Zai Lab Limited (ZLAB) 7 Aug 242024 Q2 Earnings call transcript

Hello, ladies and gentlemen. Thank you for standing by, and welcome to Zai Lab's Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in listen-only mode. 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. pleasure Vice the President my Christine over now Senior Chiou, of is to floor turn to It Investor Relations. ahead. go Please

Officer. Thank by Smiley, Chairperson. Dr. She evening, President good Du, Zai Second Global Jonathan Dr. and Call. during Rafael the Good our be to Chen, Amado, Research CEO to of and Samantha call operator. Officer; and Head Founder, Today's led Yajing available Lab's Earnings Quarter Development; joined Operating call. and Officer, Chief Chief be the Business will and Financial Wang, will Lab's Chief Zai XXXX you, be welcome of morning, will Dr. by Josh and President Q&A also portion questions answer

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

also August information to financial release a constant is growth rate revenue Please exchange for refer XXXX SEC product rates non-GAAP which a financial the on to with on our basis, furnished measure. refer on earnings this X, additional non-GAAP will measure. We

time, Dr. this the Samantha is turn it to At my Du. over call to pleasure

Thank you, has Christine, and welcome, significantly. everyone. In Labs recent years, grown Zai

expanding our infrastructure, and imperatives: commercial areas. exceptional towards of top is portfolio functional achieving three of promising a a Lab global assets. a R&D built pipeline growth, team efficient driving moment and an at profitability. developed across We Zai strategic advancing line regional have established strong our each our We Today, pivotal and and commercial,

areas. we strides in the second made great In quarter, all

our innovative VYVGART's growth. our cornerstone has product to medical revenues provide is significantly current $XXX XX% our launch that The become poised second contributed of of success million a major meet of for rapidly quarter be and ability needs. surpassing this to to VYVGART the solutions demonstrating unmet near-term a first time. growth, Our year-over-year, driver portfolio net grew

significant approvals late-stage also and programs, for our first-line with cancer. We pipeline. important KarXT such advanced schizophrenia three as product We gastric regional made bemarituzumab progress received for and

from data DLLX both for in ADC and the and antibody, also pipeline these coming prepared we to months expecting our CCRX global We're our programs quickly. advance are

cover we Additionally, detail. will ADC RORX portfolio, Rafael in added our which a to more

building are foundation strong our into next a well the We for decade. growth

also in $XXX and In addition and with improved an to is position growth, financial cash efficiencies position. million. exercising we're Zai excellent of focused top prudence driving line efficiency on a

initiatives in as We that excellence and progress throughout are I strategic medicines look confident our will drive need and to year. innovative the deliver sharing value for patients our success updates shareholders. significant commitment forward to generate to more we our

the Josh? pass call Now I'll to Josh.

for you, VYVGART Thank year-over-year you, XX% million, call the grew of joining uptake revenues portfolio. our launch today. driven everyone, thank to $XXX.X the Samantha, successful In product by our QX, and of and net reach

all well the is VYVGART, with Starting exceptionally across launch progressing aspects.

the in is the demand to X,XXX new treated quarter, second new total this first of patients the treated the in patients for VYVGART of Nearly were number half First, year. strong. bringing X,XXX

have this with second opportunity to in a indication over still and growing excited of in early it's we're returning in patients treatment alone. gMG see China, living patients a launch, XXX,XXX market percentage While the substantial With for cycles. third we

full XX% with of great we for our achieved By our progress year second over we goal. hospital end Second, made listing. listing hospital the of approach the quarter, targeted

launch expected Our this efgartigimod of team in year specialized to but CIDP equipped gMG also the for later is and in not sales well XXXX. VYVGART support launch the subcu only

feedback VYVGART adoption providing seeing are with best-in-class focused physicians from have support. patients prescribed key care and are health these and fuel we subscribers. now on Nearly Positive uptake, X,XXX increasing professionals to stakeholders continue repeat physicians. from we X/X Third, being

significant milestone and Based $XX is current guidance year are to raising sales year. trends, for VYVGART we be million one uptake priorities of success and our year. The of continues a full commercialization QX our to VYVGART on top over the this

of Our access, benefits will in sustain extend securing be primary believe maintenance driving the new and the the on setting, patient focus patients. our for expanding starts usage will we which and duration treatment

commercial expected on products, increasing and the Now, to in by for first-line continued sales other listings ovarian of growth from line ZEJULA, benefit to expanding commercial duration NRDL. continue treatment. and we the their NUZYRA at looking anticipate are profitability top and cancer driven QINLOCK

our in GBM, majority a hospitals, OPTUNE China. which help will as of For GBM profitability period we top focus anticipate strategic our in core we potential the optimize on prioritizing are do This markets, adjustment. us even focusing of represents

