Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $129K | $13.0M | $49.0M | $144M | $213M | $267M | $398M | $457M |
| Revenue growth | — | — | — | 9965.9% | 277.0% | 194.3% | 47.6% | 25.4% | 49.1% | 15.0% |
| Gross profit | — | — | $85.9K | — | — | — | — | — | — | — |
| Gross margin | — | — | 66.6% | — | — | — | — | — | — | — |
| Operating income | -$38.5M | -$51.4M | -$142M | -$203M | -$302M | -$700M | -$404M | -$367M | -$282M | -$229M |
| Operating margin | — | — | -109897.7% | -1564.9% | -616.4% | -485.8% | -190.1% | -137.4% | -71.0% | -50.2% |
| Net income | -$37.5M | -$50.4M | -$139M | -$195M | -$269M | -$704M | -$443M | -$335M | -$257M | -$176M |
| Net margin | — | — | -107810.1% | -1502.3% | -549.3% | -488.9% | -208.4% | -125.5% | -64.7% | -38.4% |
| EPS (diluted) | -$3.97 | -$2.32 | -$2.64 | -$3.03 | -$0.35 | -$0.76 | -$0.46 | -$0.35 | -$0.26 | -$0.16 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32.2M | -$32.4M | -$97.5M | -$191M | -$216M | -$549M | -$368M | -$198M | -$215M | -$151M |
| Capital expenditures | $2.22M | $9.10M | $10.0M | $6.04M | $10.1M | $18.3M | $24.6M | $7.21M | $5.66M | $8.10M |
| Free cash flow | -$34.4M | -$41.5M | -$108M | -$197M | -$226M | -$568M | -$392M | -$205M | -$221M | -$159M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $83.9M | $230M | $63.0M | $75.9M | $442M | $964M | $1.01B | $790M | $450M | $680M |
| Total assets | $88.9M | $250M | $302M | $355M | $1.30B | $1.61B | $1.22B | $1.04B | $1.19B | $1.17B |
| Total liabilities | $5.95M | $14.5M | $50.9M | $60.5M | $128M | $230M | $175M | $240M | $345M | $457M |
| Shareholders' equity | -$51.6M | $235M | $251M | $295M | $1.17B | $1.38B | $1.05B | $796M | $841M | $716M |
| Retained earnings | -$60.2M | -$111M | -$250M | -$445M | -$714M | -$1.42B | -$1.86B | -$2.20B | -$2.45B | -$2.63B |
| Shares (wtd avg diluted) | 9.66M | 49.9M | 58.0M | 68.2M | 777M | 930M | 958M | 966M | 989M | 1.10B |
Every figure is extracted from Zai Lab Ltd’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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