- \n
- Zoci 1.6 mg\/kg plus atezolizumab showed compelling 1L SCLC data at ESMO: 81.8% confirmed ORR, an estimated 81.9% six-month PFS rate and 9.1% Grade \u22653 zoci-related AEs; advancing toward a global Phase 3 study in 1L SCLC<\/i><\/li>\n
- Registrational global Phase 3 DLLEVATE study evaluating zoci in 2L+ SCLC is ongoing, with a potential interim analysis in the second half of 2027, followed by a subsequent U.S. accelerated approval submission<\/i><\/li>\n
- Completed enrollment in zoci\u2019s potentially registrational 2L epNECs expansion cohort, with data expected in the first half of 2027, followed by a subsequent U.S. accelerated approval submission<\/i><\/li>\n
- ZL-1503, a long-acting IL-13\/IL-31R\u03b1 bispecific antibody, is advancing toward key clinical milestones including initial first-in-human data at 2026 ACAAI and atopic dermatitis patient data expected in the first half of 2027<\/i><\/li>\n
- Total revenues of $108.2 million in the third quarter of 2026 with 2% sequential net product revenue growth; positioned for a return to meaningful growth in 2027 as patient access expands for key products<\/i><\/li>\n<\/ul>\n
Conference call and webcast today, November 5, 2026, at 8:00 a.m. ET (9:00 p.m. HKT)<\/i><\/p>\n
SHANGHAI & CAMBRIDGE, Mass.–(BUSINESS WIRE<\/a>)–
\nZai Lab Limited (NASDAQ: ZLAB; HKEX: 9688), an innovation-driven, global biopharma, today announced financial results for the third quarter of 2026, along with recent product highlights and corporate updates.<\/p>\n\n\u201cWe are approaching a defining period for Zai Lab, as we advance toward bringing our first internally developed innovative medicines to patients globally,\u201d said Dr. Samantha Du, Founder, Chairperson and Chief Executive Officer of Zai Lab. \u201cThe strong first-line combination data for zocilurtatug pelitecan (zoci) presented at ESMO strengthen our confidence in its potential to become an ADC backbone of choice in small cell lung cancer. 2027 is set to be a pivotal year, with a potential first U.S. BLA submission for zoci and continued advancement of our first-line registrational development strategy in small cell lung cancer. Beyond zoci, ZL-1503 adds a second global program, targeting atopic dermatitis, one of the largest opportunities in immunology. Together with our commercially profitable China business, which we expect to return to growth in 2027, these advancements position Zai Lab to create substantial value for patients and shareholders.\u201d<\/p>\n
\n\u201cIn first-line small cell lung cancer, zoci 1.6mg\/kg plus atezolizumab demonstrated an 81.8% confirmed response rate and an encouraging 81.9% six-month progression-free survival rate, with a favorable tolerability profile,\u201d said Rafael G. Amado, M.D., President, Head of Global Research and Development at Zai Lab. \u201cThis profile supports taking a standard chemotherapy-free regimen into a global Phase 3 study and gives us a strong foundation to build on with T-cell engager combinations. Our registrational programs in SCLC and neuroendocrine carcinomas are advancing toward readouts that could support our first U.S. BLA submission in 2027. In atopic dermatitis, ZL-1503 is designed to block two drivers of disease at once: IL-13 for inflammation and IL-31R\u03b1 for itch, with a half-life that could support less frequent dosing. We will present first-in-human data at ACAAI in November and initial patient data in the first half of 2027, and we expect two additional oncology and immunology programs to enter the clinic in 2027.\u201d<\/p>\n
Third Quarter 2026 Financial Results<\/span><\/b><\/p>\n
- \n
- Total revenue <\/b>was$108.2 million in the third quarter of 2026, compared to $116.1 million for the same period in 2025. Product revenue, net <\/b>was $107.6 million in the third quarter of 2026, compared to $115.4 million for the same period in 2025. Net product revenue increased 2% versus the second quarter of 2026, primarily driven by NUZYRA, supported by increased market coverage and penetration, and KarXT, which was launched in June 2026, partially offset by a decrease in OPTUNE due to evolving competition in the glioblastoma market.\n<\/li>\n
- Research and Development (R&D) expenses <\/b>were $49.8 million in the third quarter of 2026, compared to $47.9 million for the same period in 2025.\n<\/li>\n
- Selling, General and Administrative (SG&A) expenses<\/b> were $70.1 million in both the third quarter of 2026 and the same period in 2025. R&D and SG&A both remained relatively flat year over year, reflecting continued efforts to streamline the organization, optimize resource allocation, and enhance operating efficiency as the company advances its next phase of growth.\n<\/li>\n
- Loss from operations<\/b> was $63.0 million in the third quarter of 2026, $47.6 million when adjusted to exclude certain non-cash expenses including depreciation, amortization, and share-based compensation. A reconciliation of loss from operations (GAAP) to adjusted loss from operations (non-GAAP) is included at the end of this release.\n<\/li>\n
- Net loss <\/b>was $46.1 million in the third quarter of 2026, or a loss per ordinary share attributable to shareholders of $0.04 (or loss per American Depositary Share (ADS) of $0.41), compared to a net loss of $36.0 million for the same period in 2025, or a loss per ordinary share of $0.03 (or loss per ADS of $0.33). The increase in net loss was primarily due to a $13.6 million<\/strong>in<\/strong> inventory write-downs in 2026.\n<\/li>\n
