ZLAB Zai Lab Limited - American Depositary Shares
NASDAQ · Biotechnology · 在 SEC EDGAR 上查看 ↗ 收盘 十月 2, 2026 10-K/10-Q 八月 6, 2026
$24.33
· % 处于52周区间
· 高于低点
· 至高点
$15.9652周低点
$34.0752周高点
市值 (MRQ)
$27.31B
P/E (TTM)
-135.2
EPS (TTM)
$-0.18
收入 (TTM)
$450M
ZLAB 股票快照 价格、市值、P/E、EPS、ROE、负债/权益、52周范围
价格
$24.33
市值 (MRQ)
$27.31B
P/E (TTM)
-135.2
EPS (TTM)
$-0.18
收入 (TTM)
$450M
ROE (TTM)
-26.9%
负债/权益 (MRQ)
0.4
52周区间
$16–$34
ZLAB 股价图表 包含技术指标的日 OHLCV — 平移、缩放和自定义您的视图
区间
条形图
柱状图粒度会根据所选周期进行调整 — 将鼠标悬停在图表上可查看柱状图的开盘价/最高价/最低价/收盘价。
关于 Zai Lab Limited - American Depositary Shares 公司概况（来自维基百科）
行业板块Healthcare
行业Biotechnology
员工1784
国家CN
10年表现 收入、净利润、利润率和每股收益趋势
收入$460M2018-12-31 → 2025-12-31
EPS$-0.162020-12-31 → 2025-12-31
自由现金流$-159M2020-12-31 → 2025-12-31
净利率-41.9%2020-12-31 → 2025-12-31
估值与比率
估值 P/E、P/S、P/B、EV/EBITDA 比率 — 该股票是昂贵还是便宜？
| 指标 | 5年趋势 | ZLAB | 5年均值 | 同行中位数 | 结论 |
|---|---|---|---|---|---|
| P/E (TTM) | -135.25年均值 ≈-87.7 | ≈-87.7 | · | · | |
| P/S (TTM) | 60.75年均值 ≈63.6 | ≈63.6 | · | · | |
| 市净率 (MRQ) | 45.05年均值 ≈24.6 | ≈24.6 | · | · | |
| 企业价值 / EBITDA (TTM) | -108.5 | · | · | · | |
| 股价/自由现金流 (TTM) | -195.75年均值 ≈-97.7 | ≈-97.7 | · | · | |
| 市现率 (TTM) | -204.75年均值 ≈-101.5 | ≈-101.5 | · | · | |
| 市值/营收 (TTM) | 59.9 | · | · | · | |
| 市值/自由现金流 (TTM) | -192.9 | · | · | · | |
| 市净率（有形资产） (MRQ) | 52.45年均值 ≈26.6 | ≈26.6 | · | · |
同行中位数按每项指标的标准化基础计算，可能与本股票显示的TTM/MRQ基础不完全匹配。
盈利能力 毛利率、营业利润率和净利率；股本回报率 (ROE)、资产回报率 (ROA)、投入资本回报率 (ROIC)
| 指标 | 5年趋势 | ZLAB | 5年均值 | 同行中位数 | 结论 |
|---|---|---|---|---|---|
| 营业利润率 (TTM) | -58.7%5年均值 ≈-185.8% | ≈-185.8% | · | · | |
| 息税折旧摊销前利润率 (TTM) | -55.2%5年均值 ≈-182.2% | ≈-182.2% | · | · | |
| 税前利润率 (TTM) | -42.4%5年均值 ≈-179.0% | ≈-179.0% | · | · | |
| 净利润率 (TTM) | -41.9%5年均值 ≈-179.1% | ≈-179.1% | · | · | |
| ROA (TTM) | -16.8%5年均值 ≈-29.0% | ≈-29.0% | · | · | |
| ROE (TTM) | -26.9%5年均值 ≈-36.2% | ≈-36.2% | · | · | |
| ROIC | -24.5%5年均值 ≈-33.2% | ≈-33.2% | · | · |
财务健康 债务、流动性、偿付能力 — 资产负债表强度
| 指标 | 5年趋势 | ZLAB | 5年均值 | 同行中位数 | 结论 |
|---|---|---|---|---|---|
| 负债/股东权益比率 (MRQ) | 0.4 | · | · | · | |
| 流动比率 (MRQ) | 2.15年均值 ≈4.6 | ≈4.6 | · | · | |
| 速动比率 (MRQ) | 1.65年均值 ≈4.2 | ≈4.2 | · | · |
成长 营收、每股收益 (EPS) 和净利润增长：同比、3年复合年增长率 (CAGR)、5年复合年增长率 (CAGR)
| 指标 | 5年趋势 | ZLAB | 5年均值 | 同行中位数 | 结论 |
|---|---|---|---|---|---|
| Revenue YoY (营收同比增长) | 15.3%5年均值 ≈66.5% | ≈66.5% | · | · | |
| Revenue CAGR 3Y (营收3年复合年增长率) | 28.9%5年均值 ≈48.4% | ≈48.4% | · | · | |
| Revenue CAGR 5Y (营收5年复合年增长率) | 56.5% | · | · | · |
资本效率 资产周转率、库存周转率、应收账款周转率
| 指标 | 5年趋势 | ZLAB | 5年均值 | 同行中位数 | 结论 |
|---|---|---|---|---|---|
| Asset Turnover (资产周转率) | 0.45年均值 ≈0.3 | ≈0.3 | · | · | |
| Inventory Turnover (库存周转率) | 3.35年均值 ≈3.1 | ≈3.1 | · | · | |
| Receivables Turnover (应收账款周转率) | 4.85年均值 ≈5.3 | ≈5.3 | · | · | |
| Revenue / Employee (年营业收入 ÷ 员工人数（报告的 headcount，yfinance）。衍生数据 — 非存储的 SEC-XBRL 概念。) | ≈$257.9K | · | · | · |
价值 · ≈ 5年均值 · 行业中值 · 相对于中值的评判
收益历史 每股收益实际值 vs 预估值，惊喜%，达标率，下次财报日期
平均惊喜
17.0%
