Zai Lab Ltd operates as a commercial-stage biopharmaceutical firm with a dual presence in Greater China and the United States. Its growth has been fueled by exclusive licensing agreements that provide differentiated access to innovative oncology and immunology therapies, supported by a strong commercial infrastructure across Greater China. Despite robust revenue growth exceeding 15% in 2025, the company continues to grapple with operating losses driven by intensive R&D investments and commercialization expenses. Future growth hinges on late-stage pipeline progress, regulatory approvals, and effective scaling of its commercial programs within a complex regulatory and geopolitical environment.