2025-11-06 13:00Pipeline Development - Zocilurtatug pelitecan (DLL3 ADC) shows promising data in a difficult-to-treat SCLC population, with an Objective Response Rate (ORR) of 68% at 1.6 mg/kg in 2L SCLC (n=19)[18] - Zai Lab is advancing Zoci into 1L SCLC, with Phase 3 initiated for 2L+ SCLC zoci monotherapy versus investigator's choice and Phase 1 dose escalation ongoing for 1L SCLC zoci + PD-L1 ±chemo[20] - ZL-1503 (IL13/IL31R) demonstrates potent and sustained reduction in IL-31-induced scratching and pSTAT6 in Non-Human Primates (NHP), with clinical data readout expected in 2026[28, 32] - ZL-6201 (LRRC15 ADC) is progressing with a U S IND submission planned by year end 2025 and global phase 1 initiation expected in 1H 2026[34, 39] - ZL-1222 (PD-1/IL-12) is advancing with potential preclinical data update in 2026 and completion of IND enabling studies expected in 2026[38, 40] Commercial Performance - Total revenues for 3Q'25 reached $116 1 million, a 14% year-over-year increase[71] - VYVGART/VYVGART Hytrulo sales were $27 7 million in 3Q'25, a 2% year-over-year increase, driven by an extension of Duration of Treatment (DoT) and increasing market penetration[71, 73] - NUZYRA experienced strong growth, with sales of $15 4 million in 3Q'25, a 54% year-over-year increase, supported by increased market coverage and penetration[71, 73] - Approximately 12% penetration in gMG prevalent patients, with ~21,000 patients treated by VYVGART as of September 30, 2025[63, 64] Financials and Operational Efficiency - Adjusted loss from operations improved from $(48 2) million in 3Q'24 to $(28 0) million in 3Q'25[79, 89] - R&D expenses decreased from 66% of total revenue in 3Q'24 to 41% in 3Q'25[76] - The company's cash position is $817 2 million as of September 30, 2025[85]