9688.HK - Earnings call transcript Q1 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, ladies and gentlemen. Thank you for standing by, and welcome to Zai Lab's First Quarter 2024 Financial Results Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, today's call is being recorded. It is now my pleasure to turn the floor over to Christine Chiou, Senior Vice President of Investor Relations. ahead. go Please

Christine Chiou

CEO Chen, Good Dr. Lab's and operator. will evening, for welcome Chief President and Lab's and and and led by Global be Thank Smiley, Amado, Josh Quarter morning, Development Science, President Head XXXX [indiscernible] and also Reinhart, Dr. Officer. officer of Zai President the call. Head Founder, be Zai answer Financial Harald portion Du, First Yajing Global Dr. Operating call Jonathan Chairperson. Wang Earnings to She'll available Development; by joined Officer; Dr. you, of the Chief Oncology questions Diseases; Samantha Autoimmune Research good Q&A Infectious will and Rafael of Call. be Today's during and to

be cause during forward-looking filings. what materially results statements including SEC are from As today's certain variety of our on current and will those risks the due we may numerous factors, discussed expect we call, uncertainties expectations. in making our reminder, that actual subject These to based a statements differ a to to

to also which will financial my information a to to We the with Please on Samantha is pleasure growth May release this XXXX Dr. SEC over on measure. financial Du. turn earnings to furnished is refer our non-GAAP this non-GAAP it rate time, exchange on product a constant additional the At rates X, refer basis, revenue for call measure.

Ying Du

biopharma a and needs world. for Zai bringing opening a the Lab few our to But vision all I are excited be with patients drive to to you, want integrated results to you comments. We share medical Christine, morning, true I'm build first today. before focused Thank joining here with China in around unmet medicines us innovative evening quarter. with good and on the I started good from who and [indiscernible], innovative company start and to to the a

X growth our building pipeline, year year. for to global [indiscernible] internal today past business expect we clinic late-stage have under us both expect few where today. We're We discovery China infrastructure, Each by global years development. This are of product. advancing get robust the pipeline pipeline capabilities approvals the our where spent driven last assets. of have launch and X to a add and also period We're first drove and year, which and new product we in [indiscernible] follows the new late we we a

expected many the years, We the assets those to are XXXX. next significantly to multiple our way revenue, of X have we to opportunity. products, blockbuster launched X contribute and Over potential beyond

our continue we operational our As efficiency our will we scale business, improve productivity. expand we to

across quarter ] first our merger these progress. of increasing Our pipeline Growth results and areas. execution, productivity each demonstrates progress [

and to to call a Zai year significant growth expect good the Lab, a it to end for With achieve Josh? over with sheet We X-year be a and of very balance million of strong a objectives are by XXXX profitability track XXX USD online And I'll the plan in Josh. revenue the that, achieving including our and on cash is we position. XXXX. position strong in pass strategic

Joshua Smiley

revenue for Thank a programs. the clinical call continued and had good the key you, growth you, our start with We joining in thank today. year Samantha, to advancements robust everyone, and

year-over-year XX% grew revenues total $XX.X to reach Our million.

showed cancer uptake of X setting. XX% quarter. the continues and NUZYRA or Key strong a products the from recovery their for ZEJULA XXXX. drivers PARP existing by benefiting Kim first-line execution across the VYVGART to portfolio. increasing position Our XX% slowdowns extending cancer. in with commercial performance and in NRDL inhibitor ovarian from for treatment our growth its also in in leadership showed of the these maintain ZEJULA the growing duration year-over-year. Optune fourth penetration year, second listings launch growth, remain last new half patients the of of maintenance class was from solid patient driven sequentially Together, and lock collectively in the grew ovarian

