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ZYME

Zymeworks Inc.

ZYME

Zymeworks Inc. • NASDAQ
$26.71 ▼ -2.27% (-0.62)
Market Cap $2.01 B
52w High $28.49
52w Low $9.03
Dividend Yield 0%
P/E -31.42
Volume 430.47K
Outstanding Shares 75.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.614M ▼ $49.724M ▲ $-19.602M ▼ -70.986% ▼ $-0.26 ▼ $-15.682M ▼
Q2-2025 $48.726M ▲ $49.4M ▼ $2.317M ▲ 4.755% ▲ $0.031 ▲ $2.591M ▲
Q1-2025 $27.11M ▼ $52.723M ▼ $-22.636M ▲ -83.497% ▼ $-0.3 ▲ $-22.323M ▼
Q4-2024 $31.031M ▲ $53.248M ▲ $-23.506M ▲ -75.75% ▲ $-0.31 ▲ $-18.543M ▲
Q3-2024 $16M $50.205M $-29.85M -186.563% $-0.39 $-31.59M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $251.933M ▼ $397.269M ▼ $77.205M ▲ $320.064M ▼
Q2-2025 $281.379M ▲ $408.385M ▼ $73.879M ▼ $334.506M ▲
Q1-2025 $265.287M ▲ $425.522M ▼ $100.555M ▼ $324.967M ▼
Q4-2024 $225.776M ▼ $463.091M ▼ $124.323M ▲ $338.768M ▼
Q3-2024 $297.2M $487.152M $120.174M $366.978M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.602M ▼ $-31.412M ▼ $368K ▼ $-2.452M ▼ $-33.419M ▼ $-31.822M ▼
Q2-2025 $2.317M ▲ $12.073M ▲ $8.745M ▼ $1.319M ▲ $22.049M ▲ $11.189M ▲
Q1-2025 $-22.636M ▲ $-3.407M ▲ $12.182M ▲ $1.316M ▲ $10.101M ▲ $-3.745M ▲
Q4-2024 $-23.506M ▲ $-41.508M ▼ $-6.214M ▼ $-8.644M ▲ $-56.253M ▼ $-41.822M ▼
Q3-2024 $-29.85M $-5.868M $72.257M $-14.988M $51.393M $-6.87M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Milestone Revenue
Milestone Revenue
 $0 ▲$10.00M ▲$20.00M ▲$30.00M ▲
Research Support Payments And Other Service
Research Support Payments And Other Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲
Deferred Revenue
Deferred Revenue
 $0 ▲$0 ▲$20.00M ▲$0 ▼
Option Exercise Fee
Option Exercise Fee
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Upfront Fee
Upfront Fee
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Zymeworks looks like a classic clinical‑stage biotech story: revenue is small and heavily dependent on partnership and milestone payments, which created a one‑time jump a few years ago but have since settled back to a low, flat level. Profitability is not yet established. The company has historically run at operating and net losses, with only one standout profitable year when a major deal flowed through the income statement. Since then, losses have resumed but are gradually shrinking, suggesting some cost discipline and a more focused operating model. Overall, the business is still in the investment and development phase, not in a steady, product‑sales phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still reasonably asset‑light, with most value concentrated in cash and its technology, and very little debt. Cash levels peaked when partnership proceeds came in and have been drawn down since, reflecting ongoing R&D spending and limited recurring revenue. Shareholders’ equity built up during the strong year and has been eroding as losses accumulate. The low use of debt reduces financial risk, but the shrinking cash cushion means future funding needs or further partnership income will remain an important consideration.

Cash Flow

Cash Flow Cash flow patterns reinforce the development‑stage profile. The company generally consumes cash in its operations, with only one recent year of positive operating and free cash flow tied to a large external payment. Capital spending is minimal, so the bulk of cash burn is tied to research, clinical trials, and overhead rather than heavy equipment or facilities. Unless new milestones, collaborations, or other financing arrive, cash outflows from operations are likely to remain a central feature for the near term.

Competitive Edge

Competitive Edge Zymeworks competes in a crowded and fast‑moving part of biotechnology: antibody engineering, bispecifics, and antibody‑drug conjugates. Its edge comes from a suite of interlocking technology platforms that allow it to design complex, highly tailored biologic drugs, rather than relying on a single mechanism. This toolbox approach, combined with collaborations with large pharmaceutical companies, provides both external validation and wider reach. At the same time, the company faces intense competition from much larger and better‑funded players in HER2 and ADCs, and it is still pre‑commercial, so its position will ultimately be judged on clinical results, partner uptake, and eventual regulatory approvals.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Zymeworks’ story. It has built several proprietary platforms that can be mixed and matched to create bispecific antibodies, tuned immune responses, and targeted payload delivery, all aimed at more precise and effective cancer therapies. The lead HER2 asset, zanidatamab, is the main proof‑of‑concept, with late‑stage studies and global regulatory paths underway. The decision to pause further development of one HER2 ADC highlights that the company is willing to rationalize its pipeline in response to competitive pressure. Beyond HER2, a structured “5 by 5” plan to move multiple new candidates into the clinic, including T‑cell engagers, ADCs, and programs outside oncology, signals a long pipeline runway but also continued high R&D intensity and scientific risk.

Summary

Zymeworks today is best viewed as a platform‑driven, clinical‑stage biotech that has not yet transitioned to a steady commercial business. Financials show limited and lumpy revenue, ongoing but somewhat moderating losses, and a declining cash base supported by a very conservative use of debt. The strategic bet is that its antibody and ADC platforms, flagship HER2 program, and broad pipeline — supported by partnerships with large pharmaceutical companies — can eventually convert into recurring royalties and product revenue. Until that happens, the company remains highly sensitive to clinical and regulatory milestones, deal flow, and its ability to manage cash while advancing an ambitious R&D agenda.

NEWS

November 24, 2025 · 6:00 AM UTC

Zymeworks Announces Participation in Upcoming Investor Conferences

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November 18, 2025 · 1:01 AM UTC

Zymeworks Appoints Scott Platshon as Acting Chief Investment Officer

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November 18, 2025 · 1:00 AM UTC

Zymeworks Announces Strategic Initiative to Optimize Value of Licensed Products by Building a Diversified Portfolio of Revenue-Generating Assets

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November 17, 2025 · 6:00 AM UTC

Zymeworks Announces Positive HERIZON-GEA-01 Phase 3 Results Supporting Ziihera® (zanidatamab-hrii) as HER2-Targeted Agent-of-Choice and New Standard of Care in First-Line HER2-Positive Locally Advanced or Metastatic Gastroesophageal Adenocarcinoma

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November 6, 2025 · 4:05 PM UTC

Zymeworks Provides Corporate Update and Reports Third Quarter 2025 Financial Results

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