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NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved. May 2025 First Quarter 2025 Financial Results and Recent Corporate Updates
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Forward-Looking Statements This presentation contains forward-looking statements, including statements relating to our strategy and plans; potential of and expectations for our business, commercial products, and pipeline programs; our goals, objectives, and priorities and our expectations under our growth strategy (including our expectations regarding our commercial products and launches, clinical stage 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, commercialization and 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 anticipated 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. 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. We may not actually achieve the plans, carry out the intentions, or meet the expectations or projections described in our forward-looking statements, and you should not place undue reliance on these 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. Throughout this presentation, we use certain acronyms and terms that are defined in the Glossary. The trademarks and registered trademarks appearing in this presentation are the property of their respective holders. 2
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Key Accomplishments in 1Q’25 3 Notes: (1) Profitability refers to adjusted income from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude non-cash expenses, including depreciation, amortization, and share-based compensation. For additional information on this adjusted measure, refer to the “Reconciliation and Calculation of Non-GAAP Financial Measures” section; (2) Cash and cash equivalents, short-term investments, and current restricted cash totaled $857.3 million as of March 31, 2025, compared to $879.7 million as of December 31, 2024. Delivered Strong Regional Business Immunology franchise expanded ✓ Povetacicept (APRIL/BAFF) ✓ VRDN-003 (IGF-1R) Two NDAs under NMPA review ✓ KarXT for schizophrenia ✓ TIVDAK for cervical cancer Accelerated Global Pipeline with FIC/BIC Potential Demonstrated Path to Profitability1 ZL-1222 (PD-1/IL-12) Promising next-generation IL-12 immunocytokine therapy ZL-6201 (LRRC15 ADC) Potential FIC/BIC ADC with high affinity and specificity $857.3M Strong cash position2 +22% 1Q’25 revenuey-o-y 1Q’25 adj. loss from operation1-25% y-o-y New commercial launches on track ✓ XACDURO and AUGTYRO ZL-1310 (DLL3 ADC) To present updated data at and initiate a pivotal trial in 2H’25
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M U LT I P L E R E V E N U E I N F L E C T I O N S T H R O U G H 2 0 3 0 + Key Growth Drivers Through 2030+ 4Q’25 - Profitability On Track ZL-1310 (DLL3) Efgartigimod* ZL-1503 (IL13xIL31R) ZL-6201 (LRRC15 ADC) ZL-1222 (PD-1xIL-12), etc. 2029 - 2030+2024 2025 - 2026 2027 - 2028 2028 - $2bn Revenue Expected Bemarituzumab Pancreatic cancer *Multiple Indications Local Manufacturing in Progress Global assets Schizo- phrenia Povetacicept VRDN-003 ADP
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Unlocking Blockbuster Potential of VYVGART and VYVGART Hytrulo through Execution Excellence We Are Only Touching The Tip of the Iceberg ~10% Patients treated today of total 170K gMG potential1 Penetration is still low today… ~40% Patients returned for repeated cycles1,2 Patient volume rebounded in Mar/Apr’253 2025 Continued Efforts – Expand Coverage, Extend DoT 85% Target coverage gMG potential in ’25 Broaden Patient AccessShape Treatment Standards Better Patient Journey Enhance Supplemental Insurance Coverage Expert Consensus Recommendation Feb-25 published – First expert consensus National gMG Treatment Guidelines 2025 expected Partnerships with an NGO and a leading AI health-tech partner Target to cover ~40M enrollees for Hytrulo Target to double HCP coverage for regular use Long-term Disease Management Mar’25 ~30 Target SIP coverage in ’25 60+ # SIP plans that covers VYVGART Hytrulo Expand hospital coverage and improve infusion centers capacity for FcRn antagonists for gMG Notes: (1) Zai Lab estimates as of December 2024; (2) Est. % of patients treated in the prior quarter for the first cycle who returned for treatment in the current quarter; (3) Zai Lab estimates as of April 2025.
