Zai Lab Ltd
ZLAB · Pharmaceutical Preparations · 88.6M shares · +8%/yr ↑ dilution · EDGAR filings ↗
Reference price $18.09 · est. market cap ~$1.6B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C57Commercial-stage China/US biopharma with $460M of growing revenue and strong cash, but persistent deep losses and governance overhang.
Strengths
- Seven launched commercial products; revenue up 15% to $460M with a deep late-stage pipeline
- Strong liquidity: $690M cash (88.5 pct), ~17.4-quarter runway
- Diversified, partnered portfolio (argenx, GSK) lifts it above pure clinical-stage peers
Risks
- Still deeply unprofitable (net margin -38%, operating margin -50%, ROE -24.5%)
- China/Cayman holding-company and cross-border data/VIE-adjacent governance risks
- Regional trial readouts mostly indeterminate; HCC program terminated (negative)
Notable findings
- Net lossNet loss (net margin -38.1%)
- Cash burnNegative free cash flow (-158.9M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $690M cash & investments, ~17 quarters of runway
- Insider sellingInsider selling — 30 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$10M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2027-03-14 — PHASE3 · Thyroid Eye Disease (TED)
- Revenue declineRevenue -21.9% YoY
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, FMR LLC, STATE STREET CORP +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.6%
Operating margin
-49.9%
Net margin
-38.1%
Return on equity
-24.5%
Return on assets
-15.0%
Revenue growth (QoQ)
-21.9%
Current ratio
2.4×
Free cash flow
-$159M
EBITDA
-$214M
Tangible book value
$639M
Cash & investments
$690M
Cash runway
17q
Stock comp / revenue
14.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Lis William | Sell | 7.0K | $18.09 |
| 2026-06-17 | Lis William | Grant | 22K | — |
| 2026-06-17 | Morrison Scott W | Grant | 22K | — |
| 2026-06-17 | WIRTH PETER | Grant | 22K | — |
| 2026-06-17 | DIEKMAN JOHN D | Grant | 22K | — |
| 2026-06-17 | Vounatsos Michel | Grant | 22K | — |
| 2026-06-17 | Leung Nisa | Grant | 22K | — |
| 2026-06-17 | MOULDER LEON O JR | Grant | 22K | — |
| 2026-06-17 | GAYNOR RICHARD | Grant | 22K | — |
| 2026-05-27 | Du Ying | Gift | 34K | — |
| 2026-05-27 | Du Ying | Gift | 54K | — |
| 2026-05-26 | Du Ying | Gift | 20K | — |
| 2026-05-19 | Du Ying | Option exercise | 261K | $1.74 |
| 2026-05-19 | Du Ying | Tax withheld | 117K | $18.75 |
| 2026-05-18 | Du Ying | Sell | 50K | $19.00 |
| 2026-05-18 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-05-15 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-05-15 | Du Ying | Sell | 50K | $20.74 |
| 2026-05-14 | Edmondson Frazor Titus III | Sell | 3.5K | $20.19 |
| 2026-05-14 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-05-14 | Du Ying | Sell | 50K | $20.09 |
| 2026-05-13 | Du Ying | Sell | 34K | $20.22 |
| 2026-05-13 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-05-13 | Du Ying | Sell | 16K | $19.44 |
| 2026-04-06 | Smiley Joshua L | Sell | 3.0K | $20.45 |
| 2026-04-06 | Edmondson Frazor Titus III | Sell | 1.2K | $20.45 |
| 2026-04-06 | Du Ying | Sell | 2.7K | $20.45 |
| 2026-04-06 | Chen Yajing | Sell | 853 | $20.45 |
| 2026-04-06 | Amado Rafael | Sell | 2.7K | $20.45 |
| 2026-04-02 | Edmondson Frazor Titus III | Sell | 4.2K | $20.39 |
| 2026-04-02 | Smiley Joshua L | Option exercise | 7.1K | — |