| 期间 | 报告 | EPS Actual | EPS 预期 | 惊喜 |
|---|---|---|---|---|
| 2026年6月30日 | $-0.05 | $-0.07 | 24.0% | |
| 2026年3月31日 | $-0.05 | $-0.05 | -4.4% | |
| 2025年12月31日 | $-0.05 | $-0.07 | 24.0% | |
| 2025年9月30日 | $-0.03 | $-0.04 | 32.4% | |
| 2025年6月30日 | $-0.04 | $-0.04 | 2.0% | |
| 2025年3月31日 | $-0.05 | $-0.07 | 24.0% |
完整基本面 所有年度指标 — 损益表、资产负债表、现金流量表
损益表
| 指标 | 趋势 | 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 | · |
资产负债表
| 指标 | 趋势 | 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 |
现金流
| 指标 | 趋势 | 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 | · | · | · | · | · |
盈利能力
| 指标 | 趋势 | 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% | · | · | · | · |
流动性与偿付能力
| 指标 | 趋势 | 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 | · |
效率
| 指标 | 趋势 | 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 | · |
每股
| 指标 | 趋势 | 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 | · |
增长率
| 指标 | 趋势 | 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% | · | · | · | · | · | · |
估值 (TTM)
| 指标 | 趋势 | 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% | · |
损益表
| 指标 | 趋势 | 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 |
资产负债表
| 指标 | 趋势 | 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 |
现金流
| 指标 | 趋势 | 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 | · | · | · | · | · | · |
盈利能力
| 指标 | 趋势 | 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% |
流动性与偿付能力
| 指标 | 趋势 | 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 | · | · | · | · | · | · |
效率
| 指标 | 趋势 | 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 |
每股
| 指标 | 趋势 | 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 |
估值 (TTM)
| 指标 | 趋势 | 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% |
最近期在左侧 · 空值显示为 ·
财务报表 损益表、资产负债表、现金流量表 — 年度，近5年
| 指标 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 收入 | $460M | $399M | $267M | $215M | $144M |
| 营业利润率 % | -49.9% | -70.7% | -137.4% | · | -485.1% |
| 净收入 | $-176M | $-257M | $-335M | $-443M | $-704M |
| 稀释后每股收益 (EPS) | $-0.16 | $-0.26 | $-0.35 | $-0.46 | $-0.76 |
| 指标 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 负债/股东权益比率 | 0.3 | 0.2 | · | · | · |
| 流动比率 | 2.4 | 3.5 | 4.6 | · | 7.8 |
| 速动比率 | 1.9 | 2.9 | 4.3 | · | 7.6 |
| 指标 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 自由现金流 | $-159M | $-221M | $-205M | · | $-568M |
机构持有人 (13F) 97 家申报者 · $813.8M 总计 · 截至 2026年6月30日
在其季度SEC表格13F中报告持有此股票的机构。仅限多头头寸；单个申报人可能因单独的期权腿而出现两次。 大的抵消性看跌/看涨腿通常反映做市或对冲库存，而非方向性判断。
持有人
97
持有价值
$813.8M
新仓位
16
已退出持仓
21
机构活动 — Q2 2026 与上一季度对比
| 新仓位 | 已退出持仓 | 增加 | 减少 | 净股数变动 |
|---|---|---|---|---|
| 16 (-4 与上一季度对比) | 21 (-20 与上一季度对比) | 29 (+5 与上一季度对比) | 26 (-17 与上一季度对比) | +15.2M |
与Q1 2026对比。 SEC 13F表格的提交截止日期是季度末后45天，外加少量延迟提交的缓冲期——在此窗口期内的季度将被跳过，优先显示最近一个已完整报告的季度对。
| 机构 | 价值 | 股份 | % 已追踪的13F | 类型 |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | $124906608 | 6574032 | 15.35% | 股份 |
| TCG Crossover Management, LLC | $116614913 | 6137627 | 14.33% | 股份 |
