Estados financieros detallados de Zai Lab Limited (ZLAB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Zai Lab Limited registró ingresos de $460.2M en el último ejercicio fiscal, con un CAGR de 5 años del 56.5%.
Márgenes de los últimos 12 meses: margen bruto 58.5%, margen operativo -48.6%, margen neto -38.1%.
Al precio actual de $24.67, ZLAB presenta beneficios negativos (P/E no significativo) y un ROE del -24.53%. La capitalización bursátil es de $2.8B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $129452 | $13.0M | $49.0M | $144.3M | $215.0M | $266.7M | $399.0M | $460.2M |
| Coste de Ventas | 0 | 0 | $43590 | $3.7M | $239.4M | $52.2M | $74.0M | $95.8M | $147.9M | $191.1M |
| Beneficio Bruto | 0 | 0 | $85862 | $9.2M | -$190.5M | $92.1M | $141.0M | $170.9M | $251.1M | $269.1M |
| I+D | $32.1M | $39.3M | $120.3M | $142.2M | $222.7M | $573.3M | $286.4M | $265.9M | $234.5M | $220.9M |
| Generales y Administrativos | $6.4M | $12.0M | $21.6M | $70.2M | $111.3M | $218.8M | $259.0M | $281.6M | $298.7M | $277.6M |
| Gastos Operativos | $38.5M | $51.4M | $141.9M | $212.4M | $111.3M | $792.1M | $545.4M | $537.5M | $533.2M | $492.6M |
| Beneficio Operativo | -$38.5M | -$51.4M | -$141.8M | -$203.2M | -$301.8M | -$700.1M | -$404.4M | -$366.6M | -$282.1M | -$223.6M |
| EBITDA | -$38.3M | -$50.8M | -$138.4M | -$190.3M | -$297.2M | -$689.5M | -$434.8M | -$365.1M | -$234.6M | -$158.2M |
| Gastos por Intereses | 0 | 0 | $39672 | $293000 | $181000 | 0 | 0 | 0 | $2.3M | $5.2M |
| Beneficio Antes de Impuestos | -$37.5M | -$50.1M | -$138.5M | -$206.0M | -$268.9M | -$703.4M | -$443.3M | -$334.6M | -$257.1M | -$178.5M |
| Impuestos | 0 | $477699 | $3.3M | -$11.0M | 0 | $1.1M | 0 | 0 | 0 | -$2.9M |
| Beneficio Neto | -$37.5M | -$50.4M | -$139.1M | -$195.1M | -$268.9M | -$704.5M | -$443.3M | -$334.6M | -$257.1M | -$175.5M |
| BPA | $-39.70 | $-23.20 | $-26.40 | $-30.30 | $-34.60 | $-75.80 | $-46.30 | $-34.60 | $-2.60 | $-1.60 |
| BPA Diluido | $-39.70 | $-23.20 | $-26.40 | $-30.30 | $-34.60 | $-75.80 | $-46.30 | $-34.60 | $-2.60 | $-1.60 |
| Acciones en Circulación (Diluidas) | $943902 | $2.2M | $5.3M | $6.4M | $7.8M | $9.3M | $9.6M | $9.7M | $98.9M | $109.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $116.1M | $127.6M | $99.6M | $106.3M |
| Beneficio Bruto | $69.2M | $65.3M | $61.3M | $58.1M |
| Beneficio Operativo | -$48.8M | -$69.4M | -$69.3M | -$76.5M |
| EBITDA | -$30.7M | -$48.1M | -$44.0M | -$46.1M |
| Beneficio Neto | -$36.0M | -$50.4M | -$51.0M | -$50.8M |
| BPA | $-0.33 | $-0.46 | $-0.50 | $-0.50 |
| BPA Diluido | $-0.33 | $-0.46 | $-0.50 | $-0.50 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $83.9M | $229.7M | $63.0M | $75.9M | $442.1M | $964.1M | $1.01B | $790.2M | $449.7M | $679.6M |
| Inversiones a Corto | 0 | 0 | $200.3M | $200.0M | $744.7M | $445.0M | 0 | $16.3M | $330.0M | $10.0M |
