0001628280-24-046824 | 10-Q | XBRL Viewer

Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Product Revenue, Net

The Company’s product revenue is derived from the sales of its commercial products primarily in mainland China. The table below presents the Company’s gross and net product revenue ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Product revenue - gross	107,678	74,018	307,401	220,240
Less: Rebates and sales returns	(5,831)	(4,790)	(18,299)	(19,351)
Product revenue - net	101,847	69,228	289,102	200,889

Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of product revenue. Estimated rebates are determined based on contracted rates, sales volumes, and level of distributor inventories.

The following table presents the Company’s net revenue by product ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

ZEJULA	48,227	41,593	138,727	127,230
OPTUNE	7,715	11,562	32,779	38,596
QINLOCK	8,643	5,702	21,774	14,535
NUZYRA	9,997	5,483	32,205	15,588
VYVGART	27,265	4,888	63,617	4,940
Product revenue - net	101,847	69,228	289,102	200,889

Collaboration Revenue

Collaboration revenue was $0.4 million and $0.8 million in the three and nine months ended September 30, 2024, respectively, and related to promotional activities in mainland China. We had no such collaboration revenue in the prior year periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Purchase Commitments As of September 30, 2024, the Company’s commitments related to purchase of property and equipment and the commercial manufacturing development activities that are contracted but not yet reflected in the unaudited condensed consolidated financial statements were $8.6 million and were expected to be incurred within one year. (b) Legal Proceedings The Company is not currently a party to any material legal proceedings. (c) Indemnifications In the normal course of business, the Company enters into agreements that indemnify others for certain liabilities that may arise in connection with a transaction or certain events and activities. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations.

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 24,077	$ 33,711
Accrued professional service fee	3,986	7,520
Payables for purchase of property and equipment	2,612	2,474
Accrued rebate to distributors	8,800	16,926
Tax payables	3,756	16,988
Other	2,853	5,353
Total	$ 46,084	$ 82,972

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Property and Equipment and Commercial Manufacturing Development Activities
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase obligation to be incurred within one year	$ 8.6

Unaudited Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0

License and Collaboration Agreements	9 Months Ended
License and Collaboration Agreements	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements The Company has entered into various license and collaboration agreements with third parties to develop and commercialize product candidates. Significant License and Collaboration Arrangements For a description of the material terms of the Company’s significant license and collaboration agreements, see Note 16 of the 2023 Annual Report. During the nine months ended September 30, 2024, the Company did not enter into any new significant license or collaboration agreements. The following includes a description of milestone fees incurred in the nine months ended September 30, 2024 under the Company’s significant license and collaboration agreements. License and Collaboration Agreement with Innoviva (SUL-DUR) Under the terms of the Company’s license and collaboration agreement with Entasis Therapeutics Holdings Inc., a wholly owned subsidiary of Innoviva, Inc. (“Innoviva”), the Company recorded an $8.0 million regulatory milestone in the second quarter of 2024, which was capitalized as an intangible asset. As of September 30, 2024, the Company may be required to pay an additional aggregate amount of up to $80.6 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high single digits to low-teens on annual net sales of the licensed products in the licensed territory. License Agreement with BMS (Repotrectinib) Under the terms of the Company’s license agreement with Turning Point Therapeutics, Inc., a company later acquired by Bristol Myers Squibb (“BMS”), the Company recorded $25.0 million for regulatory milestones in the second quarter of 2024, which was capitalized as an intangible asset. As of September 30, 2024, the Company may be required to pay an additional aggregate amount of up to $116.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from mid- to high-teens on annual net sales of the licensed products in the licensed territory. License Agreement with BMS (Xanomeline and Trospium Chloride) Under the terms of the Company’s license agreement with Karuna Therapeutics, Inc. (a company later acquired by BMS), the Company recorded a $10.0 million development milestone into research and development expenses in the third quarter of 2024. As of September 30, 2024, the Company may be required to pay an additional aggregate amount of up to $132.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from low- to high-teens on annual net sales of the licensed products in Greater China. Other License and Collaboration Arrangements That Are Not Individually Significant The Company recorded an upfront payment of $12.0 million into research and development expenses in the third quarter of 2024 for a license and collaboration agreement that is not individually significant.

Share-Based Compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted (in shares) \| shares	20,747,480
Unrecognized share-based compensation expense related to unvested share options granted \| $	$ 80.4
Restricted shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-option awards granted (in shares) \| shares	17,293,410
Unrecognized share-based compensation expense related to unvested restricted shares \| $	$ 83.3
Recognized over a weighted-average period	2 years 8 months 4 days
Share options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term	10 years
Recognized over a weighted-average period	2 years 9 months 29 days
Share options \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Share options \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Share options \| Tranche one \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Tranche one \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Tranche two \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Tranche two \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Tranche three \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Tranche three \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Tranche four \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Tranche four \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Tranche five \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

The following table presents the Company’s short-term debt as of September 30, 2024 ($ in thousands):


	Weighted average interest rate per annum		September 30, 2024
Bank of China Working Capital Loans	2.86	%	70,925
SPD Bank Working Capital Loans	3.45	%	14,271
China Merchant Bank Working Capital Loans	3.15	%	27,798
Total short-term debt	3.01	%	112,994

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

The Company has debt arrangements with the Bank of China, SPD Bank, CMB, and Ningbo Bank to support its working capital needs in mainland China. The following table presents the Company’s short-term debt as of September 30, 2024 ($ in thousands):


