0001628280-24-007235 | 10-K | XBRL Viewer

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Income Tax - Movement of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance as of January 1,	$ (284,072)	$ (189,684)
Additions	(73,884)	(94,388)
Balance as of December 31,	$ (357,956)	$ (284,072)

Summary of Significant Accounting Policies - Concentration of Suppliers (Details) - Research and Development Expenses - Supplier Concentration Risk $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
E
Concentration Risk [Line Items]
Research and development expenses and inventory purchases	$ 165,431
F
Concentration Risk [Line Items]
Research and development expenses and inventory purchases	$ 66,650

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

Zai Lab Limited was incorporated on March 28, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands (as amended). Zai Lab Limited and its subsidiaries (collectively referred to as the “Company”) are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, autoimmune disorders, infectious disease, and neuroscience.

The Company’s principal operations and geographic markets are in Greater China. The Company has a substantial presence in Greater China and the United States.

As of December 31, 2023, the Company’s significant operating subsidiaries were as follows:

Name of Company

Place of
Incorporation

Date of
Incorporation

Percentage of
Ownership

Principal Activities

Zai Lab (Hong Kong) Limited

Hong Kong

April 29, 2013

100%

Operating company for business development and R&D activities and commercialization of innovative medicines and device

Zai Lab (Shanghai) Co., Ltd.

Mainland
China

January 6, 2014

100%

Development and commercialization of innovative medicines and devices

Zai Lab (AUST) Pty. Ltd.

Australia

December 10, 2014

100%

Clinical trial activities

Zai Lab (Suzhou) Co., Ltd.

Mainland
China

November 30, 2015

100%

Development and commercialization of innovative medicines

Zai Biopharmaceutical (Suzhou) Co., Ltd.

Mainland
China

June 15, 2017

100%

Development and commercialization of innovative medicines

Zai Lab (US) LLC

United
States

April 21, 2017

100%

Operating company for business development, R&D activities and certain business activities, including legal, compliance and communication functions of the Company

Zai Lab International Trading (Shanghai) Co., Ltd.

Mainland
China

November 6, 2019

100%

Commercialization of innovative medicines and devices

Zai Auto Immune (Hong Kong) Limited

Hong Kong

November 4, 2020

100%

Operating company for business development and R&D activities

Zai Lab (Taiwan) Limited

Taiwan

December 10, 2020

100%

Commercialization of innovative medicines and devices

Zai Lab Trading (Suzhou) Co., Ltd.

Mainland
China

October 27, 2020

100%

Commercialization of innovative medicines and devices

Schedule I — Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

(in thousands of $, except for number of shares and per share data)


	December 31,
	2023	2022

Assets
Current assets:
Cash and cash equivalents	565,981	944,649

Prepayments and other current assets	7,423	10,203
Total current assets	573,404	954,852
Investment in subsidiaries	224,954	93,363
Total assets	798,358	1,048,215
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Other current liabilities	2,240	2,620
Total current liabilities	2,240	2,620

Total liabilities	2,240	2,620
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6	6
Additional paid-in capital	2,975,302	2,893,120
Accumulated deficit	(2,195,980)	(1,861,360)
Accumulated other comprehensive income	37,626	25,685
Treasury stock	(20,836)	(11,856)
Total shareholders’ equity	796,118	1,045,595
Total liabilities and shareholders’ equity	798,358	1,048,215

Condensed Statements of Operations and Comprehensive Loss

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Operating Expenses:
Research and development	(82)	(178)	(6)
General and administrative	(16,958)	(19,773)	(12,074)
Loss from operations	(17,040)	(19,951)	(12,080)
Interest income	30,840	12,857	1,881
Other income (expense), net	4,029	(8,678)	(18,173)
Profit (Loss) before income tax and equity in loss of subsidiaries	17,829	(15,772)	(28,372)
Equity in loss of subsidiaries	(352,449)	(427,514)	(676,099)
Income tax expense	—	—	—

Net loss	(334,620)	(443,286)	(704,471)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustment	11,941	49,330	(9,121)
Comprehensive loss	(322,679)	(393,956)	(713,592)

Condensed Statements of Cash Flows

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Cash flows from operating activities:
Net loss	(334,620)	(443,286)	(704,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred income	—	(234)	(312)
Share based compensation	3,217	3,724	3,435
Equity in loss of subsidiaries	352,449	427,514	676,099
Loss from fair value changes of equity investment of readily determinable fair value	(2,789)	8,952	14,617
Changes in operating assets and liabilities:
Prepayments and other current assets	2,780	(7,839)	(439)
Other current liabilities	(379)	1,648	(376)
Net cash provided by (used in) operating activities	20,658	(9,521)	(11,447)
Cash flows from investing activities:
Purchases of short-term investments	—	(260,274)	(445,000)
Proceeds from maturity of short-term investments	—	705,274	743,902
Purchase of investment in equity investee	—	—	(30,000)
Investment in subsidiaries	(392,893)	(80,942)	(884,342)
Net cash (used in) provided by investing activities	(392,893)	364,058	(615,440)
Cash flows from financing activities:
Proceeds from exercises of stock options	2,369	5,870	7,418
Proceeds from issuance of ordinary shares upon public offerings	—	—	818,875
Payment of public offering costs	—	—	(1,692)
Employee taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,348
Effect of foreign exchange rate changes on cash and cash equivalent	—	—	773
Net (decrease) increase in cash and cash equivalents	(378,668)	352,807	194,234
Cash and cash equivalents-beginning of the year	944,649	591,842	397,608
Cash and cash equivalents-end of the year	565,981	944,649	591,842

Schedule I — Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 790,151	$ 1,008,470		$ 964,100
Prepayments and other current assets	22,995	35,674
Total current assets	939,606	1,124,336
Total assets	1,036,295	1,220,140
Current liabilities
Other current liabilities	82,972	66,818
Total current liabilities	203,067	139,842
Total liabilities	240,177	174,545
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6	6
Additional paid-in capital	2,975,302	2,893,120
Accumulated deficit	(2,195,980)	(1,861,360)
Accumulated other comprehensive income	37,626	25,685
Treasury stock	(20,836)	(11,856)
Total shareholders’ equity	796,118	1,045,595		$ 1,379,956	$ 1,169,345
Total liabilities and shareholders’ equity	$ 1,036,295	$ 1,220,140
Stockholders' equity, par value and number of shares
Ordinary shares, par value (in dollars per share)	$ 0.000006	$ 0.000006	$ 0.000006
Ordinary shares, shares authorized (in shares)	5,000,000,000	5,000,000,000	5,000,000,000
Ordinary shares, shares issued (in shares)	977,151,270	962,455,850
Ordinary shares, shares outstanding (in shares)	972,239,070	960,219,570
Parent Company
Current assets
Cash and cash equivalents	$ 565,981	$ 944,649
Prepayments and other current assets	7,423	10,203
Total current assets	573,404	954,852
Investment in subsidiaries	224,954	93,363
Total assets	798,358	1,048,215
Current liabilities
Other current liabilities	2,240	2,620
Total current liabilities	2,240	2,620
Total liabilities	2,240	2,620
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6	6
Additional paid-in capital	2,975,302	2,893,120
Accumulated deficit	(2,195,980)	(1,861,360)
Accumulated other comprehensive income	37,626	25,685
Treasury stock	(20,836)	(11,856)
Total shareholders’ equity	796,118	1,045,595
Total liabilities and shareholders’ equity	$ 798,358	$ 1,048,215
Stockholders' equity, par value and number of shares
Ordinary shares, par value (in dollars per share)	$ 0.000006	$ 0.000006
Ordinary shares, shares authorized (in shares)	5,000,000,000	5,000,000,000
Ordinary shares, shares issued (in shares)	977,151,270	962,455,850
Ordinary shares, shares outstanding (in shares)	972,239,070	960,219,570

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, ¥ in Millions			1 Months Ended	12 Months Ended						45 Months Ended
	Mar. 30, 2022 USD ($) $ / shares shares	Mar. 29, 2022	Apr. 30, 2020 CNY (¥)	Dec. 31, 2023 USD ($) segment $ / shares shares	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2019	Dec. 31, 2023 CNY (¥)
Significant Accounting Policies [Line Items]
Share Subdivision ratio	10
Ordinary shares, authorized share capital	$ 30,000
Ordinary shares, shares authorized (in shares) \| shares	5,000,000,000			5,000,000,000		5,000,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.000006			$ 0.000006		$ 0.000006
ADS to ordinary shares conversion ratio	10	1
Allowance for credit loss				$ 0		$ 0
Land use rights lease term									30 years
Amortization expenses				700,000		500,000		$ 500,000
Finite-lived intangible assets, Amortization expense, year one				3,100,000
Finite-lived intangible assets, Amortization expense, year two				2,900,000
Finite-lived intangible assets, Amortization expense, year three				2,700,000
Finite-lived intangible assets, Amortization expense, year four				2,500,000
Finite-lived intangible assets, Amortization expense, year five				2,300,000
Finite-lived intangible assets, Amortization expense, after year five				0
Deferred income				28,738,000		21,360,000
Unrecognized tax benefits and related interest and penalties				$ 0		0		0
Number of operating segments \| segment				1	1
Number of reportable segments \| segment				1	1
Revenue				$ 266,719,000		212,672,000		144,105,000
Aggregate amount of cash and cash equivalents				790,151,000		1,008,470,000		964,100,000
RMB
Significant Accounting Policies [Line Items]
Aggregate amount of cash and cash equivalents				25,093,000		45,486,000
Customer Concentration Risk \| One Customer \| Revenue
Significant Accounting Policies [Line Items]
Revenue				59,400,000		52,500,000		$ 40,600,000
Debtor Concentration Risk \| One Customer \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable				7,800,000		9,300,000
Foreign Currency Risk \| Cash and Cash Equivalents \| RMB
Significant Accounting Policies [Line Items]
Aggregate amount of cash and cash equivalents				$ 25,100,000		$ 45,500,000
Concentration risk percentage				3.00%	3.00%	5.00%	5.00%
Level 1
Significant Accounting Policies [Line Items]
Equity investments with readily determinable fair value				$ 9,200,000		$ 6,400,000
Government Grants
Significant Accounting Policies [Line Items]
Deferred income				2,100,000		900,000
Huizheng
Significant Accounting Policies [Line Items]
Upfront payment \| ¥			¥ 90.0		¥ 70.0		¥ 70.0			¥ 230.0
Huizheng \| Collaborative Agreement
Significant Accounting Policies [Line Items]
Deferred income				26,700,000		20,500,000
Software
Significant Accounting Policies [Line Items]
Intangible assets, net				$ 2,200,000		$ 1,500,000
Software \| Minimum
Significant Accounting Policies [Line Items]
Intangible assets useful life				3 years
Software \| Maximum
Significant Accounting Policies [Line Items]
Intangible assets useful life				5 years
Capitalized Sales Based Milestone Fees
Significant Accounting Policies [Line Items]
Intangible assets, net				$ 11,200,000

Other Income (Expenses), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Government grants recognized	$ 2,433	$ 11,471	$ 4,113
Gain (Loss) on equity investments with readily determinable fair value	2,789	(8,952)	(14,617)
Others miscellaneous gain	1,784	594	303
Total	$ 7,006	$ 3,113	$ (10,201)

Income Tax - Loss (Income) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	$ 334,620	$ 443,286	$ 704,471
Cayman Islands
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	(16,792)	19,454	28,401
British Virgin Islands
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	0	2	2
Mainland China
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	253,274	290,056	340,865
Hong Kong
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	4,483	53,425	243,400
United States
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	92,869	79,620	89,374
Australia
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	14	(260)	1,758
Taiwan
Income Tax Disclosure [Line Items]
Loss (income) before income taxes	$ 772	$ 989	$ 671

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurred research and development expenses for product research and development services provided by MEDx (Suzhou) Translational Medicine Co., Ltd (“MEDx”), over which an immediate family member of its Chief Executive Officer and Chairperson of the Board held significant influence. The Company incurred development expenses with MEDx of insignificant amount in 2023, and $0.4 million and $0.7 million in 2022 and 2021, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 8.4	$ 7.7	$ 6.0

Income Tax - Additional Information (Details) - USD ($)	12 Months Ended
Income Tax - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Taxable income	$ (334,620,000)	$ (443,286,000)	$ (704,471,000)
Provision for income taxes	0	0	0
Net operating loss carry forwards	1,804,900,000	1,483,200,000
Mainland China
Income Tax Disclosure [Line Items]
Taxable income	(253,274,000)	(290,056,000)	(340,865,000)
Net operating loss carry forwards	1,492,000,000
Hong Kong
Income Tax Disclosure [Line Items]
Taxable income	(4,483,000)	(53,425,000)	(243,400,000)
Net operating loss carry forwards	51,000,000.0
Taiwan
Income Tax Disclosure [Line Items]
Taxable income	(772,000)	(989,000)	(671,000)
Net operating loss carry forwards	2,100,000
United States
Income Tax Disclosure [Line Items]
Taxable income	(92,869,000)	(79,620,000)	(89,374,000)
Net operating loss carry forwards	256,000,000.0
Australia
Income Tax Disclosure [Line Items]
Taxable income	(14,000)	260,000	(1,758,000)
Net operating loss carry forwards	3,800,000
Zai Lab (AUST) Pty. Ltd.
Income Tax Disclosure [Line Items]
Taxable income	0
Provision for income taxes	0
Zai Lab (US) LLC
Income Tax Disclosure [Line Items]
Taxable income	0
Provision for income taxes	0
Zai Lab (Taiwan) Limited
Income Tax Disclosure [Line Items]
Taxable income	0
Provision for income taxes	0
Zai Lab (Hong Kong) and ZL China Holding Two and Zai Auto Immune (Hong Kong) and Zai Anti Infectives (Hong Kong) Limited
Income Tax Disclosure [Line Items]
Taxable income	0	0	0
Provision for income taxes	0	0	0
Withholding taxes on remittance of dividends	$ 0	$ 0	$ 0

Restricted Cash, Non-Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash [Abstract]
Restricted cash, non-current	$ 1,113	$ 803	$ 803

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	185	1113
Auditor Name	KPMG LLP	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Location	Short Hills, New Jersey	Shanghai, the People’s Republic of China

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating fixed lease cost	$ 8,691	$ 8,774	$ 6,263

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The following table presents the components of the Company’s property and equipment, net ($ in thousands):


	December 31,
	2023	2022

Office equipment	1,047	977
Electronic equipment	9,161	7,416
Vehicle	199	202
Laboratory equipment	20,140	18,726
Manufacturing equipment	17,680	17,055
Leasehold improvements	11,371	11,300
Construction in progress	24,272	24,251
	83,870	79,927
Less: accumulated depreciation	(30,136)	(22,064)
Property and equipment, net	53,734	57,863

Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation expense	$ 79,634	$ 61,302	$ 40,714
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation expense	48,017	38,118	23,194
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation expense	$ 31,617	$ 23,184	$ 17,520

Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 22,702	$ 12,156
Raw materials	17,655	19,029
Work in progress	4,470	436
Inventories, net	$ 44,827	$ 31,621

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Significant Operating Subsidiaries

As of December 31, 2023, the Company’s significant operating subsidiaries were as follows:

Name of Company

Place of
Incorporation

Date of
Incorporation

Percentage of
Ownership

Principal Activities

Zai Lab (Hong Kong) Limited

Hong Kong

April 29, 2013

100%

Operating company for business development and R&D activities and commercialization of innovative medicines and device

Zai Lab (Shanghai) Co., Ltd.