| 2026-04-02 | Smiley Joshua L | Sell | 9.6K | $20.39 |
| 2026-04-02 | Edmondson Frazor Titus III | Option exercise | 5.0K | — |
| 2026-04-02 | Du Ying | Option exercise | 6.8K | — |
| 2026-04-02 | Du Ying | Sell | 5.6K | $20.39 |
| 2026-04-02 | Chen Yajing | Option exercise | 2.5K | — |
| 2026-04-02 | Chen Yajing | Sell | 5.2K | $20.39 |
| 2026-04-02 | Amado Rafael | Option exercise | 5.4K | — |
| 2026-04-02 | Amado Rafael | Sell | 9.9K | $20.39 |
| 2026-04-01 | Chen Yajing | Option exercise | 1.5K | — |
| 2026-04-01 | Amado Rafael | Option exercise | 20K | — |
| 2026-04-01 | Smiley Joshua L | Option exercise | 32K | — |
| 2026-04-01 | Edmondson Frazor Titus III | Option exercise | 830 | — |
| 2026-04-01 | Du Ying | Option exercise | 3.4K | — |
| 2026-04-01 | Edmondson Frazor Titus III | Option exercise | 2.7K | — |
| 2026-04-01 | Chen Yajing | Option exercise | 14K | — |
| 2026-04-01 | Du Ying | Option exercise | 11K | — |
| 2026-04-01 | Edmondson Frazor Titus III | Option exercise | 14K | — |
| 2026-03-17 | GAYNOR RICHARD | Buy | 1.7K | $18.91 |
| 2026-03-13 | Chen Yajing | Sell | 1.7K | $18.63 |
| 2026-03-13 | Amado Rafael | Sell | 3.0K | $18.63 |
| 2026-03-13 | Edmondson Frazor Titus III | Sell | 1.3K | $18.63 |
| 2026-03-13 | Smiley Joshua L | Sell | 2.0K | $18.63 |
| 2026-03-12 | Edmondson Frazor Titus III | Option exercise | 4.3K | — |
| 2026-03-12 | Smiley Joshua L | Option exercise | 6.4K | — |
| 2026-03-12 | Chen Yajing | Option exercise | 4.3K | — |
| 2026-03-12 | Amado Rafael | Option exercise | 5.3K | — |
| 2026-03-11 | Du Ying | Sell | 1.1K | $19.08 |
| 2026-03-10 | Du Ying | Option exercise | 2.7K | — |
| 2026-03-10 | Du Ying | Option exercise | 261K | $1.74 |
| 2026-03-10 | Du Ying | Tax withheld | 117K | $19.41 |
| 2026-03-09 | Du Ying | Sell | 50K | $19.03 |
| 2026-03-09 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-03-06 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-03-06 | Du Ying | Sell | 50K | $19.42 |
| 2026-03-05 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-03-05 | Edmondson Frazor Titus III | Sell | 16K | $19.06 |
| 2026-03-05 | Du Ying | Sell | 50K | $19.22 |
| 2026-03-04 | Du Ying | Option exercise | 50K | $1.74 |
| 2026-03-04 | Du Ying | Sell | 14K | $18.78 |
| 2026-03-04 | Du Ying | Sell | 36K | $19.32 |
| 2026-03-03 | Amado Rafael | Sell | 10K | $17.38 |
| 2025-12-31 | Amado Rafael | Sell | 11K | $17.43 |
| 2025-12-30 | Amado Rafael | Option exercise | 21K | — |
| 2025-12-16 | Edmondson Frazor Titus III | Sell | 8.7K | $17.14 |
| 2025-12-11 | Du Ying | Gift | 378K | — |
| 2025-12-10 | Du Ying | Gift | 303K | — |
| 2025-11-21 | Edmondson Frazor Titus III | Sell | 14K | $19.78 |
| 2025-11-03 | Chen Yajing | Sell | 240 | $26.83 |
| 2025-10-31 | Chen Yajing | Option exercise | 500 | — |
| 2025-10-02 | Chen Yajing | Sell | 456 | $34.25 |
| 2025-10-01 | Chen Yajing | Option exercise | 920 | — |
| 2025-09-10 | Smiley Joshua L | Buy | 10K | $28.91 |
| 2025-08-29 | Du Ying | Option exercise | 604K | $1.20 |
| 2025-08-29 | Du Ying | Tax withheld | 251K | $32.59 |
| 2025-08-18 | Smiley Joshua L | Sell | 6.6K | $36.24 |
| 2025-08-18 | Edmondson Frazor Titus III | Sell | 1.9K | $36.24 |
| 2025-08-15 | Smiley Joshua L | Option exercise | 16K | — |
| 2025-08-15 | Chen Yajing | Sell | 828 | $35.53 |
