0000950170-23-047761 | 6-K | XBRL Viewer | Connect Biopharma Holdings LTD

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Expenses by Nature - Summary of Expenses by Nature (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Attribution Of Expenses By Nature To Their Function [Abstract]
Clinical trials related expenses	¥ 138,765	¥ 282,740
Employee benefit expenses (Note 6)	63,215	79,850
Professional service fees	22,428	25,267
Insurance	6,577	8,698
Depreciation and amortization	3,508	3,258
R&D materials and consumable supplies	2,081	4,739
Office expenses	2,776	4,590
Others	2,155	3,463
Total expenses, by nature	¥ 241,505	¥ 412,605

Other non-current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Miscellaneous Noncurrent Assets [Abstract]

Schedule of Other Non-Current Assets


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Deductible value-added tax		1,109		5,110
Prepayments for purchase of non-current assets		408		26
Others		237		193
		1,754		5,329

Share Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Classes Of Share Capital [Line Items]
Value of share capital		$ 76,560
Number of treasury shares		2,407,091	2,407,091
Number of shares outstanding		55,071,559	55,041,247
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Par value per share		$ 0.000174
Number of shares outstanding		57,478,650	57,448,338
Shares issued		30,312
2021 ESPP
Disclosure Of Classes Of Share Capital [Line Items]
Shares issued	30,312

Other Receivables and Prepayments

6 Months Ended

Jun. 30, 2023

Other Receivables And Prepayments [Abstract]

Other Receivables and Prepayments

16.

Other Receivables and Prepayments


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Prepayment for contract research organization ("CRO") services		18,871		16,561
Prepaid expenses (i)		2,571		8,307
Deposits (ii)		356		365
Others (iii)		1,615		22,508
		23,413		47,741

(i)

In March 2023, the Group made payments to purchase annual director and officer liability insurance. Such expenses are amortized over 1 year.

(ii)

Deposits held by CRO suppliers are refundable upon the completion of related services.

(iii)

In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) (Note 13) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC.

Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	¥ 16,066	¥ 27,894
Research and Development Expenses
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	7,639	12,778
Administrative Expenses
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expenses	¥ 8,427	¥ 15,116

Events After the Reporting Period

6 Months Ended

Jun. 30, 2023

Disclosure Of Nonadjusting Events After Reporting Period [Abstract]

Events After the Reporting Period

24.

Events After the Reporting Period

Grant of stock options under 2021 stock incentive plan

During the period from July 1, 2023 to September 12, 2023, 94,000 options were granted to newly hired employees and consultants at an weighted-average exercise price of USD 0.87 per share.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)	Share Capital CNY (¥)	Share Premium CNY (¥)	Treasury Shares CNY (¥)	Share-Based Compensation Reserves CNY (¥)	Other Reserves CNY (¥)	Accumulated Losses CNY (¥)
Balance at Dec. 31, 2021	¥ 1,735,831		¥ 66	¥ 4,094,434	¥ (1,164)	¥ 61,904	¥ (41,244)	¥ (2,378,165)
Comprehensive loss
Net loss	(401,281)							(401,281)
Unrealized losses from investments	(1,311)						(1,311)
Exchange differences	68,357						68,357
Total comprehensive loss	(334,235)						67,046	(401,281)
Transactions with owners
Share-based compensation	27,894					27,894
Total Transactions with owners	27,894					27,894
Balance at Jun. 30, 2022	1,429,490		66	4,094,434	(1,164)	89,798	25,802	(2,779,446)
Balance at Dec. 31, 2022	1,096,870		66	4,094,566	(1,164)	107,502	71,120	(3,175,220)
Comprehensive loss
Net loss	(211,960)	$ (29,335)						(211,960)
Unrealized losses from investments	1,533						1,533
Exchange differences	27,052						27,052
Total comprehensive loss	(183,375)	(25,379)					28,585	(211,960)
Transactions with owners
Shares issued	153			153
Share-based compensation	16,066					16,066
Total Transactions with owners	16,219			153		16,066
Balance at Jun. 30, 2023	¥ 929,714	$ 128,665	¥ 66	¥ 4,094,719	¥ (1,164)	¥ 123,568	¥ 99,705	¥ (3,387,180)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Key Management Personnel Compensation

Key management personnel compensation:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Wages, salaries and bonuses		11,287		10,671
Share-based compensation expenses (i)		861		7,345
Contributions to defined contribution plan		118		190
Welfare, housing funds and other		117		116

(i)

For the six months ended June 30, 2022, the share-based compensation expenses included a credit of RMB 4.4 million from forfeitures of unvested stock options from the departure of a member of key management.

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Presentation of leases for lessee [abstract]
Non-current	¥ 2,331	$ 323	¥ 1,704
Current	1,963	$ 272	1,294
Total lease liabilities	¥ 4,294		¥ 2,998

Fair Value Estimation

6 Months Ended

Jun. 30, 2023

Disclosure of fair value measurement of assets [abstract]

Fair Value Estimation

The table below summarizes the Group’s financial instruments carried at fair value as of December 31, 2022 and June 30, 2023 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows:


(i)	Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
(ii)	Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
(iii)	Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).


As of December 31, 2022	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		127,926		-	-			127,926
Financial assets at fair value through other comprehensive income (current)		271,499		239,751	-			511,250
Financial assets at fair value through other comprehensive income (non-current)		11,739		54,005	-			65,744
Total		411,164		293,756		-		704,920

As of June 30, 2023	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		386,378		-	-			386,378
Financial assets at fair value through other comprehensive income (current)		157,606		203,373	-			360,979
Total		543,984		203,373		-		747,357

There were no transfers between Levels 1, 2 and 3 during the periods.

Fair Value Estimation (continued)

Financial instruments in Level 1

The fair value of financial instruments identified as Level 1 are supported by quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Financial instruments in Level 2

The fair value of financial instruments identified as Level 2 is determined by the use of valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific measures. For these financial instruments, all significant inputs required as inputs to fair value are observable.

Financial instruments in Level 3

If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. Level 3 instruments within the Group’s assets and liabilities include short-term investment in wealth management products measured at fair value through profit or loss.

Specific valuation techniques used to value financial instruments include:

•

Quoted market prices or dealer quotes for similar instruments;

•

Comparison of accreted purchase price at trade date to face value at maturity and comparison to prices of subsequent similar transactions; and

•

A combination of observable and unobservable inputs, including expected rate of return, risk-free rate, expected volatility, discount rate for lack of marketability (“DLOM”), bond terms and conditions, current performance data, etc.

Financial assets at fair value through other comprehensive income ("FVOCI") are reflected as Level 1 and 2 instruments, as short-term and long-term investments. The following table presents the changes in Level 1 and 2 instruments of short-term and long-term investments for the six months ended June 30, 2022 and 2023.


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Financial assets at fair value through other comprehensive income
Opening balance	-				576,994
Additions		481,029			214,596
Settlements (including coupon interest received)		(452	)		(453,967	)
Accrued interest		561			1,758
Discount Accreted		527			7,240
Change in fair value debited to other comprehensive (loss) / income*		(1,311	)		1,533
Exchange difference		-			12,825
Closing balance		480,354			360,979

*includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period

Fair Value Estimation (continued)

The following table presents the changes in Level 3 instruments of short-term investment in wealth management products for the six months ended June 30, 2022. As of June 30, 2023, the Group did not have any Level 3 investments.


	Six Months Ended June 30,
	2022
	RMB’000
Financial assets at fair value through profit or loss
Opening balance		-
Additions		41,000
Settlements		(41,140	)
Fair value gains recognized in profit or loss		140
Closing balance		-

Investments in money market funds are reflected as Level 1 instruments and as cash equivalents. The following table presents the changes in Level 1 instruments of money market funds included in cash equivalents for the six months ended June 30, 2022 and 2023.


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Financial assets at fair value through profit or loss
Opening balance		-			127,926
Additions		643,255			453,967
Settlements (including coupon interest received, net of fees)		(474,870	)		(215,220	)
Interest income credited to profit or loss		386			5,444
Exchange difference		22,181			14,261
Closing balance		190,952			386,378

The carrying amounts of the Group’s other financial assets and liabilities, including cash at banks, other receivables, trade payable and other payables, approximate their fair values.

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

23.

Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control or exercise significant influence over the other party. Parties are also considered to be related if they are subject to common control. Members of key management of the Group and their close family members are also considered as related parties.

The following is a summary of significant transactions with members of key management during the six months ended June 30, 2022 and 2023. There were no balances with members of key management as of June 30, 2022 and 2023.

On May 27, 2022, a member of key management surrendered 60,540 shares to the Company for no consideration. The surrendered shares were cancelled. In relation to the share surrender, the Company did not enter into any agreement or commitment for future consideration or compensation.

Key management personnel compensation:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Wages, salaries and bonuses		11,287		10,671
Share-based compensation expenses (i)		861		7,345
Contributions to defined contribution plan		118		190
Welfare, housing funds and other		117		116

(i)

Employee Benefit Expenses

6 Months Ended

Jun. 30, 2023

Classes Of Employee Benefits Expense [Abstract]

Employee Benefit Expenses


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Wages, salaries and bonuses		44,678		39,735
Share-based compensation expenses (Note 19)		27,894		16,066
Welfare expenses		6,388		6,725
Housing funds		890		689
		79,850		63,215

Employee benefit expenses were charged in the following line items in the interim condensed consolidated statements of loss:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Research and development expenses		45,492		34,321
Administrative expenses		34,358		28,894
		79,850		63,215

Other Income

6 Months Ended

Jun. 30, 2023

Other Income Expense [Abstract]

Other Income


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Government grants and tax incentives (i)		1,584		10,061
		1,584		10,061

(i)

Government grants are cash incentives received related to specific operating expenses incurred. During the six months ended June 30, 2023, the Group received government subsidies from a Chinese local government totaling RMB 3.7 million (USD 0.5 million) and a research and development tax incentive from the Australia government totaling RMB 6.3 million (USD 0.9 million). During the six months ended June 30, 2022, the Group received a government subsidy from a Chinese local government for research and development spending totaling RMB 1.3 million.

