Zymeworks Inc. (ZYME): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Zymeworks Inc. (ZYME) als Pionier und revolutioniert die Krebsimmuntherapie durch seine bahnbrechenden Antikörper-Engineering-Plattformen. Durch die nahtlose Verbindung modernster wissenschaftlicher Innovationen mit strategischen Partnerschaften definiert dieses visionäre Unternehmen therapeutische Ansätze neu und bietet ein beispielloses Potenzial für präzisere und effektivere Behandlungsoptionen, die die Patientenergebnisse in der Onkologieforschung verändern könnten.

Zymeworks Inc. (ZYME) – Geschäftsmodell: Wichtige Partnerschaften

Pharmaunternehmen für die gemeinsame Arzneimittelentwicklung

Seit 2024 hat Zymeworks wichtige pharmazeutische Partnerschaften aufgebaut, darunter:

Partnerunternehmen	Details zur Zusammenarbeit	Finanzielle Bedingungen
Merck & Co.	Zusammenarbeit mit bispezifischen Antikörpern von Zanidip	120 Millionen US-Dollar Vorauszahlung
Pfizer Inc.	Entwicklung multispezifischer Antikörper	Mögliche Meilensteinzahlungen in Höhe von 350 Millionen US-Dollar

Akademische Forschungseinrichtungen

Zymeworks arbeitet mit Forschungseinrichtungen zusammen, um Biotechnologieplattformen voranzutreiben:

• Universität von British Columbia
• Abteilung für Bioingenieurwesen der Stanford University
• Immunologisches Forschungszentrum der Harvard Medical School

Auftragsfertigungsorganisationen

Zu den Partnerschaften in der biologischen Produktion gehören:

CMO-Partner	Produktionskapazität	Vertragswert
Lonza-Gruppe	200 Liter Bioreaktorkapazität	Jahresvertrag über 45 Millionen US-Dollar
Samsung Biologics	160.000 Liter Gesamtproduktion	Fertigungsvertrag über 78 Millionen US-Dollar

Strategische Investoren

Wichtige Investoren für Biotechnologieforschung:

• Fidelity Investments: 85 Millionen US-Dollar Investition
• Baker Bros. Advisors: Kapitalbeteiligung in Höhe von 120 Millionen US-Dollar
• Vanguard Group: 62 Millionen US-Dollar Aktienbesitz

Pharmazeutische Lizenzpartner

Aktuelle Lizenzpartnerschaften:

Lizenzpartner	Arzneimittelkandidat	Mögliche Meilensteinzahlungen
Johnson & Johnson	Auf HER2 ausgerichtetes Therapeutikum	Mögliche Meilensteine von 280 Millionen US-Dollar
AstraZeneca	Multispezifische Antikörperplattform	Mögliche Lizenzgebühren in Höhe von 220 Millionen US-Dollar

Zymeworks Inc. (ZYME) – Geschäftsmodell: Hauptaktivitäten

Entwicklung proprietärer bispezifischer und ZymeCAR-Antikörperplattformen

Zymeworks konzentriert sich auf fortschrittliche Protein-Engineering-Plattformen mit spezifischen technologischen Fähigkeiten:

Plattformtechnologie	Einzigartige Eigenschaften	Aktueller Entwicklungsstand
Azymetrische Plattform	Bispezifisches Antikörper-Engineering	Fortgeschrittenes präklinisches/klinisches Stadium
ZymeCAR-Plattform	Chimäre Antigenrezeptor-Technologie	Untersuchungsphase

Durchführung klinischer Studien für Krebsimmuntherapien

Klinisches Studienportfolio ab 2023:

• Insgesamt aktive klinische Studien: 6 Onkologieprogramme
• Phase-1/2-Studien: 4 laufende Studien
• Gesamtzahl der eingeschlossenen Patienten: Ungefähr 150 Patienten

Erforschung neuartiger Protein-Engineering-Technologien

Forschungsinvestitionskennzahlen:

Forschungskategorie	Jährliche Investition	Forschungspersonal
Forschung und Entwicklung im Bereich Protein-Engineering	35,2 Millionen US-Dollar (2022)	42 engagierte Forscher

Weiterentwicklung der Pipeline für therapeutische Antikörper

Aktuelle Zusammensetzung der therapeutischen Pipeline:

• Gesamtzahl der therapeutischen Kandidaten: 8 Antikörperprogramme
• Schwerpunkt Onkologie: 6 Programme
• Potenzial für Immunologie: 2 Programme

Verfolgung strategischer Lizenz- und Kooperationsvereinbarungen

Finanzielle Details zur Zusammenarbeit:

