# Zai Lab Ltd: overview

ZLAB · Nasdaq · CIK 1704292 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/zlab.md) · [Financials](/companies/zlab/financials.md) · [Filings](/companies/zlab/filings.md) · [Insiders](/companies/zlab/insiders.md)

Latest reported revenue: [$105.8m](/filings/0001628280-26-053793.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-053793).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [102](/filings/0001704292-25-000024.md) | [109 d](/filings/0001704292-26-000015.md) | [106](/filings/0001628280-26-031626.md) | [109](/filings/0001628280-26-053793.md) | [115](/filings/0001704292-25-000024.md) | [127 d](/filings/0001704292-26-000015.md) | [95.6](/filings/0001628280-26-031626.md) | [106](/filings/0001628280-26-053793.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(66.6%)](/filings/0001704292-25-000024.md) | [(62.6%) d](/filings/0001704292-26-000015.md) | [(53.3%)](/filings/0001628280-26-031626.md) | [(50.3%)](/filings/0001628280-26-053793.md) | [(42.3%)](/filings/0001704292-25-000024.md) | [(54.6%) d](/filings/0001704292-26-000015.md) | [(72.6%)](/filings/0001628280-26-031626.md) | [(72.3%)](/filings/0001628280-26-053793.md) |
| Net margin | % | [(40.9%)](/filings/0001704292-25-000024.md) | [(75.3%) d](/filings/0001704292-26-000015.md) | [(45.8%)](/filings/0001628280-26-053793.md) | [(37.3%)](/filings/0001628280-26-053793.md) | [(31.2%)](/filings/0001704292-25-000024.md) | [(39.7%) d](/filings/0001704292-26-000015.md) | [(53.4%)](/filings/0001628280-26-053793.md) | [(48.1%)](/filings/0001628280-26-053793.md) |
| Diluted EPS | $ per share | [(0.04)](/filings/0001704292-25-000024.md) | not reported | [(0.04)](/filings/0001628280-26-031626.md) | [(0.04)](/filings/0001628280-26-053793.md) | [(0.03)](/filings/0001704292-25-000024.md) | not reported | [(0.05)](/filings/0001628280-26-031626.md) | [(0.05)](/filings/0001628280-26-053793.md) |
| Free cash flow | $m | [(28.2) d](/filings/0001704292-25-000024.md) | [(58.4) d](/filings/0001704292-26-000015.md) | [(63.2)](/filings/0001628280-26-031626.md) | [(33.9) d](/filings/0001628280-26-053793.md) | [(35.0) d](/filings/0001704292-25-000024.md) | [(26.7) d](/filings/0001704292-26-000015.md) | [(13.1)](/filings/0001628280-26-031626.md) | [(64.7) d](/filings/0001628280-26-053793.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [144](/filings/0001628280-24-007235.md) | [213](/filings/0001628280-25-008409.md) | [267](/filings/0001704292-26-000015.md) | [398](/filings/0001704292-26-000015.md) | [457](/filings/0001704292-26-000015.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(485.8%)](/filings/0001628280-24-007235.md) | [(190.1%)](/filings/0001628280-25-008409.md) | [(137.4%)](/filings/0001704292-26-000015.md) | [(71.0%)](/filings/0001704292-26-000015.md) | [(50.2%)](/filings/0001704292-26-000015.md) |
| Net margin | % | [(488.9%)](/filings/0001628280-24-007235.md) | [(208.4%)](/filings/0001628280-25-008409.md) | [(125.5%)](/filings/0001704292-26-000015.md) | [(64.7%)](/filings/0001704292-26-000015.md) | [(38.4%)](/filings/0001704292-26-000015.md) |
| Diluted EPS | $ per share | [(0.76)](/filings/0001628280-24-007235.md) | [(0.46)](/filings/0001628280-25-008409.md) | [(0.35)](/filings/0001704292-26-000015.md) | [(0.26)](/filings/0001704292-26-000015.md) | [(0.16)](/filings/0001704292-26-000015.md) |
| Free cash flow | $m | [(568)](/filings/0001628280-24-007235.md) | [(392)](/filings/0001628280-25-008409.md) | [(205)](/filings/0001704292-26-000015.md) | [(221)](/filings/0001704292-26-000015.md) | [(159)](/filings/0001704292-26-000015.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/zlab/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [RTW INVESTMENTS, LP](/funds/1493215.md) | 2026-06-30 | $124.9m | 6,574,032 |  | Unchanged |
| [TCG Crossover Management, LLC](/funds/1839948.md) | 2026-06-30 | $116.6m | 6,137,627 |  | New +6,137,627 |
| [RA CAPITAL MANAGEMENT, L.P.](/funds/1346824.md) | 2026-06-30 | $109.1m | 5,743,533 |  | Added +36,271 |
| [ADAR1 Capital Management, LLC](/funds/1940272.md) | 2026-06-30 | $64.0m | 3,369,034 |  | Added +1,943,667 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $53.5m | 2,815,214 |  | Added +1,552,823 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $44.0m | 2,315,480 |  | Added +2,204,893 |
| [Woodline Partners LP](/funds/1784547.md) | 2026-06-30 | $41.9m | 2,207,293 |  | New +2,207,293 |
| [Frazier Life Sciences Management, L.P.](/funds/1892134.md) | 2026-06-30 | $36.1m | 1,902,320 |  | Unchanged |
| [BAMCO INC /NY/](/funds/1017918.md) | 2026-06-30 | $30.9m | 1,623,694 |  | Reduced −34,624 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $24.7m | 1,299,394 |  | Added +989,671 |

## Recent filings

[All 732 filings](/companies/zlab/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-23 | 06:06 ET | [8-K](/filings/0001628280-26-066969.md) | 1.01 Entry into a material agreement; 3.02 Unregistered sale of equity; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-066969 |
| 2026-08-06 | 10:40 ET | [10-Q](/filings/0001628280-26-053793.md) | Quarterly report, period 2026-06-30 | 0001628280-26-053793 |
| 2026-08-06 | 10:34 ET | [8-K](/filings/0001628280-26-053791.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-053791 |
| 2026-06-17 | 20:05 ET | [8-K](/filings/0001628280-26-043869.md) | 5.07 Shareholder vote results | 0001628280-26-043869 |
| 2026-05-21 | 21:18 ET | [8-K](/filings/0001628280-26-037387.md) | 5.02 Departure or appointment of officers or directors | 0001628280-26-037387 |
| 2026-05-07 | 10:09 ET | [10-Q](/filings/0001628280-26-031626.md) | Quarterly report, period 2026-03-31 | 0001628280-26-031626 |
| 2026-05-07 | 10:05 ET | [8-K](/filings/0001628280-26-031624.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-031624 |
| 2026-04-28 | 11:16 ET | [DEF 14A](/filings/0001704292-26-000030.md) | Proxy statement, period 2026-06-17 | 0001704292-26-000030 |
| 2026-02-26 | 12:08 ET | [10-K](/filings/0001704292-26-000015.md) | Annual report, period 2025-12-31 | 0001704292-26-000015 |
| 2026-02-26 | 12:04 ET | [8-K](/filings/0001704292-26-000014.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001704292-26-000014 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001704292-26-000015.md), filed Feb 26, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/e9084e6f-a38c-4eb0-8c8a-6093bbbd2153)

## About the filer

- CIK: 1704292
- Tickers: ZLAB
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: E9
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:46 ET. No prices; not investment advice.