Zai Lab Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	651.32	679.57	449.67	790.15	1,008	964.1
Short-Term Investments	10	10	330	16.3	-	445
Cash & Short-Term Investments	661.32	689.57	779.67	806.45	1,008	1,409
Cash Growth	-12.67%	-11.55%	-3.32%	-20.03%	-28.43%	18.73%
Receivables	62	118.29	89.41	65.33	48.57	54.81
Inventory	85.96	74.75	39.88	44.83	31.62	18.95
Restricted Cash	100	100	100	-	-	-
Other Current Assets	35.45	36.68	41.53	23	35.67	18.02
Total Current Assets	944.73	1,019	1,050	939.61	1,124	1,501
Property, Plant & Equipment	64.65	66.54	69.46	68.58	77.38	57.29
Long-Term Investments	-	-	-	9.22	6.43	15.61
Other Intangible Assets	78.63	79	58.93	16.46	8.4	9.66
Long-Term Deferred Tax Assets	3.44	3.39	-	-	-	-
Other Long-Term Assets	4.29	4.17	6.88	2.43	3.6	26.52
Total Assets	1,096	1,172	1,186	1,036	1,220	1,610
Accounts Payable	126.17	141.61	100.91	112.99	65.97	126.16
Accrued Expenses	36.23	50.82	46.77	58.16	44.21	45.01
Short-Term Debt	213.82	204.53	131.71	-	-	-
Current Portion of Leases	5.98	6.34	8.05	7.1	7.05	5.93
Current Income Taxes Payable	3.66	5.3	5.15	16.99	13.28	8.82
Other Current Liabilities	7.12	7.56	6.8	7.83	9.32	6.99
Total Current Liabilities	392.98	416.17	299.39	203.07	139.84	192.9
Long-Term Leases	12.11	13.39	13.71	8.05	13.34	9.61
Long-Term Unearned Revenue	28.63	27.33	31.43	28.74	21.36	27.49
Other Long-Term Liabilities	0.04	-	0.33	0.33	-	-
Total Liabilities	433.76	456.88	344.86	240.18	174.55	230
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	3,358	3,343	3,264	2,975	2,893	2,826
Retained Earnings	-2,680	-2,629	-2,453	-2,196	-1,861	-1,418
Treasury Stock	-31.32	-29.05	-20.84	-20.84	-11.86	-4.28
Comprehensive Income & Other	15.11	29.7	50.52	37.63	25.69	-23.65
Total Common Equity	661.98	715.5	840.9	796.12	1,046	1,380
Shareholders' Equity	661.98	715.5	840.9	796.12	1,046	1,380
Total Liabilities & Equity	1,096	1,172	1,186	1,036	1,220	1,610
Total Debt	231.91	224.26	153.47	15.15	20.39	15.54
Net Cash (Debt)	429.41	465.31	626.2	791.3	988.08	1,394
Net Cash Growth	-23.99%	-25.69%	-20.87%	-19.91%	-29.10%	19.29%
Net Cash Per Share	3.90	4.25	6.33	8.19	10.31	14.99
Filing Date Shares Outstanding	112.35	110.64	107.58	98.72	96.02	96.41
Total Common Shares Outstanding	111.02	110.64	107.77	97.22	96.02	95.5
Working Capital	551.75	603.12	751.1	736.54	984.49	1,308
Book Value Per Share	5.96	6.47	7.80	8.19	10.89	14.45
Tangible Book Value	583.35	636.5	781.96	779.66	1,037	1,370
Tangible Book Value Per Share	5.25	5.75	7.26	8.02	10.80	14.35
Buildings	24.99	24.6	-	-	-	-
Machinery	51.81	50.35	48.65	48.23	44.38	37.76
Construction In Progress	0.68	0.55	25.13	24.27	24.25	11.33
Leasehold Improvements	14.24	14.05	11.31	11.37	11.3	10.43

Source: S&P Global Market Intelligence. Standard template. Financial Sources.