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© 2026. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Executing a Dual-Engine Growth Strategy 44th Annual J.P. Morgan Healthcare Conference 2026
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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, profitability and timeline to profitability, operating margins, and cash flow); the 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 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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A Dual-Engine Biopharma with a Commercially Profitable China Platform Powering Global Innovation Accelerating Global Pipeline with First U.S. Approval Expected by 2028 ⚫ Zoci in pivotal study; data supportive of potential best-in-class DLL3 ADC ⚫ 2 new INDs in the past year ⚫ Expansion of global pipeline with >9 indications in development by 2030 R&D - Global Quality, China Efficiency ⚫ Integrated U.S.-China development model enabling faster, capital-efficient execution ⚫ Industry-leading development speed1 ⚫ Internal discovery complemented by BD/external innovation Strong Financial Position & Improving Operating Leverage ⚫ Robust cash position of $817m2 ⚫ Strategic capital allocation for global innovation ⚫ Near-term margin expansion ⚫ Established partner of choice ⚫ Strong commercial execution across competitive markets ⚫ Deepening growth runway with 11 products across 19 indications by 2030 Profitable China Platform Delivering Steady, Durable Growth Notes: (1) Advanced zoci from IND to initiation of global Ph3 study in less than two years; (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. 3
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Clear Focus Global R&D Strategy: De-risked Biology, Advanced Modalities, and Global Execution Faster Timelines Calculated Risk Global Execution Science-driven, smart risk-taking ▪ Validated targets with proven biology ▪ Regulatory-efficient development strategy ▪ First- or best-in-class opportunities Global quality with China speed ▪ Integrated U.S.-China R&D model ▪ 10+ years of development experience ▪ Deep KOL and investigator networks Focused areas of specialty ▪ Oncology and immunology ▪ Next-gen biologic modalities (such as T-cell engagers) Global capabilities Cost-efficient development Faster PoC timelines ADCs BsAbs mAbs 4
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Dual-Gateway Partner of Choice for Global Partners into China for China Biotechs to the World ⚫ Excellent clinical development capabilities ⚫ Strong regulatory execution ⚫ Leading commercial capabilities in China ⚫ Track record of executing multiple launches across competitive markets ⚫ Integrated U.S.-China global R&D organization ⚫ Proven development speed (Zoci) ⚫ Regulatory and clinical capabilities that support global filings ⚫ Deep disease area expertise (oncology, immunology) ⚫ Global commercialization planning capabilities with MNC experienced, global leaders Consistently delivers strong execution in China with MNC standards Uniquely positioned to act as a bridge between China’s thriving biotech ecosystem and global markets 5
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2025 Milestones: Advancing Zoci to Pivotal; A Broadening Global Pipeline Abbreviations: small cell lung cancer (SCLC), atopic dermatitis (AD), investigational new drug (IND), IgA nephropathy (IgAN), primary membranous nephropathy (pMN); national reimbursement drug list (NRDL), myasthenia gravis (MG). Notes: (1) Zai Lab enrolled the first patient in its global Phase 1 study in the U.S. in January 2024; (2) Zai Lab announced NMPA approval of AUGTYRO for NTRK+ solid tumors on January 6th, 2026; (3) 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. $817.2M Strong cash2 position • Inclusion in national-level guidelines • China approval for schizophrenia Pipeline Progress 2L/3L SCLC monotherapy • Global registrational Ph3 initiated • Ph1 data update demonstrated FIC/ BIC potential 1L SCLC Zoci + PD-L1 ± chemo • Ph1 dose escalation completed 1L SCLC Zoci + novel