ZAI LAB(US:ZLAB)2025-02-27 11:13Financial Performance - Total revenue for Q4 2024 grew 66% year-over-year to $109.1 million, and full-year revenue increased 50% year-over-year to $399.0 million[4] - VYVGART generated $93.6 million in net product revenue for full-year 2024, with Q4 sales reaching $30.0 million, up from $5.1 million in Q4 2023[6] - Product revenue for Q4 2024 reached $108.5 million, a 65% increase compared to $65.8 million in Q4 2023[31] - Total revenues for the year ended December 31, 2024, were $399.0 million, up 49% from $266.7 million in 2023[31] - ZEJULA sales reached $48.4 million in Q4 2024, an increase of 16% year-over-year, and $187.1 million for the full year, up 11%[6] - NUZYRA sales increased 81% year-over-year to $11.0 million in Q4 2024, and 99% to $43.2 million for the full year[6] Loss and Profitability - Loss from operations decreased 45% year-over-year to $67.9 million in Q4 2024, and full-year loss reduced by 23% to $282.1 million[4] - The company reported a net loss of $81.7 million for Q4 2024, compared to a net loss of $95.4 million in Q4 2023[32] - Loss from operations for Q4 2024 was $67.9 million, a 45% improvement from a loss of $124.0 million in Q4 2023[34] - GAAP loss from operations for Q4 2024 was $67.891 million, a decrease from $123.981 million in Q4 2023, representing a 45.2% improvement[35] - Adjusted loss from operations for the year ended December 31, 2024, was $199.610 million, down from $277.910 million in 2023, indicating a 28.2% reduction[35] Cash and Assets - Cash and cash equivalents totaled $879.7 million as of December 31, 2024, compared to $806.5 million a year earlier[6] - Cash and cash equivalents decreased to $449.7 million as of December 31, 2024, from $790.2 million in 2023[30] - Total assets increased to $1.19 billion in 2024, up from $1.04 billion in 2023[30] - Zai Lab's accumulated deficit increased to $2.45 billion as of December 31, 2024, from $2.20 billion in 2023[30] Future Outlook - Zai Lab expects total revenue for full-year 2025 to be in the range of $560 million to $590 million[9] - Zai Lab plans to achieve adjusted profitability in Q4 2025, with significant reductions in operating losses[7] - The company plans to submit a BLA for Tisotumab Vedotin in Q1 2025 and for Bemarituzumab in H1 2025[19] - Zai Lab is set to present updated data for Second-Line+ Extensive-Stage SCLC at a major medical conference in H1 2025[19] - The company will initiate a global Phase 1 study for ZL-1503 in moderate-to-severe atopic dermatitis[16] Clinical Developments - ZL-1310 demonstrated an overall response rate (ORR) of 74% in early clinical data, reinforcing its potential as a first-in-class treatment for small cell lung cancer[4] - The NDA for KarXT for schizophrenia was accepted by China's NMPA in January 2025, moving closer to potential market approval[13] Expenses - Depreciation and amortization expenses increased to $11.856 million in 2024 from $9.029 million in 2023, reflecting a 31.2% rise[35] - Share-based compensation decreased to $70.651 million in 2024 from $79.634 million in 2023, showing an 11.3% decline[35]