VYVGART. In we the initiatives. on start. with ability is strong important at VYVGART. launch quarter off execute our nearly is to treated The that new an looking estimate Driving were uptake Now initial excellent alone, to patients several the X,XXX first launch team's

added access. NRDL became we making formularies, and enhances significantly this January has in patient First, been on expectations. inclusion VYVGART with line Since progress X, are which great steadily VYVGART to ] inclusion, our effective hospital

hospitals, successful. X,XXX population. Second, which our We've account very targeted been of has our XX% eligible engaged to for top patient the outreach position

launches Our well this highly is for and for only in to but not the specialized in sales of reps indication upcoming GMG the XXXX. also year formulation this then team equipped later of subcutaneous CIDP support launch XXX

continue physicians. Third, we VYVGART, physicians prescribed decline. stakeholders to are and positive, these adoption now number have and to providing focused are care seeing professionals support. XXX patients Feedback from high from Nearly be key with on best-in-class health we continues and this

We exceed are this well to tracking year. million VYVGART in of sales $XX

continues dosing ROSX-positive half first look significant cancer, subcu opportunities pathogen anticipate have the targeted these we seen we where benefit, late-stage of cell year, addressing several in a of provides significant non-small of care with the to which CNS products VYVGART advance [ versus Sodor and potential second the patients. to the this nicely. standard in GMG, lung XXXX. forward benefit additional has to launching pipeline We therapy also current Each improvement for patients these to infections approvals Our flexibility ], repotrectinib PFS of formulation ABC for and offer in

followed the pivotal blockbuster ahead their and in of growth. Many us for year, VYVGART [ bemarituzumab. future launch subcu to by assets Tim these proof-of-concept Dac have results, well next CIDP, derisked relatively compelling potential we KarXT data given ], potential positioning or Looking are to positive

sales level a XXXX and at on moving we cost maintain the investment modestly side In similar Now versus increasing XXXX, the to R&D of expense. marketing to expect while expense business. and

organization. we phase And growth, operations. revenue the productivity next optimizing we remain significant resource As increasing efficient on and includes focused this entire allocation this commercial efficiency, enhancing throughout enter of

as large sales line management, and to in significant revenue meaningfully with and drive discipline continue allows competitive product of than we the growth marketing and as and managing years growth proven commercial expect that and drive as both has prepare experience revenues Lab X drug portfolios integration, joined record of more global Andrew cost markets. and operating corporate leverage financial will objectives, which growth teams revenue our to to track a us and next and innovative to sales enhance significant China. This driving therapies phase pleased of Greater brings towards we outpaces expenses. which recently execute building Zai for pipeline. rich help profitability growth, to further profitability. Also [ Officer across that in Andrew for revenue We in models operating and He continue drive resource innovative profit will of China. Overall, XX business Chief top make experience and for management and ] expand Commercial great are growth us our announce of our operations achieve each in progress our our Greater we

profitability. our are million, Rafael I the deals cash with over to the discuss our on and And of of XXXX through with track a pass profitability will position the operations great to and $XXX business expect to progress pipeline. be We now by development over call to fund that, we end reach able within to oncology

Rafael Amado

you, Josh. Thank

call, by last patients, our was Let expecting earnings few with we pipeline cancer updates accepted by priority in progress along ROSX with with some non-case Starting NMPA NDA TKI-pretreated steps. are and China in in approval highlighting me since review oncology repotrectinib, begin the for of and months. next positive our key status our next TKI-naive the lung both our

in In a approve cell post these may inhibitor China, cell the of with with ROSX has with treatment durability next-generation lung intracranial patients X% which gross to shown due high resistance the X% occurred our first-line given emergence non-small first-generation disease with those to including TKI. the non-small clinical address significant rates ROSX-positive for limited cancer need advanced response therapies. There in with Treatment limitations rearrangements repotrectinib, lung and in patients the NTRK promising in patients generation result found unmet to a is settings, of and benefit of durability cancer. to of in been

XX.X XX.X in Specifically, and patients, directional months of response months naive and TKI-pretreated we've respectively. seen a TKI

With tumors comparing have these including standard results, ROSX lung we new therapy. become care previous believe treatment resistance with repotrectinib cancer whose cell ROSX-positive with has the mutations patients a potential to those developed for inhibitor options to non-small of

with with at Society quality life TPC with Meeting. progression treating at non-small alone year's will months a median suborder with brain supportive tumor of months [indiscernible] clinical significant endpoint in partner, time late-breaking our be and of in and cell III care sustained treated statistically well the TCO announced this market dysfunction. [indiscernible] was study Phase presented XX.X associated to with the Novocure, our This Annual neurocog premia primary X.XX. made from from exhibited metastases of [indiscernible] its therapy of XX.X was cancer. during compared trial lung that Patients tolerated the Results patients franchise. a Next, a field patients on abstract p-value Clinical American Oncology

first-line year. [ pancreatic expect advanced also this cancer of readout from by We pivotal CTCL locally in end ] another the

