Company: ZLAB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038548
Chunk: 74

Company: Zai Lab Ltd
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 74
---
 in a cumulative loss position for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of June 30, 2025 and December 31, 2024. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

9. 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 June 30,Six Months Ended June 30,2025202420252024Numerator:Net loss (40,727)(80,277)(89,165)(133,748)Denominator:Weighted-average number of ordinary shares - basic and diluted1,091,933,150 975,937,790 1,086,413,130 974,541,780 Net loss per share - basic and diluted(0.04)(0.08)(0.08)(0.14)As a result of the Company’s net loss in the three and six months ended June 30, 2025 and 2024, 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.June 30,20252024Share options92,521,370 121,522,950 Non-vested restricted shares26,743,120 35,535,640 

10. Borrowings

The Company has debt arrangements with the Bank of China, SPD Bank, CMB, BOCOM, and Ningbo Bank to support its working capital needs in mainland China. The following table presents the Company’s short-term debt as of June 30, 2025 ($ in thousands): Weighted-average interest rate per annumJune 30, 2025Bank of China Working Capital Loans2.42 %48,891 SPD Bank Working Capital Loans2.80 %41,908 China Merchant Bank Working Capital Loans2.87 %34,895 Bank of Communications Working Capital Loans2.75 %41,908 Ningbo Bank Discounted Bills1.90 %6,907 Total short-term debt2.66 %174,509 Bank of China Working Capital Loan FacilityIn February 2024, the Company entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited (“