Zai Lab Limited (ZLAB) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38205
Entity Registrant Name	ZAI LAB LIMITED
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1144595
Entity Address, Address Line One	4560 Jinke Road
Entity Address, Address Line Two	Bldg. 1, Fourth Floor, Pudong
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	201210
City Area Code	86 21
Local Phone Number	6163 2588
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Central Index Key	0001704292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 10 Ordinary Shares, par value $0.000006 per share
Trading Symbol	ZLAB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		758,101,320
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.000006 per share
Trading Symbol	9688
Entity Common Stock, Shares Outstanding		992,087,430

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 650,780	$ 790,151
Restricted cash, current	100,000	0
Short-term investments	0	16,300
Accounts receivable (net of allowance for credit losses of $18 and $17 as of March 31, 2024 and December 31, 2023, respectively)	60,422	59,199
Notes receivable	15,363	6,134
Inventories, net	37,851	44,827
Prepayments and other current assets	24,224	22,995
Total current assets	888,640	939,606
Restricted cash, non-current	1,114	1,113
Long term investments	14,109	9,220
Prepayments for equipment	89	111
Property and equipment, net	52,386	53,734
Operating lease right-of-use assets	15,187	14,844
Land use rights, net	3,034	3,069
Intangible assets, net	12,398	13,389
Long-term deposits	1,480	1,209
Total assets	988,437	1,036,295
Current liabilities
Accounts payable	88,121	112,991
Current operating lease liabilities	7,536	7,104
Short-term debts	48,273	0
Other current liabilities	48,176	82,972
Total current liabilities	192,106	203,067
Deferred income	26,297	28,738
Non-current operating lease liabilities	7,540	8,047
Other non-current liabilities	325	325
Total liabilities	226,268	240,177
Commitments and contingencies (Note 15)
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 978,197,710 and 977,151,270 shares issued as of March 31, 2024 and December 31, 2023, respectively; 973,285,510 and 972,239,070 shares outstanding as of March 31, 2024 and December 31, 2023, respectively)	6	6
Additional paid-in capital	2,993,282	2,975,302
Accumulated deficit	(2,249,451)	(2,195,980)
Accumulated other comprehensive income	39,168	37,626
Treasury Stock (at cost, 4,912,200 shares as of both March 31, 2024 and December 31, 2023)	(20,836)	(20,836)
Total shareholders’ equity	762,169	796,118
Total liabilities and shareholders’ equity	$ 988,437	$ 1,036,295

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 18	$ 17
Ordinary shares, par value (in dollars per share)	$ 0.000006	$ 0.000006
Ordinary shares, shares authorized (in shares)	5,000,000,000	5,000,000,000
Ordinary shares, shares issued (in shares)	978,197,710	977,151,270
Ordinary shares, shares outstanding (in shares)	973,285,510	972,239,070
Treasury Stock (in shares)	4,912,200	4,912,200

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 87,149,000	$ 62,797,000
Expenses
Cost of sales	(33,619,000)	(21,337,000)
Research and development	(54,645,000)	(48,472,000)
Selling, general, and administrative	(69,194,000)	(62,510,000)
Loss from operations	(70,309,000)	(69,522,000)
Interest income	9,658,000	10,232,000
Interest expenses	(113,000)	0
Foreign currency (losses) gains	(2,068,000)	8,912,000
Other income, net	9,361,000	1,234,000
Loss before income tax	(53,471,000)	(49,144,000)
Income tax expense	0	0
Net loss	$ (53,471,000)	$ (49,144,000)
Loss per share - basic (in dollars per share)	$ (0.05)	$ (0.05)
Loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.05)
Weighted-average shares used in calculating net loss per ordinary share - basic (in shares)	973,145,760	961,444,780
Weighted-average shares used in calculating net loss per ordinary share - diluted (in shares)	973,145,760	961,444,780

