Zai Lab Limited (ZLAB) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		762,101,560
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		996,087,670

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 630,048	$ 790,151
Restricted cash, current	100,000	0
Short-term investments	0	16,300
Accounts receivable (net of allowance for credit losses of $20 and $17 as of June 30, 2024 and December 31, 2023, respectively)	69,635	59,199
Notes receivable	8,102	6,134
Inventories, net	41,846	44,827
Prepayments and other current assets	20,292	22,995
Total current assets	869,923	939,606
Restricted cash, non-current	1,116	1,113
Long term investments	4,073	9,220
Prepayments for equipment	46	111
Property and equipment, net	50,613	53,734
Operating lease right-of-use assets	13,102	14,844
Land use rights, net	2,991	3,069
Intangible assets, net	44,063	13,389
Long-term deposits	1,441	1,209
Total assets	987,368	1,036,295
Current liabilities
Accounts payable	127,344	112,991
Current operating lease liabilities	7,581	7,104
Short-term debt	70,298	0
Other current liabilities	46,495	82,972
Total current liabilities	251,718	203,067
Deferred income	25,343	28,738
Non-current operating lease liabilities	5,803	8,047
Other non-current liabilities	325	325
Total liabilities	283,189	240,177
Commitments and contingencies (Note 15)
Shareholders’ equity
Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 986,310,340 and 977,151,270 shares issued as of June 30, 2024 and December 31, 2023, respectively; 981,398,140 and 972,239,070 shares outstanding as of June 30, 2024 and December 31, 2023, respectively)	6	6
Additional paid-in capital	3,011,964	2,975,302
Accumulated deficit	(2,329,728)	(2,195,980)
Accumulated other comprehensive income	42,773	37,626
Treasury Stock (at cost, 4,912,200 shares as of both June 30, 2024 and December 31, 2023)	(20,836)	(20,836)
Total shareholders’ equity	704,179	796,118
Total liabilities and shareholders’ equity	$ 987,368	$ 1,036,295

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 20	$ 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)	986,310,340	977,151,270
Ordinary shares, shares outstanding (in shares)	981,398,140	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Product revenue, net	$ 100,106,000	$ 68,864,000	$ 187,255,000	$ 131,661,000
Collaboration revenue	398,000	0	398,000	0
Total revenues	100,504,000	68,864,000	187,653,000	131,661,000
Expenses
Cost of product revenue	(35,148,000)	(23,763,000)	(68,767,000)	(45,100,000)
Cost of collaboration revenue	(85,000)	0	(85,000)	0
Research and development	(61,625,000)	(76,682,000)	(116,270,000)	(125,153,000)
Selling, general, and administrative	(79,710,000)	(67,920,000)	(148,904,000)	(130,430,000)
Gain on sale of intellectual property	0	10,000,000	0	10,000,000
Loss from operations	(76,064,000)	(89,501,000)	(146,373,000)	(159,022,000)
Interest income	9,330,000	10,090,000	18,988,000	20,321,000
Interest expense	(492,000)	0	(605,000)	0
Foreign currency losses	(4,108,000)	(40,079,000)	(6,176,000)	(31,167,000)
Other (expenses) income, net	(8,943,000)	(1,405,000)	418,000	(171,000)
Loss before income tax	(80,277,000)	(120,895,000)	(133,748,000)	(170,039,000)
Income tax expense	0	0	0	0
Net loss	$ (80,277,000)	$ (120,895,000)	$ (133,748,000)	$ (170,039,000)
Loss per share - basic (in dollars per share)	$ (0.08)	$ (0.13)	$ (0.14)	$ (0.18)
Loss per share - diluted (in dollars per share)	$ (0.08)	$ (0.13)	$ (0.14)	$ (0.18)
Weighted-average shares used in calculating net loss per ordinary share - basic (in shares)	975,937,790	964,817,310	974,541,780	963,140,360
Weighted-average shares used in calculating net loss per ordinary share - diluted (in shares)	975,937,790	964,817,310	974,541,780	963,140,360

