ZAI LAB LIMITED financials
Source: EDGAR filings · Built 2026-06-19T01:48:47Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -158.89M | -220.53M | -205.39M | -392.23M | -567.53M | -226.19M |
| EBITDA | -214.42M | -270.26M | -357.54M | -396.13M | -693.58M | -297.16M |
| Working Capital | 603.12M | 751.10M | 736.54M | 984.49M | 1.31B | 1.12B |
| Net Debt | -455.31M | -296.20M | -775.00M | -988.08M | -948.56M | -423.52M |
| Gross Margin | 58.33% | 63.00% | 64.08% | 65.20% | 63.75% | 65.82% |
| Operating Margin | -50.18% | -70.95% | -137.44% | -190.13% | -485.80% | -616.45% |
| Net Margin | -38.40% | -64.66% | -125.46% | -208.44% | -488.86% | -549.26% |
| Return on Equity (ROE) | -24.53% | -30.57% | -42.03% | -42.40% | -51.05% | -23.00% |
| Return on Assets (ROA) | -14.97% | -21.68% | -32.29% | -36.33% | -43.76% | -20.72% |
| Current Ratio | 2.45× | 3.51× | 4.63× | 8.04× | 7.78× | 12.40× |
| Debt-to-Equity | 0.31× | 0.18× | 0.02× | 0.02× | 0.01× | 0.02× |
| Effective Tax Rate | 1.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Cash Conversion Ratio | 0.86× | 0.84× | 0.59× | 0.83× | 0.78× | 0.80× |
| Accruals Ratio | -0.02× | -0.04× | -0.13× | -0.06× | -0.10× | -0.04× |
| SBC % of Revenue | 14.35% | 17.77% | 29.86% | 28.82% | 28.25% | 50.72% |
| CapEx Coverage | -18.61× | -37.98× | -27.48× | -14.95× | -30.02× | -21.33× |
| Free Cash Flow Per Share | $-0.15 | $-0.22 | $-0.21 | $-0.41 | $-0.61 | $-0.29 |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 457.18M | 397.61M | 266.72M | 212.67M | 144.10M | 48.96M |
| Revenues | 460.16M | 398.99M | 266.72M | 215.04M | 144.31M | 48.96M |
| Cost of Goods and Services Sold | 190.52M | 147.12M | 95.82M | 74.02M | — | — |
| Cost of Revenue | — | — | 95.82M | 74.02M | 52.24M | 16.74M |
| Research and Development Expense | 220.90M | 234.50M | 265.87M | 286.41M | 573.31M | 222.71M |
| Selling, General and Administrative Expense | 277.61M | 298.74M | 281.61M | 258.97M | 218.83M | 111.31M |
| Operating Income (Loss) | -229.43M | -282.12M | -366.57M | -404.36M | -700.06M | -301.80M |
| Income Tax Expense (Benefit) | -2.93M | 0 | 0 | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -175.54M | -257.10M | -334.62M | -443.29M | -704.47M | -268.90M |
| Earnings Per Share, Basic | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 |
| Weighted Average Number of Shares Outstanding, Basic | 1.10B | 989.48M | 966.39M | 958.07M | 929.92M | 776.68M |
| Earnings Per Share, Diluted | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 |
| Weighted Average Number of Shares Outstanding, Diluted | 1.10B | 989.48M | 966.39M | 958.07M | 929.92M | 776.68M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 679.57M | 449.67M | 790.15M | 1.01B | 964.10M | 442.12M |
| Assets, Current | 1.02B | 1.05B | 939.61M | 1.12B | 1.50B | 1.22B |
| Assets | 1.17B | 1.19B | 1.04B | 1.22B | 1.61B | 1.30B |
| Liabilities, Current | 416.17M | 299.38M | 203.07M | 139.84M | 192.90M | 98.04M |
| Liabilities | 456.88M | 344.86M | 240.18M | 174.54M | 230.00M | 128.29M |
| Stockholders' Equity Attributable to Parent | 715.50M | 840.90M | 796.12M | 1.05B | 1.38B | 1.17B |
| Common Stock, Shares, Outstanding | 1.11B | 1.08B | 972.24M | 960.22M | 954.98M | 87.81M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -150.79M | -214.87M | -198.18M | -367.64M | -549.23M | -216.06M |
| Payments to Acquire Property, Plant, and Equipment | 8.10M | 5.66M | 7.21M | 24.59M | 18.30M | 10.13M |
| Net Cash Provided by (Used in) Investing Activities | 307.87M | -375.19M | -10.78M | 420.02M | 249.96M | -554.83M |
