Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) today announced
financial results for the second quarter of 2023, along with recent
product highlights and corporate updates.
“In the second quarter of 2023, we continued to
successfully execute across our business. Our commercial products
continued to deliver strong growth, with net product revenues
growing 53% on a constant currency basis, and we made important
progress for several late-stage and early development programs
within our pipeline,” said Dr. Samantha Du, Founder, Chairperson,
and Chief Executive Officer of Zai Lab. “Most importantly, we
gained NMPA approval of VYVGART, a first-in-class therapy that has
the potential to significantly transform the lives of patients
living with gMG in China, and we were able to achieve this
monumental milestone on June 30th, which makes us eligible for NRDL
listing in 2024. More recently, the positive data for efgartigimod
in CIDP supports our confidence in its blockbuster potential across
multiple indications.”
“Looking ahead, Zai Lab has the potential for
significant revenue growth and margin expansion over the next five
years,” said Josh Smiley, President and Chief Operating Officer of
Zai Lab. “As highlighted at our 2023 Investor Day, we expect to
have over 15 commercial-stage products, and at least one IND per
year for global best-in-class/first-in-class assets, by the end of
2028. We expect our robust portfolio of assets to drive a revenue
compound annual growth rate of over 50% from 2023 to 2028. As we
launch new products and indications, we will continue to be prudent
and capital efficient, prioritizing our R&D efforts and driving
increased productivity across the organization. We expect that this
discipline, along with our expected revenue growth, will allow us
to reach corporate profitability by the end of 2025.” Mr. Smiley
concluded.
Recent Product Highlights and Corporate
Updates
Zai Lab has established a differentiated portfolio
and pipeline of assets, including 13 in late-stage development. We
have had a number of exciting developments with respect to our
products and product candidates, including the following updates
since our last earnings release:
Commercial Products
We continued to increase sales for each of our
commercial products in the second quarter of 2023, compared to the
same period in 2022, driven by increased access for ZEJULA®,
QINLOCK®, and NUZYRA® as a result of their inclusion in the
National Reimbursement Drug List (NRDL) and for Optune® as a result
of increased supplemental insurance plan coverage.
We also received the following regulatory approvals
for our commercial products during the second quarter of 2023:
- VYVGART®: In June 2023, we
received approval from the NMPA for the BLA for VYVGART
(efgartigimod alfa injection), a first-in-class FcRn antagonist, as
an add on standard therapy for the treatment of adult patients with
gMG who are anti-acetylcholine receptor (AChR) antibody
positive. We expect to commercially launch VYVGART in mainland
China later this year.
- Optune: In May 2023, the Taiwan Food and Drug
Administration approved the Marketing Authorization Application
(MAA) of Optune for the treatment of patients with glioblastoma
multiforme (GBM).
Key Product Candidate
Developments
We continued to advance our product candidates
through our research and development and commercial operations,
including the following developments with respect to our clinical
trials and regulatory approvals:
Oncology
- ZEJULA (niraparib, PARP): In July 2023, data
from the Phase 3 PRIME study were published in JAMA Oncology,
supporting the utility of ZEJULA as a maintenance therapy in a
broad population of Chinese patients with newly diagnosed advanced
ovarian cancer and demonstrating that an individual starting dose
(ISD) of 200 or 300mg based on baseline bodyweight and platelet
count can bring significant benefit to patients with an improved
safety and tolerability profile of ZEJULA compared to a fixed 300mg
starting dose. These data demonstrate that maintenance treatment
with ZEJULA can significantly prolong progression-free survival
versus placebo and can reduce the risk of disease progression or
death by 55% with newly diagnosed advanced ovarian cancer.
- Tumor Treating Fields (TTFields or Optune):
- Pancreatic Cancer: In July 2023, Zai Lab partner NovoCure
Limited (NovoCure) announced a favorable Independent Data
Monitoring Committee recommendation to continue the Phase 3
PANOVA-3 clinical trial of TTFields therapy in pancreatic cancer.
Pre-specified interim analysis concluded that the fully enrolled
PANOVA-3 clinical trial should proceed to final analysis as
planned. Zai Lab participated in the Greater China portion of the
study.
- NSCLC: In June 2023, Zai Lab and NovoCure announced the LUNAR
Phase 3 clinical trial met the primary endpoint, demonstrating a
statistically significant and clinically meaningful extension in
overall survival for patients with metastatic NSCLC after
platinum-based therapies. Zai Lab participated in the Greater China
portion of the study.
