Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 34

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 receivable and non-current restricted cash approximated their fair value based on the assessment of the ability to recover these amounts.(e) Recent Accounting PronouncementsRecently Issued Accounting Pronouncements Not Yet AdoptedIn December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in additional disclosure in the 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, 2025.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 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. 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 2024 Annual Report.

3. Cash and Cash Equivalents 

The following table presents the Company’s cash and cash equivalents ($ in thousands):March 31, 2025December 31, 2024Cash 756,089 448,508 Cash equivalents (i)1,174 1,159  757,263 449,667 Denominated in:  US$734,857 429,887 Renminbi (“RMB”) (ii)21,245 18,979 Hong Kong dollar (“HK$”)306 114 Australian dollar (“A$”)521 522 Taiwan dollar (“TW$”)334 165 757,263 449,667 (i)Cash equivalents represent short-term and highly liquid investments in a money market fund. 

(ii)Certain cash and bank balances denominated in R