Zai Lab Ltd. · HKEX:9688
Zai Lab — 44th Annual J.P. Morgan Healthcare Conference 2026
22 slides from Zai Lab's conference presentation, January 2026
Slide 1: Executing a Dual-Engine Growth Strategy
Executing a Dual-Engine Growth Strategy 44th Annual J.P. Morgan Healthcare Conference 2026 NASDAQ:ZLAB | HKEX:9688 © 2026. Zai Lab. All Rights Reserved.
Slide 2: Forward-Looking Statements
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
Slide 3: A Dual-Engine Biopharma with a Commercially Profitable China Platform Powering Global Innovation
A Dual-Engine Biopharma with a Commercially Profitable China Platform Powering Global Innovation Accelerating Global Pipeline with Profitable China Platform First U.S. Approval Expected by 2028 Delivering Steady, Durable Growth ⚫ Established partner of choice ⚫ Zoci in pivotal study; data supportive
Slide 4: Global R&D Strategy: De-risked Biology, Advanced Modalities, and Global Execution
Global R&D Strategy: De-risked Biology, Advanced Modalities, and Global Execution Focused areas of specialty ADCs BsAbs mAbs ▪ Oncology and immunology Clear Focus ▪ Next-gen biologic modalities (such as T-cell engagers) Faster Timelines Science-driven, smart risk-taking ▪ Validated targets with prov
Slide 5: Dual-Gateway Partner of Choice
Dual-Gateway Partner of Choice for Global Partners into China for China Biotechs to the World ⚫ Excellent clinical development ⚫ Integrated U.S.-China global R&D capabilities organization ⚫ Strong regulatory execution ⚫ Proven development speed (Zoci) ⚫ Leading commercial capabilities ⚫ Regulatory a
Slide 6: 2025 Milestones: Advancing Zoci to Pivotal; A Broadening Global Pipeline
2025 Milestones 2025 Milestones: Advancing Zoci to Pivotal; A Broadening Global Pipeline Pipeline Progress Commercial & Financial Industry-Leading Development Speed: <2 Years from IND to Global Pivotal Stage1 Zoci ZL-6201 Sarcoma and other solid tumors (DLL3 ADC) 2L/3L SCLC monotherapy (LRRC15 ADC)
Slide 7: Advancing a Differentiated Global Pipeline
Advancing a Differentiated Global Pipeline
Slide 8: Global Pipeline Snapshot
Global Pipeline Global Pipeline Snapshot Zai Lab Global Pipeline Today (2025 YE) What to Expect in the Next 3 Years Candidate Program IND-enabling POC (Phase I/II) Phase III Selection Zoci (ZL-1310) 2L+ SCLC (Zoci monotherapy) ❑ Potential global approvals starting in 2L+ SCLC, with expansion into 1L
Slide 9: Zoci is Delivering High, Durable Responses With a Superior Safety Profile
Zocilurtatug pelitecan Zoci is Delivering High, Durable Responses With a Superior Safety Profile Leading DLL3 ADC with Best-in-Class Potential Industry-Leading Development Speed ✓ Compelling Efficacy in a Difficult-To-Treat Population From FIH study to global pivotal stage5 – 68.4% ORR in 2L SCLC1 Z
Slide 10: Zoci is Potentially the Optimal Backbone for 1L SCLC Combinations
Zocilurtatug pelitecan Zoci is Potentially the Optimal Backbone for 1L SCLC Combinations Future Opportunities: Zoci + SOC / Novel Combo1 Safety Comparison (2L+ SCLC, Monotherapy) for Challenges with SOC and Emerging Options Investigational Drugs Currently in Global Pivotal Stage2 49.0% Anti-PD-L1 +
Slide 11: Building a Global DLL3 Opportunity Across SCLC and NEC
Zocilurtatug pelitecan Building a Global DLL3 Opportunity Across SCLC and NEC $9+ Bn Total addressable market opportunity across SCLC & NEC1 350~400K3 Potential first global 200K Number of approval (2028) patients 200K2 150K2 Stepwise, biology-driven expansion of DLL3 strategy beyond 2L+ SCLC 2L+ SC
