VANCOUVER, British Columbia, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today reported, as required by the Nasdaq Stock Market Rule 5635(c) (the "Nasdaq Rule"), an equity inducement award to Ms. Leone Patterson, Zymeworks' Executive Vice President and Chief Business and Financial Officer. In accordance with the ...

Financial Performance - Revenue decreased to $293 million in Q2 2024YTD, compared to $426 million in Q2 2023YTD[9] - R&D Expense decreased to $612 million in Q2 2024YTD, compared to $853 million in Q2 2023YTD[9] - G&A Expense decreased to $315 million in Q2 2024YTD, compared to $387 million in Q2 2023YTD[9] - Net loss was $693 million in Q2 2024YTD, compared to $755 million in Q2 2023YTD[9] - Cash resources were approximately $3959 million as of June 30, 2024[12] Zanidatamab Program - FDA granted Priority Review for zanidatamab BLA as 2L treatment for HER2+ biliary tract cancers (BTC) with a target action date of November 29, 2024[7] - EMA validated the MAA for zanidatamab in 2L BTC[7] - $8 million milestone payment recognized from BeiGene for zanidatamab BLA acceptance in China[7] - Jazz initiated the Phase 3 EmpowHER trial for zanidatamab in late-line HER2+ breast cancer[7] Pipeline Development - IND applications cleared by FDA for ZW191 and ZW171, with first-in-human studies planned for 2H 2024[7] - Discontinuation of zanidatamab zovodotin development program[7] - ZW171 is a 2+1 CD3-Engager Program targeting MSLN, with Phase 1 studies expected in 2H 2024[14] Cash Runway - Anticipated cash runway into 2H 2027, including certain anticipated regulatory milestone payments[12]

Group 1 - Zymeworks Inc. reported a quarterly loss of $0.26 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.27, and an improvement from a loss of $0.76 per share a year ago, resulting in an earnings surprise of 3.70% [1] - The company posted revenues of $19.24 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 16.93%, but showing significant growth from $7 million in the same quarter last year [2] - Over the last four quarters, Zymeworks has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] Group 2 - The stock has added about 0.7% since the beginning of the year, underperforming compared to the S&P 500's gain of 15.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.46 on revenues of $12.09 million, and for the current fiscal year, it is -$1.24 on revenues of $92.54 million [7] - The Zacks Industry Rank for Medical - Biomedical and Genetics is currently in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME) (the "Company"), a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today announced that its Board of Directors has authorized a Share Repurchase Program under which the Company may repurchase up to $60.0 million of the Company's outstanding common stock, par value $0.00001 per share. Zymework ...

VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME) (the "Company"), a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today announced that its Board of Directors has authorized a Share Repurchase Program under which the Company may repurchase up to $60.0 million of the Company's outstanding common stock, par value $0.00001 per share. Zymework ...

BTIG Virtual Biotechnology Conference: Zymeworks' management will participate in virtual one-on-one meetings and a fireside chat on Tuesday, August 6 at 4:00 pm Eastern Time (ET). Wedbush PacGrow Healthcare Conference: Zymeworks' management will participate a panel discussion titled "ADCs and Old Lace: Antibody Drug Conjugates" taking place on August 14, between 8:45 – 9:25 am ET, and will participate in one-on-one meetings on August 13-14 in New York, NY. VANCOUVER, British Columbia, July 30, 2024 (GLOBE N ...

Company Overview - Zymeworks Inc. is a clinical-stage biotechnology company focused on developing novel, multifunctional biotherapeutics aimed at improving treatment for difficult-to-treat diseases [2] - The company is committed to making a meaningful difference in the lives of patients affected by challenging cancers and other diseases through its innovative therapeutic platforms [2] Product Development - Zymeworks has engineered zanidatamab, a HER2-targeted bispecific antibody utilizing its proprietary Azymetric™ technology [2] - Zanidatamab is currently undergoing multiple global clinical trials as a potential best-in-class treatment for patients with HER2-expressing cancers [2] - A Biologics License Application (BLA) for zanidatamab has been accepted by the U.S. FDA for accelerated approval as a treatment for previously-treated, unresectable, locally advanced, or metastatic HER2-positive biliary tract cancer (BTC) [2] - The BLA has also been accepted for review by the National Medical Products Administration (NMPA) in China, which could lead to zanidatamab being the first HER2-targeted treatment specifically approved for BTC in both the U.S. and China [2] Strategic Partnerships - Zymeworks has entered into agreements with BeiGene, Ltd. and Jazz Pharmaceuticals Ireland Limited, granting them exclusive rights to develop and commercialize zanidatamab in different territories [2] - The company is leveraging its therapeutic platforms through strategic partnerships with global biopharmaceutical companies to enhance its product pipeline [2] Upcoming Events - Zymeworks management will participate in the BTIG Virtual Biotechnology Conference on August 6 and the Wedbush PacGrow Healthcare Conference on August 14, engaging in one-on-one meetings and panel discussions [1][2]

Core Insights - Zymeworks Inc. has appointed Leone Patterson as Executive Vice President and Chief Business and Financial Officer, effective September 1, 2024, to support the company's growth and development [1][6][10] Company Overview - Zymeworks is a clinical-stage biotechnology company focused on developing novel, multifunctional biotherapeutics aimed at improving care for difficult-to-treat diseases, particularly cancers [4] - The company has a proprietary technology called Azymetric™, which is used to engineer and develop antibody-based therapeutic candidates, including zanidatamab, a HER2-targeted bispecific antibody [4] Leadership and Experience - Leone Patterson brings over 20 years of experience in the biotech sector, having held leadership roles in various companies, including Tenaya Therapeutics and Adverum Biotechnologies [3][6] - Patterson's responsibilities will include developing Zymeworks' long-term financial strategy and supporting strategic business decisions [10] Pipeline and Development Goals - Zymeworks aims to achieve its '5 by 5' goal, which includes having five novel antibody-drug conjugates or T cell engagers in clinical studies by 2026 [6] - The company is advancing zanidatamab through multiple global clinical trials and has submitted a Biologics License Application (BLA) to the FDA for accelerated approval for biliary tract cancer [4][6]

VANCOUVER, British Columbia, July 25, 2024 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today announced the appointment of Leone Patterson as Executive Vice President, and Chief Business and Financial Officer, effective September 1, 2024. "After an extensive search, we are delighted to have Leone Patterson join us at this exciti ...

Cautionary Note Regarding Forward-Looking Statements Although Zymeworks believes that such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should not place undue reliance on forward-looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward-looking statements are made as of the date hereof and, except as may be required by law, Zymeworks undertakes no obligation to update, republish, or revise any forward-looki ...