Zymeworks Inc. ZYME
Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat conditions, including cancer, inflammation, and autoimmune disease. We believe our asset and royalty aggregation strategy differentiates us from other biotechnology companies because it provides us with an opportunity to optimize future milestone and royalty cash flows and selectively invest in high-quality assets while retaining the flexibility to return capital to stockholders.
Our strategy is focused on compounding long-term stockholder value through a combination of royalty growth, strategic acquisitions, and internal innovation, supported by disciplined capital allocation and a strengthened financial foundation through expected milestone payments and royalties from existing commercial partners. We pursue this strategy by discovering or acquiring and developing a diversified portfolio of preclinical or clinical healthcare assets while also evaluating strategic partnership opportunities to transfer certain costs and risks related to clinical development and/or commercialization to our strategic partners and secure the right to receive potential future royalty and milestone revenues. The following elements collectively support the execution of our strategy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $106.0M | $76.3M | $76.0M | $412.5M | $26.7M | $39.0M | — |
| R&D | — | — | $143.6M | $208.6M | $199.8M | $171.2M | — |
| SG&A | $61.5M | $61.5M | $70.4M | $73.4M | $42.6M | $55.2M | — |
| Total operating expenses | $198.5M | $213.4M | $214.1M | $282.0M | $242.3M | $226.4M | — |
| Operating income | -$92.5M | -$137.1M | -$138.1M | $130.5M | -$215.6M | -$187.5M | — |
| Pre-tax income | -$79.8M | -$116.6M | -$119.2M | $135.2M | -$212.4M | -$180.1M | — |
| Income tax | $1.4M | $6.1M | $568.0K | $10.9M | $516.0K | $429.0K | — |
| Net income | -$81.1M | -$122.7M | -$118.7M | $124.3M | -$211.8M | -$180.6M | — |
| EPS, basic | -1.08 | -1.62 | -1.72 | 1.91 | -4.11 | -3.58 | — |
| EPS, diluted | -1.08 | -1.62 | -1.72 | 1.90 | -4.61 | -3.58 | — |
| Shares, diluted (wtd. avg.) | $75.4M | $75.9M | $68.9M | $65.2M | $52.1M | $50.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.2M | $66.1M | $157.6M | $400.9M | $201.9M | $242.0M | $128.5M |
| Short-term investments | — | — | $216.8M | $91.3M | $50.7M | — | — |
| Receivables | $4.6M | $55.8M | $19.5M | $33.4M | $15.6M | — | — |
| Total current assets | $248.8M | $300.5M | $412.9M | $544.7M | $288.2M | — | — |
| Property, plant and equipment | $15.5M | $17.6M | $19.8M | $24.7M | $22.8M | — | — |
| Goodwill | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | — | — |
| Other intangibles | $1.4M | $4.6M | $7.7M | $8.8M | $3.8M | — | — |
| Total assets | $346.5M | $463.1M | $580.9M | $648.7M | $389.1M | — | — |
| Accounts payable | $36.3M | $59.8M | $46.0M | $87.5M | $62.8M | — | — |
| Total current liabilities | $42.3M | $88.3M | $55.8M | $95.6M | $71.9M | — | — |
| Total liabilities | $78.0M | $124.3M | $116.1M | $155.8M | $140.0M | — | — |
| Retained earnings | -$953.2M | -$830.3M | -$677.4M | -$558.8M | -$683.1M | — | — |
| Total equity | $268.5M | $338.8M | $464.8M | $493.0M | $249.1M | $409.9M | $245.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$33.0M | -$110.1M | -$118.3M | $144.1M | -$192.5M | -$151.4M | — |
| Depreciation and amortisation | $3.7M | $4.2M | $7.5M | $6.2M | $3.7M | $3.4M | — |
| Stock-based compensation | $28.0M | $17.8M | $8.1M | $4.0M | $10.8M | $29.1M | — |
| Capital expenditure | $1.5M | $2.0M | $2.5M | $8.2M | $12.4M | $4.3M | — |
| Investing cash flow | $26.7M | $38.8M | -$207.3M | -$53.8M | $144.6M | -$43.4M | — |
| Financing cash flow | -$18.6M | -$20.4M | $81.9M | $108.6M | $8.0M | $309.0M | — |
| Buybacks | $41.7M | $30.1M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001937653-26-000015.
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