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (53,471)	$ (49,144)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments	1,542	(8,413)
Comprehensive loss	$ (51,929)	$ (57,557)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		962,455,850
Beginning balance at Dec. 31, 2022	$ 1,045,595	$ 6	$ 2,893,120	$ (1,861,360)	$ 25,685	$ (11,856)
Beginning balance (in shares) at Dec. 31, 2022						(2,236,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		732,040
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		4,009,460
Exercise of share options	1,673	$ 0	1,673
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,272,330)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(5,130)					$ (5,130)
Share-based compensation	16,661		16,661
Net loss	(49,144)			(49,144)
Foreign currency translation	(8,413)				(8,413)
Ending balance (in shares) at Mar. 31, 2023		967,197,350
Ending balance at Mar. 31, 2023	$ 1,001,242	$ 6	2,911,454	(1,910,504)	17,272	$ (16,986)
Ending balance (in shares) at Mar. 31, 2023						(3,508,610)
Beginning balance (in shares) at Dec. 31, 2023	972,239,070	977,151,270
Beginning balance at Dec. 31, 2023	$ 796,118	$ 6	2,975,302	(2,195,980)	37,626	$ (20,836)
Beginning balance (in shares) at Dec. 31, 2023	(4,912,200)					(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		1,046,440
Issuance of ordinary shares upon vesting of restricted shares	$ 0	$ 0	0
Share-based compensation	17,980		17,980
Net loss	(53,471)			(53,471)
Foreign currency translation	$ 1,542				1,542
Ending balance (in shares) at Mar. 31, 2024	973,285,510	978,197,710
Ending balance at Mar. 31, 2024	$ 762,169	$ 6	$ 2,993,282	$ (2,249,451)	$ 39,168	$ (20,836)
Ending balance (in shares) at Mar. 31, 2024	(4,912,200)					(4,912,200)

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (53,471)	$ (49,144)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	1	1
Inventory write-down	37	377
Depreciation and amortization expenses	3,012	2,657
Amortization of deferred income	(840)	(582)
Share-based compensation	17,980	16,661
Gain from fair value changes of equity investment with readily determinable fair value	(4,889)	(441)
Losses on disposal of property and equipment	407	64
Noncash lease expenses	2,069	2,464
Debt issuance costs	700	0
Foreign currency remeasurement impact	2,068	(8,912)
Changes in operating assets and liabilities:
Accounts receivable	(1,328)	(2,852)
Notes receivable	(9,239)	(8,599)
Inventories	6,818	(6,686)
Prepayments and other current assets	(1,253)	(6,470)
Long-term deposits	(271)	72
Accounts payable	(13,370)	(327)
Other current liabilities	(34,204)	(15,593)
Operating lease liabilities	(2,783)	(2,141)
Deferred income	(1,550)	9,839
Other non-current liabilities	0	325
Net cash used in operating activities	(90,106)	(69,287)
Cash flows from investing activities
Purchases of short-term investments	0	(100,000)
Proceeds from maturity of short-term investment	16,300	49,450
Purchases of property and equipment	(974)	(3,513)
Proceeds from the sale of property and equipment	0	112
Acquisition of intangible assets	(12,034)	(3)
Net cash provided by (used in) investing activities	3,292	(53,954)
Cash flows from financing activities
Proceeds from short-term debts	48,248	0
Payments of debt issuance costs	(700)	0
Proceeds from exercises of stock options	0	1,197
Taxes paid related to settlement of equity awards	0	(5,083)
Net cash provided by (used in) financing activities	47,548	(3,886)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(104)	(1,299)
Net decrease in cash, cash equivalents and restricted cash	(39,370)	(128,426)
Cash, cash equivalents and restricted cash - beginning of period	791,264	1,009,273
Cash, cash equivalents and restricted cash - end of period	751,894	880,847
Supplemental disclosure on non-cash investing and financing activities
Payables for purchase of property and equipment	2,481	4,232
Payables for acquisition of intangible assets	78	268
Receivables for stock option exercise under equity incentive plans	0	476
Right-of-use asset acquired under operating leases	2,395	2,662
Receivables for disposal of property and equipment	0	10
Supplemental disclosure of cash flow information
Cash paid for interest	$ 45	$ 0

Organization and Principal Acti

Organization and Principal Activities	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	Organization and Principal Activities Zai Lab Limited was incorporated on March 28, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands (as amended). Zai Lab Limited and its subsidiaries (collectively referred to as the “Company”) are focused on discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, autoimmune disorders, infectious disease, and neuroscience.