Mainland
China

January 6, 2014

100%

Development and commercialization of innovative medicines and devices

Zai Lab (AUST) Pty. Ltd.

Australia

December 10, 2014

100%

Clinical trial activities

Zai Lab (Suzhou) Co., Ltd.

Mainland
China

November 30, 2015

100%

Development and commercialization of innovative medicines

Zai Biopharmaceutical (Suzhou) Co., Ltd.

Mainland
China

June 15, 2017

100%

Development and commercialization of innovative medicines

Zai Lab (US) LLC

United
States

April 21, 2017

100%

Operating company for business development, R&D activities and certain business activities, including legal, compliance and communication functions of the Company

Zai Lab International Trading (Shanghai) Co., Ltd.

Mainland
China

November 6, 2019

100%

Commercialization of innovative medicines and devices

Zai Auto Immune (Hong Kong) Limited

Hong Kong

November 4, 2020

100%

Operating company for business development and R&D activities

Zai Lab (Taiwan) Limited

Taiwan

December 10, 2020

100%

Commercialization of innovative medicines and devices

Zai Lab Trading (Suzhou) Co., Ltd.

Mainland
China

October 27, 2020

100%

Commercialization of innovative medicines and devices

Organization and Principal Activities (Details)	12 Months Ended
Organization and Principal Activities (Details)	Dec. 31, 2023
Zai Lab (Hong Kong) Limited
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab (Shanghai) Co., Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab (AUST) Pty. Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab (Suzhou) Co., Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Biopharmaceutical (Suzhou) Co., Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab (US) LLC
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab International Trading (Shanghai) Co., Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Auto Immune (Hong Kong) Limited
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab (Taiwan) Limited
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%
Zai Lab Trading (Suzhou) Co., Ltd.
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Percentage of Ownership	100.00%

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table presents a summary of option activity and related information in 2023:


	Number of options	Weighted average exercise price ($)	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Outstanding at December 31, 2022	91,181,420	3.05	5.89	115,969
Granted	24,102,740	3.36
Exercised	(6,516,920)	0.39
Forfeited	(4,183,190)	6.68
Outstanding at December 31, 2023	104,584,050	3.14	5.97	83,424
Vested and exercisable as of December 31, 2023	58,695,320	2.11	3.93	83,266

Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted

The following table presents the assumptions used to estimate the fair values of the share options granted:


	2023	2022	2021
Risk-free rate of return	3.5%-4.7%	1.4%-4.0%	0.9%-1.4%
Expected term (in years)	6, 6.25,or 6.5	6.5	6, 6.25 or 6.5
Estimated volatility rate	70%	65%	65%
Expected dividend rate	0%	0%	0%

Summary of Non-vested Restricted Share Activity

The following table summarized the Company’s non-vested restricted share activity in 2023:


	Numbers of non-vested restricted shares	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Non-vested as of December 31, 2022	33,433,890	3.55	102,642
Granted	9,001,740
Vested	(8,178,500)
Forfeited	(2,977,530)
Non-vested as of December 31, 2023	31,279,600	2.75	85,487

Allocation of Compensation Expense Related to Options

The 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,
	2023	2022	2021

Selling, general and administrative	48,017	38,118	23,194
Research and development	31,617	23,184	17,520
Total	79,634	61,302	40,714

License and Collaboration Agreements	12 Months Ended
License and Collaboration Agreements	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	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) or a specified period of time, generally around ten years, after the date of the first commercial sale of the licensed product. These agreements also contain customary provisions for termination by either party, including in the event of a material breach by the other party that remains uncured; by us for convenience upon a specified notice period; for certain bankruptcy, insolvency, or other similar events; and by its partners upon challenge of their licensed patent rights. Payments under these agreements generally become due and payable upon the achievement of such milestones or sales. These commitments are not recorded as liabilities on the consolidated balance sheet because the achievement and timing of these milestones are not fixed and determinable. The following is a description of the Company’s significant license and collaboration agreements as of December 31, 2023, including milestone fees incurred in 2023, 2022, and 2021. Significant License and Collaboration Arrangements License and Collaboration Agreement with GSK (Niraparib) In September 2016, the Company entered into a collaboration, development, and license agreement with Tesaro, Inc., a company later acquired by GSK, pursuant to which the Company obtained an exclusive sublicense under certain patents and know-how of GSK to develop, manufacture, and commercialize GSK’s proprietary PARP inhibitor, niraparib, for the diagnosis and prevention of any human diseases or conditions (other than prostate cancer) in mainland China, Hong Kong, and Macau. The Company recorded development milestone fees into research and development expenses of $4.0 million in 2022. The Company recorded sales-based milestone fees of $12.0 million and $8.0 million in 2023 and 2021, respectively. The Company may be required to pay an additional aggregate amount of up to $16.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentages rates ranging from mid- to high-teens on annual net sales of the licensed products in the licensed territories. License and Collaboration Agreement with NovoCure (Tumor Treating Fields) In September 2018, the Company entered into a license and collaboration agreement with NovoCure, pursuant to which it obtained an exclusive license under certain patents and know-how of NovoCure to develop and commercialize any Tumor Treating Fields treatment or delivery system, including the device branded as OPTUNE, in all human therapeutic and preventative uses in the field of oncology in Greater China. The Company may be required to pay an additional aggregate amount of up to $68.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from low- to mid-teens on annual net sales of the licensed products in the licensed territory. The Company will purchase licensed products exclusively from NovoCure at NovoCure’s fully burdened manufacturing cost. License and Collaboration Agreement with Deciphera (Ripretinib) In June 2019, the Company entered into a license agreement with Deciphera, pursuant to which it obtained an exclusive license under certain patents and know-how of Deciphera to develop and commercialize products containing ripretinib in the field of the prevention, prophylaxis, treatment, cure, or amelioration of any disease or medical condition in humans in Greater China. The Company will purchase licensed products exclusively from Deciphera. The Company recorded development milestone fees into research and development expenses of $5.0 million in 2021. The Company may be required to pay an additional aggregate amount of up to $173.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from low- to high-teens on annual net sales of the licensed products in the licensed territory. License and Collaboration Agreement with Novo Holdings (Omadacycline) In April 2017, the Company entered into a license and collaboration agreement with Paratek Bermuda Ltd. (“Paratek”), a subsidiary of Paratek (which was subsequently acquired by Gurnet Point Capital and Novo Holdings A/S), pursuant to which the Company obtained both an exclusive license under certain patents and know-how of Paratek and an exclusive sub-license under certain intellectual property that Paratek licensed from Tufts University to develop, manufacture, and commercialize products containing omadacycline as an active ingredient in the field of all human therapeutic and preventative uses other than biodefense in Greater China. The Company recorded development milestone fees into research and development expenses of $6.0 million in 2021. The Company may be required to pay an additional aggregate amount of up to $40.5 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentages rates ranging from low- to mid-teens on annual net sales of licensed products in the licensed territory. Collaboration and License Agreement with argenx (Efgartigimod) In January 2021, the Company entered into a collaboration and license agreement with argenx BV (“argenx”) pursuant to which the Company obtained an exclusive license under certain patients and know-how of argenx to develop and commercialize products containing efgartigimod as an active ingredient in all human and animal uses for any preventative or therapeutic indications in Greater China. The Company will purchase licensed products exclusively from argenx. Pursuant to the collaboration and license agreement, the Company and argenx entered into a share issuance agreement. The Company issued as an upfront payment to argenx of 5,681,820 ordinary shares of the Company. In determining the fair value of the ordinary shares at closing, the Company considered the closing price of the ordinary shares on the closing date and included a lack of marketability discount because the shares were subject to certain restrictions. The fair value of the shares on the closing date was determined to be $62.3 million in the aggregate. The Company recorded development milestone fees into research and development expense of $100.0 million in 2021. The Company may be required to pay certain royalties at tiered percentages rates ranging from mid-teen to low-twenties on annual net sales of the licensed products in the licensed territory. License and Collaboration Agreement with Amgen (Bemarituzumab) In December 2017, the Company entered into a license and collaboration agreement with Five Prime Therapeutics, Inc. (a company later acquired by Amgen), pursuant to which it obtained an exclusive license under certain patents and know-how of Five Prime to develop and commercialize products containing Five Prime’s proprietary afucosylated FGFR2b antibody known as bemarituzumab (FPA144) as an active ingredient in the treatment or prevention of any disease or condition in humans in Greater China. The Company will purchase licensed products exclusively from Amgen. The Company may be required to pay an additional aggregate amount of up to $37.0 million in development and regulatory milestones as well as certain royalties at tiered percentage rates ranging from high-teens to low twenties on annual net sales of the licensed product in the licensed territory. Under the terms of the agreement, provided that the Company enrolls and treats a specified number of patients in the bemarituzumab FPA144-004 study in mainland China, the Company is eligible to receive a low single-digit percentage quarterly royalty, on a licensed product-by-licensed product basis on net sales of all licensed product outside of the licensed territory until the tenth (10th) anniversary of the first commercial sale of each such licensed product outside of the licensed territory. License and Collaboration Agreement with Innoviva (SUL-DUR) In April 2018, the Company entered into a license and collaboration agreement with Entasis Therapeutics Holdings Inc. (“Entasis”), a wholly owned subsidiary of Innoviva, Inc. (“Innoviva”), pursuant to which it obtained an exclusive license under certain patents and know-how of Entasis to develop and commercialize products containing Entasis’s proprietary compounds known as durlobactam with Sulbactam (the combination, SUL-DUR) with the possibility of developing and commercializing a combination of such compounds with Imipenem in all human diagnostic, prophylactic, and therapeutic uses in Greater China, Korea, Vietnam, Thailand, Cambodia, Laos, Malaysia, Indonesia, the Philippines, Singapore, Australia, New Zealand, and Japan. The Company’s rights to develop and commercialize the licensed products are limited to the lead product (Sulbactam) until such lead product receives initial FDA approval in the United States. The Company will purchase licensed products exclusively from Innoviva. The Company recorded development milestone fees into research and development expenses of $3.0 million in 2023. The Company may be required to pay an additional aggregate amount of up to $88.6 million in development and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high single digits to low-teens on annual net sales of the licensed products in the licensed territory. The Company is also responsible for a portion of the costs of the global pivotal Phase III ATTACK clinical trial of SUL-DUR outside of the licensed territory. License Agreement with BMS (Repotrectinib) In July 2020, the Company entered into an exclusive license agreement with Turning Point Therapeutics, Inc. (a company later required by BMS) pursuant to which the Company received an exclusive license to develop and commercialize products containing repotrectinib as an active ingredient in all human therapeutic indications in Greater China. The Company will purchase licensed products exclusively from BMS. The Company recorded development milestone fees into research and development expenses of $5.0 million in each of 2023 and 2021. The Company may be required to pay an additional aggregate amount of up to $141.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from mid- to high-teens on annual net sales of the licensed product in the licensed territory. Collaboration and License Agreement with BMS (Adagrasib) In May 2021, the Company entered into a collaboration and license agreement with Mirati Therapeutics, Inc. (“Mirati”) (a company later acquired by BMS) pursuant to which the Company obtained the right to research, develop, manufacture, and exclusively commercialize adagrasib in all indications in Greater China, with Mirati retaining exclusive rights for the development, manufacturing, and commercialization of adagrasib outside of Greater China and certain co-commercialization, manufacture, and development rights in Greater China. The Company will purchase licensed products exclusively from BMS. The Company recorded development milestone fees of $10.0 million in 2022 and an upfront payment of $65.0 million in 2021. The Company may be required to pay an additional aggregate amount of up to $263.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high-teens to low-twenties on annual net sales of the licensed product in the licensed territory. License Agreement with BMS (Xanomeline-Trospium) In November 2021, the Company entered into a license agreement with Karuna Therapeutics, Inc. (a company later acquired by BMS), pursuant to which the Company obtained an exclusive license to develop, manufacture, and commercialize xanomeline-trospium (KarXT) in Greater China. The Company recorded an upfront payment of $35.0 million and development milestone fees of $10.0 million into research and development expenses in 2021 and 2022, respectively. The Company may be required to pay an additional aggregate amount of up to $142.0 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from low- to high-teens on annual net sales of the licensed products in Greater China. Collaboration and License Agreement with Pfizer (Tisotumab Vedotin) In September 2022, the Company entered into a collaboration and license agreement with Seagen Inc. (a company later acquired by Pfizer Inc. (“Pfizer”), pursuant to which the Company and Seagen agreed to collaboratively develop and commercialize tisotumab vedotin (TIVDAK). Under the agreement, the Company obtained an exclusive license to develop and commercialize TIVDAK in Greater China. The Company recorded an upfront payment of $30.0 million into research and development expenses in 2022. The Company may be required to pay an additional aggregate amount of up to $263.0 million in development, regulatory, and sales-based milestone payments as well as certain royalties at tiered percentage rates ranging from mid-teens to low-twenties on annual net sales of the licensed products in Greater China. The agreement will remain in effect, unless earlier terminated, until the expiration of the last-to-expire royalty term for the last licensed product. The agreement contains customary provisions for termination by either party, including in the event of a material breach by the other party that remains uncured, by the Company for convenience, for certain bankruptcy events, and by Seagen upon a challenge of the licensed patent rights. Other License and Collaboration Arrangements That Are Not Individually Significant The Company recorded an upfront payment of $10.0 million in 2023 for other license and collaboration agreements that are not individually significant. The Company may be required to pay an additional aggregate amount of up to $2,202.1 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates on annual net sales under such agreements.

