0001628280-26-031626 | 10-Q | XBRL Viewer

Borrowings

3 Months Ended

Mar. 31, 2026

The Company has debt arrangements with the Bank of China, SPD Bank, CMB, BOCOM, Ningbo Bank, and CIB to support its working capital needs in mainland China. The following table presents the Company’s short-term debt and weighted-average interest rate per annum ($ in thousands):


	March 31, 2026			December 31, 2025
Bank of China Working Capital Loans	2.20	%	69,298	2.36	%	69,427
SPD Bank Working Capital Loans	2.50	%	14,452	2.80	%	28,454
China Merchants Bank Working Capital Loans	2.64	%	57,809	2.65	%	42,683
Bank of Communications Working Capital Loans	2.50	%	43,356	2.75	%	42,682
Ningbo Bank Discounted Bills	1.60	%	—	1.60	%	7,057
Industrial Bank Working Capital Loans	2.55	%	28,904	2.60	%	14,227
Total short-term debt	2.45	%	213,819	2.55	%	204,530

Bank of China Working Capital Loan Facility

The Company has an uncommitted facility letter with the Bank of China (Hong Kong) Limited (“BOC HK”) pursuant to which BOC HK will provide standby letters of credit in favor of the Bank of China Pudong Development Zone Branch (“BOC Pudong Branch”) for loans of up to $100.0 million, which are or may become payable by the Company’s wholly-owned subsidiary, Zai Lab (Shanghai) Co., Ltd. (“Zai Lab Shanghai”). BOC HK and BOC Pudong Branch are collectively referred to as Bank of China. 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. 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

In February 2024, the Company entered into a maximum-amount guarantee contract with the Shanghai Pudong Development Bank Co., Ltd. Zhangjiang Hi-Tech Park Sub-Branch (“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. Each working capital loan has a one-year term and is subject to a fixed interest rate.

China Merchants Bank Working Capital Loan Facility

In August 2025, 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 RMB500.0 million (approximately $69.6 million) from CMB to Zai Lab Shanghai, and Zai Lab Shanghai entered into a Credit Agreement with CMB with respect to the RMB500.0 million facility. The guarantee and credit facility include the outstanding working capital loans with CMB. The credit facility will be available for two years. 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.

Bank of Communications Working Capital Loan Facility

In January 2025, the Company entered into a guarantee contract with Bank of Communications Co., Ltd. Shanghai Zhangjiang Sub-Branch (“BOCOM”) pursuant to which the Company will guarantee working capital loans from BOCOM to Zai Lab Shanghai, and Zai Lab Shanghai entered into a working capital loan contract with BOCOM with respect to a revolving credit facility of up to RMB300.0 million (approximately $41.1 million). The credit facility expired in September 2025. In February 2026, the Company entered into a new revolving credit facility with BOCOM that will expire in March 2027, which replaced its previous RMB300.0 million (approximately $41.1 million) credit facility. The Company entered into a new guarantee contract with BOCOM pursuant to which the Company will provide a maximum-amount guarantee of RMB330.0 million (approximately $47.9 million) for working capital loans of up to RMB300.0 million (approximately $43.6 million) from BOCOM to Zai Lab Shanghai, and Zai Lab Shanghai entered into a working capital loan contract with BOCOM with respect to the RMB300.0 million facility. The new credit facility will be available until February 2, 2029. 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.

Ningbo Bank Working Capital Loan Facility

In February 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 Zai Lab Suzhou is authorized to utilize up to RMB160.0 million (approximately $22.5 million). The cash proceeds from the discounting arrangement were classified as short-term debt. Each discounted bill has a 6-month term.

Industrial Bank Working Capital Loans

On October 13, 2025, the Company entered into a maximum amount guarantee contract with Industrial Bank Co., Ltd., Shanghai Gubei Branch (“CIB”) pursuant to which the Company will guarantee working capital loans of up to RMB300.0 million (approximately $42.1 million) from CIB to its wholly-owned subsidiary, Zai Lab Shanghai, and Zai Lab Shanghai entered into a credit line contract with CIB with respect to the RMB300.0 million revolving credit facility. The credit facility will be available until May 5, 2026. Each working capital loan has a one-year term and is subject to a fixed interest rate.

- 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.

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+ Details

Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

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


	March 31, 2026			December 31, 2025
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value
Finite-lived intangible assets
Commercial products	84,562	(9,678)	74,884	83,203	(8,056)	75,147
Software	4,523	(3,648)	875	4,461	(3,464)	997
Total	89,085	(13,326)	75,759	87,664	(11,520)	76,144

Intangible assets for commercial products include capitalized post-approval milestone fees and acquired commercial manufacturing know-how and related development costs. The Company is amortizing intangible assets for commercial

products as cost of product revenue over the estimated remaining useful life of the related products. Intangible assets for externally purchased software are amortized over three to five years on a straight-line basis.