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation and Significant Accounting Policies	Basis of Presentation and Consolidation and Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The December 31, 2023 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2023 Annual Report. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2024. (b) Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Zai Lab Limited and its subsidiaries, which are wholly owned. All intercompany transactions and balances are eliminated upon consolidation. (c) Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. (d) Fair Value Measurements Equity investments with readily determinable fair value are measured using level 1 inputs and were $14.1 million and $9.2 million as of March 31, 2024 and December 31, 2023, respectively. The unrealized gains from fair value changes are recognized in other income, net in the condensed consolidated statements of operations. Financial instruments of the Company primarily include cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, non-current restricted cash, accounts payable, short-term debts, and other current liabilities. As of March 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable, short-term debts, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of notes receivable and non-current restricted cash approximated their fair value based on the assessment of the ability to recover these amounts. (e) Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses and any additional measures of a segment’s profit or loss used by the CODM to allocate resources and assess performance. This ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in additional disclosure in the consolidated financial statements, once adopted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2025. The Company did not adopt any new accounting standards in the first quarter of 2024 that had a material impact on the Consolidated Financial Statements. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2023 Annual Report

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents The following table presents the Company’s cash and cash equivalents ($ in thousands): March 31, 2024 December 31, 2023 Cash 649,666 789,051 Cash equivalents (i) 1,114 1,100 650,780 790,151 Denominated in: US$ 630,583 762,436 Renminbi (“RMB”) (ii) 17,878 25,093 Hong Kong dollar (“HK$”) 1,513 1,974 Australian dollar (“A$”) 557 587 Taiwan dollar (“TW$”) 249 61 650,780 790,151 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii)

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net The following table presents the Company’s inventories, net ($ in thousands): March 31, 2024 December 31, 2023 Finished goods 19,076 22,702 Raw materials 16,675 17,655 Work in progress 2,100 4,470 Inventories, net 37,851 44,827

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net The following table presents the components of the Company’s property and equipment, net ($ in thousands): March 31, 2024 December 31, 2023 Office equipment 1,046 1,047 Electronic equipment 9,315 9,161 Vehicle 198 199 Laboratory equipment 20,162 20,140 Manufacturing equipment 17,658 17,680 Leasehold improvements 11,361 11,371 Construction in progress 24,834 24,272 84,574 83,870 Less: accumulated depreciation (32,188) (30,136) Property and equipment, net 52,386 53,734 Depreciation expense was $2.2 million and $2.5 million in the first quarter of 2024 and 2023, respectively.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s revenue is derived from the sales of its commercial products primarily in mainland China. The table below presents the Company’s gross and net product revenue ($ in thousands): Three Months Ended March 31, 2024 2023 Product revenue - gross 93,112 71,212 Less: Rebates and sales returns (5,963) (8,415) Product revenue - net 87,149 62,797 Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of revenue. Estimated rebates are determined based on contracted rates, sales volumes, and level of distributor inventories. The following table presents the Company’s net revenue by product ($ in thousands): Three Months Ended March 31, 2024 2023 ZEJULA 45,501 42,680 OPTUNE 12,480 13,342 QINLOCK 6,093 1,306 NUZYRA 9,913 5,469 VYVGART 13,162 — Product revenue - net 87,149 62,797

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Tax No provision for income taxes has been required to be accrued because the Company is in a cumulative loss position for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of March 31, 2024 and December 31, 2023. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss (53,471) (49,144) Denominator: Weighted average number of ordinary shares - basic and diluted 973,145,760 961,444,780 Net loss per share - basic and diluted (0.05) (0.05) As a result of the Company’s net loss in the first quarter of 2024 and 2023, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. March 31, 2024 2023 Share options 104,244,590 86,242,060 Non-vested restricted shares 29,893,540 32,154,670

