ZLAB Zai Lab Limited - American Depositary Shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$24.33
· of 52w range
· above low
· to high
$15.9652w low
$34.0652w high
Market Cap (MRQ)
$27.31B
P/E (TTM)
-135.2
EPS (TTM)
$-0.18
Revenue (TTM)
$450M
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52W Range
$16–$34
Analyst Rating
BUY
Price Target
$33
P/E
-135.2
ROE
-26.9%
Net Profit Margin
-41.9%
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ZLAB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$24.33
Market Cap (MRQ)
$27.31B
P/E (TTM)
-135.2
EPS (TTM)
$-0.18
Revenue (TTM)
$450M
ROE (TTM)
-26.9%
Debt/Equity (MRQ)
0.4
52W Range
$16–$34
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About Zai Lab Limited - American Depositary Shares Company overview from Wikipedia
sectorHealthcare
industryBiotechnology
employees1,784
countryCN
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$460M2018-12-31 → 2025-12-31
EPS$-0.162020-12-31 → 2025-12-31
Free Cash Flow$-159M2020-12-31 → 2025-12-31
Net margin-41.9%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ZLAB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -135.25Y avg ≈-87.7 | ≈-87.7 | · | · | |
| P/S (TTM) | 60.75Y avg ≈63.6 | ≈63.6 | · | · | |
| P/B (MRQ) | 45.05Y avg ≈24.6 | ≈24.6 | · | · | |
| EV / EBITDA (TTM) | -108.5 | · | · | · | |
| Price / FCF (TTM) | -195.75Y avg ≈-97.7 | ≈-97.7 | · | · | |
| Price / Cash Flow (TTM) | -204.75Y avg ≈-101.5 | ≈-101.5 | · | · | |
| EV / Revenue (TTM) | 59.9 | · | · | · | |
| EV / FCF (TTM) | -192.9 | · | · | · | |
| Price / Tangible Book (MRQ) | 52.45Y avg ≈26.6 | ≈26.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ZLAB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -58.7%5Y avg ≈-185.8% | ≈-185.8% | · | · | |
| EBITDA Margin (TTM) | -55.2%5Y avg ≈-182.2% | ≈-182.2% | · | · | |
| Pretax Margin (TTM) | -42.4%5Y avg ≈-179.0% | ≈-179.0% | · | · | |
| Net Profit Margin (TTM) | -41.9%5Y avg ≈-179.1% | ≈-179.1% | · | · | |
| ROA (TTM) | -16.8%5Y avg ≈-29.0% | ≈-29.0% | · | · | |
| ROE (TTM) | -26.9%5Y avg ≈-36.2% | ≈-36.2% | · | · | |
| ROIC | -24.5%5Y avg ≈-33.2% | ≈-33.2% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ZLAB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.4 | · | · | · | |
| Current Ratio (MRQ) | 2.15Y avg ≈4.6 | ≈4.6 | · | · | |
| Quick Ratio (MRQ) | 1.65Y avg ≈4.2 | ≈4.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ZLAB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 15.3%5Y avg ≈66.5% | ≈66.5% | · | · | |
| Revenue CAGR 3Y | 28.9%5Y avg ≈48.4% | ≈48.4% | · | · | |
| Revenue CAGR 5Y | 56.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ZLAB | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.3 | ≈0.3 | · | · | |
| Inventory Turnover | 3.35Y avg ≈3.1 | ≈3.1 | · | · | |
| Receivables Turnover | 4.85Y avg ≈5.3 | ≈5.3 | · | · | |
| Revenue / Employee | ≈$257.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
17.0%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.05 | $-0.07 | 24.0% | |
| March 31, 2026 | $-0.05 | $-0.05 | -4.4% | |
| Dec. 31, 2025 | $-0.05 | $-0.07 | 24.0% | |
| Sept. 30, 2025 | $-0.03 | $-0.04 | 32.4% | |
| June 30, 2025 | $-0.04 | $-0.04 | 2.0% | |
| March 31, 2025 | $-0.05 | $-0.07 | 24.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $460M | $399M | $267M | $215M | $144M | $49M | $13M | |
| Cost of Revenue | $191M | $147M | $96M | $74M | $52M | $17M | $4M | |
| R&D Expense | $221M | $235M | $266M | $286M | $573M | $223M | $142M | |