X% these to provides look in potential the patients these dosing patients, to forward which gMG, the offer product in bringing VYVGART of indications benefit has also to products of NMPA, and products launch XX We multiple lung approvals, non-small cell in are CIDP, flexibility. AUGTYRO to we've preparing of additional the subcu first addressing opportunities infections; year. as lung plan comprises cancer report, by therapy in ventilator-associated last earnings X% Acinetobacter we submit and China; new, formulation significant fourth lastly, the we we to cancer, and NMPA and of quarter over X new and KarXT XXX,XXX months. approved Since year to the approve multiple TIVDAK pathogen-targeted cases subcu efgartigimod XACDURO including for which to hospital-acquired received to schizophrenia. few of this ROSX-positive months, cell applications over in baumannii per and our non-small the next cervical next caused In cancer pneumonia for regulatory Each including the to expect

we financial efficient are to substantial also executing As Samantha and we focused on growth, only mentioned, driving are not track deliver top operations discipline. line on

by is investments progress teams towards of example focus our our and this. profitability the optimizing are XXXX. making to global to towards operations to more are we our revenue achieve VYVGART million, products agile With declined a our fund to great position we three of prioritizing a a net build growth, loss highest We achieving and to our and on through over ongoing our also cash objectives, development prime be business organization. in allocation $XXX Through each goal profitability. our of resource year-over-year, XX% repositioning potential we of are which pipeline. Overall, build able and efforts, achieving expect advancing stronger corporate and of indications. deals end key our are We're commercial drive profitability

R&D over the discuss I'll that, call Rafael great portfolio. to pass to with the And within progress our

Thank Josh. you,

with pipeline in second Josh as key quarter, progress and several significant make multiple new leading the programs. highlighted, to to our continue We across approvals, advancements

efgartigimod immunology, subcutaneous patients we gMG. benefit for for treatment from myasthenia to with injection the and gravis, or approach. will a formulation the and subcutaneous flexible approval NDA both Starting of of available, more treatment With XX- an personalized XX-second IV generalized received an a option

autoimmune gMG, Beyond treating exploring our efgartigimod shows great new committed collaboration argenx, conditions. for therapeutic are In we to other promise partner, applications. various with

of administered symptomatic. in unmet of This In effective working subcutaneously achieved May, demyelinating for provide to safety impact remission China. patients CIDP. and safe we Eye China's or Later are registrational application plan patients efficacy and XX,XXX fraction new, patients with of with a to by NMPA CIDP available also treatment severely syringe in many urgently we in argenx a formulation this and of the accepted quality afflicted can is estimated our efgartigimod and in Greater There a to polyneuropathy, in disease care with Supplemental among China these Currently, life, join only efgartigimod Thyroid a option. year, the study small need significant evaluate Disease. Biologics patients the remain inflammatory chronic License subcu prefilled

for XXXX, expect NDA by the registrational first for bridging to III results live Alzheimer's treatment exhibiting Psychosis, in support the million schizophrenia symptoms. top to a to the medical China, which of presents as in need. complete line we also to anticipate enrollment opportunity China, indication end are disease the study the Greater of Disease in X us ADP about a support KarXT the approximately KarXT this Alzheimer's in registration July, available data an neuroscience, to address significant In we for ADP XXXX. or In this for with no China. patients, well a for Currently, people We critical are these with short. KarXT of of of psychotic a expected treatment Phase approved study significant treatments half in with XX% filing highlighting joined gap positioning in ADEPT-X care. in Moving

the We're also building in IL-XX II internal development X clinic, our treatment with in We of topical in ZL-XXXX, immunology chronic psoriasis. currently of improved potentially the X With advanced Phase bring Humabody, for global plaque and global X pipeline this treatment to and psoriasis, into oncology. programs patient currently therapeutic potential with tolerability, accruing. plaque population the targeted topical the the severe less may is study large and chronic safety IL-XX our

to moving some oncology Josh in cell just non-small we mentioned, received TKI-pretreated in May or program with for starting pipeline, approval the lung updates NMPA -- of Now, both ROSX-positive settings. our key Repotrectinib, and as AUGTYRO, cancer the in TKI-naive

