COLLABORATION INTEREST-BEARING ADVANCED FUNDING

3 Months Ended

Mar. 31, 2026

Disclosure of detailed information about borrowings [abstract]

COLLABORATION INTEREST-BEARING ADVANCED FUNDING


	Effective interest rate (%)		March 31, 2026
			(In millions)
Current:
Collaboration Interest-bearing Advanced Funding	6.84	%	$	266.0

Pursuant to the Janssen Agreement, the Company received advances from Janssen over time ("Funding Advances"). These Funding Advances are accounted for as interest-bearing borrowings funded by Janssen, constituted by a principal amounting to $250.0 million and applicable interests accrued amounting to $73.3 million upon such principal as of March 31, 2026. The respective interest rate of each borrowing has transitioned from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) in accordance with the LIBOR ACT. Thus, outstanding Funding Advances accrue interest at 12 month CME term SOFR plus LIBOR/SOFR adjustment (12 month) plus a margin of 2.5%.

There is no specific maturity date for the Funding Advances. However, pursuant to the terms of the Janssen Agreement, Janssen may recoup the aggregate amount of Funding Advances, together with interest thereon, from Company’s share of pre-tax profits starting from the first calendar quarter following the first profitable year of the collaboration program and, subject to some limitations, from milestone payments due to the Company under the Janssen Agreement.

In the quarter ended March 31, 2026, the Company reduced its collaboration advanced funding principal balance by $57.3 million by offsetting it with the pre-tax profit receivable for the quarter, which resulted in an outstanding principal balance of $192.7 million and outstanding accrued interest balance of $73.3 million, in each case as of March 31, 2026. As of March 31, 2026, the Company estimated that the entire balance of $266.0 million (inclusive of both principal and

interest) would be recouped by Janssen within the next 12 months, and therefore such amount was classified as a current liability.

The interest for the Funding Advances was $4.2 million and $4.6 million for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in Finance Costs on the consolidated statement of profit or loss and other comprehensive income/(loss).