Zymeworks Inc., a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, and breast cancer; and ZW49, a biparatopic anti- human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors. The company has strategic partnerships with Merck Sharp & Dohme Research Ltd.; Eli Lilly and Company; Bristol-Myers Squibb company; GlaxoSmithKline Intellectual Property Development Ltd.; Daiichi Sankyo Co., Ltd.; Janssen Biotech, Inc.; and BeiGene, Ltd. It also has licensing and research collaboration with LEO Pharma A/S to discover and develop bispecific antibodies; and Iconic Therapeutics, Inc. Zymeworks Inc. was founded in 2003 and is headquartered in Vancouver, Canada.
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Here are 1-3 brief analogies for Zymeworks (ZYME):
- Like Seagen (a major player in antibody-drug conjugates), but also developing innovative 'two-target' antibody therapies (bispecifics) for cancer.
- Like a specialized, 'next-generation' Genentech (pioneer of targeted cancer biologics) focused on engineering advanced 'smart' antibody therapies like bispecifics and antibody-drug conjugates.
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- Zanidatamab: A HER2-targeted bispecific antibody currently in late-stage clinical development for various HER2-expressing cancers.
- Bispecific Antibodies: A portfolio of preclinical and early-stage antibody candidates engineered to target multiple disease pathways simultaneously for cancer treatment.
- Antibody-Drug Conjugates (ADCs): A pipeline of preclinical and early-stage drug candidates designed to deliver potent chemotherapy directly to cancer cells.
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Zymeworks (ZYME) is a clinical-stage biopharmaceutical company that primarily sells its technology and drug candidates to other companies, specifically larger pharmaceutical and biotechnology firms, through licensing agreements and collaborations. They do not sell directly to individuals.
Its major customers and partners include:
- Jazz Pharmaceuticals (Symbol: JAZZ) - Jazz holds exclusive rights for the development and commercialization of Zymeworks' lead product candidate, zanidatamab, in the United States, Europe, Japan, and other territories outside of Asia (excluding Japan). They also have a separate collaboration for other therapeutic candidates utilizing Zymeworks' platforms.
- Merck & Co., Inc. (Symbol: MRK) - Merck has a license agreement for the research, development, and commercialization of therapeutic candidates using Zymeworks' Azymetric™ and ZymeLink™ platforms.
- BeiGene, Ltd. (Symbol: BGNE) - BeiGene retains rights to develop and commercialize two bispecific antibody programs utilizing Zymeworks' Azymetric™ platform in Asia (excluding Japan), Australia, and New Zealand.
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Kenneth Galbraith, Chair & CEO
Mr. Galbraith has served as Zymeworks' Chief Executive Officer and Chair of its board of directors since January 2022, and as President since June 2023. He has over 35 years of experience in biotechnology and venture capital, working with both private and NASDAQ-listed companies. Mr. Galbraith founded Five Corners Capital, Inc. in 2013, and previously managed the Ventures West Investment Funds. He was Executive Chair of AnorMED, which was acquired by Genzyme for $584 million. He has also been involved with other biotechnology companies that were sold, including Alder Pharmaceuticals (sold to Lundbeck), Celator Pharmaceuticals (sold to Jazz Pharma), Novadaq (sold to Stryker), and Fairhaven Pharmaceuticals (sold to Liminal Bio). He served as Executive in Residence and later as Chair for Syncona Investment Management Limited, a firm focused on building life sciences businesses.
Leone Patterson, Executive Vice President, Chief Business and Financial Officer
Ms. Patterson joined Zymeworks in September 2024. Prior to Zymeworks, she was Chief Financial and Business Officer of Tenaya Therapeutics, Inc. from June 2021 until August 2024. She also held leadership roles at Adverum Biotechnologies, including Chief Financial Officer, President, Chief Executive Officer, and Director. Her career includes senior finance positions at Diadexus, Transcept, Exelixis, Novartis, and Chiron, and she previously worked in the audit practice of KPMG. Ms. Patterson currently serves on the board of directors for Nkarta, Inc. and Oxford Biomedica, both publicly-held companies.
