Zai Lab agrees to roughly $250M private placement
Zai Lab Ltd. agreed to sell 11,340,000 American depositary shares (ADSs), each representing 10 ordinary shares, at $22.04 per ADS in a private placement, with approximately $250 million in gross proceeds expected before placement agent fees and other expenses.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Zai Lab Ltd. agreed to sell 11,340,000 American depositary shares (ADSs), each representing 10 ordinary shares, at $22.04 per ADS in a private placement, with approximately $250 million in gross proceeds expected before placement agent fees and other expenses. Closing is expected on or about October 27, 2026, subject to customary closing conditions. The company says net proceeds will fund pipeline development, working capital and other general corporate purposes; its press release identifies continued global development of zocilurtatug pelitecan (zoci) as the primary use. Zai Lab will file an initial resale registration statement within 15 days of closing, subject to certain allowable delays.
The accompanying presentation reported an 81.8% confirmed objective response rate for zoci 1.6 mg/kg plus atezolizumab among 33 first-line extensive-stage small cell lung cancer patients, and an 81.9% six-month progression-free survival rate with median follow-up of 4.6 months; data were cut off September 9, 2026. It also reported a $718 million cash position as of June 30, 2026, comprising cash and cash equivalents, short-term investments and current restricted cash.
Filing Explained
If the agreed placement closes, issuing the ADSs would add shares and reduce existing holders’ percentage ownership; the filing says closing is still expected, not completed.
8-K Event Classification
5 items: 1.01, 3.02, 7.01, 8.01, 9.01
5 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 3.02
Unregistered Sales of Equity Securities
Securities
The company sold equity securities in a private placement or other unregistered transaction.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Private-placement ADSs: 11,340,000 ADSs
Purchase price: $22.04 per ADS
Expected gross proceeds: Approximately $250 million
+5 more
8 metrics
Private-placement ADSs
11,340,000 ADSs
ADSs agreed to be sold to investors
Purchase price
$22.04 per ADS
Private-placement price
Expected gross proceeds
Approximately $250 million
Before placement agent fees and other expenses
Ordinary shares per ADS
10 ordinary shares
Each ADS represents this number of ordinary shares
Confirmed objective response rate
81.8%
Zoci 1.6 mg/kg plus atezolizumab in first-line SCLC; 33 patients
Six-month progression-free survival rate
81.9%
Zoci 1.6 mg/kg plus atezolizumab; median follow-up of 4.6 months
Median follow-up
4.6 months
Reported with the six-month progression-free survival rate
Cash position
$718 million
As of June 30, 2026; includes cash and cash equivalents, short-term investments and current restricted cash
Key Terms
private investment in public equity (PIPE), American Depositary Shares, antibody-drug conjugate, objective response rate, +1 more
5 terms
private investment in public equity (PIPE) financial
"private investment in public equity (“PIPE”) financing"
A private investment in public equity (PIPE) is when a publicly traded company sells new shares or instruments that can become shares directly to a small group of private investors instead of through the open market. Think of it like a company taking a private loan from a few investors rather than holding a big public sale; it raises cash fast but can dilute existing owners and signal either financial need or strong backing by informed investors.
antibody-drug conjugate medical
"DLL3-targeting antibody-drug conjugate (ADC)"
An antibody-drug conjugate is a targeted medicine that combines an antibody, which can identify specific cells, with a powerful drug designed to destroy those cells. This approach allows for precise treatment, minimizing damage to healthy tissue. For investors, developments in this area can signal advances in cancer therapies and potential growth opportunities in the biotech sector.
objective response rate medical
"ORR Objective response rate"
The objective response rate (ORR) is the percentage of patients in a clinical trial whose tumors measurably shrink or disappear according to preset rules. Investors use it as a quick, objective signal of a drug’s ability to produce a clear treatment effect—like counting how many plants visibly respond after applying a new fertilizer—and higher ORR can improve odds of regulatory approval, commercial success, and company valuation.
progression-free survival medical
"Progression-Free Survival Probability (%)"
Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is ZLAB raising in its private placement?
Zai Lab agreed to sell 11,340,000 ADSs at $22.04 each, with approximately $250 million in gross proceeds expected before placement agent fees and other expenses. Each ADS represents 10 ordinary shares. Closing is expected on or about October 27, 2026, subject to customary closing conditions.
What will ZLAB use the private-placement proceeds for?
Zai Lab intends to use the net proceeds to fund pipeline development, working capital and other general corporate purposes. The press release identifies continued global development of zocilurtatug pelitecan (zoci) as the primary use.
When will ZLAB file a resale registration statement for the ADSs?
Zai Lab will prepare and file an initial registration statement to register the ADSs sold in the private placement for resale within 15 days of the PIPE Closing, subject to certain allowable delays.
What first-line SCLC results did ZLAB report for zoci?
The presentation reported an 81.8% confirmed objective response rate for zoci 1.6 mg/kg plus atezolizumab among 33 first-line extensive-stage SCLC patients. It also reported an 81.9% six-month progression-free survival rate, with median follow-up of 4.6 months; the data cutoff was September 9, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2026
________________________
(Exact name of registrant as specified in its charter)
________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| | |||||
| 314 Main Street 4th Floor, Suite 100 Cambridge, MA, USA | 02142 | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
+86 21 6163 2588
+1 857 706 2604
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report)
________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| The Stock Exchange of Hong Kong Limited | ||||||||||||||
*Included in connection with the registration of the American Depositary Shares with the Securities and Exchange Commission. The ordinary shares are not registered or listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Securities Purchase Agreement
On October 22, 2026, Zai Lab Limited (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors named therein (each, an “Investor” and collectively, the “Investors”), relating to the sale to the Investors of 11,340,000 American depositary shares of the Company (“ADSs”), each representing ten ordinary shares of the Company with a par value of $0.000006 per share, at an offering price of $22.04 per ADS in a private placement transaction (the “Private Placement”).
