Zai Lab reported consolidated 2025 revenue of USD 460.16 million, up 15% from 2024, driven by a USD 59.57 million increase in net product sales to USD 457.18 million. Growth was led by XACDURO and NUZYRA, reflecting strong patient demand and wider hospital adoption despite supply constraints.

Net loss narrowed to USD 175.54 million, an improvement of 32% from the prior year. The decline was attributed to faster revenue growth, a move from foreign-exchange losses to gains of USD 19.59 million (versus a USD 15.14 million loss in 2024), and disciplined cost control. Basic and diluted loss per share fell to USD 0.16 from USD 0.26.

Operating expenses moderated: • Research & development spending fell 6% year on year to USD 220.90 million, helped by lower personnel costs despite higher clinical-trial outlays. • Selling, general and administrative costs decreased 7% to USD 277.61 million following resource-prioritisation and efficiency measures. • Cost of product revenue climbed 30% to USD 190.52 million, reflecting higher sales volumes and inventory provisions.

Zai Lab ended 2025 with cash, cash equivalents and restricted cash of USD 780.69 million, up from USD 550.78 million a year earlier, while short-term investments declined to USD 10.00 million from USD 330.00 million. Operating cash outflow was reduced to USD 150.79 million (2024: USD 214.87 million).

Total assets stood at USD 1.17 billion; shareholders’ equity was USD 715.50 million. Short-term debt increased to USD 204.53 million, lifting the gearing ratio to 29% (2024: 16%).

The board did not recommend a dividend for 2025. The company projects continued revenue growth in 2026, supported by recent approvals for AUGTYRO and KarXT in mainland China.