Slide 1: Making a meaningful difference
Making a meaningful difference A royalty-driven organization differentiated by in-house R&D capabilities developing novel medicines for patients with difficult-to-treat diseases MAY 7, 2026
Slide 2: Legal disclaimer
Legal disclaimer This presentation and the accompanying oral commentary include “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
Slide 3: Agenda
Agenda Ken Galbraith Chair & Chief Executive Officer Kristin Stafford Business Updates and CEO Remarks Chief Financial Officer Sabeen Mekan SVP & Chief Medical Officer Cash Position and Financial Guidance Paul Moore Chief Scientific Officer Research and Development Updates Scott Platshon EVP & Chief
Slide 4: Business Update
Business Update Ken Galbraith Chair & Chief Executive Officer 4
Slide 5: Approaching a key regulatory inflection point for zanidatamab strengthens long-term strategy
Approaching a key regulatory inflection point for zanidatamab strengthens long-term strategy U.S. PDUFA Date Significant Milestones & Grow Differentiated Team Strengthened Established & NMPA Long-Term Royalties Assets with Meaningful This Quarter Submission Complete Potential Pending regulatory appr
Slide 6: Financial Update
Financial Update Kristin Stafford Chief Financial Officer 6
Slide 7: Q1 2026 Revenues, Operating Expenses and Cash Resources
Q1 2026 Revenues, Operating Expenses and Cash Resources – million $ Revenue Operating Expenses Cash, Cash equivalents and (USD) Marketable Securities (USD) Royalty (USD) R&D Research support fee & drug supply G&A $45.8M Milestones, option fee and $333.4M other $ 17.0 M $ 15.1 M $15.0M $324.2M $9.8M
Slide 8: Preclinical Update
Preclinical Update Paul Moore Chief Scientific Officer 8
Slide 9: Zymeworks novel RASi payloads designed for ADCs
Zymeworks novel RASi payloads designed for ADCs More than 170 novel RASi Efficacy in CDX models Desirable PK payload prepared and screened RASi ADC Vehicle preclinical Lead RASi RMC-6236 Target properties programs Novel RASi TOPO1i ADC 6 mg/kg ZW427 TOPO1i ADC RASi ADC 6 mg/kg 1 mg/kg Ly6E RASi ADC
Slide 10: RASi ADCs provide differentiated distribution, uptake, and RAS inhibition over daraxonrasib
RASi ADCs provide differentiated distribution, uptake, and RAS inhibition over daraxonrasib Animal dosed with RASi ADC or RMC-6236 RASi-ADC single i.v. dose, 9 mg/kg RMC-6236 single oral dose, 25 mg/kg 3 days 7 days 14 days 1 day 2 days or Standard Uptake Standard Uptake RASi payload Value (SUV) Val
Slide 11: Target-driven tumor selective RAS inhibition
Target-driven tumor selective RAS inhibition Three novel ADCs to ZW427 ZW418 tackle RAS mutated ZW439 Ly6E pan-RASi ADC PTK7 pan-RASi ADC tumors CLDN18.2 pan-RASi ADC • Novel bystander active pan- RASi payload • DAR 8 to maximize & sustain RAS inhibition • Antibodies selected for optimal payload del
Slide 12: Clinical Update
Clinical Update Sabeen Mekan SVP & Chief Medical Officer 12
Slide 13: Duration of treatment and overall response of ZW191
Duration of treatment and overall response of ZW191 Ovarian and endometrial cancer (n=46) Total across dose OC and EC 6.4-9.6 mg/kg levels mTTR, mo (range) 1.4 (1.2-4.2) 1.4 (1.2-4.2) mDOR, mo (95% CI) NR (4.2, NR) NR (4.2, NR) mPFS, mo (95% CI) 7.6 (4.2, NR) 7.6 (5.5, NR) Total across all dose OC
Slide 14: TEAEs of any grade occurring in ≥20% of participants
TEAEs of any grade occurring in ≥20% of participants 14 TEAE: treatment-emergent adverse event.
Slide 15: ZW251 Phase Trial: addition of Germ Cell and Sq NSCLC tumors
ZW251 Phase 1 Trial: addition of Germ Cell and Sq NSCLC tumors GPCs expression is highly tumor specific with Normal adjacent lung tissue had no expression of GPC3 98 97 100 86 % Tumors GPC3 IHC Positive 80 67 59 60 40 20 8 0 Germ Cell Hepatoblastoma HCC† Rhabdoid Squamous Adenocarcinoma (pediatric)*
Slide 16: Meaningful catalyst events anticipated throughout 2026
Meaningful catalyst events anticipated throughout 2026 2026 Presented potentially practice changing and Jazz and BeOne completed sBLA filings, in the U.S. Execution of strategic initiative to clinically meaningful mPFS and mOS in Phase 3 and China respectively, for zanidatamab for the compound exist
Slide 17: Q&A
Q&A Ken Galbraith Kristin Stafford Sabeen Mekan Chair & Chief Chief Financial SVP & Chief Executive Officer Officer Medical Officer Paul Moore Scott Platshon Adam Schayowitz Chief Scientific EVP & Chief Business EVP & Head of Officer Officer Research and Development 17
Slide 18: Appendix
Appendix 18
Slide 19: Appendix A - GAAP to Non-GAAP Reconciliation
Appendix A - GAAP to Non-GAAP Reconciliation In thousand $ Three Months Ended March 31, 2026 2025 Research and development expense 34,457 35,738 Stock-based compensation expense (3,886) (3,264) Adjusted research and development expense (Non-GAAP basis) 30,571 32,474 General and administrative expens
Slide 20: Appendix A - GAAP to Non-GAAP Reconciliation (continued)
Appendix A - GAAP to Non-GAAP Reconciliation (continued) In thousand $ Year Ended December 31, 2025 2024 Research and development expense 137,000 134,621 Stock-based compensation expense (13,264) (8,682) Adjusted research and development expense (Non-GAAP basis) 123,736 125,939 General and administr