金斯瑞生物科技(01548) - 2022 - 中期财报

Company Overview - As of June 30, 2022, the company has established four main platforms, including a leading life sciences services and products platform, a CDMO platform, an industrial synthetic products platform, and a comprehensive global cell therapy platform[6]. - The company operates in over 100 countries, with a strategic focus on building a healthy biotechnology ecosystem through partnerships[6]. - The company aims to contribute to the development of the biotechnology and biopharmaceutical industry, fostering a win-win situation among all industry participants[6]. Workforce and Talent Acquisition - The company’s workforce has increased to approximately 5,573 employees as of June 30, 2022, reflecting a commitment to talent acquisition and research and development[6]. - Total employee compensation expenses amounted to approximately $205.1 million, representing 67.3% of total revenue[47]. - The workforce consisted of 5,573 employees, with 44.1% in production, 10.0% in sales and marketing, 18.6% in administration, 13.1% in R&D, and 14.2% in management[49]. Financial Performance - The company's revenue for the six months ended June 30, 2022, was approximately $304.7 million, an increase of 32.7% compared to approximately $229.6 million for the same period in 2021[11]. - The gross profit for the same period was approximately $175.5 million, up 26.6% from approximately $138.6 million in the prior year[11]. - The adjusted net loss for the six months was approximately $130.1 million, compared to an adjusted net loss of approximately $135.8 million in the same period of 2021[11]. - The revenue from non-cell therapy business was approximately $247.7 million, a 26.6% increase from approximately $195.7 million in the previous year[11]. - The revenue from cell therapy business was approximately $57.0 million, representing a significant increase of 68.1% compared to approximately $33.9 million in the prior year[11]. - The revenue from life sciences services and products was approximately $176.0 million, an increase of 15.8% year-over-year[16]. - The revenue from biopharmaceutical development services reached approximately $62.7 million, a remarkable increase of 99.0% compared to the previous year[17]. - The backlog for biopharmaceutical development services stood at $228.0 million as of June 30, 2022[17]. Research and Development - Significant investments in talent recruitment and R&D are aimed at enhancing technological competitiveness and driving future growth[7]. - Research and development expenses for the six months were approximately $177.4 million, slightly up from approximately $175.1 million in the same period of 2021[11]. - The company plans to focus R&D and capital investment in the GCT field, developing innovative cell therapy products like CARVYKTI™[52]. Regulatory Approvals and Product Development - The company’s subsidiary, Legend Biotech, received FDA approval for its CAR-T therapy cilta-cel for treating relapsed or refractory multiple myeloma in adult patients[7]. - In May 2022, the European Commission granted conditional marketing authorization for cilta-cel for adult patients with relapsed and refractory multiple myeloma[7]. - The FDA approved CARVYKTI™ for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior therapies[50]. - The European Commission granted conditional marketing authorization for CARVYKTI™ for adult patients with relapsed or refractory multiple myeloma who have received at least three prior therapies[51]. Operational Efficiency - The company emphasizes optimizing operational processes to achieve the highest quality end-to-end delivery, enhancing customer competitiveness[6]. - The group plans to invest in upgrading supply chain and IT infrastructure to improve operational efficiency and adapt to anticipated rapid business growth[40]. - The company has taken measures to ensure business continuity amid the COVID-19 pandemic, with limited adverse financial impacts observed as of the report date[40]. Financial Position and Cash Flow - As of June 30, 2022, the group had cash and cash equivalents of approximately $782.2 million, down from approximately $1.2 billion at the end of 2021[30]. - The current ratio as of June 30, 2022, was approximately 2.9, down from 3.5 as of December 31, 2021, while the debt-to-asset ratio was approximately 58.6%, up from 51.0%[39]. - The company reported a net cash outflow from operating activities of $61,997 thousand for the six months ended June 30, 2022, compared to an outflow of $35,854 thousand for the same period in 2021[115]. - The company incurred a net cash outflow from investing activities of $336,872 thousand for the six months ended June 30, 2022, compared to $168,918 thousand in the same period of 2021[116]. Shareholder Structure and Equity - As of June 30, 2022, the company had 2,111,828,632 shares issued, with key executives holding significant stakes, including Wang Ye with approximately 40.17%[56]. - The company’s board members and executives collectively hold a total of 848,329,253 shares, representing 40.17% of the total shares[56]. - The total number of shares held by major shareholders indicates a concentrated ownership structure, which may impact corporate governance and decision-making[63]. - The company has a diverse range of shareholders, including family trusts and institutional investors, which may influence its strategic direction and market expansion efforts[65]. Stock Options and Restricted Shares - The company has adopted pre-IPO and post-IPO share option plans to reward selected participants for their contributions[67]. - As of June 30, 2022, there were 1,843,320 unexercised options under the pre-IPO share option plan[69]. - The post-IPO share option plan was approved on December 7, 2015, and has 20,892,400 unexercised options as of the latest report[70]. - A total of 81,513 restricted shares were granted to employees under the 2019 Restricted Share Award Scheme on March 22, 2022[86]. - The total number of restricted shares granted under the 2019 Restricted Share Award Scheme is capped at 10% of the issued share capital as of the adoption date[86]. Compliance and Governance - The company maintained compliance with corporate governance codes throughout the reporting period, ensuring accountability and shareholder protection[103]. - The Audit Committee reviewed the financial reporting processes and internal controls, affirming adherence to relevant accounting standards[104]. - There were no reported violations of the securities trading code by directors or relevant employees during the reporting period[102]. Financial Liabilities and Fair Value - The fair value loss on preferred shares and warrants amounted to approximately $45.8 million during the reporting period[28]. - The fair value of financial liabilities measured at fair value through profit or loss increased to $419,513,000 as of June 30, 2022, compared to $371,128,000 as of December 31, 2021[184]. - The company assessed that the fair value changes due to its own credit risk for interest-bearing bank loans and other borrowings were not significant as of June 30, 2022[186].