418,000,000
Private Placement
ORDINARY SHARES
Number of share issued	12,666,740
Investor
ORDINARY SHARES
Ordinary shares, shares authorized														800,000,000
Ordinary shares, par value \| $ / shares														$ 0.0001
Common stock value authorized \| $														$ 80,000,000
Series A Preferred Shares
ORDINARY SHARES
Preferred stock, shares outstanding				30,227,056
Number of preferred shares converted to common shares				30,227,056
Series B Preferred Shares
ORDINARY SHARES
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
ORDINARY SHARES
Preferred stock, shares outstanding				3,714,580
Number of preferred shares converted to common shares				3,714,580
Series B-2 Preferred Shares
ORDINARY SHARES
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares				3,301,849
Number of preferred shares converted to common shares				3,571,427
Series C Preferred Stock
ORDINARY SHARES
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares				31,046,360
Number of preferred shares converted to common shares				34,420,469
Series C-1 Convertible Preferred Stock
ORDINARY SHARES
Issuance of Series C-1 Preferred Shares, net of issuance costs, Shares				3,857,143
Number of preferred shares converted to common shares				4,537,814
ADS
ORDINARY SHARES
Proceeds from initial public offering \| $			$ 114,500,000
Share price \| $ / shares			$ 14.00
Proceeds from initial public offering, net		¥ 697,788	$ 101,300,000
Amount of stock repurchase \| $								$ 40,000,000
Number of share issued		8,175,750	8,175,750
Repurchased shares					1,652,541	1,652,541
Treasury stock exercise of option					0	0
Aggregate amount repurchased					¥ 21,249	$ 3,000,000
ADS \| Investor Warrants
ORDINARY SHARES
Share price \| $ / shares	$ 45
Proceeds from Issuance of Warrants \| $	$ 104,500,000
ADS \| IPO
ORDINARY SHARES
Number of share issued, price per share \| $ / shares				$ 14.00
Proceeds from initial public offering \| $				$ 103,700,000
Number of share issued				7,407,400
ADS \| Private Placement
ORDINARY SHARES
Share price \| $ / shares	$ 33
Issuance of private placement \| $	$ 418,000,000
Number of share issued	29,133,502
ADS \| Over-Allotment Option
ORDINARY SHARES
Common stock shares issuable			768,350
ADS \| Investor
ORDINARY SHARES
Number of shares for warrants to subscribe	2,322,290
ADS \| Board of Directors
ORDINARY SHARES
Amount of stock repurchase \| $												$ 20,000,000
Prepaid expense stock repurchase program											¥ 34,051	$ 5,000,000

WARRANTS - Additional Information (Details) - USD ($)		12 Months Ended
WARRANTS - Additional Information (Details) - USD ($)	Sep. 03, 2020	Dec. 31, 2022
Investor Warrants
WARRANTS
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares)	5,341,267	5,341,267
Collaboration agreement with investors
WARRANTS
Issuance of private placement	$ 418,000,000	$ 418,000,000
Hillhouse Entities
WARRANTS
Proceeds from issuance of warrants		$ 45.00
Warrants exercisable term		12 months
ADS \| Investor Warrants
WARRANTS
Issuance of ordinary shares upon IPO and over-allotment, net of issuance cost (in shares)		2,322,290
Share price		$ 45
ADS \| Hillhouse Entities
WARRANTS
Proceeds from issuance of warrants		$ 19.57

WARRANTS - Details of accounting for warrants to purchase ordinary shares (Details) - Warrants to purchase ordinary shares ¥ in Thousands	Dec. 17, 2020 CNY (¥) shares	Sep. 11, 2020 CNY (¥) shares	Dec. 17, 2020 $ / shares	Sep. 11, 2020 $ / shares
WARRANTS
Warrants exercisable term	12 months	12 months
Exercise Price per share \| $ / shares			$ 19.57	$ 19.57
Outstanding Units \| shares	1,597,235	3,744,032
Fair value at the closing date \| ¥	¥ 37,869	¥ 71,874

WARRANTS - Summary of fair value of warrant liabilities (Details)	Dec. 17, 2020	Sep. 11, 2020
Risk-free rate of return
WARRANTS
Warrants outstanding, measurement input	0.08	0.12
Maturity date
WARRANTS
Warrants and rights outstanding, maturity date	Dec. 17, 2021	Sep. 11, 2021
Estimated volatility rate
WARRANTS
Warrants outstanding, measurement input	59.56	60.72
Exercise price
WARRANTS
Warrants outstanding, measurement input	19.57	19.57

SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands					1 Months Ended	12 Months Ended
	Jan. 31, 2020 shares	Jan. 17, 2020 CNY (¥) shares	Jan. 16, 2020 CNY (¥)	Feb. 22, 2019 $ / shares shares	Oct. 31, 2017 shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) director $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2017 $ / shares shares	Jun. 17, 2022 shares	May 28, 2021 shares	Jul. 15, 2020 shares	Oct. 29, 2019 shares	Dec. 31, 2018 $ / shares
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 371,000	$ 53,789	¥ 621,876		¥ 526,171
Share based payment award, stock options granted						2,787,738	2,787,738	2,698,245
Ordinary shares, par value \| $ / shares							$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001					$ 0.0001
Stock options exercisable							519,377		0
Share-based compensation arrangement by share-based payment award, number of additional shares authorized \| ¥										91,051
Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 239,272	$ 34,691	¥ 406,683		209,033
Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						117,876	17,090	201,926		284,431
Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 13,852	$ 2,008	¥ 13,267		32,707
One Performance Condition
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						75.00%	75.00%
Employee Stock Option
SHARE-BASED COMPENSATION
Share based payment award, stock options surrendered, exercise price \| $ / shares													$ 1.0
Employee Stock Option \| Lei Fang
SHARE-BASED COMPENSATION
Share based payment award, stock options surrendered													130,000
Restricted shares
SHARE-BASED COMPENSATION
Share based payment award, maximum shares authorized																7,686,081
Restricted shares \| Tranche One \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Restricted shares \| Tranche Two \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Restricted shares \| Tranche Three \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Restricted shares \| Tranche Four \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Restricted shares \| One Performance Condition \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage								20.00%
Restricted shares \| Two Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage								40.00%
Restricted shares \| Three Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage								60.00%
Restricted shares \| Four Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage								80.00%
Share price based awards
SHARE-BASED COMPENSATION
Share based payment award, vesting period						90 days	90 days
Share price based awards \| Tranche One
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						75.00%	75.00%
Share price based awards \| Tranche Two
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						100.00%	100.00%
2019 Plan
SHARE-BASED COMPENSATION
Share based payment award, maximum shares authorized																	100,000
Share based payment award, stock options granted								72,000
Exercise price \| $ / shares									$ 6.09
2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥			¥ 0					¥ 3,126		¥ 126,293
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
Stock options exercisable							1,782,617		2,569,017
Number of shares unvested	332,566	332,566						10,500		338,876
2017 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								¥ 2,835		¥ 52,802
2017 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								(225)		69,214
2017 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								516		4,277
2017 Plan \| Senior Management Employees
SHARE-BASED COMPENSATION
Number of shares unvested		83,142
2017 Plan \| Employee Stock Option
SHARE-BASED COMPENSATION
Share based payment award, vesting period					3 years
2017 Plan \| Employee Stock Option \| Tranche Two
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage					50.00%
2017 Plan \| Employee Stock Option \| Tranche Three
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage					50.00%
2018 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥		¥ 91,051						4,790		113,937		¥ 0
Number of shares granted		11,005,888
Share based payment award, vesting period						2 years	2 years
Share based payment award, maximum shares authorized				14,005,745							15,452,620
Stock options exercisable							1,508,393
2018 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								4,478		48,055
2018 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								55		65,656
2018 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								257		¥ 226
2018 Plan \| Tranche One
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						50.00%	50.00%
2018 Plan \| Tranche Two
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						50.00%	50.00%
2018 Plan \| Dr. Zang
SHARE-BASED COMPENSATION
Share based payment award, stock options granted exercise price \| $ / shares				$ 1.0
2018 Plan \| Senior Management Employees
SHARE-BASED COMPENSATION
Number of shares unvested		2,544,917
2018 Plan \| Restricted shares
SHARE-BASED COMPENSATION
Granted										1,328,120
Share based payment award, stock options granted exercise price \| $ / shares											$ 1.00
Number of shares outstanding											762,920
2019 Plan
SHARE-BASED COMPENSATION
Stock options exercisable							48,000		24,000
Number of independent directors \| director							3
2019 plan
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 288	$ 42	707		¥ 1,171
Share based payment award, stock options granted										72,000
Share based payment award, stock options granted exercise price \| $ / shares											$ 6.09
Stock options exercisable							48,000
Number of shares outstanding									72,000
2019 plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						288	$ 42	707		¥ 1,171
2019 plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						0	0	0		0
2019 plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 0	$ 0	¥ 0		¥ 0
2020 Plan
SHARE-BASED COMPENSATION
Share based payment award, stock options surrendered, exercise price \| $ / shares							$ 7.65		$ 6.23		5.91
Share based payment award, stock options granted						2,026,300	2,026,300
Share based payment award, stock options granted exercise price \| $ / shares							$ 9.20		$ 18.85		$ 5.91
Stock options exercisable							353,949
Number of shares unvested						170,490	170,490	111,495		24,365
2020 Plan \| Restricted shares
SHARE-BASED COMPENSATION
Number of shares granted						755,734	755,734
Number of shares cancelled						270,482	270,482	198,872		13,461
Granted						755,734	755,734	1,649,045		4,093,079
Number of shares outstanding							1,246,811		1,481,791
2020 plan
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Share based payment award, vesting period						4 years	4 years
Share based payment award, maximum shares authorized																10,760,513
Share based payment award, stock options granted						2,026,300	2,026,300	133,913		1,068,733
Stock options exercisable							353,949		192,340
Number of shares unvested						170,490	170,490
Number of additional shares authorized						1,446,875	1,446,875
Share based compensation arrangement, shares vested						245,305	245,305
2020 plan \| Employee Stock Option
SHARE-BASED COMPENSATION
Restricted share units were vested but not issued as ordinary shares								1,328,120
2020 plan \| Restricted shares
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								¥ 58,887		¥ 112,251
2020 plan \| Restricted shares \| Third One Third Portion
SHARE-BASED COMPENSATION
Number of days for calculating the weighted average market value of shares						30 days	30 days
Share based compensation equity instruments other than options aggregate fair value vested in period \| $							$ 2,000,000
2020 plan \| Restricted shares \| Second One Third Portion
SHARE-BASED COMPENSATION
Number of days for calculating the weighted average market value of shares						30 days	30 days
Average market value of shares						20.00%	20.00%
2020 plan \| Restricted shares \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								54,011		25,985
2020 plan \| Restricted shares \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								4,156		67,181
2020 plan \| Restricted shares \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥								720		19,085
2021 plan
SHARE-BASED COMPENSATION
Share based payment award, maximum shares authorized															12,023,618
2021 plan \| Restricted shares
SHARE-BASED COMPENSATION
Share based payment award, maximum shares authorized															6,011,809
2021 plan \| Restricted shares \| Second One Third Portion
SHARE-BASED COMPENSATION
Average market value of shares						20.00%	20.00%
2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 45,811	$ 6,643	26,879		16,411
2020 plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						25,897	3,755	8,702		4,357
2020 plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						17,068	2,475	14,915		10,435
2020 plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						2,846	413	3,262		1,619
2020 plan \| Restricted shares
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 59,668	$ 8,651	¥ 354,272		¥ 156,108
Restricted share units were vested but not issued as ordinary shares						755,734	755,734	1,649,045		4,093,079
2020 plan \| Restricted shares \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 37,399	$ 5,422	¥ 227,392		¥ 76,663
2020 plan \| Restricted shares \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						18,055	2,618	118,368		71,945
2020 plan \| Restricted shares \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						4,214	611	8,512		7,500
2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 114,799	$ 16,643	¥ 55,656
Share based payment award, vesting period						4 years	4 years
Share based payment award, stock options surrendered, exercise price \| $ / shares							$ 18.21		$ 26.39
Share based payment award, stock options granted						2,787,738	2,787,738	2,698,245
Share based payment award, stock options granted exercise price \| $ / shares							$ 9.20		$ 26.43
Stock options exercisable							519,377
Number of shares unvested						880,304	880,304	253,805
Share based compensation arrangement, shares vested						565,579	565,579
2021 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 75,980	$ 11,016	¥ 35,226
2021 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						36,104	5,234	20,430
2021 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						2,715	393
2021 Plan \| Restricted shares
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 150,434	$ 21,810	¥ 117,559		0
Number of shares granted						821,215	821,215
Number of shares cancelled						301,908	301,908	170,913
Granted						821,215	821,215	1,827,166
Number of shares outstanding							1,035,973		1,656,253
2021 Plan \| Restricted shares \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 99,708	$ 14,456	¥ 73,332		0
2021 Plan \| Restricted shares \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense						46,649	6,763	44,227		0
2021 Plan \| Restricted shares \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense						¥ 4,077	$ 591	¥ 0		¥ 0
2022 Plan
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage						25.00%	25.00%
Share based payment award, maximum shares authorized														13,148,594
Share based payment award, stock options granted						0	0
2022 Plan \| Restricted share units
SHARE-BASED COMPENSATION
Share based payment award, maximum shares authorized														7,670,017

