Company: ZLAB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001704292-25-000024
Chunk: 79

Company: Zai Lab Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 following table presents the components of the Company’s property and equipment, net ($ in thousands):September 30, 2025December 31, 2024Office equipment1,242 1,230 Electronic equipment10,225 9,211 Vehicle198 196 Laboratory equipment20,405 20,516 Manufacturing equipment17,637 17,493 Leasehold improvements14,671 11,306 Building24,330 — Construction in progress748 25,129 89,456 85,081 Less: accumulated depreciation(40,588)(37,120)Property and equipment, net48,868 47,961 

Depreciation expense was $2.4 million and $6.7 million in the three and nine months ended September 30, 2025, respectively, and $2.1 million and $6.6 million in the three and nine months ended September 30, 2024, respectively. 

6. Intangible Assets, Net 

The following table presents the components of the Company’s intangible assets, net ($ in thousands):September 30, 2025December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying ValueFinite-lived intangible assetsCommercial products60,799 (6,644)54,155 57,104 (2,637)54,467 Software4,414 (3,291)1,123 4,360 (2,800)1,560 Total65,213 (9,935)55,278 61,464 (5,437)56,027 

10

Zai Lab Limited Notes to the unaudited condensed consolidated financial statements 

Intangible assets for commercial products include capitalized post-approval milestone fees and acquired commercial manufacturing know-how and related development costs. The Company is amortizing intangible assets for commercial products as cost of product revenue over the estimated remaining useful life of the related products. Intangible assets for externally purchased software are amortized over three to five years on a straight-line basis.Amortization expense was $1.5 million and $4.4 million in the three and nine months ended September 30, 2025, respectively, and $0.7 million and $2.3 million in the three and nine months ended September 30, 2024,