Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 79

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 product candidates prior to commercialization, and we see these payments as favorable because they indicate that product candidates are advancing. As of March 31, 2025, we also in the future may be required to pay sales-based milestone payments of up to an additional aggregate amount of $2,555.0 million as well as certain royalties at tiered percentage rates on annual net sales. Such sales-based milestone and royalty payments are contingent on the performance of our commercial products, and we see these payments as favorable because they signify that a product is achieving higher sales levels.

19

Results of Operations 

In this section, we discuss our results of operations for the first quarter of 2025 compared to the first quarter of 2024.

The following table presents our results of operations ($ in thousands):

Three Months Ended March 31,Change20252024$%RevenuesProduct revenue, net105,650 87,149 18,501 21 %Collaboration revenue837 — 837 NMTotal revenues106,487 87,149 19,338 22 %ExpensesCost of product revenue(38,452)(33,619)(4,833)14 %Cost of collaboration revenue(195)— (195)NMResearch and development(60,729)(54,645)(6,084)11 %Selling, general, and administrative(63,422)(69,194)5,772 (8)%Loss from operations(56,311)(70,309)13,998 (20)%Interest income8,606 9,658 (1,052)(11)%Interest expenses(1,187)(113)(1,074)NMForeign currency gains (losses)651 (2,068)2,719 (131)%Other (expense) income, net(197)9,361 (9,558)(102)%Loss before income tax (48,438)(53,471)5,033 (9)%Income tax expense— — — — %Net loss(48,438)(53,471)5,033 (9)%

NM - Not Meaningful

Revenues

Product Revenue, Net

The following table presents net revenue by commercial program ($ in thousands):

Three Months Ended March 31,Change20252024$%ZEJULA49,529 45,501 4,028 9 %VYVGART / VYVGART Hytrulo18,105