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Expenses (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Jan. 17, 2020 CNY (¥)	Jan. 16, 2020 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
SHARE-BASED COMPENSATION
Share-based compensation expenses			¥ 371,000	$ 53,789	¥ 621,876	¥ 526,171
2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses		¥ 0			3,126	126,293
2018 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 91,051				4,790	113,937	¥ 0
2019 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			288	42	707	1,171
2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			114,799	16,643	55,656
2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			45,811	6,643	26,879	16,411
Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					58,887	112,251
Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			150,434	21,810	117,559	0
Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			59,668	8,651	354,272	156,108
Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expenses			117,876	17,090	201,926	284,431
Research and Development Expense \| 2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					(225)	69,214
Research and Development Expense \| 2018 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					55	65,656
Research and Development Expense \| 2019 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			0	0	0	0
Research and Development Expense \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			36,104	5,234	20,430
Research and Development Expense \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			17,068	2,475	14,915	10,435
Research and Development Expense \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					4,156	67,181
Research and Development Expense \| Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			46,649	6,763	44,227	0
Research and Development Expense \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			18,055	2,618	118,368	71,945
Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses			239,272	34,691	406,683	209,033
Administrative expenses \| 2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					2,835	52,802
Administrative expenses \| 2018 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					4,478	48,055
Administrative expenses \| 2019 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			288	42	707	1,171
Administrative expenses \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			75,980	11,016	35,226
Administrative expenses \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			25,897	3,755	8,702	4,357
Administrative expenses \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					54,011	25,985
Administrative expenses \| Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			99,708	14,456	73,332	0
Administrative expenses \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			37,399	5,422	227,392	76,663
Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expenses			13,852	2,008	13,267	32,707
Equity in loss of an affiliate \| 2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					516	4,277
Equity in loss of an affiliate \| 2018 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					257	226
Equity in loss of an affiliate \| 2019 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			0	0	0	0
Equity in loss of an affiliate \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			2,715	393
Equity in loss of an affiliate \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			2,846	413	3,262	1,619
Equity in loss of an affiliate \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses					720	19,085
Equity in loss of an affiliate \| Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			4,077	591	0	0
Equity in loss of an affiliate \| Restricted shares \| 2020 plan
SHARE-BASED COMPENSATION
Share-based compensation expenses			¥ 4,214	$ 611	¥ 8,512	¥ 7,500

