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NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved. January 14, 2025 | J.P. Morgan Healthcare Conference Zai Lab Corporate Presentation Samantha Du, Ph.D. Founder, Chairperson and Chief Executive Officer of Zai Lab
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Forward-Looking Statements This presentation contains forward-looking statements relating to our strategy and plans; potential of and expectations for our business, clinical development strategy, and pipeline programs; our goals and expectations under our growth strategy (including our expectations regarding our commercial-stage products, clinical-stage global-right products, revenue growth / CAGR, profitability and timeline to profitability,operating margins, and cash flow); the peak sales potential of our programs; capital allocation and investment strategy; clinical development programs and related clinical trials; expected timing and results of clinical trial data, data readouts, and presentations;risks and uncertainties associated with drug development, commercializationand outreach; regulatory discussions, submissions, filings, and approvals and the timing and scope thereof; the potential benefits, safety, and efficacy of our products and product candidates and those of our collaboration partners; the expected benefits and potential of investments, collaborations, and business development activities; the potential market opportunities of, and estimated addressable markets for, our drug candidates; our future financial and operating results; and financial guidance.All statements, other than statements of historical fact, included in this presentation are forward-looking statements, and can be identified by words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “target,” “will,” “would,” and other similar expressions. Such statements constitute forward-looking statements within the meaning of U.S. federal securities laws. Forward- looking statements are not guarantees or assurances of future performance because there are inherent difficulties in predicting future results. Actual results may differ materially and certain targets may not be achieved from those expressed or implied in the forward-looking statements. Forward-looking statements are based on our expectations and assumptions as of the date of this presentation and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements.Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products, (2) our ability to obtain funding for our operations and business initiatives, (3) the results of clinical and pre-clinical development of our product candidates, (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates, (5) risks related to doing business in China, and (6) other factors discussed in our most recent annual and quarterly reports and other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to 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. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. You should not place undue reliance in these statements or the scientific data presented. 2
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Major Milestones Achieved in 2024 3 Demonstrated Clear Path to Profitability -40% 3Q’24 net loss narrowed y-o-y +48% 3Q’24 revenue growth y-o-y ~$930M Strong cash position* VYVGART® – One of the best immunology product launches in China KarXT – Positive Ph3 readout followed by NMPA submission in Q4’24 4 Approvals – VYVGART Hytrulo (gMG & CIDP), XACDURO, AUGTYRO Delivered Strong Regional Business from Regulatory to Commercial Note: *Estimated cash position based on public disclosure. $716.1 million as of September 30, 2024, with the additional $215.1 million net proceeds from the November 2024 public offering. Cash position includes cash and cash equivalents, current restricted cash, and short-term investments. ZL-1310 (DLL3 ADC) promising Ph1 data readout Advanced ZL-1503 (IL-13/IL-31), ZL-6301 (ROR1 ADC) and ZL-6201 (LRRC15 ADC) to late-stage pre-clinical pipeline Accelerated Global Pipeline with FIC/BIC Potential
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FOUR POTENTIAL BLOCKBUSTERS BY END OF 2026 GLOBAL PRODUCT LAUNCH IN 2027 First Blockbuster Launched 1st Wave of Growth 2nd Wave of Growth Sustainable Growth 2027 - 2028 2025 - 2026 2029+ 4 8 approved products $290M 9M’24 revenue ~$930M cash position* Well-positioned for continued growth through internal discovery efforts and business development Strong patent protections of key assets through 2035+ Notes: The trademarks and registered trademarks within are the property of their respective owners. *Estimated cash position based on public disclosure. $716.1 million as of September 30, 2024, with the additional $215.1 million net proceeds from the November 2024 public offering. Cash position includes cash and cash equivalents, current restricted cash, and short-term investments. Key Near- and Medium-Term Growth Drivers First global asset ZL-1310 in commercial stage in the U.S. as a potential first- and best-in-class DLL3 ADC >15 launched products with $2bn revenue expected in 2028 Other in-house global assets with pivotal data 2024 3 new blockbuster launches Substantial growth with VYVGART in gMG and CIDP ZL-1310 in pivotal stage with potential submission in 2026 Multiple in-house pipeline assets with global rights to have POC data
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ZL-1310 – Potential Global First- and Best-In-Class ADC Targeting DLL3 5 → →→ → → → → → → → → → → → → Best Percentage Change from Baseline in Target Lesion (%) 0.8mg/kg 1.6mg/kg 2.0mg/kg 2.4mg/kg Ongoing→ PD (H-score: 0) PD PD PD Starting Dose Level Changes in Target Lesion Size over time by Dose Levels (n=19)* Total (N=19)1 ORR2, n (%) [95% CI] 14 (74) [48.8, 90.9] BOR, n (%) CR 0 PR3 14 (74) SD4 3 (16) PD 2 (10) ✓ Antitumor activity across all dose levels with significantly reduced tumor burden in 2L+ SCLC ✓ Strong and differentiated efficacy seen in patients with brain metastases and prior DLL3 TCE ✓ Well tolerated at therapeutic dose levels ✓ Patients in lowest dose cohort on study 9+ months Compelling Efficacy & Safety Data Notes: *Adapted from Spira, A, et al. ENA 2024 Oral Plenary Presentation. (1)Patients with measurable disease at baseline and ≥1 post-baseline tumor scans are included in waterfall and overall response calculation; (2) Included unconfirmed responses; (3) Including 5 patients with confirmed PR and for the 9 patients with unconfirmed PR, the responses are ongoing at data cutoff; (4) One patient had unconfirmed PR followed by PD, thus the overall response is SD.
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Rapidly Advancing ZL-1310 in SCLC and Other DLL-3 Expressing Tumors 6 Mono Single-Arm Pivotal Study Combo1 Dose Escalation Combo1 Dose Optimization Combo Pivotal Study US BLA submission (AA) US BLA approval (AA) Enrolling Enrolling Follow up period Notes: The estimate of development timeline is subject to FDA feedback. (1)Including doublet and triplet; decision will be based on the available data. 20272025 2026 2028+ 2L+ SCLC ➢ Dose escalation and dose optimization data ➢ Initiation of pivotal study 1L SCLC ➢ Dose escalation data Other DLL3-expressing tumors (NEC) ➢ Initiation of Ph1 study Key Updates in 2025 1L SCLC Mono Confirmatory Study 2L+ SCLC Others Basket Study Single-Arm Pivotal Study Mono Dose Opt.
