Pay vs Performance Disclosure
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
| Year | | | Summary Compensation Table Total for CEO ($)(1) | | | Compensation Actually Paid to CEO ($)(2) | | | Average Summary Compensation Table Total for Non-CEO NEOs ($)(3) | | | Average Compensation Actually Paid to Non-CEO NEOs ($)(2)(3) | | | Value of Initial Fixed US$100 Investment Based On: | | | Net Income (Loss) ($) | | | Global Revenue ($)(5) | | |||
| | Total Shareholder Return ($) | | | Peer Group Total Shareholder Return ($)(4) | | ||||||||||||||||||||
| 2025 | | | 17,943,251 | | | 60,667,441 | | | 10,458,110 | | | 23,534,664 | | | 118 | | | 125 | | | 286,933,000 | | | 5,343,033,000 | |
| 2024 | | | 20,836,439 | | | 14,972,388 | | | 7,938,281 | | | 6,673,955 | | | 71 | | | 93 | | | (644,786,000) | | | 3,810,241,000 | |
| 2023 | | | 18,925,730 | | | 11,431,433 | | | 7,108,129 | | | 6,652,989 | | | 70 | | | 94 | | | (881,708,000) | | | 2,458,779,000 | |
| 2022 | | | 18,047,667 | | | 11,216,389 | | | 6,355,270 | | | 3,367,166 | | | 85 | | | 90 | | | (2,003,815,000) | | | 1,415,921,000 | |
| 2021 | | | 16,748,546 | | | 22,876,853 | | | 5,143,513 | | | 5,761,306 | | | 105 | | | 100 | | | (1,457,816,000) | | | 1,176,283,000 | |
(1)
The dollar amounts reported are the amounts of total compensation reported for our Chief Executive Officer, John V. Oyler, in the Summary Compensation Table for fiscal years 2025, 2024, 2023, 2022, and 2021. John V. Oyler served as Chief Executive Officer for each of the years presented.
(2)
The dollar amounts reported represent the amount of “Compensation Actually Paid”, as computed in accordance with SEC rules. The dollar amounts do not only reflect the actual amounts of compensation paid to our Chief Executive Officer or other named executive officers during the applicable year, but also include (i) the year-end value of equity awards granted during the reported year and (ii) the change in the value of equity awards that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited, or through the end of the reported fiscal year.
(3)
For 2025, reflects compensation information for our named executive officers, other than our Chief Executive Officer, as described in the Compensation Discussion and Analysis portion of this proxy statement. For 2024, reflects compensation information for Xiaobin Wu, Julia Wang, Lai Wang, Aaron Rosenberg and Chan Lee. For 2023, reflects data for Xiaobin Wu, Lai Wang, Julia Wang and Chan Lee. For 2022, reflects compensation information for Xiaobin Wu, Julia Wang, Lai Wang, and Jane Huang. For 2021, reflects compensation information for Xiaobin Wu, Lai Wang, Julia Wang, Jane Huang and Howard Liang.
(4)
Reflects cumulative total shareholder return of the Nasdaq Biotechnology Index, as of December 31, 2025, weighted according to the constituent companies’ market capitalization at the beginning of each period for which a return is indicated. The Nasdaq Biotechnology Index is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
(5)
The Company has identified Global Revenue as the company-selected financial measure for the pay versus performance disclosure, as it represents the most important financial performance measure used to link “Compensation Actually Paid” to the executive officers in 2025 to the Company’s performance.
