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10-Q Filing

ZAI LAB LTD CIK: 1704292 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001193125-21-155749
Period End Date 20210331
Filing Date 20210510
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance d109144d10q_htm.xml
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $2.00K USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $1.00K USD Point-in-time
Ordinary shares, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Ordinary shares, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.01B USD Point-in-time
Ordinary shares, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $363.58M USD Point-in-time
Ordinary shares, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $442.12M USD Point-in-time
Ordinary shares, shares issued CommonStockSharesIssued 88.52M shares Point-in-time
Short-term investments ShortTermInvestments - USD Point-in-time
Short-term investments ShortTermInvestments $744.68M USD Point-in-time
Ordinary shares, shares issued CommonStockSharesIssued 74.67M shares Point-in-time
Ordinary shares, shares outstanding CommonStockSharesOutstanding 88.52M shares Point-in-time
Accounts receivable (net of allowance of $2 and $1 as of March 31, 2021 and 2020, respectively) AccountsReceivableNetCurrent $8.81M USD Point-in-time
Accounts receivable (net of allowance of $2 and $1 as of March 31, 2021 and 2020, respectively) AccountsReceivableNetCurrent $5.17M USD Point-in-time
Ordinary shares, shares outstanding CommonStockSharesOutstanding 74.67M shares Point-in-time
Inventories InventoryNet $12.63M USD Point-in-time
Inventories InventoryNet $13.14M USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssetsCurrent $14.32M USD Point-in-time
Prepayments and other current assets PrepaidExpenseAndOtherAssetsCurrent $10.94M USD Point-in-time
Total current assets AssetsCurrent $1.05B USD Point-in-time
Total current assets AssetsCurrent $1.22B USD Point-in-time
Restricted cash, non-current RestrictedCashNoncurrent $743.00K USD Point-in-time
Restricted cash, non-current RestrictedCashNoncurrent $510.00K USD Point-in-time
Restricted cash, non-current RestrictedCashNoncurrent $743.00K USD Point-in-time
Investments in equity investees LongTermInvestments $1.28M USD Point-in-time
Investments in equity investees LongTermInvestments $1.47M USD Point-in-time
Prepayments for equipment PrepaymentsForEquipment $274.00K USD Point-in-time
Prepayments for equipment PrepaymentsForEquipment $244.00K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $29.16M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $29.02M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $16.65M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $17.70M USD Point-in-time
Land use rights, net LandUseRightsNetNoncurrent $7.91M USD Point-in-time
Land use rights, net LandUseRightsNetNoncurrent $7.78M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.53M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.58M USD Point-in-time
Long term deposits DepositsAssetsNoncurrent $862.00K USD Point-in-time
Long term deposits DepositsAssetsNoncurrent $910.00K USD Point-in-time
Value added tax recoverable ValueAddedTaxReceivableNoncurrent $22.14M USD Point-in-time
Value added tax recoverable ValueAddedTaxReceivableNoncurrent $23.70M USD Point-in-time
Total assets Assets $1.13B USD Point-in-time
Total assets Assets $1.30B USD Point-in-time
Accounts payable AccountsPayableCurrent $41.41M USD Point-in-time
Accounts payable AccountsPayableCurrent $62.64M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $5.21M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $5.60M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $45.64M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $30.20M USD Point-in-time
Total current liabilities LiabilitiesCurrent $98.04M USD Point-in-time
Total current liabilities LiabilitiesCurrent $92.66M USD Point-in-time
Deferred income DeferredRevenue $16.66M USD Point-in-time
Deferred income DeferredRevenue $16.86M USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $13.39M USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $12.31M USD Point-in-time
Total liabilities Liabilities $128.29M USD Point-in-time
Total liabilities Liabilities $121.62M USD Point-in-time
Commitments and contingencies (Note 18) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 18) CommitmentsAndContingencies - USD Point-in-time
Ordinary shares (par value of $0.00006 per share; 500,000,000 shares authorized, 88,519,172 and 74,666,725 shares issued and outstanding as of March 31, 2021 and 2020, respectively) CommonStockValue $5.00K USD Point-in-time
Ordinary shares (par value of $0.00006 per share; 500,000,000 shares authorized, 88,519,172 and 74,666,725 shares issued and outstanding as of March 31, 2021 and 2020, respectively) CommonStockValue $5.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.90B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.97B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-713.60M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-946.51M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-14.52M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-11.62M USD Point-in-time
Total shareholders' equity StockholdersEquity $1.17B USD Point-in-time
Total shareholders' equity StockholdersEquity $1.01B USD Point-in-time
