Zai Lab Limited (ZLAB)

Zai Lab agreed on 22 October 2026 to place 11,340,000 American depositary shares (ADSs, the form in which its ordinary shares trade in the United States) with investors, for gross proceeds of about $250 million 23. The company said the money mainly supports the global development of zocilurtatug pelitecan (zoci), its antibody-drug conjugate aimed at a protein called DLL3 3. TCGX led the round 3.

The same week, on 23 October, the company shared the first global data for zoci with atezolizumab as first treatment for extensive-stage small cell lung cancer 4. Among 33 patients on the 1.6 mg/kg dose, the confirmed response rate was 81.8 percent 4. The company said a global Phase 3 study of that approach is expected to start by the end of 2026 4.

The latest quarterly results on file, for the second quarter of 2026, show total revenue of $106.3 million against $110.0 million a year earlier 1. Net loss was $50.8 million 1.

Cash, short-term investments and current restricted cash totaled $717.5 million at 30 June 2026 1. Zai Lab set 5 November 2026 for its third quarter results 13.

Zai Lab Limited was incorporated on 28 March 2013 in the Cayman Islands 8. It financed itself through private placements, a September 2017 initial public offering on Nasdaq, follow-on offerings, and a September 2020 secondary listing in Hong Kong 8. Its model has been to license medicines from other drug makers and bring them to patients in Greater China, while building its own research team 7.

The first launches came in 2020 and 2021 7. ZEJULA, a PARP inhibitor that stops cancer cells repairing their DNA, launched in mainland China in 2020 and joined the NRDL, China's government-run reimbursement list, in 2021 7.

OPTUNE launched in 2020, and NUZYRA and QINLOCK in 2021 7. Total revenue in 2022 was $215.0 million, against a net loss of $443.3 million 9.

Revenue rose 24 percent to $266.7 million in 2023, and net loss narrowed to $334.6 million 9. The company launched a fifth commercial product, VYVGART for generalized myasthenia gravis (gMG, a muscle-weakness disease), in China, and sales increased for each of its products 9. New NRDL listings widened access for QINLOCK and NUZYRA 9.

In 2023 the company also began its global pipeline 9. It started Phase 1 studies for a DLL3 antibody-drug conjugate and for ZL-1218, and licensed a next-generation DLL3 program from MediLink 9.

Total revenue jumped 50 percent to $399.0 million in 2024 and net loss fell 23 percent to $257.1 million 8. The company credited VYVGART, which gained its first full year on the NRDL, and growth in ZEJULA and NUZYRA 8. From the fourth quarter of 2024 it also launched VYVGART Hytrulo, an under-the-skin version, XACDURO and AUGTYRO in mainland China 8.

Growth slowed in 2025, with total revenue up 15 percent to $460.2 million and net loss down 32 percent to $175.5 million 7. XACDURO sales grew to $22.9 million from $3.3 million and NUZYRA to $60.8 million from $43.2 million 7. ZEJULA, the largest line, was nearly flat at $189.0 million against $187.1 million 7.

In the fourth quarter of 2025 China's drug regulator (the NMPA) approved AUGTYRO for NTRK-positive solid tumors and KarXT for schizophrenia 7.

The first half of 2026 turned lower, with net product revenue of $201.3 million against $214.7 million a year earlier 6. The company attributed this to ZEJULA, where hospital use shifted after volume-based procurement of generic olaparib, and to a VYVGART price adjustment tied to its NRDL renewal 6.

Spending moved toward the global pipeline 6. Research and development costs rose $16.0 million in the first six months of 2026, which the company tied mainly to higher licensing fees 6. Its chief executive said zoci went from the first filing to test in humans to a global Phase 3 in under two years 1.

The commercial products

Zai Lab sells seven licensed medicines, mostly in mainland China, and added KarXT in 2026 71. In 2025 net product revenue was $457.2 million, up 15 percent 7. The company says its sales teams cover the major medical centers of Greater China 7.

ZEJULA

ZEJULA (niraparib) is an oral medicine that helps keep ovarian cancer from returning after chemotherapy; Zai Lab holds the licence for mainland China, Hong Kong and Macau from Tesaro, now part of GSK 7. Revenue was $189.0 million in 2025, the largest line, but $62.0 million in the first half of 2026 against $90.6 million a year earlier 76. The 10-K points to evolving competition within the PARP inhibitor class, and the 10-Q to volume-based procurement of generic olaparib 76.

VYVGART and VYVGART Hytrulo

Efgartigimod, licensed from argenx for Greater China, lowers harmful antibodies in autoimmune disease; it treats gMG and, as VYVGART Hytrulo, also chronic inflammatory demyelinating polyneuropathy (CIDP) 7. Revenue was $94.2 million in 2025 7. It said it is preparing to seek NRDL inclusion of VYVGART Hytrulo in 2027 1.

