10-K · March 2, 2026
Zymeworks positions itself as a royalty- and asset-aggregation biotech combining partnered royalties/milestones with selective internal R&D. The company secured a $250.0 million royalty-backed note financing against 30%…
Earnings analysis · 10-Q
ZYME earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Zymeworks reported a significant decline in revenue for Q1 2026, totaling $2.4 million, down 91% from $27.1 million in Q1 2025. The net loss for the quarter was $44.2 million, reflecting continued financial strain and…
Read full summary
Zymeworks reported a significant decline in revenue for Q1 2026, totaling $2.4 million, down 91% from $27.1 million in Q1 2025. The net loss for the quarter was $44.2 million, reflecting continued financial strain and indicating a need for funding despite maintaining cash reserves of $403.8 million. Management outlined a disciplined approach to expenses and a commitment to advancing the drug pipeline but acknowledged substantial operating losses ahead.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue Declines Sharply
Total revenue for Q1 2026 was $2.4 million, a 91% decline from $27.1 million in Q1 2025.
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Large Net Loss Reported
Zymeworks posted a net loss of $44.2 million for Q1 2026, continuing the trend of significant losses.
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Cash Reserves Remain Strong
As of March 31, 2026, cash, cash equivalents, and marketable securities stood at $403.8 million.
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R&D Spend Reduced
Research and development expenses decreased by $1.2 million, reflecting a shift in program mix.
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Milestone Progress with Jazz
Zymeworks anticipates future royalty revenues from Jazz as zanidatamab commercial sales increase.
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Discipline in Capital Allocation
Management reiterated a commitment to disciplined capital allocation to support strategic objectives.
What to watch
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Dramatic Revenue Drop
Total revenue declined by $24.7 million compared to Q1 2025, impacting financial viability.
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Increased Operating Losses
Q1 2026 net loss of $44.2 million demonstrates ongoing financial challenges.
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Regulatory and Approval Risks
If partnered product candidates do not meet regulatory approvals, revenues will be adversely affected.
Management's outlook
The company reiterated a disciplined operating expense target of approximately $300 million through 2028.
Earlier filings 4
10-Q · August 7, 2025
Zymeworks reported Q2 revenue of $48,726 (amounts in filing are in thousands), up from $19,243 in Q2 2024, and delivered net income of $2,317 producing EPS of $0.03. Operating loss narrowed sharply to $(674) for the…
10-Q · May 8, 2025
Zymeworks reported Q1 2025 revenue of $27,110 (amounts in the filing are expressed in thousands) versus $10,030 in Q1 2024, driving a meaningful beat to consensus and a large YoY increase. Loss from operations narrowed…
10-K · March 6, 2024
Zymeworks' 2023 10-K emphasizes a partnership-led commercialization strategy for lead candidate zanidatamab, with $375.0 million received from Jazz and $53.0 million received from BeiGene through December 31, 2023. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.