0000950170-23-012455 | 20-F | XBRL Viewer | Connect Biopharma Holdings LTD

Finance (cost)/income-net

(32,805)

^[1]

(4,710)

Other income

6,438

924

18,996

6,989

Other (losses)/gains-net

12,433

1,785

(9,966)

(6,100)

Operating loss

(805,600)

(115,700)

(631,436)

(197,763)

Finance income

10,715

1,538

622

717

Finance cost

(144)

(21)

(44)

(2,893)

10,571

1,517

578

(2,176)

Fair value loss of financial instruments with preferred rights

(674,269)

(579,286)

Net loss before income tax

(795,018)

(114,152)

(1,305,127)

(779,225)

Income tax expense

(2,037)

(292)

(1,697)

Net loss

(797,055)

(114,444)

(1,306,824)

(779,225)

Net loss attributable to:

Owners of the Company

¥ (797,055)

$ (114,444)

¥ (1,306,824)

¥ (779,225)

Loss per share

Basic net loss per share | (per share)

¥ (14.5)

$ (2.1)

¥ (25.0)

¥ (45.6)

Diluted net loss per share | (per share)

¥ (14.5)

$ (2.1)

¥ (25.0)

¥ (45.6)

[1]	The Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million for the year ended December 31, 2022.

Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Statement of comprehensive income [abstract]
Net loss	¥ (797,055)	$ (114,444)	¥ (1,306,824)	¥ (779,225)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations	(135,188)	(19,411)	20,426	34,655
Changes in the fair value of debt instruments at fair value through other comprehensive income	(2,513)	(361)
Items that will not be reclassified to profit or loss
Exchange differences on translation of foreign operations	250,065	35,905	(57,464)	12,377
Other comprehensive (loss)/income for the year, net of tax	112,364	16,133	(37,038)	47,032
Total comprehensive loss for the year	(684,691)	(98,311)	(1,343,862)	(732,193)
Total comprehensive loss attributable to:
Owners of the Company	¥ (684,691)	$ (98,311)	¥ (1,343,862)	¥ (732,193)

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Non-current assets
Property, plant and equipment	¥ 34,659	$ 4,976	¥ 59,337
Right-of-use assets	24,337	3,494	22,821
Intangible assets	499	72	560
Investments:
Financial assets at fair value through other comprehensive income	65,700	9,400
Other non-current assets	1,754	252	18,806
Total non-current assets	126,993	18,234	101,524
Current assets
Other receivables and prepayments	23,413	3,362	47,255
Investments:
Financial assets at fair value through other comprehensive income	511,300	73,407
Cash and cash equivalents	550,274	79,010	1,706,880
Total current assets	1,084,937	155,779	1,754,135
Total assets	1,211,930	174,013	1,855,659
Non-current liabilities
Lease liabilities	1,704	245	163
Deferred income	4,539	652	5,000
Total non-current liabilities	6,243	897	5,163
Current liabilities
Trade payables	83,138	11,937	81,195
Other payables and accruals	24,385	3,501	32,840
Lease liabilities	1,294	186	630
Total current liabilities	108,817	15,624	114,665
Total liabilities	115,060	16,521	119,828
Net assets	1,096,900	157,500	1,735,831
SHAREHOLDERS' EQUITY
Share capital	66	9	66
Share premium	4,094,566	587,911	4,094,434
Treasury shares	(1,164)	(167)	(1,164)
Share-based compensation reserves	107,502	15,435	61,904
Other reserves	71,120	10,212	(41,244)
Accumulated losses	(3,175,220)	(455,908)	(2,378,165)
Total shareholders'equity	1,096,870	157,492	1,735,831
Total liabilities and shareholders' equity	¥ 1,211,930	$ 174,013	¥ 1,855,659

Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)	Share Capital CNY (¥)	Share Premium CNY (¥)	Treasury Shares CNY (¥)	Share-Based Compensation Reserves CNY (¥)	Other Reserves CNY (¥)	Accumulated Losses CNY (¥)
Balance at Dec. 31, 2019	¥ (298,287)		¥ 21	¥ 38,123	¥ (1)	¥ 4,411	¥ (48,725)	¥ (292,116)
Comprehensive loss
Net loss	(779,225)							(779,225)
Exchange difference	47,032						47,032
Total comprehensive loss for the year	(732,193)						47,032	(779,225)
Transactions with owners
Issuance of shares to co-founders			1	3,343		(3,344)
Issuance of treasury shares			2		(2)
Share-based compensation	5,535					5,535
Total Transactions with owners	5,535		3	3,343	(2)	2,191
Balance at Dec. 31, 2020	(1,024,945)		24	41,466	(3)	6,602	(1,693)	(1,071,341)
Comprehensive loss
Net loss	(1,306,824)							(1,306,824)
Exchange difference	(37,038)						(37,038)
Total comprehensive loss for the year	(1,343,862)						(37,038)	(1,306,824)
Transactions with owners
Issuance of ordinary shares, net of issuance costs	1,305,819		14	1,305,805
Conversion from preferred shares to ordinary shares	2,743,625		28	2,743,597
Repurchase of ordinary shares value	(3,674)				(1,161)		(2,513)
Exercise of stock options	1,005			2,149		(1,144)
Issuance of shares to co-founders				1,417		(1,417)
Share-based compensation	57,863					57,863
Total Transactions with owners	4,104,638		42	4,052,968	(1,161)	55,302	(2,513)
Balance at Dec. 31, 2021	1,735,831		66	4,094,434	(1,164)	61,904	(41,244)	(2,378,165)
Comprehensive loss
Net loss	(797,055)	$ (114,444)						(797,055)
Unrealized losses from investments	(2,513)						(2,513)
Exchange difference	114,877						114,877
Total comprehensive loss for the year	(684,691)	(98,311)					112,364	(797,055)
Transactions with owners
Issuance of ordinary shares, net of issuance costs	132			132
Share-based compensation	45,598					45,598
Total Transactions with owners	45,730			132		45,598
Balance at Dec. 31, 2022	¥ 1,096,870	$ 157,492	¥ 66	¥ 4,094,566	¥ (1,164)	¥ 107,502	¥ 71,120	¥ (3,175,220)

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities
Cash used in operations	¥ (679,665)	$ (97,588)	¥ (544,926)	¥ (167,161)
Net cash used in operating activities	(679,700)	(97,600)	(544,926)	(167,161)
Cash flows from investing activities
Purchase of property, plant and equipment	(29,320)	(4,210)	(24,941)	(14,955)
Purchase of financial assets at fair value through profit or loss	(41,000)	(5,887)	(114,500)	(106,600)
Purchase of financial assets at fair value through other comprehensive income	(737,494)	(105,892)
Proceeds from disposal of financial assets at fair value through profit or loss	41,140	5,907	128,004	124,836
Proceeds from maturities of financial assets at fair value through comprehensive income	195,364	28,051
Payment for right-of-use assets			(22,284)
Purchase of intangible assets			(304)	(349)
Net cash (used in)/ generated from investing activities	(571,310)	(82,031)	(34,025)	2,932
Cash flows from financing activities
Proceeds from exercise of options	758	110	243
Proceeds from issuance of ordinary shares	132	18	1,431,775
Proceeds from issuance of financial instruments with preferred rights				923,247
Payment for lease liabilities	(1,515)	(218)	(805)	(538)
Payment for repurchase of ordinary shares			(3,674)
Issuance cost of financial instruments with preferred rights				(2,851)
Payment in relation to listing expenses			(111,440)	(1,097)
Net cash (used in)/ generated from financing activities	(625)	(90)	1,316,099	918,761
Net (decrease) increase in cash and cash equivalents	(1,251,600)	(179,709)	737,148	754,532
Cash and cash equivalents at the beginning of year	1,706,880	245,079	1,010,076	308,972
Effects of exchange rate changes on cash and cash equivalents	94,994	13,640	(40,344)	(53,428)
Cash and cash equivalents at end of year	¥ 550,274	$ 79,010	¥ 1,706,880	¥ 1,010,076

General Information, Reorganization and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Disclosure Of General Information Reorganization And Basis Of Presentation [Abstract]

General Information, Reorganization and Basis of Presentation

1. General Information, Reorganization and Basis of Presentation

1.1 General information

Connect Biopharma Holdings Limited (the “Company”) was incorporated on November 23, 2015 in the Cayman Islands as an exempted company with limited liability. The address of the Company’s registered office is P.O. Box 613, Harbour Centre, George Town, Grand Cayman KY1-1107, Cayman Islands. The Company completed its initial public offering (“IPO”) in March 2021 and the Company’s American Depositary Shares (“ADSs”) have been listed on the Nasdaq Global Market (“Nasdaq”) since then. Each ADS of the Company represents one ordinary share, par value USD 0.000174 per share.

The Company and its subsidiaries (collectively the “Group”) is a clinical-stage company focused on the discovery and development of next-generation immune modulators for the treatment of serious autoimmune diseases and inflammation. The Group has leveraged its expertise in the biology of T cell modulation to build a portfolio of drug candidates consisting of small molecules and antibodies targeting critical pathways of inflammation. The Group currently carries out clinical trials on its product candidates in the United States, the People’s Republic of China (“PRC”), Australia, Europe, and other jurisdictions.

As of December 31, 2022, the Company had direct or indirect interests in the following principal subsidiaries:




Company name	Principal activities	Place and date of incorporation	Attributable equity interest to the Group
Directly Held:
Connect Biopharma HongKong Limited (“Connect HK”)	Investment holding	Hong Kong/December 1, 2015		100	%
Indirectly held:
Connect Biopharm LLC (“Connect US”)	Pharmaceutical R&D	San Diego, United States of America/January 24, 2012		100	%
Connect Biopharma Australia PTY LTD (“Connect AU”)	Pharmaceutical R&D	Prahran, Australia/July 18, 2014		100	%
Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”)	Pharmaceutical R&D	Suzhou, PRC/May 2, 2012		100	%
Connect Biopharma (Shanghai) Co., Ltd	Pharmaceutical R&D	Shanghai, PRC/October 23, 2015		100	%
Connect Biopharma (Beijing) Co., Ltd	Pharmaceutical R&D	Beijing, PRC/July 9, 2019		100	%
Connect Biopharma (Shenzhen) Co., Ltd	Pharmaceutical R&D	Shenzhen, PRC/November 15, 2021		100	%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Disclosure of initial application of standards or interpretations [abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The Group’s consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The Group adopted and transitioned to IFRS issued by IASB on January 1, 2018. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and financial instruments with preferred rights. In preparing its consolidated financial statements prepared under IFRS, the Group early adopted IFRS 9 Financial Instruments (“IFRS 9”) and IFRS 16 Leases (“IFRS 16”) on January 1, 2018.

The Group has applied the following standards and amendments for the first time for our annual reporting period commencing January 1, 2022, which did not have any material impact on the consolidated financial statements:

Amendments to IFRS 3, "Business Combinations" - acquisition method.

Amendments to IAS 16, "Property, Plant and Equipment" - measurement and depreciation for property, plant and equipment.

Amendments to IAS 37, "Provisions, Contingent Liabilities and Contingent Assets" - accounting for provisions and contingent assets and liabilities.

Annual improvements on IFRS 1, "First-time Adoption of IFRS", IFRS 9, "Financial Instruments", IAS 41, "Agriculture" - adoption of IFRS procedures, derecognition of financial liabilities, and measurement of biological assets, respectively.

General improvements on IFRS 16, "Leases" - single lessee accounting model.

Amendments to IFRS 16, "COVID-19-Related Rent Concessions" - exemption from assessing COVID-19-related rent concessions.

Amendments to IAS 37, "Onerous Contracts — Cost of Fulfilling a Contract" - evaluation of the costs of fulfilling a contract in onerous contracts.

The consolidated financial statements for the years ended December 31, 2020, 2021 and 2022 were authorized for issue by the Company’s board of directors (the “Board”) on April 11, 2023.

Liquidity

Since inception, the Group has incurred accumulated losses of RMB 3,175.2 million (USD 455.9 million). For the year ended December 31, 2022, the Group had net operating loss of RMB 805.6 million (USD 115.7 million) and net operating cash outflow of RMB 679.7 million (USD 97.6 million). The principal sources of funding have historically been cash contributions from equity holders. The cumulative contributions up through December 31, 2022 approximated USD 440.1 million, among which included USD 219.9 million of proceeds from issuance of ordinary shares in connection with the IPO or RMB 1,431.8 million based on the exchange rate as of the date of the IPO. As of December 31, 2022, the Group had net assets of RMB 1,096.9 million (USD 157.5 million), including cash, cash equivalents, and short-term investments at fair value through other comprehensive income of RMB 1,061.5 million (USD 152.4 million) and long-term investments at fair value through other comprehensive income of RMB 65.7 million (USD 9.4 million). Taking this into consideration, the Group believes it will have sufficient available financial resources to meet its obligations and working capital requirements for at least in the next twelve months from the date of issuance of these financial statements. Accordingly, the Group considers that it is appropriate to prepare the consolidated financial information on a going concern basis.

Impact of COVID-19

In December 2019, a novel strain of coronavirus was reported in Wuhan, China and on March 11, 2020 the WHO declared COVID-19 a pandemic. The COVID-19 pandemic has resulted in a widespread health crisis and numerous disease control measures being taken to limit its spread. As the pandemic continues its impact throughout the world, the healthcare systems of the various countries in which we are conducting ongoing clinical trials of CBP-201 and CBP-307 have and may continue to experience disruption. In 2020, enrollment in our Phase 2 clinical trial of CBP-307 for patients with Chron's Disease ("CD") in the PRC was prematurely terminated due to challenges in recruitment caused by the COVID-19 pandemic. In 2021, enrollment in one phase 1 clinical trial of CBP-307 and the phase 1 clinical trial of CBP-174 in Australia were also impacted due to the COVID-19 pandemic. In 2022, our Phase 2 clinical trial of CBP-201 in patients with Chronic Rhinosinusitis with Nasal Polyps was early terminated in part due to the COVID-19 pandemic.

The Group will continue to monitor and assess the impact of the ongoing development of the pandemic on our clinical trials and for any impact to our financial position and operating results.

2.2 New and amended standards and interpretations not yet adopted by the Group

The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective in the consolidated financial statements.


		Effective for annual periods beginning on or after
Narrow scope amendments to IAS 8 for accounting policies, changes in estimates and errors		January 1, 2023
Amendments to IAS 12 for deferred tax related to assets and liabilities arising from a single transaction		January 1, 2023
Amendments to IAS 1 for presentation of financial statements’ classification of liabilities		January 1, 2024
Amendments to IAS 1 for disclosures of accounting policies		January 1, 2023
Application of IFRS 17 for accounting of insurance contracts		January 1, 2023

The Group expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a material impact on disclosures or amounts reported in the Group’s consolidated financial statements in the period of initial application and future reporting periods.

2.3 Principles of consolidation

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Intra-group transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies.

2.4 Separate financial statements

Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable.

Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill.

2.5 Foreign currency translation

(a) Functional and presentation currency

The consolidated financial statements of the Group are presented in RMB as the historical records for its entities were set-up for consolidations in RMB.

The functional currency of the Company is USD. Subsidiaries have functional currencies in USD, RMB and Australian dollars.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss.

Since the Group has no borrowings, all foreign exchange gains or losses are presented in the consolidated statements of loss on a net basis within other (losses)/gains-net.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income.

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

•

income and expenses for each statement of loss and comprehensive income/(loss) are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and

•

all resulting currency translation differences are recognized in other comprehensive income/loss.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

(d) Convenience translation

Translations of the consolidated balance sheet, the consolidated statement of loss, consolidated statement of comprehensive loss and consolidated statement of cash flows from RMB into USD as of and for the year ended December 31, 2022 are solely for the convenience of the readers and calculated at the rate of USD 1.00=RMB 6.9646, representing the exchange rate as of December 31, 2022 set forth in the China Foreign Exchange Trade System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate, on December 31, 2022.

2.6 Property, plant and equipment

Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The Group’s assets under construction represents buildings and equipment under construction and pending installation, and is stated at cost less accumulated impairment losses, if any. Costs include construction and acquisition costs. No provision for depreciation is made on assets under construction until such time as the assets are completed and ready for its intended use. Once the asset becomes available for use, it is transferred to the appropriate category of assets.

Depreciation is calculated using the straight-line method to allocate the cost, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements, the shorter lease term as follows:


Assets		Useful life
Laboratory equipment		5-10 years
Leasehold improvements		Shorter of lease term or 5 years
Office equipment and furniture		3-5 years

The assets’ residual values and useful lives are reviewed and adjusted if appropriate at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.8).

Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized within other gains/(losses)—net in the statements of loss.

2.7 Intangible assets

Software

Acquired software licenses are capitalized on the basis of the costs incurred to acquire and bring the specific software into usage. These costs are amortized using the straight-line method over their estimated useful lives of approximately 10 years. Costs associated with maintaining software programs are recognized as expense as incurred.

2.8 Impairment of non-financial assets

Non-financial assets other than goodwill and intangible assets that have an indefinite useful life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

2.9 Investments and other financial assets

(a) Classification

The Group classifies its financial assets in the following measurement categories:

•

those to be measured subsequently at fair value (either through other comprehensive income (“OCI”) or through profit or loss), and

•

those to be measured at amortized cost.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through OCI (“FVOCI”).

The Group reclassifies debt investments when and only when its business model for managing those assets changes.

(b) Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial asset carried at FVTPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

(i)

Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:

•

Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statements of loss.

•

FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as a separate line item in the statements of loss.

•

FVTPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

(ii)

Equity instruments

The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at FVTPL are recognized in other gains/(losses) in the statements of loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

There were no equity investments during the reporting periods.

(d) Impairment

The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk refer to Note 3.1(b) for further details.

2.10 Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.11 Share capital

Ordinary shares are classified as equity. Mandatorily redeemable preferred shares are classified as liabilities. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Where any Group company purchases the Company’s equity instruments, for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Group as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Group.

Shares previously held by Connect Union, which was established for the purpose of holding shares for the share incentive plans, are disclosed as treasury shares and deducted from contributed equity.

2.12 Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.

2.13 Financial instruments with preferred rights

Financial instruments with preferred rights are compound instruments with discretionary dividend right. The Group elected to designate the entire hybrid contracts that include host contract and embedded derivatives as financial liabilities at fair value through profit or loss considering the fact that the instruments also have contingent settlement provisions. They are initially recognized at fair value. Any directly attributable transaction costs are expensed in the consolidated statements of loss.

Subsequent to initial recognition, the amount of change in the fair value of the financial instruments with preferred rights that is attributable to changes in the credit risk of that liability shall be presented in OCI with the remaining changes in fair value recognized as “fair value loss of financial instruments with preferred rights” in profit or loss.

Dividends on financial instruments with preferred rights classified as financial liabilities are normally included in financial costs.

On March 19, 2021, upon completion of the IPO, all issued and outstanding preferred shares were converted to ordinary shares on a one-for-one basis.

2.14 Current and deferred income tax

The income tax expense or credit for the period is the tax payable on the taxable income of current period based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

(a) Current income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(b) Deferred income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Investment allowances and similar tax incentives

Companies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the research and development tax incentive or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.

2.15 Employee benefits

(a)

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in other payables and accruals in the balance sheet.

(b)

Defined benefit plans

The liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.

(c)

Defined contribution plans

For defined contribution plans, including those under Section 401(k) of the U.S. Internal Revenue Code, the Group pays contributions to publicly administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

The subsidiaries of the Group incorporated in the PRC contribute based on a certain percentage of the salaries of their employees to a defined contribution retirement benefit plan organized by relevant government authorities in the PRC on a monthly basis. The government authorities undertake to assume the retirement benefit obligations payable to all existing and further retired employees under these plans and the Group has no further obligation for post-retirement benefits beyond the contributions made. Contributions to these plans are expensed as incurred. Assets of the plans are held and managed by government authorities and are separate from those of the Group.

