What is Zai Lab's operating income?

Zai Lab's total operating income in 2025 was -$229.43 million, based on the following breakdown: Total Gross Profit: $269.08 million Total Operating Expenses: $498.51 million

Zai Lab (ZLAB) Financials

$26.23 -0.77 (-2.85%)

As of 09/4/2026 04:00 PM Eastern

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Annual Income Statements for Zai Lab

This table shows Zai Lab's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-18	-38	-50	-139	-195	-269	-704	-443	-335	-257	-176
Consolidated Net Income / (Loss)	-18	-38	-50	-139	-195	-269	-704	-443	-335	-257	-176
Net Income / (Loss) Continuing Operations	-18	-38	-50	-139	-195	-269	-704	-443	-335	-257	-176
Total Pre-Tax Income	-18	-38	-50	-138	-194	-268	-703	-443	-335	-257	-178
Total Operating Income	-16	-39	-51	-142	-203	-302	-700	-404	-367	-282	-229
Total Gross Profit	0.00	0.00	0.00	0.09	9.24	32	92	141	171	251	269
Total Revenue	0.00	0.00	0.00	0.13	13	49	144	215	267	399	460
Operating Revenue	-	0.00	0.00	0.13	13	49	144	215	267	399	460
Total Cost of Revenue	0.00	0.00	0.00	0.04	3.75	17	52	74	96	148	191
Operating Cost of Revenue	-	0.00	0.00	0.04	3.75	17	52	74	96	148	191
Total Operating Expenses	16	39	51	142	212	334	792	545	537	533	499
Selling, General & Admin Expense	2.76	6.38	12	22	70	111	219	259	282	299	278
Research & Development Expense	14	32	39	120	142	223	573	286	266	235	221
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	-10	0.00	0.00
Total Other Income / (Expense), net	-1.67	1.02	1.26	3.28	8.88	34	-3.35	-39	32	25	51
Interest Expense	-	0.00	0.00	0.04	0.29	0.18	-	0.00	0.00	2.25	5.21
Interest & Investment Income	0.01	0.40	0.53	3.26	8.23	5.12	2.19	15	40	37	33
Other Income / (Expense), net	-1.68	0.61	0.73	0.06	0.94	29	-5.54	-53	-7.84	-9.84	23
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.93
Basic Earnings per Share	($2.07)	($3.97)	($2.32)	($2.64)	($3.03)	($0.35)	($0.76)	($0.46)	($0.35)	($0.26)	($0.16)
Weighted Average Basic Shares Outstanding	8.69M	9.44M	21.75M	52.61M	64.37M	776.68M	929.92M	958.07M	966.39M	989.48M	1.10B
Diluted Earnings per Share	($2.07)	($3.97)	($2.32)	($2.64)	($3.03)	($0.35)	($0.76)	($0.46)	($0.35)	($0.26)	($0.16)
Weighted Average Diluted Shares Outstanding	8.69M	9.44M	21.75M	52.61M	64.37M	776.68M	929.92M	958.07M	966.39M	989.48M	1.10B
Weighted Average Basic & Diluted Shares Outstanding	8.69M	9.44M	21.75M	52.61M	64.37M	77.67M	92.99M	1.72B	1.75B	1.93B	1.41B

This table shows Zai Lab's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-95	-53	-80	-42	-82	-48	-41	-36	-50	-51	-51
Consolidated Net Income / (Loss)	-95	-53	-80	-42	-82	-48	-41	-36	-50	-51	-51
Net Income / (Loss) Continuing Operations	-95	-53	-80	-42	-82	-48	-41	-36	-50	-51	-51
Total Pre-Tax Income	-95	-53	-80	-42	-82	-48	-41	-36	-53	-50	-52
Total Operating Income	-124	-70	-76	-68	-68	-56	-55	-49	-69	-69	-76
Total Gross Profit	41	54	65	65	67	68	67	69	65	61	58
Total Revenue	66	87	101	102	109	106	110	116	128	100	106
Operating Revenue	66	87	101	102	109	106	110	116	128	100	106
Total Cost of Revenue	25	34	35	37	42	39	43	47	62	38	48
Operating Cost of Revenue	25	34	35	37	42	39	43	47	62	38	48
Total Operating Expenses	165	124	141	133	135	124	122	118	135	131	135
Selling, General & Admin Expense	83	69	80	67	83	63	71	70	73	65	73
Research & Development Expense	82	55	62	66	52	61	51	48	62	66	62
Total Other Income / (Expense), net	29	17	-4.21	26	-14	7.87	14	13	16	20	25
Interest Expense	-	0.11	0.49	0.75	0.90	1.19	1.26	1.40	1.36	1.64	1.59
Interest & Investment Income	10	9.66	9.33	9.03	9.09	8.61	8.84	8.35	7.25	6.45	5.88
Other Income / (Expense), net	18	7.29	-13	18	-22	0.45	6.59	5.91	10	15	20
Income Tax Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-2.93	1.44	-1.02
Basic Earnings per Share	($0.10)	($0.05)	($0.08)	($0.04)	($0.09)	($0.04)	($0.04)	($0.03)	($0.05)	($0.05)	($0.05)
Weighted Average Basic Shares Outstanding	966.39M	973.15M	975.94M	981.69M	989.48M	1.08B	1.09B	1.10B	1.10B	1.11B	1.12B
Diluted Earnings per Share	($0.10)	($0.05)	($0.08)	($0.04)	($0.09)	($0.04)	($0.04)	($0.03)	($0.05)	($0.05)	($0.05)
Weighted Average Diluted Shares Outstanding	966.39M	973.15M	975.94M	981.69M	989.48M	1.08B	1.09B	1.10B	1.10B	1.11B	1.12B
Weighted Average Basic & Diluted Shares Outstanding	1.75B	1.75B	1.76B	1.76B	1.93B	1.57B	1.52B	1.46B	1.41B	1.46B	1.55B

