Zai Lab Ltd — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Zai Lab Ltd filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $460.16M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $398.99M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $266.72M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $215.04M | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | $144.31M | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | $48.96M | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | $12.99M | Mar 1, 2022 |
Revenue
Revenue recognized from contracts with customers under ASC 606, excluding taxes collected on behalf of government authorities. This is the primary revenue concept for many companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $457.18M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $397.61M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $266.72M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $212.67M | Feb 27, 2025 |
| FY2021 | Dec 31, 2021 | $43.96M | Mar 1, 2022 |
| FY2021 | Sep 30, 2021 | $43.10M | Mar 1, 2022 |
| FY2021 | Jun 30, 2021 | $36.94M | Mar 1, 2022 |
| FY2021 | Mar 31, 2021 | $20.10M | Mar 1, 2022 |
| FY2021 | Dec 31, 2020 | $15.09M | Mar 1, 2022 |
| FY2021 | Sep 30, 2020 | $14.65M | Mar 1, 2022 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($175.54M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | ($257.10M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | ($334.62M) | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | ($443.29M) | Feb 27, 2025 |
| FY2021 | Dec 31, 2021 | ($211.83M) | Mar 1, 2022 |
| FY2021 | Sep 30, 2021 | ($96.41M) | Mar 1, 2022 |
| FY2021 | Jun 30, 2021 | ($163.32M) | Mar 1, 2022 |
| FY2021 | Mar 31, 2021 | ($232.91M) | Mar 1, 2022 |
| FY2021 | Dec 31, 2020 | ($76.55M) | Mar 1, 2022 |
| FY2021 | Sep 30, 2020 | ($63.74M) | Mar 1, 2022 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($229.43M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | ($282.12M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | ($366.57M) | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | ($404.36M) | Feb 27, 2025 |
| FY2021 | Dec 31, 2021 | ($219.20M) | Mar 1, 2022 |
| FY2021 | Sep 30, 2021 | ($83.21M) | Mar 1, 2022 |
| FY2021 | Jun 30, 2021 | ($170.57M) | Mar 1, 2022 |
| FY2021 | Mar 31, 2021 | ($227.09M) | Mar 1, 2022 |
| FY2021 | Dec 31, 2020 | ($95.26M) | Mar 1, 2022 |
| FY2021 | Sep 30, 2020 | ($76.26M) | Mar 1, 2022 |
R&D Expense
Spending on research and development activities — developing new products, improving existing ones, or conducting basic research. High R&D relative to revenue is common in technology and pharmaceutical companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $220.90M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $234.50M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $265.87M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $286.41M | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | $573.31M | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | $222.71M | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | $142.22M | Mar 1, 2022 |
| FY2020 | Dec 31, 2018 | $120.28M | Mar 1, 2021 |
SG&A Expense
Selling, general, and administrative expenses — the overhead costs of running the business, including salaries, marketing, legal fees, and corporate office costs. Excludes COGS and R&D.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $277.61M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $298.74M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $281.61M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $258.97M | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | $218.83M | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | $111.31M | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | $70.21M | Mar 1, 2022 |
| FY2020 | Dec 31, 2018 | $21.58M | Mar 1, 2021 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($150.79M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | ($214.87M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | ($198.18M) | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | ($367.64M) | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | ($549.23M) | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | ($216.06M) | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | ($191.01M) | Mar 1, 2022 |
| FY2020 | Dec 31, 2018 | ($97.54M) | Mar 1, 2021 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $8.10M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $5.66M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $7.21M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $24.59M | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | $18.30M | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | $10.13M | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | $6.04M | Mar 1, 2022 |
| FY2020 | Dec 31, 2018 | $10.02M | Mar 1, 2021 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $1.17B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $1.19B | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $1.04B | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $1.22B | Feb 27, 2024 |
| FY2022 | Dec 31, 2021 | $1.61B | Mar 1, 2023 |
| FY2021 | Dec 31, 2020 | $1.30B | Mar 1, 2022 |
| FY2020 | Dec 31, 2019 | $355.15M | Mar 1, 2021 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $456.88M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $344.86M | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $240.18M | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $174.55M | Feb 27, 2024 |
| FY2022 | Dec 31, 2021 | $230.00M | Mar 1, 2023 |
| FY2021 | Dec 31, 2020 | $128.29M | Mar 1, 2022 |
| FY2020 | Dec 31, 2019 | $60.49M | Mar 1, 2021 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $715.50M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $840.90M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $796.12M | Feb 26, 2026 |
| FY2025 | Dec 31, 2022 | $1.05B | Feb 26, 2026 |
| FY2024 | Dec 31, 2021 | $1.38B | Feb 27, 2025 |
| FY2023 | Dec 31, 2020 | $1.17B | Feb 27, 2024 |
| FY2022 | Dec 31, 2019 | $294.66M | Mar 1, 2023 |
| FY2021 | Dec 31, 2018 | $251.08M | Mar 1, 2022 |
| FY2020 | Dec 31, 2017 | $235.17M | Mar 1, 2021 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($2.63B) | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | ($2.45B) | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | ($2.20B) | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | ($1.86B) | Feb 27, 2024 |
| FY2022 | Dec 31, 2021 | ($1.42B) | Mar 1, 2023 |
| FY2021 | Dec 31, 2020 | ($713.60M) | Mar 1, 2022 |
| FY2020 | Dec 31, 2019 | ($444.70M) | Mar 1, 2021 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $679.57M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $449.67M | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $790.15M | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $1.01B | Feb 27, 2024 |
| FY2023 | Dec 31, 2021 | $964.10M | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | $442.12M | Mar 1, 2023 |
| FY2021 | Dec 31, 2019 | $75.93M | Mar 1, 2022 |
| FY2020 | Dec 31, 2018 | $62.95M | Mar 1, 2021 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 0 | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 0 | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | 0 | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | 0 | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | 0 | Mar 1, 2023 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 0 | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 0 | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | 0 | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | 0 | Feb 27, 2024 |
| FY2022 | Dec 31, 2020 | 0 | Mar 1, 2023 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1.11B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 1.08B | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | 972.24M | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | 960.22M | Feb 27, 2024 |
| FY2022 | Dec 31, 2021 | 954.98M | Mar 1, 2023 |
| FY2021 | Dec 31, 2020 | 87.81M | Mar 1, 2022 |
| FY2020 | Dec 31, 2019 | 68.24M | Mar 1, 2021 |