(d)

Housing funds and medical insurance

The PRC employees of the Group are entitled to participate in various government-supervised housing funds and medical insurance. The Group contributes on a monthly basis to these funds based on a certain percentage of the salaries of the employees, subject to certain ceilings. The Group’s liability in respect of these funds is limited to the contribution payable in each period and recognized as employee benefit expense when they are due.

2.16 Share-based compensation

The Group operates an equity-settled share-based compensation plan, under which the Group receives services from employees, directors and consultants. The consultants’ work for the Group is under the Group’s direction in the same way as employees and the services rendered by the consultants are similar to those rendered by the Group’s employees.

The fair value of options granted under the share incentive plans is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

•

including any market performance conditions (e.g. the entity’s share price);

•

excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

•

including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. The Group recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

2.17 Research and development expenses

The Group incurs costs and efforts on research and development activities. Research expenditures are recorded as an expense in the period the expenditure is incurred. Elements of research and development expenses primarily include (1) expenses related to preclinical testing of the Group’s technologies under development and clinical trials such as payments to Contract Research Organizations ("CRO") investigators and clinical trial sites that conduct the clinical studies; (2) consultant service related to the design of clinical trials and data analysis, (3) payroll and other related expenses of personnel engaged in research and development activities, (4) expenses to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, and (5) other research and development expenses.

The Group estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical and clinical studies and research services on its behalf. The Group estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Group will adjust the accrual accordingly. Payments made in advance for the related services are recorded as prepayments in the consolidated balance sheets until the services are rendered.

Development costs are recognized as assets if they can be directly attributable to a newly developed service or product and all the following criteria are met or exist:

•

the technical feasibility to complete the development project so that it will be available for use or sale;

•

the intention to complete the development project to use or sell the product;

•

the ability to use or sell the product;

•

the manner in which the development project will generate probable future economic benefits for the Group;

•

the availability of adequate technical, financial and other resources to complete the development project and use or sell the product; and

•

the expenditure attributable to the asset during its development can be reliably measured.

Research and development expenses are charged to expense as incurred for all periods presented because they have not met all of the criteria stated above.

2.18 Administrative expenses

Administrative expenses primarily include payroll and related expenses for employees involved in general corporate functions including finance, legal and human resources, rental and depreciation expenses related to facilities and equipment used by these functions, professional service expenses and other general corporate related expenses.

2.19 Interest income

Interest income from financial assets at FVTPL is included in the net fair value gains/(losses) on these assets, see Note 8. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes.

2.20 Government grants

Grants from the government are recognized at their fair value when there is a reasonable assurance that the grant will be received and the Group is expected to comply with all required conditions. Government grants received in advance of costs being incurred are deferred until the associated costs are recognized. Grants that compensate the Group for the cost of an asset initially are presented as deferred income and are recognized as income in consolidated statements of loss on a straight-line basis over the useful life of the associated asset.

2.21 Right-of-use Assets and Leases

Right-of-use assets comprise of land use rights and office leases.

All land in the PRC is owned by the mainland PRC government. The PRC government may sell land use rights for a specified period of time. The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as right-of-use assets on the balance sheet. The right-of-use assets are amortized over the remaining lease term. In 2021, the Group acquired a land use right in Taicang, Suzhou, China from the PRC government.

In April 2023, the Jiangsu Taicang High-tech Industrial Development Zone Administrative Commission, or Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price and to terminate the Land Use Agreement and the relevant provisions of the Investment Agreement. The procedures related to the cancellation registration of the land use rights are expected to commence during the second quarter of 2023 and the Group expects to receive the original purchase price after the registration of the land use rights has been cancelled as confirmed by Jiangsu Taicang HIDC.

The Group leases offices and the rental contracts are typically made for fixed periods of approximately 2 to 4 years. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

Lease terms are negotiated on an individual basis. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

•

variable lease payment that are based on an index or a rate, initially measured using the index or rate as of the commencement date;

•

amounts expected to be payable by the Group under residual value guarantees;

•

the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and

•

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability;

•

any lease payments made at or before the commencement date less any lease incentives received;

•

any initial direct costs; and

•

restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option.

2.22 Segment information

Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Group are the Co-Founders of the Group. The Group does not divide its operations into different segments and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. The Group does not have any revenue and substantially all non-current assets outside of the country of domicile are located in the PRC.

2.23 Net loss per share

(a)

Basic net loss per share

Basic loss per share is calculated by dividing:

•

the loss attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares;

•

by the weighted average number of ordinary shares outstanding during the financial year and excluding treasury shares

(b)

Diluted net loss per share

Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account:

•

the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

•

the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments and Risk Management

3. Financial Instruments and Risk Management

3.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk and exchange risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out by the senior management of the Group.

(a)

Market risk

(i) Interest rate risk

The Group’s interest rate risk primarily arises from investments in wealth management products, investments measured at fair value through other comprehensive income, investments measured at fair value through profit or loss (Note 17) and cash and cash equivalents (Note 18). Those carried at variable rates expose the Group to cash flow interest rate risk whereas those at fixed rates expose the Group to fair value interest rate risk. The Group currently does not hold any debt or other borrowing facilities that would subject the Group to risk from interest rate fluctuations.

(ii) Exchange risk

The Group operates internationally and is exposed to foreign exchange risk, primarily the USD. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant group entity. The Group’s exposure to foreign currency risk at the end of the reporting periods, expressed in RMB, was as follows:


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Cash and cash equivalents		150,640		113,583

The aggregate net foreign exchange (losses)/gains recognized in profit or loss were:


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Net foreign exchange (losses)/gains included in other (losses)/gains—net		(6,772	)		(3,309	)		9,629

Most foreign exchange transactions were denominated in USD for the subsidiary that has functional currency in RMB. For the years ended December 31, 2020, 2021 and 2022, if the USD strengthened/weakened by 5% against the RMB with all other variables held constant, net loss for the years then ended would have been RMB 3.3 million lower/higher, RMB 7.5 million lower/higher and RMB 5.7 million lower/higher, respectively.

(b)

Credit risk

Credit risk primarily arises from cash and cash equivalents, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and other receivables. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheets.

The credit risk of cash and cash equivalents, financial assets at fair value through profit or loss, and financial assets at fair value through other comprehensive income, is limited because the counterparties are reputable commercial institutions located in the Cayman Islands, the U.S., PRC and Australia. Additionally, there may be credit risk with deposit accounts at banking institutions in which balances exceeds each country’s insurance limits for such accounts.

For other receivables, management makes periodic as well as individual assessments on the recoverability based on historical settlement records and past experience and adjusts for forward looking information based on macroeconomic factors affecting the ability of the debtors to settle the receivables.

The Group applies the expected credit loss model to financial assets measured at amortized cost. Impairment on other receivables is measured as either 12-month expected credit losses or lifetime expected credit losses, depending on whether there has been a significant increase in credit risk since initial recognition. To assess whether there is a significant increase in credit risk, the Group compares the risk of default occurring on the asset as of the reporting date with the risk of default as of the date of initial recognition by considering available, reasonable and supportive forwarding-looking information.

(c)

Liquidity risk

The Group aims to maintain sufficient cash to meet obligations coming due as well as operating and capital requirements.

The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at each year-end date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.


	As of December 31, 2021
			Between		Between		More
	Less Than		1 and		2 and		Than
	1 Year		2 Years		5 Years		5 Years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Trade payables		81,195		—		—		—		81,195
Other payables		21,456		—		—		—		21,456
Lease liabilities		653		186		—		—		839
Total		103,304		186		—		—		103,490


	As of December 31, 2022
			Between		Between		More
	Less Than		1 and		2 and		Than
	1 Year		2 Years		5 Years		5 Years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Trade payables		83,138		—		—		—		83,138
Other payables		9,426		—		—		—		9,426
Lease liabilities		1,570		1,412		237		—		3,219
Total		94,134		1,412		237		—		95,783

3.2 Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

The Group monitors capital by regularly reviewing the capital structure and the overall capital markets. The Group may seek additional financing or debt at terms satisfactory to the Group in order to maintain adequate resources.

As of December 31, 2021 and 2022, the Group had no debt outstanding.

3.3 Fair value estimation

The table below analyzes the Group’s financial instruments carried at fair value as of December 31, 2022 by level of the inputs to valuation techniques used to measure fair value. As of December 31, 2021, the Group did not have any financial instruments measured at fair value. Such valuation inputs are categorized into three levels within a fair value hierarchy as follows:

(i)

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

(ii)

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

(iii)

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).


	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		127,926		—		—		127,926
Financial assets at fair value through other comprehensive income		283,238		293,756		—		576,994
Total assets		411,164		293,756		—		704,920

There were no transfers between Levels 1, 2 and 3 during the periods.

Financial instruments in Level 1

The fair value of financial instruments identified as Level 1 are supported by quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Financial instruments in Level 2

The fair value of financial instruments identified as Level 2 is determined by the use of valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific measures. For these financial instruments, all significant inputs required as inputs to fair value are observable.

Financial instruments in Level 3

If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. Level 3 instruments within the Group’s assets and liabilities include short-term investment in wealth management products measured at fair value through profit or loss and financial instruments with preferred rights.

Specific valuation techniques used to value financial instruments include:

•

Quoted market prices or dealer quotes for similar instruments

•

Comparison of accreted purchase price at trade date to face value at maturity and comparison to prices of subsequent similar transactions; and

•

A combination of observable and unobservable inputs, including expected rate of return, risk-free rate, expected volatility, discount rate for lack of marketability (“DLOM”), bond terms and conditions, current performance data, etc.,.

Financial assets at fair value through profit and loss and financial assets at fair value through other comprehensive income are categorized into Levels 1, 2 and 3 accordingly (see Note 17).

Critical Accounting Estimates and Judgements

12 Months Ended

Dec. 31, 2022

Critical Accounting Estimates And Judgements [Abstract]

Critical Accounting Estimates and Judgements

4. Critical Accounting Estimates and Judgments

The preparation of financial statements requires the use of accounting estimates which, by definition, may not equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.

(a)

Research and development expenses

Research expenditures are recorded as an expense in the period the expenditure is incurred. The Group estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical and clinical studies and research services on its behalf. The Group estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. Payments made in advance for the related services are recorded as prepayments in the consolidated balance sheets until the services are rendered.

Research and development expenses are charged to expense as incurred for all periods presented because these expenditures have not met the technical feasibility to complete the development project so that it will be available for use or sale and have no alternative future uses.

(b)

Fair value of financial assets

The fair value of financial assets that are not traded in an active market is determined using valuation techniques. The Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period.

(c)

Fair value of financial instruments with preferred rights

The fair value of financial instruments with preferred rights that are not traded in an active market is determined using valuation techniques. The Group first determined the equity value and then allocated the equity value to each element of the Group’s capital structure using either an option pricing backsolve method (“OPM”), or a hybrid method, which employs the concepts of the OPM and the probability-weighted expected return method (“PWERM”) that merged into a single framework.

(d)

Recognition of share-based compensation expenses

The equity-settled share-based compensation options was granted to employees and consultants. The Group has used the Binomial option-pricing model and the Black-Scholes option-pricing model for the employee stock options and employee share purchase plan, respectively, to determine the total fair value of the awarded options, which is to be expensed over the vesting

period. Significant estimates on assumptions, such as the fair value of underlying shares, risk-free interest rate, expected volatility and dividend yield, are required to be made by the management.

For the details of the key assumptions and estimates used by management in determining the fair values of share based compensation, refer to Note 22.

(e)

Current and deferred income taxes

(i)

Deferred income tax

The Group recognizes deferred tax assets based on estimates that it is probable to generate sufficient taxable profits in the foreseeable future against which the deductible losses and temporary differences will be utilized. The recognition of deferred tax assets mainly involves management’s judgments and estimations about the timing and the amount of taxable profits of the companies which have tax losses, refer to Note 10 for details.

Expenses by Nature

12 Months Ended

Dec. 31, 2022

Expenses by nature [abstract]

Expenses by Nature

5. Expenses by Nature


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Clinical trials related expenses		107,440		424,724		551,771
Employee benefit expenses (Note 6)		27,243		120,173		143,819
Professional service fees (i)		31,784		69,498		69,312
R&D materials and consumable supplies		2,127		13,718		7,990
Depreciation and amortization		1,436		4,082		6,940
Office expenses		3,052		3,653		5,056
Expense related to Series C financing (ii)		19,655	—		—
Others		5,915		4,618		6,767
		198,652		640,466		791,655

(i)

The Group exclusively licenses CBP-174 from a third-party licensor. Such license is worldwide and royalty-bearing. As of December 31, 2022, CBP-174 has not yet been commercialized, the Group is only subject to a non-refundable, non-creditable license maintenance fee, which is paid to the third-party licensor on an annual basis and recorded as a consultancy fee within research and development expense.

(ii)

Represents a share-based compensation to additional Series C preferred shareholder, which was recognized as an administrative expense as set forth in Note 22.

Employee Benefit Expenses

12 Months Ended

Dec. 31, 2022

Classes of employee benefits expense [abstract]

Employee Benefit Expenses

6. Employee Benefit Expenses


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Share-based compensation expenses (Note 22)		5,535		57,863		45,598
Wages, salaries and bonuses		19,527		56,122		84,356
Welfare expenses		520		4,820		12,191
Housing funds		690		1,368		1,674
Contributions to defined benefit plan (i, Note 27(d))		971	—			—
		27,243		120,173		143,819

(i)

Employee benefit expenses were charged in the following line items in the consolidated statements of loss:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Research and development expenses		18,405		68,225		80,030
Administrative expenses		8,838		51,948		63,789
		27,243		120,173		143,819

Other Income

12 Months Ended

Dec. 31, 2022

Other Income Expense [Abstract]

Other Income

7. Other Income


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Government grants		6,989		18,996		6,438

Government grants are mainly related to cash incentives from the PRC government based on specific milestones or operating expenses incurred in China and tax incentives from the Australian government for conducting clinical research and development activities in Australia. In 2020, the Group received subsidies of RMB 7.0 million. In 2021, the Group received a one-time award of RMB 11.0 million for its successful IPO listing, other subsidies of RMB 6.2 million from the Chinese local government, and RMB 1.6 million from the Australian government as an incentive for research and development activities. In 2022, the Group received subsidies of RMB 5.9 million from the Chinese local government.

Other (Losses)/Gains-Net

12 Months Ended

Dec. 31, 2022

Other Income (Losses) Net [Abstract]

Other (Losses)/Gains-Net

8. Other (Losses)/Gains—net


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Net foreign exchange (losses)/gains		(6,772	)		(3,309	)		9,629
Investment income from investments at fair value through profit and loss (iii)	—			—				1,711
Investment income from wealth management products (ii)		672			436			140
Other (losses)/gains (i)	—				(7,093	)		953
		(6,100	)		(9,966	)		12,433

(i)

The Group incurred a loss of RMB 7.0 million due to a phishing incident experienced in May 2021 which resulted in the Group remitting such amount to an account set up by the phishers rather than to one of the Group’s vendors. No loss of company data nor any loss or compromise of third-party information has been discovered. The Group filed an insurance claim and during the year ended December 31, 2022 recovered RMB 1.0 million (USD 0.1 million) from its cyber insurance provider.

(ii)

Investment income from wealth management products is based on discounted cash flows using their expected returns. Changes in fair value of these financial assets are recorded in other (losses)/gains – net in the consolidated statements of loss. The Group had no balance of investments from wealth management products at December 31, 2021 or 2022 (see Note 17(b)).

(iii)

Investment income from investments at fair value through profit and loss represent investment gains from money market investments included in cash equivalents (see Notes 3.3 and 17(b)).

Finance (cost)/Income-Net

12 Months Ended

Dec. 31, 2022

Profit (loss) [abstract]

Finance (cost)/Income-Net

9. Finance (Cost)/Income —net


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Finance income
Interest from bank deposits and term deposits		717			622			1,323
Interest income from investments at fair value through other comprehensive income	—			—				9,392
		717			622			10,715
Finance cost
Issuance cost of financial instruments with preferred rights		(2,851	)	—			—
Interest for lease liabilities		(42	)		(44	)		(144	)
		(2,893	)		(44	)		(144	)
Finance (cost)/income—net		(2,176	)		578			10,571

Income Taxes

12 Months Ended

Dec. 31, 2022

Major components of tax expense (income) [abstract]

Income Taxes

10. Income Taxes

Income tax expense is recognized based on the income tax rates in the following main tax jurisdictions where the Group operates for the years ended December 31, 2020, 2021 and 2022.

(a)

Cayman Islands

The Company is incorporated in the Cayman Islands as an exempted company with limited liabilities under the Companies Law of the Cayman Islands and accordingly, is exempted from Cayman Islands income tax.

(b)

Hong Kong

Hong Kong profits tax rate was 16.5% as of April 1, 2018, when the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$ 2 million and 16.5% for any assessable profits in excess. No Hong Kong profit tax was provided for as there was no estimated assessable profit that was subject to Hong Kong profits tax during the years ended December 31, 2020, 2021 or 2022.

(c)

United States

Connect US is organized in the U.S. and is a single member limited liability company that is disregarded for U.S. income tax purposes. During the years ended December 31, 2020, 2021 and 2022 from a U.S. tax perspective, Connect HK is subject to US federal corporate income tax at a rate of 21% and state income tax in California at a rate of 8.84% to the extent of the income apportionable to Connect US. No provision for income taxes was made for the year ended December 31, 2020. The provision for income taxes for the years ended December 31, 2021 and 2022 was RMB 1.7 million and RMB 2.0 million, respectively.

(d)

Australia

Connect AU is incorporated in Australia. Companies registered in Australia are subject to Australia profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Australia tax laws. The applicable tax rate in Australia is 30%. Connect AU has no taxable income for all periods presented, therefore, no provision for income taxes has been provided.

(e)

PRC

Provision for PRC corporate income tax is calculated based on the statutory income tax rate of 25% on the assessable income of respective PRC entities during the years ended December 31, 2020, 2021 or 2022 in accordance with relevant PRC enterprise income tax rules and regulations.

No provision for PRC corporate income tax has been made for the years ended December 31, 2020, 2021 or 2022 as the Group had no such taxable profit for the years then ended.

The reconciliation between the Group’s actual tax charge and the amount that is calculated based on the statutory income tax rate of 25% in the PRC is as follows:


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Loss from operations in the PRC		(85,788	)		(233,382	)		(263,291	)
Loss from overseas entities		(693,437	)		(1,071,745	)		(531,727	)
Loss before income tax		(779,225	)		(1,305,127	)		(795,018	)
Tax expense at PRC enterprise income tax rate of 25%		(194,806	)		(326,282	)		(198,755	)
Expenses not deductible for income tax purpose		3,185			13,663			17,849
Super deduction of research and development expenses (i)		(13,341	)		(35,523	)		(42,980	)
Tax losses and deductible temporary differences for which no deferred income tax assets were recognized		40,865			114,121			172,349
Effect of income tax in jurisdictions other than the PRC		164,097			235,718			53,574
Income tax expense		—			1,697			2,037

(i)

According to policies promulgated by the State Tax Bureau of the PRC, certain of the Company's subsidiaries are entitled to tax incentives for research and development expenses at 175% of tax-deductible research and development expenses in 2020, 2021 and 2022.

For the year ended December 31, 2022, the Group’s income tax expense of RMB 2.0 million is due primarily to income tax expense for Connect US, which is treated for income tax purposes as a service provider for Connect HK and earns service fee income on a cost-plus basis.