and for plan treatment solid NDA XXXX. NTRK-positive also a in to as tumors the NMPA Repotrectinib are evaluating to with patients submit We a supplemental

first-line in global treatment to Turning evaluates bemarituzumab June, to FORTITUDE-XXX combination In progress Amgen. the we make continue completed for gastric for FGFRXb chemotherapy with which positive we as cancer. collaboration with in great bemarituzumab a for cancer, enrollment gastric study,

in FORTITUDE-XXX assessing gastric we Bemarituzumab a therapy study. has bemarituzumab are the FGFRXb first specifically in become combination targeted potential for chemotherapy and checkpoint positive the Additionally, cancer. the with inhibitor to

for the pancreatic end Next, first-line PANOVA-X study readout cancer expect pivotal our the treating this field the tumor by we year. franchise, Phase locally of data advanced in III

We Greater the are in China. in study participating

patients Depending small-cell shown on study I and inhibitor. preclinical global progress a ongoing homogeneous linker inhibitor for the internal where high more early DLLX partner validated results small-cell clinical small-cell data, to cleavable utilizes our by checkpoint platinum-based is in the we therapy. progression and affinity X end and of and ADC study lung ZL-XXXX in payload. programs, on patients our DLLX. enrollment could is addition cancer a novel ADC see [ I following XXXX the DARX made XXXX. This good specificity In refractory promising expressive of a aren't data combination than It has clinic. topoisomerase treated late-stage our DLLX-targeted States with a early the cancer lung of potentially the also treatment Phase therapeutic a the XX% target and protease is lung for cancer we our oncology ZL-XXXX include the and [ will designed assets China of in with relapsed totality DLLX ] or in ]. of in United

in and combination under is study with pembrolizumab I antibody enrollment CCRX evaluating in Phase ZL-XXXX XXXX patients with a agent tumors. global a a as solid currently in advanced single

preliminary September for of the We Medical analysis PK to I PD tumors solid present (sic) expect clinical study European XXXX. ] the Oncology at in [ and in of Society global the Phase

We're of publication for improve to also excited by ovarian the the treatment highlights synergistic portfolio homologous deficiency-positive ZL-XXXX with asset potential opportunities our in niraparib. of recombination Cell A cancers. combination's recent possibility combination

drug at internally-discovered also brisk efforts moving other Our we discovery a product and are progressing in candidates. are pace

validation in our generating hematological development tumor expressing a RORX us continue as expressed to as overcome treatment ADC recently ADC least RORX-targeted termed capabilities portfolio, a our malignancies. program in oncology it with of be global embodied ADC, used believe leverage first-in-class will best-in-class target to We potential objective the attractive we with is this payload with develop potential our global giving year. tumors. solid and quickly commonly possible. the next-generation to will on of pipeline tumors in is the of We demonstrates per of global expanded ZL-XXXX. and We when global X limitations have the solid This solid IND execute earlier an continuous on our focus linker technology our RORX program targeting and ZL-XXXX strong at

next momentum earnings and plenty forward can achieved updates I progress first to providing R&D across look this expect year, this call. of fast on Overall, we we to continue. half of our in the

us overview financial an And will now of Yajing results. Yajing? give our

Thank you, Rafael.

quarter our results the discuss financial second period. year XXXX to will prior I Now compared

NRDL first-line for X, in treatment This revenues Total growth the increased XX% was million, first-line treatment renewal cancer of hospital January the its XXXX to in listing in ZEJULA $XX on September million supported $XX.X for representing ZEJULA's growth XXXX, NUZYRA. year-over-year net and a included driven effective by and [ second year-over-year ovarian sales constant-currency $XXX.X were for cancer product sales XX%, the since patients of same increased of basis. X% the quarter or ZEJULA launch in sales XXXX increased million revenues the growth adult primarily drivers Primary VYVGART XXXX. of duration period next-gen the this January product ] of ovarian and revenue driven for NRDL compared for XXXX to increased of by recurrent and by increased following. net and with listing

VYVGART's million of million the XXXX, the driven net January $XX.X increased compared for access product gMG as treatment to patient reception effective listing period is same XXXX, for by added hospital formularies. as the X, physician for NRDL formulation to grew revenues patient $X.X in to and and as VYVGART well positive IV

the and net with first in listings this structure for oral IV formulation to for community-acquired quarter of the XXXX. NRDL XXX% treatment and XXXX the bacteria the or pneumonia, by CABP, skin NUZYRA infections, the grew $XX.X bacterial or first ABSSSI, quarter product and revenues driven adults of in for of indication million, skin formulation the acute