Amortization expense was $1.6 million and $1.5 million in the first quarter of 2026 and 2025, respectively. The weighted-average remaining amortization period for intangible assets for commercial products and software was 8.7 years and 2.2 years, respectively.

Loss Per Share

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026	2025

Numerator:
Net loss	(51,016)	(48,438)
Denominator:
Weighted-average number of ordinary shares - basic and diluted	1,107,390,590	1,080,825,300
Net loss per share - basic and diluted	(0.05)	(0.04)

As a result of the Company’s net loss in the first quarter of 2026 and 2025, 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.


	March 31,
	2026	2025
Share options	81,326,250	98,164,510
Non-vested restricted shares	26,423,180	32,537,760

Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

The following table presents the Company’s short-term debt and weighted-average interest rate per annum ($ in thousands):


	March 31, 2026			December 31, 2025
Bank of China Working Capital Loans	2.20	%	69,298	2.36	%	69,427
SPD Bank Working Capital Loans	2.50	%	14,452	2.80	%	28,454
China Merchants Bank Working Capital Loans	2.64	%	57,809	2.65	%	42,683
Bank of Communications Working Capital Loans	2.50	%	43,356	2.75	%	42,682
Ningbo Bank Discounted Bills	1.60	%	—	1.60	%	7,057
Industrial Bank Working Capital Loans	2.55	%	28,904	2.60	%	14,227
Total short-term debt	2.45	%	213,819	2.55	%	204,530

Organization and Principal Activities	3 Months Ended
Organization and Principal Activities	Mar. 31, 2026
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 - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 89,085	$ 87,664
Accumulated Amortization	(13,326)	(11,520)
Net Carrying Value	75,759	76,144
Commercial products
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	84,562	83,203
Accumulated Amortization	(9,678)	(8,056)
Net Carrying Value	74,884	75,147
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,523	4,461
Accumulated Amortization	(3,648)	(3,464)
Net Carrying Value	$ 875	$ 997

- 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.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Government grants	$ 106	$ 16
Loss on equity investments with readily determinable fair value	0	(1,912)
Other miscellaneous gain	56	1,699
Total	$ 162	$ (197)

Basis of Presentation and Consolidation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
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, 2025 (the “2025 Annual Report”). The December 31, 2025 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2025 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, 2026. (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 based on the Company’s estimates of the actual services performed by CROs and CMOs, fair value of share-based compensation expenses, recoverability of deferred tax assets, and useful life of intangible assets for commercial products. 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 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 March 31, 2026 and December 31, 2025, 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 Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. This ASU will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the notes to 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, 2027. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2025 Annual Report.

Inventories, Net

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories, Net

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


	March 31, 2026	December 31, 2025

Finished goods	53,269	45,848
Raw materials	24,254	23,106
Work in progress	8,438	5,791
Inventories, net	85,961	74,745

The Company writes down inventory for any excess or obsolete inventory or when the Company believes that the net realizable value of inventory is less than the carrying value. The Company recorded write-downs in inventory, which were included in cost of product revenue, of $0.2 million and insignificant amounts in the first quarter of 2026 and 2025, respectively.

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 651,316	$ 679,573
Restricted cash, current	100,000	100,000
Short-term investments	10,000	10,000
Accounts receivable (net of allowance for credit losses of $16 and $31 as of March 31, 2026 and December 31, 2025, respectively)	54,069	106,116
Notes receivable	7,929	12,169
Inventories, net	85,961	74,745
Prepayments and other current assets	35,454	36,683
Total current assets	944,729	1,019,286
Restricted cash, non-current	1,117	1,116
Property and equipment, net	47,067	47,389
Operating lease right-of-use assets	17,585	19,152
Land use rights, net	2,868	2,853
Intangible assets, net	75,759	76,144
Deferred tax assets	3,444	3,390
Other non-current assets	3,168	3,054
Total assets	1,095,737	1,172,384
Current liabilities
Accounts payable	126,169	141,608
Current operating lease liabilities	5,983	6,344
Short-term debt	213,819	204,530
Other current liabilities	47,011	63,684
Total current liabilities	392,982	416,166
Deferred income	28,627	27,333
Non-current operating lease liabilities	12,107	13,385
Other non-current liabilities	40	0
Total liabilities	433,756	456,884
Commitments and contingencies (Note 17)
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 1,118,835,190 and 1,113,822,550 shares issued as of March 31, 2026 and December 31, 2025, respectively; 1,110,232,620 and 1,106,389,340 shares outstanding as of March 31, 2026 and December 31, 2025, respectively)	7	7
Additional paid-in capital	3,357,826	3,343,469
Accumulated deficit	(2,679,636)	(2,628,620)
Accumulated other comprehensive income	15,105	29,697
Treasury Stock (at cost, 8,602,570 and 7,433,210 shares as of March 31, 2026 and December 31, 2025, respectively)	(31,321)	(29,053)
Total shareholders’ equity	661,981	715,500
Total liabilities and shareholders’ equity	$ 1,095,737	$ 1,172,384