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (80,277)	$ (120,895)	$ (133,748)	$ (170,039)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments	3,605	34,908	5,147	26,495
Comprehensive loss	$ (76,672)	$ (85,987)	$ (128,601)	$ (143,544)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 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, 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]
Net loss	(170,039)
Foreign currency translation	26,495
Ending balance (in shares) at Jun. 30, 2023		973,355,390
Ending balance at Jun. 30, 2023	932,314	$ 6	2,932,053	(2,031,399)	52,180	$ (20,526)
Ending balance (in shares) at Jun. 30, 2023						(4,789,110)
Beginning balance (in shares) at Mar. 31, 2023		967,197,350
Beginning balance at Mar. 31, 2023	1,001,242	$ 6	2,911,454	(1,910,504)	17,272	$ (16,986)
Beginning balance (in shares) at Mar. 31, 2023						(3,508,610)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		6,117,040
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		41,000
Exercise of share options	88	$ 0	88
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation (in shares)						(1,280,500)
Receipt of shares netted to satisfy tax withholding obligations related to share-based compensation	(3,540)					$ (3,540)
Share-based compensation	20,511		20,511
Net loss	(120,895)			(120,895)
Foreign currency translation	34,908				34,908
Ending balance (in shares) at Jun. 30, 2023		973,355,390
Ending balance at Jun. 30, 2023	$ 932,314	$ 6	2,932,053	(2,031,399)	52,180	$ (20,526)
Ending balance (in shares) at Jun. 30, 2023						(4,789,110)
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		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)
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]
Net loss	$ (133,748)
Foreign currency translation	$ 5,147
Ending balance (in shares) at Jun. 30, 2024	981,398,140	986,310,340
Ending balance at Jun. 30, 2024	$ 704,179	$ 6	3,011,964	(2,329,728)	42,773	$ (20,836)
Ending balance (in shares) at Jun. 30, 2024	(4,912,200)					(4,912,200)
Beginning balance (in shares) at Mar. 31, 2024		978,197,710
Beginning balance at Mar. 31, 2024	$ 762,169	$ 6	2,993,282	(2,249,451)	39,168	$ (20,836)
Beginning balance (in shares) at Mar. 31, 2024						(4,912,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon vesting of restricted shares (in shares)		8,087,630
Issuance of ordinary shares upon vesting of restricted shares	0	$ 0	0
Exercise of share options (in shares)		25,000
Exercise of share options	44	$ 0	44
Share-based compensation	18,638		18,638
Net loss	(80,277)			(80,277)
Foreign currency translation	$ 3,605				3,605
Ending balance (in shares) at Jun. 30, 2024	981,398,140	986,310,340
Ending balance at Jun. 30, 2024	$ 704,179	$ 6	$ 3,011,964	$ (2,329,728)	$ 42,773	$ (20,836)
Ending balance (in shares) at Jun. 30, 2024	(4,912,200)					(4,912,200)

