v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term and Long-Term Debt Obligations
As of September 30, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows:
As of
September 30,December 31,
20262025
$$
Sale of future royalty liability, current portion106,274 56,714 
Sale of future royalty liability, non-current portion806,307 850,242 
Total sale of future royalty liability912,581 906,956 
The following table summarizes the royalty sale liability activity during the nine months ended September 30, 2026:
Royalty Sale Liability
$
Balance at December 31, 2025
906,956 
Debt portion of royalties recognized and settled to Royalty Pharma(2,556)
Accretion of liability8,181 
Balance at September 30, 2026
912,581 
Interest expense related to this arrangement was as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
$$$$
Interest expense27,016 — 70,395 — 
The following table presents outstanding borrowings under the Facilities Agreement:
As of
September 30,December 31, 
20262025
$$
A Loan Facility25,654 12,298 
B2 Term Loan Facility112,000 — 
Less: unamortized debt issuance costs(9,945)(3,235)
Total short-term debt127,709 9,063 
A Loan Facility295,019 295,152 
B2 Term Loan Facility448,000 560,000 
Less: unamortized debt issuance costs(4,505)(18,783)
Total long-term debt738,514 836,369 
The following table summarizes the Company’s working capital and project loans as of September 30, 2026 and December 31, 2025:
LenderBorrowerTermMaturity DateNoteAs of
September 30, 2026December 31, 2025
$$
China Construction BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
June 11, 2027133,559 21,450 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
 9-year
January 20, 202929,375 8,989 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 202938,863 8,497 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 203249,695 9,294 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
1-year
March 18, 2027559,660 — 
Total short-term debt121,152 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, 2029214,063 20,224 
China Merchants BankBeOne Guangzhou Biologics Manufacturing Co., Ltd.
9-year
November 8, 2029320,440 25,970 
China CITIC BankBeOne Pharmaceutical (Suzhou) Co., Ltd.
10-year
July 28, 2032452,203 57,900 
Total long-term debt86,706 125,544 
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 September 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $11,080 (RMB75,000) during the nine months ended September 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 September 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $6,883 (RMB47,143) during the nine months ended September 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 September 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $6,551 (RMB44,565) during the nine months ended September 30, 2026. The loan is secured by certain 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 September 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $8,021 (RMB54,900) during the nine months ended September 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 nine months ended September 30, 2026. The borrowing bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 2.6% as of September 30, 2026.
Interest expense related to bank loans was as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
$$$$
Interest expense, excluding amortization of debt issuance costs
13,757 12,650 40,261 37,659 
Amortization of debt issuance costs2,694 — 7,937 — 
Capitalized interest expense
1,094 1,886 3,247 11,899