Zymeworks (ZYME) Company Report

Zymeworks has evolved its business strategy since 2022, focusing on leveraging its IP and R&D capabilities to generate value through royalty streams and partnerships rather than building a commercial organization.
The company anticipates excess capital following HERIZON-GEA-01 data, which will be allocated to drive shareholder value, including potential share buybacks and investments in both internal and external R&D and royalty assets.
Zymeworks holds a strong financial interest in Zymeworks (partnered with Jazz) and Rybrevant, which J&J guides for $1 billion-$5 billion peak sales.
The wholly-owned portfolio includes ZW191 (folate receptor alpha ADC) with strong early data, for which a partnership strategy is being considered before pivotal studies, and ZW251 (HCC) in clinical development.

2 days ago

Transcript

Zymeworks Discusses Evolving Business Strategy and Pipeline at HealthCONx Conference

ZYME

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Zymeworks is evolving its business strategy to focus on generating cash flows from a royalty portfolio (including Zymeworks and Rybrevant) while maintaining an innovative R&D organization.
The company utilized a $375 million upfront payment from its partnership with Jazz to build a wholly-owned R&D portfolio, featuring lead ADC assets such as ZW191 and ZW251.
ZW191, a folate receptor alpha ADC, demonstrated rapid development, moving from first patient dose to first data disclosure in 11 months, and the company is considering a partnership for this asset before a pivotal study.
Zymeworks views its integrated R&D and royalty organization as a unique competitive advantage, enabling flexible capital allocation, including potential share buybacks, and the ability to acquire external assets for both royalties and R&D.
The company anticipates significant value from its royalty assets, with Rybrevant guided by J&J as a $1 billion-$5 billion peak sales opportunity.

2 days ago

Transcript

Zymeworks Announces Positive Clinical Data and Strategic Shift Towards Royalty Aggregation

ZYME

New Projects/Investments

Share Buyback

Revenue Acceleration/Inflection

Zymeworks announced positive top-line data from the pivotal HERIZON-GEA-01 clinical trials for its zanidatamab, which, along with pasritamig, is advancing into registration studies.
The company has achieved $500 million in upfront and development milestones for Ziihera (zanidatamab) and expects approximately $1.5 billion in additional potential milestones, including $440 million in the near term for anticipated global regulatory approvals for GEA.
Zymeworks is eligible for 10%-20% tiered royalties on Ziihera sales, with Jazz projecting $2 billion-plus peak sales, and also anticipates $434 million in future milestones and mid-single-digit royalties from pasritamig, which J&J guided to potential peak annual sales between $1 million and $5 million.
The company is transforming its strategy from a traditional high-risk biotech to a revenue-generating organization, focusing on R&D innovation, strategic partnerships, and a royalty aggregation platform to drive growth and returns.
Financially, Zymeworks reported $103 million in revenues for 2025 as of September 30, holds almost $300 million in cash, and authorized a new $125 million share buyback, building on $60 million in repurchases during 2024 and 2025.

Nov 18, 2025, 1:30 PM

Transcript

Zymeworks Reports Significant Milestone Payments, Pipeline Advancements, and Strategic Shift

ZYME

Product Launch

New Projects/Investments

Share Buyback

Zymeworks has completed a $30.0M share repurchase program and announced a new $125.0M program. The company recognized $2.5M from GSK, $25.0M from Jazz, $20.0M from BeOne, and $25.2M in other partnership milestone payments. The partnership with Jazz Pharmaceuticals for zanidatamab has generated $400M in upfront & milestone payments to date and holds a future potential of $1.3B in regulatory and commercial milestones, with 10-20% tiered royalties.
The FDA and NMPA granted conditional approval of Ziihera® for HER2+ BTC, leading to milestone payments. The company's pipeline includes ZW191, which showed a 64% overall response rate in gynecological cancers in Phase 1, with randomized dose optimization expected to begin in 4Q 2025. Other key programs, ZW209 and ZW1528, are on track for IND submission in 1H 2026 and regulatory submission in 2H 2026, respectively.
Zymeworks is transforming from a traditional high-risk biotech to a revenue-generating organization focused on leveraging existing royalty streams, refocusing internal R&D on innovative medicines, and deploying capital with a focus on risk-adjusted returns to shareholders. The company forecasts a cash runway beyond 2028.

Nov 18, 2025, 1:30 PM

Presentation

Zymeworks Announces Positive Clinical Data and Strategic Shift to Royalty Aggregation

ZYME

Share Buyback

New Projects/Investments

Revenue Acceleration/Inflection

Zymeworks announced positive top-line data from the pivotal HERIZON-GEA-01 clinical trials for its datamab, Ziihera, validating its proprietary Azymetric technology platform.
The company is evolving its strategy to become a revenue-generating organization focused on royalty aggregation, strategic partnerships, and disciplined internal R&D, aiming for scalable and durable growth in revenues.
Zymeworks has received approximately $500 million in upfront and development milestones to date and anticipates an additional $1.5 billion in potential future milestones from Ziihera and pasritamig, with $440 million expected in the near term based on anticipated global regulatory approvals for Ziihera in GEA.
The company reported $103 million in revenues for 2025 as of September 30th and has nearly $300 million in cash resources, supporting a newly authorized $125 million share buyback program.