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary shares	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		878,110,260
Beginning balance at Dec. 31, 2020	$ 1,169,345	$ 5	$ 1,897,467	$ (713,603)	$ (14,524)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		2,054,500
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of shares options (in shares)		12,353,400
Exercise of share options	7,417	$ 0	7,417
Issuance of ordinary shares upon follow-on public offering, net of issuance cost (in shares)		57,164,000
Issuance of ordinary shares upon follow-on public offering, net of issuance cost	818,036	$ 1	818,035
Issuance of ordinary shares in connection with collaboration and license arrangement (Note 16) (in shares)		5,681,820
Issuance of ordinary shares in connection with collaboration and license arrangement (Note 16)	62,250	$ 0	62,250
Issuance cost adjustment for secondary listing	65		65
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(382,930)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(4,279)					$ (4,279)
Share-based compensation	40,714		40,714
Net loss	(704,471)			(704,471)
Foreign currency translation	(9,121)				(9,121)
Ending balance (in shares) at Dec. 31, 2021		955,363,980
Ending balance at Dec. 31, 2021	1,379,956	$ 6	2,825,948	(1,418,074)	(23,645)	$ (4,279)
Ending balance (in shares) at Dec. 31, 2021						(382,930)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		1,940,680
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of shares options (in shares)		5,151,190
Exercise of share options	5,870	$ 0	5,870
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,853,350)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(7,577)					$ (7,577)
Share-based compensation	61,302		61,302
Net loss	(443,286)			(443,286)
Foreign currency translation	$ 49,330				49,330
Ending balance (in shares) at Dec. 31, 2022	960,219,570	962,455,850
Ending balance at Dec. 31, 2022	$ 1,045,595	$ 6	2,893,120	(1,861,360)	25,685	$ (11,856)
Ending balance (in shares) at Dec. 31, 2022	(2,236,280)					(2,236,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		8,178,500
Issuance of ordinary shares upon vesting of restricted shares	$ 0	$ 0	0
Exercise of shares options (in shares)	6,516,920	6,516,920
Exercise of share options	$ 2,548	$ 0	2,548
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(2,675,920)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(8,980)					$ (8,980)
Share-based compensation	79,634		79,634
Net loss	(334,620)			(334,620)
Foreign currency translation	$ 11,941				11,941
Ending balance (in shares) at Dec. 31, 2023	972,239,070	977,151,270
Ending balance at Dec. 31, 2023	$ 796,118	$ 6	$ 2,975,302	$ (2,195,980)	$ 37,626	$ (20,836)
Ending balance (in shares) at Dec. 31, 2023	(4,912,200)					(4,912,200)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 17	$ 11
Ordinary shares, par value (in dollars per share)	$ 0.000006	$ 0.000006
Ordinary shares, shares authorized (in shares)	5,000,000,000	5,000,000,000
Ordinary shares, shares issued (in shares)	977,151,270	962,455,850
Ordinary shares, shares outstanding (in shares)	972,239,070	960,219,570
Treasury stock (in shares)	4,912,200	2,236,280

Share-Based Compensation - Non-vested Restricted Share Activity (Details) - Non-Vested Restricted Shares - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numbers of non-vested restricted shares
Non-vested, Beginning balance (in shares)	33,433,890
Granted (in shares)	9,001,740
Vested (in shares)	(8,178,500)
Forfeited (in shares)	(2,977,530)
Non-vested, Ending balance (in shares)	31,279,600	33,433,890
Weighted average remaining contractual term (years)	2 years 9 months	3 years 6 months 18 days
Aggregate intrinsic value ($ in thousands)	$ 85,487	$ 102,642

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2023
Restricted net assets
Restricted Net Assets	Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its Chinese subsidiaries. Relevant Chinese laws and regulations permit payments of dividends by the Company’s Chinese subsidiaries only out of its retained earnings, if any, as determined in accordance with Chinese accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s Chinese subsidiaries. In accordance with the Company Law of the People’s Republic of China, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s Chinese statutory accounts. A domestic enterprise may provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s Chinese statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s Chinese subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. No appropriation to statutory reserves was made during the years ended December 31, 2023, 2022, and 2021 because the Chinese subsidiaries had substantial losses during such periods. As a result of these Chinese laws and regulations, subject to the limits discussed above that require annual appropriations of 10% of after-tax profit to be set aside, prior to payment of dividends, as a general reserve fund, the Company’s Chinese subsidiaries are restricted in their ability to transfer out a portion of their net assets. Foreign exchange and other regulation in mainland China may further restrict the Company’s subsidiaries in mainland China from transferring out funds in the form of dividends, loans, and advances. As of December 31, 2023 and 2022, amounts restricted were the paid-in capital of the Company’s subsidiaries in mainland China, which were $506.0 million and $456.0 million, respectively.

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 839

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in measurement of lease liabilities	$ 9,317	$ 8,084	$ 5,840
Non-cash operating lease liabilities arising from obtaining operating right-of-use assets	$ 3,668	$ 14,801	$ 2,183

Short-Term Investments	12 Months Ended
Short-Term Investments	Dec. 31, 2023
Short-Term Investments [Abstract]
Short-Term Investments	Short-Term InvestmentsShort-term investments are primarily comprised of time deposits with original maturities between three months and one year. The short-term investments balance were $16.3 million and nil as of December 31, 2023 and 2022, respectively. No allowance for credit loss was recorded as of December 31, 2023.

Employee Defined Contribution Plans	12 Months Ended
Employee Defined Contribution Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Defined Contribution Plans	Employee Defined Contribution Plans Full time employees of the Company in mainland China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s subsidiaries in China mainland make contributions to the government for these benefits primarily based on certain percentages of the employees’ salaries subject to certain caps and other government requirements. The total amounts for such employee benefits, which were expensed as incurred, were $25.8 million, $23.6 million, and $17.6 million for 2023, 2022, and 2021, respectively. The Company’s employees who are U.S. taxpayers and who meet certain age and service requirements are eligible to participate in a broad-based, defined contribution retirement plan which is qualified under Section 401 of the Internal Revenue Code (“the 401(k) plan”). The Company makes a matching contribution equal to 100% in 2023 and 50% in 2022 and 2021 of the first 5% of the employee’s elective contributions under the plan, up to 5.0% of an employee’s eligible compensation. Contributions made by the Company vest 100% upon contribution. The total amounts for such employee benefits, which were expensed as incurred, were $1.0 million, $0.5 million, and insignificant in 2023, 2022, and 2021, respectively. The Company also provides required Mandatory Provident Fund contribution for its full-time employees located in Hong Kong and provides social benefits contribution for its full-time employees located in Taiwan. The total amounts for these contributions, which were expensed as incurred, was $0.2 million, $0.2 million, and insignificant in 2023, 2022, and 2021, respectively.

Loss Per Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	104,584,050	91,181,420	81,015,590
Non-vested restricted shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	31,279,600	33,433,890	9,567,360

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

Effective as of March 30, 2022, the Company subdivided each of its issued and unissued ordinary shares into ten ordinary shares (the “Share Subdivision”). Following the Share Subdivision, the Company’s authorized share capital became $30,000 divided into 5,000,000,000 shares with a par value of $0.000006 per share. The numbers of issued and unissued ordinary shares and per share data as disclosed elsewhere in these consolidated financial statements and notes thereto are presented on a basis after taking into account the effects of the Share Subdivision and have been retrospectively adjusted, where applicable. In connection with the Share Subdivision, the conversion ratio of its ADSs to ordinary shares changed from one ADS to one ordinary share to a new ratio of one ADS to ten ordinary shares (the “ADS Ratio Change”). The Share Subdivision and ADS Ratio Change did not result in any change to the number of outstanding ADSs of the Company.

In 2022, the Company began to separately present foreign currency (loss) gain on the consolidated statements of operations. This amount was previously included in other income (expense), net. Additionally, the Company began to provide a breakdown of other income (expense), net in Note 17. The Company also began to separately present the amount of foreign currency remeasurement loss (gain) on the consolidated statements of cash flows. This amount was previously included in changes in other current liabilities. This change did not have any impact on net cash used in operating activities. Corresponding amounts in the prior periods of the consolidated financial statements have been presented to conform to the current period presentation.

Principles of Consolidation

The consolidated financial statements include the accounts of Zai Lab Limited and its subsidiaries, which are wholly owned. All intercompany transactions and balances are eliminated upon consolidation.

Use of Estimates

Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses to the appropriate financial reporting period based on actual services performed, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.

Foreign Currency Translation

The functional currency of Zai Lab Limited, Zai Lab (Hong Kong) Limited, Zai Lab (US) LLC, and Zai Auto Immune (Hong Kong) Limited are the U.S. dollar (“$”). The Company’s subsidiaries in mainland China determined their functional currency to be the Chinese Renminbi (“RMB”). The Company’s subsidiary in Australia determined its

functional currency to be the Australian dollar (“A$”). The Company’s subsidiary in Taiwan determined its functional currency to be the Taiwan dollar (“TWD”). The determination of the respective functional currency is based on the criteria of Accounting Standard Codification (“ASC”) 830, Foreign Currency Matters. The Company uses the U.S. dollar as its reporting currency.

Assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains, and losses are translated using the average rate for the period presented. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of shareholders’ equity.

Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date.

Non-monetary assets and liabilities are translated into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist primarily of cash on hand, demand deposits, and highly liquid investments with maturity of less than three months and are stated at cost, which approximates fair value.

Restricted Cash

Restricted cash mainly consists of bank deposits held as collateral for issuances of letters of credit.

Short-term Investments

Short-Term Investments Short-term investments are time deposits with original maturities between three months and one year. Short-term investments are stated at cost, which approximates fair value. Interest earned is included in interest income.

Accounts Receivable

The Company’s accounts receivable arise from product sales and represent amounts due from its customers. From January 1, 2020, the Company adopted the ASU 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments. Accounts receivable are recorded at the amounts net of allowances for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness, and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country-specific risks and economic factors that may affect a debtor’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off when deemed uncollectible.

Notes Receivable

Notes Receivable Notes receivable is equal to contractual amounts owed from signed, secured promissory notes issued from customers to the Company.

Inventories

Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a weighted average basis. The Company periodically reviews the composition of inventory and shelf life of inventory to identify obsolete, slow-moving, or otherwise non-saleable items. The Company will record a write-down to its net realizable value in cost of sales in the period that the decline in value is first identified.

Prepayments for Equipment

Prepayments for Equipment The prepayments for equipment purchase are recorded in long-term prepayments considering the prepayments are all related to property and equipment.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows:


			Useful life
Office equipment			3 years
Electronic equipment			1.25-3 years
Vehicles			4 years
Laboratory equipment			5 years
Manufacturing equipment			10 years
Leasehold improvements			lesser of useful life or lease term

Construction in progress represents property and equipment under construction and pending installation and is stated at cost less impairment losses, if any.

Leases

The Company leases facilities for its offices, research and development center, and manufacturing facilities in mainland China, Hong Kong, and the United States. On January 1, 2019, the Company adopted the ASC 842, Leases using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating historical periods before the adoption date.

The Company assessed whether an arrangement contains a lease at inception. The Company’s leases are all classified as operating leases with fixed lease payments, or minimum payments, as contractually stated in the lease agreements. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Operating lease liabilities that become due within one year of the balance sheet date are classified as current operating lease liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

At the commencement date of a lease, the Company recognizes a lease liability for future fixed lease payments and a right-of-use (“ROU”) asset representing the right to use the underlying asset during the lease term. The lease liability is initially measured as the present value of the future fixed lease payments that will be made over the lease term. The lease term includes periods for which the Company is reasonably certain that the renewal options will be exercised and the termination options will not be exercised. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The Company considered information available at the adoption date of ASC 842 to determine the incremental borrowing rate for leases in existence as of this date.

The ROU asset is measured at the amount of the lease liability with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred by the Company, and lease incentives. Under ASC 842, land use rights agreements are also considered to be operating lease contracts.

The Company elected to apply each of the practical expedients described in ASC 842 which allow companies (i) not to reassess prior conclusions on whether any expired or existing contracts are or contain a lease, lease classification, and initial direct costs upon adoption of ASC 842, (ii) combine lease and non-lease components for all underlying assets groups, and (iii) not recognize ROU assets or lease liabilities for short term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

Land Use Rights

All land in mainland China is subject to government or collective ownership. Land use rights can be purchased for a specified period of time. The purchase price of land use rights represents the operating lease prepayments under ASC 842 and is recorded as land use rights on the consolidated balance sheet, which is amortized over the remaining lease term.

The Company acquired land use rights in 2019 for a term of 30 years from the local Bureau of Land and Resources in Suzhou for the purpose of constructing and operating the research center and biologics manufacturing facility in Suzhou. In 2023, the Company returned a portion of the land use rights and received cash in an amount equal to the respective portion of the original acquisition cost.

