Zai Lab Ltd SEC Filings

ZLAB affiliate files Form 144 to sell 10,000 American Depository Shares. The notice lists 10,000 ADS with an aggregate amount of $173,800.00 and an intended sale on NASDAQ with a filing date of 03/03/2026. The filing also reports that Rafael Amado sold 10,787 ADS for $188,033.59 on 12/31/2025.

Zai Lab Limited is a Cayman-based holding company with substantial operations in mainland China, focused on discovering, developing, and commercializing innovative therapies in oncology, immunology, neuroscience, and infectious disease. It markets seven commercial programs across Greater China, including ZEJULA for ovarian cancer, VYVGART for generalized myasthenia gravis, NUZYRA for serious infections, OPTUNE for brain tumors, QINLOCK for advanced GIST, XACDURO for resistant Acinetobacter infections, and AUGTYRO for ROS1+ lung cancer and NTRK+ solid tumors.

The company has built a broad pipeline through internal R&D and global partnerships, highlighted by its DLL3-targeting ADC Zoci in late-stage development for small cell lung cancer and multiple autoimmune and kidney disease programs. Zai Lab emphasizes that it is not a Chinese operating company but a Cayman holding structure whose investors do not hold direct stakes in its Chinese subsidiaries.

The filing details extensive legal and operational risks tied to China, including evolving data, cybersecurity, anti-corruption and securities regulations, the need for multiple Chinese approvals and permissions, potential changes in U.S.–China relations, and constraints on capital raising and data transfers. Zai Lab also outlines its reliance on licenses from global pharma partners, use of Chinese and global contract manufacturers and CROs, and heavy dependence on Chinese government reimbursement systems such as the National Reimbursement Drug List and centralized hospital procurement.

Zai Lab Limited reported strong growth for the fourth quarter and full year 2025 while narrowing losses. Total revenue reached $127.6 million in Q4 2025 and $460.2 million for the full year, up 17% and 15% year over year, driven mainly by XACDURO and NUZYRA.

Product revenue rose to $457.2 million in 2025 from $397.6 million. ZEJULA generated $189.0 million, VYVGART $94.2 million, XACDURO $22.9 million, and NUZYRA $60.8 million. Operating loss improved to $229.4 million from $282.1 million, and net loss shrank to $175.5 million from $257.1 million.

The company ended 2025 with $789.6 million in cash, cash equivalents, short-term investments, and current restricted cash. Zai Lab also highlighted major pipeline and regulatory milestones, including China approval of KarXT for schizophrenia, FDA approval of Tumor Treating Fields in pancreatic cancer, and advancing global oncology and immunology programs with multiple 2026 data readouts and potential approvals.

RTW Investments and Roderick Wong filed a Schedule 13G reporting beneficial ownership of 69,590,320 ordinary shares of Zai Lab Limited, equal to 6.3% of the class. The ownership is held through RTW-managed funds, with RTW and Dr. Wong sharing voting and dispositive power over these shares.

The percentage is based on 1,105,937,600 ordinary shares outstanding as of October 31, 2025, as disclosed in Zai Lab’s Form 10-Q. The filing notes that each American Depositary Share represents ten ordinary shares and states the position is held in the ordinary course of business, not for the purpose of influencing control of the company.

Qiming-related investment entities have filed an amended Schedule 13G reporting their ownership in Zai Lab Limited’s ordinary shares. QM11 Limited is shown as directly holding 48,883,643 ordinary shares, equal to 4.4% of the class, based on 1,119,628,030 shares outstanding as of December 31, 2025.

Those 48,883,643 ordinary shares consist of 280,680 American depositary shares and 46,076,843 ordinary shares. Qiming Venture Partners IV, L.P. is reported with shared beneficial ownership of 47,387,408 shares, or 4.2% of the class, while Qiming Managing Directors Fund IV, L.P. reports 1,496,235 shares, or 0.1%. The filing states that the reporting persons’ holdings represent ownership of 5 percent or less of the outstanding ordinary shares.

Capital World Investors, a division of Capital Research and Management Company and its affiliates, reports beneficial ownership of 1,723,600 shares of Zai Lab Ltd. common stock. This represents 0.2% of the 1,119,628,030 shares it believes are outstanding.

The firm has sole voting and dispositive power over these shares and no shared power. It states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Zai Lab, and that it owns less than five percent of the class.

Wellington Management Group LLP and related entities reported their beneficial ownership of Zai Lab Ltd. common stock on an amended Schedule 13G. They disclose beneficial ownership of 48,112,590 shares, representing 4.3% of the outstanding common stock, with no sole voting or dispositive power.

The filing states that all securities are held in the ordinary course of business for advisory clients of Wellington’s investment advisers. It also certifies that the holdings were not acquired, and are not held, for the purpose of changing or influencing control of Zai Lab.

FMR LLC and Abigail P. Johnson reported their beneficial ownership of Zai Lab Ltd common stock on an amended Schedule 13G. They disclosed beneficial ownership of 43,535,993 shares, representing 3.9% of the outstanding common stock as of December 31, 2025.

FMR LLC reported sole voting and dispositive power over these shares, while Abigail P. Johnson reported sole dispositive power but no voting power. The securities are described as being held in the ordinary course of business, without the purpose or effect of changing or influencing control of Zai Lab.