Zai Lab Ltd (ZLAB)
Operating primarily in Mainland China and Hong Kong, Zai Lab Limited is a biopharmaceutical company focused on the discovery, development, and commercialization of innovative medical treatments. Their therapeutic portfolio spans oncology, autoimmune conditions, infectious diseases, and neurological disorders. Currently available products in their portfolio include Zejula, a once-daily small-molecule PARP 1/2 inhibitor; Optune, a medical device leveraging tumor treating fields; NUZYRA, an antimicrobial agent for specific acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia; and Qinlock, indicated for gastrointestinal stromal tumors. Beyond its commercial offerings, Zai Lab boasts an extensive pipeline of investigational therapies. These include Odronextamab for various B-cell lymphomas; Repotrectinib, a tyrosine kinase inhibitor targeting ROS1 and TRK pathways in both TKI-naïve and pretreated cancer patients; Margetuximab for breast and gastroesophageal cancers; Adagrasib for KRAS-G12C-mutated solid tumors like NSCLC, colorectal, and pancreatic cancers; and Bemarituzumab for gastric and gastroesophageal junction cancers. Further pipeline candidates encompass CLN-081 for EGFR exon 20 insertion NSCLC; Elzovantinib, an orally available multi-targeted kinase inhibitor; Tebotelimab, a tetravalent IgG4 monoclonal antibody; Retifanlimab, designed to block PD-1 interactions with its ligands; ZL-2309, an orally active and selective CDC7 kinase inhibitor; ZL-1201, a humanized IgG4 monoclonal antibody; Efgartigimod, aimed at reducing pathogenic immunoglobulin G antibodies; ZL-1102, a human nanobody against interleukin-17A; KarXT for psychiatric and neurological conditions; ZL-2313 and ZL-2314, both investigational EGFR inhibitors targeting specific mutations; and Sulbactam/durlobactam, intended for serious infections caused by Acinetobacter. Established in 2013, Zai Lab Limited maintains its corporate headquarters in Shanghai, China.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Zai Lab Limited
NASDAQ:ZLABHealthcare · Biotechnology
-1.30%$22.07
AH$22.40+1.50%vs close
Mkt Cap$2.74B
Float118.61M
O/S124.15M
Vol
$ Vol
RVOL
Inst Own34.7%
SI7.5%
Earnings
Dilution
Financials Summary
Revenue$460.16M
Net Income-$175.54M
Total Assets$1.17B
Free Cash Flow-$164.21M
Debt & Equity
Debt 24%
Equity 76%
Total Debt$224.26M
Total Equity$715.5M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ZLAB's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.17B
Liabilities$456.88M
Accounts Receivable$106.12M
Accounts Payable$141.61M
Inventory$74.75M
PP&E (Net)$66.54M
Goodwill$0
Intangible Assets$76.14M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Revenue | $460.16M | $398.99M | $266.72M | $215.04M | $144.31M | $48.96M | $12.98M | $129K | $0 | $0 | $0 |
| YoY Growth | 15.3% | 49.6% | 24.0% | 49.0% | 194.8% | 277.0% | 9930.6% | - | - | - | - |
| Cost of Revenue | $191.08M | $147.86M | $95.82M | $74.02M | $52.24M | $239.45M | $3.75M | $44K | $0 | $0 | $0 |
| Gross Profit | $269.07M | $251.13M | $170.9M | $141.02M | $92.07M | -$190.49M | $9.24M | $86K | $0 | $0 | $0 |
| Gross Margin | 58.5% | 62.9% | 64.1% | 65.6% | 63.8% | -389.1% | 71.1% | 66.3% | - | - | - |
| Research and Development | $220.9M | $234.5M | $265.87M | $286.41M | $573.31M | $222.71M | $142.22M | $120.28M | $39.34M | $32.15M | $13.59M |