Long-term Deposits

Long-Term Deposits Long-term deposits represent amounts paid in connection with the Company’s long-term lease agreements.

Intangible Assets

Intangible Assets Intangible assets mainly consist of capitalized sales-based milestone fees and externally purchased software. Sales-based milestone fees are capitalized based on contract terms upon achievement of the sales levels and are amortized over the estimated remaining useful life of the related product, which is generally based on expected patent life, the contractual period of the underlying license agreement, and expected commercial benefits of the products. Externally purchased software are amortized over three to five years on a straight-line basis.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets The Company evaluates long-lived assets, which includes intangible assets, tangible assets, and ROU assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of the related asset group to its future undiscounted cash flows. The Company measures the amount of impairment, if any, based on the difference between the carrying value and the estimated fair value of the impaired asset group.

Fair Value Measurements

The Company applies ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value, and requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (i) market approach; (ii) income approach; and (iii) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Equity investments with readily determinable fair value are measured using level 1 inputs and were $9.2 million and $6.4 million as of December 31, 2023 and 2022, respectively. The unrealized gains and losses from fair value changes are recognized in other income (expense), net in the consolidated statements of operations.

Financial instruments of the Company primarily include cash, cash equivalents and restricted cash, short-term investments, accounts receivable, notes receivable, prepayments, and other current assets, accounts payable, and other current liabilities. As of December 31, 2023 and 2022, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, prepayments, and other current assets, accounts payable, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of notes receivable and restricted cash approximated their fair value based on the nature of the assessment of the ability to recover these amounts.

Revenue Recognition

In 2018, the Company adopted ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration expected to be received in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance

obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied.

The Company’s revenue is mainly from product sales. The Company recognizes revenue from product sales when the Company has satisfied the performance obligation by transferring control of the product to the customers. Control of the product generally transfers to the customers when the delivery is made and when title and risk of loss transfers to the consumers. Cost of sales mainly consists of the acquisition cost of products, the manufacturing cost of products, royalty fees, and amortization of sales-based milestone payments.

The Company has applied the practical expedients under ASC 606 with regard to assessment of financing component and concluded that there is no significant financing component given that the period between delivery of goods and payment is generally one year or less. The Company’s product revenues were mainly generated from the sale of ZEJULA (niraparib), OPTUNE (Tumor Treating Fields), QINLOCK (ripretinib), NUZYRA (omadacycline), and VYVGART (efgartigimod) to customers.

In mainland China, the Company sells the products to distributors, who ultimately sell the products to health care providers. Based on the nature of the arrangements, the performance obligations are satisfied upon the delivery of the products to distributors. Rebates are offered to distributors, consistent with pharmaceutical industry practices. The estimated amount of unpaid or unbilled rebates are recorded as a reduction of revenue, if any. Estimated rebates are determined based on contracted rates and sales volumes and to a lesser extent, distributor inventories. The Company regularly reviews the information related to these estimates and adjusts the amount accordingly.

In Hong Kong, the Company sells the products to customers, which are typically healthcare providers such as oncology centers. The Company utilizes a third party for warehousing services. Based on the nature of the arrangements, the Company has determined that it is a principal in the transaction since the Company is primarily responsible for fulfilling the promise to provide the products to the customers, maintains inventory risk until delivery to the customers, and has latitude in establishing the price. Revenue was recognized at the amount to which the Company expected to be entitled in exchange for the sale of the products, which is the sales price agreed with the customers. Consideration paid to the third party is recognized in operating expenses.

Collaborative Arrangements

The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement.

For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For

elements of collaboration arrangements that are accounted pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.

Research and Development Expenses

Elements of research and development expenses primarily include (i) payroll and other related costs of personnel engaged in research and development activities; (ii) in-licensed patent rights fees of exclusive development rights of products granted to the Company; (iii) costs related to pre-clinical testing of the Company’s technologies under development and clinical trials such as payments to contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), investigators, and clinical trial sites that conduct its clinical studies; (iv) costs to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility-related expenses; and (v) other research and development expenses. Research and development expenses are charged to expense as incurred and have no alternative future uses. Liabilities related to third-party research and development expenses are primarily included in accounts payable on the consolidated balance sheet.

The Company has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new product compound, as well as pre-commercial milestone payments, are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the new product compound did not also include processes or activities that would constitute a “business” as defined under U.S. GAAP. Milestone payments made to third parties subsequent to regulatory approval which meet the capitalization criteria would be capitalized as intangible assets and amortized over the estimated remaining useful life of the related product, which is generally based on expected patent life, the contractual period of the underlying license agreement, and expected commercial benefits of the products.

Deferred Income

Deferred income mainly consists of deferred income from government grants and the upfront payments received from Huizheng.

Government grants consist of cash subsidies received by the Company’s subsidiaries in mainland China from local governments. Grants received as incentives for conducting business in certain local districts with no performance obligation or other restriction as to the use are recognized as other income when cash is received. Grants received with government specified performance obligations are recognized as other income when all the obligations have been fulfilled. If such obligations are not satisfied, the Company may be required to refund the subsidy. The grant received before the fulfillment of specified performance obligation is recorded in deferred income. The Company had $2.1 million and $0.9 million of government grants in deferred income as of December 31, 2023 and 2022, respectively.

In March 2020, the Company entered into an exclusive promotion agreement with Huizheng so that the Company could leverage Hanhui’s infrastructure to optimize an anticipated future commercial launch of NUZYRA in mainland China. In exchange for exclusive promotion rights in mainland China, Huizheng agreed to pay the Company non-creditable upfront payments of RMB230.0 million, of which RMB90.0 million was paid in April 2020, RMB70.0 million in 2022, and RMB70.0 million in 2023. The Company is amortizing the upfront payments through the end of the contract term. The Company had $26.7 million and $20.5 million in deferred income related to the upfront payments as of December 31, 2023 and 2022, respectively.

Comprehensive Loss

Comprehensive Loss Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company’s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss.

Share-Based Compensation

The Company grants share options and non-vested restricted shares to eligible employees, non-employees, and directors and accounts for these share-based awards in accordance with ASC 718, Compensation-Stock Compensation.

The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. The grant-date fair value of non-vested restricted shares is the market value of the underlying stock on the award’s grant date.

The Company has elected to use the straight-line method to recognize compensation expenses for share awards with graded vesting based on service conditions, subject to the minimum amount of cumulative compensation expense recognized is not less than the portion of the award vested to date. For share-based awards with service conditions only, the Company recognizes expenses (i) immediately at grant date if no vesting conditions are required; or (ii) using a straight-line method over the requisite service period, which is the vesting period, if vesting conditions are required. For share-based awards containing performance conditions, the Company recognizes expenses based on the estimated number of the performance-based awards expected to vest using the graded vesting attribution method. The Company accounts for the effect of forfeitures as they occur.

Income Taxes

Income tax expense includes (i) deferred tax expense, which generally represents the net change in the deferred tax asset or liability balance during the year plus any change in valuation allowances; (ii) current tax expense, which represents the amount of tax currently payable to or receivable from a taxing authority; and (iii) non-current tax expense, which represents the increases and decreases in amounts related to uncertain tax positions from prior periods and not settled with cash or other tax attributes.

The Company recognizes deferred tax assets and liabilities for temporary differences between the financial statement and income tax bases of assets and liabilities, which are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, which requires that realization of an uncertain income tax position be recognized in the financial statements. The benefit to be recorded in the financial statements is the amount most likely to be realized assuming a review by tax authorities having all relevant information and applying current conventions. It is the Company’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.

Loss Per Share

Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Company had stock options and non-vested restricted shares, which could potentially dilute basic loss per share in the future. To calculate the number of shares for diluted loss per share, the effect of the stock options and non-vested restricted shares is computed using the treasury stock method. The computation of diluted loss per share does not assume exercise or conversion of securities that would have an anti-dilutive effect.

Segment Information

Segment Information In accordance with ASC 280, Segment Reporting, the Company’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and therefore, the Company has only one operating and reportable segment.

Concentration of Risks

Concentration of Credit Risk

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable.

The carrying amounts of cash and cash equivalents and short-term investments represent the maximum amount of loss due to credit risk. As of December 31, 2023 and 2022, all of the Company’s cash and cash equivalents and short-term investments were held by major financial institutions located in mainland China and international financial institutions outside of mainland China which management believes are of high credit quality and continually monitors the credit worthiness of these financial institutions.

Accounts receivable are typically unsecured and are derived from product sales and collaborative arrangements. The Company manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances and limits the amount of credit extended based upon payment history and credit worthiness. Historically, the Company has collected receivables from customers within the credit terms with no significant credit losses incurred.

Certain accounts receivable balances may be settled in the form of notes receivable. As of December 31, 2023, notes receivable represented bank acceptance promissory notes that are non-interest bearing and due within six months. Notes receivable were used to collect the receivables based on an administrative convenience, given these notes are readily

convertible to be known amounts of cash. In accordance with the sales agreements, whether to use cash or bank acceptance promissory notes to settle the receivables is at the Company’s discretion, and this selection does not impact the agreed contractual purchase prices.

Foreign Currency Risk

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2025.

The Company has not adopted any new accounting standards in 2023 that have a material impact on the Consolidated Financial Statements.

Share-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of options
Outstanding, beginning balance (in shares)	91,181,420
Granted (in shares)	24,102,740
Exercised (in shares)	(6,516,920)
Forfeited (in shares)	(4,183,190)
Outstanding, ending balance (in shares)	104,584,050	91,181,420
Weighted average exercise price ($)
Outstanding, beginning balance (in dollars per share)	$ 3.05
Granted (in dollars per share)	3.36
Exercised (in dollars per share)	0.39
Forfeited (in dollars per share)	6.68
Outstanding, ending balance (in dollars per share)	$ 3.14	$ 3.05
Additional Disclosures
Number of options, Vested and exercisable (in shares)	58,695,320
Weighted average exercise price, Vested and exercisable (in dollars per share)	$ 2.11
Weighted average remaining contractual term, Outstanding	5 years 11 months 19 days	5 years 10 months 20 days
Weighted average remaining contractual term, Vested and exercisable	3 years 11 months 4 days
Aggregate intrinsic value, Outstanding	$ 83,424	$ 115,969
Aggregate intrinsic value, Vested and exercisable	$ 83,266

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table presents the components of the Company’s property and equipment, net ($ in thousands):


	December 31,
	2023	2022

Office equipment	1,047	977
Electronic equipment	9,161	7,416
Vehicle	199	202
Laboratory equipment	20,140	18,726
Manufacturing equipment	17,680	17,055
Leasehold improvements	11,371	11,300
Construction in progress	24,272	24,251
	83,870	79,927
Less: accumulated depreciation	(30,136)	(22,064)
Property and equipment, net	53,734	57,863

Depreciation expense was $8.4 million, $7.7 million, and $6.0 million for 2023, 2022, and 2021, respectively.

Other Income (Expenses), Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expenses), Net

The following table presents the Company’s other income (expenses), net ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

Government grants	2,433	11,471	4,113
Gain (Loss) on equity investments with readily determinable fair value	2,789	(8,952)	(14,617)
Others miscellaneous gain	1,784	594	303
Total	7,006	3,113	(10,201)

Restricted Net Assets (Details) - Mainland China - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted net assets
Statutory reserves	$ 0	$ 0	$ 0
Restricted amount by subsidiaries	$ 506,000,000.0	$ 456,000,000.0

Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Product revenue — gross	$ 298,911	$ 234,009	$ 190,180
Less: Rebates and sales returns	(32,192)	(21,337)	(46,075)
Product revenue — net	$ 266,719	$ 212,672	$ 144,105

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
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+ Details

Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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):


	Year Ended December 31,
	2023	2022	2021
Numerator:
Net loss attributable to ordinary shareholders	(334,620)	(443,286)	(704,471)
Denominator:
Weighted average number of ordinary shares - basic and diluted	966,394,130	958,067,140	929,921,120
Net loss per share-basic and diluted	(0.35)	(0.46)	(0.76)

As a result of the Company’s net loss for 2023, 2022, and 2021, 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.


	December 31,
	2023	2022	2021
Share options	104,584,050	91,181,420	81,015,590
Non-vested restricted shares	31,279,600	33,433,890	9,567,360

Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to ordinary shareholders — basic	$ (334,620)	$ (443,286)	$ (704,471)
Net loss attributable to ordinary shareholders — diluted	$ (334,620)	$ (443,286)	$ (704,471)
Denominator:
Weighted average number of ordinary shares - basic (in shares)	966,394,130	958,067,140	929,921,120
Weighted average number of ordinary shares - diluted (in shares)	966,394,130	958,067,140	929,921,120
Net loss per share — basic (in dollars per share)	$ (0.35)	$ (0.46)	$ (0.76)
Net loss per share — diluted (in dollars per share)	$ (0.35)	$ (0.46)	$ (0.76)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

The following table presents the Company’s inventories, net ($ in thousands):


	December 31,
	2023	2022

Finished goods	22,702	12,156
Raw materials	17,655	19,029
Work in progress	4,470	436
Inventories, net	44,827	31,621

The Company writes down inventory for any excess or obsolete inventories or when the Company believes that the net realizable value of inventories is less than the carrying value. The Company recorded write-downs in inventory, which were included in cost of sales of $1.0 million, $0.5 million, and $1.4 million in 2023, 2022, and 2021, respectively.