The Company expects to receive proceeds from the Private Placement of approximately $250 million before deducting placement agent fees and other expenses. The Company intends to use the net proceeds from the Private Placement to fund the development of pipeline assets and for working capital and other general corporate purposes.
The closing of the Private Placement (the “PIPE Closing”) is expected to take place on or about October 27, 2026, subject to the satisfaction of customary closing conditions.
The Securities Purchase Agreement contains customary representations, warranties and covenants that were made solely for the benefit of the parties to the Securities Purchase Agreement. Such representations, warranties and covenants (i) are intended as a way of allocating risk between the parties to the Securities Purchase Agreement and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by investors in the Company. Accordingly, the Securities Purchase Agreement is included with this filing only to provide investors with information regarding the terms of transaction and not to provide investors with any other factual information regarding the Company. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Securities Purchase Agreement, which subsequent information may or may not be fully reflected in public disclosures.
Registration Rights Agreement
In connection with the Private Placement, on October 22, 2026, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the Investors, pursuant to which the Company will prepare and file, within 15 days of the PIPE Closing and subject to certain allowable delays, an initial registration statement with the Securities and Exchange Commission (the “SEC”) to register for resale the ADSs sold in the Private Placement. The Company has granted the Investors customary indemnification rights in connection with the Registration Rights Agreement.
The foregoing descriptions of the Securities Purchase Agreement and the Registration Rights Agreement are qualified in their entirety by reference to the full text of the Securities Purchase Agreement and the Registration Rights Agreement, forms of which are filed as Exhibit 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
This Current Report on Form 8-K, including the exhibits hereto, shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure regarding the securities to be sold and issued under the Securities Purchase Agreement set forth under Item 1.01 of this report is incorporated by reference under this Item 3.02.
The securities described above under Item 1.01 have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Company is relying on the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and Regulation D thereunder. Each of the Investors provided representations appropriate for a private placement of securities. Restrictive legends will be affixed to the securities issued in the Private Placement.
Item 7.01 Regulation FD Disclosure.
On October 23, 2026, the Company published an updated corporate presentation. A copy of this presentation is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On October 22, 2026, the Company issued a press release announcing the Private Placement. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 10.1 | Securities Purchase Agreement, dated October 22, 2026, by and among the Company and the Investors | |||||||
| 10.2 | Registration Rights Agreement, dated October 22, 2026, by and among the Company and the Investors | |||||||
| 99.1 | Corporate Presentation | |||||||
| 99.2 | Pricing Press Release | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ZAI LAB LIMITED | ||||||||
Date: October 23, 2026 | By: | /s/ Yajing Chen | ||||||
Yajing Chen | ||||||||
| Chief Financial Officer | ||||||||
© 2026. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Advancing First- and Best-in- Class Therapies in Oncology and Immunology October 2026
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 and our expectations under our growth strategy (including our expectations regarding our commercial products and launches and clinical stage products); the peak sales potential of our programs; capital allocation and investment strategy; clinical development programs and related clinical trials, including the planned initiation, design, and number of clinical trials, our plans for combination regimens with our collaboration partners; expected timing and results of clinical trial data, data readouts, and presentations; regulatory discussions, submissions, filings, and approvals and the timing thereof, including expected timing of investigational new drug applications, the potential submission of our first biologics license application and potential global approvals; the potential benefits, safety, and efficacy of our products and product candidates and those of our collaboration partners; the anticipated benefits and potential of investments, collaborations, and business development activities; the potential market opportunities of, and estimated addressable markets for, our commercial products and product candidates, including estimated patient populations; and our future financial and operating results. All statements, other than statements of historical fact, included