Total shareholders' equity StockholdersEquity $537.59M USD Point-in-time
Total shareholders' equity StockholdersEquity $294.66M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.30B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.13B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $20.10M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $8.22M USD 1 Quarter
Cost of sales CostOfRevenue $2.08M USD 1 Quarter
Cost of sales CostOfRevenue $7.50M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $33.74M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $203.85M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $35.84M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $18.71M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-227.09M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-46.32M USD 1 Quarter
Interest income InvestmentIncomeInterest $214.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $1.66M USD 1 Quarter
Interest expenses InterestExpense $59.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-3.12M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-6.23M USD 1 Quarter
Loss before income tax and share of gain (loss) from equity method investment IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-47.85M USD 1 Quarter
Loss before income tax and share of gain (loss) from equity method investment IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-233.10M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit - USD 1 Quarter
Share of gain (loss) from equity method investment IncomeLossFromEquityMethodInvestments $-137.00K USD 1 Quarter
Share of gain (loss) from equity method investment IncomeLossFromEquityMethodInvestments $195.00K USD 1 Quarter
Net loss NetIncomeLoss $-232.91M USD 1 Quarter
Net loss NetIncomeLoss $-47.99M USD 1 Quarter
Net loss attributable to ordinary shareholders NetIncomeLossAvailableToCommonStockholdersBasic $-47.99M USD 1 Quarter
Net loss attributable to ordinary shareholders NetIncomeLossAvailableToCommonStockholdersBasic $-232.91M USD 1 Quarter
Loss per share - basic and diluted EarningsPerShareBasicAndDiluted $-0.66 USD 1 Quarter
Loss per share - basic and diluted EarningsPerShareBasicAndDiluted $-2.64 USD 1 Quarter
Weighted-average shares used in calculating net loss per ordinary share - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 88.37M shares 1 Quarter
Weighted-average shares used in calculating net loss per ordinary share - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 72.96M shares 1 Quarter
Cash Flow Statement 75 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-232.91M USD 1 Quarter
Net loss NetIncomeLoss $-47.99M USD 1 Quarter
Allowance for doubtful accounts ProvisionForDoubtfulAccounts $1.00K USD 1 Quarter
Allowance for doubtful accounts ProvisionForDoubtfulAccounts $1.00K USD 1 Quarter
Inventory write-down InventoryWriteDown $14.00K USD 1 Quarter
Depreciation and amortization expenses DepreciationDepletionAndAmortization $1.07M USD 1 Quarter
Depreciation and amortization expenses DepreciationDepletionAndAmortization $1.45M USD 1 Quarter
Amortization of deferred income AmortizationOfDeferredIncome $-78.00K USD 1 Quarter
Amortization of deferred income AmortizationOfDeferredIncome $-78.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $6.46M USD 1 Quarter
Share-based compensation ShareBasedCompensation $7.32M USD 1 Quarter
Noncash research and development expenses(Note 16) NoncashResearchAndDevelopmentExpenses $62.25M USD 1 Quarter
Share of (gain) loss from equity method investment IncomeLossFromEquityMethodInvestments $-137.00K USD 1 Quarter
Share of (gain) loss from equity method investment IncomeLossFromEquityMethodInvestments $195.00K USD 1 Quarter
Loss on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-4.00K USD 1 Quarter
Noncash lease expenses NonCashLeaseExpenses $1.06M USD 1 Quarter
Noncash lease expenses NonCashLeaseExpenses $1.32M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $296.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $3.65M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-502.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $45.00K USD 1 Quarter
Prepayments and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.38M USD 1 Quarter
Prepayments and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.39M USD 1 Quarter
Long term deposits IncreaseDecreaseInLongTermDeposits $47.00K USD 1 Quarter
Long term deposits IncreaseDecreaseInLongTermDeposits $349.00K USD 1 Quarter
Value added tax recoverable IncreaseDecreaseInValueAddedTaxesReceivable $1.16M USD 1 Quarter
Value added tax recoverable IncreaseDecreaseInValueAddedTaxesReceivable $1.56M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-21.23M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $4.50M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $-1.41M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $21.71M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-893.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-663.00K USD 1 Quarter
Deferred income IncreaseDecreaseInDeferredRevenue $-122.00K USD 1 Quarter
Deferred income IncreaseDecreaseInDeferredRevenue $289.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-39.84M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-169.50M USD 1 Quarter
Proceeds from maturity of short-term investments ProceedsFromSaleOfShortTermInvestments $50.00M USD 1 Quarter