Other Payables and Accruals (Tables)

6 Months Ended

Jun. 30, 2023

Trade And Other Payables [Abstract]

Schedule of Other Payables and Accruals


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Construction payables		1,424		327
Accrued professional service fee		5,696		4,909
Payroll and welfare payables		14,959		9,395
Others (i)		2,306		8,041
		24,385		22,672

(i)

During the six months ended June 30, 2023, in relations to the Company's termination of its construction project in the PRC, the Company reclassified a RMB 5.0 million (USD 0.7 million) previously received government subsidy from Deferred income into Other payables and accruals.

Financial Assets at Fair Value Through Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Financial assets at fair value through other comprehensive income [abstract]

Schedule of Financial Assets at Fair Value Through Comprehensive Income


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Non-current assets
U.S. Treasury bills		11,739		-
Listed bonds		54,005		-
		65,744		-
Current assets
U.S. Treasury bills		271,499		157,606
U.S. Government agency bond		8,365		36,724
Listed bonds		52,730		26,935
Unlisted debt securities		178,656		139,714
		511,250		360,979

Schedule of Debt Investments Recognized in Profit or Loss and Other Comprehensive Income

The following amounts for debt investments at FVOCI were recognized in profit or loss and other comprehensive income, respectively:


	June 30,			June 30,
	2022			2023
	RMB’000			RMB’000
Interest income recognized in profit and loss related to debt investments		1,088			8,998
(Losses)/gains recognized in other comprehensive income related to debt investments		(1,311	)		1,533

Other Receivables and Prepayments - Schedule of Other Receivables and Prepayments (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Receivables And Prepayments [Abstract]
Prepayment for contract research organization ("CRO") services	¥ 16,561		¥ 18,871
Prepaid expenses	8,307		2,571
Deposits	365		356
Others	22,508		1,615
Other receivables and prepayments	¥ 47,741	$ 6,607	¥ 23,413

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥) ¥ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 CNY (¥) ¥ / shares shares
Earnings Per Share [Abstract]
Net loss attributable to owners of the Company (RMB'000)	¥ (211,960)	$ (29,335)	¥ (401,281)
Weighted average number of ordinary shares outstanding	55,051,351	55,051,351	55,064,947
Basic net loss per share (RMB) \| (per share)	¥ (3.9)	$ (0.5)	¥ (7.3)
Diluted net loss per share (RMB) \| (per share)	¥ (3.9)	$ (0.5)	¥ (7.3)

Other Gains - Net - Schedule of Other Gains - Net (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Other Income (Losses) Net [Abstract]
Net foreign exchange gains	¥ 3,431		¥ 7,762
Investment income from investments at fair value through profit and loss	5,444		386
Investment income from wealth management products			140
Other (loss)/gain	(707)		953
Other (losses)/gains - net	¥ 8,168	$ 1,130	¥ 9,241

Share-Based Compensation - Summary of Key Assumptions for Options Granted (Parenthetical) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and directors, and all other employees	11.70%	3.00%
ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and directors, and all other employees	3.00%	3.00%
Number of shares issued		0
Discounted ESPP price	$ 0.73
Bottom of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and directors, and all other employees	8.50%
Top of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate for executives and directors, and all other employees	12.30%	9.60%

Other Receivables and Prepayments - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			6 Months Ended
	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Mar. 31, 2023	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Receivables And Prepayments [Line Items]
Amortized period			1 year
Received the original purchase price	¥ 21,100								$ 2,900
Other receivables and prepayments carrying amount				¥ 47,741				$ 6,607		¥ 23,413
Impairment loss	300	$ 40		¥ 300	$ 40
Major Purchases of Assets
Other Receivables And Prepayments [Line Items]
Received the original purchase price						¥ 21,100	$ 2,900
Land use Rights [Member]
Other Receivables And Prepayments [Line Items]
Other receivables and prepayments carrying amount	¥ 21,400								$ 2,900

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Office Rental Depreciation (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Presentation of leases for lessee [abstract]
Interest expense	¥ 72	¥ 58

General Information, Reorganization and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Disclosure Of General Information Reorganization And Basis Of Presentation [Abstract]

General Information and Basis of Presentation

1.1 General Information

Connect Biopharma Holdings Limited (the “Company”) was incorporated in November 2015 in the Cayman Islands as an exempted company with limited liability. The address of the Company’s registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company completed its initial public offering (“IPO”) on March 23, 2021 and the Company’s American Depositary Shares (“ADSs”) have been listed on the Nasdaq Global Market (“Nasdaq”) since then. Each ADS of the Company represents one ordinary share, par value USD 0.000174 per share.

The Company and its subsidiaries (collectively, the “Group”) is a clinical-stage company focused on the discovery and development of next-generation immune modulators for the treatment of serious autoimmune diseases and inflammation. The Group has leveraged its expertise in the biology of T cell modulation to build a portfolio of drug candidates consisting of small molecules and antibodies targeting critical pathways of inflammation. The Group currently carries out both global and region-specific clinical trials on its product candidates.

Connect Biopharma HongKong Limited (“Connect HK”) is a direct wholly owned subsidiary of the Company and the Group carries out its business through Connect HK’s wholly owned subsidiaries: Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”), Connect Biopharm LLC (“Connect US”) and Connect Biopharma Australia PTY LTD (“Connect AU”).

1.2 Basis of Presentation

The unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). Accordingly, they do not include all of the information and footnotes required by IFRS for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted.

The unaudited interim condensed consolidated financial statements include adjustments of a normal recurring nature, as necessary, for the fair statement of the Company’s financial position as of June 30, 2023, and results of operations and cash flows for the six months ended June 30, 2022 and 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by IFRS. The unaudited interim condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited interim condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal years. Accordingly, these financial statements should be read in conjunction with audited consolidated financial statements and related footnotes for the years ended December 31, 2021, and 2022 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. The accounting policies, other than the adoption of new or amended standards as described in Note 2, applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. Results for the six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any future period.

General Information and Basis of Presentation (continued)

Liquidity

Since inception, the Group has incurred accumulated losses of RMB 3.4 billion (USD 468.8 million). For the six months ended June 30, 2023, the Group had net operating loss of RMB 223.3 million (USD 30.9 million) and net operating cash outflow of RMB 215.5 million (USD 29.8 million). The principal sources of funding have historically been cash contributions from equity holders. The cumulative contributions up through June 30, 2023 have been approximately RMB 2,835 million, which included approximately RMB 1,431.8 million (USD 219.9 million based on the exchange rate as of the date of the IPO) of proceeds from issuance of ordinary shares in connection with the IPO. As of June 30, 2023, the Group had net assets of RMB 929.7 million (USD 128.7 million), including cash, cash equivalents, and short-term investments of RMB 950.7 million (USD 131.6 million). Taking this into consideration, the Group believes it will have sufficient available financial resources to meet its obligations and working capital requirements for at least the next twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Group considers that it is appropriate to prepare the consolidated financial information on a going concern basis.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Disclosure Of Property Plant And Equipment [Abstract]

Property, Plant and Equipment

12.

Property, Plant and Equipment


	Laboratory equipment			Leasehold improvements			Office equipment, furniture and others			Total
	RMB’000			RMB’000			RMB’000			RMB’000
As of December 31, 2022
Cost		38,348			5,157			1,830			45,335
Accumulated depreciation		(6,917	)		(2,639	)		(1,120	)		(10,676	)
Net book value		31,431			2,518			710			34,659

Six months ended June 30, 2023
Opening net book value		31,431			2,518			710			34,659
Exchange difference		-			9			27			36
Additions		520			1			-			521
Transfers		-			-			-			-
Depreciation		(1,741	)		(492	)		(299	)		(2,532	)
Disposal		-			-			(1	)		(1	)
Closing net book value		30,210			2,036			437			32,683

As of June 30, 2023
Cost		38,868			5,167			1,856			45,891
Accumulated depreciation		(8,658	)		(3,131	)		(1,419	)		(13,208	)
Net book value		30,210			2,036			437			32,683

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Statement Of Comprehensive Income [Abstract]
Net loss	¥ (211,960)	$ (29,335)	¥ (401,281)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations	(84,408)	(11,681)	(74,273)
Changes in the fair value of debt instruments at fair value through other comprehensive income	1,533	212	(1,311)
Items that will not be reclassified to profit or loss
Exchange differences on translation of foreign operations	111,460	15,425	142,630
Other comprehensive income/(loss), net of tax	28,585	3,956	67,046
Total comprehensive loss	(183,375)	(25,379)	(334,235)
Total comprehensive loss attributable to:
Owners of the Company	¥ (183,375)	$ (25,379)	¥ (334,235)

Expenses by Nature (Tables)

6 Months Ended

Jun. 30, 2023

Expense By Nature [Abstract]

Summary of Expenses by Nature


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Clinical trials related expenses		282,740		138,765
Employee benefit expenses (Note 6)		79,850		63,215
Professional service fees		25,267		22,428
Insurance		8,698		6,577
Depreciation and amortization		3,258		3,508
R&D materials and consumable supplies		4,739		2,081
Office expenses		4,590		2,776
Others		3,463		2,155
		412,605		241,505

Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share-Based Compensation

19.