in this presentation are forward-looking statements, and can be identified by words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “projected,” “target,” “will,” “would,” and other similar expressions. Such statements constitute forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements are not guarantees or assurances of future performance because there are inherent difficulties in predicting future results. Forward-looking statements are based on our expectations and assumptions as of the date of this presentation and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. We may not actually achieve the plans, carry out the intentions, or meet the expectations or projections described in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products, (2) our ability to obtain funding for our operations and business initiatives, (3) the results of clinical and pre-clinical development of our product candidates, including the risk that preliminary or interim data may not be predictive of final or later-stage results and that cross-trial comparisons may not be meaningful, (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates, (5) potential competition from products and product candidates of other pharmaceutical and biotechnology companies, (6) any inability of third parties on whom we rely, such as our licensors and collaboration partners, to successfully carry out their contractual duties or meet expected deadlines, (7) risks related to doing business in China, and (8) other factors discussed in our most recent annual and quarterly reports and current reports we have filed with the U.S. Securities and Exchange Commission. We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Market and Industry Data Unless otherwise indicated, market and industry data contained in this presentation, including estimated addressable markets, patient populations, and potential market opportunities, are based on management’s estimates and research, as well as industry and general publications and research, surveys, and studies conducted by third parties. We have not independently verified the accuracy or completeness of this information. Management’s estimates are derived from publicly available information, their knowledge of our industry, and their assumptions based on such information and knowledge. This data involves a number of assumptions and limitations, and the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. Trademarks The trademarks and registered trademarks appearing in this presentation are the property of their respective holders. No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 DLL3 ADC Zoci (ZL-1310) Backbone ADC in SCLC and NEC ESMO 2026 Data Update
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 LR, et al. Sci Transl Med. 2015;7(302):302ra136; (4) Petrelli F, et al. Mol Clin Oncol. 2021;15 4 Zocilurtatug pelitecan, or zoci, is a novel ADC targeting DLL3, a neuroendocrine-specific antigen that is highly expressed in SCLC2-4 and validated as a therapeutic target A: Humanized anti-DLL3 IgG1 mAb B: Cleavable tripeptide-based linker C: Camptothecin derivative payload, C24 A B C Key Properties Zoci is built on the TMALIN® platform for potent, targeted tumor killing1 DAR=8 Efficient payload delivery to targeted cells Potent Bystander Killing Topo-1 inhibitor payload C24 for maximum tumor impact, including heterogeneous tumors TME-Specific Release Minimizes systemic toxicity for better tolerability through tumor microenvironment-activable linker
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 tolerability • Intracranial activity • Global scale Robust brain activity Potential best-in-class safety
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 monotherapy Phase 1/2 Registrational cohort fully enrolled 1L+ Zoci + TCE ± PD-L1 Phase 1b/2 Phase 1b/2 initiating Other exploratory indications: LS-SCLC, brain tumor, LCNEC
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 selected go-forward dose of 2.0mg/kg. (5) Myung-Ju Ahn. WCLC 2025 (IDeate-Lung01); (6) Li Zhang. WCLC 2026 (TAISHAN-302); (7) Linlin Wang. WCLC 2025; (8) Lauren A. Byers, WCLC 2025. Grade ≥3 TRAEs for selected go-forward dose of 1.8mg/kg. (9) J. Wang. WCLC 2026 (ARTEMIS-008) 7 Potential first-in-class DLL3 ADC with systemic + intracranial activity, and a best-in-class safety profile 68% High response rates ORR in 2L SCLC with 1.6 mg/kg¹ 6.1 mo Durable responses Median DoR in 2L+ across all doses¹ 62.5% Robust activity in brain Confirmed intracranial ORR, including 25% CR² Potential best-in-class safety Grade ≥3 TRAEs in 2L+ SCLC, % of patients (cross-trial) 13% 27% 35% 37% 46% 48% 49% 61% Zoci (1.6 mg/kg) Tarlatamab QLC5508 I-DXd Tam-Peli IDE849 ABBV-706 Ris-Rez Zoci (1.6 / 1 3 4 5 6 7 8 9 Zoci in 2L+ 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 per RECIST v1.1. Tumor evaluation is scheduled every 6 weeks for the first 30 weeks, then every 9 weeks till disease progression or death/withdraw consent/lost to follow-up. Sources: Zhao, Jun. ESMO 2026 Poster. CohortsTreatment Doublet Zoci + atezolizumab Triplet Zoci + atezolizumab + carboplatin (followed by Zoci + atezolizumab maintenance) Dose escalation Zoci (0.8, 1.2, 1.6 mg/kg) + atezolizumab r/r ES-SCLC ≤2 prior lines Backfill Zoci (1.2, 1.6 mg/kg) + atezolizumab 1L ES-SCLC or 1L maintenance Dose expansion Zoci 1.6 mg/kg + atezolizumab 1L ES-SCLC Triplet dose escalation Zoci 0.8 mg/kg + Atezo + Carbo 5 mg/ml/min; Zoci 0.8 mg/kg + Atezo + Carbo 4 mg/ml/min; Zoci 1.2 mg/kg + Atezo + Carbo 4 mg/ml/min All patients enrolled in triplet regimen are 1L ES-SCLC (n=13) Asymptomatic brain metastasis (treated or untreated) allowed, Prior DLL3-targeted therapy allowed, ECOG Performance Status 0-1 8 ESMO 2026 ESMO 2026 dataset includes: 43 1L ES-SCLC patients (1.6 mg/kg n=33; 1.2 mg/kg n=10) 13 1L ES-SCLC patients (all triplet cohorts)