combo • Collaboration established 2L NEC monotherapy • Advancing into registrational development Zoci (DLL3 ADC) Mod-to-Sev AD • In global Ph1/1b study ZL-1503 (IL13/IL31R) Industry-Leading Development Speed: <2 Years from IND to Global Pivotal Stage1 2025 Milestones Commercial & Financial Thyroid Eye Disease • China Ph3 initiated Elegrobart （IGF-1R, SC) IgAN & pMN • Global Ph3 ongoing (China joined) • Best-in-class data of RUBY-3 Pove （APRIL/BAFF) Solid tumors • Obtained exclusive global rights ZL-1311 (MUC17/CD3) Solid tumors • Preclinical data at 2025 AACR ZL-1222 (PD-1/IL-12) Sarcoma and other solid tumors • US IND submitted ZL-6201 (LRRC15 ADC) • NRDL renewed for IV formulation • New MG Guidelines published in Jul'25 • Inclusion in national-level guidelines • China approval for schizophrenia • China approval for NTRK+ solid tumors2 $817.2M Strong cash3 position 6
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Advancing a Differentiated Global Pipeline
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Global Pipeline Snapshot Program Candidate Selection IND-enabling POC (Phase I/II) Phase III Zoci (ZL-1310) (DLL3 ADC) ZL-6201 (LRRC15 ADC) ZL-1222 (PD-1/IL-12) ZL-1311 (MUC17/CD3) ZL-6202 (undisclosed) ZL-1223 (undisclosed) ZL-1503 (IL13/IL31R) 2L+ SCLC (Zoci monotherapy) Other NECs Sarcoma and others* Mod-to-Sev AD Solid tumors Solid tumors Solid tumors 1L SCLC 1L SCLC (Zoci+PD-L1 ±chemo) (Novel combo) Solid tumors Zai Lab Global Pipeline Today (2025 YE) What to Expect in the Next 3 Years Global Pipeline Phase 1 initiation in 1H’26 Note: *Sarcoma and potentially other LRRC15-positive solid tumors, such as breast cancer and other malignancies. Zoci (ZL-1310) ❑ Potential global approvals starting in 2L+ SCLC, with expansion into 1L SCLC and NEC ❑ Multiple pivotal studies ongoing with data readouts ZL-1503 (IL-13/IL-31Rα) ❑ Proof-of-concept data in AD pts; program advanced to Ph 2 ZL-6201 (LRRC15 ADC) ❑ Potential pivotal data readout in sarcoma ➢ 3-4 new global assets advancing into the clinic (IND) ➢ Enriched global pipeline through internal R&D and external collaborations ➢ Expanding global footprint with clinical sites activated across ~20 countries 8
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Zoci is Delivering High, Durable Responses With a Superior Safety Profile Leading DLL3 ADC with Best-in-Class Potential Zocilurtatug pelitecan Source: Zocilurtatug pelitecan (ZL-1310) AACR-NCI-EORTC 2025 Presentation, October 2025; Data cut-off: September 15, 2025. Notes: (1) Best ORR of 68% in 2L patients treated at 1.6 mg/kg; (2) across all lines and doses; (3) N=45 in 1.6 mg/kg cohort; (4) comparison of the initiation timelines for global Phase 1 studies of other DLL3 ADCs within the same class; (5) from initiation of first-in-human study to initiation of global pivotal study in 2L+ SCLC. <2 Years From FIH study to global pivotal stage5 Zoci Leading B7H3 ADCs 3.8 to 4.5 Years Industry-Leading Development Speed Phase 3 initiated in 2L/3L SCLC ❑ Eligible Patients ➢ Progression following platinum-based regimen ➢ Received 1L platinum, or platinum followed by tarlatamab in 2L ❑ Control Arm: topotecan, lurbinectedin, amrubicin ❑ AA submission expected in 2027 ✓ Compelling Efficacy in a Difficult-To-Treat Population – 68.4% ORR in 2L SCLC1 – 6.1 months mDoR2 ✓ Clear Differentiation in Patients with Brain Metastases – 80% systemic ORR in patients without prior radiation2 ✓ Potential Best-in-Class Safety Profile – Grade ≥3 TRAEs of 13%3 – No TRAEs leading to drug discontinuation or death at the selected dose for phase 33 ✓ Strategic Advantages – >1.5 years global development lead time4 9