	Weighted average interest rate per annum		September 30, 2024
Bank of China Working Capital Loans	2.86	%	70,925
SPD Bank Working Capital Loans	3.45	%	14,271
China Merchant Bank Working Capital Loans	3.15	%	27,798
Total short-term debt	3.01	%	112,994

Bank of China Working Capital Loan Facility

On February 5, 2024, the Company entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited (the “BOC HK”) pursuant to which the BOC HK will provide standby letters of credit for loans of up to $100.0 million for a term of one year. In connection with this agreement, the Company paid a one-time, non-refundable fee of $0.7 million in the first quarter of 2024. In accordance with this agreement, the Company also maintained restricted deposits of $100.0 million, which are presented as restricted cash-current on the unaudited condensed consolidated balance sheet, to secure the standby letters of credit. On February 6, 2024 and June 20, 2024, upon the Company’s application, the BOC HK provided standby letters of credit in favor of the Bank of China Pudong Development Zone Branch (the “BOC Pudong Branch”) for $50.0 million and $23.0 million, respectively, which are or may become payable by the Company’s wholly-owned subsidiary, Zai Lab (Shanghai) Co., Ltd. (“Zai Lab Shanghai”). Zai Lab Shanghai entered into working capital loans with the BOC Pudong Branch under this facility in the first half of 2024, and the aggregate principal amount outstanding was RMB497.0 million (approximately $70.9 million) as of September 30, 2024. Each working capital loan has a one-year term and is subject to a floating interest rate, which is subject to adjustment every six months.

SPD Bank Working Capital Loan Facility

On February 6, 2024, the Company entered into a maximum-amount guarantee contract with the Shanghai Pudong Development Bank Co., Ltd. Zhangjiang Hi-Tech Park Sub-branch (the “SPD Bank”) pursuant to which the Company will guarantee working capital loans of up to RMB300.0 million (approximately $42.0 million) from SPD Bank to Zai Lab Shanghai over a three-year period. Zai Lab Shanghai entered into working capital loan contracts with SPD Bank under this debt facility in the first quarter of 2024, and the aggregate principal amount outstanding was RMB100.0 million (approximately $14.3 million) as of September 30, 2024. Each working capital loan has a one-year term and is subject to a fixed interest rate.

Ningbo Bank Working Capital Loan Facility

On February 6, 2024, the Company’s wholly-owned subsidiary, Zai Lab (Suzhou) Co., Ltd. (“Zai Lab Suzhou”), entered into a maximum credit contract with Bank of Ningbo Co., Ltd. Suzhou Sub-branch (“Ningbo Bank”) as well as an Electronic Commercial Draft Discounting Master Agreement and Online Working Capital Loan Master Agreement (collectively, the “Ningbo Bank Agreements”). The Ningbo Bank Agreements permit Zai Lab Suzhou to utilize, including through discounting or working capital loan agreements and subject to the terms and conditions in related master agreements, up to RMB230.3 million (approximately $32.4 million), of which the Company is authorized to utilize up to RMB160.0 million (approximately $22.5 million). In connection with the arrangements described in the Ningbo Bank Agreements, Zai Lab Suzhou agreed to pledge interests in certain real property it owns in Suzhou. As of September 30, 2024, Zai Lab Suzhou has not entered into any discounting arrangements or working capital loans under this Ningbo Bank working capital loan facility.

China Merchants Bank Working Capital Loan Facility

On July 5, 2024, the Company issued a maximum-amount irrevocable letter of guarantee to China Merchants Bank Co., Ltd., Shanghai Branch (“CMB”) pursuant to which the Company will guarantee working capital loans of up to RMB250.0 million (approximately $34.4 million) from CMB to the Company’s wholly-owned subsidiary, Zai Lab Shanghai, and Zai Lab Shanghai entered into a Credit Agreement with CMB with respect to the RMB250.0 million facility. The credit facility will be available for one year. As of September 30, 2024, Zai Lab Shanghai has an aggregate principal amount outstanding of RMB194.8 million (approximately $27.8 million) under this debt facility. Each working capital loan has a one-year term and is subject to a floating interest rate, which is subject to adjustment every three months.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory write-down	$ 0.0	$ 0.1	$ 0.8	$ 0.7

Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The following table presents the components of the Company’s intangible assets, net ($ in thousands):


	September 30, 2024			December 31, 2023
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value
Finite-lived intangible assets
Commercial products (i)	52,050	(1,881)	50,169	11,351	(186)	11,165
Software	4,215	(2,715)	1,500	4,340	(2,116)	2,224
Total	56,265	(4,596)	51,669	15,691	(2,302)	13,389

(i) The increase in the net carrying value is primarily driven by $33.0 million of regulatory milestone fees for repotrectinib and SUL-DUR (see Note 13) and $6.0 million of commercial development costs.

Intangible assets for commercial products include capitalized post-approval milestone fees and commercial manufacturing development costs. The Company is amortizing commercial products as cost of product revenue over the estimated remaining useful life of the related products. Externally purchased software is amortized over three to five years on a straight-line basis.

Amortization expense was $0.7 million and $2.3 million in the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.5 million in the three and nine months ended September 30, 2023, respectively.