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings In February 2024, the Company entered into certain debt arrangements with the Bank of China, SPD Bank, and Ningbo Bank to support its working capital needs in mainland China. The following table presents the Company’s short-term debts as of March 31, 2024 ($ in thousands): Weighted average interest rate per annum March 31, 2024 Bank of China Working Capital Loan 2.95 % 34,179 SPD Bank Working Capital Loan 3.45 % 14,094 Total short-term debts 3.10 % 48,273 Bank of China Working Capital Loan Facility On February 5, 2024, the Company entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited (the “BOC HK”) pursuant to which the BOC HK will provide standby letters of credit for loans of up to $100.0 million for a term of one year. In connection with this agreement, the Company paid a one-time, non-refundable fee of $0.7 million. The Company also maintained restricted deposits of $100.0 million, which are presented as restricted cash-current on the condensed consolidated balance sheet, to secure the standby letters of credit. On February 6, 2024, upon the Company’s application, the BOC HK provided a standby letter of credit in favor of the Bank of China Pudong Development Zone Branch (the “BOC Pudong Branch”) for $50.0 million which are or may become payable by the Company’s wholly-owned subsidiary, Zai Lab (Shanghai) Co., Ltd. (“Zai Lab Shanghai”), and Zai Lab Shanghai subsequently entered into a working capital loan contract with the BOC Pudong Branch on February 7, 2024 for a loan of RMB340.0 million (approximately $47.8 million), of which an aggregate principal amount of RMB242.5 million (approximately $34.2 million) was withdrawn and outstanding as of March 31, 2024. Each working capital loan withdrawal has a one-year term and is subject to a floating interest rate of approximately 2.95% initially, and is subject to adjustment every six months. SPD Bank Working Capital Loan Facility On February 6, 2024, the Company entered into a maximum-amount guarantee contract with the Shanghai Pudong Development Bank Co., Ltd. Zhangjiang Hi-Tech Park Sub-branch (the “SPD Bank”) pursuant to which the Company will guarantee working capital loans of up to RMB300.0 million (approximately $42.0 million) from SPD Bank to Zai Lab Shanghai over a three-year period. In the first quarter of 2024, Zai Lab Shanghai has entered into working capital loan contracts with SPD Bank under this debt facility for an aggregate principal amount of RMB100.0 million (approximately $14.1 million). These working capital loans have one-year terms and are subject to a fixed interest rate of 3.45%. Ningbo Bank Working Capital Loan Facility On February 6, 2024, the Company’s wholly-owned subsidiary, Zai Lab (Suzhou) Co., Ltd. (“Zai Lab Suzhou”), entered into a maximum credit contract with Bank of Ningbo Co., Ltd. Suzhou Sub-branch (“Ningbo Bank”) as well as an Electronic Commercial Draft Discounting Master Agreement and Online Working Capital Loan Master Agreement (collectively, the “Ningbo Bank Agreements”). The Ningbo Bank Agreements permit Zai Lab Suzhou to utilize, including through discounting or working capital loan agreements and subject to the terms and conditions in related master agreements, up to RMB230.3 million (approximately $32.4 million), of which the Company is authorized to utilize up to RMB160.0 million (approximately $22.5 million). In connection with the arrangements described in the Ningbo Bank Agreements, Zai Lab Suzhou agreed to pledge interests in certain real property it owns in Suzhou. As of March 31, 2024, Zai Lab Suzhou has not entered into any discounting arrangements or working capital loans under this Ningbo Bank working capital loan facility.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The following table presents the Company’s other current liabilities ($ in thousands): March 31, 2024 December 31, 2023 Accrued payroll 11,920 33,711 Accrued professional service fee 3,478 7,520 Payables for purchase of property and equipment 2,481 2,474 Accrued rebate to distributors 20,593 16,926 Tax payables 6,910 16,988 Other (i) 2,794 5,353 Total 48,176 82,972 (i) Other mainly includes accrued travel and business-related expenses.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the first quarter of 2024, the Company granted share options to purchase up to 398,000 ordinary shares and restricted shares representing 370,500 ordinary shares under the 2022 Plan. The share options granted have a contractual term of ten years. Share options granted since April 2023 generally vest ratably over a four-year period, and share options granted prior to April 2023 generally vest ratably over a five-year period, with 25% or 20% of the awards vesting on each anniversary of the grant date, respectively, subject to continued employment/service with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. For a description of the Company’s equity incentive plans and more details on the terms of the share-based awards, refer to Note 15 of the 2023 Annual Report . The following table presents the share-based compensation expense that has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Selling, general and administrative 11,036 10,063 Research and development 6,944 6,598 Total 17,980 16,661

