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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, 2022
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
bgne-20220930_g1.jpg
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 listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited (HKEX).
As of October 31, 2022, 1,349,640,180 ordinary shares, par value $0.0001 per share, were outstanding, of which 946,295,584 ordinary shares were held in the form of 72,791,968 American Depositary Shares, each representing 13 ordinary shares, and 115,055,260 were RMB 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") listed on Nasdaq, our ordinary shares listed on The Stock Exchange of Hong Kong Limited ("HKEX"), and our ordinary shares issued to permitted investors in China and listed and traded on the Science and Technology Innovation Board ("STAR") of the Shanghai Stock Exchange ("SSE") in Renminbi ("RMB 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, ordinary shares or RMB 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.
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.
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.
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.
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.
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.
3

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.
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.
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.
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 PRC government has significant oversight and discretion over the conduct of the business operations of our PRC subsidiaries or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, and may intervene with or influence our operations, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless, as the government deems appropriate to further regulatory, political and societal goals.
The audit reports included in our Annual Report on Form 10-K filed with the SEC have historically been prepared by auditors who are not inspected fully by the Public Company Accounting Oversight Board (the "PCAOB"), and as such, investors have previously been deprived of the benefits of such inspections.
Our ADSs may be delisted and our ADSs and ordinary shares prohibited from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act, or the HFCAA. On December 16, 2021, PCAOB issued the HFCAA Determination Report, according to which our previous auditor is subject to the determinations that the PCAOB is unable to inspect or investigate it completely. Under current law, delisting and prohibition from over-the-counter trading in the U.S. could take place in 2024. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.
The trading prices of our ordinary shares, ADSs and/or RMB Shares 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, 
 Note20222021
  $$
  (unaudited)
Assets   
Current assets:   
Cash and cash equivalents 4,197,132 4,375,678 
Short-term restricted cash5191 328 
Short-term investments5871,998 2,241,962 
Accounts receivable, net10189,170 483,113 
Inventories6290,911 242,626 
Prepaid expenses and other current assets10199,766 270,173 
Total current assets 5,749,168 7,613,880 
Long-term restricted cash53,189 6,881 
Property, plant and equipment, net7681,914 587,605 
Operating lease right-of-use assets110,340 117,431 
Intangible assets, net840,849 46,679 
Deferred tax assets9  
Other non-current assets10140,553 163,049 
Total non-current assets 976,845 921,645 
Total assets 6,726,013 8,535,525 
Liabilities and shareholders' equity 
Current liabilities: 
Accounts payable 252,071 262,400 
Accrued expenses and other payables10410,255 558,055 
Deferred revenue, current portion4144,984 187,414 
Tax payable922,665 21,395 
Operating lease liabilities, current portion24,340 21,925 
Research and development cost share liability, current portion4115,721 120,801 
Short-term debt11441,275 427,565 
Total current liabilities 1,411,311 1,599,555 
Non-current liabilities: 
Long-term bank loans11208,058 202,113 
Deferred revenue, non-current portion4149,899 220,289 
Operating lease liabilities, non-current portion36,904 43,041 
Deferred tax liabilities915,249 14,169 
Research and development cost share liability, non-current portion4204,252 269,561 
Other long-term liabilities1045,169 54,234 
Total non-current liabilities 659,531 803,407 
Total liabilities 2,070,842 2,402,962 
Commitments and contingencies18
Equity: 
Ordinary shares, US$0.0001 par value per share; 9,500,000,000 shares authorized; 1,349,640,180 and 1,334,804,281 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 135 133 
Additional paid-in capital 11,451,566 11,191,007 
Accumulated other comprehensive (loss) income 15(161,523)17,950 
Accumulated deficit (6,635,007)(5,076,527)
Total equity4,655,171 6,132,563 
Total liabilities and equity 6,726,013 8,535,525 
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,
 Note2022202120222021
  $$
Revenues   
Product revenue, net12349,506 192,461 915,590 437,202 
Collaboration revenue438,122 13,979 120,236 525,102 
Total revenues 387,628 206,440 1,035,826 962,304 
Expenses 
Cost of sales - product 76,543 47,413 212,953 116,361 
Research and development 426,363 351,937 1,194,485 1,028,754 
Selling, general and administrative 322,892 269,227 948,868 683,622 
Amortization of intangible assets 187 188 563 563 
Total expenses 825,985 668,765 2,356,869 1,829,300 
Loss from operations (438,357)(462,325)(1,321,043)(866,996)
Interest income (expense), net 12,759 (2,230)34,261 (11,275)
Other (expense) income, net (125,640)31,477 (243,290)26,487 
Loss before income taxes (551,238)(433,078)(1,530,072)(851,784)
Income tax expense96,318 5,036 28,408 15,354 
Net loss (557,556)(438,114)(1,558,480)(867,138)
