Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) today announced
financial results for the third quarter of 2023, along with recent
product highlights and corporate updates.
“During the third quarter, we achieved important milestones,
including the successful launch of VYVGART in China for patients
with generalized myasthenia gravis (gMG) and the positive pivotal
trial readout for efgartigimod in chronic inflammatory
demyelinating polyneuropathy (CIDP),” said Dr. Samantha Du,
Founder, Chairperson, and Chief Executive Officer of Zai Lab.
“These developments underscore our unwavering commitment to
delivering innovative medicines to patients in need. With new drug
applications under review by the National Medical Products
Administration (NMPA) and multiple ongoing pivotal trials
evaluating drugs with significant market potential, we are
well-positioned to accelerate our pipeline and to expand our
portfolio of commercial assets as we work to elevate patient care
worldwide.”
“Our commercial team navigated macro-level challenges in the
third quarter to achieve y-o-y net product revenue growth of 27% on
a constant currency basis,” said Josh Smiley, President and Chief
Operating Officer of Zai Lab. “ZEJULA® continues to be the leading
PARP inhibitor in hospital sales for ovarian cancer in China, and
there is exciting momentum with the launch of VYVGART, a
potentially paradigm changing therapy for patients living with gMG
in China. At least seven additional product launches in the next
two to three years are expected to support meaningful revenue
growth, and this growth, combined with enhanced operational
efficiencies, will help lead us to profitability,” Mr. Smiley
concluded.
Third Quarter 2023 Financial Results
- Product revenues were $69.2 million for the
third quarter of 2023, compared to $57.0 million for the same
period in 2022, representing 22% y-o-y growth and 27% y-o-y growth
at CER. This increase was primarily driven by increased sales
volumes, the launch of VYVGART, and decreased negative effects from
the COVID-19 pandemic. Our revenue growth was slowed by the effects
on hospital and physician practices from the recent industry-wide
anti-corruption enforcement efforts in China. Product revenues in
the third quarter of 2023, compared to the same period in 2022,
included:
- $41.6 million for ZEJULA, which increased from $39.2 million,
as ZEJULA, which is in its third year on the NRDL, continued to be
the leading PARP inhibitor in hospital sales for ovarian cancer in
China;
- $11.6 million for Optune, which increased from $10.7 million,
supported by increased patient access to this product in the
private-pay market;
- $5.7 million for QINLOCK, which increased from $5.5 million,
supported by the NRDL listing in March 2023;
- $5.5 million for NUZYRA, which increased from $1.5 million,
supported by the NRDL listing in March 2023; and
- $4.9 million for VYVGART, compared to nil, due to the launch of
VYVGART in September 2023.
- Research and Development (R&D) expenses
were $58.8 million for the third quarter of 2023, compared to $99.5
million for the same period in 2022. This decrease was primarily
due to a decrease in licensing fees in connection with decreased
upfront and milestone payments for our licensed and collaboration
agreements.
- Selling, General and Administrative expenses
were $68.6 million for the third quarter of 2023, compared to $66.6
million for the same period in 2022. This increase was primarily
due to higher general selling expenses to support new product
launches, partially offset by a decrease in professional services
fees.
- Net loss was $69.2 million for the third
quarter of 2023, or a loss per ordinary share attributable to
common stockholders of $0.07, compared to a net loss of $161.2
million for the same period in 2022, or a loss per ordinary share
of $0.17. The decrease in net loss was primarily due to increase of
product revenue, the decrease of licensing fees, and the shift from
foreign currency loss to gain.
- Cash and cash equivalents, short-term investments and
restricted cash totaled $822.2 million as of September 30,
2023, compared to $876.4 million as of June 30, 2023.
Recent Product Highlights and Corporate
Updates
Below are key product and corporate updates since our last
earnings release:
Commercial Products
- VYVGART (efgartigimod, FcRn): In September
2023, we launched VYVGART as an add-on to standard therapy for the
treatment of adult patients with gMG who are anti-acetylcholine
receptor (AChR) antibody positive in mainland China, increasing our
number of commercial products to five. We are in the negotiation
process for VYVGART’s inclusion on the National Reimbursement Drug
List (NRDL) to help support increased patient access for this
therapy.
- ZEJULA (niraparib, PARP): In September 2023,
we conducted the final overall survival (OS) analysis for the Phase
3 NORA study in Chinese patients with platinum-sensitive recurrent
ovarian cancer, which supports the NMPA’s approval of ZEJULA for
patients with recurrent ovarian cancer in China. The final OS
results showed that niraparib maintenance treatment in the
recurrent setting provides a favorable trend in OS irrespective of
gBRCA mutation status compared with placebo. We expect to present
detailed results at an upcoming medical conference.
