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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 10-Q
___________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to
Commission File Number: 001-37686
___________________________________________________________
BEIGENE, LTD.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Cayman Islands98-1209416
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
c/o Mourant Governance Services (Cayman) Limited
94 Solaris Avenue, Camana Bay
Grand Cayman
Cayman IslandsKY1-1108
(Address of principal executive offices)
(Zip Code)
+1 (345) 949-4123
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per shareBGNEThe NASDAQ Global Select Market
Ordinary Shares, par value $0.0001 per share*06160The Stock Exchange of Hong Kong Limited
*Included in connection with the registration of the American Depositary Shares with the Securities and Exchange Commission. The ordinary shares are not registered or listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited.
As of October 31, 2021, 1,219,734,201 ordinary shares, par value $0.0001 per share, were outstanding, of which 978,399,318 ordinary shares were held in the form of 75,261,486 American Depositary Shares, each representing 13 ordinary shares.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐     No  


BeiGene, Ltd.
Quarterly Report on Form 10-Q
TABLE OF CONTENTS

2

Summary of Risk Factors
Below is a summary of the principal factors that make an investment in our American Depositary Shares (“ADSs”) or ordinary shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, are summarized in “Part II – Item 1A – Risk Factors” and should be carefully considered, together with other information in this Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), before making an investment decision regarding our ADSs or ordinary shares.
Our medicines may fail to achieve and maintain the degree of market acceptance by physicians, patients, third-party payors, and others in the medical community necessary for commercial success.
We have limited experience in launching and marketing our internally developed and in-licensed medicines. If we are unable to further develop marketing and sales capabilities or enter into agreements with third parties to market and sell our medicines, we may not be able to generate substantial product sales revenue.
If we are not able to continue to obtain, or experience delays in obtaining, required regulatory approvals, we will not be able to commercialize our medicines and drug candidates, and our ability to generate revenue will be materially impaired.
We face substantial competition, which may result in others discovering, developing, or commercializing competing medicines before or more successfully than we do.
The market opportunities for our medicines may be limited to those patients who are ineligible for or have failed prior treatments and may be small.
We have limited manufacturing capability and must rely on third-party manufacturers to manufacture some of our commercial products and clinical supplies, and if they fail to meet their obligations, the development and commercialization of our medicines and drug candidates could be adversely affected.
If we or any third parties with which we may collaborate to market and sell our medicines are unable to achieve and maintain coverage and adequate level of reimbursement, our commercial success and business operations could be adversely affected.
We depend substantially on the success of the clinical development of our medicines and drug candidates. If we are unable to successfully complete clinical development, obtain regulatory approvals and commercialize our medicines and drug candidates, or experience significant delays in doing so, our business will be materially harmed.
Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
If clinical trials of our drug candidates fail to demonstrate safety and efficacy to the satisfaction of regulatory authorities or do not otherwise produce positive results, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our drug candidates.
If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
All material aspects of the research, development, manufacturing and commercialization of pharmaceutical products are heavily regulated, and we may face difficulties in complying with or be unable to comply with such regulations, which could have a material adverse effect on our business.
The approval processes of regulatory authorities in the United States, China, Europe and other comparable regulatory authorities are lengthy, time consuming and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our drug candidates, our business will be substantially harmed.
Our medicines and any future approved drug candidates will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our medicines and drug candidates.
Even if we are able to commercialize our medicines and any approved drug candidates, the medicines may become subject to unfavorable pricing regulations or third-party reimbursement practices or healthcare reform initiatives, which could harm our business.
3