XXXXX [ and first-line We XXX and ] are with studies. triplet studies in continue in Amgen to survival as primary doublet with evaluating FGFRXb-positive cancer the to are make bemarituzumab great gastric a according progress respectively, combination, [ with overall and collaboration endpoint. ] These

see are for with progress is DLLX. clinical the we promising with include and the and or we our inhibitor. Depending combination DLLX treated end data, global presented through and expect a high study ADC are and the therapy, of homogeneous checkpoint small at global as relapsed on program we The to in with disclosed partner results preclinical will XXXX potentially ZO X the Phase is affinity the target have Prague. of and XXXX payload States European in footprint progression studies. I of development refractory data, global addition lung DLLX to programs, national X which its we our expand Lung inhibitor Cancer specificity planum-based as could for Congress also excellent clinical late-stage progresses. at topoisomerase a in of China our XXXX. and making a geographic early have our GrABC a cancer optimized In capabilities patients internal United advancing we early totality cell our This trial which and study programs, the [indiscernible] the and of

discovery brisk progressing we pace, internally are discovered efforts are and product at candidates. Our moving a

and at generating cancer development in on this focused products one introducing and we to and existing year global [indiscernible] in external multiple and am Dr. biology the goal products. ] novel about addition, [ I Harald oncology to new oncology we development the pipelines. neuroscience great objective look our with to regional [indiscernible] our Reinhart the to an the of to turn excited to progress execute autoimmune to areas of infectious future approval in the across opportunities on in as In filing we're least execute assess therapeutic areas. modalities and will now I with our disease And goal best-in-class of of floor progress continue global drugs forward year. I per continue discuss making and

Harald Reinhart

Rafael. you, Thank

steroids to agitating The care. today, achieve quite in remission a and in patients and therapy. the remain ] of [indiscernible] with advancing Josh patients disease impact CIDP our China. reliance persistent are Starting due given the China on GMG, made [ diagnosed about immunocologylen In of ] worsened for symptomatic of situations shared autoimmune majority has card to progress progress Medical in franchise license our available diseases IVIg And therapy. China, neuroscience long-term submitted shortage are life. Existing Our Administration risk general NSA the was have approximately April. There treatment problematic a the biologics application VYVGART the subcu of limited with quality supplemental able with significant small infectious XX,XXX only can to or what chronic CIDP the also National beyond in the pipeline. formulation on Products of fraction [ and or

We approval additional expect [ Therefore, GenX GMG that in IV. mentioned, potential has [indiscernible] on to partner indication the of know our across provide dosing will working ] we already continue we in patients with great year, multiple bemarituzumab ] with a As this which indications. expansion. guard [ second will option addition

efgartigimod of in expect in in [ disease, ] in half join the study We of to eye [indiscernible] second registration AgeX year. this the thyroid China

developing peripheral new Moving antagonist now from the Sinomine with antipsychotic, a Caruna with to metabolic is In KarXT. clinically Schizophrenia International profile we in our at the pants Phase [ weight gain, acute a ], XXXX, first-in-class dysfunction combining agonist April was data demonstrated with acting treatment. interim differentiated period the called and for This a [indiscernible]. KarXT lack long-term and over schizophrenia. muscarinic of statistical and which BMS a partner, score symptoms presented centrally are or III with trospium, Research Annual extraperital called continued emergent ] ] BMS patients program [ Congress ] of improvement of XX-week Society [ safety meaningful [