- Cash and cash equivalents, current restricted cash, and short-term investments <\/b>totaled $659.7 million as of September 30, 2026, compared to $717.5 million as of June 30, 2026.\n<\/li>\n<\/ul>\n
Corporate Updates<\/span><\/b><\/p>\n
- \n
- \nOn October 22, 2026, the Company entered into a securities purchase agreement with certain accredited investors, relating to the sale of 11,340,000 ADSs, each representing ten ordinary shares of the Company with a par value of $0.000006 per share, at an offering price of $22.04 per ADS in a private placement transaction. The private placement closed on October 27, 2026, and the Company received gross proceeds of approximately $250.0 million, resulting in net proceeds to the Company of approximately $241.2 million after deducting placement agent fees and other expenses. The Company intends to use the net proceeds to fund the development of pipeline assets and for working capital and other general corporate purposes.<\/p>\n<\/li>\n<\/ul>\n
Recent Pipeline Highlights<\/span><\/b><\/p>\n
\nBelow are key product candidate updates since our last earnings release:<\/p>\n
Oncology Pipeline<\/i><\/b><\/p>\n
- \n
- Zocilurtatug Pelitecan (zoci, DLL3-Targeting ADC) (formerly ZL-1310):<\/b>\n
- \n
- First-Line Extensive-Stage Small Cell Lung Cancer (1L ES-SCLC)<\/b>: In October 2026, Zai Lab presented promising data at the European Society for Medical Oncology (ESMO) Congress 2026 from the ongoing Phase 1 study evaluating zoci in combination with atezolizumab as a first-line treatment for ES-SCLC. At the selected zoci dose of 1.6 mg\/kg, the zoci plus atezolizumab doublet achieved a confirmed objective response rate (ORR) of 81.8% and an estimated 6-month progression-free survival (PFS) rate of 81.9% among 33 efficacy evaluable patients in 1L ES-SCLC. Among the first 15 patients with at least six months of follow-up, who had a median follow-up of 10.0 months, median PFS had not been reached. The doublet regimen was generally well tolerated, with 9.1% of patients experiencing Grade 3 or higher adverse events attributed to zoci and only one reported case of Grade 1 interstitial lung disease (ILD) or pneumonitis in this cohort. Based on the encouraging efficacy and favorable safety profile, Zai Lab is advancing the zoci 1.6 mg\/kg plus PD-L1 inhibitors doublet into a global Phase 3 study in 1L ES-SCLC.\n<\/li>\n
- Combinations with T-Cell Engagers (TCEs):<\/b> Zai Lab continues to evaluate zoci in combination with TCEs including tarlatamab and obrixtamig, in collaboration with partners Amgen and Boehringer Ingelheim, respectively. These combinations are designed to pair zoci\u2019s rapid tumor-debulking activity and favorable tolerability profile with T-cell-mediated killing, with the goal of deepening and extending responses in SCLC.\n<\/li>\n
- Second-Line+ Extrapulmonary Neuroendocrine Carcinomas (2L+ epNECs): <\/b>Zai Lab completed enrollment in the Phase 2 expansion portion of the ongoing global Phase 1b\/2 study evaluating zoci in patients with 2L+ epNEC. Based on feedback from the U.S. Food and Drug Administration (FDA), Zai Lab will pursue a potential accelerated approval pathway based on this single-arm expansion study with topline data expected in the first half of 2027.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Immunology, Neuroscience, and Infectious Disease Pipeline<\/i><\/b><\/p>\n
- \n
- ZL-1503 (IL-13\/IL-31R\u03b1):<\/b>\n
- \n
- \nIn October 2026, Zai Lab announced that initial first-in-human data from the single ascending dose (SAD) portion of the global Phase 1\/1b study in healthy volunteers is expected to be shared for the first time at the American College of Allergy, Asthma & Immunology (ACAAI) 2026 Annual Scientific Meeting, taking place November 12\u201316, 2026, in Phoenix, AZ. Findings will include pharmacokinetic (PK) data following single-dose administration, as well as pharmacodynamic (PD) data on atopic dermatitis (AD)-related biomarkers across a range of ZL-1503 doses. The presentation will also include initial safety and immunogenicity data.<\/p>\n<\/li>\n
- \nIn October 2026, Zai Lab completed enrollment for the global Phase 1 intravenous-to-subcutaneous (IV-to-SC) bioavailability bridging study.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- VYVGART (FcRn):<\/b>\n
- \n
- Generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP)<\/b>: In October 2026, the Center for Drug Evaluation (CDE) accepted the Chemistry, Manufacturing, and Controls (CMC) variation application for the addition of pre-filled syringe presentation of efgartigimod subcutaneous (SC) for the treatment of gMG and CIDP.\n<\/li>\n
- Myositis<\/b>: In August 2026, Zai Lab and partner argenx announced positive topline results from the Phase 3 ALKIVIA study evaluating VYVGART\u00ae<\/sup> Hytrulo (efgartigimod alfa and hyaluronidase-qvfc) in adults with autoimmune myositis. The study met its primary endpoint of mean Total Improvement Score (TIS) at week 52 in the combined study population of immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM) patients (p=0.0011). Patient improvements were observed early and sustained throughout the study, with a consistent treatment effect across IMNM and DM. Zai Lab participated in the ALKIVIA study in Greater China.\n<\/li>\n
