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zaiLǝb Second Quarter 2026 Financial Results and Recent Corporate Updates NASDAQ : ZLAB | HKEX : 9688 2026. Zai Lab . All Rights Reserved .
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Forward-Looking Statements This presentation contains forward-looking statements, including statements relating to our strategy and plans; potential of andexpectations 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, and clinical stage products); the peak sales potential of our programs; capital allocation; clinical development programs and related clinical trials; expected timing and results of clinical trial data, data readouts, and presentations; risks and uncertainties associated withdrug 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 ofnew 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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Achievements in 2Q’26 and Upcoming Key Catalysts KarXT: Commercial launch for schizophrenia TIVDAK: China NMPA approval for cervical cancer Seeking 2027 NRDL inclusion for KarXT and VYVGART Hytrulo 2Q’26 Regional Pipeline Progress By YE’26 Zoci: Advance into registration-enabling studies 1L SCLC, epNECs Upcoming Catalysts for Key Global Programs in 2H’26 / 2027 Oct’26 Zoci: 2026 ESMO presentation Incl. 1L SCLC (Zoci + PD- L1 ± chemo) 2H’26 ZL-1503: First-in- human data from SAD portion Healthy volunteers 1H’27 Zoci: Complete enrollment of DLLEVATE study 2L+ SCLC 1H’27 ZL-6201: Initial data from global Phase 1 study Sarcoma and selected tumors 1H’27 ZL-1503: Patients’ data from MAD portion AD 2027 Zoci: Interim analysis from DLLEVATE study 2L+ SCLC ⚫Data / Regulatory Milestones ⚫Clinical Development Progress Abbreviations: European Medicines Agency (EMA), immunotherapy (IO), small cell lung cancer (SCLC), extrapulmonary neuroendocrine carcinomas ( epNECs), single ascending dose (SAD), multiple ascending dose (MAD), atopic dermatitis (AD) 2Q ’26 Global Pipeline Progress – Key Assets • DLLEVATE study in 2L+ SCLC ongoing • Global Ph1 data (+ IO +/- chemo) accepted for ESMO presentation • Global Ph1 study (+ tarla +/- IO) ongoing • Orphan Drug Designations for epNECs (FDA) and NEC (EMA) • Fast Track Designation for epNECs (FDA) • Completed enrollment in the SAD portion of Ph1/1b study • Enrollment of AD patients into the MAD portion of the study ongoing Zocilurtatug pelitecan (zoci) ZL-1503 (IL-13/IL-31Rα)
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Zoci is Delivering High, Durable Responses With a Strong Safety Profile Recent Updates Reinforce Differentiated Profile Zocilurtatug pelitecan Source: Zai Lab AACR 2026 presentation, April 2026. Abbreviations: small cell lung cancer (SCLC), neuroendocrine carcinomas (NECs), overall response rate (ORR), treatment -related adverse events (TRAEs), T-cell engager (TCE), Boehringer Ingelheim (BI) Notes: (1) At 1.6mg/kg, intracranial ORR was 62.5% (10/16), including 25% (4/16) with complete intracranial response , presented at AACR 2026; (2) Confirmed intracranial responses observed in both patients with (50%, 13/26) and without (60%, 9/15) prior radiotherapy, presented at AACR 2026; (3) N=55 in 1.6 mg/kg cohort, presented at AACR 2026; (4) Evaluate combination with tarlatamab in SCLC and obrixtamig in SCLC and other NECs; (5) Following the recent LAGOON trial results in 2L SCLC, lurbinectedin will be removed as a control arm option for new patients enrolling in t he DLLEVATE study; patients already receiving lurbinectedin without disease progression or unacceptable toxicity may continue treatment. ✓ Differentiation in Patients with Brain Metastases At 1.6 mg/kg: – 62.5% (10/16) confirmed intracranial ORR1 – 4 out of 16 had complete intracranial responses – 69% best intracranial ORR in patients without prior radiotherapy2 ✓ Potential Best-in-Class Safety Profile3 – Grade ≥3 TRAEs of 16.4% at 1.6 mg/kg ✓ Collaborations with Amgen and BI – Evaluate zoci in combination with DLL3 TCEs4, positioning as a potential backbone therapy 4 Global Registrational Phase 3 Study Ongoing Phase 3 DLLEVATE StudyEnrolling in 2L/3L SCLC ❑ N=480 ❑ Eligible Patients ➢ Progression following platinum-based regimen ➢ Received 1L platinum, or platinum followed by tarlatamab in 2L ❑ Control Arm: topotecan, amrubicin5 ❑ Key Next Steps: ➢ Enrollment completion in 1H’27 ➢ Interim analysis and Accelerated Approval submission in 2027 to the FDA