| Selling, General, and Administrative | $277.61M | $298.74M | $281.61M | $258.97M | $218.83M | $111.31M | $70.21M | $21.58M | $12.05M | $6.38M | $2.76M |
| Other | -$5.86M | $0 | -$10M | $0 | $0 | -$222.71M | $0 | $59K | $0 | $0 | $0 |
| Total Operating Expenses | $492.65M | $533.25M | $537.48M | $545.38M | $792.14M | $111.31M | $212.43M | $141.85M | $51.39M | $38.53M | $16.35M |
| Operating Income (EBIT) | -$223.57M | -$282.12M | -$366.57M | -$404.36M | -$700.06M | -$301.8M | -$203.2M | -$141.77M | -$51.39M | -$38.53M | -$16.35M |
| Operating Margin | -48.6% | -70.7% | -137.4% | -188.0% | -485.1% | -616.4% | -1564.9% | -109514.0% | - | - | - |
| Interest Expense | $5.21M | $2.25M | $0 | $0 | $0 | $181K | $293K | $40K | $0 | $0 | $0 |
| Interest Income | $33.05M | $37.1M | $39.8M | $14.58M | $2.19M | $5.12M | $8.23M | $3.26M | $527K | $403K | $5K |
| Other Income (Expense) | $45.11M | $25.01M | $31.95M | -$38.93M | -$3.35M | $32.9M | -$2.83M | $3.28M | $1.01M | $1.02M | -$1.67M |
| Income Before Tax (EBT) | -$178.46M | -$257.1M | -$334.62M | -$443.29M | -$703.41M | -$268.9M | -$206.02M | -$138.49M | -$50.13M | -$37.51M | -$18.02M |
| Income Tax Expense | -$2.93M | $0 | $0 | $0 | $1.06M | $0 | -$10.95M | $3.32M | $478K | $0 | $0 |
| Net Income | -$175.54M | -$257.1M | -$334.62M | -$443.29M | -$704.47M | -$268.9M | -$195.07M | -$139.07M | -$50.38M | -$37.51M | -$18.02M |
| Net Income Margin | -38.1% | -64.4% | -125.5% | -206.1% | -488.2% | -549.3% | -1502.3% | -107433.6% | - | - | - |
| Supplementary Data | |||||||||||
| EPS | -1.60 | -2.60 | -34.60 | -46.30 | -75.80 | -34.60 | -30.30 | -26.40 | -23.20 | -39.70 | -20.70 |
| Diluted EPS | -1.60 | -2.60 | -34.60 | -46.30 | -75.80 | -34.60 | -30.30 | -26.40 | -23.20 | -39.70 | -20.70 |
| Weighted Average OS | 109.53M | 98.95M | 9.66M | 9.58M | 9.30M | 7.77M | 6.44M | 5.26M | 2.18M | 943,902 | 869,365 |
| EBITDA | -$158.25M | -$242.99M | -$365.11M | -$434.84M | -$689.46M | -$297.16M | -$190.26M | -$138.45M | -$50.84M | -$38.33M | -$16.22M |
| EBITDA Margin | -34.4% | -60.9% | -136.9% | -202.2% | -477.8% | -607.0% | -1465.3% | -106949.8% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and Cash Equivalents | $679.57M | $449.67M | $790.15M | $1.01B | $964.1M | $442.12M | $75.93M | $62.95M | $229.66M | $83.95M | $13.16M |
| Short-Term Investments | $10M | $330M | $16.3M | $0 | $445M | $744.68M | $200M | $200.35M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $689.57M | $779.67M | $806.45M | $1.01B | $1.41B | $1.19B | $275.93M | $263.3M | $229.66M | $83.95M | $13.16M |
| Accounts Receivable | $106.12M | $89.41M | $65.33M | $48.57M | $54.81M | $5.17M | $3.79M | $90K | $0 | $0 | $0 |
| Inventory | $74.75M | $39.88M | $44.83M | $31.62M | $18.95M | $13.14M | $6M | $4K | $0 | $0 | $0 |
| Other Current Assets | $148.85M | $141.53M | $23M | $35.67M | $0 | $0 | $0 | -$603 | $0 | $0 | $0 |
| Total Current Assets | $1.02B | $1.05B | $939.61M | $1.12B | $1.5B | $1.22B | $292.46M | $269.14M | $230.61M | $84.09M | $13.23M |
| Long-Term Assets | |||||||||||
| Property, Plant & Equipment Net | $66.54M | $69.47M | $68.69M | $78.77M | $58.28M | $47.14M | $36.86M | $20.77M | $11.98M | $2.66M | $708K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $76.14M | $58.93M | $16.46M | $8.4M | $9.66M | $9.44M | $8.8M | $322K | $20K | $7K | $3K |
