2025-02-28 03:36Financial Performance & Guidance - Zai Lab reported total revenue of $399.0 million for FY'24, a 50% year-over-year increase, and $109.1 million for 4Q'24, a 66% year-over-year increase[33, 34] - Adjusted loss from operations improved by 28% year-over-year for FY'24 and 53% year-over-year for 4Q'24[8] - The company's cash position was strong at $879.7 million as of December 31, 2024, compared to $806.5 million as of December 31, 2023[8, 46] - Zai Lab projects total revenue guidance of $560~$590 million for 2025 and targets profitability by 4Q'25[45] Product Performance & Pipeline - VYVGART/VYVGART Hytrulo revenue reached $93.6 million in FY'24, an 835% increase year-over-year, and $30.0 million in 4Q'24, a 492% increase year-over-year[33] - ZEJULA revenue was $187.1 million in FY'24, an 11% increase year-over-year, and $48.4 million in 4Q'24, a 16% increase year-over-year[33] - NUZYRA revenue was $43.2 million in FY'24, a 99% increase year-over-year, and $11.0 million in 4Q'24, an 81% increase year-over-year[33] - The company anticipates launching three new potential blockbuster drugs in China in 2025-26: Bemarituzumab, KarXT, and TTFields[13, 15, 17] Clinical Development & Regulatory Milestones - KarXT's NDA was accepted by the NMPA in January 2025 for schizophrenia[7, 16, 99] - ZL-1310 (DLL3 ADC) showed a 74% ORR in 2L+ SCLC patients in Phase 1 trials and was granted Orphan Drug Designation by the FDA for SCLC in Jan'25[8, 21, 22, 150] - The company plans to initiate a pivotal study for ZL-1310 in SCLC and a Phase 1 study in other DLL3-expressing tumors in 2025[26]