License and Collaboration Agree

License and Collaboration Agreements	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements The Company has entered into various license and collaboration agreements with third parties to develop and commercialize product candidates. For a description of the material terms of the Company’s significant license and collaboration agreements, see Note 16

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net The following table presents the Company’s other income, net ($ in thousands): Three Months Ended March 31, 2024 2023 Government grants 2,791 — Gain on equity investments with readily determinable fair value 4,889 441 Others miscellaneous gain 1,681 793 Total 9,361 1,234

Restricted Net Assets

Restricted Net Assets	3 Months Ended
	Mar. 31, 2024
Restricted net assets
Restricted Net Assets	Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its Chinese subsidiaries. Relevant Chinese laws and regulations permit payments of dividends by the Company’s Chinese subsidiaries only out of its retained earnings, if any, as determined in accordance with Chinese accounting standards and regulations. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s Chinese subsidiaries. In accordance with the Company Law of the People’s Republic of China, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s Chinese statutory accounts. A domestic enterprise may provide discretionary surplus reserve, at the discretion of the Board of Directors, from the profits determined in accordance with the enterprise’s Chinese statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s Chinese subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. No appropriation to statutory reserves was made in the first quarter of 2024 and 2023 because the Chinese subsidiaries had substantial losses during such periods. As a result of these Chinese laws and regulations, subject to the limits discussed above that require annual appropriations of 10% of after-tax profit to be set aside, prior to payment of dividends, as a general reserve fund, the Company’s Chinese subsidiaries are restricted in their ability to transfer out a portion of their net assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Purchase Commitments The Company’s commitments related to purchase of property and equipment contracted but not yet reflected in the unaudited condensed consolidated financial statements were $1.1 million as of March 31, 2024 and were expected to be incurred within one year. (b) Legal Proceedings The Company is not currently a party to any material legal proceedings. (c) Indemnifications

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (53,471)	$ (49,144)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
William Lis [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 23 , 2024, William Lis, one of the Company’s directors, adopted a new written Rule 10b5-1 trading arrangement for the disposition of up to 10,397 of the Company’s ADSs, each representing ten of the Company’s ordinary shares, to cover tax obligations in connection with the vesting of a previously granted restricted stock award . This Rule 10b5-1 trading arrangement is scheduled to terminate no later than July 31, 2024.
Name	William Lis
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 23, 2024
Arrangement Duration	159 days
Aggregate Available	10,397

