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ZLAB

Zai Lab Limited

ZLAB

Zai Lab Limited • NASDAQ
$20.41 ▲ 2.20% (+0.44)
Market Cap $2.26 B
52w High $44.34
52w Low $19.51
Dividend Yield 0%
P/E -10.74
Volume 159.17K
Outstanding Shares 110.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $116.095M ▲ $118.034M ▼ $-35.963M ▲ -30.977% ▲ $-0.3 ▲ $-30.662M ▲
Q2-2025 $109.977M ▲ $121.652M ▼ $-40.727M ▲ -37.032% ▲ $-0.37 ▲ $-35.73M ▲
Q1-2025 $106.487M ▼ $124.151M ▼ $-48.438M ▲ -45.487% ▲ $-0.45 ▲ $-43.793M ▲
Q4-2024 $109.07M ▲ $134.87M ▲ $-81.684M ▼ -74.891% ▼ $-0.8 ▲ $-75.433M ▼
Q3-2024 $102.265M $133.201M $-41.671M -40.748% $-4.3 $-38.055M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $717.155M ▼ $1.159B ▼ $398.995M ▲ $759.945M ▼
Q2-2025 $732.159M ▼ $1.164B ▼ $372.366M ▲ $791.735M ▼
Q1-2025 $757.263M ▼ $1.173B ▼ $362.577M ▲ $810.753M ▼
Q4-2024 $779.667M ▲ $1.186B ▲ $344.855M ▲ $840.898M ▲
Q3-2024 $616.086M $985.346M $317.677M $667.669M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-35.963M ▲ $-32.044M ▼ $-4.049M ▼ $20.793M ▲ $-15.114M ▲ $-36.13M ▼
Q2-2025 $-40.727M ▲ $-31.024M ▲ $-2.922M ▼ $8.849M ▼ $-24.992M ▼ $-31.576M ▲
Q1-2025 $-48.438M ▲ $-61.699M ▼ $326.133M ▲ $43.141M ▼ $307.595M ▲ $-65.566M ▲
Q4-2024 $-81.684M ▼ $-55.769M ▼ $-347.754M ▼ $237.812M ▲ $-166.423M ▼ $-73.523M ▼
Q3-2024 $-41.671M $-26.821M $-29.885M $42.207M $-13.96M $-56.706M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Nuzyra
Nuzyra
 $30.00M ▲$20.00M ▼$10.00M ▼$20.00M ▲
Optune
Optune
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Qinlock
Qinlock
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Zejula
Zejula
 $140.00M ▲$50.00M ▼$40.00M ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Zai Lab is still in the build‑out phase: revenue has been rising steadily from a very small base, while the company continues to post meaningful losses. The products it is selling appear to carry healthy margins before research and overhead, which is encouraging for long‑term profitability once scale is achieved. Losses have narrowed compared with the more aggressive investment years, but the business is clearly not yet profit‑making at the bottom line. Overall, the income statement shows a company transitioning from pure development toward a more commercial profile, but still very dependent on successful growth of its product portfolio.

Balance Sheet

Balance Sheet The balance sheet shows a company with substantial assets and a historically strong cash position, though cash has come down from earlier peak levels as spending has continued. Debt remains low, which reduces financial risk and interest burden but also means the company is funding itself mostly through equity and its cash reserves. Shareholders’ equity is still solid but has drifted lower from its highs, reflecting ongoing losses. In simple terms, Zai Lab still has a cushion to support its strategy, but it must continue moving toward sustainable profitability to avoid eroding that cushion over time.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting heavy spending on research, development, and commercialization. Free cash flow is also negative, but capital spending on facilities and equipment is relatively modest, so the bulk of the cash burn comes from running and growing the business rather than from big construction projects. The trend shows some improvement from the most cash‑intensive period, yet the company remains cash‑consumptive rather than cash‑generative. This means Zai Lab still relies on its existing cash and potential future financing to fund its pipeline and commercial rollout.

Competitive Edge

Competitive Edge Zai Lab’s main edge lies in its role as a bridge between Western drug innovators and the large, complex Chinese market. It has built a full platform—regulatory, clinical, manufacturing, and commercial—that makes it an attractive partner for global pharma companies looking to enter or expand in China. Its mix of in‑licensed, globally recognized therapies and a growing internal pipeline gives it a differentiated portfolio across oncology, autoimmune disease, and other serious conditions. Competition in China and global biotech remains intense, but Zai Lab’s local expertise, partner network, and established commercial footprint provide a meaningful, though not unassailable, competitive moat.

Innovation and R&D

Innovation and R&D Innovation is at the core of Zai Lab’s strategy. The company combines in‑licensed, cutting‑edge drugs from major global partners with its own internally discovered programs, especially in cancer and immune disorders. It has invested in advanced discovery tools, such as a proprietary antibody platform, and operates research hubs in China and the United States. The pipeline is broad and includes potentially first‑in‑class or best‑in‑class candidates, but as with any biotech, clinical and regulatory outcomes are uncertain and will be the main drivers of future value creation or setbacks.

Summary

Zai Lab looks like a classic high‑innovation, high‑investment biotech that is gradually maturing into a more commercial business. Revenues are growing and product margins appear attractive, yet the company still runs sizeable losses and burns cash, drawing down but not exhausting its historically strong cash position. Its low debt, solid equity base, and integrated China‑focused platform reduce some financial and operational risks, but they do not remove the core biotech uncertainties tied to trial results, approvals, and market uptake. The long‑term story hinges on successfully scaling its existing products in China, advancing and de‑risking its internal pipeline, and translating its strong competitive position into durable, self‑funding profitability.

NEWS

November 6, 2025 · 7:00 AM UTC

Zai Lab Announces Third Quarter 2025 Financial Results and Recent Corporate Updates

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October 31, 2025 · 7:30 AM UTC

Zai Lab Announces Participation in Investor Conferences in November and December 2025

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October 24, 2025 · 9:00 AM UTC

Zai Lab Announces Updated Phase 1 Data for Zocilurtatug Pelitecan (formerly ZL-1310), Demonstrating Potential as a First-in-Class/Best-in-Class DLL3-Targeted ADC for Small Cell Lung Cancer, and Initiation of Global Phase 3 Registrational Study

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October 15, 2025 · 7:30 AM UTC

Zai Lab to Announce Third Quarter 2025 Financial Results and Recent Corporate Updates on November 6, 2025

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October 13, 2025 · 12:02 PM UTC

Zai Lab Announces Oral Presentation of Updated Data from Global Phase 1 Trial of Zocilurtatug Pelitecan (ZL-1310), a Potential First-in-Class DLL3-Targeted ADC, at 2025 AACR-NCI-EORTC Conference

Read more