Company: ZLAB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001704292-25-000024
Chunk: 81

Company: Zai Lab Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 81
---
 Tax 

No provision for income taxes has been accrued because the Company is in a cumulative loss position for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of September 30, 2025 and December 31, 2024. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

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 September 30,Nine Months Ended September 30,2025202420252024Numerator:Net loss (35,963)(41,671)(125,128)(175,419)Denominator:Weighted-average number of ordinary shares - basic and diluted1,102,072,680 981,687,390 1,091,690,340 976,941,030 Net loss per share - basic and diluted(0.03)(0.04)(0.11)(0.18)As a result of the Company’s net loss in the three and nine months ended September 30, 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.September 30,20252024Share options81,532,890 105,188,950 Non-vested restricted shares25,790,340 32,875,090 

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 September 30, 2025 ($ in thousands): Weighted-average interest rate per annumSeptember 30, 2025Bank of China Working Capital Loans2.42 %68,678 SPD Bank Working Capital Loans2.80 %42,221 China Merchants Bank Working Capital Loans2.85 %42,925 Bank of Communications Working Capital Loans2.75 %42,221 Ningbo Bank Discounted Bills1.60 %6,981 Total short-term debt2.63 %203,026 Bank of China Working Capital Loan FacilityThe Company has an uncommitted facility letter with the