| Cuentas por Cobrar | 0 | 0 | $90000 | $3.8M | $5.2M | $54.8M | $48.6M | $65.3M | $89.4M | $106.1M |
| Inventario | 0 | 0 | $3822 | $6.0M | $13.1M | $19.0M | $31.6M | $44.8M | $39.9M | $74.7M |
| Activos Corrientes | $84.1M | $230.6M | $269.1M | $292.5M | $1.22B | $1.50B | $1.12B | $939.6M | $1.05B | $1.02B |
| Inmovilizado Material | $2.7M | $12.0M | $20.8M | $36.9M | $47.1M | $58.3M | $78.8M | $68.7M | $69.5M | $66.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $7000 | $20089 | $321566 | $8.8M | $9.4M | $9.7M | $8.4M | $16.5M | $58.9M | $76.1M |
| Activos Totales | $88.9M | $249.6M | $302.0M | $355.2M | $1.30B | $1.61B | $1.22B | $1.04B | $1.19B | $1.17B |
| Cuentas por Pagar | $523337 | $9.0M | $37.4M | $22.7M | $62.6M | $126.2M | $66.0M | $113.0M | $100.9M | $141.6M |
| Deuda a Corto | 0 | 0 | $3.6M | $6.5M | 0 | 0 | 0 | 0 | $131.7M | $204.5M |
| Pasivos Corrientes | $5.2M | $12.1M | $48.8M | $46.6M | $98.0M | $192.9M | $139.8M | $203.1M | $299.4M | $416.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $13.4M |
| Pasivos Totales | $140.5M | $14.5M | $50.9M | $60.5M | $128.3M | $230.0M | $174.5M | $240.2M | $344.9M | $456.9M |
| Reservas | -$60.2M | -$110.6M | -$249.6M | -$444.7M | -$713.6M | -$1.42B | -$1.86B | -$2.20B | -$2.45B | -$2.63B |
| Patrimonio Neto | -$51.6M | $235.2M | $251.1M | $294.7M | $1.17B | $1.38B | $1.05B | $796.1M | $840.9M | $715.5M |
| Deuda Total | 0 | 0 | $3.6M | $21.8M | $18.6M | $15.5M | $20.4M | $15.2M | $153.5M | $224.3M |
| Deuda Neta | -$83.9M | -$229.7M | -$259.7M | -$254.2M | -$1.17B | -$1.39B | -$988.1M | -$791.3M | -$626.2M | -$465.3M |
| Capital Circulante | $78.9M | $218.5M | $220.3M | $245.8M | $1.12B | $1.31B | $984.5M | $736.5M | $751.1M | $603.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $717.2M | $679.6M | $651.3M | $607.5M |
| Activos Totales | $1.16B | $1.17B | $1.10B | $1.07B |
| Pasivos Totales | $399.0M | $456.9M | $433.8M | $467.8M |
| Patrimonio Neto | $759.9M | $715.5M | $662.0M | $607.0M |
| Deuda Total | $219.4M | $224.3M | $231.9M | $254.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$37.5M | -$50.4M | -$139.1M | -$195.1M | -$268.9M | -$704.5M | -$443.3M | -$334.6M | -$257.1M | -$175.5M |
| Amortizaciones | $199005 | $548127 | $1.6M | $3.8M | $4.6M | $6.5M | $8.2M | $9.0M | $11.9M | $15.0M |
| Compensación en Acciones | $4.9M | $9.9M | $12.2M | $20.3M | $24.8M | $40.7M | $61.3M | $79.6M | $70.7M | $65.6M |
| Cambio en Capital Circulante | -$1.7M | $7.5M | $27.4M | -$23.3M | $18.2M | $23.1M | -$66.2M | $39.6M | -$68.4M | -$54.7M |
| Flujo de Caja Operativo | -$32.2M | -$32.4M | -$97.5M | -$191.0M | -$216.1M | -$549.2M | -$367.6M | -$198.2M | -$214.9M | -$150.8M |
| Inversiones (CapEx) | -$2.2M | -$9.1M | -$10.1M | -$15.2M | -$10.7M | -$18.9M | -$25.0M | -$8.5M | -$61.5M | -$13.4M |