SHARE-BASED COMPENSATION - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 31, 2020	Jan. 17, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numbers of shares
Granted			2,787,738	2,698,245
Exercisable			519,377	0
2017 Plan
Numbers of shares
Number of shares Outstanding			2,569,017	7,702,066	9,812,881
Exercised			(786,400)	(5,122,549)	(1,439,373)
Forfeited	(332,566)	(332,566)		(10,500)	(338,876)
Surrendered					(332,566)
Number of shares Outstanding			1,782,617	2,569,017	7,702,066	9,812,881
Exercisable			1,782,617	2,569,017
Weighted average exercise price
Outstanding			$ 1.00	$ 0.97	$ 0.93
Exercised			1.00	0.96	0.72
Forfeited				1.00	$ 1.00
Surrendered					1.00
Outstanding			1.00	$ 1.00	$ 0.97	$ 0.93
Exercisable as of December 31, 2022			$ 1.00
Weighted average remaining contractual term, Outstanding			4 years 9 months	5 years 9 months 14 days	6 years 9 months	7 years 9 months 3 days
Weighted average remaining contractual term, Exercisable			4 years 9 months
Aggregate intrinsic value, Outstanding			$ 1,457	$ 50,361	$ 150,415	$ 47,671
Aggregate intrinsic value, Exercisable			$ 1,457
2018 Plan
Numbers of shares
Number of shares Outstanding			7,553,236	10,589,671	13,536,588
Exercised			(6,044,843)	(3,036,435)	(402,000)
Surrendered					(2,544,917)
Number of shares Outstanding			1,508,393	7,553,236	10,589,671	13,536,588
Exercisable			1,508,393
Weighted average exercise price
Outstanding			$ 1.00	$ 1.00	$ 1.00
Exercised			1.00	1.00	$ 1.00
Surrendered					1.00
Outstanding			1.00	$ 1.00	$ 1.00	$ 1.00
Exercisable as of December 31, 2022			$ 1.00
Weighted average remaining contractual term, Outstanding			6 years 1 month 24 days	7 years 1 month 24 days	8 years 1 month 24 days	8 years 10 months 9 days
Weighted average remaining contractual term, Exercisable			6 years 1 month 24 days
Aggregate intrinsic value, Outstanding			$ 1,233	$ 148,076	$ 206,499	$ 64,840
Aggregate intrinsic value, Exercisable			$ 1,233
2018 Plan \| Restricted shares
Weighted average exercise price
Outstanding				$ 1.00
Granted					$ 1.00
Outstanding					$ 1.00
2019 Plan
Numbers of shares
Exercisable			48,000	24,000
2019 plan
Numbers of shares
Number of shares Outstanding				72,000
Granted					72,000
Number of shares Outstanding			72,000		72,000
Exercisable			48,000
Weighted average exercise price
Outstanding			$ 6.09	$ 6.09
Granted					$ 6.09
Outstanding			6.09	$ 6.09	$ 6.09
Exercisable as of December 31, 2022			$ 6.09
Weighted average remaining contractual term, Outstanding			7 years 18 days		9 years 3 months 29 days
Weighted average remaining contractual term, Exercisable			7 years 18 days
Aggregate intrinsic value, Outstanding					$ 1,038
2020 plan
Numbers of shares
Granted			2,026,300	133,913	1,068,733
Forfeited			(170,490)
Exercisable			353,949	192,340
2020 Plan
Numbers of shares
Number of shares Outstanding			997,773	1,044,368
Granted			2,026,300
Exercised			(14,645)	(68,859)
Forfeited			(170,490)	(111,495)	(24,365)
Expired			(69,051)	(154)
Number of shares Outstanding			2,769,887	997,773	1,044,368
Exercisable			353,949
Weighted average exercise price
Outstanding			$ 7.61	$ 5.91
Granted			9.20	18.85	$ 5.91
Exercised			5.91	5.91
Forfeited			7.65	6.23	5.91
Expired			6.74	5.91
Outstanding			8.81	$ 7.61	$ 5.91
Exercisable as of December 31, 2022			$ 7.00
Weighted average remaining contractual term, Outstanding			8 years 9 months 3 days	8 years 8 months 4 days	9 years 7 months 13 days
Weighted average remaining contractual term, Exercisable			7 years 8 months 1 day
Aggregate intrinsic value, Outstanding				$ 12,967	$ 15,237
2021 Plan
Numbers of shares
Number of shares Outstanding			2,444,440
Granted			2,787,738	2,698,245
Forfeited			(880,304)	(253,805)
Expired			(46,202)
Number of shares Outstanding			4,305,672	2,444,440
Exercisable			519,377
Weighted average exercise price
Outstanding			$ 26.44
Granted			9.20	$ 26.43
Forfeited			18.21	26.39
Expired			26.39
Outstanding			17.32	$ 26.44
Exercisable as of December 31, 2022			$ 26.46
Weighted average remaining contractual term, Outstanding			8 years 10 months 20 days	9 years 6 months 25 days
Weighted average remaining contractual term, Exercisable			8 years 6 months 10 days

