Core Viewpoint - China Medical System Holdings Limited (CMS) announced that its subsidiary Dermavon Holdings Limited has obtained co-development and exclusive commercialization rights for the innovative drug MG-K10, which has received New Drug Application acceptance from the National Medical Products Administration (NMPA) for treating moderate-to-severe atopic dermatitis (AD) [1][3]. Group 1: Product Overview - MG-K10 is a long-acting anti-IL-4Rα humanized monoclonal antibody designed to block IL-4 and IL-13 signaling, allowing for a four-week dosing frequency, which is expected to enhance patient adherence compared to existing biweekly treatments [2][8]. - The product has shown promising results in a Phase III clinical study, with 76.6% of participants achieving an Investigator Global Assessment (IGA) score of 0 or 1, and 94.3% showing a ≥75% reduction in Eczema Area and Severity Index (EASI 75) [3][5]. Group 2: Market Potential - If approved, MG-K10 could serve as a new treatment option for approximately 14.5 million patients with moderate-to-severe AD in China, addressing significant unmet medical needs in this patient population [5][7]. - The product also has potential applications for other type 2 inflammatory diseases, with ongoing Phase III trials for asthma, prurigo nodularis, and seasonal allergic rhinitis in China [4][5]. Group 3: Strategic Partnerships - CMS has entered into a Collaboration Agreement with Hunan Mabgeek Biotech Co., LTD for MG-K10, securing rights for co-development and commercialization in various regions including Mainland China and Hong Kong [6][9]. Group 4: Company Background - CMS focuses on innovative pharmaceutical products, particularly first-in-class and best-in-class therapies, and has established a strong presence in specialty therapeutic fields, including skin health through its subsidiary Dermavon [9][10][11].

Financial Performance & Profitability - Total revenues for 2Q'25 reached $110.0 million, a 9% increase year-over-year[56] - Adjusted loss from operations improved by 37% year-over-year, from $(54.485) million in 2Q'24 to $(34.187) million in 2Q'25[10, 86] - The company is on track to achieve profitability in 4Q'25, referring to adjusted income from operations[10, 18] - Cash position remains strong at $832.3 million as of June 30, 2025[10] Key Products & Pipeline Updates - VYVGART/VYVGART Hytrulo sales grew 14% year-over-year, reaching $26.5 million in 2Q'25, driven by increased market penetration and extension of DoT[56, 59] - ZL-1310 (DLL3 ADC) showed a 67% ORR in 2L SCLC across all doses and 79% ORR with 1.6 mg/kg (n=14)[42] - Bemarituzumab met the primary endpoint of overall survival in the global Ph3 FORTITUDE-101 study[10, 32] - KarXT's China NDA was accepted in January 2025, showing early and sustained reduction of positive and negative symptoms[26] Strategic Focus & Future Outlook - The company aims to unlock the blockbuster potential of VYVGART and VYVGART Hytrulo through execution excellence, targeting increased HCP coverage and supplemental insurance coverage[19, 20] - Multiple revenue inflections are expected through 2030, with an expected $2 billion revenue in 2028[18] - Zai Lab plans to initiate a global pivotal study of ZL-1310 in 2L ES-SCLC in 2H'25[15, 40]

February 2025 Fourth Quarter and Full Year 2024 Financial Results and Recent Corporate Updates NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved. Forward-Looking Statements This presentation contains forward-looking statements, including statements relating to our strategy and plans; potential of and expectations for our business, commercial products, and pipeline programs; our goals, objectives, and priorities and our expectations under our growth strategy (including our expectations regarding o ...