ZLAB

MKT CAP:$3B

Zai Lab Limited

Market Cap

$3B

Healthcare·Biotechnology·🇨🇳 China·NASDAQ

Healthcare·Biotechnology·🇨🇳·NASDAQ

Stock Price

$22.87+$5.54 (+31.97%)

Apr 22, 2026

Company Details

Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience primarily in Mainland China and Hong Kong. The company's commercial products include Zejula, a once-daily s...

CEO

Ying Du

IPO Date

Sep 20, 2017

Website

www.zailaboratory.com

Key Metrics TTM

Revenue

$460M

+15.3% YoY

Net Income

-$176M

EPS (Diluted)

-$1.61

Free Cash Flow

-$159M

Revenue / Share

$4.16

Gross Margin

58.5%

Operating Margin

-49.9%

Net Margin

-38.1%

FCF Margin

-34.5%

P/S

5.5x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$460M+15.3%EPS -$1.60

Q4 2025

Feb 26, 2026

$128M+17.0%EPS -$0.46

Q3 2025

Nov 6, 2025

$116M+13.5%EPS -$0.33

Q2 2025

Aug 7, 2025

$110M+9.4%EPS -$0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$47M	-$23M	-$80M
Q2 22	$48M	$31M	-$99M
Q3 22	$58M	$37M	-$129M
Q4 22	$63M	$42M	-$97M
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	$65M	-$69M

Valuation

Quarter	P/S	P/E
Q1 22	14.9x	—
Q2 22	14.0x	—
Q3 22	13.0x	—
Q4 22	11.9x	—
Q1 23	11.0x	—
Q2 23	10.1x	—
Q3 23	9.7x	—
Q4 23	9.6x	—
Q1 24	8.8x	—
Q2 24	7.9x	—
Q3 24	7.2x	—
Q4 24	6.4x	—
Q1 25	6.1x	—
Q2 25	6.0x	—
Q3 25	5.8x	—
Q4 25	5.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$87M	-$97M
Q2 22	-$45M	-$49M
Q3 22	-$126M	-$133M
Q4 22	-$109M	-$114M
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

Quarter	CapEx
Q1 22	$10M
Q2 22	$4M
Q3 22	$7M
Q4 22	$4M
Q1 23	$4M
Q2 23	$2M
Q3 23	$2M
Q4 23	$222.0K
Q1 24	$13M
Q2 24	$875.0K
Q3 24	$30M
Q4 24	$18M
Q1 25	$4M
Q2 25	$552.0K
Q3 25	$4M
Q4 25	$404.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+209.6%	+14.6%
Q2 22	+30.4%	-29.2%
Q3 22	+33.5%	+47.4%
Q4 22	+41.7%	-39.3%
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 22	$12M	26.6%
Q2 22	$14M	29.5%
Q3 22	$19M	33.2%
Q4 22	$16M	24.9%
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
Q1 22	$54M	—	—
Q2 22	$66M	$63M	—
Q3 22	$100M	$67M	—
Q4 22	$67M	$72M	—
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 22	$742.0K	$13M	$3M	$30M
Q2 22	$1M	$12M	$623.0K	$34M
Q3 22	$2M	$11M	$6M	$39M
Q4 22	$2M	$12M	$6M	$42M
Q1 23	$5M	$13M	$1M	$43M
Q2 23	$5M	$14M	$8M	$43M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$847M	$465M	$1.3B
Q2 22	$681M	$575M	$1.3B
Q3 22	$1.1B	$0	$1.1B
Q4 22	$1.0B	$0	$1.0B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	10M	+0.1%	+9.2%
Q2 22	10M	+0.2%	+2.9%
Q3 22	10M	+0.1%	+0.9%
Q4 22	10M	+0.1%	+0.6%
Q1 23	10M	+0.2%	+0.6%
Q2 23	10M	+0.4%	+0.7%
Q3 23	10M	+0.4%	+1.0%
Q4 23	10M	+0.2%	+1.1%
Q1 24	10M	+0.3%	+1.2%
Q2 24	10M	+0.3%	+1.2%
Q3 24	10M	0.0%	+0.7%
Q4 24	102M	+942.6%	+948.6%
Q1 25	108M	+6.2%	+1010.7%
Q2 25	109M	+1.0%	+1018.9%
Q3 25	110M	+0.9%	+1029.2%
Q4 25	111M	+0.4%	+8.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$23.9K	2K
Q2 22	$24.7K	2K
Q3 22	$29.5K	2K
Q4 22	$30.7K	2K
Q1 23	$30.8K	2K
Q2 23	$33.8K	2K
Q3 23	$34.0K	2K
Q4 23	$30.3K	2K
Q1 24	$40.1K	2K
Q2 24	$46.2K	2K
Q3 24	$47.0K	2K
Q4 24	$58.4K	2K
Q1 25	$57.0K	2K
Q2 25	$58.8K	2K
Q3 25	$62.1K	2K
Q4 25	$71.5K	2K

Revenue / Employee