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Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as useful lives of property, equipment and software, impairment of contract assets and other receivables, impairment of long-lived assets and goodwill, share-based compensation, leases, tax valuation allowances and revenues from licensing and collaboration arrangements. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. 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As of December&#160;31, 2018 and 2019, except for short-term investments, other financial assets and warrant liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. 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Amortization is initiated for <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in-process</div> research and development (IPR&amp;D) intangible assets that are acquired from business combination when their useful lives have been determined. IPR&amp;D intangible assets which are determined to have an impairment in their fair value are adjusted downward and an expense recognized in research and development in the consolidated statements of comprehensive loss. These IPR&amp;D intangible assets are tested at least an annual basis on December&#160;31 or when a triggering event occurs that could indicate a potential impairment. (see Note 7).</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.11 Impairment of long-lived assets </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. 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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. 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If qualitative factors indicate that it is more likely than not that the Group&#8217;s reporting unit&#8217;s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit&#8217;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. 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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. </div></div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i)&#160;identify the contract(s) with a customer; (ii)&#160;identify the performance obligations in the contract; (iii)&#160;determine the transaction price, including variable consideration, if any; (iv)&#160;allocate the transaction price to the performance obligations in the contract; and (v)&#160;recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration revenue </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Collaborative Arrangements</div>&#160;(&#8220;ASC 808&#8221;) 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.&#160;For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Group first determines if the collaboration is deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For the collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group&#8217;s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Group must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract.&#160;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">When the timing of the delivery of product is different from the timing of payments made by the customers, the Group recognizes either a contract asset (performance precedes the contractual due date) or a contract liability (customer payment precedes performance). The Group&#8217;s contractual payment terms are typically due in no more than 30 days from invoicing. In limited situations, certain customer contractual payment terms require the Group to bill in arrears; thus, the Group satisfies some or all of the performance obligations before the Group is contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. For example, certain of the contractual arrangements do not permit the Group to bill until the completion of the production of the samples. In other limited situations, certain customer contractual payment terms allow the Group to bill in advance; thus, the Group receives customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. </div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licenses of Intellectual Property:</div> Upfront <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable</div> payments for licensing the Group&#8217;s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Group recognizes revenues from <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable,</div> <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">up-front</div> fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and Development Services: </div>The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as collaboration revenue over time as delivery or performance of such services occurs. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Milestone Payments</div>: 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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-evaluates</div> the probability of achieving such development milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">catch-up</div> basis, which would affect revenues and earnings in the period of adjustment.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Royalties</div>: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of (i)&#160;when the related sales occur, or (ii)&#160;when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.15 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Value-added-tax</div> (&#8220;VAT&#8221;) recoverable and surcharges </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Value added tax recoverable represent amounts paid by the Group for purchases. The surcharges (i.e., Urban construction and maintenance tax, educational surtax, local educational surtax), vary from 6% to 17% of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;value-added-tax&#160;depending</div> on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;tax-payer&#8217;s&#160;location.</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.16 Research and development expenses </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Elements of research and development expenses primarily include (1)&#160;payroll and other related expenses of personnel engaged in research and development activities, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(2)&#160;in-licensed</div> patent rights fee of exclusive development rights of drugs granted to the Group, (3)&#160;expenses related to preclinical testing of the Group&#8217;s technologies under development and clinical trials such as payments to contract research organizations (&#8220;CRO&#8221;), investigators and clinical trial sites that conduct the clinical studies (4)&#160;expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (5)&#160;other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Group&#8217;s research and development services and have no alternative future uses.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">pre-commercial</div> milestone payments, are immediately expensed as acquired <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in-process</div> research and development in the period in which they are incurred, provided that the new drug compound did not also include processes or activities that would constitute a &#8220;business&#8221; as defined under U.S. GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval would be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. The conditions enabling capitalization of development expenses as an asset have not yet been met and, therefore, all development expenditures are recognized in profit or loss when incurred.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.17 Leases </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prior to the adoption of ASC 842 on January&#160;1, 2019: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Leases, mainly leases of offices, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Group had no capital leases for any of the years stated herein. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Upon and hereafter the adoption of ASC 842 on January&#160;1, 2019: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (&#8220;ROU&#8221;) assets, operating lease liability, and operating lease liability, non-current in the Group&#8217;s consolidated balance sheets.&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">ROU assets represent the Group&#8217;s right to use an underlying asset for the lease term and lease liabilities represent the Group&#8217;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&#8217;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<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;has elected to adopt the following lease policies in conjunction with the adoption of ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-02:</div> (i) elect for each lease not to separate <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components from lease components and instead to account for each separate lease component and the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components associated with that lease component as a single lease component; (ii)&#160;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 <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;elected not to apply ASC 842 recognition requirements; and (iii)&#160;the <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;elected to apply the package of practical expedients for existing arrangements entered into prior to January&#160;1, 2019 to not reassess (a)&#160;whether an arrangement is or contains a lease, (b)&#160;the lease classification applied to existing leases, and(c) initial direct costs.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of ASC 842, on January 1, 2019, the Company recorded an impact of RMB13,100 on its assets and RMB11,333 on its liabilities for the recognition of operating lease right-of-use-assets and operating lease liabilities, respectively, which are primarily related to the lease of the Group&#8217;s offices and warehouses. The adoption of ASC 842 did not have a material impact on the Company&#8217;s results of operations or cash flows. