Zai Lab announces Q3 2026 financial results

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, Zai Lab Limited issued a press release announcing its financial results for the third quarter of 2026.¹ A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release issued by Zai Lab Limited on November 5 , 2026

104 The cover page of this report is formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.²

ZAI LAB LIMITED

By: /s/ Yajing Chen

Yajing Chen

Chief Financial Officer

Date: November 5, 2026

Zai Lab Announces Third Quarter 2026

Financial Results and Recent Corporate Updates

Zai Lab anticipates major catalysts in 2027 across multiple global programs with transformative potential:

– Completed enrollment in zoci's potentially registrational 2L epNECs expansion cohort, with data expected in the first half of 2027, followed by a subsequent U.S. accelerated approval submission

SHANGHAI & CAMBRIDGE, Mass., November 5, 2026 -- Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688), an innovation-driven, global biopharma, today announced financial results for the third quarter of 2026, along with recent product highlights and corporate updates.

"We are approaching a defining period for Zai Lab, as we advance toward bringing our first internally developed innovative medicines to patients globally," said Dr. Samantha Du, Founder, Chairperson and Chief Executive Officer of Zai Lab. "The strong first-line combination data for zocilurtatug pelitecan (zoci) presented at ESMO strengthen our confidence in its potential to become an ADC backbone of choice in small cell lung cancer. 2027 is set to be a pivotal year, with a potential first U.S. BLA submission for zoci and continued advancement of our first-line registrational development strategy in small cell lung cancer. Beyond zoci, ZL-1503 adds a second global program, targeting atopic dermatitis, one of the largest opportunities in immunology. Together with our commercially profitable China business, which we expect to return to growth in 2027, these advancements position Zai Lab to create substantial value for patients and shareholders."

"In first-line small cell lung cancer, zoci 1.6mg/kg plus atezolizumab demonstrated an 81.8% confirmed response rate and an encouraging 81.9% six-month progression-free survival rate, with a favorable tolerability profile," said Rafael G. Amado, M.D., President, Head of Global Research and Development at Zai Lab. "This profile supports taking a standard chemotherapy-free regimen into a global Phase 3 study and gives us a strong foundation to build on with T-cell engager combinations. Our registrational programs in SCLC and neuroendocrine carcinomas are advancing toward readouts that could support our first U.S. BLA submission in 2027. In atopic dermatitis, ZL-1503 is designed to block two drivers of disease at once: IL-13 for inflammation and IL-31Rα for itch, with a half-life that could support less frequent dosing. We will present first-in-human data at ACAAI in November and initial patient data in the first half of 2027, and we expect two additional oncology and immunology programs to enter the clinic in 2027."

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Third Quarter 2026 Financial Results

• Total revenue was $108.2 million in the third quarter of 2026, compared to $116.1 million for the same period in 2025. Product revenue, net was $107.6 million in the third quarter of 2026, compared to $115.4 million for the same period in 2025.³ Net product revenue increased 2% versus the second quarter of 2026, primarily driven by NUZYRA, supported by increased market coverage and penetration, and KarXT, which was launched in June 2026, partially offset by a decrease in OPTUNE due to evolving competition in the glioblastoma market.

• Research and Development (R&D) expenses were $49.8 million in the third quarter of 2026, compared to $47.9 million for the same period in 2025.

• Selling, General and Administrative (SG&A) expenses were $70.1 million in both the third quarter of 2026 and the same period in 2025. R&D and SG&A both remained relatively flat year over year, reflecting continued efforts to streamline the organization, optimize resource allocation, and enhance operating efficiency as the company advances its next phase of growth.

• Loss from operations was $63.0 million in the third quarter of 2026, $47.6 million when adjusted to exclude certain non-cash expenses including depreciation, amortization, and share-based compensation. A reconciliation of loss from operations (GAAP) to adjusted loss from operations (non-GAAP) is included at the end of this release.

• Net loss was $46.1 million in the third quarter of 2026, or a loss per ordinary share attributable to shareholders of $0.04 (or loss per American Depositary Share (ADS) of $0.41), compared to a net loss of $36.0 million for the same period in 2025, or a loss per ordinary share of $0.03 (or loss per ADS of $0.33). The increase in net loss was primarily due to a $13.6 million in inventory write-downs in 2026.

• Cash and cash eq