📈 Price History

Ratio Health

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About

Zymeworks Inc., a biotechnology company, develops biotherapeutics for the treatment of cancer, inflammation, and autoimmune diseases. The company’s platforms include Azymetric multispecific antibody platform; Drug Conjugate platform that includes a suite of proprietary cytotoxins comprising topoisomerase and microtubulin inhibiting toxins, stable linkers, and conjugation technologies; EFECT platform, which consists of a set of modifications to the Fc region of antibodies; and ProTECT, a tumor-specific immune co-stimulation platform. Its lead product candidates include Ziihera (zanidatamab-hrii), a bispecific antibody targeting HER2-expressing tumors; zanidatamab for the treatment of neoadjuvant populations, breast cancer, and other HER2-expressing cancers; Pasritamig, a bispecific T cell engager targeting human kallikrein 2 for the treatment monotherapy and castration resistant prostate cancer; ZW191, a clinical- antibody-drug conjugates (ADC) that targets folate receptor alpha expressing tumors, including ovarian, endometrial, and non-small cell lung cancers; ZW251, a clinical-stage ADC molecule for the treatment of glypican 3 expressing hepatocellular carcinoma; ZW220, an ADC that targets NaPi2b-expressing NSCLC and ovarian cancer; ZW209, a novel TriTCE targeting Delta-like ligand 3 -expressing tumor cells for the treatment of solid tumors; and ZW1528, a bispecific molecule to treat chronic obstructive pulmonary disease. It has strategic partnerships and collaborations with Jazz Pharmaceuticals plc; Bristol- Myers Squibb company; Celgene Alpine Investment Co. LLC; GlaxoSmithKline Intellectual Property Development Limited; Daiichi Sankyo Co., Ltd.; Merck Sharp & Dohme Research GmbH; and Janssen Biotech, Inc. Zymeworks Inc. was incorporated in 2003 and is based in Middletown, Delaware.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific numbers (revenue $48.7M, cash $333M, net income $2.3M), cited regulatory approvals and milestones, and reiterated clear timelines for Horizon GEA data (Q4 2025) and cash runway into 2H 2027. Language like 'strong conviction', 'compelling opportunity', and 'disciplined execution' reinforces a positive, data-backed outlook.

Q3 2025

Confident Specific

Management uses data-driven language like 'encouraged by the tolerability profile', 'meaningful reductions in tumor size', and 'objective response rate of 64%' to project optimism on ZW191. They also provide specific financial figures (e.g., $25M milestone, $1M royalties) and reiterate a disciplined capital allocation strategy.

Q4 2025

Confident Specific

Management repeatedly used specific dollar amounts (e.g., $440M milestones, $250M financing, $62.5M share repurchases) and cited concrete trial results (median PFS >1 year, OS >2 years) to convey strong conviction in Zanidatamab and the new royalty-backed note structure.

Q1 2026 latest

Confident Specific

Management consistently highlighted near-term catalysts (PDUFA date, sBLA filing) and provided concrete figures on milestones, cash position ($403.8M), and share repurchase activity ($95.8M used). However, they also expressed caution by pushing out ZW1528 IND to 2027 and deferring to partners on pricing concerns.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call given the clear near-term catalysts (zanidatamab approvals) and promising early ADC data (ZW191, pan-RAS). The company's balance sheet is solid with $403.8M cash plus expected milestone payments. However, the delay of ZW1528 and lack of clarity on ZW191 development path without a partner introduce some uncertainty. The heavy reliance on Jazz and BeOne for commercialization limits direct control. Next quarter, watch for zanidatamab PDUFA outcome, ESMO Gynae data (June), and any partnership announcements for pipeline assets.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Zymeworks has $403.8M cash, nears potential zanidatamab approval in GEA with $440M milestones.

Revenue & Profitability

Total revenue for Q1 2026 was $2.4 million, compared to $27.1 million in Q1 2025. Net loss was $44.2 million in Q1 2026 versus $22.6 million in the prior year, primarily due to the decrease in revenue. Operating expenses were $49.5 million (down from $52.7 million), driven by lower R&D on later-stage programs partially offset by early-stage investments. Cash, cash equivalents, and marketable securities totaled $403.8 million as of March 31, 2026. The company expects its cash, combined with anticipated regulatory milestone payments of $440 million (U.S., Europe, Japan, China), to fund operations beyond 2028.

Outlook

Management highlighted near-term regulatory catalysts for zanidatamab as a key value driver, but did not provide broad industry demand commentary. They noted increasing interest in RAS-targeted therapies, where Zymeworks believes an ADC approach can overcome toxicity limitations seen with small-molecule pan-RAS inhibitors. The company is monitoring the IL-33 competitive landscape, particularly recent phase III data from AstraZeneca, to refine its own development strategy.

Growth Drivers

The primary growth levers are the potential U.S. and China approvals of zanidatamab in first-line GEA, bringing $300 million in combined milestone payments ($250M from Jazz, $50M from BeOne) and growing royalty revenues. Pipeline advancement includes ZW191 (FRα ADC) with encouraging phase I data in ovarian and endometrial cancers, ZW251 (GPC3 ADC) expanding into squamous NSCLC and germ cell tumors, and three preclinical pan-RAS ADCs (ZW439, ZW427, ZW418) targeting RAS-mutated cancers. The TriTCE platform (ZW209) is also progressing toward the clinic.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Not discussed in this earnings call. Management mentioned plans to build on the OpEx framework and provide greater transparency on returns, but no specific margin trajectory or operating leverage was provided.

Key Risks

Risks flagged include potential pricing headwinds for Ziihera outside the U.S. (mentioned by partner Jazz), clinical development risks for ZW1528 (delay to 2027), and the need for a partner to advance ZW191 in a competitive gynecological oncology space. Dose reductions and discontinuations were observed in ZW191 trials, though considered manageable. Forward-looking statements carry typical risks of early-stage development and regulatory uncertainty.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-05-07

Q1 2026 saw regulatory progress for zanidatamab, strong cash reserves, and pipeline advances in ADCs, with revenue down year-over-year due to non-recurring milestones. Share repurchases and anticipated milestone payments support long-term funding and value creation.

Q4 2025 Q4 2025 2026-03-02

Strong phase 3 results for Zanidatamab in HER2-positive GEA support global regulatory filings and multi-billion dollar peak sales potential. Strategic $250M royalty-backed financing and disciplined capital allocation extend cash runway beyond 2028, with robust R&D and share repurchases ongoing.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 saw strong revenue growth driven by a $25M J&J milestone and robust clinical progress in ADC programs, with ZW191 showing promising safety and efficacy and ZW251 advancing in liver cancer. Cash resources are expected to fund operations into 2027, and disciplined capital allocation continues.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw strong revenue growth and a return to profitability, driven by milestone payments and initial royalties from zanidatamab's international approvals. Multiple ADC and bispecific programs advanced, with a robust cash position supporting operations into 2027 and a disciplined capital allocation strategy.

Q1 2025 Q1 2025 2025-05-08

Revenue grew 171% year-over-year to $27.1 million, reducing net loss by 29% as pipeline and partnerships advanced. Cash runway extends into 2027, with multiple clinical and regulatory catalysts expected, including potential European approval for zanidatamab.

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