Schedule I — Condensed Financial Information of Registrant - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Expenses:
Research and development	$ (265,868,000)	$ (286,408,000)	$ (573,306,000)
Loss from operations	(366,573,000)	(404,357,000)	(700,064,000)
Interest income	39,797,000	14,582,000	2,190,000
Other income (expense), net	7,006,000	3,113,000	(10,201,000)
Loss before income tax and share of loss from equity method investment	(334,620,000)	(443,065,000)	(703,414,000)
Income tax expense	0	0	0
Net loss	(334,620,000)	(443,286,000)	(704,471,000)
Other comprehensive income (loss) , net of tax of nil:
Other comprehensive (loss) income, tax	0	0	0
Foreign currency translation adjustments	11,941,000	49,330,000	(9,121,000)
Comprehensive loss	(322,679,000)	(393,956,000)	(713,592,000)
Parent Company
Operating Expenses:
Research and development	(82,000)	(178,000)	(6,000)
General and administrative	(16,958,000)	(19,773,000)	(12,074,000)
Loss from operations	(17,040,000)	(19,951,000)	(12,080,000)
Interest income	30,840,000	12,857,000	1,881,000
Other income (expense), net	4,029,000	(8,678,000)	(18,173,000)
Loss before income tax and share of loss from equity method investment	17,829,000	(15,772,000)	(28,372,000)
Equity in loss of subsidiaries	(352,449,000)	(427,514,000)	(676,099,000)
Income tax expense	0	0	0
Net loss	(334,620,000)	(443,286,000)	(704,471,000)
Other comprehensive income (loss) , net of tax of nil:
Other comprehensive (loss) income, tax	0	0	0
Foreign currency translation adjustments	11,941,000	49,330,000	(9,121,000)
Comprehensive loss	$ (322,679,000)	$ (393,956,000)	$ (713,592,000)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Supplemental Information Related to Leases

The following table presents operating lease costs ($ in thousands). Total lease expense related to short-term leases was insignificant for those periods presented.


	Year Ended December 31,
	2023	2022	2021

Operating fixed lease cost	8,691	8,774	6,263

Summary of Cash Flow Information Related to Leases

The following table presents operating cash flows related to leases ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

Cash paid for amounts included in measurement of lease liabilities	9,317	8,084	5,840
Non-cash operating lease liabilities arising from obtaining operating right-of-use assets	3,668	14,801	2,183

Summary of Maturities of Lease Liabilities

The maturities of lease liabilities in accordance with ASC Topic 842, Leases in each of the next five years and thereafter were as follows ($ in thousands):


			Year Ended December 31, 2023

2024			7,444
2025			5,143
2026			1,811
2027			822
2028			391
Thereafter			—
Total lease payments			15,611
Less: imputed interest			(460)
Present value of minimum operating lease payments			15,151

Summary of Weighted-Average Remaining Lease Terms and Discount Rates

Weighted-average remaining lease terms and discount rates are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term	2.5 years		2.6 years
Weighted-average discount rate	3.0	%	3.4	%

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (334,620)	$ (443,286)	$ (704,471)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	11,941	49,330	(9,121)
Comprehensive loss	$ (322,679)	$ (393,956)	$ (713,592)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Product revenue, net	$ 266,719,000	$ 212,672,000	$ 144,105,000
Collaboration revenue	0	2,368,000	207,000
Total revenues	266,719,000	215,040,000	144,312,000
Expenses
Cost of sales	(95,816,000)	(74,018,000)	(52,239,000)
Research and development	(265,868,000)	(286,408,000)	(573,306,000)
Selling, general and administrative	(281,608,000)	(258,971,000)	(218,831,000)
Gain on sale of intellectual property	10,000,000	0	0
Loss from operations	(366,573,000)	(404,357,000)	(700,064,000)
Interest income	39,797,000	14,582,000	2,190,000
Foreign currency (loss) gain	(14,850,000)	(56,403,000)	4,661,000
Other income (expense), net	7,006,000	3,113,000	(10,201,000)
Loss before income tax and share of loss from equity method investment	(334,620,000)	(443,065,000)	(703,414,000)
Income tax expense	0	0	0
Share of loss from equity method investment	0	(221,000)	(1,057,000)
Net loss	$ (334,620,000)	$ (443,286,000)	$ (704,471,000)
Loss per share — basic (in dollars per share)	$ (0.35)	$ (0.46)	$ (0.76)
Loss per share — diluted (in dollars per share)	$ (0.35)	$ (0.46)	$ (0.76)
Weighted-average shares used in calculating net loss per ordinary share — basic (in shares)	966,394,130	958,067,140	929,921,120
Weighted-average shares used in calculating net loss per ordinary share —diluted (in shares)	966,394,130	958,067,140	929,921,120

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash And Cash Equivalents [Line Items]
Cash	$ 789,051	$ 1,007,423
Cash equivalents	1,100	1,047
Cash and cash equivalents	790,151	1,008,470	$ 964,100
US$
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	762,436	957,824
RMB
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	25,093	45,486
Hong Kong dollar (“HK$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	1,974	4,378
Australian dollar (“A$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	587	598
Taiwan dollar (“TW$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 61	$ 184

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 790,151,000	$ 1,008,470,000
Short-term investments	16,300,000	0
Accounts receivable (net of allowance for credit loss of $17 and $11 as of December 31, 2023 and 2022, respectively)	59,199,000	39,963,000
Notes receivable	6,134,000	8,608,000
Inventories, net	44,827,000	31,621,000
Prepayments and other current assets	22,995,000	35,674,000
Total current assets	939,606,000	1,124,336,000
Restricted cash, non-current	1,113,000	803,000
Long-term investments	9,220,000	6,431,000
Prepayments for equipment	111,000	1,396,000
Property and equipment, net	53,734,000	57,863,000
Operating lease right-of-use assets	14,844,000	19,512,000
Land use rights, net	3,069,000	6,892,000
Intangible assets, net	13,389,000	1,511,000
Long-term deposits	1,209,000	1,396,000
Total assets	1,036,295,000	1,220,140,000
Current liabilities
Accounts payable	112,991,000	65,974,000
Current operating lease liabilities	7,104,000	7,050,000
Other current liabilities	82,972,000	66,818,000
Total current liabilities	203,067,000	139,842,000
Deferred income	28,738,000	21,360,000
Non-current operating lease liabilities	8,047,000	13,343,000
Other non-current liabilities	325,000	0
Total liabilities	240,177,000	174,545,000
Commitments and contingencies (Note 20)
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6,000	6,000
Additional paid-in capital	2,975,302,000	2,893,120,000
Accumulated deficit	(2,195,980,000)	(1,861,360,000)
Accumulated other comprehensive income	37,626,000	25,685,000
Treasury stock (at cost, 4,912,200 and 2,236,280 shares as of December 31, 2023 and 2022, respectively)	(20,836,000)	(11,856,000)
Total shareholders’ equity	796,118,000	1,045,595,000
Total liabilities and shareholders’ equity	$ 1,036,295,000	$ 1,220,140,000

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

The following table presents the Company’s cash and cash equivalents ($ in thousands):


	December 31,
	2023	2022

Cash	789,051	1,007,423
Cash equivalents (i)	1,100	1,047
	790,151	1,008,470
Denominated in:
US$	762,436	957,824
RMB (ii)	25,093	45,486
Hong Kong dollar (“HK$”)	1,974	4,378
Australian dollar (“A$”)	587	598
Taiwan dollar (“TW$”)	61	184
	790,151	1,008,470

(i)Cash equivalents represent short-term and highly liquid investments in a money market fund.

(ii)Certain cash and bank balances denominated in RMB were deposited with banks in mainland China. The conversion of these RMB denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the Chinese government.

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

Cayman Islands

Zai Lab Limited, ZLIP Holding Limited, Zai Auto Immune Limited, and Zai Anti Infectives Limited are incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, Zai Lab Limited, ZLIP Holding Limited, Zai Auto Immune Limited, and Zai Anti Infectives Limited are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands Taxation

ZL Capital Limited is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, ZL Capital Limited is not subject to income tax.

Australia

Zai Lab (AUST) Pty. Ltd. is incorporated in Australia and is subject to corporate income tax at a rate of 30%. Zai Lab (AUST) Pty. Ltd. had no taxable income for the periods presented; therefore, no provision for income taxes is required.

United States

Zai Lab (US) LLC is incorporated in the United States and is subject to U.S. federal corporate income tax at a rate of 21%. Zai Lab (US) LLC is also subject to state income tax in Delaware. Zai Lab (US) LLC had no taxable income for the periods presented; therefore, no provision for income taxes is required.

Taiwan

Zai Lab (Taiwan) Limited is incorporated in Taiwan and is subject to corporate income tax at a rate of 20%. Zai Lab (Taiwan) Limited had no taxable income for the periods presented; therefore, no provision for income taxes is required.

Hong Kong

Zai Lab (Hong Kong) Limited, ZL China Holding Two Limited, Zai Auto Immune (Hong Kong) Limited, and Zai Anti Infectives (Hong Kong) Limited are incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. Under the two-tiered profits tax rates regime in Hong Kong, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at

16.5%. In 2023, 2022, and 2021, Zai Lab (Hong Kong) Limited, ZL China Holding Two Limited, Zai Auto Immune (Hong Kong) Limited, and Zai Anti Infectives (Hong Kong) Limited did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the periods presented. Under the Hong Kong tax law, Zai Lab (Hong Kong) Limited, ZL China Holding Two Limited, Zai Auto Immune (Hong Kong) Limited, and Zai Anti Infectives (Hong Kong) Limited are exempted from income tax on its foreign-derived income, and there are no withholding taxes in Hong Kong on remittance of dividends.

People’s Republic of China

Under EIT Law, the statutory income tax rate is 25%, and the EIT rate will be reduced to 15% for state-encouraged High and New Technology Enterprises (“HNTE”). Zai Lab (Shanghai) Co., Ltd., first obtained a HNTE certificate in 2018 and began to enjoy the preferential tax rate of 15% from 2018 to 2020 and further extended the certificate in 2021 effective for 2021 to 2023. Zai Lab International Trading (Shanghai) Co., Ltd., Zai Lab (Suzhou) Co., Ltd., Zai Biopharmaceutical (Suzhou) Co., Ltd., and Zai Lab Trading (Suzhou) Co., Ltd. are subject to the statutory rate of 25%.

No provision for income taxes has been required to be accrued because the Company is in a cumulative loss position for the periods presented.

The following table presents loss (income) before income taxes ($ in thousands):


	Year Ended December 31,
	2023	2022	2021


Cayman Islands	(16,792)	19,454	28,401
British Virgin Islands	—	2	2
Mainland China	253,274	290,056	340,865
Hong Kong	4,483	53,425	243,400
United States	92,869	79,620	89,374
Australia	14	(260)	1,758
Taiwan	772	989	671
	334,620	443,286	704,471

Reconciliations of the differences between the Chinese statutory income tax rate and the Company’s effective income tax rate are as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory income tax rate	25	%	25	%	25	%
Tax-exempted income	0.19	%	—	%	—	%
Share-based compensation	(2.08	%)	(1.40	%)	(0.92	%)
Research and development super deduction	7.11	%	2.51	%	—	%
Non-deductible expenses	(2.83	%)	(2.31	%)	(5.78	%)
Prior year tax filing adjustment	1.32	%	6.33	%	1.50	%
Effect of different tax rate of subsidiary operation in other jurisdictions	0.02	%	(2.85	%)	(4.60	%)
Preferential tax rate	(7.12	%)	(6.26	%)	(4.30	%)

Expiration of deductible qualified donation	2.28	%	—	%	—	%
Changes in valuation allowance	(23.89	%)	(21.02	%)	(10.90	%)
Effective income tax rate	—	%	—	%	—	%

The following table presents the principal components of deferred tax assets and liabilities ($ in thousands):


	Year Ended December 31,
	2023	2022

Deferred tax assets:
Depreciation of property and equipment, net	131	98
Research and experimental capitalization	30,429	22,476
Share-based compensation	3,422	1,787
Accrued expenses	707	1,800
Government grants	467	189
Deferred revenue	4,354	3,378
Qualified donation	22,992	12,947
Lease liability	2,967	3,738
Net operating loss carry forwards	295,313	241,397
Less: valuation allowance	(357,956)	(284,072)
Total Deferred tax assets	2,826	3,738
Deferred tax liabilities:
Right-of-use assets	(2,826)	(3,738)
Deferred tax assets, net	—	—

ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. In assessing the need for any additional valuation allowance for 2023, the Company considered all available evidence both positive and negative, including potential for prudent and feasible tax planning strategies, recent losses, and forecasts of future profitability. As of December 31, 2023 and 2022, the Company determined that the deferred tax assets on temporary differences and net operating loss carry forwards related to certain subsidiaries will not be realized, and as such it has fully provided the corresponding valuation allowance.

The following table presents that movement of the valuation allowance on deferred tax assets ($ in thousands):


	2023	2022

Balance as of January 1,	(284,072)	(189,684)
Additions	(73,884)	(94,388)
Balance as of December 31,	(357,956)	(284,072)

As of December 31, 2023 and 2022, the Company had net operating loss carry forwards of $1,804.9 million and $1,483.2 million, respectively. As of December 31, 2023, net operating loss carryforwards related to the Company’s subsidiaries in mainland China, Hong Kong, Taiwan, the United States, and Australia and were $1,492.0 million, $51.0 million, $2.1 million, $256.0 million, and $3.8 million, respectively. Net operating loss carryforwards in mainland China and Taiwan expire through 2033 and those in Hong Kong, the United States, and Australia do not expire.

Uncertainties exist with respect to how the current income tax law in mainland China applies to the Company’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of mainland China will be considered residents for Chinese income tax purposes if the place of effective management or control is within mainland China. The implementation rules to the EIT Law provide that non-resident legal entities will be considered Chinese residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, and properties occurs within mainland China. Despite the present uncertainties resulting from the limited Chinese tax guidance on the issue, the Company does not believe that the legal entities organized outside of mainland China within the Company should be treated as residents for EIT Law purposes. If the Chinese tax authorities subsequently determine that the Company and its subsidiaries registered outside of mainland China should be deemed resident enterprises, the Company and its subsidiaries registered outside of mainland China will be subject to Chinese income taxes, at a rate of 25%. The Company is not subject to any other uncertain tax position.

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB0.1 million. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiary for the years from 2014 to 2023 are open to examination by the PRC tax authorities.

For Hong Kong income tax purposes, the statute of limitations is six years after the relevant year of assessment. This can be extended to 10 years in the case of fraud of willful evasion of taxes. There are no provisions that govern the time limit for tax collection.

