aibioZai Lab
Zai Lab is a Shanghai and Cambridge, Massachusetts-based drug company that sells licensed medicines in China and develops its own cancer and immunology drugs for global markets.
- Ticker
- 9688
- Listing
- HKEX, China
- Next date
- October 26, 2026
- Chief executive
- Samantha Du, Ph.D. (Founder, Chairperson and CEO)
Desk view · Opinion · Updated Oct 22, 2026
Zai Lab's future now runs through one DLL3 drug
Zai Lab's China business is stabilizing but not yet growing, so the company's value increasingly rests on zoci, its own DLL3 antibody-drug conjugate. Early data are strong and the phase 3 is enrolling quickly, but the evidence is still single-arm. China pricing and a thinner leadership team are the near-term risks.
Read the full desk viewaibio.space Investor Rank · Opinion
5/10 Neutral view
The China business is stabilizing but not growing, and value now rests on zoci, whose strong data are single-arm; cash is adequate while losses continue.
- Technology
- 1/2
- Odds
- 1/2
- Balance sheet
- 1/2
- Risk
- 1/2
- Momentum
- 1/2
Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.
- Technology
- Promising but early. Zoci posted a 68% response rate at the 1.6 mg/kg dose in 19 second-line SCLC patients and strong brain metastasis activity, all in single-arm studies.
- Odds
- Typical phase 3 odds. DLLEVATE has an interim response endpoint that could support a U.S. accelerated approval submission in 2027, and phase 3 solid tumor programs reach filing about 43% of the time.
- Balance sheet
- Funded, still burning. Zai Lab held $717.5 million in cash and restricted cash at June 30 against a $50.8 million quarterly net loss and $238.1 million of short-term debt.
- Main risk
- China pricing pressure. Generic procurement and NRDL renewals have cut ZEJULA and VYVGART, and new launches face the same process.
- Watch next
- ESMO first-line data. The October 26 poster on zoci with atezolizumab will shape the planned first-line phase 3.
Top news on Zai
Questions investors ask
What is aibio.space's Investor Rank for Zai Lab?
5 out of 10, our neutral view. The China business is stabilizing but not growing, and value now rests on zoci, whose strong data are single-arm; cash is adequate while losses continue. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source
Who is the CEO of Zai Lab?
Samantha Du, Ph.D., is Zai Lab's founder, chairperson and CEO. After president and COO Josh Smiley left in May 2026, his responsibilities were assumed by Du and other managers. Source
What is zoci (zocilurtatug pelitecan)?
Zoci is Zai Lab's antibody-drug conjugate that targets DLL3, a protein on small cell lung cancer cells. It is in the registrational phase 3 DLLEVATE study in previously treated extensive-stage SCLC, with enrollment expected to finish in the first half of 2027. Source
How much cash does Zai Lab have?
Zai Lab reported $717.5 million in cash, cash equivalents, short-term investments and current restricted cash at June 30, 2026. That was down from $761.3 million at March 31, 2026. Source
Why did Zai Lab's Zejula sales fall?
Zai Lab said ZEJULA sales fell because of a shift in hospital use after volume-based procurement for generic olaparib in China. Second-quarter 2026 ZEJULA sales were $32.1 million, down from $41.0 million a year earlier. Source
Is Zai Lab listed in Hong Kong and the U.S.?
Yes. Zai Lab trades on Nasdaq under ZLAB and on the Hong Kong Stock Exchange under 9688. It is based in Shanghai and Cambridge, Massachusetts. Source
What is Zai Lab's market cap?
We do not publish live share prices. In its annual report, Zai Lab Ltd. put the market value of shares held by non-affiliates (public float) at $3.80 billion as of Jun 30, 2025. Source
Is Zai Lab a smaller reporting company?
SEC records list Zai Lab Ltd.'s filer category as: Large accelerated filer. Source
Where is Zai Lab headquartered?
SEC records list its business address as 899 HALEI ROAD, SHANGHAI. Source
When does Zai Lab's fiscal year end?
Zai Lab Ltd.'s fiscal year ends on December 31, per SEC records. Source
What did Zai Lab last file with the SEC?
Its most recent filing in our record is a 10-Q filed 2026-08-06. All of its filings are on SEC EDGAR. Source
What was Zai Lab called before?
SEC records list these former names: Zai Lab Ltd. Source
What industry is Zai Lab in?
Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source
Legal and investor matters
Part II, Item 1 of the 10-Q filed 2026-08-06 states that Zai Lab may be subject to claims and suits arising in the ordinary course of business and is not currently a party to any material legal or administrative proceedings. It covers that quarterly report only. Source
- Financing
Zai Lab agrees $250 million private placement of ADSs at $22.04
On October 22, 2026, Zai Lab entered a securities purchase agreement with accredited investors to sell 11,340,000 American depositary shares at $22.04 per ADS in a private placement. Each ADS represents ten ordinary shares. The company expects proceeds of about $250 million before placement agent fees and expenses, for pipeline development, working capital and general purposes. Closing was expected on or about October 27, 2026.
- Financing
Zai Lab prices underwritten offering of 7.84 million ADSs at $25.50
On November 14, 2024, Zai Lab signed an underwriting agreement with Goldman Sachs (Asia), Jefferies and Leerink Partners for a public offering of 7,843,137 American depositary shares at $25.50 each. The underwriters held a 30-day option for up to 1,176,470 more ADSs. The company expected net proceeds of about $189 million, excluding the option, for general corporate purposes.
Pipeline
| Program | Indication | Stage |
|---|---|---|
| Zocilurtatug pelitecan (zoci, DLL3 ADC) | Second-line and later extensive-stage small cell lung cancer | Registrational phase 3 DLLEVATE; enrollment completion expected 1H 2027 Source |
| Zoci plus atezolizumab with or without carboplatin | First-line extensive-stage small cell lung cancer | Phase 1b/1c; data at ESMO October 26, 2026; phase 3 planned 2H 2026 Source |
| Zoci | Extrapulmonary neuroendocrine carcinomas | Phase 1b/2; FDA Fast Track (May 2026); registrational plan under discussion Source |
| ZL-1503 (IL-13/IL-31Rα bispecific) | Atopic dermatitis | Phase 1/1b; first data 2H 2026 Source |
| TIVDAK (tisotumab vedotin) | Recurrent or metastatic cervical cancer (Greater China) | Approved in China (June 2026) Source |
| KarXT (xanomeline and trospium) | Schizophrenia (mainland China) | Launched June 2026; NRDL application planned for 2027 Source |
Stock chart
SEC filings and registration
- SEC name
- Zai Lab Ltd
- CIK
- 1704292
- Industry (SIC)
- Pharmaceutical Preparations (2834)
- US tickers
- ZLAB (Nasdaq)
- State or country of incorporation
- E9
- Fiscal year ends
- December 31
- Filer category
- Large accelerated filer
- Business address
- 899 HALEI ROAD, SHANGHAI
- Phone
- 862161632588
- Shares outstanding
- 88,592,343 as of 2021-02-26 (10-K filed 2021-03-01)
- Former names
- Zai Lab Ltd
Recent filings
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