Slide 1: Second Quarter 2025 Financial Results and Recent Corporate Updates
Second Quarter 2025 Financial Results and Recent Corporate Updates August 2025 NASDAQ:ZLAB | HKEX:9688 © 2025. 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: Key Accomplishments in 2Q'25
Key Accomplishments in 2Q’25 Global Pipeline with Strong Regional Business Path to Profitability1 FIC/BIC Potential VYVGART – reached record ZL-1310 (DLL3 ADC) 2Q’25 adj. loss patient utilization in 2Q’25 Positive global Ph1 data in -37% y-o-y from operations 1 ES-SCLC Updated guidelines elevate its
Slide 4: Updates for Late-stage Assets in 2H'25
Updates for Late-stage Assets in 2H’25 ZL-1310 (DLL3 ADC) KarXT (M1/M4 agonist) Bemarituzumab (FGFR2b) ❑ Initiate a global pivotal study in ❑ Potential NMPA approval for ❑ Global Ph3 FORTITUDE-1 full 2L ES-SCLC schizophrenia by early 2026 results at a medical meeting ❑ Global Ph1 data update in ❑ Gl
Slide 5: Key Growth Drivers Through 2030+
Key Growth Drivers Through 2030+ M U LT I P L E R E V E N U E I N F L E C T I O N S ZL-1503 (IL13xIL31R) THROUGH 2030+ ZL-6201 (LRRC15 ADC) ZL-1222 (PD-1xIL-12), etc. Global assets ZL-1310 (DLL3) Efgartigimod Povetacicept Bemarituzumab VRDN-003 TTFields 2028 - $2bn Revenue Expected 4Q’25 – Profitabi
Slide 6: Unlocking Blockbuster Potential of VYVGART and VYVGART Hytrulo through Execution Excellence
Unlocking Blockbuster Potential of VYVGART and VYVGART Hytrulo through Execution Excellence We are only Touching 2025 MG Guidelines2 Elevating VYVGART Continued Efforts to the Tip of the Iceberg in Earlier Stage & Maintenance Therapy Expand Coverage & DoT Penetration is still low MSE Target- Mainten
Slide 7: VYVGART Franchise – Well Positioned as Potentially Best-in-Class FcRn
VYVGART Franchise – Well Positioned as Potentially Best-in-Class FcRn Rapid, Deep, Sustained Favorable Safety Profile as Significant First-to-Market Improvements in gMG an FcRn Fragment Advantage Precision IgG 40- No / minimal symptoms 1 degradation First and Covered by only NRDL in 73.3% MSE = MG-A
Slide 8: KarXT – Potential to Redefine Schizophrenia Treatment
KarXT – Potential to Redefine Schizophrenia Treatment High Unmet Needs and COMING SOON Preparing for Potential Launch Limitations of Current SoC FDA Approved; Efficient approach for ~8 million first new MoA in concentrated market… patients with schizophrenia in China1 decades for schizophrenia ~150
Slide 9: Bemarituzumab – Only FGFR2b-Targeted Agent in Late-Stage Development
Bemarituzumab – Only FGFR2b-Targeted Agent in Late-Stage Development Addressable Patient Population in China Global Ph3 FORTITUDE-101 Study – 359K Met Primary Endpoint of Overall Survival est. gastric cancer annual incidence1 At an interim analysis, bemarituzumab plus chemo significantly improved OS
Slide 10: ZL-1310 – Potential First-in-Class and Best-in-Class DLL3 ADC
ZL-1310 – Potential First-in-Class and Best-in-Class DLL3 ADC ASCO Highlights Structure of ZL-1310 • 2L SCLC – ORR1 of 67% across all doses (n=33), and ORR2 of 79% with 1.6 mg/kg (n=14) • 2L+ SCLC – High confirmed ORR of 68% across all doses in dose escalation (n=28) • Potential best-in-class safety
Slide 11: Rapidly Advancing ZL-1310 in SCLC and Other DLL3-Expressing Tumors