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1.6	$ 1.5
Software
Finite-Lived Intangible Assets [Line Items]
Amortization period	2 years 2 months 12 days
Commercial products
Finite-Lived Intangible Assets [Line Items]
Amortization period	8 years 8 months 12 days
Minimum \| Software
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Maximum \| Software
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- 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

License and Collaboration Agreements	3 Months Ended
License and Collaboration Agreements	Mar. 31, 2026
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 in the 2025 Annual Report. In the first quarter of 2026, the Company did not enter into any new significant license or collaboration agreements. The following includes a description of milestone fees incurred in the first quarter of 2026 under the Company’s significant license and collaboration agreements. License and Collaboration Agreement with MediLink Therapeutics (DLL3-Targeting ADC) Under the terms of the Company’s license and collaboration agreement with MediLink, the Company recorded a $8.0 million development milestone fee into research and development expenses in the first quarter of 2026. As of March 31, 2026, the Company may be required to pay an additional aggregate amount of up to $584.0 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. Other License and Collaboration Arrangements That Are Not Individually Significant The Company recorded upfront and milestone fees of $14.0 million into research and development expenses in the first quarter of 2026 for license and collaboration agreements that are not individually significant.

Revenues (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026	2025

Product revenue - gross	102,254	112,333
Less: Rebates and sales returns	(6,698)	(6,683)
Product revenue - net	95,556	105,650

Schedule of Disaggregation of Net Revenue

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


	Three Months Ended March 31,
	2026	2025

ZEJULA	29,967	49,529
VYVGART / VYVGART Hytrulo	17,551	18,105
NUZYRA	16,262	15,118
OPTUNE	12,070	11,363
QINLOCK	8,985	8,509
XACDURO	8,572	1,117
AUGTYRO	1,792	1,626
Other (i)	357	283
Product revenue - net	95,556	105,650

(i)Other includes product candidates sold in patient programs prior to commercialization.

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.3	$ 2.0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Purchase Commitments As of March 31, 2026, the Company’s commitments were $1.4 million and related to commercial manufacturing development activities and capital expenditures that are contracted but not yet reflected in the unaudited condensed consolidated financial statements. These commitments were expected to be incurred within one year from March 31, 2026. (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.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 91,713	$ 89,552
Less: accumulated depreciation	(44,646)	(42,163)
Property and equipment, net	47,067	47,389
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,206	1,201
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,964	10,964
Vehicle
Property, Plant and Equipment [Line Items]
Property and equipment, gross	203	200
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,207	20,040
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,231	17,948
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,236	14,049
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	24,985	24,596
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 681	$ 554

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 53,269	$ 45,848
Raw materials	24,254	23,106
Work in progress	8,438	5,791
Inventories, net	$ 85,961	$ 74,745

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In January 2025, the Company entered into a license agreement with Zenas BioPharma (HK) Limited, a subsidiary of Zenas BioPharma, Inc. (“Zenas”), pursuant to which the Company obtained a license under certain patents and know-how of Zenas to develop and commercialize products containing a differentiated humanized monoclonal antibody targeting IGF-1R as an active ingredient in Greater China. One of the members of the Company’s Board of Directors, Mr. Moulder, is also the Chairman of the Board of Directors and Chief Executive Officer of Zenas. The Company recorded a $10.0 million upfront fee into research and development expenses in the first quarter of 2025. As of March 31, 2026, the Company may be required to pay an additional aggregate amount of up to $117.0 million in development and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high-single digits to mid-teens on annual net sales of the licensed products in the licensed territories.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-07(2)(g)(3))
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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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