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1L SCLC: Zoci Combo Data Advances Path Toward Phase 3 by YE’26 5 Zocilurtatug pelitecan Part 1A: Monotherapy dose escalation Zoci single-agent in 2L+ SCLC (0.8–2.8 mg/kg) Part 1B: Doublet dose escalation Zoci + atezolizumab Part 1C: Triplet dose escalation Zoci + atezolizumab + carboplatin Part 2: Monotherapy dose expansion Zoci single-agent in 2L+ SCLC (1.2 mg/kg, 1.6mg/kg) Part 3B: Doublet dose extension for 1L SCLC Zoci (1.6 mg/kg) + atezolizumab Key Next Steps Enrolling Brain metastases data updated at 2026 AACR Data presented at 2025 ENA Phase I, open-label, dose-escalation and expansion study of ZL -1310 as monotherapy and in combination with atezolizumab or atezolizumab and carboplatin in ES-SCLC (NCT06179069) Abbreviation: Treatment -related adverse events (TRAEs), overall response rate (ORR), median progression free survival ( mPFS), extensive-stage small cell lung cancer (ES -SCLC). Note: The study design shown here is simplified for clarity. (1) IMpower133 and CASPIAN study. Why 1L SCLC Patients Need A New Option Platinum- doublet chemo + anti-PD-L1 ORR 60-70%1 mPFS ~5 mos1 ~60% Gr3+ TRAEs1 Key Next Steps ➢ ESMO 2026: Global Phase 1 data presentation for zoci + PD-L1 +/- chemo ➢ 2H’26: Initiate registrational Phase 3 study • Patients often discontinue chemotherapy after 4 cycles due to high toxicities • Need for better-tolerated, more effective treatments with improved control of brain metastases
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Why Zoci is the Right ADC Partner? Zoci as A Promising Backbone for DLL3 TCE Combinations in SCLC 6 Notes: (1) Global Phase 3 study in combination with anti -PD-L1 +/- chemo to start in 2026 pending data; a global Phase 1 in comb ination with a novel MoA to start in 1H 2026; (2) Zoci global Phase 1 study presentation at AACR 2026, for 1.6mg/kg cohort (N=55); I -DXd Ideate-Lung01 study presentation at WCLC 2025, for 12mg/kg cohort (N=137); ABBV -706 Phase 1 study presentation at 2025 WCLC, fo r 1.8mg/kg cohort (N=41). The Biology Argument: Why DLL3 ADC + TCE? Tumor volume Treatment Duration to activate T-cell for durable killing • Minimal overlapping toxicities Potential to Deepen and Broaden Responses Safety Comparison (2L+ SCLC, Monotherapy) for Investigational Drugs Currently in Global Pivotal Stage2 16.4% 36.5% 49.0% 1.80% 9.50% 10% Zoci I-Dxd ABBV-706 Gr3+ TRAE Dose disc. 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 to rapidly reduce tumor burden by targeted cytotoxic delivery Zoci Obrixtamig Global pipelineZocilurtatugpelitecan
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Global Phase 1b/2 Combination Studies with DLL3 TCEs Underway Global pipeline A global Phase 1b study to evaluate the safety and efficacy of zoci in combination with IMDELLTRA ® in patients with ES-SCLC A global Phase 1b/2, open -label, safety and tolerability trial of obrixtamig in combination with zoci in patients with poorly differentiated NEC ⚫ Amgen and BI to sponsor and lead global Phase 1b/2 studies respectively; Zai Lab will supply Zoci ⚫ Zai Lab continues to pursue additional combination approaches Part 1: Dose Exploration (2L+ SCLC) Part 2: Dose Expansion (2L/2L+ SCLC) Part 3: Triplet Combination (1L ES-SCLC) Zoci (multiple doses) + Tarlatamab Zoci (RP2D) + Tarlatamab Zoci (RP2D) + Tarlatamab + Durvalumab Part 1: Dose Exploration (Poorly differentiated NECs) Zoci (multiple doses) + Obrixtamig Part 2: Triplet Combination (1L ES-SCLC) Zoci (RP2D) + Obrixtamig + Atezolizumab Amgen 7 Zocilurtatugpelitecan ✓ Actively enrolling
