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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Composition of Pre-Tax Loss

The following table presents the composition of pre-tax loss for the years ended December 31, 2022, 2023 and 2024:

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
Pre-tax loss from PRC entities		$	(91,856	)		$	(49,309	)		$	(33,931	)
Pre-tax loss from non-PRC entities			(28,105	)			(37,457	)			(5,059	)
Total pre-tax loss		$	(119,961	)		$	(86,766	)		$	(38,990	)

Schedule of Reconciliation of Effective Tax Rate

Reconciliation of the differences between Statutory Tax Rate and the Effective Tax Rate (“EIT” rate)

The following table sets forth a reconciliation between the statutory PRC EIT rate of 25% and the effective tax rate:

		Year Ended December 31,
		2022				2023				2024
Statutory income tax rate			25.00	%			25.00	%			25.00	%
Permanent differences			(2.34	)%			(3.81	)%			2.08	%
Tax rate difference from statutory rate in other jurisdictions (1)			(1.19	)%			(8.06	)%			5.52	%
Change in valuation allowance (2)			(21.56	)%			7.80	%			(19.65	)%
Effect of tax holiday (3)			(3.28	)%			(11.25	)%			(8.80	)%
Additional tax deduction for qualified research and development expenses			10.09	%			3.90	%			5.55	%
Share-based Compensation expenses			(7.28	)%			(7.73	)%			(9.17	)%
Tax filing differences			0.76	%			(5.73	)%			(0.57	)%
Others			(0.75	)%			(0.61	)%			(0.62	)%
Effective tax rate			(0.55	)%			(0.49	)%			(0.66	)%

(1)The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands, the United States or Singapore.

(2)The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of the Group.

(3)Effect of tax holidays is primarily attributable to the preferential tax rates of Dayin, Zhaoyan and Shanghai Shengwang.

Schedule of Current and Deferred Income Tax Expense (Benefit)

For the years ended December 31, 2022, 2023 and 2024, substantially all the amounts of current and deferred income tax expense are attributable to the PRC, UK and US entities.

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
Current income tax expense		$	1,001			$	633			$	361
Deferred income tax benefit			(338	)			(211	)			(103	)
Income tax expense		$	663			$	422			$	258

Schedule of Impact of Tax Holidays

The aggregate amount and per share effect of reduction of EIT for Zhaoyan, Dayin and Shanghai Shengwang as a result of tax holidays are as follows:

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
The aggregate amount of effect		$	(3,929	)		$	(9,764	)		$	(3,431	)
Basic and diluted net loss per share effect			0.01				0.02				0.01

Components of Deferred Tax Assets

Deferred Tax Assets and Liabilities

The principal components of the deferred tax assets were as follows:

		As of December 31,
		2023				2024
		(in US$ thousands)
Deferred tax assets:
Tax loss carry-forwards		$	42,061			$	47,507
Current expected credit losses			2,901				3,042
Impairment of long-term investments			2,415				2,379
Other deductible temporary difference			130				665
Deferred tax assets			47,507				53,593
Less valuation allowance			(47,507	)			(53,593	)
Deferred tax assets, net		$	—			$	—
Deferred tax liabilities:
Recognition of intangible assets arising from business combination			(196	)			(92	)
Deferred tax liabilities, net		$	(196	)		$	(92	)

Schedule of Movement of Valuation Allowance

Movement of Valuation Allowance

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
Balance at beginning of the year		$	(28,413	)		$	(54,273	)		$	(47,507	)
Addition in current year			(26,151	)			(9,784	)			(7,626	)
Reversal in current year			291				16,550				1,540
Balance at the end of the year		$	(54,273	)		$	(47,507	)		$	(53,593	)

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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