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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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Borrowings - Additional Information (Details) $ in Thousands, ¥ in Millions		1 Months Ended			3 Months Ended
	Oct. 13, 2025 USD ($)	Feb. 28, 2026 USD ($)	Aug. 31, 2025 USD ($)	Feb. 29, 2024 USD ($)	Mar. 31, 2026 USD ($)	Feb. 28, 2026 CNY (¥)	Dec. 31, 2025 USD ($)	Oct. 13, 2025 CNY (¥)	Aug. 31, 2025 CNY (¥)	Jan. 31, 2025 USD ($)	Jan. 31, 2025 CNY (¥)	Feb. 29, 2024 CNY (¥)
Short-Term Debt [Line Items]
Restricted cash, current \| $					$ 100,000		$ 100,000
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			$ 69,600						¥ 500.0
BOCOM
Short-Term Debt [Line Items]
Maximum guarantor obligation		$ 47,900				¥ 330.0				$ 41,100	¥ 300.0
CIB
Short-Term Debt [Line Items]
Maximum guarantor obligation	$ 42,100							¥ 300.0
Bank of China Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term					1 year
Floating interest rate adjustment period					6 months
SPD Bank Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term				1 year
China Merchants Bank Working Capital Loans \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Credit facility, availability period			2 years
China Merchants Bank Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Maximum borrowing capacity									¥ 500.0
Debt instrument term			1 year
Floating interest rate adjustment period			3 months
Bank of Communications Working Capital Loans \| Loans Payable
Short-Term Debt [Line Items]
Maximum borrowing capacity		$ 43,600				300.0				$ 41,100	¥ 300.0
Bank of Communications Working Capital Loans \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Maximum borrowing capacity						¥ 300.0
Debt instrument term		1 year
Floating interest rate adjustment period		3 months
Ningbo Bank Discounted Bills \| Loans Payable
Short-Term Debt [Line Items]
Maximum borrowing capacity				$ 22,500								¥ 160.0
Debt instrument term				6 months
Ningbo Bank Discounted Bills \| Loans Payable \| Zai Lab Suzhou
Short-Term Debt [Line Items]
Maximum borrowing capacity				$ 32,400								¥ 230.3
Industrial Bank Working Capital Loan Facility \| Loans Payable \| Zai Lab Shanghai
Short-Term Debt [Line Items]
Maximum borrowing capacity								¥ 300.0
Debt instrument term	1 year
Standby Letters of Credit \| Bank of China Working Capital Loans
Short-Term Debt [Line Items]
Maximum borrowing capacity \| $					$ 100,000

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company operates as a single operating segment that is engaged in discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. A global research and development organization and a supply chain organization discover, develop, manufacture, and supply our products. A global commercial organization markets, distributes, and sells the products. The business is also supported by global corporate staff functions. The Company’s Chief Operating Decision Maker (the “CODM”) is the Chief Executive Officer, who assesses performance and allocates resources based on significant expenses and net income on a consolidated basis. The significant expenses that are regularly provided to the CODM include those amounts that are also reported on the consolidated statement of operations as well as below additional disaggregated measures. The CODM also reviews cash position (which are cash and cash equivalents, current restricted cash, and short-term investments) that are also reported on the consolidated balance sheets when making operating decisions. In accordance with ASC 280, the Company has only one reportable segment.

The following tables present disaggregated expenses that are regularly provided to the CODM:


	Three Months Ended March 31,
	2026	2025
Personnel compensation and related costs	18,470	24,079
Licensing fees	22,000	19,997
CROs/CMOs/Investigators expenses	19,540	9,830
Other costs	5,581	6,823
Total research and development expenses	65,591	60,729


	Three Months Ended March 31,
	2026	2025
Clinical programs	31,090	28,092
Pre-Clinical programs	11,716	3,314
Unallocated research and development expenses	22,785	29,323
Total research and development expenses	65,591	60,729


	Three Months Ended March 31,
	2026	2025
Personnel compensation and related costs	41,060	40,643
Other costs	24,010	22,779
Total selling, general, and administrative expenses	65,070	63,422


	Three Months Ended March 31,
	2026	2025
Selling and marketing expenses	43,438	41,939
General and administrative expenses	21,632	21,483
Total selling, general, and administrative expenses	65,070	63,422

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
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+ Details

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Inventory Disclosure [Abstract]
Inventory write-down	$ 0.2	$ 0.0

Revenues - Schedule of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Product revenue - gross	$ 102,254	$ 112,333
Less: Rebates and sales returns	(6,698)	(6,683)
Product revenue - net	$ 95,556	$ 105,650

- 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.

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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

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 March 31,
	2026	2025

Selling, general and administrative	10,401	10,226
Research and development	3,163	5,574
Total	13,564	15,800

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ (1,440)	$ 0

- Definition

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

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+ Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026	December 31, 2025

Office equipment	1,206	1,201
Electronic equipment	11,964	10,964
Vehicle	203	200
Laboratory equipment	20,207	20,040
Manufacturing equipment	18,231	17,948
Leasehold improvements	14,236	14,049
Building	24,985	24,596
Construction in progress	681	554
	91,713	89,552
Less: accumulated depreciation	(44,646)	(42,163)
Property and equipment, net	47,067	47,389

Depreciation expense was $2.3 million and $2.0 million in the first quarter of 2026 and 2025, respectively.

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Research and development expense	$ 65,591	$ 60,729
Management
Related Party Transaction [Line Items]
Research and development expense		$ 10,000
Maximum additional milestone payments	$ 117,000

- 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.

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+ Details

Loss Per Share - Schedule of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share (in shares)	81,326,250	98,164,510
Non-vested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share (in shares)	26,423,180	32,537,760

Revenues

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenues

Product Revenue, Net

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


	Three Months Ended March 31,
	2026	2025

Product revenue - gross	102,254	112,333
Less: Rebates and sales returns	(6,698)	(6,683)
Product revenue - net	95,556	105,650

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 commercial program ($ in thousands):


	Three Months Ended March 31,
	2026	2025

ZEJULA	29,967	49,529
VYVGART / VYVGART Hytrulo	17,551	18,105
NUZYRA	16,262	15,118
OPTUNE	12,070	11,363
QINLOCK	8,985	8,509
XACDURO	8,572	1,117
AUGTYRO	1,792	1,626
Other (i)	357	283
Product revenue - net	95,556	105,650

(i)Other includes product candidates sold in patient programs prior to commercialization.

Collaboration Revenue

Collaboration revenue was $4.1 million and $0.8 million in the first quarter of 2026 and 2025, respectively, and mainly related to a regional license and collaboration arrangement and promotional activities in mainland China.

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024		1,082,614,740
Beginning balance at Dec. 31, 2024	$ 840,898	$ 7	$ 3,264,295	$ (2,453,083)	$ 50,515	$ (20,836)
Beginning balance (in shares) at Dec. 31, 2024						(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		137,540
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		6,324,120
Exercise of share options	3,733	$ 0	3,733
Issuance cost of the follow-on public offering	(28)		(28)
Share-based compensation	15,800		15,800
Net loss	(48,438)			(48,438)
Foreign currency translation	(1,212)				(1,212)
Ending balance (in shares) at Mar. 31, 2025		1,089,076,400
Ending balance at Mar. 31, 2025	$ 810,753	$ 7	3,283,800	(2,501,521)	49,303	$ (20,836)
Ending balance (in shares) at Mar. 31, 2025						(4,912,200)
Beginning balance (in shares) at Dec. 31, 2025	1,106,389,340	1,113,822,550
Beginning balance at Dec. 31, 2025	$ 715,500	$ 7	3,343,469	(2,628,620)	29,697	$ (29,053)
Beginning balance (in shares) at Dec. 31, 2025	(7,433,210)					(7,433,210)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		371,630
Issuance of ordinary shares upon vesting of restricted shares	$ 0	$ 0	0
Exercise of share options (in shares)		4,641,010
Exercise of share options	833	$ 0	833
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,169,360)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(2,268)					$ (2,268)
Share-based compensation	13,524		13,524
Net loss	(51,016)			(51,016)
Foreign currency translation	$ (14,592)				(14,592)
Ending balance (in shares) at Mar. 31, 2026	1,110,232,620	1,118,835,190
Ending balance at Mar. 31, 2026	$ 661,981	$ 7	$ 3,357,826	$ (2,679,636)	$ 15,105	$ (31,321)
Ending balance (in shares) at Mar. 31, 2026	(8,602,570)					(8,602,570)

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026			December 31, 2025
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value	Gross Carrying Amount	Accumulated Amortization	Net Carrying Value
Finite-lived intangible assets
Commercial products	84,562	(9,678)	74,884	83,203	(8,056)	75,147
Software	4,523	(3,648)	875	4,461	(3,464)	997
Total	89,085	(13,326)	75,759	87,664	(11,520)	76,144

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Collaboration revenue	$ 4,055	$ 837

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Line Items]
Cash	$ 650,092	$ 678,358
Cash equivalents	1,224	1,215
Cash and cash equivalents	651,316	679,573
US$
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	631,882	651,196
Renminbi (“RMB”)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	15,757	25,358
Hong Kong dollar (“HK$”)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	2,887	2,020
Australian dollar (“A$”)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	547	538
Taiwan dollar (“TW$”)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 243	$ 461

- 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.

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+ Details

Unaudited Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Other comprehensive loss, tax	$ 0	$ 0

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026	2025
Government grants	106	16
Loss on equity investments with readily determinable fair value	—	(1,912)
Other miscellaneous gain	56	1,699
Total	162	(197)

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

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


	March 31, 2026	December 31, 2025

Accrued payroll	11,393	28,485
Accrued professional service fees	4,421	2,948
Payables for purchase of property and equipment	629	486
Accrued rebate to distributors	20,417	19,388
Tax payables	3,664	5,303
Other (i)	6,487	7,074
Total	47,011	63,684

(i)Other primarily includes accrued travel, business-related expenses, and advance payments from partners.

