Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 37

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of March 31, 2025 and December 31, 2024. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

10

Zai Lab Limited Notes to the unaudited condensed consolidated financial statements 

9. Loss Per Share 

The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data):Three Months Ended March 31,20252024Numerator:Net loss (48,438)(53,471)Denominator:Weighted average number of ordinary shares - basic and diluted1,080,825,300 973,145,760 Net loss per share - basic and diluted(0.04)(0.05)As a result of the Company’s net loss in the first quarter of 2025 and 2024, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.March 31,20252024Share options98,164,510 104,244,590 Non-vested restricted shares32,537,760 29,893,540 

10. Borrowings

The Company has debt arrangements with the Bank of China, SPD Bank, CMB, BOCOM, and Ningbo Bank to support its working capital needs in mainland China. The following table presents the Company’s short-term debt as of March 31, 2025 ($ in thousands): Weighted average interest rate per annumMarch 31, 2025Bank of China Working Capital Loans2.60 %48,132 SPD Bank Working Capital Loans2.80 %41,793 China Merchant Bank Working Capital Loans2.91 %34,799 Bank of Communications Working Capital Loans2.75 %41,793 Ningbo Bank Electronic Commercial Draft Discounting Agreement1.90 %6,888 Total short-term debt2.72 %173,405 Bank of China Working Capital Loan FacilityOn February 5, 2024, the Company entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited (“BOC HK”) pursuant to which BOC HK will provide standby letters of credit for loans of up to $100.0 million for a term of one year. In connection with this