Share-based Compensation

2019 Stock Incentive Plan

The Group adopted the 2019 Stock Incentive Plan (“2019 Plan”) and obtained Board’s approval on November 1, 2019, under which the Group may grant various awards such as options, restricted shares or restricted share units to employees, directors, and consultants for services rendered.

2021 Stock Incentive Plan

The Group adopted the 2021 Stock Incentive Plan (“2021 Plan”) effective on the day of effectiveness of the Company’s IPO. Awards granted under the 2021 Plan may be either stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), restricted stock awards (“RSA”) or dividend equivalent right (“DER”).

Through December 31, 2022, the Company granted a total of 4,492,547 options under the 2021 Plan. During the six months ended June 30, 2023, the Company granted an additional 1,682,787 options from the 2021 Plan. As of June 30, 2023, the Group has 5,276,549 ordinary shares under the 2021 Plan for future stock option grants.

2021 Employee Share Purchase Plan

The Group adopted the 2021 ESPP and began implementation in May 2022. A total of 600,000 ordinary shares were initially reserved for issuance under the 2021 ESPP.

The first offering was made under the 2021 ESPP starting May 1, 2022 for the Section 423 component of the plan with the following key provisions: each offering period covers a 24-month period with each offering period providing four purchase periods, with implementation of consecutive overlapping offering periods, limitation on the number of shares, reset and look-back provisions, and other restrictions. As of June 30, 2023, 55,780 total shares have been issued under the 2021 ESPP.

Additional Shares Subject to 2021 Plan and 2021 ESPP

During 2023, an additional 1,376,000 shares and nil shares were made available in accordance with the evergreen provisions of the Company’s 2021 Plan and 2021 ESPP, respectively.

The activities of the options outstanding for the six months ended June 30, 2023 were as follows:


	Number of Options			Weighted Average Exercise Price Per Share Option
Options outstanding as of December 31, 2022		5,103,627
Granted during the six months ended June 30, 2023		1,682,787		USD 1.25
Forfeited during the six months ended June 30, 2023 (i)		(240,602	)	USD 5.73
Options outstanding as of June 30, 2023		6,545,812
Options exercisable as of June 30, 2023		2,585,995

The weighted average remaining contractual life of options outstanding as of December 31, 2022 and June 30, 2023 were 8.7 and 8.6 years, respectively.

(i)

The options were forfeited when the employment terminated.

19.

Share-based Compensation (continued)

Fair value of options granted and ESPP compensation

Based on the fair value of underlying ordinary shares, using public market pricing, the Group used the Binomial option-pricing model to determine the fair value of options as of the grant date. Separately, the Group used the Black-Scholes option-pricing model to determine the fair value of ESPP compensation expense calculation as of the grant date. The amounts withheld from employees’ paychecks totaled RMB 0.1 million (USD 0.02 million), which is recorded in Other payables and accruals within Current liabilities. Key assumptions for the options granted for the periods and ESPP compensation are set forth below:


	Stock Incentive Plan		ESPP
	June 30,	June 30,	June 30,	June 30,
	2022	2023	2022	2023
	RMB’000	RMB’000	RMB’000	RMB’000
Weighted average exercise price during the period	USD 3.57	USD 1.25	(i)	(i)
Grant date share price	USD 0.75~USD 4.91	USD 0.99~USD 1.29	USD 1.86	USD 1.05
Risk-free interest rate	1.9%~3.1%	3.6%~4.2%	1.5%~2.7%	4.14%~5.14%
Expected volatility	61.4%~61.8%	59.6%~60.0%	51.1%~55.4%	46.96%~60.20%
Expected life	10 years	10 years	0.5~2.0 years	0.5~2.0 years
Expected early exercise multiple	2.2~2.8	2.2-2.8	N/A	N/A
Dividend yield	Nil	Nil	Nil	Nil
Forfeiture rate	*3.0%-9.6%	*8.5%-12.3%	3.0%	3.0%
Weighted average fair value of options granted during the period	USD 2.06	USD 0.72	USD 0.71	USD 0.40

*Forfeiture rates for executives and directors, and all other employees in six months ended June 30, 2022, were 3.0% and 9.6%, respectively. Forfeiture rates for executives and directors, and all other employees in the six months ended June 30, 2023, were 8.5%~12.3% and 11.7%, respectively.

(i)

No shares were issued under the ESPP for the six months ended June 30, 2022. Discounted ESPP price for issued shares during the six months ended June 30, 2023 was USD 0.73.

The Company adopted the average volatility of comparable companies as a proxy of the expected volatility of the underlying shares. The volatility of each comparable company was based on the historical daily stock prices for a period with length commensurate to the remaining maturity life of the share options and ESPP shares, respectively.

Share-based compensation expenses included in the interim condensed consolidated statements of loss for the six months ended June 30, 2022 and 2023 were as follows:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Research and development expenses (Note 6)		12,778		7,639
Administrative expenses (Note 6)		15,116		8,427
		27,894		16,066

Income Taxes

6 Months Ended

Jun. 30, 2023

Major Components Of Tax Expense Income [Abstract]

Income Taxes

10.

Income Tax

Income tax expense is recognized based on the income tax rates in the following main tax jurisdictions where the Group operated for the six months ended June 30, 2022 and 2023. The Company is incorporated in the Cayman Islands with subsidiaries in the United States, the PRC, Australia and Hong Kong and is exempt from income tax in the Cayman Islands.

For the six months ended June 30, 2023, the Group’s income tax expense of RMB 0.4 million (USD 0.06 million) is due primarily to income tax expense for Connect US. Connect US is treated for income tax purposes as a service provider for Connect HK and earns service fee income on a cost-plus basis.

As of June 30, 2023, the Group did not have any significant unrecognized uncertain tax positions.

Other non-current Assets - Schedule of Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Miscellaneous Noncurrent Assets [Abstract]
Deductible value-added tax	¥ 5,110		¥ 1,109
Prepayments for purchase of non-current assets	26		408
Others	193		237
Other non-current assets	¥ 5,329	$ 737	¥ 1,754

Other Income - Summary of Other Income (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Other Income Expense [Abstract]
Government grants and tax incentives	¥ 10,061	¥ 1,584
Total grants	¥ 10,061	¥ 1,584

General Information, Reorganization and Basis of Presentation - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended	6 Months Ended
	Mar. 23, 2021 USD ($)	Mar. 31, 2021 CNY (¥)	Jun. 30, 2023 CNY (¥) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 CNY (¥)	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 CNY (¥)
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Month and year of incorporation			2015-11	2015-11
Country of incorporation			Cayman Islands	Cayman Islands
Address of registered office			P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
Accumulated losses			¥ 3,400,000			$ 468,800
Net operating loss			223,300	$ 30,900	¥ 401,780
Net operating cash outflow			215,466	29,800	¥ 342,457
Cumulative cash contributions \| ¥			2,835,000
Proceeds from issuance of ordinary shares	$ 219,900	¥ 1,431,800	153	$ 21
Net assets			929,700			128,700	¥ 1,096,870
Cash, cash equivalents, and short-term investments			¥ 950,700			$ 131,600
Ordinary Shares
Disclosure Of General Information Reorganization And Basis Of Presentation [Line Items]
Number of shares represented by one depositary shares \| shares			1	1
Par value \| $ / shares						$ 0.000174

Share-Based Compensation - Additional Information (Details) $ in Thousands, ¥ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 CNY (¥) shares	Dec. 31, 2022 shares	Jun. 30, 2023 USD ($) shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share options granted	1,682,787
Weighted average remaining contractual life of options outstanding	8 years 7 months 6 days	8 years 8 months 12 days
Other Payables and Accruals
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Amounts withheld from employees paychecks	¥ 0.1		$ 20
2021 Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Shares reserved for future issuance	5,276,549		5,276,549
Share options granted	1,682,787	4,492,547
Additional shares available for issuance under the plan	1,376,000		1,376,000
2021 Employee Share Purchase Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Shares reserved for future issuance	600,000		600,000
Description of share-based payment arrangement	The first offering was made under the 2021 ESPP starting May 1, 2022 for the Section 423 component of the plan with the following key provisions: each offering period covers a 24-month period with each offering period providing four purchase periods, with implementation of consecutive overlapping offering periods, limitation on the number of shares, reset and look-back provisions, and other restrictions. As of June 30, 2023, 55,780 total shares have been issued under the 2021 ESPP.
Additional shares available for issuance under the plan	0		0
Number of shares issued	55,780		55,780

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets (Parenthetical) (Details) ¥ in Thousands, $ in Thousands			1 Months Ended		6 Months Ended
	Aug. 31, 2023 CNY (¥)	Aug. 31, 2023 USD ($)	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Land use rights at the original purchase price			¥ 21,100					$ 2,900
Other receivables and prepayments carrying amount					¥ 47,741		$ 6,607		¥ 23,413
Impairment loss			300	$ 40	¥ 300	$ 40
Land use rights under right-of-use assets received	¥ 21,100	$ 2,900
Land use Rights
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Other receivables and prepayments carrying amount			¥ 21,400					$ 2,900

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Summary of Options Outstanding

The activities of the options outstanding for the six months ended June 30, 2023 were as follows:


	Number of Options			Weighted Average Exercise Price Per Share Option
Options outstanding as of December 31, 2022		5,103,627
Granted during the six months ended June 30, 2023		1,682,787		USD 1.25
Forfeited during the six months ended June 30, 2023 (i)		(240,602	)	USD 5.73
Options outstanding as of June 30, 2023		6,545,812
Options exercisable as of June 30, 2023		2,585,995

(i)

The options were forfeited when the employment terminated.