We have incurred significant net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future and may not become profitable.
We have limited experience in obtaining regulatory approvals and commercializing pharmaceutical products, which may make it difficult to evaluate our current business and predict our future performance.
We may need to obtain additional financing to fund our operations, and if we are unable to obtain such financing, we may be unable to complete the development of our drug candidates or achieve profitability.
If we are unable to obtain and maintain patent protection for our medicines and drug candidates through intellectual property rights, or if the scope of such intellectual property rights is not sufficiently broad, third parties may compete against us.
If we fail to maintain an effective distribution channel for our medicines, our business and sales could be adversely affected.
We rely on third parties to manufacture some of our commercial and clinical drug supplies. Our business could be harmed if those third parties fail to provide us with sufficient quantities of product or fail to do so at acceptable quality levels or prices.
If third-party manufacturers fail to comply with manufacturing regulations, our financial results and financial condition could be adversely affected.
We have entered into licensing and collaboration arrangements and may enter into additional collaborations, licensing arrangements, or strategic alliances in the future, and we may not realize the benefits of such arrangements.
If we are not able to successfully develop and/or commercialize Amgen’s oncology products, the expected benefits of the collaboration will not materialize.
We have significantly increased and expect to continue to increase our research, development, manufacturing, and commercial capabilities, and we may experience difficulties in managing our growth.
Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
Our business is subject to complex and evolving industry-specific laws and regulations regarding the collection and transfer of personal data. These laws and regulations can be complex and stringent, and many are subject to change and uncertain interpretation, which could result in claims, changes to our data and other business practices, significant penalties, increased cost of operations, or otherwise adversely impact our business.
We manufacture some of our medicines and intend to manufacture some of our drug candidates, if approved. Delays in completing and receiving regulatory approvals for our manufacturing facilities, or damage to, destruction of or interruption of production at such facilities, could delay our development plans or commercialization efforts.
Changes in the political and economic policies of the PRC government or in relations between China and the United States or other governments may materially and adversely affect our business, financial condition, and results of operations and may result in our inability to sustain our growth and expansion strategies.
The audit report included in our Annual Report on Form 10-K filed with the SEC is prepared by auditors who are not inspected fully by the Public Company Accounting Oversight Board, and as such, investors are deprived of the benefits of such inspection.
The trading prices of our ordinary shares and/or ADSs can be volatile, which could result in substantial losses to you.
4

PART I.     FINANCIAL INFORMATION
Item 1.     Financial Statements
BEIGENE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
  As of
  September 30,December 31, 
 Note20212020
  $$
  (unaudited)(audited)
Assets   
Current assets:   
Cash and cash equivalents 1,383,310 1,381,950 
Short-term restricted cash4330 307 
Short-term investments42,533,617 3,268,725 
Accounts receivable, net10129,584 60,403 
Inventories5150,979 89,293 
Prepaid expenses and other current assets10235,015 160,012 
Total current assets 4,432,835 4,960,690 
Long-term restricted cash46,056 7,748 
Property, plant and equipment, net6450,788 357,686 
Operating lease right-of-use assets100,585 90,581 
Intangible assets, net814,104 5,000 
Deferred tax assets9106,844 65,962 
Other non-current assets10175,122 113,090 
Total non-current assets 853,499 640,067 
Total assets 5,286,334 5,600,757 
Liabilities and shareholders' equity 
Current liabilities: 
Accounts payable 206,203 231,957 
Accrued expenses and other payables10389,874 346,144 
Deferred revenue, current portion372,626  
Tax payable920,878 20,380 
Operating lease liabilities, current portion18,644 13,895 
Research and development cost share liability, current portion3153,838 127,808 
Short-term debt11442,372 335,015 
Total current liabilities 1,304,435 1,075,199 
Non-current liabilities: 
Long-term bank loans11200,906 183,637 
Deferred revenue, non-current portion352,272  
Operating lease liabilities, non-current portion37,613 29,417 
Deferred tax liabilities913,266 10,792 
Research and development cost share liability, non-current portion3266,163 375,040 
Other long-term liabilities1054,606 57,429 
Total non-current liabilities 624,826 656,315 
Total liabilities 1,929,261 1,731,514 
Commitments and contingencies18
Equity: 
Ordinary shares, US$0.0001 par value per share; 9,500,000,000 shares authorized; 1,213,234,201 and 1,190,821,941 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
 121 118 
Additional paid-in capital 7,724,822 7,414,932 
Accumulated other comprehensive income1512,580 6,942 
Accumulated deficit (4,380,450)(3,552,749)
Total equity3,357,073 3,869,243 
Total liabilities and equity 5,286,334 5,600,757 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
  Three Months EndedNine Months Ended
  September 30,September 30,
 Note2021202020212020
  $$
Revenues   
Product revenue, net12192,461 91,080 437,202 208,774 
Collaboration revenue313,979  525,102  
Total revenues 206,440 91,080 962,304 208,774 
Expenses 
Cost of sales - product 47,413 21,123 116,361 49,579 
Research and development 351,937 349,070 1,028,754 939,340 
Selling, general and administrative 269,227 160,837 683,622 391,967 
Amortization of intangible assets 188 187 563 658 
Total expenses 668,765 531,217 1,829,300 1,381,544 
Loss from operations (462,325)(440,137)(866,996)(1,172,770)
Interest (expense) income, net (2,230)(614)(11,275)7,184 
Other income, net 31,477 5,711 26,487 29,368 
Loss before income taxes (433,078)(435,040)(851,784)(1,136,218)
Income tax benefit9(19,223)(8,423)(24,083)(8,344)
Net loss (413,855)(426,617)(827,701)(1,127,874)
Less: net loss attributable to noncontrolling interests  (1,393) (3,713)
Net loss attributable to BeiGene, Ltd. (413,855)(425,224)(827,701)(1,124,161)
Loss per share attributable to BeiGene, Ltd.(0.34)(0.37)(0.69)(1.07)
Weighted-average shares outstanding—basic and diluted1,205,971,284 1,148,973,077 1,196,391,201 1,052,940,583 
Loss per American Depositary Share ("ADS")(4.46)(4.81)(8.99)(13.88)
Weighted-average ADSs outstanding—basic and diluted92,767,022 88,382,544 92,030,092 80,995,429 
 The accompanying notes are an integral part of these condensed consolidated financial statements.
6

