Zymeworks (ZYME) Investor update summary

Strategic model and partnering economics

• Partnering has generated ~$1B in upfront payments, milestones and royalties, with additional value tied to clinical progress, regulatory milestones and commercialization.

• Recurring cash flows from ZIIHERA, YUPELRI and VIBATIV support selective R&D investment; capital allocation also includes acquisitions, royalty opportunities and share repurchases.

• FY 2026 R&D spend was guided ~20% below FY 2025; partnerships, carve-outs and spinouts share development risk and limit reliance on internal capital.

• An integrated discovery-to-early-development engine supports internally discovered and acquired assets, with partnering providing R&D optionality and future royalties.

ZW209 licensing and development

• Exclusive global Roche license for ZW209, subject to HSR clearance and customary closing conditions.

• Terms include $55M upfront, $40M at Phase 1b initiation, up to $718M in development, commercial and sales milestones, and tiered royalties from high single digits to mid-teens; royalties extend into the 2040s.

• Roche funds Phase 1a and subsequent R&D, then leads global development and commercialization; Zymeworks will conduct the initial study.

• FDA IND clearance is complete; first Phase 1a patient dosing is expected in 2026. The global, open-label study will assess safety, tolerability, pharmacokinetics and preliminary activity in advanced solid tumors, including DLL3-expressing tumors.

• Roche brings global development and commercial capabilities, including established ES-SCLC networks.

ZW209 profile

• Trispecific DLL3-targeting T-cell engager combines CD3 engagement with conditional CD28 co-stimulation, designed to direct cytotoxicity to tumors and limit unintended T-cell activation and fratricide.

• Preclinical studies showed increased target-dependent T-cell proliferation and survival, sustained cytotoxicity over repeated stimulation, and enhanced antitumor activity versus TCE benchmarks.

• No target-independent cytokine release or fratricide was observed; repeat high-dose NHP administration was well tolerated, with antibody-like pharmacokinetics.

• CD3/CD28 co-stimulation may be applied to other tumor targets; additional T-cell engager enhancement mechanisms will also be evaluated.