| 2025-08-15 | Edmondson Frazor Titus III | Option exercise | 4.8K | — |
| 2025-08-15 | Chen Yajing | Sell | 610 | $35.27 |
| 2025-08-14 | Chen Yajing | Option exercise | 1.2K | — |
| 2025-08-13 | Du Ying | Sell | 46K | $35.47 |
| 2025-08-13 | Du Ying | Option exercise | 46K | $0.60 |
| 2025-08-12 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-08-12 | Du Ying | Sell | 50K | $34.25 |
| 2025-08-11 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-08-11 | Du Ying | Sell | 50K | $34.64 |
| 2025-08-08 | Amado Rafael | Sell | 3.0K | $35.00 |
| 2025-08-08 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-08-08 | Du Ying | Sell | 50K | $34.74 |
| 2025-08-08 | Chen Yajing | Sell | 4.1K | $34.01 |
| 2025-07-02 | Du Ying | Sell | 7.1K | $35.23 |
| 2025-07-01 | Du Ying | Option exercise | 18K | — |
| 2025-06-30 | Du Ying | Sell | 6.9K | $35.52 |
| 2025-06-27 | Du Ying | Option exercise | 18K | — |
| 2025-06-26 | Edmondson Frazor Titus III | Sell | 5.9K | $36.13 |
| 2025-06-26 | Du Ying | Sell | 24K | $36.13 |
| 2025-06-26 | Chen Yajing | Sell | 2.7K | $36.13 |
| 2025-06-25 | Edmondson Frazor Titus III | Option exercise | 15K | — |
| 2025-06-25 | Chen Yajing | Option exercise | 6.2K | — |
| 2025-06-25 | Du Ying | Option exercise | 59K | — |
| 2025-06-20 | Lis William | Sell | 14K | $35.67 |
| 2025-06-18 | Morrison Scott W | Grant | 11K | — |
| 2025-06-18 | WIRTH PETER | Grant | 11K | — |
| 2025-06-18 | Vounatsos Michel | Grant | 11K | — |
| 2025-06-18 | MOULDER LEON O JR | Grant | 11K | — |
| 2025-06-18 | GAYNOR RICHARD | Grant | 11K | — |
| 2025-06-18 | DIEKMAN JOHN D | Grant | 11K | — |
| 2025-06-18 | Lis William | Grant | 11K | — |
| 2025-06-18 | Leung Nisa | Grant | 11K | — |
| 2025-06-02 | Chen Yajing | Sell | 9.6K | $30.00 |
| 2025-05-14 | Du Ying | Option exercise | 46K | $0.60 |
| 2025-05-14 | Du Ying | Sell | 46K | $28.08 |
| 2025-05-14 | Du Ying | Sell | 383 | $28.83 |
| 2025-05-13 | Du Ying | Sell | 2.2K | $28.89 |
| 2025-05-13 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-05-13 | Du Ying | Sell | 48K | $28.56 |
| 2025-05-12 | Du Ying | Sell | 616 | $29.92 |
| 2025-05-12 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-05-12 | Du Ying | Sell | 49K | $29.44 |
| 2025-05-09 | Du Ying | Sell | 3.6K | $30.16 |
| 2025-05-09 | Morrison Scott W | Sell | 24K | $30.05 |
| 2025-05-09 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-05-09 | Du Ying | Sell | 46K | $29.58 |
| 2025-04-04 | Du Ying | Sell | 2.9K | $33.11 |
| 2025-04-04 | Smiley Joshua L | Sell | 3.4K | $33.11 |
| 2025-04-04 | Edmondson Frazor Titus III | Sell | 1.9K | $33.11 |
| 2025-04-04 | Chen Yajing | Sell | 924 | $33.11 |
| 2025-04-04 | Amado Rafael | Sell | 3.0K | $33.11 |
| 2025-04-03 | Du Ying | Option exercise | 6.8K | — |
| 2025-04-03 | Smiley Joshua L | Option exercise | 7.1K | — |
| 2025-04-03 | Amado Rafael | Option exercise | 5.4K | — |
| 2025-04-03 | Edmondson Frazor Titus III | Option exercise | 5.0K | — |
| 2025-04-03 | Chen Yajing | Option exercise | 2.5K | — |
| 2025-04-02 | Chen Yajing | Sell | 5.3K | $35.89 |
| 2025-04-02 | Edmondson Frazor Titus III | Sell | 4.4K | $35.89 |
| 2025-04-02 | Amado Rafael | Sell | 7.5K | $35.89 |
| 2025-04-02 | Du Ying | Sell | 5.8K | $35.89 |
| 2025-04-02 | Smiley Joshua L | Sell | 12K | $35.89 |
| 2025-04-01 | Chen Yajing | Option exercise | 1.5K | — |
