ZLAB Q3 2025 Earnings Presentation

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November 2025 Third 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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4 Zai Lab uniquely positioned to act as a bridge between China’s thriving biotech ecosystem and global markets Gateway for Innovation and Growth in China ✓ Deep local know-how driving speed and efficiency ✓ Multiple high-potential assets with near-term commercial impact (KarXT, povetacicept, VYVGART) ✓ Significant improvement in operating leverage expected in next 1-2 yrs; already commercially profitable Advancing a Global Pipeline with Transformational Potential ✓ Global R&D engine w/scientific rigor ✓ Industry leading speed and execution: Zoci from Ph 1 IND to Ph 3 in < 2 years ✓ First global approval (Zoci) in ‘27/’28 timeframe ✓ Globally differentiated assets (IL13/31R, LRRC15 ADC, PD-1xIL-12) continue to advance Zai Lab: Evolving into A Global Innovation-Driven Company

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Zocilurtatug pelitecan (DLL3 ADC) – 2025 Triple Meeting Highlights Key Efficacy (n=102) and Safety (n=115) Findings ✓ 1.6 mg/kg in 2L SCLC (n=19): ORR of 68% ✓ Across all doses and all lines of therapy: ➢ 80% (8/10) ORR for patients with untreated brain metastases ➢ mDOR of 6.1m ✓ Safety In 1.6 mg/kg (n=45): ➢ Grade ≥3 TRAEs of 13%; no Grade ≥2 ILD ➢ No TRAEs leading to drug discontinuation or death of all patients received at least two prior lines of therapy 44% of all patients received prior anti-PD-(L)1 therapy90% Baseline Characteristics 6 presented with brain metastasis at baseline, of which 13 were untreated 32% Global pipeline Compelling Global Data in A Difficult-to-Treat Population Accelerating with >1.5 Years Global Development Lead Time1 Source: Zocilurtatug pelitecan (ZL-1310) AACR-NCI-EORTC 2025 Highlights, October 24, 2025. Note: (1) Comparison of the initiation timelines for global Phase 1 studies of other DLL3 ADCs.

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Advancing Zoci into 1L SCLC to Broaden Impact Across Lines of Therapy zoci monotherapy versus investigator’s choice2L+ SCLC Phase 3 initiated zoci + PD-L1 ±chemo1L SCLC Phase 1 dose escalation ongoing 1L & beyond SCLC Novel combination Phase 1 start in 2026 1L SCLC Doublet or Triplet combinations2 Phase 3 start in 2026 Industry-Leading Development Speed: <2 Years from Phase 1 to Global Pivotal Stage1 Notes: (1) Zai Lab enrolled the first patient in its global Phase 1 study in the U.S. in January 2024; (2) Zoci + PD-L1 +/- chemo. Global pipeline

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NECs Represent a Large, Underserved Opportunity – Expanding Zoci’s Reach Beyond SCLC 350~400K Est. global prevalence of NEC1 2 - % of DLL3 expression 15% 77% 5~8% 76% 14% 70% Abbreviation: neuroendocrine carcinomas (NECs). Notes: (1) Zai Lab analysis; Incidence and survival of neuroendocrine neoplasia in England 1995−2018: A retrospective, population-based study. 8 ➢ Preliminary data support advancement into registrational enabling cohort in 2026 ➢ Data update for Zoci monotherapy in 1H 2026 Unmet Medical Needs in NECs Key Next Steps Global Basket Trial Ongoing May 2025 Enrollment initiated As of Today Preliminary data support advancement into registrational enabling study next year Global pipeline Clear Development Path Beyond SCLC ➢ Chemotherapy as standard of care with limited responses and high toxicities ➢ No DLL3 targeted therapies approved despite high DLL3 expression • Excited about the market opportunity in NEC, which is currently undervalued and presents a huge market, doubling the potential of SCLC alone – ~350-400k of NEC global prevalence – SCLC representing ~45% of all prevalent NECs as the single biggest opportunity of NECs. • Current SOC is chemotherapy; platinum-etoposide in 1L and FOLFOX/FOLFIRI in 2L+ – Limited responses and high toxicity in 2L+: FOLFIRI (irinotecan, calcium folinate or levofolinate, fluorouracil, Q2W) 18% ORR, 3.5m PFS, 8.9m OS – Lack of targeted and innovative therapy while DLL3 is highly expressed in this tumor type. • Targeting DLL3 has shown preliminary antitumor activity in known DLL3 expressing non-SCLC diseases with ORR ranging from 10-30%; room to improve.

