• A clinical-stage biotechnology company focused on discovering and developing new cancer drugs, similar to a specialized version of the oncology research units within larger companies like Genentech or Amgen.
• An oncology drug developer with a pipeline of experimental cancer therapies, aiming to discover significant treatments similar to what companies like Merck or Eli Lilly pursue in their cancer divisions.

• ZN-c3: An inhibitor of WEE1, a protein tyrosine kinase, in clinical trials for advanced solid tumors and platinum-resistant ovarian cancer.
• ZN-c5: An oral selective estrogen receptor degrader in clinical trials for advanced estrogen receptor-positive, HER2-negative breast cancer.
• ZN-d5: A selective inhibitor of B-cell lymphoma 2 in clinical trials for non-Hodgkin's lymphoma and acute myelogenous leukemia.
• ZN-e4: An irreversible inhibitor of mutant epidermal growth factor receptor in clinical trials for advanced non-small cell lung cancer.
• BCL-xL heterobifunctional degraders: Novel degraders designed to avoid dose-limiting thrombocytopenia associated with BCL-xL inhibitors by utilizing E3 ligases not expressed in platelets.

Zentalis Pharmaceuticals (ZNTL) is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics for cancer. As such, its products are currently in clinical trials and are not yet commercially available to individuals (patients) or healthcare providers. The company generates revenue and advances its programs primarily through strategic collaborations and licensing agreements with other companies and institutions.

Therefore, its major "customers" or partners that provide funding and support for its development efforts include:

• Recurium IP Holdings, LLC
• Mayo Foundation for Medical Education and Research
• SciClone Pharmaceuticals International (Cayman) Development Ltd.
• Pfizer, Inc. (Symbol: PFE)
• Eli Lilly and Company (Symbol: LLY)
• GlaxoSmithKline (Symbol: GSK)
• Zentera Therapeutics (Cayman), Ltd.

Julie Eastland, Chief Executive Officer, President and Director

Julie Eastland was appointed Chief Executive Officer, President and Director of Zentalis Pharmaceuticals in November 2024. Prior to joining Zentalis, she served as the Chief Executive Officer and President of Harpoon Therapeutics, a publicly traded clinical-stage oncology company, from November 2021 until its acquisition by Merck in March 2024. Ms. Eastland also served as Chief Operating Officer and Chief Financial Officer of ReCode Therapeutics, a privately held genetics medicine company. Her previous roles include Chief Financial Officer and Chief Business Officer of Rainier Therapeutics, a privately held biopharmaceutical company, and Chief Financial Officer and Chief Business Officer of Cascadian Therapeutics, a publicly traded oncology company that was acquired by Seattle Genetics in 2018. She has held various financial and strategic management positions at publicly traded biotechnology companies such as Dendreon and Amgen.

Cam Gallagher, President and Interim Chief Financial Officer

Cam Gallagher was appointed interim Chief Financial Officer of Zentalis Pharmaceuticals on April 5, 2024, while also serving as President. He has been the company's President since May 2022 and a member of the Board of Directors since Zentalis' founding in December 2014. Mr. Gallagher previously served as Chief Business Officer at Immusoft Corp. He is also the Chairman of the Board of Directors of Ocuphire Pharma, Inc.

Ingmar Bruns, M.D., Chief Medical Officer

Dr. Ingmar Bruns was appointed Chief Medical Officer in November 2024. He brings two decades of experience in hematology and oncology as a physician and scientist.

James Bucher, Chief Legal Officer and Corporate Secretary

James Bucher joined Zentalis Pharmaceuticals as Chief Legal Officer and Corporate Secretary. He previously served as Chief Legal Officer at Harpoon Therapeutics, where he played a key role in its $680 million acquisition by Merck in 2024. Before that, he was Executive Vice President, General Counsel, and Head of Human Resources at Eliem Therapeutics, where he was a founding member of the leadership team responsible for legal affairs, corporate strategy, private placements, and the company's initial public offering.

Haibo Wang, Chief Business Officer

Haibo Wang was appointed Chief Business Officer in December 2024. He has over 15 years of experience in biopharma business development, finance, and M&A transactions. Most recently, he was Senior Vice President of Business Development at Harpoon Therapeutics and was instrumental in its acquisition by Merck in March 2024. Prior to Harpoon, he served as the Vice President of Business Development at Hummingbird Bioscience.