Turning now was our of license million studies. and for $XX.X expenses to due the trial to collaboration expenses fees related by to development the primarily milestone XXXX. the second and expenses, in partially million of increased newly-initiated compared clinical and decreased in XXXX progress our research to $XX.X existing This agreement same decrease offset studies for were period quarter

expenses Selling, XXXX. for XXXX $XX.X This second selling to quarter primarily by in compared expenses period administrative higher driven growth was to support general primarily of million were $XX.X and headcount the VYVGART. increase general and the same in million

and and percentage the quarter in second of SG&A continue and to XXXX, expect same to compared as of significantly ongoing revenues a revenues growing expenses the of cost in XXXX declined this efficiency as result we R&D a trend period initiatives. Both and

loss a same million of net loss $XXX.X to a quarter shareholders company of for attributable a net in recorded compared the $XX.X of ordinary share second share per million loss Lab or in XXXX, ordinary of Zai per of the to $X.XX a $X.XX. period loss or XXXX,

million in a million anticipated our we with the are the we on $XXX and able operating to growth, ending revenue of strong of expect end our XX, plan to quarter March XXXX. business to which as financial be $XXX.X expect cash to position, We achieve position through Based by fund a of XXXX. our compared profitability,

to call our back And turn line over I with questions. that, would to to the operator for now like the Operator? open

to comes Kyle Yang and going question of from we're Jeffries. the take Now question, Instructions] line [Operator our from first the

for Michael Yang. had It's Yee We Kyle questions. two

question to a tell the gives the first How bit as adds. on to trajectory you're about it relates more The what going guidance. related across And that things is a your talk bit VYVGART. little about tracking country? are Obviously, metrics confidence little maybe just month-over-month you the us

you you little for appreciate second the have things obesity? Are such bit keenly particularly out everywhere, go you little just And different, I but considering development? know spread a on areas, question, I deal neurology, are Can and beyond of a maybe as in-licensing talk focused little new you the you just oncology? a so to metabolic bit about Would other RORX. kind oncology? business bit

on for I'll Michael, questions. it's ask little development our Thanks Josh. strategy. talk and VYVGART about the Jonathan to a then business bit start

of to this I first but back what pleased year first, year. say, VYVGART, quarters the performance we the year, of trend certainly, $XX with through last gives think for half certainly million the see in first going us to quite launch the the X is exceeding the confidence we're well,

half I down. gone to think who current in in we've really responding that about and I not on reason the and been in getting first consistent their product using seeing been of are through experience those episode treatment. acute the early new is And patients well. see the launch and patients think don't that's to know, slow focused of with or that's I what an start we a month, we for year, We're X,XXX any well think, First, focused gMG, you parts on to patients the physicians as

will we got gMG to patients see are mind You've in with who in keep on-label that who benefit. China XXX,XXX about

think initial really think physicians have or XX X,XXX got of significant have are, physicians go. physicians is so I doing used far, who we've prescribe used third, have so and way experience. it so And somewhere about long But well, it a far. X/X think, those those think, their And I with emphasis that what patients pretty of on second, we're had using more to patients percentage in good times. range physicians, pretty good I now X,XXX, a still quantities the aren't we We've are who we've in for the of of I treated seeing over getting

as we'll new So of half second I continue patients. year, now to we look think, accruing the the on focus to

the So scratching But surface, full just we're of to the the to we of the acute the I from who at sort terms maintenance ensuring from getting I'd patients we're this just that of drug. experience patients think, say in look from therapy. benefit an can transitioning aspects ensuring initial will benefits begin are important

So here, we're ensuring for that in time so focused the still and their on we transition And here. early to that cycles a of getting I will patients, into successful in back believe year as Michael, second get I they're second, accrue the third no on. also won't but think reason on continuing launch, be think, we half the but over be to

huge So China. be million for in patients we're 'XX where here I opportunity, But But year. we beyond, think as based we are we'll $XX for again, really confident think more still, into and the on right just come. think, over now, gMG to I a I think, that

to development. about business talk turn I'll Jonathan over it to

our of terms continuation we're that programs. certain in areas the pipeline, global have grow strategy the And and more global grow within And immunology RORX that, we is pipeline. our primarily that I So on. really to think focus, as of oncology it's a we even focusing

of then In an example, done Asia. assets, looking operational capabilities part pipeline. for can and with probably beyond diseases. enough, that leverage product opportunity see When is oncology we of the pipeline So are immunology. we kind globally, that the bit late-stage sort very big more within China we regional we world, across area, to capabilities there, as product we like in this for example. our go a we synergies on what area are a KarXT, demonstrated which But as want an ADC that's early-stage in at oncology I build also When keenly immunology, more a well growing and to we turn we focused of have have are and much in think certainly, across certainly modalities, we