NUZYRA and XACDURO

NUZYRA is an antibiotic for pneumonia and skin infections, licensed from Paratek; revenue was $60.8 million in 2025 7. XACDURO treats hospital pneumonia caused by a drug-resistant germ, Acinetobacter baumannii, and reached $22.9 million in 2025 after its January 2025 launch 7. Zai Lab said supply limits held its sales back and that it works with Pfizer's affiliated companies on selling XACDURO 7.

OPTUNE, QINLOCK and AUGTYRO

OPTUNE is a portable device from Novocure that sends electric fields into the brain to treat glioblastoma; it earned $48.3 million in 2025 7. QINLOCK, licensed from Deciphera, treats a stomach and bowel tumor called GIST and earned $35.6 million 7. AUGTYRO, from Turning Point (now part of BMS), treats ROS1-positive lung cancer and earned $5.5 million, with a December 2025 collaboration with SciClone supporting sales 7.

KarXT and TIVDAK

KarXT (xanomeline and trospium) treats schizophrenia through a different route than older drugs; the licence comes from Karuna, later bought by BMS 7. Zai Lab launched it in mainland China in June 2026 and reported its first revenue, $552 thousand, in the second quarter 16. In June 2026 China approved TIVDAK for cervical cancer, the first ADC cleared there for that use 6.

Zoci and the global pipeline

Zoci is an antibody-drug conjugate, a medicine that pairs an antibody with a cell-killing payload, aimed at DLL3, a protein found in most small cell lung cancers 35. The FDA gave it Orphan Drug Designation for neuroendocrine carcinomas in July 2026 and Fast Track Designation in May 2026 1. Pharmaphorum names Amgen's Imdelltra (tarlatamab) as the first DLL3 drug on the market and a rival 5.

Other global programs include ZL-1503, an antibody for atopic dermatitis (eczema) that blocks two signals, and ZL-1311, a T-cell engager aimed at the MUC17 marker 1. Regional programs include povetacicept, which partner Vertex has filed with the FDA for IgA nephropathy, and elegrobart for thyroid eye disease 1.

Plants, people and workforce

The company leases offices in Shanghai and Cambridge, Massachusetts, research sites in Shanghai and San Diego, and two manufacturing facilities in Suzhou, one for small molecules and one for large molecules 7. It had 1,784 full-time employees at 31 January 2026, of whom 1,710 were in Greater China 7.

Samantha Du is the founder, chairperson and chief executive 1. Rafael Amado is president and head of global research and development 1. Yajing Chen is chief financial officer 2.

Rivals and current problems

The 10-K says no pending legal proceeding is considered material 7. The sharper pressure is commercial: hospital use of ZEJULA fell after generic olaparib was added to volume-based procurement, and VYVGART's price was cut around its NRDL renewal 6. The company expects to further stabilize product sales in the second half of the year 1.

The umbrella, in words

Brands: ZEJULA, VYVGART, VYVGART Hytrulo, NUZYRA, OPTUNE, QINLOCK, XACDURO and AUGTYRO, each sold under a licence or promotion agreement 7. The licences are agreed ties with Tesaro (GSK), argenx, Paratek, Novocure, Deciphera, Entasis (Innoviva), Turning Point (BMS) and Karuna (BMS) 7.

Subsidiaries: the 10-K's Exhibit 21 lists Zai Lab (Shanghai) Co., Ltd., Zai Lab (Suzhou) Co., Ltd., Zai Lab (US) LLC and Zai Lab (Hong Kong) Limited among others, and states that all are wholly owned 10.

Control: RTW Investments reported owning 6.3 percent of the ordinary shares at 31 December 2025 11. TCG Crossover GP II, whose sole managing member is Chen Yu, reported 2.6 percent as of 2 June 2026 12. The October placement was led by TCGX and included RTW Investments among its participants 3.

Zai Lab set 5 November 2026 for its third quarter results and a call at 8:00 Eastern time 13. The placement was expected to close on or about 27 October 2026, and the company agreed to file a resale registration statement within 15 days of that closing 2.

For zoci, the company said it expects to start a global randomized Phase 3 study in first-line extensive-stage small cell lung cancer by the end of 2026 4. It also expects to finish enrolling the DLLEVATE Phase 3 study in the first half of 2027, followed by an interim analysis that could support an accelerated approval filing in the United States in 2027 1.

In extrapulmonary neuroendocrine carcinomas, the company expects to finish the Phase 2 expansion and, subject to regulatory feedback, move into registrational development in the second half of 2026 1. It said three registrational studies are expected to be under way by year end 1.

For its other programs the company expects first human data for ZL-1503 in the second half of 2026 and more in the first half of 2027 1. It plans a US investigational filing for ZL-1311 by the end of 2026 and a Phase 1 start in the first half of 2027 1. ZL-6201 topline results are planned for the first half of 2027, and a ZL-1222 filing for 2027 1.

Vertex's application for povetacicept has an FDA target action date of 30 November 2026 1. The company is preparing to seek NRDL inclusion for KarXT in 2027 1.

It expects to finish enrolling a China Phase 3 study of elegrobart in the third quarter of 2026, with topline results in 2027 1.

On the business as a whole, the company says it is laying the foundation for a return to meaningful growth in 2027 1.