Zymeworks(ZYME) - 2025 Q4 - Annual Results

Financial Position - As of December 31, 2025, Zymeworks Inc. reported cash resources of approximately $270.6 million, which includes cash, cash equivalents, and marketable securities[4] - The company anticipates receiving regulatory milestone payments of $440.0 million related to potential approvals of Ziihera in multiple regions, positioning it to fund operations beyond 2028[4] - The company expects to execute a $125.0 million share repurchase plan as part of its financial strategy[4] - The company is positioned to achieve its operational goals based on current cash resources and anticipated regulatory approvals[4] Executive Appointments - Mr. Kenneth Galbraith has been appointed as the interim Chief Financial Officer, effective January 9, 2026, while continuing his roles as Chair of the Board and CEO[12] - Mr. Mark Hollywood has been appointed as Chief Operating Officer, effective January 9, 2026, with an annual base salary increased from $475,000 to $525,000[19] - Dr. Jeffrey Smith, the Chief Medical Officer, will retire on January 31, 2026, with Dr. Sabeen Mekan appointed as his successor effective February 1, 2026[30] Compensation and Benefits - Mr. Hollywood is eligible for a discretionary bonus of up to 45% of his base salary and has been granted equity awards including 70,000 stock options and 47,000 restricted stock units[19] - Mr. Hollywood's employment agreement includes severance benefits of up to eighteen months of base salary if terminated without cause[23] - The Board approved an amended non-employee director compensation policy effective January 1, 2026, adjusting cash and equity compensation based on peer group practices[22] - The annual cash retainer fee for Board service increased from $40,000 to $45,000, effective January 1, 2026[24] - The initial equity award for new non-employee directors now consists of an option to purchase 23,000 shares and 15,400 RSUs, with specific vesting schedules[27] - Continuing non-employee directors will receive an annual equity grant of an option to purchase 11,500 shares and 7,700 RSUs, both vesting on the one-year anniversary of the grant date[28] - The post-termination exercise period for vested options held by departing directors remains three years following cessation of service[29] Corporate Updates - The company has initiated a search for a new Chief Financial Officer following the termination of Ms. Leone Patterson, effective January 9, 2026[10] - The Company issued a corporate update on January 11, 2026, outlining strategic priorities and operational guidance[31] - Forward-looking statements indicate that the Company is finalizing its financial results for the fourth quarter and fiscal year ended December 31, 2025, with preliminary estimates of cash resources being subject to management review[32]