Net loss per share(0.41)(0.36)(1.16)(0.72)
Weighted-average shares outstanding—basic and diluted1,345,303,747 1,205,971,284 1,337,976,853 1,196,391,201 
Net loss per American Depositary Share ("ADS")(5.39)(4.72)(15.14)(9.42)
Weighted-average ADSs outstanding—basic and diluted103,484,904 92,767,022 102,921,296 92,030,092 
 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,
 2022202120222021
 $$$$
Net loss(557,556)(438,114)(1,558,480)(867,138)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments(80,326)664 (168,411)6,528 
Pension liability adjustments (111) 250 
Unrealized holding loss, net1,253 (68)(11,062)(1,140)
Comprehensive loss(636,629)(437,629)(1,737,953)(861,500)
 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,
 Note20222021
  $$
Operating activities:   
Net loss (1,558,480)(867,138)
Adjustments to reconcile net loss to net cash used in operating activities: 
Depreciation and amortization expense 48,262 33,336 
Share-based compensation expenses14225,036 177,701 
Unrealized losses (gains) on equity investments516,413 (17,166)
Acquired in-process research and development20,000 53,500 
Amortization of research and development cost share liability4(70,389)(82,846)
Deferred income tax benefits 380 2,474 
Other items, net 7,762 17,719 
Changes in operating assets and liabilities: 
Accounts receivable 284,717 (69,174)
Inventories (75,632)(61,686)
Other assets 30,325 (92,489)
Accounts payable 4,203 (12,376)
Accrued expenses and other payables 1,628 (44)
Deferred revenue (112,820)124,898 
Other liabilities 167 2,407 
Net cash used in operating activities (1,178,428)(790,884)
Investing activities: 
Purchases of property, plant and equipment (204,076)(147,963)
Purchases of investments (14,735)(2,062,879)
Proceeds from sale or maturity of investments 1,352,398 2,758,391 
Purchase of in-process research and development(95,000)(8,500)
Other investing activities (7,500)
Net cash provided by investing activities 1,038,587 531,549 
Financing activities: 
Proceeds from sale of ordinary shares, net of cost16 50,000 
Proceeds from long-term loan1137,372 16,838 
Proceeds from short-term loans11163,774 143,456 
Repayment of short-term loans11(145,428)(40,229)
Proceeds from option exercises and employee share purchase plan 35,677 82,192 
Net cash provided by financing activities 91,395 252,257 
Effect of foreign exchange rate changes, net (133,929)6,769 
Net decrease in cash, cash equivalents, and restricted cash (182,375)(309)
Cash, cash equivalents, and restricted cash at beginning of period 4,382,887 1,390,005 
Cash, cash equivalents, and restricted cash at end of period 4,200,512 1,389,696 
Supplemental cash flow information: 
Cash and cash equivalents 4,197,132 1,383,310 
Short-term restricted cash 191 330 
Long-term restricted cash3,189 6,056 
Income taxes paid 25,006 15,214 
Interest paid 19,865 23,398 
Supplemental non-cash information: 
Acquisitions of equipment included in accounts payable 47,310 41,897 
Acquired in-process research and development included in accrued expenses 45,000 
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)
 Ordinary SharesAdditional
Paid-In
Capital
Accumulated
Other Comprehensive Income (loss)
Accumulated
Deficit
Total
 SharesAmount
$$$$$
Balance at December 31, 20211,334,804,281 133 11,191,007 17,950 (5,076,527)6,132,563 
Cost from issuance of ordinary shares— — (152)— — (152)
Use of shares reserved for share option exercises(2,850,328)— — — — — 
Exercise of options, ESPP and release of RSUs2,851,316 — 11,880 — — 11,880 
Share-based compensation— — 65,555 — — 65,555 
Other comprehensive loss— — — (496)— (496)
Net loss— — — — (435,198)(435,198)
Balance at March 31, 20221,334,805,269 133 11,268,290 17,454 (5,511,725)5,774,152 
Use of shares reserved for share option exercises5,016,518 — — — — — 
Exercise of options, ESPP and release of RSUs9,817,938 1 7,091 — — 7,092 
Share-based compensation— — 81,305 — — 81,305 
Other comprehensive loss— — — (99,904)— (99,904)
Net loss— — — — (565,726)(565,726)
Balance at June 30, 20221,349,639,725 134 11,356,686 (82,450)(6,077,451)5,196,919 
Use of shares reserved for share option exercises(3,971,942)— — — — — 
Exercise of options, ESPP and release of RSUs3,972,397 1 16,704 — — 16,705 
Share-based compensation— — 78,176 — — 78,176 
Other comprehensive income— — — (79,073)— (79,073)
Net loss— — — — (557,556)(557,556)
Balance at September 30, 20221,349,640,180 135 11,451,566 (161,523)(6,635,007)4,655,171 
Balance at December 31, 20201,190,821,941 118 7,414,932 6,942 (3,618,711)3,803,281 
Use of shares reserved for share option exercises(123,097)— — — — — 
Exercise of options, ESPP and release of RSUs6,623,773 1 25,753 — — 25,754 
Share-based compensation— — 45,833 — — 45,833 
Other comprehensive loss— — — (3,738)— (3,738)
Net income— — — — 55,580 55,580 
Balance at March 31, 20211,197,322,617 119 7,486,518 3,204 (3,563,131)3,926,710 
Use of shares reserved for share option exercises(1,599,676)— — — — — 
Exercise of options, ESPP and release of RSUs8,844,082 1 9,846 — — 9,847 
Share-based compensation— — 64,791 — — 64,791 
Other comprehensive income— — — 8,891 — 8,891 
Net loss— — — — (484,604)(484,604)
Balance at June 30, 20211,204,567,023 120 7,561,155 12,095 (4,047,735)3,525,635 
Proceeds from issuance of ordinary shares, net of cost2,151,877  50,000 — — 50,000 
Use of shares reserved for share option exercises and RSU releases(3,644,641)— — — — — 
Exercise of options, ESPP and release of RSUs10,159,942 1 46,590 — — 46,591 
Share-based compensation— — 67,077 — — 67,077 
Other comprehensive income— — — 485 — 485 
Net loss— — — — (438,114)(438,114)
Balance at September 30, 20211,213,234,201 121 7,724,822 12,580 (4,485,849)3,251,674 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9