| SG&A Expense | $278M | $299M | $282M | $259M | $219M | $111M | $70M | |
| Operating Income | $-229M | $-282M | $-367M | $-404M | $-700M | $-302M | $-203M | |
| Interest Expense | · | $2M | $0 | $0 | $0 | $181.0K | $293.0K | |
| Interest Income | $33M | $37M | $40M | $15M | $2M | $5M | $8M | |
| Other Non-op | $4M | $5M | $7M | $3M | $-10M | $7M | $938.0K | |
| Pretax Income | $-178M | $-257M | $-335M | $-443M | $-704M | $-269M | $-194M | |
| Income Tax | $-3M | $0 | $0 | $0 | $0 | $0 | · | |
| Net Income | $-176M | $-257M | $-335M | $-443M | $-704M | $-269M | $-195M | |
| EPS (Basic) | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 | · | |
| EPS (Diluted) | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 | · | |
| Shares (Basic) | 1,095,311,090 | 989,477,730 | 966,394,130 | 958,067,140 | 929,921,120 | 776,677,430 | · | |
| Shares (Diluted) | 1,095,311,090 | 989,477,730 | 966,394,130 | 958,067,140 | 929,921,120 | 776,677,430 | · | |
| EBITDA | $-214M | $-270M | $-358M | · | $-694M | $-297M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $680M | $450M | $790M | $1.01B | $964M | $442M | $76M | |
| Short-term Investments | $10M | $330M | $16M | $0 | $445M | $745M | $200M | |
| Receivables | $106M | $85M | $59M | $40M | $47M | $5M | $4M | |
| Inventory | $75M | $40M | $45M | $32M | $19M | $13M | $6M | |
| Prepaid Expense | $37M | $42M | $23M | $36M | $18M | $11M | $7M | |
| Current Assets | $1.02B | $1.05B | $940M | $1.12B | $1.50B | $1.22B | $292M | |
| PP&E (Net) | $47M | $48M | $54M | $58M | $43M | $29M | $21M | |
| PP&E (Gross) | $90M | $85M | $84M | $80M | $60M | $39M | $27M | |
| Accum. Depreciation | $42M | $37M | $30M | $22M | $16M | $10M | $5M | |
| Intangibles | $76M | $56M | $13M | $2M | $2M | $2M | $1M | |
| Other Non-current Assets | $3M | $6M | · | · | · | · | · | |
| Total Assets | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.30B | $355M | |
| Accounts Payable | $142M | $101M | $113M | $66M | $126M | $63M | $23M | |
| Short-term Debt | $205M | $132M | $0 | · | · | · | $6M | |
| Current Liabilities | $416M | $299M | $203M | $140M | $193M | $98M | $47M | |
| Capital Leases | $13M | $14M | $8M | $13M | $10M | $13M | $11M | |
| Other Non-current Liabilities | $0 | $325.0K | $325.0K | $0 | · | · | · | |
| Total Liabilities | $457M | $345M | $240M | $175M | $230M | $128M | $60M | |
| Total Debt | $205M | $132M | · | · | · | · | · | |
| Common Stock | $7.0K | $7.0K | $6.0K | $6.0K | $6.0K | $5.0K | $4.0K | |
| Retained Earnings | $-2.63B | $-2.45B | $-2.20B | $-1.86B | $-1.42B | $-714M | $-445M | |
| Treasury Stock | $29M | $21M | $21M | $12M | $4M | $0 | · | |
| AOCI | $30M | $51M | $38M | $26M | $-24M | $-15M | $5M | |
| Stockholders' Equity | $716M | $841M | $796M | $1.05B | $1.38B | $1.17B | $295M | |
| Liabilities + Equity | $1.17B | $1.19B | $1.04B | $1.22B | $1.61B | $1.30B | $355M | |
| Shares Outstanding | 1,106,389,340 | 1,082,614,740 | 977,151,270 | 962,455,850 | 955,363,980 | 878,110,260 | 682,372,470 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $15M | $12M | $9M | $8M | $6M | $5M | $4M | |
| Stock-based Comp | $66M | $71M | $80M | $61M | $41M | $25M | $20M | |
| Amort. of Intangibles | $6M | $3M | $700.0K | $500.0K | $500.0K | $300.0K | $305.0K | |
| Other Non-cash | $-56M | $-40M | $48M | · | $108M | $23M | · | |
| Operating Cash Flow | $-151M | $-215M | $-198M | $-368M | $-549M | $-216M | $-191M | |
| CapEx | $8M | $6M | $7M | $25M | $18M | $10M | $6M | |
| Investing Cash Flow | $308M | $-375M | $-11M | $420M | $250M | $-555M | $-15M | |