Borrowings - Additional Information (Details) $ in Thousands, ¥ in Millions			9 Months Ended
	Jul. 05, 2024 USD ($)	Feb. 05, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CNY (¥)	Jul. 05, 2024 CNY (¥)	Jun. 20, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 06, 2024 USD ($)	Feb. 06, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Restricted cash, current			$ 100,000							$ 0
Short-term debt			112,994							$ 0
SPD Bank
Short-Term Debt [Line Items]
Maximum guarantor obligation								$ 42,000	¥ 300.0
Guarantor obligation term								3 years	3 years
CMB
Short-Term Debt [Line Items]
Maximum guarantor obligation	$ 34,400				¥ 250.0
Bank of China Working Capital Loans
Short-Term Debt [Line Items]
Debt instrument fee							$ 700
Bank of China Working Capital Loans \| Loans Payable
Short-Term Debt [Line Items]
Short-term debt			$ 70,925
Bank of China Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term			1 year
Short-term debt			$ 70,900	¥ 497.0
Floating interest rate adjustment period			6 months
SPD Bank Working Capital Loans \| Loans Payable
Short-Term Debt [Line Items]
Short-term debt			$ 14,271
SPD Bank Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term			1 year
Short-term debt			$ 14,300	100.0
Ningbo Bank Working Capital Loan Facility \| Loans Payable
Short-Term Debt [Line Items]
Maximum borrowing capacity								$ 22,500	¥ 160.0
Ningbo Bank Working Capital Loan Facility \| Loans Payable \| Zai Lab Suzhou
Short-Term Debt [Line Items]
Maximum borrowing capacity								32,400	¥ 230.3
China Merchant Bank Working Capital Loans \| Loans Payable
Short-Term Debt [Line Items]
Short-term debt			$ 27,798
China Merchant Bank Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Maximum borrowing capacity \| ¥					¥ 250.0
Debt instrument term	1 year		1 year
Short-term debt			$ 27,800	¥ 194.8
Floating interest rate adjustment period			3 months
Standby Letters of Credit \| Bank of China Working Capital Loans
Short-Term Debt [Line Items]
Maximum borrowing capacity		$ 100,000
Debt instrument term		1 year
Letters of credit outstanding						$ 23,000		$ 50,000

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table presents the components of the Company’s property and equipment, net ($ in thousands):


	September 30, 2024	December 31, 2023

Office equipment	1,059	1,047
Electronic equipment	9,527	9,161
Vehicle	201	199
Laboratory equipment	20,793	20,140
Manufacturing equipment	17,944	17,680
Leasehold improvements	11,544	11,371
Construction in progress	26,050	24,272
	87,118	83,870
Less: accumulated depreciation	(36,353)	(30,136)
Property and equipment, net	50,765	53,734

Basis of Presentation and Consolidation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The December 31, 2023 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2023 Annual Report. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2024.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Zai Lab Limited and its subsidiaries, which are wholly owned. All intercompany transactions and balances are eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.
Fair Value Measurements	Fair Value Measurements Equity investments with readily determinable fair value are measured using level 1 inputs and were $3.2 million and $9.2 million as of September 30, 2024 and December 31, 2023, respectively. The unrealized losses from fair value changes are recognized in other income, net in the unaudited condensed consolidated statements of operations. Financial instruments of the Company primarily include cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, non-current restricted cash, accounts payable, short-term debt, and other current liabilities. As of September 30, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable, short-term debt, and other current liabilities approximated their fair value due to the short-term maturity of these instruments, and the carrying value of notes receivable and non-current restricted cash approximated their fair value based on the assessment of the ability to recover these amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses and any additional measures of a segment’s profit or loss used by the CODM to allocate resources and assess performance. This ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in additional disclosure in the consolidated financial statements, once adopted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2025. The Company did not adopt any new accounting standards in the nine months ended September 30, 2024 that had a material impact on the consolidated financial statements. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2023 Annual Report.

Organization and Principal Activities	9 Months Ended
Organization and Principal Activities	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	Organization and Principal Activities Zai Lab Limited was incorporated on March 28, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands (as amended). Zai Lab Limited and its subsidiaries (collectively referred to as the “Company”) are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. The Company’s principal operations and geographic markets are in Greater China. The Company has a substantial presence in Greater China and the United States.

Intangible Assets, Net - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 56,265	$ 15,691
Accumulated Amortization	(4,596)	(2,302)
Net Carrying Value	51,669	13,389
Commercial products
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,050	11,351
Accumulated Amortization	(1,881)	(186)
Net Carrying Value	50,169	11,165
Regulatory milestone fees
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	33,000
Commercial development costs
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	6,000
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,215	4,340
Accumulated Amortization	(2,715)	(2,116)
Net Carrying Value	$ 1,500	$ 2,224

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

The following table presents the Company’s other current liabilities ($ in thousands):


	September 30, 2024	December 31, 2023

Accrued payroll	24,077	33,711
Accrued professional service fee	3,986	7,520
Payables for purchase of property and equipment	2,612	2,474
Accrued rebate to distributors	8,800	16,926
Tax payables	3,756	16,988
Other (i)	2,853	5,353
Total	46,084	82,972

(i)Other primarily includes accrued travel and business-related expenses.

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 87,118	$ 83,870
Less: accumulated depreciation	(36,353)	(30,136)
Property and equipment, net	50,765	53,734
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,059	1,047
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,527	9,161
Vehicle
Property, Plant and Equipment [Line Items]
Property and equipment, gross	201	199
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,793	20,140
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,944	17,680
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,544	11,371
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 26,050	$ 24,272

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table presents the Company’s cash and cash equivalents ($ in thousands):


	September 30, 2024	December 31, 2023

Cash	614,937	789,051
Cash equivalents (i)	1,149	1,100
	616,086	790,151
Denominated in:
US$	575,116	762,436
Renminbi (“RMB”) (ii)	40,092	25,093
Hong Kong dollar (“HK$”)	53	1,974
Australian dollar (“A$”)	580	587
Taiwan dollar (“TW$”)	245	61
	616,086	790,151

(i)Cash equivalents represent short-term and highly liquid investments in a money market fund.

