Zai Lab Ltd
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
ZLAB$26.43-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of December 31, 2025 and
Consolidated Balance Sheets
(in thousands of U.S. dollars (“$”), except for number of shares and per share data)
| December 31, | |||
|---|---|---|---|
| Notes | 2025 | 2024 | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 3 | 679,573 | 449,667 |
| Restricted cash, current | 100,000 | 100,000 | |
| Short-term investments | 4 | 10,000 | 330,000 |
| Accounts receivable (net of allowance for credit losses of $31 and $25 as of December 31, 2025 and 2024, respectively) | 106,116 | 85,178 | |
| Notes receivable | 12,169 | 4,233 | |
| Inventories, net | 5 | 74,745 | 39,875 |
| Prepayments and other current assets | 36,683 | 41,527 | |
| Total current assets | 1,019,286 | 1,050,480 | |
| Restricted cash, non-current | 1,116 | 1,114 | |
| Property and equipment, net | 6 | 47,389 | 47,961 |
| Operating lease right-of-use assets | 7 | 19,152 | 21,496 |
| Land use rights, net | 2,853 | 2,907 | |
| Intangible assets, net | 8 | 76,144 | 56,027 |
| Deferred tax assets | 10 | 3,390 | — |
| Other non-current assets | 3,054 | 5,768 | |
| Total assets | 1,172,384 | 1,185,753 | |
| Liabilities and shareholders’ equity | |||
| Current liabilities | |||
| Accounts payable | 141,608 | 100,906 | |
| Current operating lease liabilities | 7 | 6,344 | 8,048 |
| Short-term debt | 11 | 204,530 | 131,711 |
| Other current liabilities | 12 | 63,684 | 58,720 |
| Total current liabilities | 416,166 | 299,385 | |
| Deferred income | 27,333 | 31,433 | |
| Non-current operating lease liabilities | 7 | 13,385 | 13,712 |
| Other non-current liabilities | — | 325 | |
| Total liabilities | 456,884 | 344,855 | |
| Commitments and contingencies (Note 20) | |||
| Shareholders’ equity | |||
| Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 1,113,822,550 and 1,082,614,740 shares issued as of December 31, 2025 and 2024, respectively; 1,106,389,340 and 1,077,702,540 shares outstanding as of December 31, 2025 and 2024, respectively) | 7 | 7 | |
| Additional paid-in capital | 3,343,469 | 3,264,295 | |
| Accumulated deficit | (2,628,620) | (2,453,083) | |
| Accumulated other comprehensive income | 29,697 | 50,515 | |
| Treasury stock (at cost 7,433,210 and 4,912,200 shares as of December 31, 2025 and 2024, respectively) | (29,053) | (20,836) | |
| Total shareholders’ equity | 715,500 | 840,898 | |
| Total liabilities and shareholders’ equity | 1,172,384 | 1,185,753 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.