ZLAB on Nasdaq
Zai Lab Limited
Zai Lab is an innovative, research-based, commercial stage biopharmaceutical company based in China and the U.S.1
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Last updated Oct 18, 2026.
Overview
Compare with Nature's Sunshine Products, Travere Therapeutics, Inc. or BridgeBio, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-50.2%Operating margin3
-38.4%Net margin3
15.0%Revenue growth, 20253
-24.5%Return on equity3
-$158.9MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Zejula brought in 41% of the revenue Zai Lab Limited broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Zejula | $168.8M | $187.1M | $189.0M |
| Vyvgart/Vyvgart Hytrulo | $10.0M | $93.6M | $94.2M |
| Nuzyra | $21.7M | $43.2M | $60.8M |
| Optune | $47.0M | $40.5M | $48.3M |
| Qinlock | $19.2M | $28.8M | $35.6M |
| Xacduro | $0 | $3.3M | $22.9M |
| Augtyro | $0 | $1.1M | $5.5M |
| Product and Service, Other | $0 | $0 | $717.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue28¢$190.5M
- Research and development32¢$220.9M
- Selling, general and admin40¢$277.6M
- Income tax0¢$2.9M
Out of $457.2M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Product revenue, net | $457.2M | $397.6M | $266.7M |
| Collaboration revenue | $3.0M | $1.4M | $0 |
| Total revenues | $460.2M | $399.0M | $266.7M |
| Cost of product revenue | -$190.5M | -$147.1M | -$95.8M |
| Cost of collaboration revenue | -$561.0K | -$742.0K | $0 |
| Research and development | -$220.9M | -$234.5M | -$265.9M |
| Selling, general, and administrative | -$277.6M | -$298.7M | -$281.6M |
| Gain on sale of intellectual property | $0 | $0 | $10.0M |
| Loss from operations | -$229.4M | -$282.1M | -$366.6M |
| Interest income | $33.0M | $37.1M | $39.8M |
| Interest expenses | -$5.2M | -$2.3M | $0 |
| Foreign currency gains (losses) | $19.6M | -$15.1M | -$14.8M |
| Other income, net | $3.5M | $5.3M | $7.0M |
| Loss before income tax | -$178.5M | -$257.1M | -$334.6M |
| Income tax benefit | $2.9M | $0 | $0 |
| Net loss | -$175.5M | -$257.1M | -$334.6M |
| Loss per share basic (in dollars per share) | -$0.16 | -$0.26 | -$0.35 |
| Loss per share diluted (in dollars per share) | -$0.16 | -$0.26 | -$0.35 |
| Weighted-average shares used in calculating net loss per ordinary share basic (in shares) | 1.1B shares | 989.5M shares | 966.4M shares |
| Weighted-average shares used in calculating net loss per ordinary share diluted (in shares) | 1.1B shares | 989.5M shares | 966.4M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $679.6M | $449.7M | ||
| Restricted cash, current | $100.0M | $100.0M | ||
| Short-term investments | $10.0M | $330.0M | ||
| Accounts receivable (net of allowance for credit losses of $31 and $25 as of December 31, 2025 and 2024, respectively) | $106.1M | $85.2M | ||
| Notes receivable | $12.2M | $4.2M | ||
| Inventories, net | $74.7M | $39.9M | ||
| Prepayments and other current assets | $36.7M | $41.5M | ||
| Total current assets | $1.0B | $1.1B | ||
| Restricted cash, non-current | $1.1M | $1.1M | ||
| Property and equipment, net | $47.4M | $48.0M | ||
| Operating lease right-of-use assets | $19.2M | $21.5M | ||
| Land use rights, net | $2.9M | $2.9M | ||
| Intangible assets, net | $76.1M | $56.0M | ||
