Zai Lab (ZLAB) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic vision and business model

• Operates a dual-engine model: a profitable commercial business in China and a growing global innovation portfolio.

• Acts as a gateway for Western biotechs entering China and Chinese innovation expanding globally.

• Integrated U.S.-China R&D model enables rapid, capital-efficient execution and industry-leading development speed.

• Maintains a strong balance sheet with $817 million in cash as of September 2025, supporting ongoing investment in R&D.

• Strategic capital allocation aims for near-term margin expansion and long-term profitability.

Pipeline and R&D highlights

• Global pipeline focuses on immunology and oncology, emphasizing advanced modalities like ADCs and T-cell engagers.

• Lead asset Zoci (DLL3 ADC) in phase III for small cell lung cancer, with potential US approval as early as 2028.

• ZL-1503 (IL-13/31 bispecific) in phase I/1b for atopic dermatitis, with rapid and durable itch suppression in preclinical models.

• Additional oncology programs (LRRC15 ADC, MUC17 x CD3) to enter or are in clinical trials in 2024.

• R&D strategy balances internal discovery with selective in-licensing of late preclinical or early clinical assets.

Clinical data and differentiation

• Zoci shows 68.4% ORR in second-line small cell lung cancer and 80% ORR in brain metastases without prior radiation.

• Safety profile: only 13% grade 3+ TRAEs, no discontinuations or deaths, supporting use in combination regimens.

• Phase III trial for Zoci initiated in Q4 2023, targeting 480 patients in real-world settings.

• IL-13/31 program aims for rapid itch relief and longer duration in atopic dermatitis, targeting a $15–30 billion market.

• LRRC15 ADC designed for broad-spectrum activity, including sarcomas and epithelial tumors, with phase I starting in 2024.