Zai Lab at Leerink’s Global Healthcare Conference: Strategic Growth Insights

On Monday, 10 March 2025, Zai Lab (NASDAQ: ZLAB) participated in Leerink’s Global Healthcare Conference 2025. The company presented a strategic overview highlighting its progress and future goals. President and COO Josh Smiley outlined Zai Lab’s focus on expanding its innovative drug portfolio in China and globally. While the company is optimistic about achieving significant growth, challenges such as pricing pressures and regulatory hurdles remain.

Key Takeaways

• Zai Lab projects China sales between $560 million and $590 million for the current year.
• The company aims for U.S. commercialization by 2027 with its DLL3 ADC for small cell lung cancer.
• Zai Lab holds $880 million in cash and anticipates cash profitability by Q4 2025.
• A pivotal trial for DLL3 ADC is planned for the second half of 2024.
• The company expects a 50% revenue growth rate in 2024.

Financial Results

• Sales in China are projected between $560 million and $590 million this year.
• VIVGART achieved $94 million in its first full year of launch.
• Revenue growth for 2024 is expected to be approximately 50%.
• Zai Lab has $880 million in cash, with anticipated cash profitability in Q4 2025.
• The company aims for operating margins of 30% or more by the end of the decade.

Operational Updates

• Zai Lab has 10 products either on the market or in late-stage regulatory review in China.
• Cabemphy is submitted for regulatory review for schizophrenia.
• Bemrituzumab data readout for gastric cancer is expected soon.
• A pivotal trial for DLL3 ADC in small cell lung cancer is planned for the second half of 2024.
• An IL-13/31 bispecific antibody for atopic dermatitis will enter Phase 1 trials later this year.

Future Outlook

• Zai Lab aims to achieve corporate profitability by the end of 2025.
• The company plans to launch DLL3 ADC in the U.S. in 2027.
• Bemrituzumab is expected to be submitted for approval in China in 2026.
• Key catalysts for 2025 include VIVGART sales growth and DLL3 data presentations.

Q&A Highlights

• NRDL listing for VIVGART is priced at $32,000 annually, about 15% of the U.S. price.
• Zejula renewal experienced less than a 5% price reduction.
• The U.S. market opportunity for ZL-1310 in small cell lung cancer is over $1 billion annually.
• Bemrituzumab, partnered with Amgen, is in Phase III for gastric cancer with potential as a billion-dollar drug in China.

For further details, readers are encouraged to refer to the full transcript.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Jonathan Chang, Equity Research, Lyric Partners: All right. Hello, everyone. Thanks for joining us. My name is Jonathan Chang. I’m part of the Lyric Partners Equity Research team.

It’s my pleasure to host the management team of Zai Lab, and we have with us today President and COO, Josh Smiley. Thanks for joining us, Josh. Thank you, Josh. Let’s let’s get started. Would you please briefly introduce the company?

Josh Smiley, President and COO, Zai Lab: Sure. Yeah. So Zai Lab, we’re actually into our second decade. We were founded in 2014. Our founder, Samantha Du, was a founding member at Hutch Med and worked in venture capital and saw an opportunity with the opening in China, for innovative drugs, with the inclusion of things like NLDL and and IP harmonization, an opportunity to to form a new company to serve two purposes.

First, to help Western biotechs bring their innovation to China and navigate the regulatory and commercial environment and then to leverage our own capabilities to bring innovation out of our labs and out of China into the rest of the world. And ten years in, we’ve made a tremendous amount of progress. I really we’ve talked about this year being an inflection point for the company. In China, we now have 10 products that are either on the market or in the last stages of regulatory review. We’ve guided this year to sales in China of between $560,000,000 and $590,000,000 Our biggest product is Zejula, a PARP inhibitor.

It’s the market share leader for ovarian cancer in China. And our fastest growing is VIVGART for myasthenia gravis, sold $94,000,000 last year, its first full year of launch and first year on NRDL, which we think is one of the best immunology launches in China since the inclusion of NRDL. We have we just submitted earlier this or at the end of last year Cabemphy for schizophrenia in conjunction with our partner, BMS, and we’re looking forward. I there’s a huge opportunity in China for for that medicine, and we’re waiting for data very soon on bemrituzumab, which is for first line gastric cancer. Gastric cancer is significantly over represented in Asian patients, so that’s a big opportunity as well.

