Company: ZLAB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001704292-25-000024
Chunk: 8

Company: Zai Lab Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 volumes.

Collaboration Revenue and Cost of Collaboration Revenue

In the three and nine months ended September 30, 2025, collaboration revenue increased by $0.3 million and $1.6 million, respectively, and cost of collaboration revenue increased by $0.2 million and $0.1 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 September 30,ChangeNine Months Ended September 30,Change20252024$%20252024$%Personnel compensation and related costs21,539 23,405 (1,866)(8)%68,067 82,622 (14,555)(18)%Licensing fees— 22,634 (22,634)(100)%19,997 22,634 (2,637)(12)%CROs/CMOs/Investigators expenses18,707 13,004 5,703 44 %48,472 57,213 (8,741)(15)%Other costs7,682 6,939 743 11 %22,735 19,783 2,952 15 %Total47,928 65,982 (18,054)(27)%159,271 182,252 (22,981)(13)%

Research and development expenses decreased by $18.1 million in the three months ended September 30, 2025, primarily due to: 

•a decrease of $22.6 million in licensing fees in connection with decreased upfront and milestone payments for our license and collaboration agreements; and

•a decrease of $1.9 million in personnel compensation and related costs primarily driven by our resource prioritization and efficiency efforts; partially offset by

•an increase of $5.7 million in CROs/CMOs/Investigators expenses related to ongoing clinical trials.

 Research and development expenses decreased by $23.0 million in the nine months ended September 30, 2025 primarily due to a decrease of $14.6 million in personnel compensation and related costs and a decrease of $8.7 million in CROs/CMOs/Investigators expenses primarily driven by our resource prioritization and efficiency efforts.

23

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

Three Months Ended September 30,ChangeNine Months Ended September 30,Change20252024$%