This table details how cash moves in and out of Zai Lab's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.01	71	146	-167	13	366	522	44	-218	-240	230
Net Cash From Operating Activities	-11	-32	-32	-98	-191	-216	-549	-368	-198	-215	-151
Net Cash From Continuing Operating Activities	-11	-32	-33	-98	-191	-216	-549	-368	-198	-215	-151
Net Income / (Loss) Continuing Operations	-18	-38	-50	-139	-195	-269	-704	-443	-335	-257	-176
Consolidated Net Income / (Loss)	-18	-38	-50	-139	-195	-269	-704	-443	-335	-257	-176
Depreciation Expense	0.13	0.20	0.55	1.65	3.77	4.64	6.49	8.23	9.03	12	15
Amortization Expense	0.00	0.00	-0.08	-0.31	-0.31	-0.31	-0.52	-2.60	-3.38	-2.82	-5.15
Non-Cash Adjustments To Reconcile Net Income	4.72	6.85	9.74	9.59	24	8.62	115	136	91	102	70
Changes in Operating Assets and Liabilities, net	1.71	-1.69	7.55	31	-23	40	34	-66	40	-68	-55
Net Cash From Investing Activities	-0.74	-2.73	-10	-213	-15	-555	250	420	-11	-375	308
Net Cash From Continuing Investing Activities	-0.74	-2.73	-10	-213	-15	-555	250	420	-11	-375	308
Purchase of Property, Plant & Equipment	-0.74	-2.22	-9.10	-10	-6.04	-10	-18	-25	-7.21	-5.66	-8.10
Acquisitions	0.00	-0.01	-1.92	-2.19	-1.37	-0.54	-31	-0.40	-1.28	-56	-5.32
Purchase of Investments	0.00	-0.50	0.00	-200	-278	-949	-445	-260	-134	-330	-10
Sale of Property, Plant & Equipment	0.00	0.00	0.08	-	0.00	0.00	0.00	0.00	0.12	0.03	0.09
Divestitures	-	-	-	-	-	-	0.00	0.00	10	0.00	1.20
Sale and/or Maturity of Investments	-	-	0.50	0.00	278	405	744	705	118	16	330
Other Investing Activities, net	0.00	0.00	0.00	0.00	-7.84	-	0.00	0.00	3.89	0.00	0.00
Net Cash From Financing Activities	18	106	188	144	219	1,132	820	-1.73	-6.43	350	72
Net Cash From Continuing Financing Activities	18	106	188	144	219	1,132	820	-1.73	-6.43	350	72
Repayment of Debt	-	-	0.00	0.00	-4.35	-6.53	-	0.00	0.00	-0.98	-139
Repurchase of Common Equity	0.00	0.00	-2.73	-0.69	-0.85	-5.38	-1.84	0.00	0.00	-1.28	-0.85
Issuance of Debt	-	0.00	0.00	3.64	7.25	-	-	0.00	0.00	132	207
Issuance of Common Equity	0.00	0.00	160	141	216	1,138	819	0.00	0.00	217	0.00
Other Financing Activities, net	0.00	0.00	1.07	0.20	1.06	6.66	3.16	-1.73	-6.43	3.20	5.46
Effect of Exchange Rate Changes	-0.07	-0.52	0.65	-0.76	0.09	4.86	1.12	-6.27	-2.62	-0.31	0.48
Cash Interest Paid	-	0.00	0.00	0.04	0.29	0.19	-	0.00	0.00	2.02	4.88

This table details how cash moves in and out of Zai Lab's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	0.67	-39	-21	-14	-166	308	-25	-15	-38	-28	-44
Net Cash From Operating Activities	-15	-90	-42	-27	-56	-62	-31	-32	-26	-12	-63
Net Cash From Continuing Operating Activities	-15	-90	-42	-27	-56	-62	-30	-33	-26	-12	-63
Net Income / (Loss) Continuing Operations	-95	-53	-80	-42	-82	-48	-41	-36	-50	-51	-51
Consolidated Net Income / (Loss)	-95	-53	-80	-42	-82	-48	-41	-36	-50	-51	-51
Depreciation Expense	2.46	3.01	2.94	2.87	3.03	3.46	3.74	3.90	3.92	3.94	4.17
Amortization Expense	-0.84	-0.14	-0.84	-0.84	-1.00	-1.33	1.44	-3.90	-1.35	-1.39	-1.47
Non-Cash Adjustments To Reconcile Net Income	6.64	18	36	5.27	43	20	16	15	19	0.69	4.46
Changes in Operating Assets and Liabilities, net	72	-57	0.38	7.54	-19	-35	-10	-12	2.33	36	-20
Net Cash From Investing Activities	14	3.29	-0.85	-30	-348	326	-2.92	-4.05	-11	-22	-1.42
Net Cash From Continuing Investing Activities	14	3.29	-0.85	-30	-348	326	-2.92	-4.05	-11	-22	-1.42
Purchase of Property, Plant & Equipment	-0.22	-0.97	-0.74	-1.34	-2.60	-1.53	-2.89	-3.01	-0.68	-1.20	-1.31
Acquisitions	-0.62	-12	-0.13	-29	-15	-2.33	-1.29	-1.08	-0.62	-21	-0.15
Sale of Property, Plant & Equipment	-	-	0.03	-	-	0.00	-	0.04	0.00	0.00	0.04
Net Cash From Financing Activities	0.39	48	22	42	238	43	8.85	21	-0.43	5.57	19
Net Cash From Continuing Financing Activities	0.39	48	22	42	238	43	8.85	21	-0.43	5.57	19
Repayment of Debt	-	-0.70	-	-0.28	-0.00	-61	-22	-34	-22	-106	-24
Issuance of Debt	-	48	22	41	20	102	22	61	21	113	44
Other Financing Activities, net	0.39	0.00	0.04	1.28	1.88	3.01	8.41	-6.21	0.25	-1.44	-1.26
Effect of Exchange Rate Changes	0.73	-0.10	-0.03	0.54	-0.71	0.02	0.11	0.19	0.17	0.37	2.33
Cash Interest Paid	-	0.05	0.45	0.67	0.85	1.10	1.20	1.31	1.27	1.40	1.47