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Rapid, Deep, Sustained Improvements in gMG VYVGART Franchise – Well Positioned as Potentially Best-in-Class FcRn 6 Favorable Safety Profile as an FcRn Fragment 40- 73.3% No / minimal symptoms1 Notes: (1) In the ADAPT trial, 40% of efgar-treated patients reached MSE (Minimal Symptom Expression) within the first treatment cycle (4 weeks) and 44.6% cumulative MSErate (≤3 cycles); 47.1% at 21 weeks in ADAPT-NXT study, rising to 56.5% by 126 weeks with continued treatment; 73.3% cumulative MSE rate after 9 months of multi-cycle treatment in a real-world Chinese study; (2) Global Phase 3 ADAPT trial data; (3) Global Phase 3 ADAPT NXT study, presented at 2024 AAN; (4) Zai Lab plans to submit a CMC variation for VYVGART PFS in China in gMG and CIDP in 2025; (5) Indications in development (or planned) in pivotal stage in China include seronegative gMG, ocular MG, TED, myositis and Sjogren’s Disease. Precision IgG degradation Convenient and Flexible Administration No albumin reduction or lipid elevation Cycles-based or Q2W3 enabling individualized treatment with SC and PFS4 Pipeline-in-a-Product Opportunity 2 Launched indications in China 5 Indications in pivotal stage in China5 Significant First-to-Market Advantage First and only FcRn Covered by NRDL in 2024-2025 MSE = MG-ADL score of 0 or 1 73.0% ≥3-point MG-ADL improvement2 At week 4 63.3% MG-ADL reduction vs. baseline3 At week 21 Self- administration
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✓ Early and sustained reduction of positive and negative symptoms ✓ No boxed warning and no atypical antipsychotic class warnings ✓ Positive China Ph3 study supporting commercial uptake ~8 million patients with schizophrenia in China1 COMING SOON KarXT – Potential to Redefine Schizophrenia Treatment 7 Relapse in first year after discharge3 Discontinue treatment in the first 18 months2 ~75% ~35% x Lack of novel MOA x Poor negative symptom control x Unacceptable side effects Schizophrenia: High Unmet Needs Preparing for Potential Launch FDA Approved; first new MoA in decades for schizophrenia ~500 Top hospitals ~150 Sales reps at NRDL ~85% Business potential4 Efficient approach for concentrated market… Local manufacturing plan initiated …with strong government support in mental health 85% Treatment ratio goal in 20305 # of psychiatrists (per 100K population) 2025 2030 4.0 4.5 China NDA accepted in Jan’25 Notes: Zai Lab Market Analysis. (1) Prevalence of mental disorders in China: a cross-sectional epidemiological study. The LancetPsychiatry, 2019; (2) China schizophrenia treatment guideline (version 2), May 2015; (3) https://pubmed.ncbi.nlm.nih.gov/26056450/; (4) Zai Lab analysis; (5) Healthy China Action Plan (2019-2030). 2019 2.6
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Bemarituzumab – Only FGFR2b-Targeted Agent in Late-Stage Development 8 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) 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 FORTITUDE-101 data in 2Q’25 • Global Ph3 FORTITUDE-102 data in 2H’25 • Commercial readiness from QINLOCK infrastructure • Local manufacturing in planning stage 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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ZL-1310 – Potential Global First- and Best-In-Class ADC Targeting DLL3 9 → →→ → → → → → → → → → → → → 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 10+ 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. ✓ Orphan Drug Designation granted by the FDA for SCLC in Jan’25
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Rapidly Advancing ZL-1310 in SCLC and Other DLL3-Expressing Tumors 10 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 ➢ Data update at ASCO ➢ Initiation of pivotal study 1L SCLC ➢ Data update for ZL- 1310 combo Other DLL3-expressing tumors (NEC) ✓ Ph1/2 study ongoing Key Updates in 2025 1L SCLC 2L+ SCLC Other NECs Phase 1/2 Potentially Registrational Study Mono dose Optimization Mono Pivotal Study
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Three Global Assets with Promising Data Presented at Medical Conferences Program Preclinical Phase I Phase II ZL-1310 (DLL3 ADC) ZL-1218 (CCR8) ZL-6301 (ROR1 ADC) ZL-6201 (LRRC15 ADC) ZL-1222 (PD-1/IL-12) ZL-1503 (IL13/IL31R) Solid tumors ES-SCLC Solid tumors Solid tumors Goal to Generate at Least 1-2 INDs per Year ZL-1503 (IL13xIL31R) 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 11 ZL-1222 (PD-1/IL-12) Entering Phase 1 • PD-1 targeted, next-generation IL-12 immunocytokine designed to leverage the anti-tumor potential of IL-12 while lowering the associated systemic toxicity • Potency-reduced IL-12 mutein is engineered to preferentially activate CD8+ T cells over peripheral NK cells, potentially improving safety Other NECs Mod-to-Sev AD Solid tumors