Paul Moore, Chief Scientific Officer
Dr. Moore joined Zymeworks in July 2022. He brings more than 25 years of U.S.-based experience in biologics drug discovery and development in biotechnology research. Before joining Zymeworks, Dr. Moore served as Vice President, Cell Biology, and Immunology at MacroGenics. His earlier career at Human Genome Sciences (HGS) involved managing genomic-based target discovery programs that led to the discovery, development, approval, and commercialization of Benlysta; HGS was subsequently acquired by GlaxoSmithKline (GSK) for $3.6 billion.
Jeffrey Smith, Executive Vice President and Chief Medical Officer
Dr. Smith joined Zymeworks in January 2023 as Senior Vice President, Early Stage Development, and was promoted to Executive Vice President and Chief Medical Officer in January 2024. He previously served as the Managing Director of Alder Biopharmaceuticals Inc. in Dublin, Ireland, and as Senior Vice President, Translational Medicine for Alder Biopharmaceuticals Inc. in Seattle, USA.
Adam Schayowitz, Acting Chief Development Officer
Dr. Schayowitz has served as Zymeworks' Acting Chief Development Officer since October 2025. He has nearly 20 years of experience in oncology drug development, having led numerous global development programs from initiation through approval and commercialization. Prior to Zymeworks, he was a Vice President at Pfizer Oncology, where he held various development leadership roles, including serving as Head of Product Development Teams.
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Here are the key risks to Zymeworks' business:
- Clinical Trial and Regulatory Risks: As a clinical-stage biopharmaceutical company, Zymeworks' success is heavily contingent on the successful development, regulatory approval, and commercialization of its product candidates. There is no assurance that its product candidates, such as zanidatamab, will meet primary endpoints in clinical trials with statistical significance, or that the data will be sufficient to secure regulatory approvals. The discontinuation of clinical development for ZW171 due to an unfavorable benefit-risk profile underscores the inherent challenges and uncertainties in drug development. Failures or delays in clinical trials or regulatory processes could significantly impede the company's ability to bring products to market.
- Dependence on Partnerships and Milestone Payments: Zymeworks relies significantly on strategic partnerships with larger pharmaceutical companies, such as Jazz Pharmaceuticals and BeiGene, for the development and commercialization of its lead product candidate, zanidatamab, and other pipeline assets. A substantial portion of Zymeworks' anticipated revenue and future funding is derived from milestone payments and royalties from these collaboration agreements. There is a risk that Zymeworks may not achieve these milestones or receive the expected payments, or that partners could choose to terminate their agreements, which would materially impact the company's financial condition and projected revenue.
- Financial Sustainability and Need for Additional Funding: Zymeworks currently operates at a net loss and has a negative free cash flow, typical for a clinical-stage biotechnology company. While the company has projected cash resources to fund operations into the second half of 2027, its long-term financial requirements are substantial. These needs are dependent on the scope, rate of progress, results, and costs of its clinical trials and preclinical studies, as well as the successful achievement of milestones through its partnerships. Zymeworks will require additional funding to support its ongoing operations and long-term business plans, and its ability to obtain such funding is not guaranteed.
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Zymeworks (NASDAQ: ZYME) Addressable Markets for Main Products:
Zymeworks' primary product in advanced development is zanidatamab (also known as Ziihera), a HER2-targeted bispecific antibody. The company also has other pipeline candidates in earlier stages, including ZW191 and ZW251.
Zanidatamab (Ziihera):
- HER2-positive Biliary Tract Cancer (BTC):
- The global biliary tract cancers treatment market is projected to grow from USD 372.5 million in 2025 to USD 824.2 million by 2035. Other estimates for the global market include USD 696.75 million in 2023, expected to reach USD 1.42 billion in 2030, and approximately USD 1000 million in 2023.