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 biotechnology company focused on developing and commercializing innovative affordable oncology medicines to improve treatment outcomes and expand access for patients worldwide.
The Company currently has three approved medicines that were discovered and developed in its own labs, including 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 has obtained approvals to market BRUKINSA® in the United States, the People's Republic of China (China or the PRC), the European Union (EU), the United Kingdom ("UK"), Canada, Australia and additional international markets, and tislelizumab and pamiparib in China. By leveraging its China commercial capabilities, the Company has in-licensed the rights to distribute 13 approved medicines for the China market. Supported by its global clinical development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen Inc. ("Amgen") and Novartis Pharma AG ("Novartis") to develop and commercialize innovative medicines.
The Company is committed to advancing best and first-in-class clinical candidates internally or with like-minded partners to develop impactful and affordable medicines for patients across the globe. Its internal clinical development capabilities are deep, including a more than 2,500-person global clinical development and medical affairs team that is running close to 80 ongoing or planned clinical trials in over 40 medicines and drug candidates. This includes more than 30 pivotal or potentially registration-enabling trials across its portfolio, including three internally discovered, approved medicines. The Company has enrolled in its clinical trials more than 16,000 subjects, of which approximately one-half have been outside of China.
The Company has built, and is expanding, its internal manufacturing capabilities, through its state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines, and is building a commercial-stage biologics manufacturing and clinical R&D center in New Jersey. The Company also works with high quality contract manufacturing organizations ("CMOs") to manufacture its internally developed clinical and commercial products.
Since its inception in 2010, the Company has become a fully integrated global organization of over 9,000 employees in 29 countries and regions, including the United States, China, Europe and Australia.
Basis of presentation and consolidation
The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of shareholders' equity for the three and nine months ended September 30, 2022 and 2021, 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, 2021 (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 operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period.
10

