Zai Lab at Cantor Conference: Strategic Growth Plans

On Thursday, 04 September 2025, Zai Lab (NASDAQ:ZLAB) presented at the Cantor Global Healthcare Conference 2025, outlining its strategic growth plans. The company is optimistic about reaching $2 billion in sales by 2028, driven by key products like Vivgart and Cobemfi. However, challenges such as delays in the gastric cancer program were also addressed.

Key Takeaways

• Zai Lab targets $2 billion in sales by 2028, with Vivgart and Cobemfi as major contributors.
• The company faces a delay in its gastric cancer program due to data analysis requirements.
• Vivgart is positioned as a frontline therapy, with a significant market in China.
• Zai Lab is confident in its DLL3 ADC’s potential in the competitive small cell lung cancer market.
• The company anticipates profitability by the end of 2025.

Financial Results

• Zai Lab aims for $2 billion in sales by 2028, with 2023 sales at approximately $400 million and 2024 guidance at $560 million.
• Vivgart is expected to generate $1 billion annually by 2028, with 2023 sales at $94 million.
• Cobemfi could reach $1 billion in sales over time, with approval anticipated in early 2026.

Operational Updates

• Vivgart’s market penetration in China is a focus, with an aim to reach 20,000 patients by year-end.
• The introduction of a subcutaneous version, Hytrulo, to the NRDL is planned for 2026.
• Updated national treatment guidelines have positively impacted Vivgart’s positioning as a frontline therapy.

Future Outlook

• Zai Lab’s gastric cancer program faces a six-month delay in submission due to ongoing data analysis.
• The DLL3 ADC registration trial for small cell lung cancer is set to begin, with potential US approval by 2027.
• The company anticipates a total addressable market of over $2 billion in the US for its DLL3 ADC.

Q&A Highlights

• Zai Lab is pursuing a simplified renewal process for Vivgart pricing, aiming for a single-digit annual decline.
• The delay in the BEMA program is not expected to significantly impact the $2 billion sales target.
• Confidence in DLL3 ADC’s market potential remains strong, despite competition.

Readers are encouraged to refer to the full transcript for a detailed account of the conference call.

Full transcript - Cantor Global Healthcare Conference 2025:

Lee Wasek, Biotech Analyst, Cantor: Hey. Hey, everyone. Welcome to our next session with Zai Lab. My name is Lee Wasek, a biotech analyst here at Cantor, and it’s my great pleasure to have Josh Smiley, president and chief operating officer, joining me today for the Five Star Chat. Great to have you, Josh.

I think Zai Lab is one of the names that, we internally believe have very strong fundamentals. You guys are going to have cash flow positivity by the end of the year. You have a very exciting pipeline. So we’re going to talk a lot about that today. But before that, maybe I’ll hand it over to you to give us some quick intro.

Josh Smiley, President and Chief Operating Officer, Zai Lab: Sure. Yeah. Yeah. So Zai Lab, we’ve been around for ten years. We’ve got two key parts of our business.

We’ve got a big robust commercial business in China where we partner with western biotechs that don’t otherwise have, development or commercial capabilities in China and have built a portfolio of more than 10 great products or products on on the way including Zejula and Vivgard. Those kind of products will drive profitability by Q4 of this year. The second part of our business then is our global pipeline, and we’ve got an emerging clinical pipeline. Our lead asset is a DLL3 targeted ADC for small cell lung cancer. We’re gonna start a registration, trial geared towards accelerated approval here.

Accelerated approval in The US will be a global trial, but that’ll start, imminently. So, we’re really excited about both the growth in the the business in China, but also, you know, increasingly about an opportunity to have, sales and products in The US as early as late twenty twenty seven.

Lee Wasek, Biotech Analyst, Cantor: Okay. Great. So I guess we got this question, you know, from investors. You set a pretty, you know, big goal. You know, by 2028, you’re gonna get to that 2,000,000,000, you know, sales.

That’s about three to four times if what you guys gonna do maybe this year.

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. So,

Lee Wasek, Biotech Analyst, Cantor: help us understand what assumptions sort of go into that and just, you know, how confident that you guys can get there?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. So, yeah, two years ago, we we laid out a five year sort of vision for the company and that said that by 2028, we’d have $2,000,000,000 in sales. Last year, we had four just about 400,000,000. This year, our guidance says we’ll be at about $560,000,000 So yeah, so considerable growth from here. But I think if you look at where we are with our portfolio in China, Vivgart, which of course is a multibillion dollar product on a global basis, we launched with better or NRDL reimbursement last year.