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 Zoci Carbo AUC5 Carbo AUC4 1.2mg/kg (n=10) 1.6mg/kg (n=33) Total (n=43) 0.8 mg/kg (n=4) 0.8 mg/kg (n=3) 1.2 mg/kg (n=6) Total (n=13) Male, n (%) 8 (80.0) 26 (78.8) 34 (79.1) 3 (75.0) 3 (100 ) 4 (66.7) 10 (76.9) Age, median (range), years 62 (51, 75) 63 (46, 75) 63 (46, 75) 61 (58, 66) 69 (66, 69) 68 (59, 75) 66 (58, 75) ECOG PS = 1, n (%) 7 (70.0) 25 (75.8) 32 (74.4) 3 (75.0) 3 (100) 5 (83.3) 11 (84.6) Race, n (%) Asian 10 (100) 30 (90.9) 40 (93.0) 3 ( 75.0) 2 ( 66.7) 2 ( 33.3) 7 (53.8) White 0 3 (9.1) 3 (7.0) 0 1 ( 33.3) 4 ( 66.7) 5 (38.5) Brain Metastasis-Yes, n (%) 2 (20.0) 6 (18.2) 8 (18.6) 1 ( 25.0) 0 2 ( 33.3) 3 ( 23.1) Stage IV disease at initial diagnosis, n (%) 8 (80.0) 25 (75.8) 33 (76.7) 3 (75.0) 2 (66.7) 5 (83.3) 10 (76.9)
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 reached EOT without disease progression before an evaluable post-baseline assessment was obtained. Target Tumor Reduction per RECIST v1.1 by Investigator Assessment 10 81.8% ORR in 1L SCLC with a chemo-free regimen (1.6 mg/kg Zoci + atezolizumab) Tumor response Zoci 1.2 mg/kg + Atezo (N=10) Zoci 1.6 mg/kg + Atezo (N=33) Best overall response, n (%) CR 0 0 PR 8 (80.0) 27 (81.8) SD 2 (20.0) 2 (6.1) PD 0 2 (6.1) cORR, % (95% CI) 80.0 (44.4, 97.5) 81.8 (64.5, 93.0) ESMO 2026 -110 -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 → → → * → → → → → → * * → → → → → → → → → → → → → → → → → → → → → → * *BOR per RECIST v1.1 SD PD Zoci 1.2 mg/kg + Atezolizumab (n=10） Zoci 1.6 mg/kg + Atezolizumab (n=31） → Treatment Ongoing * Brain Metastatic Be st P er ce nt ag e C ha ng e fro m B as el in e in th e Su m o f t he D ia m et er s of T ar ge t L es io n (% ) * * * Confirmed PR Zoci + atezolizumab
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 Median DoR In the first 15 patients of 1.6mg/kg doublet in 1L: (median follow-up: 10 mo) Across both dose levels in 1L: Durable Tumor Reduction Observed in Doublet Cohorts Zoci + atezolizumab Pe rc en ta ge C ha ng e fro m B as el in e in th e Su m of th e D ia m et er s of T ar ge t L es io n (% ) Months after Treatment Initiation Zoci 1.6 mg/kg + Atezolizumab (n=31） → Treatment Ongoing Overall Response per RECISTv1.1 PR SD PD Zoci 1.2 mg/kg + Atezolizumab (n=10） 25/33 (75.8%) of patients on 1.6 mg/kg doublet are still on treatment as of DCO. Zoci 1.2 mg/kg + Atezolizumab (n=10） Zoci 1.6 mg/kg + Atezolizumab (n=31） → Treatment Ongoing Overall Response per RECISTv1.1 PR SD PD
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 (% ) Time from First Dose (Months)No at risk 1.6 mg/kg + atezo 33 30 29 18 14 11 11 8 8 3 0 In the first 15 patients of 1.6mg/kg doublet in 1L: (median follow-up: 10 mo) 66.7% Have not yet experienced disease progression or death at DCO Initial Cohort + Expansion Cohort | n=33 Median PFS Not reached 12 All 33 patients
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 preliminary and subject to ongoing data cleaning. (1) Drug interruption includes infusion interruption or treatment delay compared with the scheduled date due to AE. 13 AEs, n (%) Zoci 1.2 mg/kg + Atezolizumab (N=10) Zoci 1.6 mg/kg + Atezolizumab (N=33) Total (N=43) Any 10 (100) 32 (97.0) 42 (97.7) Related to Zoci 10 (100) 31 (93.9) 41 (95.3) Serious 4 (40.0) 6 (18.2) 10 (23.3) Related to Zoci 2 (20.0) 3 (9.1) 5 (11.6) Grade ≥ 3 5 (50.0) 7 (21.2) 12 (27.9) Related to Zoci 4 (40.0) 3 (9.1) 7 (16.3) Leading to Zoci Drug Interruption1 5 (50.0) 9 (27.3) 14 (32.6) Related to Zoci 4 (40.0) 5 (15.2) 9 (20.9) Leading to Zoci Dose Reduction 0 2 (6.1) 2 (4.7) Related to Zoci 0 2 (6.1) 2 (4.7) Leading to Zoci Drug Discontinuation 1 (10.0) 0 1 (2.3) Related to Zoci 1 (10.0) 0 1 (2.3) Safety Summary 1.6 mg/kg + atezolizumab | N=33 9.1% Grade ≥3 AEs related to Zoci 3.0% ILD/pneumonitis (1/33), Grade 1 0 No deaths No drug discontinuations ESMO 2026
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 SOC IS HEADING Tarla maintenance after induction 3 FUTURE OPPORTUNITY Upfront continuous treatment Conceptual vision Induction IO + platinum/etoposide (4 cycles) Maintenance IO IO + Platinum/ etoposide + lurbi + IO maintenance for eligible non-progressors Published benchmarks1 IO + chemo (IMpower133 / CASPIAN): ORR: 60–68% mPFS: 5.1–5.2 mo mOS: 12.3–12.9 mo Grade 3/4 AEs: ~57–62% Induction durvalumab + platinum/etoposide (4 cycles) Maintenance tarla + durvalumab Durvalumab + Platinum/ etoposide Key limitations / friction Some patients progress before maintenance (20-30% patients progressed during induction)1,2 Access, site readiness and patient preference may limit uptake Zoci + IO + TCE Treat continuously until progression No separate induction / maintenance phases Potential strategic benefits Reach patients earlier Avoids attrition between induction and maintenance Chemotherapy-sparing, continuous regimen Positions zoci as a backbone ADC for next- generation combinations TCE-related CRS / neurotoxicity monitoring TRIPLET +DOUBLET Durvalumab + Tarla (TCE) + for eligible non-progressors
