By Fineline Cube 
China-based biotech Zai Lab Ltd (NASDAQ: ZLAB, HKG: 9688) released its Q1 2025 financial report alongside recent product highlights and corporate updates. Total revenues for the quarter stood at USD 106.5 million, marking a 22% year-on-year (YOY) increase at constant exchange rates. The company also reported a significant improvement in operating loss, which declined by 20% YOY to USD 56.3 million, remaining on track to achieve profitability by the fourth quarter of 2025. Research and development (R&D) expenses were USD 60.7 million. As of March 31, 2025, cash and cash equivalents, short-term investments, and current restricted cash totaled USD 857.3 million.
Product Performance
Net product revenue for Q1 2025 was USD 105.7 million, up 21% YOY. Vyvgart (efgartigimod alfa IV infusion) and Vyvgart Hytrulo (efgartigimod alfa subcutaneous injection) generated USD 18.1 million, driven by increased sales volume and the inclusion of its new myasthenia gravis indication in the updated National Reimbursement Drug List (NRDL). Market coverage and penetration for these products continued to expand. Zejula (niraparib) delivered USD 49.5 million in sales, maintaining its leadership as the top PARP inhibitor for ovarian cancer in China’s hospital market. Nuzyra (omadacycline) contributed USD 15.1 million.
Pipeline Development
In terms of pipeline progress, ZL-1310, a DLL3-targeting antibody-drug conjugate (ADC), is advancing rapidly with data in extensive-stage small cell lung cancer (ES-SCLC) expected soon. Registrational clinical studies for ES-SCLC are planned to commence in the second half of 2025. ZL-6201 (LRRC15 ADC) and ZL-1222 (PD-1/IL-12 bispecific inhibitor) recently reported positive data, potentially expanding Zai Lab’s oncology pipeline. ZL-1503 (IL-13/IL-31R bispecific inhibitor) for moderate-to-severe atopic dermatitis is set to progress to global Phase I clinical trials.-Fineline Info & Tech