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Building a Globally Differentiated Pipeline with Three IND Submissions in 2025 Program Preclinical Phase I Phase II ZL-1310 (DLL3 ADC) ZL-1218 (CCR8) ZL-6301 (ROR1 ADC) ZL-6201 (LRRC15 ADC) ZL-1102 (IL-17 HUMABODY®) ZL-1503 (IL31xIL13) Mild-to-Moderate Chronic Plaque Psoriasis Mod-to-Sev AD Solid tumor 2L+ ES-SCLC Solid tumor Solid tumor ZL-6301 (ROR1 ADC) Entering Phase 1 • Next-generation with TOP1i payload and proprietary linker • Validated target in HemOnc, widely expressed in solid tumors • Excellent preclinical antitumor activity in solid tumor models and safety profile Multiple Other Undisclosed IND-enabling Assets, with the Goal to Generate at Least 1-2 INDs per Year ZL-1503 (IL31xIL13) Entering Phase 1 • Strong scientific rationale & clinically validated targets for atopic dermatitis • Next-generation therapeutic may provide faster onset and superior efficacy through rapid relief of pruritus ZL-6201 (LRRC15 ADC) Entering Phase 1 • Solid biological rationale and overexpression in various cancers and limited expression in normal tissues • Strong binding affinity, potent bystander effect and well - tolerated profile demonstrated in preclinical studies 7
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Today 2025 Opportunities Shape Treatment Standards Promote standardized ADL evaluation Broaden Patient Access Continue to build infusion centers in top-tier hospitals Unlocking Blockbuster Potential of VYVGART through Execution Excellence 10K+ Treated with VYVGART Today1 10K+ Note: *Zai Lab estimates. (1) Estimated patients treated since launch, as of September 30, 2024. Est. % of patients treated in the prior quarter who returned for treatment in the current quarter* ~10% ~30% 2Q’24 3Q’24 We are Touching the Tip of the Iceberg Opportunity to Significantly Expand DOT 8 Reach More Patients with VYVGART gMG & CIDP Prevalence 10K+ treated with VYVGART Column1 ~170K ~50K Promote Long-term Treatment Benefits Leverage real-world data and guidelines Enhance Supplemental Insurance Coverage Add support beyond NRDL Supported by a Focused & Efficient Commercial Organization Fast Growth in % Return Patients; Significant Room to Expand
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Source: Zai Lab market research. Note: The trademarks and registered trademarks within are the property of their respective owners. Efgartigimod – A Pipeline-In-A-Product Opportunity 2029+TODAY 2025-2028 Pre-filled Syringe >20x Total addressable patients vs. gMG China submission planned in 2025 9 Potential New Indications … gMG170K CIDP50K Ocular MG44K Myositis (IMNM, ASyS, DM)170K Thyroid Eye Disease1Mn Sjogren’s Disease2.3Mn Lupus Nephritis320K Neurology Renal & Rheumatology Ophthalmology & Endocrinology Department Focus
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Leverage Zai’s Existing R&D and Commercial Capabilities De-risked MoA with Promising Clinical Data 10 Highly synergistic with Zai’s VYVGART franchise China already joined pove’s global pivotal trial in IgAN Est. 3~5 million prevalent patients in China in IgAN alone Significant Unmet Needs in Renal Diseases Dual inhibition of BAFF/APRIL clinically validated No approved therapies target the underlying cause of IgAN Compelling Phase 2 data supports pove’s best-in-class profile Strengthening our Immunology Franchise with Povetacicept Zai Lab Brings Regional Expertise and Footprint to Accelerate Bringing Povetacicept to Patients1 Povetacicept – A Phase 3 and Potentially Transformative Approach to IgAN with Best-in-Class and Pipeline-in-a-Product Potential Sources: Chinese expert consensus on the management and treatment of primary IgA nephropathy. Chinese Journal of Kidney Disease Investigation (Electronic Edition), February 2024, Vol 13, No.1; Zai Lab market research. (1) Development and commercialization of pove in mainland China, Hong Kong SAR, Macau SAR, Taiwan region and Singapore (the licensed territory).
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Potential first-in-class FGFR2b targeted therapy for GC • Significant survival benefits in randomized Ph2 study in 1L GC vs. current SOC of 12~18mos1 ~359K annual incidence, of which ~30% FGFR2b protein overexpression Global Ph3 data readout followed by potential NMPA submission in 2025 1L GC/GEJ Bemarituzumab COMING SOON FDA approved; first new MoA in decades for schizophrenia • Early and sustained reduction of positive and negative symptoms • No boxed warning and atypical antipsychotic class warnings ~8 million patients with schizophrenia NDA submitted to NMPA in Dec’24 Schizophrenia COMING SOON Potential pan-tumor treatment option addressing multiple difficult-to-treat tumors • First Ph3 study to show significant OS benefit in locally advanced PC • >7 years since any therapy has shown significant OS benefit in 2L NSCLC • No added systemic toxicity ~134K annual incidence in PC Potential NMPA submissions in PC and NSCLC in 2025 TTFields 1L Pancreatic Cancer, 2L+ NSCLC ~902K annual incidence in NSCLC COMING SOON Launching Three New Potential Blockbuster Drugs in 2025-26 ✓ mOS 24.7 mos / HR 0.522 ✓ mOS 30.1 mos / HR 0.43 (East-Asian)3 11 Sources: Zai Lab market research. Incidence numbers for the China market. Notes: The trademarks and registered trademarks within are the property of their respective owners. (1) Zhang W, Zhang Y, Cui R, et al. Efficacy and safety of oxaliplatin plus capecitabine (XELOX) versus epirubicin plus oxaliplatin plus capecitabine (EOX) as first-line therapy for advanced gastric cancer: a multicentre, randomised, phase 3 trial. Cancer Commun (Lond). 2020;40(1):32; JAMA. Published December 5, 2023. Doi:10.1001/jama.2023.19918; (2) Wainberg ZA, Enzinger PC, Kang YK, et al. Lancet Oncol. 2022;23(11):1430-1440. doi:10.1016/S1470-2045(22)00603-9; JAMA. December 5, 2023. Doi:10.1001/jama.2023.19918; (3) Kang YK, et al. Gastric Cancer. 2024 Sep;27(5):1046-1057.
