Zai Lab Limited

Hello, ladies and gentlemen. Thank you for standing by, and welcome to Xilab's third quarter 2025 financial results conference call. At this time, all participants are in the listen-only mode. Later, we will conduct the question and answer session, and instructions will follow at the time. As a reminder, today's call is being recorded. It is now my pleasure to turn the floor over to Christine Cho, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Hello and welcome, everyone. Today's earnings call will be led by Dr. Samantha Du, Scilabs founder, CEO, and chairperson. She'll be joined by Josh Smiley, President and Chief Operating Officer, Dr. Rafael Amado, President and Head of Global Research and Development, and Dr. Yajing Chen, Chief Financial Officer. As a reminder, during today's call, we will be making certain forward-looking statements based on our current expectations. These statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from what we expect due to a variety of factors, including those discussed in our SEC filings. We also refer to adjusted loss from operations, which is a non-GAAP financial measure. please refer to our earnings release furnished with the SEC on November 6, 2025 for additional information on this non-GAAP financial measure. At this time, it is my pleasure to turn the call over to Dr. Samantha Du. Thank you, Christine.

Good morning and good evening, everyone. Thank you for joining us today. Before we discuss the quarter, I want to take a moment to reflect on who we are, where we're headed, Zalab was built on a clear vision to bring the best global innovation to patients in China and to discover and develop new innovations that can compete on the world stage. That vision remains unchanged. Today, our global pipeline is stepping to the forefront, becoming the next key chapter in Zalab's growth story. JOSI, or GL1310, has now entered the pivotal stage, less than two years from phase 190, an extraordinary pace by any standard in our industry. We're on the path for our first global approval by 2027 or early 2028. Beyond JOSI, we're expanding our global portfolio with other highly differentiated programs, including our L13, L31 bispecific, phytotic dermatitis, L12, PV1 bispecific, and LRC15 ABC for solid tumors. More importantly, we have built a global R&D organization that combines speed, scientific rigor, and quality expected of a global biopharma. On our commercial business in China, we are commercially profitable today and on a steady, profitable growth path. However, the pace has been slower than expected. The environment is complex and dynamic, but at the same time, they are encouraging signs of progress. regulatory reviews are faster and NRDL negotiations are more transparent. We have one of the strongest commercial teams in the industry backed by a portfolio of differentiated high potential assets. And we remain confident in the long-term potential of this business. This next chapter We'll take focus and persistence, but we have the right science, the right team, and the right vision. Together, we're building a company that will make a lasting difference for patients and create long-term value for our shareholders. With that, I'll now hand the call over to Rafael, who will walk you through the progress of our R&D pipeline. Rafael?