Summary of Key Assumptions for Options Granted

Key assumptions for the options granted for the periods and ESPP compensation are set forth below:


	Stock Incentive Plan		ESPP
	June 30,	June 30,	June 30,	June 30,
	2022	2023	2022	2023
	RMB’000	RMB’000	RMB’000	RMB’000
Weighted average exercise price during the period	USD 3.57	USD 1.25	(i)	(i)
Grant date share price	USD 0.75~USD 4.91	USD 0.99~USD 1.29	USD 1.86	USD 1.05
Risk-free interest rate	1.9%~3.1%	3.6%~4.2%	1.5%~2.7%	4.14%~5.14%
Expected volatility	61.4%~61.8%	59.6%~60.0%	51.1%~55.4%	46.96%~60.20%
Expected life	10 years	10 years	0.5~2.0 years	0.5~2.0 years
Expected early exercise multiple	2.2~2.8	2.2-2.8	N/A	N/A
Dividend yield	Nil	Nil	Nil	Nil
Forfeiture rate	*3.0%-9.6%	*8.5%-12.3%	3.0%	3.0%
Weighted average fair value of options granted during the period	USD 2.06	USD 0.72	USD 0.71	USD 0.40

(i)

No shares were issued under the ESPP for the six months ended June 30, 2022. Discounted ESPP price for issued shares during the six months ended June 30, 2023 was USD 0.73.

Summary of Share-Based Compensation Expenses

Share-based compensation expenses included in the interim condensed consolidated statements of loss for the six months ended June 30, 2022 and 2023 were as follows:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Research and development expenses (Note 6)		12,778		7,639
Administrative expenses (Note 6)		15,116		8,427
		27,894		16,066

Other Income - Summary of Other Income (Parenthetical) (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Other Income Expense [Abstract]
Government grants received	¥ 6.3	$ 0.9
Revenue from government as an incentive for research and development	¥ 3.7	$ 0.5	¥ 1.3

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2023

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

17.

Cash and Cash Equivalents


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Cash at bank
- USD deposits		353,379		149,550
- RMB deposits		63,856		44,197
- Australian Dollar deposits		5,113		9,564
Cash equivalents (Note 3)		127,926		386,378
		550,274		589,689

Cash at banks located in the PRC earns interest at floating rates based on daily bank deposit rates, while deposits in banks outside the PRC earned interest income of nil and RMB 0.6 million (USD 0.1 million) for the six months ended June 30, 2022 and 2023, respectively.

Cash at banks denominated in RMB are deposited with banks in the PRC. The conversion of these RMB-denominated balances into foreign currencies and the remittance of funds out of the PRC are subject to the rules and regulations of foreign exchange control promulgated by the PRC government. As of June 30, 2023, USD 8.7 million of deposits and AU$ 2.0 million of deposits were held in the banks outside the PRC.

Cash equivalents are denominated in USD and are comprised of short-term, highly liquid investments with original maturities of 90 days or less, such as money market funds, that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

Financial Assets at Fair Value Through Comprehensive Income - Schedule of Financial Assets at Fair Value Through Comprehensive Income of Debt Securities (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Financial Instruments [Line Items]
Current assets	¥ 360,979	¥ 511,250
Non-current assets		65,744
U.S. Treasury Bills
Disclosure Of Financial Instruments [Line Items]
Current assets	157,606	271,499
Non-current assets		11,739
U.S. Government Agency Bond
Disclosure Of Financial Instruments [Line Items]
Current assets	36,724	8,365
Listed Bonds
Disclosure Of Financial Instruments [Line Items]
Current assets	26,935	52,730
Non-current assets		54,005
Unlisted Debt Securities
Disclosure Of Financial Instruments [Line Items]
Current assets	¥ 139,714	¥ 178,656

Unaudited Interim Condensed Consolidated Statements of Loss ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥) ¥ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 CNY (¥) ¥ / shares
Income Statement [Abstract]
Research and development expenses	¥ (185,283)	$ (25,642)	¥ (340,775)
Administrative expenses	(56,222)	(7,781)	(71,830)
Other income	10,061	1,392	1,584
Other gains - net	8,168	1,130	9,241
Operating loss	(223,300)	(30,900)	(401,780)
Finance income	11,837	1,638	1,294
Finance cost	(72)	(10)	(58)
Finance income - net	11,765	1,628	1,236
Net loss before income tax	(211,511)	(29,273)	(400,544)
Income tax expense	(449)	(62)	(737)
Net loss	(211,960)	(29,335)	(401,281)
Net loss attributable to :
Owners of the Company	¥ (211,960)	$ (29,335)	¥ (401,281)
Net loss per share
Basic net loss per share \| (per share)	¥ (3.9)	$ (0.5)	¥ (7.3)
Diluted net loss per share \| (per share)	¥ (3.9)	$ (0.5)	¥ (7.3)

Other Receivables and Prepayments (Tables)

6 Months Ended

Jun. 30, 2023

Other Receivables And Prepayments [Abstract]

Schedule of Other Receivables and Prepayments


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Prepayment for contract research organization ("CRO") services		18,871		16,561
Prepaid expenses (i)		2,571		8,307
Deposits (ii)		356		365
Others (iii)		1,615		22,508
		23,413		47,741

(i)

In March 2023, the Group made payments to purchase annual director and officer liability insurance. Such expenses are amortized over 1 year.

(ii)

Deposits held by CRO suppliers are refundable upon the completion of related services.

(iii)

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net losses per share are presented as follows:


	Six Months Ended June 30,
	2022			2023
Net loss attributable to owners of the Company (RMB’000)		(401,281	)		(211,960	)
Weighted average number of ordinary shares outstanding		55,064,947			55,051,351
Basic and diluted net loss per share (RMB)		(7.3	)		(3.9	)

Summary of Accounting Policies

6 Months Ended

Jun. 30, 2023

Disclosure Of Initial Application Of Standards Or Interpretations [Abstract]

Summary of Accounting Policies

The accounting policies and method of computation used in the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the audited consolidated financial statements for the preceding fiscal years included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022.

Convenience Translation

Translations of the unaudited interim condensed consolidated balance sheet, the unaudited interim condensed consolidated statement of loss, unaudited interim condensed consolidated statement of comprehensive loss and unaudited interim condensed consolidated statement of cash flows from RMB into USD as of and for the six months ended June 30, 2023 are solely for the convenience of the readers and calculated at the rate of USD 1.00 = RMB 7.2258, representing the exchange rate as of June 30, 2023 set forth in the China Foreign Exchange Trade System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate as of that or any other date.

New and amended standards and interpretations adopted by the Group


		Effective for annual periods beginning on or after
Amendments to IAS 1, IAS 8, IFRS 9 and IFRS 17*	General Improvements	January 1, 2023
Amendments to IAS 12†	International Tax Reform - Pillar Two Model Rules	January 1, 2023

* There was no significant impact to the consolidated financial statements from adoption.
† The Group has adopted the amendments and applied the temporary exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Co-operation and Development. The Group will continue to evaluate the impact of these amendments, and reflect the new disclosures in the consolidated financial statements as at and for the year ending December 31, 2023.

Summary of Accounting Policies (continued)

New and amended standards and interpretations not yet adopted by the Group


		Effective for annual periods beginning on or after
Amendments to IAS 1*	Minimum structure guidelines content in financial statements.	January 1, 2024
Amendments to IFRS 16*	Lease liability in a sale and leaseback transaction.	January 1, 2024
Amendments to IAS 7 and IFRS 7*	Disclosures on supplier finance arrangements and their effects in the financial statements.	January 1, 2024
Amendments to IAS 28 and IFRS 10*	Sale or contribution of assets between an investor and its associate or joint venture.	To be determined

* The Company does not expect the adoption of these standards to have a material impact on the consolidated financial statements.

Related Party Transactions - Summary of Key Management Personnel Compensation (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions [Abstract]
Wages, salaries and bonuses	¥ 10,671	¥ 11,287
Share-based compensation expenses	7,345	861
Contributions to defined benefit plan	190	118
Welfare, housing funds and other	¥ 116	¥ 117

Cash and Cash Equivalents - Schedule of Cash And Cash Equivalents (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash at bank
Cash equivalents (Note 3)	¥ 386,378		¥ 127,926
Total cash and cash equivalents	589,689	$ 81,609	550,274	$ 76,154	¥ 948,765	¥ 1,706,880
USD deposits
Cash at bank
Cash at bank	149,550		353,379
RMB deposits
Cash at bank
Cash at bank	44,197		63,856
Australian Dollar deposit
Cash at bank
Cash at bank	¥ 9,564		¥ 5,113

Unaudited Interim Condensed Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Cash flows from operating activities
Cash used in operations	¥ (223,697)	$ (30,958)	¥ (342,663)
Interest received	8,231	1,139	206
Net cash used in operating activities	(215,466)	(29,800)	(342,457)
Cash flows from investing activities
Purchase of property, plant and equipment	(1,980)	(274)	(11,283)
Purchase of financial assets at fair value through profit or loss			(41,000)
Purchase of financial assets at fair value through other comprehensive income	(214,596)	(29,699)	(481,029)
Proceeds from disposal of financial assets at fair value through profit or loss			41,981
Proceeds from maturities of financial assets at fair value through comprehensive income	453,967	62,826
Net cash (used in) / generated from investing activities	237,391	32,853	(491,331)
Cash flows from financing activities
Proceeds from exercise of options			758
Proceeds from issuance of ordinary shares	153	21
Payment for lease liabilities	(1,056)	(146)	(530)
Net cash generated from / (used in) financing activities	(903)	(125)	228
Net (decrease) / increase in cash and cash equivalents	21,022	2,909	(833,560)
Cash and cash equivalents at the beginning of the six months ended	550,274	76,154	1,706,880
Effects of exchange rate changes on cash and cash equivalents	18,393	2,546	75,445
Cash and cash equivalents at end of the six months ended	¥ 589,689	$ 81,609	¥ 948,765