Key Risks to Zentalis Pharmaceuticals (ZNTL)

1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Zentalis Pharmaceuticals' success is heavily dependent on the successful outcome of its ongoing and future clinical trials for its product candidates (ZN-c3, ZN-c5, ZN-d5, and ZN-e4). There is a significant risk that these candidates may fail to demonstrate efficacy or safety in clinical trials, or may not receive the necessary regulatory approvals from health authorities, which would materially and adversely affect the company's business and prospects.
2. Intense Competition: The biopharmaceutical industry, particularly the oncology market, is highly competitive and rapidly evolving. Zentalis Pharmaceuticals faces competition from major pharmaceutical companies and biotechnology firms that have greater financial resources, more extensive research and development capabilities, and more experience in obtaining regulatory approvals and commercializing products. This competition could limit the market potential of Zentalis's product candidates, even if approved.
3. Dependence on Funding and Capital Raising: Zentalis Pharmaceuticals is a company with no currently approved products and, therefore, no product revenue. Its operations are capital-intensive, relying on significant funding for research, development, and clinical trials. There is a risk that the company may not be able to obtain sufficient additional capital when needed or on favorable terms, which could delay or prevent the further development or commercialization of its product candidates and significantly impact its financial condition.

Zentalis Pharmaceuticals (NASDAQ: ZNTL) is a clinical-stage biopharmaceutical company developing small molecule therapeutics for various cancers. The addressable markets for its main product candidates are substantial and span several cancer types globally and in key regions.

ZN-c3 (WEE1 inhibitor)

• Advanced Solid Tumors: The global solid tumor therapeutics market was valued at approximately USD 191.58 billion in 2024 and is projected to reach USD 389.4 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 8.2%. Another estimate places the global solid tumors market at USD 362.21 billion in 2024, with a projection to reach USD 1557.42 billion by 2032, at a CAGR of 20.00%. North America leads this market due to advanced healthcare infrastructure and significant investments in oncology research.
• Platinum-Resistant Ovarian Cancer: The platinum-resistant ovarian cancer market across the 7 Major Markets (7MM), including the U.S., EU4 (Germany, France, Italy, and Spain), the U.K., and Japan, is expected to experience robust growth by 2034. In 2024, the United States accounted for the largest share within the 7MM, with approximately 20,000 ovarian cancer cases. Specifically for ZN-c3 (azenoseirtib) in cyclin E1-positive, platinum-resistant ovarian cancer, the addressable market is estimated at 21,500 patients in the U.S. and key European countries. The global ovarian cancer drugs market size was estimated at USD 3.37 billion in 2022 and is anticipated to grow at a CAGR of 6.6% from 2023 to 2030.

ZN-c5 (Oral Selective Estrogen Receptor Degrader - SERD)

• Advanced Estrogen Receptor-Positive, Human Epidermal Growth Factor Receptor 2-Negative (ER+/HER2−) Breast Cancer: The total market size for ER+/HER2− Breast Cancer in the United States was USD 6,759 million in 2022 and is projected to grow. Globally, the estrogen receptor-positive breast cancer treatment market size was estimated at USD 19.8 billion in 2023 and is projected to reach USD 33.7 billion by 2030, with a CAGR of 7.89%. North America held a 39.54% market share in 2023. The global metastatic breast cancer therapeutics market is projected to grow from USD 21.80 billion in 2024 to USD 51.22 billion in 2032, at a CAGR of 11.27%.

ZN-d5 (Selective Inhibitor of B-cell Lymphoma 2)

• Non-Hodgkin's Lymphoma (NHL): The global non-Hodgkin's lymphoma therapeutics market size was valued at USD 10.99 billion in 2025 and is predicted to increase to approximately USD 20.94 billion by 2034, expanding at a CAGR of 7.43%. Another report estimates the global market at USD 11.15 billion in 2025, growing to USD 16.69 billion by 2031 at a CAGR of 6.96%. North America held the largest market share in this segment, accounting for 43% in 2024.
• Acute Myelogenous Leukemia (AML): The global acute myeloid leukemia market size was valued at USD 2.1 billion in 2023 and is estimated to grow at a CAGR of 10.7% between 2024 and 2032, reaching USD 5.1 billion. The global acute myeloid leukemia treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030, growing at a CAGR of 10.6%. North America dominated the global market with a 37.6% share in 2024, with the U.S. accounting for 90.9% of that regional share.