Slide 12: Dual-Targeting of IL-13 and IL-31R May Provide Broad Disease Control
ZL-1503 Dual-Targeting of IL-13 and IL-31R May Provide Broad Disease Control A First-in-Class Approach: Dual Inhibition of IL-13 and ZL-1503: First-in-class Dual IL-13 / IL-31R bispecific IL-31 to Target Inflammation and Itch ✓ Validated biology Binds to IL-13 and prevents Inhibits IL-31 signaling b
Slide 13: Clear Unmet Need Creates Opportunity for Next-Generation Biologics in Atopic Dermatitis and Beyond
ZL-1503 Clear Unmet Need Creates Opportunity for Next-Generation Biologics in Atopic Dermatitis and Beyond 2025: >$15Bn2 2030: >$30Bn2 30% Other new biologics 45% 55% Other new biologics 70% 204Mn dupi New Biologics to Lead the Growth in AD dupi Est. global prevalence of AD1 Challenges with Current
Slide 14: Advancing Other FIC/BIC Global Assets
Other Global Assets Advancing Other FIC/BIC Global Assets ZL-6201 (LRRC15 ADC) ZL-1222 (PD1/IL12) ZL-1311 (MUC17/CD3)1 B: Silent IgG1 Fc with half-life extension modification • LRRC15 overexpression in solid • Enhanced antitumor activity • MUC17 overexpressed in more tumors, including sarcomas • Imp
Slide 15: Regional Execution & Financial Performance
Regional Execution & Financial Performance
Slide 16: Key Near-Term Regional Launches to Drive Steady Growth
Regional Assets Key Near-Term Regional Launches to Drive Steady Growth 8 Commercial Products Strongly Positioned to Leverage the Near-Term Launches Evolving China Market Indications PoC Pivotal Regulatory Next Update Supportive Regulatory Environment Schizophrenia Launch (2026) ✓ Faster review and a
Slide 17: COBENFY – Potential to Redefine Schizophrenia Treatment
COBENFY COBENFY – Potential to Redefine Schizophrenia Treatment Unmet Needs in Schizophrenia 2025 Achievements Key 2026 Priorities Care in China 8Mn Adult patients with schizophrenia1 Inclusion in China Schizophrenia Guidelines Efficient approach for launch in a concentrated market First inclusion o
Slide 18: Funding Innovation While Advancing Toward Profitability
Financial Strengths Funding Innovation While Advancing Toward Profitability Commercially Profitable China Disciplined Investment in Path toward Profitability Business Drives Strong Cash Position Innovation ($ in Mn) ADJUSTED LOSS 1,409 1,008 FROM OPERATIONS2 806 880 817 48% 1H22 2H22 1H23 2H23 1H24
Slide 19: 2026: A Catalyst-Rich Year
2026 Catalysts 2026: A Catalyst-Rich Year Asset Key Catalysts 1H’26 2H’26 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 Z
Slide 20: A Steady, Proven China Engine, Now Powering Global Innovation
Zai Lab Evolution A Steady, Proven China Engine, Now Powering Global Innovation Global Biopharma Leader Leveraging China Platform Commercial Profitability & ⚫ At least 6 global Ph 3 trials ongoing Mature Global R&D Capabilities ⚫ Global revenues with Zoci approval Strengthened the China Platform ⚫ D
Slide 21: Q&A
Q&A
Slide 22: Reconciliation and Calculation of Non-GAAP Financial Measures
Reconciliation and Calculation of Non-GAAP Financial Measures Reconciliation of Loss from Operations (GAAP) to Adjusted Loss from Operations (Non-GAAP)* $ in millions 1H22 2H22 1H23 2H23 1H24 2H24 1H25 GAAP loss from operations (178) (226) (159) (208) (146) (136) (111) Plus: Depreciation and 3 4 5 5
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