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Schedule I — Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule I — Condensed Financial Information of Registrant | Schedule I — Condensed Financial Information of Registrant Zai Lab Limited Financial Information of Parent Company Condensed Balance Sheets (in thousands of $, except for number of shares and per share data)
| December 31,
| 2023 |  | 2022
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | 565,981 |  |  | 944,649 |
Prepayments and other current assets | 7,423 |  |  | 10,203 |
Total current assets | 573,404 |  |  | 954,852 |
Investment in subsidiaries | 224,954 |  |  | 93,363 |
Total assets | 798,358 |  |  | 1,048,215 |
Liabilities and shareholders’ equity |  |  |
Liabilities |  |  |
Current liabilities: |  |  |
Other current liabilities | 2,240 |  |  | 2,620 |
Total current liabilities | 2,240 |  |  | 2,620 |
Total liabilities | 2,240 |  |  | 2,620 |
Shareholders’ equity |  |  |
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized, 977,151,270 and 962,455,850 shares issued as of December 31, 2023 and 2022, respectively; 972,239,070 and 960,219,570 shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 6 |  |  | 6 |
Additional paid-in capital | 2,975,302 |  |  | 2,893,120 |
Accumulated deficit | (2,195,980) |  |  | (1,861,360) |
Accumulated other comprehensive income | 37,626 |  |  | 25,685 |
Treasury stock | (20,836) |  |  | (11,856) |
Total shareholders’ equity | 796,118 |  |  | 1,045,595 |
Total liabilities and shareholders’ equity | 798,358 |  |  | 1,048,215 |
Schedule I — Condensed Financial Information of Registrant Zai Lab Limited Financial Information of Parent Company Condensed Statements of Operations and Comprehensive Loss (in thousands of $)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating Expenses: |  |  |  |  |
Research and development | (82) |  |  | (178) |  |  | (6) |
General and administrative | (16,958) |  |  | (19,773) |  |  | (12,074) |
Loss from operations | (17,040) |  |  | (19,951) |  |  | (12,080) |
Interest income | 30,840 |  |  | 12,857 |  |  | 1,881 |
Other income (expense), net | 4,029 |  |  | (8,678) |  |  | (18,173) |
Profit (Loss) before income tax and equity in loss of subsidiaries | 17,829 |  |  | (15,772) |  |  | (28,372) |
Equity in loss of subsidiaries | (352,449) |  |  | (427,514) |  |  | (676,099) |
Income tax expense | — |  |  | — |  |  | — |
Net loss | (334,620) |  |  | (443,286) |  |  | (704,471) |
Other comprehensive income (loss), net of tax of nil: |  |  |  |  |
Foreign currency translation adjustment | 11,941 |  |  | 49,330 |  |  | (9,121) |
Comprehensive loss | (322,679) |  |  | (393,956) |  |  | (713,592) |
Schedule I — Condensed Financial Information of Registrant Zai Lab Limited Financial Information of Parent Company Condensed Statements of Cash Flows (in thousands of $)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net loss | (334,620) |  |  | (443,286) |  |  | (704,471) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |
Amortization of deferred income | — |  |  | (234) |  |  | (312) |
Share based compensation | 3,217 |  |  | 3,724 |  |  | 3,435 |
Equity in loss of subsidiaries | 352,449 |  |  | 427,514 |  |  | 676,099 |
Loss from fair value changes of equity investment of readily determinable fair value | (2,789) |  |  | 8,952 |  |  | 14,617 |
Changes in operating assets and liabilities: |  |  |  |  |
Prepayments and other current assets | 2,780 |  |  | (7,839) |  |  | (439) |
Other current liabilities | (379) |  |  | 1,648 |  |  | (376) |
Net cash provided by (used in) operating activities | 20,658 |  |  | (9,521) |  |  | (11,447) |
Cash flows from investing activities: |  |  |  |  |
Purchases of short-term investments | — |  |  | (260,274) |  |  | (445,000) |
Proceeds from maturity of short-term investments | — |  |  | 705,274 |  |  | 743,902 |
Purchase of investment in equity investee | — |  |  | — |  |  | (30,000) |
Investment in subsidiaries | (392,893) |  |  | (80,942) |  |  | (884,342) |
Net cash (used in) provided by investing activities | (392,893) |  |  | 364,058 |  |  | (615,440) |
Cash flows from financing activities: |  |  |  |  |
Proceeds from exercises of stock options | 2,369 |  |  | 5,870 |  |  | 7,418 |
Proceeds from issuance of ordinary shares upon public offerings | — |  |  | — |  |  | 818,875 |
Payment of public offering costs | — |  |  | — |  |  | (1,692) |
Employee taxes paid related to settlement of equity awards | (8,802) |  |  | (7,600) |  |  | (4,253) |
Net cash (used in) provided by financing activities | (6,433) |  |  | (1,730) |  |  | 820,348 |
Effect of foreign exchange rate changes on cash and cash equivalent | — |  |  | — |  |  | 773 |
Net (decrease) increase in cash and cash equivalents | (378,668) |  |  | 352,807 |  |  | 194,234 |
Cash and cash equivalents-beginning of the year | 944,649 |  |  | 591,842 |  |  | 397,608 |
Cash and cash equivalents-end of the year | 565,981 |  |  | 944,649 |  |  | 591,842 |
Schedule I — Condensed Financial Information of Registrant Zai Lab Limited Financial Information of Parent Company Notes 1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. 2. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. For the parent company, Zai Lab Limited records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries”. Ordinarily under the equity, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses. 3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures provide certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. 4. As of December 31, 2023 and 2022, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Zai Lab Limited.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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