Zymeworks Provides Corporate Update and Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Zymeworks Inc. reported significant advancements in its product pipeline, including the initiation of first-in-human studies for ZW191 and ZW171, aimed at treating solid tumors, and plans to accelerate the IND submission for ZW251 to mid-2025 [2][6][8] - The company achieved a major milestone with the accelerated approval and launch of Ziihera (zanidatamab-hrii) for HER2-positive biliary tract cancer, with initial sales reported at $1.1 million in 2024 [2][10][9] - Financial results for 2024 showed revenue of $76.3 million, a slight increase from $76.0 million in 2023, driven by milestone payments and development support [13] Recent Developments - ZW191 and ZW171 are currently in first-in-human Phase 1 trials, targeting advanced FR⍺-expressing solid tumors and utilizing a bispecific T cell engager mechanism, respectively [3][4] - The company hosted an R&D day in December 2024 to highlight ongoing clinical progress in oncology and expansion into autoimmune and inflammatory diseases [5] - Zymeworks plans to initiate a Phase 1 trial for ZW251, targeting GPC3 for hepatocellular carcinoma, with IND submission expected in mid-2025 [7][8] Financial Performance - Total revenue for 2024 was $76.3 million, including $25 million from milestone revenue related to Ziihera's FDA approval and $37.5 million from development support [13] - Research and development expenses decreased to $134.6 million in 2024 from $143.6 million in 2023, primarily due to reduced expenses for zanidatamab [14] - The net loss for 2024 was $122.7 million, compared to a loss of $118.7 million in 2023, attributed to an impairment charge and increased tax expenses [19] Cash Position - As of December 31, 2024, Zymeworks had cash resources of $324.2 million, which is expected to fund operations into the second half of 2027 [20] - The cash resources included $66.1 million in cash and cash equivalents and $258.1 million in marketable securities [20] Strategic Partnerships - Zymeworks has entered into collaboration agreements with Jazz Pharmaceuticals and BeiGene, which include potential milestone payments totaling up to $1.1 billion and tiered royalties from net sales [12][9] - The company is also exploring strategic partnerships to leverage its proprietary technology platforms and enhance its product pipeline [8][21]