Zai Lab (09688) announced its financial results for the fourth quarter and full year 2025. Total revenue for Q4 2025 reached $127.6 million, representing a 17% increase year-over-year. Full-year 2025 total revenue was $460.2 million, a 15% increase compared to 2024.
The company reported a net loss of $50.409 million for the fourth quarter of 2025, which narrowed by 38.29% from the same period in 2024. The full-year 2025 net loss was approximately $175.5 million, a reduction of 31.73% year-over-year. As of December 31, 2025, the company held cash, cash equivalents, short-term investments, and restricted cash totaling $789.6 million.
Research and development (R&D) expenses for the fourth quarter of 2025 were $61.6 million, compared to $52.3 million in Q4 2024. Full-year 2025 R&D expenses were $220.9 million, down from $234.5 million in 2024. The increase in quarterly R&D spending was primarily due to the advancement of clinical studies, while the annual decrease was attributed to lower personnel costs resulting from strategic resource optimization.
Net product revenue for the fourth quarter was $127.1 million, up 17% from $108.5 million in the prior-year period, or 16% on a constant currency (CER) basis. Full-year net product revenue was $457.2 million, a 15% increase from $397.6 million in 2024, or 16% growth on a CER basis. The growth in product revenue was mainly driven by increased sales of ZEJULA and NUZYRA.
The reduction in net loss was primarily due to product revenue growing faster than operating expenses and a shift from foreign exchange losses to gains, partially offset by a decrease in interest income.
Regarding the product pipeline, VYVGART and VYVGART Hytrulo continued to increase patient usage and treatment duration in generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). For KarXT, a commercial launch is planned for the first half of 2026, with targeted commercialization strategies, physician education, and real-world evidence generation underway, alongside preparations for potential inclusion in the National Reimbursement Drug List (NRDL) in 2027.
Both povetacicept and elegrobart are expected to yield key data readouts in 2026, with the potential to drive further regional revenue growth in the near term.
Dr. Samantha Du, Founder, Chairwoman, and CEO of Zai Lab, stated, "In 2025, both of our core business engines demonstrated disciplined execution, with significant progress in our global innovative pipeline and steady advancement in our commercial operations. Leveraging our integrated China-U.S. operational structure, we efficiently accelerated multiple global programs, including rapidly advancing zoci into pivotal clinical stages, showcasing our speed and capital efficiency. For 2026, our focus is on solid execution around key catalysts—advancing our late-stage pipelines in immunology and oncology while preparing for the next phase of commercial growth. These efforts mark an important step in Zai Lab's journey toward becoming a sustainably growing global biopharmaceutical leader."
Josh Smiley, President and COO of Zai Lab, commented, "KarXT represents a significant new growth engine for Zai Lab. Its recent inclusion in the national expert consensus for schizophrenia underscores the growing recognition of its innovative mechanism and potential to deliver meaningful impact for patients. We are further solidifying the market position of VYVGART by expanding hospital coverage and supporting longer treatment durations. Concurrently, we are actively preparing for the potential approval and launch of TIVDAK—which would strengthen our portfolio in gynecological oncology—and the potential approval of Tumor Treating Fields for pancreatic cancer. Looking ahead to 2026 and beyond, new product launches, potential label expansions, and the advancement of global projects will support our multi-year growth and continued financial improvement."