| Deferred tax assets | $3.4M | $0 | ||
| Other non-current assets | $3.1M | $5.8M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable | $141.6M | $100.9M | ||
| Current operating lease liabilities | $6.3M | $8.0M | ||
| Short-term debt | $204.5M | $131.7M | ||
| Other current liabilities | $63.7M | $58.7M | ||
| Total current liabilities | $416.2M | $299.4M | ||
| Deferred income | $27.3M | $31.4M | ||
| Non-current operating lease liabilities | $13.4M | $13.7M | ||
| Other non-current liabilities | $0 | $325.0K | ||
| Total liabilities | $456.9M | $344.9M | ||
| 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) | $7.0K | $7.0K | ||
| Additional paid-in capital | $3.3B | $3.3B | ||
| Accumulated deficit | -$2.6B | -$2.5B | ||
| Accumulated other comprehensive income | $29.7M | $50.5M | ||
| Treasury stock (at cost 7,433,210 and 4,912,200 shares as of December 31, 2025 and 2024, respectively) | -$29.1M | -$20.8M | ||
| Total shareholders equity | $715.5M | $840.9M | $796.1M | $1.0B |
| Total liabilities and shareholders equity | $1.2B | $1.2B | ||
| Accounts receivable, allowance for credit loss | $31.0K | $25.0K | ||
| Ordinary shares, par value (in dollars per share) | $0.00 | $0.00 | ||
| Ordinary shares, shares authorized (in shares) | 5.0B shares | 5.0B shares | ||
| Ordinary shares, shares issued (in shares) | 1.1B shares | 1.1B shares | ||
| Ordinary shares, shares outstanding (in shares) | 1.1B shares | 1.1B shares | ||
| Treasury stock (in shares) | 7.4M shares | 4.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $679.6M | $449.7M | ||
| Restricted cash, current | $100.0M | $100.0M | ||
| Short-term investments | $10.0M | $330.0M | ||
| Accounts receivable (net of allowance for credit losses of $31 and $25 as of December 31, 2025 and 2024, respectively) | $106.1M | $85.2M | ||
| Notes receivable | $12.2M | $4.2M | ||
| Inventories, net | $74.7M | $39.9M | ||
| Prepayments and other current assets | $36.7M | $41.5M | ||
| Total current assets | $1.0B | $1.1B | ||
| Restricted cash, non-current | $1.1M | $1.1M | ||
| Property and equipment, net | $47.4M | $48.0M | ||
| Operating lease right-of-use assets | $19.2M | $21.5M | ||
| Land use rights, net | $2.9M | $2.9M | ||
| Intangible assets, net | $76.1M | $56.0M | ||
| Deferred tax assets | $3.4M | $0 | ||
| Other non-current assets | $3.1M | $5.8M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable | $141.6M | $100.9M | ||
| Current operating lease liabilities | $6.3M | $8.0M | ||
| Short-term debt | $204.5M | $131.7M | ||
| Other current liabilities | $63.7M | $58.7M | ||
| Total current liabilities | $416.2M | $299.4M | ||
| Deferred income | $27.3M | $31.4M | ||
| Non-current operating lease liabilities | $13.4M | $13.7M | ||
| Other non-current liabilities | $0 | $325.0K | ||
| Total liabilities | $456.9M | $344.9M | ||
| 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) | $7.0K | $7.0K | ||
| Additional paid-in capital | $3.3B | $3.3B | ||
| Accumulated deficit | -$2.6B | -$2.5B | ||
| Accumulated other comprehensive income | $29.7M | $50.5M | ||
| Treasury stock (at cost 7,433,210 and 4,912,200 shares as of December 31, 2025 and 2024, respectively) | -$29.1M | -$20.8M | ||
