# Zai Lab Ltd: financial statements, quarterly

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)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/zlab/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | 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 | [69.2](/filings/0001628280-24-046824.md) | [65.8 d](/filings/0001704292-26-000015.md) | [87.1](/filings/0001628280-25-023411.md) | [100](/filings/0001628280-25-038548.md) | [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) |
| Cost of revenue | $m | [25.5](/filings/0001628280-23-037358.md) | [25.2 d](/filings/0001628280-24-007235.md) | [33.6](/filings/0001628280-24-021689.md) | [35.1](/filings/0001628280-25-038548.md) | [36.6](/filings/0001704292-25-000024.md) | [41.8 d](/filings/0001704292-26-000015.md) | [38.5](/filings/0001628280-26-031626.md) | [43.0](/filings/0001628280-26-053793.md) | [46.8](/filings/0001704292-25-000024.md) | [62.3 d](/filings/0001704292-26-000015.md) | [38.3](/filings/0001628280-26-031626.md) | [48.2](/filings/0001628280-26-053793.md) |
| Research and development | $m | [58.8](/filings/0001628280-24-046824.md) | [81.9 d](/filings/0001704292-26-000015.md) | [54.6](/filings/0001628280-25-023411.md) | [61.6](/filings/0001628280-25-038548.md) | [66.0](/filings/0001704292-25-000024.md) | [52.3 d](/filings/0001704292-26-000015.md) | [60.7](/filings/0001628280-26-031626.md) | [50.6](/filings/0001628280-26-053793.md) | [47.9](/filings/0001704292-25-000024.md) | [61.6 d](/filings/0001704292-26-000015.md) | [65.6](/filings/0001628280-26-031626.md) | [61.8](/filings/0001628280-26-053793.md) |
| Selling, general and administrative | $m | [68.6](/filings/0001628280-24-046824.md) | [82.6 d](/filings/0001704292-26-000015.md) | [69.2](/filings/0001628280-25-023411.md) | [79.7](/filings/0001628280-25-038548.md) | [67.2](/filings/0001704292-25-000024.md) | [82.6 d](/filings/0001704292-26-000015.md) | [63.4](/filings/0001628280-26-031626.md) | [71.0](/filings/0001628280-26-053793.md) | [70.1](/filings/0001704292-25-000024.md) | [73.0 d](/filings/0001704292-26-000015.md) | [65.1](/filings/0001628280-26-031626.md) | [72.9](/filings/0001628280-26-053793.md) |
| Operating income | $m | [(83.6)](/filings/0001628280-24-046824.md) | [(124) d](/filings/0001704292-26-000015.md) | [(70.3)](/filings/0001628280-25-023411.md) | [(76.1)](/filings/0001628280-25-038548.md) | [(67.9)](/filings/0001704292-25-000024.md) | [(67.9) d](/filings/0001704292-26-000015.md) | [(56.3)](/filings/0001628280-26-031626.md) | [(54.9)](/filings/0001628280-26-053793.md) | [(48.8)](/filings/0001704292-25-000024.md) | [(69.4) d](/filings/0001704292-26-000015.md) | [(69.4)](/filings/0001628280-26-031626.md) | [(76.5)](/filings/0001628280-26-053793.md) |
| Interest expense | $m | [0.0](/filings/0001628280-24-046824.md) | [0.0 d](/filings/0001628280-25-008409.md) | [0.1](/filings/0001628280-24-021689.md) | [0.5](/filings/0001628280-25-038548.md) | [0.7](/filings/0001704292-25-000024.md) | [0.9 d](/filings/0001628280-25-008409.md) | [1.2](/filings/0001628280-26-031626.md) | [1.3](/filings/0001628280-26-053793.md) | [1.4](/filings/0001704292-25-000024.md) | [1.4 d](/filings/0001704292-26-000015.md) | [1.6](/filings/0001628280-26-031626.md) | [1.6](/filings/0001628280-26-053793.md) |
| Income tax | $m | [0.0](/filings/0001628280-24-046824.md) | [0.0 d](/filings/0001704292-26-000015.md) | [0.0](/filings/0001628280-25-023411.md) | [0.0](/filings/0001628280-25-038548.md) | [0.0](/filings/0001704292-25-000024.md) | [0.0 d](/filings/0001704292-26-000015.md) | [0.0](/filings/0001628280-26-031626.md) | [0.0](/filings/0001628280-26-053793.md) | [0.0](/filings/0001704292-25-000024.md) | [(2.9) d](/filings/0001704292-26-000015.md) | [1.4](/filings/0001628280-26-031626.md) | [(1.0)](/filings/0001628280-26-053793.md) |