We expect which filing to would study enrollment of adults bridging the schizophrenia year, results China in registrational for XXXX. treatment Mainland complete the in in of NDA in support early the our this

of in and Alzheimer's KarXT for or patients short. another symptoms, as with these ADP are opportunity are And these approved X for about people substantial disease XX% patients. approximately with no We treatment there psychosis yet sichotic for There have disease a Alzheimer's China. display for million treatments

participate will in Greater ADAPT X in ADP III Phase starting and in China, clinical trials We X the mid-XXXX. in

infectious our is Sodor], disease eye. [indiscernible] on caused Sulbactam [indiscernible] by or portfolio, the in a Regarding and ammonia for associated acquired [indiscernible] [ and bacterial hospital treatment

year. In Phase review Last under is trial, for IL-XX mortality options, of even later NDA the the for Patients have II the with second approval is [indiscernible] of infections but topical final are the ZL-XXXX care. global this XXX,XXX priority annually with treatment quarter cases limited NMPA there with and majority body to carbapenem-resistant. tumor in of treatment and the XX%, rate dose-finding least, therapy available best China, Our we is initiate preparation not chronic the our plaque of submission being around a stages with intend XXXX. the of and strains psoriasis study in the potential

future. So earnings approvals now with our the providing next plenty studies of portfolio of to forward updates financial X give Yajing? results. our I from expected call. our near look progress clinical NCA overview Yajing regulatory will at in an And and

Yajing Chen

Thank you, Harald.

our or Now first the XXXX, currency to for representing quarter growth XX% the for net discuss will revenues quarter XXXX year-over-year period I results of million of compared to million financial constant year on Total prior basis. period. XXXX X% same $XX.X compared first the were $XX.X in product a

growth distributors of certain products. in driven revenue rebates listings Our resulting from was launch sales price reduction and increased volumes, including with from sales connection primarily to VYVGART by for RB the decreased

product million, ovarian year-over-year hospital Driven from XXXX. listing Now VYVGART looking duration the of XXXX, the at X% an a calls ] for the sale quarter pricing million that $XX.X and increase $XX.X each its same individual effect line first of products, of in treatment. September January first China the $XX.X were increased [indiscernible] period XXXX. first XXXX cancer [ by product in in with in launch following could sales were on on and [indiscernible] net X, million increased for

quarter to formulas. $X.X physician of increase formation quarter in in There expanding oral [indiscernible] NUZYRA was the to a million well the the as XXXX. in XXXX. XXXX. was and adeno $X.X to VYVGART of hospital was was from inclusion ] quarter an million NUZYRA XXXX, for the revenue the XX% net of the the of of million the first first as [indiscernible] [indiscernible] XXXX. The and of as NUZYRA first access continued by added patient well IV patient quarter supported of increased and is driven [ sales by increased as for expected XXX% quarter of grew of the inclusion formulation sequential growth $XX.X XX% first throughout year-over-year with fourth as recovery growth Our adoption product

quarter to our general for was R&D increased XXXX expenses. development the with driven in was just XXXX. the expenses to $X.X. a administrative were trial net expenses significantly by XXXX million loss in for period And million first milestone from to to declined a our a continue grew same a cost $XX.X to for same the per partially million million Turning million higher the and same in primarily of first fees or count associated fact. Selling, this in of same shareholders by share revenue the loss $XX.X of period the $XX.X per compared in XXXX launch. stated SG&A general increase share trend licensed increase This $X.X and first head and as million period of expenses for by of the compared a XXXX the of driven quarter VYVGART in $XX.X of growth $XX.X compared efficiency percentage Research ongoing XXXX. offset previously, of or result This a loss XXXX. we an attributable quarter Both common in primarily and selling expenses as and now of increase $XX.X to growing to as and in expect period expenses, initiatives. [indiscernible] reported revenues backlog clinical

be a restricted cash with and in compared December plan growth equivalents, are back strong We revenue on through fund lines profitability, would And XXXX. the for like to $XXX.X to with million the million to operating our expect to of of XX, turn now XXXX. quarter we cash over $XXX.X to short-term as investments financial anticipated business up the the to position, which questions. achieve that, open of the able and to Based and ending operator end expect call cash our by I we our current

