Zymeworks (ZYME) investor relations material

Strategic model and capital allocation

• Partnering has generated nearly $1B in payments; upfronts, milestones, royalties and licensing proceeds support R&D, selective acquisitions and share repurchases.

• Commercial cash flows from ZIIHERA, YUPELRI and VIBATIV support selective R&D; 2026 R&D spend guided ~20% below 2025.

• ZW191 is being actively partnered; management said internally funding multiple Phase III trials is highly unlikely amid competition and combination-development needs.

• Pan-RAS programs are advancing while partnership, co-creation, spinout or carve-out options are pursued; three new ADC candidates are planned.

Roche partnership and ZW209 development

• Exclusive global ZW209 license includes $55M upfront, $40M at Phase 1b initiation, up to $718M in milestones and tiered royalties from high single digits to mid-teens; royalties may extend into the 2040s. Subject to HSR clearance.

• Roche funds R&D, including Phase 1a; Zymeworks will conduct the global Phase 1a study, then Roche leads subsequent development and commercialization.

• FDA IND clearance received; first patient dosing expected in 2026. Phase 1 is an open-label study in advanced solid tumors, including SCLC and other DLL3-expressing neuroendocrine tumors.

• ZW209 is a trispecific DLL3-targeting T-cell engager with CD3 engagement and conditional CD28 costimulation; preclinical studies showed enhanced target-dependent T-cell activity and antitumor effects versus DLL3-directed CD3 controls, including tarlatamab.

• No target-independent T-cell or cytokine activation or fratricide was observed; repeat dosing was tolerated in non-human primates, with antibody-like pharmacokinetics.

ZW191 clinical update

• Phase 1 included 80 heavily pretreated platinum-resistant ovarian cancer patients, with median four prior therapy lines and seven months’ median follow-up; data cutoff was September 10, 2026.

• In high-grade serous disease, confirmed ORR was 64.5% at 6.4 mg/kg and 55.3% at 9.6 mg/kg; disease control was 100% and 92.1%, respectively, with responses across FRα expression groups.

• Median duration of response was not reached; median PFS was 7.9 and 9.8 months, and six-month PFS was 61.5% and 61.4% at 6.4 and 9.6 mg/kg, respectively.

• Grade ≥3 TEAEs occurred in 54% at 6.4 mg/kg and 74% at 9.6 mg/kg; grade ≥3 TRAEs were 22% and 44%, respectively, with no TEAE-related deaths.

• Management cited efficacy and tolerability as potential differentiation points; further dose testing depends on partner interest and efficacy-data maturity.