| Stock Issued | $0 | $217M | $0 | $0 | · | · | · | |
| Net Stock Activity | $0 | $217M | · | · | · | · | · | |
| Financing Cash Flow | $72M | $350M | $-6M | $-2M | $820M | $1.13B | $219M | |
| Net Change in Cash | $230M | $-240M | $-218M | $44M | $522M | $366M | $13M | |
| Free Cash Flow | $-159M | $-221M | $-205M | · | $-568M | $-226M | · | |
| Levered FCF | · | $-223M | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -49.9% | -70.7% | -137.4% | · | -485.1% | -616.5% | · | |
| Net Margin | -38.1% | -64.4% | -125.5% | · | -488.2% | -549.3% | · | |
| Pretax Margin | -38.8% | -64.4% | -125.5% | · | -487.4% | -549.3% | · | |
| EBITDA Margin | -46.6% | -67.7% | -134.1% | · | -480.6% | -607.0% | · | |
| ROA | -14.9% | -23.1% | -29.7% | · | -48.5% | -32.5% | · | |
| ROE | -23.3% | -34.1% | -39.9% | · | -47.5% | -23.3% | · | |
| ROIC | -24.5% | -29.0% | -46.1% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 3.5 | 4.6 | · | 7.8 | 12.4 | · | |
| Quick Ratio | 1.9 | 2.9 | 4.3 | · | 7.6 | 12.2 | · | |
| Debt / Equity | 0.3 | 0.2 | · | · | · | · | · | |
| Interest Coverage | · | -125.2 | · | · | · | -1667.4 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.2 | · | 0.1 | 0.1 | · | |
| Inventory Turnover | 3.3 | 3.5 | 2.5 | · | 3.3 | 1.7 | · | |
| Receivables Turnover | 4.8 | 5.5 | 5.4 | · | 5.5 | 10.9 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.65 | $0.78 | $0.82 | · | $14.44 | $13.32 | · | |
| Revenue / Share | $0.42 | $0.40 | $0.28 | · | · | · | · | |
| Cash Flow / Share | $-0.14 | $-0.22 | $-0.21 | · | · | · | · | |
| Cash / Share | $0.61 | $0.42 | $0.81 | · | $10.09 | $5.03 | · | |
| EPS (TTM) | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 | $-0.35 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 15.3% | 49.6% | 24.0% | 49.0% | 194.8% | · | · | |
| Revenue CAGR 3Y | 28.9% | 40.4% | 76.0% | · | · | · | · | |
| Revenue CAGR 5Y | 56.5% | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $460M | $399M | $267M | $215M | $144M | $49M | · | |
| Net Income TTM | $-176M | $-257M | $-335M | $-443M | $-704M | $-269M | · | |
| Market Cap | $19.52B | $28.23B | $26.57B | · | $6.00B | $11.88B | · | |
| Enterprise Value | $19.03B | $27.58B | · | · | · | · | · | |
| P/E | -110.2 | -100.7 | -78.1 | -66.7 | -82.7 | -386.7 | · | |
| P/S | 42.4 | 70.7 | 99.6 | · | 41.6 | 242.7 | · | |
| P/B | 27.3 | 33.6 | 33.4 | · | 4.4 | 10.2 | · | |
| P / Tangible Book | 30.5 | 36.0 | 33.9 | 28.2 | 4.4 | 10.2 | · | |
| P / Cash Flow | -129.4 | -131.4 | -134.1 | · | -10.9 | -55.0 | · | |
| P / FCF | -122.8 | -128.0 | -129.4 | · | -10.6 | -52.5 | · | |
| EV / EBITDA | -88.8 | -102.0 | · | · | · | · | · | |
| EV / FCF | -119.8 | -125.1 | · | · | · | · | · | |
| EV / Revenue | 41.4 | 69.1 | · | · | · | · | · | |
| Earnings Yield | -0.91% | -0.99% | -1.3% | -1.5% | -1.2% | -0.26% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106M | $100M | $128M | $116M | $110M | $106M | $109M | $102M | $101M | $87M | $66M | $69M | $69M | $63M | $63M | $58M | |
| Cost of Revenue | $48M | $38M | $62M | $47M | $43M | $38M | $42M | $37M | $35M | $34M | $25M | $25M | $24M | $21M | $21M | $20M | |
| R&D Expense | $62M | $66M | $62M | $48M | $51M | $61M | $52M | $66M | $62M | $55M | $82M | $59M | $77M | $48M | $67M | $100M | |
| SG&A Expense | $73M | $65M | $73M | $70M | $71M | $63M | $83M | $67M | $80M | $69M | $83M | $69M | $68M | $63M | $72M | $67M | |