Rapidly Advancing ZL-1310 in SCLC and Other DLL3-Expressing Tumors 2025 2026 2027 2028+ Key Catalysts in 2H’25 US BLA US BLA and 1H’26 submission (AA) approval (AA) Enrolling 2L SCLC 2L Mono dose Mono Pivotal Study SCLC Optimization ➢ Dose optimization data update in 2H’25 ➢ Initiation of global piv
Slide 12: Three Global Assets with Promising Data Presented at Medical Conferences
Three Global Assets with Promising Data Presented at Medical Conferences Program Preclinical Phase I Phase II ZL-6201 (LRRC15 ADC) • Solid biological rationale and overexpression in various cancers and ES-SCLC ZL-1310 limited expression in normal tissues (DLL3 ADC) • Strong binding affinity, potent
Slide 13: ZL-1503 – a Potentially First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways
ZL-1503 – a Potentially First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways with Extended Serum Half-life EAACI Congress 2025 Highlights αIL-13 αIL-31Rα Scratching Time Long-acting Δ Scratching time (s) (% of initial) 200 Monkey #1 Monkey #2 a single dose demonstrates 150 Monkey
Slide 14: 2Q'25 – Continued Topline Growth
2Q’25 – Continued Topline Growth 2Q’25 REVENUES 2Q’25 Key Updates $M 2Q’25 Y/Y • ZEJULA – Sales were softer due to evolving Total revenues 110.0 9% competitive dynamics within the PARPi class ZEJULA 41.0 (9%) ➢ Signs of stabilization seen entering 2H’25 VYVGART / VYVGART Hytrulo 26.5 14% • VYVGART /
Slide 15: 2Q'25 – Improved Operational Efficiency
2Q’25 – Improved Operational Efficiency ADJUSTED LOSS R&D EXPENSES SG&A EXPENSES F R O M O P E R AT I O N S Licensing builds disease area Prioritize high-value programs Path to Profitability* strongholds, creating strong synergies 2Q’24 2Q’25 (as % total revenue) (as % total revenue) ($ in M) 90 70%
Slide 16: Zai Lab is at a Major Value Inflection Point
Zai Lab is at a Major Value Inflection Point Growing Global Pipeline with First Approval Expected in 2027 • Potential global FIC/BIC DLL3 ADC for SCLC is rapidly progressing • IL-13/IL-31R and LRRC15 ADC advancing into the clinic Commercially Profitable China Business with Substantial Growth Opportu
Slide 17: Anticipated Program Updates in 2H'25 and 1H'26
Anticipated Program Updates in 2H’25 and 1H’26 DATA / CLINICAL DEVELOPMENT SUBMISSIONS / APPROVALS OTHERS ZL-1310 (DLL3 ADC) TTFields Commercial Readiness • Data update in 2L+ SCLC (2H’25) • China MAA submission in 1L PC (2H’25) • Launch preparation for • Initiate a global pivotal study in 2L SCLC (
Slide 18: 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 thousands, unaudited 2Q’25 2Q’24 GAAP loss from operations (54,895) (76,064) Plus: Depreciation and amortization expenses 3,735 2,941 Plus: Sh
Slide 19: Appendix
Appendix A. Company Overview B. Pipeline C. Blockbuster Opportunities D. Select Clinical Data E. Glossary
Slide 20: Zai Lab Overview
Zai Lab Overview QINLOCK & NUZYRA 15+ products in PORTFOLIO OPTUNE Launched in China Launched in China Launched in China pipeline Launched in China 2024 BECOME A Commercial revenue COMMERCIALIZATION 2019 8 Products in China $399M LEADING revenue $13M GLOBAL Commercial team established Commercial tea
Slide 21: Portfolio Overview
Portfolio Overview Phase 1 Phase 2 Phase 3 / Pivotal Regulatory Submissions Launched Completed / underway ZL-1310 Efgartigimod Bemarituzumab KarXT (DLL3 ADC) (FcRn) (FGFR2b) (M1/M4) 2L+ SCLC Lupus nephritis 1L GC Schizophrenia 1L SCLC Other NECs KarXT TIVDAK (M1/M4) (TF ADC) ZL-1218 ADP 2L+ CC (CCR8