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3Q'22 3Q'23 3Q'24 <10% 37% 95% 78% 55% 157% 71% 57% 3Q'22 3Q'23 3Q'24 R&D SG&A Achieving Profitability Through Top-Line Growth and Operational Efficiencies Adjusted Expenses2 Three Months Ended September 30; as % of Total Revenue Adjusted Loss from Operations2 Three Months Ended September 30; in US$mm Notes: (1) For bemarituzumab, COBENFY and XACDURO; (2) Exclude certain non-cash expenses including depreciation and amortization expenses, and share-based compensation expenses. Slide 18 and 19 for the reconciliation tables for non-GAAP measures. Increase Gross / Oper. Margins • Local manufacturing1 • VYVGART COGS to decline by more than two thirds • Potential global product launch -107 -60 -48 3Q’22 3Q’23 3Q’24 ZEJULA Operating Margin % Zai’s First Commercial Product (Launched in Jan 2020) Improve Operational Efficiency • R&D: Prioritize high-value programs • SG&A: Licensing builds disease area strongholds, creating strong synergies Path to Profitability • Narrowing loss through strong topline growth with modest expense growth • Deliver on cost initiatives + 12 3Q’22 3Q’24 2025+
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ONCOLOGY NEUROSCIENCEIMMUNOLOGYASSETS WITH GLOBAL RIGHTS DATA REGULATORY OTHERS Commercial Readiness • Launch preparation for KarXT and bemarituzumab • Leverage infrastructure to launch TIVDAK Business Development • Additional global, regional in- licensing and out-licensing BD deal(s) Financials • Cash profitability targeted in Q4’25 Bemarituzumab • Global Ph3 data readout (bema+chemo) 1H’25 TTFields • China MAA submission in 2L+ NSCLC • China MAA submission in 1L PC 1H’25 2025 TIVDAK • China BLA submission for 2L+ CC 1H’25 Repotrectinib • China sNDA submission for NTRK+ tumors 1H’25 Efgartigimod • China BLA submission for PFS 2025 1H’25 2H’25 2025 ZL-1310 (DLL3 ADC) • Global Ph1 dose esc. update (mono) • Global Ph1 dose opt. data (mono) • Global Ph1 dose esc. data (combo) ZL-6301 (ROR1 ADC) • Preclinical data update and initiate Ph1 2025 ZL-6201 (LRRC15 ADC) • Preclinical data update and initiate Ph1 2025 ZL-1102 (IL-17) • Ph2 interim futility analysis in psoriasis 1H’25 ZL-1503 (IL-13/IL-31) • Preclinical data update and initiate Ph1 2025 2025 – Transformative Year with Multiple Major Catalysts 13 KarXT • China NDA submission for schizophrenia 1H’25 Bemarituzumab • China NDA submission for 1L GC 2025 Global Pipeline • 3 global IND submissions 2025
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Investment Thesis – Zai Lab is at a Major Value Inflection Point since Inception 14 Growing Global Pipeline of Potential FIC/BIC Assets with First Approval in 2027 • Potential global FIC/BIC DLL3 ADC for SCLC is rapidly progressing • IL-13/IL-31 bsAb, ROR1 ADC and LRRC15 ADC, all in IND-enabling phase Commercially Profitable China Business with Substantial Growth Opportunities • VYVGART to continue shaping the treatment landscape in gMG and CIDP • Multiple blockbuster products expected to launch throughout 2025-26 Strong Financials with Path to Profitability by Year-End 2025 • Significant margin improvement driven by highly synergistic product launches • ~$930M cash position enables business development and discovery efforts
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Q&A
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Acronyms: A - I 16 1L first line 2L second line 4L fourth line 3Q'22 third quarter of 2022 3Q'23 third quarter of 2023 3Q'24 third quarter of 2024 4Q'24 fourth quarter of 2024 1H'25 first half of 2025 2H'25 second half of 2025 A ABC acinetobacter baumannii-calcoaceticus complex ABSSSI acute bacterial skin and skin structure infections AChR-Ab acetylcholine receptor autoantibody AD atopic dermatitis ADC antibody-drug conjugate ADCC antibody-dependent cellular cytotoxicity ADL activities of daily living ADP psychosis associated with Alzheimer’s disease AE adverse event aINCAT adjusted inflammatory neuropathy cause and treatment ASyS anti-synthetase syndrome B BD business development BICR blinded independent central review BLA Biologics License Application BOR best overall response C CABP community-acquired bacterial pneumonia CAGR compound annual growth rate CC cervical cancer CI confidence interval CIDP chronic inflammatory demyelinating polyneuropathy CMI clinical meaningful improvement Combo combination therapy cORR confirmed objective response rate CPP chronic plaque psoriasis CR complete response CRD cysteine-rich domain D DAR drug-antibody ratio DEI diversity, equity, and inclusion DM dermatomyositis DOR duration of response DoT duration of treatment E EADV European Academy of Dermatology and Venerology Congress ENA European Neurological Association EPS extrapyramidal symptoms ES-SCLC extensive-stage small cell lung cancer eGFR estimated glomerular filtration rate F FDA U.S. Food and Drug Administration FGF fibroblast growth factor G GBM glioblastoma GC gastric cancer GEJ gastroesophageal junction cancer GI gastrointestinal GIST gastrointestinal stromal tumors gMG generalized myasthenia gravis H HABP/VABP hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia HemOnc hematological oncology HR hazard ratio I ICI immune checkpoint inhibitor IgAN immunoglobulin-a nephropathy IHC immunohistochemistry IMNM immune-mediated necrotizing myopathy IND Investigational New Drug application ISD individualized starting dose ITT intention-to-treat IV intravenous IVIG intravenous immunoglobulin
