Zymeworks (ZYME) Corporate presentation summary

Strategic repositioning

• Pivoting to a royalty-driven, revenue-generating model that combines existing cash flows with in-house R&D capabilities.

• Strategy prioritizes tax-efficiently compounding royalty streams, early proof of R&D differentiation, and capital deployment for risk-adjusted shareholder returns.

• Capital allocation may support internal or acquired programs, acquired royalties, share repurchases, or special dividends, based on expected shareholder returns.

• R&D is partner-funded, focused on preclinical and early clinical development, and designed to limit costly, binary late-stage programs.

Execution and partnerships

• Milestones include FDA approval of Ziihera for HER2+ BTC and GEA, generating $25M and $250M Jazz payments, respectively; NMPA conditional approval for BTC generated a $20M BeOne payment.

• Completed the acquisition of Theravance Biopharma in 2H 2026, adding recurring cash-flow sources.

• Collaboration revenue included $25.2M of partnership milestone payments in 1H 2025 and a $25M J&J development milestone in 2H 2025.

• Platform and asset partnerships span Jazz, BeOne, J&J, GSK, Daiichi Sankyo and Merck, with further partnering optionality across oncology and inflammatory disease programs.

Royalty streams and commercial assets

• Ziihera has generated $400M in upfront and milestone payments from Jazz through 9/30/2025; Jazz lists $1.3B in future potential milestones and 10–20% tiered royalties.

• BeOne has paid $81M in upfront and milestone payments, with up to $144M in future milestones and high-single-digit royalties on sales.

• Potential cumulative global GEA approval milestones total up to $440M; the U.S. FDA approval milestone is $250M.

• YUPELRI U.S. revenue reached $267M in 2025; hospital-channel growth was 25%, alongside continued community-setting growth.