All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
3 warning events since 2017; the latest 2022-06-01.
From the record
Zai Lab Limited's filings since 2017 show 3 warning events: an auditor change (8-K item 4.01, 3 times, the latest 2022-06-01) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+221.4% a year over 8 filed years; profitable in 0 of 8.
From the record
Zai Lab Limited's 8 filed years say what it did: revenue went from $129 thousand in fiscal 2018 to $457 million in fiscal 2025, up 221.4% a year; it rose in 7 of 7 years; it never fell from a peak; net income was positive in 0 of 8 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 7.5/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Zai Lab Limited's shareholder treatment is put at 7.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 25% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -25%: lost 25¢ per shareholder dollar. Leverage 39%: owes 39¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Zai Lab Limited lost about 25 cents for every dollar of shareholders' money, and gross profitability: its products earned about 23 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 39 cents per dollar of assets, and net share issuance: its share count grew 10.7% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
top 30% of 315 in its family; net margin -38.4%.
From the record
Zai Lab Limited's standing among 315 graded names in its industry family: revenue of $457 million in fiscal 2025 ranks in the top 20% by size; a net margin of -38.4% ranks in the top 38%; revenue growth of 29.1% a year over the last 3 filed years ranks in the top 31% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
top 38% of 315 in its family for leadership; chief executive since 2021.
From the record
Zai Lab Limited's leadership, from its insiders' filings and its current reports: the chief executive on the record is Du, Ying (Chairperson & CEO, as filed), filing under that title since 2021-01-04, 5.9 years (top 42% of its family); the 14 officers and directors filing in the last fifteen months have been on the record a median of 5.5 years (bottom 46%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 14 people in charge now (top 18%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
top 49% of 273 in its family for room to expand.
From the record
Zai Lab Limited's room to grow, from the newest filed statements (fiscal 2025): cash of $680 million against no long-term debt tagged leaves 58% of its assets as net cash, top 29% of its family; cash from operations less capital spending is -34.8% of revenue (top 43%); a gross margin of 58.3% (bottom 34%); research spending of 48.3% of revenue (bottom 42%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 32% of 306 in its family for growth drivers.
From the record
Zai Lab Limited's growth drivers, from the filed years to fiscal 2025: revenue grew 29.1% a year over the last three filed years against 221.4% over all 8, slowing (bottom 1% of its family); the newest year grew 15% (top 41%); research spending grew -8.3% a year (bottom 33%); capital spending grew -30.9% a year (bottom 36%) (its annual reports). Zai Lab Limited reported 8 product lines in fiscal 2025: Zejula at $189 million (41%), Vyvgart Vyvgart Hytrulo at $94 million (21%), Nuzyra at $61 million (13%), and 5 more; 7 of 7 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 44% of 233 in its family for expectations against reality.
From the record
Zai Lab Limited's newest year against its own record: revenue of $457 million in fiscal 2025 came in 15.9% below the $544 million its prior three years' pace pointed to (bottom 34% of its family); net income of $176 million against a prior three-year average of $345 million (top 32%); a net margin of -38.4% against losses larger than its revenue before (top 32%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made