Company: ZLAB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023411
Chunk: 67

Company: Zai Lab Ltd
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 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): Three Months Ended March 31,20252024ZEJULA49,529 45,501 VYVGART / VYVGART Hytrulo18,105 13,162 NUZYRA15,118 9,913 OPTUNE11,363 12,480 QINLOCK8,509 6,093 XACDURO1,117 — AUGTYRO1,626 — Other (i)283 — Product revenue - net105,650 87,149 (i)Other includes product candidates sold in patient programs prior to commercialization. Collaboration Revenue Collaboration revenue was $0.8 million in the first quarter of 2025 and related to promotional activities in mainland China. We had no such collaboration revenue in the first quarter of 2024.

8. Income Tax 

No provision for income taxes has been required to be accrued because the Company is in a cumulative loss position for the periods presented. The Company recorded a full valuation allowance against deferred tax assets of all its consolidated entities because all entities were in a cumulative loss position as of March 31, 2025 and December 31, 2024. No unrecognized tax benefits and related interest and penalties were recorded in the periods presented.

10

Zai Lab Limited Notes to the unaudited condensed consolidated financial statements 

9. Loss Per Share 

The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data):Three Months Ended March 31,20252024Numerator:Net loss (48,438)(53,471)Denominator:Weighted average number of ordinary shares - basic and diluted1,080,825,300 973,145,760 Net loss per share - basic and diluted(0.04)(0.05)As a result of the Company’s net loss in the first quarter of 2025 and 2024, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.March 31,20252024Share options98,164,510 104,244,590 Non-vested restricted shares