Company: ZLAB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038548
Chunk: 55

Company: Zai Lab Ltd
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 55
---
%17,045 13,131 3,914 30 %XACDURO4,622 — 4,622 NM5,739 — 5,739 NMAUGTYRO1,399 — 1,399 NM3,025 — 3,025 NMOther (i)342 — 342 NM625 — 625 NMTotal product revenue, net109,085 100,106 8,979 9 %214,735 187,255 27,480 15 %

NM - Not Meaningful

(i)Other includes product candidates sold in patient programs prior to commercialization. 

Our product revenue is primarily derived from the sales of our commercial products primarily in mainland China, net of sales returns and rebates to distributors with respect to the sales of these products. 

22

Our net product revenue increased by $9.0 million and $27.5 million in the three and six months ended June 30, 2025, respectively, primarily due to higher sales of VYVGART, driven by an extension of duration of therapy and increasing market penetration, XACDURO, which was launched since the fourth quarter of 2024, and NUZYRA, supported by increasing market coverage and penetration. These higher sales were partially offset by softer sales of ZEJULA, due to evolving competitive dynamics within the PARPi class. 

Cost of Product Revenue

Cost of product revenue increased by $7.9 million and $12.7 million in the three and six months ended June 30, 2025, respectively, primarily due to increasing sales volumes.

Collaboration Revenue and Cost of Collaboration Revenue

In the three and six months ended June 30, 2025, collaboration revenue increased by $0.5 million and $1.3 million, respectively, and cost of collaboration revenue increased by $0.1 million and $0.3 million, respectively, which are related to promotional activities in mainland China.

Research and Development Expenses 

The following table presents the components of our research and development expenses ($ in thousands):

Three Months Ended June 30,ChangeSix Months Ended June 30,Change20252024$%20252024$%Personnel compensation and related costs22,447 31,209 (8,762)(28)%46,527 59,217 (12,690)(21)%Licensing fees— — — NM19,