(ii)Certain cash and bank balances denominated in RMB were deposited with banks in mainland China. The conversion of these RMB-denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the Chinese government.

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

The following table presents the Company’s inventories, net ($ in thousands):


	September 30, 2024	December 31, 2023

Finished goods	22,460	22,702
Raw materials	15,397	17,655
Work in progress	1,691	4,470
Inventories, net	39,548	44,827

The Company writes down inventory for any excess or obsolete inventories or when the Company believes that the net realizable value of inventories is less than the carrying value. The Company recorded write-downs in inventory, which were included in cost of product revenue, of an insignificant amount and $0.8 million in the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.7 million in the three and nine months ended September 30, 2023, respectively.

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The following table presents the components of the Company’s intangible assets, net ($ in thousands):


	September 30, 2024			December 31, 2023
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value
Finite-lived intangible assets
Commercial products (i)	52,050	(1,881)	50,169	11,351	(186)	11,165
Software	4,215	(2,715)	1,500	4,340	(2,116)	2,224
Total	56,265	(4,596)	51,669	15,691	(2,302)	13,389

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenues - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Collaboration revenue	$ 418,000	$ 0	$ 816,000	$ 0

Restricted Net Assets (Details) - PRC - USD ($)	3 Months Ended		9 Months Ended
Restricted Net Assets (Details) - PRC - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restricted Net Assets [Line Items]
Statutory reserves	$ 0	$ 0	$ 0	$ 0
Restricted amount by subsidiaries	$ 506,000,000.0		$ 506,000,000.0		$ 506,000,000.0

Other Income, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Income, Net

The following table presents the Company’s other income, net ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Government grants	3,861	671	7,186	754
Loss on equity investments with readily determinable fair value	(920)	(661)	(6,067)	(1,965)
Others miscellaneous gain	500	384	2,740	1,434
Total	3,441	394	3,859	223

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 14	$ 17
Ordinary shares, par value (in dollars per share)	$ 0.000006	$ 0.000006
Ordinary shares, shares authorized (in shares)	5,000,000,000	5,000,000,000
Ordinary shares, shares issued (in shares)	989,268,370	977,151,270
Ordinary shares, shares outstanding (in shares)	984,356,170	972,239,070
Treasury Stock (in shares)	4,912,200	4,912,200

Loss Per Share - Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	105,188,950	107,249,960
Restricted shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	32,875,090	32,359,260

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Product revenue, net	$ 101,847,000	$ 69,228,000	$ 289,102,000	$ 200,889,000
Collaboration revenue	418,000	0	816,000	0
Total revenues	102,265,000	69,228,000	289,918,000	200,889,000
Expenses
Cost of product revenue	(36,569,000)	(25,479,000)	(105,336,000)	(70,579,000)
Cost of collaboration revenue	(348,000)	0	(433,000)	0
Research and development	(65,982,000)	(58,767,000)	(182,252,000)	(183,920,000)
Selling, general, and administrative	(67,219,000)	(68,552,000)	(216,123,000)	(198,982,000)
Gain on sale of intellectual property	0	0	0	10,000,000
Loss from operations	(67,853,000)	(83,570,000)	(214,226,000)	(242,592,000)
Interest income	9,029,000	9,172,000	28,017,000	29,493,000
Interest expense	(745,000)	0	(1,350,000)	0
Foreign currency gains (losses)	14,457,000	4,852,000	8,281,000	(26,315,000)
Other income, net	3,441,000	394,000	3,859,000	223,000
Loss before income tax	(41,671,000)	(69,152,000)	(175,419,000)	(239,191,000)
Income tax expense	0	0	0	0
Net loss	$ (41,671,000)	$ (69,152,000)	$ (175,419,000)	$ (239,191,000)
Loss per share - basic (in dollars per share)	$ (0.04)	$ (0.07)	$ (0.18)	$ (0.25)
Loss per share - diluted (in dollars per share)	$ (0.04)	$ (0.07)	$ (0.18)	$ (0.25)
Weighted-average shares used in calculating net loss per ordinary share - basic (in shares)	981,687,390	968,767,730	976,941,030	965,060,570
Weighted-average shares used in calculating net loss per ordinary share - diluted (in shares)	981,687,390	968,767,730	976,941,030	965,060,570

Revenues - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 101,847	$ 69,228	$ 289,102	$ 200,889
ZEJULA
Disaggregation of Revenue [Line Items]
Product revenue - net	48,227	41,593	138,727	127,230
OPTUNE
Disaggregation of Revenue [Line Items]
Product revenue - net	7,715	11,562	32,779	38,596
QINLOCK
Disaggregation of Revenue [Line Items]
Product revenue - net	8,643	5,702	21,774	14,535
NUZYRA
Disaggregation of Revenue [Line Items]
Product revenue - net	9,997	5,483	32,205	15,588
VYVGART
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 27,265	$ 4,888	$ 63,617	$ 4,940

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue

The table below presents the Company’s gross and net product revenue ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Product revenue - gross	107,678	74,018	307,401	220,240
Less: Rebates and sales returns	(5,831)	(4,790)	(18,299)	(19,351)
Product revenue - net	101,847	69,228	289,102	200,889