Slide 22: Oncology – Validated and Differentiated Pipeline
Validated and Differentiated Pipeline Approved Commercial Program Preclinical Phase I Phase II Phase III / Pivotal Registration Mainland US Territories China Ovarian Cancer (1L maintenance) Mainland China, (PARPi) Hong Kong Ovarian Cancer (Platinum-sensitive recurrent maintenance) and Macau GBM Brai
Slide 23: Validated and Differentiated Pipeline (Cont'd)
Validated and Differentiated Pipeline (Cont’d) Approved Commercial Program Preclinical Phase I Phase II Phase III / Pivotal Registration Mainland US Territories China immunology gMG CIDP Thyroid Eye Disease Myositis Efgartigimod (FcRn) Greater China Seronegative gMG Ocular MG Neuroscience Sjogren’s
Slide 24: VYVGART Hytrulo – Opportunity to Transform CIDP Patient Experience
VYVGART Hytrulo – Opportunity to Transform CIDP Patient Experience Addressable Patient Population in China Patients Experienced Deep and Clinically Meaningful Improvements in Functional Ability ✓ ~30% patients able to improve 3-4 points on 50K INCAT4 est. diagnosed CIDP prevalence1 Functional Abilit
Slide 25: Efgartigimod – A Pipeline-In-A-Product Opportunity
Efgartigimod – A Pipeline-In-A-Product Opportunity Department Focus Potential New Indications … Renal & Ophthalmology Neurology Rheumatology & Endocrinology 320K Lupus Nephritis 2.3Mn Sjogren’s Disease >20x 1Mn Thyroid Eye Disease Total addressable patients vs. gMG 170K Myositis (IMNM, ASyS, DM) 44K
Slide 26: Bemarituzumab – A Potential First-in-Class FGFR2b Targeted Therapy for GC
Bemarituzumab – A Potential First-in-Class FGFR2b Targeted Therapy for GC Phase 2 FIGHT Study of Bemarituzumab + Chemotherapy as 1L Treatment for FGFR2b+ GC/GEJ Intent to Treat (ITT) Patients (n=155) FGFR2b+≥10% (IHC 2+/3+ ≥10%) Patients (n=98) Bema Placebo Hazard ratio Bema Placebo Hazard ratio n=7
Slide 27: KarXT – Robust Antipsychotic Effect across All Registrational Trials in Schizophrenia
KarXT – Robust Antipsychotic Effect across All Registrational Trials in Schizophrenia Primary Endpoint: Change in Baseline PANSS Total Score vs. Placebo at Week 51 EMERGENT-1 EMERGENT-2 EMERGENT-3 KarXT (n = 83), KarXT (n = 117), KarXT (n = 114), placebo (n = 87) placebo (n = 119) placebo (n = 120)
Slide 28: KarXT – Improvement in Positive, Negative and Cognitive Symptoms of Schizophrenia
KarXT – Improvement in Positive, Negative and Cognitive Symptoms of Schizophrenia, with Consistent Safety/Tolerability Profile Clinically Meaningful Reductions on Key Secondary Endpoints PANSS Positive PANSS Negative Locations Subscore (Week 5) Subscore (Week 5) KarXT Placebo Delta KarXT Placebo Del
Slide 29: Povetacicept (APRIL/BAFF) – Potentially Transformative Approach to IgAN
Povetacicept (APRIL/BAFF) – Potentially Transformative Approach to IgAN A Phase 3 and Potentially Transformative Approach to IgAN with Best-in- Class and Pipeline-in-a-Product Potential Leverage Zai’s Existing R&D Significant Unmet Needs in De-risked MoA with and Commercial Capabilities Renal Diseas
Slide 30: Povetacicept (APRIL/BAFF) – Compelling RUBY-3 data (KSN 2025)
Povetacicept (APRIL/BAFF) – Compelling RUBY-3 data (KSN 2025) Updated RUBY-3 Data Continue to Demonstrate Best-In-Class Potential 24-hour UPCR Percent Change from Baseline to Week 48 At 48 weeks, pove 80mg SC Q4W: • 80mg cohort: 66% mean reduction in UPCR from baseline (1.3 g/g to 0.5 g/g) • Stable
