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Zai Lab Limited (ZLAB-2.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net product revenue to $101.8 million from $69.2 million in the same quarter the previous year. This increase is primarily attributed to higher sales of VYVGART and ZEJULA.
Cost of product revenue for the quarter was $36.6 million, representing 36% of sales, compared to 37% in the same quarter of the previous year. This slight decrease in cost ratio is due to changes in product sales mix.
The company reported a net loss of $41.7 million for the quarter, compared to $69.2 million in the previous year, with the reduction attributed to increased revenue and foreign currency gains.
Research and development expenses increased to $66.0 million from $58.8 million, primarily due to an increase in licensing fees related to new agreements.
Selling, general, and administrative expenses decreased slightly to $67.2 million from $68.6 million, mainly due to reduced personnel costs.
Foreign currency gains were $14.5 million for the quarter, compared to $4.9 million in the previous year, driven by appreciation of the RMB against the U.S. dollar.
Cash used in operating activities was $159.1 million, while cash used in investing and financing activities was $27.4 million and $112.1 million, respectively.
Zai Lab had cash and cash equivalents of $616.1 million as of September 30, 2024. The company anticipates that these funds will be sufficient to meet its operational needs for at least the next 12 months.
The filing also details various financial agreements, including working capital loan facilities with several Chinese banks to support its operations.
Zai Lab continues to focus on expanding its product portfolio through strategic partnerships and advancing its clinical development programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zai Lab Limited quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.