| Net income | $m | [(69.2)](/filings/0001628280-24-046824.md) | [(95.4) d](/filings/0001704292-26-000015.md) | [(53.5)](/filings/0001704292-25-000024.md) | [(80.3)](/filings/0001704292-25-000024.md) | [(41.7)](/filings/0001704292-25-000024.md) | [(81.7) d](/filings/0001704292-26-000015.md) | [(48.4)](/filings/0001628280-26-053793.md) | [(40.7)](/filings/0001628280-26-053793.md) | [(36.0)](/filings/0001704292-25-000024.md) | [(50.4) d](/filings/0001704292-26-000015.md) | [(51.0)](/filings/0001628280-26-053793.md) | [(50.8)](/filings/0001628280-26-053793.md) |
| Diluted EPS | $ per share | [(0.07)](/filings/0001628280-24-046824.md) | not reported | [(0.05)](/filings/0001628280-25-023411.md) | [(0.08)](/filings/0001628280-25-038548.md) | [(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) |
| Basic EPS | $ per share | [(0.07)](/filings/0001628280-24-046824.md) | not reported | [(0.05)](/filings/0001628280-25-023411.md) | [(0.08)](/filings/0001628280-25-038548.md) | [(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) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: us-gaap:CostOfRevenue, us-gaap:CostOfGoodsAndServicesSold
- Research and development: us-gaap:ResearchAndDevelopmentExpense
- Selling, general and administrative: us-gaap:SellingGeneralAndAdministrativeExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpenseNonoperating, us-gaap:InterestExpense
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [789](/filings/0001628280-23-037358.md) | [790](/filings/0001628280-25-008409.md) | [651](/filings/0001628280-24-021689.md) | [630](/filings/0001628280-24-035231.md) | [616](/filings/0001628280-24-046824.md) | [450](/filings/0001704292-26-000015.md) | [757](/filings/0001628280-25-023411.md) | [732](/filings/0001628280-25-038548.md) | [717](/filings/0001704292-25-000024.md) | [680](/filings/0001628280-26-053793.md) | [651](/filings/0001628280-26-031626.md) | [608](/filings/0001628280-26-053793.md) |
| Current assets | $m | [960](/filings/0001628280-23-037358.md) | [940](/filings/0001628280-25-008409.md) | [889](/filings/0001628280-24-021689.md) | [870](/filings/0001628280-24-035231.md) | [861](/filings/0001628280-24-046824.md) | [1,050](/filings/0001704292-26-000015.md) | [1,042](/filings/0001628280-25-023411.md) | [1,034](/filings/0001628280-25-038548.md) | [1,033](/filings/0001704292-25-000024.md) | [1,019](/filings/0001628280-26-053793.md) | [945](/filings/0001628280-26-031626.md) | [914](/filings/0001628280-26-053793.md) |
| Total assets | $m | [1,044](/filings/0001628280-23-037358.md) | [1,036](/filings/0001628280-25-008409.md) | [988](/filings/0001628280-24-021689.md) | [987](/filings/0001628280-24-035231.md) | [985](/filings/0001628280-24-046824.md) | [1,186](/filings/0001704292-26-000015.md) | [1,173](/filings/0001628280-25-023411.md) | [1,164](/filings/0001628280-25-038548.md) | [1,159](/filings/0001704292-25-000024.md) | [1,172](/filings/0001628280-26-053793.md) | [1,096](/filings/0001628280-26-031626.md) | [1,075](/filings/0001628280-26-053793.md) |
| Current liabilities | $m | [125](/filings/0001628280-23-037358.md) | [203](/filings/0001628280-25-008409.md) | [192](/filings/0001628280-24-021689.md) | [252](/filings/0001628280-24-035231.md) | [286](/filings/0001628280-24-046824.md) | [299](/filings/0001704292-26-000015.md) | [320](/filings/0001628280-25-023411.md) | [332](/filings/0001628280-25-038548.md) | [360](/filings/0001704292-25-000024.md) | [416](/filings/0001628280-26-053793.md) | [393](/filings/0001628280-26-031626.md) | [429](/filings/0001628280-26-053793.md) |