Proceeds from maturity of short-term investments ProceedsFromSaleOfShortTermInvestments $743.90M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.04M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.68M USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $214.00K USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $5.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $742.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $48.95M USD 1 Quarter
Repayment of short-term borrowings RepaymentsOfShortTermDebt $1.43M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $702.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $346.00K USD 1 Quarter
Proceeds from issuance of ordinary shares upon public offerings ProceedsFromIssuancePublicOffering $281.30M USD 1 Quarter
Payment of public offering costs PaymentsOfStockIssuanceCosts $973.00K USD 1 Quarter
Payment of public offering costs PaymentsOfStockIssuanceCosts $727.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-271.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $279.48M USD 1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-947.00K USD 1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-930.00K USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $571.30M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $287.65M USD 1 Quarter
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $442.86M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $364.09M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.01B USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $76.44M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $442.86M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $364.09M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.01B USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $76.44M USD Point-in-time
Payables for purchase of property and equipment NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $280.00K USD 1 Quarter
Payables for purchase of property and equipment NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $439.00K USD 1 Quarter
Payables for intangible assets NonCashPayablesForIntangibleAssets $26.00K USD 1 Quarter
Payables for intangible assets NonCashPayablesForIntangibleAssets $11.00K USD 1 Quarter
Payables for public offering costs NonCashPayablesForPublicOfferingCosts $26.00K USD 1 Quarter
Total cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $442.86M USD Point-in-time
Total cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $364.09M USD Point-in-time
Total cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.01B USD Point-in-time
Total cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $76.44M USD Point-in-time
Interest paid InterestPaidNet $67.00K USD 1 Quarter
Stockholders Equity 26 line items
Line Item Tag Value Unit Period
Share issuance cost upon follow-on public offering AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts $740.00K USD 1 Quarter
Balance StockholdersEquity $1.17B USD Point-in-time
Balance StockholdersEquity $1.01B USD Point-in-time
Balance StockholdersEquity $537.59M USD Point-in-time
Balance StockholdersEquity $294.66M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 88.52M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 74.67M shares Point-in-time
Issuance of ordinary shares upon vesting of restricted shares StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Issuance of ordinary shares upon vesting of restricted shares StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Exercise of shares option StockIssuedDuringPeriodValueStockOptionsExercised $702.00K USD 1 Quarter
Exercise of shares option StockIssuedDuringPeriodValueStockOptionsExercised $346.00K USD 1 Quarter
Issuance of ordinary shares in connection with collaboration and license arrangement StockIssuedDuringPeriodValueShareBasedCompensationGross $62.25M USD 1 Quarter
Issuance of ordinary shares upon follow-on public offering, net of issuance cost StockIssuedDuringPeriodValueNewIssues $280.57M USD 1 Quarter
Issuance cost adjustment for secondary listing IssuanceCostAdjustmentForSecondaryListing $65.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $7.32M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.46M USD 1 Quarter
Net loss NetIncomeLoss $-232.91M USD 1 Quarter
Net loss NetIncomeLoss $-47.99M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.54M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.90M USD 1 Quarter
Balance StockholdersEquity $1.17B USD Point-in-time
Balance StockholdersEquity $1.01B USD Point-in-time
Balance StockholdersEquity $537.59M USD Point-in-time
Balance StockholdersEquity $294.66M USD Point-in-time
Balance, Shares CommonStockSharesOutstanding 88.52M shares Point-in-time
Balance, Shares CommonStockSharesOutstanding 74.67M shares Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Other comprehensive income, tax OtherComprehensiveIncomeLossTax - USD 1 Quarter
Net loss NetIncomeLoss $-232.91M USD 1 Quarter
Other comprehensive income, tax OtherComprehensiveIncomeLossTax - USD 1 Quarter
Net loss NetIncomeLoss $-47.99M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.54M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.90M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-230.01M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-44.45M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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