SHARE-BASED COMPENSATION - Summary of Valuation Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2019 plan
SHARE-BASED COMPENSATION
Expected volatility			54.88%
Risk-free interest rate (per annum)			0.79%
Exercise multiple			2.80
Expected dividend yield			0.00%
Time to maturity (in years)			10 years
2020 plan
SHARE-BASED COMPENSATION
Expected dividend yield	0.00%	0.00%
2020 Plan
SHARE-BASED COMPENSATION
Expected volatility	53.66%		56.51%
Expected volatility, Minimum		50.78%
Expected volatility, Maximum		51.84%
Risk-free interest rate (per annum)	1.88%		0.86%
Risk-free interest rate, Minimum		1.32%
Risk-free interest rate, Maximum		1.88%
Exercise multiple, Minimum	2.20	2.20	2.20
Exercise multiple, Maximum	2.80	2.80	2.80
Time to maturity (in years)	10 years	10 years	10 years
2021 Plan
SHARE-BASED COMPENSATION
Expected volatility, Minimum	53.66%	51.77%
Expected volatility, Maximum	58.97%	54.37%
Risk-free interest rate, Minimum	1.88%	1.44%
Risk-free interest rate, Maximum	3.53%	1.68%
Exercise multiple, Minimum	2.20	2.20
Exercise multiple, Maximum	2.80	2.80
Expected dividend yield	0.00%	0.00%
Time to maturity (in years)	10 years	10 years

SHARE-BASED COMPENSATION - Summary of non-vested stock option activities (Details) - $ / shares			12 Months Ended
	Jan. 31, 2020	Jan. 17, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numbers of shares
Granted			2,787,738	2,698,245
2017 Plan
Numbers of shares
Forfeited	(332,566)	(332,566)		(10,500)	(338,876)
2019 plan
Numbers of shares
Granted					72,000
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding			$ 4.50
Vested			4.50
Weighted average grant date fair value Outstanding			$ 4.50	$ 4.50
2020 plan
Numbers of shares
Number of shares Outstanding			805,433
Granted			2,026,300	133,913	1,068,733
Vested			(245,305)
Forfeited			(170,490)
Number of shares Outstanding			2,415,938	805,433
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding			$ 9.44
Granted			1.35
Vested			9.40
Forfeited			7.39
Weighted average grant date fair value Outstanding			$ 0.53	$ 9.44
2021 Plan
Numbers of shares
Number of shares Outstanding			2,444,440
Granted			2,787,738	2,698,245
Vested			(565,579)
Forfeited			(880,304)	(253,805)
Number of shares Outstanding			3,786,295	2,444,440
Weighted average Grant date fair value
Vested			$ 14.18
2020 Plan
Numbers of shares
Granted			2,026,300
Forfeited			(170,490)	(111,495)	(24,365)

SHARE-BASED COMPENSATION - Schedule of Non-vested Restricted Stock Units Activity (Details) - $ / shares		12 Months Ended
	Jan. 17, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2021 Plan
SHARE-BASED COMPENSATION
Weighted average grant date fair value, Outstanding		$ 14.12
Weighted average grant date fair value, Granted		2.70
Weighted average grant date fair value, Forfeited		7.64
Weighted average grant date fair value, Outstanding		$ 1.76	$ 14.12
2019 plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding		48,000
Vested		(24,000)
Numbers of shares, Outstanding		24,000	48,000
2018 Plan
SHARE-BASED COMPENSATION
Granted	11,005,888
Restricted shares \| 2020 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding		1,481,791	4,079,618
Granted		755,734
Vested		(720,232)	(4,048,000)
Forfeited		(270,482)
Numbers of shares, Outstanding		1,246,811	1,481,791	4,079,618
Weighted average grant date fair value, Outstanding		$ 17.80
Weighted average grant date fair value, Granted		10.11
Weighted average grant date fair value, Vested		19.71
Weighted average grant date fair value, Forfeited		14.52
Weighted average grant date fair value, Outstanding		$ 2.98	$ 17.80
Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding		1,656,253
Granted		821,215
Vested		(1,139,587)
Forfeited		(301,908)
Numbers of shares, Outstanding		1,035,973	1,656,253
Weighted average grant date fair value, Outstanding		$ 26.45
Weighted average grant date fair value, Granted		9.18
Weighted average grant date fair value, Vested		26.41
Weighted average grant date fair value, Forfeited		17.85
Weighted average grant date fair value, Outstanding		$ 5.19	$ 26.45
Restricted shares \| 2018 Plan
SHARE-BASED COMPENSATION
Vested				(565,200)
Weighted average grant date fair value, Vested			$ 1.00	$ 1.00