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Acronyms: L - Y 17 L LAPC locally advanced pancreatic cancer LDL low-density lipoprotein LLN lower limit of normal LN lupus nephritis M MAA Marketing Authorization Application MDR multi-drug resistance medical reps medical representatives MG myasthenia gravis Mild-to-Mod mild to moderate MOA mechanism of action Mod-to-Sev moderate to severe mono monotherapy mPFS median progression-free survival N NDA New Drug Application NE not estimable NEC Neuroendocrine carcinoma NMPA China's National Medical Products Administration NRDL China’s National Reimbursement Drug List NSCLC non-small cell lung cancer NSCLC BM brain metastases from NSCLC O OC ovarian cancer OMG ocular myasthenia gravis ORR objective response rate OS overall survival P PANSS Positive and Negative Syndrome Scale PASI Psoriasis Area Severity Index PC pancreatic cancer PD progressive disease PFS pre-filled syringe Ph1 phase 1 Ph2 phase 2 Ph3 phase 3 PLEX plasma exchange POC proof-of-concept PR partial response Q QoL quality of life R R&D research and development r/m recurrent or metastatic RCT randomized clinical trial S SC subcutaneous SCLC small cell lung cancer SD stable disease SG&A selling, general, and administrative SIP supplemental insurance plan sn gMG seronegative gMG SOC standard of care T TA therapeutic area TCE T-cell engager TEAE treatment-emergent adverse event TED thyroid eye disease TOP1i topoisomerase 1 inhibitor TF tissue factor TKI tyrosine kinase inhibitor TTFields/TTF Tumor Treating Fields U ULN upper limit of normal UPCR urine protein to creatinine ratio Y y-o-y year-over-year
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Reconciliation and Calculation of Non-GAAP Financial Measures $ in thousands 2024 2023 2022 GAAP loss from operations (67,853) (83,570) (128,583) Plus: Depreciation and amortization expenses 2,871 1,918 2,226 Plus: Share-based compensation 16,795 21,992 19,107 Adjusted loss from operations (48,187) (59,660) (107,250) Three Months Ended September 30 Reconciliation of Loss from Operations (GAAP) to Adjusted Loss from Operations (Non-GAAP)* Note: *A measure of adjusted loss from operations that adjusts GAAP loss from operations to exclude the impact of certain non-cash expenses including depreciation, amortization, and share-based compensation. 18
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Reconciliation and Calculation of Non-GAAP Financial Measures (Cont’d) Reconciliation of Research and Development Expenses (GAAP) to Adjusted Research and Development Expenses (Non-GAAP)* Note: *Measures of adjusted expenses that adjust GAAP expenses to exclude the impact of certain non-cash expenses including depreciation, amortization, and share-based compensation. 19 $ in thousands 2024 2023 2022 GAAP research and development expenses (65,982) (58,767) (99,524) Plus: Depreciation and amortization expenses 1,671 1,342 1,559 Plus: Share-based compensation 6,391 7,951 7,809 Adjusted research and development expenses (57,920) (49,474) (90,156) Three Months Ended September 30 Reconciliation of Selling, General and Administrative (GAAP) to Adjusted Selling, General and Administrative (Non-GAAP)* $ in thousands 2024 2023 2022 GAAP selling, general and administrative expenses (67,219) (68,552) (66,555) Plus: Depreciation and amortization expenses 643 576 667 Plus: Share-based compensation 10,404 14,041 11,298 Adjusted selling, general and administrative expenses (56,172) (53,935) (54,590) Three Months Ended September 30
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Appendix A. Pipeline B. Blockbuster Opportunities C. Select Clinical Data
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Validated and Differentiated PipelineOncology Program Preclinical Phase I Phase II Phase III / Pivotal Registration Approved Commercial TerritoriesUS Mainland China (PARPi) Mainland China, Hong Kong and Macau Tumor Treating Fields Greater China (TKI) Greater China (ROS1, TRK) Greater China (TF ADC) Greater China Bemarituzumab (FGFR2b) Greater China ZL-1218 (CCR8) Global ZL-1310 (DLL3 ADC) Global ZL-6301 (ROR1 ADC) Global ZL-6201 (LRRC15 ADC) Global Ovarian Cancer (1L maintenance)1 Ovarian Cancer (Platinum sensitive relapsed maintenance)1 GBM2 2L+ NSCLC Brain Metastases from NSCLC Pancreatic Cancer (1L) Gastric/GEJ (1L) GIST (4L) Solid Tumors 2L+ ES-SCLC Cervical Cancer (1L r/m, combo)3* Cervical Cancer (2L+ r/m) ROS1+ NSCLC NTRK+ Solid Tumors Solid Tumors 21 Solid Tumors Notes: The trademarks and registered trademarks within are the property of their respective owners.*Greater China trial in preparation or under planning. Greater China = mainland China, Hong Kong, Macau and Taiwan, collectively. (1) Also launched in Hong Kong and Macau; (2) Commercially available in Hong Kong; (3) Combination with carboplatin and KEYTRUDA +/- bevacizumab.
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Validated and Differentiated Pipeline (Cont’d) 22 Notes: The trademarks and registered trademarks within are the property of their respective owners.*Greater China trial in preparation or under planning. Greater China = mainland China, Hong Kong, Macau and Taiwan, collectively. (1) Zai Lab has exclusive license to develop and commercialize of povetacicept in mainland China, Hong Kong, Macau, Taiwan, and Singapore; (2) Zai Lab has exclusive license to develop and commercialize SUL-DUR in mainland China, Hong Kong, Taiwan, Macau, Korea, Vietnam, Thailand, Cambodia, Laos, Malaysia, Indonesia, the Philippines, Singapore, Australia, New Zealand, and Japan. Neuroscience immunology Program Preclinical Phase I Phase II Phase III / Pivotal Registration Approved Commercial TerritoriesUS Mainland China Efgartigimod (FcRn) Greater China Povetacicept (BAFF/APRIL) Greater China and Singapore1 ZL-1102 (IL-17) Global ZL-1503 (IL31xIL13) Global gMG Mild-to-moderate Chronic Plaque Psoriasis CIDP Lupus Nephritis TED Myositis Seronegative gMG* Ocular MG* Sjogren’s Disease* Mod-to-sev AD Infectious Disease Xanomeline and Trospium Chloride (KarXT) Greater China Schizophrenia Psychosis associated with Alzheimer’s Disease Greater China Asia Pacific2 CABP ABSSSI HABP/VABP caused by Susceptible Isolates of Acinetobacter Baumannii-calcoaceticus Complex 22 IgA Nephropathy
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Key Growth Drivers Over the Next Five Years 23 Base Business Base Business Bemarituzumab ZL-1310 (DLL3 ADC) ~$2Bn Revenue Povetacicept Immunology & Renal Other Blockbuster Assets Global Pipeline & Others ~50% CAGR 2024 2028 (PC & NSCLC) 5+ indications launched for efgartigimod Commercial synergies with povetacicept VYVGART PFS Strong ramp-up in NRDL and SIP Commercial synergies from GI Franchise Modest growth First global asset to launch in 2027 Commercial synergies from Lung and Women’s Cancers 23 Source: Zai Lab analysis.