So we’re into our second year of launch in myasthenia gravis. It’s growing well, and we’d expect by 2028 that product to be trending towards a billion dollars in annual sales. If you look at myasthenia gravis in China, there’s about one hundred and eighty thousand patients. So far, by the end of this year, we probably will have a chance to have had twenty thousand patients or so exposed to Vivgart. But we have opportunities, again, to much more broadly penetrate that market and get patients to get the full benefits of Vivgart, which is like five cycles over the course of a calendar year.

So I think in myasthenia gravis alone, Lee, by 2028, we should be trending in the $500,000,000 and above range from what was last year about $90,000,000 $94,000,000 So I think significant growth there. We also will have new indications. We participate in all the global programs with argenx and we’ll have, by 2028, probably three or more additional indications for this product. So that’s the number one growth driver for us. Second will be Cobemfi.

So we partnered with when it was still Corona on the product for schizophrenia. Now it’s owned by Bristol Myers, so they’re our partner, but we have full rights in China. We submitted, we had to do some additional bridging work in China. We submitted that data, at the end of last year. We’d expect an approval, in early twenty twenty six, hopefully even a little bit sooner than that.

This is a very big opportunity in China. There’s eight million patients with schizophrenia, about half of whom, about four million of whom are in some kind of intensive inpatient or quasi inpatient care. So we’ll have a few years of launch and opportunity to promote that product. Again, I think over time, this is also one of those ones that can be in a billion dollar type of range, and by 2028, we’ll at least have three years of commercialization activities. Zejula is actually our biggest product today, so a PARP inhibitor for ovarian cancer.

We’ve got patent protection through 2029, so we’d expect that product to continue to contribute meaningfully by that period. We launched a couple other products this year, including Zagduro, which is a product for antibiotic resistant infections that are hospital acquired. This is a significant challenge in China. There’s a lot greater rate of antibiotic resistance, and there’s more exposure to pathogens in hospitals. We expect this product by 2028 to be trending in the multiple hundreds of millions of dollars versus what will be tens of millions of dollars this year in terms of launch.

TIVDAC will come in soon for cervical cancer. It’ll fit directly into our women’s cancer portfolio with, to complement Zejula, so it should be a meaningful contributor. And then we’ve got a couple other, I think, exciting products that should hit in China, by then, and I’ll talk about the global portfolio. The biggest of which would be PoVY, our April BAF inhibitor that we’re partnered with Vertex on for, IGAN. This is a very big, opportunity in China, Probably more than a million patients could benefit from this type of product.

We’ll have data available in the first half of next year. And if that data’s positive, we should be able to move towards a submission and have at least two years or so of contribution there. So start to stack those. That’s how you get on your way to $2,000,000,000 I think the other piece then is we do expect an approval in The US for our DLL3 ADC as early as late twenty twenty seven or sometime in 2028. And of course, as you know, in The US, you can get off to a much faster start than China.

I mean, China’s got huge population. We’ve got great drugs, but there’s sort of a sequence where you get approval and then you have to go through NRDL listing and that can take up to a year or so in The US with a drug that provides a meaningful benefit to patients with small cell lung cancer. You can generate meaningful sales pretty quickly. So, we’re excited about that opportunity as well.

Lee Wasek, Biotech Analyst, Cantor: So, certainly a lot of products on the horizon that should be very exciting. So, I want to maybe just touch on the bandwidth news. Yeah. Yesterday, we saw from, you know, Amgen looks like the OS, especially the final OS benefit is attenuated. Yeah.

So I understand there’s not much, you know, you guys can share at this point because we still have to see the data. But what can you tell us, tell investors to what the implication might be Fabryma in gastric cancer?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. So, to remind everybody, so we participate with Amgen in the bemiratuzumab first line gastric cancer, program. There are two studies. One was, bema in combination with chemo versus chemo. That was FORTITUDE-one 101 and that’s an important study in China because the standard of care for first line gastric cancer is chemo.

That study hit on a pre specified interim analysis, hit on overall survival. And we announced that over the, just I guess about a month and a half or so ago, that it hit on statistically significant on overall survival and clinically meaningful. In the final analysis, and this was disclosed by Amgen yesterday in a conference, a separate conference. They announced that in the final analysis that benefit had eroded the overall survival benefit. So I think, and that they would present the full data at a major medical meeting later this year.