Basis of Presentation and Con_2

Basis of Presentation and Consolidation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The December 31, 2023 condensed consolidated balance sheet data included in this report were derived from the audited financial statements in the 2023 Annual Report. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the year ending December 31, 2024.
Principles of Consolidation	The unaudited condensed consolidated financial statements include the accounts of Zai Lab Limited and its subsidiaries, which are wholly owned. All intercompany transactions and balances are eliminated upon consolidation.
Use of Estimates	The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, accrual of rebates, recognition of research and development expenses, fair value of share-based compensation expenses, and recoverability of deferred tax assets. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.
Fair Value Measurements	The unrealized gains from fair value changes are recognized in other income, net in the condensed consolidated statements of operations. Financial instruments of the Company primarily include cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, non-current restricted cash, accounts payable, short-term debts, and other current liabilities. As of March 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, current restricted cash, short-term investments, accounts receivable, prepayments and other current assets, accounts payable, short-term debts, and other current liabilities approximated their fair values due to the short-term maturity of these instruments, and the carrying value of notes receivable and non-current restricted cash approximated their fair value based on the assessment of the ability to recover these amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU requires all public entities, including public entities with a single reportable segment, to disclose the title and position of the Chief Operating Decision Maker (“CODM”) and the significant segment expenses and any additional measures of a segment’s profit or loss used by the CODM to allocate resources and assess performance. This ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in additional disclosure in the consolidated financial statements, once adopted. The Company is currently evaluating the impact of this ASU and expects to adopt it for the year ending December 31, 2025. The Company did not adopt any new accounting standards in the first quarter of 2024 that had a material impact on the Consolidated Financial Statements. For additional information on the Company’s significant accounting policies, refer to the notes to the consolidated financial statements in the 2023 Annual Report

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table presents the Company’s cash and cash equivalents ($ in thousands): March 31, 2024 December 31, 2023 Cash 649,666 789,051 Cash equivalents (i) 1,114 1,100 650,780 790,151 Denominated in: US$ 630,583 762,436 Renminbi (“RMB”) (ii) 17,878 25,093 Hong Kong dollar (“HK$”) 1,513 1,974 Australian dollar (“A$”) 557 587 Taiwan dollar (“TW$”) 249 61 650,780 790,151 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii)

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The following table presents the Company’s inventories, net ($ in thousands): March 31, 2024 December 31, 2023 Finished goods 19,076 22,702 Raw materials 16,675 17,655 Work in progress 2,100 4,470 Inventories, net 37,851 44,827

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	The following table presents the components of the Company’s property and equipment, net ($ in thousands): March 31, 2024 December 31, 2023 Office equipment 1,046 1,047 Electronic equipment 9,315 9,161 Vehicle 198 199 Laboratory equipment 20,162 20,140 Manufacturing equipment 17,658 17,680 Leasehold improvements 11,361 11,371 Construction in progress 24,834 24,272 84,574 83,870 Less: accumulated depreciation (32,188) (30,136) Property and equipment, net 52,386 53,734

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Product Revenue	The table below presents the Company’s gross and net product revenue ($ in thousands): Three Months Ended March 31, 2024 2023 Product revenue - gross 93,112 71,212 Less: Rebates and sales returns (5,963) (8,415) Product revenue - net 87,149 62,797
Schedule of Disaggregation of Net Revenue	The following table presents the Company’s net revenue by product ($ in thousands): Three Months Ended March 31, 2024 2023 ZEJULA 45,501 42,680 OPTUNE 12,480 13,342 QINLOCK 6,093 1,306 NUZYRA 9,913 5,469 VYVGART 13,162 — Product revenue - net 87,149 62,797

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share	The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss (53,471) (49,144) Denominator: Weighted average number of ordinary shares - basic and diluted 973,145,760 961,444,780 Net loss per share - basic and diluted (0.05) (0.05)
Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share	As a result of the Company’s net loss in the first quarter of 2024 and 2023, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. March 31, 2024 2023 Share options 104,244,590 86,242,060 Non-vested restricted shares 29,893,540 32,154,670

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-Term Debt	The following table presents the Company’s short-term debts as of March 31, 2024 ($ in thousands): Weighted average interest rate per annum March 31, 2024 Bank of China Working Capital Loan 2.95 % 34,179 SPD Bank Working Capital Loan 3.45 % 14,094 Total short-term debts 3.10 % 48,273

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of other Current Liabilities	The following table presents the Company’s other current liabilities ($ in thousands): March 31, 2024 December 31, 2023 Accrued payroll 11,920 33,711 Accrued professional service fee 3,478 7,520 Payables for purchase of property and equipment 2,481 2,474 Accrued rebate to distributors 20,593 16,926 Tax payables 6,910 16,988 Other (i) 2,794 5,353 Total 48,176 82,972 (i) Other mainly includes accrued travel and business-related expenses.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation expense	The following table presents the share-based compensation expense that has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Selling, general and administrative 11,036 10,063 Research and development 6,944 6,598 Total 17,980 16,661