ZN-e4 (Irreversible Inhibitor of Mutant Epidermal Growth Factor Receptor)

• Advanced Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer therapeutics market size was approximately USD 19.85 billion in 2023 and is projected to reach around USD 66.20 billion by 2033, growing at a CAGR of 12.8%. The U.S. non-small cell lung cancer therapeutics market alone was valued at USD 4.97 billion in 2023 and is projected to reach USD 16.82 billion by 2033, with a CAGR of 13.0%. The global EGFR non-small cell lung cancer market is projected to grow to USD 13.74 billion by 2030, at a CAGR of 8.1%.

BCL-xL Heterobifunctional Degraders

• BCL-2 Inhibitors Market: The global BCL-2 (B-cell lymphoma 2) Inhibitors Market was valued at USD 2 billion in 2023 and is projected to reach USD 5 billion by the end of 2030, expanding at a CAGR of 14%. Another report indicates the global BCL-2 Inhibitors Market size was valued at USD 3.22 billion in 2024 and is poised to grow to USD 11.33 billion by 2033, at a CAGR of 15%. North America held the largest market share in 2023 and is expected to maintain its dominance, holding about 55% of the market.

• Potential Accelerated Approval of Azenosertib for Platinum-Resistant Ovarian Cancer (PROC): Zentalis anticipates a topline readout from its DENALI Part 2 clinical trial by year-end 2026. This data has the potential to support accelerated approval of azenosertib for patients with Cyclin E1-positive platinum-resistant ovarian cancer (PROC), subject to feedback from the U.S. Food and Drug Administration (FDA). This patient population is estimated to be approximately 21,500 across the U.S., EU4, and U.K.. An accelerated approval would mark the company's first potential product revenue.
• Initiation and Progression of the Phase 3 ASPENOVA Trial: Complementing the DENALI trial, Zentalis plans to initiate the randomized Phase 3 confirmatory ASPENOVA trial in the first half of 2026. This trial will compare azenosertib against standard-of-care chemotherapy in Cyclin E1-positive PROC patients and is designed to support full regulatory approval and broader market access, further solidifying long-term revenue streams.
• Expansion of Azenosertib into New Indications: Beyond its primary focus on Cyclin E1-positive PROC, Zentalis plans to explore azenosertib's potential in earlier lines of ovarian cancer and other tumor types where WEE1 inhibition could be beneficial. The company is planning the MIRROR study to investigate azenosertib in combination with bevacizumab for second-line maintenance in ovarian cancer patients who have progressed on PARP inhibitors, presenting an opportunity to expand the addressable market and generate additional revenue in the mid-to-long term.
• Milestone Payments from Strategic Collaborations: As Zentalis is a clinical-stage company, its existing licensing agreements and strategic collaborations with partners such as Pfizer, Eli Lilly and Company, and GlaxoSmithKline could lead to milestone payments triggered by the successful progression of azenosertib through clinical development and regulatory approvals. Positive clinical data from its trials could also attract new strategic partners, leading to further upfront and milestone payments.

Share Repurchases

• Zentalis Pharmaceuticals entered into a Stock Purchase Agreement on December 15, 2025, to repurchase 7,500,000 shares of its common stock at $1.33 per share from Matrix Capital Master Fund, LP.

Share Issuance

• Zentalis Pharmaceuticals' Shares Outstanding rose 1946.6% to $71.0 million in Q1 2024 from the same period last year.
• For the fiscal year 2023, the annual value of Shares Outstanding was $70.8 million, an increase of 1937.75% from the prior year.
• The company raised approximately $165 million in its Initial Public Offering (IPO) in April 2020.

Inbound Investments

• As of March 31, 2025, Zentalis Pharmaceuticals had $332.5 million in cash, cash equivalents, and marketable securities, which included $12.2 million from the sale of its ROR1 antibody-drug conjugate (ADC) product candidate and ADC platform to Immunome in October 2024.
• As of June 30, 2024, the company's cash, cash equivalents, and marketable securities of $426.4 million included $27.8 million received as an upfront payment for the out-licensing of its ROR1 ADC product candidate and platform to Immunome in January 2024.
• Walters Group, a significant shareholder, acquired 6,459,973 shares of common stock for $7,751,967 on December 31, 2025.

Capital Expenditures

• Capital expenditures were reported as $221K in Q3 2025.
• Annual capital expenditures have been relatively low, with figures such as -$1 million in 2020, -$6 million in 2021, -$3 million in 2022, -$1 million in 2023, and -$0 million in 2024 (in millions USD).
• The company anticipates that its existing cash, cash equivalents, and marketable securities will fund its operating expenses and capital expenditure requirements into late 2027.