Zymeworks (ZYME) investor relations material

Executive summary

• Achieved key regulatory milestones for zanidatamab, including FDA Priority Review with a PDUFA date of August 25, 2026, and sBLA filings accepted in both the U.S. and China, positioning for significant milestone payments and long-term royalties.

• Presented potentially practice-changing Phase 3 data for zanidatamab in 1L HER2+ GEA, with ongoing royalty revenue and further regulatory submissions expected.

• Advanced ADC pipeline with promising preclinical and clinical data, notably for pan-RAS ADCs and ZW191, and expanded clinical development for ZW251.

• Strengthened leadership team with key executive appointments and continued disciplined capital allocation, including significant share repurchases.

Financial highlights

• Q1 2026 revenue was $2.4 million, down from $27.1 million in Q1 2025, mainly due to non-recurring milestone payments in the prior year.

• R&D expenses were $34.5 million, slightly down from $35.7 million year-over-year; G&A expenses decreased to $15.1 million from $17.0 million.

• Net loss widened to $44.2 million from $22.6 million year-over-year, primarily due to lower revenue.

• Cash, cash equivalents, and marketable securities totaled $403.8 million as of March 31, 2026, up from $270.6 million at year-end 2025.

Outlook and guidance

• Anticipates $440 million in regulatory milestone payments upon potential approvals of zanidatamab in major markets, expected to fund operations beyond 2028.

• Expects continued growth in royalty revenue as commercial sales of Ziihera increase.

• IND for ZW1528 now guided for 2027, with ZW209 IND-ready for 2026; non-U.S. regulatory submission for ZW1528 planned for 2026.

• Ongoing evaluation of partnerships and potential to continue executing on the $125 million share repurchase program.