Core Insights - Zai Lab (09688) reported a 14% year-over-year increase in total revenue for Q3 2025, reaching $116.1 million, with operating losses narrowing by 28% to $48.8 million, and adjusted operating losses reduced by 42% to $28 million [1][1][1] - The company has adjusted its full-year revenue guidance for 2025 to at least $460 million [1] Revenue Breakdown - Product revenue netted $115.4 million, up 13% from $101.8 million in the same period of 2024, with a 14% increase when calculated at constant exchange rates (CER) [1][1] - Growth was primarily driven by increased sales of Zymeworks and Dingo, partially offset by a slowdown in sales of Zole [1] Management Commentary - The founder and CEO, Dr. Ying Du, stated that Zai Lab is entering a new growth phase, supported by a robust commercialization capability in China and a rapidly advancing global pipeline [1][1] - The company is advancing multiple differentiated global projects, showcasing the speed and scientific rigor of its R&D engine [1] - The President and COO, Josh Smiley, emphasized the strengthening foundation for the launch of Efgartigimod, with increasing new patient numbers and extended treatment durations in the myasthenia gravis field [1][1] - The company is preparing for the anticipated launch of KarXT in the schizophrenia space, while maintaining robust operations and positioning for significant future opportunities [1][1]