| 2025-04-01 | Chen Yajing | Option exercise | 14K | — |
| 2025-04-01 | Amado Rafael | Option exercise | 20K | — |
| 2025-04-01 | Smiley Joshua L | Option exercise | 32K | — |
| 2025-04-01 | Edmondson Frazor Titus III | Option exercise | 2.7K | — |
| 2025-04-01 | Edmondson Frazor Titus III | Option exercise | 830 | — |
| 2025-04-01 | Edmondson Frazor Titus III | Option exercise | 14K | — |
| 2025-04-01 | Du Ying | Option exercise | 11K | — |
| 2025-04-01 | Du Ying | Option exercise | 3.4K | — |
| 2025-03-17 | Du Ying | Gift | 6.5K | — |
| 2025-03-17 | Amado Rafael | Sell | 3.0K | $38.41 |
| 2025-03-14 | Du Ying | Gift | 3.9K | — |
| 2025-03-14 | Du Ying | Gift | 5.7K | — |
| 2025-03-14 | Du Ying | Gift | 10K | — |
| 2025-03-05 | Du Ying | Sell | 21K | $35.20 |
| 2025-03-05 | Du Ying | Option exercise | 46K | $0.60 |
| 2025-03-05 | GAYNOR RICHARD | Sell | 2.5K | $35.07 |
| 2025-03-05 | Du Ying | Sell | 25K | $35.84 |
| 2025-03-04 | Du Ying | Sell | 38K | $33.55 |
| 2025-03-04 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-03-04 | Du Ying | Sell | 6.7K | $32.69 |
| 2025-03-04 | Du Ying | Sell | 5.6K | $33.99 |
| 2025-03-03 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-03-03 | Du Ying | Sell | 2.6K | $33.50 |
| 2025-03-03 | Du Ying | Sell | 24K | $32.99 |
| 2025-03-03 | Du Ying | Sell | 23K | $31.75 |
| 2025-02-28 | Du Ying | Option exercise | 50K | $0.60 |
| 2025-02-28 | Edmondson Frazor Titus III | Sell | 15K | $32.98 |
| 2025-02-28 | Lis William | Sell | 15K | $32.98 |
| 2025-02-28 | Du Ying | Sell | 2.9K | $33.59 |
| 2025-02-28 | Du Ying | Sell | 47K | $34.52 |
| 2025-02-28 | Du Ying | Sell | 200 | $35.05 |
| 2024-12-31 | Amado Rafael | Sell | 7.6K | $26.28 |
| 2024-12-31 | Chen Kai-Xian | Disposition | 21K | — |
| 2024-12-30 | Amado Rafael | Option exercise | 21K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07374848 ↗ | Phase 1a/b Study of ZL-6201 Safety, PK, and Preliminary Efficacy in Sarcoma and Selected Tumors Solid Tumors, Sarcomas | PHASE1 | Recruiting | 2028-08-01 |
| NCT07218146 ↗ | A Study of ZL-1310 Versus Investigator's Choice of Therapy in Participants With Relapsed Small Cell Lung Cancer (DLLEVATE) Small-cell Lung Cancer | PHASE3 | Recruiting | 2028-06-30 |
| NCT07235384 ↗ | A Phase 1/1b Study to Evaluate Safety, Tolerability and Pharmacokinetics of ZL-1503 in Healthy Volunteers and Participants With Moderate to Severe Atopic Dermatitis Atopic Dermatitis (AD) | PHASE1 | Recruiting | 2027-12-28 |
| NCT06885281 ↗ | A Study of ZL-1310 in Participants With Selected Solid Tumors Solid Tumors | PHASE1/PHASE2 | Recruiting | 2027-08-01 |
| NCT06179069 ↗ | A Study of ZL-1310 in Subjects With Small Cell Lung Cancer SCLC | PHASE1 | Recruiting | 2027-05-30 |
| NCT07211776 ↗ | A Study to Assess the Efficacy and Safety of ZL-1109 in Chinese Participants With Active Thyroid Eye Disease Thyroid Eye Disease (TED) | PHASE3 | Recruiting | 2027-03-14 |
| NCT06380907 ↗ | A Phase 2 Study of ZL-1102 in Patients With Chronic Plaque Psoriasis Plaque Psoriasis | PHASE2 | Recruiting | 2026-02-28 |
| NCT06162286 ↗ | A Phase 3b Randomized, Double-blind, Multi-center Study to Compare the Safety and Efficacy of Omadacycline to Moxifloxacin for Treating Adult Subjects With CABP Community-acquired Bacterial Pneumonia | PHASE3 | Recruiting | 2025-01-01 |
