Intangible Assests

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible

Assets

Intangible assets as of December 31, 2019 and

September

30, 2020 are summarized as follows:


	As of December 31,		As of September 30,
	2019		2020
	RMB		RMB		US$ (Note 2.5)
Cost
IPR&D		148,844		122,000		17,969
Less: accumulated amortization		—		—		—

Net book value		148,844		122,000		17,969

IPR&D represents the fair value assigned to research and development assets that the Group acquired from business combination of

I-Mab

Tianjin and its subsidiaries including Chengdu Tasgen

Bio-Tech

Co., Ltd. and Shanghai Tianyunjian

Bio-Tech

Co., Ltd. (together the “Tasgen Group”) in 2017 and had not reached technological feasibility at the date of acquisition. Upon commercialization, the Group will determine the estimated useful life and amortize these amounts based upon an economic consumption method.

The fair value assigned to the IPR&D related to TJ102 was RMB26,844 (US$3,954). On September 15, 2020,

I-Mab

Hong Kong and Genexine, Inc. entered into amendments to Intellectual Property License Agreement with

I-Mab

Hangzhou to assign and transfer all the rights and obligations related to TJ102 to

I-Mab

Hangzhou, pursuant to an equity transfer and investment agreement entered into between

I-Mab

Hong Kong and various parties (Note 7).

As of December 31, 2019 and September 30, 2020, there was no impairment of the value of the Group’s intangible assets.