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| RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS
Note (a): In April 2026, the Company closed an underwritten public offering of 18,666,000 ADSs, each representing 1.25 ordinary shares of the Company (see Note 18 for detail). Right after the closing, WuXi AppTec Group’s shareholding in the Company dropped below 5% and WuXi AppTec Group had no significant influence over the Company. As a result, WuXi AppTec Group and WuXi Biologics (Cayman) Inc. were not considered the Group’s related parties since then.
As of December 31, 2025, the amounts due from WuXi AppTec Group represented prepayments made for the CRO and CDMO services. As of December 31, 2025 and June 30, 2026, the amounts due form certain senior management member represented rent deposit and advance rent payments made to one senior management personnel for operating lease of the senior management member’s personal property for business use.
As of December 31, 2025, the amounts due to related parties represented payables for the CRO and CDMO services.
For the six months ended June 30, 2025, expenses incurred with WuXi Biologics (Cayman) Inc and WuXi AppTec Group resulted from receipt of CRO and CDMO services. For the six months ended June 30, 2026, expenses incurred with WuXi Biologics (Cayman) Inc and WuXi AppTec Group resulted from receipt of CRO and CDMO services from January 1, 2026 to the closing of the public underwritten offering. For the six months ended June 30, 2025 and 2026, expenses incurred with certain senior management personnel represented rent expenses incurred from operating lease of one senior management member’s personal property for business use. |
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