Zai Lab Ltd (ZLAB) SEC Filings & Earnings Calls
EquiReason read 10 Zai Lab Ltd SEC filings in the last 12 months. Latest: 8-K on 2026-10-23 — Zai Lab entered a securities purchase agreement for a $250M PIPE financing, issuing 11.34M ADSs at $22.04/ADS to fund pipeline development and working capital..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Oct 20268-K · 1.01, 3.02, 7.01, 8.01Zai Lab entered a securities purchase agreement for a $250M PIPE financing, issuing 11.34M ADSs at $22.04/ADS to fund pipeline development and working capital.open
Risks flagged
Dilution risk from new ADS issuance
“11,340,000 ADSs issued at $22.04 per ADS”
6 Aug 202610-QZai Lab reported Q2 2026 total revenue of $106.3M (-3% YoY) and a net loss of $50.8M, with declines in key products ZEJULA and VYVGART.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $106M | -3% y/y |
| Product Revenue, net · Q2-2026 | $106M | -3% y/y |
| Net Loss · Q2-2026 | $-51M | +25% y/y |
| ZEJULA Revenue · Q2-2026 | $32M | -22% y/y |
| VYVGART/VYVGART Hytrulo Revenue · Q2-2026 | $24M | -10% y/y |
| XACDURO Revenue · Q2-2026 | $8M | +72% y/y |
| Research and Development Expenses · Q2-2026 | $62M | +22% y/y |
| Cash and Cash Equivalents · Q2-2026 | $608M |
Risks flagged
Product revenue concentration and decline
“ZEJULA revenue declined 22% YoY, and VYVGART revenue declined 10% YoY.”
R&D pipeline risk
“Terminated a pre-clinical program after paying $25M license fee.”
Inventory obsolescence
“Inventory write-down of $5.9 million mainly related to VYVGART Hytrulo.”
6 Aug 20268-K · 2.02Zai Lab reported Q2 2026 total revenue of $106.3M (vs $110.0M YoY), net product revenue $105.8M (+11% QoQ), net loss $50.8M. Pipeline progress: zoci Phase 3 DLLEVATE on track, ZL-1503 FIH data H2 2026. KarXT launched in China.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $106M | -3% y/y |
| Product Revenue, Net · Q2-2026 | $106M | -3% y/y |
| R&D Expenses · Q2-2026 | $62M | +22% y/y |
| SG&A Expenses · Q2-2026 | $73M | +3% y/y |
| Loss from Operations · Q2-2026 | $77M | |
| Net Loss · Q2-2026 | $51M | +25% y/y |
| Loss per ADS · Q2-2026 | $0.46 | +24% y/y |
| Cash and Equivalents · Q2-2026 | $718M |
Risks flagged
Net loss widening due to higher licensing fees and R&D spend; path to profitability uncertain.
“Net loss $50.8M vs $40.7M; R&D up 22% YoY.”
Revenue decline YoY; commercial business still stabilizing.
“Total revenue $106.3M vs $110.0M.”
7 May 202610-QZai Lab reported Q1 2026 results with net product revenue down 10% YoY, driven by ZEJULA VBP and VYVGART NRDL headwinds, partially offset by strong XACDURO growth and promising pipeline data.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $100M | -7% y/y |
| Net loss · Q1-2026 | $-51M | +5% y/y |
| Product revenue, net · Q1-2026 | $96M | -10% y/y |
| Collaboration revenue · Q1-2026 | $4M | +385% y/y |
| Research and development expenses · Q1-2026 | $66M | +8% y/y |
| Selling, general, and administrative expenses · Q1-2026 | $65M | +3% y/y |
| Cash and cash equivalents · Q1-2026 | $651M | |
| Net cash used in operating activities · Q1-2026 | $-12M | -81% y/y |
| ZEJULA revenue · Q1-2026 | $30M | -40% y/y |
| VYVGART / VYVGART Hytrulo revenue · Q1-2026 | $18M | -3% y/y |
Risks flagged
VBP and NRDL pricing pressure
“decreased sales for ZEJULA, due to a shift in hospital utilization patterns following volume-based procurement for generic olaparib... VYVGART, primarily due to a pricing adjustment related to NRDL renewal.”
Supply constraints for XACDURO
“increased sales for XACDURO, driven by strong patient demand and expanding hospital adoption but partially constrained by supply limitations” · word for word
U.S.-China trade and regulatory risk
“Changes in U.S. and China trade policies and relations, as well as relations with other countries, and/or changes in laws, regulations, and/or sanctions” · word for word
Clinical trial and pipeline risk
“The results of our clinical and pre-clinical development of our product candidates” · word for word
7 May 20268-K · 2.02Q1 2026 revenue $99.6M (-6% yoy), product revenue $95.6M (-10% yoy), net loss $51.0M vs $48.4M; ZEJULA sales declined 39% due to generic competition; pipeline progress with zoci AACR data and KarXT launch prep.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $100M | -6% y/y |
| Product revenue, net · Q1-2026 | $96M | -10% y/y |
| ZEJULA revenue · ZEJULA · Q1-2026 | $30M | -39% y/y |
| VYVGART revenue · VYVGART · Q1-2026 | $18M | -3% y/y |
| XACDURO revenue · XACDURO · Q1-2026 | $9M | +682% y/y |
| NUZYRA revenue · NUZYRA · Q1-2026 | $16M | +8% y/y |
| R&D expenses · Q1-2026 | $66M | +8% y/y |
| SG&A expenses · Q1-2026 | $65M | +3% y/y |
| Net loss · Q1-2026 | $-51M | +5% y/y |
| Cash and cash equivalents, short-term investments, and current restricted cash · Q1-2026 | $761M | -4% y/y |
Risks flagged
Generic competition for ZEJULA is accelerating revenue decline; NRDL pricing pressure on VYVGART may persist.