To calculate the amounts in the “Compensation Actually Paid to CEO” column in the table above, the following amounts were deducted from and added to (as applicable) our CEO’s “Total” compensation as reported in the Summary Compensation Table:
| | | | 2025($) | | | 2024($) | | | 2023($) | | | 2022($) | | | 2021($) | |
| Summary Compensation Table Values | | | 17,943,251 | | | 20,836,439 | | | 18,925,730 | | | 18,047,667 | | | 16,748,546 | |
| Adjustments | | | | | | | | | | | | | | | | |
| Deduction for grant date fair value amounts reported under “Share Awards” column in the Summary Compensation Table | | | (11,249,615) | | | (11,999,768) | | | (5,499,851) | | | (3,999,886) | | | (3,749,738) | |
| Deduction for grant date fair value amounts reported under “Option Awards” column in the Summary Compensation Table | | | (3,749,967) | | | (5,999,924) | | | (10,999,987) | | | (11,999,969) | | | (11,249,988) | |
| Year-over-Year change in the fair value of the Share Awards and Option Awards | | | 57,723,772 | | | 12,135,641 | | | 9,005,541 | | | 9,168,577 | | | 21,128,033 | |
| As of year-end for share awards granted during the year | | | 12,974,510 | | | 13,937,478 | | | 4,934,109 | | | 5,650,918 | | | 3,047,963 | |
| Year-over-year increase (decrease) of unvested share awards granted in prior years | | | 10,602,161 | | | (2,741,728) | | | (3,016,530) | | | (5,169,361) | | | (6,167,656) | |
| Increase (decrease) from prior fiscal year-end for share awards that vested during the year | | | 6,599,096 | | | 2,571,754 | | | 1,757,090 | | | 2,790,149 | | | 8,513,109 | |
| Decrease in fair value of share awards forfeited during the year | | | | | | | | | | | | | | | | |
| As of year-end for option awards granted during the year | | | 4,312,399 | | | 7,170,732 | | | 8,881,173 | | | 19,018,564 | | | 8,085,256 | |
| Year-over-year increase (decrease) of unvested option awards granted in prior years | | | 8,741,796 | | | (9,374,770) | | | (15,862,437) | | | (22,568,170) | | | (22,321,474) | |
| Increase (decrease) from prior fiscal year-end for option awards that vested during the year | | | 14,493,808 | | | 572,175 | | | 12,312,136 | | | 9,446,478 | | | 29,970,835 | |
| Decrease in fair value of option awards forfeited during the year | | | | | | | | | | | | | | | | |
| “Compensation Actually Paid” as defined by SEC rules | | | 60,667,441 | | | 14,972,388 | | | 11,431,433 | | | 11,216,389 | | | 22,876,853 | |
To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO NEOs” column in the table above, the following amounts were deducted from and added to (as applicable) the average of the “Total” compensation of our non-CEO named executive officers for each applicable year as reported in the Summary Compensation Table:
| | | | 2025($) | | | 2024($) | | | 2023($) | | | 2022($) | | | 2021($) | |
| Average Summary Compensation Table Values | | | 10,458,110 | | | 7,938,281 | | | 7,108,129 | | | 6,355,270 | | | 5,143,513 | |
| Adjustments | | | | | | | | | | | | | | | | |
| Deduction for average grant date fair value of amounts reported to Non-CEO NEOs under “Share Awards” column in the Summary Compensation Table | | | (7,367,517) | | | (3,879,868) | | | (1,961,799) | | | (1,530,694) | | | (1,301,952) | |
| Deduction for average grant date fair value of amounts reported to Non-CEO NEOs under “Option Awards” column in the Summary Compensation Table | | | (1,622,507) | | | (1,939,970) | | | (3,923,789) | | | (3,878,829) | | | (2,962,605) | |
| Year-over-Year change in the average fair value of the Share Awards and Option Awards | | | 22,066,578 | | | 4,555,512 | | | 5,430,448 | | | 2,421,419 | | | 4,882,350 | |
| As of year-end for share awards granted during the year | | | 8,113,854 | | | 3,631,546 | | | 1,759,998 | | | 2,027,077 | | | 773,830 | |
| Year-over-year increase (decrease) of unvested share awards granted in prior years | | | 3,376,902 | | | (629,516) | | | (1,396,018) | | | (3,171,371) | | | (1,711,290) | |
| Increase (decrease) from prior fiscal year-end for share awards that vested during the year | | | 2,042,299 | | | 1,219,522 | | | 2,656,725 | | | 1,518,326 | | | 3,166,184 | |
| Decrease in fair value of share awards forfeited during the year | | | | | | (1,039,985) | | | | | | (307,302) | | | (369,601) | |
| As of year-end for option awards granted during the year | | | 1,865,855 | | | 1,849,707 | | | 3,167,990 | | | 5,943,252 | | | 2,052,737 | |
| Year-over-year increase (decrease) of unvested option awards granted in prior years | | | 2,588,111 | | | (2,366,351) | | | (3,948,214) | | | (4,561,808) | | | (4,842,349) | |
| Increase (decrease) from prior fiscal year-end for option awards that vested during the year | | | 4,079,557 | | | 2,551,974 | | | 3,189,968 | | | 1,981,811 | | | 7,018,416 | |
| Decrease in fair value of option awards forfeited during the year | | | | | | (661,385) | | | | | | (1,008,565) | | | (1,205,576) | |
| Average “Compensation Actually Paid” as defined by SEC rules | | | 23,534,664 | | | 6,673,955 | | | 6,652,989 | | | 3,367,166 | | | 5,761,306 | |
Equity Valuations: Stock option grant date fair values are calculated based on the binomial/lattice method option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Restricted share unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of year-end and as of each date of vest.