Finance Income - Net

6 Months Ended

Jun. 30, 2023

Profit Loss [Abstract]

Finance Income - Net


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Finance income
Interest from bank deposits and term deposits		206			2,839
Investment income from investments at fair value through other comprehensive income		1,088			8,998
		1,294			11,837
Finance cost
Interest for lease liabilities		(58	)		(72	)
		(58	)		(72	)
		1,236			11,765

Right-of-Use Assets and Leases - Additional Information (Details) $ in Thousands, ¥ in Millions	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Total cash outflow for leases	¥ 1.1	$ 150	¥ 0.5

Income taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure Of Income Taxes [Line Items]
Income tax expense	¥ 449	$ 62	¥ 737
Unrecognized uncertain tax positions	0
Connect Biopharm LLC
Disclosure Of Income Taxes [Line Items]
Income tax expense	¥ 400	$ 60

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Other non-current Assets

6 Months Ended

Jun. 30, 2023

Miscellaneous Noncurrent Assets [Abstract]

Other Non-Current Assets

15.

Other Non-Current Assets


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Deductible value-added tax		1,109		5,110
Prepayments for purchase of non-current assets		408		26
Others		237		193
		1,754		5,329

Fair Value Estimation - Summary of Financial Assets at Fair Value Through Profit or Loss (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Assets
Settlements (including coupon interest received)	¥ (453,967)	¥ (452)
Level 3
Assets
Additions		41,000
Settlements (including coupon interest received)		(41,140)
Fair value gains recognized in profit or loss		140
Level 1
Assets
Opening balance	127,926
Additions	453,967	643,255
Settlements (including coupon interest received)	(215,220)	(474,870)
Fair value gains recognized in profit or loss	5,444	386
Exchange difference	14,261	22,181
Closing balance	¥ 386,378	¥ 190,952

Critical Accounting Estimates and Judgements

6 Months Ended

Jun. 30, 2023

Critical Accounting Estimates And Judgements [Abstract]

Critical Accounting Estimates and Judgements

Critical Accounting Estimates and Judgments

The preparation of the interim condensed consolidated financial statements requires the use of accounting estimates which, by definition, may not equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.

In preparing the interim condensed consolidated financial statements, the nature of significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty were consistent with those described in the audited consolidated financial statements for the preceding fiscal years included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022.

Financial Assets at Fair Value Through Comprehensive Income - Schedule of Debt Investments Recognized in Profit or Loss and Other Comprehensive Income Explanatory (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financial assets at fair value through other comprehensive income [abstract]
Interest income recognized in profit and loss related to debt investments	¥ 8,998	¥ 1,088
(Losses)/gains recognized in other comprehensive income related to debt investments	¥ 1,533	¥ (1,311)

Commitments - Additional Information (Details)	Jun. 30, 2023 CNY (¥)
Capital Commitments [Abstract]
Capital commitments	¥ 0

Related Party Transactions - Additional Information (Details)	May 27, 2022 CNY (¥) shares
Disclosure Of Transactions Between Related Parties [Line Items]
Number of shares surrendered and cancelled \| shares	60,540
Shares surrendered and cancelled, consideration value \| ¥	¥ 0

Commitments

6 Months Ended

Jun. 30, 2023

Capital Commitments [Abstract]

Commitments

22.

Commitments

As of June 30, 2023, the Group had no capital commitments.

Financial Assets at Fair Value Through Comprehensive Income

6 Months Ended

Jun. 30, 2023

Financial assets at fair value through other comprehensive income [abstract]

Financial Assets at Fair Value Through Comprehensive Income

14.

Financial Assets at Fair Value Through Comprehensive Income

Financial assets at FVOCI comprise of debt securities where the contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved by collecting contractual cash flows and selling financial assets. Debt investments at FVOCI were comprised of investments in U.S. treasury bills, listed and unlisted bonds, and unlisted debt securities.

Unlisted debt securities comprise of investments in commercial paper of financial institutions. On disposal of debt investments, any related balance within the FVOCI reserve is reclassified to other gains/(losses) within profit or loss. There were no disposals of debt investments during the six months ended June 30, 2023.


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Non-current assets
U.S. Treasury bills		11,739		-
Listed bonds		54,005		-
		65,744		-
Current assets
U.S. Treasury bills		271,499		157,606
U.S. Government agency bond		8,365		36,724
Listed bonds		52,730		26,935
Unlisted debt securities		178,656		139,714
		511,250		360,979

The following amounts for debt investments at FVOCI were recognized in profit or loss and other comprehensive income, respectively:


	June 30,			June 30,
	2022			2023
	RMB’000			RMB’000
Interest income recognized in profit and loss related to debt investments		1,088			8,998
(Losses)/gains recognized in other comprehensive income related to debt investments		(1,311	)		1,533

Information about the methods and assumptions used in determining fair value is provided in Note 3. Impairment on debt investments at FVOCI is measured based on expected losses and changes in credit risk and recognized into profit and loss when determined. As of June 30, 2023, no impairment has been recognized on debt investments at FVOCI. All financial assets at FVOCI are denominated in USD.

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2023
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Connect Biopharma Holdings Limited
Entity Central Index Key	0001835268
Current Fiscal Year End Date	--12-31
Entity File Number	001-40212
Entity Address, Address Line One	12265 El Camino Real
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
Entity Address, Country	US

Employee Benefit Expenses - Schedule of Employee Benefit Expenses Included in Consolidated Statements of Loss (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	¥ 63,215	¥ 79,850
Research and Development Expenses
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	34,321	45,492
Administrative Expenses
Disclosure Of Defined Benefit Plans [Line Items]
Employee benefit expenses	¥ 28,894	¥ 34,358

Other Payables and Accruals - Additional Information (Details) - 6 months ended Jun. 30, 2023 ¥ in Millions, $ in Millions	CNY (¥)	USD ($)
Trade And Other Payables [Abstract]
Reclassified previously received government subsidy from deferred income	¥ 5.0	$ 0.7

Other Gains - Net (Tables)

6 Months Ended

Jun. 30, 2023

Other Income (Losses) Net [Abstract]

Schedule of Other Gains - Net

Other Gains – Net


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Net foreign exchange gains		7,762		3,431
Investment income from investments at fair value through profit and loss		386		5,444
Investment income from wealth management products		140		-
Other gain / (loss) (i)		953		(707	)
		9,241		8,168

(i)

During the six months ended June 30, 2023, related to the Company’s termination of its construction project in the People's Republic of China (the "PRC") and the related repurchase of the land use rights by the Jiangsu Taicang High-tech Industrial Development Zone Administrative Commission ("Jiangsu Taicang HIDC"), the Group incurred a loss on disposal of land use rights of RMB 0.3 million (USD 0.04 million) (Notes 13 and 16). During the six months ended June 30 2022, the Company received an insurance recovery of RMB 1.0 million.

Right-of-Use Assets and Leases (Tables)

6 Months Ended

Jun. 30, 2023

Presentation of leases for lessee [abstract]

Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets

Amounts recognized in the condensed consolidated balance sheets are as follows:

(i)

Right-of-use assets


	Land use rights			Office rental			Total
	RMB’000			RMB’000			RMB’000
Opening net book amount-as of January 1, 2023		21,542			2,795			24,337
Additions		-			2,127			2,127
Depreciation		(149	)		(796	)		(945	)
Government repurchase (i)		(21,393	)		-			(21,393	)
Exchange difference		-			80			80
Closing net book amount-as of June 30, 2023		-			4,206			4,206

As of June 30, 2023
Cost		-			8,316			8,316
Accumulated depreciation		-			(4,110	)		(4,110	)
Net book value		-			4,206			4,206

(i)

In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) (Note 16) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC.

(ii)

Lease liabilities

During the six months ended June 30, 2022, the Group commenced an office lease in San Diego, U.S. for facilities being used as the Group’s executive headquarters and office for U.S. based employees. During the six months ended June 30, 2023, the Group renewed an office lease in Taicang, Suzhou, PRC for facilities being used for the Group’s China -based employees.

Schedule of Amounts Recognized in Consolidated Balance Sheets as Lease Liability

Amounts recognized as liabilities in the interim condensed consolidated balance sheets were as follows:


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Non-current		1,704		2,331
Current		1,294		1,963
		2,998		4,294

Schedule of Amounts Recognized in Consolidated Statements of Loss in Addition to Office Rental Depreciation

Amounts recognized in the interim condensed consolidated statements of loss in addition to office rental depreciation were as follows:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Interest expense		58		72

Fair Value Estimation (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of fair value measurement of assets [abstract]

Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques


(i)	Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
(ii)	Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
(iii)	Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).


As of December 31, 2022	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		127,926		-	-			127,926
Financial assets at fair value through other comprehensive income (current)		271,499		239,751	-			511,250
Financial assets at fair value through other comprehensive income (non-current)		11,739		54,005	-			65,744
Total		411,164		293,756		-		704,920

As of June 30, 2023	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Assets
Cash equivalents		386,378		-	-			386,378
Financial assets at fair value through other comprehensive income (current)		157,606		203,373	-			360,979
Total		543,984		203,373		-		747,357

Summary of Changes in Financial Instruments of Short-term and Long-term Investments

The following table presents the changes in Level 1 and 2 instruments of short-term and long-term investments for the six months ended June 30, 2022 and 2023.


