Investment Rating - Maintain BUY rating for BeiGene, reflecting strong growth potential and robust pipeline [2][4][16] Core Insights - BeiGene's product sales in 1Q24 reached US$747 million, showing an 18% quarter-over-quarter increase and an 82% year-over-year increase, representing 25.7% of the previous FY24 estimate [2] - Zanubrutinib (zanu) sales were particularly strong, increasing 18% QoQ and 131% YoY to US$489 million, driven by market share gains in CLL in the US and expanded reimbursement in the EU [2] - The company is on track to achieve profitability, with expectations to break even by FY26E, supported by improving operating margins and narrowing net losses [2][3] Summary by Sections Product Sales Performance - Total product sales for BeiGene in 1Q24 were US$747 million, up 18% QoQ and 82% YoY [2] - Zanubrutinib captured approximately 21% of the global BTK inhibitor market in 1Q24, up from 18% in 4Q23 [2] Patent Dispute - A patent dispute with Pharmacyclics is nearing resolution, with the USPTO expected to issue a final decision on the validity of the contested patent within 12 months [2] Financial Performance - Gross profit margin improved to 83.3% in 1Q24 from 82.7% in FY23, driven by high-margin product sales [2] - Net loss narrowed to US$251 million in 1Q24 from US$368 million in 4Q23, better than expectations [2][3] Future Growth Potential - Upcoming clinical trials for sonrotoclax and BGB-16673 are expected to yield significant data, with potential blockbuster status anticipated [2] - Forecast for zanubrutinib sales in FY24 is US$2.2 billion, representing a 69% YoY increase [2] Target Price Adjustment - The DCF-based target price for BeiGene has been raised from US$268.20 to US$269.73, indicating a potential upside of 59.9% from the current price of US$168.64 [4][12]

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[百I Tnaf 济bol]e 神_Ti州tle]（ 6160） [评Tab级le_：Inv est] 增持 当前价格（港元）： 99.95 泽布替尼欧美放量，PD-1 开启海外市场 2024.05.09 海 ——百济神州2024Q1 业绩点评 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 77.00- 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 148.40 公 0755-23976735 021-38675855 021-38674878 当前股本（百万股） 1,359 司 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 当前市值（百万港元） 135,832 证书编号 S0880514030001 S0880523080007 S0880123100004 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 核心产品高速放量，泽布替尼美国高速放量、欧洲市场迎来 ...

中国国际金融股份有限公司、高盛（中国）证券有限责任公司 关于百济神州有限公司 2023 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》（以下简称"《保荐办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《科创板上市公司持续监管办法（试行）》等有关法律、法规的规定，中国国际 金融股份有限公司与高盛（中国）证券有限责任公司（以下与中国国际金融股份 有限公司合称"联席保荐机构"）作为百济神州有限公司（以下简称"百济神州" 或"公司"）持续督导工作的联席保荐机构，负责百济神州上市后的持续督导工 作，并出具 2023 年度持续督导跟踪报告，本持续督导期间为 2023 年 1 月 1 日至 2023 年 12 月 31 日。 | | 工作，对存在问题的信息披露文件应及 | | | --- | --- | --- | | | 时督促上市公司更正或补充，上市公司 | | | | 不予更正或补充的，应及时向上海证券 | | | | 交易所报告。 | | | | 关注上市公司或其控股股东、实际控制 | | | | 人、董事、监事、高级管理人员受到中 | | | 11 | 国证监会 ...