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.18 Comprehensive loss </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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,&#160;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&#8217;s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.19 Share-based compensation</div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation&#8212;Stock Compensation.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Employees&#8217; share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share based awards granted with only service conditions, using the graded vesting method net of estimated forfeitures over the vesting period; or c) for share-based awards granted with service conditions and the occurrence of an initial public offering (&#8220;IPO&#8221;) as performance condition cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO using the graded vesting method.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation in relation to the restricted shares is measured based on the fair market value of the Group&#8217;s ordinary shares at the grant date of the award. Prior to the listing, estimation of the fair value of the Group&#8217;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&#8217;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&#8217;s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from an independent valuation firm. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.20 Income taxes </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for income taxes under the liability method. Under the liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax income rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some portion or all of </div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">the deferred income tax assets will not be utilized in the foreseeable future.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group evaluates its uncertain tax positions using the provisions of ASC <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">740-10,&#160;Income</div> 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 &#8216;&#8216;more likely than not&#8217;&#8217; 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&#8217;s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.21 Borrowings </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#160;of transaction costs) and the redemption value is recognized in the consolidated statements of comprehensive loss over the period of the borrowings using the effective interest method. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.22 Business combination </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC topic 805,&#160;Business Combinations&#160;(&#8220;ASC 805&#8221;). The acquisition method of accounting requires all of the following steps: (i)&#160;identifying the acquirer, (ii)&#160;determining the acquisition date, (iii)&#160;recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, and (iv)&#160;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#8217;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. 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The Group does not distinguish between markets or segments for the purpose of internal reporting. 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Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;if-converted&#160;method,</div> shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;if-converted&#160;method,</div> and shares issuable upon the exercise of warrants using the treasury stock method. 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ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18</div> requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update was required to be adopted for fiscal years beginning after December&#160;15, 2018, and interim periods within fiscal years beginning after December&#160;15, 2019, and early adoption is permitted in any interim or annual period. The Group elected to early adopt this ASU and applied this guidance retrospectively to all periods presented. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.26 Recent accounting pronouncements </div></div></div></div><div style="margin: 6pt 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (&#8220;ASU 2016-13&#8221;). This guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses (&#8220;ASU 2018-19&#8221;), which clarifies certain topics included within ASU 2016-13. ASU 2016-13 and ASU 2018-19 are effective for the annual reporting period beginning after December&#160;15, 2019, including interim periods within that reporting period. The impact of this ASU to the consolidated financial statements is immaterial.&#160;</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In August 2018 the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-13,</div> Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements on fair value measurements. This standard became effective for us on January&#160;1, 2020. The impact of this ASU to the consolidated financial statements is immaterial.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In November 2018 the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-18,</div> Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. 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A retrospective transition approach is required for either all contracts or only for contracts that are not completed at the date of initial application of ASC 606, with a cumulative adjustment to opening retained earnings, as of January&#160;1, 2018. 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Estimates are used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are used in determining items such as useful lives of property, equipment and software, impairment of contract assets and other receivables, impairment of long-lived assets and goodwill, share-based compensation, leases, tax valuation allowances and revenues from licensing and collaboration arrangements. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.4 Fair value measurements </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, other financial assets, contract assets, other receivables, short-term borrowings, accruals and other payables and warrants liabilities. As of December&#160;31, 2018 and 2019, except for short-term investments, other financial assets and warrant liabilities, the carrying values of these financial assets and liabilities approximated their fair values because of their generally short maturities. 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The United States Dollar (&#8220;US$&#8221;) is the functional currency of the Group&#8217;s entities incorporated in the Cayman Islands, the United States of America (&#8220;U.S.&#8221;) and Hong Kong, the Australia Dollar (&#8220;AUD&#8221;) is the functional currency of the Group&#8217;s entity incorporated in Australia and the RMB is the functional currency of the Company&#8217;s PRC subsidiaries. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expenses are translated at the average exchange rates prevailing for the year. Foreign currency translation adjustments arising from these are reflected in the accumulated other comprehensive income. The exchange rates used for translation on December&#160;31, 2018 and 2019 were US$1.00 = RMB6.8632 and RMB6.9762 respectively, representing the index rates stipulated by the People&#8217;s Bank of China. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss, consolidated statements of changes in shareholders&#8217; equity (deficit) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December&#160;31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9618, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December&#160;31, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December&#160;31, 2019, 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. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.6 Cash and cash equivalents </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.7 Restricted cash </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Restricted cash consists of the guarantee deposits held in a designated bank account as security deposits under bank borrowing agreements. Such restricted cash will be released when the Group repays the related bank borrowings. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.8 Short-term investments </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments represent the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.9 Property, equipment and software </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:51%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;;width:46%;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">Laboratory equipment</td><td style="vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:top;">3 to 5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">Software</td><td style="vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:top;">2 to 5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">Office furniture and equipment</td><td style="vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:top;">5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">Leasehold improvements</td><td style="vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:top;">Lesser of useful life or lease term</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group recognized the gain or loss on the disposal of property, equipment and software in the consolidated statements of comprehensive loss. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.10 Intangible assets </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Intangible assets with definite useful lives are amortized to their estimated residual values over their estimated useful lives and reviewed for impairment if certain events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization is initiated for <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in-process</div> research and development (IPR&amp;D) intangible assets that are acquired from business combination when their useful lives have been determined. IPR&amp;D intangible assets which are determined to have an impairment in their fair value are adjusted downward and an expense recognized in research and development in the consolidated statements of comprehensive loss. These IPR&amp;D intangible assets are tested at least an annual basis on December&#160;31 or when a triggering event occurs that could indicate a potential impairment. (see Note 7).</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.11 Impairment of long-lived assets </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the years ended December&#160;31, 2018 and 2019, there was no impairment of the value of the Group&#8217;s long-lived assets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.12 Goodwill </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Group allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill assessment is performed on at least an annual basis on December&#160;31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Group&#8217;s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Group&#8217;s evaluation of relevant events and circumstances affecting the Group&#8217;s single reporting unit, including macroeconomic, industry, market conditions and the Group&#8217;s overall financial performance. If qualitative factors indicate that it is more likely than not that the Group&#8217;s reporting unit&#8217;s fair value is less than its carrying amount, then the Group will perform the quantitative impairment test by comparing the reporting unit&#8217;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&#160;31, 2018 and 2019, the Group determined that there were no indicators of impairment of the goodwill. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.13 Deferred subsidy income </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred subsidy income consists of deferred income from government grants. Government grants consist of cash subsidies received by the Group&#8217;s subsidiaries in the PRC from local governments as support on expenses relating to certain projects. Grants received with government specified performance obligations are recognized when all the obligations have been fulfilled. If such obligations are not satisfied, the Group may be required to refund the subsidy. Cash grants of RMB3,920 was recorded in deferred subsidy income as of December&#160;31, 2019, which will be recognized when the government specified performance obligation is satisfied, which is expected to be more than 12 months after December&#160;31, 2019. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.14 Revenue recognition </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group adopted Accounting Standard Codification (&#8220;ASC&#8221;) 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue from Contracts with Customers</div> (Topic 606) (&#8220;ASC 606&#8221;) 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. </div></div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i)&#160;identify the contract(s) with a customer; (ii)&#160;identify the performance obligations in the contract; (iii)&#160;determine the transaction price, including variable consideration, if any; (iv)&#160;allocate the transaction price to the performance obligations in the contract; and (v)&#160;recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration revenue </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">At contract inception, the Group analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Collaborative Arrangements</div>&#160;(&#8220;ASC 808&#8221;) 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.&#160;For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Group first determines if the collaboration is deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For the collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group&#8217;s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Group must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract.&#160;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">When the timing of the delivery of product is different from the timing of payments made by the customers, the Group recognizes either a contract asset (performance precedes the contractual due date) or a contract liability (customer payment precedes performance). The Group&#8217;s contractual payment terms are typically due in no more than 30 days from invoicing. In limited situations, certain customer contractual payment terms require the Group to bill in arrears; thus, the Group satisfies some or all of the performance obligations before the Group is contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. For example, certain of the contractual arrangements do not permit the Group to bill until the completion of the production of the samples. In other limited situations, certain customer contractual payment terms allow the Group to bill in advance; thus, the Group receives customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. </div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licenses of Intellectual Property:</div> Upfront <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable</div> payments for licensing the Group&#8217;s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Group recognizes revenues from <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable,</div> <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">up-front</div> fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and Development Services: </div>The portion of the transaction price allocated to research and development services performance obligations is deferred and recognized as collaboration revenue over time as delivery or performance of such services occurs. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Milestone Payments</div>: 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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-evaluates</div> the probability of achieving such development milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">catch-up</div> basis, which would affect revenues and earnings in the period of adjustment.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Royalties</div>: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Group recognizes revenue at the later of (i)&#160;when the related sales occur, or (ii)&#160;when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.15 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Value-added-tax</div> (&#8220;VAT&#8221;) recoverable and surcharges </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Value added tax recoverable represent amounts paid by the Group for purchases. The surcharges (i.e., Urban construction and maintenance tax, educational surtax, local educational surtax), vary from 6% to 17% of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;value-added-tax&#160;depending</div> on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;tax-payer&#8217;s&#160;location.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.16 Research and development expenses </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Elements of research and development expenses primarily include (1)&#160;payroll and other related expenses of personnel engaged in research and development activities, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(2)&#160;in-licensed</div> patent rights fee of exclusive development rights of drugs granted to the Group, (3)&#160;expenses related to preclinical testing of the Group&#8217;s technologies under development and clinical trials such as payments to contract research organizations (&#8220;CRO&#8221;), investigators and clinical trial sites that conduct the clinical studies (4)&#160;expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (5)&#160;other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Group&#8217;s research and development services and have no alternative future uses.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">pre-commercial</div> milestone payments, are immediately expensed as acquired <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in-process</div> research and development in the period in which they are incurred, provided that the new drug compound did not also include processes or activities that would constitute a &#8220;business&#8221; as defined under U.S. GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval would be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. The conditions enabling capitalization of development expenses as an asset have not yet been met and, therefore, all development expenditures are recognized in profit or loss when incurred.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.17 Leases </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prior to the adoption of ASC 842 on January&#160;1, 2019: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Leases, mainly leases of offices, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Group had no capital leases for any of the years stated herein. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Upon and hereafter the adoption of ASC 842 on January&#160;1, 2019: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (&#8220;ROU&#8221;) assets, operating lease liability, and operating lease liability, non-current in the Group&#8217;s consolidated balance sheets.