0001104659-24-054452 | 20-F | XBRL Viewer

As of December 31,

US$ (Note 2.5)

I-Mab Hangzhou

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Ordinary shares par value	$ 0.0001	$ 0.0001	$ 0.0001
Ordinary shares authorized	800,000,000	800,000,000
Ordinary shares issued	185,613,662	190,879,919		164,888,519
Ordinary shares outstanding	185,613,662	190,879,919

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

Intangible assets as of December 31, 2022 and 2023 are summarized as follows:


	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


	As of December 31, 2023
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB	US$ (Note 2.5)
Intangible assets
TJ103	11,670	(3,890)	7,780	1,096
IPR&D TJ101	110,330	—	110,330	15,539
Total intangible assets	122,000	(3,890)	118,110	16,635

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, these 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, 2021, 2022 and 2023 was RMB778, RMB778 and RMB778, respectively. The estimated amortization expense for each of the five succeeding fiscal years is RMB778.

As of December 31, 2022 and 2023, there was no impairment of the value of the Group’s intangible assets.

LEASES - Operating Lease, Maturity (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
LEASES
2024	¥ 22,949	$ 3,232
2025	6,202	873
2026	6,378	898
2027	6,562	924
2028	3,087	435
Thereafter	4,825	680
Total undiscounted lease payments	50,003	7,042
Less: imputed interest	(5,014)	(705)
Total lease liabilities	¥ 44,989	$ 6,337

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

Cayman Islands

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

Hong Kong

I-Mab 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, 2021, 2022 and 2023, the income tax expenses recorded in the consolidated statements of comprehensive loss for I-Mab were nil, RMB697 and nil, respectively. For the years ended December 31, 2021, 2022 and 2023, 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.

11. 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, 2021, 2022 and 2023 are as follows:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Loss before income tax	(2,334,695)	(2,506,620)	(1,465,694)	(206,439)
Income tax computed at respective applicable tax rate	(410,899)	(442,343)	(263,660)	(37,136)
Non-deductible expenses	68,400	38,570	124,733	17,569
Research and development expenses plus deduction	(50,530)	(74,415)	(80,069)	(11,278)
True up of withholding tax expenses	(3,154)	—	—	—
Changes in valuation allowance	393,029	478,885	218,996	30,845
	(3,154)	697	—	—
Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share	(0.84)	(0.65)	(0.42)	(0.06)

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


	As of December 31,
	2022	2023
	RMB	RMB	US$
			(Note 2.5)
Deferred tax assets:
Net operating loss carryforward	792,602	912,137	128,472
Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses	39,189	91,214	12,847
Share-based compensation expenses	127,950	197,274	27,785
Accrual expense	30,210	8,205	1,156
Less: valuation allowance	(972,118)	(1,191,114)	(167,765)
Total deferred tax assets	17,833	17,716	2,495

Deferred tax liabilities:
Acquired intangible assets	17,833	17,716	2,495
Total deferred tax liabilities	17,833	17,716	2,495
Deferred tax assets, net	—	—	—

11. INCOME TAXES (CONTINUED)

China (continued)

Movement of the valuation allowance is as follows:


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Balance as of January 1	(100,204)	(493,233)	(972,118)	(136,920)
Additions	(393,029)	(478,885)	(283,273)	(39,898)
Utilization and reversal of valuation allowances	—	—	64,277	9,053
Balance as of December 31	(493,233)	(972,118)	(1,191,114)	(167,765)

As of December 31, 2023, the Group had a majority of net operating losses of approximately RMB4,854,145 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 2024 to 2033 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, 2022 and 2023.

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, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

INVESTMENTS 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
	Dec. 31, 2023	Dec. 31, 2022
Put Right Liabilities Series A
Schedule of Equity Method Investments [Line Items]
Expected terms (Year)	8 months 12 days	1 year 8 months 12 days
Estimated volatility	36.50%	33.90%
Spot price	$ 156,707	$ 148,276
Probability of triggering event for redemption option	100.00%	70.00%
Put Right Liabilities Series B
Schedule of Equity Method Investments [Line Items]
Expected terms (Year)	8 months 12 days	1 year 8 months 12 days
Estimated volatility	33.50%	31.10%
Spot price	$ 44,570	$ 36,516
Probability of triggering event for redemption option	100.00%	70.00%

PROPERTY, EQUIPMENT AND SOFTWARE - Schedule of property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	¥ 110,008	$ 15,494	¥ 116,206
Less: accumulated depreciation and amortization	(73,497)	(10,352)	(61,583)
Net book value	36,511	5,142	54,623
Construction in progress			6,218
Total net book value of property, equipment and software	36,511	5,142	60,841
Laboratory equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	54,377	7,659	52,989
Leasehold improvements
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	33,646	4,739	37,375
Software
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	12,018	1,693	14,506
Office furniture and equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software	¥ 9,967	$ 1,403	11,171
Delivery equipment
Property, Plant and Equipment, Net, by Type
Total property, equipment and software			¥ 165

INTANGIBLE ASSETS - Summary Of Intangible Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	¥ 122,000		¥ 122,000
Accumulated amortization	(3,890)		(3,112)
Net carrying amount	118,110	$ 16,635	118,888
TJ103
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	11,670		11,670
Accumulated amortization	(3,890)		(3,112)
Net carrying amount	7,780	1,096	8,558
IPR And D TJ101
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	110,330		110,330
Accumulated amortization	0		0
Net carrying amount	¥ 110,330	$ 15,539	¥ 110,330

SHORT-TERM BORROWINGS - Additional information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended
	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SHORT-TERM BORROWINGS
Loan borrowed		¥ 18,956	¥ 29,970	$ 4,221
Loan One \| Shanghai Pudong Development 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
Loan Two \| China Merchant Bank Co Ltd
SHORT-TERM BORROWINGS
Loan borrowed	¥ 29,970
Lender name	China Merchants Bank
Loan term	6 months
Interest rate	3.40%

CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2023

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

20. CONCENTRATION OF CREDIT RISK

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, and other receivables. The carrying amounts of cash and cash equivalents and short-term investments represent the maximum amount of loss due to credit risk. As of December 31, 2022 and 2023, 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 other receivables, the Group performs on-going credit evaluations of the financial condition of its customers and counterparties.

INTANGIBLE ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Amortization of intangible assets	¥ 778	$ 110	¥ 778	¥ 778
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
Impairment of intangible assets	0		0
IPR And D TJ103
Amortization of intangible assets	¥ 778		¥ 778	¥ 778

PREPAYMENTS AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER RECEIVABLES

Summary of prepayments and other receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Prepayments:
– Prepayments to CRO vendors	32,960	5,175	729
– Prepayments for stock repurchase	—	3,883	547
– Prepayments for other services	1,321	5,908	832
– Prepayments to an affiliate (Note 19)	8,231	14,208	2,001
Value-added tax recoverable	8,197	4,696	661
Deposits	4,570	4,863	685
Other receivables	24,999	13,270	1,870
	80,278	52,003	7,325

PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2023

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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Loss before income tax	(2,334,695)	(2,506,620)	(1,465,694)	(206,439)
Income tax computed at respective applicable tax rate	(410,899)	(442,343)	(263,660)	(37,136)
Non-deductible expenses	68,400	38,570	124,733	17,569
Research and development expenses plus deduction	(50,530)	(74,415)	(80,069)	(11,278)
True up of withholding tax expenses	(3,154)	—	—	—
Changes in valuation allowance	393,029	478,885	218,996	30,845
	(3,154)	697	—	—
Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share	(0.84)	(0.65)	(0.42)	(0.06)

Schedule of the deferred tax assets and liabilities


	As of December 31,
	2022	2023
	RMB	RMB	US$
			(Note 2.5)
Deferred tax assets:
Net operating loss carryforward	792,602	912,137	128,472
Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses	39,189	91,214	12,847
Share-based compensation expenses	127,950	197,274	27,785
Accrual expense	30,210	8,205	1,156
Less: valuation allowance	(972,118)	(1,191,114)	(167,765)
Total deferred tax assets	17,833	17,716	2,495

Deferred tax liabilities:
Acquired intangible assets	17,833	17,716	2,495
Total deferred tax liabilities	17,833	17,716	2,495
Deferred tax assets, net	—	—	—

Schedule of movement of the valuation allowance


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Balance as of January 1	(100,204)	(493,233)	(972,118)	(136,920)
Additions	(393,029)	(478,885)	(283,273)	(39,898)
Utilization and reversal of valuation allowances	—	—	64,277	9,053
Balance as of December 31	(493,233)	(972,118)	(1,191,114)	(167,765)

ACCRUALS AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2023

ACCRUALS AND OTHER PAYABLES

ACCRUALS AND OTHER PAYABLES

10. ACCRUALS AND OTHER PAYABLES


	As of December 31,	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Current:
Staff salaries and welfare payables	43,483	48,604	6,846
Accrued external research and development activities related expenses	264,972	181,232	25,526
Payable due to an affiliate (Note 19)	64,782	35,058	4,938
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14)	161,106	—	—
Non-refundable incentive payment from depositary bank ⁽¹⁾	6,428	9,014	1,270
Payables for purchase of property, equipment and software	7,124	1,226	173
Accrued traveling expenses, office expenses and others	158,677	82,620	11,636
	706,572	357,754	50,389
Non-current:
Non-refundable incentive payment from depositary bank ⁽¹⁾	6,963	751	105
Non-refundable payment received in relation to the exclusive promotion right granted to a third party ⁽²⁾	10,000	10,000	1,408
Borrowings for supply chain financing ⁽³⁾	—	58,913	8,298
	16,963	69,664	9,811
Total	723,535	427,418	60,200

⁽¹⁾

The Group received a non-refundable incentive payment of US$1,857 (equivalent to approximately RMB12,982), US$1,195 (equivalent to approximately RMB8,075) and US$671 (equivalent to approximately RMB4,734) from depositary bank in April 2020, December 2022 and March 2023, respectively. The amount was recorded ratably as other gains over a five-year arrangement period. For the years ended December 31, 2021, 2022 and 2023, the Group has recorded RMB2,395, RMB2,821 and RMB8,569 as other income in the consolidated statements of comprehensive 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. This amount will be recorded as the deduction of the selling expenses after the commercialization of TJ202 products.

⁽³⁾

In April 2023, the Group entered into an agreement with China Merchants Bank, under which the Group was granted a total credit facility of RMB60,000 for a term of two years to support its payments to suppliers. As of December 31, 2023, the Group placed cash deposits of RMB58,913 with the bank, and the bank paid RMB58,913 to the supplier. The use of such cash deposits is restricted until the Group repay RMB58,913 to the bank in 2025 and is classified as long-term restricted cash. No interest expenses will be charged to the Group.

ACCRUALS AND OTHER PAYABLES - Summary of accruals and other payables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current:
Staff salaries and welfare payables	¥ 48,604	$ 6,846	¥ 43,483
Accrued external research and development activities related expenses	181,232	25,526	264,972
Payable due to an affiliate (Note 19)	35,058	4,938	64,782
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14)			161,106
Non-refundable incentive payment from depositary bank	9,014	1,270	6,428
Payables for purchase of property, equipment and software	1,226	173	7,124
Accrued traveling expenses, office expenses and others	82,620	11,636	158,677
Accounts Payable and Accrued Liabilities, Current	357,754	50,389	706,572
Non-current:
Non-refundable incentive payment from depositary bank	751	105	6,963
Non-refundable payment received in relation to the exclusive promotion right granted to a third party	10,000	1,408	10,000
Borrowings supply chain financing	¥ 58,913	$ 8,298
Supplier Finance Program, Obligation, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Accounts Payable and Accrued Liabilities, Non-current	¥ 69,664	$ 9,811	16,963
Total	¥ 427,418	$ 60,200	¥ 723,535

SHARE-BASED COMPENSATION - Summary of non-vested stock option activities (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2017 Plan
Numbers of shares
Forfeited			(10,500)
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
2020 Plan
Numbers of shares
Number of shares Outstanding	2,415,938
Granted	0	2,026,300	133,913
Vested	(1,125,680)
Forfeited	(291,751)	(170,490)	(111,495)
Number of shares Outstanding	998,507	2,415,938
Weighted average Grant date fair value
Weighted average grant date fair value Outstanding	$ 5.40
Vested	5.22
Forfeited	7.20
Weighted average grant date fair value Outstanding	$ 5.08	$ 5.40
2021 Plan
Numbers of shares
Number of shares Outstanding	3,786,295
Granted	322,575	2,787,738	2,698,245
Vested	(1,451,080)
Forfeited	(770,989)	(880,304)	(253,805)
Number of shares Outstanding	1,886,801	3,786,295
Weighted average Grant date fair value
Vested	$ 7.22
2022 Plan
Numbers of shares
Granted	6,672,944	0
Vested	(1,593,640)
Forfeited	(812,507)
Number of shares Outstanding	4,266,797
Weighted average Grant date fair value
Granted	$ 1.33
Vested	1.34
Forfeited	1.28
Weighted average grant date fair value Outstanding	$ 1.34

Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Revenues	¥ 27,644	$ 3,893	¥ (221,563)	¥ 88,026
Cost of revenues \| ¥			(27,237)	(46,432)
Expenses
Research and development expenses	(810,646)	(114,177)	(904,901)	(1,212,958)
Administrative expenses	(453,017)	(63,806)	(815,766)	(899,943)
Impairment of goodwill	(162,574)	(22,898)	0	0
Loss from operations	(1,398,593)	(196,988)	(1,969,467)	(2,071,307)
Interest income	51,749	7,289	26,908	21,333
Interest expense	(722)	(102)	(9)	0
Other income (expenses), net	(38,109)	(5,368)	(126,587)	83,162
Equity in loss of affiliates	(80,019)	(11,270)	(437,465)	(367,883)
Loss before income tax expense	(1,465,694)	(206,439)	(2,506,620)	(2,334,695)
Income tax benefit (expense) \| ¥			(697)	3,154
Net loss attributable to I-MAB	(1,465,694)	(206,439)	(2,507,317)	(2,331,541)
Net loss attributable to ordinary shareholders	(1,465,694)	(206,439)	(2,507,317)	(2,331,541)
Net loss attributable to I-Mab	(1,465,694)	(206,439)	(2,507,317)	(2,331,541)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of nil tax	84,497	11,901	400,304	(135,717)
Total comprehensive loss attributable to I-MAB	(1,381,197)	(194,538)	(2,107,013)	(2,467,258)
Net loss attributable to ordinary shareholders	¥ (1,465,694)	$ (206,439)	¥ (2,507,317)	¥ (2,331,541)
Weighted-average number of ordinary shares used in calculating net loss per share - basic \| shares	191,423,850	191,423,850	189,787,292	174,707,055
Weighted-average number of ordinary shares used in calculating net loss per share - diluted \| shares	191,423,850	191,423,850	189,787,292	174,707,055
Net loss per share attributable to shareholders
-Basic \| (per share)	¥ (7.66)	$ (1.08)	¥ (13.21)	¥ (13.35)
-Diluted \| (per share)	(7.66)	(1.08)	(13.21)	(13.35)
ADS
Net loss per share attributable to shareholders
-Basic \| (per share)	(17.62)	(2.48)	(30.38)	(30.71)
-Diluted \| (per share)	¥ (17.62)	$ (2.48)	¥ (30.38)	¥ (30.71)
Licensing and collaboration revenue
Revenues
Revenues	¥ 16,814	$ 2,368	¥ (249,665)	¥ 40,115
Supply of investigational products
Revenues
Revenues	¥ 10,830	$ 1,525	¥ 28,102	¥ 47,911

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of valuation assumptions used