- Tumor Treating Fields therapy together with standard of care
provided a statistically significant and clinically meaningful
3-month improvement in median overall survival versus standard of
care with no added systemic toxicities; and
- Tumor Treating Fields therapy together with immune checkpoint
inhibitors resulted in an unprecedented 8-month improvement in
median overall survival.
- KRAZATI® (adagrasib,
KRASG12C):
- In July 2023, Zai Lab completed enrollment in China for the
global Phase 3 KRYSTAL-10 trial of adagrasib in combination with
cetuximab vs. chemotherapy in patients with previously treated
advanced KRASG12C-mutated colorectal cancer.
- In June 2023, Zai Lab completed enrollment in China for the
global Phase 2 KRYSTAL-7 trial of adagrasib in combination with
pembrolizumab as first-line treatment for patients with advanced
KRASG12C-mutated NSCLC.
- Repotrectinib (ROS1/TRK): In June 2023, Zai
Lab announced that the National Medical Products Administration
(NMPA) in China has accepted its New Drug Application (NDA) for
repotrectinib for the treatment of adult patients with locally
advanced or metastatic ROS1-positive NSCLC, after granting priority
review in May 2023. In May 2023, Zai Lab partner Bristol Myers
Squibb (BMS) announced that the NDA for repotrectinib was accepted
for priority review by the FDA for the same indication, with a
Prescription Drug User Fee Act (PDUFA) date of November 27,
2023.
- Bemarituzumab (FGFR2b): In July 2023, Zai Lab
enrolled the first patient in the mainland China portion of the
global Phase 3 FORTITUDE-101 study of bemarituzumab plus
chemotherapy, versus placebo plus chemotherapy, in first-line
gastric cancer with FGFR2b overexpression.
Autoimmune Disorders, Infectious Diseases
and Neuroscience
- VYVGART (efgartigimod, FcRn):
- gMG: In June 2023, argenx BV (argenx) announced that the FDA
approved VYVGART Hytrulo (efgartigimod alfa and hyaluronidase-qvfc)
injection for subcutaneous use in gMG. In July 2023, the NMPA
accepted Zai Lab’s BLA for efgartigimod alfa injection
(subcutaneous injection) for the treatment of adult patients with
gMG.
- CIDP: In July 2023, Zai Lab and argenx announced positive
topline results from the global registrational ADHERE study
evaluating VYVGART Hytrulo in adults with CIDP. Zai Lab
participated in the Greater China portion of the study. Highlights
of the results include:
- Primary endpoint met (p=0.000039); VYVGART Hytrulo demonstrated
a 61% reduction (HR: 0.39 95% CI: 0.25; 0.61) in the risk of
relapse versus placebo;
- 67% of patients in open-label Stage A demonstrated evidence of
clinical improvement (ECI), indicating that IgG autoantibodies play
a significant role in the underlying biology of CIDP; and
- Safety and tolerability profile was consistent with previous
clinical trials and the confirmed safety profile of VYVGART.
- Bullous pemphigoid (BP): In May 2023, Zai Lab enrolled the
first patient in China in the global Phase 2/3 BALLAD study of SC
efgartigimod in adult patients with BP.
- XACDURO® (SUL-DUR,
Asia Pacific rights): In May 2023, Zai Lab partner Entasis
Therapeutics, Inc. (Entasis), a wholly owned subsidiary of
Innoviva, Inc., announced that the FDA approved XACDURO for the
treatment of adults with hospital-acquired bacterial pneumonia and
ventilator-associated bacterial pneumonia (HABP/VABP) caused by
susceptible strains of Acinetobacter baumannii-calcoaceticus
complex (Acinetobacter). The Company’s NDA is under review at the
NMPA with priority review status in China.
- KarXT (xanomeline-trospium, M1/M4-preferring muscarinic
agonist): In June 2023, Zai Lab enrolled the first patient
in the registrational bridging study in mainland China for KarXT
for the treatment of patients with schizophrenia.
