Zai Lab Announces Senior Management Restructuring as President and COO Josh Smiley Departs

On May 21, Zai Lab announced adjustments to its senior management team, aimed at further enhancing operational performance and efficiency. As part of these changes, the Board of Directors decided that Josh Smiley, President and Chief Operating Officer, will cease to hold any position with the company effective Friday, May 22.

Dr. Ying Du, Founder, Chairperson, and Chief Executive Officer of Zai Lab, stated, “I would like to thank Josh for his contributions to the company over the past three and a half years and wish him all the best in his future endeavors.”

Not long ago, Zai Lab announced its financial results for the first quarter of 2026. Total revenue for the first quarter of 2026 was $99.6 million, compared with $106.5 million in the same period of 2025, representing a year-over-year decrease of 6%. Net product revenue for the first quarter of 2026 was $95.6 million, compared with $105.7 million in the same period of 2025, representing a year-over-year decrease of 10%, or a 12% decrease on a constant exchange rate (CER) basis. This decline was primarily driven by lower sales of Zejula, partially offset by increased sales of Optune and Nuzyra.

At that time, Josh Smiley stated, “We are deepening our footprint in key markets to meet the potential demand for efgartigimod, while expanding regional business coverage to prepare for the launch of xanomeline trospium chloride in China in the second quarter of this year. With approximately 8 million patients with schizophrenia in China, and supported by national diagnosis and treatment guidelines, the launch of xanomeline trospium chloride will enable us to introduce the first novel therapy in decades to this important market, and we hope it will be included in the National Reimbursement Drug List next year. In addition, we expect TIVDAK to receive marketing approval this year, and Phase 3 studies of povetacicept and elegrobart have also yielded positive results.”

It is understood that Zai Lab expects to report multiple clinical data readouts in 2026 for its leading global investigational therapies, including zoci for first-line extensive-stage small cell lung cancer (ES-SCLC) and extrapulmonary neuroendocrine carcinomas (epNECs), as well as the first-in-human data readout from the global Phase 1/1b study of ZL-1503 (IL-13/IL-31Rα). The company is also preparing for the commercial launch of xanomeline trospium chloride (Kajile®) in China and anticipates several regional regulatory approvals and data readouts.

Josh Smiley earned a Bachelor of Arts degree in History from Harvard University. He joined Eli Lilly and Company in 1995, where he held leadership roles across multiple functions, including finance, corporate strategy, business development, venture capital, and global business services operations. From 2017 to 2021, he served as Chief Financial Officer (CFO) of Eli Lilly. In March 2022, Josh Smiley joined Zai Lab as Chief Operating Officer (COO). Due to non-compete restrictions with his former employer, Eli Lilly, his actual start date was deferred to August 1, 2022.

Upon joining Zai Lab, Josh Smiley reported directly to Dr. Du Ying and oversaw the company’s business, finance, and global operations. In April 2023, Mr. Smiley was promoted to President and Chief Operating Officer of Zai Lab, with his responsibilities further expanded. During his tenure, he was responsible for driving the company’s commercial operations, manufacturing, business development, and overall strategic execution. In 2024, Josh Smiley’s total annual compensation amounted to approximately $5.47 million, making him the second-highest-paid executive at Zai Lab, after Dr. Du Ying, who received $9.08 million.