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ZL-1503 – A Potentially First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways with Extended Serum Half-life 9 Silent Fc with mutations to extend serum half-life αIL-13 αIL-31Rα Scratching Time -7 0 7 14 21 28 35 42 49 56 63 70 77 84 91 98 105 112 119 126 133 140 147 0 50 100 150 200 Days post ZL-1503 treatment Δ Scratching time (s) (% of initial) Monkey #1 Monkey #2 Monkey #3 ZL-1503, iv, 1 dose, 10 mg/kg Abbreviation: Non-Human Primates (NHP); atopic dermatitis (AD). Source: Zai Lab presentation, EAACI congress 2025, June 2025. Global pipeline • Clinically validated targets for AD • Dual targeting potentially provides faster onset of action and superior efficacy • Fc mutations prolong serum half-life 21 28 35 42 49 56 63 70 77 84 91 98 105 112 119 126 133 140 147 154 161 168 175 182 0 30 60 90 120 Days post ZL-1503 treatment Percentage of pSTAT6+ cells in CD14hi cells (%) Monkey #1 Monkey #2 Monkey #3 Naive animal Percentage of pSTAT6+ cells in CD14+ cells ➢ Expected clinical data readout in 2026 Key Next Steps ZL-1503 (IL13/IL31R) Single Dose of ZL-1503 Potently and Sustainedly Reduces IL-31-induced Scratching and pSTAT6 in NHP

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ZL-6201 (LRRC15 ADC) Other Global Assets with Promising Data Presented at Medical Conferences Note: *Sarcoma and potentially other LRRC15-positive solid tumors. Source: 2025 AACR, Zai Lab posters. 10 Global pipeline • An appealing ADC target as LRRC15 is overexpressed in certain solid tumors* • High-affinity, specific binding • Potent bystander effect against LRRC15- negative tumor cells • Well-tolerated safety profile • PD-1 targeted, next-generation IL-12 immunocytokine • PD-1 targeting enhances the antitumor activity • Potency-reduced IL-12 improves safety profile potentially by reducing NK cell activation Key Next Steps ➢ U.S. IND submission planned by year end 2025 ➢ Global phase 1 initiation expected in 1H 2026 Key Next Steps Key Next Steps ➢ Potential preclinical data update in 2026 ➢ Completion of IND enabling studies expected in 2026 Key Next Steps ZL-1222 (PD-1/IL-12) B: Silent IgG1 Fc with half-life extension modification

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Abbreviation: topline results (TLR). 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 11 Potential New Indications … gMG170K CIDP50K Ocular MG44K Myositis (IMNM, ASyS, DM)170K Thyroid Eye Disease1Mn Sjogren’s Disease2.3Mn Neurology Renal & Rheumatology Ophthalmology & Endocrinology Department Focus ✓ Approved ✓ Approved P3 ongoing, TLR 1H’26 P3 ongoing, TLR 2H’26 P3 ongoing, TLR 2H’26 P3 ongoing, TLR 2027 Regional pipeline Expected Data Readouts:

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Best-in-Class Potential 12 Dual inhibition of BAFF/APRIL cytokines with high affinity and potency Compelling RUBY-3 data supporting BIC profile Povetacicept (APRIL/BAFF) – Advancing Development in IgAN and pMN A Potentially Transformative Approach to IgAN with Best-in-Class and Pipeline-in-a-Product Potential Abbreviations: Subcutaneous (SC), IgA nephropathy (IgAN), primary membranous nephropathy (pMN), breakthrough designation (BTD). Note: * In September 2025, the U.S. Food and Drug Administration(FDA) granted BTD to povetacicept for the treatment of IgA nephropathy. Convenient SC dosing once every four weeks, at home Phase 3 RAINIER Study in IgAN Enrollment completed, including interim analysis (IA) cohort ➢ If IA is positive, potential for Vertex to file for accelerated approval in the U.S. in H1’26 Phase 2/3 OLYMPUS Study in pMN FDA granted BTD in September 2025* Regional pipeline Initiated pivotal single Phase 2/3 adaptive study vs. standard of care To join the study in Greater China in 4Q’25 FDA granted Fast Track Designation

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Anticipated Key Milestones in the Next 12 Months ❑ NMPA approval for schizophrenia by early ‘26 ❑ China PFS submission for gMG and CIDP ❑ Data readouts from global Phase 3 studies in ocular MG (1H’26), myositis (2H’26) and TED (2H’26) ❑ Join a global pivotal study in pMN in Greater China in 4Q’25 ❑ Vertex to conduct interim analysis of global Phase 3 RAINIER study in IgAN in 1H’26 13 2L+ SCLC ❑ Updated data on intracranial activity in 1H’26 1L SCLC ❑ Phase 1 data from ongoing doublet/triplet in 1H’26 ❑ Registrational study start with zoci + PD-L1 +/- chemo in ‘26 ❑ Phase 1 start with novel combination in ‘26 NEC ❑ Phase 1 data in 1H’26 ❑ Registrational enabling cohort start in ‘26 Zoci (DLL3 ADC) ZL-1503 (IL13/IL31R) ❑ Initial Phase 1 data readout in ‘26 ZL-6201 (LRRC15 ADC) ❑ U.S. IND submission by YE’25 with Global phase 1 initiation 1H’26 ❑ Preclinical data update in ‘26 Regional Assets KarXT (M1/M4 agonist) Povetacicept (APRIL/BAFF) VYVGART (FcRn) Global Assets ZL-1222 (PD-1/IL-12) At least 1-2 INDs per year…