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2025 – Target to Achieve Profitability with Strong Cash Position 12 TOTAL REVENUE GUIDANCE $560~$590M PROFITABILITY 1 TARGETED IN 4Q’25 Strong growth from VYVGART franchise, continued growth across our other products, and contributions from newly launched products Robust cash position2 of $857.3M as of March 31, 2025 (vs. $879.7M as of December 31, 2024) S T R O N G E R P O R T F O L I O , P I P E L I N E & F I N A N C I A L F L E X I B I L I T Y I N 2025 Notes: (1) Profitability refers to adjusted income from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude non-cash expenses, including depreciation, amortization, and share-based compensation. For additional information on this adjusted measure, refer to the “Reconciliation and Calculation of Non-GAAP Financial Measures” section. (2) Cash and cash equivalents, short-term investments, and current restricted cash totaled $857.3 million as of March 31, 2025, compared to $879.7 million as of December 31, 2024.
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1Q’25 – Double-Digit Topline Growth 13 Total revenues 106.5 22% ZEJULA 49.5 9% VYVGART / VYVGART Hytrulo 18.1 38% NUZYRA 15.1 53% OPTUNE 11.4 (9%) QINLOCK 8.5 40% AUGTYRO 1.6 NA XACDURO 1.1 NA Other* 1.1 NA 1 Q ’ 2 5 R E V E N U E S $M 1Q’25 Y/Y 1Q’25 Key Updates • ZEJULA – Continued to be the leading PARP inhibitor in hospital sales for ovarian cancer • VYVGART / VYVGART Hytrulo – Increased sales supported by NRDL listing; seasonal softness in 1Q’25 and inventory dynamics associated with Hytrulo ➢ Patient volumes rebounded in March and April • OPTUNE – Resumed sequential growth after Q2’24 shift to core markets to optimize profitability • AUGTYRO – Launched in Dec’24; NRDL inclusion effective Jan 1, 2025 • XACDURO – Launched in Jan’25; strong initial demand under private pay Note: “Other” include collaboration revenue and revenue from product candidates sold in patient programs prior to commercialization.
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79% 60% Licensing builds disease area strongholds, creating strong synergies 1Q’25 – Improved Operational Efficiency Towards Profitability in 4Q’25 14 R & D E X P E N S E S S G & A E X P E N S E S A D J U S T E DL O S S F R O M O P E R AT I O N S* (49) (37) ($ in M) • Increase was primarily due to upfront fees totaling $20m for our license and collaboration agreements. Other R&D expenses decreased as a result of resource prioritization and efficiency efforts • Decrease was primarily driven by decreased personnel costs as a result of resource prioritization and efficiency efforts • Narrowing loss through strong topline growth with modest expense growth through ongoing cost initiatives 55 61 63% 57% 45% 55% 65% 40 45 50 55 60 65 70 75 80 85 90 1Q'24 1Q'25 ($ in M) (as % total revenue) 44 42 26 22 1 11 21 31 41 51 61 71 81 1Q'24 1Q'25 (as % total revenue) ($ in M) Note: *Refers to adjusted income (loss) from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude certain non-cash expenses, including depreciation, amortization, and share- based compensation. A reconciliation is included in the “Reconciliation and Calculation of Non-GAAP Financial Measures” section. Prioritize high-value programs Path to Profitability* TA R G E T 4 Q ’ 2 5 P R O F I TA B I L I T Y * 1Q’24 1Q’25 S & M G & A
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ONCOLOGY NEUROSCIENCEIMMUNOLOGYASSETS WITH GLOBAL RIGHTS 2025 – Transformative Year with Multiple Major Anticipated Catalysts 15 DATA / CLINICAL DEVELOPMENT REGULATORY Bemarituzumab • Global Ph3 data (bema+chemo) • Global Ph3 data (bema+chemo+PD1) 2H’25 2Q’25 TTFields • China MAA submission in 1L PC 2025 TIVDAK • China BLA acceptance for 2L+ CC 1Q’25 Repotrectinib • China sNDA acceptance for NTRK+ tumors 1H’25 1H’25 2H’25 ZL-1310 (DLL3 ADC) • Data update for mono in 2L+ SCLC • Data update for combo in 1L SCLC • Initiate a pivotal study in SCLC ZL-6201 (LRRC15 ADC) • Advance into a Ph1 study in solid tumors ZL-1503 (IL-13xIL-31R) • Preclinical data update and move into Ph1 2025 KarXT • China NDA acceptance for schizophrenia 1Q’25 Bemarituzumab • China NDA submission for 1L GC 2025 Global Pipeline • Multiple global IND submissions 2025 OTHERS Commercial Readiness • Launch preparation for KarXT and bemarituzumab • Leverage existing infrastructure to launch TIVDAK Business Development • Additional global, regional in-licensing and out- licensing BD deal(s) 2H’25 Efgartigimod • China PFS submission for gMG and CIDP 2025 2025 2025 Efgartigimod • Data update for Ph3 sn gMG study • Data update for Ph2 LN study 2025 KarXT • Data update for Ph3 ADP study (ADEPT-2) 2H’25
