Zai Lab Ltd ZLAB
We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States. 10-K, Item 1
- Employees
- 1,784
- Headquarters
- Shanghai
- CEO
- Ying Du
- Next results
- around Feb 25, 2027
ZLAB among Health care peers
Six ratios from the latest 10-K. Each corner is the share of 154 peers the company is above, not a score.
What changed
10 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 26, 2026 against Feb 27, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
11 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 10 checks found nothing to note
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Inventory growing faster than revenueInventory +87.4% ($39.9M to $74.7M) vs revenue +15.3% ($399.0M to $460.2M), +72.1 pts apart
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Receivables +24.6% ($85.2M to $106.1M) vs revenue +15.3% ($399.0M to $460.2M), +9.3 pts apart
9 more checks with nothing to note
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Cash from operations −$150.8M vs net income −$175.5M (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: KPMG LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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The same matters as last year: Evaluation of accrued preclinical and clinical trial expenses
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
10 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Since inception, we have incurred significant costs for our commercialization efforts with respect to our approved products, our research and development efforts related to our product candidates and related clinical or pre-clinical trials, our business development activities and related upfront or milestone fees or royalty payments in…
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
We may experience operational, regulatory, and competitive risks due to our use of artificial intelligence. Artificial intelligence is increasingly being used in the biopharmaceutical industry, and we are exploring and implementing its use in our business operations, including potential use in clinical, discovery, and commercialization…
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Such reliance on third-party manufacturers entails risks to which we would not be subject to if we manufactured products or product candidates ourselves, including reliance on the third party for regulatory compliance and quality assurance, the possibility of breach of the manufacturing or supply agreement by the third party because of…
New risk paragraphs, against peers
Latest 10-K of each, Health care companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $215.0M | $266.7M | $399.0M | $460.2M |
| Net income | −$443.3M | −$334.6M | −$257.1M | −$175.5M |
| Operating cash flow | −$367.6M | −$198.2M | −$214.9M | −$150.8M |
| Free cash flow | −$392.2M | −$205.4M | −$220.5M | −$158.9M |
Revenue, FY2018 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$460.2M ▲ 15.3% in FY2025−$175.5M in FY2025−$158.9M in FY2025
Recent filings
6 filings in the last 30 days · SEC EDGAR
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BuyNov 13, 2026GAYNOR RICHARD (Director) bought $33K open-market purchase on Nov 10, 2026, under a 10b5-1 plan
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Planned saleNov 5, 2026William Lis (director) adopted a 10b5-1 trading plan reported in the 10-Q, up to 23,048 shares, runs to Sep 16, 2027
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Planned saleNov 5, 2026F. Ty Edmondson (Chief Legal Officer and Corporate Secretary) adopted a 10b5-1 trading plan reported in the 10-Q, up to 12,500 shares, runs to Sep 16, 2027
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8-KNov 5, 2026Quarterly results 8-K item 2.02
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10-QNov 5, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
Zai Lab Ltd, Shanghai · from the 10-K filed Feb 26, 2026
We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States. We are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. We intend to leverage our competencies and resources to positively impact human health. To that end, our experienced team has secured partnerships with leading global biopharmaceutical companies to generate a broad pipeline, including multiple commercial products and multiple programs in late-stage clinical development.
- Headquarters
- Shanghai
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Nov 5, 2026
- Incorporated in
- Cayman Islands
Employees, at the top of the page: "As of January 31, 2026, we had 1,784 full-time employees, of which 1,710 were located in Greater China" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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