Operator

Instructions]. [Operator

Anupam question from come of from JPMorgan. first the Our line Rama

Anupam Rama

expect the that in key noted in the line formulary of kind Can on For of your currently the formulary finish of VYVGART, help of listings tracking NRDL. you would in and number the post time process? you you're a bit which quantify terms hospitals hospital with are expectations sort you to frame little

Joshua Smiley

question. Josh. for the it's Thanks Anupam,

the targeting on pull for historical that all year down X,XXX about takes and accounts have the a listing. on experience, NRDL the listings we're pull-through the key Based targeting local it We for hospitals. to way that hospitals we're to

Our of X/X get first get we're the at we're of our least goal -- has year, those this way well on the listing. been through to hospitals in And goal. I'd to that mid-May, half to X,XXX say

Operator

from the line of from The come Chen questions Cantor. Louise

Louise Chen

Congratulations the on progress quarter. is

had for So a you. I few

And the question First impacts regulatory KarXT is color on if light any on you in this landscape? provide any of status? market more could had changing opportunity I then

Joshua Smiley

you on regulatory why opportunity. don't I comment the and the take then commercial Harald, piece can

Harald Reinhart

we question. agency. discussed that was the The study. are the designed with and a executing bridging update is for Thanks This Yes. regulatory a study currently

almost are stages of time, able We yet, mentioned that to the final to be as in completing this on study finish hope before. it

the the status the plus studies results is by to regulatory [ our was contains at which So the will that FDA good [ that large merchant a backup. eventually as ] from we have dossier last ] and study year bridging with presented krona

continue addition, the have In order in in we program. we PK study bridging China obviously to the which executed just

Joshua Smiley

Hi Josh. Louise, its

I in opportunity, of think see think we're on China. we the mentioned schizophrenia quite somewhere as I X in patients before, commercial million with excited range the

emphasis patients think a the across severe improving strong on China. of illness there's with I mental care

with global of efficacy know, perspective. all drug that data there's a the based on the KarXT really from you profile good As strong we drug seen, already and safety performance have

quickly We're through this regulatory an this process going get important patients. begin So as the we get Harald to as treating and to think is patients for as possible. mentioned be excited to option to

excited. we're quite So

Louise Chen

squeeze more one I can here. just And question Okay.

you quarterly we just second, How fourth sort modeling but get VYVGART, a be would quarter, for should on it know steady more don't that? think guidance, something Or it the sales third, about is I So if weighted? of back-end curious growth? rep.

Joshua Smiley

Louise. Thanks,

with quarter we're really the I think first first, pleased performance.

good to think off a I start. we're

of a listing, the that you to and so greater just were the of with the we'd said that sequential we we growth. we'd back-end see yes, seeing than million, for quarters. Certainly, were the loaded we potential on with think based earlier sort QX on the growth through as in see function quarter for terms think in NRDL general, we in sales confident As $XX well in QX performance. not product more track than And what of we're year on comfortable, I in know, expect XXXX, the the but first

we I initiations. We're steady. pretty to think expect that this be the seeing patient in

New had initiations utilization was first the think we look in that Year function health I when patient in care month. we that February, a of Chinese quarter, fewer but and always that at the happens

I of to we in continue we acquisition expect new at to and patients, were if So see we that through where continue think look we year. March, steady the

growth. continued quarter-over-quarter to forward looking we're So

I all think give We're the we're say, million but comfortable quarterly than to greater to we're a as exciting specific $XX really guidance, number. start. not and sales I good again, going with --

Operator

The questions come Yee from from the line Michael of Jefferies.

Michael Yee

you year. was questions. on know on confidence the had One We commented about VYVGART. X your I

price imply maybe I that -- multiply million think and that already would if think rate, it rate. compliance you mentioned a times and X,XXX at you're patients I $XX that run some you out the

on So there's and pipeline whether Is some or bit deal? Would that that expectations. Is think you example? do that little deal, you've the that my talk you like do? beat you could got bit. And math talk anything comment commercial why that about you you I BD. there, that then a have some so on Maybe are like and to prioritize commercial could a that's for development, a rate, question is you Just you just the I deal? business one would to just know U.S. just you that X consider team made there. maybe and Or things number? run comments the second we Can compliance? to already a a need on about

