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 2021	FY 2017
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '21 Dec 31, 2021	Dec '17 Dec 31, 2017
Net Income	-175.54	-257.1	-334.62	-704.47	-50.38
Depreciation & Amortization	15.01	11.86	9.03	6.49	0.55
Stock-Based Compensation	65.6	70.65	79.63	40.71	9.93
Other Adjustments	-1.1	28.12	8.12	74.25	-0.02
Change in Receivables	-26.65	-25.21	-17.69	-49.65	-
Changes in Inventories	-47.03	3.9	-14.91	-7.17	-
Changes in Accounts Payable	19.93	-2.21	36.8	63.52	8.44
Changes in Accrued Expenses	4.75	-22.02	19.81	30.14	1.95
Changes in Unearned Revenue	0.75	6.59	11.18	11.15	1.69
Changes in Other Operating Activities	-6.45	-29.43	4.41	-14.2	-4.54
Operating Cash Flow	-150.79	-214.87	-198.18	-549.23	-32.37
Capital Expenditures	-8.1	-5.66	-7.21	-18.3	-9.1
Sale of Property, Plant & Equipment	0.09	0.03	0.12	0	0.08
Purchases of Intangible Assets	-5.32	-55.87	-1.28	-0.65	-0.02
Proceeds from Sale of Intangible Assets	-	-	13.89	-	-
Purchases of Investments	-10	-330	-134	-475	-1.9
Proceeds from Sale of Investments	331.2	16.3	117.7	743.9	0.5
Investing Cash Flow	307.87	-375.19	-10.78	249.96	-10.43
Short-Term Debt Issued	206.84	131.61	-	-	-
Short-Term Debt Repaid	-138.89	-0.28	-	-	-
Net Short-Term Debt Issued (Repaid)	67.94	131.32	-	-	-
Issuance of Common Stock	13.68	220.55	2.37	826.29	161.49
Net Common Stock Issued (Repurchased)	13.68	220.55	2.37	826.29	161.49
Issuance of Preferred Stock	-	-	-	-	29.1
Net Preferred Stock Issued (Repurchased)	-	-	-	-	29.1
Other Financing Activities	-9.27	-1.98	-8.8	-6.09	-2.73
Financing Cash Flow	72.35	349.89	-6.43	820.2	187.86
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.48	-0.31	-2.62	1.12	0.65
Net Cash Flow	229.91	-240.48	-218.01	522.04	145.71
Free Cash Flow	-158.89	-220.53	-205.39	-567.53	-41.47
FCF Margin	-34.53%	-55.27%	-77.01%	-393.26%	-
Free Cash Flow Per Share	-1.45	-2.23	-2.13	-5.94	-19.06
Levered Free Cash Flow	-128.74	-162.76	-275.51	-632.84	-51.39
Unlevered Free Cash Flow	-246.82	-319.1	-307.46	-628.43	-52.39

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.