	As of			As of
	December 31,			December 31,
Put right liabilities - Series A	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		33.9	%		36.5	%
Spot price	US$	148,276		US$	156,707
Probability of triggering event for redemption option		70	%		100	%


	As of			As of
	December 31,			December 31,
Put right liabilities - Series B	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		31.1	%		33.5	%
Spot price	US$	36,516		US$	44,570
Probability of triggering event for redemption option		70	%		100	%

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	201,926	117,876	66,758	9,403
Administrative expenses	406,683	239,272	126,244	17,781
Equity in loss of an affiliate	13,267	13,852	4,815	678
	621,876	371,000	197,817	27,862

2017 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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
Exercised	(73,444)	1.00	—	—
Expired	(43,921)	1.00	—	—
Outstanding as of December 31 , 2023	1,665,252	1.00	3.66	—
Exercisable as of December 31, 2023	1,665,252	1.00	3.66	—

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	(225)	—	—	—
Administrative expenses	2,835	—	—	—
Equity in loss of affiliates	516	—	—	—
	3,126	—	—	—

2018 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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
Exercised	(333,998)	1.00	—	—
Expired	(998)	1.00	—	—
Outstanding as of December 31, 2023	1,173,397	1.00	5.15	—
Exercisable as of December 31, 2023	1,173,397	1.00	5.15	—

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	55	—	—	—
Administrative expenses	4,478	—	—	—
Equity in loss of affiliates	257	—	—	—
	4,790	—	—	—

2019 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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	—
Granted	—	—	—	—
Outstanding as of December 31, 2023	72,000	6.09	6.05	—
Exercisable as of December 31, 2023	72,000	6.09	6.05	—

Schedule of non-vested stock option activities


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	24,000	4.50
Vested	(24,000)	4.50
Non-vested at December 31, 2023	—	—

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	—	—	—
Administrative expenses	707	288	13	2
Equity in loss of affiliates	—	—	—	—
	707	288	13	2

2020 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
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	—
Expired	(179,992)	10.78	—	—
Forfeited	(291,751)	10.33	—	—
Outstanding as of December 31, 2023	2,298,144	8.47	7.62	—
Exercisable as of December 31, 2023	1,299,637	8.21	7.37	—

Schedule of non-vested stock option activities


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	2,415,938	5.40
Vested	(1,125,680)	5.22
Forfeited	(291,751)	7.20
Non-vested at December 31, 2023	998,507	5.08

Schedule of valuation assumptions used


	Year Ended December 31,
	2021	2022
Expected volatility	50.78%-51.84%	53.66	%
Risk-free interest rate (per annum)	1.32%-1.88%	1.88	%
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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	14,915	17,068	3,244	457
Administrative expenses	8,702	25,897	9,189	1,294
Equity in loss of affiliates	3,262	2,846	1,299	182
	26,879	45,811	13,732	1,933

2020 Plan | Restricted share units

SHARE-BASED COMPENSATION

Schedule of restricted share units activities


		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	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
Vested	(576,326)	—	—	—
Forfeited	(152,478)	—	—	—
Outstanding as of December 31, 2023	518,007	—	7.63	428

Schedule of non-vested restricted share units activities


		Weighted average
		grant-date
	Number of restricted share	fair value
	units	US$
Non-vested at December 31, 2022	1,246,811	2.98
Vested	(576,326)	11.76
Forfeited	(152,478)	13.35
Non-vested at December 31, 2023	518,007	12.33

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	118,368	18,055	4,657	656
Administrative expenses	227,392	37,399	10,232	1,441
Equity in loss of affiliates	8,512	4,214	1,575	222
	354,272	59,668	16,464	2,319

2020 Plan | Restricted share unit, special awards

SHARE-BASED COMPENSATION

Schedule of restricted share units activities


		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	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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	4,156	—	—	—
Administrative expenses	54,011	—	—	—
Equity in loss of affiliates	720	—	—	—
	58,887	—	—	—

2021 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		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	—
Granted	322,575	6.20	—	—
Forfeited	(770,989)	15.31	—	—
Expired	(401,300)	14.34	—	—
Outstanding as of December 31, 2023	3,455,958	17.07	7.88	—
Exercisable as of December 31, 2023	1,569,157	18.07	7.69	—

Schedule of valuation assumptions used


			Year Ended December 31,
	2021		2022		2023
Expected volatility	51.77%-54.37	%	53.66%-58.97	%	59.49	%
Risk-free interest rate (per annum)	1.44%-1.68	%	1.88%-3.53	%	3.88	%
Exercise multiple	2.20-2.80		2.20-2.80		2.80
Expected dividend yield	—		—		—
Time to maturity (in years)	10		10		10

Schedule of non-vested restricted share units activities


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	3,786,295	1.76
Granted	322,575	1.07
Vested	(1,451,080)	7.22
Forfeited	(770,989)	7.81
Non-vested at December 31, 2023	1,886,801	8.36

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	20,430	36,104	8,540	1,203
Administrative expenses	35,226	75,980	25,683	3,617
Equity in loss of affiliates	—	2,715	1,538	217
	55,656	114,799	35,761	5,037

2021 Plan | Restricted share units

SHARE-BASED COMPENSATION

Schedule of restricted share units activities


		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
Granted	2,080,299	—	—	—
Vested	(1,494,415)	—	—	—
Forfeited	(206,519)	—	—	—
Outstanding as of December 31, 2023	1,415,338	—	8.82	1,169

Schedule of non-vested restricted share units activities


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2022	1,035,973	5.19
Granted	2,080,299	2.21
Vested	(1,494,415)	5.94
Forfeited	(206,519)	11.75
Non-vested at December 31, 2023	1,415,338	6.46

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	44,227	46,649	10,495	1,478
Administrative expenses	73,332	99,708	25,471	3,588
Equity in loss of affiliates	—	4,077	403	57
	117,559	150,434	36,369	5,123

2022 Plan | Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of stock options activities


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2022	—	—	—	—
Granted	6,672,944	2.60	—	—
Forfeited	(812,507)	2.41	—	—
Expired	(124,933)	2.41	—	—
Outstanding as of December 31, 2023	5,735,504	2.62	8.95	—
Exercisable as of December 31, 2023	1,468,707	2.62	8.74	—

Schedule of non-vested stock option activities


		Weighted average
		grant-date fair value
	Number of shares	US$
Non-vested at December 31, 2022	—	—
Granted	6,672,944	1.33
Vested	(1,593,640)	1.34
Forfeited	(812,507)	1.28
Non-vested at December 31, 2023	4,266,797	1.34

Schedule of valuation assumptions used


	Year Ended December 31,
	2023
Expected volatility	59.18	%
Risk-free interest rate (per annum)	3.89	%
Exercise multiple	2.20-2.80
Expected dividend yield	—
Time to maturity (in years)	10

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Research and development expenses	—	—	13,452	1,895
Administrative expenses	—	—	20,231	2,849
Equity in loss of affiliates	—	—	—	—
	—	—	33,683	4,744

2022 Plan | Restricted share units

SHARE-BASED COMPENSATION

Schedule of non-vested stock option activities


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2022	—	—
Granted	4,883,452	2.41
Vested	(2,912,354)	2.41
Forfeited	(416,374)	2.41
Non-vested at December 31, 2023	1,554,724	2.41

Schedule of restricted share units activities


		Weighted	Weighted
		average	average	Aggregate
	Number of	exercise	remaining	intrinsic
	restricted	price	contractual	value
	share units	US$	term	US$
Outstanding as of December 31, 2022	—	—	—	—
Granted	4,883,452	—	—	—
Vested	(2,912,354)	—	—	—
Forfeited	(416,374)	—	—	—
Outstanding as of December 31, 2023	1,554,724	—	9.02	1,284

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Research and development expenses	—	—	26,370	3,714
Administrative expenses	—	—	35,425	4,990
Equity in loss of affiliates	—	—	—	—
	—	—	61,795	8,704

PREPAYMENTS AND OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PREPAYMENTS AND OTHER RECEIVABLES
Prepayments to CRO vendors	¥ 5,175	$ 729	¥ 32,960
Prepayments for stock repurchase	3,883	547
Prepayments for other services	5,908	832	1,321
Prepayments to an affiliate (Note 19)	14,208	2,001	8,231
Value-added tax recoverable	4,696	661	8,197
Deposits	4,863	685	4,570
Other receivables	13,270	1,870	24,999
Total	¥ 52,003	$ 7,325	¥ 80,278

GOODWILL

12 Months Ended

Dec. 31, 2023

GOODWILL

GOODWILL

7. 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 6). As of December 31, 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, 2022 and 2023, 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 were 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.

As of December 31, 2022, management had 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.

As of December 31, 2023, as result of the impairment assessment, management identified that the carrying amount of the Group’s single reporting unit had exceeded its fair value. Therefore, the Group recognized a full impairment of RMB162,574 (US$22,898) against the goodwill balance. The goodwill impairment resulted from the Group’s annual impairment analysis and reflects the continued disconnet between I-Mab’s anticipated future performance and present uncertainty reflected in its market valuation.

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS

Summary of Intangible assets


	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


	As of December 31, 2023
		Accumulated
	Gross carrying amount	amortization	Net carrying amount
	RMB	RMB	RMB	US$ (Note 2.5)
Intangible assets
TJ103	11,670	(3,890)	7,780	1,096
IPR&D TJ101	110,330	—	110,330	15,539
Total intangible assets	122,000	(3,890)	118,110	16,635

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Changes in Shareholders' Equity
Ordinary shares, par value	$ 0.0001	$ 0.0001	$ 0.0001

PRINCIPAL ACCOUNTING POLICIES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets:
Short-term investments	¥ 143,221	$ 20,172	¥ 235,429
Liabilities
Put right liabilities	98,110	$ 13,819	88,687
Fair Value, Recurring
Assets:
Short-term investments	143,221		235,429
Liabilities
Put right liabilities	98,110		88,687
Fair Value, Recurring \| Level 3
Assets:
Short-term investments	143,221		235,429
Liabilities
Put right liabilities	¥ 98,110		¥ 88,687

LICENSING AND COLLABORATION ARRANGEMENTS

12 Months Ended

Dec. 31, 2023

LICENSING AND COLLABORATION ARRANGEMENTS

LICENSING AND COLLABORATION ARRANGEMENTS

14. 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, 2023.

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.

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, 2021, 2022 and 2023 as no milestone has been achieved.

Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the license and collaboration agreement with MorphoSys with respect to TJ202 (felzartamab) and will no longer assume any rights, title, interest and obligations thereof.

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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

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

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, 2021, 2022 and 2023. 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, 2021, 2022 and 2023.

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, 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. For the year ended December 31, 2023, the costs incurred for the development of this new indication was RMB1.7 million and thus RMB1.2 million expense was recorded in the consolidated statement of comprehensive loss.

Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company has not completed the assignment of the intellectual property license agreement with Genexine with respect to GX-I7/TJ107 (efineptakin alfa).

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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MorphoSys (continued)

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, 2021, 2022 and 2023.

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
2023	—		—	—	—	—
2022	—		—	—	—	—
2021	—	US$	1,500	—	—	—

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. No revenue from MorphoSys was recognized for the year ended December 31, 2023.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MorphoSys (continued)

Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the license and collaboration agreement with MorphoSys with respect to MOR210/TJ210 and will no longer assume any rights, title, interest and obligations thereof.

Licensing Agreement with MacroGenics

In July 2019, the Group entered into a license and collaboration agreement with MacroGenics, Inc. for development and commercialization of an Fc-optimized antibody known as enoblituzumab that targets B7-H3, including in combination with other agents, such as the anti-PD-1 antibody known as MGA012, in the People’s Republic of China, Hong Kong, Macau and Taiwan (“Greater China”). Under this agreement, the Group obtained an exclusive, sublicenseable, royalty-bearing license to MacroGenics’ patents and know-how to develop and commercialize the enoblituzumab product, and a combination regimen of enoblituzumab and MGA012, in Greater China during the term of the agreement.

In exchange for these rights, in addition to certain financial consideration, the Group will grant to MacroGenics a royalty-free, sublicenseable, license outside of Greater China, to the patents and know-how that are related to the enoblituzumab product or useful or necessary for MacroGenics to develop or commercialize the enoblituzumab product or a product containing MGA012, and combinations thereof. The license is (i) non-exclusive with respect to the enoblituzumab product, and (ii) exclusive with regard to MGA012.

Pursuant to the agreement, the Group paid an upfront fee of US$15.0 million (equivalent to approximately RMB104.4 million) to MacroGenics, which was recorded as research and development expense in the consolidated statement of comprehensive loss for the year ended December 31, 2019. No additional payments were made in the year ended December 31, 2020. Under the terms of the agreement, the Group also agreed to pay MacroGenics development milestone fees of up to US$75.0 million and regulatory milestones fees of up to US$60.0 million, respectively, and tiered double-digit royalties (ranging from mid-teens to twenty percent) based on annual net sales in the territories. 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, 2021.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

Licensing Agreement with MacroGenics (continued)

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
2023	—		—	—	—	—
2022	—		—	—	—	—
2021	—	US$	4,484	—	—	—

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.

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 8 (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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

A. In-Licensing Arrangements (continued)

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$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. The Group recorded nil upfront payment and RMB1.5 million (US$0.2 million) milestone payment as research and development expenses during the year ended December 31, 2023. As of December 31, 2023, under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$173.0 million (equivalent to approximately RMB1,225.3 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 Collaboration Arrangements

Collaboration Agreement with ABL Bio

In July 2018, the Group and ABL Bio entered into a collaboration agreement (the “ABL Bio Collaboration”) whereby both parties agreed to collaborate to develop three PD-L1 based bispecific antibodies by using ABL Bio’s proprietary BsAb technology and commercialize them in their respective territories, which, collectively, include Greater China and South Korea, and other territories throughout the rest of the world if both parties agree to do so in such other territories during the performance of the agreement.

At contract inception, 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 loss. 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. For the year ended December 31, 2023, RMB54.1 million expenses were incurred by the Group and RMB49.6 million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB51.8 million (50% cost sharing) of expenses in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2023.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

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$0.02 million (equivalent to approximately RMB0.11 million), nil, nil of research and development costs in the consolidated statement of comprehensive loss for the year ended December 31, 2021, 2022 and 2023.

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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Collaboration Agreements with Tracon Pharmaceuticals, Inc. (“Tracon”) (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 US$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. The final amount paid to Tracon in July 2023 was US$22.0 million (equivalent to approximately RMB155.2 million) based on both parties’ further negotiation. The variance between the actual payment and accrued expenses of US$1.1 million (equivalent to approximately RMB8.0 million) was recorded as a deduction of administrative expenses in the consolidated financial statements of comprehensive loss for the year ended December 31, 2023.

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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

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

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 years ended December 31, 2022 and 2023.

Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company is no longer a contracting party of the product development agreement with CSPC with respect to TJ103 and will no longer assume any rights, title, interest and obligations thereof.

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, 2021, 2022 and 2023, no revenue was recognized during the years ended December 31, 2021, 2022 and 2023.

In June 2023, the Company terminated the first negotiation agreement with KG Bio, pursuant to which, KG Bio no longer has a right of first negotiation for the exclusive right to commercialize uliledlimab in southeast asia and other regions.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

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.

14. 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.

14. 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).

On September 21, 2023, the Group received a notice from AbbVie, terminating the aforementioned license and collaboration agreement. The termination of the license and collaboration agreement in its entirety by AbbVie is based on the previous program discontinuation and AbbVie’s strategic decision. The termination took effect on November 20, 2023. The termination did not affect the upfront and milestone payments of $200 million that the Group already received from AbbVie. As a result, contract liabilities of US$2.4 million (equivalent to approximately RMB16.9 million) related to Study I and Study II were recognized as revenue for the year ended December 31, 2023.