| Total liabilities | $m | [163](/filings/0001628280-23-037358.md) | [240](/filings/0001628280-25-008409.md) | [226](/filings/0001628280-24-021689.md) | [283](/filings/0001628280-24-035231.md) | [318](/filings/0001628280-24-046824.md) | [345](/filings/0001704292-26-000015.md) | [363](/filings/0001628280-25-023411.md) | [372](/filings/0001628280-25-038548.md) | [399](/filings/0001704292-25-000024.md) | [457](/filings/0001628280-26-053793.md) | [434](/filings/0001628280-26-031626.md) | [468](/filings/0001628280-26-053793.md) |
| Short-term borrowings | $m | not reported | [0.0](/filings/0001628280-25-008409.md) | [48.3](/filings/0001628280-24-021689.md) | [70.3](/filings/0001628280-24-035231.md) | [113](/filings/0001628280-24-046824.md) | [132](/filings/0001704292-26-000015.md) | [173](/filings/0001628280-25-023411.md) | [175](/filings/0001628280-25-038548.md) | [203](/filings/0001704292-25-000024.md) | [205](/filings/0001628280-26-053793.md) | [214](/filings/0001628280-26-031626.md) | [238](/filings/0001628280-26-053793.md) |
| Shareholders' equity | $m | [881](/filings/0001628280-24-046824.md) | [796](/filings/0001704292-26-000015.md) | [762](/filings/0001704292-25-000024.md) | [704](/filings/0001704292-25-000024.md) | [668](/filings/0001704292-25-000024.md) | [841](/filings/0001628280-26-053793.md) | [811](/filings/0001628280-26-053793.md) | [792](/filings/0001628280-26-053793.md) | [760](/filings/0001704292-25-000024.md) | [716](/filings/0001628280-26-053793.md) | [662](/filings/0001628280-26-053793.md) | [607](/filings/0001628280-26-053793.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Short-term borrowings: us-gaap:ShortTermBorrowings
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | 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) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [(55.3) d](/filings/0001628280-24-046824.md) | [(14.9) d](/filings/0001704292-26-000015.md) | [(90.1)](/filings/0001628280-25-023411.md) | [(42.2) d](/filings/0001628280-25-038548.md) | [(26.8) d](/filings/0001704292-25-000024.md) | [(55.8) d](/filings/0001704292-26-000015.md) | [(61.7)](/filings/0001628280-26-031626.md) | [(31.0) d](/filings/0001628280-26-053793.md) | [(32.0) d](/filings/0001704292-25-000024.md) | [(26.0) d](/filings/0001704292-26-000015.md) | [(11.9)](/filings/0001628280-26-031626.md) | [(63.4) d](/filings/0001628280-26-053793.md) |
| Capital expenditure | $m | [1.8 d](/filings/0001628280-24-046824.md) | [0.2 d](/filings/0001704292-26-000015.md) | [1.0](/filings/0001628280-25-023411.md) | [0.7 d](/filings/0001628280-25-038548.md) | [1.3 d](/filings/0001704292-25-000024.md) | [2.6 d](/filings/0001704292-26-000015.md) | [1.5](/filings/0001628280-26-031626.md) | [2.9 d](/filings/0001628280-26-053793.md) | [3.0 d](/filings/0001704292-25-000024.md) | [0.7 d](/filings/0001704292-26-000015.md) | [1.2](/filings/0001628280-26-031626.md) | [1.3 d](/filings/0001628280-26-053793.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

## Shares

| Line item | Unit | Q3 FY2022 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [959](/filings/0001628280-23-037358.md) | [961](/filings/0001628280-24-021689.md) | [965](/filings/0001628280-24-035231.md) | [969](/filings/0001628280-24-046824.md) | [973](/filings/0001628280-25-023411.md) | [976](/filings/0001628280-25-038548.md) | [982](/filings/0001704292-25-000024.md) | [1,081](/filings/0001628280-26-031626.md) | [1,092](/filings/0001628280-26-053793.md) | [1,102](/filings/0001704292-25-000024.md) | [1,107](/filings/0001628280-26-031626.md) | [1,117](/filings/0001628280-26-053793.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 88,592,343 at 2021-02-26, from the cover of the [10-K filed 2021-03-01](/filings/0001193125-21-062279.md) (dei:EntityCommonStockSharesOutstanding).

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