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (133,748)	$ (170,039)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	3	3
Inventory write-down	756	623
Depreciation and amortization expenses	5,953	4,652
Amortization of deferred income	(1,679)	(1,716)
Share-based compensation	36,618	37,172
Loss from fair value changes of equity investment with readily determinable fair value	5,147	1,304
Losses on disposal of property and equipment	450	260
Gain on disposal of land use right	0	(404)
Noncash lease expenses	4,141	4,383
Gain on sale of intellectual property	0	(10,000)
Debt issuance costs	700	0
Foreign currency remeasurement impact	6,176	31,167
Changes in operating assets and liabilities:
Accounts receivable	(10,842)	(8,863)
Notes receivable	(2,013)	(12,714)
Inventories	2,037	(6,627)
Prepayments and other current assets	2,612	87
Long-term deposits	(232)	(184)
Accounts payable	(6,117)	3,037
Other current liabilities	(35,607)	(6,761)
Operating lease liabilities	(5,086)	(3,596)
Deferred income	(1,548)	9,902
Other non-current liabilities	0	325
Net cash used in operating activities	(132,279)	(127,989)
Cash flows from investing activities
Purchases of short-term investments	0	(100,000)
Proceeds from maturity of short-term investment	16,300	84,500
Purchases of property and equipment	(1,715)	(5,234)
Proceeds from the sale of property and equipment	29	112
Acquisition of intangible assets	(12,168)	(630)
Proceeds from sale of intellectual property	0	10,000
Net cash provided by (used in) investing activities	2,446	(11,252)
Cash flows from financing activities
Proceeds from short-term debt	70,526	0
Payments of debt issuance costs	(700)	0
Proceeds from exercises of stock options	44	1,762
Taxes paid related to settlement of equity awards	0	(7,141)
Net cash provided by (used in) financing activities	69,870	(5,379)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(137)	(3,707)
Net decrease in cash, cash equivalents and restricted cash	(60,100)	(148,327)
Cash, cash equivalents and restricted cash - beginning of period	791,264	1,009,273
Cash, cash equivalents and restricted cash - end of period	731,164	860,946
Supplemental disclosure on non-cash investing and financing activities
Payables for purchase of property and equipment	2,391	4,344
Payables for acquisition of intangible assets	32,525	96
Payables for treasury stock	0	1,531
Right-of-use asset acquired under operating leases	2,389	3,313
Receivables for disposal of land use right	0	3,867
Supplemental disclosure of cash flow information
Cash paid for interest	$ 496	$ 0

Organization and Principal Acti

Organization and Principal Activities	6 Months Ended
	Jun. 30, 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, immunology, neuroscience, and infectious disease.

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 $4.1 million and $9.2 million as of June 30, 2024 and December 31, 2023, respectively. The unrealized losses from fair value changes are recognized in other expenses (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 debt, and other current liabilities. As of June 30, 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 debt, and other current liabilities approximated their fair value 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Cash 628,920 789,051 Cash equivalents (i) 1,128 1,100 630,048 790,151 Denominated in: US$ 607,615 762,436 Renminbi (“RMB”) (ii) 21,074 25,093 Hong Kong dollar (“HK$”) 597 1,974 Australian dollar (“A$”) 565 587 Taiwan dollar (“TW$”) 197 61 630,048 790,151 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii)

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net The following table presents the Company’s inventories, net ($ in thousands): June 30, 2024 December 31, 2023 Finished goods 23,365 22,702 Raw materials 16,107 17,655 Work in progress 2,374 4,470 Inventories, net 41,846 44,827

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Office equipment 1,043 1,047 Electronic equipment 9,189 9,161 Vehicle 197 199 Laboratory equipment 20,244 20,140 Manufacturing equipment 17,619 17,680 Leasehold improvements 11,368 11,371 Construction in progress 24,851 24,272 84,511 83,870 Less: accumulated depreciation (33,898) (30,136) Property and equipment, net 50,613 53,734

Revenues

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Product Revenue, Net The Company’s product 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product revenue - gross 106,611 75,010 199,723 146,222 Less: Rebates and sales returns (6,505) (6,146) (12,468) (14,561) Product revenue - net 100,106 68,864 187,255 131,661 Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of product 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 ZEJULA 44,999 42,957 90,500 85,637 OPTUNE 12,584 13,692 25,064 27,034 QINLOCK 7,038 7,527 13,131 8,833 NUZYRA 12,295 4,636 22,208 10,105 VYVGART 23,190 52 36,352 52 Product revenue - net 100,106 68,864 187,255 131,661 Collaboration Revenue Collaboration revenue was $0.4 million in both the three and six months ended June 30, 2024 and related to promotional activities in mainland China. We had no such collaboration revenue in the prior year periods.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss (80,277) (120,895) (133,748) (170,039) Denominator: Weighted average number of ordinary shares - basic and diluted 975,937,790 964,817,310 974,541,780 963,140,360 Net loss per share - basic and diluted (0.08) (0.13) (0.14) (0.18) As a result of the Company’s net loss in the three and six months ended June 30, 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. June 30, 2024 2023 Share options 121,522,950 108,322,600 Non-vested restricted shares 35,535,640 33,462,670