Schedule of Disaggregation of Net Revenue

The following table presents the Company’s net revenue by product ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

ZEJULA	48,227	41,593	138,727	127,230
OPTUNE	7,715	11,562	32,779	38,596
QINLOCK	8,643	5,702	21,774	14,535
NUZYRA	9,997	5,483	32,205	15,588
VYVGART	27,265	4,888	63,617	4,940
Product revenue - net	101,847	69,228	289,102	200,889

Other Income, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income, Net

The following table presents the Company’s other income, net ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Government grants	3,861	671	7,186	754
Loss on equity investments with readily determinable fair value	(920)	(661)	(6,067)	(1,965)
Others miscellaneous gain	500	384	2,740	1,434
Total	3,441	394	3,859	223

Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (41,671)	$ (80,277)	$ (53,471)	$ (69,152)	$ (120,895)	$ (49,144)	$ (175,419)	$ (239,191)
Denominator:
Weighted average number of ordinary shares - basic (in shares)	981,687,390			968,767,730			976,941,030	965,060,570
Weighted average number of ordinary shares - diluted (in shares)	981,687,390			968,767,730			976,941,030	965,060,570
Net loss per share - basic (in dollars per share)	$ (0.04)			$ (0.07)			$ (0.18)	$ (0.25)
Net loss per share - diluted (in dollars per share)	$ (0.04)			$ (0.07)			$ (0.18)	$ (0.25)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38205
Entity Registrant Name	ZAI LAB LIMITED
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1144595
Entity Address, Address Line One	4560 Jinke Road
Entity Address, Address Line Two	Bldg. 1, Fourth Floor, Pudong
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	201210
City Area Code	86 21
Local Phone Number	6163 2588
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Central Index Key	0001704292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 10 Ordinary Shares, par value $0.000006 per share
Trading Symbol	ZLAB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		762,979,490
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.000006 per share
Trading Symbol	9688
Entity Common Stock, Shares Outstanding		996,087,670

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

During the nine months ended September 30, 2024, the Company granted share options to purchase up to 20,747,480 ordinary shares and restricted shares representing 17,293,410 ordinary shares under its equity incentive plans. The share options granted have a contractual term of ten years. Share options granted since April 2023 generally vest ratably over a four-year period, and share options granted prior to April 2023 generally vest ratably over a five-year period, with 25% or 20% of the awards vesting on each anniversary of the grant date, respectively, subject to continued employment/service with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. For a description of the Company’s equity incentive plans and more details on the terms of the share-based awards, see Note 15 of the 2023 Annual Report.

The following table presents the share-based compensation expense that has been reported in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Selling, general and administrative	10,404	14,041	31,861	35,880
Research and development	6,391	7,951	21,552	23,284
Total	16,795	21,992	53,413	59,164

As of September 30, 2024, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $80.4 million and $83.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.83 years and 2.68 years, respectively.

Income Tax	9 Months Ended
Income Tax	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Tax No provision for income taxes has been required to be accrued because the Company is in a cumulative loss position for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of September 30, 2024 and December 31, 2023. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

- Definition

The entire disclosure for income tax.

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+ Details

Restricted Net Assets	9 Months Ended
Restricted Net Assets	Sep. 30, 2024
Equity [Abstract]
Restricted Net Assets	Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its Chinese subsidiaries. Relevant Chinese laws and regulations permit payments of dividends by the Company’s Chinese subsidiaries only out of its retained earnings, if any, as determined in accordance with Chinese accounting standards and regulations. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s Chinese subsidiaries. In accordance with the Company Law of the People’s Republic of China, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s Chinese statutory accounts. A domestic enterprise may provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s Chinese statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s Chinese subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. No appropriation to statutory reserves was made in the three and nine months ended September 30, 2024 and 2023 because the Chinese subsidiaries had substantial losses during such periods. As a result of these Chinese laws and regulations, subject to the limits discussed above that require annual appropriations of 10% of after-tax profit to be set aside, prior to payment of dividends, as a general reserve fund, the Company’s Chinese subsidiaries are restricted in their ability to transfer out a portion of their net assets. Foreign exchange and other regulation in mainland China may further restrict the Company’s subsidiaries in mainland China from transferring out funds in the form of dividends, loans, and advances. As of September 30, 2024 and December 31, 2023, amounts restricted included the paid-in capital of the Company’s subsidiaries in mainland China and were $506.0 million.

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 16,795	$ 21,992	$ 53,413	$ 59,164
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	10,404	14,041	31,861	35,880
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,391	$ 7,951	$ 21,552	$ 23,284

