Financial Performance - Total revenue for the year 2020 was RMB 26.83 million, a decrease of 49.6% from RMB 52.95 million in 2019[12] - The net loss for the year 2020 was RMB 2.93 billion, compared to RMB 323.79 million in 2019, reflecting increased operational costs[12] - The total comprehensive loss for the year increased from RMB 323.8 million in the year ended December 31, 2019, to RMB 2,928.9 million in the year ended December 31, 2020, primarily due to an increase in R&D costs and administrative expenses by RMB 463.3 million and a fair value loss on convertible redeemable preferred shares by RMB 2,141.8 million[18] - The adjusted total comprehensive loss for the year was RMB 454.96 million in 2020, compared to RMB 109.24 million in 2019, indicating a significant increase in losses[20] - Other income and gains decreased from RMB 52.9 million in 2019 to RMB 26.8 million in 2020, primarily due to foreign exchange losses in 2020 compared to gains in 2019[88] - The total loss and comprehensive loss for the year ended December 31, 2020, was RMB (2,928,921) thousand, compared to RMB (323,787) thousand for the year ended December 31, 2019[99] - Adjusted loss and comprehensive loss for the year ended December 31, 2020, was RMB (454,958) thousand, compared to RMB (109,236) thousand for the year ended December 31, 2019[99] Expenses - R&D expenses increased to RMB 347.66 million in 2020, up 200.5% from RMB 115.79 million in 2019, primarily due to increased payments to licensing partners and clinical-related costs[17] - Administrative expenses rose to RMB 154.22 million in 2020, an increase of 292.5% from RMB 39.35 million in 2019, mainly due to higher employee costs and IPO-related expenses[17] - Other expenses surged from a loss of RMB 220.7 million in 2019 to RMB 2.45 billion in 2020, largely due to non-cash adjustments related to convertible redeemable preferred shares[88] - Employee costs, including salaries and benefits, increased significantly, with total employee costs reaching RMB 43.1 million for R&D personnel in 2020, up from RMB 15.8 million in 2019[90] Cash and Assets - Cash and bank balances increased significantly to RMB 3.11 billion by the end of 2020, up from RMB 746.80 million at the end of 2019, primarily due to Series C financing and the IPO[15] - Total current assets reached RMB 3.13 billion in 2020, compared to RMB 755.60 million in 2019[14] - Total liabilities decreased to RMB 156.59 million in 2020 from RMB 1.32 billion in 2019, indicating improved financial stability[14] - The current ratio as of December 31, 2020, was 2,077.0%, compared to 1,681.3% as of December 31, 2019[104] - The debt-to-asset ratio as of December 31, 2020, was 4.9%, significantly improved from 173.4% as of December 31, 2019[105] Clinical Development and R&D - The company plans to continue expanding its R&D efforts and explore new market opportunities following the IPO[17] - Future guidance indicates a focus on enhancing product pipelines and potential strategic partnerships to drive growth[17] - The company received accelerated approval from the U.S. FDA for XPOVIO® (selinexor) for the treatment of relapsed/refractory diffuse large B-cell lymphoma (rrDLBCL) in June 2020[22] - The company submitted new drug applications (NDA) for selinexor in multiple Asia-Pacific markets, including Singapore and Australia, for the treatment of relapsed/refractory multiple myeloma and rrDLBCL[22] - The company completed the first patient dosing in a Phase II trial for onatasertib (ATG-008) in HCC patients in 2020 and initiated trials in NSCLC patients[24] - The company has ongoing registration studies for selinexor in China for relapsed/refractory multiple myeloma and rrDLBCL patients[22] - The company is focusing on innovative drug discovery, with internal assets expected to enter clinical stages in 2021[34] - A total of 13 clinical trials are currently underway for various drug candidates, covering hematology, oncology, viral infections, and autoimmune diseases[35] - The company aims to continue advancing six clinical-stage products across various therapeutic areas while implementing a dual-engine approach for external collaborations and internal discoveries[84] Strategic Partnerships and Market Expansion - The company expanded its partnership with Karyopharm Therapeutics Inc. in May 2020 to develop and commercialize selinexor, eltanexor, verdinexor, and ATG-019 in selected Asia-Pacific markets[26] - The company is focusing on a dual-engine strategy to accelerate value creation through internal discovery and strategic partnerships[26] - The company has expanded rights for the development and commercialization of four licensed drugs to 17 Asia-Pacific markets in collaboration with Karyopharm[37] - The company is actively expanding its market presence and exploring new strategies for growth, particularly in the healthcare sector[119] - The company is committed to addressing unmet clinical needs in oncology through innovative therapies and strategic partnerships[43] Management and Governance - The management team has extensive experience in leading clinical development and commercialization processes in hematology and solid tumors[39] - The company appointed John F. Chin as Chief Business Officer in January 2020 to lead global business development and commercialization efforts[26] - Thomas Karalis appointed as head of Asia-Pacific region, bringing over 30 years of experience in multinational biopharmaceutical companies[27] - The company appointed Dr. Kevin Lynch as Chief Medical Officer in March 2021, bringing nearly 30 years of experience in the pharmaceutical industry[81] - The board of directors includes experienced professionals with extensive backgrounds in investment and management, ensuring robust governance and strategic oversight[122] Shareholder Information - The company reported no dividends declared or paid for the year ended December 31, 2020[138] - As of December 31, 2020, the company's reserves available for distribution amounted to approximately RMB 3,450.1 million, compared to zero in 2019[141] - The ownership structure indicates significant control by a few major shareholders, with the top three shareholders holding over 46% of the total shares[192] - The company is subject to the Securities and Futures Ordinance, which requires disclosure of interests in shares and related securities[191] Future Outlook and Risks - The company has recorded significant net losses since its establishment and anticipates continued net losses in the foreseeable future, posing a risk of substantial investment loss for potential investors[157] - The business and financial outlook heavily depend on the success of clinical-stage and preclinical-stage candidate drugs; failure to complete clinical development or obtain regulatory approval could adversely affect business and profitability[159] - The company faces intense industry competition, with competitors potentially achieving commercialization of competing drugs before the company[157]