So I think given the proximity to the major medical meeting, we’re not in a position to talk much about that data. We’ll have to wait to see that. But given this new information, we will wait for the second study, which is bema in combination with both chemo and a PD-one versus chemo and PD-one. That data will be available. That study will complete either at the end of this year or early next year.

So given the proximity to that, we’ll wait and look at all that data together and then move forward with our submission strategy. So I can’t really comment on the, you know, the the data itself, but we can certainly say that we’ve changed our our approach, which is we’ll we’ll look at the data together and move forward with the strategy from there versus a a one off submission on 01/2001. So I think at at the very least, we’re looking at some delay versus, know, where we would have liked to be and that delay is, you know, probably in the six month range. And then of course, we have to look and understand the data. And again, I think investors will have a chance to see that at at least as it relates to 01/2001, have a chance to see that data both the interim where we hit on the survival, the primary analysis as well as then the final six months data.

Those sets will be presented at an upcoming medical meeting.

Lee Wasek, Biotech Analyst, Cantor: Does that impact your $2,022,000,000,000 dollars?

Josh Smiley, President and Chief Operating Officer, Zai Lab: BIMA was one of, when we have over the course of the last two years since we put out that guidance, we’ve said we have three really big products. Of course, we have more than that. I just talked about a bunch. But they’re Vivgart, Cobemfi for schizophrenia, and bemiratuzumab for gastric cancer. The opportunity in gastric cancer in China is quite significant relative to the West.

But I think in terms of sequence, bema was always going to be the third. So I think in terms of the 2028 impact, it’s relatively, you know, again, a six month delay at at the best case, you know, is is probably not not a huge impact on that number. I think long term, of course, we’re, you know, we see this as a very important product, but probably the the majority of the sales were gonna be in the, you know, the the latter part of the decade anyway.

Lee Wasek, Biotech Analyst, Cantor: Yeah. We’ll come back to that a little bit later. But, you know, starting with, you know, VivGuard, obviously coming out of q two, we saw some seasonality, some inventory dynamic, But you guys have been, you know, very confident going into the second half of this year. You’re gonna see very nice, you know, growth. And we’re, you know, well into Q three.

Yeah. So I wanna, you know, just wonder what have you seen in terms of the growth trends and what are some of the tailwinds here that we should keep in mind?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. So I think when we think about Viv Guard overall in gMG, we think about a couple things. Getting new patients prescribed, and as I mentioned, we’ve had to date about 18,000 or so patients will be somewhere above 20,000 by the end of the year. But we look at new patients being prescribed because it’s such a big patient population. And then those patients staying on therapy, right?

So in the in the clinical trials for gMG, the benefits, you know, the full benefits were at five courses or cycles of therapy per year, And that’s for our NRDL pricing, that’s about $32,000. So that’s what a patient, if they take a full five cycles in a year, it’s $32,000. What we saw at launch is patients weren’t getting five cycles initially for a couple reasons. One is many patients were being prescribed Vivgart in an acute setting. So they were in the hospital because they were having a flare.

Vivgart works wonderfully there. It reduces the symptoms and you can leave the hospital. But the real benefits are to prevent relapses and to keep patients out of the hospital and back at work and things like that. So I think we’ve consistently seen new patients come in somewhere in the range of about a thousand a month. But what we need those patients to do is be increasingly diagnosed and prescribed in what we would call a maintenance setting.

So they have the discussion with their physicians. They say you use VivGuard, you’re gonna use it for a course of therapy, which is about a month, gonna take about six to eight weeks off, and then come back in for the next, and so on and so on. And that’s a pretty detailed discussion with patient. If we look at like this time last year of those thousand patients on average a month that were getting started, probably only about a third were started in that kind of, you know, with that kind of dynamic. The other two thirds were getting it because again they were having a flare or they were really suffering and they weren’t going through that full sort of expectation around a maintenance therapy.

That sort of switch now this year, where about two thirds of the patients are being prescribed in a true maintenance setting with the expectation that they’re gonna take these cycles. So I think underlying data looks good there. There’s a big benefit though that we’re seeing that will start to inflect in terms of sales and patient utilization and otherwise. And that is in the July, the national treatment guidelines for gMG were updated in China. The prior guidelines position Vivgard as kind of a rescue therapy.

