Zai Lab (ZLAB) financial statements
Zai Lab reported revenue of $457M in fiscal 2025, up 221.4% a year over 7 years.
Net income was -$176M.
Free cash flow was -$159M.
The diluted share count rose 11504% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zai Lab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $129,000 | $13M | $49M | $144M | $213M | $267M | $398M | $457M |
| Cost of revenue | — | — | $43,000 | $4M | $17M | $52M | $74M | $96M | $147M | $191M |
| Gross profit | — | — | $85,862 | $9M | $32M | $92M | $139M | $171M | $250M | $267M |
| Research and development | $32M | $39M | $120M | $142M | $223M | $573M | $286M | $266M | $235M | $221M |
| Selling, general and admin | $6M | $12M | $22M | $70M | $111M | $219M | $259M | $282M | $299M | $278M |
| Operating income | -$39M | -$51M | -$142M | -$203M | -$302M | -$700M | -$404M | -$367M | -$282M | -$229M |
| Interest expense | — | — | $40,000 | $293,000 | $181,000 | $0 | $0 | $0 | $2M | $5M |
| Pre-tax income | -$38M | -$50M | -$138M | -$194M | -$268M | -$703M | -$443M | -$335M | -$257M | -$178M |
| Income tax | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$3M |
| Net income | -$38M | -$50M | -$139M | -$195M | -$269M | -$704M | -$443M | -$335M | -$257M | -$176M |
| EPS (diluted) | -$3.97 | -$2.32 | -$2.64 | -$3.03 | -$0.35 | -$0.76 | -$0.46 | -$0.35 | -$0.26 | -$0.16 |
| Diluted shares | 9M | 22M | 53M | 64M | 777M | 930M | 958M | 966M | 989M | 1.10B |
| Gross margin | — | — | 66.6% | 71.1% | 65.8% | 63.7% | 65.2% | 64.1% | 63.0% | 58.3% |
| Operating margin | — | — | -109897.7% | -1564.9% | -616.4% | -485.8% | -190.1% | -137.4% | -71.0% | -50.2% |
| Net margin | — | — | -107810.1% | -1502.3% | -549.3% | -488.9% | -208.4% | -125.5% | -64.7% | -38.4% |
Balance sheet
Fiscal years, from Zai Lab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $84M | $230M | $263M | $276M | $1.2B | $1.4B | $1.0B | $806M | $780M | $690M |
| Receivables | — | — | $90,000 | $4M | $5M | $47M | $40M | $59M | $85M | $106M |
| Inventory | — | — | $4,000 | $6M | $13M | $19M | $32M | $45M | $40M | $75M |
| Total current assets | $84M | $231M | $269M | $292M | $1.2B | $1.5B | $1.1B | $940M | $1.1B | $1.0B |
| Property, plant and equipment | $1M | $12M | $20M | $21M | $29M | $43M | $58M | $54M | $48M | $47M |
| Total assets | $89M | $250M | $302M | $355M | $1.3B | $1.6B | $1.2B | $1.0B | $1.2B | $1.2B |
| Total current liabilities | $5M | $12M | $49M | $47M | $98M | $193M | $140M | $203M | $299M | $416M |
| Total liabilities | $6M | $14M | $51M | $60M | $128M | $230M | $175M | $240M | $345M | $457M |
| Shareholders' equity | -$52M | $235M | $251M | $295M | $1.2B | $1.4B | $1.0B | $796M | $841M | $716M |
| Net debt | -$84M | -$230M | -$63M | -$76M | -$442M | -$964M | -$1.0B | -$790M | -$450M | -$680M |
Cash flow
Fiscal years, from Zai Lab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32M | -$32M | -$98M | -$191M | -$216M | -$549M | -$368M | -$198M | -$215M | -$151M |
| Capital spending | $2M | $9M | $10M | $6M | $10M | $18M | $25M | $7M | $6M | $8M |
| Free cash flow | -$34M | -$41M | -$108M | -$197M | -$226M | -$568M | -$392M | -$205M | -$221M | -$159M |
| Stock-based compensation | $5M | $10M | $12M | $20M | $25M | $41M | $61M | $80M | $71M | $66M |
| Free cash flow margin | — | — | -83374.4% | -1517.5% | -462.0% | -393.8% | -184.4% | -77.0% | -55.5% | -34.8% |
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Open ZLAB in InvestinglyQuestions
What was Zai Lab's revenue in 2025?
$457M in fiscal 2025, from its 10-K filing.
How much free cash flow does Zai Lab generate?
-$159M in fiscal 2025 (operating cash flow minus capital spending).
From Zai Lab's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.