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VYVGART – First Approved FcRn Blocker in China for gMG 24 Addressable Patient Population in China 170K est. gMG prevalence 145K 85% AChR-positive Sources: The growing burden of generalized myasthenia gravis: a population-based retrospective cohort study in Taiwan, 2023; ZaiLab market research; ADAPT andADAPT+ clinical trial data; real world evidence, clinical trials and various dosing regimen. (1)ADAPT/ADAPT+ combined real world and clinical data. Out-patient not well controlled on current therapies (MG-ADL≥5) Patients in the acute phase need rapid intervention to control symptoms Large Unmet Medical Needs ~22% ~50% Setting New Standards in Efficacy and Safety • 54% Minimal Symptom Expression1 • Rapid, deep, sustained improvements in patient function • QoL comparable to healthy population • No clinically meaningful reductions in albumin and no increases in LDL cholesterol Low quality of life and persistent symptoms with long-term use of steroids and immunosuppressants Plasma exchange or IVIg is limited in supply Other Treatment Options Are Problematic
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VYVGART Hytrulo – Opportunity to Transform CIDP Patient Experience 25 Addressable Patient Population in China 50K est. diagnosed CIDP prevalence1 of patients were unable to walk independently before treatment3 of patients are refractory to current SOC2 Large Unmet Medical Needs ~43% ~1/3 ✓ ~30% patients able to improve 3-4 points on INCAT4 Limited treatment options with steroids and IVIG PLEX generally reserved for refractory patients given risks to clotting and infection / inconvenience Patients Experienced Deep and Clinically Meaningful Improvements in Functional Ability Notes: (1) Chronic inflammatory demyelinating polyneuropathy and diabetes, 2020; Zai Lab market research; (2)Zheng Y, et al. Front Neurol. 2024 Jan 31;15:1326874.; (3) Aotsuka, Yuya et al. “Prevalence, Clinical Profiles, and Prognosisof CIDP in Japanese Nationwide Survey: Analyses of 1,257 Diagnosis-Confirmed Patients.” Neurology vol. 102,6 (2024): e209130. doi:10.1212/WNL.0000000000209130; (4) ADHERE clinical trial data. The INCAT disability score is a 10-point scale that assesses activity limitations of arms and legs; both are scored separately from 0–5, with 0 representing no functional impairment and 5 representing inability to make any purposeful movement. Average INCAT score for Stage A Baseline is 4.5 point. Patients with aINCAT score 2 or 3 cannot achieve 3-4 points improvement. 80.9% 42.7% 28.2% 11.8% ≥1 ≥2 ≥3 ≥4 Percent of Participants Change in aINCAT Score Cumulative Frequency of Stage B Best Improvement from Stage A Baseline (n=110) Functional Ability (aINCAT) Efgartigimod PH20 SC
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KarXT – Potential to Change the Treatment Paradigm in Schizophrenia 26 Addressable Patient Population in China >8M est. schizophrenia prevalance1 >4.5M est. diagnosed2 Large Unmet Medical Needs Local manufacturing plan initiated ~500 Top hospitals ~150 Sales reps at NRDL ~80% Business potential6 Efficient approach for the concentrated market relapse in first year after discharge4 discontinue treatment in the first 18 months3~75% ~35% Notes: Zai Lab Market Analysis. (1) Prevalence of mental disorders in China: a cross-sectional epidemiological study. The LancetPsychiatry, 2019; (2) According to the data from the Ministry of Civil Affairs of the PRC, there are 6.2 million registered mental disorder cases in national severe mental illness management system in 2020. An expert from Guangdong Provincial Mental Health Center estimated that ~70% of registered mental disorder cases are schizophrenia patients in 2020; (3) China schizophrenia treatment guideline (version 2), May 2015; (4) https://pubmed.ncbi.nlm.nih.gov/26056450/; (5) Healthy China Action Plan (2019-2030); (6) Zai Lab analysis. Preparing for Potential Launch of KarXT Regulatory and Government Support 85% Treatment ratio goal in 20305 # of psychiatrists (per 100K population) 2019 2025 2030 2.6 4.0 4.5
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KarXT – Potential Best-In-Class/First-In-Class M1/M4 Muscarinic Agonist 27 Sources: Karuna Corporate Presentation, May 2023; Zai Lab analysis. Notes: (1) Karuna Therapeutics: EMERGENT-1, EMERGENT-2 and EMERGENT-3 studies; Consistent with previous global studies, China registrational bridging trial met its primary endpoint, with KarXT demonstrating a statistically significant 9.2-point reduction in the Positive and Negative Syndrome Scale (PANSS) total score compared to placebo at Week 5 (-16.9 KarXT vs. -7.7 placebo, p=0.0014); (2) among patients with cognitive impairment; Results of an exploratory endpoint analysis evaluating the impact of KarXT on cognition in the Phase 3 EMERGENT-2 and EMERGENT-3 trials at the American Society of Clinical Psychopharmacology, May 2023; (3) Interim analysis of EMERGENT-4 and EMERGENT-5, April 2024; topline results of EMERGENT-4 and EMERGETN-5 presented at Psych Congress 2024. ✓ Novel MOA: no direct effect on dopamine receptors ✓ Early and sustained reduction of positive and negative symptoms1 and a separable and meaningful impact on cognition2 ✓ Significant improvement in symptoms across all key efficacy measures and favorable long-term metabolic profile in interim analysis of long-term data3 ✓ No boxed warning for U.S. label ✓ Considered use as mono- and combination therapies with non-overlapping safety profile • Profound burden of disease despite available therapies • Lack of novel MOA • Poor negative symptom control • Often unacceptable side effects, including weight gain, somnolence, tardive dyskinesia, extrapyramidal syndrome (EPS), neuroleptic malignant syndrome More Effective Treatments are Needed for Patients with Schizophrenia KarXT Has the Potential to Change the Treatment Paradigm of Schizophrenia NDA submitted to NMPA for schizophrenia in January 2025 and potential approval
