Zymeworks (ZYME) Goldman Sachs 45th Annual Global Healthcare Conference summary

Zanidatamab development and partnerships

• Regulatory reviews for zanidatamab in second-line biliary tract cancer are ongoing in the US, Europe, and China, with Jazz and BeiGene as key partners.

• Jazz and BeiGene handle all development costs for zanidatamab, freeing capital for other pipeline assets.

• Up to $525M in regulatory milestones and $900M in commercial milestones are possible, plus 10–20% royalties on sales.

• Peak sales guidance for zanidatamab is up to $2.5B, with first approval potentially this year.

• Clinical data show strong response rates and durability in BTC, with similar promise in GEA and other HER2+ tumors.

Pipeline and 5x5 R&D strategy

• Five novel agents (three ADCs, two multispecific antibodies) are advancing to IND over 24 months, funded by Jazz deal proceeds.

• ADCs use a proprietary topoisomerase I payload, optimized antibodies for tumor penetration, and a focus on tolerability for combination regimens.

• T-cell engagers include a 2+1 format for mesothelin and a trispecific with CD28 co-stimulation, aiming for improved activity and safety.

• ZW191 (folate receptor alpha ADC) shows preclinical efficacy across expression levels and strong tolerability; ZW220 (NaPi2b ADC) and ZW251 (GPC3 ADC) target gynecological, lung, and liver cancers.

• R&D productivity goal is two new INDs per year from 2027 onward, with a broader substrate of agents in development.

Expansion beyond oncology and partnership strategy

• Platforms have potential in autoimmune, inflammatory, and dermatology, with multispecifics offering broader target coverage.

• Plans to discuss non-oncology strategy at an R&D day in Q4, after progress in oncology pipeline.

• Partnership strategy aims for co-development and co-commercialization, retaining more value for shareholders.

• High demand for differentiated ADCs and T-cell engagers supports flexible partnership options.