Oncology Pipeline
- KRAZATI® (adagrasib, KRASG12C):
- First-line non-small cell lung cancer (NSCLC): In October 2023,
Zai Lab partner Mirati Therapeutics, Inc. (Mirati) announced
updated results from the KRYSTAL-7 Phase 2 study evaluating
adagrasib combined with pembrolizumab in first-line
KRASG12C-mutated NSCLC at the European Society of Medical Oncology
Congress (ESMO) 2023. The results demonstrate a manageable safety
profile and early signs of durability of adagrasib in combination
with a checkpoint inhibitor in the first-line NSCLC setting. We are
participating in the study in mainland China, Hong
Kong, Macau and Taiwan (collectively, Greater
China).
- Second-line+ NSCLC: In September 2023, Mirati presented
two-year follow-up data from a pooled analysis of the Phase 1/1b
Cohort and Phase 2 Cohort A for the KRYSTAL-1 study in previously
treated patients with KRASG12C-mutated NSCLC at the 2023 World
Conference on Lung Cancer (WCLC). In the pooled analysis, adagrasib
demonstrated durable efficacy and a manageable long-term safety
profile. We are participating in the ongoing confirmatory Phase 3
KRYSTAL-12 study in previously treated patients with
KRASG12C-mutated NSCLC in Greater China.
- Repotrectinib (ROS1/TRK):
- NTRK-positive solid tumors: In August 2023, the Center for Drug
Evaluation (CDE) of the NMPA granted Breakthrough Therapy
Designation (BTD) for repotrectinib for the treatment of patients
with advanced solid tumors that have an NTRK gene fusion who have
progressed following treatment with TRK tyrosine kinase inhibitors
(TKIs). This BTD was supported by data from both global and Chinese
patients enrolled in the Phase 1/2 TRIDENT-1 study.
- ROS1-positive NSCLC: In August 2023, Zai Lab partner Bristol
Myers Squibb (BMS) announced updated results from the
registrational TRIDENT-1 study, demonstrating that repotrectinib
continued to demonstrate high response rates and durable responses,
including robust intracranial responses, in patients with
ROS1-positive locally advanced or metastatic NSCLC who were
TKI-naïve or previously treated with one TKI and no chemotherapy.
We are participating in the study in Greater China.
- Based on results from the TRIDENT-1 trial, the U.S. Food and
Drug Administration (FDA) accepted the New Drug Application (NDA)
submitted by BMS for repotrectinib in ROS1-positive NSCLC and
granted Priority Review, with a Prescription Drug User Fee Act
(PDUFA) goal date of November 27, 2023.
- The NDA we submitted to the NMPA for repotrectinib in
ROS1-positive NSCLC has been accepted with priority review.
- TIVDAK® (tisotumab
vedotin): In October 2023, Zai Lab partner Seagen Inc. and
Genmab A/S presented results from the Phase 3 innovaTV 301
randomized global trial at the ESMO 2023 Congress in recurrent or
metastatic cervical cancer patients with disease progression on or
after front-line therapy. TIVDAK demonstrated superior OS,
progression-free survival (PFS) and objective response rate,
compared to chemotherapy alone, and there were no new safety
signals. We are participating in the global trial and extension
study in Greater China.
- Odronextamab (CD20xCD3): In September 2023,
Zai Lab partner Regeneron announced that the FDA has accepted for
Priority Review the Biologics License Application (BLA) for
odronextamab to treat adult patients with relapsed/refractory (R/R)
follicular lymphoma (FL) or R/R diffuse large B-cell lymphoma
(DLBCL), who have progressed after at least two prior systemic
therapies, with a PDUFA goal date of March 31, 2024. In August
2023, the European Medicines Agency (EMA) accepted for review the
Marketing Authorization Application for odronextamab for the same
indications.
- ZL-1211 (Claudin18.2): Based on a review of
the competitive landscape and market opportunity, we decided to
terminate ZL-1211 for internal development.
- Tumor Treating Fields: In August 2023, Zai Lab
partner NovoCure Limited announced that the Phase 3 INNOVATE-3
clinical trial of TTFields together with paclitaxel in patients
with platinum-resistant ovarian cancer did not meet its primary
endpoint of OS at the final analysis. We did not participate in
this study.
Autoimmune Disorders, Infectious Disease, and
Neuroscience Pipeline
- Efgartigimod (FcRn): In September 2023, the
CDE of China’s NMPA granted BTD for efgartigimod alfa injection
(subcutaneous injection) (efgartigimod SC) in CIDP. This BTD was
supported by positive data from both global and Chinese patients
enrolled in the ADHERE study.
