Zymeworks(US:ZYME)2025-05-08 20:08Revenue and Financial Performance - Revenue for Q1 2025 was $27.1 million, a significant increase from $10.0 million in Q1 2024, including $14.0 million from GSK and $3.1 million from Daiichi Sankyo[15] - Net loss for Q1 2025 decreased to $22.6 million from $31.7 million in Q1 2024, attributed to increased revenue[20] - Revenue from research and development collaborations increased to $27,110,000 in Q1 2025, up from $10,030,000 in Q1 2024, representing a 170% increase[26] - Net loss for Q1 2025 was $22,636,000, an improvement from a net loss of $31,653,000 in Q1 2024, indicating a reduction of approximately 29%[26] - Total operating expenses for Q1 2025 were $52,723,000, compared to $47,832,000 in Q1 2024, reflecting an increase of 10%[26] Cash and Assets - Cash resources as of March 31, 2025, totaled $321.6 million, providing a projected cash runway into the second half of 2027[21] - Cash, cash equivalents, and short-term marketable securities increased to $265,287,000 as of March 31, 2025, compared to $225,776,000 at the end of 2024, showing a growth of 17%[27] - Total assets decreased to $425,522,000 as of March 31, 2025, down from $463,091,000 at the end of 2024, a decline of 8%[27] - Total liabilities decreased to $100,555,000 as of March 31, 2025, compared to $124,323,000 at the end of 2024, representing a reduction of 19%[27] - Stockholders' equity as of March 31, 2025, was $324,967,000, down from $338,768,000 at the end of 2024, a decrease of 4%[27] - The company anticipates sufficient cash resources to fund operations into the second half of 2027, assuming receipt of certain anticipated regulatory milestones[26] Research and Development - Research and development expenses rose to $35.7 million in Q1 2025, compared to $32.0 million in Q1 2024, primarily due to increased expenses for ZW251 and ZW209[16] - The investigational new drug application for ZW251 is expected to be submitted by mid-2025, indicating ongoing product development[3] - The company is actively developing its early-stage pipeline, with ongoing clinical trials and expected data presentations in the near future[26] Partnerships and Collaborations - The company recognized $14.0 million in milestone revenue from GSK in April 2025, with potential future milestone payments totaling up to $203.5 million[12] - Zanidatamab's partner Jazz reported net product sales of $2.0 million in Q1 2025, with Zymeworks receiving $0.2 million in royalties[11] - Zymeworks is focused on executing new collaborations and partnerships to enhance its product pipeline and market presence[26] Administrative and Personnel Changes - General and administrative expenses increased to $17.0 million in Q1 2025 from $15.8 million in Q1 2024, mainly due to higher stock-based compensation[17] - The company appointed Dr. Sabeen Mekan as Senior Vice President, Clinical Development, to enhance its clinical-stage oncology portfolio[4] Presentations and Conferences - Six posters were presented at the AACR annual meeting, showcasing advancements in the company's preclinical and clinical-stage candidates[5]