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Zoci is Potentially the Optimal Backbone for 1L SCLC Combinations Zoci’s potential best-in-class safety profile, coupled with compelling systemic and intracranial efficacy, supports its potential as an ideal combo backbone in 1L SCLC 13.3% 36.5% 49.0% 0 9.50% 10% Zoci I-Dxd ABBV-706 Gr3+ TRAE Dose disc. Safety Comparison (2L+ SCLC, Monotherapy) for Investigational Drugs Currently in Global Pivotal Stage2 • >70% ORR, 6-7 mOS; • >50% Gr3+ TRAEs Future Opportunities: Zoci + SOC / Novel Combo1 Abbreviations: Cytokine Release Syndrome (CRS), Immune Effector Cell-Associated Neurotoxicity Syndrome (ICANS), Interstitial Lung Disease (ILD). Notes: (1) Global Phase 3 study in combination with anti-PD-L1 +/- chemo to start in 2026 pending data; a global Phase 1 in combination with a novel MoA to start in 1H 2026; (2) Zoci global Phase 1 study presentation at AACR- NCI-EORTC 2025, for 1.6mg/kg cohort (N=45); I-DXd Ideate-Lung01 study presentation at WCLC 2025, for 12mg/kg cohort (N=137); ABBV-706 Phase 1 study presentation at 2025 WCLC, for 1.8mg/kg cohort (N=41). 75% of patients discontinue medication before 18 months Challenges with SOC and Emerging Options ⚫ Limited long-term survival benefit ⚫ Significant chemo-related toxicity burden (myelosuppression) ⚫ Risk of CRS and ICANS ⚫ Potential for increased hematological toxicity when combined with chemotherapy Anti-PD-L1 + Etoposide + Carboplatin (SOC) Tarlatamab + SOC or as maintenance treatment (global Ph3 trials ongoing) No Grade ≥2 ILD 10 Zocilurtatug pelitecan
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Building a Global DLL3 Opportunity Across SCLC and NEC Source: EvaluatePharma. Notes: (1) Total market opportunity in 2032 with 100% POS across Limited Stage and Extensive Stage SCLC (all lines) and NEC assessed by EvaluatePharma; (2) The drug-treated population for first-line extensive-stage small cell lung cancer (1L ES-SCLC) in major markets (U.S., EU5, Japan, China) is estimated at ~200,000 in 2024, with approximately 75% of these patients relapsing and proceeding to second-line or later treatments; (3) The estimated incidence of NECs (excluding SCLC) in major markets (U.S., EU5, Japan, China). Total addressable market opportunity across SCLC & NEC1 Number of patients 2L+ SCLC 1L SCLC Other NECs $9+ Bn Potential first global approval (2028) 200K Stepwise, biology-driven expansion of DLL3 strategy beyond 2L+ SCLC150K2 200K2 350~400K3 11 Zocilurtatug pelitecan
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Dual-Targeting of IL-13 and IL-31R May Provide Broad Disease Control ZL-1503: First-in-class Dual IL-13 / IL-31R bispecific ✓ Validated biology ✓ Compelling preclinical profile in non-human primates1 • Rapid itch suppression and sustained for up to 133 days • Durable itching control for up to 132 days • Favorable safety profile in cynomolgus monkeys ✓ Engineered for durability: Fc optimization supports infrequent dosing ✓ Potential across multiple Th2-driven indications2 Abbreviation: Atopic dermatitis (AD). Notes: (1) 2025 EAACI presentation, “ZL-1503: A Bispecific Antibody Targeting Inflammatory and Pruritogenic Pathways with a Prolonged Serum Half-life and Sustained Activity in Non-human Primates”. A single treatment of ZL-1503 (10 mg/kg) completely suppressed CyIL-31-induced scratching, with an anti-pruritic efficacy sustained for up to 133 days (Day 78 to Day 133). Consistent with this durable anti-pruritic activity, ZL-1503 also completely suppressed IL- 13-induced pSTAT6 in CD14 monocytes, an effect that persisted for 76 to 132 days across all subjects; (2) Potential for indication expansion beyond AD, including prurigo nodularis (approved for DUPIXENT and NEMLUVIO), asthma (approved for DUPIXENT), etc. ZL-1503 First-in-human data in healthy volunteers expected in 2H’26 Current Status Upcoming Milestone Global Phase 1/1b study ongoing A First-in-Class Approach: Dual Inhibition of IL-13 and IL-31 to Target Inflammation and Itch Binds to IL-13 and prevents heterodimerization of IL-13Rα1/IL-4Rα Inhibits IL-31 signaling by binding to IL-31Rα Activation of JAK-STAT, PI3K/AKT, and MAPK pathways Production of proinflammatory cytokines/chemokines 12