The business in China is profitable today. And the commercial organization is up and humming, and we’re looking forward to multiple launches In 2024, we had a really exciting year as it relates to the pipeline, the global part of the pipeline or the second piece, Jonathan, that I mentioned. In October, we released we have five projects that are either in clinical development with global applications or rights, or close to, you know, starting in a in a phase one trial. The most prominent of which is a DLL three ADC for small cell lung cancer. And last year at Barcelona at the ENA triple meeting, we presented data on the initial dose expansion phase of patients with second line later and later small cell lung cancer.

I think this was really well received, o ORR of over seventy percent good safety profile. And what we have said is we are, we’ll start a pivotal trial this year, second half of this year, in second line small cell lung cancer with an opportunity to generate data in 2026 and submit and launch in The U. S. In 2027. So our first U.

S. Opportunity to commercialize will be in 2027. This is followed by other products in development. I think one of the most exciting, which is an IL-thirteen thirty one bispecific for atopic dermatitis, and we’ll put that into atopic dermatitis patients in a Phase one trial later this year.

Jonathan Chang, Equity Research, Lyric Partners: Great. Thank you for the introduction. Can you talk about how the healthcare landscape is evolving in China and how Zai Lab’s positioned in that landscape?

Josh Smiley, President and COO, Zai Lab: Yeah. As I mentioned, you know, sort of the company was sort of founded with the idea or the tailwind of the changes and opening in China for innovative drugs. This started with, you know, sort of universal healthcare, you know, through the NRTL. About ninety five percent of patients today in China are covered through a national government reimbursement system and that includes drugs. We saw harmonization of regulatory paths.

So now in China, you’re able to leverage data from global trials to submit, where in the past, of course, there were, you know, usually, you know, somewhere in the range of three to, you know, five to ten year difference lags between when a Western drug was approved in The U. S. And when it was approved in China, and I think strong consistent IP protection. The NRDL, which is the mechanism for reimbursement for innovative drugs, has was launched and has had a tendency to push drug prices down pretty low relative to the West. But we’ve seen, I think, a lot of very good incremental improvements over the last few years.

And I would just point to the the drug I mentioned earlier, Vivgart, which got NRDL listing last year and and, was listed at an annual cost of about $32,000 per year, which, we and I think investors all felt really good. I mean, I think a good signal of the value that China is placing on innovative drugs for targeted conditions where you’re meeting a really significant unmet need. There have been incremental changes to the NODL over the last few years, including something called simplified renewal, which gives more predictability in pricing over time. I think it’s much closer to what I’m accustomed to seeing in Japan, for example. And most recently, there was a new category that was developed called category C, which provides different kinds of incentives and opportunities for very innovative drugs before or if they’re not on NRDL.

So lots of incremental moves to, I think, support innovative pricing. I mean, of course, we would love it to be on an absolute basis closer to The U. S. But I think on a relative basis, we’re seeing good policy moves and good support for innovative drugs in China. Great.

Jonathan Chang, Equity Research, Lyric Partners: And on tariffs, and the potential impact of those, you know, it’s in the headlines these days. Sure. Why should we be thinking about

Josh Smiley, President and COO, Zai Lab: about that. Yeah. You know, and of course, in our business, I mean, we’re, you know, the majority of our employees and, you know, our our global headquarters are in Shanghai. So we’re, you know, we’re seen as a China biotech, although I’m based in Cambridge and we’ve got a global footprint. For sure, you know, we have to follow all these kind of legislations and other things.

But I think tariffs for us, I would say is a non nonissue right now. You know, most of what we do to generate revenue today are all of what we do to generate revenue and most of our cost base is based in China, so not subject to the, you know, to The US tariffs. And and at least as of now, not, I don’t think, you know, subject to any reciprocal tariffs or otherwise. I think as, you know, as The US piece is implemented, it really does not have an impact on us. I mean, at some point, it may impact clinical trial materials or other things that we bring over, but, you know, the the the cost of those relative to our overall cost base are miniscule.

Fuel. So I’d say it’s a non event and operationally won’t be an issue for us.

Jonathan Chang, Equity Research, Lyric Partners: Understood. Now business development has been a key part of the Zai Lab story. What are you looking for in future business development deals? And what should investors be expecting on this front in 2025?