SHARE-BASED COMPENSATION - Schedule of Share-based Payment Arrangement Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2018 Plan
Weighted average exercise price
Outstanding	$ 1.00	$ 1.00	$ 1.00
Outstanding	$ 1.00	$ 1.00	1.00
2019 plan
Numbers of shares
Numbers of shares, Outstanding	72,000
Vested	(24,000)
Numbers of shares, Outstanding		72,000
Weighted average exercise price
Outstanding	$ 6.09	$ 6.09
Granted			6.09
Outstanding	6.09	$ 6.09	6.09
Weighted average remaining contractual term, Outstanding		8 years 18 days
Aggregate intrinsic value, Outstanding		$ 1,045
2020 Plan
Weighted average exercise price
Outstanding	7.61	$ 5.91
Granted	9.20	18.85	5.91
Outstanding	8.81	7.61	$ 5.91
2021 Plan
Weighted average exercise price
Outstanding	26.44
Granted	9.20	26.43
Outstanding	$ 17.32	$ 26.44
Restricted shares \| 2018 Plan
Numbers of shares
Numbers of shares, Outstanding		762,920
Granted			1,328,120
Vested			(565,200)
Vested		(762,920)
Numbers of shares, Outstanding			762,920
Weighted average exercise price
Outstanding		$ 1.00
Granted			$ 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 \| 2020 Plan
Numbers of shares
Numbers of shares, Outstanding	1,481,791
Granted	755,734	1,649,045	4,093,079
Vested	(720,232)	(4,048,000)
Forfeited	(270,482)	(198,872)	(13,461)
Numbers of shares, Outstanding	1,246,811	1,481,791
Weighted average exercise price
Weighted average remaining contractual term, Outstanding	8 years 6 months 18 days	8 years 11 months 12 days	9 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 2,266	$ 30,531	$ 83,632
Restricted shares \| 2021 Plan
Numbers of shares
Numbers of shares, Outstanding	1,656,253
Granted	821,215	1,827,166
Vested	(1,139,587)
Forfeited	(301,908)	(170,913)
Numbers of shares, Outstanding	1,035,973	1,656,253
Weighted average exercise price
Weighted average remaining contractual term, Outstanding	8 years 6 months 18 days	9 years 6 months 25 days
Aggregate intrinsic value, Outstanding	$ 2,266	$ 34,126

LICENSING AND COLLABORATION ARRANGEMENTS (Details) ¥ in Thousands, $ in Thousands						1 Months Ended										3 Months Ended		6 Months Ended	12 Months Ended												24 Months Ended
	Jan. 31, 2022 CNY (¥)	Sep. 03, 2020 USD ($)	Jan. 01, 2018	Nov. 17, 2017 CNY (¥)	Nov. 17, 2017 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jan. 31, 2021 CNY (¥)	Jan. 31, 2021 USD ($)	Aug. 31, 2020 CNY (¥)	Aug. 31, 2020 USD ($)	Sep. 30, 2019 CNY (¥)	Feb. 28, 2019 CNY (¥)	Jan. 31, 2018 CNY (¥)	Jan. 31, 2018 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 17, 2020 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			¥ 904,901	$ 131,198	¥ 1,212,958		¥ 984,689
Contract liabilities, current																			8,677													$ 1,258
Revenues																			(221,563)	(32,124)	88,026		1,542,668
Issue of shares, value																			¥ 132		¥ 126											$ 19
Issue of shares \| shares																			190,879,919		183,826,753											190,879,919	183,826,753
Contract assets																			¥ 0		¥ 253,780											$ 0
Contract liabilities, non-current																			267,878		224,000											38,839
Interest payable																																9,000
Termination Fees																				600	4,200
Definitive license agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate amount receivable																				340,000
Imab Hangzhou [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																				3,000		$ 3,000
Imab Hangzhou [Member] \| Ferring Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																						3,000
MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received							$ 15,000
Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			7,000		13,200
ABL Bio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			33,700		20,700
AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee		$ 180,000
Research and development expense																							1,502,900	$ 228,800
Proceeds from milestone achievement		1,740,000
Total transaction price under the agreement						$ 1,295,000
Contract asset with customer																					31,600		227,400										$ 4,900			$ 34,800
Upfront payment received																								180,000
Milestone payment receivable		20,000																																$ 20,000
Revenue from contract with customer at time of transfer of license																								228,800
Total contract asset																					253,800												$ 39,700
AbbVie \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				5,800
Revenue from collaborative arrangement, excluding assessed tax																					25,600	4,000	12,000	1,800
Accumulated revenue recognized \| ¥																			7,400
AbbVie \| Study II
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			39,900
Revenue from collaborative arrangement, excluding assessed tax																					6,000	900	27,800	4,200
Accumulated revenue recognized \| ¥																			7,200
AbbVie \| Lemzoparlimab License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee						200,000																		180,000
Total transaction price under the agreement																						250,000		$ 250,000
AbbVie \| Lemzoparlimab License \| Study
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense						183,000
AbbVie \| Lemzoparlimab License \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				8,800
AbbVie \| Lemzoparlimab License \| Study II
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				8,200
AbbVie \| First milestone \| Lemzoparlimab License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																						$ 20,000
AbbVie \| Second milestone \| Lemzoparlimab License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments						$ 50,000												$ 50,000													$ 50,000
AbbVie \| Clinical milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from milestone achievement		$ 840,000
KG Bio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized \| ¥																			0		¥ 0		¥ 0
Licensing Agreement with MorphoSys AG \| MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Second milestone payment								¥ 9,700	$ 1,500
Payments related to withholding tax amount \| ¥								¥ 1,100
Licensing Agreement with Genexine, Inc. \| Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																			¥ 3,482,700	525,000
Licensing Agreement with Genexine, Inc. \| Genexine, Inc. \| GX-I7
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																				2,000,000
Licensing Agreement with Genexine, Inc. \| MacroGenics \| Development milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																				$ 75,000
Licensing Agreement with MacroGenics \| MacroGenics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Licensing arrangements 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.
Collaboration Agreement With ABL Bio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost sharing ratio																			50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
Other In-Licensing Arrangements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																							¥ 21,300	$ 3,100
Milestone payment receivable																			¥ 1,207,800													173,400
Collaboration Agreements with Tracon Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination fee payable																																			$ 9,000
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total transaction price under the agreement																						$ 250,000		250,000
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Genexine, Inc. \| Study I
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%
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Genexine, Inc. \| Study II
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																								$ 10,200
Cost-to-cost input method percent																					51.00%	51.00%	41.00%	41.00%
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reversal revenue																¥ 314,200	$ 48,000
Contract asset reversal																	39,800
Contract liabilities							$ 8,200										$ 8,200
Contract assets																																0
Contract liabilities, non-current																			¥ 16,600													$ 2,400
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| AbbVie \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost-to-cost input method percent																			84.00%	84.00%
Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| AbbVie \| Study II
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost-to-cost input method percent																			88.00%	88.00%
Strategic collaboration with Jumpcan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																			¥ 224,000
Milestone payments \| ¥																			1,792,000
Upfront payment received \| ¥																					¥ 224,000
Non-royalty payments \| ¥																			2,016,000
Amount of payments received as cost sharing \| ¥																			¥ 22,000
Proportion of CMC cost sharing																			50.00%	50.00%
Cell Line Collaboration with Ferring
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursement																			¥ 18,600	$ 2,750
Collaboration Agreement with Everest [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued upon conversion \| shares																																					6,078,571
Research and development expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			63,100		27,900		¥ 43,600
Research and development expense \| Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			4,700		8,800
Research and development expense \| MacroGenics \| Licensing Agreements \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																				60,000
Research and development expense \| Licensing Agreement with MorphoSys AG \| MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																			0		0		0
Research and development expense \| Licensing Agreements with Morphosys
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																						$ 1,500		$ 1,000
Research and development expense \| Licensing Agreement with MacroGenics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																						4,484
Research and development expense \| Other In-Licensing Arrangements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee																			500	70	6,800	1,100
Milestone payments																			2,800	400	19,800	2,900
Operating expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																			48,400		24,300		43,800
Operating expense \| Collaboration Agreements with Tracon Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																			0		110	$ 20	170	$ 30
Administrative expenses \| Collaboration Agreements with Tracon Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination fee payable																			58,000																$ 9,000
MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue received \| ¥																			6,000
MorphoSys AG \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments										¥ 6,900	$ 1,000
Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																							4,300
Genexine, Inc. \| Licensing Agreement with Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																			0		¥ 0		0
Reduction in milestone payment			50.00%
Agreement terminated period (in years)														15 years	15 years
Genexine, Inc. \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost-to-cost input method percent																					53.00%	53.00%
Genexine, Inc. \| Research and development expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																							2,900
Genexine, Inc. \| Research and development expense \| Licensing Agreement with Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee														¥ 79,600	$ 12,000
Milestone payments																			152,600	23,000
MorphoSys
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue received																				900
MorphoSys \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee				¥ 132,700	$ 20,000
Milestone payments				¥ 653,500	$ 98,500
MorphoSys \| Research and development expense \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee																											¥ 0		¥ 132,700	$ 20,000
Milestone payments																									¥ 55,700	$ 8,000
MorphoSys \| Research and development expense \| Licensing Agreements with Morphosys
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee																									0		23,200	$ 3,500
MacroGenics \| Research and development expense \| Licensing Agreement with MacroGenics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee																							0		104,400	$ 15,000
Milestone payments																			0		¥ 28,900	$ 4,500
ABL Bio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																							44,000
CSPC \| Licensing Agreement with CSPC Pharmaceutical Group Limited ("CSPC")
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																											15,000
Milestone payments \| ¥																											135,000
Second milestone payment \| ¥	¥ 10,000																		8,500
Contract liabilities, current \| ¥																											¥ 14,200
Proceeds from milestone achievement \| ¥												¥ 15,000	¥ 800										0
Revenues \| ¥																			0		¥ 8,500		¥ 0		¥ 30,000
Tracon
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Legal Fees																			¥ 91,300	$ 13,500