&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">ROU assets represent the Group&#8217;s right to use an underlying asset for the lease term and lease liabilities represent the Group&#8217;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&#8217;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<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;has elected to adopt the following lease policies in conjunction with the adoption of ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-02:</div> (i) elect for each lease not to separate <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components from lease components and instead to account for each separate lease component and the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components associated with that lease component as a single lease component; (ii)&#160;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 <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;elected not to apply ASC 842 recognition requirements; and (iii)&#160;the <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;elected to apply the package of practical expedients for existing arrangements entered into prior to January&#160;1, 2019 to not reassess (a)&#160;whether an arrangement is or contains a lease, (b)&#160;the lease classification applied to existing leases, and(c) initial direct costs.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of ASC 842, on January 1, 2019, the Company recorded an impact of RMB13,100 on its assets and RMB11,333 on its liabilities for the recognition of operating lease right-of-use-assets and operating lease liabilities, respectively, which are primarily related to the lease of the Group&#8217;s offices and warehouses. The adoption of ASC 842 did not have a material impact on the Company&#8217;s results of operations or cash flows. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.18 Comprehensive loss </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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,&#160;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&#8217;s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.19 Share-based compensation</div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company grants restricted shares and stock options to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation&#8212;Stock Compensation.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Employees&#8217; share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share based awards granted with only service conditions, using the graded vesting method net of estimated forfeitures over the vesting period; or c) for share-based awards granted with service conditions and the occurrence of an initial public offering (&#8220;IPO&#8221;) as performance condition cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO using the graded vesting method.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation in relation to the restricted shares is measured based on the fair market value of the Group&#8217;s ordinary shares at the grant date of the award. Prior to the listing, estimation of the fair value of the Group&#8217;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&#8217;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&#8217;s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from an independent valuation firm. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.20 Income taxes </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for income taxes under the liability method. Under the liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax income rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some portion or all of </div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">the deferred income tax assets will not be utilized in the foreseeable future.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group evaluates its uncertain tax positions using the provisions of ASC <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">740-10,&#160;Income</div> 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 &#8216;&#8216;more likely than not&#8217;&#8217; 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&#8217;s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.21 Borrowings </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#160;of transaction costs) and the redemption value is recognized in the consolidated statements of comprehensive loss over the period of the borrowings using the effective interest method. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.22 Business combination </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC topic 805,&#160;Business Combinations&#160;(&#8220;ASC 805&#8221;). The acquisition method of accounting requires all of the following steps: (i)&#160;identifying the acquirer, (ii)&#160;determining the acquisition date, (iii)&#160;recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, and (iv)&#160;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#8217;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.23 Segment information </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with ASC 280,&#160;Segment Reporting, the Group&#8217;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&#8217;s long-lived assets are substantially located in and derived from the PRC, no geographical segments are presented. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.24 Loss per share </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;two-class&#160;method.</div> Under <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;two-class&#160;method,</div> the net loss is allocated between ordinary shares and other participating securities based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;if-converted&#160;method,</div> shares issuable upon the exercise of share options using the treasury stock method, shares issuable upon the conversion of the convertible promissory notes using <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;if-converted&#160;method,</div> and shares issuable upon the exercise of warrants using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2.25 Adopted accounting pronouncements </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-02,</div> Leases (Topic 842). This ASU requires lessees to recognize lease assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms greater than 12 months. As we are not a lessor, other changes in the guidance applicable to lessors do not apply. Additionally, in 2018, the FASB issued codification and targeted improvements to this guidance effective for fiscal years and interim periods within those years beginning after December&#160;15, 2018, with early adoption permitted. The Group adopted the new guidance on January&#160;1, 2019, using the alternative transition approach. 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This guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses (&#8220;ASU 2018-19&#8221;), which clarifies certain topics included within ASU 2016-13. ASU 2016-13 and ASU 2018-19 are effective for the annual reporting period beginning after December&#160;15, 2019, including interim periods within that reporting period. 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top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">11. 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Companies registered in Australia are subject to Australia profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Australia tax laws. 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WARRANTS </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In connection with the issuance of the Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> Preferred Shares on October&#160;18, 2016, 2,246,744 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Warrants were issued to Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> preferred shareholders, which provided the holder the right to purchase Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares. 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The fair value changes of the warrants (including the fair value changes arising from modification of warrants) up to the time of exercise or termination were recognized in earnings. 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background: none; letter-spacing: 0px; top: 0px;;display:inline;">The model requires the input of highly subjective assumptions including the risk-free rate of return, maturity date, estimated volatility rate and fair value of underlying preferred shares. 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REDEEMABLE <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">NON-CONTROLLING</div> INTERESTS </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In connection with the Company&#8217;s acquisition of Tasgen Group on September&#160;6, 2017, the Company also entered into an option agreement with the third party investor of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Tianjin, pursuant to which the Company granted the third party investor an option to subscribe for certain number of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares of the Company at a price that stipulated in the agreement, and at the same time, the third party investor transferred its equity interests in <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Tianjin to the Company at the same price (&#8220;Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Option&#8221;). 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The Series B Option can be exercised at any time at the holders&#8217; own discretion or upon the request of the Company if the shareholders of the Company approve an initial public offering. 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LICENSING AND COLLABORATION ARRANGEMENTS </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The following is a description of the Group&#8217;s significant licensing and collaboration agreements entered into from January&#160;1, 2017 to December&#160;31, 2019. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-weight:bold;display:inline;">A. <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In-Licensing</div> Arrangements </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licensing Agreement with MorphoSys AG (&#8220;MorphoSys&#8221;) </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#180;s proprietary investigational antibody against CD38 (the &#8220;CD38 product&#8221;). </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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 &#8220;Greater China&#8221;). </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to this agreement, the Group paid to MorphoSys an upfront license fee of US$20.0&#160;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&#160;million (equivalent to approximately RMB653.5 million). 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font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Other <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In-Licensing</div> Arrangements </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In addition to the above arrangements, the Group has entered into other various <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in-licensing</div> and collaboration agreements with third party licensors to develop and commercialize drug candidates. Based on the terms of these agreements the Group is contingently obligated to make additional material payments upon the achievement of certain contractually defined milestones. The Group recorded US$0.6&#160;million (equivalent to approximately RMB4.0 million) upfront fee and US$0.3&#160;million (equivalent to approximately RMB2.0 million) milestone payment under these agreements for the year ended December&#160;31, 2018. The Group recorded US$1.2&#160;million (equivalent to approximately RMB8.4 million) milestone payment during the year ended December&#160;31, 2019. Under the terms of the agreements, the licensors are eligible to receive from the Group up to an aggregate of approximately US$164.4&#160;million (equivalent to approximately RMB1,144.5 million) in milestone payments upon the achievement of contractually specified development milestones and sales milestones, such as regulatory approval for the drug candidates, which may be before the Group has commercialized the drug or received any revenue from sales of such drug candidate, which may never occur.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-weight:bold;display:inline;">B. <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Out-Licensing</div> and collaboration Arrangements </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licensing Agreement among HDYM, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> and Hangzhou HealSun Biopharm Co., Ltd. (&#8220;HealSun&#8221;) </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In April 2017, one of the Company&#8217;s subsidiaries, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Shanghai, entered into a technology transfer agreement with HDYM and HealSun with respect to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">anti-PD-L1</div></div> humanized monoclonal antibodies. Under the agreement, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Shanghai agreed to grant to HDYM exclusive, worldwide and sublicensable rights to develop, manufacture, have manufactured, use, sell, have sold, import, or otherwise exploit certain <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">PD-L1</div> related patents, patent applications, know-hows, data and information of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Shanghai, relevant cell lines as well as any <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">anti-PD-L1</div></div> monoclonal antibody arising from such cell lines for the treatment of diseases. Further, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Shanghai and its cooperative party, HealSun agreed to provide subsequent research and development services on such intellectual property to HDYM, including the selection and examination of innovative <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">anti-PD-L1</div></div> humanized monoclonal antibodies, cultivation and selection of stable cell lines, establishment of cell bank, research and development of manufacturing processes and preparation of samples, toxicological and pharmacological testing, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">pre-clinical</div> pharmaceutical experiment report drafting, and application for and registration of clinical trials. HDYM agreed to make milestone payments conditioned upon achieving certain contractually defined milestones.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determined that this collaboration is more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under this agreement, due to the early stage nature of the development, the Group determined the license to the intellectual property and research and development services are not distinct and thus were accounted for as a single performance obligation that is satisfied over time. The Group would receive RMB51.0&#160;million (inclusive of VAT) milestone payments under this agreement, and considered that the achievements of milestone II, III, IV are constrained such that the transaction price shall initially only include the milestones payment which have been achieved (that means when uncertainty associated with the variable consideration is subsequently resolved), the additional milestone payment shall be included in the total transaction price when it is no longer probable that a significant reversal of cumulative revenue would occur in future periods. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group used a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">cost-to-cost</div></div> input method to measure progress as that method best depicts its performance under the agreement. For the year ended December&#160;31, 2017, the Group achieved milestones I and II and received milestone payments totaling of RMB29.0&#160;million (inclusive of VAT). The cumulative percentage complete in the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">cost-to-cost</div></div> input method related to this agreement as of December&#160;31, 2017 is estimated to approximate 42%, the Group recognized RMB11.6&#160;million (exclusive of VAT of RMB0.7 million) of revenue in the consolidated statement of comprehensive loss, and RMB15.8&#160;million (exclusive of VAT of RMB0.9 million) were deferred as contract liability related to this arrangement.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">During the year ended December&#160;31, 2018, the Group achieved milestones III and IV and received milestone III payment of RMB11.0&#160;million (inclusive of VAT), milestone IV payment of RMB 11.0 million(inclusive of VAT) was recognized as contract assets as of December&#160;31, 2018. As of December&#160;31, 2018, the cumulative percentage complete in the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">cost-to</div> cost input method related to this arrangement is estimated to approximate 100%. The Group recognized RMB36.5&#160;million (exclusive of VAT of RMB1.3 million) of revenue in the consolidated statement of comprehensive loss for the year ended December&#160;31, 2018. All of the milestone payments were received by the Group as of December&#160;31, 2019.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration Agreement with Everest (&#8220;Everest&#8221;) </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In January 2018, the Group entered into a collaboration agreement with Everest, which is controlled by the ultimate controlling party of a principal shareholder of the Group. Under the agreement, both parties agreed to collaborate on programs to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">co-develop</div> MorphoSys&#8217; proprietary anti-CD38 antibody for all indications in hematologic oncology and commercialize of MOR202/TJ202 in Greater China.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A joint steering committee with equal representation from each party was established to coordinate and oversee the development and commercialization of the CD38 product. All decisions of the joint steering committee shall be made by unanimous vote. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under the agreement, the Group is primarily responsible for carrying out the development, manufacture and supply of the CD38 product, as well as seeking regulatory approval of the CD38 product. Everest is primarily responsible for sharing the development costs of the CD38 product, including payments due to MorphoSys under the Licensing Agreement, dated November 30, 2017, in the proportion of 75% by Everest and 25% by the Group. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The joint steering committee will decide which party shall be responsible for conducting the commercialization of the CD38 product pursuant to the commercialization plan approved by the committee. If Everest is selected to be responsible for commercialization, the Group shall grant an exclusive royalty-free license to Everest to commercialize the CD38 product for all indications in hematologic oncology in Greater China. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group and Everest will share the profit and loss and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">out-licensing</div> revenue derived from the CD 38 product in proportion to the costs that each party incur in developing the product. The parties will also split <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">out-license</div> revenue according to the proportion of development costs incurred, with the Group getting an additional five percent (5%) share and Everest receiving five percent (5%) less. Everest cannot share in any profit from the commercialization of CD38 product until it has fulfilled its payment obligations under this agreement.