ZLAB Zai Lab Limited - American Depositary Shares
$27.15
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$16–$36
55% of range
Analyst Rating
BUY
14 analysts
Price Target
$32
+19% upside
P/E (TTM)
-171.6
ROE
-23.3%
Net Profit Margin
-38.1%
About Zai Lab Limited - American Depositary Shares Company overview from Wikipedia
ZLAB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$27.15
Market Cap
$30.38B
P/E (TTM)
-171.6
EPS (TTM)
$-0.16
Revenue (TTM)
$460M
Div Yield
—
ROE
-23.3%
Debt/Equity
0.3
52W Range
$16 – $36
ZLAB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$460M
2018-12-31
→
2025-12-31
EPS
$-0.16
2020-12-31
→
2025-12-31
Free Cash Flow
$-159M
2020-12-31
→
2025-12-31
Margins
-38.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ZLAB
Peer Median
P/E (TTM)
-171.6
21.9
P/S (TTM)
66.0
14.1
P/B
42.5
3.9
EV / EBITDA
-139.4
—
Price / FCF
-191.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ZLAB
Peer Median
Operating Margin
-49.9%
—
Net Profit Margin
-38.1%
-36.0%
ROA
-14.9%
-20.8%
ROE
-23.3%
-29.7%
ROIC
-24.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ZLAB
Peer Median
Debt / Equity
0.3
3.9
Current Ratio
2.4
5.8
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ZLAB
Peer Median
Revenue YoY
15.3%
—
Revenue CAGR 3Y
28.9%
—
Revenue CAGR 5Y
56.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ZLAB
Peer Median
ZLAB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 2 14.3%
- Buy 9 64.3%
- Hold 3 21.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-18
Median
$28.27
Mean
$32.18
Now
$27.15
Low
$24.25
High
$50.00
Median target
$28.27
+4.1%
Mean target
$32.18
+18.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.05 | $-0.07 | 0.02% |
| March 31, 2026 | $-0.05 | $-0.05 | -0.00% |
| Dec. 31, 2025 | $-0.05 | $-0.07 | 0.02% |
| Sept. 30, 2025 | $-0.03 | $-0.04 | 0.01% |
| June 30, 2025 | $-0.04 | $-0.04 | 0.00% |
| March 31, 2025 | $-0.05 | $-0.07 | 0.02% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| 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 26
| 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 13
| 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 7
| 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 4
| 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 3
| 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 | · |
Growth Rates 3
| 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) 14
| 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 16
| 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 | -2,179,520,040 | 1,102,072,680 | 1,091,933,150 | 1,080,825,300 | -1,941,293,210 | 981,687,390 | 975,937,790 | 973,145,760 | -1,928,635,690 | 968,767,730 | 964,817,310 | 961,444,780 | -1,914,202,670 | 959,085,960 | |
| Shares (Diluted) | 1,116,973,380 | 1,107,390,590 | -2,179,520,040 | 1,102,072,680 | 1,091,933,150 | 1,080,825,300 | -1,941,293,210 | 981,687,390 | 975,937,790 | 973,145,760 | -1,928,635,690 | 968,767,730 | 964,817,310 | 961,444,780 | -1,914,202,670 | 959,085,960 | |
| EBITDA | $-76M | $-65M | · | $-49M | $-55M | $-53M | · | $-68M | $-76M | $-67M | · | $-84M | $-90M | $-67M | · | $-129M |
Balance Sheet 26
| 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 11
| 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 7
| 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 4
| 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 3
| 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 |
Valuation (TTM) 14
| 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 | $432M | $432M | · | $435M | $419M | $396M | · | $359M | $326M | $288M | · | $258M | $237M | $215M | · | $196M | |
| Net Income TTM | $-179M | $-176M | · | $-167M | $-211M | $-224M | · | $-245M | $-324M | $-293M | · | $-400M | $-469M | $-431M | · | $-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 | -111.8 | -117.6 | · | -225.9 | -174.8 | -172.1 | · | -100.6 | -52.5 | -53.4 | · | -57.9 | -56.6 | -73.9 | · | -68.4 | |
| P/S | 49.4 | 48.3 | · | 86.2 | 91.7 | 98.8 | · | 66.2 | 52.2 | 54.1 | · | 91.2 | 113.1 | 148.9 | · | 167.9 | |
| 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 | · | · | |
| P / FCF | · | -1593.3 | · | · | · | -619.6 | · | · | · | -171.2 | · | · | · | -440.3 | · | · | |
| EV / EBITDA | -273.9 | -312.3 | · | -757.1 | -690.0 | -730.3 | · | -342.8 | -216.2 | -222.7 | · | · | · | · | · | · | |