So as a short term agent to knock down symptoms. In the new guidelines, Vivgard is positioned as it is in the label, which is to really focus on long term maintenance use, to get patients back to minimal symptom expression so that they can work and have the normal activities, daily living, social life, otherwise. That’s a big change. And I think we know from markets all around the world, not just China, but when you have new therapies, groundbreaking therapies like Vivgart, guidelines matter, right? And so I think this is important.

We’re starting to see the benefits here. So not only is Vivgart positioned as a frontline therapy for patients, it’s also there’s an emphasis on getting patients to three cycles per year to get the benefits of what’s called consolidation therapy, and then to take a break and to continue on with five or whatever makes sense over the longer period of time. But I think that’s really important too. So we are seeing the benefits of those guidelines in daily practice today. You’re not gonna I mean, we’re gonna have to squint to see the the sales impact of that in the third quarter because again, these guidelines were just just published in in the the July.

But we’re seeing those benefits, and I think those benefits will start to really show up in Q4. So we’ll continue to get lots of new patients started on the drug. They’ll increasingly be started with the expectation that they’re coming back in for courses of therapy and guidelines play a big role there. All of that, I think, again, will start to really show up in fourth quarter sales. And then for 2026, we will add HITRULO which is the subcutaneous version of Vivgart.

That’ll be added to the NRDL. Today, only the IV form is approved. And that means that every once a week, if you’re in a cycle, once a week you’ve got to go into a hospital, get an IV, and in China patients with gMG tend to travel pretty good distances to see their physicians. So the logistics of every week having to go in to, you know, to get an IV are are, you know, they they do provide some barriers that we don’t see in The US to the same degree today. So getting Hytrulo on in 2026, I think, will be another sort of inflection point in terms of, you know, once patients are started on Vivgar to get them back in for the third, fourth, and fifth cycles.

Lee Wasek, Biotech Analyst, Cantor: Oh, great.

Josh Smiley, President and Chief Operating Officer, Zai Lab: I can yes. I’m sorry. Can’t

Unidentified speaker: you’re saying you are considering seeing 1,000 new patients Yeah. Now, right now?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. Yeah. What

Unidentified speaker: kind of new patients last year you were seeing?

Josh Smiley, President and Chief Operating Officer, Zai Lab: So we actually were getting about I mean, as we got into the second half of last year, we were consider when I say a thousand, you know, we’re in the like 900 to a thousand sort of range. We’ve been pretty consistent on that number, but the comp, the makeup of those patients has changed considerably. So, again, what we’re seeing now is the majority of those patients are being prescribed Ivant in a maintenance setting versus in an acute setting. And again, just to give you a sense, if we can get ten percent of patients at any given time on VIBGART, so if we can get these patients to come back into the office, which they increasingly are on a quarterly basis, that’s in itself is, you know, is worth, you know, somewhere close to a $100,000,000. So again, our our our challenge is continue to get new patients started.

But more importantly, I think the growth is gonna come from getting those patients back into the office and the cycles and otherwise over time. And if we can do that in a meaningful way, which we’re starting to see in in the data. Again, think there’s, you know, no doubt that, you know, in 2028, you’re gonna see significant, you know, sales coming from gMG alone.

Unidentified speaker: Yeah. So for 2025

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah.

Unidentified speaker: Two thirds of the patients are already from the maintenance.

Josh Smiley, President and Chief Operating Officer, Zai Lab: If we look at our current month, about two thirds of patients are being prescribed in some kind of maintenance setting versus last year at this time, it would have been like one third, only about one third, yes.

Lee Wasek, Biotech Analyst, Cantor: So how should we think about ideal price reset? Yeah. You guys had that, you know, earlier this year. When are we going to hear about, you know, the decision? And then just longer in term, you know, every two years you have to to do the process.

So, in terms of, pricing stability, how should we think about that?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah. So we’re coming up on the two year renegotiation. And we’ve said we think we’re we’re eligible for I mean, we think it’s probably a favorable dynamic to pursue what’s called simplified renewal. This is a new process that was introduced in the last, cycle, which gives manufacturers the option to follow an algorithm for the price reduction. That algorithm basically just looks at what were the projections, the health economic and budget projections from the price setting, initial price setting mechanism.