[Operator next take of we'll Instructions] the now Anupam question, and And from Rama comes question our line JPMorgan. the from

progress. the Congrats on

NRDL have we walk VYVGART And through in a came [indiscernible] the you approved, next to that into do wait us as look approval line VYVGART? how of the modality near about July, marketplace the would with the this I'm Maybe NRDL Jan, assuming like but what post-NRDL now for world subcu well. could kind So given coming think does is for of like in for you time subcu? XXXX incorporating dynamics term?

year, we're approved we're Yes, We'll subcu. look year. covered back, what and won't about on that's by be Josh. NRDL and now just this launch approval of It's subcu focused IV on. later is Yes, it course, to so the excited this for NRDL, going

this Rafael IV an approval, to to I we'll product post It call. timing mentioned unlikely it's the improves patient XX, in terms time, addition was of to for think, June experience of as that franchise. the It's NRDL add important on XXXX. be versus the given able the the which

in continuing available physicians make I assumption is XXXX. impediment to And I work the patient and requires a course,, think, be major to of about for we'll the sure XXXX, the as through a for So of subcu physician don't in a product's now, NRDL that that Today, patients. will see But not for the faster for that experience, that follow-up. drive base I answer. the administration. last that kind treatment, to go do still and experience, to while uptake better maintenance patients talked hospital available

approval quickly still to launch, indication, to that it's So paradigm then, really that combine us treatment great next of on of be we're big focused XXXX, in and but say, that China a have as our opportunity But NRDL course, but I the works as today. and likely fits with I a not the think will front look gMG. possible, I with as XXXX, formulation and we opportunity. getting for we And think IV well CIDP

Yes.

this -- think is I Samantha.

be think NRDL add to overall perspective. the I Josh I is a one be thing January. very gave in to though it very won't want the unlikely good in even it'll be But -- included

prin- continue However, for the we plans, municipal and subcu, we that work provincial to reimbursement the done with will have the before. which

is this supported most Optune, our the by example, plans, second second For municipal KEYTRUDA. insurance to only provincial and

to comes next Nochomovitz Yigal question, Now Group. our and take line we're it from from Citi going the of

of 'XX, on profitability year-on-year the key target CAGR. the end So the discuss of expect concretely in you and just launches of quarter are a growth XXXX and if as coming XACDURO really potentially helpful profitability assumptions the second moment P&L by be It from and take by of to at the as guidance CIDP end walk well that the the the you'd and line would the more you drivers new outlined subcu these through XX% us could contribution AUGTYRO back end top from of XXXX what get that to year. any VYVGART contribution and and the

expect -- you're through of year, big XXXX the growth, in biggest toward 'XX of efgartigimod us start, to that's contributes suggesting launch starting even again. the number of start the to greater profitability of and ask XXXX, growth then line but achieving for revenue annual the and top end And said provide the 'XX you're of seeing efgartigimod here and Yajing with comments approach the on Josh maybe year full compound few for sales and I the that base, quarter. a higher to a going the think more question. the be. this between I'll P&L. total or is as the I'll growth more second end to we the the that is But of end XX% driver your It's the We've that the

think I thing is, rest to the of next that's is to the So around biggest XX%? into then if I at X case, watch place. is the line And of top the -- falls our growing think, the or quarters, over XX the P&L sort

To contribution and your IV, the and XXXX again, question of about driver what's is the there, think be going biggest gMG. between XXXX the now I composition or end to into VYVGART

given be I XXXX. just think don't have that FCRNs NRDL are now between through period, we over where everyone are growth, driver that and We XXXX. the to line in that we remind available the we biggest -- and expect we time any certainly time now other will of on be and

opportunities. in a we've of field good really tremendous open patient got us So front and here

franchise. mentioned, will We the for those overall this expect of and I growth, will new franchise, listing at as year. We'll launch X -- later NRDL the course, launches of to That expect product that XACDURO Repo includes over to end products forms time, we'll pursue they -- do and QX. products contribute the or

those cumulatively, should so not products or the grow CIDP business subcu the approach you year coming, for that's to expect take in the gives I think so on if the and or then we'll think, add new through base with I at us think this I And and there's products XX%. to lot similar products expense continuing last around growth we've that a XX-plus grow we in so together and top in think, base we are layer of probably of products -- from gMG, to next continue well. range. that to to potential business, year, our ZEJULA, line you manage to QINLOCK, to exactly those year that's if XXXX, that, that also XX% significant grow place, confidence next already are our year, something like those X, the Most OPTUNE, should I But support should be think, to NUZYRA expect, the there. able said, base a percent I look you pretty for infrastructure