Corporate Updates
- Organizational update: In July 2023, Zai Lab
promoted Yajing Chen to Chief Financial Officer (CFO), effective
July 7, 2023. Dr. Chen previously served as Zai Lab’s Senior Vice
President and Deputy CFO, helping to oversee finance, planning and
forecasting, accounting, tax, treasury, and procurement matters
since joining the Company in September 2021. She is a seasoned
finance executive with more than 20 years of experience in the life
sciences industry as well as a Ph.D. trained scientist. She joined
the Company from AstraZeneca where she held various roles of
increasing responsibility from 2006 to 2021, including Chief
Financial Officer for the U.S. Oncology Business Unit
from 2019 to 2021 and Finance Controller of the Global Oncology
Business Unit from 2016 to 2019. Her scientific background
combined with her significant executive management experience,
finance expertise at leading global companies, and business acumen
provide a unique and valuable perspective to the Company and will
help drive our next phase of growth. Dr. Chen succeeds Billy Cho,
who stepped down from his role and left the Company on July 7,
2023.
- 2023 Investor Day: Zai Lab hosted an Investor
Day in New York on Tuesday, June 20, 2023.
- Zai Lab highlighted its 5-year growth strategy, including the
following goals by the end of 2028:
- Over 15 commercial-stage products in 2028 (versus 5 today)
- Over 8 clinical-stage global-right products in 2028 with at
least one Investigational New Drug application (IND) per year
(versus 3 today)
- Revenue compound annual growth rate (CAGR) of >50% from 2023
to 2028
- Significant revenue growth and expanding operating margins to
lead to corporate profitability by the end of 2025
- In addition, Zai Lab spotlighted multiple key programs with
over $1 billion peak sales potential, starting with
efgartigimod.
Anticipated Major Milestones in
2023
Oncology
Tumor Treating Fields or
TTFields
- Zai Lab partner NovoCure to provide a topline data readout from
the global pivotal INNOVATE-3 clinical study testing the efficacy
of TTFields together with paclitaxel in platinum-resistant ovarian
cancer.
KRAZATI (adagrasib,
KRASG12C)
- Zai Lab partner Mirati Therapeutics, Inc. (Mirati) to provide a
clinical data update for the global Phase 2 KRYSTAL-7 study of
adagrasib in combination with pembrolizumab in first-line
KRASG12C-mutated NSCLC. Zai Lab is participating in the study in
Greater China.
- Mirati to provide an update on its multi-pronged development
approach in first-line KRASG12C-mutated NSCLC.
- Mirati to submit a supplemental New Drug Application (sNDA) for
Accelerated Approval to the FDA in third-line+ KRASG12C-mutated
advanced colorectal cancer (CRC).
Odronextamab (CD20xCD3)
- Zai Lab partner Regeneron Pharmaceuticals, Inc. (Regeneron) to
initiate confirmatory studies in follicular lymphoma (FL) and
diffuse large B-cell lymphoma (DLBCL) including in earlier
lines.
- Regeneron expects to receive BLA and Marketing Authorisation
Application (MAA) acceptance in relapsed/refractory FL and
DLBCL.
MARGENZA™ (margetuximab, HER2)
- Potential NMPA approval of the NDA for margetuximab in
third-line+ metastatic HER2+ breast cancer.
Autoimmune Disorders, Infectious Disease
and Neuroscience
VYVGART (efgartigimod, FcRn)
- Zai Lab partner argenx to report topline data from the
registrational Phase 3 ADDRESS trial of SC efgartigimod in
pemphigus and the registrational Phase 3 ADVANCE-SC trial of SC
efgartigimod in immune thrombocytopenia (ITP) in the fourth quarter
of 2023. Zai Lab participated in both studies in Greater
China.
- argenx to initiate a registrational study of efgartigimod in
thyroid eye disease (TED) in the fourth quarter of 2023.
KarXT (xanomeline-trospium,
M1/M4-preferring muscarinic agonist)
- Zai Lab partner Karuna to submit an NDA to the FDA for KarXT
for the treatment of patients with schizophrenia in the third
quarter of 2023.
- Karuna to initiate the Phase 3 ADEPT-2 and ADEPT-3 trials in
Alzheimer’s disease psychosis. Zai Lab plans to participate in
these studies in Greater China.
Second Quarter 2023 Financial
Results
- Product revenues were $68.9 million for the
second quarter of 2023, compared to $47.6 million for the same
period in 2022, representing 45% y-o-y growth; y-o-y growth was 53%
at constant exchange rate. The increase in product revenues was
primarily due to increased sales volumes and decreased negative
effects from the COVID-19 pandemic. The product revenues in the
second quarter of 2023, compared to the same period in 2022,
included:
- $43.0 million for ZEJULA, which increased 26% from $34.1
million; and
- $13.7 million for Optune, which increased 18% from $11.6
million; and
- $7.5 million for QINLOCK, which increased from $0.6 million;
and
- $4.6 million for NUZYRA, which increased from $1.3
million.