This table presents Zai Lab's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	89	250	302	355	1,298	1,610	1,220	1,036	1,186	1,172
Total Current Assets	84	231	269	292	1,216	1,501	1,124	940	1,050	1,019
Cash & Equivalents	84	230	63	76	442	964	1,008	790	450	680
Restricted Cash	-	-	-	-	-	-	-	0.00	100	100
Short-Term Investments	-	0.00	200	200	745	445	0.00	16	330	10
Note & Lease Receivable	-	-	-	-	0.00	7.34	8.61	6.13	4.23	12
Accounts Receivable	-	0.00	0.09	3.79	5.17	47	40	59	85	106
Inventories, net	-	0.00	0.00	6.01	13	19	32	45	40	75
Prepaid Expenses	0.14	0.95	5.75	6.74	11	18	36	23	42	37
Plant, Property, & Equipment, net	1.25	12	20	21	29	43	58	54	48	47
Total Noncurrent Assets	3.57	7.17	12	41	52	66	38	43	87	106
Intangible Assets	0.01	0.02	0.32	1.15	1.53	1.85	1.51	13	56	76
Noncurrent Deferred & Refundable Income Taxes	1.38	5.06	8.04	14	22	24	-	0.00	0.00	3.39
Other Noncurrent Operating Assets	1.69	0.43	0.83	24	27	25	30	20	31	26
Total Liabilities & Shareholders' Equity	89	250	302	355	1,298	1,610	1,220	1,036	1,186	1,172
Total Liabilities	5.95	14	51	60	128	230	175	240	345	457
Total Current Liabilities	5.17	12	49	47	98	193	140	203	299	416
Short-Term Debt	-	0.00	3.64	6.45	-	-	-	0.00	132	205
Accounts Payable	0.52	8.97	37	23	63	126	66	113	101	142
Other Current Liabilities	4.65	3.10	7.77	18	35	67	74	90	67	70
Total Noncurrent Liabilities	0.78	2.39	2.06	14	30	37	35	37	45	41
Other Noncurrent Operating Liabilities	-	-	-	14	13	37	35	37	45	41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-52	235	251	295	1,169	1,380	1,046	796	841	716
Total Preferred & Common Equity	-52	235	251	295	1,169	1,380	1,046	796	841	716
Total Common Equity	-52	235	251	295	1,169	1,380	1,046	796	841	716
Common Stock	9.31	345	498	735	1,897	2,826	2,893	2,975	3,264	3,343
Retained Earnings	-60	-111	-250	-445	-714	-1,418	-1,861	-2,196	-2,453	-2,629
Treasury Stock	-	-	-	-	0.00	-4.28	-12	-21	-21	-29
Accumulated Other Comprehensive Income / (Loss)	-0.70	0.45	2.66	4.62	-15	-24	26	38	51	30

This table presents Zai Lab's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,170	1,106	1,044	988	987	985	1,173	1,164	1,159	1,096	1,075
Total Current Assets	1,072	1,018	960	889	870	861	1,042	1,034	1,033	945	914
Cash & Equivalents	880	859	789	651	630	616	757	732	717	651	608
Restricted Cash	-	-	-	100	100	100	100	100	100	100	100
Short-Term Investments	51	16	32	0.00	0.00	0.00	0.00	0.00	0.00	10	10
Note & Lease Receivable	17	21	24	15	8.10	19	11	11	20	7.93	3.40
Accounts Receivable	43	47	42	60	70	50	77	88	85	54	70
Inventories, net	38	36	44	38	42	40	53	62	67	86	91
Prepaid Expenses	43	38	30	24	20	36	44	41	44	35	33
Plant, Property, & Equipment, net	58	56	55	52	51	51	50	50	49	47	46
Total Noncurrent Assets	39	32	29	47	67	74	82	80	77	104	114
Intangible Assets	1.48	1.69	1.57	12	44	52	56	57	55	76	86
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	1.24	-	-	-	3.44	4.85
Other Noncurrent Operating Assets	31	26	23	21	19	18	26	23	22	25	24
Total Liabilities & Shareholders' Equity	1,170	1,106	1,044	988	987	985	1,173	1,164	1,159	1,096	1,075
Total Liabilities	169	174	163	226	283	318	363	372	399	434	468
Total Current Liabilities	125	133	125	192	252	286	320	332	360	393	429
Short-Term Debt	-	-	-	48	70	113	173	175	203	214	238
Accounts Payable	66	67	55	88	127	121	103	107	100	126	137
Other Current Liabilities	58	66	70	56	54	53	43	50	57	53	54
Total Noncurrent Liabilities	44	41	38	34	31	31	43	41	39	41	39
Other Noncurrent Operating Liabilities	44	41	10	34	31	6.44	43	41	11	41	39
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,001	932	881	762	704	668	811	792	760	662	607
Total Preferred & Common Equity	1,001	932	881	762	704	668	811	792	760	662	607
Total Common Equity	1,001	932	881	762	704	668	811	792	760	662	607
Common Stock	2,911	2,932	2,954	2,993	3,012	3,032	3,284	3,308	3,328	3,358	3,371
Retained Earnings	-1,911	-2,031	-2,101	-2,249	-2,330	-2,371	-2,502	-2,542	-2,578	-2,680	-2,730
Treasury Stock	-17	-21	-21	-21	-21	-21	-21	-21	-29	-31	-34
Accumulated Other Comprehensive Income / (Loss)	17	52	48	39	43	28	49	46	40	15	0.21