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Financial assets at fair value through other comprehensive income
Opening balance	-				576,994
Additions		481,029			214,596
Settlements (including coupon interest received)		(452	)		(453,967	)
Accrued interest		561			1,758
Discount Accreted		527			7,240
Change in fair value debited to other comprehensive (loss) / income*		(1,311	)		1,533
Exchange difference		-			12,825
Closing balance		480,354			360,979

*includes unrealized gains / (losses) recognized in other comprehensive income attributable to balances held at the end of the reporting period

Summary of Financial Assets at Fair Value Through Profit or Loss


	Six Months Ended June 30,
	2022
	RMB’000
Financial assets at fair value through profit or loss
Opening balance		-
Additions		41,000
Settlements		(41,140	)
Fair value gains recognized in profit or loss		140
Closing balance		-


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Financial assets at fair value through profit or loss
Opening balance		-			127,926
Additions		643,255			453,967
Settlements (including coupon interest received, net of fees)		(474,870	)		(215,220	)
Interest income credited to profit or loss		386			5,444
Exchange difference		22,181			14,261
Closing balance		190,952			386,378

Unaudited Interim Condensed Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Non-current assets
Property, plant and equipment	¥ 32,683	$ 4,523	¥ 34,659
Right-of-use assets	4,206	582	24,337
Intangible assets	468	65	499
Investments:
Financial assets at fair value through other comprehensive income			65,744
Other non-current assets	5,329	737	1,754
Total non-current assets	42,686	5,907	126,993
Current assets
Cash and cash equivalents	589,689	81,609	550,274
Other receivable and prepayments	47,741	6,607	23,413
Investments:
Financial assets at fair value through other comprehensive income	360,979	49,957	511,250
Total current assets	998,409	138,173	1,084,937
Total assets	1,041,095	144,080	1,211,930
Non-current liabilities
Lease liabilities	2,331	323	1,704
Deferred income	1,173	162	4,539
Total non-current liabilities	3,504	485	6,243
Current liabilities
Lease liabilities	1,963	272	1,294
Trade payables	83,242	11,520	83,138
Other payables and accruals	22,672	3,138	24,385
Total current liabilities	107,877	14,930	108,817
Total liabilities	111,381	15,415	115,060
Net assets	929,700	128,700	1,096,870
SHAREHOLDERS' EQUITY
Share capital	66	9	66
Share premium	4,094,719	566,680	4,094,566
Treasury shares	(1,164)	(161)	(1,164)
Share-based compensation reserve	123,568	17,101	107,502
Other reserves	99,705	13,798	71,120
Accumulated losses	(3,387,180)	(468,762)	(3,175,220)
Total shareholders' equity	929,714	128,665	1,096,870
Total liabilities and shareholders' equity	¥ 1,041,095	$ 144,080	¥ 1,211,930

Cash flow information - Summary of Supplemental Cash Flow Information (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Cash Flow Information [Abstract]
Interest received	¥ 8,231	¥ 206

Expenses by Nature

6 Months Ended

Jun. 30, 2023

Expense By Nature [Abstract]

Expenses by Nature


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Clinical trials related expenses		282,740		138,765
Employee benefit expenses (Note 6)		79,850		63,215
Professional service fees		25,267		22,428
Insurance		8,698		6,577
Depreciation and amortization		3,258		3,508
R&D materials and consumable supplies		4,739		2,081
Office expenses		4,590		2,776
Others		3,463		2,155
		412,605		241,505

Summary of Accounting Policies (Policies)	6 Months Ended
Summary of Accounting Policies (Policies)	Jun. 30, 2023
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract]
Basis of Presentation	1.2 Basis of Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”). Accordingly, they do not include all of the information and footnotes required by IFRS for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. The unaudited interim condensed consolidated financial statements include adjustments of a normal recurring nature, as necessary, for the fair statement of the Company’s financial position as of June 30, 2023, and results of operations and cash flows for the six months ended June 30, 2022 and 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by IFRS. The unaudited interim condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited interim condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal years. Accordingly, these financial statements should be read in conjunction with audited consolidated financial statements and related footnotes for the years ended December 31, 2021, and 2022 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. The accounting policies, other than the adoption of new or amended standards as described in Note 2, applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. Results for the six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any future period. 1. General Information and Basis of Presentation (continued) Liquidity Since inception, the Group has incurred accumulated losses of RMB 3.4 billion (USD 468.8 million). For the six months ended June 30, 2023, the Group had net operating loss of RMB 223.3 million (USD 30.9 million) and net operating cash outflow of RMB 215.5 million (USD 29.8 million). The principal sources of funding have historically been cash contributions from equity holders. The cumulative contributions up through June 30, 2023 have been approximately RMB 2,835 million, which included approximately RMB 1,431.8 million (USD 219.9 million based on the exchange rate as of the date of the IPO) of proceeds from issuance of ordinary shares in connection with the IPO. As of June 30, 2023, the Group had net assets of RMB 929.7 million (USD 128.7 million), including cash, cash equivalents, and short-term investments of RMB 950.7 million (USD 131.6 million). Taking this into consideration, the Group believes it will have sufficient available financial resources to meet its obligations and working capital requirements for at least the next twelve months from the date of issuance of these interim condensed consolidated financial statements. Accordingly, the Group considers that it is appropriate to prepare the consolidated financial information on a going concern basis.
Convenience Translation	Convenience Translation Translations of the unaudited interim condensed consolidated balance sheet, the unaudited interim condensed consolidated statement of loss, unaudited interim condensed consolidated statement of comprehensive loss and unaudited interim condensed consolidated statement of cash flows from RMB into USD as of and for the six months ended June 30, 2023 are solely for the convenience of the readers and calculated at the rate of USD 1.00 = RMB 7.2258, representing the exchange rate as of June 30, 2023 set forth in the China Foreign Exchange Trade System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate as of that or any other date.

Share Capital

6 Months Ended

Jun. 30, 2023

Disclosure Of Classes Of Share Capital [Abstract]

Share Capital

18.

Share Capital

The authorized share capital of the Company as of June 30, 2023 is USD 76,560. As of both December 31, 2022 and June 30, 2023, there were 2,407,091 treasury shares of the Company. The number of the Company’s ordinary shares outstanding, net of treasury shares, as of December 31, 2022 and June 30, 2023 was 55,041,247 and 55,071,559, respectively. In May 2023, 30,312 shares were issued under the 2021 Employee Share Purchase Plan ("2021 ESPP"). The movement in the number of ordinary shares outstanding is as follows:


	Number of ordinary shares		Share capital		Share premium		Total
			RMB’000		RMB’000		RMB’000
As of January 1, 2023		57,448,338		66		4,094,566		4,094,632
Shares issued		30,312		-		153		153
Net book value		57,478,650		66		4,094,719		4,094,785

Share-Based Compensation - Summary of Options Outstanding (Details)	6 Months Ended
	Jun. 30, 2023 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Number of Options, Options outstanding, Beginning Balance	5,103,627
Number of Options, Granted during the six months ended June 30, 2023	1,682,787
Number of Options, Forfeited during the six months ended June 30, 2023	(240,602)
Number of Options, Options outstanding, Ending Balance	6,545,812
Number of Options, Options exercisable as of June 30, 2023	2,585,995
Weighted Average Exercise Price per Share Option, Granted during the six months ended June 30, 2023 \| $ / shares	$ 1.25
Weighted Average Exercise Price per Share Option, Forfeited during the six months ended June 30, 2023 \| $ / shares	$ 5.73

Other Income (Tables)

6 Months Ended

Jun. 30, 2023

Other Income Expense [Abstract]

Summary of Other income


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Government grants and tax incentives (i)		1,584		10,061
		1,584		10,061

(i)

Employee Benefit Expenses - Schedule of Employee Benefit Expenses (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Classes Of Employee Benefits Expense [Abstract]
Wages, salaries and bonuses	¥ 39,735	¥ 44,678
Share-based compensation expenses (Note 19)	16,066	27,894
Welfare expenses	6,725	6,388
Housing funds	689	890
Employee benefit expenses	¥ 63,215	¥ 79,850

Other Payables and Accruals

6 Months Ended

Jun. 30, 2023

Other Payables and Accruals [Abstract]

Other Payables and Accruals

20.