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 triplet S T AG E Zoci + IMDELLTRA® (tarlatamab) DeLLphi-313 · Global Phase 1b · patients with ES-SCLC Part 1 2L+ SCLC Zoci (multiple doses) + tarlatamab Part 2 2L / 2L+ SCLC Zoci (RP2D) + tarlatamab Part 3 1L ES-SCLC Zoci (RP2D) + tarlatamab + durvalumab Zoci + obrixtamig Global Phase 1b/2 · patients with poorly differentiated NEC Part 1 Poorly differentiated NECs Zoci (multiple doses) + obrixtamig Part 2 1L ES-SCLC Zoci (RP2D) + obrixtamig + atezolizumab Amgen 15
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: 2L+ SCLC (DLLEVATE) Registrational topline data Zoci: NEC Registrational topline data Note: SAD = single ascending dose; MAD = multiple ascending dose; AD = atopic dermatitis; SCLC = small cell lung cancer; epNEC = extrapulmonary neuroendocrine carcinomas Potential Global Approvals Zoci in 2L+ SCLC Zoci in 2L+ epNEC Zoci (+ IO) in 1L SCLC Zoci (+ TCE + IO) in 1L SCLC 16
© 2026. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 APPENDIX
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 DLL3 ADC Zoci (ZL-1310) Additional Details
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 small cell lung cancer (1L ES-SCLC) in major markets (U.S., EU5, Japan, China) is estimated at ~200,000 in 2024, with approximately 75% of these patients relapsing and proceeding to second-line or later treatments; (3) The estimated incidence of NECs (excluding SCLC) in major markets (U.S., EU5, Japan, China). 19 1L SCLC2 ~200K First-line treatment Small Cell Lung Cancer Other NECs3 ~100K Neuroendocrine Carcinomas (excluding SCLC) patients Total Addressable Population $9+ Billion Total Addressable Market Other NECs1L SCLC 2L+ SCLC2 ~150K patients Second-line and beyond Small Cell Lung Cancer 2L+ SCLC
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Zai Lab Company Overview Beyond zoci: the broader Zai Lab portfolio
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% confirmed ORR in 1L SCLC1 ZL-1503 (IL-13/IL-31Rα) has the potential to address a gap in atopic dermatitis (dual MOA, extended dosing) in a $30B+ market Catalyst-rich Next 12 Months Multiple data readouts upcoming (Zoci 1L SCLC at ESMO 2026, ZL-1503 SAD and MAD data, NEC registrational data) First potential BLA submission to the FDA in 2027 1 2 Strong Financial Position $718 million cash position as of Q2 2026 Commercially profitable business Revenues expected to return to YoY growth in 2027 4Global R&D Engine Integrated US-China R&D model delivering with speed and consistent execution Six additional global programs with three in or entering the clinic (ZL-6201, ZL-1222, ZL-1311) 3 Sources: (1) Zhao, Jun. ESMO 2026 Poster. 81.8% cORR in 1L SCLC for zoci 1.6 mg/kg + atezolizumab. Continuously evaluating transformational opportunities to enhance shareholder value 21
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-13/IL-31Rα Bispecific Dual inhibition for broad disease control Rapid itch suppression Rapid and sustained itch suppression up to 133 days in NHP3 Note: (1) Zai Lab 2025 AACR-NCI-EORTC presentation, confirmed ORR 68% at 1.6 mg/kg in 2L SCLC (n=19); median DOR 6.1 months across all doses and lines; (2) Zai Lab AACR 2026 presentation (April 2026). ORR and safety data from the 1.6 mg/kg cohort unless otherwise stated; (3) Liu L, et al. ZL-1503: A Bispecific Antibody Targeting Inflammatory and Pruritogenic Pathways with a Prolonged Serum Half-life and Sustained Activity in Non-human Primates. Poster presented at: EAACI Congress 2025; June 13, 2025; Glasgow, Scotland. Poster D1.365 (Abstract #000625). Extended dosing YTE-modified for infrequent dosing Inflammation control pSTAT6 suppression sustained preclinically Combo w/TCE and PD-(L)1 Collaborations with AMGN and BI 1 Strong efficacy in 1L, 2L+ SCLC and NEC High responses with good durability1 Differentiated activity in brain mets Robust intracranial responses, including complete responses2 22
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 regulatory submissions, with further expansion opportunities ahead Zoci: NEC Registrational topline data ZL-1503: AD MAD data in AD patients Note: SAD = single ascending dose; MAD = multiple ascending dose; AD = atopic dermatitis; SCLC = small cell lung cancer; epNEC = extrapulmonary neuroendocrine carcinomas Potential Global Approvals Zoci in 2L+ SCLC Zoci in 2L+ epNEC Zoci (+ IO) in 1L SCLC Zoci (+ TCE + IO) in 1L SCLC ZL-1503 in atopic dermatitis 2 23 Zoci: 2L+ SCLC (DLLEVATE) Registrational topline data
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 Pipeline Investment Over the Next 5 YearsNote: *illustrative purposes only to show trends; graph is not drawn to scale. Concentrating resources towards global programs that are driving the next wave of innovation 24 3