This table displays calculated financial ratios and metrics derived from Zai Lab's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	9,965.89%	277.04%	194.77%	49.01%	24.03%	49.59%	15.33%
EBITDA Growth	0.00%	-110.70%	-33.07%	-179.67%	-41.63%	-35.01%	-160.67%	35.39%	18.42%	23.28%	30.57%
EBIT Growth	0.00%	-110.33%	-67.23%	-179.72%	-42.73%	-34.84%	-158.72%	35.14%	18.19%	22.02%	29.34%
NOPAT Growth	0.00%	-135.66%	-33.38%	-175.86%	-43.33%	-48.53%	-131.96%	42.24%	9.34%	23.04%	18.67%
Net Income Growth	0.00%	-108.15%	-68.63%	-176.03%	-40.26%	-37.85%	-161.98%	37.08%	24.51%	23.17%	31.73%
EPS Growth	0.00%	-91.79%	41.56%	-13.79%	-29.55%	88.45%	-117.14%	39.47%	23.91%	25.71%	38.46%
Operating Cash Flow Growth	0.00%	-180.49%	-1.30%	-201.35%	-95.83%	-13.11%	-154.21%	33.06%	46.09%	-8.42%	29.82%
Free Cash Flow Firm Growth	0.00%	0.00%	-124.43%	-102.41%	-111.29%	3.96%	-173.35%	22.74%	42.44%	-48.71%	36.09%
Invested Capital Growth	0.00%	0.00%	358.51%	-403.80%	294.24%	-182.20%	-138.97%	168.59%	-163.70%	559.40%	40.36%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.23%	9.37%	1.23%	12.15%	4.20%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23.82%	23.80%	-10.34%	5.44%	13.70%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23.63%	23.58%	-10.19%	5.15%	12.93%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.51%	23.16%	-7.85%	16.58%	-0.66%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23.77%	25.29%	-11.18%	5.07%	15.12%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	71.96%	-112.17%	-12.90%	3.70%	20.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-24.66%	10.62%	32.26%	-23.48%	16.48%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.21%	33.64%	-26.77%	18.78%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,534.37%	281.37%	-134.85%	46.24%	-10.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	66.67%	142.26%	65.82%	63.80%	65.58%	64.08%	62.94%	58.47%
EBITDA Margin	0.00%	0.00%	0.00%	-108,814.73%	-1,531.03%	-548.22%	-484.81%	-210.20%	-138.26%	-70.91%	-42.69%
Operating Margin	0.00%	0.00%	0.00%	-109,897.67%	-3,129.70%	-616.45%	-485.10%	-188.04%	-137.44%	-70.71%	-49.86%
EBIT Margin	0.00%	0.00%	0.00%	-109,851.94%	-3,115.26%	-557.06%	-488.94%	-212.82%	-140.38%	-73.17%	-44.83%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	-107,810.08%	-1,502.28%	-549.26%	-488.16%	-206.14%	-125.46%	-64.44%	-38.15%
Tax Burden Percent	100.00%	100.00%	301.50%	100.42%	200.77%	100.42%	100.15%	100.05%	100.00%	100.00%	98.36%
Interest Burden Percent	99.97%	98.94%	197.92%	97.73%	192.15%	98.19%	99.69%	96.81%	89.37%	88.06%	86.51%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-2,573.96%	-10,422.33%	0.00%	0.00%	-4,606.43%	-562.03%	-143.78%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-2,554.20%	-10,414.44%	0.00%	0.00%	-4,597.90%	-554.42%	-141.54%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	5,004.95%	10,385.60%	0.00%	0.00%	4,570.09%	530.62%	121.23%
Return on Equity (ROE)	0.00%	-45.22%	-63.35%	-57.20%	-71.49%	-36.74%	-55.27%	-36.55%	-36.34%	-31.41%	-22.56%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-1,070.53%	0.00%	-775.88%	0.00%	0.00%	-1,167.96%	0.00%	-341.61%	-177.37%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	-51.38%	-123.11%	-33.00%	-48.54%	-32.34%	-33.19%	-26.28%	-17.50%
Return on Assets (ROA)	0.00%	0.00%	0.00%	-50.42%	-118.74%	-32.54%	-48.46%	-31.33%	-29.66%	-23.14%	-14.89%
Return on Common Equity (ROCE)	0.00%	28.10%	-36.57%	-57.20%	-142.97%	-36.74%	-55.27%	-36.55%	-36.34%	-31.41%	-22.56%
Return on Equity Simple (ROE_SIMPLE)	0.00%	72.77%	-42.85%	-55.39%	-132.40%	-23.00%	-51.05%	-42.40%	-42.03%	-30.57%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-27	-36	-99	-142	-211	-490	-283	-257	-197	-161
NOPAT Margin	0.00%	0.00%	0.00%	-76,928.37%	-1,095.40%	-431.51%	-339.57%	-131.63%	-96.21%	-49.50%	-34.90%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.97%	-18.25%	-16.12%	-19.76%	-7.90%	-16.41%	-13.14%	-8.52%	-7.61%	-2.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-27.07%	-32.23%	-20.30%	-17.46%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	33.33%	57.74%	34.18%	36.20%	34.42%	35.92%	37.06%	41.53%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	16,725.58%	1,081.42%	227.36%	151.64%	120.43%	105.58%	74.87%	60.33%
R&D to Revenue	0.00%	0.00%	0.00%	93,238.76%	1,095.27%	454.90%	397.27%	133.19%	99.68%	58.77%	48.01%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	109,964.34%	1,635.98%	682.26%	548.91%	253.62%	201.51%	133.65%	108.33%
Earnings before Interest and Taxes (EBIT)	-18	-38	-51	-142	-202	-273	-706	-458	-374	-292	-206
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	-38	-50	-140	-199	-268	-700	-452	-369	-283	-196
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.96	4.68	17.89	7.91	7.53	50.58	59.83	54.79	36.03
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.96	4.68	17.96	7.92	7.54	50.65	60.85	58.70	40.32
Price to Revenue (P/Rev)	0.00	0.00	0.00	9,100.06	393.08	189.02	71.99	245.93	178.58	115.47	56.02
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	207.51	0.00	0.00	1,689.94	0.00	504.51	193.10
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	7,062.78	165.97	164.75	62.12	241.22	175.52	113.58	54.75
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.01	0.04	0.00	0.00	0.00	0.00	0.16	0.29
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-1.02	-1.98	-1.02	-1.90	-1.00	-1.02	-1.01	-0.99	-0.96	-0.86
Leverage Ratio	0.00	1.07	2.13	1.13	2.41	1.13	1.14	1.17	1.23	1.36	1.52
Compound Leverage Factor	0.00	1.06	2.11	1.11	2.31	1.11	1.14	1.13	1.10	1.20	1.31
Debt to Total Capital	0.00%	0.00%	0.00%	1.43%	4.28%	0.00%	0.00%	0.00%	0.00%	13.54%	22.23%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.43%	4.28%	0.00%	0.00%	0.00%	0.00%	13.54%	22.23%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	162.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-62.14%	200.00%	98.57%	195.72%	100.00%	100.00%	100.00%	100.00%	86.46%	77.77%
Debt to EBITDA	0.00	0.00	0.00	-0.03	-0.06	0.00	0.00	0.00	0.00	-0.47	-1.04
Net Debt to EBITDA	0.00	0.00	0.00	1.87	2.74	0.00	0.00	0.00	0.00	2.65	2.98
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	-0.04	-0.09	0.00	0.00	0.00	0.00	-0.67	-1.27
Net Debt to NOPAT	0.00	0.00	0.00	2.65	3.82	0.00	0.00	0.00	0.00	3.80	3.64
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	18.92	12.01	46.75	42.89	25.49	179.57	115.94	77.54	31.14
Noncontrolling Interest Sharing Ratio	0.00%	162.14%	84.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	16.25	38.22	5.51	12.54	12.40	7.78	8.04	4.63	3.51	2.45
Quick Ratio	0.00	16.23	38.06	5.39	12.00	12.16	7.59	7.56	4.29	2.90	1.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-25	-41	-84	-177	-170	-464	-358	-206	-307	-198
Operating Cash Flow to CapEx	-1,552.52%	-1,446.03%	-717.73%	-973.92%	-6,330.11%	-2,132.82%	-3,002.57%	-1,495.39%	-2,795.18%	-3,817.86%	-1,881.57%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-2,091.23	-1,206.45	-937.87	0.00	0.00	0.00	-136.14	-38.03
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-2,438.45	-651.91	-1,193.67	0.00	0.00	0.00	-95.33	-28.95
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-2,688.83	-1,345.02	-1,249.64	0.00	0.00	0.00	-97.82	-30.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.04	0.06	0.10	0.15	0.24	0.36	0.39
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	13.38	10.93	5.48	4.92	5.38	5.53	4.81
Inventory Turnover	0.00	0.00	0.00	0.00	1.25	1.75	3.26	2.93	2.51	3.49	3.33
Fixed Asset Turnover	0.00	0.00	0.00	0.01	0.62	1.94	3.99	4.26	4.78	7.85	9.65
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.12	0.39	0.55	0.77	1.07	1.38	1.58
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	54.55	33.39	66.57	74.21	67.85	66.04	75.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	585.03	208.81	112.13	124.69	145.61	104.55	109.47
Days Payable Outstanding (DPO)	0.00	0.00	0.00	196,928.90	5,850.51	930.18	659.60	473.74	340.87	264.01	231.62
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-196,928.90	-2,578.20	-687.98	-480.90	-274.84	-127.41	-93.42	-46.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-1.49	3.86	-12	23	-19	-45	31	-20	90	130
Invested Capital Turnover	0.00	0.00	0.00	-0.03	2.35	24.15	-4.55	-30.60	47.88	11.36	4.12
Increase / (Decrease) in Invested Capital	0.00	-1.49	5.35	-16	35	-42	-26	75	-50	109	38
Enterprise Value (EV)	0.00	0.00	231	911	2,155	8,066	8,965	51,871	46,815	45,319	25,192
Market Capitalization	0.00	0.00	462	1,174	5,271	9,254	10,389	52,886	47,630	46,070	25,777
Book Value per Share	$0.00	($5.46)	$10.81	$4.97	$5.05	$17.10	$8.35	$0.61	$0.82	$0.48	$0.49
Tangible Book Value per Share	$0.00	($5.46)	$10.81	$4.96	$5.03	$17.08	$8.34	$0.61	$0.81	$0.45	$0.44
Total Capital	0.00	83	235	255	301	1,169	1,380	1,046	796	973	920
Total Debt	0.00	0.00	0.00	3.64	6.45	0.00	0.00	0.00	0.00	132	205
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-84	-231	-263	-272	-1,188	-1,425	-1,015	-816	-751	-585
Capital Expenditures (CapEx)	0.74	2.22	9.02	10	6.04	10	18	25	7.09	5.63	8.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-5.03	-11	-39	-24	-69	-101	-24	-70	3.14	18
Debt-free Net Working Capital (DFNWC)	0.00	79	219	224	252	1,118	1,308	984	737	883	808
Net Working Capital (NWC)	0.00	79	219	220	246	1,118	1,308	984	737	751	603
Net Nonoperating Expense (NNE)	6.58	11	14	40	53	58	214	160	78	60	15
Net Nonoperating Obligations (NNO)	0.00	-84	-231	-263	-272	-1,188	-1,425	-1,015	-816	-751	-585
Total Depreciation and Amortization (D&A)	0.13	0.20	0.47	1.34	3.45	4.33	5.97	5.63	5.65	9.04	9.86
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-30,508.53%	-182.16%	-140.53%	-70.07%	-11.15%	-26.21%	0.79%	3.93%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	173,601.55%	3,885.70%	2,283.58%	906.36%	457.82%	276.15%	221.26%	175.52%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	170,777.52%	3,786.35%	2,283.58%	906.36%	457.82%	276.15%	188.25%	131.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.32)	($2.64)	($3.03)	($3.46)	($7.58)	($0.46)	($0.35)	($0.26)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	50.56M	58.36M	68.38M	88.59M	167.45M	958.07M	966.39M	989.48M	1.10B
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.32)	($2.64)	($3.03)	($3.46)	($7.58)	($0.46)	($0.35)	($0.26)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	50.56M	58.36M	68.38M	88.59M	167.45M	958.07M	966.39M	989.48M	1.10B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($2.32)	($2.64)	($3.03)	($3.46)	($7.58)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	21.75M	52.61M	64.37M	77.67M	92.99M	1.72B	1.75B	1.93B	1.41B
Normalized Net Operating Profit after Tax (NOPAT)	-11	-27	-36	-99	-142	-211	-490	-283	-264	-197	-161
Normalized NOPAT Margin	0.00%	0.00%	0.00%	-76,928.37%	-2,190.79%	-431.51%	-339.57%	-131.63%	-98.83%	-49.50%	-34.90%
Pre Tax Income Margin	0.00%	0.00%	0.00%	-107,355.04%	-2,992.98%	-546.97%	-487.43%	-206.04%	-125.46%	-64.44%	-38.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-3,542.73	-690.30	-1,506.77	0.00	0.00	0.00	-129.53	-39.61
NOPAT to Interest Expense	0.00	0.00	0.00	-2,480.94	-485.45	-1,167.19	0.00	0.00	0.00	-87.61	-30.83
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-3,793.10	-1,421.80	-1,562.73	0.00	0.00	0.00	-132.02	-41.14
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-2,731.32	-506.05	-1,223.15	0.00	0.00	0.00	-90.11	-32.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-8.13%	-0.50%	-0.88%	-2.00%	-0.26%	0.00%	0.00%	-0.50%	-0.49%

