v3.26.1
Sale of Future IMDELLTRA® Royalties (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Sale of Future Royalty Liability
As of June 30, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows:
As of
June 30,December 31,
20262025
$$
Sale of future royalty liability, current portion89,278 56,714 
Sale of future royalty liability, non-current portion817,035 850,242 
Total sale of future royalty liability906,313 906,956 
The following table summarizes the royalty sale liability activity during the six months ended June 30, 2026:
Royalty Sale Liability
$
Balance at December 31, 2025
906,956 
Debt portion of royalties recognized and settled to Royalty Pharma(2,556)
Accretion of liability1,913 
Balance at June 30, 2026
906,313 
Interest expense related to this arrangement was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
$$$$
Interest expense24,883 — 43,379 — 
The following table presents outstanding borrowings under the Facilities Agreement:
As of
June 30,December 31, 
20262025
$$
A Loan Facility25,349 12,298 
B2 Term Loan Facility56,000 — 
Less: unamortized debt issuance costs(10,167)(3,235)
Total short-term debt71,182 9,063 
A Loan Facility291,518 295,152 
B2 Term Loan Facility504,000 560,000 
Less: unamortized debt issuance costs(6,837)(18,783)
Total long-term debt788,681 836,369 
The following table summarizes the Company’s working capital and project loans as of June 30, 2026 and December 31, 2025:
LenderBorrowerTermMaturity DateNoteAs of
June 30, 2026December 31, 2025
$$
China Construction BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
June 11, 2027133,161 21,450 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
 9-year
January 20, 202929,264 8,989 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 202938,757 8,497 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 203249,580 9,294 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
1-year
March 18, 2027558,952 — 
Total short-term debt119,714 48,230 
China Construction BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
June 11, 20271— 21,450 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
 9-year
January 20, 2029216,212 20,224 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 2029322,386 25,970 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 2032454,884 57,900 
Total long-term debt93,482 125,544 
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 June 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $11,080 (RMB75,000) during the six months ended June 30, 2026. 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 3.3% as of June 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $4,560 (RMB31,429) during the six months ended June 30, 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 June 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $4,343 (RMB29,710) during the six months ended June 30, 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 June 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $4,710 (RMB32,500) during the six months ended June 30, 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 36 months for drawdown as revolving and/or one-time borrowings. The Company drew down $58,204 (RMB 400,000) during the six months ended June 30, 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 June 30, 2026.
Interest expense related to bank loans was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
$$$$
Interest expense, excluding amortization of debt issuance costs
10,937 12,048 26,504 25,009 
Amortization of debt issuance costs2,643 — 5,243 — 
Capitalized interest expense
1,078 4,054 2,153 10,013