| RA CAPITAL MANAGEMENT, L.P. | $109127127 | 5743533 | 13.41% | 股份 |
| ADAR1 Capital Management, LLC | $64011646 | 3369034 | 7.87% | 股份 |
| FMR LLC | $53489066 | 2815214 | 6.57% | 股份 |
| GOLDMAN SACHS GROUP INC | $43994120 | 2315480 | 5.41% | 股份 |
| Woodline Partners LP | $41938567 | 2207293 | 5.15% | 股份 |
| Frazier Life Sciences Management, L.P. | $36144080 | 1902320 | 4.44% | 股份 |
| BAMCO INC /NY/ | $30850186 | 1623694 | 3.79% | 股份 |
| TWO SIGMA INVESTMENTS, LP | $24688486 | 1299394 | 3.03% | 股份 |
| CITADEL ADVISORS LLC | $24409414 | 1284706 | 3.00% | 股份 |
| Rock Springs Capital Management LP | $15479433 | 814707 | 1.90% | 股份 |
| BlackRock, Inc. | $12624778 | 664462 | 1.55% | 股份 |
| JANE STREET GROUP, LLC | $9054279 | 476541 | 1.11% | 股份 |
| B Group, Inc. | $8562274 | 450646 | 1.05% | 股份 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $7238204 | 393167 | 0.89% | 股份 |
| NAN FUNG TRINITY (HK) LTD | $6582854 | 346466 | 0.81% | 股份 |
| Aberdeen Group plc | $5914586 | 311294 | 0.73% | 股份 |
| CITIGROUP INC | $5714725 | 300775 | 0.70% | 股份 |
| Spruce Street Capital LP | $5303090 | 279110 | 0.65% | 股份 |
| AMERIPRISE FINANCIAL INC | $4810249 | 253171 | 0.59% | 股份 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $4692658 | 246982 | 0.58% | 股份 |
| Hudson Bay Capital Management LP | $4085000 | 215000 | 0.50% | 股份 |
| JANE STREET GROUP, LLC | $3864600 | 203400 | 0.47% | 卖出期权 |
| Nantahala Capital Management, LLC | $3800000 | 200000 | 0.47% | 股份 |
| NEXTBio Capital Management LP | $3483878 | 183362 | 0.43% | 股份 |
| SUPERSTRING CAPITAL MANAGEMENT LP | $2960447 | 155813 | 0.36% | 股份 |
| Seven Fleet Capital Management LP | $2924756 | 136016 | 0.36% | 股份 |
| MARSHALL WACE, LLP | $2797123 | 147217 | 0.34% | 股份 |
| D. E. Shaw & Co., Inc. | $2682002 | 141158 | 0.33% | 股份 |
| Privium Fund Management B.V. | $2321591 | 122189 | 0.29% | 股份 |
| STATE STREET CORP | $2296074 | 120846 | 0.28% | 股份 |
| AXA Investment Managers S.A. | $2230436 | 65814 | 0.27% | 股份 |
| ALPS ADVISORS INC | $2098189 | 110431 | 0.26% | 股份 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2086200 | 109800 | 0.26% | 卖出期权 |
| DIMENSIONAL FUND ADVISORS LP | $1934621 | 101997 | 0.24% | 股份 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1454735 | 76565 | 0.18% | 股份 |
| Legal & General Group Plc | $1358116 | 71461 | 0.17% | 股份 |
| UBS Group AG | $1319626 | 69454 | 0.16% | 股份 |
| Orion Portfolio Solutions, LLC | $1310400 | 36259 | 0.16% | 股份 |
| Virtus Investment Advisers, LLC | $1294356 | 68124 | 0.16% | 股份 |
| Headlands Technologies LLC | $1292190 | 68010 | 0.16% | 股份 |
| MORGAN STANLEY | $1242619 | 65401 | 0.15% | 股份 |
| DCF Advisers, LLC | $1206500 | 63500 | 0.15% | 股份 |
| CITADEL ADVISORS LLC | $953800 | 50200 | 0.12% | 卖出期权 |
| Quadrature Capital Ltd | $741532 | 39028 | 0.09% | 股份 |
| WOLVERINE TRADING, LLC | $714581 | 21700 | 0.09% | 卖出期权 |