This table displays calculated financial ratios and metrics derived from Zai Lab's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	1,413,548,080.00	1,463,884,660.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1,413,548,080.00	1,463,884,660.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.04	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.16%	38.78%	45.95%	47.72%	65.68%	22.19%	9.43%	13.52%	16.99%	-6.46%	-3.33%
EBITDA Growth	-49.69%	-4.96%	33.13%	37.95%	15.63%	10.66%	50.42%	10.46%	35.49%	3.53%	-16.67%
EBIT Growth	-48.68%	-6.13%	31.97%	36.22%	15.00%	11.36%	45.79%	14.11%	34.09%	2.63%	-16.21%
NOPAT Growth	-27.43%	-1.13%	15.01%	18.81%	45.24%	19.91%	27.83%	28.05%	-2.23%	-23.22%	-39.34%
Net Income Growth	-54.49%	-8.80%	33.60%	39.74%	14.40%	9.41%	49.27%	13.70%	38.29%	-5.32%	-24.79%
EPS Growth	-66.67%	0.00%	38.46%	42.86%	10.00%	20.00%	50.00%	25.00%	44.44%	-25.00%	-25.00%
Operating Cash Flow Growth	86.35%	-30.05%	28.16%	51.47%	-273.86%	31.53%	26.44%	-19.47%	53.34%	80.69%	-104.38%
Free Cash Flow Firm Growth	74.55%	75.43%	74.64%	59.85%	-329.41%	-292.16%	-221.51%	-124.50%	46.19%	70.06%	64.26%
Invested Capital Growth	-163.70%	-28.80%	-23.18%	9.48%	559.40%	178.57%	231.98%	137.39%	40.36%	-9.78%	-4.74%
Revenue Q/Q Growth	-4.91%	32.38%	15.32%	1.75%	6.65%	-2.37%	3.28%	5.56%	9.91%	-21.93%	6.73%
EBITDA Q/Q Growth	-34.79%	42.23%	-44.67%	44.92%	-83.29%	38.83%	19.71%	0.53%	-32.06%	8.52%	-3.08%
EBIT Q/Q Growth	-34.99%	40.40%	-41.42%	43.94%	-79.90%	37.85%	13.51%	11.18%	-38.04%	8.18%	-3.22%
NOPAT Q/Q Growth	-48.35%	43.29%	-8.19%	10.79%	-0.06%	17.06%	2.51%	11.06%	-42.16%	0.03%	-10.24%
Net Income Q/Q Growth	-38.00%	43.97%	-50.13%	48.09%	-96.02%	40.70%	15.92%	11.70%	-40.17%	-1.20%	0.37%
EPS Q/Q Growth	-42.86%	50.00%	-60.00%	50.00%	-125.00%	55.56%	0.00%	25.00%	-66.67%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	73.01%	-504.05%	53.20%	36.40%	-107.93%	-10.63%	49.72%	-3.29%	18.79%	54.22%	-432.29%
Free Cash Flow Firm Q/Q Growth	72.22%	15.72%	-33.37%	-28.60%	-197.09%	23.04%	-9.34%	10.21%	27.38%	58.00%	-30.50%
Invested Capital Q/Q Growth	-134.85%	332.97%	-11.41%	52.21%	46.24%	41.27%	5.58%	8.84%	-10.53%	-12.24%	11.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.66%	61.42%	64.94%	63.90%	61.41%	63.71%	60.70%	59.62%	51.15%	61.52%	54.70%
EBITDA Margin	-158.15%	-69.01%	-86.58%	-46.86%	-80.53%	-50.46%	-39.22%	-36.96%	-44.41%	-52.04%	-50.26%
Operating Margin	-188.33%	-80.68%	-75.68%	-66.35%	-62.25%	-52.88%	-49.92%	-42.05%	-54.39%	-69.66%	-71.95%
EBIT Margin	-160.61%	-72.31%	-88.67%	-48.85%	-82.39%	-52.45%	-43.93%	-36.96%	-46.42%	-54.60%	-52.81%
Profit (Net Income) Margin	-144.96%	-61.36%	-79.87%	-40.75%	-74.89%	-45.49%	-37.03%	-30.98%	-39.51%	-51.22%	-47.81%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	94.51%	102.90%	98.03%
Interest Burden Percent	90.26%	84.85%	90.08%	83.42%	90.89%	86.72%	84.31%	83.81%	90.05%	91.16%	92.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-6,312.27%	-300.16%	-368.11%	-281.16%	-494.77%	-179.59%	-171.49%	-125.46%	-156.86%	-183.13%	-173.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-6,311.33%	-299.64%	-364.61%	-281.98%	-490.41%	-178.30%	-171.14%	-125.17%	-156.58%	-182.73%	-173.60%
Return on Net Nonoperating Assets (RNNOA)	6,273.15%	281.03%	343.92%	260.58%	469.35%	158.75%	151.19%	107.00%	134.11%	152.78%	141.14%
Return on Equity (ROE)	-39.12%	-19.13%	-24.20%	-20.59%	-25.41%	-20.84%	-20.29%	-18.46%	-22.75%	-30.35%	-31.99%
Cash Return on Invested Capital (CROIC)	0.00%	-435.92%	-507.22%	-411.91%	-341.61%	-312.01%	-305.72%	-235.41%	-177.37%	-130.37%	-136.48%
Operating Return on Assets (OROA)	-37.97%	-19.50%	-27.33%	-17.13%	-29.59%	-20.30%	-17.47%	-15.22%	-18.12%	-21.81%	-21.21%
Return on Assets (ROA)	-34.27%	-16.55%	-24.62%	-14.29%	-26.89%	-17.60%	-14.73%	-12.76%	-15.42%	-20.46%	-19.20%
Return on Common Equity (ROCE)	-39.12%	-19.13%	-24.20%	-20.59%	-25.41%	-20.84%	-20.29%	-18.46%	-22.75%	-30.35%	-31.99%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-44.47%	-42.37%	-40.57%	0.00%	-31.09%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-87	-49	-53	-47	-48	-39	-38	-34	-49	-49	-54
NOPAT Margin	-131.83%	-56.47%	-52.98%	-46.45%	-43.57%	-37.02%	-34.94%	-29.44%	-38.08%	-48.76%	-50.36%
Net Nonoperating Expense Percent (NNEP)	-0.94%	-0.51%	-3.50%	0.81%	-4.36%	-1.29%	-0.35%	-0.29%	-0.27%	-0.40%	0.48%
Return On Investment Capital (ROIC_SIMPLE)	-10.90%	-	-	-	-4.89%	-4.01%	-3.98%	-3.55%	-5.28%	-5.55%	-6.34%
Cost of Revenue to Revenue	38.34%	38.58%	35.06%	36.10%	38.59%	36.29%	39.30%	40.38%	48.85%	38.48%	45.30%
SG&A Expenses to Revenue	125.51%	79.40%	79.31%	65.73%	75.75%	59.56%	64.59%	60.39%	57.24%	65.32%	68.55%
R&D to Revenue	124.48%	62.70%	61.32%	64.52%	47.91%	57.03%	46.02%	41.28%	48.30%	65.85%	58.10%
Operating Expenses to Revenue	250.00%	142.10%	140.63%	130.25%	123.65%	116.59%	110.62%	101.67%	105.54%	131.17%	126.65%
Earnings before Interest and Taxes (EBIT)	-106	-63	-89	-50	-90	-56	-48	-43	-59	-54	-56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-104	-60	-87	-48	-88	-54	-43	-43	-57	-52	-53
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	59.83	36.79	43.07	63.57	54.79	85.96	69.42	67.84	36.03	40.17	3.52
Price to Tangible Book Value (P/TBV)	60.85	37.40	45.95	68.90	58.70	92.36	74.75	73.16	40.32	45.36	4.10
Price to Revenue (P/Rev)	178.58	96.33	93.99	119.31	115.47	166.60	128.47	116.74	56.02	58.66	4.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	599.77	735.13	681.11	504.51	543.83	405.31	349.36	193.10	227.47	12.97
Enterprise Value to Revenue (EV/Rev)	175.52	93.87	91.93	117.60	113.58	164.96	126.93	115.35	54.75	57.45	3.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.06	0.10	0.17	0.16	0.21	0.22	0.27	0.29	0.32	0.39
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.99	-0.94	-0.94	-0.92	-0.96	-0.89	-0.88	-0.85	-0.86	-0.84	-0.81
Leverage Ratio	1.23	1.22	1.28	1.31	1.36	1.37	1.44	1.50	1.52	1.54	1.60
Compound Leverage Factor	1.11	1.04	1.15	1.09	1.23	1.19	1.21	1.26	1.36	1.40	1.48
Debt to Total Capital	0.00%	5.96%	9.08%	14.47%	13.54%	17.62%	18.06%	21.08%	22.23%	24.41%	28.17%
