Zymeworks (ZYME) Corporate presentation summary

Strategic transformation and business model

• Transitioning from traditional biotech to a revenue-generating, royalty-driven organization with in-house R&D capabilities focused on innovative medicines for difficult-to-treat diseases.

• Emphasis on compounding value through royalty streams, internal and acquired programs, and strategic capital allocation for shareholder returns.

• R&D operations are self-funded via partnerships and milestone payments, minimizing reliance on royalty cash flow and avoiding costly late-stage development.

• Capital deployment is guided by risk-adjusted returns, including share repurchases and special dividends.

• Asset aggregation and platform collaborations create synergies and unlock value from both internal and acquired assets.

Financial performance and shareholder returns

• Recognized $2.5M research milestone from GSK and $25M regulatory milestone from Jazz following FDA approval of Ziihera for HER2+ BTC in 2H 2024.

• Announced and partially executed a $125M share repurchase program, with $62.5M completed by 1H 2025.

• Reported $106M in revenues for 2025 and maintains $271M in cash resources as of year-end 2025, providing runway beyond 2028.

• Anticipated up to $440M in milestone payments from global GEA approvals and ongoing royalty revenue from Jazz and BeOne.

• Wall Street consensus for Ziihera peak sales increased 94% from $1.2B to $2.3B since Feb 2023.

Pipeline and clinical progress

• Differentiated pipeline includes ADCs, multispecific antibodies, and bispecifics targeting oncology and inflammatory diseases.

• ZW191 (FRα ADC) shows 64% overall response rate in gynecological cancers at higher doses with manageable safety; ongoing Phase 1 trial.

• ZW251 (GPC3 ADC) in Phase 1 for HCC, demonstrates strong preclinical activity, high tolerability, and potential first-in-class status.

• ZW220 (NaPi2b ADC) is IND-ready for ovarian and lung cancers; ZW209 (DLL3 TriTCE) and ZW1528 (IL-4Rα x IL-33 bispecific) expected to reach regulatory submission in 2026.

• Zanidatamab Phase 3 data in 1L GEA presented at ASCO GI 2026, with sBLA submission and potential launch in 2H 2026.