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.
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 and reported amounts of revenues and expenses. Actual results could differ from these estimates.
Revision of prior period financial statements
The Company evaluates the recoverability of its deferred tax assets on a jurisdiction-by-jurisdiction basis by assessing the adequacy of future expected taxable income from all sources, including reversal of temporary differences, forecasted operating earnings and available tax planning strategies in accordance with ASC 740. This assessment is subject to a high degree of subjectivity, as the sources of income rely heavily on estimates that are based on a number of factors, including historical experience and short-range and long-range business forecasts. A valuation allowance is provided when the Company determines that it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized.
Prior to the third quarter of 2022, the Company determined that the majority of its net deferred tax assets (primarily in the U.S.) were realizable on a more-likely-than-not basis, primarily due to cumulative pre-tax income at the taxpaying entity and the weighting of available positive and negative evidence. Accordingly, no valuation allowance was previously recorded related to those deferred tax assets. In October 2022, in connection with the preparation of its condensed consolidated financial statements for the three and nine months ended September 30, 2022, the Company reassessed its position on the realizability of its net deferred tax assets and determined that the negative evidence associated with cumulative losses at the consolidated financial statement level are not able to be overcome by other positive evidence, and therefore, a valuation allowance should be applied to its net deferred tax asset balance. The Company determined the previous conclusion to not apply a valuation allowance to certain net deferred tax assets was an error.
In accordance with Staff Accounting Bulletin (SAB) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the error and determined that the related impact was not material to any of its previously issued financial statements, but that correcting the cumulative impact of the error would be significant to its statements of operations for the three and nine months ended September 30, 2022. Accordingly, the Company has revised the first and second quarters of 2022 and the quarterly and annual periods of fiscal year 2021 condensed consolidated financial statements and related notes included herein to record a valuation allowance against the Company’s net deferred tax asset balance for all periods presented. A summary of revisions to previously reported financial statements is presented in Note 2, Revision of Prior Period Financial Statements. Note 9, Income Taxes and Note 13, Loss Per Share have been updated to reflect the revision. The Company will also correct previously reported financial information for this error in its future filings, as applicable.
Recent accounting pronouncements
New accounting standards which have not yet been adopted
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021, and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or retrospectively to those transactions. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.
11

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, 2021.
There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2022, as compared to the significant accounting policies described in the Annual Report.
2. Revision of Prior Period Financial Statements
As discussed in Note 1, the Company revised certain prior period financial statements to correct an error related to the valuation of net deferred tax assets, the impact of which was immaterial to our previously filed financial statements in the first and second quarters of 2022 and the quarterly and annual periods of fiscal 2021 (See Note 1). Specifically, a valuation allowance should have been recorded on all net deferred tax assets and such a valuation allowance was not previously recorded. A summary of revisions to the Company’s previously reported financial statements for the comparative periods presented within this Quarterly Report on Form 10-Q is presented below.

Condensed Consolidated Balance Sheet (unaudited)
 As of
 December 31, 2021
 As ReportedAdjustmentsAs Revised
 $$$
Deferred tax assets110,424 (110,424) 
Total non-current assets1,032,069 (110,424)921,645 
Total assets8,645,949 (110,424)8,535,525 
Accumulated deficit(4,966,103)(110,424)(5,076,527)
Total equity6,242,987 (110,424)6,132,563 
Total liabilities and equity8,645,949 (110,424)8,535,525 

Condensed Consolidated Statements of Operations (unaudited)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2021
As ReportedAdjustmentsAs RevisedAs ReportedAdjustmentsAs Revised
$$$$$$
Income tax expense (benefit)(19,223)24,259 5,036 (24,083)39,437 15,354 
Net loss(413,855)(24,259)(438,114)(827,701)(39,437)(867,138)
Net loss per share(0.34)(0.02)(0.36)(0.69)(0.03)(0.72)
Net loss per American Depositary Share ("ADS")(4.46)(0.26)(4.72)(8.99)(0.43)(9.42)

Condensed Consolidated Statements of Comprehensive Loss (unaudited)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2021
As ReportedAdjustmentsAs RevisedAs ReportedAdjustmentsAs Revised
$$$$$$
Net loss(413,855)(24,259)(438,114)(827,701)(39,437)(867,138)
Comprehensive loss(413,370)(24,259)(437,629)(822,063)(39,437)(861,500)


12


Condensed Consolidated Statement of Cash Flows (unaudited)
Nine Months Ended
September 30, 2021
As ReportedAdjustmentsAs Revised
$$$
Operating activities:
Net loss(827,701)(39,437)(867,138)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income tax benefits(38,408)40,882 2,474 
Changes in operating assets and liabilities:
Other assets(92,938)449 (92,489)
Accrued expenses and other payables819 (863)(44)
Other liabilities3,438 (1,031)2,407 
Net cash used in operating activities(790,884) (790,884)

Condensed Consolidated Statement of Stockholders' Equity (unaudited)
Accumulated DeficitTotal Equity
As ReportedAdjustmentsAs RevisedAs ReportedAdjustmentsAs Revised
$$$$$$
Balance at December 31, 2021(4,966,103)(110,424)(5,076,527)6,242,987 (110,424)6,132,563 
Net loss(434,274)