Zymeworks (ZYME) investor relations material

Strategic transformation and business model evolution

• Achieved a transformative year with positive HERIZON-GEA-01 data for zanidatamab, positioning it as a potential new standard of care in HER2-overexpressing GEA, replacing Herceptin.

• Evolving strategy to leverage innovative R&D and long-term royalty/milestone streams from assets like zanidatamab and pasritamig, creating a unique hybrid model in biotech.

• Leadership and board changes implemented to align with the new strategic direction.

• Focus on compounding initial success into multiple value streams, including accessing external products and building a royalty portfolio.

• Capital allocation guided by maximizing shareholder value through internal programs, acquisitions, and return alternatives like share repurchases.

Financial performance and outlook

• Over $270M in cash resources as of December 2025, providing operational runway beyond 2028 and potential for excess cash flow.

• $103M in revenues reported for 2025, with up to $440M in potential near-term milestones from global GEA approvals.

• $125M share repurchase plan announced in November 2025.

• Anticipated sufficiency of cash resources, combined with milestone receipts, to fund operations beyond 2028.

Pipeline and R&D highlights

• Zanidatamab demonstrated superior efficacy over trastuzumab in GEA, with robust PFS and OS data, and is advancing globally with partners Jazz and BeOne.

• Pasritamig, a KLK2 T-cell engager with J&J, is in phase III and could represent a $1–5 billion peak sales opportunity.

• Wholly owned pipeline includes promising ADCs and bispecifics, with upcoming data for folate receptor alpha ADC expected in 2026 and GPC3 ADC in early phase I.

• Ongoing Phase 1 studies for ZW191 and ZW251; ZW209 and ZW1528 scheduled for IND in 2026.

• Focused on advancing multispecific antibody therapeutics and ADCs, with anticipated regulatory submissions in 2026.