Hello, ladies and gentlemen. Thank you for standing by. Welcome to Zainab's fourth quarter and full year 2025 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, today's call is being recorded. It's now my pleasure to turn the floor over to Christine Cho, Senior Vice President of Investor Relations. Thank you. Please go ahead. Thank you, Operator. Hello and ...

Summary of Zai Lab's Conference Call Company Overview - **Company**: Zai Lab - **Industry**: Biotechnology, specifically focusing on oncology and immunology Key Points Business Model and Strategy - Zai Lab operates with a dual engine strategy, focusing on both the China market and a global portfolio of innovative drugs [2][3] - The company has eight products approved in China, projecting around $460 million in sales, which supports its financial foundation [3][11] - Zai Lab aims to serve as a partner for global biotechs in China and vice versa, facilitating drug approvals in both markets [7][30] Product Pipeline and Development - The company is advancing its DLL3-focused ADC for small cell lung cancer, with a Phase III trial initiated and potential U.S. approval as early as 2028 [3][9] - Zai Lab's R&D strategy emphasizes immunology and oncology, with a focus on advanced modalities like ADCs and bispecifics [5][19] - The company has a strong pipeline with multiple programs, including: - DLL3 ADC with a 68% overall response rate in second-line small cell lung cancer [14] - IL-13/31 receptor program for atopic dermatitis, with a market projected to grow to $30 billion by 2030 [20] - LRC-15 ADC targeting solid tumors, with a Phase I study planned [21] Financial Performance - Zai Lab reported a strong cash position of $817 million and a profitable business in China, with a path to profitability expected to continue [11][26] - The company has reduced its cash burn significantly, from a $148 million loss in the first half of 2022 to approximately $70 million in the first half of 2025 [26] Market Opportunities - The addressable market for small cell lung cancer is estimated at $9 billion, with Zai Lab well-positioned to capture a significant share starting in 2028 [19] - The company is also exploring opportunities in neuroendocrine tumors and other indications, leveraging its expertise in China [19][44] Regulatory and Competitive Landscape - Zai Lab is pursuing accelerated approval for its products, including the POVI program for IgAN, with positive discussions with regulatory bodies [45][46] - The company differentiates itself from competitors by focusing on highly active products with favorable safety profiles, which allows for combination therapies [42][44] Future Outlook - Zai Lab anticipates continued growth in its commercial business in China, with a focus on launching new products like Cobenfy for schizophrenia [24][54] - The company expects to see stable business growth in China and significant data emerging from its global pipeline in 2026 [55] Conclusion - Zai Lab is positioned as a unique player in the biotech industry, leveraging its dual market strategy, strong pipeline, and financial stability to capitalize on growth opportunities in both China and global markets [30][31]