Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 81

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 first quarter of 2025, primarily due to: 

•an increase of $20.0 million upfront fees for our license and collaboration agreements; partially offset by 

•a decrease of $10.0 million in CROs/CMOs/Investigators expenses and other costs related to ongoing clinical trials; and 

•a decrease of $3.9 million in personnel compensation and related costs primarily driven by the Company’s resource prioritization and efficiency efforts.

The following table presents our research and development expenses by program ($ in thousands):

Three Months Ended March 31,Change20252024$%Clinical programs28,092 18,788 9,304 50 %Pre-Clinical programs3,314 2,049 1,265 62 %Unallocated research and development expenses29,323 33,808 (4,485)(13)%Total60,729 54,645 6,084 11 %

Research and development expenses attributable to clinical programs increased by $9.3 million in the first quarter of 2025 primarily driven by an increase of $20.0 million in licensing fees, offset by a decrease of $10.7 million in CROs/CMOs/Investigators expenses related to the progress of existing studies. Research and development expenses attributable 

21

to pre-clinical programs increased by $1.3 million in the first quarter of 2025 primarily driven by an increase of CROs/CMOs/Investigators expenses related to newly initiated studies and progress of existing studies.

Although we manage our external research and development expenses by program, we do not allocate our internal research and development expenses by program because our employees and internal resources may be engaged in projects for multiple programs at any given time. 

Selling, General, and Administrative Expenses 

The following table presents our selling, general and administrative expenses by category ($ in thousands):

Three Months Ended March 31,Change20252024$%Personnel compensation and related costs40,643 45,894 (5,251)(11)%Other costs22,779 23,300 (521)(2)%Total63,422 69,194 (5,772)(8)%

Selling, general, and administrative expenses decreased by $5.8 million in the first quarter of 2025, primarily due to a decrease of $5.3 million in personnel compensation and related costs related to the Company’s resource prioritization and efficiency efforts.

Interest Income 

Interest income decreased by $