Zai Lab Ltd. · HKEX:9688

Zai Lab — Investor Presentation (October 2026)

40 slides from Zai Lab's investor presentation, Oct 23, 2026

Slide 1: Advancing First- and Best-in-Class Therapies in Oncology and Immunology
© 2026. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Advancing First- and Best-in- Class Therapies in Oncology and Immunology October 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 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 an
Slide 4: Zoci: A next-generation ADC engineered for potency and tolerability
Zoci: A next-generation ADC engineered for potency and tolerability Sources: (1):218; Liu LN, et al. Poster presented at: ELCC; March 22, 2024; Prague, Czech Republic. TMALIN = Tumor Microenvironment-Activable LINker-payload; (2) Sabari JK, et al. Nat Rev Clin Oncol. 2017;14(9):549‒61; (3) Saunders
Slide 5: Five attributes position zoci as a potential backbone ADC in SCLC and NEC
Five attributes position zoci as a potential backbone ADC in SCLC and NEC 5 A differentiated clinical profile, a global Phase 3 underway and a broad development program in SCLC and NEC 01 High response rates 02 Durable responses 03 04 05 Leading global development Strong efficacy • Favorable tolerab
Slide 6: Advancing zoci across multiple indications and treatment settings
Advancing zoci across multiple indications and treatment settings 6 Indication Line Regimen Phase Development Status ES-SCLC 2L+ Zoci monotherapy Phase 3 Phase 3 ongoing 1L Zoci + PD-L1 Phase 1 Phase 1 ongoing; Phase 3 in planning 1L+ Zoci + TCE ± PD-L1 Phase 1b Phase 1b ongoing epNEC 2L Zoci monoth
Slide 7: Zoci combines strong efficacy and favorable tolerability across SCLC
Zoci combines strong efficacy and favorable tolerability, enabling broad development across SCLC Sources: (1) Rocha, Pedro. AACR-NCI-EORTC 2025; (2) Rocha, Pedra. AACR 2026. Abstract 10362; (3) Giannis Mountzios, M.D., Ph.D., NEJM 2025 (DeLLphi-304); (4) Caicun Zhou. WCLC 2025. Grade ≥3 TRAEs for se
Slide 8: Phase 1 study design evaluating zoci + IO ± carboplatin in 1L SCLC
Phase 1 study design evaluating zoci + IO ± carboplatin in 1L SCLC Note: This report includes efficacy and safety for 1L patients who have the opportunity of at least 12 weeks follow-up and data cutoff date was Sep 09, 2026. Safety: AE assessed by CTCAE v 5.0; Response was assessed by investigator p
Slide 9: Demographics and baseline characteristics
Demographics and baseline characteristics 9Source: Zhao, Jun. ESMO 2026 Poster. Demographics and Baseline Characteristics for 1L Patients Doublet selected as go-forward combination ESMO 2026 Zoci + atezolizumab doublet Zoci + atezolizumab + carboplatin triplet Dose Level Total Dose Level TotalZoci Z
Slide 10: 1L SCLC: Zoci with atezolizumab demonstrates a high rate of robust responses
1L SCLC: Zoci in combination with atezolizumab demonstrates a high rate of robust responses Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026.* Patients without target lesions at baseline or evaluable post-baseline tumor assessments were not shown. As of the DCO, two patients re
Slide 11: 1L SCLC: Rapid, deep tumor reduction with emerging durability
1L SCLC: Rapid, deep tumor reduction with emerging durability Abbreviation: Not reached (NR). Duration of response (DoR). Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026. 11 ESMO 2026 97.1% 34 of 35 responders achieved response at the first post-baseline tumor assessment NR Me
Slide 12: 1L SCLC: Progression-free survival with zoci in combination with atezolizumab
1L SCLC: Progression-free survival with zoci in combination with atezolizumab Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026. Zoci 1.6mg/kg + atezolizumab ESMO 2026 6-month PFS rate 81.9% Median follow-up: 4.6 months Pr og re ss io n- Fr ee S ur vi va l P ro ba bi lit y (% )
Slide 13: 1L SCLC: Best-in-class safety profile amenable to combination treatment
