Zymeworks Inc
NASDAQ:ZYME
Zymeworks Inc
Zymeworks Inc. is a biopharmaceutical company. The company is headquartered in Middletown, Delaware and currently employs 286 full-time employees. The company went IPO on 2019-06-24. Its lead product candidate is zanidatamab, a bispecific antibody that targets two distinct domains of the human epidermal growth factor receptor 2 (HER2). Its product candidate ZW49, combines the design of zanidatamab with its ZymeLink ADC platform, comprised of its cytotoxin and cleavable linker. The firm operates through a number of platforms, including Azymetric, ZymeLink, EFECT and ProTECT. Its Azymetric is a bispecific platform that enables therapeutic antibodies to simultaneously bind multiple distinct locations on a target or to multiple targets. The Company’s ZymeLink is an antibody-drug conjugate (ADC) platform comprised of cytotoxins and the linker technology used to couple these cytotoxins to tumor-targeting antibodies or proteins.
Zymeworks Inc. is a biopharmaceutical company. The company is headquartered in Middletown, Delaware and currently employs 286 full-time employees. The company went IPO on 2019-06-24. Its lead product candidate is zanidatamab, a bispecific antibody that targets two distinct domains of the human epidermal growth factor receptor 2 (HER2). Its product candidate ZW49, combines the design of zanidatamab with its ZymeLink ADC platform, comprised of its cytotoxin and cleavable linker. The firm operates through a number of platforms, including Azymetric, ZymeLink, EFECT and ProTECT. Its Azymetric is a bispecific platform that enables therapeutic antibodies to simultaneously bind multiple distinct locations on a target or to multiple targets. The Company’s ZymeLink is an antibody-drug conjugate (ADC) platform comprised of cytotoxins and the linker technology used to couple these cytotoxins to tumor-targeting antibodies or proteins.
Clinical milestone: Partner Jazz reported HORIZON GO1 data showing zanidatamab + chemo (with/without checkpoint inhibitor) produced median PFS > 1 year and median OS > 2 years in first-line HER2+ GEA; Jazz expects to submit a supplemental BLA in Q1 2026 and expects US approval and launch in H2 2026 if FDA review is successful.
Financing: Zymeworks completed a $250 million non‑recourse royalty‑backed note with Royalty Pharma that securitizes 30% of future zanidatamab (Zahira) royalties until the note is repaid, preserving 70% of royalties during the term.
Revenue & milestones: 2025 revenue was $106.0 million (vs $76.3M in 2024) driven by clinical and regulatory milestones and option exercises; Zymeworks retains up to $440M of near‑term regulatory milestone potential tied to GEA approvals and up to ~$977.5M of commercial milestones (about $1.5B total remaining potential).
Capital allocation: Company intends to balance share repurchases (about $62.5M of a $125M Nov 2025 program used to date), disciplined R&D, and selective acquisitions; pro forma cash runway extends beyond 2028 assuming receipt of the $440M milestone and note proceeds.
R&D updates: Phase I ZW‑251 (GPC3 ADC) enrolling (~100 patients planned across NA, Europe, APAC) with dose escalation starting at 3.2 mg/kg; ZW‑191 dose‑optimization advancing and an update expected when data mature; trispecific T‑cell engager ZW‑209 and other multispecific/cytokine programs progressing toward INDs.
Operating discipline: 2025 operating expenses were $198.5M (vs $213.4M in 2024) and management reiterated a target of ~$300M adjusted gross operating expenses over 2026–2028 and expects ~20% lower adjusted gross operating expenses in 2026 vs 2025 (excl. acquisitions).
Commercial economics: Under Jazz collaboration royalties are tiered (10% to high‑teens up to $2B sales; 20% > $2B); under B1 collaboration royalties are mid‑single to mid‑double digits up to $1B then 19.5% above $1B.
