Zymeworks Inc. (Nasdaq: ZYME), a global biotechnology company, reported a net loss of $81.1 million for the year ended December 31, 2025, compared to a net loss of $122.7 million in 2024 and $118.7 million in 2023. The company's revenue from research and development collaborations increased to $106.0 million in 2025 from $76.3 million in 2024 and $76.0 million in 2023, driven by milestone achievements and option exercises across multiple partnered programs, including collaborations with J&J, BeOne, GSK, Daiichi Sankyo, and BMS. As of December 31, 2025, Zymeworks had cash resources of $270.6 million, including $41.2 million in cash and cash equivalents and $229.4 million in marketable securities.
The company's research and development expenses increased slightly to $137.0 million in 2025 from $134.6 million in 2024, reflecting a shift in program mix with higher investment in early-stage clinical studies and preclinical pipeline activities offsetting lower spending on late-stage and discontinued programs. General and administrative expenses remained consistent year-over-year at $61.5 million. Other income, net, decreased to $12.8 million in 2025 from $20.5 million in 2024, primarily due to a reduction in interest income resulting from lower cash balances. The company's income tax expense decreased to $1.4 million in 2025 from $6.1 million in 2024, mainly due to a decrease in U.S. taxes under Subpart F income rules.
Key operational developments included the continued advancement of partnered programs, particularly zanidatamab, which received regulatory approvals in multiple regions. Zymeworks' partner, Jazz, expects to complete the sBLA submission for zanidatamab in the first quarter of 2026 for first-line HER2+ locally advanced or metastatic GEA under the real-time oncology review program in the United States. J&J initiated Phase 3 clinical trials evaluating pasritamig in castration-resistant prostate cancer. The company also progressed its wholly-owned pipeline, with Phase 1 clinical studies ongoing for ZW191 and ZW251. As of December 31, 2025, Zymeworks had 264 full-time employees, with 204 primarily engaged in research and development activities.
In March 2026, Zymeworks BC entered into a $250.0 million loan arrangement with Royalty Pharma, selling 30% of future royalty payments related to Ziihera. The company intends to use the net proceeds to support its stock repurchase program, fund potential strategic acquisitions, and for general corporate purposes. Looking ahead, Zymeworks expects to focus its research and development efforts on multispecific antibody and engineered-cytokine platforms, with IND submissions for ZW209 and ZW1528 planned for 2026. The company anticipates one planned IND filing per annum commencing in 2028 from its multispecific antibody portfolio.
About Zymeworks Inc.
Zymeworks Inc. is a biotechnology company specializing in developing multifunctional, antibody-based therapeutics for cancer and autoimmune diseases. Its platforms enable precise engineering of bispecific, multispecific, and antibody-drug conjugates. The company partners globally to advance innovative treatments, leveraging proprietary technologies to address unmet medical needs and generate revenue through licensing, milestone payments, and royalties. Its pipeline includes clinical and preclinical candidates targeting high-value cancer indications.
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