- In North America, the bile duct cancer market is expected to exceed USD 2.7 billion by 2032. The United States market for biliary tract cancers treatment is projected to maintain an 8.2% Compound Annual Growth Rate (CAGR) from 2025 to 2035.
- HER2-positive Gastroesophageal Adenocarcinoma (GEA):
- The market opportunity for GEA is estimated at $2 billion. The broader HER2-positive gastrointestinal cancers market is estimated at $4 billion annually.
- The global HER2-positive gastric cancer market is projected to grow from USD 1304.5 million in 2023 to USD 1700.59 million in 2031. The global stomach cancer treatment market, which includes GEA, was estimated at USD 5,369.6 million in 2024 and is projected to reach USD 11,194.9 million by 2030. Another source indicates the global stomach cancer treatment market is forecasted to reach around USD 17.60 billion by 2034.
- The global esophageal cancer therapeutics market was valued at USD 2.93 billion in 2024 and is projected to grow to USD 5.95 billion by 2032.
- HER2-positive Metastatic Breast Cancer (mBC):
- The global HER2-Positive Breast Cancer Market is estimated at USD 10.96 billion in 2025 and is expected to reach USD 12.94 billion by 2032. Another report states the market size grew from $10.21 billion in 2024 to $10.96 billion in 2025, and is expected to reach $14.41 billion in 2029.
- The total metastatic HER2-positive breast cancer market size in the seven major markets (7MM: United States, EU4, United Kingdom, and Japan) was estimated at nearly USD 2.6 billion in 2022 and is expected to reach USD 3,108.1 million by 2035.
- HER2-low Cancers:
- The HER2-low cancers market across the 7MM (United States, EU4, United Kingdom, and Japan) is valued at approximately USD 3,530 million in 2025 and is projected to reach approximately USD 8,997 million by 2034. The total market size for HER2-low cancers in the 7MM was USD 3.2 billion in 2024.
- The global HER2-Low Breast Cancer Therapies market size in 2024 is valued at USD 2.23 billion, projected to reach USD 6.08 billion by 2033.
ZW191:
- ZW191 is an antibody-drug conjugate (ADC) targeting folate receptor-alpha (FRα) for advanced solid tumors, including gynecological cancers (ovarian and endometrial) and non-small cell lung cancer. Zymeworks is currently conducting Phase 1 studies for ZW191.
- No specific addressable market size for ZW191 or FRα-targeted therapies was identified in the provided search results.
ZW251:
- ZW251 is an ADC engineered to target glypican-3 (GPC3) for hepatocellular carcinoma (HCC).
- Hepatocellular Carcinoma (HCC):
- The global hepatocellular carcinoma drugs market was valued at USD 1.21 billion in 2024 and is expected to reach USD 2.27 billion by 2032. Other estimates for the global market include US$977 million in 2022, expected to reach US$2.4 billion by 2030, and USD 3.5 billion in 2024, projected to reach USD 9.85 billion by the end of 2030.
- The hepatocellular carcinoma market across the top 7 markets (US, EU4, UK, and Japan) reached a value of USD 830 million in 2024 and is expected to reach USD 1,650 million by 2035.
- The global unresectable hepatocellular carcinoma market was USD 2,528.2 million in 2025 and is expected to grow to approximately USD 4,927.0 million by 2035.
ZW171:
- Zymeworks has discontinued the clinical development of ZW171, a T cell engager targeting mesothelin-expressing cancers, due to safety concerns. Therefore, there is no addressable market for this product.
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Zymeworks (ZYME) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic partnerships, the expanded commercialization of its lead product, and the advancement of its pipeline.
Here are 3-5 expected drivers of future revenue growth:
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Increasing Milestone Payments from Partnerships: Zymeworks has a partnership-driven business model that generates significant milestone revenue. The company recognized a $25 million development milestone from Johnson & Johnson in Q3 2025, and $14 million from GSK and $3.1 million from Daiichi Sankyo in Q1 2025. Zymeworks remains eligible to receive up to an additional $434 million in development and commercial milestones from the Johnson & Johnson collaboration, along with other potential milestones from existing and new partnerships. These payments are anticipated to continue contributing to Zymeworks' revenue stream.