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Zai Lab is at a Major Value Inflection Point since Inception 16 Growing Global Pipeline with First Approval Expected in 2027 • Potential global FIC/BIC DLL3 ADC for SCLC is rapidly progressing • IL-13/IL-31R and LRRC15 ADC advancing into the clinic 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 Profitability1 in 4Q 2025 • Significant margin improvement driven by synergistic product launches • $857.3M cash position2 enables business development and discovery efforts Notes: (1) Profitability refers to adjusted income from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude non-cash expenses, including depreciation, amortization, and share-based compensation. For additional information on this adjusted measure, refer to the “Reconciliation and Calculation of Non-GAAP Financial Measures” section. (2) Cash and cash equivalents, short-term investments, and current restricted cash totaled $857.3 million as of March 31, 2025, compared to $879.7 million as of December 31, 2024.
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Reconciliation and Calculation of Non-GAAP Financial Measures $ in thousands, unaudited 1Q’25 1Q’24 GAAP loss from operations (56,311) (70,309) Plus: Depreciation and amortization expenses 3,458 3,012 Plus: Share-based compensation 15,800 17,980 Adjusted loss from operations (37,053) (49,317) 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. 17
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Appendix A. Company Overview B. Pipeline C. Blockbuster Opportunities D. Select Clinical Data E. Glossary
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CORPORATE DEVELOPMENT COMMERCIALIZATION Zai Lab Overview 19 PORTFOLIO Started our journey Established HQ and R&D center in Shanghai QINLOCK & NUZYRA Launched in China Commercial team established OPTUNE Launched in China $13M 2019 revenue $399M 2024 revenue B E C O M E A LEADING GLOBAL BIOPHARMA 8 Launched in China 2014 2015 2016 2017 2018 2019 2020 2021 2022 Listed Established R&D center in California Listed Commercial Products in China 2023 2024 Launched in China products in pipeline 15+ Dual-primary listed on Nasdaq and HKEX Included in Stock Connect Commercial team of 1,000+ Established HQ in Cambridge, MA
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Portfolio Overview – Broad, Diverse and Rapidly Advancing in 2025 20 Phase 2Phase 1 Phase 3 / Pivotal Regulatory Submissions Completed / underway Launched Efgartigimod (FcRn) Lupus nephritis Bemarituzumab (FGFR2b) 1L GC KarXT (M1/M4) ADP Efgartigimod (FcRn) TED Myositis Seronegative gMG Ocular MG Sjogren’s disease3 Povetacicept (APRIL/BAFF) IgAN pMN3 VRDN-003 (IGF-1R) TED3 KarXT (M1/M4) Schizophrenia TIVDAK (TF ADC) 2L+ CC Repotrectinib (ROS1/TRK) NTRK+ solid tumors TTFields 1L pancreatic cancer ZL-1310 (DLL3 ADC) 2L+ SCLC 1L SCLC NECs1 ZL-1218 (CCR8) Solid tumors ZL-1503 (IL-13/IL-31R) Mod-to-sev AD2 ZL-6201 (LRRC15 ADC) Solid tumors2 Oncology Immunology Neuroscience Notes: (1) Phase 1/2 study; (2) To advance into global Phase 1 clinical development in 2025; (3) To initiate a registrational study in China or to initiate the China portion of the global registrational study. Assets with global rights
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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 ZL-1222 (PD-1/IL-12) Global Ovarian Cancer (1L maintenance) Ovarian Cancer (Platinum-sensitive recurrent maintenance) GBM Brain Metastases from NSCLC Pancreatic Cancer (1L) Gastric/GEJ (1L) GIST (4L) Solid Tumors ES-SCLC Cervical Cancer (1L r/m, combo)1* 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) Combination with carboplatin and KEYTRUDA +/- bevacizumab. Other NECs Solid Tumors
