Company: ZLAB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038548
Chunk: 76

Company: Zai Lab Ltd
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 entered into a working capital loan contract with BOCOM with respect to a revolving credit facility of up to RMB300.0 million (approximately $41.1 million). The working capital loan has a one-year term and is subject to a floating interest rate, which is subject to adjustment every three months.Ningbo Bank Working Capital Loan FacilityIn February 2024, the Company’s wholly-owned subsidiary, Zai Lab (Suzhou) Co., Ltd. (“Zai Lab Suzhou”), entered into a maximum credit contract with Bank of Ningbo Co., Ltd. Suzhou Sub-branch (“Ningbo Bank”) as well as an Electronic Commercial Draft Discounting Master Agreement and Online Working Capital Loan Master Agreement (collectively, the “Ningbo Bank Agreements”). The Ningbo Bank Agreements permit Zai Lab Suzhou to utilize, including through discounting or working capital loan agreements and subject to the terms and conditions in related master agreements, up to RMB230.3 million (approximately $32.4 million), of which Zai Lab Suzhou is authorized to utilize up to RMB160.0 million (approximately $22.5 million). The cash proceeds from the discounting arrangement were classified as short-term debt. The discounted bill has a 6-month term.

13

Zai Lab Limited Notes to the unaudited condensed consolidated financial statements 

11. Other Current Liabilities 

The following table presents the Company’s other current liabilities ($ in thousands):June 30, 2025December 31, 2024Accrued payroll18,004 30,198 Accrued professional service fee3,532 5,728 Payables for purchase of property and equipment2,498 449 Accrued rebate to distributors10,453 10,839 Tax payables4,762 5,154 Other (i)4,802 6,352 Total44,051 58,720 (i)Other primarily includes accrued travel, business-related expenses, and advance payments from partners.

12. Related Party Transactions 

In January 2025, the Company entered into a license agreement with Zenas BioPharma (HK) Limited (“Zenas”), pursuant to which the Company obtained a license under certain patents and know-how of Zenas to develop and commercialize products containing a differentiated humanized monoclonal antibody targeting IGF-1R as an active ingredient in Greater China. One of the members of the Company’s Board