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”).

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Strategic collaboration with Jumpcan (continued)

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.

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. For the year ended December 31, 2022 and 2023, the Group received the payment of RMB22.0 million and from RMB45.2 million Jumpcan related to the cost sharing and recorded it as contract liabilities in the consolidated balance sheet, respectively.

Following the divestiture of the Greater China assets and business operations as disclosed in Notes 22 and as of the date of this annual report, the Company has not completed the assignment of the strategic collaboration agreement with Jumpcan with respect to eftansomatropin alfa (TJ101).

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.

14. LICENSING AND COLLABORATION ARRANGEMENTS (CONTINUED)

B. Out-Licensing and Collabration Arrangements (continued)

Cell Line Collaboration with Ferring (continued)

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.

Breakdown of licensing and collaboration revenue

The breakdown of licensing and collaboration revenue was as follows:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Recognition in the year	31,615	39,891	16,814	2,368
Reduction in the year	—	(314,181)	—	—
Revenues from AbbVie	31,615	(274,290)	16,814	2,368
Revenues from other partners	8,500	24,625	—	—
	40,115	(249,665)	16,814	2,368

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

22. SUBSEQUENT EVENTS

On February 6, 2024, the Group entered into definitive agreements with I-Mab Hangzhou and its investors. Pursuant to the definitive agreements, the Group will transfer 100% of the outstanding equity interest in I-Mab Shanghai, a wholly owned subsidiary of the Company that operates the Company’s business in China to I-Mab Hangzhou for an aggregate consideration of the RMB equivalent of up to US$80 million, contingent on the I-Mab Hangzhou’s achievement of certain future regulatory and sales-based milestone events. The Group also retains a right of first negotiation outside of Greater China related to three future investigational new drug candidates. This transaction was closed on April 2, 2024. The definitive agreements also provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders (Note 8) in the amount of approximately US$183 million. After which the total remaining amount of potential repurchase obligations owed by the Group to the non-participating shareholders of I-Mab Hangzhou upon the closing of the transaction is expected to range from US$30 million to US$35 million, an amount that includes actual or potential claims in legal proceedings by the non-participating shareholders against I-Mab Hong Kong and the Company in connection with the aforementioned transaction. Meanwhile, the Group participated in the Series C fundraising of I-Mab Hangzhou for an equity interest subscription of US$19 million in cash.

INCOME TAXES - Components of the deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Deferred tax assets:
Net operating loss carryforward	¥ 912,137	$ 128,472	¥ 792,602
Depreciation and amortization of property, equipment, software, intangible asset and capitalized R&D expenses	91,214	12,847	39,189
Share-based compensation expenses	197,274	27,785	127,950
Accrual expense	8,205	1,156	30,210
Less: valuation allowance	(1,191,114)	(167,765)	(972,118)	$ (136,920)	¥ (493,233)	¥ (100,204)
Total deferred tax assets	17,716	2,495	17,833
Deferred tax liabilities:
Acquired intangible assets	17,716	2,495	17,833
Total deferred tax liabilities	17,716	2,495	17,833
Deferred tax assets, net	¥ 0	$ 0	¥ 0

OTHER INCOME (EXPENSES), NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
OTHER INCOME (EXPENSES), NET
Income of incentive payment from depository bank	¥ 8,569	$ 1,207	¥ 2,821	¥ 2,395
Fair value change of short-term and other investments	26,461	3,727	(13,549)	30,360
Fair value change of put right liabilities	(7,888)	(1,111)	34,260	16,628
Net foreign exchange gains (losses)	(60,704)	(8,550)	(175,391)	25,373
Subsidy income	5,354	754	25,470	9,216
Losses in deconsolidation of a subsidiary	(7,905)	(1,113)
Others	(1,996)	(282)	(198)	(810)
Other income (expenses), net	¥ (38,109)	$ (5,368)	¥ (126,587)	¥ 83,162

ORDINARY SHARES

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES

ORDINARY SHARES

12. ORDINARY SHARES

The Company’s authorized share capital is US$80,000 comprising 800,000,000 ordinary shares with a par value of US$0.0001 each. As of December 31, 2020, the Company issued 164,888,519 ordinary shares.

During the year ended December 31, 2021, warrants provided to external investor in 2020 were exercised to subscribe 5,341,267 ordinary shares of the Company.

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. In August 2023, the Board of Directors of the Company authorized a new share repurchase program under which the Company may repurchase up to US$40 million of ADSs, each ten ADSs representing 23 ordinary shares of the Company, or ordinary shares in aggregate over a 12-month period. For the year ended December 31, 2022 and 2023, the Company had repurchased 1,652,541 ordinary shares in an aggregate amount of approximately US$3 million (equivalent to RMB21,249), and 10,656,794 ordinary shares in an aggregate amount of approximately US$8.6 million (equivalent to RMB61,260) under the authorized share purchase program, respectively. 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.

12. ORDINARY SHARES (CONTINUED)

For the years ended December 31, 2021, 2022 and 2023, nil , nil and 3,849,268 treasury stock was used for the issuance of ordinary shares for exercise of share options and vesting of restricted share units, respectively. As of December 31, 2022 and 2023, 1,652,541 and 8,460,067 shares were recorded as treasury stock, respectively.

During the years ended December 31, 2021, 2022 and 2023, 8,227,843, 6,845,888 and 280,568 stock options were exercised, and 5,369,140, 1,859,819 and 1,260,701 restricted share units were issued as ordinary shares, respectively.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PRINCIPAL ACTIVITIES AND ORGANIZATION

12 Months Ended

Dec. 31, 2023

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. On January 17, 2020, the Company became listed on the Nasdaq Global Market in the United States. 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 February 6, 2024, the Group entered into definitive agreements with I-Mab Hangzhou and a group of China-based investors. Pursuant to the definitive agreements, the Group will transfer 100% of the outstanding equity interest in I-Mab Shanghai, a wholly owned subsidiary of the Company that operates the Company’s business in China to I-Mab Hangzhou for an aggregate consideration of the RMB equivalent of up to US$80 million, contingent on the I-Mab Hangzhou’s achievement of certain future regulatory and sales-based milestone events. Given the nature of the transaction, it is considered as a non-adjusting subsequent event and its impact is therefore not considered as of December 31, 2023. Details of the transaction please refer to Note 22.

As of December 31, 2023, 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

OTHER INCOME (EXPENSES), NET - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Subsidy income	¥ 27,644	$ 3,893	¥ (221,563)	¥ 88,026
Grant
Subsidy income			¥ 18,900

- 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

+ Details

NET LOSS PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that have not been included in calculation of diluted net loss per share	1,543,009	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	617,707	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

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

12 Months Ended

Dec. 31, 2023

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

8. 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;

8. 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, Series A 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, 2021,2022 and 2023, 750,000, 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.

8. 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)

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 RMB309,208, RMB360,436 and RMB25,544 in equity in loss of an affiliate in the consolidated statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, and in investment accounted for using the equity method in the consolidated balance sheets as of December 31, 2021, 2022 and 2023, respectively. During the year of 2023, the Group discontinued to apply the equity method since the carrying amount of the investment had been reduced to zero.

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, 2021, 2022 and 2023, the Group recognized RMB28,236, RMB29,375 and RMB30,969 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 13(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 13(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, 2021, 2022 and 2023, such expenses of RMB13,267, RMB13,852 and RMB4,815 were recorded in the equity in loss of affiliates in the consolidated statements of comprehensive loss, respectively.

In 2021, 2022 and 2023, 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, RMB33,579 and RMB19,137 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, and in additional paid-in capital in the consolidated balance sheets as of December 31, 2021, 2022 and 2023, 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. 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 Series B rounding financing in I-Mab Hangzhou was consummated in 2023.

As of December 31, 2022 and 2023, the carrying value of the Group’s long-term investment in I-Mab Hangzhou RMB25,214 and nil, respectively.

On February 6, 2024, the Company entered into definitive agreements with I-Mab Hangzhou and its investors which provide that the Company’s wholly owned subsidiary, I-Mab Hong Kong, will transfer the equity interests it holds in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders. Details, please refer to Note 22.

8. 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

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, RMB223 in the equity in loss of affiliates in the consolidated financial statements of comprehensive loss. In 2023, the Group paid the second investment of RMB6,000 to the partnership. For the year ended December 31, 2023, the Group recorded RMB446 in the equity in income of affiliates in the consolidated financial statements of comprehensive loss. As of December 31, 2022 and 2023, the carrying value of the Group’s long-term investment in this affiliate was RMB5,636 and RMB12,082, 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 year ended		For the year ended		For the year ended
	December 31, 2021		December 31, 2022		December 31, 2023
	I-Mab	Other equity	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments	Hangzhou	investments
Operating data:
Revenue	5,660	—	103,826	—	122,604	—
Income (Loss) from operations	(295,186)	(3,513)	(356,734)	(5,565)	(313,600)	11,123
Net income (loss)	(290,586)	(3,513)	(346,322)	(5,565)	(313,600)	11,123


	As of December 31,
	2022		2023
	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments
Balance sheet data:
Current assets	499,665	81,683	333,423	67,221
Non-current assets	1,432,328	135,347	1,508,244	313,282
Current liabilities	281,587	107	313,204	58
Non-current liabilities	232,083	—	349,821	—

(b)Put right liabilities

Pursuant to the Series A SHA and Series B SHA, if I-Mab Hangzhou fails to consummate 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 (the “Repurchase Scenario”), the Series A Domestic Investors and Series B Domestic Investors (collectively, the “Domestic Investors”) will have the right to elect to request I-Mab Hong Kong to repurchase all or any part of the equity of I-Mab Hangzhou held by such Domestic Investors within three years of the occurrence of the Repurchase Scenario. I-Mab Hong Kong is obligated to repurchase the equity held by the Domestic Investors in cash or in I-Mab’s stock (subject to the approval procedures of I-Mab) within 1 year from the date on which any of the Domestic Investors delivers request of repurchase in writing. The repurchase price is determined based on the investment cost of the Domestic Investors with pre-agreed interest. The put right liabilities were recorded as non-current liabilities as of December 31, 2022 and 2023 based on management’s best estimate of the timing in settlement of potential repurchase request from the Domestic Investors as of the balance sheet date.

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

(b)Put right liabilities (continued)

The put right written by I-Mab Hong Kong to the 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 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	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		33.9	%		36.5	%
Spot price	US$	148,276		US$	156,707
Probability of triggering event for redemption option		70	%		100	%


	As of			As of
	December 31,			December 31,
Put right liabilities - Series B	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		31.1	%		33.5	%
Spot price	US$	36,516		US$	44,570
Probability of triggering event for redemption option		70	%		100	%

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.

OTHER INCOME (EXPENSES), NET

12 Months Ended

Dec. 31, 2023

OTHER INCOME (EXPENSES), NET

OTHER INCOME (EXPENSES), NET

15. OTHER INCOME (EXPENSES), NET

The following table summarizes other income (expenses), net recognized for the years ended December 31, 2021, 2022 and 2023:


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Income of incentive payment from depository bank	2,395	2,821	8,569	1,207
Fair value change of short-term and other investments	30,360	(13,549)	26,461	3,727
Fair value change of put right liabilities	16,628	34,260	(7,888)	(1,111)
Net foreign exchange gains (losses)	25,373	(175,391)	(60,704)	(8,550)
Subsidy income ⁽¹⁾	9,216	25,470	5,354	754
Losses in deconsolidation of a subsidiary	—	—	(7,905)	(1,113)
Others	(810)	(198)	(1,996)	(282)
	83,162	(126,587)	(38,109)	(5,368)

⁽¹⁾

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.

LEASES - Operating Lease Related Assets And Liabilities And Other Related Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets
Operating lease right-of-use assets	¥ 46,400	$ 6,535	¥ 63,125
Liabilities
Operating lease liabilities, current	21,890	3,083	23,961
Operating lease liabilities, non-current	¥ 23,099	$ 3,253	¥ 32,069
Weighted average remaining lease term (years)	3 years 4 months 24 days	3 years 4 months 24 days	2 years 10 months 24 days
Weighted average discount rate	5.00%	5.00%	5.00%

ACCRUALS AND OTHER PAYABLES - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Apr. 30, 2020 CNY (¥)	Apr. 30, 2020 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Apr. 30, 2023 CNY (¥)	Nov. 30, 2021 CNY (¥)
ACCRUALS AND OTHER PAYABLES
Proceeds from non-refundable incentive	¥ 4,734	$ 671	¥ 12,982	$ 1,857		¥ 8,075	$ 1,195
Provision of FTE and other services - recognized in other income					¥ 8,569	¥ 2,821		¥ 2,395
Proceeds from non refundable payment											¥ 10,000
Cash deposits restricted					58,913				$ 8,298
Amount paid to supplier on behalf of the Group					58,913				$ 8,298
Agreement with China Merchants Bank
ACCRUALS AND OTHER PAYABLES
Credit facility granted										¥ 60,000
Term of credit facility										2 years
Cash deposits restricted					58,913
Amount paid to supplier on behalf of the Group					58,913
Interest expenses					¥ 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2018 Plan
Weighted average exercise price
Outstanding as of December 31	$ 1.00	$ 1.00	$ 1.00
Outstanding as of December 31	$ 1.00	$ 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 as of December 31	$ 6.09	$ 6.09	6.09
Outstanding as of December 31	6.09	$ 6.09	6.09	6.09
Weighted average remaining contractual term, Outstanding		7 years 18 days
2020 Plan
Weighted average exercise price
Outstanding as of December 31	8.81	$ 7.61	5.91
Granted		9.20	18.85
Outstanding as of December 31	8.47	8.81	7.61	$ 5.91
2021 Plan
Weighted average exercise price
Outstanding as of December 31	17.32	26.44
Granted	6.20	9.20	26.43
Outstanding as of December 31	$ 17.07	$ 17.32	$ 26.44
Restricted share units
Numbers of shares
Granted	4,883,452
Vested	(2,912,354)
Forfeited	(416,374)
Numbers of shares, Outstanding	1,554,724
Weighted average exercise price
Weighted average remaining contractual term, Outstanding	9 years 7 days
Aggregate intrinsic value, Outstanding	$ 1,284
Restricted share units \| 2020 Plan
Numbers of shares
Vested	(576,326)	(720,232)	(4,048,000)
Weighted average exercise price
Weighted average remaining contractual term, Outstanding	7 years 7 months 17 days	8 years 6 months 18 days	8 years 11 months 12 days	9 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 428	$ 2,266	$ 30,531	$ 83,632
Restricted share units \| 2021 Plan
Numbers of shares
Numbers of shares, Outstanding	1,035,973	1,656,253
Granted	2,080,299	821,215	1,827,166
Vested	(1,494,415)	(1,139,587)
Forfeited	(206,519)	(301,908)	(170,913)
Numbers of shares, Outstanding	1,415,338	1,035,973	1,656,253
Weighted average exercise price
Weighted average remaining contractual term, Outstanding	8 years 9 months 25 days	8 years 6 months 18 days	9 years 6 months 25 days
Aggregate intrinsic value, Outstanding	$ 1,169	$ 2,266	$ 34,126

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

4. PROPERTY, EQUIPMENT AND SOFTWARE

Property, equipment and software consist of the following:


	As of December 31,	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Cost
Laboratory equipment	52,989	54,377	7,659
Leasehold improvement	37,375	33,646	4,739
Software	14,506	12,018	1,693
Office furniture and equipment	11,171	9,967	1,403
Delivery equipment	165	—	—
Total property, equipment and software	116,206	110,008	15,494

Less: accumulated depreciation and amortization	(61,583)	(73,497)	(10,352)

Net book value	54,623	36,511	5,142
Construction in progress	6,218	—	—
Total net book value of property, equipment and software	60,841	36,511	5,142

The total amounts charged to the consolidated statements of comprehensive loss for depreciation and amortization expenses amounted to approximately RMB13.8 million and RMB25.3 million and RMB23.9 million (US$3.4 million), for the years ended December 31, 2021, 2022 and 2023, respectively.

