Company: ZLAB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001704292-25-000024
Chunk: 96

Company: Zai Lab Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 is primarily derived from the sales of our commercial products 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 $13.5 million and $41.0 million in the three and nine months ended September 30, 2025, respectively, primarily due to NUZYRA, supported by increasing market coverage and penetration, XACDURO, which was launched since the fourth quarter of 2024, and higher sales of VYVGART, driven by an extension of duration of therapy and increasing market 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 $10.2 million and $22.9 million in the three and nine months ended September 30, 2025, respectively, primarily due to increasing sales 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