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 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 debt as of June 30, 2024 ($ in thousands): Weighted average interest rate per annum June 30, 2024 Bank of China Working Capital Loan 2.95 % 56,266 SPD Bank Working Capital Loan 3.45 % 14,032 Total short-term debt 3.05 % 70,298 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 in the first quarter of 2024. In accordance with this agreement, 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 and June 20, 2024, upon the Company’s application, the BOC HK provided standby letters of credit in favor of the Bank of China Pudong Development Zone Branch (the “BOC Pudong Branch”) for $50.0 million and $23.0 million, respectively, which are or may become payable by the Company’s wholly-owned subsidiary, Zai Lab (Shanghai) Co., Ltd. (“Zai Lab Shanghai”), and in the first half of 2024, Zai Lab Shanghai entered into working capital loan contracts with the BOC Pudong Branch for an aggregate loan of RMB500.0 million (approximately $69.8 million), of which an aggregate principal amount of RMB401.0 million (approximately $56.3 million) was outstanding as of June 30, 2024. Each working capital loan has a one-year term and is subject to a floating interest rate of approximately 2.95% initially, which 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. Zai Lab Shanghai entered into working capital loan contracts with SPD Bank under this debt facility in the first quarter of 2024, and the aggregate principal balance was RMB100.0 million (approximately $14.0 million) as of June 30, 2024. These working capital loans have a term of one year 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 June 30, 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	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The following table presents the Company’s other current liabilities ($ in thousands): June 30, 2024 December 31, 2023 Accrued payroll 22,432 33,711 Accrued professional service fee 3,514 7,520 Payables for purchase of property and equipment 2,391 2,474 Accrued rebate to distributors 10,037 16,926 Tax payables 4,625 16,988 Other (i) 3,496 5,353 Total 46,495 82,972 (i) Other primarily includes accrued travel and business-related expenses.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the six months ended June 30, 2024, the Company granted share options to purchase up to 20,739,400 ordinary shares and restricted shares representing 16,398,190 ordinary shares under its equity incentive plans. 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, see 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Selling, general and administrative 10,421 11,776 21,456 21,839 Research and development 8,217 8,735 15,162 15,333 Total 18,638 20,511 36,618 37,172

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
	Jun. 30, 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 of the 2023 Annual Report. The following includes a description of milestone fees incurred in the six months ended June 30, 2024 under our significant license and collaboration agreements. License and Collaboration Agreement with Innoviva (SUL-DUR) Under the terms of our license and collaboration agreement with Entasis Therapeutics Holdings Inc., a wholly owned subsidiary of Innoviva, Inc. (“Innoviva”), the Company recorded an $8.0 million regulatory milestone in the second quarter of 2024, which was capitalized as an intangible asset. As of June 30, 2024, the Company may be required to pay an additional aggregate amount of up to $80.6 million in development, regulatory, and sales-based milestones as well as certain royalties at tiered percentage rates ranging from high single digits to low-teens on annual net sales of the licensed products in the licensed territory. License Agreement with BMS (Repotrectinib)

Other Expenses (Income), Net

Other Expenses (Income), Net	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Expenses (Income), Net	Other Expenses (Income), Net The following table presents the Company’s other expenses (income), net ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Government grants 534 83 3,325 83 Loss on equity investments with readily determinable fair value (10,035) (1,744) (5,147) (1,304) Others miscellaneous gain 558 256 2,240 1,050 Total (8,943) (1,405) 418 (171)

Restricted Net Assets

Restricted Net Assets	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
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 three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 $1.0 million as of June 30, 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

