Zymeworks(US:ZYME)2024-11-01 02:06Financial Performance - The company's Q3 2024 year-to-date (YTD) revenue was $453 million, a decrease compared to $591 million in Q3 2023 YTD[12] - Research and Development (R&D) expenses for Q3 2024 YTD were $976 million, down from $1181 million in Q3 2023 YTD[12] - General and Administrative (G&A) expenses decreased to $453 million in Q3 2024 YTD from $556 million in Q3 2023 YTD[12] - The company reported a net loss of $992 million or $130 per diluted share in Q3 2024 YTD, compared to a net loss of $1042 million or $153 per diluted share in Q3 2023 YTD[12,16] - As of September 30, 2024, the company's cash resources were approximately $375 million[19] - The company anticipates its cash runway, including expected regulatory milestone payments, will fund planned operations into the second half of 2027[3,16,19] Stock Repurchase Program - The company initiated a stock repurchase program on August 1, 2024, authorizing up to $60 million in repurchases, with an initial phase of $30 million[9] - As of September 30, 2024, the company had repurchased 1,818,530 shares at an average price of $1132 per share, totaling $206 million[9] - By October 31, 2024, the company completed the initial $30 million repurchase program, acquiring 2,545,402 shares at an average price of $1179 per share[10] Product Development - Preclinical data on ZW251 demonstrated compelling preclinical activity in hepatocellular carcinoma model bearing a topoisomerase I inhibitor payload[7] - Preclinical data on ZW220 demonstrating compelling preclinical activity in NSCLC, ovarian and uterine cancer models, with a favorable toxicology profile in non-human primates[8] - ZW220 was active at 6 mg/kg in a majority of ovarian, endometrial and NSCLC models tested[24]