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 62.1% 1H25 58.7% 2H25 67.0% 1H26 62% of revenue invested in R&D 1H’26 Operating DisciplineQ2 2026 Update Support continued investment in innovation and future growth Notes: (1) Q2 2026 product revenue of $105.8 million. (2) Cash and cash equivalents, short-term investments, and current restricted cash ending June 30, 2026. $718m cash position with commercial profitability, operating discipline and increased efficiencies 25 4
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 (IL-13/IL-31Rα) ZL-1503 Long-acting dual blockade 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; (3) Silverberg JI, Mohawk JA, Cirulli J, Nograles K, Punzalan JC, Kelly KM, Kim BS, Guttman-Yassky E, Lebwohl M. Burden of Disease and Unmet Needs in Atopic Dermatitis: Results From a Patient Survey. Dermatitis. 2023;34(2):135-144. Market Opportunity ZL-1503 targets both IL-13 and IL-31Rα >$30B 2030 AD Biologics Market (Projected)2 Unmet Needs in Current Treatment ~50% Report severe pruritus (VAS ≥7)3 ~40% Remain inadequately controlled on current AD biologics 6-26 Injections required per year for current biologics Binds to IL-13 and prevents heterodimerization of IL13Rα1/IL-4Rα Inhibits IL-31 signaling by binding to IL-31Rα Production of proinflammatory cytokines/chemo kines X Significant unmet needs remain in AD: inadequate disease control, persistent itch and frequent dosing 27
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 through IL-31Rα Less frequent dosing YTE-modifications to extend half-life NHP half-life of 28 days Potential Advantages of ZL-1503 Attribute Dupilumab (IL-4Ra) Nemolizumab (IL-31Ra) Lebrikizumab (IL-13) Upadacitinib (JAK) ZL-1503 (IL13/IL-31Ra)1 Lesion Control (EASI-75) Excellent (48%) Fair (42-44%) Excellent (55%) Superior (60-70%) Excellent Itch Relief Speed Fair (>2 wks) Superior (Day 2) Fair Superior (Day 2) Superior Dosing Convenience Poor (Q2W) Good (Q4W-Q8W) Good (Q4W-Q8W) Good (daily oral) Superior Safety Excellent Excellent Excellent Poor (Boxed Warning) Excellent A potential best-in-class bispecific designed to reduce itch and inflammation with less frequent dosing 28Notes: (1) ZL-1503 potential profile.
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 cohorts ENROLLMENT COMPLETED Part B (MAD) Moderate-to-severe AD patients, 2 dose cohorts CURRENTLY ENROLLING 1H 2027 Initial data from MAD portion in AD patients 2028+ Potential expansion: prurigo nodularis and other Rapid execution from first-in-human dosing to AD patient data positions ZL-1503 for Phase 2 in 2027 29
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 (LRRC15 ADC) ZL-6201 Targeting tumor and stroma via LRRC15
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-LRRC15 ADC developed using TMALIN® platform • Efficient payload delivery to the targeted cells with DAR=8 • Potent bystander killing mediated by the Topo-1 inhibitor payload C24 LRRC15 is a transmembrane protein overexpressed in mesenchymal tumors (sarcomas, glioblastoma, melanoma) and CAFs in epithelial tumors Minimal normal tissue expression makes LRRC15 an attractive ADC target A B C LRRC15's broad expression across sarcomas and CAFs in epithelial tumors, combined with minimal normal tissue expression, positions it as a differentiated ADC target Abbreviations: Leucine-rich repeat-containing protein 15 (LRRC15); Cancer-associated fibroblasts (CAF). Source: Zai Lab presentation at 2026 AACR, April 2026.
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 Effect 0 7 14 21 28 0 500 1000 1500 2000 SA4109 Chondrosarcoma PDX Days post initial treatment Tu m or v ol um e (m m 3 ) Vehicle Ctrl mAb–C24 6 mg/kg ZL-6201 6 mg/kg Ctrl mAb–MMAE 6 mg/kg BM–MMAE 6 mg/kg Administration 0 7 14 21 28 0 500 1000 1500 2000 SA3840 Osteosarcoma PDX Days post initial treatment Tu m or v ol um e (m m 3 ) Vehicle Ctrl mAb–C24 3 mg/kg ZL-6201 1 mg/kg ZL-6201 3 mg/kg ZL-6201 10 mg/kg Administration 0 7 14 21 28 0 500 1000 1500 2000 SA4033 Leiomyosarcoma PDX Days post initial treatment Tu m or v ol um e (m m 3 ) Vehicle Ctrl mAb–C24 3 mg/kg ZL-6201 1 mg/kg ZL-6201 3 mg/kg ZL-6201 10 mg/kg Administration 0 7 14 21 28 35 0 500 1000 1500 2000 2500 EBC-1 NSCLC CDX Days post initial treatment Tu m or v ol um e (m m 3 ) Vehicle Ctrl mAb–C24 3 mg/kg ZL-6201 surrogate 3 mg/kg Administration 0 7 14 21 28 0 500 1000 1500 2000 2500 Detroit 562 HNSCC CDX Days post initial treatment Tu m or v ol um e (m m 3 ) Administration ZL-6201 surrogate 10 mg/kg Vehicle Ctrl mAb–C24 3 mg/kg ZL-6201 surrogate 3 mg/kg 0 7 14 21 28 35 0 500 1000 Panc 05.04 PDAC CDX Days post initial treatment Tu m or v ol um e (m m 3 ) Administration ZL-6201 Surrogate 10 mg/kg QW×2 Vehicle Ctrl mAb–C24 3 mg/kg QW×2 ZL-6201Surrogate 3 mg/kg QW×2 LRRC15 is highly expressed on the tumor cell surface of the following sarcomas: A. SA4109 chondrosarcoma PDX B. SA3840 osteosarcoma PDX derived from a 12- year-old female patient C. SA4033 leiomyosarcoma PDX In non-sarcoma solid tumor CDX models NSCLC EBC-1 D. HNSCC Detroit 562 E. and pancreatic cancer Panc 05.04 F. while tumor cells exhibit minimal LRRC15 surface expression, it is highly expressed on the surface of stromal cells from CAFs To investigate the anti-tumor effect, a rodent cross- reactive surrogate ADC was employed A B C D E F Topline results from dose escalation portion of Phase 1 expected in 1H’27