Nov 18, 2025, 1:30 PM

Transcript

Zymeworks Announces Strategic Business Model Evolution and Share Buyback Authorization

ZYME

New Projects/Investments

Share Buyback

Management Change

Zymeworks is evolving its business model from a traditional high-risk biotech to a revenue-generating organization, focusing on compounding growth through selective royalty acquisitions, strategic partnerships, and portfolio expansion.
The company anticipates significant non-dilutive cash inflows, including approximately $1.5 billion in potential development and sales milestones from Jazz and BeiGene for Ziihera, with $440 million expected in the near term from GEA regulatory approvals.
Zymeworks reported $103 million in revenues for 2025 as of September 30 and holds almost $300 million in cash resources.
A $125 million share buyback authorization was announced, building on $60 million in repurchases during 2024 and 2025 that reduced share count by approximately 6%.
Scott Platshon has been appointed as Acting Chief Investment Officer to support the new asset and royalty aggregation strategy.

Nov 18, 2025, 1:30 PM

Transcript

Zymeworks Announces Strategic Initiative, Share Repurchase, and New Chief Investment Officer

ZYME

Share Buyback

New Projects/Investments

Management Change

Zymeworks Inc. announced a strategic initiative to evolve into a royalty-driven organization, focusing on optimizing future cash flows from licensed products like Ziihera® (zanidatamab-hrii) and pasritamig, and building a diversified portfolio of revenue-generating assets.
The company is eligible to receive up to $440.0 million in potential near-term milestone payments for Ziihera upon global regulatory approvals in gastroesophageal adenocarcinoma (GEA), and up to $434.0 million in additional milestone payments for pasritamig from J&J.
Zymeworks' Board of Directors authorized a new share repurchase plan of $125.0 million. This follows $60.0 million in share repurchases from August 2024.
As of September 30, 2025, Zymeworks reported $299.4 million in cash, cash equivalents, and investments, which, combined with anticipated Ziihera GEA milestone payments and assuming full execution of the new share repurchase plan, is expected to fund planned operations beyond 2028.
Scott Platshon was appointed as Acting Chief Investment Officer, effective November 18, 2025, to manage future cash flows and the healthcare asset aggregation strategy. He resigned from the Board of Directors on November 16, 2025.

Nov 18, 2025, 11:03 AM

8-K

Zymeworks Announces Positive Phase 3 Trial Results for Ziihera

ZYME

Product Launch

Revenue Acceleration/Inflection

Zymeworks Inc. announced positive topline results from the Phase 3 HERIZON-GEA-01 trial for Ziihera® (zanidatamab-hrii) as a first-line treatment for HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma.
The trial demonstrated statistically significant and clinically meaningful improvements in progression-free survival (PFS) for both Ziihera combinations, and statistically significant and clinically meaningful improvements in overall survival (OS) for Ziihera plus Tevimbra and chemotherapy, compared to the control arm.
These results support Ziihera's potential as a new standard of care, leading Zymeworks' partner Jazz to plan a supplemental Biologics License Application (sBLA) submission in the first half of 2026. Zymeworks is eligible for additional regulatory and commercial milestones, as well as tiered royalties on net sales of Ziihera.

Nov 17, 2025, 11:13 AM

8-K

Zenas BioPharma Reports Q3 2025 Financial Results and Provides Pipeline Updates

ZYME

Earnings

Guidance Update

New Projects/Investments

Zenas BioPharma reported a net loss of $51.5 million for the third quarter ended September 30, 2025, with $301.6 million in cash, cash equivalents, and investments as of that date.
The company anticipates its cash runway, including $120.0 million from a private placement in October 2025, will extend into the fourth quarter of 2026, potentially into the first quarter of 2027 with a $75 million milestone from Royalty Pharma.
Key pipeline updates include expected topline results around year-end 2025 for the Phase 3 INDIGO trial of obexelimab in IgG4-RD, and highly positive 12-week primary endpoint results from the Phase 2 MoonStone trial of obexelimab in Relapsing MS, demonstrating a 95% relative reduction in lesions.
Zenas secured global development and commercialization rights for orelabrutinib, a BTK inhibitor, and initiated a Phase 3 trial in Primary Progressive MS in Q3 2025, with a Phase 3 trial for Secondary Progressive MS expected to begin in Q1 2026.

Nov 12, 2025, 12:05 PM

Press Release

Zymeworks Reports Q3 2025 Financial Results and Clinical Progress

ZYME

Earnings

Share Buyback

New Projects/Investments

Zymeworks reported total revenue of $27.6 million for the third quarter of 2025, an increase from $16 million in Q3 2024, primarily due to a $25 million non-refundable milestone from Janssen. The net loss for the quarter was $19.6 million, compared to a net loss of $29.9 million in the same period of 2024.
As of September 30, 2025, the company held $299.4 million in cash, cash equivalents, and marketable securities. These resources, combined with anticipated regulatory milestones, are expected to fund planned operations into the second half of 2027.
Initial Phase 1 data for ZW191 demonstrated promising anti-tumor activity and a favorable tolerability profile, with an objective response rate of 64% in gynecological cancers at clinically relevant doses. Additionally, the company announced the dosing of the first patient in the Phase 1 study for ZW251.
Zymeworks maintains an authorized stock repurchase program and plans to continue leveraging partnerships to fund R&D, with an interest in potentially investing in an attractive royalty portfolio with future milestone and royalty payments.
The company announced changes to its board of directors, welcoming two new directors in August, and appointed Dr. Adam Šaivec as Acting Chief Development Officer in October 2025.

Nov 6, 2025, 9:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Zymeworks.

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