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET LOSS PER SHARE

Schedule of basic and diluted net loss per shares

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


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net loss attributable to I-Mab	(2,331,541)	(2,507,317)	(1,465,694)	(206,439)
Net loss attributable to ordinary shareholders	(2,331,541)	(2,507,317)	(1,465,694)	(206,439)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	174,707,055	189,787,292	191,423,850	191,423,850
Denominator for diluted loss per share calculation	174,707,055	189,787,292	191,423,850	191,423,850

Net loss per share - basic and diluted	(13.35)	(13.21)	(7.66)	(1.08)

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

The effects of all outstanding restricted share units, certain stock options and warrants have been excluded from the computation of diluted loss per share for the years ended December 31, 2021, 2022 and 2023 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	2023
Restricted share units	3,150,881	484,395	1,543,009
Stock options	14,584,833	2,939,322	617,707
Warrants	648,359	—	—

LEASES - Components of Operating Lease Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LEASES
Amortization of right-of-use assets	¥ 25,813	$ 3,636	¥ 34,520	¥ 16,997
Expense for short-term leases within 12 months			12	16
Interest of lease liabilities	2,173	306	3,178	2,585
Operating lease rental expense	¥ 27,986	$ 3,942	¥ 37,710	¥ 19,598

INCOME TAXES - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expenses		¥ 697	¥ (3,154)
Applicable tax rate	21.00%
Applicable state tax rate	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%
HONG KONG
Income tax expenses	¥ 0	¥ 697	¥ 0
Applicable tax rate	16.50%
PRC
Operating loss	¥ 4,854,145
CN
Applicable tax rate	25.00%
Preferential income tax rate	15.00%

LICENSING AND COLLABORATION ARRANGEMENTS - Breakdown of licensing and collaboration revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Recognition in the year	¥ 16,814	$ 2,368	¥ 39,891	¥ 31,615
Reduction in the year			(314,181)
Revenues	16,814	2,368	(249,665)	40,115
AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	¥ 16,814	$ 2,368	(274,290)	31,615
Other partners
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues			¥ 24,625	¥ 8,500

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

12 Months Ended

Dec. 31, 2023

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES

Summary of group long term investment measured under equity method


	For the year ended		For the year ended		For the year ended
	December 31, 2021		December 31, 2022		December 31, 2023
	I-Mab	Other equity	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments	Hangzhou	investments
Operating data:
Revenue	5,660	—	103,826	—	122,604	—
Income (Loss) from operations	(295,186)	(3,513)	(356,734)	(5,565)	(313,600)	11,123
Net income (loss)	(290,586)	(3,513)	(346,322)	(5,565)	(313,600)	11,123


	As of December 31,
	2022		2023
	I-Mab	Other equity	I-Mab	Other equity
	Hangzhou	investments	Hangzhou	investments
Balance sheet data:
Current assets	499,665	81,683	333,423	67,221
Non-current assets	1,432,328	135,347	1,508,244	313,282
Current liabilities	281,587	107	313,204	58
Non-current liabilities	232,083	—	349,821	—

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	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		33.9	%		36.5	%
Spot price	US$	148,276		US$	156,707
Probability of triggering event for redemption option		70	%		100	%


	As of			As of
	December 31,			December 31,
Put right liabilities - Series B	2022			2023
Expected terms (Year)		1.7			0.7
Estimated volatility		31.1	%		33.5	%
Spot price	US$	36,516		US$	44,570
Probability of triggering event for redemption option		70	%		100	%

PRINCIPAL ACTIVITIES AND ORGANIZATION - Schedule of Principal Subsidiaries (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 06, 2024	Dec. 31, 2023
Segment Discontinued Operations \| I-Mab Hangzhou \| Subsequent Event \| I-Mab Shanghai
Percentage of transfer of outstanding equity interest	100.00%
Segment Discontinued Operations \| I-Mab Hangzhou \| Subsequent Event \| Maximum \| I-Mab Shanghai
Aggregate consideration	$ 80.0
I-Mab Biopharma Hong Kong Limited \| Investment holding
Place of incorporation		Hong Kong
Date of incorporation or acquisition		Jul. 08, 2016
Percentage of direct or indirect ownership by the company		100.00%
Principal activities		Investment holding
I-Mab Shanghai \| Research and development of innovative medicines
Place of incorporation		PRC
Date of incorporation or acquisition		Aug. 24, 2016
Percentage of direct or indirect ownership by the company		100.00%
Principal activities		Research and development of innovative medicines
I-MabTianjin \| Research and development of innovative medicines
Place of incorporation		PRC
Date of incorporation or acquisition		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. \| Research and development of innovative medicines
Place of incorporation		U.S.
Date of incorporation or acquisition		Feb. 28, 2018
Percentage of direct or indirect ownership by the company		100.00%
Principal activities		Research and development of innovative medicines

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

21. 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, 2021, 2022 and 2023, 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, 2023, the net asset base for purposes of calculating the proportionate share of restricted net assets of consolidated subsidiaries should be RMB0.1 million, 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.

RELATED PARTY BALANCES AND TRANSACTIONS - Related party transactions (Details) ¥ in Thousands, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses		¥ 810,646	$ 114,177	¥ 904,901	¥ 1,212,958
Subsidy income		27,644	3,893	(221,563)	88,026
Provision of FTE and other services - recognized in other income		(38,109)	(5,368)	(126,587)	83,162
Provision of FTE and other services - recognized in other income		8,569		2,821	2,395
I-Mab Hangzhou
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses		96,359	13,572	84,673	2,465
Subsidy income				18,583
Expenses paid on behalf of an affiliate					17,649
Proceeds from Contributions from Affiliates	$ 30,000				281
Amounts received related to the sublicense agreement					19,102
Provision of FTE and other services - recognized in other income					11,691
Amounts received on behalf of an affiliate	$ 30,000				281
Amounts paid by an affiliate on behalf of the group		¥ 69	$ 10	¥ 837	25,448
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.
Related Party Transaction [Line Items]
Receipt of CRO and CMC services - recognized in research and development expenses					¥ 2,697

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

NET LOSS PER SHARE

NET LOSS PER SHARE

16. NET LOSS PER SHARE

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


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
	(in thousands, except for share and per share data)
Numerator:
Net loss attributable to I-Mab	(2,331,541)	(2,507,317)	(1,465,694)	(206,439)
Net loss attributable to ordinary shareholders	(2,331,541)	(2,507,317)	(1,465,694)	(206,439)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	174,707,055	189,787,292	191,423,850	191,423,850
Denominator for diluted loss per share calculation	174,707,055	189,787,292	191,423,850	191,423,850

Net loss per share - basic and diluted	(13.35)	(13.21)	(7.66)	(1.08)


	Year Ended December 31
	2021	2022	2023
Restricted share units	3,150,881	484,395	1,543,009
Stock options	14,584,833	2,939,322	617,707
Warrants	648,359	—	—

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13. 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.

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, 2021, 2022 and 2023. 1,782,617 and 1,665,252 stock options were exercisable as of December 31, 2022 and 2023, respectively.

13. 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 , 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
Exercised	(73,444)	1.00	—	—
Expired	(43,921)	1.00	—	—
Outstanding as of December 31 , 2023	1,665,252	1.00	3.66	—
Exercisable as of December 31, 2023	1,665,252	1.00	3.66	—

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

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	(225)	—	—	—
Administrative expenses	2,835	—	—	—
Equity in loss of affiliates	516	—	—	—
	3,126	—	—	—

(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.

13. SHARE-BASED COMPENSATION (CONTINUED)

(b)2018 Employee Stock Option Plan (“2017 Plan”) (continued)

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, 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
Exercised	(333,998)	1.00	—	—
Expired	(998)	1.00	—	—
Outstanding as of December 31, 2023	1,173,397	1.00	5.15	—
Exercisable as of December 31, 2023	1,173,397	1.00	5.15	—

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

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	55	—	—	—
Administrative expenses	4,478	—	—	—
Equity in loss of affiliates	257	—	—	—
	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.

13. SHARE-BASED COMPENSATION (CONTINUED)

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). 48,000 and 72,000 options were exercisable as of December 31, 2022 and 2023, respectively.

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, 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	—
Granted	—	—	—	—
Outstanding as of December 31, 2023	72,000	6.09	6.05	—
Exercisable as of December 31, 2023	72,000	6.09	6.05	—

A summary of non-vested stock options activity for the year ended December 31, 2023 is presented below:


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	24,000	4.50
Vested	(24,000)	4.50
Non-vested at December 31, 2023	—	—

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	—	—	—	—
Administrative expenses	707	288	13	2
Equity in loss of affiliates	—	—	—	—
	707	288	13	2

13. SHARE-BASED COMPENSATION (CONTINUED)

(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, 2021, 2022 and 2023, the Group granted 133,913, 2,026,300 and nil stock options to its employees, respectively. 353,949 options and 1,299,637 options were exercisable as of December 31, 2022 and 2023, 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, 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	—
Expired	(179,992)	10.78	—	—
Forfeited	(291,751)	10.33	—	—
Outstanding as of December 31, 2023	2,298,144	8.47	7.62	—
Exercisable as of December 31, 2023	1,299,637	8.21	7.37	—

A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below:


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	2,415,938	5.40
Vested	(1,125,680)	5.22
Forfeited	(291,751)	7.20
Non-vested at December 31, 2023	998,507	5.08

13. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (continued)

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

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	14,915	17,068	3,244	457
Administrative expenses	8,702	25,897	9,189	1,294
Equity in loss of affiliates	3,262	2,846	1,299	182
	26,879	45,811	13,732	1,933

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.

13. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (Continued)

(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, 2021, 2022 and 2023, the Group granted 1,649,045, 755,734 and nil restricted share units to employees, respectively.

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, 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
Vested	(576,326)	—	—	—
Forfeited	(152,478)	—	—	—
Outstanding as of December 31, 2023	518,007	—	7.63	428

13. SHARE-BASED COMPENSATION (CONTINUED)

(d)2020 Plan (Continued)

A summary of non-vested restricted share units activities for the year ended December 31, 2023 is presented below:


		Weighted average
		grant-date
	Number of restricted share	fair value
	units	US$
Non-vested at December 31, 2022	1,246,811	2.98
Vested	(576,326)	11.76
Forfeited	(152,478)	13.35
Non-vested at December 31, 2023	518,007	12.33

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	118,368	18,055	4,657	656
Administrative expenses	227,392	37,399	10,232	1,441
Equity in loss of affiliates	8,512	4,214	1,575	222
	354,272	59,668	16,464	2,319

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.

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, 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,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	4,156	—	—	—
Administrative expenses	54,011	—	—	—
Equity in loss of affiliates	720	—	—	—
	58,887	—	—	—

13. SHARE-BASED COMPENSATION (CONTINUED)

(e)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, 2022 and 2023, the Group granted 2,698,245, 2,787,738 and 322,575 stock options to its employees, respectively. 519,377 options and 1,569,157 were exercisable as of December 31, 2022 and 2023, respectively.

The following table sets forth the stock options activities of 2021 Plan for the year ended December 31,2023:


		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	—
Granted	322,575	6.20	—	—
Forfeited	(770,989)	15.31	—	—
Expired	(401,300)	14.34	—	—
Outstanding as of December 31, 2023	3,455,958	17.07	7.88	—
Exercisable as of December 31, 2023	1,569,157	18.07	7.69	—

A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below:


		Weighted average
		grant-date
		fair value
	Number of shares	US$
Non-vested at December 31, 2022	3,786,295	1.76
Granted	322,575	1.07
Vested	(1,451,080)	7.22
Forfeited	(770,989)	7.81
Non-vested at December 31, 2023	1,886,801	8.36

13. SHARE-BASED COMPENSATION (CONTINUED)

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

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		2023
Expected volatility	51.77%-54.37	%	53.66%-58.97	%	59.49	%
Risk-free interest rate (per annum)	1.44%-1.68	%	1.88%-3.53	%	3.88	%
Exercise multiple	2.20-2.80		2.20-2.80		2.80
Expected dividend yield	—		—		—
Time to maturity (in years)	10		10		10

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	20,430	36,104	8,540	1,203
Administrative expenses	35,226	75,980	25,683	3,617
Equity in loss of affiliates	—	2,715	1,538	217
	55,656	114,799	35,761	5,037

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;

13. SHARE-BASED COMPENSATION (CONTINUED)

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

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”):

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
Granted	2,080,299	—	—	—
Vested	(1,494,415)	—	—	—
Forfeited	(206,519)	—	—	—
Outstanding as of December 31, 2023	1,415,338	—	8.82	1,169

13. SHARE-BASED COMPENSATION (CONTINUED)

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

A summary of non-vested restricted share units activities for year ended December 31, 2023 is presented below:


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2022	1,035,973	5.19
Granted	2,080,299	2.21
Vested	(1,494,415)	5.94
Forfeited	(206,519)	11.75
Non-vested at December 31, 2023	1,415,338	6.46

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	44,227	46,649	10,495	1,478
Administrative expenses	73,332	99,708	25,471	3,588
Equity in loss of affiliates	—	4,077	403	57
	117,559	150,434	36,369	5,123

(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 5,478,577 ordinary shares.

Stock options granted to employees under the 2022 Plan are graded vesting in four years with 25% vesting each year. For the years ended December 31, 2022 and 2023, the Group granted nil and 6,672,944 stock options to its employees, respectively. 1,468,707 were exercisable as of December 31, 2023.

The following table sets forth the stock options activities of 2022 Plan for the year ended December 31, 2023:


		Weighted	Weighted
		average	average	Aggregate
		exercise	remaining	intrinsic
	Number of	price	contractual	value
	shares	US$	term	US$
Outstanding as of December 31, 2022	—	—	—	—
Granted	6,672,944	2.60	—	—
Forfeited	(812,507)	2.41	—	—
Expired	(124,933)	2.41	—	—
Outstanding as of December 31, 2023	5,735,504	2.62	8.95	—
Exercisable as of December 31, 2023	1,468,707	2.62	8.74	—

13. SHARE-BASED COMPENSATION (CONTINUED)

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

A summary of non-vested stock option activities for the year ended December 31, 2023 is presented below:


		Weighted average
		grant-date fair value
	Number of shares	US$
Non-vested at December 31, 2022	—	—
Granted	6,672,944	1.33
Vested	(1,593,640)	1.34
Forfeited	(812,507)	1.28
Non-vested at December 31, 2023	4,266,797	1.34

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,
	2023
Expected volatility	59.18	%
Risk-free interest rate (per annum)	3.89	%
Exercise multiple	2.20-2.80
Expected dividend yield	—
Time to maturity (in years)	10

Share-based compensation expenses related to the stock options of 2022 Plan are included in:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Research and development expenses	—	—	13,452	1,895
Administrative expenses	—	—	20,231	2,849
Equity in loss of affiliates	—	—	—	—
	—	—	33,683	4,744

13. SHARE-BASED COMPENSATION (CONTINUED)

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

Restricted share units granted to employees under the 2022 Plan will be exercisable under the following items:

(1) 1/2 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) 1/2 of the awarded restricted share units shall vest based on performance conditions as approved by the board (the “Performance Conditions Based Awards”):

i.a vesting of 75% of the Performance Conditions Based Awards on the initial vesting date if more than eight but less than ten of the performance conditions have been met on or before the first anniversary of the adoption date; and;

ii.a vesting of 100% of the Performance Conditions Based Awards on the initial vesting date if more than ten of the performance conditions have been met on or before the first anniversary of the Adoption Date.

