ZLAB (Zai Lab Limited) Stock Financials & Earnings | Market Cap Arena

ZLAB (Zai Lab Limited) Stock Financials & Earnings | Market Cap Arena

ZLABZai Lab Limited

Mkt Cap$2B

Healthcare·Biotechnology·🇨🇳 China·NASDAQ

Revenue (TTM)$460M

Net Income (TTM)-$176M

EPS (TTM)-$1.61

Free Cash Flow (TTM)-$159M

Gross Margin58.6%

Op. Margin-49.9%

Net Margin-38.1%

FCF Margin-34.5%

P/S Ratio (TTM)4.7x

P/E Ratio (TTM)—

YoY Rev Growth+15.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$63M	$41M	-$70M
Q2 23	$69M	$45M	-$90M
Q3 23	$69M	$44M	-$84M
Q4 23	$66M	$41M	-$124M
Q1 24	$87M	$54M	-$70M
Q2 24	$101M	$65M	-$76M
Q3 24	$102M	$65M	-$68M
Q4 24	$109M	$67M	-$68M
Q1 25	$106M	$68M	-$56M
Q2 25	$110M	$67M	-$55M
Q3 25	$116M	$69M	-$49M
Q4 25	$128M	$66M	-$69M

Valuation

Quarter	P/S	P/E
Q1 23	9.3x	—
Q2 23	8.6x	—
Q3 23	8.2x	—
Q4 23	8.1x	—
Q1 24	7.4x	—
Q2 24	6.7x	—
Q3 24	6.1x	—
Q4 24	5.4x	—
Q1 25	5.2x	—
Q2 25	5.0x	—
Q3 25	4.9x	—
Q4 25	4.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$69M	-$73M
Q2 23	-$59M	-$61M
Q3 23	-$55M	-$57M
Q4 23	-$15M	-$15M
Q1 24	-$90M	-$103M
Q2 24	-$42M	-$43M
Q3 24	-$27M	-$57M
Q4 24	-$56M	-$74M
Q1 25	-$62M	-$66M
Q2 25	-$31M	-$32M
Q3 25	-$32M	-$36M
Q4 25	-$26M	-$26M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$4M
Q2 23	$2M
Q3 23	$2M
Q4 23	$222K
Q1 24	$13M
Q2 24	$875K
Q3 24	$30M
Q4 24	$18M
Q1 25	$4M
Q2 25	$552K
Q3 25	$4M
Q4 25	$404K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+34.4%	+4.6%
Q2 23	+42.9%	+7.8%
Q3 23	+20.3%	-17.9%
Q4 23	+5.2%	+18.7%
Q1 24	+38.8%	+19.0%
Q2 24	+45.9%	+11.5%
Q3 24	+47.7%	+11.3%
Q4 24	+65.7%	-6.8%
Q1 25	+22.2%	+3.4%
Q2 25	+9.4%	-6.6%
Q3 25	+13.5%	-3.1%
Q4 25	+17.0%	+11.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$17M	26.5%
Q2 23	$21M	29.8%
Q3 23	$22M	31.8%
Q4 23	$20M	31.1%
Q1 24	$18M	20.6%
Q2 24	$19M	18.5%
Q3 24	$17M	16.4%
Q4 24	$17M	15.8%
Q1 25	$16M	14.8%
Q2 25	$17M	15.4%
Q3 25	$17M	14.6%
Q4 25	$16M	12.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$48M	$63M	—	—
Q2 23	$77M	$68M	—	—
Q3 23	$59M	$69M	—	—
Q4 23	$82M	$83M	—	—
Q1 24	$55M	$69M	—	—
Q2 24	$62M	$80M	—	—
Q3 24	$66M	$67M	—	—
Q4 24	$52M	$83M	—	—
Q1 25	$61M	$63M	—	—
Q2 25	$51M	$43M	$28M	—
Q3 25	$48M	$41M	$29M	—
Q4 25	$62M	—	—	$73M

Revenue Segments

Quarter	Nuzyra	Optune	Qinlock	Zejula
Q1 23	$5M	$13M	$1M	$43M
Q2 23	$5M	$14M	$8M	$43M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$880M	$51M	$930M
Q2 23	$859M	$16M	$875M
Q3 23	$789M	$32M	$820M
Q4 23	$790M	$16M	$806M
Q1 24	$651M	$0	$651M
Q2 24	$630M	$0	$630M
Q3 24	$616M	$0	$616M
Q4 24	$450M	$330M	$780M
Q1 25	$757M	$0	$757M
Q2 25	$732M	$0	$732M
Q3 25	$717M	$0	$717M
Q4 25	$680M	$10M	$690M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	10M	+0.2%
Q2 23	10M	+0.4%
Q3 23	10M	+0.4%
Q4 23	10M	+0.2%
Q1 24	10M	+0.3%
Q2 24	10M	+0.3%
Q3 24	10M	+0.0%
Q4 24	102M	+942.6%
Q1 25	108M	+6.2%
Q2 25	109M	+1.0%
Q3 25	110M	+0.9%
Q4 25	111M	+0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 16	—	—
FY 17	$0	88
FY 18	$419	309
FY 19	$19K	692
FY 20	$41K	1K
FY 21	$74K	2K
FY 22	$106K	2K
FY 23	$123K	2K
FY 24	$213K	2K
FY 25	$258K	2K