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Expanding Zoci’s Reach Beyond SCLC to epNECs 8 Global pipeline Source: Zai Lab 2026 AACR presentation, April 2026. Abbreviations: extrapulmonary neuroendocrine carcinomas ( epNECs), FOLFIRI (irinotecan, calcium folinate or levofolinate, fluorouracil, Q2W). Note: (1) McNamara 2020 Therapeutic advances in Medical Oncology. Zocilurtatugpelitecan Unmet Medical Needs in epNECs Etoposide + carboplatin/cisplatin Chemo (FOLFIRI or mono chemo)1 ORR ~20%; mPFS 2-3 months; mOS ~6 months ORR 41-67%; mPFS ~6 months; mOS <12 months • Chemotherapy as standard of care with limited responses after progression and high toxicities • No DLL3 targeted therapies approved despite high DLL3 expression 1L 2L 2026 AACR Update in 2L+ NECs • Meaningful Clinical Responses: 38.2% overall confirmed ORR (13/34) across study cohorts – Target tumor reductions were observed across multiple epNECs tumor types • Manageable Safety Profile: Grade ≥3 TRAEs in 15.2% of patients in Phase 1b Key Next Steps • Advance into registrational development in 2H’26
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Significant Potential For SCLC and epNECs; 3 Pivotal Trials by YE 2026 Lines of Therapy Regimen Phase I Phase II Phase III / Registrational Clinical Study Sponsor Small Cell Lung Cancer 2L/3L SCLC Zoci mono SCLC, all lines Zoci mono; + PD-L1 +/- chemo SCLC, all lines + Tarlatamab+/- PD-L1 1L SCLC + PD-L1 EpNECs 2L+ epNECs1 Zoci mono epNECs and 1L SCLC + Obrixtamig +/- PD-L1 DLLEVATE ongoing Ph1 ongoing Ph1 ongoing To initiate soon To advance into registrational development in 2H‘26 Enrollment completion in 1H’27, followed by interim analysis and AA submission To initiate pivotal study with go-forward combo in 2H’26 Combo data presentation at ESMO 2026 Amgen 9 Abbreviation: Accelerated approval (AA). Note: (1) The ongoing Phase 1b/2 study is being conducted in patients with 2L+ epNEC while the Phase 2 portion enrolls patients in the 2L setting. The planned registration -enabling study is also expected to enrol l patients in the 2L setting. Zocilurtatugpelitecan Ph1b/2 ongoing To initiate soon
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Broadening the Pipeline: Three Global Assets in the Clinic by 1H’27 Abbreviation: Gastric cancer / gastroesophageal junction (GC/GEJ) Note: *Sarcoma and potentially other LRRC15 -positive solid tumors. Source: 2025 AACR, 2026 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 targeting, 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 ➢ Complete dose escalation enrollment of the global Phase 1a/b study in 2026 ➢ Provide topline resultsfrom the dose escalation portion in 1H’27 Key Next Steps ➢ Submit an IND application in the U.S. and initiate a global Phase 1 study in 2027 ZL-1222 (PD-1/IL-12) ZL-6201 (LRRC15 ADC) B: Silent IgG1 Fc with half-life extension modification • MUC17 overexpressed in more than 50% of GC/GEJ patients • Strong anti-tumor properties • Minimal cytokine release syndrome Key Next Steps ➢ Submit an IND application in the U.S. by YE’26 and initiate a global Phase 1 study in 1H’27 ZL-1311 (MUC17/CD3) Key Next Steps Key Next Steps Key Next Steps
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ZL-1503: A Potential First-In-Class Long-Acting IL-13 & IL-31Rα Bispecific with Potential for Robust Skin Clearance, Rapid Itch Relief, and Extended Dosing 11 Silent Fc with mutations to extend serum half-life αIL-13 αIL-31Rα Abbreviations: Non-Human Primates (NHP), atopic dermatitis (AD). Source: Zai Lab presentation, IMMUNOLOGY2026 conference, April 2026 ZL-1503 • Clinically validated targets for AD • Dual targeting potentially provides faster onset of action and superior efficacy • Fc mutations prolong serum half-life ZL-1503 (IL-13/IL-31Rα) ZL-1503 Significantly Improves Lung Function in the NHP Asthma Model ZL-1503 Exhibits Sustained, Dose-Dependent Inhibition of IL-31- Mediated Pruritus and IL-13-Triggered pSTAT6 Signaling IL-31-induced scratching IL-13-induced pSTAT6 Mch: Methacholine; Raw: Airway Resistance ; Cdyn: Dynamic lung compliance
