Slide 1: First Quarter 2026 Financial Results and Recent Corporate Updates
First Quarter 2026 Financial Results and Recent Corporate Updates NASDAQ:ZLAB | HKEX:9688 © 2026. Zai Lab. All Rights Reserved.
Slide 2: Forward-Looking Statements
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
Slide 3: Q1 2026 Highlights and 2026 Outlook
Q1 2026 Highlights and 2026 Outlook 1Q’26 Global Pipeline Progress 1Q’26 Regional Pipeline Progress Zocilurtatug pelitecan (zoci) ZL-1503 (IL-13/IL-31Rα) Launch preparations for KarXT underway • Data presented at AACR 2026 for SCLC • Preclinical data presented at brainmets and epNEC IMMUNOLOGY2026 •
Slide 4: Zoci is Delivering High, Durable Responses With a Strong Safety Profile
Zocilurtatug pelitecan Zoci is Delivering High, Durable Responses With a Strong Safety Profile Recent Updates Reinforcing its Differentiated Global Registrational Phase 3 Study Ongoing Profile ✓ Differentiation in Patients with Brain Metastases Phase 3 DLLEVATE Study Enrolling in 2L/3L SCLC – 62.5%
Slide 5: Zoci as An Ideal Backbone for DLL3 TCE Combinations in SCLC
Zocilurtatug Global pipeline pelitecan Zoci as An Ideal Backbone for DLL3 TCE Combinations in SCLC The Biology Argument: Why DLL3 ADC + TCE? Why Zoci is the Right ADC Partner? Safety Comparison (2L+ SCLC, Monotherapy) for Zoci Tumor volume Investigational Drugs Currently in Global Pivotal Stage2 to
Slide 6: Global Phase 1b/2 Combination Studies with DLL3 TCEs
Zocilurtatug Global pipeline pelitecan Global Phase 1b/2 Combination Studies with DLL3 TCEs Amgen A global Phase 1b study to evaluate the safety and efficacy A global Phase 1b/2, open-label, safety and tolerability trial of zoci in combination with IMDELLTRA ® in patients with of obrixtamig in combi
Slide 7: epNECs – Expanding Zoci's Reach Beyond SCLC
Zocilurtatug Global pipeline pelitecan epNECs – Expanding Zoci’s Reach Beyond SCLC Unmet Medical Needs in epNECs 2026 AACR Update • Meaningful Clinical Responses: 38.2% overall ORR 41-67%; Etoposide + confirmed ORR (13/34) across study cohorts 1L carboplatin/cisplatin mPFS ~6 months; mOS <12 months
Slide 8: Significant potential across SCLC and epNEC; Three pivotal trials by YE
Zocilurtatug pelitecan Significant potential across SCLC and epNEC; Three pivotal trials by YE Lines of Clinical Study Regimen Phase I Phase II Phase III / Registrational Therapy Sponsor 2L/3L SCLC Zoci mono DLLEVATE ongoing Interim analysis in 2027 SCLC, all Zoci mono; Ph1 ongoing Data update in 2H
Slide 9: Other Global Assets with Promising Data Presented at Medical Conferences
Global pipeline Other Global Assets with Promising Data Presented at Medical Conferences ZL-6201 (LRRC15 ADC) Key Next Steps Key Next Steps • An appealing ADC target as LRRC15 is overexpressed in certain solid tumors* ➢ Global Phase 1 study has been • High-affinity, specific binding initiated; accel
Slide 10: ZL-1503 – A Potential First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways
Global pipeline ZL-1503 – A Potential First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways with Extended Serum Half-life ZL-1503 Exhibits Sustained, Dose-Dependent ZL-1503 (IL-13/IL-31Rα) Inhibition of IL-31-Mediated Pruritus and IL-13- Triggered pSTAT6 Signaling αIL-13 αIL-31Rα
Slide 11: A Snapshot of Global Pipeline
Global pipeline A Snapshot of Global Pipeline Candidate Program IND-Enabling POC (Phase I/II) Phase III Expected Next Updates Selection 2L+ SCLC (Zoci monotherapy) Enrollment completion in 1H’27 followed by interim analysis Combo data update in 2H’26; to initiate pivotal study with go- SCLC (Zoci +
Slide 12: 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 Potential Near-Term Launches Leverage the Evolving China Market Indications PoC Pivotal Regulatory Next Update Market Opportunity in China2 KarXT Schizophrenia Approved Dec’25 Launch (
Slide 13: KarXT – Potential to Redefine Schizophrenia Treatment
COBENFY KarXT – Potential to Redefine Schizophrenia Treatment Unmet Needs in Schizophrenia Achievements Key 2026 Priorities Care in China Inclusion in China Schizophrenia Guidelines 8Mn Adult patients with schizophrenia1 First inclusion of KarXT in national treatment guidelines globally Efficient ap
Slide 14: Q1 2026 – Financial Performance
Q1 2026 – Financial Performance REVENUE BY PROD UCT $M 1Q’26 1Q’25 Y/Y TOTAL REVENUE Product revenue, net 95.6 105.7 (10%) ZEJULA 30.0 49.5 (39%) VYVGART / 17.6 18.1 (3%) 1 Q’ 2 6 1 Q’ 2 5 VYVGART Hytrulo NUZYRA 16.3 15.1 8% $99.6M $106.5M QINLOCK 9.0 8.5 6% (6%) Y/Y OPTUNE 12.0 11.4 6% XACDURO 8.6
Slide 15: Appendix
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Slide 16: 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 Growth ⚫ Established partner of choice ⚫ Zoci in pivotal study; data supportive of poten
Slide 17: 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 Data Global phase 1 data on combo regimens for doublet (+ PDL1) and triplet (+ PDL1 + chemo) Zoci Clinical dev Initiation of global registrational study in 1L SCLC