(1)
The dollar amounts reported are the amounts of total compensation reported for our Chief Executive Officer, John V. Oyler, in the Summary Compensation Table for fiscal years 2025, 2024, 2023, 2022, and 2021. John V. Oyler served as Chief Executive Officer for each of the years presented.
(3)
For 2025, reflects compensation information for our named executive officers, other than our Chief Executive Officer, as described in the Compensation Discussion and Analysis portion of this proxy statement. For 2024, reflects compensation information for Xiaobin Wu, Julia Wang, Lai Wang, Aaron Rosenberg and Chan Lee. For 2023, reflects data for Xiaobin Wu, Lai Wang, Julia Wang and Chan Lee. For 2022, reflects compensation information for Xiaobin Wu, Julia Wang, Lai Wang, and Jane Huang. For 2021, reflects compensation information for Xiaobin Wu, Lai Wang, Julia Wang, Jane Huang and Howard Liang.
(4)
Reflects cumulative total shareholder return of the Nasdaq Biotechnology Index, as of December 31, 2025, weighted according to the constituent companies’ market capitalization at the beginning of each period for which a return is indicated. The Nasdaq Biotechnology Index is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
To calculate the amounts in the “Compensation Actually Paid to CEO” column in the table above, the following amounts were deducted from and added to (as applicable) our CEO’s “Total” compensation as reported in the Summary Compensation Table:
| | | | 2025($) | | | 2024($) | | | 2023($) | | | 2022($) | | | 2021($) | |
| Summary Compensation Table Values | | | 17,943,251 | | | 20,836,439 | | | 18,925,730 | | | 18,047,667 | | | 16,748,546 | |
| Adjustments | | | | | | | | | | | | | | | | |
| Deduction for grant date fair value amounts reported under “Share Awards” column in the Summary Compensation Table | | | (11,249,615) | | | (11,999,768) | | | (5,499,851) | | | (3,999,886) | | | (3,749,738) | |
| Deduction for grant date fair value amounts reported under “Option Awards” column in the Summary Compensation Table | | | (3,749,967) | | | (5,999,924) | | | (10,999,987) | | | (11,999,969) | | | (11,249,988) | |
| Year-over-Year change in the fair value of the Share Awards and Option Awards | | | 57,723,772 | | | 12,135,641 | | | 9,005,541 | | | 9,168,577 | | | 21,128,033 | |
| As of year-end for share awards granted during the year | | | 12,974,510 | | | 13,937,478 | | | 4,934,109 | | | 5,650,918 | | | 3,047,963 | |
| Year-over-year increase (decrease) of unvested share awards granted in prior years | | | 10,602,161 | | | (2,741,728) | | | (3,016,530) | | | (5,169,361) | | | (6,167,656) | |
| Increase (decrease) from prior fiscal year-end for share awards that vested during the year | | | 6,599,096 | | | 2,571,754 | | | 1,757,090 | | | 2,790,149 | | | 8,513,109 | |
| Decrease in fair value of share awards forfeited during the year | | | | | | | | | | | | | | | | |
| As of year-end for option awards granted during the year | | | 4,312,399 | | | 7,170,732 | | | 8,881,173 | | | 19,018,564 | | | 8,085,256 | |
| Year-over-year increase (decrease) of unvested option awards granted in prior years | | | 8,741,796 | | | (9,374,770) | | | (15,862,437) | | | (22,568,170) | | | (22,321,474) | |
| Increase (decrease) from prior fiscal year-end for option awards that vested during the year | | | 14,493,808 | | | 572,175 | | | 12,312,136 | | | 9,446,478 | | | 29,970,835 | |
| Decrease in fair value of option awards forfeited during the year | | | | | | | | | | | | | | | | |
| “Compensation Actually Paid” as defined by SEC rules | | | 60,667,441 | | | 14,972,388 | | | 11,431,433 | | | 11,216,389 | | | 22,876,853 | |