| Operating Income | $-76M | $-69M | $-69M | $-49M | $-55M | $-56M | $-68M | $-68M | $-76M | $-70M | $-124M | $-84M | $-90M | $-70M | $-97M | $-129M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $113.0K | · | · | · | $0 | · | · | |
| Interest Income | $6M | $6M | $7M | $8M | $9M | $9M | $9M | $9M | $9M | $10M | $10M | $9M | $10M | $10M | $9M | $4M | |
| Other Non-op | $5M | $162.0K | $495.0K | $-508.0K | $4M | $-197.0K | $1M | $3M | $-9M | $9M | $7M | $394.0K | $-1M | $1M | $10M | $4M | |
| Pretax Income | $-52M | $-50M | $-53M | $-36M | $-41M | $-48M | $-82M | $-42M | $-80M | $-53M | $-95M | $-69M | $-121M | $-49M | $-62M | $-161M | |
| Income Tax | $-1M | $1M | $-3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-51M | $-51M | $-50M | $-36M | $-41M | $-48M | $-82M | $-42M | $-80M | $-53M | $-95M | $-69M | $-121M | $-49M | $-62M | $-161M | |
| EPS (Basic) | $-0.05 | $-0.05 | $-0.05 | $-0.03 | $-0.04 | $-0.04 | $-0.09 | $-0.04 | $-0.08 | $-0.05 | $-0.10 | $-0.07 | $-0.13 | $-0.05 | $-0.06 | $-0.17 | |
| EPS (Diluted) | $-0.05 | $-0.05 | $-0.05 | $-0.03 | $-0.04 | $-0.04 | $-0.09 | $-0.04 | $-0.08 | $-0.05 | $-0.10 | $-0.07 | $-0.13 | $-0.05 | $-0.06 | $-0.17 | |
| Shares (Basic) | 1,116,973,380 | 1,107,390,590 | · | 1,102,072,680 | 1,091,933,150 | 1,080,825,300 | · | 981,687,390 | 975,937,790 | 973,145,760 | · | 968,767,730 | 964,817,310 | 961,444,780 | · | 959,085,960 | |
| Shares (Diluted) | 1,116,973,380 | 1,107,390,590 | · | 1,102,072,680 | 1,091,933,150 | 1,080,825,300 | · | 981,687,390 | 975,937,790 | 973,145,760 | · | 968,767,730 | 964,817,310 | 961,444,780 | · | 959,085,960 | |
| EBITDA | $-76M | $-65M | · | $-49M | $-55M | $-53M | · | $-68M | $-76M | $-67M | · | $-84M | $-90M | $-67M | · | $-129M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $608M | $651M | $680M | $717M | $732M | $757M | $450M | $616M | $630M | $651M | · | $789M | $859M | $880M | · | $1.12B | |
| Short-term Investments | $10M | $10M | $10M | $0 | $0 | $0 | $330M | $0 | $0 | $0 | · | $32M | $16M | $51M | · | $0 | |
| Receivables | $70M | $54M | $106M | $85M | $88M | $77M | $85M | $50M | $70M | $60M | · | $42M | $47M | $43M | · | $28M | |
| Inventory | $91M | $86M | $75M | $67M | $62M | $53M | $40M | $40M | $42M | $38M | · | $44M | $36M | $38M | · | $29M | |
| Prepaid Expense | $33M | $35M | $37M | $44M | $41M | $44M | $42M | $36M | $20M | $24M | · | $30M | $38M | $43M | · | $22M | |
| Current Assets | $914M | $945M | $1.02B | $1.03B | $1.03B | $1.04B | $1.05B | $861M | $870M | $889M | · | $960M | $1.02B | $1.07B | · | $1.21B | |
| PP&E (Net) | $46M | $47M | $47M | $49M | $50M | $50M | $48M | $51M | $51M | $52M | · | $55M | $56M | $58M | · | $51M | |
| PP&E (Gross) | $94M | $92M | $90M | $89M | $89M | $89M | $85M | $87M | $85M | $85M | · | $83M | $82M | $83M | · | $71M | |
| Accum. Depreciation | $47M | $45M | $42M | $41M | $39M | $39M | $37M | $36M | $34M | $32M | · | $28M | $26M | $24M | · | $20M | |
| Intangibles | $86M | $76M | $76M | $55M | $57M | $56M | $56M | $52M | $44M | $12M | · | $2M | $2M | $1M | · | $2M | |
| Other Non-current Assets | $4M | $3M | $3M | $2M | $3M | $3M | $6M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $1.07B | $1.10B | $1.17B | $1.16B | $1.16B | $1.17B | $1.19B | $985M | $987M | $988M | · | $1.04B | $1.11B | $1.17B | · | $1.30B | |
| Accounts Payable | $137M | $126M | $142M | $100M | $107M | $103M | $101M | $121M | $127M | $88M | · | $55M | $67M | $66M | · | $90M | |
| Short-term Debt | $238M | $214M | $205M | $203M | $175M | $173M | $132M | $113M | $70M | $48M | · | · | · | · | · | · | |