Josh Smiley, President and COO, Zai Lab: Sure. So as I mentioned, we have two key areas of focus in terms of strategy for the company. One is the regional, what we call the regional business, that’s China and then the global piece, which is U. S. And everything else.

And we point our business development activities at both. I think in China, we’ll continue to look for assets that complement the franchises that we have today. As I mentioned, we’ve got 10 products that are either on the market or close to being on the market in three therapeutic areas, oncology, immunology and neuroscience when we or neuropsych when we launch CobEMFI. So we’ll look for assets that can add some depth and synergy in those areas. We announced two deals at the beginning of this year that add some depth in our immunology franchise, one from Amgen for IgAN, Povey and then another from it’s got a long history in terms of who, but from Viridian for TED for thyroid eye disease.

So I think that gives you an idea and that those will complement what we do with VIVGART. I think, you know, we’ll probably look to do one or two deals a year in China to continue to build out that commercial engine. But I think always with an eye now towards, you know, either huge unmet need or synergies in the therapeutic areas that we’re in. On the global side, I think, you know, oncology and immunology are the places we have true global capabilities, and we’ll continue to look for good opportunities there. I think one of the things that’s been really exciting for me over the few years that I’ve been associated with Xi is the emergence of true innovative medicines in China.

Of course, we look around the world and do partnerships with companies sort of irrespective of where they’re based, but we have a home field advantage in China. We’ve got very strong social networks, good insights and otherwise. So I think, you know, we’ll look for oncology and immunology products. Probably our sweet spot is in late preclinical, early clinical where we have some insights can add value to the development program and are not trying to outbid Merck or Roche or someone. Probably increasingly looking, you know, for those things that come from China just because in those areas, there’s really good innovation there.

So maybe one or two deals a year. You know, your firm helped us last year raise a little bit more money. We have $880,000,000 on the balance sheet. We will be profitable on a cash basis in Q4 of this year. So we’ve got plenty of money to put against the right kinds of opportunities in business development.

Jonathan Chang, Equity Research, Lyric Partners: Understood. And just following up on that last point you made, discuss your confidence that Zai Lab will achieve corporate profitability by the end of ’twenty five this year. And maybe if you could provide any color in terms of what’s embedded in that goal.

Josh Smiley, President and COO, Zai Lab: I mean, very confident. We laid out this goal just about two years ago in June 2023. We gave a long range vision at an investor event in New York, and that was the first time we said we would see ourselves profitable at q four twenty five. So we’ve been planning and working toward that for quite some time and it’s really driven by a couple of factors. I mean, the first is the top line and sales growth.

As I mentioned, we’re profitable in China today. So the faster we can drive the sales line, the more profit sort of accrues to put against the corporate expenses, including R and D. We ended last year at a 50% growth rate for 2024. The guidance we’ve given this year puts us up near 50% depending on the where in that range you get to. I think as long as we’re within the range that we guided to, and I have every reason to be confident about that, that’s why we gave it.

I think Q4 profitability follows and it follows because we’ll be able to keep R and D flat versus last year, so no growth in R and D. And I can talk about why that’s the case. SG and A will grow at a very modest rate. We’ve really already made the investments to launch the kind of drugs and to support the commercial organization that I’ve talked about already. And our G and A or corporate expenses will, you know, flat to down versus last year.

So we’ve worked on that cost structure piece quite, you know, quite a bit over the last few years, including, like many people in the industry, we’ve taken some, you know, targeted headcount, you know, structuring actions and otherwise, but that’s all in place. So this year, it’s really a matter of drive the commercial performance like we can and should manage expenses closely like we have been doing. And I think those things yield cash profitability in Q4. And of course, that’s just the that’s not like a onetime thing. That’s the beginning then of what we would see as over the remainder of the decade growth towards there’s no reason we shouldn’t be at 30% plus operating margins by the end of the decade in total on a global basis.

Jonathan Chang, Equity Research, Lyric Partners: Got it. Maybe before I get into specific items on the pipeline, let me check to see if there are any questions from the audience.

Josh Smiley, President and COO, Zai Lab: Well, I think, you know, first, I think the policy leanings are good, right? I mean, I think that is, that’s real and it’s sincere. I think your question about how directly does that translate into an actual price for the drugs that we’re launching or have launched or otherwise? I think some of that’s yet to be seen. But what I can say is from the last few years, there was an announcement that the that NRDL would get, you know, get simpler, more transparent.

