ZLAB · Zai Lab Ltd
$24.33
-1.17 (-4.59%)
At close · Oct 2
View the 10-Q filed Aug 6, 2026
Return incl. dividend (before tax)
Customer concentration
— top customer 18% of receivables
One customer — 18% of receivables (As of June 30, 2026)
“As of June 30, 2026, our largest customer accounted for approximately 18% of our total accounts receivable collectively.”
Market Cap
$2.88B
Shares
112.27M
Volume · Oct 2
951.85K
Avg daily vol (3M)
947.97K
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$24.33
Open$24.86
Day$23.71–24.86
52W close$16.30–33.85
Avg vol 30d850K
Short int8.2M · 7.3% float · 9.2d
Short vol37%
Last earningsAug 6, 2026
DataJan 2020–Oct 2026
Filing10-Q · Aug 6
Up next
Next earnings call
Nov 5, 2026
Est · unconfirmed
· in 5 wks
filed Aug 6, 2026
call held Aug 6, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
—
Trailing 12 months
Net income (TTM)
—
Trailing 12 months
Revenue growth YoY
—
Year over year
Operating margin
—
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
—
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
—
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
—
Year over year · more shares
Price change (1Y)
-28.1%
Trailing year
Short interest
7.3%
Latest settlement · 9.2 days to cover
AI Brief
Q2 FY26 earnings call · Aug 6, 2026
Q2 FY26
TL;DR. Zai Lab reported Q2 product revenue of $105.8M, up 11% sequentially but down 3% year-over-year, with a wider net loss of $50.8M driven by higher licensing fees; management guided to stabilized sales in 2H26 and a return to meaningful growth in 2027, while advancing three registrational zoci programs and reporting initial ZL-1503 first-in-human data in 2H26.
Bullish
- + KarXT successfully launched in mainland China in June 2026, with NRDL inclusion targeted for 2027
- + Zoci DLL3 ADC received FDA and EMA Orphan Drug Designation and a second FDA Fast Track Designation, supporting advancement into three registrational programs by year-end 2026
- + Zoci DLL3 ADC plus PD-L1 Phase 1 combination data to be presented at ESMO 2026 with registrational Phase 3 planned in 2H26
- + ZL-1503 IL-13/IL-31Rα bispecific completed SAD enrollment with initial first-in-human PK, PD, safety and immunogenicity data expected 2H26
Bearish
- − Net loss widened to $50.8M in Q2 2026 from $40.7M in Q2 2025, driven primarily by higher licensing fees
- − Product revenue declined 3% year-over-year to $105.8M as reported (7% at CER), and the company guides to stabilization rather than growth in 2H26
- − R&D expenses rose to $61.8M from $50.6M year-over-year due to higher licensing fees, contributing to a $76.5M GAAP loss from operations
- − VYVGART franchise is preparing a gradual IV-to-sub-Q transition, with reported 2H revenue potentially not reflecting underlying demand due to NRDL-related timing
- − Cash and equivalents declined to $717.5M from $761.3M sequentially, reducing financial flexibility
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Neutral
SellHoldBuy
Technical
Neutral
Momentum
Strong
Sentiment
Bearish
Fundamentals
Strong
Quant / Vol
Very High
Market backdrop
VIX 15.3 · calm
Equity put/call 0.58
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+19%
above
Price vs 50-day avg
+1%
above
RSI (14)
44
neutral
MACD trend
Negative
52-week position
46%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−10%
trailing
6-month return
+14%
trailing
YTD return
+38%
this year
Relative strength
+2%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $24 › 200d $20 — 50d above 200d
Institutional flow
Distributing
-7% holders QoQ · +15 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
7.27% of float · ▲ +1.7% MoM · 9.2 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr low
92 holders — near 3-yr low, contrarian setup
Squeeze score
79
high risk · 0–100
Fundamentals
Revenue growth
+15%
Y/Y
Gross margin
0%
EPS growth
+38%
Y/Y
Free cash flow
$-158.9M
Quant / Vol
risk profile
Volatility
50%
annualized · 1-yr
Max drawdown
−52%
past year
ATR
4.4%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Prior guidance
period ended
· from the 8-K filed Nov 6, 2025
Total revenue
· full year 2025
at least $460M
Guided vs delivered
· last 1 settled
Total revenue
full year 2025
guided at least $460M
$460.16M
In line
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+19%
Bullish
Price vs 50-day avg
+1%
Bullish
RSI (14)
44
Neutral
MACD trend
Negative
Bearish
52-week position
46%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bearish · 2 of 6
Trend (MA cross)
No cross
50d $24 › 200d $20 — 50d above 200d
Institutional flow
Distributing
-7% holders QoQ · +15 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
7.27% of float · ▲ +1.7% MoM · 9.2 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr low
92 holders — near 3-yr low, contrarian setup
Price context
position in its 52-week range
Range low $16
Now $24 · 46%
Range high $34
vs 200-day avg +19%
vs 50-day avg +1%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| AUGTYRO net revenue | $2.21M | Three Months Ended June 30, 2026 filing | +58.2% |
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| Inventory write-down | $5.9M | three months ended June 30, 2026 filing | — |
| KarXT net revenue | $552K | Three Months Ended June 30, 2026 filing | — |
| NUZYRA net revenue | $17.1M | Three Months Ended June 30, 2026 filing | +19.6% |
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| OPTUNE net revenue | $12.2M | Three Months Ended June 30, 2026 filing | -1.2% |
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| Product revenue - gross | $113.68M | Three Months Ended June 30, 2026 filing | -2.5% |
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| QINLOCK net revenue | $9.59M | Three Months Ended June 30, 2026 filing | +12.3% |
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| Rebates and sales returns | -$7.92M | Three Months Ended June 30, 2026 filing | — |
| VYVGART / VYVGART Hytrulo net revenue | $23.87M | Three Months Ended June 30, 2026 filing | -9.9% |
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| XACDURO net revenue | $7.96M | Three Months Ended June 30, 2026 filing | +72.2% |
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| ZEJULA net revenue | $32.08M | Three Months Ended June 30, 2026 filing | -21.8% |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Biotechnology — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ZLAB
this stock
Zai Lab Ltd
|
$2.88B | +37.9% | +15.3% | — | 7.3% |
|
VRTX
Vertex Pharmaceuticals Inc / Ma
|
$133.37B | +11.3% | +46.2% | 30.7 | 1.9% |
|
REGN
Regeneron Pharmaceuticals, Inc.
|
$81.13B | -4.8% | +20.8% | 19.5 | 2.5% |
|
MRNA
Moderna, Inc.
|
$79.40B | +544.3% | +4.3% | — | 8.2% |
|
CSLLY
Csl Ltd
|
$61.25B | — | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Earnings & Events
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ZLAB | -2.6% | -9.9% | +14.0% | -7.6% | +37.9% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -2.4% | -9.4% | +1.8% | -8.6% | +25.1% |