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Zymeworks(ZYME) - 2025 Q1 - Quarterly Results
ZYMEZymeworks(ZYME)2025-05-08 20:08

Revenue and Financial Performance - Revenue for Q1 2025 was 27.1million,asignificantincreasefrom27.1 million, a significant increase from 10.0 million in Q1 2024, including 14.0millionfromGSKand14.0 million from GSK and 3.1 million from Daiichi Sankyo[15] - Net loss for Q1 2025 decreased to 22.6millionfrom22.6 million from 31.7 million in Q1 2024, attributed to increased revenue[20] - Revenue from research and development collaborations increased to 27,110,000inQ12025,upfrom27,110,000 in Q1 2025, up from 10,030,000 in Q1 2024, representing a 170% increase[26] - Net loss for Q1 2025 was 22,636,000,animprovementfromanetlossof22,636,000, an improvement from a net loss of 31,653,000 in Q1 2024, indicating a reduction of approximately 29%[26] - Total operating expenses for Q1 2025 were 52,723,000,comparedto52,723,000, compared to 47,832,000 in Q1 2024, reflecting an increase of 10%[26] Cash and Assets - Cash resources as of March 31, 2025, totaled 321.6million,providingaprojectedcashrunwayintothesecondhalfof2027[21]−Cash,cashequivalents,andshort−termmarketablesecuritiesincreasedto321.6 million, providing a projected cash runway into the second half of 2027[21] - Cash, cash equivalents, and short-term marketable securities increased to 265,287,000 as of March 31, 2025, compared to 225,776,000attheendof2024,showingagrowthof17225,776,000 at the end of 2024, showing a growth of 17%[27] - Total assets decreased to 425,522,000 as of March 31, 2025, down from 463,091,000attheendof2024,adeclineof8463,091,000 at the end of 2024, a decline of 8%[27] - Total liabilities decreased to 100,555,000 as of March 31, 2025, compared to 124,323,000attheendof2024,representingareductionof19124,323,000 at the end of 2024, representing a reduction of 19%[27] - Stockholders' equity as of March 31, 2025, was 324,967,000, down from 338,768,000attheendof2024,adecreaseof4338,768,000 at the end of 2024, a decrease of 4%[27] - The company anticipates sufficient cash resources to fund operations into the second half of 2027, assuming receipt of certain anticipated regulatory milestones[26] Research and Development - Research and development expenses rose to 35.7 million in Q1 2025, compared to 32.0millioninQ12024,primarilyduetoincreasedexpensesforZW251andZW209[16]−TheinvestigationalnewdrugapplicationforZW251isexpectedtobesubmittedbymid−2025,indicatingongoingproductdevelopment[3]−Thecompanyisactivelydevelopingitsearly−stagepipeline,withongoingclinicaltrialsandexpecteddatapresentationsinthenearfuture[26]PartnershipsandCollaborations−Thecompanyrecognized32.0 million in Q1 2024, primarily due to increased expenses for ZW251 and ZW209[16] - The investigational new drug application for ZW251 is expected to be submitted by mid-2025, indicating ongoing product development[3] - The company is actively developing its early-stage pipeline, with ongoing clinical trials and expected data presentations in the near future[26] Partnerships and Collaborations - The company recognized 14.0 million in milestone revenue from GSK in April 2025, with potential future milestone payments totaling up to 203.5million[12]−Zanidatamab′spartnerJazzreportednetproductsalesof203.5 million[12] - Zanidatamab's partner Jazz reported net product sales of 2.0 million in Q1 2025, with Zymeworks receiving 0.2millioninroyalties[11]−Zymeworksisfocusedonexecutingnewcollaborationsandpartnershipstoenhanceitsproductpipelineandmarketpresence[26]AdministrativeandPersonnelChanges−Generalandadministrativeexpensesincreasedto0.2 million in royalties[11] - Zymeworks is focused on executing new collaborations and partnerships to enhance its product pipeline and market presence[26] Administrative and Personnel Changes - General and administrative expenses increased to 17.0 million in Q1 2025 from $15.8 million in Q1 2024, mainly due to higher stock-based compensation[17] - The company appointed Dr. Sabeen Mekan as Senior Vice President, Clinical Development, to enhance its clinical-stage oncology portfolio[4] Presentations and Conferences - Six posters were presented at the AACR annual meeting, showcasing advancements in the company's preclinical and clinical-stage candidates[5]