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Zymeworks (ZYME)
NASDAQ:ZYME
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.34Last Year’s EPS
-0.3Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive clinical and commercial momentum centered on zanidatumab — a Phase III survival result (median PFS >1 year, median OS >2 years), regulatory progress, material near- and longer-term milestone and royalty economics, a $250M nondilutive financing structured to preserve long-term upside, and meaningful revenue growth (~39% y/y) with an improved net loss (≈34% reduction). Management reiterated cost discipline (targeting ~20% lower adjusted operating expense in 2026) and pipeline progress (ZW251 enrolling, INDs on track for 2026). Key risks include reliance on contingent milestone payments for runway, a ~16.5% decline in cash year-over-year, some near-term encumbrance of 30% of zanidatumab royalties to service the note, and remaining clinical/regulatory uncertainties (e.g., next OS interim and multi-year timelines for breast cancer readouts). On balance, the positive clinical validation, revenue/milestone upside, and strategically structured nondilutive financing materially outweigh the risks presented.Company Guidance
HORIZON-GEA-01 Phase III Results — Zanidatumab
Phase III HORIZON-GEA-01 (partners Jazz and BeiGene) showed median progression-free survival >1 year and median overall survival >2 years in first-line metastatic/locally advanced HER2-positive GEA, with benefit across clinically relevant subgroups irrespective of PD-L1. An additional planned interim OS analysis is expected by mid-2026. Jazz plans a supplemental BLA submission (RTOR) in 2026 and zanidatumab has Breakthrough Therapy designation for HER2-positive GEA.
Regulatory Approvals and Commercial Upside
Zanidatumab received regulatory approvals as monotherapy for second-line biliary tract cancer in Canada and the UK. Zymeworks is eligible for near-term regulatory milestone payments: up to $440M tied to GEA approvals, $89M for a third indication, and up to $977.5M of commercial milestones — ~ $1.5B potential remaining under collaboration agreements.
Revenue Growth and Improved Profitability Metrics
Total revenue was $106.0M for FY2025 vs $76.3M in FY2024, an increase of ~39% year-over-year, driven mainly by clinical/regulatory milestones and option exercises. Net loss narrowed to $81.1M in 2025 from $122.7M in 2024 (an improvement of ~34%).
Royalty-Backed Note Financing with Royalty Pharma
Entered a nonrecourse royalty-backed note transaction providing $250M of nondilutive capital. Structure securitizes only 30% of zanidatumab royalties until repaid (Zymeworks retains 70% throughout), no stated interest rate like a traditional royalty loan, and all earned regulatory/commercial milestones remain retained by Zymeworks.
Pipeline Progress — ADCs, TCEs and IND Plans
ZW251 (GPC3 ADC) Phase I is actively enrolling ~100 patients across North America, Europe and APAC; dose-escalation started at 3.2 mg/kg. ZW191 dose-optimization/data maturing. IND submissions for multispecific programs ZW209 and ZW1528 remain on track for 2026. Pasritamig (partnered with J&J) showing encouraging Phase I safety/efficacy signals per ASCO GU.
Cost Discipline and Operating Expense Guidance
GAAP operating expenses decreased to $198.5M in 2025 from $213.4M in 2024 (~7% decrease), and company announced an adjusted gross operating expense framework of ~ $300M over three years ending 12/31/2028. Management expects 2026 adjusted gross operating expenses to be ~20% lower than 2025 (excluding acquisition-related expenses).
Share Repurchase Program and Capital Allocation Flexibility
Company retains the flexibility to continue opportunistic share repurchases; approximately $62.5M of the $125M authorized repurchase program has been utilized. Management frames repurchases as a capital-return lever given perceived discount between market price and long-term asset value.
Cash Runway Outlook
Cash, cash equivalents and marketable securities were $270.6M as of 12/31/2025. Management expects existing cash plus anticipated $440M regulatory milestone (GEA) and net proceeds from the royalty-backed note to fund operations beyond 2028 (this runway is contingent on execution of milestone payments and the repurchase plan).
ZYME Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ZYME Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 02, 2026 | $23.29 | $23.31 | +0.09% |
Nov 06, 2025 | $17.90 | $16.46 | -8.04% |
Aug 07, 2025 | $12.16 | $12.02 | -1.15% |
May 08, 2025 | $11.32 | $11.30 | -0.18% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Zymeworks (ZYME) report earnings?
Zymeworks (ZYME) is schdueled to report earning on May 06, 2026, Before Open (Confirmed).
What is Zymeworks (ZYME) earnings time?
Zymeworks (ZYME) earnings time is at May 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ZYME EPS forecast?
ZYME EPS forecast for the fiscal quarter 2026 (Q1) is -0.34.