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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 to initiate in 2025 or under planning. (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 VRDN-003 (IGF-1R) Greater China ZL-1503 (IL13/IL31R) Global gMG CIDP Lupus Nephritis Thyroid Eye Disease Myositis Seronegative gMG Ocular MG Sjogren’s Disease* Mod-to-sev AD Infectious Disease Xanomeline and Trospium Chloride (KarXT) Greater China Schizophrenia Psychosis in Alzheimer’s Disease Greater China Asia Pacific2 ABSSSI, CABP HABP/VABP caused by Susceptible Isolates of Acinetobacter Baumannii-calcoaceticus Complex 22 IgA Nephropathy TED* Primary Membranous Nephropathy*
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VYVGART Hytrulo – Opportunity to Transform CIDP Patient Experience 23 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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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 24 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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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) 25
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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 Phase 3 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. In a pooled analysis of Phase 3 EMERGENT-2 and EMERGENT 3 studies, patients with cognitive impairment of greater than one standard deviation below normative standards at baseline, KarXT showed a statistically significant (p<0.01) improvement in cognition from baseline with an effect size of 0.52. KarXT is generally well-tolerated across EMERGENT-1/2/3 and China Phase 3 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, Negative and Cognitive Symptoms of Schizophrenia, with Consistent Safety/Tolerability Profile Clinically Meaningful Reductions on Key Secondary Endpoints 26 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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XACDURO – First Pathogen-Targeted Therapy Addressing Acinetobacter Baumannii Infections 27 Acinetobacter infections3 Significant Unmet Need in China ~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 • Commercially launched in China in Jan’25 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 28 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 29 Potential Best-in-Class ROS1/NTRK Inhibitor • ROS1 Prevalence: 2~3% of NSCLC patients1 • 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; consistent results from China subpopulation ✓ Superior OS extension, 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 • Applied in the Greater Bay Area; NMPA acceptance in 1Q 2025 ✓ Higher response rate & longer DOR2 mPFS 35.7 mos in ROS1-TKI naï ve (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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Leverage Zai’s Existing R&D and Commercial Capabilities De-risked MoA with Promising Clinical Data 30 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 Povetacicept (APRIL/BAFF) – Potentially Transformative Approach to IgAN Zai Lab Brings Regional Expertise and Footprint to Accelerate Patient Access to Povetacicept1 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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Povetacicept (APRIL/BAFF) – Compelling RUBY-3 data (ASN 2024) 31 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. Zai Lab and Vertex completed enrollment of the interim analysis cohort in the global Ph3 RAINIER study. Zai Lab participated in the study in Greater China
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VRDN-003 (SC) Veligrotug and VRDN-003 (IGF-1R) – Positive Phase 3 Results Support the Transformative Potential in Thyroid Eye Disease 32 Note: Adapted from Viridian Therapeutics Corporate Presentation, May 2025. Sources: (1) Zai Lab market research; (2) Viridian THRIVE data on file; (3) Viridian THRIVE-2 data on file; (4) Planned product profile, including planned clinical dosing regimen. Current TED Market (China) Veligrotug (IV) Primed for new entrants and growth Well-positioned to become the IV treatment-of-choice in TED Subcutaneous and potential best-in-class therapy in TED • ~1 million patients diagnosed with moderate-to- severe forms of TED in China1 • 70~80% are chronic TED1 • No subcutaneous option available commercially • Robust and consistent clinical responses in active and chronic TED2,3 • Rapid onset of treatment effect2,3 • First demonstration of diplopia response and resolution in a global chronic TED Ph3 study3 • Generally well tolerated2,3 • Significantly reduced treatment burden2,3 • Infrequent administration of every 4 or 8 weeks4 • Designed to replicate veligrotug clinical profile4 • Potential to greatly expand TED market, if approved • Topline data of global Ph3 studies expected in 1H 2026 Zai Lab plans to advance VRDN-003 (SC) into a China registrational study for TED, as a potentially best-in- class, long half-life and convenient subcutaneous anti-IGF-1R