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15 ~10% Biologics share in gMG ~10% Other innovative biologics Traditional drugs VYVGART and VYVGART Hytrulo Today 21K pts treated by VYVGART to date1 with steady monthly addition of ~1K new patients Notes: (1) Zai Lab estimate as of 9/30/2025 since VYVGART commercial launch in China; ~21,000 patients treated by VYVGART as of 9/30/2025, accounting for 12% of ~170,000 gMG prevalence in China based on Zai Lab market research. Regional pipeline Underlying Demand Remains Strong with Continued Efforts to Extend DoT Supported by New MG Guidelines Published in July Current Penetration with Meaningful Room to Grow ~12% penetration in gMG prevalent patients1 DOT Increased with Notable Acceleration in 3Q’25 FY'24 avg 9M'25 avg (Est. avg vials per patient) +30%

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KarXT – Potential to Redefine Schizophrenia Treatment Notes: Zai Lab Market Analysis. (1) Prevalence of mental disorders in China: a cross-sectional epidemiological study. The LancetPsychiatry, 2019; (2) FDA approved in September 2024. Regional pipeline 8 Patients with schizophrenia1 70+ First drug with new MoA2 China NDA accepted in Jan’25 years million Key Next StepsThe First Inclusion of National-Level Guideline Globally Confirm KarXT as a novel muscarinic mechanism Only therapy with broad spectrum symptom improvement Highlight KarXT’s unique safety profile

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3Q’25 – Continued Topline Growth 18 Total revenues 116.1 14% ZEJULA 42.4 (12%) VYVGART / VYVGART Hytrulo 27.7 2% NUZYRA 15.4 54% OPTUNE 12.7 64% QINLOCK 8.9 3% AUGTYRO 1.7 NA XACDURO 6.4 NA Other* 0.9 NM 3 Q ’ 2 5 R E V E N U E S $M 3Q’25 Y/Y 3Q’25 Key Highlights • VYVGART / VYVGART Hytrulo – driven by an extension of DoT and increasing market penetration ➢ Incl. $2.4m sales rebate for a voluntary price adjustment on Hytrulo ahead of NRDL negotiation1 • ZEJULA – Sales were softer due to evolving competitive dynamics within the PARPi class ➢ 3% q-o-q shows signs of stabilization • NUZYRA - Continued strong growth supported by increased market coverage and penetration • XACDURO – Demand remains robust under private pay despite supply constraints Note: “Other includes collaboration revenue and revenue from product candidates sold in patient programs prior to commercialization. (1) The Company voluntarily lowered Hytrulo’s price effective as of August 1 ahead of NRDL negotiation and recorded $2.4 million sales rebates in Q3.

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66% 60% Disease area strongholds creating strong synergies 3Q’25 – Improved Operational Efficiency 19 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 S1 (49) (28) ($ in M) • Decrease is mainly due to due to a decrease in licensing fees in connection with upfront and milestone payments • Normal quarterly fluctuation with increase driven by higher selling expenses to support the growth of NUZYRA and VYVGART, partially offset by decreases in selling expenses related to ZEJULA • Narrowing loss through strong topline growth with modest expense growth through ongoing cost initiatives 66 48 65% 41% 20% 30% 40% 50% 60% 70% 30 40 50 60 70 80 90 3Q'24 3Q'25 ($ in M) (as % total revenue) 43 47 24 23 1 11 21 31 41 51 61 71 81 3Q'24 3Q'25 (as % total revenue) ($ in M) Prioritize high-value programs 3Q’24 3Q’25 S & M G & A Clear trajectory toward achieving profitability1 Already commercially profitable Notes: (1) Refers to adjusted income (loss) from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude certain non-cash expenses: depreciation, amortization, and share-based compensation. A reconciliation is included on slide 22.

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Zai Lab is at a Major Value Inflection Point 20 Growing Global Pipeline with First Approval Expected in 2027/2028 • 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 in 2026-27 Strong Financials with Path to Profitability1 • Significant margin improvement driven by synergistic product launches • $817.2M 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 $817.2 million as of September 30, 2025, compared to $832.3 million as of June 30, 2025.

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Appendix

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Reconciliation of Non-GAAP Financial Measures $ in thousands, unaudited 3Q’25 3Q’24 GAAP loss from operations (48,822) (67,853) Plus: Depreciation and amortization expenses 3,901 2,871 Plus: Share-based compensation 16,923 16,795 Adjusted loss from operations (27,998) (48,187) 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 certain non-cash expenses including depreciation, amortization, and share-based compensation. 22

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