Zymeworks(US:ZYME)2025-11-06 21:30Financial Performance - Revenue for 3Q 2025 was $253 million, including $253 million from milestones and research period extension fees from J&J and Merck, and $1 million in royalty revenues from Jazz and BeOne[17,18] - Cash, cash equivalents, and marketable securities totaled $3242 million as of 3Q 2025[17] - Completed share repurchases of $227 million of the remaining $30 million share repurchase program for 1439068 shares at an average price of $1580 per share[15] - R&D expenses were slightly decreased due to program mix and timing, partially offset by higher stock-based compensation expense[18] Pipeline Progress - Preliminary Phase 1 data on ZW191 provides early validation of ADC platform[15] - First patient dosed in Phase 1 clinical trial of ZW251, a DAR4 ADC targeting GPC3[15] - Partner Jazz presented a trial-in-progress poster on the DiscovHER PAN-206 phase 2 study of zanidatamab in HER2-overexpressing solid tumors, as well as a two-year follow-up in first-line mCRC at EMSO[15] - J&J Innovative Medicine initiated Phase 3 study for pasritamig (JNJ-78278343) triggering $25 million development milestone[15] ZW191 Clinical Data - ZW191 demonstrated a favorable clinical safety profile, with an any TRAE rate of 80% (33 out of 41 participants) and a Grade ≥3 TRAE rate of 17% (7 out of 41 participants)[20] - Preliminary efficacy data for response-evaluable participants with gynecological cancer showed a PR rate of 50% (12 out of 24 participants)[25] - Randomized dose optimization to begin in 4Q-2025 in platinum resistant ovarian cancer at 96 and 64 mg/kg doses (~30 pts/cohort)[27] Strategic Outlook - Diverse potential revenue streams from existing partnerships, with potential future milestone payments of up to $136 billion for zanidatamab-hrii and up to $434 million for JNJ-78278343[39] - Near-term revenue catalysts include continued royalties from Jazz and BeOne Medicines for Ziihera® expected in 2025[40]