Zai Lab Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	679.57	449.67	790.15	1,008	964.1
Short-Term Investments	10	330	16.3	-	445
Cash & Short-Term Investments	689.57	779.67	806.45	1,008	1,409
Cash Growth	-11.55%	-3.32%	-20.03%	-28.43%	18.73%
Receivables	118.29	89.41	65.33	48.57	54.81
Inventory	74.75	39.88	44.83	31.62	18.95
Restricted Cash	100	100	-	-	-
Other Current Assets	36.68	41.53	23	35.67	18.02
Total Current Assets	1,019	1,050	939.61	1,124	1,501
Property, Plant & Equipment	66.54	69.46	68.58	77.38	57.29
Long-Term Investments	-	-	9.22	6.43	15.61
Other Intangible Assets	79	58.93	16.46	8.4	9.66
Long-Term Deferred Tax Assets	3.39	-	-	-	-
Other Long-Term Assets	4.17	6.88	2.43	3.6	26.52
Total Assets	1,172	1,186	1,036	1,220	1,610
Accounts Payable	141.61	100.91	112.99	65.97	126.16
Accrued Expenses	50.82	46.77	58.16	44.21	45.01
Short-Term Debt	204.53	131.71	-	-	-
Current Portion of Leases	6.34	8.05	7.1	7.05	5.93
Current Income Taxes Payable	5.3	5.15	16.99	13.28	8.82
Other Current Liabilities	7.56	6.8	7.83	9.32	6.99
Total Current Liabilities	416.17	299.39	203.07	139.84	192.9
Long-Term Leases	13.39	13.71	8.05	13.34	9.61
Long-Term Unearned Revenue	27.33	31.43	28.74	21.36	27.49
Other Long-Term Liabilities	-	0.33	0.33	-	-
Total Liabilities	456.88	344.86	240.18	174.55	230
Common Stock	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	3,343	3,264	2,975	2,893	2,826
Retained Earnings	-2,629	-2,453	-2,196	-1,861	-1,418
Treasury Stock	-29.05	-20.84	-20.84	-11.86	-4.28
Comprehensive Income & Other	29.7	50.52	37.63	25.69	-23.65
Total Common Equity	715.5	840.9	796.12	1,046	1,380
Shareholders' Equity	715.5	840.9	796.12	1,046	1,380
Total Liabilities & Equity	1,172	1,186	1,036	1,220	1,610
Total Debt	224.26	153.47	15.15	20.39	15.54
Net Cash (Debt)	465.31	626.2	791.3	988.08	1,394
Net Cash Growth	-25.69%	-20.87%	-19.91%	-29.10%	19.29%
Net Cash Per Share	4.25	6.33	8.19	10.31	14.99
Filing Date Shares Outstanding	110.64	107.58	98.72	96.02	96.41
Total Common Shares Outstanding	110.64	107.77	97.22	96.02	95.5
Working Capital	603.12	751.1	736.54	984.49	1,308
Book Value Per Share	6.47	7.80	8.19	10.89	14.45
Tangible Book Value	636.5	781.96	779.66	1,037	1,370
Tangible Book Value Per Share	5.75	7.26	8.02	10.80	14.35
Buildings	24.6	-	-	-	-
Machinery	50.35	48.65	48.23	44.38	37.76
Construction In Progress	0.55	25.13	24.27	24.25	11.33
Leasehold Improvements	14.05	11.31	11.37	11.3	10.43

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.