- KarXT (xanomeline-trospium, M1/M4-agonist):
- Schizophrenia: In September 2023, Zai Lab partner Karuna
Therapeutics, Inc. (Karuna) announced that it had submitted an NDA
to the FDA for the treatment of schizophrenia, supported by data
from three positive registrational trials. We continue to enroll
patients in the registrational bridging study in mainland
China.
- Alzheimer’s disease psychosis (ADP): Karuna initiated the Phase
3 ADEPT-2 and ADEPT-3 trials in ADP in the third quarter. We plan
to participate in these studies in Greater China next year.
Corporate Update
- Organizational update: In September 2023, Zai
Lab appointed Robert J. Brown, M.D. as Chief Medical Officer,
Oncology. Dr. Brown is an oncology drug development leader, with
more than 16 years of translational, research, and clinical
development expertise in the areas of oncology, immunology, and
neurology. Dr. Brown reports to Dr. Rafael Amado, President, Head
of Global Oncology Research and Development at Zai Lab, and
provides strategic leadership and support with respect to the
clinical development of our oncology pipeline.
Anticipated Major Milestones in 2023 / 2024
Oncology
ZEJULA (niraparib, PARP)
- Zai Lab to present the final OS analysis for the Phase 3 NORA
study in Chinese patients with platinum-sensitive recurrent ovarian
cancer at an upcoming medical conference in 2024.
Tumor Treating Fields
- NovoCure to submit a Premarket Approval Application with the
FDA in second-line+ NSCLC post-platinum progression by the end of
2023.
- NovoCure to provide a topline data readout from the phase 3
METIS clinical trial in brain metastases in the first quarter of
2024. We are participating in the study in Greater China.
- NovoCure to provide a topline data readout from the phase 3
PANOVA-3 clinical trial in locally advanced pancreatic cancer in
the second half of 2024. We are participating in the study in
Greater China.
Repotrectinib (ROS1/TRK)
- Potential NMPA approval of the NDA in locally advanced or
metastatic ROS1-positive NSCLC in 2024.
KRAZATI (adagrasib,
KRASG12C)
- Zai Lab to submit an NDA to the NMPA in second-line+
KRASG12C-mutated NSCLC in 2024.
Bemarituzumab (FGFR2b)
- Zai Lab to join the global Phase 3 FORTITUDE-102 study of
bemarituzumab in combination with nivolumab and chemotherapy in
first-line gastric or gastroesophageal junction cancer in Greater
China in the first half of 2024.
ZL-1310 (DLL3 ADC)
- Zai Lab to initiate a global Phase 1 study in relapsed and
refractory second-line+ small cell lung cancer (SCLC) who have
progressed after platinum-based treatment in the first quarter of
2024.
Autoimmune Disorders, Infectious Disease, and
Neuroscience
Efgartigimod (FcRn)
- argenx to report topline data from the registrational Phase 3
ADVANCE-SC trial of efgartigimod SC in immune thrombocytopenia
(ITP) in the fourth quarter of 2023. We are participating in the
study in Greater China.
- argenx to report topline data from the registrational Phase 3
ADDRESS trial of efgartigimod SC in pemphigus around year-end 2023.
We are participating in the study in Greater China.
- argenx to file the supplemental BLA in CIDP by the end of
2023.
- argenx to initiate a registrational study of efgartigimod in
thyroid eye disease (TED) in the fourth quarter of 2023. We plan to
participate in the program in Greater China in 2024.
- Potential NMPA approval of the supplemental BLA for
efgartigimod SC in gMG in 2024.
KarXT (xanomeline-trospium, M1/M4-preferring muscarinic
agonist)
- Karuna to launch KarXT for the treatment of schizophrenia, if
approved by the FDA, in the second half of 2024.
XACDURO®
(Sulbactam-Durlobactam)
- Potential NMPA approval of the NDA in infections caused by
susceptible isolates of Acinetobacter baumannii-calcoaceticus
complex in 2024.
ZL-1102 (IL-17
Humabody®)
- Zai Lab to initiate a global Phase 2 study in chronic plaque
psoriasis in 2024.
Conference Call and Webcast Information
Zai Lab will host a live conference call and webcast tomorrow,
November 8, 2023, at 8:00 a.m. ET. Listeners may access the live
webcast by visiting the Company’s website at
http://ir.zailaboratory.com. Participants must register in advance
of the conference call.
Details are as follows:
Registration Link:
https://register.vevent.com/register/BI87a7a83f6a6441279fddbaae217dd092
All 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.