| EV / FCF | · | -1559.2 | · | · | · | -610.4 | · | · | · | -164.6 | · | · | · | · | · | · | |
| EV / Revenue | 48.5 | 47.3 | · | 85.0 | 90.4 | 97.4 | · | 64.8 | 50.5 | 52.0 | · | · | · | · | · | · | |
| Earnings Yield | -0.89% | -0.85% | · | -0.44% | -0.57% | -0.58% | · | -0.99% | -1.9% | -1.9% | · | -1.7% | -1.8% | -1.4% | · | -1.5% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-159M | $-221M | $-205M | — | $-568M |
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Institutional owners (13F) 99 filers · $767.0M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 18 (-2 vs prior Q) | 21 (-20 vs prior Q) | 31 (+5 vs prior Q) | 22 (-16 vs prior Q) | +14.6M |
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 | 16.29% | Shares |
| TCG Crossover Management, LLC | $116,614,913 | 6,137,627 | 15.20% | Shares |
| RA CAPITAL MANAGEMENT, L.P. | $109,127,127 | 5,743,533 | 14.23% | Shares |
| ADAR1 Capital Management, LLC | $64,011,646 | 3,369,034 | 8.35% | Shares |
| GOLDMAN SACHS GROUP INC | $43,994,120 | 2,315,480 | 5.74% | Shares |
| Woodline Partners LP | $41,938,567 | 2,207,293 | 5.47% | Shares |
| Frazier Life Sciences Management, L.P. | $36,144,080 | 1,902,320 | 4.71% | Shares |
| BAMCO INC /NY/ | $30,850,186 | 1,623,694 | 4.02% | Shares |
| TWO SIGMA INVESTMENTS, LP | $24,688,486 | 1,299,394 | 3.22% | Shares |
| CITADEL ADVISORS LLC | $24,409,414 | 1,284,706 | 3.18% | Shares |
| FMR LLC | $20,659,061 | 1,087,319 | 2.69% | Shares |
| Rock Springs Capital Management LP | $15,479,433 | 814,707 | 2.02% | Shares |
| BlackRock, Inc. | $12,163,002 | 640,158 | 1.59% | Shares |
| B Group, Inc. | $8,562,274 | 450,646 | 1.12% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $7,238,204 | 393,167 | 0.94% | Shares |
| NAN FUNG TRINITY (HK) LTD | $6,582,854 | 346,466 | 0.86% | Shares |
| Aberdeen Group plc | $5,914,586 | 311,294 | 0.77% | Shares |
| CITIGROUP INC | $5,714,706 | 300,774 | 0.75% | Shares |
| Spruce Street Capital LP | $5,303,090 | 279,110 | 0.69% | Shares |
| AMERIPRISE FINANCIAL INC | $4,808,539 | 253,081 | 0.63% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $4,692,658 | 246,982 | 0.61% | Shares |
| Hudson Bay Capital Management LP | $4,085,000 | 215,000 | 0.53% | Shares |
| JANE STREET GROUP, LLC | $3,864,600 | 203,400 | 0.50% | Put option |
| Nantahala Capital Management, LLC | $3,800,000 | 200,000 | 0.50% | Shares |
| NEXTBio Capital Management LP | $3,483,878 | 183,362 | 0.45% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $2,960,447 | 155,813 | 0.39% | Shares |
| JANE STREET GROUP, LLC | $2,934,702 | 154,458 | 0.38% | Shares |
| Seven Fleet Capital Management LP | $2,924,756 | 136,016 | 0.38% | Shares |
| D. E. Shaw & Co., Inc. | $2,682,002 | 141,158 | 0.35% | Shares |
| Privium Fund Management B.V. | $2,321,591 | 122,189 | 0.30% | Shares |
| STATE STREET CORP | $2,296,074 | 120,846 | 0.30% | Shares |
| AXA Investment Managers S.A. | $2,230,436 | 65,814 | 0.29% | Shares |
| ALPS ADVISORS INC | $2,098,189 | 110,431 | 0.27% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,086,200 | 109,800 | 0.27% | Put option |
| DIMENSIONAL FUND ADVISORS LP | $1,783,454 | 93,866 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,454,735 | 76,565 | 0.19% | Shares |
| Orion Portfolio Solutions, LLC | $1,310,400 | 36,259 | 0.17% | Shares |
| Virtus Investment Advisers, LLC | $1,294,356 | 68,124 | 0.17% | Shares |
| Headlands Technologies LLC | $1,292,190 | 68,010 | 0.17% | Shares |
| DCF Advisers, LLC | $1,206,500 | 63,500 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $953,800 | 50,200 | 0.12% | Put option |
| Quadrature Capital Ltd | $741,532 | 39,028 | 0.10% | Shares |
| WOLVERINE TRADING, LLC | $714,581 | 21,700 | 0.09% | Put option |
| WealthPlan Investment Management, LLC | $698,459 | 36,761 | 0.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $453,701 | 23,879 | 0.06% | Shares |
| NJ State Employees Deferred Compensation Plan | $382,957 | 11,300 | 0.05% | Shares |
| XTX Topco Ltd | $348,631 | 18,349 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $294,424 | 15,496 | 0.04% | Shares |
| Squarepoint Ops LLC | $291,004 | 15,316 | 0.04% | Shares |
| Erste Asset Management GmbH | $277,991 | 15,100 | 0.04% | Shares |
| H D Vest Advisory Services | $275,494 | 7,878 | 0.04% | Shares |
| NORTHERN TRUST CORP | $213,959 | 11,261 | 0.03% | Shares |
| Vanguard Personalized Indexing Management, LLC | $211,489 | 11,131 | 0.03% | Shares |
