---
schema_version: "secwatch.filing_event.v1"
accession: "0001704292-25-000023"
form_type: "8-K"
ticker: "ZLAB"
cik: "0001704292"
company_name: "Zai Lab Ltd"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:48:41.068352+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Zai Lab Q3 revenue up 14% to $116.1M; loss narrows; revises FY2025 guidance to at least $460M

## Summary
- Product revenue $115.4M (+13% YoY); VYVGART $27.7M, ZEJULA $42.4M, NUZYRA $15.4M.
- Operating loss improved 28% YoY to $48.8M GAAP; adjusted operating loss $28.0M (-42% YoY).
- Net loss $36.0M ($0.33/ADS) vs $41.7M ($0.42/ADS) in Q3 2024.
- Global registrational study for zoci (DLL3 ADC) initiated; Phase 1 data showed 68% ORR at 1.6 mg/kg in 2L+ ES-SCLC.
- Cash $817.2M; FY2025 revenue guidance revised to at least $460M.

## SEC filing metadata
- accession: 0001704292-25-000023
- form_type: 8-K
- ticker: ZLAB
- cik: 0001704292
- company_name: Zai Lab Ltd
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704292/000170429225000023/0001704292-25-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704292/000170429225000023/zlab-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001704292-25-000023
- JSON: https://secwatch.observer/filing/0001704292-25-000023.json
- Plain text: https://secwatch.observer/filing/0001704292-25-000023.txt

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