And if you’re relatively close to that to those projections, There’s a grid that you follow and and, you know, leads anywhere from a 0% price reduction to 25%, I think, is at the high end. And we think we’re in the the sort of single digit, sort of reduction part of that. That would hold for two years. Now we that’s that that plays out for IV specifically. We also wanna get HITRULO added.

So there’s a sort of separate negotiation associated with that. But I think altogether, our expectation is now we we this isn’t a guarantee. We’re still going through the process and otherwise, but leveraging sort of that simplified renewal process and getting HITRULO added, our our view is that we should be able to manage that at what will be the equivalent of sort of annual single digit kind of price decline over the preceding period. So I think we’re we’ll be happy if we can, you know, sort of manage that in that way. So if we can get HITRULO added and, you know, a reasonable, you know, price adjustment, that’ll hold for two years.

You know, and then in the the next cycle, the simplified renewal process is even even better. I mean, as you go over time, the calculated reductions are are cut cut in half, basically. So this is probably the the most important as it relates to getting Hytrullo on, which Hytrulo, of course, is is the formulation for all of the new indications as well. So getting that on and getting the, you know, base IV price at a reasonable, you know, reduction, I think is, you know, we’ll be we’ll be quite happy with that, and that would fit really well into our, you know, long term projections. In terms of timing, Lee, though, I think, you know, we don’t know anything different than what we’ve seen the last few cycles, which is probably December is when the NRDL press conference will happen where they’ll announce how many new drugs have been added, what the average price reductions have been and those kind of things.

And then once that happens, then we can begin to disclose, you know, the actual pricing and otherwise, we can’t disclose anything until then. So, you know, that that that timing could change. It’s, you know, it’s it’s moved around a little bit over the last, you know, six or seven years or so. But based on the last two two cycles, early December press conference and then, you know, sometime thereafter, we can talk about where we we come out. And, of course, the net pricing is effective for 01/01/2026.

Lee Wasek, Biotech Analyst, Cantor: Okay. Maybe just follow-up on our earlier conversation about bema rituximab. I guess for the first Phase three trial, we will see data this year and the second trial which is testing the triplet, seems like the timeline has been pushed out a little bit. Think before it was end of the year, but now it seems like it could be coming this year and could be first half of next year. So I guess the first question is, was that driven by the event rate?

And then the second is just what level of OS benefit that you guys believe you will need to get to that 1,000,000,000 plus revenue in China.

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yes. So I think first in terms of the timing, I think Amgen’s been a little more specific recently, and they’ve said it’s either end of the year or q one of next year. And I think that’s just driven by event rates. Okay. And and, you know, the what they’ve learned in terms of time from event rate to final analysis and otherwise.

So it’s I think it’s it’s within probably a four month sort of window here. I think from what we’ve thought about overall, again both in terms of what’s meaningful in trials, what’s more important, what’s meaningful in clinical practice. I think in the first line setting these patients, they don’t do well overall, right, with gastric cancer. So I think certainly a few months survival benefit is commercially viable and would be important. I think what we saw from phase two was a much more significant benefit there.

So again we have to see all the data and otherwise. But I think a few months would be enough to make this a meaningful product in China. But again, we have to wait and see the data and otherwise. And I think I think, again, we were quite focused on one zero one zero one because that is the standard of care in China today. But I think what we’ve seen in other oncology settings is PD ones tend to, they just tend to move a little bit slower in China.

In some cases just the fusion of technology just takes a while. But in other cases because of the different mutations and otherwise in China there’s been a little bit slower uptake on PD-1s in some of the cancers. But I think over time the expectation is we would want good data from the 01/2002 study anyway because I think over time that’ll be an important comparison. So I think waiting to see all this data together in itself is not a terrible thing. We’d like to see data from both studies anyway.

But again, I think a modest overall survival benefit is for these patients would be meaningful and certainly would be meaningful commercially.

Lee Wasek, Biotech Analyst, Cantor: I think one thing investors are also trying to better understand is the ocular toxicities. And just given you being pretty hearing from physicians in China, just how big of a problem that is.

Josh Smiley, President and Chief Operating Officer, Zai Lab: Yeah, I think, again, of course, in any of these things you’re looking at risk benefit, right? So I think to the extent that you’re seeing real overall survival benefit that persists, right, in these studies, the ocular tox in China appears to be manageable, okay? I think if you look in the 101 study where we did have a good chance to look at the data in the primary analysis, the ocular tox tended to be modest and reversible, and in many cases could be treated prophylactically because it takes some time to show up. So mostly with things like blurry vision. Mean, we didn’t see the more serious adverse events like retinal detachments and things like that.