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (51,016)	$ (48,438)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments	(14,592)	(1,212)
Comprehensive loss	$ (65,608)	$ (49,650)

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Borrowings - Schedule of Short-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.45%	2.55%
Total short-term debt	$ 213,819	$ 204,530
Loans Payable \| Bank of China Working Capital Loans
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.20%	2.36%
Total short-term debt	$ 69,298	$ 69,427
Loans Payable \| SPD Bank Working Capital Loans
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.50%	2.80%
Total short-term debt	$ 14,452	$ 28,454
Loans Payable \| China Merchants Bank Working Capital Loans
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.64%	2.65%
Total short-term debt	$ 57,809	$ 42,683
Loans Payable \| Bank of Communications Working Capital Loans
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.50%	2.75%
Total short-term debt	$ 43,356	$ 42,682
Loans Payable \| Ningbo Bank Discounted Bills
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	1.60%	1.60%
Total short-term debt	$ 0	$ 7,057
Loans Payable \| Industrial Bank Working Capital Loans
Short-Term Debt [Line Items]
Weighted-average interest rate per annum	2.55%	2.60%
Total short-term debt	$ 28,904	$ 14,227

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (51,016)	$ (48,438)
Denominator:
Weighted-average number of ordinary shares - basic (in shares)	1,107,390,590	1,080,825,300
Weighted-average number of ordinary shares - diluted (in shares)	1,107,390,590	1,080,825,300
Net loss per share - basic (in dollars per share)	$ (0.05)	$ (0.04)
Net loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.04)

- Definition

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

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- 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.

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+ Details

- Definition

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

+ References

+ Details

License and Collaboration Agreements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront and milestone payment	$ 14.0
MediLink Therapeutics \| DLL3-Targeting ADC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone fee	8.0
Maximum additional milestone payments	$ 584.0

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Product revenue, net	$ 95,556	$ 105,650
Collaboration revenue	4,055	837
Total revenues	99,611	106,487
Expenses
Cost of product revenue	(38,315)	(38,452)
Cost of collaboration revenue	(20)	(195)
Research and development	(65,591)	(60,729)
Selling, general, and administrative	(65,070)	(63,422)
Loss from operations	(69,385)	(56,311)
Interest income	6,447	8,606
Interest expenses	(1,637)	(1,187)
Foreign currency gains	14,837	651
Other income (expense), net	162	(197)
Loss before income tax	(49,576)	(48,438)
Income tax expense	(1,440)	0
Net loss	$ (51,016)	$ (48,438)
Loss per share - basic (in dollars per share)	$ (0.05)	$ (0.04)
Loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.04)
Weighted-average shares used in calculating net loss per ordinary share - basic (in shares)	1,107,390,590	1,080,825,300
Weighted-average shares used in calculating net loss per ordinary share - diluted (in shares)	1,107,390,590	1,080,825,300

Basis of Presentation and Consolidation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
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, 2025 (the “2025 Annual Report”). The December 31, 2025 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2025 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, 2026.
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 based on the Company’s estimates of the actual services performed by CROs and CMOs, fair value of share-based compensation expenses, recoverability of deferred tax assets, and useful life of intangible assets for commercial products. 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 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 March 31, 2026 and December 31, 2025, 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 Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. This ASU will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the notes to 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, 2027. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2025 Annual Report.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	899 Halei Road
Entity Address, Address Line Two	Building B, Pudong
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	201203
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001704292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
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		340,336,080
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		1,123,548,580

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Three Months Ended March 31,
	2026	2025
Government grants	106	16
Loss on equity investments with readily determinable fair value	—	(1,912)
Other miscellaneous gain	56	1,699
Total	162	(197)

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 16	$ 31
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)	1,118,835,190	1,113,822,550
Ordinary shares, shares outstanding (in shares)	1,110,232,620	1,106,389,340
Treasury stock (in shares)	8,602,570	7,433,210

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (51,016)	$ (48,438)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	(15)	(3)
Inventory write-down	188	27
Depreciation and amortization expenses	3,944	3,458
Amortization of deferred income	(1,393)	(1,331)
Share-based compensation	13,524	15,800
Loss from fair value changes of equity investment with readily determinable fair value	0	1,912
Loss on disposal of property and equipment	18	0
Noncash lease expenses	1,810	2,466
Foreign currency remeasurement impact	(14,837)	(651)
Changes in operating assets and liabilities:
Accounts receivable	53,268	8,737
Notes receivable	4,410	(6,885)
Inventories	(11,208)	(13,198)
Prepayments and other current assets	1,518	(1,601)
Other non-current assets	(78)	1,401
Accounts payable	4,261	2,720
Other current liabilities	(17,638)	(23,275)
Operating lease liabilities	(1,061)	(2,827)
Deferred income	2,353	(11)
Other non-current liabilities	40	0
Net cash used in operating activities	(11,912)	(61,699)
Cash flows from investing activities
Proceeds from maturity of short-term investment	0	330,000
Purchases of property and equipment	(1,195)	(1,534)
Proceeds from the sale of property and equipment	2	0
Acquisition of intangible assets	(21,095)	(2,333)
Net cash (used in) provided by investing activities	(22,288)	326,133
Cash flows from financing activities
Proceeds from short-term debt	112,510	101,890
Repayment of short-term bank borrowings	(105,500)	(60,904)
Proceeds from exercises of stock options	833	3,009
Payments of public offering costs	0	(854)
Employee taxes paid related to net share settlement of equity awards	(2,270)	0
Net cash provided by financing activities	5,573	43,141
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	371	20
Net (decrease) increase in cash, cash equivalents and restricted cash	(28,256)	307,595
Cash, cash equivalents and restricted cash - beginning of period	780,689	550,781
Cash, cash equivalents and restricted cash - end of period	752,433	858,376
Supplemental disclosure on non-cash investing and financing activities
Payables for purchase of property and equipment	629	2,645
Payables for acquisition of intangible assets	895	2,075
Payables for public offering costs	168	168
Receivable from sales of equity investments	0	1,203
Receivables for stock option exercise under equity incentive plans	0	794
Supplemental disclosure of cash flow information
Cash paid for interest	$ 1,399	$ 1,101