中国国际金融股份有限公司、高盛（中国）证券有限责任公司 关于百济神州有限公司 2023 年持续督导工作现场检查报告 根据《上海证券交易所科创板股票上市规则》等有关法律、法规的规定， 中国国际金融股份有限公司（以下简称"中金公司"）、高盛（中国）证券有限 责任公司（以下简称"高盛中国"；中金公司及高盛中国以下合称"联席保荐机 构"）作为正在履行百济神州有限公司（以下简称"百济神州"、"公司"） 持续督导工作的联席保荐机构，对公司 2023 年 1 月 1 日至 2023 年 12 月 31 日期 间（以下简称"本持续督导期间"）的规范运作情况进行了现场检查，现就现场 检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）联席保荐机构：中国国际金融股份有限公司、高盛（中国）证券有 限责任公司 （二）保荐代表人：中金公司：张韦弦、刘尚泉；高盛中国：刘洋、黄云 琪 （三）现场检查时间：2024 年 4 月 17 日 （四）现场检查人员：中金公司：刘尚泉、高逸清；高盛中国：刘洋、黄 云琪、姚晓阳、李昌昱，白佳也通过线上参与相关访谈、会议。 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联 方的资金 ...

美国 证券交易委员会 Washington, D.C. 20549 ___________________________________________________________ 表格 10-Q ___________________________________________________________ （选择一项） ☒ 根据 1934 年证券交易法第 13 条或第 15（d）条编制的季度报告 截至 2024 年 3 月 31 日的季度期间 或 ☐ 根据 1934 年证券交易法第 13 条或第 15（d）条编制的过渡报告 过渡期从 至 交易委员会档案编号：001-37686 百济神州有限公司 （注册人章程中载明的准确名称） 开曼群岛 98-1209416 （注册成立或组织所在的州或其他司法管辖区） （美国国家税务局雇主身份识别号码） c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue, Camana Bay Grand Cayman （主要行政办事处地址） （邮政编码） 开曼群岛 KY1-1108 +1 (34 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 本公告包含根據《1995年私人證券訴訟改革法案》(Private Securities Litigation Reform Act of 1995)以及其他聯邦證券法律中定義的前瞻性聲明，包括百濟神州 推進血液惡性腫瘤治療管線的潛力，以及快速推進實體瘤治療管線的能力，以鞏 固其作為全球腫瘤治療創新企業的聲譽；百濟神州預計的臨床進展和數據讀出； 百濟神州位於美國新澤西州霍普韋爾的生物藥生產和臨床研發中心的預計啟用日 期；百濟神州在實現可持續盈利方面的進展；以及在「關於百濟神州」副標題下提 及的百濟神州計劃、承諾、抱負和目標。由於各種重要因素的影響，實際結果可 能與前瞻性聲明有重大差異。這些因素包括：百濟神州證明其候選藥物功效和安 全性的能力；候選藥物的臨床結果可能不支持進一步開發或上市審批；藥政部門 的行動可能會影響到臨床試驗的啟動、時間表和進展以及藥物上市審批；百濟神 州的上市藥物及候選藥物（如能獲批）獲 ...

Financial Performance - Total revenue for Q1 2024 reached $751.65 million, a 68% increase compared to $447.80 million in Q1 2023[5] - Product revenue amounted to $746.92 million, reflecting an 82% year-over-year growth from $410.29 million[5] - Collaboration revenue decreased by 87% to $4.73 million from $37.51 million year-over-year[5] - Total revenue for Q1 2024 was $752 million, compared to $448 million in the same period of 2023, primarily due to the sales growth of Baiyueze® in the US and Europe[12] - Product revenue for Q1 2024 was $747 million, an 82% increase from $410 million in Q1 2023, attributed to the sales growth of Baiyueze® and Baizean®[12] - GAAP net loss improved to $251.2 million in Q1 2024 from $348.4 million in Q1 2023, with a basic and diluted net loss per share of $0.19[18] Sales Growth - Global sales of Brukinsa® reached $489 million, with sales in the US and Europe growing by 153% and 243% respectively[3] - In Q1 2024, sales of Baiyueze® in the US reached $351 million, a year-over-year increase of 153%, driven by increased market share in treatment-naive chronic lymphocytic leukemia (CLL) and leading market share in newly diagnosed relapsed/refractory (R/R) CLL patients[6] - In Q1 2024, sales of Baizean® reached $145 million, a year-over-year increase of 26%[7] Operating Loss and Expenses - GAAP operating loss improved to $(261.35) million, a 30% reduction from $(371.26) million in the same quarter last year[5] - Adjusted operating loss decreased by 47% to $(147.34) million from $(275.86) million year-over-year[5] - Total operating expenses for Q1 2024 were $888.1 million, a 20% increase from $737.3 million in Q1 2023[13] - SG&A expenses accounted