- Sj\u00f6gren’s Disease:<\/b> In October 2026, argenx announced that it will discontinue the Phase 3 UNITY study of efgartigimod SC in adults with moderate-to-severe Sj\u00f6gren\u2019s disease. The decision is based on a recommendation from an Independent Data Monitoring Committee to stop the study for futility following an interim analysis, having concluded that the UNITY study is unable to meet its primary endpoint. Safety was consistent with efgartigimod\u2019s established profile, and no new safety signals were identified.\n<\/li>\n<\/ul>\n<\/li>\n
- Elegrobart (Anti-IGF-1R, subcutaneous): <\/b>Zai Lab completed enrollment in the Phase 3 registrational study for the treatment of thyroid eye disease in China.\n<\/li>\n<\/ul>\n
Anticipated Major Milestones in the Fourth Quarter of 2026 and Full Year 2027<\/span><\/b><\/p>\n
Global Pipeline<\/i><\/b><\/p>\n
Zocilurtatug Pelitecan (zoci, DLL3-Targeting ADC; formerly ZL-1310)<\/b><\/p>\n
- \n
- Second-Line Plus ES-SCLC: <\/b>Complete enrollment in the global pivotal Phase 3 DLLEVATE study followed by a potential interim analysis in the second half of 2027. The randomized, open-label study is evaluating the safety and efficacy of zoci compared to investigator\u2019s choice single agent chemotherapy (ICT) in patients with relapsed SCLC who have progressed on or after platinum-based first-line therapy as second-line therapy or one line of chemotherapy followed by tarlatamab.\n<\/li>\n
- First-Line ES-SCLC:<\/b>Initiate the global randomized Phase 3 study evaluating zoci 1.6 mg\/kg in combination with PD-L1 inhibitors by year-end 2026.\n<\/li>\n
- Second-Line epNECs: <\/b>Provide topline data from the Phase 2 expansion portion of the ongoing global Phase 1b\/2 study evaluating zoci in patients with second-line epNEC, with the potential to support a U.S. BLA submission for accelerated approval in 2027.\n<\/li>\n<\/ul>\n
ZL-1503 (IL-13\/IL-31R\u03b1)<\/b><\/p>\n
- \n
- \nComplete enrollment in the multiple ascending dose (MAD) portion of the Phase 1\/1b study in patients with AD with initial clinical data from the MAD portion expected in the first half of 2027.<\/p>\n<\/li>\n<\/ul>\n
ZL-6201<\/b>(LRRC15 ADC)<\/b><\/p>\n
- \n
- \nProvide topline results from the dose-escalation portion of the global Phase 1a\/b study evaluating ZL-6201 in patients with sarcoma and selected tumors in the first half of 2027.<\/p>\n<\/li>\n<\/ul>\n
ZL-1311 (MUC17\/CD3)<\/b><\/p>\n
- \n
- \nSubmit an IND application in the U.S. in 2026 and initiate a global Phase 1 study in the first half of 2027.<\/p>\n<\/li>\n<\/ul>\n
ZL-1222<\/b>(PD-1\/IL-12)<\/b><\/p>\n
- \n
- \nSubmit an IND application in the U.S. and initiate a global Phase 1 study in 2027.<\/p>\n<\/li>\n<\/ul>\n
Regional Pipeline<\/i><\/b><\/p>\n
Efgartigimod (FcRn)<\/b><\/p>\n
- \n
- Myositis<\/b>: Potential China supplemental Biologics License Application (sBLA) submission in 2027, supported by the positive Phase 3 ALKIVIA data.\n<\/li>\n
- Seronegative<\/b>generalized myasthenia gravis:<\/b> Potential China sBLA submission in 2027.\n<\/li>\n
- Ocular myasthenia gravis:<\/b> Potential China sBLA submission in 2027.\n<\/li>\n
- Graves\u2019 Disease<\/b>: Initiate enrollment in the global Phase 3 VitaliThy study in Greater China in 2027.\n<\/li>\n<\/ul>\n
Elegrobart (Anti-IGF-1R, subcutaneous)<\/b><\/p>\n
- \n
- \nProvide topline results from the China Phase 3 registrational study in 2027.<\/p>\n<\/li>\n<\/ul>\n
Conference Call and Webcast Information<\/span><\/b><\/p>\n
\nZai Lab will host a live conference call and webcast today, November 5, 2026, at 8:00 a.m. ET (9:00 p.m. HKT). Listeners may access the live webcast by visiting the Company\u2019s website at http:\/\/ir.zailaboratory.com<\/a>. Participants must register in advance of the conference call.<\/p>\n
\nDetails are as follows:<\/p>\n
- \n
- \nRegistration link for webcast (preferred): https:\/\/edge.media-server.com\/mmc\/p\/bpxrkoc6<\/a><\/li>\n
- \nRegistration link for dial-in: https:\/\/register-conf.media-server.com\/register\/BI86df2b2124764b2f9666d29580d3703c<\/a><\/li>\n<\/ul>\n
\nAll participants must use the link provided above to complete the online registration process in advance of the conference call. Dial-in details will be in the confirmation email which the participant will receive upon registering.<\/p>\n
\nA replay will be available shortly after the call and can be accessed by visiting the Company\u2019s website.<\/p>\n
About Zai Lab<\/b><\/p>\n
\nZai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) is an innovative, research-based, commercial-stage biopharmaceutical company based in China and the United States. We are focused on discovering, developing, and commercializing innovative products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. Our goal is to leverage our competencies and resources to positively impact human health.<\/p>\n
\nFor additional information about Zai Lab, please visit www.zailaboratory.com<\/a><\/span> or follow us at www.linkedin.com\/company\/zai-lab<\/a> or https:\/\/x.com\/ZaiLab_Global<\/a>.<\/p>\n
Non-GAAP Measures<\/b><\/p>\n
