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Zymeworks (ZYME) investor relations material
Zymeworks Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Phase 1 data for ZW191 ADC showed a 64% objective response rate in gynecological cancers and activity across folate receptor alpha expression levels, with a manageable safety profile as of September 2025.
First patient dosed in phase one trial of ZW251, a DAR4 ADC targeting GPC3 in hepatocellular carcinoma, in October 2025.
Achieved $25 million milestone revenue from Johnson & Johnson for pasritamig entering Phase 3; up to $434 million in future milestones and royalties possible.
Completed $22.7 million in share repurchases, reflecting confidence in long-term outlook and capital allocation discipline.
Key partnerships advanced, with new data presentations at major conferences and expanded analyses for zanidatamab trials.
Financial highlights
Q3 2025 total revenue was $27.6 million, up from $16 million in Q3 2024, driven by a $25 million J&J milestone and $1 million in royalties.
Operating expenses were $49.7 million, with R&D at $35.6 million and G&A at $14.1 million for 3Q 2025.
Net loss narrowed to $19.6 million from $29.9 million year-over-year, mainly due to higher revenue.
Cash, cash equivalents, and marketable securities totaled $299.4 million as of September 30, 2025, not including the $25 million milestone to be received in Q4.
$22.7 million spent on share repurchases, acquiring 1,439,068 shares at an average price of $15.80.
Outlook and guidance
Existing cash resources, plus anticipated milestones, expected to fund operations into the second half of 2027.
Additional pivotal data from the Horizon GEA 01 study and top-line PFS data from zanidatamab Phase 3 1L GEA trial expected in Q4 2025.
Dose optimization for ZW191 in ovarian cancer to begin in 4Q 2025.
Partnership discussions underway to accelerate development and inform registration strategies.
Continued focus on advancing differentiated programs and leveraging partnerships to offset development risk.
ZW191 safety profile for earlier line combos
Rationale for ZW251 DAR4 in HCC patients
Future capital allocation beyond share repurchases
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Q4 20259 Mar, 2026
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Frequently asked questions
Zymeworks Inc. is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation bispecific, multifunctional biotherapeutics, initially focused on the treatment of cancer. The company's proprietary Azymetric platform combines its modular and flexible Fc engineering with non-Fc-containing domains designed to enable modulation of therapeutic index in order to address multiple biological targets simultaneously from a single protein. The partnering team brings together a comprehensive set of skills and expertise spanning early drug discovery through product commercialization.
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