| Current Liabilities | $429M | $393M | $416M | $360M | $332M | $320M | $299M | $286M | $252M | $192M | · | $125M | $133M | $125M | · | $156M | |
| Capital Leases | $11M | $12M | $13M | $11M | $11M | $12M | $14M | $6M | $6M | $8M | · | $10M | $12M | $13M | · | $14M | |
| Other Non-current Liabilities | $225.0K | $40.0K | $0 | $325.0K | $325.0K | $325.0K | $325.0K | $325.0K | $325.0K | $325.0K | · | $325.0K | $325.0K | $325.0K | · | · | |
| Total Liabilities | $468M | $434M | $457M | $399M | $372M | $363M | $345M | $318M | $283M | $226M | · | $163M | $174M | $169M | · | $193M | |
| Total Debt | $238M | $214M | · | $203M | $175M | $173M | · | $113M | $70M | $48M | · | · | · | · | · | · | |
| Common Stock | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | $6.0K | $6.0K | · | $6.0K | $6.0K | $6.0K | · | $6.0K | |
| Retained Earnings | $-2.73B | $-2.68B | $-2.63B | $-2.58B | $-2.54B | $-2.50B | $-2.45B | $-2.37B | $-2.33B | $-2.25B | · | $-2.10B | $-2.03B | $-1.91B | · | $-1.80B | |
| Treasury Stock | $34M | $31M | $29M | $29M | $21M | $21M | $21M | $21M | $21M | $21M | · | $21M | $21M | $17M | · | $11M | |
| AOCI | $214.0K | $15M | $30M | $40M | $46M | $49M | $51M | $28M | $43M | $39M | · | $48M | $52M | $17M | · | $40M | |
| Stockholders' Equity | $607M | $662M | $716M | $760M | $792M | $811M | $841M | $668M | $704M | $762M | $796M | $881M | $932M | $1.00B | $1.05B | $1.11B | |
| Liabilities + Equity | $1.07B | $1.10B | $1.17B | $1.16B | $1.16B | $1.17B | $1.19B | $985M | $987M | $988M | · | $1.04B | $1.11B | $1.17B | · | $1.30B | |
| Shares Outstanding | 1,122,445,390 | 1,110,232,620 | 1,106,389,340 | 1,105,865,950 | 1,099,112,890 | 1,084,164,200 | 1,077,702,540 | 984,356,170 | 981,398,140 | 973,285,510 | 977,151,270 | 969,037,150 | 968,566,280 | 963,688,740 | 962,455,850 | 959,724,940 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $3M | $2M | $2M | |
| Stock-based Comp | $12M | $14M | $16M | $17M | $17M | $16M | $17M | $17M | $19M | $18M | $20M | $22M | $21M | $17M | $16M | $19M | |
| Amort. of Intangibles | $2M | $2M | $1M | $2M | $2M | $2M | $1M | $700.0K | $800.0K | $700.0K | $200.0K | $200.0K | · | · | · | · | |
| Other Non-cash | · | $22M | · | · | · | $-33M | · | · | · | $-58M | · | · | · | $-39M | · | · | |
| Operating Cash Flow | $-63M | $-12M | $-26M | $-32M | $-31M | $-62M | $-56M | $-27M | $-42M | $-90M | $-15M | $-55M | $-59M | $-69M | $-109M | $-126M | |
| CapEx | $1M | $1M | $677.0K | $3M | $3M | $2M | $3M | $1M | $741.0K | $974.0K | $222.0K | $2M | $2M | $4M | $4M | $7M | |
| Investing Cash Flow | $-1M | $-22M | $-11M | $-4M | $-3M | $326M | $-348M | $-30M | $-846.0K | $3M | $14M | $-14M | $43M | $-54M | $-4M | $568M | |
| Financing Cash Flow | $19M | $6M | $-430.0K | $21M | $9M | $43M | $238M | $42M | $22M | $48M | $393.0K | $-1M | $-1M | $-4M | $-199.0K | $709.0K | |
| Net Change in Cash | $-44M | $-28M | $-38M | $-15M | $-25M | $308M | $-166M | $-14M | $-21M | $-39M | $666.0K | $-70M | $-20M | $-128M | $-111M | $439M | |
| Free Cash Flow | · | $-13M | · | · | · | $-63M | · | · | · | $-91M | · | · | · | $-73M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-91M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -72.0% | -69.7% | · | -42.0% | -49.9% | -52.9% | · | -66.3% | -75.7% | -80.7% | · | -120.7% | -130.0% | -110.7% | · | -223.5% | |
| Net Margin | -47.8% | -51.2% | · | -31.0% | -37.0% | -45.5% | · | -40.8% | -79.9% | -61.4% | · | -99.9% | -175.6% | -78.3% | · | -280.1% | |