A replay will be available shortly after the call and can be
accessed by visiting the Company's website.
About Zai Lab
Zai Lab (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, autoimmune disorders, infectious diseases, and
neuroscience. Our goal is to leverage our competencies and
resources to positively impact human health in China and
worldwide.
For additional information about Zai Lab, please
visit www.zailaboratory.com or follow us
at www.twitter.com/ZaiLab_Global.
Non-GAAP Measures
In 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, which 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 trends.
Although we believe the non-GAAP financial measures enhance
investors’ understanding of our business and performance, these
non-GAAP financial measures should not be considered an exclusive
alternative to accompanying GAAP financial measures.
Zai Lab Forward-Looking Statements
This press release contains forward-looking statements relating
to our strategy and plans; potential of and expectations for our
business and pipeline programs; 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 future financial and
operating results; and financial guidance, including with respect
to our planned sources and uses of cash 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 “aim,”
“anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,”
“goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,”
“would,” 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
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.
Our SEC filings can be found on our website at
www.zailaboratory.com and on the SEC’s website at
www.SEC.gov.
For more information, please contact:
Investor Relations:Christine Chiou / Lina
Zhang+1 (917) 886-6929 / +86 136 8257
6943christine.chiou1@zailaboratory.com /
lina.zhang@zailaboratory.com
Media:Shaun Maccoun / Xiaoyu Chen+1 (415)
317-7255 / +86 185 0015 5011shaun.maccoun@zailaboratory.com /
xiaoyu.chen@zailaboratory.com
Zai Lab Limited
Zai Lab Limited
Unaudited Condensed Consolidated Balance
Sheets
(In thousands of U.S. dollars (“$”) except for number of
shares and per share data)
|
|
September 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
788,806 |
|
|
1,008,470 |
|
Short-term investments |
|
31,600 |
|
|
— |
|
Accounts receivable (net of allowance for credit loss of $12 and
$11 as of September 30, 2023 and December 31, 2022,
respectively) |
|
41,596 |
|
|
39,963 |
|
Notes receivable |
|
23,679 |
|
|
8,608 |
|
Inventories, net |
|
44,229 |
|
|
31,621 |
|
Prepayments and other current assets |
|
29,821 |
|
|
35,674 |
|
Total current assets |
|
959,731 |
|
|
1,124,336 |
|
Restricted cash, non-current |
|
1,792 |
|
|
803 |
|
Long term investments |
|
4,466 |
|
|
6,431 |
|
Prepayments for equipment |
|
144 |
|
|
1,396 |
|
Property and equipment, net |
|
55,282 |
|
|
57,863 |
|
Operating lease right-of-use assets |
|
16,398 |
|
|
19,512 |
|
Land use rights, net |
|
3,057 |
|
|
6,892 |
|
Intangible assets, net |
|
1,568 |
|
|
1,511 |
|
Long-term deposits |
|
1,256 |
|
|
1,396 |
|
Total
assets |
|
1,043,694 |
|
|
1,220,140 |
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
55,020 |
|
|
65,974 |
|
Current operating lease liabilities |
|
6,886 |
|
|
7,050 |
|
Other current liabilities |
|
62,990 |
|
|
66,818 |
|
Total current liabilities |
|
124,896 |
|
|
139,842 |
|
Deferred income |
|
27,686 |
|
|
21,360 |
|
Non-current operating lease liabilities |
|
9,808 |
|
|
13,343 |
|
Other non-current liabilities |
|
325 |
|
|
— |
|
Total
liabilities |
|
162,715 |
|
|
174,545 |
|
Commitments and
contingencies |
|
|
|
|
Shareholders’
equity |
|
|
|
|
Ordinary shares (par value of $0.000006 per share; 5,000,000,000
shares authorized; 973,930,280 and 962,455,850 shares issued as of
September 30, 2023 and December 31, 2022, respectively;
969,037,150 and 960,219,570 shares outstanding as of
September 30, 2023 and December 31, 2022,
