Zai Lab Ltd
ZLAB- Exchange
- Nasdaq
- Industry
- Pharmaceutical Preparations
- SEC CIK
- 0001704292
In the last 90 days, Zai Lab Ltd insiders filed 0 open-market purchases and 3 sales; 92 institutions reported holding it in 13F filings for Q2 2026, worth $819.0M in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 8, 2026, 10:57 PM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $175.5M (38.1% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 26, 2026 | Feb 27, 2025 | Feb 27, 2024 | Mar 1, 2023 | Mar 1, 2022 |
| Revenue | $460.2M | $399.0M | $266.7M | $215.0M | $144.3M |
| Cost of revenue | $190.5M | $147.1M | $95.8M | $74.0M | $52.2M |
| Research and development | $220.9M | $234.5M | $265.9M | $286.4M | $573.3M |
| Selling, general and administrative | $277.6M | $298.7M | $281.6M | $259.0M | $218.8M |
| Operating income | -$229.4M | -$282.1M | -$366.6M | -$404.4M | -$700.1M |
| Interest expense | – | $2.25M | – | $0 | $0 |
| Income tax | -$2.93M | $0 | $0 | $0 | – |
| Net income | -$175.5M | -$257.1M | -$334.6M | -$443.3M | -$704.5M |
| EPS, basic | $-0.16 | $-0.26 | $-0.35 | $-0.46 | – |
| EPS, diluted | $-0.16 | $-0.26 | $-0.35 | $-0.46 | – |
| Weighted shares, basic | 1.10B | 989.5M | 966.4M | 958.1M | – |
| Weighted shares, diluted | 1.10B | 989.5M | 966.4M | 958.1M | – |
| Margins and growth | |||||
| Operating margin | -49.9% | -70.7% | -137.4% | -188.0% | -485.1% |
| Net margin | -38.1% | -64.4% | -125.5% | -206.1% | -488.2% |
| Revenue growth, year over year | +15.3% | +49.6% | +24.0% | +49.0% | +194.8% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 26, 2026 | Feb 27, 2025 | Feb 27, 2024 | Mar 1, 2023 | Mar 1, 2022 |
| Cash and equivalents | $679.6M | $449.7M | $790.2M | $1.01B | $964.1M |
| Short-term investments | $10.0M | $330.0M | $16.3M | $0 | $445.0M |
| Accounts receivable | $106.1M | $85.2M | $59.2M | $40.0M | $47.5M |
| Inventory | $74.7M | $39.9M | $44.8M | $31.6M | $19.0M |
| Total current assets | $1.02B | $1.05B | $939.6M | $1.12B | $1.50B |
| Property, plant and equipment | $47.4M | $48.0M | $53.7M | $57.9M | $43.1M |
| Intangible assets | $76.1M | $56.0M | $13.4M | $1.51M | $1.85M |
| Total assets | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B |
| Accounts payable | $141.6M | $100.9M | $113.0M | $66.0M | $126.2M |
| Short-term debt | $204.5M | $131.7M | – | – | – |
| Total current liabilities | $416.2M | $299.4M | $203.1M | $139.8M | $192.9M |
| Total liabilities | $456.9M | $344.9M | $240.2M | $174.5M | $230.0M |
| Shareholders' equity | $715.5M | $840.9M | $796.1M | $1.05B | $1.38B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 26, 2026 | Feb 27, 2025 | Feb 27, 2024 | Mar 1, 2023 | Mar 1, 2022 |
| Operating cash flow | -$150.8M | -$214.9M | -$198.2M | -$367.6M | -$549.2M |
| Capital expenditures | $8.10M | $5.66M | $7.21M | $24.6M | $18.3M |
| Free cash flow | -$158.9M | -$220.5M | -$205.4M | -$392.2M | -$567.5M |
| Depreciation and amortization | $15.0M | $11.9M | $9.03M | $8.23M | $6.49M |
| Stock-based compensation | $65.6M | $70.7M | $79.6M | $61.3M | $40.7M |
| Investing cash flow | $307.9M | -$375.2M | -$10.8M | $420.0M | $250.0M |
| Financing cash flow | $72.4M | $349.9M | -$6.43M | -$1.73M | $820.2M |
| Net change in cash | $229.9M | -$240.5M | -$218.0M | $44.4M | $522.0M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 14.3% | 17.7% | 29.9% | 28.5% | 28.2% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.