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~15% SCLC1 Worldwide ~372,000 newly diagnosed patients with SCLC each year1,2 ~34,0001,2 ~73,0001,2 Highly aggressive disease associated with poor survival outcomes Notes: (1) J Thorac Oncol. 2023 Jan;18(1):31-46; Lung Cancer Foundation of America; (2) WHO Globocan 2022; (3) Sabari JK, et al. Nat Rev Clin Oncol. 2017;14:549-561; (4) National Cancer Institute. www.cancer.gov. Accessed October 15, 2024; (5) Phase 3 IMpower133 (atezolizumab) and CASPIAN study (durvalumab). Lung Cancer • 2/3 diagnosed with ES-SCLC3 • ~5~10% overall survival at 5 years4 • 1L – Despite addition of I/O, current SOC has limited improvement in survival (mOS 12~13 mos)5 • 2L+ – Tarlatamab recently added; room for improvement in efficacy, safety and easier community setting access Limited Treatment Options and Significant Unmet Needs Remain for ES-SCLC ZL-1310 – Significant Unmet Needs for Patients with SCLC Global Ph1
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ZL-1310 – Potential Global First-in-class ADC Targeting DLL3 (ENA 2024) Key Efficacy Results (n=19) ✓ 74% ORR (14/19)1 with anti-tumor activity across all dose levels ✓ 100% ORR (6/6) in patients with brain metastases ✓ One patient with prior tarlatamab failure achieved a partial response with a 67% tumor reduction ✓ 13 of 14 responders ongoing including patients treated at the lowest dose (0.8 mg/kg) Key Safety Results (n=25) ✓ Well tolerated across all dose levels with majority of TEAEs being Gr 1 or 2 ✓ 20% Gr≥3 TRAEs, 8% serious TRAEs, no CRS and ICANS ✓ No dose discontinuation or death due to TEAE Source: Zai Lab presentation, ZL-1310 ENA 2024 Highlights, October 24, 2024. Notes: (1) Data shared in the ENA presentation from the ongoing Part 1a monotherapy dose-escalation portion of the study included results from 25 patients across four dose cohorts (0.8 mg/kg, 1.6mg/kg, 2.0 mg/kg, and 2.4 mg/kg). Data cut-off: October 10, 2024. Nineteen patients had evaluable tumor assessments, included 5 patients with confirmed partial response (PR) and 9 patients with unconfirmed PR (responses are ongoing at data cutoff). of all patients received at least two prior regimens of systemic therapy of patients received prior anti-PD-(L)1 therapy 56% 92% Baseline Characteristic Global Ph1
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Our patient-first core value drives us to impact human health Our ESG approach 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 35
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Glossary: A - H 36 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 FY'24 full year of 2024 1H'25 first half of 2025 2H'25 second half of 2025 q-o-q quarter-over-quarter y-o-y year-over-year 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 BIC best-in-class BICR blinded independent central review BLA Biologics License Application BOR best overall response C CABP community-acquired bacterial pneumonia CAGR compound annual growth rate CAS Clinical Activity Score 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 CRS cytokine release syndrome 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 FIC first-in-class 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 HCP healthcare professional HemOnc hematological oncology HR hazard ratio
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Glossary: I - Y 37 I ICANS immune effector cell-associated neurotoxicity syndrome 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 I/O immuno-oncology 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 mOS median overall survival 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 pMN primary membranous nephropathy PO per os 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 TF tissue factor TKI tyrosine kinase inhibitor TOP1i topoisomerase 1 inhibitor TRAE treatment-related adverse event TTFields/TTF Tumor Treating Fields U ULN upper limit of normal UPCR urine protein to creatinine ratio