As of December 31, 2023, it is probable that the 1/2 of the awarded restricted share units are fully vested because more than ten of the thirteen 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 2022 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, 2022	—	—	—	—
Granted	4,883,452	—	—	—
Vested	(2,912,354)	—	—	—
Forfeited	(416,374)	—	—	—
Outstanding as of December 31, 2023	1,554,724	—	9.02	1,284

A summary of non-vested restricted share units activities for year ended December 31, 2023 is presented below:


		Weighted average
	Number of restricted	grant-date fair value
	share units	US$
Non-vested at December 31, 2022	—	—
Granted	4,883,452	2.41
Vested	(2,912,354)	2.41
Forfeited	(416,374)	2.41
Non-vested at December 31, 2023	1,554,724	2.41

13. SHARE-BASED COMPENSATION (CONTINUED)

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

Share-based compensation expenses related to the restricted share units of 2022 Plan are included in:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Research and development expenses	—	—	26,370	3,714
Administrative expenses	—	—	35,425	4,990
Equity in loss of affiliates	—	—	—	—
	—	—	61,795	8,704

(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. Biomaster Trust was dissolved in 2023.

Share-Based Compensation Expense

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


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Research and development expenses	201,926	117,876	66,758	9,403
Administrative expenses	406,683	239,272	126,244	17,781
Equity in loss of an affiliate	13,267	13,852	4,815	678
	621,876	371,000	197,817	27,862

As of December 31, 2023, there was RMB91,024 (US$12,820) of unrecognized share-based compensation cost related to non-vested share options and restricted share units. That deferred cost is expected to be recognized over a weighted average vesting period of 1.32 years. To the extent the actual forfeiture rate is different from the original estimate, actual share-based compensation related to these awards may be different from the expectation.

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND PUT RIGHT LIABILITIES - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	4 Months Ended	12 Months Ended
	Aug. 31, 2021 CNY (¥)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Jul. 31, 2022 CNY (¥)	Jul. 31, 2021 shares	Jun. 16, 2019 USD ($)
Schedule of Equity Method Investments
Losses in deconsolidation of a subsidiary			¥ (7,905)	$ (1,113)
Common stock, shares outstanding \| shares			185,613,662		190,879,919		185,613,662
Equity in loss of affiliates			¥ (80,019)	(11,270)	¥ (437,465)	¥ (367,883)
Investments accounted for using the equity method			12,082		30,850		$ 1,702
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
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 accounted for using the equity method			¥ 0		¥ 25,214
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	750,000
Equity in loss of affiliates			¥ (30,969)		¥ (29,375)	¥ (28,236)
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			¥ (25,544)		(360,436)	(309,208)
Group's Share Based Compensation \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity in loss of affiliates			(4,815)		(13,852)	(13,267)
Partnership Agreement
Schedule of Equity Method Investments
Equity method investment, ownership percentage									4.00%
Equity in loss of affiliates			446		(223)	(141)
Shares subscribed, not yet been purchased or issued \| shares									20,000
Investments accounted for using the equity method			12,082		5,636
Equity method investment paid	¥ 6,000		6,000
I-Mab Hangzhou Share Based Compensation \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity in loss of affiliates			¥ (19,137)		¥ (33,579)	¥ (17,031)
I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage			10.00%				10.00%
Investments accounted for using the equity method			¥ 0
I-Mab Hangzhou \| I-Mab Hangzhou
Schedule of Equity Method Investments
Equity method investment, ownership percentage								37.13%

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

5. LEASES

As of December 31, 2023, the Company has operating leases recorded on its balance sheet for certain office spaces and facilities that expire on various dates through 2031. 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, 2022 and 2023 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2022		2023
	RMB		RMB		US$ (Note 2.5)
Assets
Operating lease right-of-use assets	63,125		46,400		6,535

Liabilities
Operating lease liabilities, current	23,961		21,890		3,083
Operating lease liabilities, non-current	32,069		23,099		3,253
Weighted average remaining lease term (years)	2.9		3.4		3.4
Weighted average discount rate	5	%	5	%	5	%

Information related to operating lease activities during the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Year Ended
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets	16,997	34,520	25,813	3,636
Expense for short-term leases within 12 months	16	12	—	—
Interest of lease liabilities	2,585	3,178	2,173	306
	19,598	37,710	27,986	3,942

Maturities of lease liabilities were as follows:


	As of December 31,
	2023
	RMB	US$ (Note 2.5)
2024	22,949	3,232
2025	6,202	873
2026	6,378	898
2027	6,562	924
2028	3,087	435
Thereafter	4,825	680
Total undiscounted lease payments	50,003	7,042
Less: imputed interest	(5,014)	(705)
Total lease liabilities	44,989	6,337

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, 2023 CNY (¥) ¥ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares
INCOME TAXES
Loss before income tax	¥ (1,465,694)	$ (206,439)	¥ (2,506,620)	¥ (2,334,695)
Income tax computed at respective applicable tax rate	(263,660)	(37,136)	(442,343)	(410,899)
Non-deductible expenses	124,733	17,569	38,570	68,400
Research and development expenses plus deduction	(80,069)	(11,278)	(74,415)	(50,530)
True up of withholding tax expenses	0	0	0	(3,154)
Changes in valuation allowance	¥ 218,996	$ 30,845	478,885	393,029
Income (loss) before income tax			¥ 697	¥ (3,154)
Effect of tax holidays entitled by the PRC subsidiaries on basic loss per share \| (per share)	¥ (0.42)	$ (0.06)	¥ (0.65)	¥ (0.84)

- 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
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ORDINARY SHARES - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Aug. 23, 2022 USD ($)	Dec. 31, 2020 shares
ORDINARY SHARES
Common stock value authorized \| $			$ 80,000
Ordinary shares, shares authorized			800,000,000		800,000,000
Ordinary shares, par value \| $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Ordinary shares issued			185,613,662		190,879,919			164,888,519
Exercise of warrants (in shares)						5,341,267
Number of ordinary shares represented by one ADS	2.3
Stock Repurchase Program, Period in Force	12 months
Repurchased shares		10,656,794	10,656,794	1,652,541	1,652,541
Aggregate amount repurchased		¥ 61,260	$ 8,600
Exercise of stock options (in shares)		280,568	280,568	6,845,888	6,845,888	8,227,843
Issuance of ordinary shares for restricted share units		1,260,701	1,260,701	1,859,819	1,859,819	5,369,140
ADS
ORDINARY SHARES
Amount of stock repurchase \| $	$ 40,000						$ 40,000
Aggregate amount repurchased				¥ 21,249	$ 3,000
Treasury stock exercise of option		3,849,268	3,849,268	0	0	0
Treasury stock not in use and not outstanding			8,460,067		1,652,541

LICENSING AND COLLABORATION ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Breakdown of licensing and collaboration revenue


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$(Note 2.5)
Recognition in the year	31,615	39,891	16,814	2,368
Reduction in the year	—	(314,181)	—	—
Revenues from AbbVie	31,615	(274,290)	16,814	2,368
Revenues from other partners	8,500	24,625	—	—
	40,115	(249,665)	16,814	2,368

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
2023	—		—	—	—	—
2022	—		—	—	—	—
2021	—	US$	1,500	—	—	—

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
2023	—		—	—	—	—
2022	—		—	—	—	—
2021	—	US$	4,484	—	—	—

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACCOUNTING POLICIES

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


	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


	As of December 31, 2023
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	143,221	143,221
Liabilities
Put right liabilities	—	—	98,110	98,110

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, 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
Purchase of short-term investments	885,580	—
Disposal of short-term investments	(1,005,249)	—
Fair value changes	26,461	7,888
Currency translation differences	1,000	1,535
Fair value of Level 3 financial assets and liabilities as of December 31, 2023	143,221	98,110

Schedule of cash, cash equivalents and restricted cash


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	3,214,005	2,141,445
Short-term restricted cash	96,764	—
Long-term restricted cash	—	58,913
Total	3,310,769	2,200,358

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

SHARE-BASED COMPENSATION - Schedule of Non-vested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2019 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding	24,000
Vested	(24,000)
Numbers of shares, Outstanding		24,000
Weighted average remaining contractual term, Outstanding		7 years 18 days
2021 Plan
SHARE-BASED COMPENSATION
Weighted average grant date fair value, Outstanding	$ 1.76
Weighted average grant date fair value, Granted	1.07
Weighted average grant date fair value, Forfeited	7.81
Weighted average grant date fair value, Outstanding	$ 8.36	$ 1.76
2022 Plan
SHARE-BASED COMPENSATION
Granted	4,883,452
Vested	(2,912,354)
Forfeited	(416,374)
Numbers of shares, Outstanding	1,554,724
Weighted average grant date fair value, Granted	$ 2.41
Weighted average grant date fair value, Vested	2.41
Weighted average grant date fair value, Forfeited	2.41
Weighted average grant date fair value, Outstanding	$ 2.41
Restricted share units
SHARE-BASED COMPENSATION
Vested	(2,912,354)
Weighted average remaining contractual term, Outstanding	9 years 7 days
Aggregate intrinsic value, Outstanding	$ 1,284
Restricted share units \| 2020 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding	1,246,811	1,481,791	4,079,618
Granted		755,734	1,649,045
Vested	(576,326)	(720,232)	(4,048,000)
Forfeited	(152,478)	(270,482)	(198,872)
Numbers of shares, Outstanding	518,007	1,246,811	1,481,791	4,079,618
Weighted average grant date fair value, Outstanding	$ 2.98		$ 1.00
Weighted average grant date fair value, Vested	11.76
Weighted average grant date fair value, Forfeited	13.35
Weighted average grant date fair value, Outstanding	$ 12.33	$ 2.98		$ 1.00
Weighted average remaining contractual term, Outstanding	7 years 7 months 17 days	8 years 6 months 18 days	8 years 11 months 12 days	9 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 428	$ 2,266	$ 30,531	$ 83,632
Restricted share units \| 2021 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding	1,035,973
Granted	2,080,299
Vested	(1,494,415)	(1,139,587)
Forfeited	(206,519)
Numbers of shares, Outstanding	1,415,338	1,035,973
Weighted average grant date fair value, Outstanding	$ 5.19
Weighted average grant date fair value, Granted	2.21
Weighted average grant date fair value, Vested	5.94
Weighted average grant date fair value, Forfeited	11.75
Weighted average grant date fair value, Outstanding	$ 6.46	$ 5.19
Weighted average remaining contractual term, Outstanding	8 years 9 months 25 days	8 years 6 months 18 days	9 years 6 months 25 days
Aggregate intrinsic value, Outstanding	$ 1,169	$ 2,266	$ 34,126
Restricted share unit, special awards \| 2020 Plan
SHARE-BASED COMPENSATION
Numbers of shares, Outstanding			762,920
Vested			(762,920)
Numbers of shares, Outstanding				762,920
Weighted average grant date fair value, Vested			$ 1.00
Weighted average remaining contractual term, Outstanding				9 years 7 months 24 days
Aggregate intrinsic value, Outstanding				$ 14,877

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities
Net loss	¥ (1,465,694)	$ (206,439)	¥ (2,507,317)	¥ (2,331,541)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property, equipment and software	23,949	3,373	25,340	13,776
Amortization of intangible assets	778	110	778	778
Impairment of goodwill	162,574	22,898	0	0
Loss on disposal of property, equipment and operating lease right-of-use asset	488	69	117	288
Fair value change of put right liabilities	7,888	1,111	(34,260)	(16,628)
Equity in loss of affiliates	80,019	11,270	437,465	367,883
Share-based compensation	193,002	27,184	357,148	608,609
Amortization of right-of use assets and interest of lease liabilities	27,986	3,942	37,698	19,582
Recognition of deferred cost for planned dual listing			14,613
Loss on deconsolidation of a subsidiary	7,905	1,113
Fair value change of short-term and other investments	(26,461)	(3,727)	13,549	(30,360)
Changes in operating assets and liabilities
Accounts receivable			33,081	97,417
Contract assets			253,780	(26,389)
Prepayments and other receivables	35,863	5,051	109,226	(5,155)
Inventories			27,237	(27,237)
Accruals and other payables	(342,715)	(48,270)	109,863	152,101
Contract liabilities	17,769	2,503	52,555	224,000
Other non-current liabilities	(6,212)	(875)	2,029	5,959
Deferred subsidy income				(7,509)
Lease liabilities	(22,089)	(3,111)	(35,707)	(18,667)
Net cash used in operating activities	(1,304,950)	(183,798)	(1,102,805)	(973,093)
Cash flows from investing activities
Purchase of property, equipment and software	(11,351)	(1,599)	(45,830)	(29,932)
Proceeds from disposal of property and equipment	19	3	26
Capital injection in an affiliate	(6,000)	(845)		(6,000)
Proceeds from disposal of short-term and other investments	1,005,249	141,586	7,911,518	9,482,040
Purchase of short-term and other investments	(885,580)	(124,731)	(7,407,332)	(10,173,314)
Cash received from deconsolidation of a subsidiary	178	25
Net cash generated from (used in) investing activities	102,515	14,439	458,382	(727,206)
Cash flows from financing activities
Payments of the issuance cost in relation to private placement				(128,786)
Payments of cost in relation to planned dual listing				(9,820)
Proceeds from exercise of warrants				672,664
Proceeds from exercise of stock options	2,788	393	44,650	51,315
Proceeds from issuance of ordinary shares for restricted share units				8,551
Proceeds from bank borrowings	118,853	16,740	18,956
Repayment of bank borrowings	(48,926)	(6,892)
Payment for stock repurchase	(61,260)	(8,628)	(21,249)
Prepayment for stock repurchase	3,883	547
Net cash generated from financing activities	7,572	1,066	42,357	593,924
Effect of exchange rate changes on cash, cash equivalents and restricted cash	84,452	11,896	389,203	(128,771)
Net decrease in cash, cash equivalents and restricted cash	(1,110,411)	(156,397)	(212,863)	(1,235,146)
Cash, cash equivalents and restricted cash, beginning of year	3,310,769	466,311	3,523,632	4,758,778
Cash, cash equivalents and restricted cash, end of the year	2,200,358	309,914	3,310,769	3,523,632
Additional ASC 842 supplemental disclosures
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	22,089	3,111	35,707	18,667
Right-of-use assets obtained in exchange for operating lease obligations	11,108	1,565	9,888	118,436
Other supplemental cash flow disclosures
Income tax paid			697	9,077
Interest paid	704	99
Non-cash activities
Payables for purchase of property, equipment and software	¥ 1,226	$ 173	7,124	6,679
Accrued planned dual listing costs payable				¥ 4,793
Recognition of put right liabilities			¥ 17,729

PREPAYMENTS AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER RECEIVABLES

PREPAYMENTS AND OTHER RECEIVABLES

3. PREPAYMENTS AND OTHER RECEIVABLES


	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Prepayments:
– Prepayments to CRO vendors	32,960	5,175	729
– Prepayments for stock repurchase	—	3,883	547
– Prepayments for other services	1,321	5,908	832
– Prepayments to an affiliate (Note 19)	8,231	14,208	2,001
Value-added tax recoverable	8,197	4,696	661
Deposits	4,570	4,863	685
Other receivables	24,999	13,270	1,870
	80,278	52,003	7,325