Short-Term Debt to Total Capital	0.00%	5.96%	9.08%	14.47%	13.54%	17.62%	18.06%	21.08%	22.23%	24.41%	28.17%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	94.04%	90.92%	85.53%	86.46%	82.38%	81.94%	78.92%	77.77%	75.59%	71.83%
Debt to EBITDA	0.00	-0.13	-0.21	-0.38	-0.47	-0.63	-0.75	-0.89	-1.04	-1.10	-1.18
Net Debt to EBITDA	0.00	1.93	2.02	2.03	2.65	2.47	2.83	2.70	2.98	2.81	2.37
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.19	-0.28	-0.48	-0.67	-0.92	-1.01	-1.27	-1.27	-1.26	-1.29
Net Debt to NOPAT	0.00	2.79	2.68	2.56	3.80	3.64	3.81	3.85	3.64	3.23	2.59
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	116.80	72.09	61.74	77.69	78.11	113.28	86.45	75.37	31.56	34.21	-0.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.63	4.63	3.46	3.01	3.51	3.26	3.12	2.87	2.45	2.40	2.13
Quick Ratio	4.29	3.78	2.81	2.39	2.90	2.64	2.51	2.29	1.94	1.84	1.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-37	-31	-41	-53	-157	-121	-132	-119	-86	-36	-47
Operating Cash Flow to CapEx	-6,719.37%	-9,251.13%	-5,923.17%	-1,998.58%	-2,144.96%	-4,022.10%	-1,075.36%	-1,079.65%	-3,855.11%	-998.49%	-5,008.37%
Free Cash Flow to Firm to Interest Expense	0.00	-272.51	-83.48	-70.89	-173.57	-101.74	-104.63	-84.69	-63.31	-22.09	-29.73
Operating Cash Flow to Interest Expense	0.00	-797.40	-85.72	-36.00	-61.69	-51.98	-24.58	-22.89	-19.13	-7.28	-39.95
Operating Cash Flow Less CapEx to Interest Expense	0.00	-806.02	-87.16	-37.80	-64.57	-53.27	-26.87	-25.01	-19.63	-8.01	-40.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.27	0.31	0.35	0.36	0.39	0.40	0.41	0.39	0.40	0.40
Accounts Receivable Turnover	5.38	5.61	5.52	7.77	5.53	6.11	5.41	6.53	4.81	6.94	5.69
Inventory Turnover	2.51	2.84	3.06	3.13	3.49	3.36	3.11	3.20	3.33	2.74	2.57
Fixed Asset Turnover	4.78	5.26	6.03	6.71	7.85	8.20	8.49	8.87	9.65	9.37	9.31
Accounts Payable Turnover	1.07	1.40	1.23	1.49	1.38	1.60	1.37	1.55	1.58	1.66	1.60
Days Sales Outstanding (DSO)	67.85	65.06	66.12	46.97	66.04	59.76	67.46	55.93	75.87	52.59	64.17
Days Inventory Outstanding (DIO)	145.61	128.74	119.36	116.71	104.55	108.51	117.46	113.96	109.47	132.99	142.29
Days Payable Outstanding (DPO)	340.87	260.81	296.68	244.72	264.01	228.16	266.25	235.40	231.62	219.25	227.58
Cash Conversion Cycle (CCC)	-127.41	-67.01	-111.20	-81.04	-93.42	-59.89	-81.32	-65.50	-46.28	-33.67	-21.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-20	46	40	61	90	127	134	146	130	114	128
Invested Capital Turnover	47.88	5.32	6.95	6.05	11.36	4.85	4.91	4.26	4.12	3.76	3.44
Increase / (Decrease) in Invested Capital	-50	-18	-12	5.32	109	81	94	84	38	-12	-6.36
Enterprise Value (EV)	46,815	27,321	29,667	41,836	45,319	69,009	54,301	50,942	25,192	26,041	1,655
Market Capitalization	47,630	28,038	30,331	42,443	46,070	69,693	54,959	51,556	25,777	26,589	2,135
Book Value per Share	$0.82	$0.44	$0.40	$0.38	$0.48	$0.42	$0.50	$0.50	$0.49	$0.47	$0.41
Tangible Book Value per Share	$0.81	$0.43	$0.38	$0.35	$0.45	$0.39	$0.47	$0.46	$0.44	$0.41	$0.36
Total Capital	796	810	774	781	973	984	966	963	920	876	845
Total Debt	0.00	48	70	113	132	173	175	203	205	214	238
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-816	-717	-664	-606	-751	-684	-658	-614	-585	-547	-479
Capital Expenditures (CapEx)	0.22	0.97	0.71	1.34	2.60	1.53	2.89	2.97	0.68	1.19	1.27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-70	-5.97	-42	-29	3.14	38	45	59	18	4.25	6.04
Debt-free Net Working Capital (DFNWC)	737	745	689	687	883	895	877	876	808	766	724
Net Working Capital (NWC)	737	697	618	574	751	722	703	673	603	552	485
Net Nonoperating Expense (NNE)	8.64	4.25	27	-5.83	34	9.02	2.30	1.79	1.82	2.45	-2.72
Net Nonoperating Obligations (NNO)	-816	-717	-664	-606	-751	-684	-658	-614	-585	-547	-479
Total Depreciation and Amortization (D&A)	1.62	2.87	2.10	2.03	2.03	2.13	5.17	0.00	2.57	2.55	2.71
Debt-free, Cash-free Net Working Capital to Revenue	-26.21%	-2.05%	-12.87%	-8.11%	0.79%	9.13%	10.47%	13.37%	3.93%	0.94%	1.34%
Debt-free Net Working Capital to Revenue	276.15%	255.89%	213.35%	193.18%	221.26%	214.06%	205.02%	198.40%	175.52%	168.89%	160.93%
Net Working Capital to Revenue	276.15%	239.30%	191.57%	161.42%	188.25%	172.61%	164.23%	152.43%	131.07%	121.72%	107.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.05)	($0.08)	($0.04)	($0.09)	($0.04)	($0.04)	($0.03)	($0.05)	($0.05)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	966.39M	973.15M	975.94M	981.69M	989.48M	1.08B	1.09B	1.10B	1.10B	1.11B	1.12B
Adjusted Diluted Earnings per Share	($0.10)	($0.05)	($0.08)	($0.04)	($0.09)	($0.04)	($0.04)	($0.03)	($0.05)	($0.05)	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	966.39M	973.15M	975.94M	981.69M	989.48M	1.08B	1.09B	1.10B	1.10B	1.11B	1.12B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.75B	1.75B	1.76B	1.76B	1.93B	1.57B	1.52B	1.46B	1.41B	1.46B	1.55B
Normalized Net Operating Profit after Tax (NOPAT)	-87	-49	-53	-47	-48	-39	-38	-34	-49	-49	-54
Normalized NOPAT Margin	-131.83%	-56.47%	-52.98%	-46.45%	-43.57%	-37.02%	-34.94%	-29.44%	-38.08%	-48.76%	-50.36%
Pre Tax Income Margin	-144.96%	-61.36%	-79.87%	-40.75%	-74.89%	-45.49%	-37.03%	-30.98%	-41.80%	-49.77%	-48.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-557.66	-181.13	-67.05	-99.41	-47.06	-38.28	-30.65	-43.55	-33.22	-35.37
NOPAT to Interest Expense	0.00	-435.54	-108.22	-63.75	-52.57	-33.21	-30.45	-24.41	-35.72	-29.67	-33.74
EBIT Less CapEx to Interest Expense	0.00	-566.28	-182.58	-68.86	-102.29	-48.35	-40.57	-32.77	-44.05	-33.95	-36.17
NOPAT Less CapEx to Interest Expense	0.00	-444.16	-109.67	-65.56	-55.45	-34.50	-32.73	-26.53	-36.22	-30.40	-34.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-0.50%	-0.85%	-1.01%	-1.03%	-0.49%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Zai Lab’s financial profile has improved from the severe losses reported in 2022, but the company remains dependent on outside financing while it works toward profitability. Revenue reached $106.3 million in Q2 2026, up from $57.5 million in Q3 2022. However, revenue has been volatile, declining from $127.6 million in Q4 2025 and $116.1 million in Q3 2025. The company continues to generate substantial gross profit, but operating expenses remain well above gross profit.