Joshua Smiley

do the ask and Vivad Josh. and Mike. comment then on It's Rafael Jonathan piece. maybe question business Thanks, to the development I'll

X,XXX with we're and physicians adoption. and mentioned, good and patients QX VYVGART, continued the I listing think from on uptake hospital in as I

are greater or we million think I $XX on trend. the

necessarily any -- out to each patient of math how are from relates that years about play going a the through starts the and it VYVGART cycles. in the it's early patients course, now to early year, we not that the think the little patient as getting see benefit number thinking assume of think to I for later bit who starts. And full what should I

know, you Argenx we've As where -- [ per X% about year. in averaged where the has cycles the launched ] launched have markets

We in early. Most just believe case reason the as coming patients now, won't China that to have mentioned. are be very online no you

we'll and to as into fine. see QX we QX. math for get is think more talk have think about and now, But I I So your

We trend, are that's we're confident we're that the why headed saying that on and quite way. we're

question So you for Jonathan, start on the can And maybe development thanks business the there. piece.

Jonathan Wang

Mike, we we maybe thanks a for we focus. And the derisk, regional team. focusing of questions. assets, if On there's do for scientific BD, primary lot I think so are things or be is logistics could that which accelerate continue more sometimes stage, deals expand portfolio, is to a areas time to with also, there we our One our when our to on like Asia strong then but assets a do, deals, are area that potentially what we're bit less always beyond may derisked ambitions. X especially therapeutic late-stage broaden a had spending but on. earlier These of [indiscernible], tend very global China,

the We early stage, the was examples. soldier such have some still as name for [indiscernible] regional to past, done even very asset rights deals in

rights want some bring give that scientific may to expertise those assets global we ambitions. potential So leverage continue fulfill us to that and and

Operator

The comes [ of from Lin Hisao line Goldman ] questions Sachs. the from

Unknown Analyst

cancer. non-small lung on On X behalf questions of [indiscernible], have I

the about that And Adagrasib appear meeting you data China? year. assets? And with any potential does the this in [indiscernible] ] MAA before XXX understood be of question for if FDA approval in of for panel. was to completed NDA in filing And visibility recall for FDA I lung previous the the China without the change there's approval wait more next if Optane not to the It Can file non-small cancer for advisory bit the The is will indication seem NovoCure the plans that [ Optune? there materials. on that is, first plan wondering XQ a second cell one would and what these just for second-line for day has share of Adagrasib. company

Joshua Smiley

don't Rafael, go address why those, both please? Thanks, ahead and you of

Rafael Amado

Thanks question. the for Sure.

and the adagrasib, CRISIL an there's of which So to and [ survival, adagrasib progression-free primary States. United announced met. just Primary And was on as that results the ] was recently announced ] data single approval of you top endpoint the trial. in They endpoint line a was it And [ BMS the evaluation we evaluating and has XX the know, data they forward. still plan rest was we announced future. we to they are formulating data, this further statistically to the clinically in need And of a the going on meaningful. the evaluating the that a await data. BMS present course, of are Congress the in expect as make decision

[ of essentially CMS we are looks the So data as set. at further ] expecting totality the data

which don't the filed margin well So And had the and [indiscernible] filing in they meeting, advisory Japan. meeting. as They that's expect and a they're were the update negotiations they in well on also productive right, adagrasib. With regards to get XXX-day you're yields, expecting I committee. December, an their mean,

submit those to expect working ourselves their sort and on year in very of this fully submission. here So a based on results. China global actually to closely we with them, MA And approach we're

expectation in year regards change be no So file to to [indiscernible]. the for with LUNAR plan able to this second on our line

Unknown Analyst

Yes.

to Just right? to necessarily approval, China we are potential clarify, for the have not filing, the for FDA wait

Rafael Amado

wait for have approval. to necessarily. We the don't Not

Operator

from The Nochomovitz question Citigroup. from the come line Yigal of

Yigal Nochomovitz

subcu before or in are a current can prescribing interested or question. the China? also, that you to physicians the in market in that for acceleration are that you momentum? just expect CIDP do impediment? the linear talk then a as regard What the launched, is do of version What patients in hearing standard is an waiting care bit with once subcu there? launch continued And Another about an little the are in see China VYVGART the not marketplace you And then for