Consolidated Statements of Changes in Shareholders' Equity ¥ 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, 2020	¥ 114		¥ 7,701,116	¥ (50,793)	¥ (2,023,292)	¥ 5,627,145
Beginning balance (in shares) at Dec. 31, 2020 \| shares	164,888,519
Foreign currency translation adjustments				(135,717)		(135,717)
Net 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 (Shares) \| shares	8,227,843					8,227,843	8,227,843
Issuance of ordinary shares for restricted share units (Note 13) \| shares	5,369,140					5,369,140	5,369,140
Issuance of ordinary shares for restricted share units (shares) (Note 13)	¥ 4		8,547			¥ 8,551
Exercise of warrants	¥ 3		672,661			¥ 672,664
Exercise of warrants (in shares) \| shares	5,341,267					5,341,267	5,341,267
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a))			58,534			¥ 58,534
Ordinary shares surrendered by a shareholder \| shares	(16)
Ending balance at Dec. 31, 2021	¥ 126		9,100,777	(186,510)	(4,354,833)	4,559,560
Ending balance (in shares) at Dec. 31, 2021 \| shares	183,826,753
Foreign currency translation adjustments				400,304		400,304
Net loss					(2,507,317)	(2,507,317)
Share-based compensation of I-Mab			357,148			357,148
Exercise of stock options	¥ 5		44,645			¥ 44,650
Exercise of stock options (Shares) \| shares	6,845,888					6,845,888	6,845,888
Issuance of ordinary shares for restricted share units (Note 13) \| shares	1,859,819					1,859,819	1,859,819
Issuance of ordinary shares for restricted share units (shares) (Note 13)	¥ 1		(1)
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a))			76,806			¥ 76,806
Repurchase of shares (Note 12)		¥ (21,249)				(21,249)
Repurchase of shares (Note 12) (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
Ending balance (in shares) at Dec. 31, 2022 \| shares	192,532,460
Ending balance (in shares) at Dec. 31, 2022 \| shares		(1,652,541)
Foreign currency translation adjustments				84,497		84,497	$ 11,901
Net loss					(1,465,694)	(1,465,694)	$ (206,439)
Share-based compensation of I-Mab			193,002			193,002
Exercise of stock options		¥ 847	1,941			¥ 2,788
Exercise of stock options (Shares) \| shares	280,568	126,874				280,568	280,568
Issuance of ordinary shares for restricted share units (Note 13) \| shares	1,260,701	3,722,394				1,260,701	1,260,701
Issuance of ordinary shares for restricted share units (shares) (Note 13)	¥ 1	¥ 24,859	(24,860)
Proportionate share of share-based compensation expenses recorded in an equity method affiliate (Note 8 (a))			54,921			¥ 54,921
Repurchase of shares (Note 12)		¥ (61,260)				(61,260)
Repurchase of shares (Note 12) (in shares) \| shares		(10,656,794)
Ending balance at Dec. 31, 2023	¥ 133	¥ (56,803)	¥ 9,804,379	¥ 298,291	¥ (8,327,844)	¥ 1,718,156	$ 241,997
Ending balance (in shares) at Dec. 31, 2023 \| shares	194,073,729
Ending balance (in shares) at Dec. 31, 2023 \| shares		(8,460,067)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	Feb. 06, 2024 USD ($)
I-Mab Hangzhou
Subsequent Event [Line Items]
Equity interest subscription amount	$ 19.0
Segment Discontinued Operations \| I-Mab Shanghai \| I-Mab Hangzhou
Subsequent Event [Line Items]
Percentage of transfer of outstanding equity interest	100.00%
Segment Discontinued Operations \| I-Mab Shanghai \| I-Mab Hangzhou \| Maximum
Subsequent Event [Line Items]
Aggregate consideration	$ 80.0
Segment Discontinued Operations \| I-Mab Hangzhou \| I-Mab Hong Kong
Subsequent Event [Line Items]
Exchange for extinguishment of the existing repurchase obligations	183.0
Segment Discontinued Operations \| I-Mab Hangzhou \| I-Mab Hong Kong \| Maximum
Subsequent Event [Line Items]
Total amount of potential repurchase obligations owed	35.0
Segment Discontinued Operations \| I-Mab Hangzhou \| I-Mab Hong Kong \| Minimum
Subsequent Event [Line Items]
Total amount of potential repurchase obligations owed	$ 30.0

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

18. 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 14). 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 14.

In connection with the divestiture of the Greater China assets and business operations, the Company has transferred the equity interests it held in I-Mab Hangzhou to certain participating shareholders of I-Mab Hangzhou in exchange for extinguishment of the existing repurchase obligations owed by I-Mab Hong Kong to those shareholders in the amount of approximately US$183 million. However, the non-participating shareholders of I-Mab Hangzhou have initiated legal proceedings against I-Mab Hong Kong and the Company in connection with the aforementioned transaction. On January 31, 2024, the non-participating shareholders of I-Mab Hangzhou, commenced arbitration against I-Mab Hong Kong before China International Economic and Trade Arbitration Commission Zhejiang Sub-Commission. These non-participating shareholders seek monetary relief amounting to US$17.36 million as of January 29, 2024 in total and an order that I-Mab Hong Kong pay all arbitration fees and property preservation fees incurred by them. The arbitration proceeding before the Zhejiang arbitration sub-commission is still pending. The Company has not yet received the notice of hearing and is currently unable to predict the outcome of the arbitration.

As of December 31, 2023, the Group did not record any liabilities for the arbitration. Information available prior to issuance of the financial statements did not indicate that it is probable that a liability had been incurred at the date of the financial statements and the Company is also unable to reasonably estimate the range of any liability or possible loss, if any.

The Group did not have significant long-term obligations, or guarantees as of December 31, 2022 and 2023.

Capital commitments

The capital expenditures related to property, equipment and software contracted for as of December 31, 2022 and 2023 but not recognized in the Group’s consolidated financial statements were RMB4,392 and nil, respectively.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY BALANCES AND TRANSACTIONS

19. 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, 2021, 2022 and 2023:


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, 2022 and 2023 are as follows:

Prepayments and other receivables

Accruals and other payables

Details of related party transactions for the years ended December 31, 2021, 2022 and 2023 are as follows:

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


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.	2,697	—	—	—
I-Mab Hangzhou	2,465	84,673	96,359	13,572

Revenue sharing - recognized as deduction of revenue


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 14)	—	18,583	—	—

19. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

Expenses paid on behalf of an affiliate


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	17,649	—	—	—

Provision of FTE and other services - recognized in other income


	For the year ended December 31,
	2021	2022	2023
	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,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	281	—	—	—

Amounts received related to the sublicense agreement


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 14)	19,102	—	—	—

Amounts paid by an affiliate on behalf of the Group


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	25,448	837	69	10

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

RESTRICTED NET ASSETS (Details) ¥ in Millions	12 Months Ended
RESTRICTED NET ASSETS (Details) ¥ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)
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 \| ¥				¥ 0.1
Percentage of net asset to consolidated net assets				25.00%

NET 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, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net loss attributable to I-Mab	¥ (1,465,694)	$ (206,439)	¥ (2,507,317)	¥ (2,331,541)
Net loss attributable to ordinary shareholders	¥ (1,465,694)	$ (206,439)	¥ (2,507,317)	¥ (2,331,541)
Denominator:
Denominator for basic calculation-weighted average number of common shares outstanding	191,423,850	191,423,850	189,787,292	174,707,055
Denominator for diluted loss per share calculation	191,423,850	191,423,850	189,787,292	174,707,055
Net loss per share - basic \| (per share)	¥ (7.66)	$ (1.08)	¥ (13.21)	¥ (13.35)
Net loss per share - diluted \| (per share)	¥ (7.66)	$ (1.08)	¥ (13.21)	¥ (13.35)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

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

Information related to operating leases as of December 31, 2022 and 2023 is as follows (in thousands, except for percentages and years).


	As of December 31,
	2022		2023
	RMB		RMB		US$ (Note 2.5)
Assets
Operating lease right-of-use assets	63,125		46,400		6,535

Liabilities
Operating lease liabilities, current	23,961		21,890		3,083
Operating lease liabilities, non-current	32,069		23,099		3,253
Weighted average remaining lease term (years)	2.9		3.4		3.4
Weighted average discount rate	5	%	5	%	5	%

Schedule Of Components Of Operating Lease Expense


	For the Year Ended
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Operating lease rental expense
Amortization of right-of-use assets	16,997	34,520	25,813	3,636
Expense for short-term leases within 12 months	16	12	—	—
Interest of lease liabilities	2,585	3,178	2,173	306
	19,598	37,710	27,986	3,942

Schedule of Lessee, Operating Lease, Liability, Maturity


	As of December 31,
	2023
	RMB	US$ (Note 2.5)
2024	22,949	3,232
2025	6,202	873
2026	6,378	898
2027	6,562	924
2028	3,087	435
Thereafter	4,825	680
Total undiscounted lease payments	50,003	7,042
Less: imputed interest	(5,014)	(705)
Total lease liabilities	44,989	6,337

ACCRUALS AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUALS AND OTHER PAYABLES

Schedule of accruals and other payables


	As of December 31,	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Current:
Staff salaries and welfare payables	43,483	48,604	6,846
Accrued external research and development activities related expenses	264,972	181,232	25,526
Payable due to an affiliate (Note 19)	64,782	35,058	4,938
Accrued Termination fee and other expenses in relation to the disputes with Tracon (Note 14)	161,106	—	—
Non-refundable incentive payment from depositary bank ⁽¹⁾	6,428	9,014	1,270
Payables for purchase of property, equipment and software	7,124	1,226	173
Accrued traveling expenses, office expenses and others	158,677	82,620	11,636
	706,572	357,754	50,389
Non-current:
Non-refundable incentive payment from depositary bank ⁽¹⁾	6,963	751	105
Non-refundable payment received in relation to the exclusive promotion right granted to a third party ⁽²⁾	10,000	10,000	1,408
Borrowings for supply chain financing ⁽³⁾	—	58,913	8,298
	16,963	69,664	9,811
Total	723,535	427,418	60,200

⁽¹⁾

⁽²⁾

⁽³⁾

Consolidated Statements of Comprehensive Loss (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Loss
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0

PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

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 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 8).

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, 2023, 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

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 and put right liabilities, impairment of other receivables, long-lived assets, intangible assets and goodwill, useful lives of property, equipment and software, recognition of right-of-use assets and lease liabilities, accrued research and development expenses, cost-to-cost measure of progress for over time performance obligations, variable consideration in collaboration 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.

Fair value measurements

2.4 Fair value measurements

Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, other receivables, short-term borrowings, accruals and other payables, contract liabilities, put right liabilities and other non-current liabilities. As of December 31, 2022 and 2023, 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 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

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.

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, 2022 and 2023:


	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


	As of December 31, 2023
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	143,221	143,221
Liabilities
Put right liabilities	—	—	98,110	98,110

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

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, 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
Purchase of short-term investments	885,580	—
Disposal of short-term investments	(1,005,249)	—
Fair value changes	26,461	7,888
Currency translation differences	1,000	1,535
Fair value of Level 3 financial assets and liabilities as of December 31, 2023	143,221	98,110

See Note 8 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 and 2023.

Foreign currency translation

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 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 loss. The exchange rates used for translation on December 31, 2022 and 2023 were US$1.00 = RMB6.9646 and RMB7.0827 respectively, representing the index rates stipulated by the People’s Bank of China.

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

Cash and cash equivalents

2.6 Cash and cash equivalents

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.

Restricted cash

2.7 Restricted cash

Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing, bank notes agreements and other bank financing arrangement. Such restricted cash will be released when the Group repays the related bank borrowings, bank notes and other bank financing. The Group has presented restricted cash separately from cash and cash equivalents in the consolidated balance sheets.

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,
	2022	2023
	RMB	RMB
Cash and cash equivalents	3,214,005	2,141,445
Short-term restricted cash	96,764	—
Long-term restricted cash	—	58,913
Total	3,310,769	2,200,358

Short-term investments

2.8 Short-term investments

Short-term investments represent the investments issued by commercial banks with a variable interest rate indexed to the performance of underlying assets within one year, or the fixed term deposits held in commercial banks with a fixed interest rate over three months and within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss.

Property, equipment and software

2.9 Property, equipment and software

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

Intangible assets

2.10 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 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 loss.

Impairment of long-lived assets

2.11 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, 2021, 2022 and 2023, there was no impairment of the value of the Group’s long-lived assets.

Goodwill

2.12 Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Group allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.12 Goodwill (continued)

The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Group’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group’s evaluation of relevant events and circumstances affecting the Group’s single reporting unit, including macroeconomic, industry, market conditions and the Group’s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group’s reporting unit’s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2021, 2022 and 2023, the Group recognized goodwill impairment with amount of nil, nil and RMB 162,574, respectively (Note 7).

Long-term investments

2.13 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.

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 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 loss. The Group discontinues applying the equity method if the carrying amount of the investment is reduced to zero.

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, 2021, 2022 and 2023.

Revenue recognition

2.14 Revenue recognition

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

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.14 Revenue recognition (continued)

Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. An the entity performs the following five steps to account for the arrangements that an entity determines are within the scope of ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

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

Collaboration revenue

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

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

Licenses of Intellectual Property:Upfront non-refundable payments for licensing the Group’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For the license that is determined to be distinct, the Group recognizes revenues in the amount of non-refundable, up-front fees allocated to the license at a point in time, upon which the license is transferred to the licensee and the licensee is able to use and benefit from the license.

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

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.14 Revenue recognition (continued)

Collaboration revenue (continued)

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.

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, 2021, 2022 and 2023.

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.

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

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

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

Research and development expenses

2.16 Research and development expenses

Elements of research and development expenses primarily include (1) payroll and other related expenses of personnel engaged in research and development activities, (2) in-licensed patent rights fee of exclusive development rights of drugs granted to the Group, (3) expenses related to preclinical testing of the Group’s technologies under development and clinical trials such as payments to contract research organizations (“CRO”), investigators and clinical trial sites that conduct the clinical studies, (4) expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, and (5) other research and development expenses. Research and development expenses are charged to expenses as incurred when these expenditures are used for the Group’s research and development activities and have no alternative future uses.

The Group 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.

Leases

2.17 Leases

In accordance with ASC 842 adopted on January 1, 2019, the Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Group’s consolidated balance sheets. The Group does not have any finance leases since the adoption date.

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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.17 Leases (continued)

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.

Government subsidies

2.18 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, 2021, 2022 and 2023, no specific subsidies were received by the Group. Other subsidies of RMB9,216, RMB25,470 and RMB5,354 for the years ended December 31, 2021, 2022 and 2023, respectively, are recognized as other income upon receipt as further performance by the Group is not required.

Comprehensive loss

2.19 Comprehensive loss

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

Share-based compensation

2.20 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.20 Share-based compensation (continued)

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.

Income taxes

2.21 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.

Borrowings

2.22 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 loss over the period of the borrowings, using the effective interest method.

Business combination

2.23 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.23 Business combination (continued)

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.

Segment information

2.24 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.

Loss per share

2.25 Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the exercise of share options using the treasury stock method and shares issuable upon the issuance of ordinary shares for restricted shares units using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.

Adopted accounting pronouncements

2.26 Adopted 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 Company adopted this from January 1, 2023, which did not have a material impact on the Group’s consolidated financial statements.

Recent accounting pronouncements

2.27 Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). The standard requires disaggregation of the effective rate reconciliation into standard categories, enhances disclosure of income taxes paid, and modifies other income tax-related disclosures. The standard is effective for the Company from January 1, 2025, with early adoption permitted. The ASU is currently not expected to have a material impact on the Group’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. ASU 2023-07 is effective for the Company from January 1, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The ASU is currently not expected to have a material impact on the Group’s consolidated financial statements.

SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2023

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

9. 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. This borrowing was repaid in full and the restrictions on the cash deposits were thereof released in 2023.

9. SHORT-TERM BORROWINGS (CONTINUED)

In June 2023, I - Mab Shanghai borrowed credit loans with a total amount of RMB29,970 from China Merchants Bank for a term of six months and at the interest rate of 3.40% per annum. These borrowings were extended in the fourth quarter of 2023 and were fully repaid in March 2024 subsequently.

INVESTMENTS 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, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Operating Data
Revenues	¥ 27,644	$ 3,893	¥ (221,563)	¥ 88,026
Income (Loss) from operations	(1,398,593)	(196,988)	(1,969,467)	(2,071,307)
Net loss	(1,465,694)	$ (206,439)	(2,507,317)	(2,331,541)
Balance Sheet Data
Current assets	2,336,669		3,626,476		$ 329,113
Current liabilities	411,814		758,166		$ 58,003
I-Mab Hangzhou
Operating Data
Revenues	122,604		103,826	5,660
Income (Loss) from operations	(313,600)		(356,734)	(295,186)
Net loss	(313,600)		(346,322)	(290,586)
Balance Sheet Data
Current assets	333,423		499,665
Non-current assets	1,508,244		1,432,328
Current liabilities	313,204		281,587
Non-current liabilities	349,821		232,083
Other equity investments
Operating Data
Income (Loss) from operations	11,123		(5,565)	(3,513)
Net loss	11,123		(5,565)	¥ (3,513)
Balance Sheet Data
Current assets	67,221		81,683
Non-current assets	313,282		135,347
Current liabilities	¥ 58		¥ 107

GOODWILL (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
GOODWILL (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jul. 15, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill			¥ 162,574
Period of financial projections	10 years	10 years	10 years
Impairment of goodwill	¥ 162,574	$ 22,898	¥ 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

SHARE-BASED COMPENSATION - Summary of Valuation Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2020 Plan
SHARE-BASED COMPENSATION
Expected volatility		53.66%
Expected volatility, Minimum			50.78%
Expected volatility, Maximum			51.84%
Risk-free interest rate (per annum)		1.88%
Risk-free interest rate, Minimum			1.32%
Risk-free interest rate, Maximum			1.88%
Exercise multiple, Minimum		2.20	2.20
Exercise multiple, Maximum		2.80	2.80
Expected dividend yield	0.00%
Time to maturity (in years)		10 years	10 years
2021 Plan
SHARE-BASED COMPENSATION
Expected volatility, Minimum	59.49%	53.66%	51.77%
Expected volatility, Maximum		58.97%	54.37%
Risk-free interest rate, Minimum	3.88%	1.88%	1.44%
Risk-free interest rate, Maximum		3.53%	1.68%
Exercise multiple, Minimum	2.80	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	10 years
2022 Plan
SHARE-BASED COMPENSATION
Expected volatility	59.18%
Risk-free interest rate (per annum)	3.89%
Exercise multiple, Minimum	2.20
Exercise multiple, Maximum	2.80
Expected dividend yield	0.00%
Time to maturity (in years)	10 years

SHARE-BASED COMPENSATION - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numbers of shares
Exercised	(280,568)	(6,845,888)	(8,227,843)
2017 Plan
Numbers of shares
Number of shares Outstanding	1,782,617	2,569,017	7,702,066
Exercised	(73,444)	(786,400)	(5,122,549)
Forfeited			(10,500)
Expired	(43,921)
Number of shares Outstanding	1,665,252	1,782,617	2,569,017	7,702,066
Exercisable	1,665,252	1,782,617
Weighted average exercise price
Outstanding as of December 31	$ 1.00	$ 1.00	$ 0.97
Exercised	1.00	1.00	0.96
Forfeited			1.00
Expired	1.00
Outstanding as of December 31	1.00	$ 1.00	$ 1.00	$ 0.97
Exercisable as of December 31	$ 1.00
Weighted average remaining contractual term, Outstanding	3 years 7 months 28 days	4 years 9 months	5 years 9 months 14 days	6 years 9 months
Weighted average remaining contractual term, Exercisable	3 years 7 months 28 days
Aggregate intrinsic value, Outstanding		$ 1,457	$ 50,361	$ 150,415
2018 Plan
Numbers of shares
Number of shares Outstanding	1,508,393	7,553,236	10,589,671
Exercised	(333,998)	(6,044,843)	(3,036,435)
Expired	(998)
Number of shares Outstanding	1,173,397	1,508,393	7,553,236	10,589,671
Exercisable	1,173,397
Weighted average exercise price
Outstanding as of December 31	$ 1.00	$ 1.00	$ 1.00
Exercised	1.00	1.00	1.00
Expired	1.00
Outstanding as of December 31	1.00	$ 1.00	$ 1.00	$ 1.00
Exercisable as of December 31	$ 1.00
Weighted average remaining contractual term, Outstanding	5 years 1 month 24 days	6 years 1 month 24 days	7 years 1 month 24 days	8 years 1 month 24 days
Weighted average remaining contractual term, Exercisable	5 years 1 month 24 days
Aggregate intrinsic value, Outstanding		$ 1,233	$ 148,076	$ 206,499
2019 Plan
Numbers of shares
Number of shares Outstanding		72,000	72,000
Granted				72,000
Number of shares Outstanding	72,000		72,000	72,000
Exercisable	72,000	48,000
Weighted average exercise price
Outstanding as of December 31	$ 6.09	$ 6.09	$ 6.09
Outstanding as of December 31	6.09	$ 6.09	$ 6.09	$ 6.09
Exercisable as of December 31	$ 6.09
Weighted average remaining contractual term, Outstanding	6 years 18 days		8 years 18 days	9 years 3 months 29 days
Weighted average remaining contractual term, Exercisable	6 years 18 days
Aggregate intrinsic value, Outstanding			$ 1,045	$ 1,038
2020 Plan
Numbers of shares
Number of shares Outstanding	2,769,887	997,773	1,044,368
Granted	0	2,026,300	133,913
Exercised		(14,645)	(68,859)
Forfeited	(291,751)	(170,490)	(111,495)
Expired	(179,992)	(69,051)	(154)
Number of shares Outstanding	2,298,144	2,769,887	997,773	1,044,368
Exercisable	1,299,637	353,949
Weighted average exercise price
Outstanding as of December 31	$ 8.81	$ 7.61	$ 5.91
Granted		9.20	18.85
Exercised		5.91	5.91
Forfeited	10.33	7.65	6.23
Expired	10.78	6.74	5.91
Outstanding as of December 31	8.47	$ 8.81	$ 7.61	$ 5.91
Exercisable as of December 31	$ 8.21
Weighted average remaining contractual term, Outstanding	7 years 7 months 13 days	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 4 months 13 days
Aggregate intrinsic value, Outstanding			$ 12,967	$ 15,237
2021 Plan
Numbers of shares
Number of shares Outstanding	4,305,672	2,444,440
Granted	322,575	2,787,738	2,698,245
Forfeited	(770,989)	(880,304)	(253,805)
Expired	(401,300)	(46,202)
Number of shares Outstanding	3,455,958	4,305,672	2,444,440
Exercisable	1,569,157	519,377
Weighted average exercise price
Outstanding as of December 31	$ 17.32	$ 26.44
Granted	6.20	9.20	$ 26.43
Forfeited	15.31	18.21	26.39
Expired	14.34	26.39
Outstanding as of December 31	17.07	$ 17.32	$ 26.44
Exercisable as of December 31	$ 18.07
Weighted average remaining contractual term, Outstanding	7 years 10 months 17 days	8 years 10 months 20 days	9 years 6 months 25 days
Weighted average remaining contractual term, Exercisable	7 years 8 months 8 days
2022 Plan
Numbers of shares
Granted	6,672,944	0
Forfeited	(812,507)
Expired	(124,933)
Number of shares Outstanding	5,735,504
Exercisable	1,468,707
Weighted average exercise price
Granted	$ 2.60
Forfeited	2.41
Expired	2.41
Outstanding as of December 31	2.62
Exercisable as of December 31	$ 2.62
Weighted average remaining contractual term, Outstanding	8 years 11 months 12 days
Weighted average remaining contractual term, Exercisable	8 years 8 months 26 days

OTHER INCOME (EXPENSES), NET (Tables)

12 Months Ended

Dec. 31, 2023

OTHER INCOME (EXPENSES), NET

Schedule of other income and expenses


	Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2.5)
Income of incentive payment from depository bank	2,395	2,821	8,569	1,207
Fair value change of short-term and other investments	30,360	(13,549)	26,461	3,727
Fair value change of put right liabilities	16,628	34,260	(7,888)	(1,111)
Net foreign exchange gains (losses)	25,373	(175,391)	(60,704)	(8,550)
Subsidy income ⁽¹⁾	9,216	25,470	5,354	754
Losses in deconsolidation of a subsidiary	—	—	(7,905)	(1,113)
Others	(810)	(198)	(1,996)	(282)
	83,162	(126,587)	(38,109)	(5,368)

⁽¹⁾

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

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 Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 8).

VIE Model

As of December 31, 2023, 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

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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

Assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Group’s financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2022 and 2023:


	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


	As of December 31, 2023
			Non-
	Active market	Observable input	observable input
	(Level 1)	(Level 2)	(Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	—	—	143,221	143,221
Liabilities
Put right liabilities	—	—	98,110	98,110

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

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, 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
Purchase of short-term investments	885,580	—
Disposal of short-term investments	(1,005,249)	—
Fair value changes	26,461	7,888
Currency translation differences	1,000	1,535
Fair value of Level 3 financial assets and liabilities as of December 31, 2023	143,221	98,110

See Note 8 for additional information about Level 3 put right liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 and 2023.

2.5 Foreign currency translation

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.6 Cash and cash equivalents

2.7 Restricted cash

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,
	2022	2023
	RMB	RMB
Cash and cash equivalents	3,214,005	2,141,445
Short-term restricted cash	96,764	—
Long-term restricted cash	—	58,913
Total	3,310,769	2,200,358

2.8 Short-term investments

2.9 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 loss.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.10 Intangible assets

2.11 Impairment of long-lived assets

2.12 Goodwill

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.12 Goodwill (continued)

2.13 Long-term investments

2.14 Revenue recognition

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.14 Revenue recognition (continued)

Collaboration revenue

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.14 Revenue recognition (continued)

Collaboration revenue (continued)

Supply of investigational products

Contract assets and liabilities

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

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

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

2.16 Research and development expenses

2.17 Leases

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.17 Leases (continued)

2.18 Government subsidies

2.19 Comprehensive loss

2.20 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.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.20 Share-based compensation (continued)

2.21 Income taxes

2.22 Borrowings

2.23 Business combination

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.23 Business combination (continued)

2.24 Segment information

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.25 Loss per share

2.26 Adopted accounting pronouncements

2.27 Recent accounting pronouncements

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

17. EMPLOYEE BENEFITS

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentage of the employees’ salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contribution made. The total amounts charged to the consolidated statements of comprehensive loss for such employee benefits amounted to approximately RMB26,426, RMB35,332 and RMB26,401 for the years ended December 31, 2021, 2022 and 2023, respectively.

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39173
Entity Registrant Name	I-MAB
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2440 Research Boulevard, Suite 400
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
Entity Address, Country	US
Entity Common Stock, Shares Outstanding	185,613,662
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Shanghai, China
Auditor Firm ID	1424
Entity Central Index Key	0001778016
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	2440 Research Boulevard, Suite 400
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
Entity Address, Country	US
City Area Code	240
Local Phone Number	745-6330
Contact Personnel Name	Joseph Skelton
ADS
Document Information [Line Items]
Title of 12(b) Security	American depositary shares, each ten(10) American depositary shares representing twenty-three (23) ordinary shares
Trading Symbol	IMAB
Security Exchange Name	NASDAQ
Ordinary share
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value US$0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

PRINCIPAL ACCOUNTING POLICIES - Restricted Cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash and cash equivalents, Restricted cash
Cash and cash equivalents	¥ 2,141,445	$ 301,616	¥ 3,214,005
Short-term restricted cash			96,764
Long-term restricted cash	58,913	8,298
Total	¥ 2,200,358	$ 309,914	¥ 3,310,769	$ 466,311	¥ 3,523,632	¥ 4,758,778

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Feb. 06, 2024 USD ($)	Jan. 29, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
COMMITMENT AND CONTINGENCIES
Capital expenditure incurred \| ¥			¥ 0	¥ 4,392
Segment Discontinued Operations \| I-Mab Hong Kong \| Subsequent Event \| I-Mab Hangzhou
COMMITMENT AND CONTINGENCIES
Exchange for extinguishment of the existing repurchase obligations	$ 183,000
Monetary claim by nonparticipating shareholders		$ 17,360

LICENSING AND COLLABORATION ARRANGEMENTS - Financial Information (Details) - Research and development expense $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Licensing Agreement with MorphoSys [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones	$ 1,500
Licensing Agreement with MacroGenics [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones	$ 4,484

SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2017 shares	Dec. 31, 2023 CNY (¥) director shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2023 USD ($) director shares	Jun. 17, 2022 shares	May 28, 2021 shares	Jul. 15, 2020 shares	Dec. 31, 2019 shares	Oct. 29, 2019 shares	Feb. 22, 2019 shares
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 197,817	$ 27,862	¥ 371,000		¥ 621,876
Unrecognized share-based compensation		¥ 91,024							$ 12,820
Recognized over a weighted average vesting period		1 year 3 months 25 days	1 year 3 months 25 days
Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 126,244	$ 17,781	239,272		406,683
Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		66,758	9,403	117,876		201,926
Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 4,815	$ 678	¥ 13,852		13,267
Tranche Two \| Second One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Tranche Three \| Second One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Tranche Four \| Second One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
One Performance Condition
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		75.00%	75.00%
Restricted share units
SHARE-BASED COMPENSATION
Number of shares cancelled		416,374	416,374
Granted		4,883,452	4,883,452
Share based payment award, maximum shares authorized												7,686,081
Number of shares outstanding		1,554,724							1,554,724
Restricted share units \| Tranche One \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Restricted share units \| Tranche One \| Second One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Restricted share units \| Tranche Two \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Restricted share units \| Tranche Three \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Restricted share units \| Tranche Four \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		25.00%	25.00%
Restricted share units \| One Performance Condition \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		20.00%	20.00%
Restricted share units \| Two Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		40.00%	40.00%
Restricted share units \| Three Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		60.00%	60.00%
Restricted share units \| Four Performance Conditions \| Third One Third Portion
SHARE-BASED COMPENSATION
Share based payment award, vesting percentage		80.00%	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%
2017 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						¥ 3,126
Share based payment award, maximum shares authorized	13,376,865
Stock options exercisable		1,665,252		1,782,617	1,782,617				1,665,252
Number of shares unvested						10,500
2017 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						¥ 2,835
2017 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						(225)
2017 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						516
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 \| ¥						4,790
Share based payment award, vesting period		2 years	2 years
Share based payment award, maximum shares authorized													15,452,620		14,005,745
Stock options exercisable		1,173,397							1,173,397
2018 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						4,478
2018 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						55
2018 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						257
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%
2019 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 13	$ 2	¥ 288		707
Share based payment award, maximum shares authorized														100,000
Share based payment award, stock options granted								72,000
Stock options exercisable		72,000		48,000	48,000				72,000
Exercise price \| $ / shares								$ 6.09
Number of shares outstanding				72,000	72,000
Number of independent directors \| director		3							3
2019 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 13	2	¥ 288		707
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 compensation expense		¥ 13,732	$ 1,933	¥ 45,811		¥ 26,879
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		0	0	2,026,300		133,913
Share based payment award, stock options granted exercise price \| $ / shares					$ 9.20		$ 18.85
Stock options exercisable		1,299,637		353,949	353,949				1,299,637
Number of shares unvested		291,751	291,751	170,490		111,495
Share based compensation arrangement, shares vested		1,125,680	1,125,680
2020 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 9,189	$ 1,294	¥ 25,897		¥ 8,702
2020 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		3,244	457	17,068		14,915
2020 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense		1,299	182	2,846		3,262
2020 Plan \| Restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 16,464	$ 2,319	¥ 59,668		¥ 354,272
Number of shares granted				755,734		1,649,045
Restricted share units were vested but not issued as ordinary shares		0	0	755,734		1,649,045
2020 Plan \| Restricted share units \| 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 share units \| 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 share units \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 10,232	$ 1,441	¥ 37,399		¥ 227,392
2020 Plan \| Restricted share units \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		4,657	656	18,055		118,368
2020 Plan \| Restricted share units \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 1,575	$ 222	4,214		8,512
2020 Plan \| Restricted share unit, special awards
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						58,887
Restricted share units were vested but not issued as ordinary shares								1,328,120
Number of additional shares authorized		1,446,875	1,446,875
2020 Plan \| Restricted share unit, special awards \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						54,011
2020 Plan \| Restricted share unit, special awards \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						4,156
2020 Plan \| Restricted share unit, special awards \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense \| ¥						720
2021 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 35,761	$ 5,037	¥ 114,799		¥ 55,656
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											12,023,618
Share based payment award, stock options granted		322,575	322,575	2,787,738		2,698,245
Share based payment award, stock options granted exercise price \| $ / shares			$ 6.20		$ 9.20		$ 26.43
Stock options exercisable		1,569,157		519,377	519,377				1,569,157
Number of shares unvested		770,989	770,989	880,304		253,805
Share based compensation arrangement, shares vested		1,451,080	1,451,080
2021 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 25,683	$ 3,617	¥ 75,980		¥ 35,226
2021 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		8,540	1,203	36,104		20,430
2021 Plan \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense		1,538	217	2,715
2021 Plan \| Restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 36,369	$ 5,123	¥ 150,434		¥ 117,559
Number of shares granted		2,080,299	2,080,299
Number of shares cancelled		206,519	206,519	301,908		170,913
Granted		2,080,299	2,080,299	821,215		1,827,166
Share based payment award, maximum shares authorized											6,011,809
Number of shares outstanding		1,415,338		1,035,973	1,035,973	1,656,253	1,656,253		1,415,338
2021 Plan \| Restricted share units \| Second One Third Portion
SHARE-BASED COMPENSATION
Average market value of shares		20.00%	20.00%
2021 Plan \| Restricted share units \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 25,471	$ 3,588	¥ 99,708		¥ 73,332
2021 Plan \| Restricted share units \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		10,495	1,478	46,649		44,227
2021 Plan \| Restricted share units \| Equity in loss of an affiliate
SHARE-BASED COMPENSATION
Share-based compensation expense		403	57	¥ 4,077		¥ 0
2022 Plan
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 33,683	$ 4,744
Number of shares granted		4,883,452	4,883,452
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										13,148,594
Share based payment award, stock options granted		6,672,944	6,672,944	0
Share based payment award, stock options granted exercise price \| $ / shares			$ 2.60
Stock options exercisable		1,468,707							1,468,707
Number of shares unvested		812,507	812,507
Share based compensation arrangement, shares vested		1,593,640	1,593,640
2022 Plan \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 20,231	$ 2,849
2022 Plan \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		13,452	1,895
2022 Plan \| Restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expense		61,795	8,704
Share based payment award, maximum shares authorized										5,478,577
2022 Plan \| Restricted share units \| Administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		35,425	4,990
2022 Plan \| Restricted share units \| Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 26,370	$ 3,714

LICENSING AND COLLABORATION ARRANGEMENTS (Details) ¥ in Thousands, $ in Thousands							1 Months Ended										3 Months Ended		6 Months Ended	12 Months Ended														24 Months Ended
	Sep. 21, 2023 USD ($)	Jan. 31, 2022 CNY (¥)	Sep. 03, 2020 USD ($)	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, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($)	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, 2023 USD ($) shares	Sep. 21, 2023 CNY (¥)	Sep. 21, 2023 USD ($)	Apr. 25, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				¥ 810,646	$ 114,177	¥ 904,901		¥ 1,212,958
Contract liabilities, current																				2,200		8,677													$ 310
Revenues																				27,644	$ 3,893	(221,563)		¥ 88,026
Issue of shares, value																				¥ 133		¥ 132													$ 19
Issue of shares \| shares																				185,613,662		190,879,919				164,888,519									185,613,662				190,879,919				164,888,519
Contract liabilities, non-current																				¥ 292,124		¥ 267,878													$ 41,145
Interest payable																																						$ 9,000
Termination Fees																						¥ 4,200	$ 600
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 payment receivable																				¥ 1,225,300															$ 173,000
Collaboration Agreements with Tracon Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination fee payable																																										$ 9,000
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 \| ¥																				¥ 45,200		¥ 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
Definitive license agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate amount receivable																					$ 340,000
Research and development expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense \| ¥																				¥ 54,100		63,100		27,900
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 Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																				0
Milestone payments																				1,500	200
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 \| ¥																				51,800		48,400		24,300
Operating expense \| Collaboration Agreements with Tracon Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				0		0		110	20
Administrative expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Decrease in administrative expense																				8,000	1,100
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]
Revenues \| ¥																				0		6,000
Upfront payment received								$ 15,000
MorphoSys AG \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments											¥ 6,900	$ 1,000
Second milestone payment									¥ 9,700	$ 1,500
MorphoSys AG \| Research and development expense \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																				0		0		0
Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																				1,700			7,000	13,200
Genexine, Inc. \| Licensing Agreement with Genexine, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee \| ¥																				0		0		¥ 0
Milestone payments																				3,482,700	525,000
Reduction in milestone payment				50.00%
Agreement terminated period (in years)															15 years	15 years
Genexine, Inc. \| Licensing Agreement with Genexine, Inc. \| GX-I7
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																					2,000,000
Genexine, Inc. \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total transaction price under the agreement																									$ 250,000		$ 250,000
Genexine, Inc. \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																											$ 11,000
Cost-to-cost input method percent																								53.00%	53.00%	17.00%	17.00%
Genexine, Inc. \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| 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%
Genexine, Inc. \| Research and development expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																					1,200	4,700		¥ 8,800
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 \| Licensing Agreement with Genexine, Inc. \| Development milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																					$ 75,000
MacroGenics \| Licensing Agreement with 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.
MacroGenics \| Research and development expense \| Licensing Agreements \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments																					$ 60,000
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 \| ¥																				¥ 49,600		33,700		20,700
KG Bio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues \| ¥																				¥ 0		0		0
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 \| Lemzoparlimab License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee							200,000																				180,000
Research and development expense							183,000
Total transaction price under the agreement																									250,000		250,000
Contract liabilities																																				¥ 16,900	$ 2,400
Upfront and milestone payments received	$ 200,000
AbbVie \| Study I
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense																							8,800
Revenues																							5,800	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																							$ 8,200
Revenues																						39,900		6,000	900	27,800	$ 4,200
Accumulated revenue recognized \| ¥																						7,200
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
AbbVie \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reversal of 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
AbbVie \| 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																						84.00%	84.00%
AbbVie \| Strategic Alliance Agreement with PT Kalbe Genexine Biologics \| Study II
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost-to-cost input method percent																				88.00%	88.00%	88.00%	88.00%
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		0		¥ 8,500		¥ 0		¥ 30,000
Tracon
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Legal Fees																						¥ 91,300	$ 13,500

PRINCIPAL ACCOUNTING POLICIES - Summary of Estimated Useful Lives (Details)	Dec. 31, 2023
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

LICENSING AND COLLABORATION ARRANGEMENTS - Additional information (Details) ¥ in Millions, $ in Millions			1 Months Ended			12 Months Ended
	Jul. 23, 2023 CNY (¥)	Jul. 23, 2023 USD ($)	Jan. 31, 2021 CNY (¥)	Aug. 31, 2020 CNY (¥)	Aug. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Arbitration Relating To TJD5 and BsAbs Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for legal settlements	¥ 155.2	$ 22.0
I-Mab Hangzhou
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments						$ 3.0	$ 3.0
Licensing Agreement with Ferring \| I-Mab Hangzhou
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments							$ 3.0
MorphoSys AG \| Licensing Agreement with MorphoSys AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments				¥ 6.9	$ 1.0
Payments Related To Withholding Tax Amount \| ¥			¥ 1.1

EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFITS
Employee benefit expenses	¥ 26,401	¥ 35,332	¥ 26,426

PROPERTY, EQUIPMENT AND SOFTWARE- Additional Information (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
PROPERTY, EQUIPMENT AND SOFTWARE
Depreciation and amortization expenses	¥ 23.9	$ 3.4	¥ 25.3	¥ 13.8

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, 2023	Dec. 31, 2022
Short-term investments
PRINCIPAL ACCOUNTING POLICIES
Fair value of Level 3 financial assets and liabilities at the beginning of the period	¥ 235,429	¥ 753,164
Purchase of short-term investments	885,580	7,407,332
Disposal of short-term investments	(1,005,249)	(7,911,518)
Fair value changes	26,461	(13,549)
Currency translation differences	1,000
Fair value of Level 3 financial assets and liabilities at the end of the period	143,221	235,429
Put right liabilities
PRINCIPAL ACCOUNTING POLICIES
Fair value of Level 3 financial assets and liabilities at the beginning of the period	88,687	96,911
Purchase of short-term investments	0	0
Disposal of short-term investments		0
Recognition of put right liabilities		17,729
Fair value changes	7,888	(34,260)
Currency translation differences	1,535	8,307
Fair value of Level 3 financial assets and liabilities at the end of the period	¥ 98,110	¥ 88,687

RELATED PARTY BALANCES AND TRANSACTIONS - Related party balances (Details) - I-Mab Hangzhou ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related Party Transaction [Line Items]
Prepayments and other receivables	¥ 14,208	$ 2,001	¥ 8,231
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	srt:AffiliatedEntityMember	srt:AffiliatedEntityMember	srt:AffiliatedEntityMember
Accruals and other payables	¥ 35,058	$ 4,938	¥ 64,782
Other Liability, Related Party, Type [Extensible Enumeration]	srt:AffiliatedEntityMember	srt:AffiliatedEntityMember	srt:AffiliatedEntityMember

INCOME TAXES - Movement of the valuation allowance (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
INCOME TAXES
Balance as of January 1	¥ (972,118)	$ (136,920)	¥ (493,233)	¥ (100,204)
Additions	(283,273)	(39,898)	(478,885)	(393,029)
Utilization and reversal of valuation allowances	64,277	9,053
Balance as of December 31	¥ (1,191,114)	$ (167,765)	¥ (972,118)	¥ (493,233)

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of related party balances

Details of related party balances as of December 31, 2022 and 2023 are as follows:

Prepayments and other receivables

Accruals and other payables

Schedule of related party transactions

Details of related party transactions for the years ended December 31, 2021, 2022 and 2023 are as follows:

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


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
Jiangsu Taslydiyi Pharmaceutical Co., Ltd.	2,697	—	—	—
I-Mab Hangzhou	2,465	84,673	96,359	13,572

Revenue sharing - recognized as deduction of revenue


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 14)	—	18,583	—	—

Expenses paid on behalf of an affiliate


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	17,649	—	—	—

Provision of FTE and other services - recognized in other income


	For the year ended December 31,
	2021	2022	2023
	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,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	281	—	—	—

Amounts received related to the sublicense agreement


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou (Note 14)	19,102	—	—	—

Amounts paid by an affiliate on behalf of the Group


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$ (Note 2.5)
I-Mab Hangzhou	25,448	837	69	10

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND SOFTWARE

Schedule of property, equipment and software


	As of December 31,	As of December 31,
	2022	2023
	RMB	RMB	US$ (Note 2.5)
Cost
Laboratory equipment	52,989	54,377	7,659
Leasehold improvement	37,375	33,646	4,739
Software	14,506	12,018	1,693
Office furniture and equipment	11,171	9,967	1,403
Delivery equipment	165	—	—
Total property, equipment and software	116,206	110,008	15,494

Less: accumulated depreciation and amortization	(61,583)	(73,497)	(10,352)

Net book value	54,623	36,511	5,142
Construction in progress	6,218	—	—
Total net book value of property, equipment and software	60,841	36,511	5,142

PRINCIPAL ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment $ / ¥	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 CNY (¥) $ / ¥	Dec. 31, 2021 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Impairment of long-lived assets	¥ 0		¥ 0	¥ 0
Impairment of goodwill	162,574	$ 22,898	0	0
Impairment of equity method investments	0		0	0
Impairment loss, contract assets with customer	0		0	0
Deferred subsidy income	¥ 5,354		¥ 25,470	¥ 9,216
Number of reportable segments \| segment	1	1
Minimum
PRINCIPAL ACCOUNTING POLICIES
VAT surcharges percent	6.00%	6.00%
Maximum
PRINCIPAL ACCOUNTING POLICIES
VAT surcharges percent	12.00%	12.00%
Peoples Bank of China
PRINCIPAL ACCOUNTING POLICIES
Translation exchange rates \| $ / ¥	7.0827		6.9646
Federal Reserve Bank of New York
PRINCIPAL ACCOUNTING POLICIES
Translation exchange rates \| $ / ¥	7.0999

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 2,141,445	$ 301,616	¥ 3,214,005
Short-term restricted cash			96,764
Short-term investments	143,221	20,172	235,429
Prepayments and other receivables	52,003	7,325	80,278
Total current assets	2,336,669	329,113	3,626,476
Long-term restricted cash	58,913	8,298
Property, equipment and software	36,511	5,142	60,841
Operating lease right-of-use assets	46,400	6,535	63,125
Intangible assets	118,110	16,635	118,888
Goodwill			162,574
Investments accounted for using the equity method	12,082	1,702	30,850
Other non-current assets	4,282	603	10,911
Total assets	2,612,967	368,028	4,073,665
Current liabilities
Short-term bank borrowings	29,970	4,221	18,956
Accruals and other payables	357,754	50,389	706,572
Contract liabilities, current	2,200	310	8,677
Operating lease liabilities, current	21,890	3,083	23,961
Total current liabilities	411,814	58,003	758,166
Put right liabilities	98,110	13,819	88,687
Contract liabilities, non-current	292,124	41,145	267,878
Operating lease liabilities, non-current	23,099	3,253	32,069
Other non-current liabilities	69,664	9,811	16,963
Total liabilities	894,811	126,031	1,163,763
Commitments and contingencies
Shareholders' equity
Ordinary shares (US$0.0001 par value, 800,000,000 shares authorized as of December 31, 2022 and 2023; 190,879,919 and 185,613,662 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	133	19	132
Treasury stock	(56,803)	(8,001)	(21,249)
Additional paid-in capital	9,804,379	1,380,918	9,579,375
Accumulated other comprehensive income	298,291	42,013	213,794
Accumulated deficit	(8,327,844)	(1,172,952)	(6,862,150)
Total shareholders' equity	1,718,156	241,997	2,909,902
Total liabilities and shareholders' equity	¥ 2,612,967	$ 368,028	¥ 4,073,665