| NCT07658482 ↗ | A Phase 1 Study to Evaluate Pharmacokinetics, Safety and Tolerability of ZL-1503 in Healthy Volunteers Healthy Volunteers | PHASE1 | Not Yet Recruiting | 2027-02-06 |
| NCT05859464 ↗ | A Phase 1 Study of ZL-1218 in Subjects With Advanced Solid Tumors Malignant Solid Tumor | PHASE1 | Terminated | 2025-08-28 |
| NCT06462326 ↗ | A Study to Compare the Effect of Omadacycline Versus Moxifloxacin in Healthy Adult Volunteers Healthy Volunteer | PHASE1 | Completed | 2024-09-29 |
| NCT05866354 ↗ | To Evaluate Pharmacokinetics of Tisotumab Vedotin in Chinese Subjects With Metastatic or Recurrent Solid Malignancies Solid Malignancies | PHASE1 | Completed | 2023-11-02 |
| NCT05263986 ↗ | The Clinical Trial to Evaluate the Pharmacokinetics and Safety of MRTX849 in Patients With Advanced Solid Tumors Advanced or Metastatic Solid Tumor | PHASE1 | Unknown | 2023-10-31 |
| NCT04633122 ↗ | A Study to Assess DCC-2618 and Sunitinib in Patients With Advanced GIST After Treatment With Imatinib Gastrointestinal Stromal Tumor(GIST) | PHASE2 | Completed | 2022-07-20 |
| NCT04257617 ↗ | A Trial of ZL-1201 in Subjects With Advanced Cancer Advanced Cancer | PHASE1 | Completed | 2022-05-17 |
| NCT04212221 ↗ | MGD013 Monotherapy and Combination With Brivanib Dose Escalation and Expansion Study in Advanced Liver Cancer Patients Advanced Hepatocellular Carcinoma (HCC) | PHASE1/PHASE2 | Terminated | 2022-04-27 |
| NCT04653038 ↗ | A Study to Evaluate the Safety and Efficacy of MGD013 in Patients With Melanoma Unresectable, Recurrent or Metastatic Melanoma, Untreated Mucosal or Acral Lentiginous Melanoma | PHASE1 | Terminated | 2022-03-02 |
| NCT04178460 ↗ | A Study of Niraparib Combined With MGD013 in Patients With Advanced or Metastatic Solid Tumor Who Failed Prior Treatment Gastric Cancer, Triple Negative Breast Cancer | PHASE1 | Terminated | 2022-03-02 |
| NCT03709316 ↗ | A Study of ZL-2306 (Niraparib) as Maintenance Treatment Following First-line Chemotherapy in Patients With Advanced Ovarian Cancer Ovarian Cancer | PHASE3 | Unknown | 2022-01-29 |
| NCT04262804 ↗ | A Study to Evaluate the Efficacy and Safety of Margetuximab Plus Chemotherapy in the Treatment of Chinese Patients With HER2+ MBC Breast Cancer Metastatic | PHASE2 | Unknown | 2021-09-03 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Shareholder vote | filing ↗ |
| 2026-05-21 | Exec/director change | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-10-16 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
| 2025-06-18 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-17 | 0001628280-26-043869 ↗ |
| 8-K | 2026-05-21 | 2026-05-18 | 0001628280-26-037387 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001628280-26-031626 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031624 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001704292-26-000015 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001704292-26-000014 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001704292-25-000023 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001704292-25-000024 ↗ |
| 8-K | 2025-10-16 | 2025-10-13 | 0001704292-25-000014 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001628280-25-038547 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001628280-25-038548 ↗ |
| 8-K | 2025-06-18 | 2025-06-18 | 0001628280-25-032099 ↗ |