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 MARCH 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, CEO & Interim CFO Bijal Desai Business Updates and CEO Remarks Senior VP, Finance Sabeen Mekan SVP & Chief Medical Officer Cash Position and Financial Guidance Paul Moore Chief Scientific Officer Clinical Development Updates Scott Platshon Acting Chief Investment Officer
Slide 4: Business Update
Business Update Ken Galbraith Chair, CEO & Interim CFO 4
Slide 5: Potentially practice-changing results supporting Ziihera as the HER2-targeted agent of choice in HER2+ 1L mGEA
Potentially practice-changing results supporting Ziihera as the HER2-targeted agent of choice in HER2+ 1L mGEA • Jazz expect to complete supplemental biologics license application submission under Real Time Oncology Review in 1Q26 with potential launch in 1L HER2+ GEA in 2H26. • FDA granted Breakthr
Slide 6: Key ongoing Ziihera (zanidatamab-hrii) trials
Key ongoing Ziihera® (zanidatamab-hrii) trials sBLA: supplemental biologics licensing application. Sourced from Jazz Pharmaceuticals Fourth Quarter and Year End 2025 Results Conference Call February 24, 2026. Key ongoing trials sponsored by our partner Jazz Pharmaceuticals 6
Slide 7: Ziihera peak sales estimate over time
Ziihera® peak sales estimate over time Evolution of Wall Street Consensus | 2023 vs. Now | ($ Millions) $2,326.8 94% change $1,197.0 Feb-2023 Current 7
Slide 8: Total Shareholder Returns
Deploying low-cost capital into high-quality assets to drive predictable returns Total Shareholder Returns • Share repurchases • Company/ platform /asset acquisition $250M Royalty backed note ❑ Strategic fit • Accelerate access to cash while preserving upside ❑ Royalty bearing ❑ Partnering potential
Slide 9: Strategic Differentiation: innovative R&D engine
Strategic Differentiation: R&D ENGINE innovative R&D engine Fully integrated discovery-to-early-stage development to support internally discovered with royalty portfolio for and externally acquired assets multi-component BD R&D Generates Future Royalties and Milestones via Partnerships Acquisitions
Slide 10: Financial Update
Financial Update Bijal Desai Senior Vice President, Finance 10
Slide 11: 2025 Revenues, Operating Expenses and Cash Resources – million $
2025 Revenues, Operating Expenses and Cash Resources – million $ Operating Expenses Cash, Cash equivalents Revenue Royalty and Marketable Research support fee & drug supply R&D G&A Securities Milestones, option and other fees $2.8 $15.0 $61.5 $61.5 $0.1 $324.2 $40.7 $270.6 $88.2 $137.0 $134.6 $35.5
Slide 12: Clinical Update
Clinical Update Sabeen Mekan SVP & Chief Medical Officer 12
Slide 13: ZW251: Phase 1 study in glypican 3-expressing hepatocellular carcinoma (HCC)
ZW251: Phase 1 study in glypican 3-expressing hepatocellular carcinoma (HCC) (NCT07164313) Key Eligibility Criteria Part 1: Dose Escalation (~6 dose levels; n=60) Part 2: Dose Optimization (n=40) • HCC advanced or metastatic • Progressed on SOC treatment ZW251 ZW251 • Measurable by RECIST 1.1 ZW251
Slide 14: Meaningful catalyst events anticipated throughout 2026
Meaningful catalyst events anticipated throughout 2026 2026 Presented potentially practice changing and Jazz expects to complete sBLA submission in the Expected non-U.S. regulatory submission clinically meaningful mPFS and mOS in Phase 3 U.S. in 1Q-2026 with potential launch in 2H-2026 to for ZW1528
Slide 15: Q&A
Q&A Ken Bijal Sabeen Mekan Galbraith Desai SVP & Chief Chair, CEO Senior VP, Finance Medical Officer & Interim CFO Paul Scott Adam Moore Platshon Schayowitz Chief Scientific Acting Chief Acting Chief Officer Investment Officer Development Officer 15
Slide 16: Appendix
Appendix 16
Slide 17: Appendix A - GAAP to Non-GAAP Reconciliation
Appendix A - GAAP to Non-GAAP Reconciliation In thousand $ Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Research and development expense 31,235 37,063 137,000 134,621 Stock-based compensation expense (3,783) (1,974) (13,264) (8,682) Adjusted research and development ex