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Other pipeline
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 IND application in the U.S. and initiate a global Phase 1 study in 2027 ZL-1222 (PD-1/IL-12) B: Silent IgG1 Fc with half-life extension modification Key Next Steps Source: 2025 AACR, 2026 AACR, Zai Lab posters. A MUC17-targeted TCE and an engineered PD-1/IL-12 cytokine, each designed to improve on first-generation approaches 34 • MUC17 overexpressed in more than 50% of GC/GEJ patients • Strong anti-tumor properties • Minimal cytokine release syndrome Key Next Steps Submit an IND application in the U.S. by YE’26 and initiate a global Phase 1 study in 1H’27 ZL-1311 (MUC17/CD3) Key Next Steps
© 2023. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 China regional business
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 Thyroid Eye Disease Complete Enrollment in China (3Q’26) 2-3m patients; 760k moderate-to-severe Cervical Cancer Commercial Launch (2027) 110k Positive Phase 3 results Positive interim results Approved in Jun’26 Positive Phase 3 results Key Commercial Products Key near-term regional launches to drive steady growth Strongly Positioned to Leverage the Evolving China Market Increasing transparency and predictability in NRDL adjustments Expansion of supplemental health insurance Pilot launch of “National Commercial Health Insurance Innovative Drug List”3 Biopharmaceutical industry designated as a pillar industry4 Optimize formation mechanism for drug prices5 Positive readouts in TED Notes: (1) Zai Lab partner Vertex has completed enrollment in the Phase 2 portion of the global pivotal Phase 2/3 OLYMPUS study and has initiated the Phase 3 portion. Zai Lab participated in the global study in Greater China; (2) Zai Lab analysis and market research; (3) first introduction in 2025 and effective from Jan 1st, 2026; (4) China‘s 15th Five-Year Plan (2026–2030), a national socioeconomic development blueprint guiding policy priorities and industrial strategy across a five-year cycle; (5) The State Council Office issued Document No. 9, "Several Opinions of the General Office of the State Council on Improving the Drug Pricing Formation Mechanism" (国办发〔2026〕9号) issued in April 2026. In the case of high-level innovative drugs with a high degree of innovation and significant clinical value, their prices at the early stage of market entry should reflect the high R&D investment and high risk involved, and remain relatively stable for a certain period of time, according to the guidelines. 36
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- enabling Ph 1 PoC Reg/ Ph 3 Status / Next Update Zoci (DLL3 ADC) Zoci 2L+ SCLC ● Data (interim analysis) 2H’27 Zoci + PD-(L)1 1L SCLC ● Data presented at ESMO; Phase 3 in planning Zoci + tarlatamab (TCE)1 ± PD-L1 1L+ SCLC ● Phase 1b ongoing Zoci + obrixtamig (TCE)2 ± PD-L1 SCLC & epNEC ● Phase 1b/2 initiating in 2H’26 Zoci epNEC ● Data (registrational study) 1H’27 ZL-6201 (LRRC15 ADC) ZL-6201 Sarcoma and others ● Data (PoC) 1H’27 ZL-1222 (PD-1/IL-12) ZL-1222 Solid tumors ● Phase 1 initiating in 2027 ZL-1311 (MUC17/CD3 TCE) ZL-1311 Solid tumors ● Phase 1 initiating in 1H’27 ZL-6202 (undisclosed) ZL-6202 Solid tumors Candidate selection ZL-1223 (undisclosed) ZL-1223 Solid tumors Candidate selection ZL-1503 (IL-13/IL-31Rα) ZL-1503 Mod-to-Sev AD ● Data (SAD, healthy volunteers) Q4’26 Data (MAD, atopic dermatitis) 1H’27 ZL-1505 (undisclosed) ZL-1505 Immunology diseases Candidate selection O nc ol og y Im m un ol og y
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 approved Inclusion in China Schizophrenia Guidelines Key 2026 Priorities of patients discontinue treatment in 18 mos3 of patients had negative symptoms which are poorly controlled2 ~75% NMPA Approval Efficient approach for launch in a concentrated market Commercial efforts to accelerate Awareness, Adoption, and Access Prepare for 2027 NRDL listing and accelerate local manufacturing First inclusion of Cobenfy in national treatment guidelines globally No black-box warning Achievements Inclusion in Chinese Expert Consensus on Management of Negative Symptoms First national-level consensus targeting negative symptoms to cite Cobenfy evidence Abbreviation: National Medical Products Administration (NMPA). Notes: (1) Prevalence of mental disorders in China: a cross-sectional epidemiological study. The Lancet Psychiatry, 2019; (2) Zai Lab Schizophrenia 2025 Market Research study; (3) China schizophrenia treatment guideline (version 2), May 2015. >70% 38
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 partner of choice Commercial profitability reached Mature global R&D capabilities; Zoci now in pivotal stage Strengthened the China Platform Commercial Profitability & Mature Global R&D Capabilities Global Approvals & Geographical Revenue Mix 0% Ex-China Revenues $49m China Revenue 0% Ex-China Revenues 4 Commercial products (China) Commercial Loss Note: * Zai Lab total revenue for the full year 2025 as updated in the fourth quarter 2025 earnings release. 2014 Founded as a Gateway to China Potential Key Global Product Approvals Zoci in 2L+ SCLC Zoci in 2L+ epNEC Zoci (+ IO) in 1L SCLC Zoci (+ TCE + IO) in 1L SCLC ZL-1503 in atopic dermatitis 39