respectively) |
|
6 |
|
|
6 |
|
Additional paid-in capital |
|
2,954,362 |
|
|
2,893,120 |
|
Accumulated deficit |
|
(2,100,551 |
) |
|
(1,861,360 |
) |
Accumulated other comprehensive income |
|
47,952 |
|
|
25,685 |
|
Treasury Stock (at cost, 4,893,130 and 2,236,280 shares as of
September 30, 2023 and December 31, 2022,
respectively) |
|
(20,790 |
) |
|
(11,856 |
) |
Total shareholders’
equity |
|
880,979 |
|
|
1,045,595 |
|
Total liabilities and shareholders’ equity |
|
1,043,694 |
|
|
1,220,140 |
|
Zai Lab Limited
Unaudited Condensed Consolidated Statements of
Operations
(In thousands of $, except for number of shares and per
share data)
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
Product revenue, net |
|
69,228 |
|
|
56,963 |
|
|
200,889 |
|
|
150,633 |
|
Collaboration revenue |
|
— |
|
|
577 |
|
|
— |
|
|
1,806 |
|
Total revenues |
|
69,228 |
|
|
57,540 |
|
|
200,889 |
|
|
152,439 |
|
Expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
(25,479 |
) |
|
(20,044 |
) |
|
(70,579 |
) |
|
(53,094 |
) |
Research and development |
|
(58,767 |
) |
|
(99,524 |
) |
|
(183,920 |
) |
|
(219,462 |
) |
Selling, general, and administrative |
|
(68,552 |
) |
|
(66,555 |
) |
|
(198,982 |
) |
|
(186,947 |
) |
Gain on sale of intellectual
property |
|
— |
|
|
— |
|
|
10,000 |
|
|
— |
|
Loss from operations |
|
(83,570 |
) |
|
(128,583 |
) |
|
(242,592 |
) |
|
(307,064 |
) |
Interest income |
|
9,172 |
|
|
3,872 |
|
|
29,493 |
|
|
5,235 |
|
Foreign currency gain (loss) |
|
4,852 |
|
|
(40,442 |
) |
|
(26,315 |
) |
|
(73,052 |
) |
Other income (expense), net |
|
394 |
|
|
3,963 |
|
|
223 |
|
|
(6,415 |
) |
Loss before income tax and
share of loss from equity method investment |
|
(69,152 |
) |
|
(161,190 |
) |
|
(239,191 |
) |
|
(381,296 |
) |
Income tax expense |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Share of loss from equity
method investment |
|
— |
|
|
— |
|
|
— |
|
|
(221 |
) |
Net loss |
|
(69,152 |
) |
|
(161,190 |
) |
|
(239,191 |
) |
|
(381,517 |
) |
Net loss attributable to
ordinary shareholders |
|
(69,152 |
) |
|
(161,190 |
) |
|
(239,191 |
) |
|
(381,517 |
) |
Loss per share - basic and
diluted |
|
(0.07 |
) |
|
(0.17 |
) |
|
(0.25 |
) |
|
(0.40 |
) |
Weighted-average shares used
in calculating net loss per ordinary share - basic and diluted |
|
968,767,730 |
|
|
959,085,960 |
|
|
965,060,570 |
|
|
957,439,910 |
|
Loss per American Depositary
Shares (“ADS”) - basic and diluted |
|
(0.71 |
) |
|
(1.68 |
) |
|
(2.48 |
) |
|
(3.98 |
) |
Weighted-average ADSs used in
calculating net loss per ADS - basic and diluted |
|
96,876,773 |
|
|
95,908,596 |
|
|
96,506,057 |
|
|
95,743,991 |
|
Zai Lab Limited
Unaudited condensed consolidated statements of
comprehensive loss
(In thousands of $)
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
|
(69,152 |
) |
|
(161,190 |
) |
|
(239,191 |
) |
|
(381,517 |
) |
Other comprehensive income,
net of tax of nil: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(4,228 |
) |
|
35,062 |
|
|
22,267 |
|
|
63,194 |
|
Comprehensive loss |
|
(73,380 |
) |
|
(126,128 |
) |
|
(216,924 |
) |
|
(318,323 |
) |
Zai Lab Limited
Non-GAAP Measures
(In thousands of $)
|
|
Three Months EndedSeptember 30, |
|
Year over Year % Growth |
|
Nine Months EndedSeptember 30, |
|
Year over Year % Growth |
|
|
2023 |
|
2022 |
|
As reported |
|
At CER* |
|
2023 |
|
2022 |
|
As reported |
|
At CER* |
Product revenue, net |
|
69,228 |
|
|
56,963 |
|
|
22 |
% |
|
27 |
% |
|
200,889 |
|
|
150,633 |
|
|
33 |
% |
|
41 |
% |
Loss from operations |
|
(83,570 |
) |
|
(128,583 |
) |
|
(35 |
)% |
|
(33 |
)% |
|
(242,592 |
) |
|
(307,064 |
) |
|
(21 |
)% |
|
(17 |
)% |
* The growth rates at constant exchange rates (CER) were
calculated assuming the same foreign currency exchange rates were
in effect for the current and prior year periods.
Zai Lab (NASDAQ:ZLAB)
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