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
 Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
 $$$$
Net loss(413,855)(426,617)(827,701)(1,127,874)
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments664 10,143 6,528 7,526 
Pension liability adjustments(111) 250  
Unrealized holding (loss) gain, net(68)(1,044)(1,140)184 
Comprehensive loss(413,370)(417,518)(822,063)(1,120,164)
Less: comprehensive loss attributable to noncontrolling interests (1,174) (3,585)
Comprehensive loss attributable to BeiGene, Ltd.(413,370)(416,344)(822,063)(1,116,579)
 The accompanying notes are an integral part of these condensed consolidated financial statements.
7

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
  Nine Months Ended September 30,
 Note20212020
  $$
Operating activities:   
Net loss (827,701)(1,127,874)
Adjustments to reconcile net loss to net cash used in operating activities: 
Depreciation and amortization expense 33,336 23,961 
Share-based compensation expenses14177,701 134,020 
Unrealized gains on equity investments4(17,166)(9,974)
Acquired in-process research and development53,500 89,500 
Amortization of research and development cost share liability3(82,846)(85,296)
Deferred income tax benefits (38,408)(8,762)
Other items, net 17,719 (10,163)
Changes in operating assets and liabilities: 
Accounts receivable (69,174)10,497 
Inventories (61,686)(6,972)
Other assets (92,938)(58,921)
Accounts payable (12,376)21,979 
Accrued expenses and other payables 819 103,600 
Deferred revenue 124,898  
Other liabilities 3,438 (26,722)
Net cash used in operating activities (790,884)(951,127)
Investing activities: 
Purchases of property, plant and equipment (147,963)(82,819)
Purchases of investments (2,062,879)(4,879,705)
Proceeds from sale or maturity of investments 2,758,391 1,972,608 
Purchase of in-process research and development(8,500)(89,500)
Other investing activities(7,500)(2,025)
Net cash provided by (used in) investing activities 531,549 (3,081,441)
Financing activities: 
Proceeds from sale of ordinary shares, net of cost1650,000 4,232,017 
Proceeds from research and development cost share liability  616,834 
Prepayment to acquire joint venture ("JV") minority interest (28,723)
Proceeds from long-term loan1116,838 64,288 
Repayment of long-term loan (132,061)
Proceeds from short-term loans11143,456 48,983 
Repayment of short-term loans(40,229) 
Proceeds from option exercises and employee share purchase plan 82,192 75,830 
Net cash provided by financing activities 252,257 4,877,168 
Effect of foreign exchange rate changes, net 6,769 4,340 
Net (decrease) increase in cash, cash equivalents, and restricted cash (309)848,940 
Cash, cash equivalents, and restricted cash at beginning of period 1,390,005 620,775 
Cash, cash equivalents, and restricted cash at end of period 1,389,696 1,469,715 
Supplemental cash flow information: 
Cash and cash equivalents 1,383,310 1,464,470 
Short-term restricted cash 330 295 
Long-term restricted cash6,056 4,950 
Income taxes paid 15,214 10,596 
Interest paid 23,398 41,577 
Supplemental non-cash information: 
Acquisitions of equipment included in accounts payable 41,897 30,926 
Acquired in-process research and development included in accrued expenses45,000 20,000 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