The Group did not recognize deferred income tax assets for the cumulative tax losses and deductible temporary differences that amounted to approximately RMB 582 million, RMB 1,327 million and RMB 2,203 million as of December 31, 2020, 2021 and 2022, respectively, that can be carried forward against future taxable income. The balance of research and development tax credits for Connect US as of December 31, 2022 is RMB 36.5 million, which can be carried forward against future tax liabilities.

As of December 31, 2020, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions.

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Net Loss Per Share

11. Net Loss Per Share

Upon approval of shareholders of the Company on March 12, 2021, every 1.74 ordinary shares were consolidated into one ordinary share (the “Share Consolidation”) (Note 19). To calculate net loss per share, the number of shares used reflects such Share Consolidation retrospectively as of January 1, 2019, in the calculation of the weighted average number of ordinary shares outstanding.

Basic net loss per share is calculated by dividing the net loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding. Basic and diluted net losses per share reflecting the effect of the issuance of ordinary shares by the Company are presented as follows.


	Year Ended December 31,
	2020			2021			2022
Net loss attributable to owners of the Company (RMB’000)		(779,225	)		(1,306,824	)		(797,055	)
Weighted average number of ordinary shares outstanding (in thousands)		17,090			52,177			55,044
Basic and diluted net loss per share (RMB)		(45.6	)		(25.0	)		(14.5	)

Options, preferred shares and Employee Share Purchase Plan ("ESPP") shares are considered potentially dilutive throughout the reporting period. However, since the Group had incurred losses for the years ended December 31, 2020, 2021 and 2022, the potential dilutive shares have an anti-dilutive effect on net loss per share if they are converted to ordinary shares. Thus, diluted net loss per share is equivalent to the basic net loss per share.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Property, Plant and Equipment

12. Property, Plant and Equipment


							Office equipment,
	Laboratory equipment			Leasehold improvements			furniture and others			Assets under construction			Total
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
As of January 1, 2021
Cost		5,672			1,461			585			1,906			9,624
Accumulated depreciation		(1,460	)		(808	)		(417	)		—			(2,685	)
Net book value		4,212			653			168			1,906			6,939
Year ended December 31, 2021
Opening net book value		4,212			653			168			1,906			6,939
Additions		30,440			793			422			24,121			55,776
Disposals		(234	)		—			(14	)		—			(248	)
Depreciation		(2,142	)		(813	)		(175	)		—			(3,130	)
Transfers		—			2,449			—			(2,449	)		—
Closing net book value		32,276			3,082			401			23,578			59,337
As of December 31, 2021
Cost		35,878			4,703			993			23,578			65,152
Accumulated depreciation		(3,602	)		(1,621	)		(592	)		—			(5,815	)
Net book value		32,276			3,082			401			23,578			59,337

Year ended December 31, 2022
Opening net book value		32,276			3,082			401			23,578			59,337
Exchange difference		—			(2	)		9			—			7
Additions		2,172			456			829			9,528			12,985
Transfers		301			—			—			(301	)		—
Disposals		(3	)		—			(1	)		—			(4	)
Depreciation		(3,315	)		(1,018	)		(528	)		—			(4,861	)
Impairment loss*		—			—			—			(32,805	)		(32,805	)
Closing net book value		31,431			2,518			710			—			34,659
As of December 31, 2022
Cost		38,348			5,157			1,830			—			45,335
Accumulated depreciation		(6,917	)		(2,639	)		(1,120	)		—			(10,676	)
Net book value		31,431			2,518			710			—			34,659

* The Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million for the year ended December 31, 2022.

Other Non-Current Assets

12 Months Ended

Dec. 31, 2022

Miscellaneous non-current assets [abstract]

Other Non-Current Assets

13. Other Non-Current Assets


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Deductible value-added tax (i)		18,045		1,109
Prepayments for purchase of non-current assets		341		408
Others		420		237
		18,806		1,754

(i)

The RMB 18.0 million of value-added tax receivable as of December 31, 2021 was refunded to the Company during the year ended December 31, 2022.

Right-of-Use Assets and Leases

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Right-of-Use Assets and Leases

14. Right-of-Use Assets and Leases

Amounts recognized in the consolidated balance sheets was as follows:

(a)

Right-of-use assets


	Land use rights			Office rent			Total
	RMB’000			RMB’000			RMB’000
Net book amount as of January 1, 2020		—			883			883
Additions		—			527			527
Depreciation		—			(481	)		(481	)
Net book amount as of December 31, 2020		—			929			929
Additions		22,284			517			22,801
Depreciation		(297	)		(612	)		(909	)
Net book amount as of December 31, 2021		21,987			834			22,821
Additions		—			3,582			3,582
Depreciation		(446	)		(1,573	)		(2,019	)
Exchange difference		1			(48	)		(47	)
Net book amount as of December 31, 2022		21,542			2,795			24,337
As of December 31, 2022
Cost		22,284			6,189			28,473
Accumulated depreciation		(742	)		(3,394	)		(4,136	)
Net Book value		21,542			2,795			24,337

During the year ended December 31, 2021, the addition of land use rights was related to payments to acquire long-term interest in the usage of land in Taicang, Jiangsu Province, PRC as stated in the land use right certificate. During the year ended December 31, 2022, the Group terminated its construction project to build facilities on the land.

In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price and to terminate the Land Use Agreement and the relevant provisions of the Investment Agreement. The procedures related to the cancellation registration of the land use rights are expected to commence during the second quarter of 2023 and the Group expects to receive the original purchase price after the registration of the land use rights has been cancelled as confirmed by Jiangsu Taicang HIDC.

(b)

Lease liabilities

We lease a research, development and administration facility in Taicang, Jiangsu Province, PRC, which expires on April 30, 2023, and lease an executive and administration office in San Diego, California, which expires in April 2025. The following tables provide information regarding these leases.


	As of December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Non-current		309		163		1,704
Current		604		630		1,294
.		913		793		2,998

Amounts recognized in the consolidated statements of loss in addition to the right-of-use asset depreciation expense are as follows:


	As of December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Interest expense		42		44		144
Expense relating to short-term leases (included in administrative expenses and research and development expenses)		45		12		—
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses and research and development expenses)		30		58		—
		117		114		144

The total cash outflow for leases for the years ended December 31, 2020, 2021 and 2022 was RMB 0.5 million, RMB 0.8 million and RMB 1.5 million, respectively.

Financial Instruments by Category

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments by Category

15. Financial Instruments by Category


	Financial assets		Financial assets
Financial assets	at FVOCI		at amortized cost		Total
	RMB’000		RMB’000		RMB’000
As of December 31, 2021
Other receivables		—		6,423		6,423
Financial assets at fair value through other comprehensive income		—		—		—
Cash and cash equivalents		—		1,706,880		1,706,880
		—		1,713,303		1,713,303


	Financial assets		Financial assets		Financial assets
Financial assets	at FVOCI		at amortized cost		at FVTPL		Total
	RMB’000		RMB’000		RMB’000		RMB’000
As of December 31, 2022
Other receivables		—		1,971		—		1,971
Financial assets at fair value through other comprehensive income		576,994		—		—		576,994
Cash and cash equivalents		—		422,348		127,926		550,274
		576,994		424,319		127,926		1,129,239


	Financial
	liabilities at
Financial Liabilities	amortized cost
	RMB’000
As of December 31, 2021
Other payables		21,456
Trade payables		81,195
Lease liabilities		793
		103,444


	Financial
	liabilities at
Financial Liabilities	amortized cost
	RMB’000
As of December 31, 2022
Other payables		9,426
Trade payables		83,138
Lease liabilities		2,998
.		95,562

Other Receivables and Prepayments

12 Months Ended

Dec. 31, 2022

Other Receivables And Prepayments [Abstract]

Other Receivables and Prepayments

16. Other Receivables and Prepayments


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Prepayment for clinical trials related services		36,879		18,871
Prepaid expenses (i)		3,953		2,571
Deposits (ii)		4,312		356
Others		2,111		1,615
		47,255		23,413

(i)

In March 2022, the Group made payments to purchase director and officer liability insurance. Such expenses are amortized over one year.

(ii)

Deposits held by CRO suppliers are refundable upon the completion of related services.

Financial Assets at Fair Value

12 Months Ended

Dec. 31, 2022

Categories of financial assets [abstract]

Financial Assets at Fair Value

17. Financial Assets at Fair Value

(a)

Financial Assets at Fair Value Through Other Comprehensive Income

Financial assets at FVOCI comprise of investments in debt securities where the contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved by collecting contractual cash flows and selling financial assets. Financial assets at FVOCI consist of investments in the following:


	December 31,
	2022
	RMB’000
Non-current assets
U.S. Treasury bills		11,739
Listed bonds		54,005
		65,744
Current assets
U.S. Treasury bills		271,499
Government agency bond		8,365
Listed bonds		52,730
Unlisted debt securities (i)		178,656
		511,250

(i) Unlisted debt securities comprise of investments in commercial paper of financial institutions.

On disposal of debt investments, any related balance within the FVOCI reserve is reclassified to other (losses)/gains within profit or loss. Maturities of debt investments recorded at FVOCI totaled RMB 195.4 million (USD 28.1 million) during the year ended December 31, 2022.


	December 31,
	2022
	RMB’000

Interest income recognized in profit and loss related to debt investments		9,392
Losses recognized in other comprehensive income related to debt investments		(2,513	)

Financial assets at FVOCI are reflected as Level 1 and 2 instruments, as short-term and long-term investments. As of December 31, 2022, the Group had RMB 511.3 million and RMB 65.7 million of FVOCI short-term investments and FVOCI long-term investments, respectively. The following amounts table presents changes in Level 1 and 2 instruments of short-term and long-term investments for debt investments at FVOCI:


	Year Ended December 31,
	2022
	RMB’000
Financial assets at fair value through other comprehensive income
Opening balance		—
Additions		737,494
Settlements (including coupon interest received)		(195,364	)
Accrued interest		3,333
Discount accreted		6,059
Change in fair value debited to other comprehensive income*		(2,513	)
Exchange difference		27,985
Closing balance		576,994

* - includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period.

Information about the methods and assumptions used in determining fair value is provided in Note 3. Impairment on financial assets at FVOCI is measured based on expected losses and changes in credit risk and recognized into profit and loss when determined. As of December 31, 2022, no impairment has been recognized on debt investments at FVOCI. All of the financial assets at FVOCI are denominated in USD.

(b)

Financial Assets at Fair Value Through Profit or Loss

Financial assets at FVTPL comprise of investments in wealth management products and investments in money market funds.

Investments in wealth management products are reflected as Level 3 instruments, as short-term investments. As of December 31, 2022, the Group had no remaining investments in such products. The following table presents the changes in Level 3 instruments of short-term investments in wealth management products for the years ended December 31, 2020, 2021 and 2022.


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Financial assets at fair value through profit or loss
Opening balance		30,632			13,068			—
Additions		106,600			114,500			41,000
Settlements		(124,836	)		(128,004	)		(41,140	)
Fair value gains recognized in profit or loss (Note 8)*		672			436			140
Closing balance		13,068			—			—
*Includes unrealized gains recognized in profit or loss attributable to balances held at the end of the reporting period		68			—			—

The fair value of wealth management products is based on discounted cash flows using their expected returns. The returns on these wealth management products were not guaranteed, hence their contractual cash flows did not qualify solely as payments of principal and interest. Changes in fair value of these financial assets are recorded in other (losses)/gains – net in the consolidated statements of loss.

Investments in money market funds are reflected as Level 1 instruments, as cash equivalents. As of December 31, 2022, the Group had RMB 127.9 million of money market investments included in cash equivalents. The following table presents the changes in Level 1 instruments of money market funds included in cash equivalents for the year ended December 31, 2022.


	Year Ended December 31,
	2022
	RMB’000
Financial assets at fair value through profit or loss
Opening balance		—
Additions		655,806
Settlements (including coupon interest received, net of fees)		(536,858	)
Investment income credited to profit or loss		1,711
Exchange difference		7,267
Closing balance		127,926

The carrying amounts of the Group’s other financial assets and liabilities, including cash, other receivables, trade payable and other payables, approximate their fair values.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Cash and Cash Equivalents

18. Cash and Cash Equivalents


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Cash at bank
- USD deposits		1,645,948		353,379
- RMB deposits		57,595		63,856
- Australian Dollar deposit		3,337		5,113
Cash equivalents (i)		—		127,926
		1,706,880		550,274

(i)

Due to their liquidity, investments in money market funds and short-term investments with original maturities of 90 days or less, are classified as cash equivalents. Accordingly, these cash equivalents are recorded at their fair value, with their changes in fair value reflected in profit or loss (see Note 17(b)).

Cash at bank located in the PRC earns interest at floating rates based on daily bank deposit rates, while deposits in banks outside the PRC are with interest rate of nil.

Cash at banks denominated in RMB are deposited with banks in the PRC. The conversion of these RMB-denominated balances into foreign currencies and the remittance of funds out of China are subject to the rules and regulations of foreign exchange control promulgated by the PRC Government.

Cash equivalents denominated in USD are held with banks in the U.S.

As of December 31, 2021 and 2022, RMB 1,501.8 million and RMB 377.8 million of cash and cash equivalents were held in banks outside the PRC, respectively.

Share Capital

12 Months Ended

Dec. 31, 2022

Disclosure of classes of share capital [abstract]

Share Capital

19. Share Capital

Upon approval of shareholders of the Company on March 12, 2021, every 1.74 ordinary shares with a par value of USD 0.0001 each in the authorized share capital of the Company (including all issued and unissued shares) were consolidated into one share with a par value of USD 0.000174 each. Therefore, the authorized share capital of the Company was changed from USD 50,000 to USD 76,560. The authorized share capital of the Company as of December 31, 2022 was USD 76,560. The number of ordinary shares below are presented retrospectively as if such Share Consolidation took place as of January 1, 2019.




	Number of Ordinary Shares			Share Capital		Share Premium(i)		Total
				RMB’000		RMB’000		RMB’000
As of January 1, 2020		17,684,770		21			38,123		38,144
Issuance of shares to Co-Founders (iii, Note 22)		282,526			1		3,343		3,344
Issuance of treasury shares		1,686,495			2		—		2
As of December 31, 2020		19,653,791			24		41,466		41,490
Issuance of ordinary shares (i)		12,937,500			14		1,305,805		1,305,819
Conversion from preferred shares to ordinary shares (Note 24)		24,791,804			28		2,743,597		2,743,625
Repurchase of ordinary shares (ii)		(20,765	)		—		—		—
Issuance of shares to Co-Founders (iii, Note 22)		121,080			—		1,417		1,417
Exercise of stock options		—			—		2,149		2,149
As of December 31, 2021		57,483,410			66		4,094,434		4,094,500
Issuance of ordinary shares (v)		25,468			—		132		132
Shares surrendered and cancelled (iv)		(60,540	)		—		—		—
As of December 31, 2022		57,448,338			66		4,094,566		4,094,632

(i)

In March 2021, 12,937,500 ADSs (representing 12,937,500 ordinary shares, including the exercise of the option by the underwriters in full to purchase additional ADSs) were offered by the Company in connection with its listing on Nasdaq, and the proceeds received were USD 219.9 million or RMB 1,431.8 million based on the exchange rate as of the date of the IPO. The Company incurred issuance costs of USD 19.3 million in connection with this offering.

(ii)

In March 2021, at the request of one co-founder, the Company repurchased 20,765 ordinary shares from him for a consideration of RMB 2.5 million (USD 0.4 million) for the payment of employee withholding taxes related to share-based awards, then such shares were cancelled accordingly.

(iii)

Pursuant to the Company’s shareholder agreement in effect as of the completion of the Series C financing (see Note 22), each of the Company’s founders was entitled to two or more votes to ensure the Co-Founders control the majority of the votes under certain circumstances.

(iv)

In May 2022, a related party surrendered 60,540 ordinary shares for no consideration. The surrendered shares were cancelled. In relation to the share surrender, the Company did not enter into any agreement or commitment for future consideration or compensation.

(v)

On November 1, 2022, the 25,468 shares were issued under the 2021 ESPP Plan.

Treasury Shares

12 Months Ended

Dec. 31, 2022

Treasury Shares [Abstract]

Treasury shares

20. Treasury Shares

Treasury shares were previously held by Connect Union for the purpose of issuing shares under 2019 Stock Incentive Plan in 2019 and 2020. All the Company’s ordinary shares held by Connect Union were surrendered to the Company in September 2021. As of December 31, 2020, 2021 and 2022, there were 2,563,563, 2,407,091 and 2,407,091 treasury shares, respectively.

Reserves

12 Months Ended

Dec. 31, 2022

Disclosure of reserves within equity [abstract]

Reserves

21. Reserves

(a) Share-based compensation reserves

The share-based compensation reserves represent the fair value of unexercised options granted to employees recognized in accordance with the accounting policy adopted for equity-settled share-based payments described in Note 2.16 to the financial statements.

(b) Other reserves

Other reserves mainly represent the reserve transferred from share-based compensation reserve upon exercise of share options and foreign currency translation reserve described in Note 2.5(c).

In accordance with the PRC regulations and the articles of association of the PRC companies now included in the Group, before annual profit distribution, companies registered in the PRC are required to set aside 10% of their net profit for the year after offsetting any prior year losses as determined under relevant PRC accounting standards to the statutory surplus reserve fund. When the balance of such reserve reaches 50% of the entity’s registered capital, any further appropriation is optional. No profit appropriation to the reserve fund was made for those entities for the reporting periods as they were in accumulated loss positions.

Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Restricted net assets including paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries was RMB 288.9 million as of December 31, 2021 and RMB 221.5 million as of December 31, 2022.

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-Based Compensation

22. Share-Based Compensation

2019 Stock Incentive Plan

The Group adopted the 2019 stock incentive plan ("2019 Plan") and obtained Board’s approval on November 1, 2019, under which the Group may grant various awards such as options, restricted shares or restricted share units to employees, directors, and consultants for services rendered.

Pursuant to the plan, a grantee has the right to subscribe for the ordinary shares at a price determined by the Board. The options granted can only vest if the service conditions are met. Options granted under the plan are valid and effective for 10 years from the date of grant and vest over a service period which is generally four years; 25% of the granted options vest on the first anniversary of the grant date and the remaining options vest in equal monthly installments over next 36 months. Some options are vested in equal monthly installments or annual installments over the entire service period or vested immediately upon the grant date in instances where services had already been performed in their entirety.

The grant date of certain grantees occurred after the date they had begun rendering services to satisfy the condition attached to the share option award, the management estimated the grant date fair value in each reporting period for the purpose of recognizing the expense during the period between the service commencement date and the grant date. Once the grant date has been established, the recognized expense is based on the actual grant date fair value of the share option in the period of change.

Grantees who leave the Group other than for certain causes will lose their entitlement to the vested options if not exercised within three months of their termination date (or within three months after the IPO kick-off date for certain option holders).

2021 Stock Incentive Plan

The Group adopted 2021 Stock Incentive Plan (“2021 Plan”) effective on the day of effectiveness of its IPO. Awards granted under the 2021 Plan may be either stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), restricted stock awards (“RSA”) or dividend equivalent right ("DER”). The maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2021 Plan is (1) 6,000,000 ordinary shares, plus (2) any ordinary shares that were, as of the effective date of the 2021 Plan, (i) available for issuance under the 2019 Plan or (ii) subject to outstanding awards under the 2019 Plan that become available for issuance under the 2021 Plan thereafter in accordance with its terms. The number of ordinary shares initially available for issuance will be increased on the first day of each of our fiscal years during the term of the 2021 Plan commencing with the fiscal year beginning January 1, 2021, by an amount equal to the least of (i) 5.0% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year; or (ii) such lesser number of shares as may be determined by the Company’s board of directors. Our board of directors determined that the increase under the 2021 Plan for the fiscal years beginning January 1, 2022 and 2023, to be 5.0% and 2.5%, respectively, of our outstanding shares as determined on December 31, 2021 and 2022, respectively. In no event will more than 60,000,000 shares be issuable upon the exercise of incentive share options (within the meaning of Section 422 of the U.S. Internal Revenue Code) under the 2021 Plan.