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company identified an additional opportunity to access capital denominated in RMB through a debt facility with China Merchants Bank to support our working capital needs in mainland China. As a result, on July 5, 2024, the Company issued a maximum-amount irrevocable letter of guarantee to China Merchants Bank Co., Ltd., Shanghai Branch (“CMB”) pursuant to which the Company will guarantee working capital loans of up to RMB250.0 million (approximately $34.4 million) from CMB to our wholly-owned subsidiary, Zai Lab Shanghai, and Zai Lab Shanghai entered into a Credit Agreement with CMB with respect to the RMB250.0 million facility. The credit facility will be available for one year, and key terms of the specific working capital loans, including the amount, term, and interest rate, will be included in the specific transaction documents. To date, Zai Lab Shanghai has not entered into working capital loans under this facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (80,277)	$ (53,471)	$ (120,895)	$ (49,144)	$ (133,748)	$ (170,039)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 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
Richard Gaynor [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 6, 2024, Richard Gaynor, one of the Company’s directors, adopted a new written Rule 10b5-1 trading arrangement for the disposition of up to 5,000 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 7, 2025.
Name	Richard Gaynor
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2024
Expiration Date	July 7, 2025
Arrangement Duration	396 days
Aggregate Available	5,000	5,000

Basis of Presentation and Con_2

Basis of Presentation and Consolidation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 losses from fair value changes are recognized in other expenses (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 debt, and other current liabilities. As of June 30, 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 debt, and other current liabilities approximated their fair value 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	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 six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Cash 628,920 789,051 Cash equivalents (i) 1,128 1,100 630,048 790,151 Denominated in: US$ 607,615 762,436 Renminbi (“RMB”) (ii) 21,074 25,093 Hong Kong dollar (“HK$”) 597 1,974 Australian dollar (“A$”) 565 587 Taiwan dollar (“TW$”) 197 61 630,048 790,151 (i) Cash equivalents represent short-term and highly liquid investments in a money market fund. (ii)

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The following table presents the Company’s inventories, net ($ in thousands): June 30, 2024 December 31, 2023 Finished goods 23,365 22,702 Raw materials 16,107 17,655 Work in progress 2,374 4,470 Inventories, net 41,846 44,827

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Office equipment 1,043 1,047 Electronic equipment 9,189 9,161 Vehicle 197 199 Laboratory equipment 20,244 20,140 Manufacturing equipment 17,619 17,680 Leasehold improvements 11,368 11,371 Construction in progress 24,851 24,272 84,511 83,870 Less: accumulated depreciation (33,898) (30,136) Property and equipment, net 50,613 53,734

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product revenue - gross 106,611 75,010 199,723 146,222 Less: Rebates and sales returns (6,505) (6,146) (12,468) (14,561) Product revenue - net 100,106 68,864 187,255 131,661
Schedule of Disaggregation of Net Revenue	The following table presents the Company’s net revenue by product ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ZEJULA 44,999 42,957 90,500 85,637 OPTUNE 12,584 13,692 25,064 27,034 QINLOCK 7,038 7,527 13,131 8,833 NUZYRA 12,295 4,636 22,208 10,105 VYVGART 23,190 52 36,352 52 Product revenue - net 100,106 68,864 187,255 131,661

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss (80,277) (120,895) (133,748) (170,039) Denominator: Weighted average number of ordinary shares - basic and diluted 975,937,790 964,817,310 974,541,780 963,140,360 Net loss per share - basic and diluted (0.08) (0.13) (0.14) (0.18)
Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share	As a result of the Company’s net loss in the three and six months ended June 30, 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. June 30, 2024 2023 Share options 121,522,950 108,322,600 Non-vested restricted shares 35,535,640 33,462,670

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Short-Term Debt	The following table presents the Company’s short-term debt as of June 30, 2024 ($ in thousands): Weighted average interest rate per annum June 30, 2024 Bank of China Working Capital Loan 2.95 % 56,266 SPD Bank Working Capital Loan 3.45 % 14,032 Total short-term debt 3.05 % 70,298

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of other Current Liabilities	The following table presents the Company’s other current liabilities ($ in thousands): June 30, 2024 December 31, 2023 Accrued payroll 22,432 33,711 Accrued professional service fee 3,514 7,520 Payables for purchase of property and equipment 2,391 2,474 Accrued rebate to distributors 10,037 16,926 Tax payables 4,625 16,988 Other (i) 3,496 5,353 Total 46,495 82,972 (i) Other primarily includes accrued travel and business-related expenses.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Selling, general and administrative 10,421 11,776 21,456 21,839 Research and development 8,217 8,735 15,162 15,333 Total 18,638 20,511 36,618 37,172

