Zai Lab Ltd

Listed Company

ZLABCIK 0001704292NasdaqLarge AcceleratedPharmaceutical PreparationsE9CNFY ends Dec 31

Period

FY 2025

Revenue

$460.16M

Net Income

$-175.54M

Total Assets

$1.17B

Equity

$715.50M

Shares Out

1.11B

Op. Cash Flow

$-150.79M

Business

Zai Lab Ltd is a patient-focused, commercial-stage global biopharmaceutical company that discovers, develops, and commercializes therapies addressing unmet needs in oncology, immunology, neuroscience, and infectious disease. It markets approved products such as ZEJULA, VYVGART (and VYVGART Hytrulo), NUZYRA, OPTUNE, QINLOCK, XACDURO, and AUGTYRO, and advances a pipeline of small molecules, biologics, ADCs, and medical devices. Its primary operations comprise commercial activities, integrated R&D (discovery through clinical development), manufacturing (in-house and CMOs), and licensing/collaboration. Zai Lab primarily serves Greater China (mainland China, Hong Kong, Macau, Taiwan) while engaging with U.S. and global partners and distributor channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue, net	457	398	267	213	144
Collaboration revenue	3	1	0	2	207,000
Total revenues	460	399	267	215	144
Cost of product revenue	−191	−147	−96	−74	—
Cost of collaboration revenue	−561,000	−742,000	0	0	—
Research and development	−221	−235	−266	−286	−573
Selling, general, and administrative	−278	−299	−282	−259	−219
Gain on sale of intellectual property	0	0	10	0	0
Loss from operations	−229	−282	−367	−404	−700
Interest income	33	37	40	15	2
Interest expenses	−5	−2	0	—	—
Foreign currency gains (losses)	20	−15	−15	−56	5
Other income, net	4	5	7	3	−10
Loss before income tax	−178	−257	−335	—	—
Income tax benefit	3	0	0	0	0
Net loss	−176	−257	−335	−443	−704
Loss per share basic (in dollars per share)	−0.16	−0.26	−0.35	−0.46	−0.76
Loss per share diluted (in dollars per share)	−0.16	−0.26	−0.35	−0.46	−0.76
Weighted-average shares used in calculating net loss per ordinary share basic (in shares)	1,095	989	966	958	930
Weighted-average shares used in calculating net loss per ordinary share diluted (in shares)	1,095	989	966	958	930

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	680	450	790	1,008	964
Restricted cash, current	100	100	0	—	—
Short-term investments	10	330	16	0	445
Accounts receivable (net of allowance for credit losses of $31 and $25 as of December 31, 2025 and 2024, respectively)	106	85	59	40	47
Notes receivable	12	4	6	9	7
Inventories, net	75	40	45	32	19
Prepayments and other current assets	37	42	23	36	18
Total current assets	1,019	1,050	940	1,124	1,501
Restricted cash, non-current	1	1	1	800,000	803,000
Property and equipment, net	47	48	54	58	43
Operating lease right-of-use assets	19	21	15	20	14
Land use rights, net	3	3	3	7	8
Intangible assets, net	76	56	13	2	2
Deferred tax assets	3	0	—	—	—
Other non-current assets	3	6	—	—	—
Total assets	1,172	1,186	1,036	1,220	1,610
Accounts payable	142	101	113	66	126
Current operating lease liabilities	6	8	7	7	6
Short-term debt	205	132	0	—	—
Other current liabilities	64	59	83	67	61
Total current liabilities	416	299	203	140	193
Deferred income	27	31	29	21	27
Non-current operating lease liabilities	13	14	8	13	10
Other non-current liabilities	0	325,000	325,000	0	—
Total liabilities	457	345	240	175	230
Commitments and contingencies (Note 20)	—	—	—	—	—
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 1,113,822,550 and 1,082,614,740 shares issued as of December 31, 2025 and 2024, respectively; 1,106,389,340 and 1,077,702,540 shares outstanding as of December 31, 2025 and 2024, respectively)	7,000	7,000	6,000	6,000	6,000
Additional paid-in capital	3,343	3,264	2,975	2,893	2,826
Accumulated deficit	−2,629	−2,453	−2,196	−1,861	−1,418
Accumulated other comprehensive income	30	51	38	26	−24
Treasury stock (at cost 7,433,210 and 4,912,200 shares as of December 31, 2025 and 2024, respectively)	−29	−21	−21	−12	−4
Total shareholders equity	716	841	796	1,046	1,380
Total liabilities and shareholders equity	1,172	1,186	1,036	1,220	1,610

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Allowance for credit losses	6,000	8,000	6,000	1,000	10,000
Inventory write-down	12	815,000	973,000	477,000	1
Depreciation and amortization expenses	15	12	9	8	6
Impairment of property and equipment	0	0	57,000	0	0
Amortization of deferred income	−5	−4	−3	−3	−521,000
Share-based compensation	66	71	80	61	41
Loss (gain) from fair value changes of equity investment with readily determinable fair value	2	6	−3	9	15
Losses on disposal of property and equipment	542,000	453,000	159,000	560,000	29,000
Gain on disposal of land use right	0	0	−408,000	0	0
Noncash lease expenses	9	8	9	8	6
Foreign currency remeasurement impact	−20	15	15	56	−11
Amortization of debt issuance cost	194,000	700,000	0	0	—
Accounts receivable	−19	−27	−20	4	−42
Notes receivable	−8	2	2	−2	−7
Inventories	−47	4	−15	−15	−7
Prepayments and other current assets	5	−19	12	−19	−7
Deferred tax assets	−3	0	0	—	—
Other non-current assets	−374,000	−1	187,000	—	—
Accounts payable	20	−2	37	−54	64
Other current liabilities	5	−22	20	7	30
Operating lease liabilities	−7	−9	−8	−8	−5
Deferred income	745,000	7	11	−1	11
Other non-current liabilities	−325,000	0	325,000	0	0
Net cash used in operating activities	−151	−215	−198	−368	−549
Purchases of short-term investments	−10	−330	−134	−260	−445
Proceeds from maturity of short-term investment	330	16	118	705	744
Proceeds from the sale of equity investment	1	0	0	—	—
Purchases of property and equipment	−8	−6	−7	−25	−18
Proceeds from the sale of property and equipment	87,000	29,000	122,000	0	3,000
Acquisition of intangible assets	−5	−56	−1	−399,000	−653,000
Proceeds from sale of intellectual property	0	0	10	0	0
Proceeds from disposal of land use right	0	0	4	0	0
Net cash provided by (used in) investing activities	308	−375	−11	420	250
Proceeds from short-term debt	207	132	0	0	—
Repayment of short-term bank borrowings	−139	−284,000	0	0	0
Payments of debt issuance costs	−194,000	−700,000	0	0	—
Proceeds from exercises of stock options	14	3	2	6	7
Proceeds from issuance of ordinary shares upon public offerings	0	217	0	0	—
Payments of public offering costs	−854,000	−1	0	0	−2
Taxes paid related to settlement of equity awards	−8	0	−9	−8	−4
Net cash provided by (used in) financing activities	72	350	−6	−2	820
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	478,000	−310,000	−3	−6	1
Net increase (decrease) in cash, cash equivalents and restricted cash	230	−240	−218	44	522
Cash paid for interest	5	2	0	0	0
Payables for purchase of property and equipment	486,000	449,000	2	5	3
Payables for acquisition of intangible assets	22	3	12	163,000	191,000
Payables for public offering costs	168,000	994,000	0	0	0
Right-of-use asset acquired under operating leases	6	15	4	15	2
Receivables for stock option exercise under equity incentive plans	0	70,000	0	0	—

Filings

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