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">Upon any termination of this arrangement, the terminating party has the right to continue the development and commercialization of CD38 product. If Everest is the rightful terminating party, the Group shall reasonably cooperate with Everest to facilitate the following: (i)&#160;assign the MorphoSys license to Everest (subject to the terms and conditions of such license); (ii) grant to Everest an exclusive license to all intellectual property rights that the Group owns or controls to further develop, manufacture, and commercialize the CD38 product; (iii)&#160;transfer the development, manufacture and commercialization of the CD38 product to Everest. The terminating party shall be solely responsible for the cost and expense of such development and commercialization after termination. In the event that such continuing party successfully develops and commercializes the CD38 product, it shall pay to the other party a percentage of the product profit and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">out-license</div> revenue generated therefrom in accordance with the terms of this agreement.</div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">During the year ended December&#160;31, 2018, the US$26.0&#160;million in aggregate proceeds from Everest under the agreement represented the funding available under the agreement, and was recorded as a research and development funding received liability (equivalent to approximately RMB178.7 million) on the consolidated balance sheet as of December&#160;31, 2018, in accordance with ASC 730, Research and Development. Because there is a significant related party relationship between the Group and Everest, the Group is treating its obligation to make payments under the commercialization stage as an implicit obligation to repay the funds advanced by Everest (see Note 23). During the year ended December&#160;31, 2019, an additional US$7.6million </div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">(equivalent to approximately RMB53.1 million) of funding was received and recorded as a research and development funding received liability. No additional milestone has been achieved in the year ended December&#160;31, 2019.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Termination Agreement with Everest</div> </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">On November&#160;4, 2019, the Group and Everest have terminated the collaboration agreement with respect to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">co-development</div> and commercialization of TJ202 in Greater China. Upon the termination, Everest will not retain any rights or entitlements to develop or commercialize TJ202 or any economic interest in its commercialization. All intellectual property rights in respect of TJ202 arising from its development under the collaboration agreement are vested and owned by <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab,</div> and the Group holds all intellectual property rights and have maximum flexibility to further develop, manufacture and commercialize TJ202 in Greater China. In consideration of the above arrangements, the board of directors of the Group has approved the issuance of a total value of US$37.0&#160;million of ordinary shares (the &#8220;CPP Shares&#8221;) to Everest, representing Everest&#8217;s historical contribution to the collaboration and the associated time cost. The CPP Shares will be issued concurrently with, and subject to, the completion of the Company&#8217;s initial public offering within 180 days from termination of the collaboration agreement. The total value of US$37.0 million was calculated based on the sum of (1)&#160;US$33.7 million, which equals cumulative <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> contributions historically made by Everest under the collaboration agreement; and (2)&#160;a negotiated US$3.3 million time cost of the foregoing historical contribution in light of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab&#8217;s</div> exclusive rights over the commercialization of TJ202 after this termination. The issuance of the CPP Shares was approved by <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab&#8217;s</div> existing shareholders on December&#160;25,<div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div>2019. In the event that the initial public offering has not been completed within 180 days from the termination of the collaboration agreement, the Company will issue 4,762,751 ordinary shares (the &#8220;Subject Shares&#8221;) to Everest on the <div style="letter-spacing: 0px; top: 0px;;display:inline;">1<div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">81st day. </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the aforementioned termination of the collaboration agreement with Everest, the Group derecognized the research and development funding received from Everest and recognized a liability that represented the ordinary shares to be issued to Everest, which was measured at fair value in accordance with ASC 480, and the difference of US$3.3 million </div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">(equivalent to approximately RMB23.0 million) between the initial fair value of the liability and the carrying amount of research and development funding received was recognized as other expenses in the consolidated statements of comprehensive loss.</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; text-decoration: none;;display:inline;"> </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licensing Agreement with ABL Bio </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In July 2018, the Group entered into a license and collaboration agreement with ABL Bio, under which the Group granted to ABL Bio exclusive, worldwide (excluding Greater China), royalty-bearing rights to develop and commercialize a bispecific antibody (&#8220;BsAb&#8221;). </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group agreed to share costs fifty-fifty (50:50) with ABL Bio through the completion of in vivo studies, with ABL Bio responsible for all costs and activities following that </div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">time. For the year ended December 31, 2019, US$0.2 million (equivalent to approximately RMB1.4 million) expenses were incurred by ABL Bio. Accordingly, the Group recorded US$0.1 million (equivalent to approximately RMB0.7 million ) (50% cost sharing) of expenses in the Group&#8217;s consolidated statement of comprehensive loss for the year ended December 31, 2019.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">In consideration of the license and a memorandum of understanding signed with ABL Bio in January 2020,</div> ABL Bio agreed to pay the Group an upfront fee of US$2.5&#160;million (equivalent to approximately RMB17.2 million), and milestone payments in the aggregate amount of US$97.5&#160;million (equivalent to approximately RMB646.8 million) conditioned upon achieving certain research, clinical development and sales milestones. These include <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">clinical</div> milestones of up to US$32.5&#160;<div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">million (equivalent to approximately</div> RMB215.6 million) and sales milestones of up to US$65&#160;million (equivalent to approximately RMB431.2 million). Further, ABL Bio agreed to pay the Group royalties at <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">mid-single-digit</div> percentages in respect of the total annual net sales of the licensed BsAb product.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In addition, ABL Bio granted to the Group an exclusive, royalty-free, sublicensable license to use the BsAb technology solely to exploit the licensed BsAb product for all indications in Greater China. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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 the BsAb license to ABL Bio, 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. </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2018<div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;and 2019</div>, no milestone has been achieved, and the Group recognized revenue of US$2.5&#160;million (equivalent to RMB17.2 million) of revenue in the consolidated statements of comprehensive loss for the year ended December&#160;31, 2018, which was the upfront fee related to the grant of the rights of BsAb to ABL Bio as mentioned above. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration Agreement with ABL Bio </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In July 2018, the Group and ABL Bio entered into a collaboration agreement (the &#8220;ABL Bio Collaboration&#8221;) whereby both parties agreed to collaborate to develop three <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">PD-L1</div> based bispecific antibodies by using ABL Bio&#8217;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.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">At contract inception, as both <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> 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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">PD-L1</div> based bispecific antibodies products in research and development expense in the consolidated statements of comprehensive loss. As of December&#160;31, 2018, RMB1.0&#160;million expenses were <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">incurred by the Group and ABL Bio did not incur any expense. According to the terms set out in the agreement, the Group recorded <div style="letter-spacing: 0px; top: 0px;;display:inline;">R<div style="letter-spacing: 0px; top: 0px;;display:inline;">MB</div></div>0.5 million (50% cost sharing) of expense in the Group&#8217;s consolidated statement of comprehensive loss for the year ended December&#160;31</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, 2018</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">. For the year ended December&#160;31</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, 2019</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, RMB11.2&#160;<div style="background: none; letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt;;display:inline;">million expenses were incurred by the Group and RMB8.0<div style="letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">&#160;</div></div>million expenses were incurred by ABL Bio. Accordingly, the Group recorded RMB9.6&#160;million (50% cost sharing) of expenses in the Group&#8217;s consolidated statement of comprehensive loss for the year ended December&#160;31</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, 2019</div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">.