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Zai Lab(9688): 1Q26 financial results reveal a period of operational pressure. Total revenue for the quarter reached $99.6 million, representing a 6% year-over-year decline. The net loss widened to $51.0 million, compared to $48.4 million in the same period of 2025. This increased loss was primarily driven by a decrease in product revenue and a rise in research and development expenses, which climbed to $65.6 million. Looking ahead, the company is navigating a transition in its growth drivers. The launch of KarXT in China is slated for the second quarter of 2026, and TIVDAK is anticipated to receive approval within the year. While late-stage assets like povetacicept and elegrobart have yielded positive Phase 3 results, the path to profitability remains steep. Sustained R&D investments and revenue headwinds for established products mean achieving a turnaround in the short term will likely remain a significant challenge.
S&P 500 and Nasdaq both hit record closing highs
NVIDIA CEO Jensen Huang was invited at the last moment to accompany Trump on a visit to China, which led to outstanding performance in chip stocks. On Wednesday (13th), among the major U.S. indices, only the Dow Jones closed in the red, while the S&P 500 and Nasdaq both hit record closing highs. The U.S. April PPI rose 1.4% month-over-month, higher than the market expectation of 0.5%, marking the largest increase since March 2022. On a year-over-year basis, the PPI increased from 4.3% in March to 6.0%, indicating continued expansion of inflationary pressures.
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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