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ZL-1503: First-in-Human Data Readout in 2H’26 Total N～100 Primary Endpoints: AEs, clinical laboratory and blood and urine samples Secondary Endpoints: PK parameters including Cmax, Tmax, AUC, half- life, Vss, CL, etc. Part A Part B Completed enrollment Enrolling AD patients Single ascending doses (SAD) in healthy volunteers Multiple ascending doses (MAD) in adult participants with moderate to severe AD Dose cohort 1 Dose cohort 2 Dose cohort 3 Dose cohort 4 Dose cohort A Dose cohort B • First-in-human data from SAD cohort in healthy volunteers in 2H 2026 • Continue enrollment in the MAD portion in AD patients in 2026 • Initial data from the MAD portion expected in 1H’27 Key Next Steps Abbreviations: Adverse events (AEs), peak plasma concentration ( Cmax), time to reach Cmax (Tmax), area under curve (AUC), apparent volume of distribution at steady state ( Vss), systemic clearance (cl). ZL-1503
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A Snapshot of Our Global Pipeline 13 Mod-to-Sev AD Solid tumors Solid tumors Solid tumors Solid tumors Complete registrational enabling studies by YE’26 US IND submission by YE’26 FIH data in 2H’26 Program Candidate Selection IND-Enabling POC (Phase I/II) Phase III Expected Next Updates Zoci (ZL-1310) (DLL3 ADC) Enrollment completion in 1H’27 followed by interim analysis Combo data update in 2H’26 at ESMO; initiate a registrational Phase 3 study in 2H’26 Advance into registrational development in 2H’26 ZL-6201 (LRRC15 ADC) Initial data from global Phase 1 study in 1H’27 ZL-1222 (PD-1/IL-12) US IND submission and initiate a global Phase 1 study in 2027 ZL-1311 (MUC17/CD3) US IND submission by YE’26 and initiate a global Phase 1 study in 1H’27 ZL-6202 (undisclosed) ZL-1223 (undisclosed) ZL-1503 (IL13/IL31R) First-in-human data from healthy volunteers in 2H’26; initial clinical data from AD patients expected in 1H’27 ZL-2105 (undisclosed) Amgen 2L+ SCLC (Zoci monotherapy) SCLC (Zoci + tarlatamab± PD-L1) SCLC & epNECs (Zoci + obrixtamig±PD-L1) Sarcoma and others* Solid tumors Solid tumors Solid tumors Mod-to-Sev AD epNECs 1L SCLC (Zoci + PD-L1) Solid tumors Immunology diseases Global pipeline Note: *Sarcoma and potentially other LRRC15 -positive solid tumors, such as breast cancer and other malignancies. (Zoci monotherapy)epNECs
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Regional Assets 14 Abbreviations: Ocular myasthenia gravis (OMG), primary membranous nephropathy ( pMN), IgA nephropathy ( IgAN). Notes: (1) Zai Lab partner Vertex has completed enrollment in the Phase 2 portion of the global pivotal Phase 2/3 OLYMPUS study and has initiated the Phase 3 portion. Zai Lab participated in the global study in Greater China; (2) Zai Lab analysis and market research; (3) first introduction in 2025 and effective from Jan 1 st, 2026; (4) China‘s 15th Five-Year Plan (2026–2030), a national socioeconomic development blueprint guiding policy priorities and industrial strategy across a five -year cycle; (5) The State Council Office issued Document No. 9, "Several Opinions of the General Office of the State Council on Improving the Drug Pricing Formation Mechanism" ( 国办发〔2026〕9号) issued in April 2026. In the case of high -level innovative drugs with a high degree of innovation and significant clinical value, their prices at the early stage of market entry should reflect the high R&D investment and high risk involved, and remain relatively stable for a certain period of time, according to the guidelines. Potential Near-Term Launches Indications PoC Pivotal Regulatory Next Update Market Opportunity in China2 OMG Potential Submission 44k Myositis TLR (3Q’26) 170k Sjogren’s TLR (2H’27) 2-3m Povetacicept IgAN Potential Submission 3-5m patients; >750k diagnosed with biopsy pMN Accelerate Enrollment (20261) ～2mn Elegrobart Thyroid Eye Disease Complete Enrollment in China (3Q’26) 2-3m patients; 760k moderate -to-severe Cervical Cancer Commercial Launch (2027) 110k TTFields Pancreatic Cancer NMPA Acceptance 125k Positive Phase 3 results Positive interim results Positive readouts in TED Approved in Jun’26 9 Commercial Products Key Near-Term Regional Launches to Drive Steady Growth Strongly Positioned to Leverage the Evolving China Market ✓ Increasing transparency and predictability in NRDL adjustments ✓ Expansion of supplemental health insurance ✓ Pilot launch of “National Commercial Health Insurance Innovative Drug List”3 ✓ Biopharmaceutical industry designated as a pillar industry4 ✓ Optimize formation mechanism for drug prices5 KarXT MAA submitted to NMPA