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	The following table presents the Company’s other income, net ($ in thousands): Three Months Ended March 31, 2024 2023 Government grants 2,791 — Gain on equity investments with readily determinable fair value 4,889 441 Others miscellaneous gain 1,681 793 Total 9,361 1,234

Basis of Presentation and Con_3

Basis of Presentation and Consolidation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments with readily determinable fair value	$ 14.1	$ 9.2

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash	$ 649,666	$ 789,051
Cash equivalents	1,114	1,100
Cash and cash equivalents	650,780	790,151
US$
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	630,583	762,436
Renminbi (“RMB”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	17,878	25,093
Hong Kong dollar (“HK$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	1,513	1,974
Australian dollar (“A$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	557	587
Taiwan dollar (“TW$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 249	$ 61

Inventories, Net - Summary of I

Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 19,076	$ 22,702
Raw materials	16,675	17,655
Work in progress	2,100	4,470
Inventories, net	$ 37,851	$ 44,827

Inventories, Net - Additional I

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory write-down	$ 0	$ 0.4

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment
Property and equipment, gross	$ 84,574	$ 83,870
Less: accumulated depreciation	(32,188)	(30,136)
Property and equipment, net	52,386	53,734
Office equipment
Property Plant And Equipment
Property and equipment, gross	1,046	1,047
Electronic equipment
Property Plant And Equipment
Property and equipment, gross	9,315	9,161
Vehicle
Property Plant And Equipment
Property and equipment, gross	198	199
Laboratory equipment
Property Plant And Equipment
Property and equipment, gross	20,162	20,140
Manufacturing equipment
Property Plant And Equipment
Property and equipment, gross	17,658	17,680
Leasehold improvements
Property Plant And Equipment
Property and equipment, gross	11,361	11,371
Construction in progress
Property Plant And Equipment
Property and equipment, gross	$ 24,834	$ 24,272

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.2	$ 2.5

Revenue - Summary of Product Re

Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Product revenue - gross	$ 93,112	$ 71,212
Less: Rebates and sales returns	(5,963)	(8,415)
Product revenue - net	$ 87,149	$ 62,797

Revenue - Disaggregation of Net

Revenue - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 87,149	$ 62,797
ZEJULA
Disaggregation of Revenue [Line Items]
Product revenue - net	45,501	42,680
OPTUNE
Disaggregation of Revenue [Line Items]
Product revenue - net	12,480	13,342
QINLOCK
Disaggregation of Revenue [Line Items]
Product revenue - net	6,093	1,306
NUZYRA
Disaggregation of Revenue [Line Items]
Product revenue - net	9,913	5,469
VYVGART
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 13,162	$ 0

Income Tax (Details)

Income Tax (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0
Unrecognized tax benefits	0		$ 0
Unrecognized tax benefits, interest and penalties	$ 0	$ 0

Loss Per Share - Computation of

Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (53,471)	$ (49,144)
Denominator:
Weighted average number of ordinary shares - basic (in shares)	973,145,760	961,444,780
Weighted average number of ordinary shares - diluted (in shares)	973,145,760	961,444,780
Net loss per share - basic (in dollars per share)	$ (0.05)	$ (0.05)
Net loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.05)

Loss Per Share - Summary of Ant

Loss Per Share - Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	104,244,590	86,242,060
Non-vested restricted shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	29,893,540	32,154,670

Borrowings - Summary of Short-T

Borrowings - Summary of Short-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.10%
Total short-term debts	$ 48,273	$ 0
Loans Payable | Bank of China Working Capital Loan
Short-Term Debt [Line Items]
Weighted average interest rate per annum	2.95%
Total short-term debts	$ 34,179
Loans Payable | SPD Bank Working Capital Loan
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.45%
Total short-term debts	$ 14,094