BEIGENE, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
 Attributable to BeiGene, Ltd.  
 Ordinary SharesAdditional
Paid-In
Capital
Accumulated
Other Comprehensive Income
Accumulated
Deficit
TotalNoncontrolling
Interests
 
 SharesAmountTotal
$$$$$$$
Balance at December 31, 20201,190,821,941 118 7,414,932 6,942 (3,552,749)3,869,243  3,869,243 
Use of shares reserved for share option exercises(123,097)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")6,623,773 1 25,753 — — 25,754 — 25,754 
Share-based compensation— — 45,833 — — 45,833 — 45,833 
Other comprehensive loss— — — (3,738)— (3,738)— (3,738)
Net income— — — — 66,495 66,495 — 66,495 
Balance at March 31, 20211,197,322,617 119 7,486,518 3,204 (3,486,254)4,003,587  4,003,587 
Use of shares reserved for share option exercises(1,599,676)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")8,844,082 1 9,846 — — 9,847 — 9,847 
Share-based compensation— — 64,791 — — 64,791 — 64,791 
Other comprehensive income— — — 8,891 — 8,891 — 8,891 
Net loss— — — — (480,341)(480,341)— (480,341)
Balance at June 30, 20211,204,567,023 120 7,561,155 12,095 (3,966,595)3,606,775  3,606,775 
Proceeds from issuance of ordinary shares, net of cost2,151,877 — 50,000 — — 50,000 — 50,000 
Use of shares reserved for share option exercises(3,644,641)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")10,159,942 1 46,590 — — 46,591 — 46,591 
Share-based compensation— — 67,077 — — 67,077 — 67,077 
Other comprehensive income— — — 485 — 485 — 485 
Net loss— — — — (413,855)(413,855)— (413,855)
Balance at September 30, 20211,213,234,201 121 7,724,822 12,580 (4,380,450)3,357,073  3,357,073 
Balance at December 31, 2019801,340,698 79 2,925,970 (8,001)(1,955,843)962,205 16,150 978,355 
Issuance of ordinary shares in connection with collaboration206,635,013 21 2,162,386 — — 2,162,407 — 2,162,407 
Use of shares reserved for share option exercises(3,705,468)— — — — — — — 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")3,706,573 1 11,628 — — 11,629 — 11,629 
Share-based compensation— — 38,255 — — 38,255 — 38,255 
Other comprehensive income— — — 1,453 — 1,453 (104)1,349 
Net loss— — — — (363,735)(363,735)(1,204)(364,939)
Balance at March 31, 20201,007,976,816 101 5,138,239 (6,548)(2,319,578)2,812,214 14,842 2,827,056 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")10,493,392 1 16,568 — — 16,569 — 16,569 
Use of shares reserved for share option exercises and RSU releases(3,493,516)— — — — — — — 
Share-based compensation— — 45,468 — — 45,468 — 45,468 
Deconsolidation of entity— — — — — — (3,545)(3,545)
Other comprehensive loss— — — (2,751)— (2,751)13 (2,738)
Net loss— — — — (335,202)(335,202)(1,116)(336,318)
9

Balance at June 30, 20201,014,976,692 102 5,200,275 (9,299)(2,654,780)2,536,298 10,194 2,546,492 
Proceeds from issuance of ordinary shares, net of cost145,838,979 14 2,069,596 — — 2,069,610 — 2,069,610 
Exercise of options, ESPP and release of Restricted Share Units ("RSUs")16,575,806 1 47,631 — — 47,632 — 47,632 
Use of shares reserved for share option exercises and RSU releases5,525,182 1 — — — 1 — 1 
Share-based compensation— — 50,297 — — 50,297 — 50,297 
Other comprehensive income— — — 8,880 — 8,880 219 9,099 
Net loss— — — — (425,224)(425,224)(1,393)(426,617)
Balance at September 30, 20201,182,916,659 118 7,367,799 (419)(3,080,004)4,287,494 9,020 4,296,514 
The accompanying notes are an integral part of these condensed consolidated financial statements.

