---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-038547"
form_type: "8-K"
ticker: "ZLAB"
cik: "0001704292"
company_name: "Zai Lab Ltd"
filed_at: "2025-08-07T23:59:59+00:00"
generated_at: "2026-05-17T17:51:52.485817+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.77
calibrated_materiality_score: 0.77
confidence: "high"
source: SEC EDGAR
---

# Zai Lab Q2 revenue grows 9% YoY to $110M; operating loss improves 28%; targets Q4 profitability

## Summary
- Product revenue $109.1M (+9% YoY); VYVGART sales $26.5M (+46% QoQ); ZEJULA $41.0M (down from $45M YoY).
- GAAP operating loss $54.9M (improved 28% YoY); adjusted operating loss $34.2M (improved 37% YoY).
- Net loss $40.7M vs $80.3M YoY; cash $832.3M as of June 30, 2025.
- Reaffirms FY2025 revenue guidance $560M-$590M; on track for adjusted profitability in Q4 2025.
- Pipeline: ZL-1310 ORR 79% at 1.6mg/kg in 2L ES-SCLC; bemarituzumab Phase 3 met OS endpoint; China submission H2 2025.

## SEC filing metadata
- accession: 0001628280-25-038547
- form_type: 8-K
- ticker: ZLAB
- cik: 0001704292
- company_name: Zai Lab Ltd
- filed_at: 2025-08-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.77
- calibrated_materiality_score: 0.77
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704292/000162828025038547/0001628280-25-038547-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704292/000162828025038547/zlab-20250807.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-038547
- JSON: https://secwatch.observer/filing/0001628280-25-038547.json
- Plain text: https://secwatch.observer/filing/0001628280-25-038547.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.