Slide 1: Third Quarter 2025 Financial Results and Recent Corporate Updates
Third Quarter 2025 Financial Results and Recent Corporate Updates November 2025
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: Dr. Samantha Du
Dr. Samantha Du Founder, Chairperson and Chief Executive Officer NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved. 3
Slide 4: Zai Lab: Evolving into A Global Innovation-Driven Company
Zai Lab: Evolving into A Global Innovation-Driven Company Advancing a Global Pipeline Gateway for Innovation and with Transformational Growth in China Potential ✓ Deep local know-how driving ✓ Global R&D engine w/scientific rigor speed and efficiency ✓ Industry leading speed and execution: ✓ Multipl
Slide 5: Dr. Rafael Amado
Dr. Rafael Amado President, Head of Global Research and Development NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved. 5
Slide 6: Zocilurtatug pelitecan (DLL3 ADC) – 2025 Triple Meeting Highlights
Global pipeline Zocilurtatug pelitecan (DLL3 ADC) – 2025 Triple Meeting Highlights Compelling Global Data in A Difficult-to-Treat Population Baseline Characteristics Key Efficacy (n=102) and Safety (n=115) Findings of all patients received ✓ 1.6 mg/kg in 2L SCLC (n=19): ORR of 68% 90% prior anti-PD-
Slide 7: Advancing Zoci into 1L SCLC to Broaden Impact Across Lines of Therapy
Global pipeline Advancing Zoci into 1L SCLC to Broaden Impact Across Lines of Therapy Industry-Leading Development Speed: <2 Years from Phase 1 to Global Pivotal Stage1 2L+ SCLC zoci monotherapy versus investigator’s choice Phase 3 initiated 1L SCLC zoci + PD-L1 ±chemo Phase 1 dose escalation ongoin
Slide 8: NECs Represent a Large, Underserved Opportunity – Expanding Zoci's Reach Beyond SCLC
Global pipeline NECs Represent a Large, Underserved Opportunity – Expanding Zoci’s Reach Beyond SCLC Clear Development Path Beyond SCLC Unmet Medical Needs in NECs Key Next Steps 350~400K ➢ Preliminary data support advancement into registrational enabling cohort in 2026 Est. global prevalence of NEC
Slide 9: ZL-1503 – A Potentially First-In-Class Bispecific Antibody Targeting IL-13 & IL-31
Global pipeline ZL-1503 – A Potentially First-In-Class Bispecific Antibody Targeting Both IL-13 & IL-31 Pathways with Extended Serum Half-life Single Dose of ZL-1503 Potently and Sustainedly ZL-1503 (IL13/IL31R) Reduces IL-31-induced Scratching and pSTAT6 in NHP Scratching Time αIL-13 αIL-31Rα Δ Scr
Slide 10: 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* ➢ U.S. IND submission planned • High-affinity, specific binding by year end 2025 •
Slide 11: Efgartigimod – A Pipeline-In-A-Product Opportunity
Regional pipeline Efgartigimod – A Pipeline-In-A-Product Opportunity Department Focus Potential New Indications … Expected Data Readouts: Renal & Ophthalmology Neurology Rheumatology & Endocrinology 2.3Mn Sjogren’s Disease P3 ongoing, TLR 2027 >20x 1Mn Thyroid Eye Disease P3 ongoing, TLR 2H’26 Total
Slide 12: Povetacicept (APRIL/BAFF) – Advancing Development in IgAN and pMN
Regional pipeline Povetacicept (APRIL/BAFF) – Advancing Development in IgAN and pMN A Potentially Transformative Approach to IgAN with Best-in-Class and Pipeline-in-a-Product Potential Phase 3 RAINIER Study Phase 2/3 OLYMPUS Study Best-in-Class Potential in IgAN in pMN Dual inhibition of Enrollment
Slide 13: Anticipated Key Milestones in the Next 12 Months
Anticipated Key Milestones in the Next 12 Months Global Assets Regional Assets Zoci (DLL3 ADC) ZL-1503 (IL13/IL31R) KarXT (M1/M4 agonist) 2L+ SCLC ❑ Initial Phase 1 data readout in ‘26 ❑ NMPA approval for schizophrenia by early ‘26 ❑ Updated data on intracranial activity in 1H’26 1L SCLC ZL-6201 (LR
Slide 14: Josh Smiley
Josh Smiley President and Chief Operating Officer NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved.14
Slide 15: VYVGART and VYVGART Hytrulo Today
Regional pipeline VYVGART and VYVGART Hytrulo Today Underlying Demand Remains Strong with Continued Efforts to Extend DoT Supported by New MG Guidelines Published in July Current Penetration with Meaningful Room to Grow DOT Increased with Notable Acceleration in 3Q’25 Biologics share in gMG (Est. av
Slide 16: KarXT – Potential to Redefine Schizophrenia Treatment
Regional pipeline KarXT – Potential to Redefine Schizophrenia Treatment The First Inclusion of National-Level Guideline China NDA accepted in Jan’25 Key Next Steps Globally 8 million Confirm KarXT as a novel muscarinic mechanism Patients with schizophrenia1 Only therapy with broad spectrum symptom i
Slide 17: Dr. Yajing Chen
Dr. Yajing Chen Chief Financial Officer NASDAQ:ZLAB | HKEX:9688 © 2025. Zai Lab. All Rights Reserved.17
Slide 18: 3Q'25 – Continued Topline Growth
3Q’25 – Continued Topline Growth 3Q’25 REVENUES 3Q’25 Key Highlights $M 3Q’25 Y/Y Total revenues 116.1 14% • VYVGART / VYVGART Hytrulo – driven by an extension of DoT and increasing market penetration ZEJULA 42.4 (12%) ➢ Incl. $2.4m sales rebate for a voluntary price VYVGART / VYVGART Hytrulo 27.7 2
Slide 19: 3Q'25 – Improved Operational Efficiency
3Q’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 1 Prioritize high-value programs Disease area strongholds creating Clear trajectory toward achieving strong synergies profitability1 (as % total revenue) 90 (as % total revenue) 70% 65% 66% 3Q
Slide 20: 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 2027/2028 • 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 Op
Slide 21: Appendix
zai-= Appendix
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Reconciliation of Loss from Operations (GAAP) to Adjusted Loss from Operations (Non-GAAP)* $ in thousands, unaudited 3Q’25 3Q’24 GAAP loss from operations (48,822) (67,853) Plus: Depreciation and amortization expenses 3,901 2,871 Plus: Share-based compen