Other Expenses (Income), Net (T

Other Expenses (Income), Net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Expenses (Income), Net	The following table presents the Company’s other expenses (income), net ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Government grants 534 83 3,325 83 Loss on equity investments with readily determinable fair value (10,035) (1,744) (5,147) (1,304) Others miscellaneous gain 558 256 2,240 1,050 Total (8,943) (1,405) 418 (171)

Basis of Presentation and Con_3

Basis of Presentation and Consolidation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments with readily determinable fair value	$ 4.1	$ 9.2

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash	$ 628,920	$ 789,051
Cash equivalents	1,128	1,100
Cash and cash equivalents	630,048	790,151
US$
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	607,615	762,436
Renminbi (“RMB”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	21,074	25,093
Hong Kong dollar (“HK$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	597	1,974
Australian dollar (“A$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	565	587
Taiwan dollar (“TW$”)
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 197	$ 61

Inventories, Net - Summary of I

Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 23,365	$ 22,702
Raw materials	16,107	17,655
Work in progress	2,374	4,470
Inventories, net	$ 41,846	$ 44,827

Inventories, Net - Additional I

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory write-down	$ 0.7	$ 0.2	$ 0.8	$ 0.6

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment
Property and equipment, gross	$ 84,511	$ 83,870
Less: accumulated depreciation	(33,898)	(30,136)
Property and equipment, net	50,613	53,734
Office equipment
Property Plant And Equipment
Property and equipment, gross	1,043	1,047
Electronic equipment
Property Plant And Equipment
Property and equipment, gross	9,189	9,161
Vehicle
Property Plant And Equipment
Property and equipment, gross	197	199
Laboratory equipment
Property Plant And Equipment
Property and equipment, gross	20,244	20,140
Manufacturing equipment
Property Plant And Equipment
Property and equipment, gross	17,619	17,680
Leasehold improvements
Property Plant And Equipment
Property and equipment, gross	11,368	11,371
Construction in progress
Property Plant And Equipment
Property and equipment, gross	$ 24,851	$ 24,272

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.2	$ 1.8	$ 4.4	$ 4.3

Revenues - Summary of Product R

Revenues - Summary of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Product revenue - gross	$ 106,611	$ 75,010	$ 199,723	$ 146,222
Less: Rebates and sales returns	(6,505)	(6,146)	(12,468)	(14,561)
Product revenue - net	$ 100,106	$ 68,864	$ 187,255	$ 131,661

Revenues - Disaggregation of Ne

Revenues - Disaggregation of Net Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 100,106	$ 68,864	$ 187,255	$ 131,661
ZEJULA
Disaggregation of Revenue [Line Items]
Product revenue - net	44,999	42,957	90,500	85,637
OPTUNE
Disaggregation of Revenue [Line Items]
Product revenue - net	12,584	13,692	25,064	27,034
QINLOCK
Disaggregation of Revenue [Line Items]
Product revenue - net	7,038	7,527	13,131	8,833
NUZYRA
Disaggregation of Revenue [Line Items]
Product revenue - net	12,295	4,636	22,208	10,105
VYVGART
Disaggregation of Revenue [Line Items]
Product revenue - net	$ 23,190	$ 52	$ 36,352	$ 52

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Collaboration revenue	$ 398,000	$ 0	$ 398,000	$ 0

Income Tax (Details)

Income Tax (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits	0		0		$ 0
Unrecognized tax benefits, interest and penalties	$ 0	$ 0	$ 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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (80,277)	$ (53,471)	$ (120,895)	$ (49,144)	$ (133,748)	$ (170,039)
Denominator:
Weighted average number of ordinary shares - basic (in shares)	975,937,790		964,817,310		974,541,780	963,140,360
Weighted average number of ordinary shares - diluted (in shares)	975,937,790		964,817,310		974,541,780	963,140,360
Net loss per share - basic (in dollars per share)	$ (0.08)		$ (0.13)		$ (0.14)	$ (0.18)
Net loss per share - diluted (in dollars per share)	$ (0.08)		$ (0.13)		$ (0.14)	$ (0.18)