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Growing Royalty Revenue from Zanidatamab Sales: Zanidatamab, Zymeworks' HER2-targeted bispecific antibody, has received accelerated approval from the U.S. FDA for previously treated HER2-positive biliary tract cancer (BTC) in November 2024. It also received conditional marketing authorization from the European Commission in July 2025. Regulatory reviews are ongoing in China. As commercialization efforts by partners Jazz Pharmaceuticals and BeiGene expand, Zymeworks expects to see a predictable and substantial increase in royalty revenues from net product sales of zanidatamab across these territories.
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Expansion of Zanidatamab into New Indications: Beyond BTC, zanidatamab is being evaluated in a global Phase 3 study (HERIZON-GEA-01) for first-line HER2-positive gastroesophageal adenocarcinoma (GEA). Top-line results from this trial are anticipated in the second quarter of 2025, with a potential supplemental Biologics License Application (sBLA) by Jazz Pharmaceuticals later that year. Additionally, a Phase 2 trial (EmpowHER-BC-208) has been initiated to evaluate zanidatamab in HER2-positive neoadjuvant and adjuvant breast cancer. Successful clinical development and regulatory approvals in these larger indications would significantly broaden zanidatamab's market potential and substantially increase future royalty income.
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Advancement of Wholly-Owned Pipeline Programs: Zymeworks is progressing its internal pipeline of novel therapeutics. ZW191, a folate receptor alpha-directed ADC, has shown promising Phase 1 data, with dose-optimization in ovarian cancer expected to commence in Q4 2025. The company has also dosed the first patient in a Phase 1 trial for ZW251, a GPC3-targeted ADC for hepatocellular carcinoma. Further investigational new drug (IND) applications are anticipated for ZW220 and ZW251 in 2025, and for ZW209 and ZW1528 in 2026. Progression of these wholly-owned assets could lead to new partnership agreements, additional milestone payments, and eventual commercialization, contributing to long-term revenue growth.
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Share Repurchases
- Zymeworks' Board of Directors authorized a Share Repurchase Program of up to $60.0 million of its outstanding common stock in August 2024.
- The company intended to commence the Share Repurchase Program with $30.0 million in initial repurchases during the second half of 2024, reserving the remaining $30.0 million for future repurchases.
- As of November 4, 2025, Zymeworks had completed $22.7 million of the previously approved share repurchase program.
Share Issuance
- As of March 4, 2024, Zymeworks had 70,568,222 outstanding common shares.
- The company completed a $50 million private placement to EcoR1 Capital in December 2023, with proceeds intended to extend its cash runway into the second half of 2027.
Inbound Investments
- Zymeworks achieved a $25.0 million development milestone from Johnson & Johnson Innovative Medicine in September 2025, associated with pasritamig entering a Phase 3 trial.
- The company earned $1.0 million in royalty revenue from partners Jazz and BeOne Medicines in the third quarter of 2025, driven by net product sales of Ziihera®.
- Under an amended agreement with Jazz Pharmaceuticals, Zymeworks has received an aggregate of $375 million in proceeds to date (as of early 2024) and remains eligible for up to $525 million in regulatory milestones and up to $862.5 million in potential commercial milestone payments, plus tiered royalties.
Outbound Investments
- No significant outbound investments with specified dollar amounts within the last 3-5 years were identified in the available information.
Capital Expenditures
- Zymeworks' capital expenditures were $4.31 million in 2020, $12 million in 2021, $8.15 million in 2022, $2.47 million in 2023, and $1.99 million in 2024.
- The forecast mean consensus for capital expenditures for the next fiscal year is $5.5 million.
- A significant portion of Zymeworks' expenditure is allocated to Research and Development (R&D) to advance its pipeline of novel therapies.
