Zymeworks (ZYME) Corporate presentation summary

Strategic evolution and business model

• Transitioning to a royalty-driven, revenue-generating organization with in-house R&D capabilities focused on early-stage innovation and partnerships.

• Capital allocation prioritizes shareholder returns through share repurchases, special dividends, and reinvestment in high-return opportunities.

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

• Emphasis on asset aggregation, platform collaborations, and unlocking value from both internal and acquired programs.

• Partnerships are central, leveraging scientific platforms and extending reach through collaborations with major pharma companies.

Financial performance and outlook

• Recognized $106M in revenues for 2025, with $403M in cash resources as of March 31, 2026, providing runway beyond 2028.

• Announced and executed share repurchase programs totaling $125M, with $95.8M completed.

• Anticipated up to $440M in milestone payments from global GEA approvals, with ongoing royalty revenue from key products.

• Peak sales estimate for Ziihera increased from $1.2B to $2.3B since February 2023.

• Multiple partnerships offer potential future milestone payments exceeding $1B each, with tiered royalties from mid-single to low double digits.

Pipeline and clinical progress

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

• ZW191 and ZW251 are in Phase 1 trials, showing promising efficacy and safety in ovarian, endometrial, and hepatocellular cancers.

• ZW191 demonstrated a 65.2% objective response rate in platinum-resistant ovarian cancer and favorable safety profile.

• ZW251 targets GPC3-expressing HCC, with strong preclinical and early clinical data supporting first-in-class potential.

• IND submissions for new assets, including trispecific T cell engagers and bispecifics for respiratory inflammation, are anticipated in 2026-2027.