for 57% of product revenue in Q1 2024, down from 80% in the same period last year[14] - Cash used in operating activities was $309 million in Q1 2024, down from $564 million in the same quarter last year[14] Research and Development - R&D expenses for Q1 2024 were $460.6 million, a 13% increase from $408.6 million in Q1 2023, driven by advancements in clinical projects[13] - Adjusted R&D expenses for Q1 2024 were $405,440 thousand, compared to $361,696 thousand in Q1 2023, representing an increase of about 12.1%[20] Pipeline and Approvals - The company is advancing its hematology pipeline, with key studies for sonrotoclax and Brukinsa® combination therapies underway[3] - The FDA recently approved a fifth indication for Brukinsa®, making it the most broadly indicated BTK inhibitor in its class[3] - The company received FDA approval for Baiyueze® in combination with the anti-CD20 monoclonal antibody Obinutuzumab for treating adult patients with R/R follicular lymphoma[6] - The company announced the initiation of a new indication application for Baizean® for first-line treatment of gastric or gastroesophageal junction adenocarcinoma, which is currently under FDA review[7] - The company plans to submit a new drug application for Zhenidatuzumab for second-line treatment of biliary tract cancer to the National Medical Products Administration (NMPA) in China[10] Financial Position - As of March 31, 2024, total assets decreased to $5,667,681 thousand from $5,805,275 thousand as of December 31, 2023, representing a decline of approximately 2.4%[19] - Cash and cash equivalents decreased to $2,807,436 thousand from $3,188,584 thousand, a reduction of about 11.9%[19] - Net accounts receivable increased to $435,294 thousand, up from $358,027 thousand, reflecting a growth of approximately 21.6%[19] - Total liabilities increased to $2,307,320 thousand from $2,267,948 thousand, marking an increase of about 1.7%[19] - Total equity decreased to $3,360,361 thousand from $3,537,327 thousand, a decline of about 5.0%[19] Strategic Focus - The company is focused on achieving sustainable profitability while enhancing operational efficiency[4] - The company continues to invest in the global commercialization of its product, particularly in the U.S. and Europe[14] - The company is making significant progress towards sustainable profitability, driven by revenue growth and cost control[14] - The company has a strong pipeline of innovative oncology drugs and is focused on enhancing drug accessibility and affordability globally[15] - The company continues to utilize non-GAAP financial measures to provide a clearer understanding of its operational performance, which may differ from other companies' calculations[19]

A 股代码：688235 A 股简称：百济神州 公告编号：2024-015 港股代码：06160 港股简称：百济神州 美股代码：BGNE 百济神州有限公司 2024年第一季度主要财务数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特别提示： 本公告所载的百济神州有限公司（以下简称"百济神州"或"公司"）2024 年第一季度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公 司 2024 年第一季度报告中披露的数据为准，提请投资者注意投资风险。 本公告财务数据按中国企业会计准则编制并呈列。 本公司已于 2024 年 5 月 8 日同步发布了根据美国公认会计原则及美国证券 交易委员会适用规则编制的截至 2024 年 3 月 31 日止第一季度未经审计财务业绩， 提请投资者注意与本公告区别。 1 一、2024 年第一季度主要财务数据和指标 单位：人民币千元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 5,359,3 ...