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75% of patients medication before 18 months KarXT – Potential to Redefine Schizophrenia Treatment First National-Level Consensus Targeting Negative Symptoms to Cite X/T Evidence Unmet Needs in Schizophrenia Care in China 8Mn Adult patients with schizophrenia1 >70yrs No other 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. KarXT 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 KarXT in national treatment guidelines globally No black-box warning Achievements 15 Inclusion in Chinese Expert Consensus on Management of Negative Symptoms First national-level consensus targeting negative symptoms to cite KarXT evidence
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Q2 2026 – Financial Performance 16 $99.6M$106.3M +7% QoQ 2 Q’ 2 6 1 Q’ 2 6 Product revenue, net 105.8 95.6 11% ZEJULA 32.1 30.0 7% VYVGART / VYVGART Hytrulo 23.9 17.6 36% NUZYRA 17.1 16.3 5% QINLOCK 9.5 9.0 7% OPTUNE 12.2 12.0 1% XACDURO 8.0 8.6 -7% AUGTYRO 2.2 1.8 22% KarXT 0.6 - NM2 Other1 0.2 0.3 -45% Collaboration revenue 0.5 4.0 -86% Total revenues 106.3 99.6 7% T O TA L R E VE N U E $M 2Q’26 1Q’26 QoQ This quarter, we sharpened our commercial focus, delivered sequential revenue growth, maintained commercial profitability, and laid the foundation for a return to meaningful growth in 2027 TOTAL REVENUE Note: (1) Other includes product candidates sold in patient programs prior to commercialization . (2) NM – Not Meaningful.
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Appendix
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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 speed 1 ⚫ Internal discovery complemented by BD/external innovation Strong Financial Position & Improving Operating Leverage ⚫ Robust cash position of $718m 3 ⚫ 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 2 Profitable China Platform Delivering Steady Growth Notes: (1) Advanced zoci from IND to initiation of global Ph3 study in less than two years; (2) Potential launches by 2030; (3) Cash and cash equivalents, short -term investments, and current restricted cash totaled $717.5 million as of June 30, 2026. 18
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Upcoming Catalysts in 2026 / 2027 19 Asset Key Catalysts 1H’26 2H’26 2027 Zoci (DLL3 ADC) Data Global phase 1 data on intracranial activity in 2L+ SCLC Data Global phase 1 data on combo regimens for doublet (+ PDL1) and triplet (+ PDL1 + chemo) Clinical dev Initiation of global registrational Phase 3 study in 1L SCLC x Clinical dev Initiation of global Phase 1 studies with DLL3 TCEs in SCLC and NECs Clinical dev Complete enrollment in the global Phase 3 study in 2L+ SCLC followed by an interim analysis Data Global Phase 1 data in epNECs Clinical dev Advance into global registrational development in epNECs x ZL-1503 (IL13xIL31Rα) Data Data from the SAD portion of global Phase 1/1b study in healthy volunteers Data Data from the MAD portion of global Phase 1/1b study in AD patients ZL-6201 (LRRC15 ADC) Data Global Phase 1 data (dose escalation) in sarcoma and selected tumors Efgartigimod Data Global Phase 3 data in ocular MG 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; Global Phase 3 data in chronic TED Data China Phase 3 data in TED TIVDAK (TF ADC) Regulatory Potential BLA approval for r/m cervical cancer x TTFields Regulatory Potential NMPA acceptance for pancreatic cancer ZL-1222 (PD1xIL12) Clinical dev Submit an IND application in the U.S. and initiation of global Phase 1 study Data Potential pre-clinical data update ZL-1311 (MUC17xCD3) Clinical dev Submit an IND application in the U.S. and initiation of global Phase 1 study x 2026 / 2027 Catalysts