| Total shareholders equity | $715.5M | $840.9M | $796.1M | $1.0B |
| Total liabilities and shareholders equity | $1.2B | $1.2B | ||
| Accounts receivable, allowance for credit loss | $31.0K | $25.0K | ||
| Ordinary shares, par value (in dollars per share) | $0.00 | $0.00 | ||
| Ordinary shares, shares authorized (in shares) | 5.0B shares | 5.0B shares | ||
| Ordinary shares, shares issued (in shares) | 1.1B shares | 1.1B shares | ||
| Ordinary shares, shares outstanding (in shares) | 1.1B shares | 1.1B shares | ||
| Treasury stock (in shares) | 7.4M shares | 4.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$175.5M | -$257.1M | -$334.6M |
| Allowance for credit losses | $6.0K | $8.0K | $6.0K |
| Inventory write-down | $12.3M | $815.0K | $973.0K |
| Depreciation and amortization expenses | $15.0M | $11.9M | $9.0M |
| Impairment of property and equipment | $0 | $0 | $57.0K |
| Amortization of deferred income | -$5.3M | -$3.5M | -$3.4M |
| Share-based compensation | $65.6M | $70.7M | $79.6M |
| Loss (gain) from fair value changes of equity investment with readily determinable fair value | $1.9M | $6.1M | -$2.8M |
| Losses on disposal of property and equipment | $542.0K | $453.0K | $159.0K |
| Gain on disposal of land use right | $0 | $0 | -$408.0K |
| Noncash lease expenses | $8.8M | $8.4M | $8.7M |
| Gain from sale of intellectual property | $0 | $0 | -$10.0M |
| Foreign currency remeasurement impact | -$19.6M | $15.1M | $14.8M |
| Amortization of debt issuance cost | $194.0K | $700.0K | $0 |
| Accounts receivable | -$18.9M | -$27.0M | -$20.0M |
| Notes receivable | -$7.7M | $1.8M | $2.4M |
| Inventories | -$47.0M | $3.9M | -$14.9M |
| Prepayments and other current assets | $5.1M | -$18.7M | $12.2M |
| Deferred tax assets | -$3.3M | $0 | $0 |
| Other non-current assets | -$374.0K | -$1.4M | $187.0K |
| Accounts payable | $19.9M | -$2.2M | $36.8M |
| Other current liabilities | $4.8M | -$22.0M | $19.8M |
| Operating lease liabilities | -$7.5M | -$9.3M | -$8.4M |
| Deferred income | $745.0K | $6.6M | $11.2M |
| Other non-current liabilities | -$325.0K | $0 | $325.0K |
| Net cash used in operating activities | -$150.8M | -$214.9M | -$198.2M |
| Purchases of short-term investments | -$10.0M | -$330.0M | -$134.0M |
| Proceeds from maturity of short-term investment | $330.0M | $16.3M | $117.7M |
| Proceeds from the sale of equity investment | $1.2M | $0 | $0 |
| Purchases of property and equipment | -$8.1M | -$5.7M | -$7.2M |
| Proceeds from the sale of property and equipment | $87.0K | $29.0K | $122.0K |
| Acquisition of intangible assets | -$5.3M | -$55.9M | -$1.3M |
| Proceeds from sale of intellectual property | $0 | $0 | $10.0M |
| Proceeds from disposal of land use right | $0 | $0 | $3.9M |
| Net cash provided by (used in) investing activities | $307.9M | -$375.2M | -$10.8M |
| Proceeds from short-term debt | $206.8M | $131.6M | $0 |
| Repayment of short-term bank borrowings | -$138.9M | -$284.0K | $0 |
| Payments of debt issuance costs | -$194.0K | -$700.0K | $0 |
| Proceeds from exercises of stock options | $13.7M | $3.2M | $2.4M |
| Proceeds from issuance of ordinary shares upon public offerings | $0 | $217.3M | $0 |
| Payments of public offering costs | -$854.0K | -$1.3M | $0 |