10

BEIGENE, LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollar (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
(Unaudited)
1. Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies
Description of business
BeiGene, Ltd. (the "Company", "BeiGene", "it", "its") is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and expand access for patients worldwide.
The Company has delivered ten molecules into the clinic in its first ten years, including three commercial medicines, BRUKINSA®, a small molecule inhibitor of Bruton’s Tyrosine Kinase (“BTK”) for the treatment of various blood cancers, tislelizumab, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers, and pamiparib, a selective small molecule inhibitor of PARP1 and PARP2. The Company is marketing BRUKINSA® in the world’s two largest pharmaceutical markets, the United States and the People's Republic of China ("China" or the "PRC"), and tislelizumab and pamiparib in China, with an established, science-based commercial organization. Additionally, the Company has licensed the China rights to multiple medicines, including Amgen's XGEVA®, BLINCYTO®, and KYPROLIS®; BMS's REVLIMID®, VIDAZA®, and ABRAXANE®; and EUSA Pharma's SYLVANT® and QARZIBA®. The Company has built state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines and plans to build a commercial-stage biologics manufacturing and clinical R&D center in New Jersey. The Company is also constructing a new small molecule manufacturing campus in Suzhou, China. It also works with high quality contract manufacturing organizations (“CMOs”) to manufacture its internally developed clinical and commercial products.
The Company is a leader in China-inclusive global clinical development, which it believes can facilitate faster and more cost-effective development of innovative medicines. Its internal clinical development capabilities are deep, including a more than 1,800-person global clinical development team that is running more than 90 ongoing or planned clinical trials. This includes more than 30 pivotal or registration-enabling trials for three drug candidates that have enrolled more than 13,000 patients and healthy volunteers, of which approximately one-half have been outside of China, as of September 2021. The Company has over 45 medicines and drug candidates in commercial stage or clinical development, including 10 approved medicines, 2 pending approval, and over 30 in clinical development.
Supported by its development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen and Novartis to develop and commercialize innovative medicines globally. Since its inception in 2010 in Beijing, the Company has become a fully integrated global organization of over 7,600 employees in 23 countries and regions as of September 30, 2021, including China, the United States, Europe and Australia.
Basis of presentation and consolidation
The accompanying condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the condensed consolidated statements of shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report").
The unaudited interim condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of the operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period.
11

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.
Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries which are not attributable, directly or indirectly, to the controlling shareholders. For a portion of fiscal 2020, the Company consolidated its interests in its joint venture, BeiGene Biologics Co., Ltd. ("BeiGene Biologics") and MapKure, LLC ("MapKure"), under the voting model and recognized the minority shareholder's equity interest as a noncontrolling interest in its condensed consolidated financial statements. In June 2020, the Company deconsolidated MapKure and recorded an equity method investment for its remaining ownership interest in the joint venture (see Note 4). In November 2020, the Company acquired the remaining equity interest in BeiGene Biologics. Subsequent to the share purchase, BeiGene Biologics is a wholly-owned subsidiary of the Company (see Note 7).
Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. 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 these estimates.
Recent accounting pronouncements
New accounting standards which have been adopted
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. Certain amendments in this update should be applied retrospectively or modified retrospectively, and all other amendments should be applied prospectively. The Company adopted this standard on January 1, 2021. There was no material impact to the Company's financial position or results of operations upon adoption.
Significant accounting policies
For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2020.
There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2021, as compared to the significant accounting policies described in the Annual Report.
2. Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in market with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
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Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and considers an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers.
The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of September 30, 2021 and December 31, 2020:
 Quoted Price  
 in ActiveSignificant 
 Market forOtherSignificant
 IdenticalObservableUnobservable
 AssetsInputsInputs
As of September 30, 2021(Level 1)(Level 2)(Level 3)
 $$$
Cash equivalents   
U.S. treasury securities237,796   
Money market funds62,291   
Short-term investment (Note 4):
U.S. Treasury securities2,533,617   
Other non-current assets (Note 4):
Equity securities with readily determinable fair values29,467 13,650  
Total2,863,171 13,650  
 
 Quoted Price  
 in ActiveSignificant 
 Market forOtherSignificant
 IdenticalObservableUnobservable
 AssetsInputsInputs
As of December 31, 2020(Level 1)(Level 2)(Level 3)
 $$$
Cash equivalents   
U.S. treasury securities286,072   
Money market funds