Zai Lab (Zai Lab) reported unaudited first-quarter 2026 revenue of USD 99.61 million, down 6.46 % year-on-year. Product revenue fell 9.57 % to USD 95.56 million, or 11.86 % on a constant-exchange-rate basis, driven primarily by lower ZEJULA sales following volume-based procurement pressure on generic olaparib and a National Reimbursement Drug List (NRDL) price reset for VYVGART.

\n\nKey revenue contributors were: • ZEJULA: USD 30.00 million (-39.39 % YoY) • VYVGART: USD 17.60 million (-2.76 % YoY) • NUZYRA: USD 16.30 million (+7.95 % YoY) • XACDURO: USD 8.60 million (+681.82 % YoY)

\n\nOperating expenses rose as the company accelerated its global R&D programs: • Research & Development: USD 65.59 million (+8.01 % YoY) • Selling, General & Administrative: USD 65.07 million (+2.60 % YoY)

\n\nThe increased spend, combined with softer sales, widened the GAAP operating loss to USD 69.39 million. After adjusting for USD 3.94 million in depreciation and amortization and USD 13.52 million in share-based compensation, the non-GAAP operating loss stood at USD 51.92 million. Net loss reached USD 51.02 million, versus USD 48.44 million a year earlier, translating into a loss of USD 0.05 per ordinary share, or USD 0.46 per ADS.

\n\nLiquidity remained strong with USD 761.32 million in cash, cash equivalents, short-term investments, and current restricted cash at 31 March 2026, only slightly below the USD 789.57 million at 31 December 2025.

\n\nPipeline Progress • Zocilurtatug pelitecan (zoci) delivered a 62.50 % confirmed intracranial ORR in small-cell lung cancer (SCLC) patients with brain metastases and a 38.20 % confirmed ORR across extrapulmonary neuroendocrine carcinomas. The registrational DLLEVATE study is on pace to complete enrolment in 1H 2027. • Collaboration agreements signed with Amgen (tarlatamab) and Boehringer Ingelheim (obrixtamig) will evaluate zoci-based combinations in SCLC and other NECs. • Internally developed ZL-1503, an IL-13/IL-31Rα bispecific antibody, exhibited durable dual-pathway activity in preclinical models; first-in-human data are expected in 2H 2026. • Positive Phase 3 readouts for partnered assets povetacicept (IgA nephropathy) and elegrobart (thyroid eye disease) add to regional growth prospects.

\n\nCommercial Outlook Management is preparing for the China launch of KarXT in Q2 2026, targeting an estimated 8 million schizophrenia patients and potential NRDL inclusion in 2027. Domestic regulatory decisions are pending for TIVDAK in cervical cancer and Tumor Treating Fields in pancreatic cancer within 2026.

\n\nCapital Structure and Share Count At quarter-end, Zai Lab had 1.11 billion ordinary shares outstanding and 8.60 million shares held in treasury.

\n\nConference Call Management will discuss the results on 7 May 2026 at 8:00 a.m. ET / 8:00 p.m. HKT via webcast and dial-in, with a replay available on the investor relations website.