Company: ZLAB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008409
Chunk: 41

Company: Zai Lab Ltd
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 41
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31, 2024, 2023, and 2022

 Amortization expense was $3.2 million, $0.7 million, and $0.5 million in 2024, 2023, and 2022, respectively. The weighted-average remaining amortization period for intangible assets for commercial products and software was 9.5 years and 3.0 years, respectively.Expected future amortization expense for the five succeeding years and thereafter is as follows ($ in thousands):Year Ended December 3120255,834 20266,350 20276,859 20286,686 20294,336 Thereafter25,962 56,027 

10.    Revenues 

Product Revenue, NetThe Company’s product revenue is derived from the sales of its commercial products in Greater China. The table below presents the Company’s gross and net product revenue ($ in thousands):Year Ended December 31,202420232022Product revenue - gross423,855 298,911 234,009 Less: Rebates and sales returns(26,241)(32,192)(21,337)Product revenue - net397,614 266,719 212,672 Sales rebates are offered to distributors in mainland China, and the amounts are recorded as a reduction of product revenue. Estimated rebates are determined based on contracted rates, sales volumes, and level of distributor inventories. The following table presents the Company’s net revenue by commercial program ($ in thousands):Year Ended December 31,202420232022ZEJULA187,082 168,843 145,194 VYVGART / VYVGART Hytrulo93,639 10,011 — NUZYRA43,199 21,656 5,200 OPTUNE40,475 46,969 47,321 QINLOCK28,826 19,240 14,957 XACDURO3,305 — — AUGTYRO1,088 — — Product revenue - net397,614 266,719 212,672 

F-23

Zai Lab LimitedNotes to the Consolidated Financial StatementsFor the Years Ended December 31, 2024, 2023, and 2022

11.    Income Tax

Cayman Islands Zai Lab Limited, ZLIP Holding Limited, Zai Auto Immune Limited, and Zai Anti