Grantees who leave the Group other than for certain causes will lose their entitlement to the vested options if not exercised within three months of their termination date.

During the year ended December 31, 2020, the Group granted a total of 1,500,887 options from the 2019 Plan. During the year ended December 31, 2021, the Company granted a total of 2,403,660 options which contain 897,660 options from the 2019 Plan and 1,506,000 options from the 2021 Plan. During the year ended December 31, 2022, the Company granted 2,986,547 options from the 2021 Plan.

As of December 31, 2022, the Group has reserved 5,348,217 ordinary shares under the 2021 Plan.

2021 Employee Share Purchase Plan

The Group adopted the 2021 Employee Share Purchase Plan (“2021 ESPP”) and began implementation in May 2022. A total of 600,000 ordinary shares were initially reserved for issuance under the 2021 ESPP Plan. On the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031, the number of shares available for issuance under the 2021 ESPP Plan shall be increased by that number of shares equal to the lesser of 1.0% of the aggregate number of ordinary shares of the Group outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as determined by the Groups board of directors. Our board of directors determined that the increase under the 2021 Plan for the fiscal years beginning January 1, 2022 and 2023, to be 1.0% and 0.0%, respectively, of our outstanding shares as determined on December 31, 2021 and 2022, respectively.

An offering was made under the 2021 ESPP starting May 1, 2022, for the Section 423 component of the plan with the following key provisions: eligible employees are granted rights to purchase ordinary shares, which can be funded through payroll deductions that cannot exceed 15% of each employee’s compensation. The 2021 ESPP generally provides for a 24-month offering period, which includes four six-month purchase periods. At the end of each purchase period, eligible employees are permitted to purchase ordinary shares at 85% of the lower of fair market value at the beginning of the offering period or fair market value at the end of the purchase period. The first offering period began on May 1, 2022. During the year ended December 31, 2022, employees purchased 25,468 shares at a discounted price of $0.74 and the Group recorded share-based compensation expense of RMB 0.3 million (USD 39 thousand) with respect to the 2021 ESPP.

The options activities under 2019 and 2021 Plans (after the Share Consolidation) for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Number of options			Weighted average exercise price per share option
Options outstanding as of January 1, 2020		190,762
Granted		1,500,887		USD 6.6
Forfeited (i)		(25,766	)	USD 0.9
Options outstanding as of December 31, 2020		1,665,883
Granted		2,403,660		USD 13.8
Exercised		(163,773	)	USD 0.9
Forfeited (i)		(157,381	)	USD 14.7
Options outstanding as of December 31, 2021		3,748,389
Granted		2,986,547		USD 3.4
Forfeited (i)		(1,631,309	)	USD 9.6
Options outstanding as of December 31, 2022		5,103,627
Options exercisable as of December 31, 2022		1,329,119

The weighted average remaining contractual life of options outstanding as of December 31, 2020, 2021 and 2022 was 9.3, 9.2 and 8.7 years, respectively.

(i)

The options were forfeited when the employment terminated.

Fair value of options granted

Prior to the completion of the IPO, the Company determined its equity value which was estimated using the hybrid method and adopted the allocation model to determine the fair value of its underlying ordinary shares. After the completion of the IPO, the fair value of the share options is estimated based on the fair market value of the Company’s underlying ordinary shares at the grant date.

Based on the fair value of underlying ordinary shares, the Group used the Binomial option-pricing model to determine the fair value of options as of the grant date. Separately, the Group used the Black-Scholes option-pricing model to determine the fair value of ESPP compensation expense calculation as of the grant date. The amounts withheld from employees’ paychecks totaled RMB 0.2 million

(USD 23 thousand), which is recorded in Other payables and accruals within Current liabilities. Key assumptions for the options granted for the periods and ESPP compensation are set forth below:

Stock Incentive Plan

ESPP

Year Ended December 31

Year Ended December 31

2020

2021

2022

2022

Weighted average exercise price during the year

USD 6.6

USD 13.8

USD 3.44

(i)

Grant date share price

USD 2.1~USD 11.1

USD 4.3~USD 23.3

USD 0.75~USD 4.91

USD 0.86~USD 1.86

Risk-free interest rate

0.8%~1.1%

1.2%~1.7%

1.9%~3.4%

1.5%~4.8%

Expected volatility

61.8%~77.4%

60.5%~62.2%

61.4%~62.0%

51.1%-60.2%

Option life

10 years

10 years

10 years

0.5~2.0 years

Expected early exercise multiple

2.2

2.2

2.2~2.8

N/A

Dividend yield

Nil

Nil

Nil

Nil

Forfeiture rate

9.5

*3.0%-9.6%

*3.0%-10.8%

3.0

Weighted average fair value of options granted during the year

USD 4.2

USD 10.6

USD 1.98

USD 0.71

* During the year ended December 31, 2022, the forfeiture rates for executives was 3.0% and ranged between 7.7% to 10.8% for all other employees.

(i)

Discounted ESPP price for issued shares during the year ended December 31, 2022 was $0.74.

The Group adopted the average volatility of the comparable companies as the proxy of the expected volatility of the underlying share. The volatility of each comparable company was based on the historical daily stock prices for a period with length commensurate to the remaining maturity life of the share options.

Share-based compensation to Co-Founders

On December 20, 2018, pursuant to the shareholders agreement entered into among the Company and all its shareholders in connection with its Series B financing, up to 702,278 and 1,140,474 ordinary shares (before Share Consolidation) will be issued to the Co-Founders and Connect Union, respectively, for no consideration, contingent on achieving of various R&D milestones as non-market performance conditions. Under such agreement, the ordinary shares may also be issued in a lump sum immediately after the closing of new financing that meets several requirements including, among others, the pre-money valuation of the Group exceeding USD 600,000,000 (“Financing Condition”). Such shares to be issued to Connect Union were reserved for future issuance of options.

Upon achievement of certain R&D milestones, 351,140 ordinary shares (before Share Consolidation) were vested and yet to be issued to the Co-Founders as of December 31, 2019. In January 2020, another 140,456 ordinary shares (before Share Consolidation) were vested to the Co-Founders. Accordingly, the Company issued 491,596 ordinary shares (before Share Consolidation) to the Co-Founders and 798,330 ordinary shares (before Share Consolidation) to Connect Union, respectively, for no consideration in April 2020. The Company recognized the related share-based compensation expenses in the amounts of RMB 2.7 million and RMB 1.2 million for the years ended December 31, 2019 and 2020, respectively. Unless otherwise waived by the Company and the investors party to the shareholders agreement, 210,682 ordinary shares (before Share Consolidation) are potentially issuable to the Co-Founders and 342,144 ordinary shares (before Share Consolidation) are potentially issuable to Connect Union upon achievement of the Financing Condition.

Pursuant to the shareholders agreement entered into in connection with the Company’s Series C financing in August and December 2020, upon the issuance of the remaining ordinary shares issuable upon achievement of the Financing Condition (i.e. 210,682 ordinary shares (before Share Consolidation) to be issued to the Co-Founders and 342,144 ordinary shares (before Share Consolidation) to be issued to Connect Union), the Company will be obligated to issue additional Series C preferred shares at par value to each of the Series C shareholders so that the shareholdings of the Series C preferred shares obtained by such Series C shareholders will not be diluted. As of December 31, 2020, the Company has not yet issued the above ordinary shares to Co-Founders and Connect Union, so no additional Series C preferred shares are issued.

Pursuant to the shareholders agreement, upon achievement of certain R&D milestones, 210,682 ordinary shares were issued to the Co-Founders for the year ended December 31, 2021. After the Share Consolidation, these have become 121,080 ordinary shares.

In March 2021, based on the anti-dilutive obligation of the Company to issue additional Series C preferred shares, the Company also issued additional 80,457 Series C preferred shares. After the Share Consolidation, these have become 46,232 preferred shares. Upon completion of the IPO, such preferred shares were converted to ordinary shares on a one-for-one basis.

The Group determined its equity value which was estimated using the hybrid method and adopted the allocation model to determine the fair value of this share-based payment as USD 0.9 per share before the Share Consolidation (USD 1.57 after the Share Consolidation) on the grant date. Key assumptions included risk-free interest rate of 2.5%, expected volatility of 60.0%, dividend yield of nil and were based on the management’s best estimates.

Share-based compensation to additional Series C preferred shareholder

In August 2020, the Company entered into a Series C preferred share purchase agreement with certain investors to issue 18,186,643 shares (10,452,094 after the Share Consolidation) of Series C preferred shares for a cash consideration of USD 115.0 million. Subsequent to the completion of the Series C financing in August 2020, the Company negotiated with another investor for an additional round of Series C financing. On December 1, 2020, the Company issued 3,162,894 (1,817,755 after the Share Consolidation) additional Series C preferred shares to such investor for a cash consideration of USD 20.0 million with the same subscription price and similar terms as Series C preferred shares issued in August 2020 (“Additional Series C Preferred Shares”).

According to the relevant guidance under IFRS 2, when the Group receives identifiable consideration that is less than the fair value of the equity instruments granted or liability incurred, the Group measures the identifiable goods or services received. The Group shall measure the unidentifiable goods or services received (or to be received) as the difference between the fair value of the share-based payment and the fair value of any identifiable goods or services received (or to be received) on the grant date.

Therefore, the Group recognized the difference between the cash consideration received from and the fair value of the Additional Series C Preferred Shares on the issuance date as a share-based compensation in the amount of approximately RMB 19.7 million for the year ended December 31, 2020.

Share-based compensation expenses included in the consolidated statements of loss for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Research and development expenses (Note 6)		3,523		26,532		20,226
Administrative expenses (Note 5(ii), Note 6)		21,667		31,331		25,372
		25,190		57,863		45,598

Upon completion of the IPO, all issued and outstanding Additional Series C Preferred Shares were converted to ordinary shares on a one-for-one basis.

Other Payables and Accruals

12 Months Ended

Dec. 31, 2022

Other Payables and Accruals [Abstract]

Other Payables and Accruals

23. Other Payables and Accruals


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Construction payables		16,576		1,424
Payroll, welfare and bonus payables		11,384		14,959
Accrued professional service fee		2,318		5,696
Others		2,562		2,306
		32,840		24,385

Financial Instruments with Preferred Rights

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments with Preferred Rights

24. Financial Instruments with Preferred Rights

The Group has completed a series of financings by issuing preferred shares with the following details:


				Subscription
		Number of		consideration
Date of subscription	Round	preferred shares		RMB’000
March 3, 2016	Series Pre-A		3,109,000		33,110
January 3, 2017	Series A		8,471,200		137,868
December 20, 2018	Series B		10,127,579		379,148
August 21, 2020/December 1, 2020	Series C		21,349,537		923,247
			43,057,316		1,473,373

After the Share Consolidation, the above number of preferred shares were changed to 24,745,572 and together with additional 46,232 preferred shares as disclosed in the Note 22, the Company’s issued and outstanding preferred shares were 24,791,804 prior to March 19, 2021.

Movements of financial instruments with preferred rights during the years ended December 31, 2020 and 2021 was as follows:


	Fair value
	RMB’000
As of January 1, 2020		643,008
Issuance of Series C Preferred Shares		923,247
Change in fair value recognized in profit or loss		579,286
Share-based compensation to additional Series C preferred shareholder		19,655
Change in fair value due to foreign currency translation recognized in other comprehensive income		(93,688	)
As of December 31, 2020		2,071,508
Change in fair value recognized in profit or loss		674,269
Change in fair value due to foreign currency translation recognized in other comprehensive income		(2,152	)
Converted to ordinary shares upon IPO		(2,743,625	)
As of December 31, 2021		—

The Group used the IPO price (USD 17) to determine the fair value of the financial instruments with preferred rights on March 19, 2021. Upon completion of the IPO in March 2021, such preferred shares were converted to ordinary share on a one-for-one basis.

Cash Flow Information

12 Months Ended

Dec. 31, 2022

Disclosure Of Cash Flow Information [Abstract]

Cash Flow Information

25. Cash Flow Information

(a) Cash used in operations


		Year Ended December 31,
	Notes	2020			2021			2022
		RMB’000			RMB’000			RMB’000
Net loss before income tax			(779,225	)		(1,305,127	)		(795,018	)
Adjustments for:
—Interest for lease liabilities	9		42			44			144
—Investment income from investments in wealth management products	17(b)		(672	)		(436	)		(140	)
—Interest income from investments at fair value through other comprehensive income	17(a)		—			—			(9,392	)
—Amortization of intangible assets			7			43			60
—Depreciation of property, plant and equipment	12		955			3,130			4,861
—Depreciation of rights-of-use assets	14		481			909			2,019
—Net impairment losses	12		—			—			32,805
—Share-based compensation expenses	22		25,190			57,863			45,598
—Net foreign exchange differences	8		6,772			3,309			(9,629	)
—Fair value changes of financial instruments with preferred rights	24		579,286			674,269			—
—Issuance cost of financial instruments with preferred rights	9		2,851			—			—
—Loss on disposal of property, plant and equipment			—			250			4
Changes in working capital
—Other receivables and prepayments			(9,350	)		(16,116	)		23,084
—Other non-current assets			(3,906	)		(8,206	)		17,052
—Other payables and accruals			8,558			(11,459	)		6,315
—Trade payables			1,850			56,601			2,572
Net cash used in operations			(167,161	)		(544,926	)		(679,665	)

Supplemental Cash Flow Information:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Interest received		1,381		622		2,894
Income taxes paid		—		—		3,221

(b) Non-cash investing and financing activities


		Year Ended December 31,
	Notes	2020		2021		2022
		RMB’000		RMB’000		RMB’000
Construction payables		—			16,576		1,424
Fair value changes of financial instruments with preferred rights	24		579,286		674,269		—
Share-based compensation to additional Series C preferred shareholder	22		19,655		—		—
			598,941		690,845		1,424


	Financial
	instruments with
	preferred rights			Lease liability
	RMB’000			RMB’000
At January 1, 2020		643,008			882
Cash flows		923,247			(538	)
New leases					527
Interest expenses		—			42
Differences of foreign currency translation		(93,688	)		—
Changes in fair value		579,286			—
Share-based compensation to additional Series C preferred shareholder		19,655			—
At December 31, 2020		2,071,508			913
Cash flows					(805	)
New leases		—			641
Interest expenses		—			44
Differences of foreign currency translation		(2,152	)		—
Changes in fair value		674,269			—
Conversion to ordinary shares		(2,743,625	)		—
At December 31, 2021		—			793
Cash flows		—			(1,515	)
New leases		—			3,576
Interest expenses		—			144
At December 31, 2022		—			2,998

Commitments

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Commitments

26. Commitments

Capital commitments


	Year Ended December 31,
	2021		2022
	RMB’000		RMB’000
Equipment and intangible assets
- Contracted but not provided for		146,878		—

As of December 31, 2021, we had capital commitments of approximately RMB 146.9 million (USD 23.0 million), primarily in connection with the construction of a campus in Taicang in the PRC.

During the year ended December 31, 2022, the Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million (see Note 12). As of December 31, 2022, we have no additional capital commitments.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

27. Related Party Transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control or exercise significant influence over the other party. Parties are also considered to be related if they are subject to common control. Members of key management of the Group and their close family members are also considered as related parties.


Names of related parties		Nature of relationship
Hangzhou Simo Company Limited		Entity controlled by a director of the Company
Frontage Laboratories (Suzhou) Company Limited		Entity controlled by a director of the Company
Shanghai Tigermed Consulting Company Limited		Entity controlled by a director of the Company
Hangzhou Tigermed Consulting Company Limited		Entity controlled by a director of the Company
Beijing Medical Development (Suzhou) Company Limited		Entity controlled by a director of the Company

As the former director Xiaoping Ye resigned on February 2, 2021, the above companies were no longer considered as related parties for the year ended December 31, 2021 or 2022.

In addition to other related party transactions and balances disclosed elsewhere in this financial information, the following is a summary of significant transactions and balances with related parties during the years ended December 31, 2020, 2021 and 2022 and at December 31, 2021 and 2022.

(a)

Interests in subsidiaries of the Company are set out in Note 1.1.

(b)

Significant transactions with related parties


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Purchase of clinical trials related services
Hangzhou Simo Company Limited		5,948		—		—
Frontage Laboratories (Suzhou) Company Limited		2,157		—		—
Hangzhou Tigermed Consulting Company Limited		1,069		—		—
Beijing Medical Development (Suzhou) Company Limited		301		—		—
Shanghai Tigermed Consulting Company Limited		34		—		—

(c)

Balances with related parties

The Group had no balances with related parties at December 31, 2021 or December 31, 2022.

(d)

Key management personnel compensation


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Wages, salaries and bonuses		8,013		18,100		18,254
Share-based compensation expenses		1,148		28,266		18,293
Contributions to defined benefit plan (i)		971		—		—
Welfare, housing funds and other		180		308		487
		10,312		46,674		37,034

(i)

The defined benefit plan was established in 2018 for one founder and subsequently terminated in 2020. The aggregate value of the benefits under this plan was fully funded and rolled over into an individual retirement account for the benefit of the founder following termination. The Group will have no further obligations with respect to such plan and is no longer subject to actuarial risk and investment risk. The benefit obligation was determined using certain assumptions, including life annuity factor and specified interest rate, which were published by the U.S. Internal Revenue Service.

(e)

Shares repurchase from key management personnel

In March 2021, the Group repurchased 20,765 ordinary shares from one of the co-founders (see Note 19).

(f)

Share surrender from key management personnel

In May 2022, a related party surrendered 60,540 ordinary shares for no consideration. The surrendered shares were cancelled. In relation to the share surrender, the Group did not enter into any agreement or commitment for future consideration or compensation (see Note 19).

Events After the Reporting Period

12 Months Ended

Dec. 31, 2022

Disclosure of non-adjusting events after reporting period [abstract]

Events After the Reporting Period

28. Events After the Reporting Period

In addition to those disclosed elsewhere in these financial statements, the following events occurring after the reporting periods are noted.

From January to April 1, 2023, the Group granted 1,607,787 ordinary share options to its employees and directors with service based vesting conditions and weighted average exercise price of USD 1.26.

land use rights has been cancelled as confirmed by Jiangsu Taicang HIDC. As of the date of this report, the Group is still assessing the financial impact of this agreement.

On March 10, 2023, the FDIC Federal Deposit Insurance Corporation (“FDIC”) closed Silicon Valley Bank, Santa Clara, California, and transferred all of the bank’s assets to a newly formed bank named Silicon Valley Bank, N.A., (“SVB”). On March 26, 2023, First-Citizens Bank & Trust Company, Raleigh, North Carolina ("First Citizens") purchased all deposits and loans of SVB, and depositors of SVB became depositors of First Citizens. The Company's cash balance at First Citizens as of the date of this report represents an insignificant portion of its total cash, cash equivalents, and investments balance. The closure of Silicon Valley Bank did not and is not expected to impair the Company’s ability to meet its payroll, supplier and other obligations. The Company is currently evaluating new bank accounts at other global banks to further diversify its cash holdings and minimize impact from any possible similar events in the future.