| Pretax Margin | -48.8% | -49.8% | · | -31.0% | -37.0% | -45.5% | · | -40.8% | -79.9% | -61.4% | · | -99.9% | -175.6% | -78.3% | · | -280.1% | |
| EBITDA Margin | -72.0% | -65.7% | · | -42.0% | -49.9% | -49.6% | · | -66.3% | -75.7% | -77.2% | · | -120.7% | -130.0% | -106.5% | · | -223.5% | |
| ROA | -4.5% | -4.5% | · | -3.4% | -3.8% | -4.5% | · | -4.1% | -7.7% | -5.0% | · | -5.9% | -9.6% | -3.7% | · | -10.7% | |
| ROE | -7.3% | -6.9% | · | -5.0% | -5.5% | -6.2% | · | -5.4% | -9.8% | -6.1% | · | -7.0% | -11.3% | -4.3% | · | -12.0% | |
| ROIC | -8.9% | -8.2% | · | -5.1% | -5.7% | -5.7% | · | -8.7% | -9.8% | -8.7% | · | -9.5% | -9.6% | -6.9% | · | -11.6% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.1 | 2.4 | · | 2.9 | 3.1 | 3.3 | · | 3.0 | 3.5 | 4.6 | · | 7.7 | 7.6 | 8.6 | · | 7.8 | |
| Quick Ratio | 1.6 | 1.8 | · | 2.2 | 2.5 | 2.6 | · | 2.3 | 2.8 | 3.7 | · | 6.9 | 6.9 | 7.8 | · | 7.4 | |
| Debt / Equity | 0.4 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -622.2 | · | · | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.6 | 0.6 | · | 0.9 | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 0.7 | 0.8 | 0.7 | · | 1.0 | |
| Receivables Turnover | 1.3 | 1.5 | · | 1.7 | 1.4 | 1.6 | · | 2.2 | 1.7 | 1.7 | · | 2.0 | 1.9 | 1.6 | · | 2.4 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.54 | $0.60 | · | $0.69 | $0.72 | $0.75 | · | $0.68 | $0.72 | $0.78 | · | $0.91 | $0.96 | $1.04 | · | $1.15 | |
| Revenue / Share | $0.10 | $0.09 | · | $0.11 | $0.10 | $0.10 | · | $0.10 | $0.10 | $0.09 | · | $0.07 | $0.07 | $0.07 | · | $0.06 | |
| Cash Flow / Share | · | $-0.01 | · | · | · | $-0.06 | · | · | · | $-0.09 | · | · | · | $-0.07 | · | · | |
| Cash / Share | $0.54 | $0.59 | · | $0.65 | $0.67 | $0.70 | · | $0.63 | $0.64 | $0.67 | · | $0.81 | $0.89 | $0.91 | · | $1.17 | |
| EPS (TTM) | $-0.18 | $-0.17 | · | $-0.20 | $-0.21 | $-0.25 | · | $-0.27 | $-0.30 | $-0.35 | · | $-0.31 | $-0.41 | $-0.42 | · | $-0.63 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $450M | $453M | · | $442M | $428M | $418M | · | $356M | $323M | $291M | · | $263M | $252M | $231M | · | $197M | |
| Net Income TTM | $-188M | $-178M | · | $-207M | $-213M | $-252M | · | $-271M | $-298M | $-339M | · | $-301M | $-393M | $-410M | · | $-593M | |
| Market Cap | $21.33B | $20.88B | · | $37.48B | $38.44B | $39.18B | · | $23.76B | $17.01B | $15.59B | · | $23.56B | $26.86B | $32.05B | · | $32.82B | |
| Enterprise Value | $20.95B | $20.44B | · | $36.96B | $37.88B | $38.60B | · | $23.26B | $16.45B | $14.99B | · | · | · | · | · | · | |
| P/E | -105.6 | -110.6 | · | -169.4 | -166.5 | -144.6 | · | -89.4 | -57.8 | -45.8 | · | -78.4 | -67.6 | -79.2 | · | -54.3 | |
| P/S | 47.4 | 46.1 | · | 84.9 | 89.8 | 93.7 | · | 66.8 | 52.7 | 53.6 | · | 89.4 | 106.7 | 138.7 | · | 166.9 | |
| P/B | 35.1 | 31.5 | · | 49.3 | 48.5 | 48.3 | · | 35.6 | 24.2 | 20.5 | · | 26.7 | 28.8 | 32.0 | · | 29.7 | |
| P / Tangible Book | 40.9 | 35.6 | · | 53.2 | 52.3 | 51.9 | · | 38.6 | 25.8 | 20.8 | · | 26.8 | 28.9 | 32.1 | · | 29.7 | |
| P / Cash Flow | · | -1753.1 | · | · | · | -635.0 | · | · | · | -173.0 | · | · | · | -462.6 | · | · | |
| EV / Revenue | 46.6 | 45.1 | · | 83.7 | 88.5 | 92.3 | · | 65.4 | 51.0 | 51.5 | · | · | · | · | · | · | |
| Earnings Yield | -0.95% | -0.90% | · | -0.59% | -0.60% | -0.69% | · | -1.1% | -1.7% | -2.2% | · | -1.3% | -1.5% | -1.3% | · | -1.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $460M | $399M | $267M | $215M | $144M |
| Operating Margin % | -49.9% | -70.7% | -137.4% | · | -485.1% |