Joshua Smiley

I'll a and Josh. you maybe little how VYVGART currently CIDP comment It's standard then fit. can start, on Harald, will bit care and for of

which they mentioned, go now, the think for of subcu, patients versus the GMG, cover IV X,XXX with of these in hospital patients I right to the I do that treatment. go to majority terms vast hospitals

is now, who fine. wait a the or episode. a patients in formulation think flare rescue suite initially So targeting I I on mentioned think not there's a we're right don't of other we settings, in subcu. And are IV of for or care well, either standard doing

physician coming subcu hospitals into the version the treatment require they'd anyway. So still course, for of And be will administration.

So option, the it think formulation as see excited approval. expect all barrier about see would for dosing relates subcu point indications. inflection some as don't GMG, today. Certainly, think provides and But don't a I we that future we of we opportunity that we're to another I important -- the with it it's as are to for an

We today CIDP. excited And comments and opportunities the Harald, maybe about that seeing to patient give could are there. a are and looking forward capture few quite you we're

Harald Reinhart

care And CIDP Yes. treatment approved world. for the in of The CIDP and was current question no anywhere the there about standard treatment. currently, is

] larger in a So the study China a patient situation first is treatment. [ kind you into analysis GEnx landmark was make all, done number of which a that some in by it, about that way of study really a can study brings conclusions

shown some progress, -- get they this is neurologic in version is there's of shorter really many initially. steroids severe to everywhere [ The IVIG, which than at And end rather GMA], of disease patients. if is And much more do benefit be current has disease. said, progressive they progress of and I the as up the a meetings, patients these other getting nothing them treatment in that world to

impact significant growth unmet believe the play have do VYVGART will major medical need treatment that the modality in will we of is treatment have paradigms. CIDP. This So situation on totally and a and a

Yigal Nochomovitz

sounds like based versus would a just the dynamics Josh on similar dynamics apply follow-up. Is for your with fair? the then And It of subcu, comments, IV Okay. CIDP. that

Joshua Smiley

be That's CIDP was Well, in version. will approved subcu the how submitted. it

I So be time the that by get for formulation to indication. will the think CIDP, we that

Operator

line The questions come from Chang [indiscernible]. Jonathan from the of

Unknown Analyst

hoping have expected the expanding 'XX to comments enrolled study? over are on patients the set development What the a being for you are thinking you a dose here DLLX What DLLX the question portfolio are have? And of in prior your on that time? the SELXXXX], data are duration about data types you second Can you earlier? much [ beyond How zooming many your then early how And question, agents? made potential considerations help 'XX? expectations global ADC. out, targeting First seen how may in business or escalation

Joshua Smiley

don't can why close and I question. comments start final Rafael, any with out you this on

Rafael Amado

thanks XXXX that utilizes are Jonathan, mining products global, has the which Yes. Samantha them one for of moment question. X the in mentioned [indiscernible]. that clinic we with at before, the or is are have technology that and DLLX, Yes.

-- we palm is results problem to have we a obviously. exposed, preclinical enroll to the the population, and continue as prepared So where with specifics we And also, States patients those try forward, expand going as terms to through exposed the are inhibitors. [indiscernible] escalation. and that mentioned and started been patient as well to DLLX. proceeding all that we're will footprint combining also moment. And to move initiated And also some expanded they're against that remarks, based on well have and the in at the escalation accelerate I we mobile checkpoint say I going trial dose United in to in see we're can China the of

study be that in after So biology those the of remains on well bispecific us sort ]. DLLX will informed as that based progress patients expressing [

DLLX in will exposed as the in wealth data a we of atezo progressors [ well So a have, patients combination with think, plan naive I ], single agent as patients. -- in

as the will these VLTs achieve we dose data know, much on at a when guided the study, comment We've we achieve depends early of of how of towards and XXXX that and will that In it initial this terms will end potential we full the drug can potentially dose then o]. [ the we of 'XX, least you t understand expansion have, when and the with on data.