| Persistent Asset Partners Ltd | $209,760 | 11,040 | 0.03% | Shares |
| TWO SIGMA SECURITIES, LLC | $192,546 | 10,134 | 0.03% | Shares |
| JPMORGAN CHASE & CO | $122,592 | 6,659 | 0.02% | Shares |
| China Universal Asset Management Co., Ltd. | $99,560 | 5,240 | 0.01% | Shares |
| GROUP ONE TRADING LLC | $96,729 | 5,091 | 0.01% | Shares |
| UBS Group AG | $80,275 | 4,225 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $74,594 | 3,926 | 0.01% | Shares |
| SIMPLEX TRADING, LLC | $50,483 | 2,657 | 0.01% | Shares |
| Legal & General Group Plc | $40,975 | 2,156 | 0.01% | Shares |
| MARSHALL WACE, LLP | $32,262 | 1,698 | 0.00% | Shares |
| MORGAN STANLEY | $27,645 | 1,455 | 0.00% | Shares |
| Tower Research Capital LLC (TRC) | $19,190 | 1,010 | 0.00% | Shares |
| US BANCORP \DE\ | $17,024 | 896 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $14,592 | 768 | 0.00% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $13,851 | 729 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $13,064 | 690 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $11,813 | 628 | 0.00% | Shares |
| C WorldWide Group Holding A/S | $9,690 | 510,000 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $8,949 | 471 | 0.00% | Shares |
| Federation des caisses Desjardins du Quebec | $5,700 | 300 | 0.00% | Shares |
| BARCLAYS PLC | $5,548 | 292 | 0.00% | Shares |
| CWM, LLC | $5,436 | 289 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $4,000 | 222 | 0.00% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $3,895 | 205 | 0.00% | Shares |
| Arax Advisory Partners | $3,819 | 201 | 0.00% | Shares |
| ASSETMARK, INC | $2,945 | 155 | 0.00% | Shares |
| Quent Capital, LLC | $2,850 | 150 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $2,793 | 147 | 0.00% | Shares |
| Smartleaf Asset Management LLC | $2,430 | 132 | 0.00% | Shares |
| North Star Investment Management Corp. | $1,843 | 97 | 0.00% | Shares |
| Ameritas Advisory Services, LLC | $1,444 | 76 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $1,368 | 72 | 0.00% | Shares |
| AMERIFLEX GROUP, INC. | $1,178 | 62 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $1,140 | 60 | 0.00% | Shares |
| Invesco Ltd. | $779 | 41 | 0.00% | Shares |
| OSAIC HOLDINGS, INC. | $760 | 40 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $760 | 40 | 0.00% | Shares |
| Cornerstone Financial Management LLC | $608 | 32 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $494 | 26 | 0.00% | Shares |
| Bell Investment Advisors, Inc | $494 | 26 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $494 | 26 | 0.00% | Shares |
| Stone House Investment Management, LLC | $418 | 22 | 0.00% | Shares |
| Blue Trust, Inc. | $95 | 5 | 0.00% | Shares |
| Larson Financial Group LLC | $76 | 4 | 0.00% | Shares |
| Integrated Wealth Concepts LLC | $57 | 3 | 0.00% | Shares |
| BESSEMER GROUP INC | $1 | 60 | 0.00% | 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. 14, 2026 M | 35,895 | 0 | 7 | $-232,240 |
| 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 | 1 | 4 | $-245,924 |
| 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 | March 26, 2021 M | 207,000 | 0 | 0 | $0 |
| Frazor Titus Edmondson III | Chief Legal Officer | June 25, 2026 M | 30,346 | 0 | 9 | $-1,073,729 |
| 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 13 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 |
|---|---|---|---|---|
| CANC · Tema ETF Trust | 1.98% | 196,972 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.94% | 53,256 NS | April 30, 2026 | N-PORT |
| SBIO · ALPS ETF Trust | 1.26% | 115,031 NS | May 31, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 0.66% | 15,273 NS | May 31, 2026 | N-PORT |
| PGJ · Invesco Exchange-Traded Fund Trust | 0.48% | 20,368 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.14% | 659,407 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.05% | 1,795 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.03% | 1,269 NS | May 31, 2026 | N-PORT |
| DFEM · Dimensional ETF Trust | 0.01% | 28,261 NS | April 30, 2026 | N-PORT |
| DFSE · Dimensional ETF Trust | 0.01% | 1,660 NS | April 30, 2026 | N-PORT |
| EMCR · DBX ETF Trust | 0.00% | 147 NS | May 29, 2026 | N-PORT |
| DFAE · Dimensional ETF Trust | 0.00% | 17,797 NS | April 30, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.00% | 2,911 NS | April 30, 2026 | N-PORT |