Zai Lab Ltd

ZLAB

Healthcare|Biotechnology|China

$20.49

+0.52 (+2.60%)

Tangible Book

$5.25

Financials

Financial Snapshot

Market Cap

$2.28B

Enterprise Value

$429.4M

Revenue (TTM)

$453.3M

Net Income (TTM)

$-178.1M

Cash & Equivalents

—

Net Cash/Share

$2.05

Free Cash Flow (TTM)

$-132.8M

Operating CF (TTM)

$-101.0M

Debt/Equity

0.35

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$25.3M

Monthly Burn

$8.4M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$83.9M	$229.7M	$263.3M	$275.9M	$1.19B	$1.41B	$1.01B	$806.5M	$779.7M	$689.6M	$661.3M
Operating Cash Flow	$-32.2M	$-32.4M	$-97.5M	$-191.0M	$-216.1M	$-549.2M	$-367.6M	$-198.2M	$-214.9M	$-150.8M	$-101.0M
Free Cash Flow	$-34.4M	$-41.5M	$-107.7M	$-206.3M	$-226.7M	$-568.2M	$-392.6M	$-206.7M	$-276.4M	$-164.2M	$-132.8M
Capital Expenditure	$-2.2M	$-9.1M	$-10.1M	$-15.2M	$-10.7M	$-18.9M	$-25.0M	$-8.5M	$-61.5M	$-13.4M	$-31.8M
Financing Cash Flow	$106.2M	$187.9M	$144.1M	$219.3M	$1.13B	$820.2M	$-1.7M	$-6.4M	$349.9M	$72.4M	$34.8M

R&D Spending

R&D (TTM)

$225.8M

R&D Intensity

49.8%

R&D Growth YoY

+2.2%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$129.0K	$13.0M	$49.0M	$144.3M	$215.0M	$266.7M	$399.0M	$460.2M	$453.3M
R&D Expense	$32.1M	$39.3M	$120.3M	$142.2M	$222.7M	$573.3M	$286.4M	$265.9M	$234.5M	$220.9M	$225.8M
R&D % of Revenue	—	—	93238.8%	1095.3%	454.9%	397.3%	133.2%	99.7%	58.8%	48.0%	49.8%
SG&A	$6.4M	$12.0M	$21.6M	$70.2M	$111.3M	$218.8M	$259.0M	$281.6M	$298.7M	$277.6M	$279.3M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$129.0K	$13.0M	$49.0M	$144.3M	$215.0M	$266.7M	$399.0M	$460.2M	$453.3M
Cost of Goods Sold	$0.00	$0.00	$43.0K	$3.7M	$16.7M	$52.2M	$74.0M	$95.8M	$147.9M	$191.1M	$190.8M
Gross Profit	$0.00	$0.00	$86.0K	$9.2M	$32.2M	$92.1M	$141.0M	$170.9M	$251.1M	$269.1M	$262.5M
R&D	$32.1M	$39.3M	$120.3M	$142.2M	$222.7M	$573.3M	$286.4M	$265.9M	$234.5M	$220.9M	$225.8M
SG&A	$6.4M	$12.0M	$21.6M	$70.2M	$111.3M	$218.8M	$259.0M	$281.6M	$298.7M	$277.6M	$279.3M
Operating Income	$-38.5M	$-51.4M	$-141.8M	$-203.2M	$-301.8M	$-696.0M	$-392.9M	$-374.1M	$-273.9M	$-223.6M	$-236.6M
Interest Expense	$0.00	$0.00	$-40.0K	$-293.0K	$-181.0K	$0.00	$0.00	$0.00	$-2.3M	$-5.2M	$-5.7M
Pretax Income	$-37.5M	$-50.1M	$-138.5M	$-194.3M	$-267.8M	$-703.4M	$-443.1M	$-334.6M	$-257.1M	$-178.5M	$-179.6M
Net Income	$-37.5M	$-50.4M	$-139.1M	$-195.1M	$-268.9M	$-704.5M	$-443.3M	$-334.6M	$-257.1M	$-175.5M	$-178.1M
EPS (Diluted)	-0.76	-2.32	-2.64	-3.03	-3.50	-7.60	-4.60	-3.50	-2.60	-1.60	-1.70
EBITDA	$-37.3M	$-49.6M	$-136.8M	$-190.3M	$-263.0M	$-689.5M	$-434.8M	$-325.6M	$-243.0M	$-158.2M	$-158.4M
Shares Out. (M)	49.31	21.75	52.61	64.37	77.67	92.99	95.81	96.64	98.95	109.53	110.74

