2025-05-08 10:09Financial Performance - Total revenues grew 22% year-over-year to $106.5 million for Q1 2025, reaffirming full-year 2025 revenue guidance of $560 million to $590 million[4] - Operating loss improved significantly, declining 20% year-over-year to $56.3 million for Q1 2025, and 25% to $37.1 million on an adjusted basis, on track to achieve profitability in Q4 2025[4] - Net loss was $48.4 million in Q1 2025, an improvement from a net loss of $53.5 million in Q1 2024, attributed to product revenue growth outpacing net operating expenses[7] - The company reported a net loss of $48.4 million for Q1 2025, compared to a net loss of $53.5 million in Q1 2024[31] - Loss from operations improved to $56.3 million in Q1 2025, down from $70.3 million in Q1 2024, marking a 20% reduction[34] Revenue Breakdown - Product revenue, net was $105.7 million in Q1 2025, representing 21% year-over-year growth, primarily driven by increased sales for VYVGART, ZEJULA, and NUZYRA[7] - VYVGART and VYVGART Hytrulo sales reached $18.1 million in Q1 2025, compared to $13.2 million in Q1 2024, driven by increasing market coverage since its launch[7] - ZEJULA sales were $49.5 million in Q1 2025, compared to $45.5 million in Q1 2024, maintaining its position as the leading PARP inhibitor in hospital sales for ovarian cancer in mainland China[7] - Total revenues for Q1 2025 reached $106.5 million, a 22% increase compared to $87.1 million in Q1 2024[30] - Product revenue, net, was $105.7 million, reflecting a year-over-year growth of 21%[33] Cash and Assets - Cash position totaled $857.3 million as of March 31, 2025, compared to $879.7 million as of December 31, 2024[4] - Cash and cash equivalents increased to $757.3 million as of March 31, 2025, up from $449.7 million at the end of 2024[29] - Total assets decreased slightly to $1.173 billion from $1.186 billion at the end of 2024[29] - The company’s additional paid-in capital rose to $3.284 billion as of March 31, 2025, compared to $3.264 billion at the end of 2024[29] Research and Development - Research and Development (R&D) expenses were $60.7 million in Q1 2025, primarily due to upfront fees for license and collaboration agreements[7] - Research and development expenses for Q1 2025 were $60.7 million, compared to $54.6 million in Q1 2024[30] - ZL-1310 (DLL3 ADC) is advancing rapidly, with a registrational study expected to be initiated in the second half of 2025[4] - Zai Lab plans to present updated data for ZL-1310 at the 2025 ASCO Annual Meeting, highlighting its potential in treating extensive-stage SCLC[4] Future Outlook - The company anticipates continued growth in product revenue and aims to achieve profitability in the future[26]