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Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2024

Condensed Financial Information of the Parent Company [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

32.

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The business transactions and assets of Adlai Hangzhou and Shanghai Adlai Nortye Biopharma Co., Ltd (“PRC Subsidiaries”) are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control measures imposed by the PRC government may restrict the ability of PRC Subsidiaries to transfer their net assets to the Company through loans, advances or cash dividends.

The net assets of PRC Subsidiaries in aggregate exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed parent company financial statements have been prepared in accordance with Rule 5.04 and Rule 12-04 of SEC Regulation S-X.

The subsidiaries did not pay any dividends to the Company for the periods presented. For the purpose of presenting parent-only financial information, the Company records its investment in its subsidiaries under the cost method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with IFRSs are not required.

As of December 31, 2023 and 2024, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

PARENT COMPANY BALANCE SHEETS

		December 31,
		2023				2024
		$’000				$’000
ASSETS
Current assets
Cash and cash equivalents			63,150				10,652
Prepayments, other receivables and other assets			44				30
short-term investments at amortized cost			7,000				—
Total current assets			70,194				10,682
Non-current assets
Due from related parties			123,102				177,507
Investment in subsidiaries			129,711				138,588
Total non-current assets			252,813				316,095
Total assets			323,007				326,777
LIABILITIES
Current liabilities
Accounts payable			976				538
Other payables and accruals.			53				95
Due to related parties			40				—
Interest-bearing bank and other borrowings			10,650				10,810
Non-current liabilities due within one year			—				—
Financial liabilities at FVTPL			—				—
Total current liabilities			11,719				11,443
Non-current liabilities							—
Long-term loans			—				—
Financial liabilities at FVTPL			—				—
Total non-current liabilities			—				—
Total liabilities			11,719				11,443
Class A Ordinary shares (par value of $0.0001 per share; 93,710,805 shares outstanding as of December 31, 2023; and 93,710,803 shares outstanding as of December 31, 2024)			9				9
Class B Ordinary shares (par value of $0.0001 per share; 16,990,000 shares outstanding as of December 31, 2023 and 2024)			2				2
Share premium			438,707				439,016
Share based payments reserve			16,059				20,311
Accumulated deficit			(143,489	)			(144,004	)
Total shareholders’ deficit			311,288				315,334
Total liabilities and shareholders’ equity			323,007				326,777

PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

		For the Years Ended December 31,
		2022				2023				2024
		$’000				$’000				$’000
REVENUE			—				—				—
Other operating income, net			156				242				1,305
General and administrative expenses			(1,390	)			(6,196	)			(1,473	)
Research and development expenses			—				—				—
Total operating loss			(1,234	)			(5,954	)			(168	)
Other income and gains			—				—				283
Other expenses			—				—				—
Investment income			—				—				—
Fair value loss on financial liabilities at FVTPL			7,194				(39,171	)			—
Finance costs			—				(249	)			(630	)
LOSS BEFORE TAX			5,960				(45,374	)			(515	)
Income tax expense			—				—				—
LOSS FOR THE YEAR			5,960				(45,374	)			(515	)
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR			5,960				(45,374	)			(515	)

PARENT COMPANY STATEMENTS OF CASH FLOWS

		Year ended December 31,
		2022				2023				2024
		$’000				$’000				$’000
Net cash flows used in operating activities			(1,134	)			(13,143	)			(56,397	)
Net cash flows used in investing activities			(35,035	)			(38,082	)			4,193
Net cash flows from financing activities			—				102,181				(294	)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS			(36,169	)			50,956				(52,498	)
Cash and cash equivalents at beginning of year			48,363				12,194				63,150
CASH AND CASH EQUIVALENTS AT END OF YEAR			12,194				63,150				10,652