about moment. comments We're development. at and is coming at the believe a that are pleased So moment. And focused cancer least where question, and progressing is with Perhaps least INDs have discovery. very I we're the expertise. can broader program expectation, this we at some leverage I to from good in nominating to very where in biology, making that's with your really business certain we our our a that I'm Jonathan and we're We're candidates that with progress is the making general fact with it's that way on of areas one at the made then the pleased complement just regards ball year have progress

So thanks question. for the

Operator

We're to Morgan of [indiscernible] our last the take now going Stanley. question. line questions the from come from

Unknown Analyst

a another one pipeline. other quick touching on the have I one, think also, VYVGART on I the

analysts in other So earlier brought of profile. for patient terms the VYVGART

terms those kind those refractory also first So patient say, we were conventional to to I new [indiscernible] we the was which have the those are What quarter. compared between to breakdown profile immunotherapy? And like I patients treatment were that are in seeing refractory completely probably so your lower think of is the anyway. of wondering, X,XXX prior that China treatment-naive over

the later in of the I prior compare China qualitative [indiscernible] of wondering a will as and these versus PNG? for you coming have as tens VYVGART out also terms with relative market time their terms but think becoming in also indication [indiscernible], comparison about you on, indications of expectation opportunities from think new So far I how that can expansions for

Joshua Smiley

on start. detail then can and the Harald I'll Jack. and some more Thanks, provide question. Josh, color It's

relates think I launch the patient for as initial year. first, profiles, it the to

as treatment. the initially type are some responded situation. And targeting could flare We haven't current are rescue well XXX,XXX of who broader from those targeting benefit part to be GMG patients say, a of who VYVGART. could We're or it as I --

physicians say And to initial patients exposed a get product who to of to real-world not and VYVGART, know responded treated have going before. I naive response, getting are experience. the the the And to without to treatments using comfortable patients seeing are too other They've would treatment. who good course, show that. are are we're have we So experience the otherwise or to -- from much who well haven't been get patients majority into is goal the here, to detail of

expand of under I patients been of we'll time. But emphasis course, those are majority care over some who have the Of GMG. treatment and think kind initially, pharmacological for that's under already -- the

provide commercial as all -- we're some can opportunity with with in for Argenx the more participating ], the relates think market indications. this [ similarly of Harald comments it just next opportunity, of in we're wave then that we I see excited the programs about China to

can add for treatment anything you'd participation time. tell excited by do. So that, need like that about for that But these eye and our the diseases, option devastating Harald, over you of we're please thyroid many including on seeing to very we're opportunity disease, VYVGART good

Harald Reinhart

option. there regular to you for other enabling to of the with Little what [ announced soon. and here. as there those add the Thank to us, we interaction to Yes. In something to one so really coming much TED reasonable obviously indications is [indiscernible] essence, is a There indications long. a the is question. step will recent you Phase we expansion that. there and discussion they heard that programs take. And things is in is definitely believe in the coordinate myopathy, next have a a start ] very more we II committed which patients, polymyositis And study. The a And is be also -- good had list study. This other we good [indiscernible] [indiscernible] but like and about release, is we that [indiscernible] includes doing indications. the press just dermatosis, could are to myositis entertained from is results

you indications, disease is the everywhere just be in see China of will But We the frequency for clearly. selective most else. what of these

appropriate autoimmune engage of And be sense with in it that tackled overall for in makes the so we diseases where list an [indiscernible]. could fashion will us

Joshua Smiley

Thanks, Harald. Awesome

there think back it Samantha. no other can questions, I if to are we turn

Operator

no showing I'm questions further this time. at

closing call Zai Samantha, CEO, you. the Lab back remarks. turn Thank I'll So for to

Ying Du

today. join Yes. the forward to operator. may us everyone updating I look this Thank you call. We time appreciate you XXXX. support to after disconnect thank of taking you, your second want your quarter to again and Operator, call for on now this

Operator

gentlemen, conference and all concludes this call. Thank Ladies for participating. today's you

Thank Have day. great now may a You disconnect you. your lines.

Zai Lab Limited (ZLAB) 9 May 242024 Q1 Earnings call transcript