| Net Cash Provided by (Used in) Financing Activities | 72.35M | 349.89M | -6.43M | -1.73M | 820.20M | 1.13B |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -13.11M | -26.70M | -132.19M | -97.14M | -63.23M | -58.37M |
| EBITDA | -65.44M | -65.49M | — | — | -52.85M | -64.86M |
| Working Capital | 551.75M | 603.12M | 673.18M | 702.56M | 722.06M | 751.10M |
| Net Debt | -419.41M | -455.31M | -497.79M | -540.76M | -564.97M | -296.20M |
| Gross Margin | 59.90% | 50.98% | 59.46% | 60.58% | 63.60% | 61.50% |
| Operating Margin | -72.61% | -54.61% | -42.32% | -50.32% | -53.30% | -62.57% |
| Net Margin | -53.39% | -39.66% | -31.17% | -37.34% | -45.85% | -75.28% |
| Return on Equity (ROE) | -7.71% | -7.05% | -4.73% | -5.14% | -5.97% | -9.71% |
| Return on Assets (ROA) | -4.66% | -4.30% | -3.10% | -3.50% | -4.13% | -6.89% |
| Current Ratio | 2.40× | 2.45× | 2.87× | 3.12× | 3.26× | 3.51× |
| Debt-to-Equity | 0.35× | 0.31× | 0.29× | 0.24× | 0.24× | 0.18× |
| Effective Tax Rate | -2.90% | 5.49% | 0.00% | 0.00% | 0.00% | 0.00% |
| Cash Conversion Ratio | 0.23× | 0.52× | 3.47× | 2.28× | 1.27× | 0.68× |
| Accruals Ratio | -0.04× | -0.02× | 0.08× | 0.04× | 0.01× | -0.02× |
| SBC % of Revenue | 14.15% | 12.51% | 43.08% | 30.04% | 14.96% | 15.89% |
| CapEx Coverage | -9.97× | -38.44× | -16.81× | -20.98× | -40.22× | -21.45× |
| Free Cash Flow Per Share | $-0.01 | $-0.02 | $-0.12 | $-0.09 | $-0.06 | $-0.06 |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 95.56M | 127.09M | 115.36M | 109.08M | 105.65M | 108.51M |
| Revenues | 99.61M | 127.60M | 116.09M | 109.98M | 106.49M | 109.07M |
| Cost of Goods and Services Sold | 38.31M | 62.30M | 46.76M | 43.00M | 38.45M | 41.78M |
| Research and Development Expense | 65.59M | 61.63M | 47.93M | 50.61M | 60.73M | 52.25M |
| Selling, General and Administrative Expense | 65.07M | 73.04M | 70.11M | 71.04M | 63.42M | 82.62M |
| Operating Income (Loss) | -69.39M | -69.41M | -48.82M | -54.90M | -56.31M | -67.89M |
| Income Tax Expense (Benefit) | 1.44M | -2.93M | 0 | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -51.02M | -50.41M | -35.96M | -40.73M | -48.44M | -81.68M |
| Earnings Per Share, Basic | $-0.05 | $-0.05 | $-0.03 | $-0.04 | $-0.04 | $-0.08 |
| Weighted Average Number of Shares Outstanding, Basic | 1.11B | 1.10B | 1.10B | 1.09B | 1.08B | 989.48M |
| Earnings Per Share, Diluted | $-0.05 | $-0.05 | $-0.03 | $-0.04 | $-0.04 | $-0.08 |
| Weighted Average Number of Shares Outstanding, Diluted | 1.11B | 1.10B | 1.10B | 1.09B | 1.08B | 989.48M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 651.32M | 679.57M | 717.15M | 732.16M | 757.26M | 449.67M |
| Assets, Current | 944.73M | 1.02B | 1.03B | 1.03B | 1.04B | 1.05B |
| Assets | 1.10B | 1.17B | 1.16B | 1.16B | 1.17B | 1.19B |
| Liabilities, Current | 392.98M | 416.17M | 359.77M | 331.50M | 319.81M | 299.38M |
| Liabilities | 433.76M | 456.88M | 399.00M | 372.37M | 362.58M | 344.86M |
| Stockholders' Equity Attributable to Parent | 661.98M | 715.50M | 759.95M | 791.74M | 810.75M | 840.90M |
| Common Stock, Shares, Outstanding | 1.11B | 1.11B | 1.11B | 1.10B | 1.08B | 1.08B |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -11.91M | -26.02M | -124.77M | -92.72M | -61.70M | -55.77M |
| Payments to Acquire Property, Plant, and Equipment | 1.20M | 677.00K | 7.42M | 4.42M | 1.53M | 2.60M |
| Net Cash Provided by (Used in) Investing Activities | -22.29M | -11.30M | 319.16M | 323.21M | 326.13M | -347.75M |
| Net Cash Provided by (Used in) Financing Activities | 5.57M | -430.00K | 72.78M | 51.99M | 43.14M | 237.81M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (ZLAB CIK 0001704292),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.