Zymeworks Inc. Q1 FY2026 earnings call

Ken mentioned progress on wholly owned and partnered assets, PDUFA date for Xanadatamab, regulatory milestones, R&D portfolio integration. Kristen talked about financial highlights, cash position, share repurchase program. Paul summarized pre-clinical presentations at AACR. Sabine provided updates on Phase 1 clinical trials of CW191 and CW251.

Total revenue for Q1 2026 was $2.4 million, down from $27.1 million in 2025. Operating expenses were $49.5 million in 2026 Q1 vs. $52.7 million in 2025. Net loss was $44.2 million in 2026 Q1 vs. $22.6 million in 2025. Cash resources at Mar 31, 2026 were $403.8 million, up from $270.6 million at Dec 31, 2025.

Expect existing cash resources combined with milestone payments to fund operations beyond 2028. ZW1528 IND pushed to 2027. ZW209 still IND-ready in 2026.

Risks associated with industry, regulatory uncertainties, and those from forward-looking statements.

Q: How to think about cadence of data for internal pipeline programs?

A: Expect data at oncology meetings in 2026.

Q: Timing of RAS ADCs in clinic?

A: Well-positioned for IND enabling stage.

Q: Protocol update for ZW251?

A: Expanding to other tumor types like squamous non-small cell lung cancer and germ cell tumors.

Q: Payload selection for PanRAS ADC?

A: Focus on potency, bystander activity, pharmacokinetics, tolerability.

Q: Differentiation of ZW191?

A: Higher response rate, better safety profile, higher dose levels with manageable safety.