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

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


	March 31, 2026	December 31, 2025

Finished goods	53,269	45,848
Raw materials	24,254	23,106
Work in progress	8,438	5,791
Inventories, net	85,961	74,745

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Tax	Income Tax Income tax expense was $1.4 million for the first quarter of 2026 attributable to taxable income in certain Chinese entities. Income tax expense was nil for the first quarter of 2025 as the Company’s subsidiaries were in cumulative loss positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Share-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	7,356,500
Unrecognized share-based compensation expense related to unvested share options granted \| $	$ 46.8
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted other than options (in shares)	2,880,030
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 2 months 15 days
Share options \| Since April 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Share options \| Since April 2023 \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Prior to April 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	5 years
Share options \| Prior to April 2023 \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	20.00%
Cash-settled performance-based restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted other than options (in shares)	1,169,170
Non-vested restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested restricted shares \| $	$ 48.3
Recognized over a weighted-average period	2 years 25 days

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

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


	March 31, 2026	December 31, 2025

Cash	650,092	678,358
Cash equivalents (i)	1,224	1,215
	651,316	679,573
Denominated in:
US$	631,882	651,196
Renminbi (“RMB”) (ii)	15,757	25,358
Hong Kong dollar (“HK$”)	2,887	2,020
Australian dollar (“A$”)	547	538
Taiwan dollar (“TW$”)	243	461
	651,316	679,573

(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.

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2026 USD ($)
Commercial Manufacturing Development and Capital Expenditures
Loss Contingencies [Table]
Purchase obligation to be incurred within one year	$ 1.4

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 11,393	$ 28,485
Accrued professional service fees	4,421	2,948
Payables for purchase of property and equipment	629	486
Accrued rebate to distributors	20,417	19,388
Tax payables	3,664	5,303
Other	6,487	7,074
Total	$ 47,011	$ 63,684

Restricted Net Assets (Details) - Mainland China - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Restricted Net Assets [Line Items]
Statutory reserves	$ 0.0	$ 0.0
Restricted amount by subsidiaries	$ 516.0		$ 516.0

Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

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


	March 31, 2026	December 31, 2025

Accrued payroll	11,393	28,485
Accrued professional service fees	4,421	2,948
Payables for purchase of property and equipment	629	486
Accrued rebate to distributors	20,417	19,388
Tax payables	3,664	5,303
Other (i)	6,487	7,074
Total	47,011	63,684

(i)Other primarily includes accrued travel, business-related expenses, and advance payments from partners.

Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

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


	March 31, 2026	December 31, 2025

Cash	650,092	678,358
Cash equivalents (i)	1,224	1,215
	651,316	679,573
Denominated in:
US$	631,882	651,196
Renminbi (“RMB”) (ii)	15,757	25,358
Hong Kong dollar (“HK$”)	2,887	2,020
Australian dollar (“A$”)	547	538
Taiwan dollar (“TW$”)	243	461
	651,316	679,573

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

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026	December 31, 2025

Office equipment	1,206	1,201
Electronic equipment	11,964	10,964
Vehicle	203	200
Laboratory equipment	20,207	20,040
Manufacturing equipment	18,231	17,948
Leasehold improvements	14,236	14,049
Building	24,985	24,596
Construction in progress	681	554
	91,713	89,552
Less: accumulated depreciation	(44,646)	(42,163)
Property and equipment, net	47,067	47,389

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Disaggregated Expenses

The following tables present disaggregated expenses that are regularly provided to the CODM:


	Three Months Ended March 31,
	2026	2025
Personnel compensation and related costs	18,470	24,079
Licensing fees	22,000	19,997
CROs/CMOs/Investigators expenses	19,540	9,830
Other costs	5,581	6,823
Total research and development expenses	65,591	60,729