\nIn addition to results presented in accordance with GAAP, we disclose growth rates that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars. We have also presented a measure of adjusted loss from operations that adjusts GAAP loss from operations to exclude the impact of certain non-cash expenses including depreciation, amortization, and share-based compensation, which we refer to as \u201cprofitability.\u201d These adjusted growth rates and adjusted loss from operations are non-GAAP measures. We believe that these non-GAAP measures are important for an understanding of the performance of our business operations and financial results and provide investors with an additional perspective on operational trends and greater transparency into our historical and projected operating performance. Although we believe the non-GAAP financial measures enhance investors\u2019 understanding of our business and performance, these non-GAAP financial measures should not be considered an exclusive alternative to accompanying GAAP financial measures.<\/p>\n
Zai Lab Forward-Looking Statements<\/b><\/p>\n
\nThis press release contains certain forward-looking statements, including statements relating to our strategy and plans; potential of and expectations for our business, commercial products, and pipeline programs; our goals, objectives, and priorities and our expectations under our growth strategy (including our expectations regarding our commercial products and launches, clinical stage products, revenue growth, profitability, and cash flow); clinical development programs and related clinical trials; clinical trial data, data readouts, and presentations; risks and uncertainties associated with drug development and commercialization; regulatory discussions, submissions, filings, and approvals and the timing thereof; the potential benefits, safety, and efficacy of our products and product candidates and those of our collaboration partners; the anticipated benefits and potential of investments, collaborations, and business development activities; our profitability and timeline to profitability; our future financial and operating results; and financial guidance, including with respect to our capital allocation and investment strategy and our expected path to profitability. All statements, other than statements of historical fact, included in this press release are forward-looking statements, and can be identified by words such as \u201caim,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpoised,\u201d \u201cpositioned,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cwill,\u201d \u201cwould,\u201d and other similar expressions. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of future performance. Forward-looking statements are based on our expectations and assumptions as of the date of this press release and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. We may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products; (2) our ability to obtain funding for our operations and business initiatives; (3) the results of our clinical and pre-clinical development of our product candidates; (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates; (5) risks related to doing business in China; and (6) other factors identified in our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.<\/p>\n
\nOur SEC filings can be found on our website at www.zailaboratory.com<\/a><\/span> and on the SEC\u2019s website at www.SEC.gov<\/a><\/span>.<\/p>\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n Zai Lab Limited
\n
<\/b>Unaudited Condensed Consolidated Balance Sheets
\n
<\/b>(in thousands of U.S. dollars ($), except for number of shares and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n September 30,
\n<\/b>
2026<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n December 31,
\n<\/b>
2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Current assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n549,658<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n679,573<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRestricted cash, current<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n100,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n100,000<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShort-term investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,000<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable (net of allowance for credit losses of $19 and $31 as of September 30, 2026 and December 31, 2025, respectively)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n65,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n106,116<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNotes receivable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,169<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n85,292<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n74,745<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments and other current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n44,051<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n36,683<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n864,398<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,019,286<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRestricted cash, non-current<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,119<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,116<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n46,084<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n47,389<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease right-of-use assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,897<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n19,152<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLand use rights, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,884<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,853<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible assets, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n85,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n76,144<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,481<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,390<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,738<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,054<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,023,896<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,172,384<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Current liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n120,246<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n141,608<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent operating lease liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,528<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,344<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShort-term debt<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n252,365<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n204,530<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n46,110<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n63,684<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n424,249<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n416,166<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26,242<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n27,333<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current operating lease liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,556<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,385<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n570<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 460,617<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 456,884<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Commitments and contingencies<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Shareholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOrdinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 1,134,218,030 and 1,113,822,550 shares issued as of September 30, 2026 and December 31, 2025, respectively; 1,124,322,530 and 1,106,389,340 shares outstanding as of September 30, 2026 and December 31, 2025, respectively)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid-in capital<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,384,485<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,343,469<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated deficit<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,776,597)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,628,620)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated other comprehensive (loss) income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,861)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29,697<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury Stock (at cost, 9,895,500 and 7,433,210 shares as of September 30, 2026 and December 31, 2025, respectively)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(33,755)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(29,053)<\/p>\n<\/td>\n<\/tr>\n
\n \n Total shareholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 563,279<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 715,500<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,023,896<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,172,384<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n Zai Lab Limited
\n
<\/b>Unaudited Condensed Consolidated Statements of Operations
\n
<\/b>(in thousands of $, except for number of shares and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended September 30,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenues<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduct revenue, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n107,648<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n115,361<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n308,955<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n330,095<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCollaboration revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n560<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n734<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,175<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,464<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenues<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n108,208<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n116,095<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n314,130<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n332,559<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExpenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of product revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(51,305)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(46,764)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(137,782)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(128,219)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of collaboration