Loss Per Share - Summary of Ant

Loss Per Share - Summary of Anti-Dilutive Shares Excluded from Calculation of Diluted Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of diluted loss per share	121,522,950	108,322,600
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	35,535,640	33,462,670

Borrowings - Summary of Short-T

Borrowings - Summary of Short-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.05%
Total short-term debt	$ 70,298	$ 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 debt	$ 56,266
Loans Payable | SPD Bank Working Capital Loan
Short-Term Debt [Line Items]
Weighted average interest rate per annum	3.45%
Total short-term debt	$ 14,032

Borrowings - Additional Informa

Borrowings - Additional Information (Details) $ in Thousands, ¥ in Millions		6 Months Ended
	Feb. 05, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 20, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Feb. 06, 2024 USD ($)	Feb. 06, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Restricted cash, current		$ 100,000							$ 0
Short-term debt		$ 70,298							$ 0
Weighted average interest rate per annum		3.05%	3.05%
SPD Bank
Short-Term Debt [Line Items]
Maximum guarantor obligation							$ 42,000	¥ 300
Guarantor obligation term							3 years	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 | 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 debt		$ 56,266
Weighted average interest rate per annum		2.95%	2.95%
Loans Payable | Bank of China Working Capital Loan | Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term		1 year
Loan face amount		$ 69,800	¥ 500
Short-term debt		$ 56,300	¥ 401
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 debt		$ 14,032
Weighted average interest rate per annum		3.45%	3.45%
Loans Payable | SPD Bank Working Capital Loan | Zai Lab Shanghai
Short-Term Debt [Line Items]
Debt instrument term		1 year
Loan face amount					$ 14,000	¥ 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				$ 23,000			$ 50,000

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued payroll	$ 22,432	$ 33,711
Accrued professional service fee	3,514	7,520
Payables for purchase of property and equipment	2,391	2,474
Accrued rebate to distributors	10,037	16,926
Tax payables	4,625	16,988
Other	3,496	5,353
Total	$ 46,495	$ 82,972

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted (in shares) | shares	20,739,400
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 | $	$ 98.1
Recognized over a weighted-average period	3 years 25 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]
Non-option awards granted (in shares) | shares	16,398,190
Unrecognized share-based compensation expense related to unvested restricted shares | $	$ 100.9
Recognized over a weighted-average period	2 years 10 months 24 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 18,638	$ 20,511	$ 36,618	$ 37,172
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	10,421	11,776	21,456	21,839
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 8,217	$ 8,735	$ 15,162	$ 15,333

License and Collaboration Agr_2

License and Collaboration Agreements (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Innoviva Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment made	$ 8
Maximum additional milestone payments	80.6
BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment made	25
Maximum additional milestone payments	$ 116

Other Expenses (Income), Net (D

Other Expenses (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Government grants	$ 534	$ 83	$ 3,325	$ 83
Loss on equity investments with readily determinable fair value	(10,035)	(1,744)	(5,147)	(1,304)
Others miscellaneous gain	558	256	2,240	1,050
Total	$ (8,943)	$ (1,405)	$ 418	$ (171)

Restricted Net Assets (Details)

Restricted Net Assets (Details) - PRC - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restricted Net Assets [Line Items]
Statutory reserves	$ 0	$ 0	$ 0	$ 0
Restricted amount by subsidiaries	$ 506,000,000		$ 506,000,000		$ 506,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Property and Equipment
Loss Contingencies [Line Items]
Purchase obligation to be incurred within on year	$ 1

Subsequent Events (Details)

Subsequent Events (Details) - Jul. 05, 2024 - Subsequent Event ¥ in Millions, $ in Millions	USD ($)	CNY (¥)
Zai Lab Shanghai | Loans Payable | CMB Workiva Capital Loan
Subsequent Event [Line Items]
Maximum borrowing capacity		¥ 250
Debt instrument term	1 year
CMB
Subsequent Event [Line Items]
Maximum guarantor obligation	$ 34.4	¥ 250