Restricted Net Assets and Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Restricted Net Assets And Parent Company Condensed Financial Information [Abstract]

Restricted Net Assets and Parent Company Only Condensed Financial Information

29. Restricted net Assets and Parent Company only Condensed Financial Information

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.

In accordance with the PRC laws and regulations, statutory reserve funds shall be made and can only be used for specific purposes and are not distributable as cash dividends. As a result of these PRC laws and regulations that require annual appropriation of 10% of net after-tax profits to be set aside prior to payment of dividends as statutory surplus fund, unless such reserve fund reaches 50% of the entity’s registered capital, the Group’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.

The Company performs a test on the restricted net assets of its consolidated subsidiaries (the “Restricted Net Assets”) in accordance with Securities and Exchange Commission Regulation S-X Section 4-08 (e) (3) “General Notes to Financial Statements” and concluded that the condensed financial information for the parent company is required to be presented as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022.

Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

(a) Condensed balance sheets


	As of December 31,
	2021			2022			2022
	RMB’000			RMB’000			USD’000
ASSETS
Non-current assets
Interest in a subsidiary		1,177,380			2,004,960			287,879
Financial assets at fair value through other comprehensive income		—			65,744			9,440
Total non-current assets		1,177,380			2,070,704			297,319
Current assets
Cash and cash equivalents		1,464,637			334,106			47,972
Financial assets at fair value through other comprehensive income		—			511,250			73,407
Other receivables		86,352			90,197			12,951
Other current assets		—			2,571			369
Total current assets		1,550,989			938,124			134,699
Total assets		2,728,369			3,008,828			432,018
LIABILITIES
Current liabilities
Trade payables		49			—			—
Other payables and accruals		34,190			51,051			7,330
Total current liabilities		34,239			51,051			7,330
Total liabilities		34,239			51,051			7,330
Net assets		2,694,130			2,957,777			424,688
SHAREHOLDERS’ EQUITY
Share capital		66			66			9
Share premium		4,094,434			4,094,566			587,911
Treasury shares		(1,164	)		(1,164	)		(167	)
Other reserves		(10,359	)		282,789			40,605
Accumulated losses		(1,388,847	)		(1,418,480	)		(203,670	)
Total shareholders’ equity		2,694,130			2,957,777			424,688

(b) Condensed statements of loss


	Year Ended December 31,
	2020			2021			2022			2022
	RMB’000			RMB’000			RMB’000			USD’000
Administrative expenses		(29,540	)		(43,710	)		(41,694	)		(5,987	)
Other gain - net		—			—			2,669			383
Operating loss		(29,540	)		(43,710	)		(39,025	)		(5,604	)
Finance (costs)/income - net		(2,758	)		—			9,392			1,349
Fair value loss of financial instruments with preferred rights		(579,286	)		(674,269	)		—			—
Net loss before income tax		(611,584	)		(717,979	)		(29,633	)		(4,255	)
Income tax expense		—			—			—			—
Net loss for the year		(611,584	)		(717,979	)		(29,633	)		(4,255	)


	Year Ended December 31,
	2020			2021			2022			2022
	RMB’000			RMB’000			RMB’000			USD’000
Net cash used in operating activities		(4,766	)		(31,025	)		(22,500	)		(3,231	)
Net cash used in investing activities		(204,170	)		(672,529	)		(1,244,278	)		(178,657	)
Net cash generated from financing activities		934,284			1,319,418			964			138
Net increase/(decrease) in cash and cash equivalents		725,348			615,864			(1,265,814	)		(181,750	)
Cash and cash equivalents at the beginning of year		213,253			885,611			1,464,637			210,297
Effects of exchange rate changes on cash and cash equivalents		(52,990	)		(36,838	)		135,283			19,425
Cash and cash equivalents at end of year		885,611			1,464,637			334,106			47,972

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Disclosure of initial application of standards or interpretations [abstract]

Basis of preparation

2.1 Basis of preparation

Amendments to IFRS 3, "Business Combinations" - acquisition method.

Amendments to IAS 16, "Property, Plant and Equipment" - measurement and depreciation for property, plant and equipment.

Amendments to IAS 37, "Provisions, Contingent Liabilities and Contingent Assets" - accounting for provisions and contingent assets and liabilities.

General improvements on IFRS 16, "Leases" - single lessee accounting model.

Amendments to IFRS 16, "COVID-19-Related Rent Concessions" - exemption from assessing COVID-19-related rent concessions.

Amendments to IAS 37, "Onerous Contracts — Cost of Fulfilling a Contract" - evaluation of the costs of fulfilling a contract in onerous contracts.

The consolidated financial statements for the years ended December 31, 2020, 2021 and 2022 were authorized for issue by the Company’s board of directors (the “Board”) on April 11, 2023.

Liquidity

Impact of COVID-19

New and amended standards and interpretations not yet adopted by the Company

2.2 New and amended standards and interpretations not yet adopted by the Group

The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective in the consolidated financial statements.


		Effective for annual periods beginning on or after
Narrow scope amendments to IAS 8 for accounting policies, changes in estimates and errors		January 1, 2023
Amendments to IAS 12 for deferred tax related to assets and liabilities arising from a single transaction		January 1, 2023
Amendments to IAS 1 for presentation of financial statements’ classification of liabilities		January 1, 2024
Amendments to IAS 1 for disclosures of accounting policies		January 1, 2023
Application of IFRS 17 for accounting of insurance contracts		January 1, 2023

Principles of consolidation

2.3 Principles of consolidation

Subsidiaries

Separate financial statements

2.4 Separate financial statements

Foreign currency translation

2.5 Foreign currency translation

(a) Functional and presentation currency

The consolidated financial statements of the Group are presented in RMB as the historical records for its entities were set-up for consolidations in RMB.

The functional currency of the Company is USD. Subsidiaries have functional currencies in USD, RMB and Australian dollars.

(b) Transactions and balances

Since the Group has no borrowings, all foreign exchange gains or losses are presented in the consolidated statements of loss on a net basis within other (losses)/gains-net.

•

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

•

all resulting currency translation differences are recognized in other comprehensive income/loss.

(d) Convenience translation

Impairment of non-financial assets

2.6 Property, plant and equipment

Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.


Assets		Useful life
Laboratory equipment		5-10 years
Leasehold improvements		Shorter of lease term or 5 years
Office equipment and furniture		3-5 years

The assets’ residual values and useful lives are reviewed and adjusted if appropriate at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.8).

Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized within other gains/(losses)—net in the statements of loss.

Intangible assets

2.7 Intangible assets

Software

2.8 Impairment of non-financial assets

Investments and other financial assets

2.9 Investments and other financial assets

(a) Classification

The Group classifies its financial assets in the following measurement categories:

•

those to be measured subsequently at fair value (either through other comprehensive income (“OCI”) or through profit or loss), and

•

those to be measured at amortized cost.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

The Group reclassifies debt investments when and only when its business model for managing those assets changes.

(b) Recognition and derecognition

(i)

Debt instruments

•

(ii)

Equity instruments

There were no equity investments during the reporting periods.

(d) Impairment

Cash and cash equivalents

2.10 Cash and cash equivalents

Share capital

2.11 Share capital

Shares previously held by Connect Union, which was established for the purpose of holding shares for the share incentive plans, are disclosed as treasury shares and deducted from contributed equity.

Trade and other payables

2.12 Trade and other payables

Financial instruments with preferred rights

2.13 Financial instruments with preferred rights

Dividends on financial instruments with preferred rights classified as financial liabilities are normally included in financial costs.

On March 19, 2021, upon completion of the IPO, all issued and outstanding preferred shares were converted to ordinary shares on a one-for-one basis.

Current and deferred income tax

2.14 Current and deferred income tax

(a) Current income tax

(b) Deferred income tax

Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Investment allowances and similar tax incentives

Employee benefits

2.15 Employee benefits

(a)

Short-term obligations

(b)

Defined benefit plans

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.

(c)

Defined contribution plans

(d)

Housing funds and medical insurance

Share-based compensation

2.16 Share-based compensation

•

including any market performance conditions (e.g. the entity’s share price);

•

excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

•

including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time).

Research and development expenses

2.17 Research and development expenses

Development costs are recognized as assets if they can be directly attributable to a newly developed service or product and all the following criteria are met or exist:

•

the technical feasibility to complete the development project so that it will be available for use or sale;

•

the intention to complete the development project to use or sell the product;

•

the ability to use or sell the product;

•

the manner in which the development project will generate probable future economic benefits for the Group;

•

the availability of adequate technical, financial and other resources to complete the development project and use or sell the product; and

•

the expenditure attributable to the asset during its development can be reliably measured.

Research and development expenses are charged to expense as incurred for all periods presented because they have not met all of the criteria stated above.

Administrative expenses

2.18 Administrative expenses

Interest income

2.19 Interest income

Government grants

2.20 Government grants

Right-of-use Assets and Leases

2.21 Right-of-use Assets and Leases

Right-of-use assets comprise of land use rights and office leases.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

•

variable lease payment that are based on an index or a rate, initially measured using the index or rate as of the commencement date;

•

amounts expected to be payable by the Group under residual value guarantees;

•

the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and

•

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability;

•

any lease payments made at or before the commencement date less any lease incentives received;

•

any initial direct costs; and

•

restoration costs.

Segment information

2.22 Segment information

Net loss per share

2.23 Net loss per share

(a)

Basic net loss per share

Basic loss per share is calculated by dividing:

•

the loss attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares;

•

by the weighted average number of ordinary shares outstanding during the financial year and excluding treasury shares

(b)

Diluted net loss per share

Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account:

•

the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

•

the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

General Information, Reorganization and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of General Information Reorganization And Basis Of Presentation [Abstract]

Summary of Direct or Indirect Interests in Principal Subsidiaries

As of December 31, 2022, the Company had direct or indirect interests in the following principal subsidiaries:




Company name	Principal activities	Place and date of incorporation	Attributable equity interest to the Group
Directly Held:
Connect Biopharma HongKong Limited (“Connect HK”)	Investment holding	Hong Kong/December 1, 2015		100	%
Indirectly held:
Connect Biopharm LLC (“Connect US”)	Pharmaceutical R&D	San Diego, United States of America/January 24, 2012		100	%
Connect Biopharma Australia PTY LTD (“Connect AU”)	Pharmaceutical R&D	Prahran, Australia/July 18, 2014		100	%
Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”)	Pharmaceutical R&D	Suzhou, PRC/May 2, 2012		100	%
Connect Biopharma (Shanghai) Co., Ltd	Pharmaceutical R&D	Shanghai, PRC/October 23, 2015		100	%
Connect Biopharma (Beijing) Co., Ltd	Pharmaceutical R&D	Beijing, PRC/July 9, 2019		100	%
Connect Biopharma (Shenzhen) Co., Ltd	Pharmaceutical R&D	Shenzhen, PRC/November 15, 2021		100	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of initial application of standards or interpretations [abstract]

Summary of property, plant and equipment useful life


Assets		Useful life
Laboratory equipment		5-10 years
Leasehold improvements		Shorter of lease term or 5 years
Office equipment and furniture		3-5 years

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Summary of Exposure to Foreign Currency Risk

The Group’s exposure to foreign currency risk at the end of the reporting periods, expressed in RMB, was as follows:


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Cash and cash equivalents		150,640		113,583

Summary of Aggregate Net Foreign Exchange (Losses)/Gains Recognized in Profit or Loss

The aggregate net foreign exchange (losses)/gains recognized in profit or loss were:


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Net foreign exchange (losses)/gains included in other (losses)/gains—net		(6,772	)		(3,309	)		9,629

Summary of Financial Liabilities into Maturity Groupings Based on Remaining Period to Contractual Maturity Date


	As of December 31, 2021
			Between		Between		More
	Less Than		1 and		2 and		Than
	1 Year		2 Years		5 Years		5 Years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Trade payables		81,195		—		—		—		81,195
Other payables		21,456		—		—		—		21,456
Lease liabilities		653		186		—		—		839
Total		103,304		186		—		—		103,490


	As of December 31, 2022
			Between		Between		More
	Less Than		1 and		2 and		Than
	1 Year		2 Years		5 Years		5 Years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Trade payables		83,138		—		—		—		83,138
Other payables		9,426		—		—		—		9,426
Lease liabilities		1,570		1,412		237		—		3,219
Total		94,134		1,412		237		—		95,783

Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques

(i)

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

(ii)

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

(iii)

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).


	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		127,926		—		—		127,926
Financial assets at fair value through other comprehensive income		283,238		293,756		—		576,994
Total assets		411,164		293,756		—		704,920

Expenses by Nature (Tables)

12 Months Ended

Dec. 31, 2022

Expenses by nature [abstract]

Summary of Expenses by Nature


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Clinical trials related expenses		107,440		424,724		551,771
Employee benefit expenses (Note 6)		27,243		120,173		143,819
Professional service fees (i)		31,784		69,498		69,312
R&D materials and consumable supplies		2,127		13,718		7,990
Depreciation and amortization		1,436		4,082		6,940
Office expenses		3,052		3,653		5,056
Expense related to Series C financing (ii)		19,655	—		—
Others		5,915		4,618		6,767
		198,652		640,466		791,655

(i)

(ii)

Represents a share-based compensation to additional Series C preferred shareholder, which was recognized as an administrative expense as set forth in Note 22.

Employee Benefit Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Classes of employee benefits expense [abstract]

Schedule of Employee Benefit Expenses


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Share-based compensation expenses (Note 22)		5,535		57,863		45,598
Wages, salaries and bonuses		19,527		56,122		84,356
Welfare expenses		520		4,820		12,191
Housing funds		690		1,368		1,674
Contributions to defined benefit plan (i, Note 27(d))		971	—			—
		27,243		120,173		143,819

(i)

Employee benefit expenses were charged in the following line items in the consolidated statements of loss:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Research and development expenses		18,405		68,225		80,030
Administrative expenses		8,838		51,948		63,789
		27,243		120,173		143,819

Other Income (Tables)

12 Months Ended

Dec. 31, 2022

Other Income Expense [Abstract]

Summary of Other income


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Government grants		6,989		18,996		6,438

Other (Losses)/Gains-Net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income (Losses) Net [Abstract]

Schedule of Other (Losses)/Gains-Net

Other (Losses)/Gains—net


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Net foreign exchange (losses)/gains		(6,772	)		(3,309	)		9,629
Investment income from investments at fair value through profit and loss (iii)	—			—				1,711
Investment income from wealth management products (ii)		672			436			140
Other (losses)/gains (i)	—				(7,093	)		953
		(6,100	)		(9,966	)		12,433

(i)

(ii)

(iii)

Investment income from investments at fair value through profit and loss represent investment gains from money market investments included in cash equivalents (see Notes 3.3 and 17(b)).

Finance (cost)/Income-Net (Tables)

12 Months Ended

Dec. 31, 2022

Profit (loss) [abstract]

Summary of Finance (cost)/Income-Net


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Finance income
Interest from bank deposits and term deposits		717			622			1,323
Interest income from investments at fair value through other comprehensive income	—			—				9,392
		717			622			10,715
Finance cost
Issuance cost of financial instruments with preferred rights		(2,851	)	—			—
Interest for lease liabilities		(42	)		(44	)		(144	)
		(2,893	)		(44	)		(144	)
Finance (cost)/income—net		(2,176	)		578			10,571

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Major components of tax expense (income) [abstract]

Schedule of Reconciliation between Actual Tax Charge and Amount Calculated based on Statutory Income Tax Rate

The reconciliation between the Group’s actual tax charge and the amount that is calculated based on the statutory income tax rate of 25% in the PRC is as follows:


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Loss from operations in the PRC		(85,788	)		(233,382	)		(263,291	)
Loss from overseas entities		(693,437	)		(1,071,745	)		(531,727	)
Loss before income tax		(779,225	)		(1,305,127	)		(795,018	)
Tax expense at PRC enterprise income tax rate of 25%		(194,806	)		(326,282	)		(198,755	)
Expenses not deductible for income tax purpose		3,185			13,663			17,849
Super deduction of research and development expenses (i)		(13,341	)		(35,523	)		(42,980	)
Tax losses and deductible temporary differences for which no deferred income tax assets were recognized		40,865			114,121			172,349
Effect of income tax in jurisdictions other than the PRC		164,097			235,718			53,574
Income tax expense		—			1,697			2,037

(i)

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Schedule of Basic and Diluted Net Losses Per Share

Basic and diluted net losses per share reflecting the effect of the issuance of ordinary shares by the Company are presented as follows.


	Year Ended December 31,
	2020			2021			2022
Net loss attributable to owners of the Company (RMB’000)		(779,225	)		(1,306,824	)		(797,055	)
Weighted average number of ordinary shares outstanding (in thousands)		17,090			52,177			55,044
Basic and diluted net loss per share (RMB)		(45.6	)		(25.0	)		(14.5	)

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of Property, Plant and Equipment


							Office equipment,
	Laboratory equipment			Leasehold improvements			furniture and others			Assets under construction			Total
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
As of January 1, 2021
Cost		5,672			1,461			585			1,906			9,624
Accumulated depreciation		(1,460	)		(808	)		(417	)		—			(2,685	)
Net book value		4,212			653			168			1,906			6,939
Year ended December 31, 2021
Opening net book value		4,212			653			168			1,906			6,939
Additions		30,440			793			422			24,121			55,776
Disposals		(234	)		—			(14	)		—			(248	)
Depreciation		(2,142	)		(813	)		(175	)		—			(3,130	)
Transfers		—			2,449			—			(2,449	)		—
Closing net book value		32,276			3,082			401			23,578			59,337
As of December 31, 2021
Cost		35,878			4,703			993			23,578			65,152
Accumulated depreciation		(3,602	)		(1,621	)		(592	)		—			(5,815	)
Net book value		32,276			3,082			401			23,578			59,337

Year ended December 31, 2022
Opening net book value		32,276			3,082			401			23,578			59,337
Exchange difference		—			(2	)		9			—			7
Additions		2,172			456			829			9,528			12,985
Transfers		301			—			—			(301	)		—
Disposals		(3	)		—			(1	)		—			(4	)
Depreciation		(3,315	)		(1,018	)		(528	)		—			(4,861	)
Impairment loss*		—			—			—			(32,805	)		(32,805	)
Closing net book value		31,431			2,518			710			—			34,659
As of December 31, 2022
Cost		38,348			5,157			1,830			—			45,335
Accumulated depreciation		(6,917	)		(2,639	)		(1,120	)		—			(10,676	)
Net book value		31,431			2,518			710			—			34,659

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Miscellaneous non-current assets [abstract]

Schedule of Other Non-Current Assets


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Deductible value-added tax (i)		18,045		1,109
Prepayments for purchase of non-current assets		341		408
Others		420		237
		18,806		1,754

(i)

The RMB 18.0 million of value-added tax receivable as of December 31, 2021 was refunded to the Company during the year ended December 31, 2022.

