Zymeworks Reports 154% Revenue Increase to $48.7 Million in Latest Quarter

Zymeworks Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenue reaching $48.7 million for the three months ended June 30, 2025, a 154% increase from $19.2 million in the same period last year. For the first half of 2025, revenue totaled $75.8 million, up 159% from $29.3 million in the prior year. The increase was primarily driven by milestone payments, including $20 million from BeOne Medicines Ltd. upon the conditional approval of zanidatamab for second-line treatment of HER2-positive biliary tract cancer in China, and a $7.5 million fee from Bristol-Myers Squibb for exercising a commercial license option.

The company’s operating expenses for the second quarter were $49.4 million, down from $62.1 million a year earlier, largely due to the absence of a $17.3 million impairment charge recorded in the previous year related to the discontinuation of the zanidatamab zovodotin program. Research and development expenses increased to $34.4 million from $29.2 million, reflecting ongoing clinical trials and the activation of new trial sites. General and administrative expenses decreased slightly to $15 million from $15.7 million, attributed to reduced consulting and rent expenses.

Zymeworks also reported a net income of $2.3 million for the second quarter, a notable turnaround from a net loss of $37.7 million in the same quarter of 2024. This improvement reflects the company's strategic focus on advancing its product pipeline and securing milestone payments from collaborations. The company ended the quarter with $333.4 million in cash, cash equivalents, and marketable securities, providing a solid financial foundation to support ongoing operations and development activities.

In terms of operational developments, Zymeworks has made significant strides in its clinical pipeline, particularly with zanidatamab, which has received conditional approvals in multiple regions, including the U.S. and China. The company is also advancing other product candidates, such as ZW171 and ZW251, with ongoing clinical trials expected to yield data in the coming quarters. Zymeworks plans to continue leveraging its strategic partnerships to enhance its market presence and drive future revenue growth.

Looking ahead, Zymeworks anticipates continued investment in research and development, with expectations of ongoing losses as it progresses through clinical trials and regulatory processes. The company remains focused on its goal of commercializing its product candidates and generating revenue from collaborations, which it views as critical to its long-term growth strategy.