| WealthPlan Investment Management, LLC | $698459 | 36761 | 0.09% | 股份 |
| NORTHERN TRUST CORP | $455601 | 23979 | 0.06% | 股份 |
| GEODE CAPITAL MANAGEMENT, LLC | $453701 | 23879 | 0.06% | 股份 |
公司内部人士 20 位内幕人士 · 11 位高管 · 10 位董事
| 内部人士 | 角色 | 上次活动 | 持股数量 | 买入 12个月 | 卖出 12个月 | 净额 12个月 |
|---|---|---|---|---|---|---|
| Ying Du | Chairperson & CEO | 2026年7月2日 A | 1221401 | 0 | 15 | $-8578643 |
| Yajing Chen | Chief Financial Officer | 2026年8月19日 S | 35635 | 0 | 8 | $-239260 |
| William Ki Chul Cho | Chief Financial Officer | 2023年4月3日 M | 53747 | 0 | 0 | $0 |
| Joshua L Smiley | President and Chief Operating Officer | 2026年4月6日 S | 117602 | 0 | 3 | $-294354 |
| Rafael Amado | President, Head of Global Oncology Research and Development | 2026年4月6日 S | 57022 | 0 | 5 | $-674984 |
| Harald Reinhart | President and Head of Global Development for Neuroscience, Autoimmune and Infectious Diseases | 2024年6月25日 M | 62619 | 0 | 0 | $0 |
| Yi Liang | CCO & President, Greater China | 2022年6月25日 A | 104847 | 0 | 0 | $0 |
| Tao Fu | President & COO | 2021年10月28日 S | 77500 | 0 | 0 | $0 |
| Frazor Titus Edmondson III | Chief Legal Officer | 2026年6月25日 M | 30346 | 0 | 8 | $-1005489 |
| Yizhe Wang | Operating Partner | 2026年5月11日 A | · | 0 | 0 | $0 |
| Alan B. Sandler | Head of Global Dev., Oncology | 2022年6月25日 A | 28985 | 0 | 0 | $0 |
| Richard Gaynor | 董事 | 2026年7月1日 P | 80737 | 2 | 0 | $65804 |
| Nisa Leung | 董事 | 2026年6月17日 A | 96297 | 0 | 0 | $0 |
| Michel Vounatsos | 董事 | 2026年6月17日 A | 72787 | 0 | 0 | $0 |
| Scott W Morrison | 董事 | 2026年6月17日 A | 56904 | 0 | 0 | $0 |
| John D. Diekman | 董事 | 2026年6月17日 A | 122140 | 0 | 0 | $0 |
| MOULDER LEON O JR | 董事 | 2026年6月17日 A | 94973 | 0 | 0 | $0 |
| WIRTH PETER | 董事 | 2026年6月17日 A | 416121 | 0 | 0 | $0 |
| Kai-Xian Chen | 董事 | 2024年12月31日 D | 39525 | 0 | 0 | $0 |
| William Lis | · | 2026年8月12日 S | 41931 | 0 | 2 | $-340004 |
来自SEC表格3/4/5申报的内部人士；净额=仅公开市场买卖
ETF持仓 由 8 只交易所交易基金持有
权重仅反映直接股权持仓（N-PORT）；杠杆基金或基于衍生品的基金可能持有未显示的额外掉期敞口。
| 基金 | 权重 | 单位 | 截至 | 来源 |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.47% | 79505 NS | 2026年7月31日 | N-PORT |
| PGJ · Invesco Exchange-Traded Fund Trust | 0.87% | 28106 SH | 2026年10月1日 | 每日 |
| IBB · iShares Trust | 0.16% | 684677 SH | 2026年9月11日 | 每日 |
| IBBQ · Invesco Exchange-Traded Fund Trus... | 0.08% | 3144 SH | 2026年10月1日 | 每日 |
| DFEM · Dimensional ETF Trust | 0.01% | 26020 NS | 2026年7月31日 | N-PORT |
| DFSE · Dimensional ETF Trust | 0.01% | 1660 NS | 2026年7月31日 | N-PORT |
| DFAE · Dimensional ETF Trust | 0.00% | 10010 NS | 2026年7月31日 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.00% | 2911 NS | 2026年7月31日 | N-PORT |
ZLAB 分析师共识 看涨和看跌分析师观点、12个月价格目标、上涨空间
评级 · 15 位分析师
买入
中位数目标
$31.84
+30.9%
2 13.3%
强烈买入
10 66.7%
买入
3 20.0%
持有
0 0.0%
卖出
0 0.0%
强烈卖出
12个月价格目标
12 位分析师 · 2026-09-29平均目标 $33.14 +36.2%
现在
当前价格 $24.33
最低$24.25
平均值$33.14
最高$50.00
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来源：SEC 10-Q 于 八月 6, 2026 申报