Revenue has grown substantially over the period. Quarterly revenue increased from $57.5 million in Q3 2022 to $106.3 million in Q2 2026, with revenue generally moving higher through 2025 before moderating in the first half of 2026.
Net losses are smaller than they were in 2022. The Q3 2022 net loss was $161.2 million, compared with losses of approximately $50 million to $51 million in each quarter of Q4 2025 through Q2 2026. This suggests progress in reducing the scale of losses, although profitability has not yet been reached.
Gross profit remains meaningful as commercial revenue expands. Zai Lab reported $58.1 million of gross profit in Q2 2026, representing a gross margin of roughly 55%. The company has maintained gross margins near or above 60% in several recent quarters, providing a base to support future operating leverage if expenses stabilize.
Liquidity remains adequate in the near term. At June 30, 2026, Zai Lab had $607.5 million of cash and equivalents, $100.0 million of restricted cash, and $10.0 million of short-term investments. Current assets of $914.0 million exceeded current liabilities of $428.6 million by more than two times.
Debt maturities have been actively managed. The company issued $44.4 million of debt and repaid $24.4 million in Q2 2026, producing $18.7 million of net financing cash flow. Similar refinancing activity occurred in prior quarters and may help extend the company’s cash runway.
Cash interest income continues to offset interest expense. Q2 2026 interest and investment income was $5.9 million versus $1.6 million of interest expense. This benefit supports results while Zai Lab holds substantial cash, but it could decline as cash balances fall or interest rates change.
Cash-flow results are heavily influenced by investment transactions. Zai Lab received $330.0 million from investment maturities or sales in Q1 2025 after purchasing $330.0 million of investments in Q4 2024. These transactions can materially change reported investing cash flow but do not represent recurring operating cash generation.
Operating cash flow remains consistently negative. Zai Lab used $63.4 million in operating cash in Q2 2026 and has reported negative operating cash flow in every period provided. The Q1 2026 outflow was smaller at $11.9 million, but the recent deterioration indicates that higher revenue has not yet translated into self-funded operations.
Operating expenses continue to overwhelm gross profit. In Q2 2026, selling, general and administrative expense was $72.9 million and research and development expense was $61.8 million, compared with $58.1 million of gross profit. This produced a $76.5 million operating loss, showing that additional revenue growth or cost discipline is needed to reach breakeven.
The balance sheet has weakened as losses accumulate. Cash and equivalents declined from $1.12 billion in Q3 2022 to $607.5 million in Q2 2026, while total equity fell from $1.11 billion to $607.0 million. Retained earnings reached a deficit of $2.73 billion, and short-term debt increased to $238.1 million from $70.3 million in Q2 2024, increasing refinancing and dilution risk.