That did happen with simplified renewal. We saw the impact of that, last year with Zejula. Zejula is now, you know, four or five years into its, launch or lifecycle and our renewal for Zejula was at less than 5%. And I think if you look back, historically, we’ve seen things like 10%, fifteen %, twenty % reductions on those biannual cycles. So that was, you know, that was announced as a policy thing.

It was implemented and it did show up. I think the the category c thing, I think that’s real. And again, how beneficial that’ll be to companies like Xi will, you know, is I think yet to be seen. But what I would say is, you know, there there are two pieces. There’s the the the what what does the policy, you know, sort of what direction does that sort of push.

And I think it does, certainly continue to indicate that there is a receptivity to innovation in China. And again, I think the best example I can give is VivGart launching at $32,000 per year, which I think is about when you look at the sort of net price in The US, it’s, you know, somewhere in the range of 15% or so of The US. I think for the kind of drugs that we’re launching and supporting, if we can maintain somewhere in that 15% of The US thing, we can be very you know, it’s a great business. I think, again, we’d like it to be higher, but I think it’s pretty good. All

Jonathan Chang, Equity Research, Lyric Partners: right. So maybe switching over to the global pipeline, on ZL thirteen ten, this year, DLO3 ADC and Phase one development, how do you see the opportunity for this drug?

Josh Smiley, President and COO, Zai Lab: Yes. So I think, as I mentioned, the priority one is to get the pivotal trial up and running in the second half of this year so that we can generate data in ’twenty six, launch in ’twenty seven on an accelerated approval pathway in The U. S. I think if you look at the opportunity here, I think it’s pretty significant. I mean, certainly in The U.

S, it’s, you know, it’s over a billion dollars annual potential per year and there’s a huge unmet need here. Right? And I think, you know, patients with small cell lung cancer, five year survival, you know, between five percent and ten percent. Right? And, Jonathan, you guys have done a lot of work in this space, so you know this.

And I think the treatment options today are not very good. Tarlatanib is the most recent approval. You know, I think ORR in the 40% range, and some pretty significant safety liabilities that make it basically not accessible to probably about half the population in The U. S. So I think a pretty significant opportunity here.

There are other mechanisms that are being explored as well. I think the good thing is, at least my experience, you know, thinking back to non small cell lung cancer is the more mechanisms, the better. They tend to grow the pie, not, you know, carve it up even smaller. So I think we’re pretty confident that if we can get this trial going and generate the kind of data that we saw in the early Phase one studies, and we have no reason to believe we won’t, I think we should be able to launch and generate, you know, somewhere on an annual basis of something over a billion dollars. Now we’re also studying the drug in a first line setting, and you know, think about that, you know, just relative to other, you know, other tumors and otherwise, you know, I think first line setting is probably twice the, you know, the opportunity there.

We also will start a basket trial in neuroendocrine tumors this year. And also, we’ll look at other places where DLL3 is over expressed. So, you know, again, I mean, I’m, you know, sort of talking long term here, but there’s no reason this should this couldn’t be a multibillion dollar annual sales opportunity in The U. S. Alone.

Of course, then think about Europe and China and otherwise.

Jonathan Chang, Equity Research, Lyric Partners: Got it. How is thirteen ten positioned in the competitive landscape? So you mentioned INDELLTR just now. How about versus other ADCs targeting whether it’s B7 H3 or maybe even DLL3?

Josh Smiley, President and COO, Zai Lab: Yes. And we’ll start with the DLL3. I think there are I think our data in Barcelona sort of validated the approach, right? So we see fast followers. I think we’re at least a year, probably a year and a half to two years ahead of any of the other ADCs that are targeting DLL3.

So I think that’s probably, you know, it’s a good lead and I don’t think there’s any reason that we can’t maintain or extend that lead as we move quickly into the second line pivotal trial that I have referred to. I think in terms of the data comparison between those, I’m not the other two that have been we have gotten some press recently with deals with IDEA and Roche. There’s there’s not a lot of data to compare, right? So I think, you know, we really like the data set that we have and that we will present more fully at a major medical meeting sometime in the first half of this year. I think relative then to the B7 H3 opportunities, which I think are, you know, in some cases probably pretty close to us in terms of timing or, you know, sort of development plans, Of course, it’s sometimes it’s hard to compare across trials and otherwise, but I think from what we’ve seen, the thing we do know is we believe we’ve got the broadest sort of application DHL3s over expressed in like ninety percent to ninety five percent of or expressed in ninety percent to ninety five percent of small cell lung cancer.

