Zai Lab Cash Flow Statement

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
Net Income	-175.54	-257.1	-334.62	-443.29	-704.47
Depreciation & Amortization	15.01	11.86	9.03	8.23	6.49
Other Amortization	0.19	0.7	-	-	-
Loss (Gain) From Sale of Assets	0.54	0.45	-10.25	0.56	0.03
Asset Writedown & Restructuring Costs	-	-	0.06	-	62.25
Loss (Gain) From Sale of Investments	1.91	6.11	-2.79	8.95	14.62
Loss (Gain) on Equity Investments	-	-	-	0.22	1.06
Stock-Based Compensation	65.6	70.65	79.63	61.3	40.71
Provision & Write-off of Bad Debts	0.01	0.01	0.01	0	0.01
Other Operating Activities	-3.81	20.85	21.15	62.63	-3.71
Change in Accounts Receivable	-18.93	-26.98	-20.04	4.33	-42.32
Change in Inventory	-47.03	3.9	-14.91	-15.38	-7.17
Change in Accounts Payable	19.93	-2.21	36.8	-53.77	63.52
Change in Unearned Revenue	0.75	6.59	11.18	-1.38	11.15
Change in Other Net Operating Assets	-6.08	-49.69	26.57	-0.04	8.61
Operating Cash Flow	-150.79	-214.87	-198.18	-367.64	-549.23
Capital Expenditures	-8.1	-5.66	-7.21	-24.59	-18.3
Sale of Property, Plant & Equipment	0.09	0.03	0.12	-	0
Sale (Purchase) of Intangibles	-5.32	-55.87	12.61	-0.4	-0.65
Investment in Securities	321.2	-313.7	-16.3	445	268.9
Investing Cash Flow	307.87	-375.19	-10.78	420.02	249.96
Short-Term Debt Issued	206.84	131.61	-	-	-
Total Debt Issued	206.84	131.61	-	-	-
Short-Term Debt Repaid	-138.89	-0.28	-	-	-
Total Debt Repaid	-138.89	-0.28	-	-	-
Net Debt Issued (Repaid)	67.94	131.32	-	-	-
Issuance of Common Stock	13.68	220.55	2.37	5.87	826.29
Repurchase of Common Stock	-8.22	-	-8.8	-7.6	-4.25
Other Financing Activities	-1.05	-1.98	-	-	-1.84
Financing Cash Flow	72.35	349.89	-6.43	-1.73	820.2
Foreign Exchange Rate Adjustments	0.48	-0.31	-2.62	-6.27	1.12
Net Cash Flow	229.91	-240.48	-218.01	44.37	522.04
Free Cash Flow	-158.89	-220.53	-205.39	-392.23	-567.53
Free Cash Flow Margin	-34.53%	-55.27%	-77.01%	-182.40%	-393.26%
Free Cash Flow Per Share	-1.45	-2.23	-2.13	-4.09	-6.10
Cash Interest Paid	4.88	2.02	-	-	-
Levered Free Cash Flow	-92.51	-330.04	-95.41	-286.45	-377.69
Unlevered Free Cash Flow	-89.45	-329.33	-95.41	-286.45	-377.69
Change in Working Capital	-54.71	-68.39	39.61	-66.25	33.79

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