1L SCLC: Best-in-class safety profile amenable to combination treatment Low rates of Grade ≥3 AEs in combination with atezolizumab Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026. * As dose expansion of Zoci + atezolizumab was ongoing at the data cutoff, safety data remain pre
Slide 14: 1L SCLC treatment landscape is evolving and zoci is well positioned
1L SCLC treatment landscape is evolving and zoci is strategically well positioned Sources: (1) Horn, NEJM 2018 (IMpower133); Paz-Ares, Lancet 2019 (CASPIAN). Grade 3/4 AEs for IO + chemo: IMpower133 56.6%, CASPIAN 62% (all-cause) 14 1 TODAY’S SOC IO + platinum/etoposide ± lurbi maintenance 2 WHERE S
Slide 15: Zoci + DLL3 TCE: Two global studies building toward 1L triplet
 Amgen and BI to sponsor and lead global Phase 1b and 1b/2 studies, respectively; Zai Lab will supply study drug  Zai Lab continues to pursue additional combination approaches Zoci + DLL3 TCE: Two global studies building toward 1L triplet in SCLC and NEC Dose exploration Dose expansion 1L ES-SCLC
Slide 16: Zoci: 1L SCLC Data at ESMO; expansion opportunities
Zoci: 1L SCLC Data at ESMO Expansion opportunities for zoci 3 Pivotal Trials by YE’26 for zoci 1H 2027 2H 2027 2028+2H’26 TODAY YE’26 2L+ SCLC 1L SCLC 2L+ NEC Zoci: Potential BLA submission A steady cadence of data readouts and regulatory submissions, with further expansion opportunities ahead Zoci:
Slide 19: A $9B global addressable market across SCLC and NEC by 2032
A $9B global addressable market across SCLC and NEC by 2032 Source: EvaluatePharma. Notes: (1) Total market opportunity in 2032 with 100% POS across Limited Stage and Extensive Stage SCLC (all lines) and NEC assessed by EvaluatePharma; (2) The drug-treated population for first-line extensive-stage s
Slide 21: Why invest in Zai Lab now?
Why invest in Zai Lab now? Two Shots at Category Leadership with Zoci and ZL-1503  Two differentiated, potential first-in-class/best-in-class assets  Zoci (DLL3 ADC) has demonstrated strong efficacy and best-in- class safety with potential to be a backbone ADC of choice in SCLC and NEC; 81.8% conf
Slide 22: Two lead global assets in oncology and immunology
Two lead global assets in oncology and immunology Zoci | Backbone ADC of choice for SCLC and NEC Potential First-in-Class/Best-in-Class DLL3 ADC Best-in-class safety Safety profile amenable to zoci as backbone ADC of choice ZL-1503 | Dual MOA + long-acting for AD and more Potential Best-in-Class IL-
Slide 23: Additional expansion opportunities for zoci and ZL-1503
Zoci: 1L SCLC Data at ESMO Additional expansion opportunities for zoci and ZL-1503 3 Pivotal Trials by YE’26 for zoci 1H 2027 2H 2027 2028+2H’26 TODAY YE’26 ZL-1503: AD SAD data in healthy volunteers 2L+ SCLC 1L SCLC 2L+ NEC Zoci: Potential BLA submission A steady cadence of data readouts and regula
Slide 24: R&D shifting to global programs with highest value-creation potential
2022 2023 2024 2025 2026E % Global % Regional R&D Spending ($) R&D shifting to global programs with the highest value-creation potential Zoci (DLL3 ADC) ZL-1503 (IL-13/IL-31Rα) ZL-6201 (LRRC15 ADC) ZL-1222 (IL-12/PD-1) ZL-1311 (MUC17xCD3 TCE) % R&D Spending by Global vs Regional* Key Areas of Global
Slide 25: Commercially profitable; revenue expected to return to YoY growth in 2027
Commercially profitable; revenue expected to return to YoY growth in 2027 $106M Q2 2026 Total Revenue +11% Q2 2026 Product Revenue1, QoQ $718M Cash Position2 Return to meaningful YoY revenue growth in 2027 SG&A expense as % of total revenue 0% 20% 40% 60% 80% 100% 111.9% 2H23 79.3% 1H24 70.9% 2H24 6
Slide 27: Clear unmet need creates opportunity for next-generation biologics in AD
Clear unmet need creates opportunity for next-generation biologics in AD 204M Estimated Global AD Prevalence1 Notes: (1) AD affects 101 million adults and 103 million children worldwide (The British Journal of Dermatology 2024; 190: 55-61); (2) global AD biologics market estimates by EvaluatePharma;
