Zai Lab Limited

Hello, ladies and gentlemen. Thank you for standing by. Welcome to Xilab's fourth quarter and full year 2025 Financial Results Conference call. At this time, all participants are in a 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. It is now my pleasure to turn the floor over to Christine Chou, Senior Vice President of Investor Relations. Thank you. Please go ahead.

Thank you, operator. Hello and welcome, everyone. Today's earnings call will be led by Dr. Samantha Du, Xilab's founder, CEO, and chairperson. She will 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. Dr. Shan He, our Chief Business Officer, will also be available to answer questions during the Q&A portion of the call. 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 will 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 February 26, 2026 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.

Thanks, Christine. Good morning and good evening, everyone. Thank you for joining us today. Satellab is an important point in our evolution. We're building a company increasingly defined by global innovation resting on a foundation supported by a commercially profitable China business and R&D infrastructure Today, our global oncology immunology pipeline is reaching a scale and maturity that fundamentally changes the profile of this company. We have multiple global programs advancing rapidly through the clinic and with Josie in pivotal stage. We see a clear path toward our first potential U.S. approval by 2028. Importantly, we advanced Josie. from IND to Global Phase III in less than two years, an industry-leading pace that reflects the strength of our integrated U.S. and China development model. This capability enables faster, more capital-efficient execution. It's now being applied across our broader pipeline. Our China business continues to provide stability and leverage for our global R&D efforts. Despite a challenging macro and operating environment, full year revenue grew 15% year on year, and our commercial profitability continues to improve. Looking ahead to 2026, our priorities are very clear. This is a year focused on execution and preparation. We expect several meaningful pipeline catalysts, including clinical data for JOSIG, in brain metastasis, neuroendocrine carcinoma, and first-line small cell lung cancer, as well as first-in-human data from our L13 or 31 receptor bispecific program in atopic dermatitis. On the original site, We have important pivotal data results for large opportunities, such as povitacizib in IgAIN and Aligurabed in thyroid eye disease, all of which enhance the durability of our China growth engine. Business development remains an important lever for us. Our presence and capabilities in China provide access to one of the world's Most important, fast-evolving innovation ecosystems, creating opportunities that can meaningfully strengthen and prioritize both our global and regional pipeline. Ultimately, our objective is to build a company that can make a lasting difference for patients while creating substantial value for shareholders. With that, I'll now hand the call over to Rafael. We will walk you through the progress of our R&D pipeline. Rafael?