revenue<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(119)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(20)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(531)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nResearch and development<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(49,810)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(47,928)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(177,167)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(159,271)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general, and administrative<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(70,071)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(70,106)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(208,013)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(204,566)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss from operations<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(62,978)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(48,822)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(208,852)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(160,028)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,731<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8,345<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18,057<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,794<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,577)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,400)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,801)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,848)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign currency gains<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,528<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,422<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,430<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,909<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther income (expense), net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n288<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(508)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,735<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,045<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss before income tax<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(48,008)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(35,963)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(149,431)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(125,128)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax benefit<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,872<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(46,136)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(35,963)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(147,977)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(125,128)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss per share – basic and diluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.04)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.03)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.13)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.11)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted-average shares used in calculating net loss per ordinary share – basic and diluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,123,397,940<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,102,072,680<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,116,916,210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,091,690,340<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n Zai Lab Limited
\n
<\/b>Unaudited Condensed Consolidated Statements of Comprehensive Loss
\n
<\/b>(in thousands of $)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended September 30,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(46,136)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(35,963)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(147,977)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(125,128)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther comprehensive loss, net of tax of nil:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign currency translation adjustments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,075)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,703)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(40,558)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,870)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nComprehensive loss<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(57,211)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(42,666)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(188,535)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(135,998)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n Zai Lab Limited
\n
<\/b>Non-GAAP Measures
\n
<\/b>(unaudited)
\n
<\/b>($ in thousands)
\n
<\/b>Growth on a Constant Exchange Rate (CER) Basis<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended
\n
September 30,<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Year over Year %
\n
Growth<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Nine Months Ended
\n
September 30,<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Year over Year %
\n