| Taxes paid related to settlement of equity awards | -$8.2M | $0 | -$8.8M |
| Net cash provided by (used in) financing activities | $72.4M | $349.9M | -$6.4M |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | $478.0K | -$310.0K | -$2.6M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $229.9M | -$240.5M | -$218.0M |
| Cash paid for interest | $4.9M | $2.0M | $0 |
| Payables for purchase of property and equipment | $486.0K | $449.0K | $2.5M |
| Payables for acquisition of intangible assets | $21.9M | $2.7M | $11.5M |
| Payables for public offering costs | $168.0K | $994.0K | $0 |
| Right-of-use asset acquired under operating leases | $6.0M | $15.2M | $3.7M |
| Receivables for stock option exercise under equity incentive plans | $0 | $70.0K | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Zai Lab Limited, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerYing Du Jan 4, 2021 to now16
- ChairYing Du Jan 4, 2021 to now16
- PresidentTao Fu Jan 4, 2021 to Oct 29, 202117
- PresidentYi Liang Jan 4, 2021 to Jun 27, 202218
- Chief financial officerYajing Chen Jul 17, 2023 to now19
- Chief financial officerWilliam Ki Chul Cho Jan 4, 2021 to Apr 5, 202320
- Chief operating officerJoshua L. Smiley Aug 3, 2022 to Aug 16, 202221
- Chief operating officerTao Fu Jan 4, 2021 to Oct 29, 202117
Board members and other officers (14)
- Operating PartnerYizhe Wang Jun 8, 2026 to now22
- OfficerRafael Amado Jan 3, 2023 to now23
- OfficerJoshua L. Smiley Apr 5, 2023 to now24
- Head of Global Dev., OncologyAlan B. Sandler Jan 4, 2021 to Jun 27, 202225
- Chief Medical OfficerHarald Reinhart Jan 4, 2021 to Jun 27, 202426
- Board memberMichel Vounatsos Jan 13, 2023 to now27
- Board memberJohn D. Diekman Jan 4, 2021 to now28
- Board memberLeon O. Moulder Jr. Jan 4, 2021 to now29
- Board memberNisa Leung Jan 4, 2021 to now30
- Board memberPeter Wirth Jan 4, 2021 to now31
- Board memberTao Fu Jan 4, 2021 to Oct 29, 202117
- Board memberWilliam Lis Jan 4, 2021 to now32
- Board memberScott W. Morrison Oct 18, 2021 to now33
- General counselFrazor Titus Edmondson Iii. Jan 4, 2021 to now34
Former names
- Zai Lab LtdMay 30, 2017 to Oct 5, 20264
Timeline
- Jan 4, 2021New chief executive Ying Du becomes CEO16
Filings
519 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 58 major events, 232 insider forms, 40 large holders, 168 other. The latest 20:
- Oct 5, 20264 EDGAR
- Aug 21, 20264 EDGAR
- Aug 20, 2026144 EDGAR
- Aug 19, 2026144 EDGAR
- Aug 18, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 11, 2026144 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 6, 20264 EDGAR
- Jul 6, 20264 EDGAR
- Jul 1, 20264 EDGAR
- Jun 30, 2026144 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 26, 2026144 EDGAR
- Jun 26, 2026144 EDGAR
The 519 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 40 such filings since October 2021, the latest 10:
- Jun 11, 2026SCHEDULE 13G
- Apr 6, 2026SCHEDULE 13G
- Feb 17, 2026SCHEDULE 13G
- Feb 13, 2026SCHEDULE 13G/A
- Feb 13, 2026SCHEDULE 13G/A
- Feb 10, 2026SCHEDULE 13G/A
- Feb 5, 2026SCHEDULE 13G/A
- Nov 14, 2025SCHEDULE 13G/A
- Nov 12, 2025SCHEDULE 13G
- Nov 5, 2025SCHEDULE 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 93. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Rtw Investments, LP | 6,574,032 | $124.9M | 1.1% | No change |
