Full Press Release Details
Zai Lab Reports Full Year 2017 Financial Results and Corporate Update
-- Zai Lab to Host Conference Call and Webcast Today at 8:30 a.m. ET--
SHANGHAI, China, May 2, 2018 (GLOBE NEWSWIRE) -- Zai Lab Limited (NASDAQ:ZLAB), a Shanghai-based innovative biopharmaceutical company, today will provide an overview of financial results for the year ended December 31, 2017 and Zai Lab's recent progress and potential upcoming milestones.
"2017 was a year of consistent and dynamic execution at Zai Lab," said Zai Lab's Chairman and Chief Executive Officer Samantha Du. "We meaningfully advanced our clinical programs and further expanded our therapeutic pipeline, completing three important business development transactions over the past twelve months. We also completed two equity financings, increased our manufacturing capabilities, and substantially expanded our team. For the remainder of 2018, we anticipate data or milestones from many of our clinical programs and are planning to launch our first commercial product in Hong Kong. We look forward to continuing our momentum towards becoming a fully integrated biopharmaceutical company, by progressing and expanding our R&D pipeline and in-house discovery efforts."
Recent Highlights and Upcoming Milestones
Internal Discovery Programs
Corporate Development
Full Year 2017 Financial Results
Conference Call and Webcast Information
Zai Lab will host a live conference call and webcast today, May 2, 2018 at 8:30 a.m. Eastern Time to review its financial results and provide a general business update.
The live webcast can be accessed by visiting the Investors section of Zai Lab's website at http://ir.zailaboratory.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call 866-394-4355 (U.S.); 314-888-4344 (International); or 4006828609 to listen to the live conference call. The conference ID number for the live call is 5836799. A replay of the webcast will be available for on Zai Lab's website for two weeks following the live conference call.
Zai Lab (NASDAQ:ZLAB) is a Shanghai-based innovative biopharmaceutical company focused on bringing transformative medicines for cancer, autoimmune and infectious diseases to patients in China and around the world. Zai Lab's experienced team has secured partnerships with leading global biopharma companies, generating a broad pipeline of innovative drug candidates targeting the fast-growing segments of China's pharmaceutical market and global unmet medical needs. Zai Lab's vision is to become a fully integrated biopharmaceutical company, discovering, developing, manufacturing and commercializing its partners' and its own products in order to impact human health worldwide.
Zai Lab Forward-Looking Statements
This press release includes certain disclosures which contain "forward-looking statements," including, without limitation, statements regarding the timing of the initiation, progress and scope of the clinical trial of ZL-2306, FPA 144, ZL-2301 and ZL-3101, the commercial plans for ZL-2306, the timing of results from clinical studies of our product candidates, the ability to obtain regulatory approval for Zai Lab's product candidates and Zai Lab's cash runway. You can identify forward-looking statements because they contain words such as "anticipate" and "expected." Forward-looking statements are based on Zai Lab's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Zai Lab's Annual Report on From 20-F for the fiscal year ended December 31, 2017 and its other filings with the Securities and Exchange Commission. Zai Lab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Media: Justin Jackson
Burns McClellan, on behalf of Zai Lab
212-213-0006, ext. 327, jjackson@burnsmc.com
Investors: Jill Steier
Burns McClellan, on behalf of Zai Lab
212-213-0006, ext. 367, jsteier@burnsmc.com
Consolidated balance sheets (U.S. GAAP)
(In U.S. dollars ("$") except for number of shares)
| As of December 31, | ||||||||
| 2016 | 2017 | |||||||
| $ | $ | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 83,948,770 | 229,660,148 | ||||||
| Prepayments and other current assets | 143,527 | 954,506 | ||||||
| Total current assets | 84,092,297 | 230,614,654 | ||||||
| Investments in equity investees | 500,000 | 1,650,348 | ||||||
| Prepayments for equipment | 1,417,029 | 126,411 | ||||||
| Property and equipment | 1,246,058 | 11,853,764 | ||||||
| Other non-current assets | 1,651,901 | 5,389,051 | ||||||
| Total assets | 88,907,285 | 249,634,228 | ||||||
| Liabilities, mezzanine equity and shareholders' (deficit) equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 523,338 | 8,967,685 | ||||||
| Warrant liabilities | 3,900,000 | - | ||||||
| Other payables | 750,118 | 3,101,459 | ||||||
| Total current liabilities | 5,173,456 | 12,069,144 | ||||||
| Deferred income | 778,434 | 2,394,124 | ||||||
| Total liabilities | 5,951,890 | 14,463,268 | ||||||
| Total mezzanine equity | 134,507,144 | - | ||||||
| Total shareholders' (deficit) equity | (51,551,749 | ) | 235,170,960 | |||||
| Total liabilities, mezzanine equity and shareholders' (deficit) equity | 88,907,285 | 249,634,228 |
Consolidated statements of operations (U.S. GAAP)
(In U.S. dollars ("$") except for number of shares)
| Year ended December 31, | ||||||||
| 2016 | 2017 | |||||||
| $ | $ | |||||||
| Operating expenses: | ||||||||
| Research and development | (32,149,157 | ) | (39,341,518 | ) | ||||
| General and administrative | (6,380,144 | ) | (12,049,518 | ) | ||||
| Loss from operations | (38,529,301 | ) | (51,391,036 | ) | ||||
| Interest income | 403,266 | 527,351 | ||||||
| Changes in fair value of warrants | (1,920,000 | ) | 200,000 | |||||
| Other income, net | 2,533,823 | 529,161 | ||||||
| Share of loss from equity method investment | - | (249,652 | ) | |||||
| Net loss | (37,512,212 | ) | (50,384,176 | ) | ||||
| Loss per share - basic and diluted | (3.97 | ) | (2.32 | ) | ||||
| Weighted-average shares used in calculating net loss per ordinary share - basic and diluted | 9,439,028 | 21,752,757 |
Consolidated statements of comprehensive loss (U.S. GAAP)
(In U.S. dollars ("$") except for number of shares)
| Year ended December 31, | ||||||||
| 2016 | 2017 | |||||||
| $ | $ | |||||||
| Net loss | (37,512,212 | ) | (50,384,176 | ) | ||||
| Other comprehensive (loss) income, net of tax of nil: | ||||||||
| Foreign currency translation adjustments | (594,912 | ) | 1,148,440 | |||||
| Comprehensive loss | (38,107,124 | ) | (49,235,736 | ) |