ZS Data Evolution, Competitive Positioning & Ph3 uMRD/PFS View

Research evidence excerpt

ZS Data Evolution, Competitive Positioning & Ph3 uMRD/PFS View

Biotechnology - Oncology & Rare Diseases

Oncology - Market Overweight

BEONE MEDICINES LTD. (ONC) June 16, 2026

ZS Data Evolution, Competitive Positioning & Ph3 uMRD/ Rating:

PFS View Outperform

Price:

$268.20

The Wolfe Byte Price Target:

No major surprises from EHA/ASCO, but the latest ZS data further strengthened $340

% Upside:our conviction. Fixed-duration ZS remains highly competitive, and we continue 26.8%

to see zanu potentially emerging as a leader across both fixed-duration and

View ONC Model

continuous-tx settings. View Comp Table

Company Information

BeOne shared a longer-term cut of ZS with a median follow-up of 34.1 mos 52-Week Range $241 - $377

at EHA. We compiled how the data for ZS has changed over time (Exhibit 1) and Market Cap. (MM) $29,427

contextualized the updated results with key fixed-duration competitors in the 1L CLL/ Enterprise Value (MM) $27,879 Shares Out. (MM) 109.7

SLL market (Exhibits 2-3). Avg. Value Traded (MM) $69.10

SI% of Float 1.0%

Analyzing the EHA update, ZS' profile has not changed much over time—in a good

way—and we like the trend we see: durable benefit on uMRD, maintenance of the 400

100% PFS rate, and a manageable safety profile, especially in relation to competitors. 380 360

From a competitive standpoint, we continue to view ZS as best-in-class in uMRD 340

(directionally) and PFS, with additional potential benefits such as a shorter ramp-up 320300

period and lower TLS risk. 280260

Near term, the company expects to report uMRD results in 3Q26E. Comparisons 240220

between Phase I ZS and Phase III VO data appear favorable for ZS (~92% vs. ~73– Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26