For U.S. federal income tax purposes, the statute of limitations is generally 3 years after the due date of the return, or 3 years after the date the return was actually filed, whichever is later. The statute of limitations does not apply to fraud or tax evasion. Also, the statute of limitations is indefinite if no tax return is filed. For state income tax purpose, the statute of limitations is generally 4 years from the return filing date or due date for California, Kentucky, and New Jersey, subject to certain exceptions (e.g., fraud, failure to file).

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	2 years 6 months	2 years 7 months 6 days
Weighted-average discount rate	3.00%	3.40%

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38205
Entity Registrant Name	ZAI LAB LIMITED
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1144595
Entity Address, Address Line One	4560 Jinke Road
Entity Address, Address Line Two	Bldg. 1, Fourth Floor Pudong
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	201210
City Area Code	86 21
Local Phone Number	6163 2588
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.7
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2023. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001704292
Document Fiscal Year Focus	2023
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 10 Ordinary Shares, par value $0.000006 per share
Trading Symbol	ZLAB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		758,101,320
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.000006 per share
Trading Symbol	9688
Entity Common Stock, Shares Outstanding		992,087,430

Leases - Additional Information (Details)	Dec. 31, 2023
Minimum
Lease
Operating lease remaining lease term	1 year
Maximum
Lease
Operating lease remaining lease term	5 years

Revenue - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue
Product revenue — net	$ 266,719	$ 212,672	$ 144,105
ZEJULA
Disaggregation of Revenue
Product revenue — net	168,843	145,194	93,579
OPTUNE
Disaggregation of Revenue
Product revenue — net	46,969	47,321	38,903
QINLOCK
Disaggregation of Revenue
Product revenue — net	19,240	14,957	11,620
NUZYRA
Disaggregation of Revenue
Product revenue — net	21,656	5,200	3
VYVGART
Disaggregation of Revenue
Product revenue — net	$ 10,011	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss (Income) Before Income Taxes

The following table presents loss (income) before income taxes ($ in thousands):


	Year Ended December 31,
	2023	2022	2021


Cayman Islands	(16,792)	19,454	28,401
British Virgin Islands	—	2	2
Mainland China	253,274	290,056	340,865
Hong Kong	4,483	53,425	243,400
United States	92,869	79,620	89,374
Australia	14	(260)	1,758
Taiwan	772	989	671
	334,620	443,286	704,471

Schedule of Reconciliations

Reconciliations of the differences between the Chinese statutory income tax rate and the Company’s effective income tax rate are as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory income tax rate	25	%	25	%	25	%
Tax-exempted income	0.19	%	—	%	—	%
Share-based compensation	(2.08	%)	(1.40	%)	(0.92	%)
Research and development super deduction	7.11	%	2.51	%	—	%
Non-deductible expenses	(2.83	%)	(2.31	%)	(5.78	%)
Prior year tax filing adjustment	1.32	%	6.33	%	1.50	%
Effect of different tax rate of subsidiary operation in other jurisdictions	0.02	%	(2.85	%)	(4.60	%)
Preferential tax rate	(7.12	%)	(6.26	%)	(4.30	%)

Expiration of deductible qualified donation	2.28	%	—	%	—	%
Changes in valuation allowance	(23.89	%)	(21.02	%)	(10.90	%)
Effective income tax rate	—	%	—	%	—	%

Schedule of Components of Deferred Tax Assets and Liabilities

The following table presents the principal components of deferred tax assets and liabilities ($ in thousands):


	Year Ended December 31,
	2023	2022

Deferred tax assets:
Depreciation of property and equipment, net	131	98
Research and experimental capitalization	30,429	22,476
Share-based compensation	3,422	1,787
Accrued expenses	707	1,800
Government grants	467	189
Deferred revenue	4,354	3,378
Qualified donation	22,992	12,947
Lease liability	2,967	3,738
Net operating loss carry forwards	295,313	241,397
Less: valuation allowance	(357,956)	(284,072)
Total Deferred tax assets	2,826	3,738
Deferred tax liabilities:
Right-of-use assets	(2,826)	(3,738)
Deferred tax assets, net	—	—

Schedule of Movement of Valuation Allowance

The following table presents that movement of the valuation allowance on deferred tax assets ($ in thousands):


	2023	2022

Balance as of January 1,	(284,072)	(189,684)
Additions	(73,884)	(94,388)
Balance as of December 31,	(357,956)	(284,072)

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 20.3	$ 14.3	$ 170.4
Share options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted contractual term	10 years
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 2.21	$ 2.74	$ 12.60
Unrecognized compensation expense related to unvested share options granted	$ 104.2
Recognized over a weighted-average period	3 years 18 days
Share options \| Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Share options \| Since April 2023 \| Tranche one
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Since April 2023 \| Tranche four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Share options \| Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Share options \| Prior to April 2023 \| Tranche one
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Share options \| Prior to April 2023 \| Tranche five
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20.00%
Non-vested restricted shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair value of non-option awards granted (in dollars per share)	$ 3.18	$ 3.71	$ 10.55
Unrecognized share-based compensation	$ 104.1
Recognized over a weighted-average period	2 years 9 months
Two Thousand Twenty Two Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized (in shares)				97,908,743

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($)
Property and Equipment
Loss Contingencies [Line Items]
Purchase obligation to be incurred within one year	$ 1.2

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Purchase Commitments The Company’s commitments related to purchase of property and equipment contracted but not yet reflected in the consolidated financial statements were $1.2 million as of December 31, 2023 and were expected to be incurred within one year. (b) Legal Proceedings The Company is not currently a party to any material legal proceedings. Each quarter, the Company evaluates whether there have been any developments in legal proceedings that would require an accrual. In accordance with the accounting guidance for contingencies, the Company will accrue for losses that are both probable and reasonably estimable. The Company will record any legal and other third-party costs related to its legal contingencies as incurred. (c) Indemnifications In the normal course of business, the Company enters into agreements that indemnify others for certain liabilities that may arise in connection with a transaction or certain events and activities. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, the Company may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations.

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table presents the Company’s inventories, net ($ in thousands):


	December 31,
	2023	2022

Finished goods	22,702	12,156
Raw materials	17,655	19,029
Work in progress	4,470	436
Inventories, net	44,827	31,621

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net 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):


	Year Ended December 31,
	2023	2022	2021
Numerator:
Net loss attributable to ordinary shareholders	(334,620)	(443,286)	(704,471)
Denominator:
Weighted average number of ordinary shares - basic and diluted	966,394,130	958,067,140	929,921,120
Net loss per share-basic and diluted	(0.35)	(0.46)	(0.76)

Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share


	December 31,
	2023	2022	2021
Share options	104,584,050	91,181,420	81,015,590
Non-vested restricted shares	31,279,600	33,433,890	9,567,360

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rafael Amado [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 15, 2023, Rafael Amado, the Company’s President and Head of Global Oncology Research and Development, adopted a new written Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K), for the sale of up to 94,500 of the Company’s ADSs, each representing ten of the Company’s ordinary shares. This Rule 10b5-1 trading arrangement is scheduled to terminate no later than December 16, 2024.
Name	Rafael Amado
Title	President and Head of Global Oncology Research and Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Arrangement Duration	367 days
Aggregate Available	94,500	94,500

Other Income (Expenses), Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

The following table presents the Company’s other income (expenses), net ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

Government grants	2,433	11,471	4,113
Gain (Loss) on equity investments with readily determinable fair value	2,789	(8,952)	(14,617)
Others miscellaneous gain	1,784	594	303
Total	7,006	3,113	(10,201)

Long-Term Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity And Cost Method Investments
Gains (losses) on equity investments with readily determinable fair value		$ 2,789	$ (8,952)	$ (14,617)
MacroGenics
Equity And Cost Method Investments
Issuance of common stock (in shares)	958,467
Issue price per share (in dollars per share)	$ 31.30
Level 1
Equity And Cost Method Investments
Equity investments with readily determinable fair value		9,200	6,400
MacroGenics
Equity And Cost Method Investments
Capital contribution commitment	$ 30,000
Gains (losses) on equity investments with readily determinable fair value		$ 2,800	$ (9,000)	$ (14,600)

Long-Term Investments	12 Months Ended
Long-Term Investments	Dec. 31, 2023
Investments [Abstract]
Long-Term Investments	Long-Term Investments In July 2021, the Company made an equity investment in MacroGenics Inc. (“MacroGenics”), a biopharmaceutical company focused on developing and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer, in a private placement with total contributions of $30,000 and obtained 958,467 newly issued common shares of MacroGenics at $31.30 per share. The Company recorded this investment at acquisition cost and subsequently measured it at fair value, with the changes in fair value recognized in other income (expenses), net in the consolidated statements of operations. The equity investments with readily determinable fair value are measured using level 1 inputs and were $9.2 million and $6.4 million as of December 31, 2023 and 2022, respectively. The Company recognized a fair value gain of $2.8 million in 2023, and losses of $9.0 million and $14.6 million in 2022 and 2021, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2024, the Company entered into certain debt arrangements with the Bank of China, SPD Bank, and Ningbo Bank to support its working capital needs in mainland China. Bank of China Working Capital Loan Facility On February 5, 2024, the Company entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited (the “BOC HK”) pursuant to which the 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 agreement, the Company paid a one-time, non-refundable fee of $0.7 million. On February 6, 2024, upon the Company’s application, the BOC HK provided a standby letter of credit in favor of the Bank of China Pudong Development Zone Branch (the “BOC Pudong Branch”) for $50.0 million which are or may become payable by the Company’s wholly-owned subsidiary, Zai Lab (Shanghai) Co., Ltd. (“Zai Lab Shanghai”), and Zai Lab Shanghai subsequently entered into a working capital loan contract with the BOC Pudong Branch on February 7, 2024 for a loan of RMB340.0 million (approximately $47.8 million). The working capital loan has a one-year term and is subject to a floating interest rate of approximately 2.95% initially, and is subject to adjustment every six months. SPD Bank Working Capital Loan Facility On February 6, 2024, the Company entered into a maximum-amount guarantee contract with the Shanghai Pudong Development Bank Co., Ltd. Zhangjiang Hi-Tech Park Sub-branch (the “SPD Bank”) pursuant to which the Company will guarantee working capital loans of up to RMB300.0 million (approximately $42.0 million) from SPD Bank to Zai Lab Shanghai over a three-year period. To date, Zai Lab Shanghai has entered into a working capital loan contract with SPD Bank under this debt facility for RMB50.0 million (approximately $7.0 million). The working capital loan has a one-year term and is subject to a fixed interest rate of 3.45%. Ningbo Bank Working Capital Loan Facility On February 6, 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 the Company is authorized to utilize up to RMB160.0 million (approximately $22.5 million). In connection with the arrangements described in the Ningbo Bank Agreements, Zai Lab Suzhou agreed to pledge interests in certain real property it owns in Suzhou. To date, Zai Lab Suzhou has not entered into any discounting arrangements or working capital loans under this Ningbo Bank working capital loan facility.

Short-Term Investments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Short-term investments	$ 16,300,000	$ 0
Allowance for credit loss	$ 0
Minimum
Schedule of Held-to-Maturity Securities [Line Items]
Original maturities of time deposits	3 months
Maximum
Schedule of Held-to-Maturity Securities [Line Items]
Original maturities of time deposits	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Subparagraph (e)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

Share-Based Compensation - Assumptions Used to Estimate Fair Values of Share Options Granted (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free rate of return, minimum	3.50%	1.40%	0.90%
Risk-free rate of return, maximum	4.70%	4.00%	1.40%
Expected term (in years)		6 years 6 months
Estimated volatility rate	70.00%	65.00%	65.00%
Expected dividend rate	0.00%	0.00%	0.00%
Share options, batch one
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years		6 years
Share options, batch two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months		6 years 3 months
Share options, batch three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 6 months		6 years 6 months

Restricted Cash, Non-Current	12 Months Ended
Restricted Cash, Non-Current	Dec. 31, 2023
Restricted Cash [Abstract]
Restricted Cash, Non-Current	Restricted Cash, Non-Current The Company’s restricted cash balance were $1.1 million and $0.8 million as of December 31, 2023 and 2022, respectively, and consisted of long-term bank deposits held as collateral for issuance of letters of credit. These deposits will be released when the related letters of credit are settled by the Company.

Income Tax - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Depreciation of property and equipment, net	$ 131	$ 98
Research and experimental capitalization	30,429	22,476
Share-based compensation	3,422	1,787
Accrued expenses	707	1,800
Government grants	467	189
Deferred revenue	4,354	3,378
Qualified donation	22,992	12,947
Lease liability	2,967	3,738
Net operating loss carry forwards	295,313	241,397
Less: valuation allowance	(357,956)	(284,072)	$ (189,684)
Total Deferred tax assets	2,826	3,738
Deferred tax liabilities:
Right-of-use assets	(2,826)	(3,738)
Deferred tax assets, net	$ 0	$ 0

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company has adopted equity incentive plans, pursuant to which the Company grants share options, SARs, restricted and unrestricted shares, and share units, performance awards, and other awards that are convertible into or otherwise based on ordinary shares to employees and directors of the Company as well as to certain advisors and service providers. In March 2015, the Board of Directors of the Company approved such an Equity Incentive Plan (the “2015 Plan”). In August 2017, in connection with the completion of the Company’s initial public offering on Nasdaq (the “IPO”), the Board of Directors approved the 2017 Equity Incentive Plan (the “2017 Plan”). No new equity-based awards would be granted under the 2015 Plan subsequent to the IPO; new equity-based awards would be granted under the 2017 Plan.

The Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”), which became effective in June 2022 following required approvals from the Company’s shareholders and Board of Directors. No new equity-based awards will be made under the 2017 Plan as of the effective date of the 2022 Plan. The initial aggregate number of shares available for issuance under the 2022 Plan was 97,908,743 ordinary shares.