- Research and Development (R&D) expenses
were $76.7 million for the second quarter of 2023, compared to
$66.1 million for the same period in 2022. The increase in R&D
expenses was primarily due to increased research activities and
clinical pipeline advancement.
- Selling, General and Administrative expenses
were $67.9 million for the second quarter of 2023, compared to
$63.4 million for the same period in 2022. The increase was
primarily due to higher general selling expenses to support new
product launches.
- Net loss was $120.9 million for the second
quarter of 2023, or a loss per ordinary share attributable to
common stockholders of $0.13, compared to a net loss of $137.9
million for the same period in 2022, or a loss per ordinary share
of $0.14. The decrease in net loss was primarily due to product
revenue growing faster than net operating expenses.
- Cash and cash equivalents, short-term investments and
restricted cash totaled $876.4 million as of June 30,
2023, compared to $931.4 million as of March 31, 2023.
Conference Call and Webcast
Information
Zai Lab will host a live conference call and
webcast tomorrow, August 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/BIb7d99f107c3347f29e117b2b7bc47034
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; our goals and
expectations under our 5-year growth strategy (including our
expectations regarding our commercial-stage products,
clinical-stage global-right products, revenue growth / CAGR,
operating margins, and cash flow); the peak sales potential of our
programs; capital allocation and investment strategy; 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. 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) the effects of the COVID-19 pandemic on our
business and results of operations; (6) risks related to doing
business in China; and (7) 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 LimitedUnaudited
Condensed Consolidated Balance Sheets(In thousands
of U.S. dollars (“$”) except for number of shares and per share
data)
|
|
|
|
|
June 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
859,155 |
|
|
1,008,470 |
|
Short-term investments |
15,500 |
|
|
— |
|
Accounts receivable (net of allowance for credit loss of $14 and
$11 as of June 30, 2023 and December 31, 2022,
respectively) |
47,283 |
|
|
39,963 |
|
Notes receivable |
20,781 |
|
|
8,608 |
|
Inventories, net |
36,353 |
|
|
31,621 |
|
Prepayments and other current assets |
38,433 |
|
|
35,674 |
|
Total current assets |
1,017,505 |
|
|
1,124,336 |
|
Restricted cash, non-current |
1,791 |
|
|
803 |
|
Long term investments |
5,128 |
|
|
6,431 |
|
Prepayments for equipment |
665 |
|
|
1,396 |
|
Property and equipment, net |
56,410 |
|
|
57,863 |
|
Operating lease right-of-use assets |
18,537 |
|
|
19,512 |
|
Land use rights, net |
3,067 |
|
|
6,892 |
|
Intangible assets, net |
1,690 |
|
|
1,511 |
|
Long-term deposits |
1,580 |
|
|
1,396 |
|
Total
assets |
1,106,373 |
|
|
1,220,140 |
|
Liabilities and
shareholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
67,031 |
|
|
65,974 |
|
Current operating lease liabilities |
7,299 |
|
|
7,050 |
|
Other current liabilities |
59,024 |
|
|
66,818 |
|
Total current liabilities |
133,354 |
|
|
139,842 |
|
Deferred income |
28,625 |
|
|
21,360 |
|
Non-current operating lease liabilities |
11,755 |
|
|
13,343 |
|
Other non-current liabilities |
325 |
|
|
— |
|
Total
liabilities |
174,059 |
|
|
174,545 |
|
Commitments and
contingencies |
|
|
|
Shareholders’
equity |
|
|
|
Ordinary shares (par value of $0.000006 per share; 5,000,000,000
shares authorized; 973,355,390 and 962,455,850 shares issued as of
June 30, 2023 and December 31, 2022, respectively;
968,566,280 and 960,219,570 shares outstanding as of June 30,
2023 and December 31, 2022, respectively) |
6 |
|
|
6 |
|
Additional paid-in capital |