LICENSING AND COLLABORATION ARRANGEMENTS - Breakdown of licensing and collaboration revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Recognition in the year	¥ 39,891	$ 5,784	¥ 31,615	¥ 1,542,668
Reduction in the year	(314,181)	(45,552)
Revenues	(249,665)	(36,198)	40,115	1,542,668
AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	(274,290)	(39,768)	31,615	¥ 1,542,668
Other partners
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	¥ 24,625	$ 3,570	¥ 8,500

OTHER INCOME (EXPENSES), NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
OTHER INCOME (EXPENSES), NET
Income of incentive payment from depository bank	¥ 2,821	$ 409	¥ 2,395	¥ 2,348
Fair value change of short-term and other investments	(13,549)	(1,964)	30,360	11,288
Fair value change of put right liabilities	34,260	4,967	16,628	3,024
Net foreign exchange gains (losses)	(175,391)	(25,429)	25,373	(22,126)
Subsidy income	25,470	3,693	9,216	11,633
Gains on deconsolidation of a subsidiary				407,598
Others	(198)	(29)	(810)	(873)
Other income (expenses), net	¥ (126,587)	$ (18,353)	¥ 83,162	¥ 412,892

OTHER INCOME (EXPENSES), NET - Additional information (Details) ¥ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Subsidy income		¥ (221,563)	$ (32,124)	¥ 88,026	¥ 1,542,668
Paycheck protection program loan
Subsidy income				2,900
Grant [Member]
Subsidy income	¥ 18,900				¥ 10,000
Pipeline [Member]
Subsidy income				¥ 4,500

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=123596393&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET INCOME (LOSS) PER SHARE - Basic and diluted net loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss) attributable to I-MAB	¥ (2,507,317)	$ (363,526)	¥ (2,331,541)	¥ 470,915
Net income (loss) attributable to ordinary shareholders	¥ (2,507,317)	$ (363,526)	¥ (2,331,541)	¥ 470,915
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	189,787,292	189,787,292	174,707,055	134,158,824
Dilutive effect of convertible preferred shares				4,373,047
Dilutive effect of ordinary shares to be issued to Everest				266,458
Dilutive effect of convertible promissory notes				865,479
Dilutive effect of restricted shares units				778,130
Dilutive effect of stock options				16,789,714
Denominator for diluted income (loss) per share calculation	189,787,292	189,787,292	174,707,055	157,231,652
Net income (loss) per share - basic \| (per share)	¥ (13.21)	$ (1.92)	¥ (13.35)	¥ 3.51
Net income (loss) per share - diluted \| (per share)	¥ (13.21)	$ (1.92)	¥ (13.35)	¥ 3.00

NET INCOME (LOSS) PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted shares
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	484,395	3,150,881
Stock Options
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	2,939,322	14,584,833
Warrants
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		648,359

EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFITS
Employee benefit expenses	¥ 35,332	¥ 26,426	¥ 10,049

COMMITMENTS AND CONTINGENCIES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Capital expenditure incurred	¥ 4,392	¥ 24,426

RELATED PARTY BALANCES AND TRANSACTIONS - Related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
I-Mab Hangzhou
Related Party Transaction [Line Items]
Prepayments and other receivables	¥ 8,231	$ 1,193	¥ 8,079
Accruals and other payables	¥ 64,782	$ 9,393
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.
Related Party Transaction [Line Items]
Accruals and other payables			¥ 5,092

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
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-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

RELATED PARTY BALANCES AND TRANSACTIONS - Related party transactions (Details) ¥ in Thousands, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Related Party Transaction [Line Items]
Provision of FTE and other services - recognized in other income		¥ 2,821		¥ 2,395	¥ 2,348
I-Mab Hangzhou
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses		84,673	$ 12,276	2,465
Revenue sharing - recognized as deduction of revenue		18,583	2,694
Collection of loan to an affiliate					52,000
Expenses paid on behalf of an affiliate				17,649	21,212
Provision of FTE and other services - recognized in other income				11,691
Amounts received on behalf of an affiliate	$ 30,000			281
Amounts received related to the sublicense agreement				19,102
Amounts paid by an affiliate on behalf of the group		¥ 837	$ 121	25,448
CMAB Bipharma Suzhou Inc [Member]
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses					681
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses				¥ 2,697	¥ 2,395

RELATED PARTY BALANCES AND TRANSACTIONS - Summary of Related Party Balances (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	Jul. 31, 2020	Jul. 31, 2019
I-Mab Hangzhou
Debt instrument, face amount	¥ 50,000	¥ 2,000

RESTRICTED NET ASSETS (Details) - USD ($)	12 Months Ended
RESTRICTED NET ASSETS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022
RESTRICTED NET ASSETS
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
RESTRICTED NET ASSETS
Net assets				$ 0
Percentage of net asset to consolidated net assets				25.00%