I think B70 shows more like sixty percent. So I think first you’ve got an opportunity there and I think our safety profile looks really good. So I think from that standpoint, we feel like we’ve got the best mechanism, the broadest therapeutic window and opportunity. I think the one thing we know from our Phase one study as well though is there doesn’t seem to be any cross resistance to these mechanisms. So, you know, again, as I mentioned earlier, you could see the different mechanisms actually, you know, working together and growing the pie and otherwise.

So, again, we’re full speed ahead. I think the opportunity for us is to get that second line approval, move into the first line as we’re doing and then go from there. And again, I think a lot of this now next twenty four, thirty six months, it’s going to be clinical trial execution and we like our chances there.

Jonathan Chang, Equity Research, Lyric Partners: Understood. Now you’ve also guided to multiple thirteen ten data updates this year. Can you help set expectations ahead of these updates?

Josh Smiley, President and COO, Zai Lab: Yes. So I think the biggest one in terms of data disclosure would be in the second line small cell lung cancer setting. We’ve said we’ll present an update on the data at a major medical meeting the first half of this year. So, you know, I mean, that’s as you can guess, that’s either AACR or ASCO. And once the agendas are set and everything, we’ll give more details on that.

But what we can say is, we’ll have two key components to that data. First will be the full data set from the initial 28 patients in the dose optimization phase. We presented this is the update of the data set we presented in Barcelona at the October, where I mentioned we had an ORR of seventy four percent. Given when the data cutoff was, some of that was or much of it was unconfirmed. So we’ll have the full confirmed responses.

We’ll have longer data to follow, so we’ll be able to look at duration and safety over time in that cohort of patients. And then of course, in some cases, we’ll have patients, we’ve already said, we’ve had patients on drug for over a year. So I think that will be an important and welcome update. We also though have moved into the optimization phase. So we’ve selected two doses, and we’ll have somewhere in the range of about 50 patients there, where we’ll be able to show data.

So I think in total, somewhere in the range of 70 to 75 patients, some of which with pretty long compelling data. So I think that’s probably the most prominent of the data disclosures this year. We’ve said in the second half of the year, we’ll have an opportunity to present data on the initial first line study where we’re looking at thirteen ten in combination with ATIZO and chemo. And we’ll have safety data there and all the normal things you can see in terms of response and otherwise with a relatively early data set. I think milestone wise and the big pieces will be the pivotal trial that I mentioned will start in the second half of the year.

So the protocol and number of patients and all the things around that, I think we’ll look for an announcement on that pretty soon because we’ve got to get it up and running.

Jonathan Chang, Equity Research, Lyric Partners: Right. Just following up on the first half dataset. So do you like Chicago more? Do you like Chicago?

Josh Smiley, President and COO, Zai Lab: I think well, and again, we’re cautious until that’s, until it’s announced, right? But I think either of those meetings would be good, yes, would be good, right? So, yes, we’ve got our hotel rooms booked for Chicago for a period of time, right? So and again, as soon as we can, we’ll announce that, of course.

Jonathan Chang, Equity Research, Lyric Partners: Understood. Maybe switching over to other programs in the pipeline where you have China rights. Bemartuzumab, there’s a program partnered with Amgen and Phase II development for gastric cancer. How should we think about the opportunity for bema and the upcoming, I think, global Phase III data readout?

Josh Smiley, President and COO, Zai Lab: Yes. So we’re in two

Jonathan Chang, Equity Research, Lyric Partners: Or readouts.

Josh Smiley, President and COO, Zai Lab: Readouts, right? Yeah. We’re in two Phase III studies with Amgen, our partner. This is a drug that was originally developed by Five Prime, and that’s when we partnered with them. But there are two first line studies in gastric cancer, the first of which should read out any time now.

I mean, we’re just waiting for events. They’re both overall survival trials, so we’re just waiting for enough events to accrue and we’re very close on the first trial, which is, which is bemrituzumab. This is the FORTITUDE 101 trial, it’s bemrituzumab plus chemo versus chemo. Chemo in the first line setting is a standard of care right now in China. So this is an important trial for us and of course China is one of the biggest markets here for this drug for gastric cancer.