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$83.9M	$229.7M	$63.0M	$75.9M	$442.1M	$964.1M	$1.01B	$790.2M	$449.7M	$679.6M	$651.3M
Marketable Securities	$0.00	$0.00	$200.3M	$200.0M	$744.7M	$445.0M	$0.00	$16.3M	$330.0M	$10.0M	$10.0M
Total Current Assets	$84.1M	$230.6M	$269.1M	$292.5M	$1.22B	$1.50B	$1.12B	$939.6M	$1.05B	$1.02B	$944.7M
Total Assets	$88.9M	$249.6M	$302.0M	$355.2M	$1.30B	$1.61B	$1.22B	$1.04B	$1.19B	$1.17B	$1.10B
Total Current Liabilities	$5.2M	$12.1M	$48.8M	$46.6M	$98.0M	$192.9M	$139.8M	$203.1M	$299.4M	$416.2M	$393.0M
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Liabilities	$140.5M	$14.5M	$50.9M	$60.5M	$128.3M	$230.0M	$174.5M	$240.2M	$344.9M	$456.9M	$433.8M
Stockholders' Equity	$-51.6M	$235.2M	$251.1M	$294.7M	$1.17B	$1.38B	$1.05B	$796.1M	$840.9M	$715.5M	$662.0M
Retained Earnings	$-60.2M	$-110.6M	$-249.6M	$-444.7M	$-713.6M	$-1.42B	$-1.86B	$-2.20B	$-2.45B	$-2.63B	$-2.68B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-32.2M	$-32.4M	$-97.5M	$-191.0M	$-216.1M	$-549.2M	$-367.6M	$-198.2M	$-214.9M	$-150.8M	$-101.0M
Capital Expenditure	$-2.2M	$-9.1M	$-10.1M	$-15.2M	$-10.7M	$-18.9M	$-25.0M	$-8.5M	$-61.5M	$-13.4M	$-31.8M
Free Cash Flow	$-34.4M	$-41.5M	$-107.7M	$-206.3M	$-226.7M	$-568.2M	$-392.6M	$-206.7M	$-276.4M	$-164.2M	$-132.8M
Investing Cash Flow	$-2.7M	$-10.4M	$-212.6M	$-14.9M	$-554.8M	$250.0M	$420.0M	$-10.8M	$-375.2M	$307.9M	$-40.6M
Financing Cash Flow	$106.2M	$187.9M	$144.1M	$219.3M	$1.13B	$820.2M	$-1.7M	$-6.4M	$349.9M	$72.4M	$34.8M
Issuance of Stock	$0.00	$160.4M	$141.0M	$216.2M	$1.14B	$818.9M	$0.00	$0.00	$217.3M	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$0.00	$3.6M	$7.3M	$0.00	$0.00	$0.00	$0.00	$131.6M	$206.8M	$217.5M
Payments of Debt	$0.00	$0.00	$0.00	$-4.4M	$-6.5M	$0.00	$0.00	$0.00	$-284.0K	$-138.9M	$-183.5M
Stock Based Comp.	$4.9M	$9.9M	$12.2M	$20.3M	$24.8M	$40.7M	$61.3M	$79.6M	$70.7M	$65.6M	$63.3M
Net Change in Cash	$70.8M	$145.7M	$-166.7M	$13.5M	$366.4M	$522.0M	$44.4M	$-218.0M	$-240.5M	$229.9M	$-105.9M

