Zai Lab Ltd (09688) shares climbed more than 11% in early trading before paring gains, with the stock now up over 30% since its recent earnings report. As of midday, the shares were trading 5.13% higher at HKD 19.48, with a turnover of HKD 359 million.

The company reported total revenue of USD 106.3 million for the second quarter, with net product revenue of USD 105.8 million, representing a sequential increase of 11%. This growth was driven by the steady performance of Zele and continued sales momentum for Aigamo.

Notably, Zai Lab's founder, chairman, and CEO, Dr. Samantha Du, stated that over the past few years, the company has evolved from bringing innovative drugs to Chinese patients into a global biopharmaceutical company developing differentiated medicines for patients worldwide. The company's innovative pipeline is rapidly maturing, and innovation will increasingly become the core driver of its next phase of growth.

CITIC Securities noted that the company's proprietary assets are gradually entering the clinical value validation phase, with key internally developed pipeline candidates expected to deliver dense data readouts and critical research milestones. Major catalysts for the second half of 2026 include: the release of combination therapy data for Zoci (ZL-1310, a DLL3 ADC) in first-line small cell lung cancer (1L SCLC), and the advancement of registrational development programs for 1L SCLC and extrapulmonary neuroendocrine carcinoma (epNEC); as well as the first-in-human data for ZL-1503 (an IL-13×IL-31Rα bispecific antibody).