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		962,455,850
Beginning balance at Dec. 31, 2022	$ 1,045,595	$ 6	$ 2,893,120	$ (1,861,360)	$ 25,685	$ (11,856)
Beginning balance (in shares) at Dec. 31, 2022						(2,236,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		732,040
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		4,009,460
Exercise of share options	1,673	$ 0	1,673
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,272,330)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(5,130)					$ (5,130)
Share-based compensation	16,661		16,661
Net loss	(49,144)			(49,144)
Foreign currency translation	(8,413)				(8,413)
Ending balance (in shares) at Mar. 31, 2023		967,197,350
Ending balance at Mar. 31, 2023	1,001,242	$ 6	2,911,454	(1,910,504)	17,272	$ (16,986)
Ending balance (in shares) at Mar. 31, 2023						(3,508,610)
Beginning balance (in shares) at Dec. 31, 2022		962,455,850
Beginning balance at Dec. 31, 2022	1,045,595	$ 6	2,893,120	(1,861,360)	25,685	$ (11,856)
Beginning balance (in shares) at Dec. 31, 2022						(2,236,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(239,191)
Foreign currency translation	22,267
Ending balance (in shares) at Sep. 30, 2023		973,930,280
Ending balance at Sep. 30, 2023	880,979	$ 6	2,954,362	(2,100,551)	47,952	$ (20,790)
Ending balance (in shares) at Sep. 30, 2023						(4,893,130)
Beginning balance (in shares) at Mar. 31, 2023		967,197,350
Beginning balance at Mar. 31, 2023	1,001,242	$ 6	2,911,454	(1,910,504)	17,272	$ (16,986)
Beginning balance (in shares) at Mar. 31, 2023						(3,508,610)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		6,117,040
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		41,000
Exercise of share options	88	$ 0	88
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,280,500)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(3,540)					$ (3,540)
Share-based compensation	20,511		20,511
Net loss	(120,895)			(120,895)
Foreign currency translation	34,908				34,908
Ending balance (in shares) at Jun. 30, 2023		973,355,390
Ending balance at Jun. 30, 2023	932,314	$ 6	2,932,053	(2,031,399)	52,180	$ (20,526)
Ending balance (in shares) at Jun. 30, 2023						(4,789,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		394,890
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		180,000
Exercise of share options	317	$ 0	317
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(104,020)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(264)					$ (264)
Share-based compensation	21,992		21,992
Net loss	(69,152)			(69,152)
Foreign currency translation	(4,228)				(4,228)
Ending balance (in shares) at Sep. 30, 2023		973,930,280
Ending balance at Sep. 30, 2023	$ 880,979	$ 6	2,954,362	(2,100,551)	47,952	$ (20,790)
Ending balance (in shares) at Sep. 30, 2023						(4,893,130)
Beginning balance (in shares) at Dec. 31, 2023	972,239,070	977,151,270
Beginning balance at Dec. 31, 2023	$ 796,118	$ 6	2,975,302	(2,195,980)	37,626	$ (20,836)
Beginning balance (in shares) at Dec. 31, 2023	(4,912,200)					(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		1,046,440
Issuance of ordinary shares upon vesting of restricted shares	$ 0	$ 0	0
Share-based compensation	17,980		17,980
Net loss	(53,471)			(53,471)
Foreign currency translation	1,542				1,542
Ending balance (in shares) at Mar. 31, 2024		978,197,710
Ending balance at Mar. 31, 2024	$ 762,169	$ 6	2,993,282	(2,249,451)	39,168	$ (20,836)
Ending balance (in shares) at Mar. 31, 2024						(4,912,200)
Beginning balance (in shares) at Dec. 31, 2023	972,239,070	977,151,270
Beginning balance at Dec. 31, 2023	$ 796,118	$ 6	2,975,302	(2,195,980)	37,626	$ (20,836)
Beginning balance (in shares) at Dec. 31, 2023	(4,912,200)					(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (175,419)
Foreign currency translation	$ (9,356)
Ending balance (in shares) at Sep. 30, 2024	984,356,170	989,268,370
Ending balance at Sep. 30, 2024	$ 667,669	$ 6	3,031,628	(2,371,399)	28,270	$ (20,836)
Ending balance (in shares) at Sep. 30, 2024	(4,912,200)					(4,912,200)
Beginning balance (in shares) at Mar. 31, 2024		978,197,710
Beginning balance at Mar. 31, 2024	$ 762,169	$ 6	2,993,282	(2,249,451)	39,168	$ (20,836)
Beginning balance (in shares) at Mar. 31, 2024						(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		8,087,630
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		25,000
Exercise of share options	44	$ 0	44
Share-based compensation	18,638		18,638
Net loss	(80,277)			(80,277)
Foreign currency translation	3,605				3,605
Ending balance (in shares) at Jun. 30, 2024		986,310,340
Ending balance at Jun. 30, 2024	704,179	$ 6	3,011,964	(2,329,728)	42,773	$ (20,836)
Ending balance (in shares) at Jun. 30, 2024						(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		393,850
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		2,564,180
Exercise of share options	2,869	$ 0	2,869
Share-based compensation	16,795		16,795
Net loss	(41,671)			(41,671)
Foreign currency translation	$ (14,503)				(14,503)
Ending balance (in shares) at Sep. 30, 2024	984,356,170	989,268,370
Ending balance at Sep. 30, 2024	$ 667,669	$ 6	$ 3,031,628	$ (2,371,399)	$ 28,270	$ (20,836)
Ending balance (in shares) at Sep. 30, 2024	(4,912,200)					(4,912,200)

Income Tax (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Tax (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits	0		0		$ 0
Interest and penalties on unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

License and Collaboration Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Innoviva Inc. \| SUL-DUR
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment made		$ 8.0
Maximum additional milestone payments	$ 80.6
BMS \| Repotrectinib
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment made		$ 25.0
Maximum additional milestone payments	116.0
BMS \| Xanomeline-Trospium Chloride
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment made	10.0
Maximum additional milestone payments	132.0
Other Counterparties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment of upfront fees for license agreement	$ 12.0

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.7	$ 0.2	$ 2.3	$ 0.5
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years		3 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years		5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation expense


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Selling, general and administrative	10,404	14,041	31,861	35,880
Research and development	6,391	7,951	21,552	23,284
Total	16,795	21,992	53,413	59,164

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Numerator:
Net loss	(41,671)	(69,152)	(175,419)	(239,191)
Denominator:
Weighted average number of ordinary shares - basic and diluted	981,687,390	968,767,730	976,941,030	965,060,570
Net loss per share - basic and diluted	(0.04)	(0.07)	(0.18)	(0.25)

Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share

As a result of the Company’s net loss in the three and nine months ended September 30, 2024 and 2023, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.