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Clear Unmet Need Creates Opportunity for Next-Generation Biologics in Atopic Dermatitis and Beyond Potential Advantages of ZL-1503 ⚫ Faster itch relief with improvements in QoL ⚫ Less frequent dosing ⚫ ~50% are non-responders at wk163 ⚫ Slow onset of itch relief observed starting from Wk23 ⚫ Burdensome frequent dosing (Q2W) ⚫ Only half remain on treatment by Yr24 Source: EvaluatePharma. Notes: (1) AD affects 101 million adults and 103 million children worldwide (The British Journal of Dermatology 2024; 190: 55-61); (2) global AD biologics market estimates by EvaluatePharma; (3) Based on 49.5% EASI-75 response for DUPIXENT averaged from Phase 3 SOLO-1&2 and Ph2b (300 mg Q2W regimen); (4) Symons et al. AAD 2024 (poster presentation). ZL-1503 dupi 55% Other new biologics30% dupi 70% Other new biologics 45% 2025: >$15Bn2 204Mn Est. global prevalence of AD1 ZL-1503 Designed to Go FurtherChallenges with Current SOC in AD 2030: >$30Bn2 New Biologics to Lead the Growth in AD 13
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Global phase 1 initiation expected in 1Q 2026 Potential preclinical data update in 1H 2026 Potential US IND submission by YE 2026 Advancing Other FIC/BIC Global Assets ZL-6201 (LRRC15 ADC) ZL-1222 (PD1/IL12) ZL-1311 (MUC17/CD3)1 • LRRC15 overexpression in solid tumors, including sarcomas • Strong-affinity, high specificity • Potent bystander effect • Well-tolerated safety profile • Enhanced antitumor activity • Improved safety through potency- reduced IL-12 • MUC17 overexpressed in more than 50% of GC/GEJ patients • Strong anti-tumor properties • Minimal cytokine release syndrome Other Global Assets Note: (1) Zai Lab obtained exclusive global rights to this novel TCE. The addition complements our existing pipeline and demonstrates our disciplined approach to selecting programs that are scientifically robust and address clear unmet needs B: Silent IgG1 Fc with half-life extension modification 14
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Regional Execution & Financial Performance
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Key Near-Term Regional Launches to Drive Steady Growth PoC Pivotal Next Update TTFields Elegrobart Regional Assets Indications Schizophrenia Thyroid Eye Disease Pancreatic Cancer Cervical Cancer Regulatory Launch (2026) TLR (IA) (1H’262) NMPA review (2026) Approval (1H’26) Povetacicept IgAN pMN TLR (IA) (1H’26) Complete Enrollment (20261) OMG Myositis Sjogren’s TLR (1H’26) TLR (2H’26) TLR (2027) Supportive Regulatory Environment ✓ Faster review and approval timelines Improving Market Access Environment for Innovative Medicines ✓ Increasing transparency and predictability in NRDL renewals ✓ Rapid expansion of supplemental health insurance ✓ Pilot launch of “National Commercial Health Insurance Innovative Drug List” in 20253 Strongly Positioned to Leverage the Evolving China Market 8 Commercial Products Near-Term Launches Abbreviations: Ocular myasthenia gravis (OMG), IgA nephropathy (IgAN), primary membranous nephropathy (pMN), topline results (TLR); interim analysis (IA). Notes: (1) Complete enrollment in the Phase 2 portion of the Phase 2/3 pivotal study in pMN in 2026; (2) topline data are expected in Q1 2026 for REVEAL-1 (active TED) and Q2 2026 for REVEAL-2 (chronic TED); (3) first introduction in 2025 and effective from Jan 1st, 2026. 16
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75% of patients disctinue medication before 18 months COBENFY – Potential to Redefine Schizophrenia Treatment Unmet Needs in Schizophrenia Care in China 8Mn Adult patients with schizophrenia1 >70yrs No novel agents approved Inclusion in China Schizophrenia Guidelines Key 2026 Priorities Abbreviation: National Medical Products Administration (NMPA). Notes: (1) Prevalence of mental disorders in China: a cross-sectional epidemiological study. The Lancet Psychiatry, 2019; (2) Zai Lab Schizophrenia 2025 Market Research study; (3) China schizophrenia treatment guideline (version 2), May 2015. COBENFY of patients discontinue treatment in 18 mos3 >70% of patients had negative symptoms which are poorly controlled2 ~75% NMPA Approval Efficient approach for launch in a concentrated market Commercial efforts to accelerate Awareness, Adoption, and Access Prepare for 2027 NRDL listing and accelerate local manufacturing First inclusion of Cobenfy in national treatment guidelines globally No black-box warning 2025 Achievements 17
