Zai Lab (9688) Releases 2025 Annual Report on Form 10-K

Bulletin Express02-26

Zai Lab Limited (Stock Code: 9688) published its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. According to the filing, total revenue reached US$460.16 million, marking a 15% increase compared to the previous year. Product revenue contributed US$457.18 million of the total, driven mainly by seven approved commercial programs in Greater China. These include ZEJULA, VYVGART / VYVGART Hytrulo, NUZYRA, OPTUNE, QINLOCK, XACDURO, and AUGTYRO.

Net loss came in at US$175.54 million, reflecting a 32% improvement from the prior year’s level. Management attributed revenue growth to continued market penetration across multiple products and strong patient demand. Research and development expenses were US$220.90 million, reflecting ongoing investments in expanding its pipeline. Selling, general, and administrative expenses totaled US$277.61 million and were primarily associated with product commercialization and corporate support functions.

The annual report outlined progress across its late-stage pipeline and highlighted the addition of a potential first-in-class DLL3-targeting ADC candidate (Zocilurtatug Pelitecan), among other initiatives. The company also noted its robust global presence, with operations in both Greater China and the United States. The Annual Report on Form 10-K is available in full through the U.S. Securities and Exchange Commission’s website and the company’s investor relations page.

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