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Bemarituzumab – Only FGFR2b-targeted Agent in Late-Stage Development 28 Addressable Patient Population in China 359K est. gastric cancer annual incidence1 108K est. 30% FGFR2b overexpression2 Large Unmet Medical Needs • 80% patients diagnosed at advanced or metastatic stage3 with <10% overall 5-yr survival for Stage IV4 • FGFR2b overexpression correlates with poor prognosis2,5 Sources: Five Prime corporate presentation, August 2020; Amgen ASCO presentation, June 2021. Notes: (1) Gastric cancer (GC), Globocan 2022; (2) Catenacci D, et al. Presented at American Society of Clinical Oncology; June 4-8, 2021; Online Virtual Scientific Program. Abstract 4010;(3) Only 20% of gastric cancers are diagnosed in its early stage, most of which are in advanced stage.Source: Health Commission of The People‘s Republic Of China N. National guidelines for diagnosis and treatment of gastric cancer 2022in China (English version). Chin J Cancer Res. 2022;34(3):207-237; (4) Wang H, et al. Mol Clin Oncol. 2018 Oct;9(4):423-431; (5) Kim HS, et al. 2019, J Cancer, Pathological and Prognostic Impacts of FGFR2 Overexpression in Gastric Cancer: A Meta-Analysis of ten studies including 4, 294 patients; (6)Wainberg, Zev A., et al. Gastric Cancer 27.3 (2024): 558-570; (7) Kang YK, et al. Gastric Cancer. 2024 Sep;27(5):1046-1057. Potential to Become the New Standard of Care in 1L GC Phase 2 FIGHT Study (Bema + Chemotherapy in 1L GC) Anchor Asset for GI Franchise • Global Ph3 data readout followed by potential NMPA submission in 2025 • Commercial readiness from Qinlock and Opdivo infrastructure • Local manufacturing plan initiated Population mOS (m) HR ITT (n=155)6 19.2 vs. 13.5 0.77 FGFR2b≥10% (IHC 2+/3+ ≥10%) (n=98)6 24.7 vs. 11.1 0.52 FGFR2b≥10% (IHC 2+/3+ ≥10%) (East Asia, n=60)7 30.1 vs. 12.9 0.43
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Tumor Treating Fields – Significant Pan-Tumor Potential in China 29 Preparing for Submission and Commercial Launch in China Sources: 2024 ASCO; Zai Lab and Novocure press releases, Dec 2, 2024. A Potential Paradigm Shifting New Treatment Modality with Significant OS Benefit Significant commercial synergies from franchise approach • GI commercial infrastructure-ready with bemarituzumab, QINLOCK, etc. • Leverage existing salesforce covering top-tier hospitals for Augtyro (Lung franchise) Next steps: • 1L PC: China submission in 2025 • 2L+ NSCLC: China submission in 1H’25 NSCLC (LUNAR) Pancreatic Cancer (PANOVA-3) China NSCLC incidence ~902K13.2 months (+ 3.3 months) mOS with TTF + SOC 18.5 months (+ 7.7 months) mOS with TTF + ICI 16.2 months (+ 2.0 months) mOS with TTF + gemcitabine & nab-paclitaxel First and only significant OS benefit in a Ph3 study in LAPC First significant OS improvement in 2L NSCLC treatment in >7 years China PC incidence ~134K
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XACDURO – First Pathogen-Targeted Therapy Addressing Acinetobacter Baumannii Infections 30 Acinetobacter infections3 Significant Unmet Medical Needs ~300K High carbapenem-resistant rate; antibiotic resistance is increasing 53% (CARSS)3 / 74% (CHINET)4 Carbapenem-resistant Acinetobacter is considered a Priority 1 pathogen by WHO2 Acinetobacter baumannii - among the top six leading pathogens globally for deaths associated with resistance in 20191 An Important Therapeutic Option Against Acinetobacter • Limited therapeutic options: Polymyxin-based polypharmacy Colistin: drug of last resort (nephrotoxicity) • Mortality rate ~43% with best available therapy (Eastern Asia)5 • A novel treatment option: ✓ Significant difference in clinical cure rates ✓ Favorable safety profile • NMPA approval in May 2024 Notes: (1) Antimicrobial Resistance Collaborators. Global burden of bacterial antimicrobial resistance in 2019: a systematic analysis. Lancet. 2022; 399(10325):629-655. https://www.thelancet.com/journals/lancet/article/PIIS0140- 6736(21)02724-0/fulltext; (2) World Health Organization, “WHO publishes list of bacteria for which new antibiotics are urgently needed,” February 27, 2017: https://www.who.int/news/item/27-02-2017-who-publishes-list-of-bacteria-for-which- new-antibiotics-are-urgently-needed; (3) CARSS (China Antimicrobial Resistance Surveillance system), 2022 Annual Report; (4) Report of China Antimicrobial Surveillance Network (CHINET) in 2023; (5) Mohd 2021Sazlly Lim S,et al. The global prevalence of multidrug-resistance among Acinetobacter baumannii causing hospital-acquired and ventilator-associated pneumonia and its associated mortality: A systematic review and meta-analysis. J Infect. 2019 Dec;79(6):593-600.