Slide 31: VRDN-003 (IGF-1R) – Positive Phase 3 Results for Veligrotug (IV)
VRDN-003 (IGF-1R) – Positive Phase 3 Results for Veligrotug (IV) Support the Transformative Potential of VRDN-003 (SC) in Thyroid Eye Disease Current TED Market (China) Veligrotug (IV) VRDN-003 (SC) Primed for new entrants Well-positioned to become the IV Subcutaneous and potential and growth treatm
Slide 32: XACDURO – First Pathogen-Targeted Therapy Addressing Acinetobacter Baumannii Infections
XACDURO – First Pathogen-Targeted Therapy Addressing Acinetobacter Baumannii Infections Acinetobacter baumannii - among the top six leading pathogens globally for deaths associated with resistance in 20191 An Important Therapeutic Option Against Acinetobacter Carbapenem-resistant Acinetobacter is co
Slide 33: XACDURO – Statistically Higher Clinical Cure Rate and Favorable Safety Profile
XACDURO – Statistically Higher Clinical Cure Rate and Favorable Safety Profile Current Treatments Have Poor Efficacy and Tolerability First FDA and NMPA approved pathogen-targeted therapy to • Emergence of pan-drug-resistant Acinetobacter treat HABP/VABP caused by ABC • Combination antibiotic therap
Slide 34: Other Late-Stage FIC / BIC Assets to Support Near to Mid-Term Growth
Other Late-Stage FIC / BIC Assets to Support Near to Mid-Term Growth First and Only U.S. Approved ADC Potential Best-in-Class ROS1/NTRK Inhibitor for r/m Cervical Cancer • ROS1 Prevalence: 2~3% of NSCLC patients1 • China: ~110K incidence / ~59K deaths every year in CC3 • Opportunity to roughly doubl
Slide 35: ZL-1310 – Significant Unmet Needs for Patients with SCLC
Global Ph1 ZL-1310 – Significant Unmet Needs for Patients with SCLC Highly aggressive Worldwide ~372,000 newly Limited Treatment Options disease associated with diagnosed patients with and Significant Unmet poor survival outcomes SCLC each year1,2 Needs Remain for ES-SCLC ~15% SCLC1 • 1L – Despite a
Slide 36: ZL-1310 – Potential Global First-in-class ADC Targeting DLL3
Global Ph1 ZL-1310 – Potential Global First-in-class ADC Targeting DLL3 Baseline Characteristic Key Efficacy Results (n=74) ✓ In 2L SCLC (n=33): uORR of 67%, DCR of 97% of all patients received 90% prior anti-PD-(L)1 therapy ➢ 1.6 mg/kg in 2L SCLC (n=14): uORR of 79%, DCR of 100% ✓ Across all lines
Slide 37: Our ESG Trust for Life Strategy, Commitments, and Targets
Our ESG Trust for Life Strategy, Commitments, and Targets Our patient-first core Improve value drives us to One Million Human impact human health Health Patients by 2030 * Trust for Life We build trust by acting urgently and ethically Our ESG approach and growing pipeline Act Target: Complete help u
Slide 38: Glossary: A - H
Glossary: A - H 1L first line CIDP chronic inflammatory demyelinating polyneuropathy 2L second line CMI clinical meaningful improvement 4L fourth line Combo combination therapy 3Q'22 third quarter of 2022 cORR confirmed objective response rate 3Q'23 third quarter of 2023 CPP chronic plaque psoriasis
Slide 39: Glossary: I - Y
Glossary: I - Y I OS overall survival ICANS immune effector cell-associated neurotoxicity syndrome P ICI immune checkpoint inhibitor PANSS Positive and Negative Syndrome Scale IgAN immunoglobulin-a nephropathy PASI Psoriasis Area Severity Index IHC immunohistochemistry PC pancreatic cancer IMNM immu
Slide 40: Slide 40