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Schedule I — Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets (in thousands of $, except for number of shares and per share data)
| December 31,
| 2023 |  | 2022
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | 565,981 |  |  | 944,649 |
Prepayments and other current assets | 7,423 |  |  | 10,203 |
Total current assets | 573,404 |  |  | 954,852 |
Investment in subsidiaries | 224,954 |  |  | 93,363 |
Total assets | 798,358 |  |  | 1,048,215 |
Liabilities and shareholders’ equity |  |  |
Liabilities |  |  |
Current liabilities: |  |  |
Other current liabilities | 2,240 |  |  | 2,620 |
Total current liabilities | 2,240 |  |  | 2,620 |
Total liabilities | 2,240 |  |  | 2,620 |
Shareholders’ equity |  |  |
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 6 |  |  | 6 |
Additional paid-in capital | 2,975,302 |  |  | 2,893,120 |
Accumulated deficit | (2,195,980) |  |  | (1,861,360) |
Accumulated other comprehensive income | 37,626 |  |  | 25,685 |
Treasury stock | (20,836) |  |  | (11,856) |
Total shareholders’ equity | 796,118 |  |  | 1,045,595 |
Total liabilities and shareholders’ equity | 798,358 |  |  | 1,048,215 |
Condensed Statements of Operations and Comprehensive Loss | Condensed Statements of Operations and Comprehensive Loss (in thousands of $)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating Expenses: |  |  |  |  |
Research and development | (82) |  |  | (178) |  |  | (6) |
General and administrative | (16,958) |  |  | (19,773) |  |  | (12,074) |
Loss from operations | (17,040) |  |  | (19,951) |  |  | (12,080) |
Interest income | 30,840 |  |  | 12,857 |  |  | 1,881 |
Other income (expense), net | 4,029 |  |  | (8,678) |  |  | (18,173) |
Profit (Loss) before income tax and equity in loss of subsidiaries | 17,829 |  |  | (15,772) |  |  | (28,372) |
Equity in loss of subsidiaries | (352,449) |  |  | (427,514) |  |  | (676,099) |
Income tax expense | — |  |  | — |  |  | — |
Net loss | (334,620) |  |  | (443,286) |  |  | (704,471) |
Other comprehensive income (loss), net of tax of nil: |  |  |  |  |
Foreign currency translation adjustment | 11,941 |  |  | 49,330 |  |  | (9,121) |
Comprehensive loss | (322,679) |  |  | (393,956) |  |  | (713,592) |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (in thousands of $)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net loss | (334,620) |  |  | (443,286) |  |  | (704,471) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |
Amortization of deferred income | — |  |  | (234) |  |  | (312) |
Share based compensation | 3,217 |  |  | 3,724 |  |  | 3,435 |
Equity in loss of subsidiaries | 352,449 |  |  | 427,514 |  |  | 676,099 |
Loss from fair value changes of equity investment of readily determinable fair value | (2,789) |  |  | 8,952 |  |  | 14,617 |
Changes in operating assets and liabilities: |  |  |  |  |
Prepayments and other current assets | 2,780 |  |  | (7,839) |  |  | (439) |
Other current liabilities | (379) |  |  | 1,648 |  |  | (376) |
Net cash provided by (used in) operating activities | 20,658 |  |  | (9,521) |  |  | (11,447) |
Cash flows from investing activities: |  |  |  |  |
Purchases of short-term investments | — |  |  | (260,274) |  |  | (445,000) |
Proceeds from maturity of short-term investments | — |  |  | 705,274 |  |  | 743,902 |
Purchase of investment in equity investee | — |  |  | — |  |  | (30,000) |
Investment in subsidiaries | (392,893) |  |  | (80,942) |  |  | (884,342) |
Net cash (used in) provided by investing activities | (392,893) |  |  | 364,058 |  |  | (615,440) |
Cash flows from financing activities: |  |  |  |  |
Proceeds from exercises of stock options | 2,369 |  |  | 5,870 |  |  | 7,418 |
Proceeds from issuance of ordinary shares upon public offerings | — |  |  | — |  |  | 818,875 |
Payment of public offering costs | — |  |  | — |  |  | (1,692) |
Employee taxes paid related to settlement of equity awards | (8,802) |  |  | (7,600) |  |  | (4,253) |
Net cash (used in) provided by financing activities | (6,433) |  |  | (1,730) |  |  | 820,348 |
Effect of foreign exchange rate changes on cash and cash equivalent | — |  |  | — |  |  | 773 |
Net (decrease) increase in cash and cash equivalents | (378,668) |  |  | 352,807 |  |  | 194,234 |
Cash and cash equivalents-beginning of the year | 944,649 |  |  | 591,842 |  |  | 397,608 |
Cash and cash equivalents-end of the year | 565,981 |  |  | 944,649 |  |  | 591,842 |

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