Other Payables and Accruals


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Construction payables		1,424		327
Accrued professional service fee		5,696		4,909
Payroll and welfare payables		14,959		9,395
Others (i)		2,306		8,041
		24,385		22,672

(i)

Related Party Transactions - Summary of Key Management Personnel Compensation (Parenthetical) (Details) ¥ in Millions	6 Months Ended
	Jun. 30, 2022 CNY (¥)
Related Party Transactions [Abstract]
Share-based compensation expense from forfeiture of unvested stock options	¥ 4.4

Share Capital - Schedule of Share Capital and Share Premium (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥) shares	Jun. 30, 2023 USD ($) shares
Disclosure Of Classes Of Share Capital [Line Items]
Balance	¥ 1,096,870
Balance, shares \| shares	55,041,247	55,041,247
Shares issued	¥ 153
Balance	¥ 929,714	$ 128,665
Balance, shares \| shares	55,071,559	55,071,559
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Balance, shares \| shares	57,448,338	57,448,338
Shares issued, shares \| shares	30,312	30,312
Balance, shares \| shares	57,478,650	57,478,650
Share Capital
Disclosure Of Classes Of Share Capital [Line Items]
Balance	¥ 66
Balance	66
Share Premium
Disclosure Of Classes Of Share Capital [Line Items]
Balance	4,094,566
Shares issued	153
Balance	4,094,719
Share Capital and Share Premium
Disclosure Of Classes Of Share Capital [Line Items]
Balance	4,094,632
Shares issued	153
Balance	¥ 4,094,785

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Cash Flow Information [Abstract]

Summary of Cash Used in Operations

Cash used in operations


		Six Months Ended June 30,
	Notes	2022			2023
		RMB’000			RMB’000

Net loss before income tax			(400,544	)		(211,511	)
Adjustments for:
Interest for lease liabilities	9		58			72
Investment income from investments in wealth management products	8		(140	)		-
Interest income from investments at fair value through other comprehensive income	9		(1,088	)		(8,998	)
Interest income from investments at fair value through profit and loss	8		(386	)		-
Amortization of intangible assets			31			31
Depreciation of property, plant and equipment	12		2,309			2,532
Depreciation of rights-of-use assets	13		918			945
Share-based compensation expenses	19		27,894			16,066
Net foreign exchange differences	8		(7,762	)		(3,431	)
Loss on disposal of land use rights and other	8		-			723
Loss on disposal of property, plant and equipment			4			1
Changes in working capital
Other receivables and prepayments			(1,541	)		(3,198	)
Other non-current assets			13,200			(3,575	)
Other payables and accruals			2,807			(1,861	)
Deferred income			-			(3,366	)
Trade payables			21,783			104
Net cash used in operations			(342,457	)		(215,466	)

Summary of Supplemental Cash Flow Information

Supplemental Cash Flow Information:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Interest received		206		8,231

Events After the Reporting Period - Additional Information (Details)	2 Months Ended	6 Months Ended
	Sep. 12, 2023 shares ¥ / shares	Jun. 30, 2023 shares $ / shares
Disclosure of non-adjusting events after reporting period [line items]
Share options granted		1,682,787
weighted average exercise price \| $ / shares		$ 1.25
Ordinary Share Options \| 2021 Stock Incentive Plan
Disclosure of non-adjusting events after reporting period [line items]
Share options granted	94,000
weighted average exercise price \| ¥ / shares	¥ 0.87

Cash Flow Information - Summary of Cash Used in Operations (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure Of Cash Flow Information [Abstract]
Net loss before income tax	¥ (211,511)	$ (29,273)	¥ (400,544)
Adjustments for:
Interest for lease liabilities	72		58
Investment income from investments in wealth management products			(140)
Investment income from investments at fair value through other comprehensive income	(8,998)		(1,088)
Interest income from investments at fair value through profit and loss			(386)
Amortization of intangible assets	31		31
Depreciation of property, plant and equipment	2,532		2,309
Depreciation of rights-of-use assets	945		918
Share-based compensation expenses	16,066		27,894
Net foreign exchange differences	(3,431)		(7,762)
Loss on disposal of land use rights and other	723
Loss on disposal of property, plant and equipment	1		4
Changes in working capital
Other receivables and prepayments	(3,198)		(1,541)
Other non-current assets	(3,575)		13,200
Other payables and accruals	(1,861)		2,807
Deferred income	(3,366)
Trade payables	104		21,783
Net cash used in operating activities	¥ (215,466)	$ (29,800)	¥ (342,457)

Fair Value Estimation - Summary of Changes in Financial Instruments of Short-term and Long-term Investments (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure of fair value measurement of assets [abstract]
Opening balance	¥ 576,994
Additions	214,596	$ 29,699	¥ 481,029
Settlements (including coupon interest received)	(453,967)		(452)
Accrued interest	1,758		561
Discount Accreted	7,240		527
Change in fair value debited to other comprehensive (loss) / income	1,533		(1,311)
Exchange difference	12,825
Closing Balance	¥ 360,979		¥ 480,354

Finance Income - Net - Summary of Finance Income - Net (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure Of Finance Income Expense [Abstract]
Interest income on deposits	¥ 2,839		¥ 206
Interest and Investment Income From Investments At Fair Value Through Other Comprehensive Income	8,998		1,088
Finance income	11,837	$ 1,638	1,294
Interest for lease liabilities	(72)		(58)
Finance cost	(72)	(10)	(58)
Finance income - net	¥ 11,765	$ 1,628	¥ 1,236

Net Loss Per Share - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Number of potential dilutive shares that are excluded from computation of dilutive earnings per share	149,376	174,481

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment


	Laboratory equipment			Leasehold improvements			Office equipment, furniture and others			Total
	RMB’000			RMB’000			RMB’000			RMB’000
As of December 31, 2022
Cost		38,348			5,157			1,830			45,335
Accumulated depreciation		(6,917	)		(2,639	)		(1,120	)		(10,676	)
Net book value		31,431			2,518			710			34,659

Six months ended June 30, 2023
Opening net book value		31,431			2,518			710			34,659
Exchange difference		-			9			27			36
Additions		520			1			-			521
Transfers		-			-			-			-
Depreciation		(1,741	)		(492	)		(299	)		(2,532	)
Disposal		-			-			(1	)		(1	)
Closing net book value		30,210			2,036			437			32,683

As of June 30, 2023
Cost		38,868			5,167			1,856			45,891
Accumulated depreciation		(8,658	)		(3,131	)		(1,419	)		(13,208	)
Net book value		30,210			2,036			437			32,683

Summary of Accounting Policies - Additional Information (Details)	Jun. 30, 2023 CNY (¥)
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items]
Closing foreign exchange rate	7.2258

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

11.

Net Loss Per Share

Basic net loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding. Basic and diluted net losses per share are presented as follows:


	Six Months Ended June 30,
	2022			2023
Net loss attributable to owners of the Company (RMB’000)		(401,281	)		(211,960	)
Weighted average number of ordinary shares outstanding		55,064,947			55,051,351
Basic and diluted net loss per share (RMB)		(7.3	)		(3.9	)

Share options are considered as potential dilutive shares throughout the reporting periods. However, since the Group had incurred losses for the six months ended June 30, 2022 and 2023, the potential dilutive shares of 174,481 and 149,376, respectively, if converted, were excluded in the computation of diluted net loss per share as their impact would be anti-dilutive. Thus, diluted net loss per share is equivalent to the basic net loss per share.

Summary of Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Initial Application Of Standards Or Interpretations [Abstract]

Summary of property, plant and equipment useful life

New and amended standards and interpretations adopted by the Group


		Effective for annual periods beginning on or after
Amendments to IAS 1, IAS 8, IFRS 9 and IFRS 17*	General Improvements	January 1, 2023
Amendments to IAS 12†	International Tax Reform - Pillar Two Model Rules	January 1, 2023

* There was no significant impact to the consolidated financial statements from adoption.
† The Group has adopted the amendments and applied the temporary exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Co-operation and Development. The Group will continue to evaluate the impact of these amendments, and reflect the new disclosures in the consolidated financial statements as at and for the year ending December 31, 2023.

Summary of Accounting Policies (continued)

New and amended standards and interpretations not yet adopted by the Group


		Effective for annual periods beginning on or after
Amendments to IAS 1*	Minimum structure guidelines content in financial statements.	January 1, 2024
Amendments to IFRS 16*	Lease liability in a sale and leaseback transaction.	January 1, 2024
Amendments to IAS 7 and IFRS 7*	Disclosures on supplier finance arrangements and their effects in the financial statements.	January 1, 2024
Amendments to IAS 28 and IFRS 10*	Sale or contribution of assets between an investor and its associate or joint venture.	To be determined

* The Company does not expect the adoption of these standards to have a material impact on the consolidated financial statements.

Other Payables and Accruals - Schedule of Other Payables and Accruals (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Trade And Other Payables [Abstract]
Construction payables	¥ 327		¥ 1,424
Payroll, welfare and bonus payables	4,909		5,696
Accrued professional service fee	9,395		14,959
Other payables	8,041		2,306
Other payables and accruals	¥ 22,672	$ 3,138	¥ 24,385

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	¥ 32,683	$ 4,523	¥ 34,659
Exchange difference	36
Additions	521
Depreciation	(2,532)
Disposal	(1)
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	45,891		45,335
Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	(13,208)		(10,676)
Laboratory Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	30,210		31,431
Additions	520
Depreciation	(1,741)
Laboratory Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	38,868		38,348
Laboratory Equipment \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	(8,658)		(6,917)
Leasehold Improvements
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	2,036		2,518
Exchange difference	9
Additions	1
Depreciation	(492)
Leasehold Improvements \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	5,167		5,157
Leasehold Improvements \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	(3,131)		(2,639)
Office Equipment, Furniture and Others
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	437		710
Exchange difference	27
Depreciation	(299)
Disposal	(1)
Office Equipment, Furniture and Others \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	1,856		1,830
Office Equipment, Furniture and Others \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Property, plant and equipment	¥ (1,419)		¥ (1,120)

Fair Value Estimation - Summary of Financial Instruments Carried at Fair Value by Level of Inputs to Valuation Techniques (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	¥ 386,378		¥ 127,926
Financial assets at fair value through other comprehensive income (current)	360,979	$ 49,957	511,250
Financial assets at fair value through other comprehensive income (non-current)			65,744
Recurring
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	386,378		127,926
Financial assets at fair value through other comprehensive income (current)	360,979		511,250
Financial assets at fair value through other comprehensive income (non-current)			65,744
Total	747,357		704,920
Recurring \| Level 1
Disclosure Of Financial Instruments [Line Items]
Cash equivalents	386,378		127,926
Financial assets at fair value through other comprehensive income (current)	157,606		271,499
Financial assets at fair value through other comprehensive income (non-current)			11,739
Total	543,984		411,164
Recurring \| Level 2
Disclosure Of Financial Instruments [Line Items]
Financial assets at fair value through other comprehensive income (current)	203,373		239,751
Financial assets at fair value through other comprehensive income (non-current)			54,005
Total	¥ 203,373		¥ 293,756