Borrowings - Additional Informa

Borrowings - Additional Information (Details) $ in Thousands, ¥ in Millions	Feb. 07, 2024 USD ($)	Feb. 06, 2024 USD ($)	Feb. 05, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Feb. 07, 2024 CNY (¥)	Feb. 06, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Restricted cash, current				$ 100,000				$ 0
Short-term debts				$ 48,273				$ 0
Weighted average interest rate per annum				3.10%	3.10%
Maximum guarantor obligation		$ 42,000					¥ 300
Guarantor obligation term		3 years
Bank of China Working Capital Loan
Short-Term Debt [Line Items]
Debt instrument fee			$ 700
Ningbo Bank Working Capital Loan Facility | Loans Payable
Short-Term Debt [Line Items]
Maximum borrowing capacity		$ 22,500					160
Ningbo Bank Working Capital Loan Facility | Zai Lab Suzhou Company Limited | Loans Payable
Short-Term Debt [Line Items]
Maximum borrowing capacity		$ 32,400					¥ 230.3
Loans Payable | Bank of China Working Capital Loan
Short-Term Debt [Line Items]
Short-term debts				$ 34,179
Weighted average interest rate per annum				2.95%	2.95%
Loans Payable | Bank of China Working Capital Loan | Zai Lab (Shanghai) Co., Ltd.
Short-Term Debt [Line Items]
Debt instrument term	1 year
Loan face amount	$ 47,800					¥ 340
Short-term debts				$ 34,200	¥ 242.5
Weighted average interest rate per annum	2.95%					2.95%
Floating interest rate adjustment period	6 months
Loans Payable | SPD Bank Working Capital Loan
Short-Term Debt [Line Items]
Short-term debts				$ 14,094
Weighted average interest rate per annum				3.45%	3.45%
Loans Payable | SPD Bank Working Capital Loan | Zai Lab (Shanghai) Co., Ltd.
Short-Term Debt [Line Items]
Debt instrument term		1 year
Loan face amount				$ 14,100	¥ 100
Fixed interest rate		3.45%					3.45%
Standby Letters of Credit | Bank of China Working Capital Loan
Short-Term Debt [Line Items]
Maximum borrowing capacity			$ 100,000
Debt instrument term			1 year
Letters of credit outstanding		$ 50,000

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 11,920	$ 33,711
Accrued professional service fee	3,478	7,520
Payables for purchase of property and equipment	2,481	2,474
Accrued rebate to distributors	20,593	16,926
Tax payables	6,910	16,988
Other	2,794	5,353
Total	$ 48,176	$ 82,972

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term	10 years
Unrecognized share-based compensation expense related to unvested share options granted | $	$ 93.2
Recognized over a weighted-average period	2 years 10 months 20 days
Share options | Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Share options | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Share options | Tranche one | Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25%
Share options | Tranche one | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20%
Share options | Tranche two | Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25%
Share options | Tranche two | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20%
Share options | Tranche three | Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25%
Share options | Tranche three | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20%
Share options | Tranche four | Since April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25%
Share options | Tranche four | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20%
Share options | Tranche five | Prior to April 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	20%
Non-vested restricted shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense related to unvested restricted shares | $	$ 92
Recognized over a weighted-average period	2 years 6 months 14 days
2022 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted (in shares) | shares	398,000
2022 Plan | Non-vested restricted shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-option awards granted (in shares) | shares	370,500

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 17,980	$ 16,661
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	11,036	10,063
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,944	$ 6,598

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Government grants	$ 2,791	$ 0
Gain on equity investments with readily determinable fair value	4,889	441
Others miscellaneous gain	1,681	793
Total	$ 9,361	$ 1,234

Restricted Net Assets (Details)

Restricted Net Assets (Details) - PRC - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restricted net assets
Statutory reserves	$ 0	$ 0
Restricted amount by subsidiaries	$ 506,000,000		$ 506,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Property and Equipment
Loss Contingencies [Line Items]
Purchase obligation to be incurred within on year	$ 1.1