2,932,053 |
|
|
2,893,120 |
|
Accumulated deficit |
(2,031,399 |
) |
|
(1,861,360 |
) |
Accumulated other comprehensive income |
52,180 |
|
|
25,685 |
|
Treasury Stock (at cost, 4,789,110 and 2,236,280 shares as of
June 30, 2023 and December 31, 2022, respectively) |
(20,526 |
) |
|
(11,856 |
) |
Total shareholders’
equity |
932,314 |
|
|
1,045,595 |
|
Total liabilities and shareholders’ equity |
1,106,373 |
|
|
1,220,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zai Lab LimitedUnaudited
Condensed Consolidated Statements of Operations(In
thousands of U.S. dollars (“$”) except for number of shares and per
share data)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
Product revenue, net |
68,864 |
|
|
47,575 |
|
|
131,661 |
|
|
93,670 |
|
Collaboration revenue |
— |
|
|
601 |
|
|
— |
|
|
1,230 |
|
Total revenues |
68,864 |
|
|
48,176 |
|
|
131,661 |
|
|
94,900 |
|
Expenses: |
|
|
|
|
|
|
|
Cost of sales |
(23,763 |
) |
|
(17,407 |
) |
|
(45,100 |
) |
|
(33,051 |
) |
Research and development |
(76,682 |
) |
|
(66,084 |
) |
|
(125,153 |
) |
|
(119,938 |
) |
Selling, general, and administrative |
(67,920 |
) |
|
(63,401 |
) |
|
(130,430 |
) |
|
(120,392 |
) |
Gain on sale of intellectual property |
10,000 |
|
|
— |
|
|
10,000 |
|
|
— |
|
Loss from operations |
(89,501 |
) |
|
(98,716 |
) |
|
(159,022 |
) |
|
(178,481 |
) |
Interest income |
10,090 |
|
|
1,175 |
|
|
20,321 |
|
|
1,363 |
|
Foreign currency loss |
(40,079 |
) |
|
(34,895 |
) |
|
(31,167 |
) |
|
(32,610 |
) |
Other expense, net |
(1,405 |
) |
|
(5,497 |
) |
|
(171 |
) |
|
(10,378 |
) |
Loss before income tax and
share of loss from equity method investment |
(120,895 |
) |
|
(137,933 |
) |
|
(170,039 |
) |
|
(220,106 |
) |
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
Share of loss from equity
method investment |
— |
|
|
— |
|
|
— |
|
|
(221 |
) |
Net loss |
(120,895 |
) |
|
(137,933 |
) |
|
(170,039 |
) |
|
(220,327 |
) |
Net loss attributable to
ordinary shareholders |
(120,895 |
) |
|
(137,933 |
) |
|
(170,039 |
) |
|
(220,327 |
) |
Loss per share - basic and
diluted |
(0.13 |
) |
|
(0.14 |
) |
|
(0.18 |
) |
|
(0.23 |
) |
Weighted-average shares used
in calculating net loss per ordinary share - basic and diluted |
964,817,310 |
|
|
957,684,820 |
|
|
963,140,360 |
|
|
956,603,250 |
|
Loss per American Depositary
Shares (“ADS”) - basic and diluted |
(1.25 |
) |
|
(1.44 |
) |
|
(1.77 |
) |
|
(2.30 |
) |
Weighted-average ADSs used in
calculating net loss per ADS - basic and diluted |
96,481,731 |
|
|
95,768,482 |
|
|
96,314,036 |
|
|
95,660,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zai Lab LimiteUnaudited
condensed consolidated statements of comprehensive
loss(In thousands of U.S. dollars
(“$”))
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
(120,895 |
) |
|
(137,933 |
) |
|
(170,039 |
) |
|
(220,327 |
) |
Other comprehensive income,
net of tax of nil: |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
34,908 |
|
|
30,325 |
|
|
26,495 |
|
|
28,132 |
|
Comprehensive loss |
(85,987 |
) |
|
(107,608 |
) |
|
(143,544 |
) |
|
(192,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zai Lab LimitedNon-GAAP
Measures(In thousands of U.S. dollars
(“$”))
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Year over Year % Growth |
|
Six Months Ended June 30, |
|
Year over Year % Growth |
|
2023 |
|
|
2022 |
|
|
As reported |
|
At CER* |
|
2023 |
|
|
2022 |
|
|
As reported |
|
At CER* |
Product revenue, net |
68,864 |
|
|
47,575 |
|
|
45 |
% |
|
53 |
% |
|
131,661 |
|
|
93,670 |
|
|
41 |
% |
|
50 |
% |
Loss from operations |
(89,501 |
) |
|
(98,716 |
) |
|
(9 |
)% |
|
(5 |
)% |
|
(159,022 |
) |
|
(178,481 |
) |
|
(11 |
)% |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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.
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