	Three Months Ended March 31,
	2026	2025
Clinical programs	31,090	28,092
Pre-Clinical programs	11,716	3,314
Unallocated research and development expenses	22,785	29,323
Total research and development expenses	65,591	60,729


	Three Months Ended March 31,
	2026	2025
Personnel compensation and related costs	41,060	40,643
Other costs	24,010	22,779
Total selling, general, and administrative expenses	65,070	63,422


	Three Months Ended March 31,
	2026	2025
Selling and marketing expenses	43,438	41,939
General and administrative expenses	21,632	21,483
Total selling, general, and administrative expenses	65,070	63,422

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule 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 March 31,
	2026	2025

Numerator:
Net loss	(51,016)	(48,438)
Denominator:
Weighted-average number of ordinary shares - basic and diluted	1,107,390,590	1,080,825,300
Net loss per share - basic and diluted	(0.05)	(0.04)

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


	March 31,
	2026	2025
Share options	81,326,250	98,164,510
Non-vested restricted shares	26,423,180	32,537,760

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 13,564	$ 15,800
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	10,401	10,226
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,163	$ 5,574

Revenues - Schedule of Disaggregation of Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 95,556	$ 105,650
ZEJULA
Disaggregation of Revenue [Line Items]
Product revenue - net	29,967	49,529
VYVGART / VYVGART Hytrulo
Disaggregation of Revenue [Line Items]
Product revenue - net	17,551	18,105
NUZYRA
Disaggregation of Revenue [Line Items]
Product revenue - net	16,262	15,118
OPTUNE
Disaggregation of Revenue [Line Items]
Product revenue - net	12,070	11,363
QINLOCK
Disaggregation of Revenue [Line Items]
Product revenue - net	8,985	8,509
XACDURO
Disaggregation of Revenue [Line Items]
Product revenue - net	8,572	1,117
AUGTYRO
Disaggregation of Revenue [Line Items]
Product revenue - net	1,792	1,626
Other
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 357	$ 283

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

During the first quarter of 2026, the Company granted share options to purchase up to 7,356,500 ordinary shares and restricted shares representing 2,880,030 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 in the 2025 Annual Report.

During the first quarter of 2026, the Company also granted cash-settled performance-based restricted shares representing 1,169,170 ordinary shares under its equity incentive plans. These awards will vest on the third anniversary of the grant date and will be settled in cash based on value of our ordinary shares on the vesting date. These awards are accounted for as liability awards and their fair value is measured at the end of each reporting period. The related liability of an insignificant amount is recorded in other non‑current liabilities in the unaudited condensed consolidated balance sheet as of March 31, 2026, and the related compensation expense of an insignificant amount is recorded in stock‑based compensation in the unaudited condensed consolidated statements of operations in the first quarter of 2026.


	Three Months Ended March 31,
	2026	2025

Selling, general and administrative	10,401	10,226
Research and development	3,163	5,574
Total	13,564	15,800

As of March 31, 2026, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $46.8 million and $48.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.21 years and 2.07 years, respectively.

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Total research and development expenses	$ 65,591	$ 60,729
Total selling, general, and administrative expenses	65,070	63,422
Reportable Segment
Segment Reporting Information [Line Items]
Personnel compensation and related costs	18,470	24,079
Licensing fees	22,000	19,997
CROs/CMOs/Investigators expenses	19,540	9,830
Other costs	5,581	6,823
Total research and development expenses	65,591	60,729
Clinical programs	31,090	28,092
Pre-Clinical programs	11,716	3,314
Unallocated research and development expenses	22,785	29,323
Personnel compensation and related costs	41,060	40,643
Other costs	24,010	22,779
Total selling, general, and administrative expenses	65,070	63,422
Selling and marketing expenses	43,438	41,939
General and administrative expenses	$ 21,632	$ 21,483

Restricted Net Assets	3 Months Ended
Restricted Net Assets	Mar. 31, 2026
Restricted net assets [Abstract]
Restricted Net Assets	Restricted Net Assets Chinese laws and regulations restrict the Company’s ability to receive distributions of funds from its Chinese subsidiaries. For example, 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. In accordance with the Company Law of the People’s Republic of China, each Chinese subsidiary of the Company 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. The reserves can only be used for specific purposes and are not distributable as cash dividends. Foreign exchange and other regulations in mainland China may further restrict the Company’s Chinese subsidiaries from transferring out funds in the form of dividends, loans, and advances. No appropriation to statutory reserves was made in the first quarter of 2026 and 2025 because the Chinese subsidiaries had substantial losses during such periods. The Company did not receive any distributions from its Chinese subsidiaries; such distributions were not permitted under Chinese laws and regulations due to the reserve requirements discussed above. As of both March 31, 2026 and December 31, 2025, amounts restricted included the paid-in capital of the Company’s subsidiaries in mainland China and were $516.0 million.