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Funding Innovation While Advancing Toward Profitability 2021 2022 2023 2024 9M25 ($ in Mn) 48% of revenue invested in R&D 9M’25 Disease area strongholds creating strong synergies as demonstrated by decreased SG&A ratio3 Prioritize High-value Programs ADJUSTED LOSS FROM OPERATIONS2 Potential for Significant ImprovementStrong Cash Position1 Commercially Profitable China Business Drives Strong Cash Position Disciplined Investment in Innovation Path toward Profitability Notes: (1) Cash and cash equivalents, short-term investments, and current restricted cash; (2) 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. (3) Selling, general, and administrative expense as a percentage of revenue. ($ in M) 96 104 160117 226179302398 18 1,409 1,008 806 880 817 96 104 161 117 187 148 71 1H252H241H242H231H232H221H22 Already commercially profitable Financial Strengths
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2026: A Catalyst-Rich Year Asset Key Catalysts 1H’26 2H’26 Zoci (DLL3 ADC) Data Global phase 1 data on intracranial activity in 2L+ SCLC x Data Global phase 1 data on combo regimens for doublet (+ PDL1) and triplet (+ PDL1 + chemo) Clinical dev Initiation of global registrational study in 1L SCLC x Clinical dev Initiation of global Phase 1 study with novel combination in 1L SCLC X Data Global Phase 1 data in NEC x Clinical dev Advance into global registrational development in NEC x ZL-1503 (IL13xIL31Rα) Data First-in-human data in global Phase 1 portion in healthy volunteers ZL-6201 (LRRC15 ADC) Clinical dev Initiation of global Phase 1 Study in sarcoma and other solid tumors X Efgartigimod Data Global Phase 3 data in ocular MG x Data Global Phase 3 data in Myositis x Povetacicept Data Interim analysis of global Phase 3 RAINIER study in IgAN Elegrobart (IGF-1R, SC) Data Global Phase 3 data in active TED x Data Global Phase 3 data in chronic TED TIVDAK (TF ADC) Regulatory Potential China approval for r/m cervical cancer x TTFields Regulatory China NMPA acceptance of pancreatic cancer x ZL-1222 (PD1xIL12) Clinical dev Complete IND enabling studies and advance into global clinical development X Data Potential pre-clinical data update ZL-1311 (MUC17xCD3) Clinical dev Advance into global clinical development x 2026 Catalysts 19
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A Steady, Proven China Engine, Now Powering Global Innovation 2020 2025 2030 >$460m* China Revenue 8 Commercial products (China) Commercially Profitable Zoci Approved in US Geographical Revenue Mix China, U.S., and ROW ⚫ At least 6 global Ph 3 trials ongoing ⚫ Global revenues with Zoci approval ⚫ Increasing margins with scale 11+ Commercial products (global) ⚫ Established in-licensing leadership ⚫ A scalable China commercial engine ⚫ Strong R&D capabilities with MNC standards ⚫ Dual gateway partner of choice ⚫ Commercial profitability reached ⚫ Mature global R&D capabilities; Zoci now in pivotal stage Strengthened the China Platform Commercial Profitability & Mature Global R&D Capabilities Global Biopharma Leader Leveraging China Platform 0% Ex-China Revenues Corporate-level Profitability $49m China Revenue 0% Ex-China Revenues 4 Commercial products (China) Commercial Loss Zai Lab Evolution Note: * Zai Lab total revenue guidance for the full year 2025 as updated in the third quarter 2025 earnings release. 2014 Founded as a Gateway to China 20
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Q&A
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Reconciliation and Calculation of Non-GAAP Financial Measures $ in millions 1H22 2H22 1H23 2H23 1H24 2H24 1H25 GAAP loss from operations (178) (226) (159) (208) (146) (136) (111) Plus: Depreciation and amortization expenses 3 4 5 5 5 6 7 Plus: Share-based compensation 27 35 37 42 37 34 33 Adjusted loss from operations (148) (187) (117) (161) (104) (96) (71) 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. 2222