Right-of-Use Assets and Leases (Tables)

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets

Amounts recognized in the consolidated balance sheets was as follows:

(a)

Right-of-use assets


	Land use rights			Office rent			Total
	RMB’000			RMB’000			RMB’000
Net book amount as of January 1, 2020		—			883			883
Additions		—			527			527
Depreciation		—			(481	)		(481	)
Net book amount as of December 31, 2020		—			929			929
Additions		22,284			517			22,801
Depreciation		(297	)		(612	)		(909	)
Net book amount as of December 31, 2021		21,987			834			22,821
Additions		—			3,582			3,582
Depreciation		(446	)		(1,573	)		(2,019	)
Exchange difference		1			(48	)		(47	)
Net book amount as of December 31, 2022		21,542			2,795			24,337
As of December 31, 2022
Cost		22,284			6,189			28,473
Accumulated depreciation		(742	)		(3,394	)		(4,136	)
Net Book value		21,542			2,795			24,337

Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability


	As of December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Non-current		309		163		1,704
Current		604		630		1,294
.		913		793		2,998

Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Right-of-use Asset Depreciation

Amounts recognized in the consolidated statements of loss in addition to the right-of-use asset depreciation expense are as follows:


	As of December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Interest expense		42		44		144
Expense relating to short-term leases (included in administrative expenses and research and development expenses)		45		12		—
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses and research and development expenses)		30		58		—
		117		114		144

Financial Instruments by Category (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Instruments by Category


	Financial assets		Financial assets
Financial assets	at FVOCI		at amortized cost		Total
	RMB’000		RMB’000		RMB’000
As of December 31, 2021
Other receivables		—		6,423		6,423
Financial assets at fair value through other comprehensive income		—		—		—
Cash and cash equivalents		—		1,706,880		1,706,880
		—		1,713,303		1,713,303


	Financial assets		Financial assets		Financial assets
Financial assets	at FVOCI		at amortized cost		at FVTPL		Total
	RMB’000		RMB’000		RMB’000		RMB’000
As of December 31, 2022
Other receivables		—		1,971		—		1,971
Financial assets at fair value through other comprehensive income		576,994		—		—		576,994
Cash and cash equivalents		—		422,348		127,926		550,274
		576,994		424,319		127,926		1,129,239


	Financial
	liabilities at
Financial Liabilities	amortized cost
	RMB’000
As of December 31, 2021
Other payables		21,456
Trade payables		81,195
Lease liabilities		793
		103,444


	Financial
	liabilities at
Financial Liabilities	amortized cost
	RMB’000
As of December 31, 2022
Other payables		9,426
Trade payables		83,138
Lease liabilities		2,998
.		95,562

Other Receivables and Prepayments (Tables)

12 Months Ended

Dec. 31, 2022

Other Receivables And Prepayments [Abstract]

Schedule of Other Receivables and Prepayments


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Prepayment for clinical trials related services		36,879		18,871
Prepaid expenses (i)		3,953		2,571
Deposits (ii)		4,312		356
Others		2,111		1,615
		47,255		23,413

(i)

In March 2022, the Group made payments to purchase director and officer liability insurance. Such expenses are amortized over one year.

(ii)

Deposits held by CRO suppliers are refundable upon the completion of related services.

Financial Assets at Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Categories of financial assets [abstract]

Schedule of Financial Assets at Fair Value Through Comprehensive Income

at FVOCI consist of investments in the following:


	December 31,
	2022
	RMB’000
Non-current assets
U.S. Treasury bills		11,739
Listed bonds		54,005
		65,744
Current assets
U.S. Treasury bills		271,499
Government agency bond		8,365
Listed bonds		52,730
Unlisted debt securities (i)		178,656
		511,250


	December 31,
	2022
	RMB’000

Interest income recognized in profit and loss related to debt investments		9,392
Losses recognized in other comprehensive income related to debt investments		(2,513	)

Summary of Changes in Financial Instruments of Short-term and Long-term Investments

The following amounts table presents changes in Level 1 and 2 instruments of short-term and long-term investments for debt investments at FVOCI:


	Year Ended December 31,
	2022
	RMB’000
Financial assets at fair value through other comprehensive income
Opening balance		—
Additions		737,494
Settlements (including coupon interest received)		(195,364	)
Accrued interest		3,333
Discount accreted		6,059
Change in fair value debited to other comprehensive income*		(2,513	)
Exchange difference		27,985
Closing balance		576,994

* - includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period.

Summary of Financial Assets at Fair Value Through Profit or Loss

The following table presents the changes in Level 3 instruments of short-term investments in wealth management products for the years ended December 31, 2020, 2021 and 2022.


	Year Ended December 31,
	2020			2021			2022
	RMB’000			RMB’000			RMB’000
Financial assets at fair value through profit or loss
Opening balance		30,632			13,068			—
Additions		106,600			114,500			41,000
Settlements		(124,836	)		(128,004	)		(41,140	)
Fair value gains recognized in profit or loss (Note 8)*		672			436			140
Closing balance		13,068			—			—
*Includes unrealized gains recognized in profit or loss attributable to balances held at the end of the reporting period		68			—			—

The following table presents the changes in Level 1 instruments of money market funds included in cash equivalents for the year ended December 31, 2022.


	Year Ended December 31,
	2022
	RMB’000
Financial assets at fair value through profit or loss
Opening balance		—
Additions		655,806
Settlements (including coupon interest received, net of fees)		(536,858	)
Investment income credited to profit or loss		1,711
Exchange difference		7,267
Closing balance		127,926

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Summary of Cash and Cash Equivalents


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Cash at bank
- USD deposits		1,645,948		353,379
- RMB deposits		57,595		63,856
- Australian Dollar deposit		3,337		5,113
Cash equivalents (i)		—		127,926
		1,706,880		550,274

(i)

Share Capital (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of classes of share capital [abstract]

Schedule of Share Capital and Share Premium




	Number of Ordinary Shares			Share Capital		Share Premium(i)		Total
				RMB’000		RMB’000		RMB’000
As of January 1, 2020		17,684,770		21			38,123		38,144
Issuance of shares to Co-Founders (iii, Note 22)		282,526			1		3,343		3,344
Issuance of treasury shares		1,686,495			2		—		2
As of December 31, 2020		19,653,791			24		41,466		41,490
Issuance of ordinary shares (i)		12,937,500			14		1,305,805		1,305,819
Conversion from preferred shares to ordinary shares (Note 24)		24,791,804			28		2,743,597		2,743,625
Repurchase of ordinary shares (ii)		(20,765	)		—		—		—
Issuance of shares to Co-Founders (iii, Note 22)		121,080			—		1,417		1,417
Exercise of stock options		—			—		2,149		2,149
As of December 31, 2021		57,483,410			66		4,094,434		4,094,500
Issuance of ordinary shares (v)		25,468			—		132		132
Shares surrendered and cancelled (iv)		(60,540	)		—		—		—
As of December 31, 2022		57,448,338			66		4,094,566		4,094,632

(i)

(ii)

(iii)

(iv)

(v)

On November 1, 2022, the 25,468 shares were issued under the 2021 ESPP Plan.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Options Outstanding

The options activities under 2019 and 2021 Plans (after the Share Consolidation) for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Number of options			Weighted average exercise price per share option
Options outstanding as of January 1, 2020		190,762
Granted		1,500,887		USD 6.6
Forfeited (i)		(25,766	)	USD 0.9
Options outstanding as of December 31, 2020		1,665,883
Granted		2,403,660		USD 13.8
Exercised		(163,773	)	USD 0.9
Forfeited (i)		(157,381	)	USD 14.7
Options outstanding as of December 31, 2021		3,748,389
Granted		2,986,547		USD 3.4
Forfeited (i)		(1,631,309	)	USD 9.6
Options outstanding as of December 31, 2022		5,103,627
Options exercisable as of December 31, 2022		1,329,119

(i)

The options were forfeited when the employment terminated.

Summary of Key Assumptions for Options Granted

Key assumptions for the options granted for the periods and ESPP compensation are set forth below:

Stock Incentive Plan

ESPP

Year Ended December 31

Year Ended December 31

2020

2021

2022

2022

Weighted average exercise price during the year

USD 6.6

USD 13.8

USD 3.44

(i)

Grant date share price

USD 2.1~USD 11.1

USD 4.3~USD 23.3

USD 0.75~USD 4.91

USD 0.86~USD 1.86

Risk-free interest rate

0.8%~1.1%

1.2%~1.7%

1.9%~3.4%

1.5%~4.8%

Expected volatility

61.8%~77.4%

60.5%~62.2%

61.4%~62.0%

51.1%-60.2%

Option life

10 years

10 years

10 years

0.5~2.0 years

Expected early exercise multiple

2.2

2.2

2.2~2.8

N/A

Dividend yield

Nil

Nil

Nil

Nil

Forfeiture rate

9.5

*3.0%-9.6%

*3.0%-10.8%

3.0

Weighted average fair value of options granted during the year

USD 4.2

USD 10.6

USD 1.98

USD 0.71

* During the year ended December 31, 2022, the forfeiture rates for executives was 3.0% and ranged between 7.7% to 10.8% for all other employees.

(i)

Discounted ESPP price for issued shares during the year ended December 31, 2022 was $0.74.

Summary of Share-Based Compensation Expenses

Share-based compensation expenses included in the consolidated statements of loss for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Research and development expenses (Note 6)		3,523		26,532		20,226
Administrative expenses (Note 5(ii), Note 6)		21,667		31,331		25,372
		25,190		57,863		45,598

Other Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other payables [abstract]

Schedule of Other Payables and Accruals


	As of December 31,
	2021		2022
	RMB’000		RMB’000
Construction payables		16,576		1,424
Payroll, welfare and bonus payables		11,384		14,959
Accrued professional service fee		2,318		5,696
Others		2,562		2,306
		32,840		24,385

Financial Instruments with Preferred Rights (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Summary of Series of Financings by Issuing Preferred Shares

The Group has completed a series of financings by issuing preferred shares with the following details:


				Subscription
		Number of		consideration
Date of subscription	Round	preferred shares		RMB’000
March 3, 2016	Series Pre-A		3,109,000		33,110
January 3, 2017	Series A		8,471,200		137,868
December 20, 2018	Series B		10,127,579		379,148
August 21, 2020/December 1, 2020	Series C		21,349,537		923,247
			43,057,316		1,473,373

Movements of Financial Instruments with Preferred Rights

Movements of financial instruments with preferred rights during the years ended December 31, 2020 and 2021 was as follows:


	Fair value
	RMB’000
As of January 1, 2020		643,008
Issuance of Series C Preferred Shares		923,247
Change in fair value recognized in profit or loss		579,286
Share-based compensation to additional Series C preferred shareholder		19,655
Change in fair value due to foreign currency translation recognized in other comprehensive income		(93,688	)
As of December 31, 2020		2,071,508
Change in fair value recognized in profit or loss		674,269
Change in fair value due to foreign currency translation recognized in other comprehensive income		(2,152	)
Converted to ordinary shares upon IPO		(2,743,625	)
As of December 31, 2021		—

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Cash Flow Information [Abstract]

Summary of Cash Used in Operations

(a) Cash used in operations


		Year Ended December 31,
	Notes	2020			2021			2022
		RMB’000			RMB’000			RMB’000
Net loss before income tax			(779,225	)		(1,305,127	)		(795,018	)
Adjustments for:
—Interest for lease liabilities	9		42			44			144
—Investment income from investments in wealth management products	17(b)		(672	)		(436	)		(140	)
—Interest income from investments at fair value through other comprehensive income	17(a)		—			—			(9,392	)
—Amortization of intangible assets			7			43			60
—Depreciation of property, plant and equipment	12		955			3,130			4,861
—Depreciation of rights-of-use assets	14		481			909			2,019
—Net impairment losses	12		—			—			32,805
—Share-based compensation expenses	22		25,190			57,863			45,598
—Net foreign exchange differences	8		6,772			3,309			(9,629	)
—Fair value changes of financial instruments with preferred rights	24		579,286			674,269			—
—Issuance cost of financial instruments with preferred rights	9		2,851			—			—
—Loss on disposal of property, plant and equipment			—			250			4
Changes in working capital
—Other receivables and prepayments			(9,350	)		(16,116	)		23,084
—Other non-current assets			(3,906	)		(8,206	)		17,052
—Other payables and accruals			8,558			(11,459	)		6,315
—Trade payables			1,850			56,601			2,572
Net cash used in operations			(167,161	)		(544,926	)		(679,665	)

Summary of Supplemental Cash Flow Information

Supplemental Cash Flow Information:


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Interest received		1,381		622		2,894
Income taxes paid		—		—		3,221

Summary of Non-cash Investing and Financing Activities

(b) Non-cash investing and financing activities


		Year Ended December 31,
	Notes	2020		2021		2022
		RMB’000		RMB’000		RMB’000
Construction payables		—			16,576		1,424
Fair value changes of financial instruments with preferred rights	24		579,286		674,269		—
Share-based compensation to additional Series C preferred shareholder	22		19,655		—		—
			598,941		690,845		1,424

Summary of Reconciliation of Liabilities Arising from Financing Activities


	Financial
	instruments with
	preferred rights			Lease liability
	RMB’000			RMB’000
At January 1, 2020		643,008			882
Cash flows		923,247			(538	)
New leases					527
Interest expenses		—			42
Differences of foreign currency translation		(93,688	)		—
Changes in fair value		579,286			—
Share-based compensation to additional Series C preferred shareholder		19,655			—
At December 31, 2020		2,071,508			913
Cash flows					(805	)
New leases		—			641
Interest expenses		—			44
Differences of foreign currency translation		(2,152	)		—
Changes in fair value		674,269			—
Conversion to ordinary shares		(2,743,625	)		—
At December 31, 2021		—			793
Cash flows		—			(1,515	)
New leases		—			3,576
Interest expenses		—			144
At December 31, 2022		—			2,998

Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Capital Commitments

Capital commitments


	Year Ended December 31,
	2021		2022
	RMB’000		RMB’000
Equipment and intangible assets
- Contracted but not provided for		146,878		—

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Significant Transactions and Balances with Related Parties

(b)

Significant transactions with related parties


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Purchase of clinical trials related services
Hangzhou Simo Company Limited		5,948		—		—
Frontage Laboratories (Suzhou) Company Limited		2,157		—		—
Hangzhou Tigermed Consulting Company Limited		1,069		—		—
Beijing Medical Development (Suzhou) Company Limited		301		—		—
Shanghai Tigermed Consulting Company Limited		34		—		—

(c)

Balances with related parties

The Group had no balances with related parties at December 31, 2021 or December 31, 2022.

Summary of Key Management Personnel Compensation

(d)

Key management personnel compensation


	Year Ended December 31,
	2020		2021		2022
	RMB’000		RMB’000		RMB’000
Wages, salaries and bonuses		8,013		18,100		18,254
Share-based compensation expenses		1,148		28,266		18,293
Contributions to defined benefit plan (i)		971		—		—
Welfare, housing funds and other		180		308		487
		10,312		46,674		37,034

(i)

Restricted Net Assets and Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Restricted Net Assets And Parent Company Condensed Financial Information [Abstract]

Schedule of Condensed Financial Information For the Parent Company

(a) Condensed balance sheets


	As of December 31,
	2021			2022			2022
	RMB’000			RMB’000			USD’000
ASSETS
Non-current assets
Interest in a subsidiary		1,177,380			2,004,960			287,879
Financial assets at fair value through other comprehensive income		—			65,744			9,440
Total non-current assets		1,177,380			2,070,704			297,319
Current assets
Cash and cash equivalents		1,464,637			334,106			47,972
Financial assets at fair value through other comprehensive income		—			511,250			73,407
Other receivables		86,352			90,197			12,951
Other current assets		—			2,571			369
Total current assets		1,550,989			938,124			134,699
Total assets		2,728,369			3,008,828			432,018
LIABILITIES
Current liabilities
Trade payables		49			—			—
Other payables and accruals		34,190			51,051			7,330
Total current liabilities		34,239			51,051			7,330
Total liabilities		34,239			51,051			7,330
Net assets		2,694,130			2,957,777			424,688
SHAREHOLDERS’ EQUITY
Share capital		66			66			9
Share premium		4,094,434			4,094,566			587,911
Treasury shares		(1,164	)		(1,164	)		(167	)
Other reserves		(10,359	)		282,789			40,605
Accumulated losses		(1,388,847	)		(1,418,480	)		(203,670	)
Total shareholders’ equity		2,694,130			2,957,777			424,688

(b) Condensed statements of loss


	Year Ended December 31,
	2020			2021			2022			2022
	RMB’000			RMB’000			RMB’000			USD’000
Administrative expenses		(29,540	)		(43,710	)		(41,694	)		(5,987	)
Other gain - net		—			—			2,669			383
Operating loss		(29,540	)		(43,710	)		(39,025	)		(5,604	)
Finance (costs)/income - net		(2,758	)		—			9,392			1,349
Fair value loss of financial instruments with preferred rights		(579,286	)		(674,269	)		—			—
Net loss before income tax		(611,584	)		(717,979	)		(29,633	)		(4,255	)
Income tax expense		—			—			—			—
Net loss for the year		(611,584	)		(717,979	)		(29,633	)		(4,255	)


	Year Ended December 31,
	2020			2021			2022			2022
	RMB’000			RMB’000			RMB’000			USD’000
Net cash used in operating activities		(4,766	)		(31,025	)		(22,500	)		(3,231	)
Net cash used in investing activities		(204,170	)		(672,529	)		(1,244,278	)		(178,657	)
Net cash generated from financing activities		934,284			1,319,418			964			138
Net increase/(decrease) in cash and cash equivalents		725,348			615,864			(1,265,814	)		(181,750	)
Cash and cash equivalents at the beginning of year		213,253			885,611			1,464,637			210,297
Effects of exchange rate changes on cash and cash equivalents		(52,990	)		(36,838	)		135,283			19,425
Cash and cash equivalents at end of year		885,611			1,464,637			334,106			47,972

General Information, Reorganization and Basis of Presentation - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Mar. 12, 2021
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Date of incorporation	Nov. 23, 2015
Country of incorporation	Cayman Islands
Address of registered office	P.O. Box 613, Harbour Centre, George Town, Grand Cayman KY1-1107, Cayman Islands.
Par value		$ 0.0001
Ordinary Shares
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Number of shares represented by one depositary shares	1
Par value	$ 0.000174	$ 0.000174

General Information, Reorganization and Basis of Presentation - Summary of Direct or Indirect Interests in Principal Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Date of incorporation	Nov. 23, 2015
Connect Biopharma HongKong Limited
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Investment holding
Place of incorporation	Hong Kong
Date of incorporation	Dec. 01, 2015
Attributable equity interest to the Group	100.00%
Connect Biopharm LLC
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	San Diego, United States of America
Date of incorporation	Jan. 24, 2012
Attributable equity interest to the Group	100.00%
Connect Biopharma Australia PTY LTD
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	Prahran, Australia
Date of incorporation	Jul. 18, 2014
Attributable equity interest to the Group	100.00%
Suzhou Connect Biopharma Co., Ltd.
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	Suzhou, PRC
Date of incorporation	May 02, 2012
Attributable equity interest to the Group	100.00%
Connect Biopharma (Shanghai) Co., Ltd
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	Shanghai, PRC
Date of incorporation	Oct. 23, 2015
Attributable equity interest to the Group	100.00%
Connect Biopharma (Beijing) Co., Ltd
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	Beijing, PRC
Date of incorporation	Jul. 09, 2019
Attributable equity interest to the Group	100.00%
Connect Biopharma (Shenzhen) Co., Ltd
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Principal activities	Pharmaceutical R&D
Place of incorporation	Shenzhen, PRC
Date of incorporation	Nov. 15, 2021
Attributable equity interest to the Group	100.00%

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 19, 2021	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 CNY (¥) Segment	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Net assets				¥ 1,096,900,000		¥ 1,735,831,000		$ 157,500
Accumulated losses				(3,175,200,000)				(455,900)
Net operating loss				805,600,000	$ 115,700	631,436,000	¥ 197,763,000
Net operating cash outflow				¥ 679,700,000	97,600	544,926,000	¥ 167,161,000
Cumulative cash contributions \| $								440,100
Closing foreign exchange rate				6.9646
Cash, cash equivalents, and short-term investments				¥ 1,061,500,000				152,400
Long-term investments				65,700,000				$ 9,400
Proceeds from issue of ordinary shares		¥ 1,431,800,000	$ 219,900	¥ 132,000	$ 18	¥ 1,431,775,000
Depreciation method				Depreciation is calculated using the straight-line method	Depreciation is calculated using the straight-line method
Equity investment				¥ 0
Number of segments \| Segment				1	1
Preferred shares conversion ratio	1
Bottom of range
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Offices and rental contract lease term				2 years	2 years
Top of range
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Offices and rental contract lease term				4 years	4 years
Software
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Intangible assets estimated useful lives				10 years	10 years

Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Bottom of range \| Laboratory Equipment
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	5 years
Bottom of range \| Leasehold Improvements
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	Shorter of lease term
Bottom of range \| Office Equipment and Furniture
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	3 years
Top of range \| Laboratory Equipment
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	10 years
Top of range \| Leasehold Improvements
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	5 years
Top of range \| Office Equipment and Furniture
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Useful life	5 years

Financial Instruments and Risk Management - Summary of Exposure to Foreign Currency Risk (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Disclosure Of Financial Instruments [Line Items]
Cash and cash equivalents	¥ 550,274	$ 79,010	¥ 1,706,880	$ 245,079	¥ 1,010,076	¥ 308,972
Foreign Currency Risk
Disclosure Of Financial Instruments [Line Items]
Cash and cash equivalents	¥ 113,583		¥ 150,640

Financial Instruments and Risk Management - Summary of Aggregate Net Foreign Exchange Gains/(Losses) Recognized in Profit or Loss (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Net foreign exchange (losses)/gains included in other (losses)/gains - net	¥ 9,629	¥ (3,309)	¥ (6,772)

Financial Instruments and Risk Management - Additional Information (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Percentage of foreign exchange transactions	5.00%	5.00%	5.00%
Increase decrease in foreign exchange transactions	¥ 5,700,000	¥ 7,500,000	¥ 3,300,000
Debt outstanding	¥ 0	0
Financial assets measured at fair value		0
Financial liabilities measured at fair value		¥ 0

Financial Instruments and Risk Management - Summary of Financial Liabilities into Maturity Groupings Based on Remaining Period to Contractual Maturity Date (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Financial Instruments [Line Items]
Trade payables	¥ 83,138	$ 11,937	¥ 81,195
Other payables	2,306		2,562
Lease liabilities	2,998		793	¥ 913
Credit Risk
Disclosure Of Financial Instruments [Line Items]
Trade payables	83,138		81,195
Other payables	9,426		21,456
Lease liabilities	3,219		839
Total	95,783		103,490
Credit Risk \| Less than 1 Year
Disclosure Of Financial Instruments [Line Items]
Trade payables	83,138		81,195
Other payables	9,426		21,456
Lease liabilities	1,570		653
Total	94,134		103,304
Credit Risk \| Between 1 and 2 Years
Disclosure Of Financial Instruments [Line Items]
Lease liabilities	1,412		186
Total	1,412		¥ 186
Credit Risk \| Between 2 and 5 Years
Disclosure Of Financial Instruments [Line Items]
Lease liabilities	237
Total	¥ 237

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Financial Instruments and Risk Management - Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	¥ 127,926
Total assets	1,129,239	¥ 1,713,303
Recurring
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	127,926
Financial assets at fair value through other comprehensive income	576,994
Total assets	704,920
Recurring \| Level 1
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	127,926
Financial assets at fair value through other comprehensive income	283,238
Total assets	411,164
Recurring \| Level 2
Disclosure Of Financial Instruments [Line Items]
Financial assets at fair value through other comprehensive income	293,756
Total assets	¥ 293,756

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Expenses by Nature - Summary of Expenses by Nature (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of attribution of expenses by nature to their function [abstract]
Clinical trials related expenses	¥ 551,771	¥ 424,724	¥ 107,440
Employee benefit expenses (Note 6)	143,819	120,173	27,243
Professional service fees (i)	69,312	69,498	31,784
R&D materials and consumable supplies	7,990	13,718	2,127
Depreciation and amortization	6,940	4,082	1,436
Office expenses	5,056	3,653	3,052
Expense related to Series C financing (ii)			19,655
Others	6,767	4,618	5,915
Total expenses, by nature	¥ 791,655	¥ 640,466	¥ 198,652

Employee Benefit Expenses - Schedule of Employee Benefit Expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Classes of employee benefits expense [abstract]
Share-based compensation expenses (Note 22)	¥ 45,598	¥ 57,863	¥ 5,535
Wages, salaries and bonuses	84,356	56,122	19,527
Welfare expenses	12,191	4,820	520
Housing funds	1,674	1,368	690
Contributions to defined benefit plan (Note 27(d))			971
Employee benefit expenses	¥ 143,819	¥ 120,173	¥ 27,243

Employee Benefit Expenses - Schedule of Employee Benefit Expenses Included in Consolidated Statements of Loss (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	¥ 143,819	¥ 120,173	¥ 27,243
Research and Development Expenses
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	80,030	68,225	18,405
Administrative Expenses
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	¥ 63,789	¥ 51,948	¥ 8,838

Other Income - Summary of Other Income (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income Expense [Abstract]
Government grants	¥ 6,438	¥ 18,996	¥ 6,989

Other Income - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income Expense [Abstract]
Government grants received		¥ 11.0	¥ 7.0
Grants received from other subsidies	¥ 5.9	6.2
Revenue from government as an incentive for research and development		¥ 1.6

Other (Losses)/Gains-Net - Schedule of Other (Losses)/Gains-Net (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Other Income (Losses) Net [Abstract]
Net foreign exchange (losses)/gains		¥ 9,629		¥ (3,309)	¥ (6,772)
Investment income from investments at fair value through profit and loss		1,711
Investment income from wealth management products		140		436	672
Other (losses)/gains	¥ (7,000)	953		(7,093)
Other (Losses)/Gains-Net		¥ 12,433	$ 1,785	¥ (9,966)	¥ (6,100)

Other (Losses)/Gains-Net - Schedule of Other (Losses)/Gains-Net (Parenthetical) (Details) ¥ in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Other Income (Losses) Net [Abstract]
Other loss	¥ 7,000	¥ (953)		¥ 7,093
Losses partially recovered from cyber insurance		¥ 1,000	$ 0.1

Finance (cost)/Income-Net - Summary of Finance (cost)/Income-Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Finance Income Expense [Abstract]
Interest from bank deposits and term deposits	¥ 1,323		¥ 622	¥ 717
Interest and investment income from investments at fair value through other comprehensive income	9,392
Finance income	10,715	$ 1,538	622	717
Issuance cost of financial instruments with preferred rights				(2,851)
Interest for lease liabilities	(144)		(44)	(42)
Finance costs	(144)	(21)	(44)	(2,893)
Finance (cost)/income-net	¥ 10,571	$ 1,517	¥ 578	¥ (2,176)

Income taxes - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 01, 2018 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Income Taxes [Line Items]
Tax expenses (income)		¥ (198,755,000)		¥ (326,282,000)	¥ (194,806,000)
Provision for income taxes		2,037,000	$ 292	1,697,000
Deferred income tax assets recognized		0
Deductible temporary differences for which no deferred tax asset is recognized		2,203,000,000		1,327,000,000	582,000,000
Unrecognized uncertain tax positions		0		0	0
Research and development tax credits		36,500,000
Operating losses		(805,600,000)	$ (115,700)	(631,436,000)	(197,763,000)
Connect Biopharm LLC
Disclosure Of Income Taxes [Line Items]
Provision for income taxes		¥ 2,000,000.0		¥ 1,700,000	¥ 0
Hong Kong
Disclosure Of Income Taxes [Line Items]
Tax rate	16.50%	0.00%	0.00%	0.00%	0.00%
Assessable profits		¥ 0		¥ 0	¥ 0
Hong Kong \| Bottom of range
Disclosure Of Income Taxes [Line Items]
Percentage of assessable profits	8.25%
Assessable profits	¥ 2,000
UNITED STATES \| Connect Biopharma HongKong Limited
Disclosure Of Income Taxes [Line Items]
Corporate income tax rate		21.00%	21.00%	21.00%	21.00%
State Income Tax in California \| Connect Biopharm LLC
Disclosure Of Income Taxes [Line Items]
State income tax rate		8.84%	8.84%	8.84%	8.84%
Australia \| Connect Biopharma Australia PTY LTD
Disclosure Of Income Taxes [Line Items]
Tax rate		30.00%	30.00%
Tax expenses (income)		¥ 0		¥ 0	¥ 0
Provision for income taxes		¥ 0		¥ 0	¥ 0
PRC
Disclosure Of Income Taxes [Line Items]
Tax rate		25.00%	25.00%	25.00%	25.00%
Assessable profits		¥ 0		¥ 0	¥ 0
Tax expenses (income)		¥ 0		0	0
Provision for income taxes				¥ 0	¥ 0

Income taxes - Schedule of Reconciliation between Actual Tax Charge and Amount Calculated based on Statutory Income Tax Rate (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Income Taxes [Line Items]
Loss from operations in the PRC	¥ (263,291)		¥ (233,382)	¥ (85,788)
Profit (loss) from overseas entities	(531,727)		(1,071,745)	(693,437)
Loss before income tax	(795,018)	$ (114,152)	(1,305,127)	(779,225)
Tax expense at PRC enterprise income tax rate of 25%	(198,755)		(326,282)	(194,806)
Expenses not deductible for income tax purpose	17,849		13,663	3,185
Super deduction of research and development expenses	(42,980)		(35,523)	(13,341)
Tax losses and deductible temporary differences for which no deferred income tax assets were recognized	172,349		114,121	40,865
Effect of income tax in jurisdictions other than the PRC	53,574		235,718	¥ 164,097
Income tax expense	¥ 2,037	$ 292	¥ 1,697

Income taxes - Schedule of Reconciliation between Actual Tax Charge and Amount Calculated based on Statutory Income Tax Rate (Parenthetical) (Details) - PRC	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Income Taxes [Line Items]
Tax rate	25.00%	25.00%	25.00%
Percentage of tax-deductible research and development expenses	175.00%	175.00%	175.00%

Net Loss Per Share - Additional Information (Details)	Mar. 12, 2021 shares
Earnings per share [abstract]
Ordinary shares consolidation	1.74

Net Loss Per Share - Schedule of Basic and Diluted Net Losses Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Earnings per share [abstract]
Net loss attributable to owners of the Company (RMB'000)	¥ (797,055)	$ (114,444)	¥ (1,306,824)	¥ (779,225)
Weighted average number of ordinary shares outstanding (in thousands)	55,044	55,044	52,177	17,090
Basic and diluted net loss per share (RMB) \| (per share)	¥ (14.5)	$ (2.1)	¥ (25.0)	¥ (45.6)

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2022

USD ($)

Disclosure Of Property Plant And Equipment [Line Items]

¥ 34,659

¥ 59,337

¥ 6,939

$ 4,976

114,877

(37,038)

47,032

12,985

55,776

Disposals

(4)

(248)

Disclosure Of Property Plant And Equipment [Line Items]

(4,861)

(3,130)

Impairment loss

32,805

^[1]

$ 4,710

Cost

Disclosure Of Property Plant And Equipment [Line Items]

45,335

65,152

9,624

Accumulated depreciation

Disclosure Of Property Plant And Equipment [Line Items]

(10,676)

(5,815)

(2,685)

Laboratory Equipment

31,431

32,276

4,212

2,172

30,440

Disposals

(3)

(234)

Laboratory Equipment | Cost

(3,315)

(2,142)

Transfers

301

Disclosure Of Property Plant And Equipment [Line Items]

Laboratory Equipment | Accumulated depreciation

38,348

35,878

5,672

Disclosure Of Property Plant And Equipment [Line Items]

Disclosure Of Property Plant And Equipment [Line Items]

(6,917)

(3,602)

(1,460)

Leasehold Improvements

2,518

3,082

653

(2)

456

793

Leasehold Improvements | Cost

(1,018)

(813)

Transfers

2,449

Disclosure Of Property Plant And Equipment [Line Items]

Leasehold Improvements | Accumulated depreciation

5,157

4,703

1,461

Disclosure Of Property Plant And Equipment [Line Items]

Office Equipment, Furniture and Others

(2,639)

(1,621)

(808)

Disclosure Of Property Plant And Equipment [Line Items]

710

401

168

829

422

Disposals

(1)

(14)

Office Equipment, Furniture and Others | Cost

(528)

(175)

Disclosure Of Property Plant And Equipment [Line Items]

Office Equipment, Furniture and Others | Accumulated depreciation

1,830

993

585

Disclosure Of Property Plant And Equipment [Line Items]

Assets Under Construction

(1,120)

(592)

(417)

Disclosure Of Property Plant And Equipment [Line Items]

23,578

1,906

Assets Under Construction | Cost

9,528

24,121

Transfers

(301)

(2,449)

Impairment loss

^[1]

¥ 32,805

Disclosure Of Property Plant And Equipment [Line Items]

Disclosure Of Property Plant And Equipment [Line Items]

¥ 23,578

¥ 1,906

[1]	The Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million for the year ended December 31, 2022.

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) - 12 months ended Dec. 31, 2022
¥ in Thousands, $ in Thousands

CNY (¥)

USD ($)

Disclosure Of Property Plant And Equipment [Line Items]

¥ 32,805

^[1]

$ 4,710

Construction in Progress

Disclosure Of Cash Flow Information [Abstract]

^[1]

¥ 32,805

[1]	The Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million for the year ended December 31, 2022.

Other Non-Current Assets - Schedule of Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Miscellaneous non-current assets [abstract]
Deductible value-added tax	¥ 1,109		¥ 18,045
Prepayments for purchase of non-current assets	408		341
Others	237		420
Other non-current assets	¥ 1,754	$ 252	¥ 18,806

Other Non-Current Assets - Schedule of Other Non-current Assets (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Value-added tax receivable	¥ 1,109	¥ 18,045
Value-added tax receivable refunded	¥ 18,000

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	¥ 22,821		¥ 929	¥ 883
Additions	3,582		22,801	527
Depreciation	(2,019)		(909)	(481)
Exchange difference	(47)
Net book amount, Ending balance	24,337	$ 3,494	22,821	929
Cost	28,473
Accumulated deprecation	4,136
Net Book value	24,337		22,821	929
Land use Rights
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	21,987
Additions			22,284
Depreciation	(446)		(297)
Exchange difference	1
Net book amount, Ending balance	21,542		21,987
Cost	22,284
Accumulated deprecation	(742)
Net Book value	21,542		21,987
Office Rent
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	834		929	883
Additions	3,582		517	527
Depreciation	(1,573)		(612)	(481)
Exchange difference	(48)
Net book amount, Ending balance	2,795		834	929
Cost	6,189
Accumulated deprecation	3,394
Net Book value	¥ 2,795		¥ 834	¥ 929

Right-of-Use Assets and Leases - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Total cash outflow for leases	¥ 1.5	¥ 0.8	¥ 0.5
Taicang, Jiangsu Province, PRC
Disclosure of quantitative information about right-of-use assets [line items]
Research, development and administration facility lease expiration period	Apr. 30, 2023
San Diego, California
Disclosure of quantitative information about right-of-use assets [line items]
Executive and adminisitration office lease expiration period	2025-04

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Presentation of leases for lessee [abstract]
Non-current	¥ 1,704	$ 245	¥ 163	¥ 309
Current	1,294	$ 186	630	604
Total lease liabilities	¥ 2,998		¥ 793	¥ 913

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Right-of-use Asset Depreciation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Presentation of leases for lessee [abstract]
Interest expense	¥ 144	¥ 44	¥ 42
Expense relating to short-term leases (included in administrative expenses and research and development expenses)		12	45
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses and research and development expenses)		58	30
Total interest expense amount recognized	¥ 144	¥ 114	¥ 117

Financial Instruments by Category - Schedule of Financial Instruments by Category (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Financial Instruments [Line Items]
Financial Assets	¥ 1,129,239	¥ 1,713,303
Financial Assets at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial Assets	424,319	1,713,303
Financial assets at FVOCI
Disclosure Of Financial Instruments [Line Items]
Financial Assets	576,994
Financial assets at FVTPL
Disclosure Of Financial Instruments [Line Items]
Financial Assets	127,926
Other Receivables
Disclosure Of Financial Instruments [Line Items]
Financial Assets	1,971	6,423
Other Receivables \| Financial Assets at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial Assets	1,971	6,423
Financial assets at fair value through other comprehensive income
Disclosure Of Financial Instruments [Line Items]
Financial Assets	576,994
Financial assets at fair value through other comprehensive income \| Financial assets at FVOCI
Disclosure Of Financial Instruments [Line Items]
Financial Assets	576,994
Cash and Cash Equivalents
Disclosure Of Financial Instruments [Line Items]
Financial Assets	550,274	1,706,880
Cash and Cash Equivalents \| Financial Assets at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial Assets	422,348	1,706,880
Cash and Cash Equivalents \| Financial assets at FVTPL
Disclosure Of Financial Instruments [Line Items]
Financial Assets	127,926
Financial Liabilities at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial liabilities	95,562	103,444
Other Payables \| Financial Liabilities at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial liabilities	9,426	21,456
Trade Payables \| Financial Liabilities at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial liabilities	83,138	81,195
Lease Liabilities \| Financial Liabilities at Amortized Cost
Disclosure Of Financial Instruments [Line Items]
Financial liabilities	¥ 2,998	¥ 793

Other Receivables and Prepayments - Schedule of Other Receivables and Prepayments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Other Receivables And Prepayments [Abstract]
Prepayment for clinical trials related services	¥ 18,871		¥ 36,879
Prepaid expenses	2,571		3,953
Deposits	356		4,312
Others	1,615		2,111
Other receivables and prepayments	¥ 23,413	$ 3,362	¥ 47,255

Other Receivables and Prepayments - Additional Information (Details)	1 Months Ended
	Mar. 31, 2022
Other Receivables And Prepayments [Abstract]
Amortized period	1 year

Financial Assets at Fair Value - Schedule of Financial Assets at Fair Value Through Comprehensive Income (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Disclosure of detailed information about financial instruments [line items]
Non-current assets	¥ 65,744
Current assets	511,250
Interest income recognized in profit and loss related to debt investments	9,392
Losses recognized in other comprehensive income related to debt investments	(2,513)
U.S. Treasury Bills
Disclosure of detailed information about financial instruments [line items]
Non-current assets	11,739
Current assets	271,499
Listed Bonds
Disclosure of detailed information about financial instruments [line items]
Non-current assets	54,005
Current assets	52,730
Unlisted Debt Securities
Disclosure of detailed information about financial instruments [line items]
Current assets	178,656
Government Agency Bond
Disclosure of detailed information about financial instruments [line items]
Current assets	¥ 8,365

Financial Assets At Fair Value - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Disclosure Of Financial Assets [Line Items]
Maturities of debt investments at fair value through other comprehensive income	¥ 195,400	$ 28,100
FVOCI short-term investments	511,300		$ 73,407
FVOCI long-term investments	65,700		$ 9,400
Level 3
Disclosure Of Financial Assets [Line Items]
Remaining investments	0			¥ 13,068	¥ 30,632
Level 1
Disclosure Of Financial Assets [Line Items]
Remaining investments	¥ 127,926

Financial Assets at Fair Value - Summary of Changes in Financial Instruments of Short-term and Long-term Investments (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Financial assets at fair value through other comprehensive income [abstract]
Additions	¥ 737,494
Settlements (including coupon interest received)	(195,364)
Accrued interest	3,333
Discount accreted	6,059
Change in fair value debited to other comprehensive income	(2,513)
Exchange difference	27,985
Closing Balance	¥ 576,994

