Zai Lab Ltd ZLAB
Pharmaceutical Preparations · CIK 0001704292 · Fiscal year ends 1231
Revenue
$460.16M
Fiscal year ended 2025-12-31Operating income
-$229.43M
Fiscal year ended 2025-12-31Free cash flow
-$158.89M
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $3.80B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
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| Float / revenue | 8.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
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| Float / equity | 5.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
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Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
How this compares in its industry
Percentile among the Pharmaceutical Preparations filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
Zai Lab Ltd (ZLAB) reported revenue of $460.16M and net income of -$175.54M for the fiscal year ended 2025-12-31. This page shows 8 annual periods of income statement, balance sheet and cash flow figures normalized from Zai Lab Ltd’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.
Income
Zai Lab Ltd income by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
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| Revenue | $460.16M | $398.99M | $266.72M | $215.04M | $144.31M | $48.96M | $12.98M | $129.00K |
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| Cost of revenue | $190.52M | $147.12M | $95.82M | $74.02M | $52.24M | $16.74M | $3.75M | $43.00K |
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| Gross profit | $269.64M | $251.87M | $170.90M | $141.02M | $92.07M | $32.22M | $9.24M | $86.00K |
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| Operating income | -$229.43M | -$282.12M | -$366.57M | -$404.36M | -$700.06M | -$301.80M | -$203.20M | -$141.77M |
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| Net income | -$175.54M | -$257.10M | -$334.62M | -$443.29M | -$704.47M | -$268.90M | -$195.07M | -$139.08M |
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| Research & development | $220.90M | $234.50M | $265.87M | $286.41M | $573.31M | $222.71M | $142.22M | $120.28M |
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| Weighted-average diluted shares | shares 1.10B | shares 989.48M | shares 966.39M | shares 958.07M | shares 929.92M | shares 776.68M | —Unavailable | —Unavailable |
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| Pretax income | -$178.46M | -$257.10M | -$334.62M | -$443.29M | -$704.47M | -$268.90M | -$194.32M | -$139.08M |
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| Income tax expense | -$2.93M | $0 | $0 | $0 | $0 | $0 | —Unavailable | —Unavailable |
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| Diluted EPS | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 | —Unavailable | —Unavailable |
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| Selling, general & administrative | $277.60M | $298.74M | $281.61M | $258.97M | $218.83M | $111.31M | $70.21M | $21.58M |
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| General & administrative | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Selling & marketing | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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Balance
Zai Lab Ltd balance by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
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| Cash & equivalents | $679.57M | $449.67M | $790.15M | $1.01B | $964.10M | $442.12M | $75.93M | $62.95M |
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| Total assets | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.30B | $355.15M | —Unavailable |
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| Current assets | $1.02B | $1.05B | $939.61M | $1.12B | $1.50B | $1.22B | $292.46M | —Unavailable |
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| Total liabilities | $456.88M | $344.86M | $240.18M | $174.54M | $230.00M | $128.29M | $60.49M | —Unavailable |
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| Current liabilities | $416.17M | $299.38M | $203.07M | $139.84M | $192.90M | $98.04M | $46.64M | —Unavailable |
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| Total equity incl. NCI | $715.50M | $840.90M | $796.12M | $1.05B | $1.38B | $1.17B | $294.66M | $251.08M |
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| Temporary (mezzanine) equity | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Inventory | $74.74M | $39.88M | $44.83M | $31.62M | $18.95M | $13.14M | $6.00M | —Unavailable |
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| Accounts receivable | $106.12M | $85.18M | $59.20M | $39.96M | $47.47M | $5.16M | $3.79M | —Unavailable |
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| Goodwill | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Long-term debt | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Accounts payable | $141.61M | $100.91M | $112.99M | $65.97M | $126.16M | $62.64M | $22.66M | —Unavailable |
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Cash flow
Zai Lab Ltd cash flow by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
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| Operating cash flow | -$150.79M | -$214.87M | -$198.18M | -$367.64M | -$549.23M | -$216.06M | -$191.01M | -$97.54M |
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| Capital expenditures | $8.10M | $5.66M | $7.21M | $24.58M | $18.30M | $10.13M | $6.04M | $10.02M |
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| Investing cash flow | $307.87M | -$375.19M | -$10.78M | $420.02M | $249.96M | -$554.83M | -$14.89M | -$212.55M |
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| Financing cash flow | $72.35M | $349.89M | -$6.43M | -$1.73M | $820.20M | $1.13B | $219.30M | $144.15M |
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| Net change in cash | $229.91M | -$240.48M | -$218.01M | $44.37M | $522.04M | $366.42M | $13.49M | -$166.71M |
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| Stock-based compensation | $65.60M | $70.65M | $79.63M | $61.30M | $40.71M | $24.83M | $20.29M | $12.23M |
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| Common dividends paid | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Common share repurchases | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Depreciation & amortization | $15.01M | $11.86M | $9.03M | $8.23M | $6.49M | $4.64M | $3.77M | $1.65M |
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Derived
Zai Lab Ltd derived by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
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| Free cash flow | -$158.89M | -$220.53M | -$205.39M | -$392.23M | -$567.53M | -$226.18M | -$197.05M | -$107.55M |
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| Gross margin | 58.6% | 63.1% | 64.1% | 65.6% | 63.8% | 65.8% | 71.1% | 66.7% |
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| Operating margin | -49.9% | -70.7% | -137.4% | -188.0% | -485.1% | -616.4% | -1564.9% | -109897.7% |
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| FCF margin | -34.5% | -55.3% | -77.0% | -182.4% | -393.3% | -462.0% | -1517.5% | -83374.4% |
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| SBC / revenue | 14.3% | 17.7% | 29.9% | 28.5% | 28.2% | 50.7% | 156.3% | 9479.8% |
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| Current ratio | 2.45x | 3.51x | 4.63x | 8.04x | 7.78x | 12.40x | 6.27x | —Unavailable |
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| Revenue YoY growth | 15.3% | 49.6% | 24.0% | 49.0% | 194.8% | 277.0% | 9965.9% | —Unavailable |
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| Net margin | -38.1% | -64.4% | -125.5% | -206.1% | -488.2% | -549.3% | -1502.3% | -107810.1% |
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| R&D / revenue | 48.0% | 58.8% | 99.7% | 133.2% | 397.3% | 454.9% | 1095.3% | 93238.8% |
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| CapEx / revenue | 1.8% | 1.4% | 2.7% | 11.4% | 12.7% | 20.7% | 46.5% | 7763.6% |
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| Long-term debt / equity | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Effective tax rate | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ZLAB in the interactive workspace to inspect any figure back to its filing.
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.