ZLAB Stock — Zai Lab Limited: Cash, EV, Pipeline

What they do

We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States. We 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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$24.48

Market cap

$2,752.9M

Cash

$559.7M

Enterprise value

$2,445.6M

Balance sheet

Cash	$559.7M
Debt	$252.4M
Net cash	$307.3M
Enterprise value	$2,445.6M
Basic shares	112.3M shares
Fully diluted shares	122.2M shares
Fully diluted market cap	$2,992.2M
Cash per share	$4.99
Quarterly burn	$63.4M
Cash runway	8.8 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Share structure

Common

112.3M

Pre-funded warrants

0.0M

Options

7.6M

RSUs

2.4M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

122.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ZL-1503 · Est. Nov 14, 2026 · half midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 14, 2026 Now half midpoint	ZL-1503 Phase 1/1b study of ZL-1503 in healthy volunteers: SAD initial first-in-human data	Phase 1/1b	healthy volunteers: SAD	2H 2026
GUIDEDEst. Apr 1, 2027 in 7 wks half midpoint	ZL-1503 Phase 1/1b study of ZL-1503: MAD initial clinical data	Phase 1/1b	Not disclosed	1H 2027
GUIDEDEst. Apr 1, 2027 in 7 wks half midpoint	ZL-6201 Phase 1a/b study of ZL-6201 in sarcoma and selected tumors: dose-escalation topline results	Phase 1a	sarcoma and selected tumors: dose-escalation	1H 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

zoci

Phase 1 · Active Modality: DLL3/CD3 bispecific T-cell engager

Target DLL3

Partnerships Amgen (global clinical trial collaboration combining zoci with tarlatamab in SCLC; Phase 1b DeLLphi-313 enrollment initiated April 2026); Boehringer Ingelheim (clinical collaboration combining zoci with obrixtamig in SCLC and other neuroendocrine carcinomas)

Indications

extensive-stage small cell lung cancer (Stage not disclosed)
small cell lung cancer (Stage not disclosed)
extrapulmonary neuroendocrine carcinomas (Stage not disclosed)

Status note Engaging health authorities on a registrational plan for extrapulmonary NECs.

TIVDAK

Approved · Active Modality: antibody-drug conjugate

Aliases tisotumab vedotin

Target tissue factor

Indications

recurrent or metastatic cervical cancer with disease progression on or after chemotherapy (China) (Stage not disclosed)

Status note China NMPA approved the BLA in June 2026; the first ADC approved in China for this indication.

ZL-1503

Phase 1 · Active Modality: bispecific antibody

Target IL-13/IL-31R alpha

Indications

moderate-to-severe atopic dermatitis (Stage not disclosed)
other IL-13 and IL-31-driven diseases (Stage not disclosed)

Catalysts

— None

Status note Internally developed long-acting IL-13/IL-31R-alpha bispecific antibody; global Phase 1/1b study ongoing.

elegrobart

Phase 3 · Active Modality: subcutaneous antibody

Target IGF-1R

Partnerships Zenas BioPharma (exclusive license to develop and commercialize elegrobart in Greater China)

Indications

chronic thyroid eye disease (Stage not disclosed)

Status note Partner Viridian Therapeutics reported positive topline data from the pivotal Phase 3 REVEAL-2 trial in chronic TED in May 2026; company is conducting a Phase 3 bridging study in Greater China.

povetacicept

Phase 3 · Active

Aliases Pove, Anti-APRIL/BAFF

Target APRIL/BAFF

Partnerships Vertex (partner; FDA accepted its BLA submission for accelerated approval)

Indications

IgA nephropathy (Stage not disclosed)

Catalysts

— None

Status note Vertex's BLA submission for accelerated approval accepted by FDA; company participated in the global Phase 3 RAINIER study in Greater China.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	6,574,032	no change	1.07%	2026-08-14
RA Capital Management	5,743,533	+36,271	0.95%	2026-08-14
ADAR1 Capital Management	3,369,034	+1,943,667	3.01%	2026-08-14
Frazier Life Sciences	1,902,320	no change	0.79%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ZLAB — Zai Lab Limited ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

ZLAB — Zai Lab Limited