| Adquisiciones | 0 | -$1.9M | -$2.1M | $9.2M | $539000 | -$30.0M | 0 | 0 | $28999 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$34.4M | -$41.5M | -$107.7M | -$206.3M | -$226.7M | -$568.2M | -$392.6M | -$206.7M | -$276.4M | -$164.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$32.0M | -$26.0M | -$11.9M | -$63.4M |
| Inversiones (CapEx) | -$4.1M | -$1.3M | -$22.3M | -$1.5M |
| Flujo de Caja Libre | -$36.1M | -$27.3M | -$34.2M | -$64.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $16.9M | $15.9M | $13.5M | $11.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | +9930.6% | +277.0% | +194.8% | +49.0% | +24.0% | +49.6% | +15.3% |
| Crecimiento Beneficio Neto (anual) | | -34.3% | -176.0% | -40.3% | -37.8% | -162.0% | +37.1% | +24.5% | +23.2% | +31.7% |
| Crecimiento BPA (anual) | | +41.6% | -13.8% | -14.8% | -14.2% | -119.1% | +38.9% | +25.3% | +92.5% | +38.5% |
| Cambio en Acciones (anual) | | +130.5% | +141.9% | +22.4% | +20.7% | +19.7% | +3.0% | +0.9% | +923.9% | +10.7% |
| Crecimiento FCF (anual) | | -20.6% | -159.5% | -91.6% | -9.9% | -150.6% | +30.9% | +47.4% | -33.7% | +40.6% |
| Margen Bruto | | | 66.3% | 71.1% | -389.1% | 63.8% | 65.6% | 64.1% | 62.9% | 58.5% |
| Margen Operativo | | | -109514.0% | -1564.9% | -616.4% | -485.1% | -188.0% | -137.4% | -70.7% | -48.6% |
| Margen EBITDA | | | -106949.8% | -1465.3% | -607.0% | -477.8% | -202.2% | -136.9% | -58.8% | -34.4% |
| Margen Neto | | | -107433.6% | -1502.3% | -549.3% | -488.2% | -206.1% | -125.5% | -64.4% | -38.1% |
| Margen FCF | | | -83162.8% | -1588.4% | -463.1% | -393.7% | -182.6% | -77.5% | -69.3% | -35.7% |
| Tasa Impositiva Efectiva | -0.0% | -1.0% | -2.4% | 5.3% | -0.0% | -0.2% | -0.0% | -0.0% | -0.0% | 1.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-36.43 | $-19.07 | $-20.46 | $-32.04 | $-29.19 | $-61.10 | $-40.98 | $-21.39 | $-2.79 | $-1.50 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $943902 | $2.2M | $5.3M | $6.4M | $7.8M | $9.3M | $9.6M | $9.7M | $98.9M | $109.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -24.53% |
| Rentabilidad sobre capital invertido | -22.74% |
| Rentabilidad sobre activos | -14.97% |
| Margen bruto | 58.47% |
| Margen operativo | -48.59% |
| Margen neto | -38.15% |
Salud financiera
| Deuda / Patrimonio | 0.31 |
| Ratio corriente | 2.45 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.22 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.70 | -0.96 | -0.88 | -1.37 | -3.91 | -0.83 | -0.66 | -0.79 | -10.07 | -11.03 |
| P/VC | -0.51 | 0.21 | 0.49 | 0.91 | 0.90 | 0.42 | 0.28 | 0.33 | 3.08 | 2.70 |
| P/V | 0.00 | 0.00 | 943.67 | 20.62 | 21.47 | 4.05 | 1.37 | 0.99 | 6.50 | 4.20 |
| Margen Bruto | 0.0% | 0.0% | 66.3% | 71.1% | -389.1% | 63.8% | 65.6% | 64.1% | 62.9% | 58.5% |
| Margen Operativo | 0.0% | 0.0% | -109514.0% | -1564.9% | -616.4% | -485.1% | -188.0% | -137.4% | -70.7% | -48.6% |
| Margen Neto | 0.0% | 0.0% | -107433.6% | -1502.3% | -549.3% | -488.2% | -206.1% | -125.5% | -64.4% | -38.1% |