Zymeworks (ZYME) investor relations material

Zanidatamab partnership and milestones

• Phase 3 readout for zanidatamab in gastroesophageal adenocarcinoma expected in late Q4, with initial qualitative PFS data followed by detailed results at a medical meeting.

• Regulatory milestones remaining total about $500 million, with $860 million in commercial milestones and royalties ranging from 10% to 20% based on net sales.

• Jazz Pharmaceuticals is exploring additional indications, including breast cancer and pan-tumor studies, which could expand the opportunity beyond the current $2 billion base case.

• Internal modeling aligns with external analyst estimates of a $2 billion+ opportunity for zanidatamab, with potential for further growth as new indications are pursued.

Pipeline updates and clinical strategy

• ZW171 program discontinued due to on-target, off-tumor toxicity at maximum tolerated dose, reflecting a disciplined approach to capital allocation and rapid decision-making.

• ZW191, a folate receptor alpha ADC, is enrolling ovarian, endometrial, and non-small cell lung cancer patients in Phase 1, aiming for best-in-class efficacy and tolerability.

• ZW191’s antibody demonstrates superior internalization and differentiation from competitors, with potential for expansion into multiple tumor types and combination therapies.

• Partnering is a key strategy for advancing assets like ZW191, with decisions on further development or combinations dependent on emerging clinical data.

Early-stage pipeline and platform innovation

• ZW251 ADC program has cleared IND and will enter clinical studies by year-end, utilizing the same payload as ZW191.

• Additional ADCs and T-cell engager programs, including ZW209 (tri-TCE platform) and ZW1528 (autoimmune, bispecific), are advancing, with ZW209 IND expected in 1H 2026 and ZW1528 in late 2026.

• The Azymetric platform enables development of differentiated bispecifics, leveraging protein engineering expertise to target validated and novel mechanisms.

• Early-stage programs are prioritized based on business case, target product profile, and strategic fit, with partnering considered for select assets.