1. A potential **Loxo Oncology** (before its acquisition by Eli Lilly), focused on developing highly targeted small molecule therapies for cancer.

2. Like **Tesaro** (prior to its acquisition by GSK), but specializing in a new class of DNA damage response (DDR) inhibitors for cancer beyond PARP inhibitors.

• Azenosertib (ZN051): An oral, small-molecule inhibitor of WEE1 kinase, currently in multiple clinical trials for various solid tumors.
• ZN-c3: An oral, small-molecule inhibitor of Aurora A kinase, in early clinical development for various cancers.

Zentalis Pharmaceuticals (ZNTL) Major Customers

Zentalis Pharmaceuticals (ZNTL) is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics for oncology indications. As such, it does not currently have commercial products approved for sale to individuals, hospitals, or pharmacies.

Instead, its primary "customer" in terms of significant revenue generation comes from strategic partnerships and licensing agreements with other companies. The major customer for Zentalis Pharmaceuticals is:

• Pfizer Inc. (PFE)

Zentalis entered into a worldwide collaboration and license agreement with Pfizer Inc. in September 2020. Under this agreement, Zentalis granted Pfizer exclusive rights to develop and commercialize certain of Zentalis's product candidates, including azenosertib (formerly ZN-c3), outside of the United States and Canada, and other compounds worldwide. This collaboration involves upfront payments, potential future milestone payments, and royalties to Zentalis.

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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, until its acquisition by Merck in March 2024. She previously held positions as Chief Operating Officer and Chief Financial Officer of ReCode Therapeutics, a privately held genetics medicine company, and Chief Financial Officer and Chief Business Officer of Rainier Therapeutics, a privately held biopharmaceutical company. Eastland was also Chief Financial Officer and Chief Business Officer of Cascadian Therapeutics, a publicly traded oncology company that was acquired by Seattle Genetics in 2018. Her experience includes various financial and strategic management roles at publicly traded biotechnology companies such as Dendreon and Amgen.

Cam Gallagher, President, interim Chief Financial Officer and Director

Cam Gallagher co-founded Zentalis Pharmaceuticals in December 2014 and has served as its President since May 2022. He was appointed interim Chief Financial Officer, Treasurer, and principal financial officer in April 2024. A serial biotechnology entrepreneur with over 30 years of experience, Gallagher was a founding board member of VelosBio, which was acquired by Merck in 2020. He also served as Chief Business Officer and a Board Member of RetroSense Therapeutics until its acquisition by Allergan plc in 2016. His past roles include Chief Business Officer at Immusoft Corp and Head of Corporate Development and Board Member at Oncternal Therapeutics, Inc. He currently serves as President, CEO, and Board Member at Alessa Therapeutics and on the boards of Ocuphire Pharma Inc., selectION Inc., and Immusoft. He also co-founded Nerveda, LLC, a life science seed fund.

Ingmar Bruns, M.D., Chief Medical Officer

Dr. Ingmar Bruns was appointed Chief Medical Officer of Zentalis Pharmaceuticals in November 2024. He brings two decades of experience in hematology and oncology as a physician and scientist. Before joining Zentalis, Dr. Bruns served as Chief Medical Officer of Trillium Therapeutics through its acquisition by Pfizer in November 2021, after which he held clinical development roles at Pfizer. He also served as Senior Vice President and Head of Clinical Development at Pieris Pharmaceuticals.

James Bucher, Chief Legal Officer and Corporate Secretary

James Bucher serves as Chief Legal Officer and Corporate Secretary at Zentalis Pharmaceuticals. He previously held the position of Chief Legal Officer at Harpoon Therapeutics, where he played a pivotal role in the company's $680 million acquisition by Merck in 2024. Before that, he was a key founding member of the leadership team at Eliem Therapeutics, where he was responsible for all legal affairs and corporate strategy, including the execution of three private placements and the company's initial public offering.

Haibo Wang, Chief Business Officer

Haibo Wang is the Chief Business Officer of Zentalis. He has over 15 years of experience in biopharma business development, finance, and M&A transactions. Most recently, he served as Senior Vice President of Business Development at Harpoon Therapeutics, where he played a pivotal role in managing the company's acquisition by Merck in March 2024. Prior to Harpoon, he was Vice President of Business Development at Hummingbird Bioscience and Director of Business Development at Amgen, where he was involved in the Teneobio and Five Prime Therapeutics acquisitions. He began his career as an M&A consultant at Deloitte, advising on transactions in healthcare and technology.