Financial Performance - Total revenues reached $752 million in Q1 2024, with product revenue of $747 million, marking an 82% increase from the prior year[119] - Gross profit increased to $626.7 million, a 71.2% rise from $366 million in the same quarter last year[126] - Net loss narrowed to $251.2 million, a 27.9% improvement from a loss of $348.4 million in Q1 2023[126] - Net product revenue increased by 82.0% to $746.9 million for the three months ended March 31, 2024, compared to $410.3 million in the prior-year period[130] - Global sales of BRUKINSA totaled $488.5 million in the first quarter, representing a 131.1% increase compared to the prior-year period[131] - U.S. sales of BRUKINSA grew by 153.3% to $351.5 million, while European sales increased by 242.8% to $66.8 million[131] - Sales of tislelizumab in China totaled $145.2 million, reflecting a 26.4% increase from the prior-year period[132] - Gross margin on global product sales increased to $622.0 million, with a gross margin percentage of 83.3% for the three months ended March 31, 2024[135] Expenses and Losses - Operating expenses totaled $888.1 million, up 20.5% from $737.3 million, driven by increased research and development costs[126] - Research and development expenses rose by 12.7% to $460.6 million, driven by higher development milestone fees and internal research activities[136] - Selling, general and administrative expenses increased by 30.1% to $427.4 million, primarily due to investments in commercial activities[139] - The company reported a net loss of $251.2 million for the three months ended March 31, 2024, compared to a net loss of $348.4 million for the same period in 2023, resulting in an accumulated deficit of $8.2 billion as of March 31, 2024[147] Revenue Sources - BRUKINSA generated $489 million in revenue, with growth of 153% in the U.S. and 243% in Europe compared to the prior year[119] - Collaboration revenue decreased by 87.4% to $4.7 million, primarily due to the termination of the Novartis collaborations[127] Regulatory Approvals - The European Commission approved tislelizumab for non-small cell lung cancer across three indications[120] - The FDA approved TEVIMBRA for the treatment of unresectable or metastatic esophageal squamous cell carcinoma, expected to be available in the U.S. in the second half of 2024[120] - BRUKINSA received its fifth indication in B-cell malignancies in the U.S. after FDA granted accelerated approval for relapsed or refractory follicular lymphoma[122] Cash Flow and Debt - Cash and cash equivalents decreased to $2.8 billion as of March 31, 2024, down from $3.5 billion at the end of the previous year, with net cash used in operating activities amounting to $308.6 million in Q1 2024[151] - The company utilized $209.8 million in investing activities during the three months ended March 31, 2024, primarily for capital expenditures of $156.6 million and IPR&D asset purchases of $31.8 million[155] - Financing activities generated $162.3 million in cash during Q1 2024, mainly from $142.0 million in short-term loans and $9.1 million from long-term loans[157] - Total debt increased to $1,025.99 million as of March 31, 2024, up from $885.98 million at the end of 2023[145] - The company has total debt obligations of $1.03 billion, with $827.0 million due within the next 12 months[168] Foreign Currency and Inflation - The impact of foreign currency translation negatively affected cash by $22.4 million in Q1 2024, compared to a positive impact of $11.3 million in the prior-year period[159] - The RMB depreciated approximately 1.7% against the U.S. dollar in the three months ended March 31, 2024, and approximately 2.8% in the year ended December 31, 2023[176] - The company has not used derivative financial instruments to hedge exposure to foreign exchange risk despite holding significant amounts of RMB[175] - Inflation has not had a material effect on the company's results of operations during the three months ended March 31, 2024[179] Future Outlook and Commitments - The company plans to fund its material cash requirements through existing financial resources and anticipated receipts from accounts receivable and product sales[163] - As of March 31, 2024, the company had a remaining co-development funding commitment of $457.0 million related to the Amgen collaboration[170] - The company expects to refinance its debt obligations based on historical experience, with the ability to do so