| Long-Term Investments | $0 | $3.12M | $9.22M | $6.43M | $15.61M | $1.28M | $2.4M | $3.15M | $1.65M | $500K | $0 |
| Deferred Tax Assets | $3.39M | $0 | $0 | $0 | $0 | $0 | $0 | -$276K | -$126K | -$1.42M | $0 |
| Other Long-Term Assets | $7.02M | $3.75M | $2.32M | $2.2M | $25.53M | $23.75M | $14.62M | $8.88M | $5.5M | $3.06M | $0 |
| Total Long-Term Assets | $153.1M | $135.27M | $96.69M | $95.8M | $109.08M | $81.6M | $62.69M | $32.84M | $19.02M | $4.81M | $710K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.3B | $355.15M | $301.99M | $249.63M | $88.91M | $13.94M |
| Liabilities | |||||||||||
| Current Liabilities | |||||||||||
| Accounts Payable | $141.61M | $100.91M | $112.99M | $65.97M | $126.16M | $62.64M | $22.66M | $37.43M | $8.97M | $523K | $1.45M |
| Short-Term Debt | $204.53M | $131.71M | $0 | $0 | $0 | $0 | $6.45M | $3.64M | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $5.15M | $16.99M | $13.28M | $8.82M | $952K | $0 | $0 | $18K | $24K | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $7.07M | $6.35M | $5.35M | $4.05M | $4.42M | $4.57M | $2.39M | $2.5M | $779K | $4.05M | $2.14M |
| Total Current Liabilities | $416.17M | $299.38M | $203.07M | $139.84M | $192.9M | $98.04M | $46.63M | $48.84M | $12.07M | $5.17M | $3.94M |
| Long-Term Liabilities | |||||||||||
| Long-Term Debt | $13.38M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $31.43M | $28.74M | $21.36M | $27.49M | $16.86M | $2.88M | $2.06M | $2.39M | $778K | $62K |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $27.33M | $325K | $325K | $0 | $0 | $0 | $0 | $0 | $0 | $134.51M | $28.31M |
| Total Long-Term Liabilities | $40.72M | $45.47M | $37.11M | $34.7M | $37.1M | $30.25M | $13.86M | $2.06M | $2.39M | $135.29M | $28.37M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $456.88M | $344.86M | $240.18M | $174.54M | $230M | $128.29M | $60.49M | $50.91M | $14.46M | $140.46M | $32.31M |
| Stockholders' Equity | |||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $134.51M | $28.31M |
| Common Stock | $7K | $7K | $6K | $6K | $6K | $5K | $4K | $3K | $3K | $579 | $533 |
| Retained Earnings | -$2.63B | -$2.45B | -$2.2B | -$1.86B | -$1.42B | -$713.6M | -$444.7M | -$249.63M | -$110.55M | -$60.17M | -$22.66M |
| Comprehensive Income & Other | $29.7M | $50.52M | $37.63M | $25.68M | -$23.64M | -$14.52M | $4.62M | $2.66M | $450K | -$699K | -$104K |
| Other Stockholders' Equity | $3.34B | $3.29B | $2.99B | $2.91B | $2.8B | $1.88B | $739.35M | $500.7M | $345.72M | $8.62M | $4.28M |
| Total Equity | $715.5M | $840.9M | $796.12M | $1.05B | $1.38B | $1.17B | $294.66M | $251.08M | $235.17M | -$51.55M | -$18.37M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.3B | $355.15M | $301.99M | $249.63M | $88.91M | $13.94M |
| Supplementary Data | |||||||||||
| Total Debt | $224.26M | $153.47M | $15.15M | $20.39M | $15.54M | $18.6M | $21.78M | $3.64M | $0 | $0 | $0 |
| Net Debt | -$455.31M | -$296.2M | -$775M | -$988.08M | -$948.56M | -$423.52M | -$54.15M | -$59.31M | -$229.66M | -$83.95M | -$13.16M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Operating Activities | |||||||||||
| Net Income | -$175.54M | -$257.1M | -$334.62M | -$443.29M | -$704.47M | -$268.9M | -$195.07M | -$139.07M | -$50.38M | -$37.51M | -$18.02M |
| Depreciation & Amortization | $15.01M | $11.86M | $9.03M | $8.23M | $6.49M | $4.64M | $3.77M | $1.65M | $548K | $199K | $127K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $17.08M | $1.13M | $767K | $587K | $0 | $0 | $0 |
