Company: ZLAB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008409
Chunk: 52

Company: Zai Lab Ltd
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 52
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edrestricted shares Aggregateintrinsic value ($ in thousands)Non-vested as of December 31, 202331,279,60085,487 Granted17,687,410Vested(10,120,260)Forfeited(6,895,040)Non-vested as of December 31, 202431,951,71083,682  The grant-date fair value of restricted shares is the fair value of the underlying stock on the award’s grant date. The weighted-average grant-date fair value per share for restricted shares granted in 2024, 2023, and 2022 were $1.73, $3.18, and $3.71 per share, respectively. Stock-Based Compensation ExpensesThe following table presents the share-based compensation expense which has been reported in the Company’s consolidated statements of operations ($ in thousands): Year Ended December 31,202420232022Selling, general and administrative42,532 48,017 38,118 Research and development28,119 31,617 23,184 Total70,651 79,634 61,302 

As of December 31, 2024, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $70.3 million and $73.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.63 years and 2.45 years, respectively.  

F-31

Zai Lab LimitedNotes to the Consolidated Financial StatementsFor the Years Ended December 31, 2024, 2023, and 2022

16.    License and Collaboration Agreements 

The Company may enter into collaboration agreements with third parties to license intellectual property. These agreements may require the Company to make upfront payments and payments related to certain future development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates on annual sales of the licensed products in the licensed territory. These agreements generally remain in effect, unless earlier terminated, until the expiration of the last-to-expire royalty term for the last licensed product. The royalty terms generally continue until the latest of: (i) the expiration of the last-to-expire valid claim with respect to licensed patent rights; (ii) the expiration of market or regulatory exclusivity; or (iii) a specified period of time, generally around ten years, after the date of the first commercial sale of the licensed product. These