	September 30,
	2024	2023
Share options	105,188,950	107,249,960
Non-vested restricted shares	32,875,090	32,359,260

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 616,086	$ 790,151
Restricted cash, current	100,000	0
Short-term investments	0	16,300
Accounts receivable (net of allowance for credit losses of $14 and $17 as of September 30, 2024 and December 31, 2023, respectively)	49,970	59,199
Notes receivable	19,278	6,134
Inventories, net	39,548	44,827
Prepayments and other current assets	35,667	22,995
Total current assets	860,549	939,606
Restricted cash, non-current	1,118	1,113
Long term investments	3,153	9,220
Prepayments for equipment	32	111
Property and equipment, net	50,765	53,734
Operating lease right-of-use assets	12,833	14,844
Land use rights, net	3,012	3,069
Intangible assets, net	51,669	13,389
Long-term deposits	975	1,209
Value added tax recoverable	1,240	0
Total assets	985,346	1,036,295
Current liabilities
Accounts payable	120,652	112,991
Current operating lease liabilities	6,585	7,104
Short-term debt	112,994	0
Other current liabilities	46,084	82,972
Total current liabilities	286,315	203,067
Deferred income	24,924	28,738
Non-current operating lease liabilities	6,113	8,047
Other non-current liabilities	325	325
Total liabilities	317,677	240,177
Commitments and contingencies (Note 16)
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 989,268,370 and 977,151,270 shares issued as of September 30, 2024 and December 31, 2023, respectively; 984,356,170 and 972,239,070 shares outstanding as of September 30, 2024 and December 31, 2023, respectively)	6	6
Additional paid-in capital	3,031,628	2,975,302
Accumulated deficit	(2,371,399)	(2,195,980)
Accumulated other comprehensive income	28,270	37,626
Treasury Stock (at cost, 4,912,200 shares as of both September 30, 2024 and December 31, 2023)	(20,836)	(20,836)
Total shareholders’ equity	667,669	796,118
Total liabilities and shareholders’ equity	$ 985,346	$ 1,036,295

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.1	$ 1.8	$ 6.6	$ 6.1

Basis of Presentation and Consolidation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments with readily determinable fair value	$ 3.2	$ 9.2

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Revenues - Summary of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Product revenue - gross	$ 107,678	$ 74,018	$ 307,401	$ 220,240
Less: Rebates and sales returns	(5,831)	(4,790)	(18,299)	(19,351)
Product revenue - net	$ 101,847	$ 69,228	$ 289,102	$ 200,889

- Definition

+ References

+ Details

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table presents the components of the Company’s property and equipment, net ($ in thousands):


	September 30, 2024	December 31, 2023

Office equipment	1,059	1,047
Electronic equipment	9,527	9,161
Vehicle	201	199
Laboratory equipment	20,793	20,140
Manufacturing equipment	17,944	17,680
Leasehold improvements	11,544	11,371
Construction in progress	26,050	24,272
	87,118	83,870
Less: accumulated depreciation	(36,353)	(30,136)
Property and equipment, net	50,765	53,734

Depreciation expense was $2.1 million and $6.6 million in the three and nine months ended September 30, 2024, respectively, and $1.8 million and $6.1 million in the three and nine months ended September 30, 2023, respectively.

Borrowings - Summary of Short-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.01%
Total short-term debt	$ 112,994	$ 0
Loans Payable \| Bank of China Working Capital Loans
Short-Term Debt [Line Items]
Weighted average interest rate per annum	2.86%
Total short-term debt	$ 70,925
Loans Payable \| SPD Bank Working Capital Loans
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.45%
Total short-term debt	$ 14,271
Loans Payable \| China Merchant Bank Working Capital Loans
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.15%
Total short-term debt	$ 27,798

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other Income, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Government grants	$ 3,861	$ 671	$ 7,186	$ 754
Loss on equity investments with readily determinable fair value	(920)	(661)	(6,067)	(1,965)
Others miscellaneous gain	500	384	2,740	1,434
Total	$ 3,441	$ 394	$ 3,859	$ 223

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash	$ 614,937	$ 789,051
Cash equivalents	1,149	1,100
Cash and cash equivalents	616,086	790,151
US$
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	575,116	762,436
Renminbi (“RMB”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	40,092	25,093
Hong Kong dollar (“HK$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	53	1,974
Australian dollar (“A$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	580	587
Taiwan dollar (“TW$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 245	$ 61

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 22,460	$ 22,702
Raw materials	15,397	17,655
Work in progress	1,691	4,470
Inventories, net	$ 39,548	$ 44,827