</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration Agreements with Tracon Pharmaceuticals, Inc. (&#8220;Tracon&#8221;) </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In November 2018, the Group entered into collaboration agreements with Tracon, under which both parties agreed to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">co-develop</div> the Group&#8217;s proprietary CD73 antibody, TJD5 (the &#8220;TJD5 Agreement&#8221;) and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">co-develop</div> up to five BsAbs (the &#8220;BsAbs <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">Agreement&#8221;). Both agreements may be terminated by either party for the other party&#8217;s uncured material breach, bankruptcy or insolvency or for safety reasons. In addition, the agreement in respect of TJD5 may be terminated by the Group: (i) for convenience within a certain period upon completing different clinical stages subject to certain payments and royalties, based on the clinical stage, that would be owed to Tracon upon the exercise of such termination for convenience; (ii) in the event that Tracon causes the Phase 1 study timeline to be delayed beyond the agreed extension periods; or (iii) if the Group decides to end the development of the collaborative product prior to its first commercial sale. Further, prior to the first commercial sale, Tracon may deem this agreement to be terminated by the Group if it reasonably believes that the Group has discontinued all meaningful development of the collaborative product for at least 12 months and certain other conditions are met. As of December 31, 2019, no payments or royalties are due under this agreement. As of December&#160;31, 2019, the Group has recorded</div> US$4.0&#160;million (equivalent to approximately RMB27.8 million) of research and development costs in the consolidated statement of comprehensive loss for the year ended December&#160;31, <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">2019. Additionally, in March 2019, the Group agreed with Tracon and F. Hoffmann-La Roche Ltd (&#8220;Roche&#8221;) on a clinical supply agreement for Roche to supply atezolizumab for use in clinical studies under the collaboration agreement with Tracon.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Licensing Agreement with CSPC Pharmaceutical Group Limited (&#8220;CSPC&#8221;) </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In December 2018, the Group entered into a product development agreement with CSPC. The Group granted to CSPC exclusive, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-transferable,</div> <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-irrevocable</div> and sublicensable rights in the PRC (excluding Hong Kong, Macau and Taiwan) to develop and commercialize TJ103 for treating type 2 diabetes.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In consideration of the license, CSPC agreed to pay the Group an upfront fee of RMB15.0&#160;million and milestone payments in an aggregate amount of RMB135.0&#160;million conditioned upon achieving certain clinical development and regulatory approval milestones. In addition, the Group is also entitled to royalties of up to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">low-double-digit</div> percentages in respect of the total annual net sales of the products after its commercialization in the PRC.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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&#160;31, 2018, the amount received of RMB14.2&#160;million (net of VAT) was recorded as advance from customers in the consolidated balance sheet. In February 2019, an additional amount of RMB0.8&#160;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&#160;million (net of VAT) was received according to the terms of the agreement. Accordingly, RMB30.0&#160;million was recognized as revenue in the consolidated statements of comprehensive loss for the year ended December&#160;31, 2019. </div></div> 53100000 200000 1400000 100000 700000 0.50 258119000 37076000 E9 23000000 190699000 <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">13. CONVERTIBLE PREFERRED SHARES </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">On October&#160;18, 2016, the Company issued 5,141,587 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> Preferred Shares with a consideration of US$11,282 (equivalent to approximately RMB74,742). In connection with the Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> Preferred Shares issuance, the Company also issued 2,246,744 warrant to purchase its Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares (<div style="display:inline;">"</div>Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Warrants<div style="display:inline;">"</div> and see Note 15).</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On September&#160;6, 2017, in connection with the Group&#8217;s acquisition of Tasgen Group, the Company issued 16,723,646 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares at a price of US$2.55 per share with a total consideration of US$42,645 (equivalent to approximately RMB289,024).</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-1</div> Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> Preferred Shares and Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares are also referred to as Series A Preferred Shares.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On September&#160;22, 2017, the Company issued 15,894,594 shares of Series B Preferred Shares with a consideration of US$52,546 (equivalent to approximately RMB346,515). In connection with the Series B Preferred Shares issuance, the Company also issued convertible promissory notes that are convertible into Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> Preferred Shares (<div style="display:inline;">"</div>2017 Note<div style="display:inline;">s<div style="display:inline;">"</div></div> and see Notes 14) and 5,633,780 warrants to purchase its Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> Preferred Shares (&#8220;Series B Warrant&#8221; and see Note 15).</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">Concurrently with the Company&#8217;s issuance of Series B Preferred Shares, the Company also completed a round of onshore financing with respect to the Group&#8217;s subsidiary <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-MAB</div> Tianjin (&#8220;Series B Onshore Financing&#8221;). Series B Onshore Financing comprised 1) capital injection to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Tianjin by a number of investors (&#8220;Series B Onshore Investors&#8221;) (see Note 14), 2) <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">I-Mab</div> Tianjin&#8217;s issuance of convertible loans (&#8220;Onshore Convertible Loans&#8221; and see Note 14), and 3) the Company&#8217;s issuance of 2,620,842 warrants to purchase its Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> Preferred Shares (&#8220;Series B Warrants&#8221; and see Note 15).</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On June&#160;29, 2018, the Company issued total 8,361,823 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Preferred Shares upon exercise of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A-3</div> Option held by its holder.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On June&#160;29, 2018, the Company issued 2,535,201 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> Preferred Shares upon conversion of 2017 Notes and issued 2,253,512 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> Preferred Shares upon exercise of Series B Warrant by Series B preferred shareholders.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On June&#160;29, 2018, the Company issued 5,938,640 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor and issued 947,218 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 14), respectively.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On July&#160;6, 2018, the Company issued 1,455,549 shares of Series B Preferred Shares upon exercise of the Series B Option held by a Series B Onshore Investor, issued 232,161 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> Preferred Shares upon conversion of Onshore Convertible Loans by a Series B Onshore Investor (see Note 14) and issued 1,048,337 shares of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> Preferred Shares upon exercise of Series B Warrant by Series B Onshore Investors, respectively.</div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;">Series B Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-1</div> Preferred Shares and Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B-2</div> Preferred Shares are also referred to as Series B Preferred Shares.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On July 6, 2018, the Company issued 31,046,360 shares of Series C Preferred Shares at a price of US$6.4419 per share with a total consideration of US$200,000 (equivalent to approximately RMB1,323,363). In connection with the offering of the Series C Preferred Shares, the Company incurred issuance costs of RMB16,730. