Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 80

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 80
---
 13,162 4,943 38 %NUZYRA15,118 9,913 5,205 53 %OPTUNE11,363 12,480 (1,117)(9)%QINLOCK8,509 6,093 2,416 40 %XACDURO1,117 — 1,117 NMAUGTYRO1,626 — 1,626 NMOther (i)283 — 283 NMTotal product revenue, net105,650 87,149 18,501 21 %

(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. 

20

Our net product revenue increased by $18.5 million in the first quarter of 2025, primarily driven by higher sales of VYVGART, driven by increasing market coverage and penetration since its NRDL listing in January 2024 for the treatment of gMG; ZEJULA, which continued to deliver strong sales as the leading PARP inhibitor in hospital sales for ovarian cancer in mainland China; and NUZYRA, supported by increasing market coverage and penetration. 

Cost of Product Revenue

Cost of product revenue increased by $4.8 million in the first quarter of 2025 primarily due to increasing sales volumes.

Collaboration Revenue and Cost of Collaboration Revenue

In the first quarter of 2025, collaboration revenue related to promotional activities in mainland China was $0.8 million and cost of collaboration revenue was $0.2 million. We had no such collaboration revenue in the first quarter of 2024.

Research and Development Expenses 

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

Three Months Ended March 31,Change20252024$%Personnel compensation and related costs24,079 28,008 (3,929)(14)%Licensing fees19,997 — 19,997 NMCROs/CMOs/Investigators expenses9,830 19,904 (10,074)(51)%Other costs6,823 6,733 90 1 %Total60,729 54,645 6,084 11 %

NM - Not Meaningful

Research and development expenses increased by $6.1 million in the