Zymeworks Inc. (ZYME)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$37.1M

Revenue growth

-69.8%

Net income, last twelve months

-$150.0M

Earnings per share

-$2.02

Operating margin

-419.0%

Net margin

-404.0%

Free cash flow

-$120.5M

Return on equity

-186.6%

Market value

$2.1B

Cash

$179.4M

Debt

$0

Debt to equity

0.00

Shares outstanding

71.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• Revenue fell to $4.6 million. Revenue was $4.6 million against $48.7 million a year earlier; royalty revenue is expected to grow as Ziihera sales increase.
• Net loss of $45.0 million. Net loss was $45.0 million, against net income of $2.3 million a year earlier; the six-month net loss was $89.2 million.
• Diluted loss per share $0.62. Diluted loss per share was $0.62 for the quarter against $0.03 of diluted income a year earlier; six-month diluted loss was $1.21.
• Royalties rose to $1.8 million. Royalties from Jazz and BeOne were $1.8 million, up from $1.6 million in the first quarter, mainly from Jazz's U.S. Ziihera sales.
• FDA grants BTD in colorectal. FDA granted Breakthrough Therapy Designation to zanidatamab for previously treated HER2-positive colorectal cancer.
• NEJM publication and ASCO subgroups. Phase 3 HERIZON-GEA-01 results were published in NEJM; ASCO subgroup analyses showed improved outcomes regardless of PD-L1 expression.
• ZW191 response rates by FRα level. Dose-escalation data at ESMO GCC 2026 in platinum-resistant ovarian cancer, across all dose levels, by FRα status.
• ZW251 Phase 1b still recruiting. The Phase 1b study of ZW251, a GPC3-targeting ADC, continues to recruit in three tumor types.
• Pasritamig Phase 1b data due 2H 2026. J&J plans to present Phase 1b data for pasritamig combined with JNJ-9401 in advanced prostate cancer during the second half of 2026.
• EmpowHER-303 enrollment and data timing. EmpowHER-303 is expected to complete enrollment in mid-2027, with top-line data by the end of 2027 or early 2028.
• R&D spending lower on program mix. R&D expense was $27.4 million against $34.4 million, from less spending on later-stage and discontinued programs and on earlier-stage and platform work.
• G&A up on stock-based pay. G&A was $19.3 million against $15.0 million, mainly from higher non-cash stock-based compensation, partly offset by lower software costs.
• Adjusted gross operating expense $35.4 million. Excluding stock-based compensation of $11.3 million, adjusted gross operating expense was $35.4 million, against $43.5 million a year earlier.
• Deal expected accretive at closing. The Theravance acquisition is expected to be accretive to earnings and to generate positive cash flow upon closing in 2H 2026.

Company events

The newest 8-K filings of 80 held.

Every filing

The newest filings with the SEC of 146 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

232 funds held it at 30 Jun 2026: 81 added and 73 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Zymeworks is a global biotechnology company that manages a portfolio of licensed healthcare assets and develops a pipeline of multifunctional biotherapeutics for cancer, inflammation and autoimmune disease. Its approved product, Ziihera (zanidatamab-hrii), is a bispecific antibody built with the company's Azymetric platform. Partners Jazz and BeOne develop and sell it, and Zymeworks receives milestone payments and royalties. The company also licenses its technology platforms to BMS, GSK, Daiichi Sankyo, J&J and Merck. It had 264 full-time employees as of 31 December 2025, and it says its asset and royalty aggregation strategy differentiates it from other biotechnology companies.

How it earns money

Zymeworks reports collaboration revenue. This covers upfront payments, research and development funding, milestone payments and royalties under its license and collaboration agreements. The company says it expects this to be its primary source of revenue for the foreseeable future. It has no commercial infrastructure and says it does not currently intend to commercialize any product candidate on its own.

On 2 March 2026 the company sold 30% of future Ziihera royalties under the Jazz and BeOne agreements to a newly formed subsidiary. That subsidiary borrowed from Royalty Pharma under a loan that matures on 31 December 2042. Zymeworks keeps 70% of Ziihera royalties, keeps all earned regulatory and commercial milestone payments, and regains full royalty rights once the loan is repaid.

