Chinese biopharmaceutical firm Zai Lab Ltd (NASDAQ: ZLAB, HKG: 9688) released its Q3 2022 earnings report, showing total revenues of USD 57.5 million for the three-month period, up 33% year-on-year (YOY) and a 19% increase compared to USD 43.1 million for the same period in 2021. Research and Development (R&D) expenses were USD 99.5 million, reflecting a significant increase from USD 55.1 million in Q3 2021. This increase is attributed to the USD 30 million upfront payment for the new collaboration and license agreement with Seagen in Q3 2022, higher expenses related to ongoing and newly initiated clinical trials, and increased payroll and share-based compensation due to higher R&D headcount. Net losses were USD 161.2 million for the three months ending September 30, 2022, compared to USD 96.4 million for the same period in 2021.
Product Revenue Breakdown
Net product revenues for the period were USD 39.2 million for Zejula (niraparib), up 39% YOY; USD 10.7 million for Optune, a Tumor Treating Fields (TTF) device, unchanged from the same period in 2021; USD 5.5 million for Qinlock (ripretinib), up 28% YOY; and USD 1.5 million for Nuzyra (omadacycline). As of September 30, 2022, Optune has been listed on 72 regional customized commercial health insurance plans guided by provincial or municipal governments since its commercial launch in China in Q3 2020.
Clinical and Regulatory Updates
Zai Lab is advancing several key clinical programs. Last patient enrollment for the Phase III pivotal METIS study evaluating the efficacy and safety of stereotactic radiosurgery plus TTFields compared to stereotactic radiosurgery alone in patients with brain metastases from Non-small Cell Lung Cancer (NSCLC) is expected in early 2023. Top-line results from the Phase III pivotal LUNAR study in NSCLC are anticipated in the early first quarter of 2023. Additionally, Zai Lab is seeking National Reimbursement Drug List (NRDL) inclusion for Qinlock and Nuzyra within this year.-Fineline Info & Tech
