Zymeworks Inc. Q4 FY2025 earnings call

Ken Galbraith mentioned Phase C Horizon GA01 trial results, regulatory progress for Xanadatamab, strategic financing with Royalty Pharma. Bijal Desai walked through financial results. Sabine Mikan updated on Phase 1 clinical trial for ZW251. Ken talked about future catalysts, R&D priorities

Total revenue for 2025 was $106 million, up from $76.3 million in 2024. Driven mainly by clinical and regulatory milestones. Operating expenses in 2025 were $198.5 million, down from $213.4 million in 2024. Net loss in 2025 was $81.1 million, better than $122.7 million in 2024. Cash resources as of Dec 31, 2025 were $270.6 million. Xanadatamab has potential for multibillion-dollar peak sales with royalty and milestone payments possible

Adjusted gross operating expense framework of ~$300 million over three years ending 2028. Expect adjusted gross operating expenses in 2026 to be ~20% lower than 2025 excluding acquisition or new partnership impacts. Anticipated cash runway beyond 2028 with regulatory milestone payments and royalty-backed note. Plans to continue share repurchases and potential strategic acquisitions

Questions from Charles Zhu about ZW251 enrollment, Brian Chang about royalty-backed financing timing, Yagao Nochomovitz about Paracinemag data, Eva Forte about acquisitions, Stephen Wiley about IND submissions, Mayank Memtani about Horizon DA and GPC3 program, John Miller about BD opportunities and wholly owned portfolio, Rennie Benjamin about buybacks and GPC3 indications answered