But comments Yajing here. I'll any ask to make final

question. Excellent

growth. of I we're kind to see see, right revenue perspective happy think happy to the of that -- we're

So grow putting in control, meaning revenue the as we can. in operating XX%, we to the of expenses we efficient ] sort at are we that as as want [ be

As expense our G&A we so flattish few the be infrastructure. in communicated before, the building we're next going to years, already is

see can to [ You expect the ] now there. growth

also the studies. stable will ramping years expenditures and R&D relatively running studies Our next remain the down in up couple of of current the we're as some global

growth you're is The area sales marketing. that expect modest and to the going

in couple of years. As Josh the a he -- launches new as mentioned, we have [ new list of ] next

is commercial the the much, So the [ we to ], amount smaller grow growth. way but than much S&M going revenue are

prior going next couple trend continue demonstrated That's the we get see as year-over-year, the you're expenses will revenue years. have overall, the and that continue by that's end the we of the how path to So XXXX. we're profitability to significantly in X of to and going the go percentage that years, down to -- of a to in

Just the of guidance for half one entire portfolio and some a products, think, And as in the assumption? I follow-up provide get have assuming once on that the the them and plus the potential of so VYVGART, investors commercial decade? can X the of to sort sense fair to second is X there we original trajectory launch, I'm -- going a are longer-term those Is you that then move into are those XXXX. plus KarXT would launched

in But on complete confirm, contingent should certainly, end Yigal, you and both contributing early be be to gave expect point at think exact -- revenue the timing products obviously 'XX think, XXXX, whatever and just those those products as market. of we to otherwise. the know, we'd submitted on that or guidance. yes, in I is of of XXXX. And getting I The 'XX, both trials First, approvals, of

that The last compound first XX% gave end the sales as I year annual said be and growth of a guidance 'XX we basis. XXXX, on say, and was we of least at expect that end between, to

we of position on of the with longer-term wave more get market those the bit a of guidance. think, as I behind in history to give a course, be little products a us few and launches, have first we'll years

reason is of of still that we growth as adding end there's I get in at and now their be sales into keep growth the growth products the otherwise. the to it But launch trajectory, can important if shouldn't kind KarXT, XXXX mind to is will very trajectories. all decade VYVGART indications XXXX, will And their of and like in end still drive that thing products the launch to are in that XXXX, between early I XXXXs. XX% in of the phase early bema of think get be course, by the we mean, no the to to plus that and Eye Thyroid Disease high and continue be like and rates going we'll

and a the take So excited. need just X the long-term growth time. of we're we're them I far, about think launch potential to at quite we so But good, so optimistic portfolio, quite and

Chen take next Louise go our from of from question And we'll the comes line the Cantor. question. Now

is progress Sara this for Garros [ quarter. the from on Congratulations Chen Louise This ] on Cantor.

about, KarXT and follow-up previous We questions, the the X bema. is have a just the we kind that question to which X of talked

we think kind stage, and contribution status and in these is assets As question bottom on should to the kind DLLX of this data the the ADC of of different top we're should terms we registrational year. what later latest overall then X maybe line? expect And about a the getting closer to the how

talked, to be I those XXXX KarXT on and First, do to as expect for company think, we've in bema, we yes, sure. contributing the

sort year. that Just to early confirm quarter year end the with are we this of -- of time we next study to look the and complete data the bridging lines by should or KarXT, submit

a us for time and that So for a puts well on launch. approval line line XXXX

certainly results those be as and partner, in we're early in enrollment doublet submit, our the in FORTITUDE-XXX, conjunction I studies, study. Amgen, Rafael we and mentioned. to a position is XXX, two bema, think, so With release with and FORTITUDE-XXX XXXX first-line for first-line complete, should sometime in the

approval So That hit is XXXX. bema sometime with in early chemo. this certainly should

think The months FORTITUDE-XXX about X so enrolling. I or And is it's behind.

