v3.26.1
PRINCIPAL ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
PRINCIPAL ACCOUNTING POLICIES  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Group’s financial assets measured and recorded at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:

 

 

As of June 30, 2026

 

 

Active market

 

 

Observable input

 

 

Unobservable input

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments at fair value, equity securities

 

$

—

 

 

$

—

 

 

$

25,057

 

 

$

25,057

 

 

 

December 31, 2025

 

 

Active market

 

 

Observable input

 

 

Unobservable input

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments at fair value, equity securities

 

$

—

 

 

$

—

 

 

$

37,241

 

 

$

37,241

 

 
Summary of Roll Forward of Major Level 3 Financial Assets and Financial Liability

The roll forward of major Level 3 financial assets are as follows:

 

 

Investments in available-for-sale

 

 

Investments in

 

 

debt securities

 

 

equity securities

 

Fair value of Level 3 financial assets as of December 31, 2024

 

$

30,824

 

 

$

—

 

Fair value change of available-for-sale debt securities

 

 

3,644

 

 

 

—

 

Fair value of Level 3 financial assets as of June 30, 2025

 

$

34,468

 

 

$

—

 

 

 

 

 

 

 

Fair value of Level 3 financial assets as of December 31, 2025

 

$

—

 

(1)

$

37,241

 

Disposal of investments, equity securities

 

 

 

 

 

(12,905

)

Total gains included in earnings

 

 

—

 

 

 

173

 

Total gains included in other comprehensive income

 

 

—

 

 

 

548

 

Fair value of Level 3 financial assets as of June 30, 2026

 

$

—

 

 

$

25,057

 

 

 

(1) On October 31, 2025 (the “Amendment Date”), the Group executed a Supplemental Agreement with TJ Biopharma. As a result of this amendment, effective on the Amendment Date, the Group reclassified its investment in TJ Biopharma preferred shares from available-for-sale debt securities to equity securities.
Schedule of Disaggregated Expense Information Included in the Consolidated Statements of Comprehensive Loss

The Group’s CODM is regularly provided with the following disaggregated expense information included in the consolidated statements of comprehensive loss:

 

 

Six Months Ended, June 30

 

 

 

2026

 

 

2025

 

 

 

NovaBridge

 

 

Visara

 

 

Total

 

 

NovaBridge

 

Segment revenue

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Segment research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct clinical development expenses

 

 

7,925

 

 

 

54

 

 

 

7,979

 

 

 

189

 

GIVA

 

 

7,925

 

 

 

—

 

 

 

7,925

 

 

 

202

 

Other oncology

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Employee-related expenses

 

 

3,408

 

 

 

1,340

 

 

 

4,748

 

 

 

2,775

 

Other research and development expenses(1)

 

 

1,040

 

 

 

562

 

 

 

1,602

 

 

 

1,107

 

Segment administrative expenses(2)

 

 

23,135

 

 

 

3,281

 

 

 

26,416

 

 

 

8,309

 

Other segment items(3)

 

 

(2,832

)

 

 

(45

)

 

 

(2,877

)

 

 

(3,726

)

Segment net loss

 

$

(32,676

)

 

$

(5,192

)

 

$

(37,868

)

 

$

(8,654

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,464

 

 

$

25,173

 

 

$

190,637

 

 

$

165,404

 

 

 

 

(1)
Other research and development expenses include R&D services and other R&D overhead expenses.
(2)
Segment administrative expenses includes administrative employee benefit and other overhead expenses, and professional service fees.
(3)
Other segment items include interest income, foreign currency exchange gains and losses, gains on the sale of equity securities, and amortization and depreciation expense and other overhead expenses.