So it tend to be sort of visual acuity blurry vision, and that can be treated both prophylactically or can be treated with dose reductions. I think we had, I didn’t have any patients who had to totally stop, you know, stop study drug to, because of the adverse event. So it’s, you know, modest and reversible and manageable. So I think that piece we felt like was, you know, certainly from a clinical practice and commercial perspective was, you know, was manageable over time. Again, that has to be balanced with what kind of, you know, benefits, you know, clinical benefits you’re seeing as well.

Lee Wasek, Biotech Analyst, Cantor: Okay. And then switching to DL three d c, I think this is an asset, you know, has generated a lot of investor interest. I think one challenge here is, obviously, you guys have shown great data at ASCO. I mean, very, very strong response rate and great activity in the brain mets. But we’re also seeing more competitors entering small cell lung cancer, only in DL3, but other antigens, B7 H3 and SCC6.

So I guess for investors, they struggle a little bit and particularly at World On this weekend, we’re gonna see some data updates from some of the players here. How are you thinking about number one position of thirteen ten and the second is how do you view the second line small cell lung cancer opportunity and potentially in frontline?

Josh Smiley, President and Chief Operating Officer, Zai Lab: Right. So, yeah. So the first, the thing that’s right in front of us is the second line We’re going to start the registration trial. We’ve got alignment with, you know, FDA and otherwise on the key components of the trial. We’ll start that, we’ve said in the second half of this year or so imminently.

And that will be, geared for both, a full approval on a global basis, but also on a subset of patients, an accelerated approval as I say as early as 2027, so somewhere in that timeframe. That clearly puts us somewhere in the range of like two years ahead of any of the other DLL3 ADCs. But I think probably more importantly in terms of the opportunity, I guess if you look at Mdeltra today and if you look in the Q2 Amgen results, think just taking the Q2 sales, which are I think almost all in The US, right, and in the late line or second line plus settings, I think they’re already annualizing to like $600,000,000 sales and that’s in less than two years from approval, from accelerated approval. Our view based on investigators and practicing physicians in small cell lung cancer that we talk to, is somewhere less than twenty percent of patients, you know, can get Emdeltra because it requires inpatient monitoring in the first few doses. There’s concerns about CRS, that’s why the, and ICANN, that’s why the monitoring takes place.

So if you think about less than twenty percent of patients early in the launch and $600,000,000 of sales, you know, we certainly see, you know, there’s a area here, you know, a TAM of $2,000,000,000 or more in The US for second line and later small cell lung cancer. Our data we believe will, you know, in this setting will certainly be compelling. That’s why FDA is aligned around an accelerated approval path. So I think there’s, you know, I mean, don’t think you need to make, you know, super aggressive assumptions get to in the second line setting to get to something over a billion dollars in annual sales. And that takes into account the fact that IMDELTRA will be an important option.

B7 H3s H3s, you know, probably will come in with an approval and that there may be multiple, you know, DLL3 ADCs. But it’s a big space. I think then as you think about first line, we’re the dose dosing work now in the first line setting. It will be available by the end of this year and early next year. We’re looking at both our DLL3 in combination with PD-one as well as in a triplet with chemo as well.

And I think we’ll look at that data and we’ll be in a position to start a first line trial, sometime in the middle to second half of next year. Again, I think here, particularly in the first line setting, there are going to be multiple opportunities for combinations and sequencing and otherwise. So I think frankly in this space having multiple mechanisms and otherwise is probably good. Patients will benefit. They’ll live longer.

They’ll have opportunities to try different combinations as they progress. So I think there’s probably double the size of the opportunity in first line relative to second line. But clearly, is an exciting space on a global basis, but clearly in The US. And I think we’re not scared of the competition here. Again, in some cases, I think we’re confident in the data that we have.

And in other cases, we’re also confident that if you look at other tumors where you start to get more mechanisms in place, it tends to grow the pie, not slice it more thinly.

Lee Wasek, Biotech Analyst, Cantor: Okay, great. Thank you so much, Sebastian. We’re out of time.

Josh Smiley, President and Chief Operating Officer, Zai Lab: Okay, thank you. No, thanks. Thanks everybody. And thanks, good conference. Thank you for having us.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.