contributing I hopefully, again, those, XXXX. of in both So are think

to opportunity if patients advancement, I said sort the in in past first look there's a get million global will I product in the XX at for patients. receptivity you in we've and I be basis a their available a important X lot leaders mechanism approved and new in schizophrenia for really schizophrenia, think, that KarXT than interest this years, with of KarXT thought represents among more overall, China of think China. on diagnosed think,

Alzheimer's $X type also the of So reason We're joining a there's opportunity annual a psychosis opportunity, a of no China. opportunity, longer-term I there significant very shouldn't on billion time be think that's over basis. big And trial. in as course, well

cancer. specifically, We're XX% a think, it's that's look expression, of bema, and year. ]. at than [ -- the cancer very in at greater patients approaching significant And overexpress of look who you China you patients if XXX,XXX if a focused that's sort FGFR a more think on I for gastric I course, Asia, in

This period survival. smaller terms patients seen we studies, what earlier, long drug of a time from can in quite replicate this if we've for time, a so should first-line of that, benefiting be therapy in a

and will I of in contribute Again, submitted this patient year could in we've billion said to these $X the per think, and care trials also approved, to one annual are a advances get I think, represent complete, first-line but sales got significant for major both up China. in setting. we've products, again, quite So

So there. that's we are I where think

data, dose expect we've excited got really the early from asset. seeing escalation target, or and next a said available have I I Phase by in of of of be hopefully, QX. of important we'd about year. We're phase to trial think this it's we're good an here. discussed to the and we've think, data the drug we the year something there end terms report progress we medical DLLX, And And in this a in at meeting quite with course,

for So thanks the questions.

take Leerink our question go of the we'll Chang from comes question. Partners. Jonathan from Now next the And line

and discuss levels, what versus the On FORTITUDE are Phase of studies FGFRXb, the PD-LX? enrollment progressed plan? have in overlap bemarituzumab, III the the thoughts markers can expression how like And other on latest your you level with

significant execution with of relationships key and clinical may ability I as prevalence of and from of enrollment, pleased with I Jon here, sites. our, good terms been patients given have We've amounts But China very contributed comments some start to cancer our both quite the in and the team FORTITUDE-XXX in here. think, I'll XXX, think, and gastric just well. first, we've to enroll

XXX, Amgen completing So basis, transition towards enrollment that next conjunction well. and behind, say, as I is hopefully, but is going to -- assessment XXX, early is X mentioned, a a year. with in the in months really submission complete as enrollment I about we're and working we'll on global

think line of with XXXX of data complete these good both should fundamentally both expect be I you available. So studies -- to hopefully top these in

you I it's I think, at the at patients look think opportunity, look as XX,XXX in XXX,XXX greater of And than as range we China. in the mentioned, if expression XX%, somewhere to I the

-- with think is here close Jonathan course, with -- opportunity very so I some I the overlap, focus in this, a other I long-term bigger agents he's limited too case. of in setting. in study, think triplet to targeted of with But think, think, combination but PD-X our first-line I in here relatively this the comment can and with the because is the

that about opportunity. excited quite we're So

if know don't I to anything add. Jonathan, have you

Josh's Yes, comments just to add to quick sure, remarks. maybe

the I majority around think, the gastric of the or China contributes XX% first, more world. than patients

percentage bema any global than are time significant markets. global, and contributed to China Zai than we since the line later joined country world studies, global patients more in much of a the which accelerating and in the So we Thereby, of enrollment. other the Zai very other is to bema joined China

the much started what On the the II studies. the Phase study, the expected we FORTITUDE-XXX were expressions we before Phase II or expressions expression whether the initial study, than more we levels, actually high when low-medium did

about XX% XX% is of FGFRXb overall So and of patient population. which high-expression about is patients the

patient FORTITUDE-XXX And much type, separation So also it the showing found, with wider large expression, bema therefore, we so very the more the cancer, also like And saw in the aggressive we teens. PFS a there's of and response the original the FGFRXb, group. higher PD-X. mind more rate effect with tumor is is And the the OS you,PD-X additive gastric study. agents curves in in