| TCG Crossover Management, LLC | 6,137,627 | $116.6M | 2.8% | New |
| Ra Capital Management, L.P. | 5,743,533 | $109.1M | 0.9% | +36,271 |
| ADAR1 Capital Management, LLC | 3,369,034 | $64.0M | 3.0% | +1,943,667 |
| Fmr LLC | 2,815,214 | $53.5M | 0.0% | +1,552,823 |
| Goldman Sachs Group Inc | 2,315,480 | $44.0M | 0.0% | +2,204,893 |
| Woodline Partners LP | 2,207,293 | $41.9M | 0.1% | New |
| Frazier Life Sciences Management, L.P. | 1,902,320 | $36.1M | 0.8% | No change |
| Bamco Inc /ny/ | 1,623,694 | $30.9M | 0.0% | −34,624 |
| Two Sigma Investments, LP | 1,299,394 | $24.7M | 0.0% | +989,671 |
| Citadel Advisors LLC | 1,284,706 | $24.4M | 0.0% | −403,926 |
| Rock Springs Capital Management LP | 814,707 | $15.5M | 0.8% | No change |
| BlackRock, Inc. | 664,462 | $12.6M | 0.0% | −200,684 |
| Jane Street Group, LLC | 476,541 | $9.1M | 0.0% | +208,615 |
| B Group, Inc. | 450,646 | $8.6M | 4.9% | No change |
| Nantahala Capital Management, LLC | 400,000 | $7.6M | 0.2% | New |
| Schroder Investment Management Group | 393,167 | $7.2M | 0.0% | No change |
| Nan Fung Trinity (hk) Ltd | 346,466 | $6.6M | 0.6% | No change |
| Aberdeen Group plc | 311,294 | $5.9M | 0.0% | +73,555 |
| Citigroup Inc | 300,775 | $5.7M | 0.0% | +299,816 |
| Spruce Street Capital LP | 279,110 | $5.3M | 1.0% | New |
| Ameriprise Financial Inc | 253,171 | $4.8M | 0.0% | +9,614 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 246,982 | $4.7M | 0.0% | +130,422 |
| Hennion & Walsh Asset Management, Inc. | 230,418 | $4.4M | 0.1% | +16,095 |
| Hudson Bay Capital Management LP | 215,000 | $4.1M | 0.0% | +185,000 |
13F reports cover disclosed long positions in U.S. stocks only.
Links
- Websitezailaboratory.com1
- X (Twitter)x.com/ZaiLab_Global1
- LinkedInwww.linkedin.com/company/zai-lab1
- WikidataQ106221884
- SEC EDGARCIK 1704292
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataZai Lab Limited on Wikidata
- 2SEC EDGARZai Lab Limited filings on SEC EDGAR
- 3SEC EDGARZai Lab Limited 10-K for fiscal 2025
- 4SEC EDGARZai Lab Limited filings on SEC EDGAR
- 5SEC EDGARZai Lab Limited 10-K for fiscal 2018
- 6SEC EDGARZai Lab Limited 10-K for fiscal 2019
- 7SEC EDGARZai Lab Limited 10-K for fiscal 2020
- 8SEC EDGARZai Lab Limited 10-K for fiscal 2021
- 9SEC EDGARZai Lab Limited 10-K for fiscal 2022
- 10SEC EDGARZai Lab Limited 10-K for fiscal 2018
- 11SEC EDGARZai Lab Limited 10-Q for fiscal 2025
- 12SEC EDGARZai Lab Limited 10-Q for fiscal 2025
- 13SEC EDGARZai Lab Limited 10-Q for fiscal 2026
- 14SEC EDGARZai Lab Limited 10-K for fiscal 2018
- 15SEC EDGARZai Lab Limited 10-Q for fiscal 2025
- 16SEC EDGARYing Du, Chief executive officer
- 17SEC EDGARTao Fu, President
- 18SEC EDGARYi Liang, President
- 19SEC EDGARYajing Chen, Chief financial officer
- 20
- 21
- 22SEC EDGARYizhe Wang, Operating Partner
- 23SEC EDGARRafael Amado, Officer
- 24SEC EDGARJoshua L. Smiley, Officer
- 25
- 26
- 27SEC EDGARMichel Vounatsos, Board member
- 28SEC EDGARJohn D. Diekman, Board member
- 29SEC EDGARLeon O. Moulder Jr., Board member
- 30SEC EDGARNisa Leung, Board member
- 31SEC EDGARPeter Wirth, Board member
- 32SEC EDGARWilliam Lis, Board member
- 33SEC EDGARScott W. Morrison, Board member
- 34