influenced by prevailing interest rates and credit spreads[157] - The company expects to utilize its existing RMB cash deposits in its China operations over the next several years[175] Accounting Policies - The company continues to evaluate its critical accounting policies, with no material changes reported for the three months ended March 31, 2024[173] - The company has not reported any new accounting policies adopted during the three months ended March 31, 2024[173] - The company assesses various factors for estimating the useful lives of long-lived assets and the fair value of financial instruments, which may lead to differences from actual results[172] - The company is exposed to risks related to changes in interest rates and foreign currency exchange rates, which may impact its financial condition[174][176]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) BeiGene achieved significant revenue growth in Q1 2024, with total revenues reaching $751.7 million, while substantially reducing operational losses and improving efficiency Financial Performance Summary (in millions USD) | Financial Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Net product revenues | $746.9 | $410.3 | 82% | | Total Revenue | $751.7 | $447.8 | 68% | | GAAP loss from operations | $(261.3) | $(371.3) | (30)% | | Adjusted loss from operations* | $(147.3) | $(275.9) | (47)% | - The company's strong global revenue growth has elevated it into the **top 15 of global oncology innovators** based on total oncology sales[2](index=2&type=chunk) - BeiGene is demonstrating significantly improved operating leverage and is progressing on its path to achieving **sustainable profitability**[1](index=1&type=chunk)[2](index=2&type=chunk) [Key Business & Pipeline Updates](index=1&type=section&id=Key%20Business%20%26%20Pipeline%20Updates) Key products BRUKINSA and TEVIMBRA show strong commercial growth and regulatory approvals, while the pipeline advances rapidly in hematology and solid tumors [BRUKINSA (zanubrutinib)](index=1&type=section&id=BRUKINSA%20%28zanubrutinib%29) BRUKINSA revenue reached $489 million in Q1 2024 with strong U.S. and European growth, securing its fifth FDA approval for R/R follicular lymphoma BRUKINSA Revenue by Region (in millions USD) | Region | Q1 2024 Revenue | YoY Growth | | :--- | :--- | :--- | | **Total** | **$489** | - | | U.S. | $351 | 153% | | Europe | $67 | 243% | - Received U.S. FDA approval for treating adult patients with relapsed or refractory (R/R) follicular lymphoma, establishing BRUKINSA with the **broadest label in the BTKi class**[1](index=1&type=chunk)[5](index=5&type=chunk) - BRUKINSA is gaining market share in treatment-naïve (TN) chronic lymphocytic leukemia (CLL) and has become the **BTKi class leader in new-patient share** for relapsed or refractory (R/R) CLL in the U.S.[4](index=4&type=chunk) [TEVIMBRA (tislelizumab)](index=2&type=section&id=TEVIMBRA%20%28tislelizumab%29) TEVIMBRA sales grew 26% to $145 million in Q1 2024, securing key regulatory approvals in Europe and the U.S. for NSCLC and ESCC - Sales of tislelizumab totaled **$145 million** in Q1 2024, representing **26% growth** compared to the prior-year period[5](index=5&type=chunk) - Key regulatory approvals were secured: - **European Commission:** Approved for three indications in non-small cell lung cancer (NSCLC) - **U.S. FDA:** Approved for second-line esophageal squamous cell carcinoma (ESCC) - **U.S. FDA:** Accepted Biologics License Application (BLA) for first-line gastric or gastroesophageal junction cancers[5](index=5&type=chunk) [Key Pipeline Highlights](index=2&type=section&id=Key%20Pipeline%20Highlights) The pipeline shows strong progress in hematology with sonrotoclax and BGB-16673, and in solid tumors with multiple readouts and new assets entering the clinic in H2 2024 - **Hematology Pipeline:** - **Sonrotoclax (BCL2 inhibitor):** Received FDA fast track designation for R/R mantle cell lymphoma (MCL) and continues enrollment for registrational intent trials - **BGB-16673 (BTK CDAC):** Initiated expansion cohorts with potential registrational intent in R/R MCL and R/R CLL, with a Phase 3 trial in R/R CLL expected by year-end 2024[6](index=6&type=chunk) - **Solid Tumor Pipeline:** - **Lung Cancer:** Completed enrollment in a Phase 3 trial for ociperlimab (anti-TIGIT) and expects readouts for multiple tislelizumab combinations in 2024 - **Breast Cancer:** Progressing dose escalation for CDK4 and CDK2 