So it works, improvement. lot but room there's a more for probably

we're which we're bema. moment we forward lot at think the are to look, and the Amgen. very a medicines, with to be together there's So of these potential about transformative data accelerating looking for excited We

go from take question. of we'll And comes line Stanley. our Now Morgan and next Jack question the the from Lin

on this Congrats quarter. sales the performance

[ pricing strategy ] accepted that SCR. could drive of ] such CDE that So potential this I [indiscernible] also a by was kind potentially my to the if on question the the the adoption, competition, for on [ company is earlier given year, the later as was approved detail be commercial NRDL I particular But with the Renazo understood is XACDURO an which was topic subcu-based touched wondering on the -- also the and could expand timing. [ particularly upon ]. a review kind subcutaneous of

drugs? of how [indiscernible] the us, especially UCB if operation also to on kind in VYVGART with compare the commercial And share that So con- if management could also, China X immunology -- and space? comparing does note, help

start. I'll Josh. It's

make viable have alternative I for as works other first, and But China. treatment say. I gMG who option do emphasis of Samantha accessing as the into patients we'll as the think, well, everything in we now, formulation patient It ways patterns seek supplemental and how a well and think, treatment I I fits or on mentioned for mentioned insurance subcu can to well, for IV very patients it.

improve the or be gMG and the agents more the of to than manage around really going much convenience differentiation I symptoms formulation think among piece. symptoms the is the how does it

we're So strong has that that on as China, and think that argenx in even I now we the going to approved a think, confident we us a are I is accumulating the are accumulated and really potentially market. -- agents data in a give that other quite setting have, real-world position

we've that number anything course, eligible months be again, I position. with setting in trials generated, what in is a in listing will in both really for think point, going a think, data the next NRDL but clinical real-world not thousands by the that I Of tens put approved of of us that's until now XXXX. patients' And experience, of to be also strong

about agents. generation think, the I approvals overly the not, concerned or next we're next So of

new a many educating and educating many involved good over both but having have been Of to where course, in competitors you particularly them an challenge classes a talking in and any setting also launches more years, competitive and from more in organizations perspective, like is opportunity, this, high-quality having patients. physicians

individual from that in well think, we products. data strong to think really quality for come. welcome our on of be standpoint, years But the many some I companies I So with we and a bigger stands we'll an think, basis, up position

the and Goldman of [ Sachs. take Jao comes Linha the Now it ] to we're line question from from going

know I could GBM where the about oncology given a curious that, forward, commercial we OPTUNE to GBM, now that top-tier focused commercial patients. companies more find going strategy especially more I'm strategy for adopting concentrated overall the for are we

pancreatic for For the be concentrated non-small we concentrated would for Then program have would potentially still strategy GBM. do OPTUNE? similar less you cancer the about overall, larger curious to other adopting the cancers, this compared cell lung indications adopt for see we indications, of indications? concentrated the how And Just may a example, OPTUNE? level strategy consider you in for and other commercial which profitability

take one. It's shot Josh. I'll a at this

will reimbursement. and for made second something medical you'll -- to indication. drive to in are of And an QX for economic where beyond I on for the we're course, some line opportunities relates resources through adjustments terms GBM, enough in the NRDL way best we've understand be now as the bottom to where and think, to we're we yes, are factors experience just profitability in see devices, that that have sense to from we focus And think first, here, we I focused initiated to to how quarter makes of do sales unless deploy eligibility I perspective, it our changes allow but and us GBM. not the until that limiting have it a that or drives this have -- that's also going profits. always And think

good mean, lung non-small to will a look. or in in think take to as approved, patients, deploy in physicians I having there's make where we're available. relates put drive we in it for and as I is I opportunities it against can I think, approach. next shareholders. benefits resources sure interest our we And but if cancer I we're important this cancer, benefits second-line same in really treatment against also option and for that, We'll to cell China. And that, mean, the think the this that look going lung opportunity product LUNAR product a we provides it, the going

it's can of a I technology the on it insurance think focus on the patients here, the stay on. -- and where -- drug much because and necessarily supplemental it get areas bigger will and opportunity. focus So on But or so stay we'll

TT benefit number the just I in think who is in -- patients could significant. second-line pretty fields of cancer from lung

year think at in we're results from end trial to the see PANOVA pancreatic. the quite I of and anxious the this excited

you not have in an something as concentrated but op- I pancreatic is that's and provide think, as think maybe benefits that mean, the work cancer to significant. indicated, but could opportunity, I pretty I

opportunity there, as and available that, if a it sure of we and I an think there. there's launch So good, make looks optimize compelling that's data sort we'll the think the I is opportunity

I But the approach there's to benefits opportunity. to important -- work think focused we a because to the of have show do reimbursement is lot continues multiple really take if here. But it overall tumors, in summary a It technology. with here

showing will Lab's time. remarks. over I Zai closing the turn for CEO, back Samantha Thank further you. call questions Du, this I'm to now at no

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

This call. concludes Thank you participating. today's conference for

You now stand please all Speakers, by. disconnect. may