Financial Assets At Fair Value - Summary of Financial Assets at Fair Value Through Profit or Loss (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Settlements (including coupon interest received, net of fees)	¥ (195,364)
Level 3
Disclosure of fair value measurement of assets [line items]
Opening balance		¥ 13,068	¥ 30,632
Additions	41,000	114,500	106,600
Settlements (including coupon interest received, net of fees)	(41,140)	(128,004)	(124,836)
Fair value gains recognized in profit or loss	140	¥ 436	672
Closing balance	0		13,068
*Includes unrealized gains recognized in profit or loss attributable to balances held at the end of the reporting period			¥ 68
Level 1
Disclosure of fair value measurement of assets [line items]
Additions	655,806
Settlements (including coupon interest received, net of fees)	(536,858)
Fair value gains recognized in profit or loss	1,711
Exchange difference	7,267
Closing balance	¥ 127,926

Cash and Cash Equivalents - Schedule of Cash And Cash Equivalents (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash at bank
Cash equivalents	¥ 127,926
Total cash and cash equivalents	550,274	$ 79,010	¥ 1,706,880	$ 245,079	¥ 1,010,076	¥ 308,972
USD deposits
Cash at bank
Total cash and cash equivalents	353,379		1,645,948
RMB deposits
Cash at bank
Total cash and cash equivalents	63,856		57,595
Australian Dollar deposit
Cash at bank
Total cash and cash equivalents	¥ 5,113		¥ 3,337

Cash and Cash Equivalents - Additional Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash at bank
Cash and cash equivalents	¥ 550,274	$ 79,010	¥ 1,706,880	$ 245,079	¥ 1,010,076	¥ 308,972
Outside of PRC
Cash at bank
Cash and cash equivalents	¥ 377,800		¥ 1,501,800

Share Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 12, 2021	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares consolidation	1.74
Value of share capital	$ 50,000	$ 76,560	$ 76,560
Par value per share	$ 0.0001
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share	$ 0.000174	$ 0.000174

Share Capital - Schedule of Share Capital and Share Premium (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2022 shares	Mar. 31, 2021 shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares
Disclosure Of Classes Of Share Capital [Line Items]
Balance			¥ 1,735,831		¥ (1,024,945)	¥ (298,287)
Issuance of ordinary shares, net of issuance costs			132		1,305,819
Conversion from preferred shares to ordinary shares					2,743,625
Exercise of stock options					1,005
Balance			¥ 1,096,870	$ 157,492	¥ 1,735,831	¥ (1,024,945)
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Balance, shares \| shares			57,483,410	57,483,410	19,653,791	17,684,770
Issuance of Ordinary Shares, shares \| shares					12,937,500	1,686,495
Conversion from preferred shares to ordinary shares, shares \| shares					24,791,804
Repurchase of ordinary shares, shares \| shares		(20,765)			(20,765)
Issuance of shares to Co-Founders, shares \| shares					121,080	282,526
Issuance of treasury shares, shares \| shares			25,468	25,468
Shares surrendered and cancelled \| shares	60,540		(60,540)	(60,540)
Balance, shares \| shares			57,448,338	57,448,338	57,483,410	19,653,791
Share Capital
Disclosure Of Classes Of Share Capital [Line Items]
Balance			¥ 66		¥ 24	¥ 21
Issuance of ordinary shares, net of issuance costs					14
Conversion from preferred shares to ordinary shares					28
Issuance of shares to Co-Founders						1
Issuance of treasury shares						2
Balance			66		66	24
Share Premium
Disclosure Of Classes Of Share Capital [Line Items]
Balance			4,094,434		41,466	38,123
Issuance of ordinary shares, net of issuance costs			¥ 132		1,305,805
Issuance of Ordinary Shares, shares \| shares			132	132
Conversion from preferred shares to ordinary shares					2,743,597
Issuance of shares to Co-Founders					1,417	3,343
Exercise of stock options					2,149
Balance			¥ 4,094,566		4,094,434	41,466
Share Capital and Share Premium
Disclosure Of Classes Of Share Capital [Line Items]
Balance			4,094,500		41,490	38,144
Issuance of ordinary shares, net of issuance costs					1,305,819
Conversion from preferred shares to ordinary shares					2,743,625
Issuance of shares to Co-Founders					1,417	3,344
Issuance of treasury shares			132			2
Exercise of stock options					2,149
Balance			¥ 4,094,632		¥ 4,094,500	¥ 41,490

Share Capital - Schedule of Share Capital and Share Premium (Parenthetical) (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	May 31, 2022 shares	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Nov. 01, 2022 shares
Disclosure of classes of share capital [line items]
Number of ADSs issued		12,937,500	12,937,500
Number of shares issued				43,057,316	43,057,316		25,468
Proceeds from issuance of ordinary shares		¥ 1,431,800	$ 219,900	¥ 132	$ 18	¥ 1,431,775
Issuance costs \| $			$ 19,300
Repurchase of ordinary shares value \| ¥						¥ (3,674)
Shareholder voting rights				Pursuant to the Company’s shareholder agreement in effect as of the completion of the Series C financing (see Note 22), each of the Company’s founders was entitled to two or more votes to ensure the Co-Founders control the majority of the votes under certain circumstances.	Pursuant to the Company’s shareholder agreement in effect as of the completion of the Series C financing (see Note 22), each of the Company’s founders was entitled to two or more votes to ensure the Co-Founders control the majority of the votes under certain circumstances.
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Authorized shares		12,937,500	12,937,500
Repurchase of ordinary shares, shares		20,765	20,765			20,765
Repurchase of ordinary shares value		¥ 2,500	$ 400
Shares surrendered and cancelled	60,540			(60,540)	(60,540)

Treasury Shares - Additional Information (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Number of treasury shares	2,407,091	2,407,091	2,563,563

Reserves - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Percentage of net profit to offset prior losses	10.00%
Percentage of reserve fund of registered capital	50.00%
Statutory reserve	¥ 221.5	¥ 288.9

Share-Based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, $ in Thousands					1 Months Ended		12 Months Ended
	May 01, 2022	Dec. 01, 2020 USD ($) shares	Jan. 20, 2020 shares	Dec. 20, 2018 CNY (¥) shares	Aug. 31, 2020 USD ($) shares	Apr. 30, 2020 CNY (¥)	Dec. 31, 2023	Dec. 31, 2022 CNY (¥) shares ¥ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Nov. 01, 2022 shares	Mar. 31, 2021 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Period of grant of share-based payment arrangement								10 years	10 years
Options granted vesting term								Options granted under the plan are valid and effective for 10 years from the date of grant and vest over a service period which is generally four years; 25% of the granted options vest on the first anniversary of the grant date and the remaining options vest in equal monthly installments over next 36 months. Some options are vested in equal monthly installments or annual installments over the entire service period or vested immediately upon the grant date in instances where services had already been performed in their entirety.	Options granted under the plan are valid and effective for 10 years from the date of grant and vest over a service period which is generally four years; 25% of the granted options vest on the first anniversary of the grant date and the remaining options vest in equal monthly installments over next 36 months. Some options are vested in equal monthly installments or annual installments over the entire service period or vested immediately upon the grant date in instances where services had already been performed in their entirety.
Vesting period								4 years	4 years
Vesting rights percentage								25.00%	25.00%
Vest in equal monthly installments								36 months	36 months
Share options granted								2,986,547	2,986,547	2,403,660		1,500,887
Weighted average remaining contractual life of options outstanding								8 years 8 months 12 days	8 years 8 months 12 days	9 years 2 months 12 days		9 years 3 months 18 days
Number of shares issued								43,057,316						43,057,316	25,468
Consideration, contingent on achieving of R&D milestones \| ¥				¥ 0		¥ 0
Number of shares issued for pre money valuation amount \| ¥				¥ 600,000,000
Share-based compensation expenses \| ¥								¥ 45,598,000		¥ 57,863,000		¥ 25,190,000
Share based compensation arrangement issuable upon the exercise of incentive share options								60,000,000	60,000,000
Expense from share-based payment transactions with employees \| ¥								¥ 45,598,000		¥ 57,863,000		5,535,000
Other Payables and Accruals
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Amounts withheld from employees paychecks								¥ 200,000						$ 23
Co-Founders
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses \| ¥												1,200,000	¥ 2,700,000
Fair value of share based payment on grant date \| $ / shares											$ 0.9
Fair value of share based payment on grant date at consolidation \| $ / shares											$ 1.57
Risk-free interest rate										2.50%
Expected volatility										60.00%
Share Purchase Agreement
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses \| ¥												¥ 19,700,000
2019 Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share options granted										897,660		1,500,887
2021 Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Ordinary shares reserved								5,348,217						5,348,217
Period of grant of share-based payment arrangement								10 years	10 years
Options granted vesting term								Options granted under the plan are valid and effective for 10 years from the date of grant and vest over a service period which is generally four years; 25% of the granted options vest on the first anniversary of the grant date and the remaining options vest in equal monthly installments over next 36 months.	Options granted under the plan are valid and effective for 10 years from the date of grant and vest over a service period which is generally four years; 25% of the granted options vest on the first anniversary of the grant date and the remaining options vest in equal monthly installments over next 36 months.
Vesting period								4 years	4 years
Vesting rights percentage								25.00%	25.00%
Vest in equal monthly installments								36 months	36 months
Shares reserved for future issuance								6,000,000						6,000,000
Share options granted								2,986,547	2,986,547	1,506,000
Increase in percentage of shares equal to lesser of aggregate number of ordinary shares							2.50%	5.00%	5.00%
Ordinary Shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued at consolidation										121,080	121,080
Ordinary Shares \| Co-Founders
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Shares reserved for future issuance			210,682
Number of shares issued			491,596							210,682	210,682
Number of shares vested			140,456										351,140
Ordinary Shares \| Connect Union
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Shares reserved for future issuance			342,144
Number of shares issued			798,330	1,140,474						342,144	342,144
Ordinary Shares \| Series B Financing \| Co-Founders
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued				702,278
Series C Preferred Shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued								21,349,537				0		21,349,537
Series C Preferred Shares \| Co-Founders
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued																80,457
Number of shares issued at consolidation																46,232
Series C Preferred Shares \| Share Purchase Agreement
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of shares issued		3,162,894			18,186,643
Number of shares issued at consolidation		1,817,755			10,452,094
Cash consideration \| $		$ 20,000			$ 115,000
2021 Employee Share Purchase Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Shares reserved for future issuance								600,000						600,000
Percentage of shares equal to lesser of aggregate number of ordinary shares								5.00%	5.00%	1.00%
Increase in percentage of shares equal to lesser of aggregate number of ordinary shares							0.00%	1.00%	1.00%
Percentage of increase decrease in payroll deductions of employees compensation	15.00%
Percentage of purchase of ordinary shares	85.00%
Purchase of employees shares								25,468	25,468
Shares purchased at discounted price \| ¥ / shares								¥ 0.74
Expense from share-based payment transactions with employees								¥ 300,000	$ 39

Share-Based Compensation - Summary of Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Number of Options, Options outstanding, Beginning Balance	3,748,389	1,665,883	190,762
Number of Options, Granted during the year	2,986,547	2,403,660	1,500,887
Number of Options, Exercised during the year		(163,773)
Number of Options, Forfeited during the year	(1,631,309)	(157,381)	(25,766)
Number of Options, Options outstanding, Ending Balance	5,103,627	3,748,389	1,665,883
Number of Options, Options exercisable at December 31, 2021	1,329,119
Weighted Average Exercise Price per Share Option, Granted during the year \| $ / shares	$ 3.4	$ 13.8	$ 6.6
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares		0.9
Weighted Average Exercise Price per Share Option, Forfeited during the year \| $ / shares	$ 9.6	$ 14.7	$ 0.9

Share-Based Compensation - Summary of Key Assumptions for Options Granted (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) yr $ / shares	Dec. 31, 2021 USD ($) yr $ / shares	Dec. 31, 2020 USD ($) yr $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	3.00%
ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price during the year	$ 0.74
Dividend yield
Forfeiture rate	3.00%
Weighted average fair value of options granted during the year \| $	$ 0.71
Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price during the year	$ 3.44	$ 13.8	$ 6.6
Option life \| yr	10	10	10
Expected early exercise multiple		2.2	2.2
Dividend yield
Forfeiture rate			9.50%
Weighted average fair value of options granted during the year \| $	$ 1.98	$ 10.6	$ 4.2
Bottom of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	7.70%
Bottom of range \| ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.86
Risk-free interest rate	1.50%
Expected volatility	51.10%
Option life \| yr	0.5
Bottom of range \| Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.75	$ 4.3	$ 2.1
Risk-free interest rate	1.90%	1.20%	0.80%
Expected volatility	61.40%	60.50%	61.80%
Expected early exercise multiple	2.2
Forfeiture rate	3.00%	3.00%
Top of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	10.80%
Top of range \| ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 1.86
Risk-free interest rate	4.80%
Expected volatility	60.20%
Option life \| yr	2.0
Top of range \| Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 4.91	$ 23.3	$ 11.1
Risk-free interest rate	3.40%	1.70%	1.10%
Expected volatility	62.00%	62.20%	77.40%
Expected early exercise multiple	2.8
Forfeiture rate	10.80%	9.60%

Share-Based Compensation - Summary of Key Assumptions for Options Granted (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and all other employees	3.00%
ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and all other employees	3.00%
Discounted ESPP price	$ 0.74
Bottom of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and all other employees	7.70%
Top of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and all other employees	10.80%

Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	¥ 45,598	¥ 57,863	¥ 25,190
Research and Development Expenses
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	20,226	26,532	3,523
Administrative Expenses
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	¥ 25,372	¥ 31,331	¥ 21,667

Other Payables and Accruals - Schedule of Other Payables and Accruals (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Trade and other payables [abstract]
Construction payables	¥ 1,424		¥ 16,576
Payroll, welfare and bonus payables	14,959		11,384
Accrued professional service fee	5,696		2,318
Other payables	2,306		2,562
Other payables and accruals	¥ 24,385	$ 3,501	¥ 32,840

Financial Instruments with Preferred Rights - Summary of Series of Financings by Issuing Preferred Shares (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2020
Disclosure Of Financial Instruments [Line Items]
Number of preferred shares	43,057,316	25,468
Subscription consideration	¥ 1,473,373
Series Pre-A Preferred Shares
Disclosure Of Financial Instruments [Line Items]
Date of subscription	Mar. 03, 2016
Number of preferred shares	3,109,000
Subscription consideration	¥ 33,110
Series A Preferred Shares
Disclosure Of Financial Instruments [Line Items]
Date of subscription	Jan. 03, 2017
Number of preferred shares	8,471,200
Subscription consideration	¥ 137,868
Series B Preferred Shares
Disclosure Of Financial Instruments [Line Items]
Date of subscription	Dec. 20, 2018
Number of preferred shares	10,127,579
Subscription consideration	¥ 379,148
Series C Preferred Shares
Disclosure Of Financial Instruments [Line Items]
Date of subscription	Aug. 21, 2020
Date of subscription	Dec. 01, 2020
Number of preferred shares	21,349,537		0
Subscription consideration	¥ 923,247

Financial Instruments with Preferred Rights - Additional Information (Details)		12 Months Ended
	Mar. 19, 2021	Dec. 31, 2022 $ / shares shares	Nov. 01, 2022 shares	Mar. 18, 2021 shares
Disclosure Of Financial Instruments [Line Items]
Number of shares issued		43,057,316	25,468
Preferred shares conversion ratio	1
Financial Instruments with Preferred Rights
Disclosure Of Financial Instruments [Line Items]
Conversion from preferred shares to ordinary shares after share consolidation		24,745,572
Preference Shares \| Financial Instruments with Preferred Rights
Disclosure Of Financial Instruments [Line Items]
Number of shares issued at consolidation		46,232
Number of shares issued				24,791,804
Number of shares outstanding				24,791,804
Initial public offering price \| $ / shares		$ 17
Preferred shares conversion ratio		1

Financial Instruments with Preferred Rights - Movements of Financial Instruments with Preferred Rights (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Financial Instruments [Line Items]
Share-based compensation to additional Series C preferred shareholder			¥ 19,655
Change in fair value due to foreign currency translation recognized in other comprehensive income	¥ 114,877	¥ (37,038)	47,032
Financial Instruments with Preferred Rights
Disclosure Of Financial Instruments [Line Items]
Beginning balance		2,071,508	643,008
Issuance of Series C Preferred Shares			923,247
Change in fair value recognized in profit or loss		674,269	579,286
Share-based compensation to additional Series C preferred shareholder			19,655
Change in fair value due to foreign currency translation recognized in other comprehensive income		(2,152)	(93,688)
Converted to ordinary shares upon IPO		¥ (2,743,625)
Ending balance			¥ 2,071,508

Cash Flow Information - Summary of Cash Used in Operations (Details)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Net loss before income tax

¥ (795,018)

$ (114,152)

¥ (1,305,127)

¥ (779,225)

Adjustments for:

Interest for lease liabilities

144

-Investment and interest income from investments at fair value through profit and loss and wealth management products

(140)

(436)

(672)

-Investment income from wealth management products

(9,392)

-Amortization of intangible assets

-Depreciation of property, plant and equipment

4,861

3,130

955

-Depreciation of rights-of-use assets

2,019

909

481

-Share-based compensation expenses

32,805

^[1]

4,710

45,598

57,863

25,190

-Net foreign exchange differences

(9,629)

3,309

6,772

-Fair value changes of financial instruments with preferred rights

674,269

579,286

-Issuance cost of financial instruments with preferred rights

2,851

-Loss on disposal of property, plant and equipment

250

Changes in working capital

-Other receivables and prepayments

23,084

(16,116)

(9,350)

-Other non-current assets

17,052

(8,206)

(3,906)

-Other payables and accruals

6,315

(11,459)

8,558

-Trade payables

2,572

56,601

1,850

Net cash used in operations

¥ (679,665)

$ (97,588)

¥ (544,926)

¥ (167,161)

[1]	The Group terminated a plan to build a facility for research and development laboratory, manufacturing and office use in the Taicang High-Tech Industrial Development Zone and recognized net impairment losses on the construction in process of RMB 32.8 million for the year ended December 31, 2022.

Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cash Flow Information [Abstract]
Interest received	¥ 2,894	¥ 622	¥ 1,381
Income taxes paid	¥ 3,221

Cash Flow Information - Summary of Non-cash Investing and Financing Activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cash Flow Information [Abstract]
Construction payables	¥ 1,424	¥ 16,576
Fair value changes of financial instruments with preferred rights		674,269	¥ 579,286
Share-based compensation to additional Series C preferred shareholder			19,655
Non-cash investing and financing activities	¥ 1,424	¥ 690,845	¥ 598,941

Cash Flow Information - Summary of Reconciliation of Liabilities Arising from Financing Activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments with Preferred Rights
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance		¥ 2,071,508	¥ 643,008
Cash flows			923,247
Differences of foreign currency translation		(2,152)	(93,688)
Changes in fair value		674,269	579,286
Conversion to ordinary shares		(2,743,625)
Share-based compensation to additional Series C preferred shareholder			19,655
Ending balance			2,071,508
Lease Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	¥ 793	913	882
Cash flows	(1,515)	(805)	(538)
New leases	3,576	641	527
Interest expenses	144	44	42
Ending balance	¥ 2,998	¥ 793	¥ 913

Commitments - Schedule of Capital Commitments (Details) ¥ in Thousands	Dec. 31, 2021 CNY (¥)
Equipment and Intangible Assets - Contracted but not provided for
Capital commitments [abstract]
Capital commitments	¥ 146,878

Commitments - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2021

USD ($)

Capital commitments

¥ 0

32,805,000

^[1]

$ 4,710

Construction in Progress

Capital commitments

¥ 146,900,000

$ 23,000