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On July&#160;25, 2019, the Group entered into a share purchase agreement with certain third party investors, under which these investors will subscribe for an aggregate of 3,857,143 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares of the Company for an aggregate purchase price of US$27.0&#160;million. Out of the aforementioned subscription of 3,857,143 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares by certain third party investors, 1,428,571 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares were issued to an investor on October&#160;17, 2019, and the Group also received the cash consideration of US$10,000 (equivalent to approximately RMB70,036). On November&#160;6, 2019, the Group received cash consideration of US$17,000 (equivalent to approximately RMB119,387) for the remaining 2,428,572 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares from the investors and the issuance of such 2,428,572 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares was consummated on that day. In connection with the offering of the Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> convertible preferred shares, the Company incurred issuance costs of approximately US$840&#160;<div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">(equivalent to approximately RMB5,887).</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">C-1</div> Preferred Shares are collectively referred to as Preferred Shares.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Key terms of the Preferred Shares are summarized as follows: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Dividends </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The holders of Preferred Shares are entitled to receive dividends, out of any assets legally available therefore, prior and in preference to any declaration or payment of any dividend on the ordinary shares or any other class or series of shares of the Group at the rate of eight percent (8%) of the original issue price per share per annum on each Preferred Share, payable in US$ and annually when, as and if declared by the Board of Directors. Such distributions shall not be cumulative. No dividend, whether in cash, in property or in shares of the capital of the Group, shall be paid on or declared and set aside for any ordinary shares or any other class or series of shares of the Group unless and until all dividends have been paid in full on the Preferred Shares (on an <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div> basis).</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Conversion </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each Preferred Share may be converted at any time into ordinary shares at the option of the preferred shares holders at the then applicable conversion price. The initial conversion ratio is 1:1, subject to adjustment in the event of (i)&#160;share splits, share combinations, share dividends or distribution, other dividends, recapitalizations and similar events, or (ii)&#160;issuance of ordinary shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance. </div></div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Preferred Shares shall be automatically converted into ordinary shares immediately upon the closing of a public offering of the Company&#8217;s shares with an offering price (exclusive of underwriting commissions and expenses) that reflects a market capitalization (immediately prior to the public offering) of not less than US$1,000,000,000 or otherwise approved by all directors and certain preferred shareholders as specified in the Company&#8217;s memorandum and articles of association (the &#8220;Qualified Public Offering&#8221;). </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determined that there were no beneficial conversion features (&#8220;BCF&#8221;) identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Group will reevaluate whether or not a beneficial conversion feature should be recognized. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidation </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In the event of any liquidation (unless waived by the preferred shareholders) including deemed liquidation, dissolution or winding up of the Company, holders of the Preferred Shares shall be entitled to receive a per share amount equal to one hundred percent (100%) of the original issue price on each Preferred Share, plus an amount representing an internal rate of return of twelve percent (12%) per annum on the original issue price as adjusted for share dividends, share splits, combinations, recapitalizations or similar events, plus all accrued and declared but unpaid dividends thereon, in the sequence of Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares. After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata basis among the holders of the Preferred Shares, on an <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div> basis, together with the holders of the ordinary shares.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounting of preferred shares </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Preferred Shares are redeemable by the holders upon a liquidation event, including a deemed liquidation event (e.g., change in control), and as such are presented as mezzanine equity on the consolidated balance sheets. In accordance with ASC <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">480-10-S99,</div></div> each issuance of the convertible preferred shares should be recognized at the date of issuance after deducting fair value allocated to the detachable warrants and issuance costs.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Modification of preferred shares </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company assesses whether an amendment to the terms of its convertible preferred shares is an extinguishment or a modification using the fair value model. </div></div></div><div style="margin: 12pt 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; background: none; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">When convertible redeemable preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible redeemable Preferred Shareholders and the carrying amount of such preferred shares (net of issuance costs) is treated as a deemed dividend to the Preferred Shareholders. When convertible redeemable preferred shares are modified and such modification results in value transfer between Preferred Shareholders and ordinary shareholders, the change in fair value resulted from the amendment is treated as a deemed dividend to or from the Preferred Shareholders. </div></div></div><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On December&#160;25, 2019, the Company&#8217;s shareholders and board of directors approved that, where the final offering price of a Qualified Public Offering is no less than US$4.176 per ordinary share, the agreed provisions related to the number of shares to be converted into the Company&#8217;s ordinary shares shall apply with respect to the Series C-1 Preferred Shares, Series C Preferred Shares, Series B-2 Preferred Shares and Series B-1 Preferred Shares, which will generally give rise to a one to multiple conversion of the such rounds of Preferred Shares, provided that unanimous consent of the directors on the final offering price needs to be obtained in the event that the final offering price per ordinary share of such IPO is fixed at a price equal to or higher than US$4.176 per ordinary share but lower than US$5.22 per ordinary share. </div></div></div><div style="margin: 12pt 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company evaluated the aforementioned modifications and concluded that they represented modifications, rather than extinguishment, to Series B-1, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt;;display:inline;">B-2</div> and C Preferred Shares, which resulted in a transfer of value from ordinary shareholders to preferred shareholders. The combined change in fair value of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt;;display:inline;">B-1,</div> <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; font-size: 10pt;;display:inline;">B-2</div> and C Preferred Shares immediately before and after the modification was US$4.0 million </div></div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">(equivalent to approximately RMB27.8 million) on December&#160;25, 2019. This decrease in fair value of the ordinary shares of</div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> US$4.0&#160;</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">million (equivalent to approximately RMB27.8 million) on December&#160;25, 2019 was, in substance, a transfer of wealth mostly from ordinary shareholders to preferred shareholders, and therefore was recorded as a deemed dividend to the preferred shareholders</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;;font-weight:bold;display:inline;">.</div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; text-decoration: none;;display:inline;"> </div></div></div><div style="margin: 12pt 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; background: none; line-height: 10pt; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company evaluated the aforementioned modifications and concluded that they represented extinguishment to Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">C-1</div> Preferred Shares. The difference between the fair value of the modified Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">C-1</div> Preferred Shares and the carrying value of the original Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;">C-1</div> Preferred Shares was amounting</div><div style="letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt;;display:inline;"><div style="background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;"> US$0.8&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">million on December&#160;25, 2019 and represented the fair value of the consideration transferred, and therefore was recognized as a deemed dividend to the preferred shareholders and adjustment to the carrying amount of Series <div style="white-space: nowrap; 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