Dilution Tracker

Shares Outstanding

111M

5-Year Share Growth

+19.1%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	49.31	21.75	52.61	64.37	77.67	92.99	95.81	96.64	98.95	109.53	110.74
YoY Change %	—	-55.9%	141.9%	22.4%	20.7%	19.7%	3.0%	0.9%	2.4%	10.7%	1.1%
Stock Issuance	$0.00	$160.4M	$141.0M	$216.2M	$1.14B	$818.9M	$0.00	$0.00	$217.3M	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$4.9M	$9.9M	$12.2M	$20.3M	$24.8M	$40.7M	$61.3M	$79.6M	$70.7M	$65.6M	$63.3M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	66.7%	71.1%	65.8%	63.8%	65.6%	64.1%	62.9%	58.5%	57.9%
Operating Margin %	0.0%	0.0%	-109897.7%	-1564.9%	-616.4%	-482.3%	-182.7%	-140.3%	-68.7%	-48.6%	-52.2%
Net Margin %	0.0%	0.0%	-107810.1%	-1502.3%	-549.3%	-488.2%	-206.1%	-125.5%	-64.4%	-38.1%	-39.3%
EBITDA Margin %	0.0%	0.0%	-106045.0%	-1465.2%	-537.1%	-477.8%	-202.2%	-122.1%	-60.9%	-34.4%	-35.0%
FCF Margin %	0.0%	0.0%	-83454.3%	-1588.4%	-463.1%	-393.7%	-182.6%	-77.5%	-69.3%	-35.7%	-29.3%
ROE %	0.0%	-54.9%	-57.2%	-71.5%	-36.7%	-55.3%	-36.6%	-36.3%	-31.4%	-22.6%	-23.8%
ROA %	-72.9%	-29.8%	-50.4%	-59.4%	-32.5%	-48.5%	-31.3%	-29.7%	-23.1%	-14.9%	-15.4%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / At Loss / At Loss

Industry Med.27.41

P/S4.98

Historical3.95 / 17.87 / 18440.00

Industry Med.9.51

P/B3.44

Historical0.51 / 3.02 / 15.58

Industry Med.2.93

EV/EBITDA-11.65

Historical-56.33 / -10.72 / -2.10

Industry Med.13.14

EV/Revenue4.07

Historical2.69 / 12.09 / 14472.04

Industry Med.8.71

P/FCF—

Historical— / — / —

Industry Med.27.54

Intrinsic Value Models

Tangible Book

$5.25

Net Current Assets

$4.600

Net-Net Working Capital

$2.80

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	-	-	11610.00	205.89	214.83	40.50	13.67	9.90	6.50	4.20	4.98
PB Ratio	0.00	0.45	0.54	0.97	10.16	4.35	2.82	3.34	3.36	2.73	3.44
EV/EBITDA	0.00	2.49	0.91	-0.16	-40.75	-6.68	-4.51	-5.73	-9.04	-9.39	-11.65
EV/Revenue	0.00	0.00	-962.38	2.33	218.88	31.93	9.11	7.00	5.50	3.23	4.07

Analyst Estimates & Quality

Altman Z-Score

0.22

Distress

Piotroski F-Score

Weak

Beneish M-Score

-3.05

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$437.6M	$561.8M	$774.0M
Net Income	$-240.6M	$-186.0M	$-77.3M
EPS	-2.26	-1.79	-0.83
Book Value per Share	4.75	4.42	4.47
Operating Cash Flow per Share	-1.65	-1.48	0.01
Operating CF	$-182.35M	$-163.53M	$1.11M

Dividends

Revenue Segments

By Business

Segment	2025
ZEJULA	$189.0M
AUGTYRO	$5.5M
Collaboration revenue	$3.0M
NUZYRA	$60.8M
OPTUNE	$48.3M
Other	$717.0K
QINLOCK	$35.6M
VYVGART / VYVGART Hytrulo	$94.2M
XACDURO	$22.9M

By Geography

Segment	2025
People's Republic of China (PRC)	$460.2M