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Right-of-Use Assets and Leases - Schedule of Amounts Recognized in Consolidated Balance Sheets as Right-of-use Assets (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	¥ 24,337
Additions	2,127
Depreciation	(945)
Government repurchase	(21,393)
Exchange difference	80
Net book amount, Ending balance	4,206	$ 582
Cost	8,316
Accumulated deprecation	(4,110)
Net Book value	4,206		¥ 4,206
Land use Rights
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	21,542
Depreciation	(149)
Government repurchase	(21,393)
Net Book value
Office Rent
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Net book amount. Beginning balance	2,795
Additions	2,127
Depreciation	(796)
Exchange difference	80
Net book amount, Ending balance	4,206
Cost	8,316
Accumulated deprecation	(4,110)
Net Book value	¥ 4,206

Share Capital (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Classes Of Share Capital [Abstract]

Schedule of Share Capital and Share Premium

The movement in the number of ordinary shares outstanding is as follows:


	Number of ordinary shares		Share capital		Share premium		Total
			RMB’000		RMB’000		RMB’000
As of January 1, 2023		57,448,338		66		4,094,566		4,094,632
Shares issued		30,312		-		153		153
Net book value		57,478,650		66		4,094,719		4,094,785

Right-of-Use Assets and Leases

6 Months Ended

Jun. 30, 2023

Presentation of leases for lessee [abstract]

Right-of-Use Assets and Leases

13.

Right-of-Use Assets and Leases

Amounts recognized in the condensed consolidated balance sheets are as follows:

(i)

Right-of-use assets


	Land use rights			Office rental			Total
	RMB’000			RMB’000			RMB’000
Opening net book amount-as of January 1, 2023		21,542			2,795			24,337
Additions		-			2,127			2,127
Depreciation		(149	)		(796	)		(945	)
Government repurchase (i)		(21,393	)		-			(21,393	)
Exchange difference		-			80			80
Closing net book amount-as of June 30, 2023		-			4,206			4,206

As of June 30, 2023
Cost		-			8,316			8,316
Accumulated depreciation		-			(4,110	)		(4,110	)
Net book value		-			4,206			4,206

(i)

In April 2023, the Jiangsu Taicang HIDC, and Connect SZ entered into an agreement for the Jiangsu Taicang HIDC to repurchase from Connect SZ the land use rights at the original purchase price of RMB 21.1 million (USD 2.9 million) (Note 16) and to terminate the Contract for Granting the Right to Use State-owned Construction Land and amend the relevant provisions of the Investment Agreement, both were previously entered into with the relevant government authorities in the PRC. In April 2023, the procedures related to the cancellation registration of the land use rights were completed. The Group reclassified the land use rights under right-of-use assets to other receivables and prepayments with the carrying amount of RMB 21.4 million (USD 2.9 million) and recorded the other loss of RMB 0.3 million (USD 0.04 million) (Note 8) in the six months ended June 30, 2023. In early September 2023, the Group received RMB 21.1 million (USD 2.9 million) from the Jiangsu Taicang HIDC.

(ii)

Lease liabilities

Amounts recognized as liabilities in the interim condensed consolidated balance sheets were as follows:


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Non-current		1,704		2,331
Current		1,294		1,963
		2,998		4,294

13.

Right-of-Use Assets and Leases (continued)

Amounts recognized in the interim condensed consolidated statements of loss in addition to office rental depreciation were as follows:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Interest expense		58		72

The total cash outflow for leases for the six months ended June 30, 2022 and 2023 was RMB 0.5 million and RMB 1.1 million (USD 0.15 million), respectively.

Finance Income - Net (Tables)

6 Months Ended

Jun. 30, 2023

Profit Loss [Abstract]

Summary of Finance Income - Net


	Six Months Ended June 30,
	2022			2023
	RMB’000			RMB’000
Finance income
Interest from bank deposits and term deposits		206			2,839
Investment income from investments at fair value through other comprehensive income		1,088			8,998
		1,294			11,837
Finance cost
Interest for lease liabilities		(58	)		(72	)
		(58	)		(72	)
		1,236			11,765

Cash Flow Information

6 Months Ended

Jun. 30, 2023

Disclosure Of Cash Flow Information [Abstract]

Cash Flow Information

21.

Cash flow information

Cash used in operations


		Six Months Ended June 30,
	Notes	2022			2023
		RMB’000			RMB’000

Net loss before income tax			(400,544	)		(211,511	)
Adjustments for:
Interest for lease liabilities	9		58			72
Investment income from investments in wealth management products	8		(140	)		-
Interest income from investments at fair value through other comprehensive income	9		(1,088	)		(8,998	)
Interest income from investments at fair value through profit and loss	8		(386	)		-
Amortization of intangible assets			31			31
Depreciation of property, plant and equipment	12		2,309			2,532
Depreciation of rights-of-use assets	13		918			945
Share-based compensation expenses	19		27,894			16,066
Net foreign exchange differences	8		(7,762	)		(3,431	)
Loss on disposal of land use rights and other	8		-			723
Loss on disposal of property, plant and equipment			4			1
Changes in working capital
Other receivables and prepayments			(1,541	)		(3,198	)
Other non-current assets			13,200			(3,575	)
Other payables and accruals			2,807			(1,861	)
Deferred income			-			(3,366	)
Trade payables			21,783			104
Net cash used in operations			(342,457	)		(215,466	)

21.

Cash flow information (continued)

Supplemental Cash Flow Information:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Interest received		206		8,231

Other Gains - Net

6 Months Ended

Jun. 30, 2023

Other Income (Losses) Net [Abstract]

Other Gains - Net

Other Gains – Net


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Net foreign exchange gains		7,762		3,431
Investment income from investments at fair value through profit and loss		386		5,444
Investment income from wealth management products		140		-
Other gain / (loss) (i)		953		(707	)
		9,241		8,168

(i)

Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Cash at bank
Earned interest income	¥ 2,839,000		¥ 206,000
Cash and cash equivalents			948,765,000		¥ 589,689,000	$ 81,609	¥ 550,274,000	$ 76,154	¥ 1,706,880,000
Outside of PRC
Cash at bank
Earned interest income	¥ 600,000	$ 100	¥ 0
Cash and cash equivalents				$ 2.0		$ 8,700

Employee Benefit Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Classes Of Employee Benefits Expense [Abstract]

Schedule of Employee Benefit Expenses


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Wages, salaries and bonuses		44,678		39,735
Share-based compensation expenses (Note 19)		27,894		16,066
Welfare expenses		6,388		6,725
Housing funds		890		689
		79,850		63,215

Employee benefit expenses were charged in the following line items in the interim condensed consolidated statements of loss:


	Six Months Ended June 30,
	2022		2023
	RMB’000		RMB’000
Research and development expenses		45,492		34,321
Administrative expenses		34,358		28,894
		79,850		63,215

Other Gains - Net - Schedule of Other Gains - Net (Parenthetical) (Details) $ in Thousands, ¥ in Millions	1 Months Ended		6 Months Ended
	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 CNY (¥)
Other Income (Losses) Net [Abstract]
Loss incurred on disposal of land use rights	¥ 0.3	$ 40	¥ 0.3	$ 40
Losses recovered from cyber insurance					¥ 1.0

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2023

Cash And Cash Equivalents [Abstract]

Summary of Cash and Cash Equivalents


	December 31,		June 30,
	2022		2023
	RMB’000		RMB’000
Cash at bank
- USD deposits		353,379		149,550
- RMB deposits		63,856		44,197
- Australian Dollar deposits		5,113		9,564
Cash equivalents (Note 3)		127,926		386,378
		550,274		589,689

Share-Based Compensation - Summary of Key Assumptions for Options Granted (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) yr $ / shares	Jun. 30, 2022 USD ($) yr $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	11.70%	3.00%
ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price during the period	$ 0.73
Grant date share price	$ 1.05	$ 1.86
Dividend yield	0.00%	0.00%
Forfeiture rate	3.00%	3.00%
Weighted average fair value of options granted during the period \| $	$ 0.40	$ 0.71
Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price during the period	$ 1.25	$ 3.57
Expected life \| yr	10	10
Dividend yield	0.00%	0.00%
Weighted average fair value of options granted during the period \| $	$ 0.72	$ 2.06
Bottom of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	8.50%
Bottom of range \| ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Risk-free interest rate	4.14%	1.50%
Expected volatility	46.96%	51.10%
Expected life \| yr	0.5	0.5
Bottom of range \| Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.99	$ 0.75
Risk-free interest rate	3.60%	1.90%
Expected volatility	59.60%	61.40%
Expected early exercise multiple	2.2	2.2
Forfeiture rate	8.50%	3.00%
Top of range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Forfeiture rate	12.30%	9.60%
Top of range \| ESPP
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Risk-free interest rate	5.14%	2.70%
Expected volatility	60.20%	55.40%
Expected life \| yr	2.0	2.0
Top of range \| Stock Incentive Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 1.29	$ 4.91
Risk-free interest rate	4.20%	3.10%
Expected volatility	60.00%	61.80%
Expected early exercise multiple	2.8	2.8
Forfeiture rate	12.30%	9.60%