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (175,419)	$ (239,191)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	(3)	1
Inventory write-down	814	746
Depreciation and amortization expenses	8,824	6,570
Amortization of deferred income	(2,518)	(2,547)
Share-based compensation	53,413	59,164
Loss from fair value changes of equity investment with readily determinable fair value	6,067	1,965
Losses on disposal of property and equipment	451	139
Gain on disposal of land use right	0	(408)
Noncash lease expenses	6,104	6,630
Gain on sale of intellectual property	0	(10,000)
Debt issuance costs	700	0
Foreign currency remeasurement impact	(8,281)	26,315
Changes in operating assets and liabilities:
Accounts receivable	9,712	(2,823)
Notes receivable	(12,901)	(15,563)
Inventories	4,403	(14,408)
Prepayments and other current assets	(10,767)	5,126
Long-term deposits	234	140
Value added tax recoverable	(1,223)	0
Accounts payable	6,545	(9,494)
Other current liabilities	(36,854)	227
Operating lease liabilities	(6,853)	(5,794)
Deferred income	(1,548)	9,619
Other non-current liabilities	0	325
Net cash used in operating activities	(159,100)	(183,261)
Cash flows from investing activities
Purchases of short-term investments	0	(134,000)
Proceeds from maturity of short-term investment	16,300	102,400
Purchases of property and equipment	(3,057)	(6,990)
Proceeds from the sale of property and equipment	29	122
Acquisition of intangible assets	(40,711)	(658)
Proceeds from sale of intellectual property	0	10,000
Proceeds from disposal of land use right	0	3,893
Net cash used in investing activities	(27,439)	(25,233)
Cash flows from financing activities
Proceeds from short-term debt	111,738	0
Repayment of short-term bank borrowings	(282)	0
Payments of debt issuance costs	(700)	0
Proceeds from exercises of stock options	1,321	1,899
Taxes paid related to settlement of equity awards	0	(8,725)
Net cash provided by (used in) financing activities	112,077	(6,826)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	402	(3,355)
Net decrease in cash, cash equivalents and restricted cash	(74,060)	(218,675)
Cash, cash equivalents and restricted cash - beginning of period	791,264	1,009,273
Cash, cash equivalents and restricted cash - end of period	717,204	790,598
Supplemental disclosure on non-cash investing and financing activities
Payables for purchase of property and equipment	2,612	2,625
Payables for acquisition of intangible assets	11,358	98
Payables for treasury stock	0	31
Right-of-use asset acquired under operating leases	3,945	3,296
Receivables for stock option exercise under equity incentive plans	1,593	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 1,169	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (41,671)	$ (80,277)	$ (53,471)	$ (69,152)	$ (120,895)	$ (49,144)	$ (175,419)	$ (239,191)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

The following table presents the Company’s other current liabilities ($ in thousands):


	September 30, 2024	December 31, 2023

Accrued payroll	24,077	33,711
Accrued professional service fee	3,986	7,520
Payables for purchase of property and equipment	2,612	2,474
Accrued rebate to distributors	8,800	16,926
Tax payables	3,756	16,988
Other (i)	2,853	5,353
Total	46,084	82,972

(i)Other primarily includes accrued travel and business-related expenses.

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The following table presents the Company’s inventories, net ($ in thousands):


	September 30, 2024	December 31, 2023

Finished goods	22,460	22,702
Raw materials	15,397	17,655
Work in progress	1,691	4,470
Inventories, net	39,548	44,827

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (41,671)	$ (69,152)	$ (175,419)	$ (239,191)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments	(14,503)	(4,228)	(9,356)	22,267
Comprehensive loss	$ (56,174)	$ (73,380)	$ (184,775)	$ (216,924)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Basis of Presentation and Consolidation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation and Significant Accounting Policies	Basis of Presentation and Consolidation and Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The December 31, 2023 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2023 Annual Report. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2024. (b) Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Zai Lab Limited and its subsidiaries, which are wholly owned. All intercompany transactions and balances are eliminated upon consolidation. (c) Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. (d) Fair Value Measurements Equity investments with readily determinable fair value are measured using level 1 inputs and were $3.2 million and $9.2 million as of September 30, 2024 and December 31, 2023, respectively. The unrealized losses from fair value changes are recognized in other income, net in the unaudited condensed consolidated statements of operations. Financial instruments of the Company primarily include cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, non-current restricted cash, accounts payable, short-term debt, and other current liabilities. As of September 30, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable, short-term debt, and other current liabilities approximated their fair value due to the short-term maturity of these instruments, and the carrying value of notes receivable and non-current restricted cash approximated their fair value based on the assessment of the ability to recover these amounts. (e) Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses and any additional measures of a segment’s profit or loss used by the CODM to allocate resources and assess performance. This ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in additional disclosure in the consolidated financial statements, once adopted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2025. The Company did not adopt any new accounting standards in the nine months ended September 30, 2024 that had a material impact on the consolidated financial statements. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2023 Annual Report.

Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Loss Per Share

The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

Numerator:
Net loss	(41,671)	(69,152)	(175,419)	(239,191)
Denominator:
Weighted average number of ordinary shares - basic and diluted	981,687,390	968,767,730	976,941,030	965,060,570
Net loss per share - basic and diluted	(0.04)	(0.07)	(0.18)	(0.25)


	September 30,
	2024	2023
Share options	105,188,950	107,249,960
Non-vested restricted shares	32,875,090	32,359,260

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

The following table presents the Company’s cash and cash equivalents ($ in thousands):


	September 30, 2024	December 31, 2023

Cash	614,937	789,051
Cash equivalents (i)	1,149	1,100
	616,086	790,151
Denominated in:
US$	575,116	762,436
Renminbi (“RMB”) (ii)	40,092	25,093
Hong Kong dollar (“HK$”)	53	1,974
Australian dollar (“A$”)	580	587
Taiwan dollar (“TW$”)	245	61
	616,086	790,151

(i)Cash equivalents represent short-term and highly liquid investments in a money market fund.