Growth<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n As reported<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n At CER*<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n As reported<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n At CER*<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nProduct revenue, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n107,648<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n115,361<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(7)%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(11)%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n308,955<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n330,095<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(6)%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(10)%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss from operations<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(62,978)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(48,822)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(208,852)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(160,028)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
* The growth rates at CER were calculated assuming the same foreign currency exchange rates were in effect for the current and prior year period<\/i><\/p>\n
- \nRegistration link for dial-in: https:\/\/register-conf.media-server.com\/register\/BI86df2b2124764b2f9666d29580d3703c<\/a><\/li>\n<\/ul>\n
- \nRegistration link for webcast (preferred): https:\/\/edge.media-server.com\/mmc\/p\/bpxrkoc6<\/a><\/li>\n
- Seronegative<\/b>generalized myasthenia gravis:<\/b> Potential China sBLA submission in 2027.\n<\/li>\n
- Myositis<\/b>: Potential China supplemental Biologics License Application (sBLA) submission in 2027, supported by the positive Phase 3 ALKIVIA data.\n<\/li>\n
- \nSubmit an IND application in the U.S. and initiate a global Phase 1 study in 2027.<\/p>\n<\/li>\n<\/ul>\n
- \nSubmit an IND application in the U.S. in 2026 and initiate a global Phase 1 study in the first half of 2027.<\/p>\n<\/li>\n<\/ul>\n
- \nProvide topline results from the dose-escalation portion of the global Phase 1a\/b study evaluating ZL-6201 in patients with sarcoma and selected tumors in the first half of 2027.<\/p>\n<\/li>\n<\/ul>\n
- First-Line ES-SCLC:<\/b>Initiate the global randomized Phase 3 study evaluating zoci 1.6 mg\/kg in combination with PD-L1 inhibitors by year-end 2026.\n<\/li>\n
- Myositis<\/b>: In August 2026, Zai Lab and partner argenx announced positive topline results from the Phase 3 ALKIVIA study evaluating VYVGART\u00ae<\/sup> Hytrulo (efgartigimod alfa and hyaluronidase-qvfc) in adults with autoimmune myositis. The study met its primary endpoint of mean Total Improvement Score (TIS) at week 52 in the combined study population of immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM) patients (p=0.0011). Patient improvements were observed early and sustained throughout the study, with a consistent treatment effect across IMNM and DM. Zai Lab participated in the ALKIVIA study in Greater China.\n<\/li>\n
- Generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP)<\/b>: In October 2026, the Center for Drug Evaluation (CDE) accepted the Chemistry, Manufacturing, and Controls (CMC) variation application for the addition of pre-filled syringe presentation of efgartigimod subcutaneous (SC) for the treatment of gMG and CIDP.\n<\/li>\n
- Combinations with T-Cell Engagers (TCEs):<\/b> Zai Lab continues to evaluate zoci in combination with TCEs including tarlatamab and obrixtamig, in collaboration with partners Amgen and Boehringer Ingelheim, respectively. These combinations are designed to pair zoci\u2019s rapid tumor-debulking activity and favorable tolerability profile with T-cell-mediated killing, with the goal of deepening and extending responses in SCLC.\n<\/li>\n
- First-Line Extensive-Stage Small Cell Lung Cancer (1L ES-SCLC)<\/b>: In October 2026, Zai Lab presented promising data at the European Society for Medical Oncology (ESMO) Congress 2026 from the ongoing Phase 1 study evaluating zoci in combination with atezolizumab as a first-line treatment for ES-SCLC. At the selected zoci dose of 1.6 mg\/kg, the zoci plus atezolizumab doublet achieved a confirmed objective response rate (ORR) of 81.8% and an estimated 6-month progression-free survival (PFS) rate of 81.9% among 33 efficacy evaluable patients in 1L ES-SCLC. Among the first 15 patients with at least six months of follow-up, who had a median follow-up of 10.0 months, median PFS had not been reached. The doublet regimen was generally well tolerated, with 9.1% of patients experiencing Grade 3 or higher adverse events attributed to zoci and only one reported case of Grade 1 interstitial lung disease (ILD) or pneumonitis in this cohort. Based on the encouraging efficacy and favorable safety profile, Zai Lab is advancing the zoci 1.6 mg\/kg plus PD-L1 inhibitors doublet into a global Phase 3 study in 1L ES-SCLC.\n<\/li>\n
- Zocilurtatug Pelitecan (zoci, DLL3-Targeting ADC) (formerly ZL-1310):<\/b>\n
- Research and Development (R&D) expenses <\/b>were $49.8 million in the third quarter of 2026, compared to $47.9 million for the same period in 2025.\n<\/li>\n
- Registrational global Phase 3 DLLEVATE study evaluating zoci in 2L+ SCLC is ongoing, with a potential interim analysis in the second half of 2027, followed by a subsequent U.S. accelerated approval submission<\/i><\/li>\n
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<\/td>\n<\/tr>\n