| Net Income | $-176M | $-257M | $-335M | $-443M | $-704M |
| Diluted EPS | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.2 | · | · | · |
| Current Ratio | 2.4 | 3.5 | 4.6 | · | 7.8 |
| Quick Ratio | 1.9 | 2.9 | 4.3 | · | 7.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-159M | $-221M | $-205M | · | $-568M |
Institutional owners (13F) 97 filers · $813.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
97
Value held
$813.8M
New positions
16
Exited positions
21
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 16 (-4 vs prior Q) | 21 (-20 vs prior Q) | 29 (+5 vs prior Q) | 26 (-17 vs prior Q) | +15.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $124,906,608 | 6,574,032 | 15.35% | Shares |
| TCG Crossover Management, LLC | $116,614,913 | 6,137,627 | 14.33% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $109,127,127 | 5,743,533 | 13.41% | Shares |
| ADAR1 Capital Management, LLC | $64,011,646 | 3,369,034 | 7.87% | Shares |
| FMR LLC | $53,489,066 | 2,815,214 | 6.57% | Shares |
| GOLDMAN SACHS GROUP INC | $43,994,120 | 2,315,480 | 5.41% | Shares |
| Woodline Partners LP | $41,938,567 | 2,207,293 | 5.15% | Shares |
| Frazier Life Sciences Management, L.P. | $36,144,080 | 1,902,320 | 4.44% | Shares |
| BAMCO INC /NY/ | $30,850,186 | 1,623,694 | 3.79% | Shares |
| TWO SIGMA INVESTMENTS, LP | $24,688,486 | 1,299,394 | 3.03% | Shares |
| CITADEL ADVISORS LLC | $24,409,414 | 1,284,706 | 3.00% | Shares |
| Rock Springs Capital Management LP | $15,479,433 | 814,707 | 1.90% | Shares |
| BlackRock, Inc. | $12,624,778 | 664,462 | 1.55% | Shares |
| JANE STREET GROUP, LLC | $9,054,279 | 476,541 | 1.11% | Shares |
| B Group, Inc. | $8,562,274 | 450,646 | 1.05% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $7,238,204 | 393,167 | 0.89% | Shares |
| NAN FUNG TRINITY (HK) LTD | $6,582,854 | 346,466 | 0.81% | Shares |
| Aberdeen Group plc | $5,914,586 | 311,294 | 0.73% | Shares |
| CITIGROUP INC | $5,714,725 | 300,775 | 0.70% | Shares |
| Spruce Street Capital LP | $5,303,090 | 279,110 | 0.65% | Shares |
| AMERIPRISE FINANCIAL INC | $4,810,249 | 253,171 | 0.59% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $4,692,658 | 246,982 | 0.58% | Shares |
| Hudson Bay Capital Management LP | $4,085,000 | 215,000 | 0.50% | Shares |
| JANE STREET GROUP, LLC | $3,864,600 | 203,400 | 0.47% | Put option |
| Nantahala Capital Management, LLC | $3,800,000 | 200,000 | 0.47% | Shares |
| NEXTBio Capital Management LP | $3,483,878 | 183,362 | 0.43% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $2,960,447 | 155,813 | 0.36% | Shares |
| Seven Fleet Capital Management LP | $2,924,756 | 136,016 | 0.36% | Shares |
| MARSHALL WACE, LLP | $2,797,123 | 147,217 | 0.34% | Shares |
| D. E. Shaw & Co., Inc. | $2,682,002 | 141,158 | 0.33% | Shares |
| Privium Fund Management B.V. | $2,321,591 | 122,189 | 0.29% | Shares |
| STATE STREET CORP | $2,296,074 | 120,846 | 0.28% | Shares |
| AXA Investment Managers S.A. | $2,230,436 | 65,814 | 0.27% | Shares |
| ALPS ADVISORS INC | $2,098,189 | 110,431 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,086,200 | 109,800 | 0.26% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $1,934,621 | 101,997 | 0.24% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,454,735 | 76,565 | 0.18% | Shares |
| Legal & General Group Plc | $1,358,116 | 71,461 | 0.17% | Shares |
| UBS Group AG | $1,319,626 | 69,454 | 0.16% | Shares |
| Orion Portfolio Solutions, LLC | $1,310,400 | 36,259 | 0.16% | Shares |