| Stock-Based Compensation | $65.6M | $70.65M | $79.63M | $61.3M | $40.71M | $24.83M | $20.29M | $12.23M | $9.93M | $4.93M | $2.7M |
| Changes in Working Capital: | |||||||||||
| Accounts Receivable | -$29.98M | -$26.58M | -$17.69M | $25.14M | -$42.32M | -$1.38M | -$3.7M | -$90K | $0 | $0 | $0 |
| Inventory | -$47.03M | $3.9M | -$14.91M | -$15.38M | -$7.17M | -$7.17M | -$6M | -$4K | $0 | $0 | $0 |
| Accounts Payable | $19.93M | -$2.21M | $36.8M | -$53.77M | $63.52M | $39.98M | -$14.77M | $28.46M | $8.44M | -$930K | $1.29M |
| Other Working Capital | $2.38M | -$43.5M | $35.4M | -$22.23M | $9.08M | -$13.19M | $1.19M | -$989K | -$969K | -$760K | $423K |
| Total Working Capital Change | -$54.71M | -$68.39M | $39.61M | -$66.25M | $23.11M | $18.25M | -$23.28M | $27.38M | $7.48M | -$1.69M | $1.71M |
| Other Non-Cash Items | -$1.15M | $28.12M | $8.17M | $72.36M | $67.85M | $4.01M | $2.52M | -$312K | $63K | $1.92M | $2.02M |
| Net Cash from Operating | -$150.79M | -$214.87M | -$198.18M | -$367.64M | -$549.23M | -$216.06M | -$191.01M | -$97.54M | -$32.37M | -$32.16M | -$11.46M |
| Investing Activities | |||||||||||
| Capital Expenditures | -$8.1M | -$5.66M | -$7.21M | -$24.59M | -$18.95M | -$10.67M | -$15.24M | -$10.12M | -$9.12M | -$2.23M | -$738K |
| Acquisitions | $0 | $29K | $0 | $0 | -$30M | $539K | $9.21M | -$2.09M | -$1.9M | $0 | $0 |
| Purchases of Investments | -$10M | -$330M | -$134M | -$260.27M | -$445M | -$949.16M | -$277.64M | -$200.35M | $15K | -$500K | $0 |
| Sales of Investments | $331.2M | $16.3M | $117.7M | $705.27M | $743.9M | $405M | $277.99M | $103K | $500K | $0 | $0 |
| Other Investing Activities | -$5.24M | -$55.86M | $12.74M | -$399K | $3K | -$539K | -$9.21M | -$103K | $68K | -$506K | $0 |
| Net Cash from Investing | $307.87M | -$375.19M | -$10.78M | $420.02M | $249.96M | -$554.83M | -$14.89M | -$212.55M | -$10.43M | -$2.73M | -$738K |
| Financing Activities | |||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $13.68M | $217.35M | $0 | $0 | $818.88M | $1.14B | $216.2M | $141M | $160.43M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$9.27M | $1.22M | -$6.43M | -$1.73M | $1.33M | $1.28M | $201K | -$496K | -$1.67M | $0 | $0 |
| Net Cash from Financing | $72.35M | $349.89M | -$6.43M | -$1.73M | $820.2M | $1.13B | $219.3M | $144.15M | $187.86M | $106.2M | $18.28M |
| Forex Effect | $478K | -$310K | -$2.62M | -$6.27M | $1.12M | $4.86M | $91K | -$763K | $653K | -$524K | -$67K |
| Net Change in Cash | $229.91M | -$240.48M | -$218.01M | $44.37M | $522.04M | $366.42M | $13.49M | -$166.71M | $145.71M | $70.79M | $6.01M |
| Supplementary Data | |||||||||||
| Operating Cash Flow | -$150.79M | -$214.87M | -$198.18M | -$367.64M | -$549.23M | -$216.06M | -$191.01M | -$97.54M | -$32.37M | -$32.16M | -$11.46M |
| Capital Expenditure | -$13.42M | -$61.52M | -$8.49M | -$24.98M | -$18.95M | -$10.67M | -$15.24M | -$10.12M | -$9.12M | -$2.23M | -$738K |
| Free Cash Flow | -$164.21M | -$276.39M | -$206.67M | -$392.63M | -$568.18M | -$226.72M | -$206.25M | -$107.66M | -$41.48M | -$34.39M | -$12.2M |
| Cash at Beginning | $550.78M | $791.26M | $1.01B | $964.9M | $442.86M | $76.44M | $62.95M | $229.66M | $83.95M | $13.16M | $7.15M |
| Cash at End | $780.69M | $550.78M | $791.26M | $1.01B | $964.9M | $442.86M | $76.44M | $62.95M | $229.66M | $83.95M | $13.16M |