What is the 13F Pro Quality Score for ZLAB?

13F Pro ranks Zai Lab Ltd (ZLAB) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View ZLAB's current score at https://13fpro.ai/research/ZLAB (free sign-up required for the full ranking).

Where does 13F Pro source ZLAB data?

All Zai Lab Ltd fundamentals and ownership data come directly from SEC EDGAR. Zai Lab Ltd files with the SEC under CIK 1704292. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is ZLAB in?

Zai Lab Ltd (ZLAB) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is ZLAB research updated on 13F Pro?

ZLAB's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Zai Lab Ltd(ZLAB)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Pending next ranking run

This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

ZLAB Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Zai Lab Ltd (ZLAB), a Healthcare sector company. ZLAB is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Zai Lab Ltd reports quarterly revenue of $99.6M, net income of $-51.0M, free cash flow of $-13.1M. Top institutional holders of ZLAB by reported 13-F value include RTW INVESTMENTS,, RA CAPITAL MANAGEMENT, L.P., Frazier Life Sciences Management, L.P., based on the most recent SEC filings. ZLAB trades on the Nasdaq exchange and files with the SEC under CIK 1704292. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ZLAB daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Zai Lab Ltd directly from SEC EDGAR.

Revenue

Q1 2026

$99.6M

Net Income

Q1 2026

$-51.0M

Free Cash Flow

Q1 2026

$-13.1M

D/E Ratio

Q1 2026

0.32

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+15.3% YoY

$460.2MFY 2025

FY21 $144.3MFY22 $215.0MFY24 $399.0MFY25 $460.2M

Net Income

+31.7% YoY

$-175.5MFY 2025

FY21 $-704.5MFY22 $-443.3MFY24 $-257.1MFY25 $-175.5M

Operating Income

+18.7% YoY

$-229.4MFY 2025

FY21 $-700.1MFY22 $-404.4MFY24 $-282.1MFY25 $-229.4M

EPS (Diluted)

+38.5% YoY

$-0.16FY 2025

FY21 $-0.08FY22 $-0.46FY24 $-0.26FY25 $-0.16

Total Assets

-1.1% YoY

$1.17BFY 2025

FY21 $1.61BFY22 $1.22BFY24 $1.19BFY25 $1.17B

Total Debt

+55.3% YoY

$204.5MFY 2025

FY21 —FY22 —FY24 $131.7MFY25 $204.5M

Op. Cash Flow

+29.8% YoY

$-150.8MFY 2025

FY21 $-549.2MFY22 $-367.6MFY24 $-214.9MFY25 $-150.8M

Metric	FY 2025	FY 2024	FY 2022	FY 2021	FY 2020
Revenue	$460.2M +15.3%	$399.0M +85.5%	$215.0M +49.0%	$144.3M +194.8%	$49.0M
Net Income	$-175.5M +31.7%	$-257.1M +42.0%	$-443.3M +37.1%	$-704.5M -162.0%	$-268.9M
Operating Income	$-229.4M +18.7%	$-282.1M +30.2%	$-404.4M +42.2%	$-700.1M -132.0%	$-301.8M
EPS (Diluted)	$-0.16 +38.5%	$-0.26 +43.5%	$-0.46 -505.3%	$-0.08 -117.1%	$-0.04
Total Assets	$1.17B -1.1%	$1.19B -2.8%	$1.22B -24.2%	$1.61B +24.1%	$1.30B
Total Debt	$204.5M +55.3%	$131.7M	—	—	—
Operating Cash Flow	$-150.8M +29.8%	$-214.9M +41.6%	$-367.6M +33.1%	$-549.2M -154.2%	$-216.1M

AI Insight: ZLAB Financial Trends

Zai Lab remains deeply unprofitable with rising debt and shrinking equity, despite modest sequential revenue growth through 2025.

• Revenue grew from $101M in Q2 2024 to $128M in Q4 2025, but dropped sharply to $100M in Q1 2026.

• Operating losses narrowed from -$76M in Q2 2024 to -$49M in Q3 2025, then widened back to -$69M in Q1 2026.

• Total debt nearly tripled from $70M in Q2 2024 to $214M in Q1 2026, while equity eroded from $704M to $662M.

• Operating cash burn improved meaningfully to -$12M in Q1 2026, the least negative level across the entire period.

⚠ Equity has declined for four consecutive quarters from $841M in Q4 2024 to $662M in Q1 2026 — balance sheet erosion accelerating.

⚠ Revenue fell $28M quarter-over-quarter in Q1 2026 — first sub-$101M print since Q2 2024; monitor for seasonal vs. structural weakness.

⚠ Debt rose to $214M in Q1 2026 with persistent operating losses; sustainability of funding runway warrants close attention.

AI Insight: ZLAB Ratio Trends

Zai Lab's loss-rate improvement reversed sharply in Q4 2025–Q1 2026, erasing six months of margin progress.

• Operating margin improved steadily from -75.7% in Q2 2024 to -42.0% in Q3 2025, a meaningful 33.7pp reduction in losses.

• That improvement reversed: operating margin deteriorated from -42.0% in Q3 2025 to -69.7% in Q1 2026.

• ROIC worsened from -20.3% in Q3 2025 to -31.7% in Q1 2026, signaling rising capital destruction pressure.

• D/E leverage has crept from 0.10 in Q2 2024 to 0.32 in Q1 2026, indicating gradual but consistent debt accumulation.

⚠ Q4 2025 and Q1 2026 back-to-back margin deterioration — monitor whether this is seasonal or a structural reversal.

⚠ D/E ratio tripled from 0.10 to 0.32 over the period; further increases could pressure the balance sheet materially.

⚠ NPM swung from -31.0% in Q3 2025 to -51.2% in Q1 2026 — watch for one-off charges driving the spike.

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Available Research

13F Pro tracks comprehensive data for Zai Lab Ltd including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of ZLAB

RTW INVESTMENTS, LP
$123.7M6,574,032 sh
RA CAPITAL MANAGEMENT, L.P.
$107.4M5,707,262 sh
Frazier Life Sciences Management, L.P.
$35.8M1,902,320 sh
CITADEL ADVISORS LLC
$31.8M1,688,632 sh
BAMCO INC /NY/
$31.2M1,658,318 sh
ADAR1 Capital Management, LLC
$26.8M1,425,367 sh
FMR LLC
$23.7M1,262,391 sh
BlackRock, Inc.
$16.3M865,146 sh
Rock Springs Capital Management LP
$15.3M814,707 sh
UBS Group AG
$9.5M504,191 sh

Fund	Value	Shares
RTW INVESTMENTS, LP	$123.7M	6,574,032
RA CAPITAL MANAGEMENT, L.P.	$107.4M	5,707,262
Frazier Life Sciences Management, L.P.	$35.8M	1,902,320
CITADEL ADVISORS LLC	$31.8M	1,688,632
BAMCO INC /NY/	$31.2M	1,658,318
ADAR1 Capital Management, LLC	$26.8M	1,425,367
FMR LLC	$23.7M	1,262,391
BlackRock, Inc.	$16.3M	865,146
Rock Springs Capital Management LP	$15.3M	814,707
UBS Group AG	$9.5M	504,191

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Is ZLAB a good stock to buy?

13F Pro's AI-powered analysis of Zai Lab Ltd (ZLAB) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ZLAB are available on the ZLAB stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own ZLAB?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ZLAB. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Zai Lab Ltd's investment landscape.