Ziihera and its partners

Ziihera has been approved for HER2-positive (IHC 3+) biliary tract cancer in the United States, China, Europe and Canada. Jazz holds development and commercialization rights worldwide, except Asia (other than Japan), Australia and New Zealand, which are covered by BeOne. Each partner pays the development and commercial costs in its own territory.

Jazz is eligible to pay tiered royalties of between 10% and 20% on annual net sales. BeOne's royalties reach up to 19.5%, rising to up to 20% under a stated condition. Jazz says it intends to complete a supplementary biologic license application in the first quarter of 2026 for first-line HER2-positive gastroesophageal adenocarcinoma. In the United States, zanidatamab has Breakthrough Therapy Designation for that use and Orphan Drug Designation for biliary tract cancer and gastroesophageal adenocarcinoma.

Platform partnerships

Zymeworks licenses its Azymetric, EFECT and drug conjugate platforms to partners who run their own programs:

- BMS: BMS has exercised two commercial license options. It is solely responsible for research, development, manufacturing and commercialization of the resulting products. - GSK: Two agreements cover Fc-engineered and bispecific antibodies. They allow up to ten and up to six products respectively. - Daiichi Sankyo: It holds a 2018 license covering two bispecific antibodies. - Merck: The two have collaborated since 2011. The current license covers up to three multispecific antibodies for human health and up to three for animal health. - J&J: The J&J program is pasritamig, a bispecific T cell engager targeting KLK2 that was engineered on Azymetric. In September 2025 J&J announced the start of multiple Phase 3 trials in castration resistant prostate cancer.

These licenses are predominantly non-target-exclusive, so Zymeworks can still use its platforms on many targets itself.

The wholly-owned pipeline

The company's own programs are antibody-drug conjugates and multispecific antibodies. The conjugates use its topoisomerase 1 inhibitor payload, ZD06519.

- ZW191: An antibody-drug conjugate targeting folate receptor alpha tumors. It is in a Phase 1 study planned to enrol approximately 145 participants. - ZW251: An antibody-drug conjugate for GPC3-expressing hepatocellular carcinoma. Its Phase 1 study is planned to enrol approximately 100 participants. - ZW220: An antibody-drug conjugate targeting NaPi2b. Preparations for its Phase 1 study are paused to help speed ZW251. - ZW209: A trispecific T cell engager targeting DLL3. The company says it expects to submit an investigational new drug application in 2026. - ZW1528: A bispecific antibody blocking IL-4Rα and IL-33 for respiratory inflammation such as mixed-type chronic obstructive pulmonary disease. The company says it expects to submit a non-U.S. filing in 2026 to begin Phase 1.

Further antibody-drug conjugate work, including ZW327 and ZW418, would go ahead only if partnerships or other outside funding become available.

Technology, patents and manufacturing

Four platforms underpin the pipeline: Azymetric for bispecific and trispecific antibodies, drug conjugates, EFECT for modulating antibody effector function, and ProTECT for tumor-specific immune co-stimulation. ZymeCAD is its computational chemistry platform. As of 31 December 2025 the company held more than 30 patent families and more than 275 issued patents, 29 of them United States patents.

Zymeworks relies on third-party contract manufacturers for all clinical supply and does not plan in-house manufacturing capacity. Its partners handle commercial manufacture of zanidatamab.

Competition and its people

Zymeworks competes with pharmaceutical and biotechnology companies, and with other companies and funds that aggregate royalties or provide financing. For zanidatamab, approved HER2 therapies include Roche's Herceptin and Enhertu from AstraZeneca and Daiichi Sankyo. ZW191 faces AbbVie's Elahere, and ZW209 faces Amgen's IMDELLTRA.

Of the 264 full-time employees, 204 work mainly in research and development and 60 hold an M.D. or Ph.D. degree. By location, 184 are in Canada, 66 are in the United States, and 14 are in Singapore, Ireland and the United Kingdom combined. None are covered by a collective bargaining agreement.

*From Zymeworks's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1937653/000193765326000015/zyme-20251231.htm)*

From the company's 10-K.