The share options granted under the equity incentive plans described above have a contractual term of ten years. Share options granted since April 2023 generally vest ratably over a four-year period, and share options granted prior to April 2023 generally vest ratably over a five-year period, with 25% or 20% of the awards vesting on each anniversary of the grant date, respectively, subject to continued employment/service with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. The shares underlying restricted share grants represent shares not yet vested until they have met related consideration or vesting requirements, which are generally continued employment/service to the Company or satisfaction of specified performance conditions. The restricted shares will be released from the restrictions once they vest. Upon termination of the award holders’ service with the Company for any reason, any shares that are outstanding and not yet vested will be immediately forfeited unless otherwise set forth in an agreement between the Company and the award holder.

Before November 2023, upon each settlement date of the share awards, shares were generally withheld to cover the required withholding tax, which was based on the value of a share on the settlement date as determined by the closing price of the ADSs on the trading day of the applicable settlement date. The remaining shares after the withholding were delivered to the recipient. The amount remitted to the tax authorities for employee tax obligations was reflected as a financing activity on the consolidated statements of cash flows. These shares withheld by the Company as a result of the net settlement were accounted for as treasury stock and considered issued but not outstanding.

Stock Option Activity

The following table presents a summary of option activity and related information in 2023:


	Number of options	Weighted average exercise price ($)	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Outstanding at December 31, 2022	91,181,420	3.05	5.89	115,969
Granted	24,102,740	3.36
Exercised	(6,516,920)	0.39
Forfeited	(4,183,190)	6.68
Outstanding at December 31, 2023	104,584,050	3.14	5.97	83,424
Vested and exercisable as of December 31, 2023	58,695,320	2.11	3.93	83,266

The aggregate intrinsic value of stock options exercised during 2023, 2022, and 2021 was $20.3 million, $14.3 million, and $170.4 million, respectively.

Stock Option Valuation Assumptions

The following table presents the assumptions used to estimate the fair values of the share options granted:


	2023	2022	2021
Risk-free rate of return	3.5%-4.7%	1.4%-4.0%	0.9%-1.4%
Expected term (in years)	6, 6.25,or 6.5	6.5	6, 6.25 or 6.5
Estimated volatility rate	70%	65%	65%
Expected dividend rate	0%	0%	0%

Options granted are measured based on grant-date fair value using the Black-Scholes option pricing model. The weighted-average grant-date fair value per share for options granted during 2023, 2022, and 2021 were $2.21, $2.74, and $12.60 per share, respectively.

Non-Vested Restricted Shares Activity

The following table summarized the Company’s non-vested restricted share activity in 2023:


	Numbers of non-vested restricted shares	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Non-vested as of December 31, 2022	33,433,890	3.55	102,642
Granted	9,001,740
Vested	(8,178,500)
Forfeited	(2,977,530)
Non-vested as of December 31, 2023	31,279,600	2.75	85,487

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 2023, 2022, and 2021 were $3.18, $3.71, and $10.55 per share, respectively.

Stock-Based Compensation Expenses

The 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,
	2023	2022	2021

Selling, general and administrative	48,017	38,118	23,194
Research and development	31,617	23,184	17,520
Total	79,634	61,302	40,714

As of December 31, 2023, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $104.2 million and $104.1 million, respectively, which the Company expects to recognize over a weighted-average period of 3.05 years and 2.75 years, respectively.

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory write-down	$ 1.0	$ 0.5	$ 1.4

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows:


			Useful life
Office equipment			3 years
Electronic equipment			1.25-3 years
Vehicles			4 years
Laboratory equipment			5 years
Manufacturing equipment			10 years
Leasehold improvements			lesser of useful life or lease term

Schedule of Concentration of Suppliers

The following suppliers accounted for 10% or more of research and development expenses and inventory purchases ($ in thousands):


	Year Ended December 31,
	2023	2022	2021



E	*	*	165,431
F	*	*	66,650

* Represents less than 10% of research and development expenses and inventory purchases for the period.

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

The following table presents the Company’s other current liabilities ($ in thousands):


	December 31,
	2023	2022
Accrued payroll	33,711	31,689
Accrued professional service fee	7,520	4,080
Payables for purchase of property and equipment	2,474	5,269
Accrued rebate to distributors	16,926	8,443
Tax payables	16,988	13,283
Others (i)	5,353	4,054
Total	82,972	66,818

(i)Others mainly include accrued travel, business-related expenses, and other payables to employee.

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table presents the Company’s cash and cash equivalents ($ in thousands):


	December 31,
	2023	2022

Cash	789,051	1,007,423
Cash equivalents (i)	1,100	1,047
	790,151	1,008,470
Denominated in:
US$	762,436	957,824
RMB (ii)	25,093	45,486
Hong Kong dollar (“HK$”)	1,974	4,378
Australian dollar (“A$”)	587	598
Taiwan dollar (“TW$”)	61	184
	790,151	1,008,470

(i)Cash equivalents represent short-term and highly liquid investments in a money market fund.

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 33,711	$ 31,689
Accrued professional service fee	7,520	4,080
Payables for purchase of property and equipment	2,474	5,269
Accrued rebate to distributors	16,926	8,443
Tax payables	16,988	13,283
Others	5,353	4,054
Total	$ 82,972	$ 66,818

License and Collaboration Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Specified royalty term		10 years
Research and development expense		$ 265,868	$ 286,408	$ 573,306
Maximum additional milestone payments		2,202,100
GSK
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based milestone payment		12,000		8,000
Maximum additional milestone payments		16,000
Novocure
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		68,000
Deciphera
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		173,000
Novo Holdings
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		$ 40,500
argenx
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of ordinary shares in connection with collaboration and license arrangement (in shares)	5,681,820
Upfront payment	$ 62,300
Amgen
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Specified royalty term		10 years
Maximum additional milestone payments		$ 37,000
Innoviva
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		88,600
BMS \| Repotrectinib
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		141,000
BMS \| Adagrasib
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		263,000
Upfront payment				65,000
Development milestone payment			10,000
BMS \| Xanomeline-Trospium
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		142,000
Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum additional milestone payments		263,000
Other counterparties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment		10,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| GSK
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			4,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Deciphera
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense				5,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Novo Holdings
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense				6,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| argenx
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense				100,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Innoviva
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense		3,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| BMS \| Repotrectinib
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense		$ 5,000		5,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| BMS \| Xanomeline-Trospium
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			10,000	$ 35,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			$ 30,000

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 7,444
2025	5,143
2026	1,811
2027	822
2028	391
Thereafter	0
Total lease payments	15,611
Less: imputed interest	(460)
Present value of minimum operating lease payments	$ 15,151

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Basis of Presentation

(b) Principles of Consolidation

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses to the appropriate financial reporting period based on actual services performed, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.

(d) Foreign Currency Translation

(e) Cash, Cash Equivalents, and Restricted Cash

Cash and Cash Equivalents

Restricted Cash

Restricted cash mainly consists of bank deposits held as collateral for issuances of letters of credit.

(f) Short-Term Investments

Short-term investments are time deposits with original maturities between three months and one year. Short-term investments are stated at cost, which approximates fair value. Interest earned is included in interest income.

(g) Accounts Receivable

(h) Notes Receivable

Notes receivable is equal to contractual amounts owed from signed, secured promissory notes issued from customers to the Company. The Company considers the notes receivable to be fully collectible. Accordingly, no allowance for credit loss has been established as of December 31, 2023 and 2022.

(i) Inventories

Inventories are stated at the lower of cost or net realizable value, with cost determined on a weighted average basis. The Company periodically reviews the composition of inventory and shelf life of inventory to identify obsolete, slow-moving, or otherwise non-saleable items. The Company will record a write-down to its net realizable value in cost of sales in the period that the decline in value is first identified.

(j) Prepayments for Equipment

The prepayments for equipment purchase are recorded in long-term prepayments considering the prepayments are all related to property and equipment.

(k) Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows:


			Useful life
Office equipment			3 years
Electronic equipment			1.25-3 years
Vehicles			4 years
Laboratory equipment			5 years
Manufacturing equipment			10 years
Leasehold improvements			lesser of useful life or lease term

Construction in progress represents property and equipment under construction and pending installation and is stated at cost less impairment losses, if any.

(l) Leases

(m) Land Use Rights

(n) Long-Term Deposits

Long-term deposits represent amounts paid in connection with the Company’s long-term lease agreements.

(o) Intangible Assets

Intangible assets mainly consist of capitalized sales-based milestone fees and externally purchased software. Sales-based milestone fees are capitalized based on contract terms upon achievement of the sales levels and are amortized over the estimated remaining useful life of the related product, which is generally based on expected patent life, the contractual period of the underlying license agreement, and expected commercial benefits of the products. Externally purchased software are amortized over three to five years on a straight-line basis. As of December 31, 2023, the intangible assets, net consist of $11.2 million capitalized sales-based milestone fees and $2.2 million software. As of December 31, 2022, the intangible assets, net consist of $1.5 million software. Amortization expenses for 2023, 2022, and 2021 were $0.7 million, $0.5 million, and $0.5 million, respectively. Amortization expenses of the Company’s intangible assets are expected to be approximately $3.1 million, $2.9 million, $2.7 million, $2.5 million, and $2.3 million, and nil for 2024, 2025, 2026, 2027, 2028, and thereafter, respectively.

(p) Impairment of Long-Lived Assets

The Company evaluates long-lived assets, which includes intangible assets, tangible assets, and ROU assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of the related asset group to its future undiscounted cash flows. The Company measures the amount of impairment, if any, based on the difference between the carrying value and the estimated fair value of the impaired asset group.

(q) Fair Value Measurements

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

(r) Revenue Recognition

The Company didn’t recognize any contract assets and contract liabilities as of December 31, 2023 and 2022.

(s) Collaborative Arrangements

elements of collaboration arrangements that are accounted pursuant to ASC 808, an appropriate recognition method is determined and applied consistently.

(t) Research and Development Expenses

(u) Deferred Income

Deferred income mainly consists of deferred income from government grants and the upfront payments received from Huizheng.

(v) Comprehensive Loss

Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company’s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss.

(w) Share-Based Compensation

(x) Income Taxes

(y) Loss Per Share

Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

(z) Segment Information

In accordance with ASC 280, Segment Reporting, the Company’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and therefore, the Company has only one operating and reportable segment.

(aa) Concentration of Risks

Concentration of Customers

One customer accounted for 10% or more of revenue, with $59.4 million, $52.5 million, and $40.6 million in 2023, 2022, and 2021, respectively.

Concentration of Suppliers

The following suppliers accounted for 10% or more of research and development expenses and inventory purchases ($ in thousands):


	Year Ended December 31,
	2023	2022	2021



E	*	*	165,431
F	*	*	66,650

* Represents less than 10% of research and development expenses and inventory purchases for the period.

Concentration of Credit Risk

Financial instruments that are potentially subject to significant concentration of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable, and notes receivable.

Foreign Currency Risk

RMB is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Company included aggregated amounts of $25.1 million and $45.5 million, which were denominated in RMB, as of December 31, 2023 and 2022, respectively, representing 3% and 5% of the cash and cash equivalents as of December 31, 2023 and 2022, respectively.

(ab) Recent Accounting Pronouncements

The Company has not adopted any new accounting standards in 2023 that have a material impact on the Consolidated Financial Statements.

Subsequent Events (Details) - Subsequent Event ¥ in Millions, $ in Millions				1 Months Ended
	Feb. 07, 2024 USD ($)	Feb. 06, 2024 USD ($)	Feb. 05, 2024 USD ($)	Feb. 27, 2024 USD ($)	Feb. 27, 2024 CNY (¥)	Feb. 07, 2024 CNY (¥)	Feb. 06, 2024 CNY (¥)
Subsequent Event [Line Items]
Maximum guarantor obligation		$ 42.0					¥ 300.0
Guarantor obligation term		3 years
Bank of China Working Capital Loan Facility
Subsequent Event [Line Items]
Debt instrument fee			$ 0.7
Bank of China Working Capital Loan Facility \| Loans Payable \| Zai Lab Shanghai
Subsequent Event [Line Items]
Debt instrument term	1 year
Loan amount	$ 47.8					¥ 340.0
Interest rate	2.95%					2.95%
Floating interest rate adjustment period	6 months
Bank of China Working Capital Loan Facility \| Standby Letters of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 100.0
Debt instrument term			1 year
Letters of credit outstanding		$ 50.0
SPD Bank Working Capital Loan Facility \| Loans Payable \| Zai Lab Shanghai
Subsequent Event [Line Items]
Debt instrument term				1 year
Loan amount				$ 7.0	¥ 50.0
Interest rate				3.45%	3.45%
Ningbo Bank Working Capital Loan Facility \| Loans Payable
Subsequent Event [Line Items]
Maximum borrowing capacity		22.5					160.0
Ningbo Bank Working Capital Loan Facility \| Loans Payable \| Zai Lab Suzhou
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 32.4					¥ 230.3

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Product Revenue

The Company’s product revenue is derived from the sales of its commercial products primarily in mainland China. The table below presents the Company’s net product revenue ($ in thousands):


	Year Ended December 31,
	2023	2022	2021
Product revenue — gross	298,911	234,009	190,180
Less: Rebates and sales returns	(32,192)	(21,337)	(46,075)
Product revenue — net	266,719	212,672	144,105

Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of revenue. Estimated rebates are determined based on contracted rates, sales volumes, and level of distributor inventories.

The following table presents the Company’s net revenue by product ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

ZEJULA	168,843	145,194	93,579
OPTUNE	46,969	47,321	38,903
QINLOCK	19,240	14,957	11,620
NUZYRA	21,656	5,200	3
VYVGART	10,011	—	—
Product revenue — net	266,719	212,672	144,105

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

The following table presents the Company’s other current liabilities ($ in thousands):


	December 31,
	2023	2022
Accrued payroll	33,711	31,689
Accrued professional service fee	7,520	4,080
Payables for purchase of property and equipment	2,474	5,269
Accrued rebate to distributors	16,926	8,443
Tax payables	16,988	13,283
Others (i)	5,353	4,054
Total	82,972	66,818

(i)Others mainly include accrued travel, business-related expenses, and other payables to employee.

