Zentalis Pharmaceuticals (ZNTL) investor relations material

Executive summary

• Achieved completion of DENALI Part 2a enrollment, enabling dose confirmation for azenosertib in 1H 2026.

• Topline readout for DENALI Part 2 expected by year-end 2026, with potential to support accelerated approval.

• Phase 3 ASPENOVA trial initiation planned for 1H 2026, targeting full approval in Cyclin E1-positive PROC.

• Ongoing MUIR Part 2 trial expands azenosertib's potential in ovarian cancer maintenance therapy.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $245.9 million as of December 31, 2025, with projected runway into late 2027.

• Research and development expenses for 2025 were $107.3 million, down from $167.8 million in 2024, mainly due to lower clinical, lab, and personnel costs.

• General and administrative expenses decreased to $37.7 million in 2025 from $87.1 million in 2024, primarily due to reduced personnel and consulting costs.

• Net loss attributable to shareholders was $137.1 million for 2025, compared to $165.8 million in 2024.

• No revenues reported in 2025; prior year included $67.4 million from licensing and IP sales.

Outlook and guidance

• DENALI Part 2a dose confirmation expected in 1H 2026; topline DENALI Part 2 results anticipated by year-end 2026.

• ASPENOVA Phase 3 trial to initiate in 1H 2026, aligned with FDA for design and endpoints.

• Cash position expected to fund operations into late 2027, beyond key clinical milestones.