To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO NEOs” column in the table above, the following amounts were deducted from and added to (as applicable) the average of the “Total” compensation of our non-CEO named executive officers for each applicable year as reported in the Summary Compensation Table:
| | | | 2025($) | | | 2024($) | | | 2023($) | | | 2022($) | | | 2021($) | |
| Average Summary Compensation Table Values | | | 10,458,110 | | | 7,938,281 | | | 7,108,129 | | | 6,355,270 | | | 5,143,513 | |
| Adjustments | | | | | | | | | | | | | | | | |
| Deduction for average grant date fair value of amounts reported to Non-CEO NEOs under “Share Awards” column in the Summary Compensation Table | | | (7,367,517) | | | (3,879,868) | | | (1,961,799) | | | (1,530,694) | | | (1,301,952) | |
| Deduction for average grant date fair value of amounts reported to Non-CEO NEOs under “Option Awards” column in the Summary Compensation Table | | | (1,622,507) | | | (1,939,970) | | | (3,923,789) | | | (3,878,829) | | | (2,962,605) | |
| Year-over-Year change in the average fair value of the Share Awards and Option Awards | | | 22,066,578 | | | 4,555,512 | | | 5,430,448 | | | 2,421,419 | | | 4,882,350 | |
| As of year-end for share awards granted during the year | | | 8,113,854 | | | 3,631,546 | | | 1,759,998 | | | 2,027,077 | | | 773,830 | |
| Year-over-year increase (decrease) of unvested share awards granted in prior years | | | 3,376,902 | | | (629,516) | | | (1,396,018) | | | (3,171,371) | | | (1,711,290) | |
| Increase (decrease) from prior fiscal year-end for share awards that vested during the year | | | 2,042,299 | | | 1,219,522 | | | 2,656,725 | | | 1,518,326 | | | 3,166,184 | |
| Decrease in fair value of share awards forfeited during the year | | | | | | (1,039,985) | | | | | | (307,302) | | | (369,601) | |
| As of year-end for option awards granted during the year | | | 1,865,855 | | | 1,849,707 | | | 3,167,990 | | | 5,943,252 | | | 2,052,737 | |
| Year-over-year increase (decrease) of unvested option awards granted in prior years | | | 2,588,111 | | | (2,366,351) | | | (3,948,214) | | | (4,561,808) | | | (4,842,349) | |
| Increase (decrease) from prior fiscal year-end for option awards that vested during the year | | | 4,079,557 | | | 2,551,974 | | | 3,189,968 | | | 1,981,811 | | | 7,018,416 | |
| Decrease in fair value of option awards forfeited during the year | | | | | | (661,385) | | | | | | (1,008,565) | | | (1,205,576) | |
| Average “Compensation Actually Paid” as defined by SEC rules | | | 23,534,664 | | | 6,673,955 | | | 6,652,989 | | | 3,367,166 | | | 5,761,306 | |
Equity Valuations: Stock option grant date fair values are calculated based on the binomial/lattice method option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Restricted share unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of year-end and as of each date of vest.
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Pay-Versus-Performance Alignment
The following table identifies three of the financial performance measures used by our Compensation Committee to link the “compensation actually paid” (“CAP”) to our Chief Executive Officer and other named executive officers in 2025, calculated in accordance with SEC regulations, to company performance. The role of each of these performance measures on our named executive officers’ compensation is discussed in the Compensation Discussion and Analysis above.
| | Financial Performance Measures | | ||||||||
| | Global Revenue | | | | Research & Innovation | | | | Non-GAAP Operating Income (Loss) | |
(5)
The Company has identified Global Revenue as the company-selected financial measure for the pay versus performance disclosure, as it represents the most important financial performance measure used to link “Compensation Actually Paid” to the executive officers in 2025 to the Company’s performance.