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XACDURO – Stat. Higher Clinical Cure Rate and Favorable Safety Profile 31 First FDA and NMPA approved pathogen-targeted therapy to treat HABP/VABP caused by ABC VS. 19.0% vs. 32.3% colistin 28-day all-cause mortality (primary endpoint) 61.9% vs. 40.3% colistin for clinical cure rates 13.2% vs. 37.6% colistin nephrotoxicity Global Phase 3 ATTACK trial(vs. colistin)3 Colistin Tigecycline Clinical Efficacy Poor efficacy in pneumonia1 Poor efficacy in pneumonia, black box warning2 Safety/ Tolerability Nephrotoxicity GI intolerance • Emergence of pan-drug-resistant Acinetobacter • Combination antibiotic therapy not proven effective • Colistin or tigecycline is most commonly used for carbapenem-resistant Acinetobacter infections (CRAB) in China Sources: Zai Lab analysis; Entasis press release, May 2023. Notes: The trademarks and registered trademarks within are the property of their respective owners. (1) Mortality associated with colistin-based therapy is ~40% (95% CI: 32% to 47%); (2) Warning in US Product Label—lower cure rates and higher mortality in ventilator-associated pneumonia; (3) Kaye KS, et al. Efficacy and safety of sulbactam-durlobactam versus colistin for the treatment of patients with serious infections caused by Acinetobacter baumannii-calcoaceticus complex: a multicentre, randomised, active-controlled, phase 3, non-inferiority clinical trial (ATTACK). Lancet Infect Dis. 2023May 11:S1473-3099(23)00184-6. Current Treatments Have Poor Efficacy and Tolerability
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Other Late-Stage FIC / BIC Assets to Support Near to Mid-Term Growth 32 Potential Best-in-Class ROS1/NTRK Inhibitor • ROS1 Prevalence: 2~3% of NSCLC patients1 • No other approved ROS1 TKI for TKI-pretreated ROS1+ NSCLC • Opportunity to roughly double ROS1 sales based on: First and Only U.S. Approved ADC for r/m Cervical Cancer • China: ~110K incidence / ~59K deaths every year in CC3 • Limited treatment options for patients with disease progression on or after chemotherapy • NCCN recommendation as a preferred option4 • Full FDA approval based on global Phase 3 innovaTV 301 study5: ✓ Positive OS readout, including PD-1/PD-L1 pretreated patients ✓ Tolerable safety profile • Pipeline-in-a-product, broad development program in front line cervical cancer and other solid tumors • Planned submission in China in 1H 2025 ✓ Higher response rate & longer DOR2 mPFS 35.7 mos in ROS1-TKI naïve (vs. <20 mos of current SOC) ✓ Clinically differentiated profile in NSCLC (TKI-pretreated activity and CNS activity) ✓ Well-tolerated and manageable safety profile Sources: Bristol Myers Squibb presentation, January 2023; Zai Lab analysis. Notes: The trademarks and registered trademarks within are the property of their respective owners. (1) Clinical and the prognostic characteristics of lung adenocarcinoma patients with ROS1 fusion in comparison with other driver mutations in East Asian populations, 2014; and Frost & Sullivan; (2) AUGTYRO Prescribing Information. Augtyro U.S. Product Information. Last updated: November 2023. Princeton, NJ: Bristol Myers Squibb Company; (3) Globocan 2020; CSCO treatment guideline for cervical cancer, 2023; (4) NCCN 2024, for 2L or subsequent therapy for r/m cervical cancer; (5) The innovaTV 301 study demonstrated a 30% reduction in the risk of death compared to chemotherapy (hazard ratio [HR]: 0.70 [95% CI: 0.54-0.89], two-sided p=0.0038). Median OS for patients treated with TIVDAK was 11.5 months [95% CI: 9.8-14.9] versus chemotherapy 9.5 months [95% CI: 7.9-10.7].
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Source: argenx corporate presentation, January 2021. Notes: (1) Minimal Symptom Expression: MG-ADL = 0 (no symptoms) or 1; (2) Responder defined as at least 4 consecutive weeks. Minimal Symptom Expression Durable Clinical Benefit Efgartigimod Demonstrated Significant Magnitude of Benefit 40.0% 11.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% Efgartigimod Placebo N=25/65 N=7/63 P < 0.0001 40% of Efgartigimod Patients Achieved Minimal Symptom Expression1 34.1% 56.8% 88.6% 100.0% 0% 50% 100% 4 Weeks or More 6 Weeks or More 8 Weeks or More 12 Weeks or More Potential for Individualized Dosing Max Response: 25 Weeks 0.0% 1.7% 3.3% 8.3% 11.7% 23.3% 36.7% 48.3% 14.3% 20.6% 27.0% 39.7% 55.6% 63.5% 73.0% 77.8% 9 8 7 6 5 4 3 2 0.0% 0.0% 1.7% 1.7% 5.2% 12.1% 15.5% 25.9% 25.8% 33.9% 37.1% 45.2% 50.0% 59.7% 64.5% 74.2% 10 9 8 7 6 5 4 3 QMG Efgartigimod Placebo (AChRAb+ patients,first cycle) Durationof Response (AChR Ab+ Efgartigimodresponders2, first cycle) AChR Ab+ Patients,Cycle 1 MG – ADL NMPAapproved the BLA for IV formulation in China in June 2023 and SC formulation in July 2024 for gMG VYVGART Phase 3 ADAPT Data Showed Fast, Deep, and Durable Responses for Patients with gMG 33 Select Clinical Data – Approved
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Notes: (1) Only cycles with data out to week 11 are depicted; (2) QMG was not a required assessment in part B of ADAPT+; therefore, there are fewer data for cycle compared to MG-ADL. MG-ADL Total Score Mean Change from Cycle Baseline by Cycle1 QMG Total Score Mean Change from Cycle Baseline by Cycle2 -10 -8 -6 -4 -2 0 2 0 1 2 3 7 11 Mean change (±SE) in MG-ADL total score Week Efg Dosing CMI ADAPT+ Cycle n 1 2 3 4 5 6 7 111 101 91 82 74 73 59 8 9 10 11 55 47 40 11 Week 3 of Cycle 1: Mean change [SE]: -5.0 [0.33] -8 -6 -4 -2 0 2 11 Mean change (±SE) in MG-ADL total score ADAPT+ Cycle n 1 2 111 99 3 4 5 6 7 87 70 56 49 32 Week 3 of Cycle 1: Mean change [SE]: -4.7 [0.41] 0 1 2 3 7Week Efg Dosing VYVGART Ph3 ADAPT+ Study Showed Consistent and Repeatable Improvement in Both MG-ADL and QMG Scores Over Multiple Cycles 34 Select Clinical Data – Approved