“ZEJULA sales dropped 39% yoy due to volume-based procurement for generic olaparib; VYVGART pricing adjustment related to NRDL renewal.”
Pipeline dependency on clinical trial outcomes; zoci and ZL-1503 still in development with no near-term revenue.
“Zoci registrational trial enrollment expected to complete H1 2027; ZL-1503 Phase 1/1b with initial data in 2026.”
26 Feb 202610-KZoci best overall response rate in 2L ES-SCLC 68; Zoci median duration of response 6.1; Zoci response rate in untreated brain metastases 80open
Figures in the filing · each found in the filing text
| Zoci best overall response rate in 2L ES-SCLC · Oncology · FY2025 | 68.0% | |
| Zoci median duration of response · Oncology · FY2025 | $6.10 | |
| Zoci response rate in untreated brain metastases · Oncology · FY2025 | 80.0% | |
| Zoci Grade >=3 TRAEs rate · Oncology · FY2025 | 13.0% | |
| Estimated ovarian cancer new cases in China annually · FY2025 | 61,100 | |
| Estimated MG patients in China · FY2025 | 200,000 | |
| Estimated CIDP patients in China · FY2025 | 50,000 | |
| Estimated GBM patients in China annually · FY2025 | 45,000 | |
| Estimated GIST new cases in China annually · FY2025 | 30,000 | |
| Estimated schizophrenia patients in China · FY2025 | 8,000,000 |
26 Feb 20268-K · 2.02Zai Lab reported Q4/FY2025 results: total revenue $127.6M (+17% yoy), product revenue $127.1M (+17% yoy); net loss narrowed to $50.4M from $81.7M. Pipeline progress with zoci and KarXT approval in China.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q4-2025 | $128M | +17% y/y |
| Total Revenue · FY2025 | $460M | +15% y/y |
| Product Revenue, net · Q4-2025 | $127M | +17% y/y |
| Product Revenue, net · FY2025 | $457M | +15% y/y |
| ZEJULA Revenue · Q4-2025 | $56M | +16% y/y |
| ZEJULA Revenue · FY2025 | $189M | +1% y/y |
| VYVGART Revenue · Q4-2025 | $22M | -27% y/y |
| VYVGART Revenue · FY2025 | $94M | +1% y/y |
| XACDURO Revenue · Q4-2025 | $11M | +224% y/y |
| XACDURO Revenue · FY2025 | $23M | +594% y/y |
Risks flagged
VYVGART revenue declined in Q4 due to NRDL rebate; pricing pressure from government negotiations in China.
“VYVGART $21.9M vs $30.0M; includes $5.6M rebate for NRDL renewal.”
XACDURO growth constrained by supply limitations; potential bottleneck for future revenue.
“Growth was driven by strong patient demand and expanding hospital adoption but was partially constrained by supply limitations during the year.” · word for word
Operating loss remains significant; path to profitability depends on continued revenue growth and expense control.
“Loss from operations $69.4M in Q4; net loss $50.4M.”
6 Nov 202510-QProduct revenue, net $115M (+13% y/y); Product revenue, net $330M (+14% y/y); Net loss $-36M (-14% y/y)open
Figures in the filing · each found in the filing text
| Product revenue, net · Q3-2025 | $115M | +13% y/y |
| Product revenue, net · 9M-2025 | $330M | +14% y/y |
| Net loss · Q3-2025 | $-36M | -14% y/y |
| Net loss · 9M-2025 | $-125M | -29% y/y |
| Operating cash flow · 9M-2025 | $-125M | -22% y/y |
| Free cash flow · 9M-2025 | $-132M |
6 Nov 20258-K · 2.02Zai Lab Q3 2025: revenue $116.1M (+14% yoy), operating loss improved 28% yoy to $48.8M; guidance raised to at least $460M for FY2025; zoci (DLL3 ADC) shows 68% ORR in 2L+ ES-SCLC, global registrational study initiated.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $116M | +14% y/y |
| Operating loss (GAAP) · Q3-2025 | $49M | -28% y/y |
| Adjusted operating loss (non-GAAP) · Q3-2025 | $28M | -42% y/y |
| zoci best overall response rate · Oncology · Q3-2025 | 68.0% | |
| zoci median duration of response · Oncology · Q3-2025 | $6.10 |
Guidance
FY2025 revenue guidance raised to at least $460 million from prior guidance (not explicitly stated but implied raise).
Revenue guidance raised to at least $460M for FY2025, reflecting confidence in commercial execution and pipeline progress.
Risks flagged
Clinical trial failure risk for bemarituzumab; FORTITUDE-102 stopped.
“Amgen announced FORTITUDE-102, a Phase 1b/3 study of bemarituzumab plus chemotherapy and nivolumab in patients with first-line gastric cancer, was stopped.” · word for word
Dependence on pipeline success; zoci still in registrational study, no guarantee of approval.
“Zoci moving into pivotal development; regulatory and commercial risks remain.”
Zai Lab Ltd — questions
- What did Zai Lab Ltd file recently?
- 10 SEC filings in the last 12 months. Latest: 8-K on 2026-10-23 — Zai Lab entered a securities purchase agreement for a $250M PIPE financing, issuing 11.34M ADSs at $22.04/ADS to fund pipeline development and working capital.
Every figure on this page comes from Zai Lab Ltd's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.