Slide 28: ZL-1503 is a highly differentiated bispecific targeting IL-13 and IL-31Rα
ZL-1503 is a highly differentiated bispecific targeting IL-13 and IL-31Rα Improved Clinical Responses Potent inhibition of IL-13-induced STAT6 signaling (reporter cell assay) Strong lesion control (e.g. EASI, IGA) Rapid & Durable Itch Control Rapid itch suppression and sustained for up to 133 days t
Slide 29: First-in-Human data in 2H'26 — AD patient data in 1H'27
First-in-Human data in 2H'26 — AD patient data in 1H'27 Population: Healthy volunteers (SAD) and atopic dermatitis patients (MAD) N~100 Q4 2026 First-in-human data from SAD portion 2027 Phase 2 initiation Key Upcoming MilestonesGlobal Phase 1/1b Trial Design Part A (SAD) Healthy volunteers, 4 dose c
Slide 31: ZL-6201: novel LRRC15-targeting ADC for sarcomas and epithelial solid tumors
ZL-6201: novel LRRC15-targeting ADC for sarcomas and epithelial solid tumors 31 Structure of ZL-6201 LRRC15 is Expressed in a Variety of Solid Tumors with High Unmet Need A: Humanized anti-LRRC15 IgG1 mAb B: Cleavable tripeptide-based linker C: Camptothecin derivative payload, C24 ZL-6201: anti-LRRC
Slide 32: ZL-6201 demonstrated potent anti-tumor activity via direct and bystander killing
ZL-6201 demonstrated potent anti-tumor activity via direct and bystander killing 32 ZL-6201 Drove Dose-dependent Tumor Growth Inhibition in LRRC15+ Bone and Soft-tissue Sarcoma PDX Models ZL-6201 Surrogate Efficacy in Non-sarcoma CDX Models is Mediated by LRRC15+ Mouse CAFs and a Strong Bystander Ef
Slide 34: ZL-1311 and ZL-1222: Two additional novel mechanisms advancing to the clinic
ZL-1311 and ZL-1222: Two additional novel mechanisms advancing to the clinic • PD-1 targeting, next-generation IL-12 immunocytokine • PD-1 targeting enhances the antitumor activity • Potency-reduced IL-12 improves safety profile potentially by reducing NK cell activation Key Next Steps  Submit an I
Slide 36: Key near-term regional launches to drive steady growth
Potential Near-Term Launches Indications PoC Pivotal Regulatory Next Update Market Opportunity in China2 OMG Potential Submission 44k Myositis Potential Submission 170k Povetacicept IgAN Potential Submission 3-5m patients; >750k diagnosed with biopsy pMN Accelerate Enrollment (20261) ～2mn Elegrobart
Slide 37: A broadening global oncology and immunology pipeline
A broadening global oncology and immunology pipeline with a steady cadence of data readouts 37Note: (1) Amgen sponsors and leads global Phase 1b study; Zai Lab supplies study drug. (2) BI sponsors and leads global Phase 1b/2 study; Zai Lab supplies study drug. Programs (Target) Indication IND- enabl
Slide 38: Cobenfy – First novel mechanism in schizophrenia in 70+ years
75% of patients medication before 18 months Cobenfy – First novel mechanism in schizophrenia in 70+ years First National-Level Consensus Targeting Negative Symptoms to Cite X/T Evidence Unmet Needs in Schizophrenia Care in China 8Mn Adult patients with schizophrenia1 >70yrs No other novel agents app
Slide 39: A steady, commercially profitable business now powering global innovation
A steady, commercially profitable business now powering global innovation 2020 2025 2028+ $460m* China Revenue 8 Commercial products (China) Commercially Profitable  Established in-licensing leadership  A scalable China commercial engine  Strong R&D capabilities with MNC standards  Dual gateway
Slide 40: Abbreviations
Abbreviations BLA Biologics License Application CAF Cancer-associated fibroblast CR Complete response DAR Drug-to-antibody ratio DLL3 Delta-like ligand 3 DoR Duration of response EP Etoposide and platinum epNEC Extrapulmonary neuroendocrine carcinoma ES-SCLC Extensive-stage small cell lung cancer GC