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Notes: (1) Reference values are based on Kratz A, N Engl J Med, 2004; 351(15): 1548-1563; (2) Reference values are based on https://www.mayoclinic.org/tests-procedures/cholesterol-test/about /pac-20384601. 60 50 40 30 20 10 0 Total albumin, Mean (SD). g/L Week Total Albumin ULN1 LLN1 ADAPT Study 0 1 2 3 4 5 6 7 8 9 10 11 12 LDL Cholesterol 0 1 2 3 4 5 Total cholesterol, Mean (SD). mmol/L Week EFG PBO 0 1 2 3 4 5 6 7 8 9 10 11 12 High: >4.10 mmol/L2 Optimal: <2.60 mmol/L2 0 1 2 3 4 5 0 1 2 3 7 Total cholesterol, Mean (SD). mmol/L Week LDL Cholesterol 2 4 6 1 3 5 7 High: >4.10 mmol/L2 Optimal: <2.60 mmol/L2 60 50 40 30 20 10 0 0 1 2 3 7 11 Total albumin, Mean (SD). g/L Week Total Albumin ULN1 LLN1 11 ADAPT+ Study VYVGART No Clinically Meaningful Reductions in Albumin and No Increases in LDL Cholesterol 35 Select Clinical Data – Approved
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Povetacicept A Potentially Transformative Approach to IgAN with Best-in-class and Pipeline-in-a-product Potential 36 Select Clinical Data – Phase III Updated RUBY-3 Data Continue to Demonstrate Best-in-class Potential At 48 weeks, pove 80mg SC Q4W: • 66% mean reduction in UPCR • Stable renal function as assessed by eGFR • 63% achievement of clinical remission, defined as UPCR < 0.5 g/g, negative hematuria, and stable renal function Source: Vertex Corporate Presentation (Third Quarter 2024 Financial Results), November 4, 2024. Note: Mean and standard error are based on geometric values. Global Phase 3 IgAN study ongoing; China joined the global Phase 3 study
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45% relative improvement Notes: Humabody is a registered trademark of Crescendo Biologics. (1) Responder rate: % patients who achieved a ≥50% reduction in local PASI score of target lesion; (2) K16 marker indicative of downregulated cell proliferation; (3) National Psoriasis Foundation. The impact of psoriasis. https://www.psoriasis.org/psoriasis-statistics/; (4) Menter A. J Am Acad Dermatol. 2008; 58:826-50.; (5) K Papp.. Dermatol Ther 11: 1053; 2021. First-ever study to demonstrate penetration of protein biologic through psoriatic skin resulting in clinical response High-Affinity Human VH Fragment Targeting IL-17A Significant Global Opportunity IgG Antibody 150 kDa ZL-1102 Humabody® 13.2 kDa Consistent improvement in responder rates1 over time • Psoriasis affects ~125 million3 people worldwide • 80-90%3,4 suffer from plaque psoriasis; 70-80%5 of these cases are mild-to- moderate • Most systemic agents including recent orals and injectables are prescribed for moderate-to-severe psoriasis only 4% 19% 31% 23% 27% 16% 8% 20% 12% 4% 35% 30% 25% 20% 15% 10% 5% 0% Week 1 (Day 8) Week 2 (Day 15) Week 3 (Day 22) Week 4 (Day 29) Week 6 (Day 43) ZL-1102 BID Vehicle BID Local PASI score: 45% relative improvement at Day 29 Safety/tolerability profile indistinguishable from placebo Transcriptomeanalysis shows clear differentialeffect with topical ZL-1102 • Downregulatedgenes enriched in immune response pathway • Decrease in K16 marker expression2 ZL-1102 (IL-17 Humabody®) Moved into Full Global Phase 2 Development 37 Select Clinical Data – Phase II Zai Lab initiated the global Phase 2 study for dose selection and safety / efficacy with prolonged treatment in 2Q’24
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Sources: (1) Karuna corporate presentation, May 2023; Zai Lab announcement, October 2024; (2) Leucht S, Cipriani A, Spineli L, et al. Comparative efficacy and tolerability of 15 antipsychotic drugs in schizophrenia: a multiple-treatments meta-analysis. Lancet. 2013;382(9896):951-962. EMERGENT-1 KarXT (n = 83), placebo (n = 87) 11.6-point reduction at Week 5 (-17.4 KarXT vs. -5.9 placebo) Cohen’s d effect size = 0.75 9.6-point reduction at Week 5 (-21.2 KarXT vs. -11.6 placebo) Cohen’s d effect size = 0.61 8.4-point reduction at Week 5 (-20.6 KarXT vs. -12.2 placebo) Cohen’s d effect size = 0.60 PANSS total change from baseline PANSS total change from baseline PANSS total change from baseline Baseline Week 2 Week 4 Week 5 Baseline Week 2 Week 3 Week 4 Week 5 Baseline Week 2 Week 3 Week 4 Week 5 Cohen’s d effect size compares favorably with other trials of antipsychotics (0.35 – 0.58)2 EMERGENT-2 KarXT (n = 117), placebo (n = 119) EMERGENT-3 KarXT (n = 114), placebo (n = 120) * p<0.05 ** p<0.01 **** p<0.0001 Primary Endpoint: Change in Baseline PANSS Total Score vs. Placebo at Week 51 Placebo KarXT KarXT Robust Antipsychotic Effect Across All Registrational Trials in Schizophrenia China bridging study: 9.2-point reduction at Week 5 (-16.9 KarXT vs. -7.7 placebo) 38 Select Clinical Data – Approved in U.S.
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Locations PANSSPositive Subscore (Week 5) PANSSNegative Subscore (Week 5) KarXT Placebo Delta KarXT Placebo Delta EMERGENT-1 US -5.6 -2.4 3.2 p<0.0001 -3.2 -0.9 2.3 p<0.001 EMERGENT-2 US -6.8 -3.9 2.9 p<0.0001 -3.4 -1.6 1.8 p<0.01 EMERGENT-3 US + Ukraine -7.1 -3.6 3.5 p<0.0001 -2.7 -1.8 0.8 p=0.12 China Bridging Study China -6.5 -4.6 1.9 p=0.0474 -3.2 -0.7 2.5 p=0.0062 Note: *Updated results presented by Karuna in May 2023 at American Society of Clinical Psychopharmacology. KarXT is generally well-tolerated across EMERGENT-1/2/3 and China bridging study • TEAEs (≥5%) mild to moderate in severity, mostly cholinergic and resolving over time with repeated dosing • Not associated with common AEs of atypical antipsychotics (weight gain, EPS, somnolence) • No unexpected safety signals in China bridging study KarXT Improvement in Positive and Negative Symptoms of Schizophrenia Substantially Consistent Safety/Tolerability Profile Across Trials Clinically Meaningful Reductions on Key Secondary Endpoints 39 Select Clinical Data – Approved in U.S. KarXT showed a statistically significant (p<0.01) improvement in cognition from baseline with an effect size of 0.52 in a pooled analysis of EMERGENT-2 and EMERGENT-3 studies*
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Our patient-first core value drives us to impact human health Our ESG approach, commitment to DEI, and growing pipeline help us create better outcomes for everyone Target:Maintain gender equity in leadership and base pay We build trust by acting urgently and ethically Target: Complete ERM top-tier risk mitigation plans annually One Million Patients by 2030 * Trust for Life Improve Human Health Create Better Outcomes Act Right Now Note: *Target for “Improve Human Health”. Our ESG Trust for Life Strategy, Commitments, and Targets 40