Overall, Zai Lab is showing commercial growth and smaller quarterly losses, supported by a still-substantial liquidity position. The key issue for investors is whether revenue growth can eventually produce operating cash flow before the company exhausts its cash reserves or requires additional debt or equity financing. The recent increase in shares outstanding—from about 959 million in Q3 2022 to 1.12 billion in Q2 2026—also highlights the potential for dilution over time.

09/05/26 04:28 AM ETAI Generated. May Contain Errors.

Zai Lab Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zai Lab's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Zai Lab's net income appears to be on an upward trend, with a most recent value of -$175.54 million in 2025, rising from -$18.02 million in 2015. The previous period was -$257.10 million in 2024. See Zai Lab's forecast for analyst expectations on what's next for the company.

Zai Lab's total operating income in 2025 was -$229.43 million, based on the following breakdown:

Total Gross Profit: $269.08 million
Total Operating Expenses: $498.51 million

Over the last 10 years, Zai Lab's total revenue changed from $0.00 in 2015 to $460.16 million in 2025, a change of 46,015,600,000.0%.

Zai Lab's total liabilities were at $456.88 million at the end of 2025, a 32.5% increase from 2024, and a 7,576.3% increase since 2016.

In the past 9 years, Zai Lab's cash and equivalents has ranged from $62.95 million in 2018 to $1.01 billion in 2022, and is currently $679.57 million as of their latest financial filing in 2025.

Over the last 10 years, Zai Lab's book value per share changed from 0.00 in 2015 to 0.49 in 2025, a change of 49.0%.

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Financial statements for NASDAQ:ZLAB last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zai Lab (ZLAB) Financials

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Zai Lab (ZLAB) Financials

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