v3.26.1
Sale of Future IMDELLTRA® Royalties (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Sale of Future Royalty Liability
As of March 31, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows:
 As of
March 31,December 31,
 20262025
 $$
Sale of future royalty liability, current portion72,735 56,714 
Sale of future royalty liability, non-current portion831,664 850,242 
Total sale of future royalty liability904,399 906,956 
The following table summarizes the royalty sale liability activity during the three months ended March 31, 2026:
 Royalty Sale Liability
 $
Balance at December 31, 2025
906,956 
Debt portion of royalties recognized and settled to Royalty Pharma(2,557)
Balance at March 31, 2026
904,399 
Interest expense related to this arrangement was as follows:
Three Months Ended
March 31,
20262025
$$
Interest expense18,496 — 
The following table presents outstanding borrowings under the Facilities Agreement:
 As of
March 31,December 31, 
 20262025
 $$
A Loan Facility12,467 12,298 
Less: unamortized debt issuance costs(3,211)(3,235)
Total short-term debt9,256 9,063 
A Loan Facility299,218 295,152 
B2 Term Loan Facility560,000 560,000 
Less: unamortized debt issuance costs(16,298)(18,783)
Total long-term debt842,920 836,369 
The following table summarizes the Company’s working capital and project loans as of March 31, 2026 and December 31, 2025:
LenderBorrowerTermMaturity DateNoteAs of
March 31, 2026December 31, 2025
$$
China Construction BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
June 11, 2027121,746 21,450 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
 9-year
January 20, 202929,112 8,989 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 202938,614 8,497 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 203249,423 9,294 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
1-year
March 18, 2027557,989 — 
Total short-term debt106,884 48,230 
China Construction BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
June 11, 2027121,746 21,450 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
 9-year
January 20, 2029218,225 20,224 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 2029324,174 25,970 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 2032455,450 57,900 
Total long-term debt119,595 125,544 
1The credit facility offers a borrowing capacity of RMB 580,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.8% as of March 31, 2026. The outstanding principal balance is payable in semi-annual installments. The loan is secured by BeOne Guangzhou Biologics Manufacturing Co., Ltd.’s property ownership certificate and fixed assets.
2The credit facility offers a borrowing capacity of RMB 350,000, denominated in RMB, and bears floating interest rates benchmarking against prevailing interest rates of financial institutions in the PRC. The loan interest rate was 3.4% as of March 31, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $2,262 (RMB15,715) during the three months ended March 31, 2026. The loan is secured by Guangzhou Factory’s south district land use right and certain fixed assets.
3The credit facility offers a borrowing capacity of RMB 378,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.2% as of March 31, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $2,155 (RMB14,855) during the three months ended March 31, 2026. The loan is secured by fixed assets placed into service in the third phase of the Guangzhou manufacturing facility’s buildout.
4The credit facility offers a borrowing capacity of RMB 480,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.3% as of March 31, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $3,224 (RMB22,400) during the three months ended March 31, 2026. The loan is secured by BeOne Pharmaceutical (Suzhou) Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China.
5In March 2026, the Company entered into a credit facility agreement with China Merchants Bank for an aggregate facility of RMB 950,000, denominated in RMB, available for a period of 30 months for drawdown as revolving and/or one-time borrowings. The Company drew down $58,204 (RMB 400,000) during the three months ended March 31, 2026. The borrowing bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest was 2.6% as of March 31, 2026.
Interest expense related to bank loans was as follows:
 Three Months Ended
 March 31,
 20262025
 $$
Interest expense, excluding amortization of debt issuance costs
15,567 12,961 
Amortization of debt issuance costs2,600 — 
Capitalized interest expense
1,075 5,959