Debt (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Short-term and Long-term Debt

As of December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows:


			As of
			December 31, 2025
			$
Sale of future royalty liability, current portion			56,714
Sale of future royalty liability, non-current portion			850,242
Total sale of future royalty liability			906,956

The following table summarizes the sale of future royalty liability activity during the year ended December 31, 2025:


			Royalty Sale Liability
			$
Balance at August 25, 2025			885,000
Proceeds from option exercise			26,000
Payments to Royalty Pharma, excluding effective interest payments			(4,044)

Balance at December 31, 2025			906,956

The following table presents outstanding borrowings under the Facilities Agreement:


									As of December 31,
									2025
									$
A Loan Facility									12,298
Less: unamortized debt issuance costs									(3,235)
Total short-term debt									9,063

A Loan Facility									295,152
B2 Term Loan Facility									560,000
Less: unamortized debt issuance costs									(18,783)
Total long-term debt									836,369

The following table summarizes the Company’s short-term working capital loans and project loans of December 31, 2025 and 2024:


Lender	Borrower		Term	Maturity Date	Note	As of December 31,
		2025				2024
						$		$
China Construction Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	June 11, 2027	1	21,450		16,440
China Merchants Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	January 20, 2029	2	8,989		8,611
China Merchants Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	November 8, 2029	3	8,497		8,148
China CITIC Bank	BeOne Pharmaceutical (Suzhou) Co., Ltd.		10-year	July 28, 2032	4	9,294		1,384
China Merchants Bank	BeOne Medicines Ltd.		1-year	January 21, 2026	5	—		380,000
China Minsheng Bank	BeOne Medicines Ltd.		1-year	December 16, 2025	6	—		150,000
China Industrial Bank	BeOne Medicines USA, Inc.		364-days	June 28, 2026	7	—		—
China Industrial Bank	BeOne Medicines Ltd.		364-days	March 27, 2025	8	—		92,475
China Merchants Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		1-year	June 5, 2025	9	—		54,800
HSBC Bank	BeOne Medicines Ltd.		1-year	June 17, 2026	10	—		46,580
Shanghai Pudong Development Bank	BeOne Medicines Ltd.		1-year	November 24, 2025	11	—		93,091
Total short-term debt					48,230		851,529

China Construction Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	June 11, 2027	1	21,450		41,100
China Merchants Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	January 20, 2029	2	20,224		27,987
China Merchants Bank	BeOne Guangzhou Biologics Manufacturing Co., Ltd.		9-year	November 8, 2029	3	25,970		33,020
China CITIC Bank	BeOne Pharmaceutical (Suzhou) Co., Ltd.		10-year	July 28, 2032	4	57,900		64,377
Total long-term debt					125,544		166,484

1.The credit facility offers a borrowing capacity of RMB 580,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.8% as of December 31, 2025. The outstanding principal balance is payable in semi-annual installments. The Company repaid $17,225 (or RMB 120,000) during the year ended December 31, 2025. The loan is secured by BeOne Guangzhou Biologics Manufacturing Co., Ltd.’s property ownership certificate and fixed assets.

2.The credit facility offers a borrowing capacity of RMB 350,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.4% as of December 31, 2025. The outstanding principal balance is payable in quarterly installments. The Company repaid $8,726 (RMB 62,857) during the year ended December 31, 2025. The loan is secured by Guangzhou Factory’s south district land use right and certain fixed assets.

3.The credit facility offers a borrowing capacity of RMB 378,000, denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.2% as of December 31, 2025. The outstanding principal balance is payable in quarterly installments. The Company repaid $8,287 (RMB 59,475) during the year ended December 31, 2025. The loan is secured by fixed assets placed into service in the third phase of the Guangzhou manufacturing facility’s buildout.

4.The credit facility offers a borrowing capacity of RMB 480,000, denominated in RMB, and bears floating interest rate benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.3% as of December 31, 2025. The outstanding principal balance is payable in semi-annual installments. The Company repaid $1,442 (RMB 10,100) during the year ended December 31, 2025. The loan is secured by BeOne Pharmaceutical (Suzhou) Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China.

5.The working capital loan facility offers a borrowing capacity of up to $380,000, denominated in USD, and bears floating interest rates benchmarking the secured overnight financing rate. The Company repaid the loan with the proceeds from the Loan Facilities in the fourth quarter of 2025.

6.The working capital loan facility offers a borrowing capacity of up to $150,000, denominated in USD. The Company repaid the loan with the proceeds from the Loan Facilities in the fourth quarter of 2025.

7.The working capital loan facility offered a borrowing capacity of up to RMB 675,000, denominated in RMB. The Company drew down the facility in the second quarter of 2025 and repaid the loan with the proceeds from the Loan Facilities in the fourth quarter of 2025.

8.The working capital loan facility offered a borrowing capacity of up to RMB 675,000, denominated in RMB. The Company repaid the loan during the year ended December 31, 2025.

9.The working capital loan facility offers a borrowing capacity of up to RMB 400,000, denominated in RMB. The Company repaid the loan during the year ended December 31, 2025.

10.The working capital loan facility offers a borrowing capacity of up to RMB 340,000, denominated in RMB, and bears floating interest rates benchmarking Hong Kong interbank market rate for RMB. The Company repaid the loan with the proceeds from the Loan Facilities in the fourth quarter of 2025.

11.The working capital loan facility offers a borrowing capacity of up to RMB 700,000, denominated in RMB. The Company repaid the loan with the proceeds from the Loan Facilities in the fourth quarter of 2025.

Schedule of Contractual Maturities of Debt Obligations

The aggregate contractual maturities of all borrowings due subsequent to December 31, 2025 are as follows:


Maturity dates						Amounts
						$
Year ending December 31, 2026						60,528
Year ending December 31, 2027						632,825
Year ending December 31, 2028						297,337
Year ending December 31, 2029						20,518
Year ending December 31, 2030						9,295
Thereafter						20,721
Total						1,041,224

BeOne Medicines Ltd. 10-K