Schedule I — Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from Operating activities:
Net loss	$ (334,620)	$ (443,286)	$ (704,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred income	(3,383)	(2,602)	(521)
Share-based compensation	79,634	61,302	40,714
Loss from fair value changes of equity investment of readily determinable fair value	(2,789)	8,952	14,617
Changes in operating assets and liabilities:
Prepayments and other current assets	12,246	(19,258)	(7,086)
Other current liabilities	19,810	7,392	30,142
Net cash provided by (used in) operating activities	(198,178)	(367,642)	(549,231)
Cash flows from investing activities
Purchase of short-term investments	(134,000)	(260,274)	(445,000)
Proceeds from maturity of short-term investments	117,700	705,274	743,902
Purchase of investment in equity investee	0	0	(30,000)
Net cash (used in) provided by investing activities	(10,776)	420,016	249,957
Cash flows from financing activities
Proceeds from exercises of stock options	2,369	5,870	7,417
Proceeds from issuance of ordinary shares upon public offerings	0	0	818,875
Payment of public offering costs	0	0	(1,837)
Taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,202
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(2,622)	(6,274)	1,116
Net (decrease) increase in cash, cash equivalents and restricted cash	(218,009)	44,370	522,044
Cash, cash equivalents and restricted cash — beginning of the year	1,009,273	964,903	442,859
Cash, cash equivalents and restricted cash — end of the year	791,264	1,009,273	964,903
Parent Company
Cash flows from Operating activities:
Net loss	(334,620)	(443,286)	(704,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred income	0	(234)	(312)
Share-based compensation	3,217	3,724	3,435
Equity in loss of subsidiaries	352,449	427,514	676,099
Loss from fair value changes of equity investment of readily determinable fair value	(2,789)	8,952	14,617
Changes in operating assets and liabilities:
Prepayments and other current assets	2,780	(7,839)	(439)
Other current liabilities	(379)	1,648	(376)
Net cash provided by (used in) operating activities	20,658	(9,521)	(11,447)
Cash flows from investing activities
Purchase of short-term investments	0	(260,274)	(445,000)
Proceeds from maturity of short-term investments	0	705,274	743,902
Purchase of investment in equity investee	0	0	(30,000)
Investment in subsidiaries	(392,893)	(80,942)	(884,342)
Net cash (used in) provided by investing activities	(392,893)	364,058	(615,440)
Cash flows from financing activities
Proceeds from exercises of stock options	2,369	5,870	7,418
Proceeds from issuance of ordinary shares upon public offerings	0	0	818,875
Payment of public offering costs	0	0	(1,692)
Taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,348
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	0	0	773
Net (decrease) increase in cash, cash equivalents and restricted cash	(378,668)	352,807	194,234
Cash, cash equivalents and restricted cash — beginning of the year	944,649	591,842	397,608
Cash, cash equivalents and restricted cash — end of the year	$ 565,981	$ 944,649	$ 591,842

Income Tax - Reconciliation of the Effective Income Tax Rate (Details) - Mainland China	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%
Tax-exempted income	0.19%	0.00%	0.00%
Share-based compensation	(2.08%)	(1.40%)	(0.92%)
Research and development super deduction	7.11%	2.51%	0.00%
Non-deductible expenses	(2.83%)	(2.31%)	(5.78%)
Prior year tax filing adjustment	1.32%	6.33%	1.50%
Effect of different tax rate of subsidiary operation in other jurisdictions	0.02%	(2.85%)	(4.60%)
Preferential tax rate	(7.12%)	(6.26%)	(4.30%)
Expiration of deductible qualified donation	2.28%	0.00%	0.00%
Changes in valuation allowance	(23.89%)	(21.02%)	(10.90%)
Effective income tax rate	0.00%	0.00%	0.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development expense	$ 265,868	$ 286,408	$ 573,306
MEDx (Suzhou) Translational Medicine Co., Ltd.
Related Party Transaction [Line Items]
Research and development expense	$ 0	$ 400	$ 700

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Net Product Sales

The table below presents the Company’s net product revenue ($ in thousands):


	Year Ended December 31,
	2023	2022	2021
Product revenue — gross	298,911	234,009	190,180
Less: Rebates and sales returns	(32,192)	(21,337)	(46,075)
Product revenue — net	266,719	212,672	144,105

Schedule of Disaggregation of Net Revenue

The following table presents the Company’s net revenue by product ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

ZEJULA	168,843	145,194	93,579
OPTUNE	46,969	47,321	38,903
QINLOCK	19,240	14,957	11,620
NUZYRA	21,656	5,200	3
VYVGART	10,011	—	—
Product revenue — net	266,719	212,672	144,105

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (334,620)	$ (443,286)	$ (704,471)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit loss	6	1	10
Inventory write-down	973	477	1,368
Depreciation and amortization expenses	9,029	8,227	6,487
Impairment of property and equipment	57	0	0
Amortization of deferred income	(3,383)	(2,602)	(521)
Share-based compensation	79,634	61,302	40,714
Noncash research and development expenses	0	0	62,250
Share of loss from equity method investment	0	221	1,057
(Gain) loss from fair value changes of equity investment with readily determinable fair value	(2,789)	8,952	14,617
Loss on disposal of property and equipment	159	560	29
Gain on disposal of land use right	(408)	0	0
Noncash lease expenses	8,708	8,350	6,119
Gain from sale of intellectual property	(10,000)	0	0
Foreign currency remeasurement loss (gain)	14,850	56,403	(10,679)
Changes in operating assets and liabilities:
Accounts receivable	(20,040)	4,330	(42,319)
Notes receivable	2,352	(1,976)	(7,335)
Inventories	(14,907)	(15,382)	(7,174)
Prepayments and other current assets	12,246	(19,258)	(7,086)
Long-term deposits	187	(527)	(8)
Value added tax recoverable	0	22,781	(1,717)
Accounts payable	36,803	(53,773)	63,522
Other current liabilities	19,810	7,392	30,142
Operating lease liabilities	(8,351)	(8,455)	(5,385)
Deferred income	11,181	(1,379)	11,149
Other non-current Liabilities	325	0	0
Net cash provided by (used in) operating activities	(198,178)	(367,642)	(549,231)
Cash flows from investing activities
Purchase of short-term investments	(134,000)	(260,274)	(445,000)
Proceeds from maturity of short-term investments	117,700	705,274	743,902
Purchase of investment in equity investee	0	0	(30,000)
Purchase of property and equipment	(7,212)	(24,585)	(18,295)
Proceeds from the sale of property and equipment	122	0	3
Acquisition of intangible assets	(1,279)	(399)	(653)
Proceeds from sale of intellectual property	10,000	0	0
Proceeds from disposal of land use right	3,893	0	0
Net cash (used in) provided by investing activities	(10,776)	420,016	249,957
Cash flows from financing activities
Proceeds from exercises of stock options	2,369	5,870	7,417
Proceeds from issuance of ordinary shares upon public offerings	0	0	818,875
Payment of public offering costs	0	0	(1,837)
Taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,202
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(2,622)	(6,274)	1,116
Net (decrease) increase in cash, cash equivalents and restricted cash	(218,009)	44,370	522,044
Cash, cash equivalents and restricted cash — beginning of the year	1,009,273	964,903	442,859
Cash, cash equivalents and restricted cash — end of the year	791,264	1,009,273	964,903
Supplemental disclosure on non-cash investing and financing activities
Payables for purchase of property and equipment	2,474	5,269	2,568
Payables for acquisition of intangible assets	11,516	163	191
Payables for treasury stock	0	2	26
Right-of-use asset acquired under operating leases	3,668	14,801	2,183
Receivables for disposal of property and equipment	0	64	0
Supplemental disclosure of cash flow information
Cash and cash equivalents	790,151	1,008,470	964,100
Restricted cash, non-current	1,113	803	803
Total cash and cash equivalents and restricted cash	$ 791,264	$ 1,009,273	$ 964,903

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Office equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Electronic equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year 3 months
Electronic equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful life	4 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (334,620)	$ (443,286)	$ (704,471)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 83,870	$ 79,927
Less: accumulated depreciation	(30,136)	(22,064)
Property and equipment, net	53,734	57,863
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,047	977
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,161	7,416
Vehicle
Property, Plant and Equipment [Line Items]
Property and equipment, gross	199	202
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,140	18,726
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,680	17,055
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,371	11,300
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 24,272	$ 24,251

Employee Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mainland China Government Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 25.8	$ 23.6	$ 17.6
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 1.0	$ 0.5	$ 0.0
Employer matching contribution percentage	100.00%	50.00%	50.00%
Percentage of employee contribution that the employer matches	5.00%	5.00%	5.00%
Mandatory Provident Fund
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 0.2	$ 0.2	$ 0.0
Maximum \| 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of employees eligible compensation the employer matches	5.00%	5.00%	5.00%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases facilities for its offices, research and development center, and manufacturing facilities in mainland China, Hong Kong, Taiwan, and the United States. Lease terms vary based on the nature of operations and market dynamics; however, all leased facilities are classified as operating leases with remaining lease terms between one and five years.

The following table presents operating lease costs ($ in thousands). Total lease expense related to short-term leases was insignificant for those periods presented.


	Year Ended December 31,
	2023	2022	2021

Operating fixed lease cost	8,691	8,774	6,263

The following table presents operating cash flows related to leases ($ in thousands):


	Year Ended December 31,
	2023	2022	2021

Cash paid for amounts included in measurement of lease liabilities	9,317	8,084	5,840
Non-cash operating lease liabilities arising from obtaining operating right-of-use assets	3,668	14,801	2,183

The maturities of lease liabilities in accordance with ASC Topic 842, Leases in each of the next five years and thereafter were as follows ($ in thousands):


			Year Ended December 31, 2023

2024			7,444
2025			5,143
2026			1,811
2027			822
2028			391
Thereafter			—
Total lease payments			15,611
Less: imputed interest			(460)
Present value of minimum operating lease payments			15,151

Weighted-average remaining lease terms and discount rates are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term	2.5 years		2.6 years
Weighted-average discount rate	3.0	%	3.4	%

Schedule I — Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule I — Condensed Financial Information of Registrant

Zai Lab Limited

Financial Information of Parent Company

Condensed Balance Sheets

(in thousands of $, except for number of shares and per share data)


	December 31,
	2023	2022

Assets
Current assets:
Cash and cash equivalents	565,981	944,649

Prepayments and other current assets	7,423	10,203
Total current assets	573,404	954,852
Investment in subsidiaries	224,954	93,363
Total assets	798,358	1,048,215
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Other current liabilities	2,240	2,620
Total current liabilities	2,240	2,620

Total liabilities	2,240	2,620
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	6	6
Additional paid-in capital	2,975,302	2,893,120
Accumulated deficit	(2,195,980)	(1,861,360)
Accumulated other comprehensive income	37,626	25,685
Treasury stock	(20,836)	(11,856)
Total shareholders’ equity	796,118	1,045,595
Total liabilities and shareholders’ equity	798,358	1,048,215

Schedule I — Condensed Financial Information of Registrant

Zai Lab Limited

Financial Information of Parent Company

Condensed Statements of Operations and Comprehensive Loss

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Operating Expenses:
Research and development	(82)	(178)	(6)
General and administrative	(16,958)	(19,773)	(12,074)
Loss from operations	(17,040)	(19,951)	(12,080)
Interest income	30,840	12,857	1,881
Other income (expense), net	4,029	(8,678)	(18,173)
Profit (Loss) before income tax and equity in loss of subsidiaries	17,829	(15,772)	(28,372)
Equity in loss of subsidiaries	(352,449)	(427,514)	(676,099)
Income tax expense	—	—	—

Net loss	(334,620)	(443,286)	(704,471)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustment	11,941	49,330	(9,121)
Comprehensive loss	(322,679)	(393,956)	(713,592)

Schedule I — Condensed Financial Information of Registrant

Zai Lab Limited

Financial Information of Parent Company

Condensed Statements of Cash Flows

(in thousands of $)


	Year Ended December 31,
	2023	2022	2021

Cash flows from operating activities:
Net loss	(334,620)	(443,286)	(704,471)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred income	—	(234)	(312)
Share based compensation	3,217	3,724	3,435
Equity in loss of subsidiaries	352,449	427,514	676,099
Loss from fair value changes of equity investment of readily determinable fair value	(2,789)	8,952	14,617
Changes in operating assets and liabilities:
Prepayments and other current assets	2,780	(7,839)	(439)
Other current liabilities	(379)	1,648	(376)
Net cash provided by (used in) operating activities	20,658	(9,521)	(11,447)
Cash flows from investing activities:
Purchases of short-term investments	—	(260,274)	(445,000)
Proceeds from maturity of short-term investments	—	705,274	743,902
Purchase of investment in equity investee	—	—	(30,000)
Investment in subsidiaries	(392,893)	(80,942)	(884,342)
Net cash (used in) provided by investing activities	(392,893)	364,058	(615,440)
Cash flows from financing activities:
Proceeds from exercises of stock options	2,369	5,870	7,418
Proceeds from issuance of ordinary shares upon public offerings	—	—	818,875
Payment of public offering costs	—	—	(1,692)
Employee taxes paid related to settlement of equity awards	(8,802)	(7,600)	(4,253)
Net cash (used in) provided by financing activities	(6,433)	(1,730)	820,348
Effect of foreign exchange rate changes on cash and cash equivalent	—	—	773
Net (decrease) increase in cash and cash equivalents	(378,668)	352,807	194,234
Cash and cash equivalents-beginning of the year	944,649	591,842	397,608
Cash and cash equivalents-end of the year	565,981	944,649	591,842

Schedule I — Condensed Financial Information of Registrant

Zai Lab Limited

Financial Information of Parent Company

Notes

1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

2. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. For the parent company, Zai Lab Limited records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries”. Ordinarily under the equity, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.

3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures provide certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

4. As of December 31, 2023 and 2022, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Zai Lab Limited.