# Zai Lab Limited (ZLAB)

> Source: Nexqual · https://nexqual.com/ZLAB · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Zai Lab Limited (ZLAB), nexqual.com/ZLAB" · informational, not investment advice.

**Price:** USD 22.36 (-2.95% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 23.04 · day 22.14–22.82 · 52w 15.96–27.5 · market cap $2.78B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $450M, net income -$188M (-41.9% margin), free cash flow -$140M (SEC filings).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 33.48 (range 24.25–50).
- Total return with dividends: 1Y -12.4% vs S&P 500 +14.4%; 5Y -78.6% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.56, revenue estimate $109M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: ZLAB paid no cash dividend in the last five years.
- Short interest: 8.00% of float (as of 2026-10-15), 11.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $144M | $215M | $267M | $399M | $460M | $450M |
| Gross profit | $92.1M | $141M | $171M | $252M | $270M | — |
| Operating income | -$700M | -$404M | -$367M | -$282M | -$229M | -$264M |
| Net income | -$704M | -$443M | -$335M | -$257M | -$176M | -$188M |
| EPS (diluted) | -$0.76 | -$0.46 | -$0.35 | -$0.26 | -$0.16 | — |
| Free cash flow | -$568M | -$392M | -$205M | -$221M | -$159M | -$140M |
| Gross margin | 63.8% | 65.6% | 64.1% | 63.1% | 58.6% | — |
| Operating margin | -485.1% | -188.0% | -137.4% | -70.7% | -49.9% | -58.7% |
| Net margin | -488.2% | -206.1% | -125.5% | -64.4% | -38.1% | -41.9% |
| Revenue growth | +194.8% | +49.0% | +24.0% | +49.6% | +15.3% | — |
| Cash + short-term investments | $1.41B | $1.01B | $806M | $780M | $690M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.2x · P/B 4.6x · FCF yield -5.03% · Earnings yield -6.78%

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 33.48 (low 24.25, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Citigroup | Target raised | Buy | $44 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -12.4% | -78.6% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -12.4% | -26.5% |
| Volatility (annualized) | 50.8% | 69.9% |
| Max drawdown | -39.1% (Nov 2025→Feb 2026) | -86.5% (Oct 2021→Apr 2024) |

## Dividends
ZLAB paid no cash dividend in the last five years.

## Short interest
8,843,854 shares sold short, 8.00% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 8,156,879 shares (+8.4%). Days to cover: 11.0 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/ZLAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.56 | $-0.54 | −$0.03 | $108.8M | 6 |
| Next quarter (ends 2026-12-31) | $-0.62 | $-0.55 | −$0.07 | $113.6M | 6 |
| Current fiscal year (ends 2026-12-31) | $-2.20 | $-2.19 | $0.00 | $432.7M | 10 |
| Next fiscal year (ends 2027-12-31) | $-2.11 | $-1.76 | −$0.35 | $548.2M | 10 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.46 | −$0.68 | Beat +32.4% | — |
| — | Quarter ended Mar 31, 2026 | −$0.46 | −$0.53 | Beat +13.2% | — |
| — | Quarter ended Dec 31, 2025 | −$0.46 | −$0.42 | Miss −9.5% | — |
| — | Quarter ended Sep 30, 2025 | −$0.33 | −$0.29 | Miss −13.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-23 | 8-K | Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure; Other material event — “Securities Purchase Agreement On October 22, 2026, Zai Lab Limited (the "Company") entered into a securities purchase agreement (the "Securities Purchase Agreement") with certain accredited investors named therein (each, an "Investor" and collectively, the "Investors"), relating to the sale to the Investors of 11,340,000 American depositary shares of the Company ("ADSs"), each representing ten ordinary shares of the Company with a par value of $0.000006 per share, at an offering price of $22.04 per ADS in a…” | https://www.sec.gov/Archives/edgar/data/1704292/000162828026066969/0001628280-26-066969-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1704292/000162828026053793/0001628280-26-053793-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1704292/000162828026053791/0001628280-26-053791-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.