1. High Dependence on a Single Product Candidate and Clinical/Regulatory Success: Zentalis's business and valuation are almost entirely dependent on the successful development, clinical trial outcomes, and regulatory approval of its lead product candidate, azenosertib. Any setbacks in the ongoing pivotal Denali Phase 2 trial or other studies for azenosertib, including delays, unfavorable results, or difficulties in securing U.S. or international marketing approval, would have a substantial negative impact on the company. Notably, a partial FDA clinical hold was placed on several azenosertib studies in June 2024 following two patient deaths, though the hold was later lifted.
2. Significant and Consistent Net Losses and Need for Additional Capital: The company has a limited operating history and has consistently incurred significant net losses since its inception, a trend expected to continue for the foreseeable future. While Zentalis anticipates its existing cash, cash equivalents, and marketable securities will fund operations into late 2027, it will require substantial additional capital to finance its operations, especially if clinical trial results do not support regulatory approval. If results do not support approval for its lead drug, the company would likely struggle to raise further funds, with potential delisting as an outcome.
3. Safety, Tolerability, and Trial Discontinuation Rates: Concerns exist regarding the safety and tolerability profile of azenosertib, which could affect its commercial viability and regulatory pathway. Clinical trials have reported adverse events, leading to a notable percentage of patients (13% to 16% at higher doses) discontinuing treatment due to toxicity. Although the partial FDA hold in 2024 was lifted, the occurrence of patient deaths presumed to be from sepsis during trials highlights ongoing risks related to the drug's safety profile.

Zentalis Pharmaceuticals' primary product is azenosertib (ZN-c3), an investigational WEE1 inhibitor, which is being developed for various oncology indications.

The addressable markets for Zentalis Pharmaceuticals' main products or services are:

• WEE1 Inhibitor Therapeutics Market: The global WEE1 Inhibitor Therapeutics market size was valued at USD 310 million in 2024 and is projected to reach approximately USD 2.36 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 21.8% from 2025 to 2033. This market includes various cancer types such as breast cancer, ovarian cancer, lung cancer, and colorectal cancer.
• Ovarian Cancer Market: Azenosertib is significantly focused on the treatment of ovarian cancer, particularly platinum-resistant high-grade serous ovarian cancer. The global ovarian cancer market is expected to reach $11.18 billion by 2029.

Zentalis Pharmaceuticals was also developing ZN-d5 (a BCL-2 inhibitor), but its development was discontinued as of August 2024. Another candidate, ZN-c5 (an oral SERD), was deprioritized due to underwhelming data.

Zentalis Pharmaceuticals (ZNTL), a clinical-stage biopharmaceutical company, currently generates no revenue from product sales. Future revenue growth over the next 2-3 years is entirely dependent on the successful clinical development, regulatory approval, and potential commercialization of its pipeline candidates, primarily azenosertib. The expected drivers of future revenue growth are:

1. Regulatory Approval and Commercialization of Azenosertib in Platinum-Resistant Ovarian Cancer (PROC): Zentalis' lead product candidate, azenosertib, a WEE1 inhibitor, is in late-stage clinical development for patients with Cyclin E1-positive platinum-resistant ovarian cancer. Topline data from the Phase 2 DENALI trial for azenosertib in PROC are anticipated by year-end 2026, with the potential to support accelerated approval, subject to FDA feedback.

2. Expansion of Azenosertib into Endometrial Serous Carcinoma: The Phase 2 TETON trial evaluating azenosertib in endometrial serous carcinoma has completed enrollment, with results expected in the first half of 2026.

3. Development of Azenosertib in Other Ovarian Cancer Settings and Tumor Types: Zentalis is exploring the broader franchise potential of azenosertib across various tumor types beyond PROC. The company is leveraging its expertise to advance research on additional opportunities for azenosertib.

4. Advancement of Combination Therapies with Azenosertib: Zentalis is investigating azenosertib in combination with other therapies, such as the combination with ZN-d5, a BCL-2 inhibitor, in a Phase 1/2 trial for relapsed or refractory acute myeloid leukemia (R/R AML), with initial data from this trial anticipated in the second half of 2024.

Share Issuance

• In April 2020, Zentalis Pharmaceuticals completed its initial public offering, selling 9,180,000 shares of common stock at $18.00 per share, raising approximately $165.2 million in gross proceeds.
• The company conducted an underwritten public offering in June 2021, proposing to sell $150 million of common stock.
• In June 2023, Zentalis priced an underwritten offering of 11,032,656 shares of its common stock at $22.66 per share, generating approximately $250.0 million in gross proceeds to fund clinical trials, working capital, and general corporate purposes.

Inbound Investments

• In April 2022, Zentalis Pharmaceuticals received a $25.0 million equity investment from Pfizer through the sale of 953,834 common shares at $26.21 per share.

Outbound Investments

• Zentalis entered into a joint venture with Zentera Therapeutics in May 2020.
• In October 2024, Zentalis sold its ROR1 antibody-drug conjugate product candidate and platform to Immunome, receiving Immunome common stock valued at $19.2 million as of December 31, 2024, and $12.2 million as of March 31, 2025.

Capital Expenditures

• In the 12 months prior to November 2025, Zentalis Pharmaceuticals had capital expenditures of $0.
• As of September 30, 2025, the company had $280.7 million in cash, cash equivalents, and marketable securities, which it expects to be sufficient to fund its operating expenses and capital expenditure requirements into late 2027.
• A one-time impairment charge of $1.2 million was incurred in the first quarter of 2025, related to the disposal of research and development equipment.