Filing Flows

Filing Flows › Companies › Zai Lab › Cash flow

Zai Lab cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$58.8M in Q3 2026 · −$163M over twelve months

Operating cash flow−$57.9M
Capital spending−$947K
Free cash flow−$58.8M
Cash conversion cycle-15 days

Analysis

In Q3 2026, Zai Lab generated −$57.9M of operating cash flow and spent $947K on capital projects, leaving free cash flow of −$58.8M. That is $23.8M less than in Q3 2025 (−$35.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$159M; the largest uses were operating cash flow ($159M), other investing ($43.8M), taxes on employees’ shares ($4.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($37.8M), shares issued ($4.8M); the cash balance fell by $167M.

Operating cash flow was −$57.9M against net income of −$46.1M. The largest differences: prepaid and other assets −$11.3M, stock-based pay +$11.0M, payables −$6.1M.

Its cash conversion cycle was -15 days (receivables 57 + inventory 158 − payables 230): suppliers fund its working capital.

Free cash flow

Zai Lab: free cash flow by quarterZai Lab: free cash flow by quarter−$58.4MQ4 2024−$63.2MQ1 2025−$33.9MQ2 2025−$35.0MQ3 2025−$26.7MQ4 2025−$13.1MQ1 2026−$64.7MQ2 2026−$58.8MQ3 2026
Operating cash flow less capital spending.
Zai Lab: operating cash flow against capital spendingZai Lab: operating cash flow against capital spendingOperating cash flowCapital spending−$55.8M$2.6MQ4 2024−$61.7M$1.5MQ1 2025−$31.0M$2.9MQ2 2025−$32.0M$3.0MQ3 2025−$26.0M$677KQ4 2025−$11.9M$1.2MQ1 2026−$63.4M$1.3MQ2 2026−$57.9M$947KQ3 2026
Latest (Q3 2026): Operating cash flow −$57.9M, Capital spending $947K.

Capital allocation, year by year

Zai Lab: where the cash came from (up) and went (down), by fiscal yearZai Lab: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$549MFY2021: Shares issued $826MFY2021: Asset sales $3KFY2021: Capital spending −$18.3M$826MFY2021FY2022: Operating cash flow −$368MFY2022: Shares issued $5.9MFY2022: Capital spending −$24.6M$5.9MFY2022FY2023: Operating cash flow −$198MFY2023: Shares issued $2.4MFY2023: Asset sales $122KFY2023: Capital spending −$7.2M$2.5MFY2023FY2024: Operating cash flow −$215MFY2024: Net borrowing $131MFY2024: Shares issued $221MFY2024: Asset sales $29KFY2024: Capital spending −$5.7M$352MFY2024FY2025: Operating cash flow −$151MFY2025: Net borrowing $67.9MFY2025: Shares issued $13.7MFY2025: Asset sales $87KFY2025: Capital spending −$8.1M$81.7MFY2025
Over these 5 years operating cash flow totalled −$1.5B; the largest uses were operating cash flow ($1.5B) and capital spending ($63.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$560M
Debt$252M
Net cash$307M
Cash runway3.4 years

Zai Lab is burning cash: its operations consume cash, a free cash flow of −$163M a year at the current rate against $560M of cash and investments: a runway of about 3.4 years before any new financing.

Where the cash came from and went

Zai Lab: sources (+) and uses (−) of cash, Q3 2026Zai Lab: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$57.9MCash drawn (+) / kept (−)$57.9MOther investing−$12.0MNet borrowing (+) / repaid (−)$11.5MShares issued$2.8MExchange rates−$1.4MCapital spending−$947KTaxes on employees’ shares−$229KAsset & business sales$225K
Zai Lab: sources (+) and uses (−) of cash, TTM to Q3 2026Zai Lab: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$167MOperating cash flow−$159MOther investing−$43.8MNet borrowing (+) / repaid (−)$37.8MShares issued$4.8MTaxes on employees’ shares−$4.7MCapital spending−$4.1MExchange rates$1.5MAsset & business sales$272K

From profit to cash

Zai Lab: net income to operating cash flow, Q3 2026Zai Lab: net income to operating cash flow, Q3 2026Net income−$46.1MDepreciation & amortization$4.4MStock-based pay$11.0MGains on disposals$15KReceivables$4.9MInventory$1.7MPayables−$6.1MDeferred revenue−$4KPrepaid and other assets−$11.3MOther liabilities−$3.5MOperating cash flow−$57.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202657158230-15
Q2 202653167248-28
Q1 202672189314-53
Q4 202569105178-4
Q3 202569127204-8
Q2 202568121223-33
Q1 202568109239-62
Q4 20245787244-99

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$57.9M−$947K$11.5M$2.8M$57.9M−$58.8M
Q2 2026−$63.4M−$1.3M$20.0M$946K$43.8M−$64.7M
Q1 2026−$11.9M−$1.2M$7.0M$833K$28.3M−$13.1M
Q4 2025−$26.0M−$677K−$679K$249K$37.6M−$26.7M
Q3 2025−$32.0M−$3.0M$27.1M$2.0M$15.1M−$35.0M
Q2 2025−$31.0M−$2.9M$545K$8.4M$25.0M−$33.9M
Q1 2025−$61.7M−$1.5M$41.0M$3.0M−$308M−$63.2M
Q4 2024−$55.8M−$2.6M$19.9M$1.9M$166M−$58.4M

Zai Lab: income statement and cash flow

Zai Lab, Q3 2026: revenue $108M (-7% year over year), operating margin -58.2%. The chart follows the revenue to costs, profit and cash.

Zai Lab: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.