Filing Flows › Zai Lab (ZLAB) › Q3 2025
Zai Lab (ZLAB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Zai Lab (ZLAB) reported revenue of $116M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +6% from the quarter before. Operating margin was -42.1%, net loss $36.0M (31.0% of revenue).
Zai Lab, Q3 2025: revenue $116M (+14% year over year), operating margin -42.1%, net loss $36.0M, operating cash flow −$32.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $116M | +6% | +14% |
| Operating profit | −$48.8M | — | — |
| Net earnings | −$36.0M | — | — |
| Operating cash flow | −$32.0M | — | — |
What changed
Revenue was $116.1M in Q3 2025, up 14% year over year and up 6% from the previous quarter. ZEJULA was the largest line at 37% of revenue. NUZYRA added $5.4M year over year (up 54%), 39% of the total change. ZEJULA declined 12%.
Operating costs exceeded revenue by $48.8M, an operating margin of -42.1%. Total costs fell 3% while revenue rose 14%. The fastest-growing cost line was Cost of revenue (+28%). The quarter ended with a net loss of $36.0M, narrower than the previous quarter's $40.7M loss. Non-operating items added $12.9M, -36% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$32.0M. Non-cash charges added back $3.9M of depreciation and amortization and $16.9M of share-based compensation. Working capital and other items used $16.9M. Capital expenditures of $3.0M exceeded it, leaving free cash flow of −$35.0M.
Questions
What was Zai Lab's revenue in the third quarter 2025?
Zai Lab (ZLAB) reported revenue of $116M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +6% from the quarter before.
Was Zai Lab profitable in the third quarter 2025?
Operating loss was $48.8M (-42.1% of revenue) and net loss $36.0M.
Source: Zai Lab 10-Q on SEC EDGAR.