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 Gastric cancer GEJ Gastroesophageal junction Ig Immunoglobulin IgAN Immunoglobulin A nephropathy ILD Interstitial lung disease IO Immuno-oncology LCNEC Large cell neuroendocrine carcinoma LRRC15 Leucine-rich repeat-containing protein 15 LS-SCLC Limited-stage small cell lung cancer mAb Monoclonal antibody MAD Multiple ascending dose MOA Mechanism of action NEC Neuroendocrine carcinoma OMG Ocular myasthenia gravis ORR Objective response rate pMN Primary membranous nephropathy PS Performance status Q3W Once every 3 weeks SAD Single ascending dose SCLC Small cell lung cancer TME Tumor microenvironment TRAE Treatment-related adverse event 40
Exhibit 99.2
Zai Lab Announces $250 Million Private Placement
SHANGHAI & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 22, 2026--Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) an innovation-driven, global biopharma company, today announced that it has entered into a securities purchase agreement for the sale of 11,340,000 American Depositary Shares (“ADSs”), each representing ten ordinary shares of the Company, to certain investors in a private investment in public equity (“PIPE”) financing. The purchase price of each ADS is $22.04. Gross proceeds from the PIPE financing are expected to be approximately $250 million, before deducting placement agent fees and other offering expenses. The PIPE financing is expected to close on or about October 27, 2026, subject to customary closing conditions.
The financing is led by TCGX and includes participation from other new and existing investors including abrdn World Healthcare Fund, ADAR1 Capital Management, Balyasny Asset Management, Cormorant Asset Management, Frazier Life Sciences, RA Capital Management, RTW Investments, Sirenia Capital Management LP, Wellington Management, and Woodline Partners LP.
Zai Lab intends to use the net proceeds from the PIPE financing primarily to support the continued global development of zocilurtatug pelitecan (zoci), the Company's Delta-like ligand 3 (DLL3)-targeting antibody-drug conjugate (ADC).
Leerink Partners is acting as exclusive placement agent for the PIPE financing. Ropes & Gray is acting as legal advisor to Zai Lab.
The sale and issuance of the foregoing ADSs are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). The ADSs being issued in the PIPE may not be offered or sold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the ADSs acquired by the investors in the Private Placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Zai Lab
Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) is an innovative, research-based, commercial-stage biopharmaceutical company based in China and the United States. We are focused on discovering, developing, and commercializing innovative products that address
Exhibit 99.2
medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. Our goal is to leverage our competencies and resources to positively impact human health.
Zai Lab Forward-Looking Statements
This press release contains forward-looking statements relating to our future expectations, plans, and prospects, for Zai Lab, including, without limitation, statements relating to our prospects and plans for developing and commercializing zoci and related timing, the potential treatment of extensive-stage small cell lung cancer (ES-SCLC), our ability to successfully complete the PIPE indicated and with terms and conditions satisfactory to us, the expected closing of the PIPE and the expected use of proceeds from the PIPE. All statements, other than statements of historical fact, included in this press release are forward-looking statements, and can be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would,” and other similar expressions. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and U.S. federal securities laws. There can be no assurance that we will be able to complete the PIPE on the anticipated terms, or at all. Forward-looking statements are not guarantees or assurances of future performance. Forward-looking statements are based on our expectations and assumptions as of the date of this press release and are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products, (2) our ability to obtain funding for our operations and business initiatives, (3) the results of our clinical and pre-clinical development of our product candidates, (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates, (5) risks related to doing business in China, and (6) other factors identified in our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Exhibit 99.2
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For more information, please contact:
Investor Relations:
Christine Chiou / Cyan Liu
+1 (917) 886-6929 / +86 195 3130 8895
christine.chiou1@zailaboratory.com / cyan.liu@zailaboratory.com
Media:
Shaun Maccoun / Xiaoyu Chen
+1 (857) 270-8854 / +86 185 0015 5011
shaun.maccoun@zailaboratory.com / xiaoyu.chen@zailaboratory.com
Christine Chiou / Cyan Liu
+1 (917) 886-6929 / +86 195 3130 8895
christine.chiou1@zailaboratory.com / cyan.liu@zailaboratory.com
Media:
Shaun Maccoun / Xiaoyu Chen
+1 (857) 270-8854 / +86 185 0015 5011
shaun.maccoun@zailaboratory.com / xiaoyu.chen@zailaboratory.com