Zai Lab — Investor Presentation (October 2026) on 6ix

Zai Lab — Investor Presentation (October 2026)

Slide 1: Advancing First- and Best-in-Class Therapies in Oncology and Immunology

Slide 2: Forward-Looking Statements

Slide 3: DLL3 ADC Zoci (ZL-1310) ESMO 2026 Data Update

Slide 4: Zoci: A next-generation ADC engineered for potency and tolerability

Slide 5: Five attributes position zoci as a potential backbone ADC in SCLC and NEC

Slide 6: Advancing zoci across multiple indications and treatment settings

Slide 7: Zoci combines strong efficacy and favorable tolerability across SCLC

Slide 8: Phase 1 study design evaluating zoci + IO ± carboplatin in 1L SCLC

Slide 9: Demographics and baseline characteristics

Slide 10: 1L SCLC: Zoci with atezolizumab demonstrates a high rate of robust responses

Slide 11: 1L SCLC: Rapid, deep tumor reduction with emerging durability

Slide 12: 1L SCLC: Progression-free survival with zoci in combination with atezolizumab

Slide 13: 1L SCLC: Best-in-class safety profile amenable to combination treatment

Slide 14: 1L SCLC treatment landscape is evolving and zoci is well positioned

Slide 15: Zoci + DLL3 TCE: Two global studies building toward 1L triplet

Slide 16: Zoci: 1L SCLC Data at ESMO; expansion opportunities

Slide 17: Appendix

Slide 18: DLL3 ADC Zoci (ZL-1310) Additional Details

Slide 19: A $9B global addressable market across SCLC and NEC by 2032

Slide 20: Beyond zoci: the broader Zai Lab portfolio

Slide 21: Why invest in Zai Lab now?

Slide 22: Two lead global assets in oncology and immunology

Slide 23: Additional expansion opportunities for zoci and ZL-1503

Slide 24: R&D shifting to global programs with highest value-creation potential

Slide 25: Commercially profitable; revenue expected to return to YoY growth in 2027

Slide 26: ZL-1503 Long-acting dual blockade in AD

Slide 27: Clear unmet need creates opportunity for next-generation biologics in AD

Slide 28: ZL-1503 is a highly differentiated bispecific targeting IL-13 and IL-31Rα

Slide 29: First-in-Human data in 2H'26 — AD patient data in 1H'27

Slide 30: ZL-6201 Targeting tumor and stroma via LRRC15

Slide 31: ZL-6201: novel LRRC15-targeting ADC for sarcomas and epithelial solid tumors

Slide 32: ZL-6201 demonstrated potent anti-tumor activity via direct and bystander killing

Slide 33: Other pipeline

Slide 34: ZL-1311 and ZL-1222: Two additional novel mechanisms advancing to the clinic

Slide 35: China regional business

Slide 36: Key near-term regional launches to drive steady growth

Slide 37: A broadening global oncology and immunology pipeline

Slide 38: Cobenfy – First novel mechanism in schizophrenia in 70+ years

Slide 39: A steady, commercially profitable business now powering global innovation

Slide 40: Abbreviations