Company: ZLAB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038548
Chunk: 43

Company: Zai Lab Ltd
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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ing 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 of Directors, Mr. Moulder, is also the Chairman of the Board of Directors and Chief Executive Officer of Zenas. The Company recorded a $10.0 million upfront fee into research and development expenses in the first quarter of 2025. As of June 30, 2025, the Company may be required to pay an additional aggregate amount of up to $117.0 million in development and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high-single digits to mid-teens on annual net sales of the licensed products in the licensed territories.

13. Share-Based Compensation

During the six months ended June 30, 2025, the Company granted share options to purchase up to 7,134,210  ordinary shares and restricted shares representing 7,361,810  ordinary shares under its equity incentive plans. The share options granted have