inhibitors and dosed the first patient in a Phase 1 study for B7H4 ADC - **New Assets:** Pan-KRAS inhibitor, MTA-cooperative PRMT5 inhibitor, EGFR CDAC, CEA-ADC, and FGFR2b-ADC are on track to enter the clinic in H2 2024[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Detailed Financial Performance](index=4&type=section&id=Detailed%20Financial%20Performance) Q1 2024 saw an 82% product revenue increase to $747 million and improved gross margin, with operating leverage gains leading to a reduced net loss per share [Revenue and Gross Margin](index=4&type=section&id=Revenue%20and%20Gross%20Margin) Total Q1 2024 revenue reached $752 million, driven by an 82% increase in product revenue to $747 million, with gross margin improving to 83% - Total Q1 2024 revenue was **$752 million**, with product revenue contributing **$747 million**, an **82% increase** from Q1 2023[10](index=10&type=chunk) - The U.S. was the largest market, with product revenue of **$351 million**, a **153% increase** from the prior year period[10](index=10&type=chunk) - Gross margin as a percentage of global product revenue increased to **83%** in Q1 2024 from **80%** in Q1 2023, mainly due to a higher sales mix of global BRUKINSA[11](index=11&type=chunk) [Operating Expenses and Profitability](index=4&type=section&id=Operating%20Expenses%20and%20Profitability) Total GAAP operating expenses rose 20% to $888.1 million, but improved operating leverage led to a 30% reduction in GAAP loss from operations and a reduced net loss per share Operating Expenses (GAAP, in millions USD) | Expense Category | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Research and development | $460.6 | $408.6 | 13% | | Selling, general and administrative | $427.4 | $328.5 | 30% | | **Total operating expenses** | **$888.1** | **$737.3** | **20%** | - The increase in operating expenses was due to advancing preclinical and early clinical programs (R&D) and continued investment in the global commercial launch of BRUKINSA (SG&A)[12](index=12&type=chunk)[13](index=13&type=chunk) - Profitability metrics improved, with GAAP Net Loss decreasing to **$251.2 million** from **$348.4 million** in Q1 2023. Net loss per share improved to **$(0.19)** from **$(0.26)**[13](index=13&type=chunk)[14](index=14&type=chunk)[19](index=19&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The condensed consolidated financial statements detail a net loss of $251.2 million for Q1 2024, with total assets of $5.7 billion and total equity of $3.4 billion [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenues were $751.7 million, resulting in a gross profit of $626.7 million and a net loss of $251.2 million, or $(0.19) per share Condensed Consolidated Statements of Operations (in thousands USD) | (in thousands of U.S. dollars) | Three Months Ended March 31, 2024 | | :--- | :--- | | Total revenues | $751,652 | | Gross profit | $626,717 | | Loss from operations | $(261,348) | | **Net loss** | **$(251,150)** | | Net loss per share, basic and diluted | $(0.19) | [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of March 31, 2024, BeiGene reported $2.8 billion in cash and equivalents, with total assets of $5.7 billion and total equity of $3.4 billion Condensed Consolidated Balance Sheet (in thousands USD) | (in thousands of U.S. dollars) | As of March 31, 2024 | | :--- | :--- | | Cash, cash equivalents, restricted cash and short-term investments | $2,807,436 | | Total assets | $5,667,681 | | Total liabilities | $2,307,320 | | Total equity | $3,360,361 | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP financial measures provide additional insight into operating performance by excluding non-cash items, with adjusted loss from operations at $147.3 million for Q1 2024 - BeiGene uses non-GAAP financial measures to provide a more complete understanding of its operating performance by excluding non-cash items such as share-based compensation, depreciation, and amortization[22](index=22&type=chunk) Reconciliation of GAAP to Adjusted Loss from Operations (in thousands USD) | Reconciliation of GAAP to Adjusted Loss from Operations (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | GAAP loss from operations | $(261,348) | $(371,258) | | Plus: Share-based compensation expenses | $88,714 | $75,388 | | Plus: Depreciation | $24,110 | $19,025 | | Plus: Amortization of intangibles | $1,183 | $986 | | **Adjusted loss from operations** | **$(147,341)** | **$(275,859)** |