Company: ZLAB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008409
Chunk: 224

Company: Zai Lab Ltd
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 224
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 we see these payments as favorable because they signify that a product is achieving higher sales levels.

Results of Operations

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

Year Ended December 31Change20242023$%RevenuesProduct revenue, net397,614 266,719 130,895 49 %Collaboration revenue1,374 — 1,374 NMTotal revenues398,988 266,719 132,269 50 %ExpensesCost of product revenue(147,118)(95,816)(51,302)54 %Cost of collaboration revenue(742)— (742)NMResearch and development(234,504)(265,868)31,364 (12)%Selling, general and administrative(298,741)(281,608)(17,133)6 %Gain on sale of intellectual property— 10,000 (10,000)(100)%Loss from operations(282,117)(366,573)84,456 (23)%Interest income37,105 39,797 (2,692)(7)%Interest expenses(2,254)— (2,254)NMForeign currency losses(15,137)(14,850)(287)2 %Other income, net5,300 7,006 (1,706)(24)%Loss before income tax(257,103)(334,620)77,517 (23)%Income tax expense— — — — %Net loss(257,103)(334,620)77,517 (23)%

NM - Not Meaningful

Revenues

Product Revenue, Net

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

Year Ended December 31Change20242023$%ZEJULA187,082 168,843 18,239 11 %VYVGART / VYVGART Hytrulo93,639 10,011 83,628 835 %NUZYRA43,199 21,656 21,543 99 %OPTUNE40,475 46,969 (6,494)(14)%QINLOCK28,826 19,240 9,586 50 %XACDURO3,305 — 3,305 NMAUGTYRO1,088 — 1,088 NMTotal397,614 266,719 130,895 49 %

NM -