FY2025 · ended Dec 31, 2025 · Revenue $457.18M, +15.0% YoY · Filed Feb 26, 2026
Zai Lab Limited (ZLAB) files with the SEC under industry code 2834, Pharmaceutical Preparations. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $457.2 million and a net loss of $175.5 million. Free cash flow was -$158.9 million. As of Sep 30, 2026 it held $559.7 million in cash and investments and $267.4 million in total debt.
Revenue (TTM)
$436.04M
-0.6% vs year-ago TTM
Net income (TTM)
$-198.39M
+4.1% vs year-ago TTM
Operating cash flow (TTM)
$-159.21M
+11.8% vs year-ago TTM
Free cash flow (TTM)
$-163.34M
+14.3% vs year-ago TTM
EPS (TTM)
$-0.18
+7.4% vs year-ago TTM
Dividend per share
None
Shares outstanding
1.11B
+2.7% vs prior year
Net cash
$292.21M
as of Sep 30, 2026
Operating margin
-63.8%
FY 2026
Company profile
- Industry
- Pharmaceutical Preparations (SIC 2834)
- Listed as
- ZLAB (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- Cayman Islands
- Headquarters
- Shanghai
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1704292
- Former names
- Zai Lab Ltd (until Oct 23, 2026)
Other Pharmaceutical Preparations companies
- ELI LILLY & Co LLY
- Johnson & Johnson JNJ
- AbbVie Inc. ABBV
- Merck & Co., Inc. MRK
- Novartis AG NVS
- Astrazeneca PLC AZN
- Abbott Laboratories ABT
- Novo Nordisk A S NVO
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $457.2M | $397.6M | $266.7M | $212.7M | $144.1M |
| Operating income | -$229.4M | -$282.1M | -$366.6M | -$404.4M | -$700.1M |
| Net income | -$175.5M | -$257.1M | -$334.6M | -$443.3M | -$704.5M |
| Diluted EPS | -$0.16 | -$0.26 | -$0.35 | -$0.46 | — |
| Operating cash flow | -$150.8M | -$214.9M | -$198.2M | -$367.6M | -$549.2M |
| Free cash flow | -$158.9M | -$220.5M | -$205.4M | -$392.2M | -$567.5M |
| Total assets | $1.2B | $1.2B | $1.0B | $1.2B | $1.6B |
| Total liabilities | $456.9M | $344.9M | $240.2M | $174.5M | $230.0M |
| Stockholders' equity | $715.5M | $840.9M | $796.1M | $1.0B | $1.4B |
| Cash and investments | $689.6M | $782.8M | $815.7M | $1.0B | $1.4B |
| Total debt | $224.3M | $153.5M | $15.2M | $20.4M | $15.5M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Material agreement, Unregistered share sale, Regulation FD disclosure, Other events
|
Oct 23, 2026 | Oct 22, 2026 |
| 10-Q | Quarterly report | Aug 6, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 6, 2026 | Aug 6, 2026 |
| 8-K |
Current report
Shareholder vote results
|
Jun 17, 2026 | Jun 17, 2026 |
| 8-K |
Current report
Officer or director change
|
May 21, 2026 | May 18, 2026 |
| 10-Q | Quarterly report | May 7, 2026 | Mar 31, 2026 |
All 737 Zai Lab Limited SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.