And just as a quick reminder, we’re going back a few years, but this is really replicating the Phase two trial that gave us the impetus to partner with five prime. And I think in that study in patients who overexpressed FGFR2b at a rate of ten percent or more. Ten percent hit. We saw an overall survival of around thirty months, okay, versus I think eleven or twelve months in the chemo arm, so a huge difference. So again, I think we have a lot of confidence based on that study that we’re going to see something compelling in this imminent readout.

And just to put in context, I think there’s in the range of about one hundred and twenty thousand patients in China, who would fit that category, okay. So it’s quite big. So big and hopefully long duration, right, if this works. The second study then that will read out in the second half of this year is bema plus chemo plus PD-one versus a PD-one in chemo in the control arm. And this is the emerging standard of care.

And I’d say this is probably the standard of care in The U. S. And some of the other markets. We have lots of reasons to be confident about that even though we don’t have a Phase two study to reference. But if you look at what PD-one nivo tends to do in these settings, it’s not a lot.

It’s a couple months survival benefit on top of chemo. So, I think, again, just leveraging what we know about the phase, the benefit over on top of chemo that bema presents. I think there’s lots of reasons to be hopeful and excited about this trial readout, which will be in the second half of the year. But our strategy will be once we have that first study is to submit very quickly with the opportunity to have this drug approved in China in 2026. And again, I think in terms of total opportunity when you add up the patients and the duration, we have said we see this over time as being an opportunity to be a $1,000,000,000 type of drug in China.

Jonathan Chang, Equity Research, Lyric Partners: Understood. Me switching over to tumor treating fields partnered with NovaCare, how are you thinking about the pancreatic cancer and lung cancer opportunities following the PENOVA and LUNAR study results?

Josh Smiley, President and COO, Zai Lab: Yes. So I think, so we’ve had the LUNAR results now for, well, I guess we’re coming up on two years or, you know, maybe ASCO, you know, two years ago, right? And I think in the, you know, in that second line setting, the data were pretty compelling. I think the challenge for China is twofold. But the biggest is that tumor treating fields, maybe back to the earlier question about, you know, the pricing environment and policy environment in China.

Tumor Treating fields is classified as a medical device. It’s not eligible for NLDL listing. So it’s only, can only be accessed by patients who have either the economic wherewithal to pay out of pocket or commercial or supplemental insurance, that’s probably restricts it to about a fifth or so of the patient population. We know this because we sell TTFields for glioblastoma. We’ve done that for a few years.

I think understand this market pretty well. So it’s a smaller market opportunity and there are so many options for non small cell lung cancer in China. So compelling results, but probably a challenging commercial opportunity that we’ll have to work through. I think on the pancreatic side though, it’s different. You know, this is pretty, I think, compelling data in a first line setting.

There aren’t good options. Patients are desperate as I’m sure you all know people who’ve had pancreatic cancer. And I think, you know, anything that has a chance of working, people are going to use. We hear this from investigators and thought leaders in China. And of course, pancreatic cancer is a big killer thing, over one hundred thousand patients per year in China.

So I think we see the bigger immediate commercial opportunity in pancreatic cancer. We will work to get both of those, both LUNAR and PENOVA submitted this year and approved hopefully in 2026. And again, I see a lot of excitement around Panova.

Jonathan Chang, Equity Research, Lyric Partners: Understood. We’re almost out of time. Let me do a final check with the audience, see if anybody has any questions for you. All right. Maybe just in our final minute then, what would you highlight as the key 2025 catalyst and milestones that we should be focused on?

Josh Smiley, President and COO, Zai Lab: Well, I think we talked, I think, first, yes, watch VibGard. That’s a we wouldn’t need that drug to continue to grow and there’s such an unmet need and opportunity in China. So I think from a commercial perspective, VivGart sales growth, DLL3 data in Chicago, so at some meeting, and then getting that trial up and running and then profitability in Q4. I mean, those are again, there’s lots of components that sit underneath those, but I think if we can get those three things going and report them out and everything, I think it’s going to be a really exciting year for Zai. Great.

Jonathan Chang, Equity Research, Lyric Partners: Well, thank you very much for joining

Josh Smiley, President and COO, Zai Lab: us, Jonathan. Okay. Thank you. Thanks.

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