| Virtus Investment Advisers, LLC | $1,294,356 | 68,124 | 0.16% | Shares |
| Headlands Technologies LLC | $1,292,190 | 68,010 | 0.16% | Shares |
| MORGAN STANLEY | $1,242,619 | 65,401 | 0.15% | Shares |
| DCF Advisers, LLC | $1,206,500 | 63,500 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $953,800 | 50,200 | 0.12% | Put option |
| Quadrature Capital Ltd | $741,532 | 39,028 | 0.09% | Shares |
| WOLVERINE TRADING, LLC | $714,581 | 21,700 | 0.09% | Put option |
| WealthPlan Investment Management, LLC | $698,459 | 36,761 | 0.09% | Shares |
| NORTHERN TRUST CORP | $455,601 | 23,979 | 0.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $453,701 | 23,879 | 0.06% | Shares |
Company insiders 20 insiders · 11 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ying Du | Chairperson & CEO | July 2, 2026 A | 1,221,401 | 0 | 15 | $-8,578,643 |
| Yajing Chen | Chief Financial Officer | Aug. 19, 2026 S | 35,635 | 0 | 7 | $-223,642 |
| William Ki Chul Cho | Chief Financial Officer | April 3, 2023 M | 53,747 | 0 | 0 | $0 |
| Joshua L Smiley | President and Chief Operating Officer | April 6, 2026 S | 117,602 | 0 | 3 | $-294,354 |
| Rafael Amado | President, Head of Global Oncology Research and Development | April 6, 2026 S | 57,022 | 0 | 5 | $-674,984 |
| Harald Reinhart | President and Head of Global Development for Neuroscience, Autoimmune and Infectious Diseases | June 25, 2024 M | 62,619 | 0 | 0 | $0 |
| Yi Liang | CCO & President, Greater China | June 25, 2022 A | 104,847 | 0 | 0 | $0 |
| Tao Fu | President & COO | Oct. 28, 2021 S | 77,500 | 0 | 0 | $0 |
| Frazor Titus Edmondson III | Chief Legal Officer | June 25, 2026 M | 30,346 | 0 | 8 | $-1,005,489 |
| Yizhe Wang | Operating Partner | May 11, 2026 A | · | 0 | 0 | $0 |
| Alan B. Sandler | Head of Global Dev., Oncology | June 25, 2022 A | 28,985 | 0 | 0 | $0 |
| Richard Gaynor | Director | July 1, 2026 P | 80,737 | 2 | 0 | $65,804 |
| Nisa Leung | Director | June 17, 2026 A | 96,297 | 0 | 0 | $0 |
| Michel Vounatsos | Director | June 17, 2026 A | 72,787 | 0 | 0 | $0 |
| Scott W Morrison | Director | June 17, 2026 A | 56,904 | 0 | 0 | $0 |
| John D. Diekman | Director | June 17, 2026 A | 122,140 | 0 | 0 | $0 |
| MOULDER LEON O JR | Director | June 17, 2026 A | 94,973 | 0 | 0 | $0 |
| WIRTH PETER | Director | June 17, 2026 A | 416,121 | 0 | 0 | $0 |
| Kai-Xian Chen | Director | Dec. 31, 2024 D | 39,525 | 0 | 0 | $0 |
| William Lis | · | Aug. 12, 2026 S | 41,931 | 0 | 2 | $-340,004 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 8 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.47% | 79,505 NS | July 31, 2026 | N-PORT |
| PGJ · Invesco Exchange-Traded Fund Trust | 0.86% | 28,106 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.16% | 684,677 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.08% | 3,144 SH | Oct. 2, 2026 | Daily |
| DFEM · Dimensional ETF Trust | 0.01% | 26,020 NS | July 31, 2026 | N-PORT |
| DFSE · Dimensional ETF Trust | 0.01% | 1,660 NS | July 31, 2026 | N-PORT |
| DFAE · Dimensional ETF Trust | 0.00% | 10,010 NS | July 31, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.00% | 2,911 NS | July 31, 2026 | N-PORT |
ZLAB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$31.84
+30.9%
2 13.3%
Strong Buy
10 66.7%
Buy
3 20.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
12 analysts · 2026-09-29Mean target $33.14 +36.2%
Now
Current price $24.33
Low$24.25
Mean$33.14
High$50.00
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Source: SEC 10-Q filed Aug 6, 2026