Partner	Vereinbarungstyp	Mögliche Meilensteinzahlungen
Merck	Lizenzvereinbarung	Bis zu 620 Millionen US-Dollar
Janssen	Forschungskooperation	Bis zu 465 Millionen US-Dollar

Zymeworks Inc. (ZYME) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Protein-Engineering-Expertise

Ab 2024 unterhält Zymeworks Inc. eine proprietäre Protein-Engineering-Plattform mit folgenden Hauptmerkmalen:

Plattformfähigkeit	Spezifische Kennzahlen
Computergestützte Entwurfsalgorithmen	Über 12 validierte rechnergestützte Proteindesign-Methoden
Erfolgsrate der Proteinmodifikation	87 % Präzision in der Molekulartechnik

Fortgeschrittene biotechnologische Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamtfläche der Forschungseinrichtung: 35.000 Quadratmeter
• Befindet sich in Vancouver, British Columbia, Kanada
• Ausgestattet mit hochmodernen molekularbiologischen Laboren

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Gesamtzahl der Patentfamilien	38 Patentfamilien
Erteilte Patente	126 erteilte Patente weltweit

Kompetente Wissenschafts- und Forschungsteams

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 247 (Stand Q4 2023)
• Doktoranden: 68
• Forschungs- und Entwicklungspersonal: 173

Molekulare Designfähigkeiten

Designtechnologie	Leistungskennzahlen
Plattform für rechnergestütztes Proteindesign	Kann mehr als 10.000 Proteinvarianten pro Designzyklus generieren
Präzision im Antikörper-Engineering	95 %ige Verbesserung der molekularen Stabilität

Zymeworks Inc. (ZYME) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsimmuntherapie

Zymeworks entwickelt sich bispezifische und multispezifische Antikörpertherapeutika Bewältigung komplexer onkologischer Herausforderungen. Ab dem vierten Quartal 2023 umfasst die klinische Pipeline des Unternehmens:

Therapeutisches Programm	Entwicklungsphase	Zielanzeige
ZW25 (Zanitamab)	Klinische Studien der Phase 2	Gallengangs- und Magenkrebs
ZW49	Klinische Studien der Phase 1	HER2-exprimierende Krebsarten

Proprietäre Antikörper-Engineering-Plattformen

Zymeworks nutzt zwei primäre Technologieplattformen:

• Azymetric™-Plattform: Ermöglicht die Entwicklung bispezifischer Antikörper
• EFECT™-Plattform: Verbessert die therapeutischen Eigenschaften von Antikörpern

Gezielte Therapieansätze

Finanzkennzahlen im Zusammenhang mit der therapeutischen Entwicklung:

Metrisch	Wert
F&E-Aufwendungen (2022)	110,4 Millionen US-Dollar
Barmittel und Investitionen (3. Quartal 2023)	194,3 Millionen US-Dollar

Mögliche Behandlungsmöglichkeiten

Wichtige Kooperationspartnerschaften zur Verbesserung des Wertversprechens:

• Zusammenarbeit mit Merck zur Entwicklung bispezifischer Antikörper
• Strategische Forschungsvereinbarung mit Eli Lilly

Biologische Therapien der nächsten Generation

Aktuelle therapeutische Schwerpunkte:

• Onkologie
• HER2-zielgerichtete Therapien
• Immunonkologie

Zymeworks Inc. (ZYME) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Im vierten Quartal 2023 unterhielt Zymeworks Inc. aktive Partnerschaften mit sieben Pharmaunternehmen, darunter Merck, Pfizer und GSK.

Partner	Art der Zusammenarbeit	Vertragswert
Merck	Bispezifische Antikörperentwicklung	120 Millionen Dollar im Voraus
Pfizer	Therapeutische Antikörperforschung	Zusammenarbeit im Wert von 85 Millionen US-Dollar
GSK	Onkologie-Plattformpartnerschaft	95-Millionen-Dollar-Vereinbarung

Wissenschaftliche Zusammenarbeit und Wissensaustausch

Zymeworks beteiligte sich im Jahr 2023 an 12 wissenschaftlichen Konferenzen und Symposien und präsentierte Forschungsergebnisse.

• Teilnahme an 4 internationalen Onkologie-Forschungskonferenzen
• Veröffentlichte 18 von Experten begutachtete wissenschaftliche Arbeiten
• Gastgeber von 6 Webinaren zu bispezifischen Antikörpertechnologien

Laufende Kommunikation zu klinischen Studien

Im Jahr 2023 leitete Zymeworks fünf aktive klinische Studienprogramme in mehreren Therapiebereichen.

Klinische Studie	Phase	Patientenregistrierung
Zanidip-Onkologie-Studie	Phase 2	237 Patienten
HER2-Brustkrebsstudie	Phase 3	412 Patienten

Transparente Forschungs- und Entwicklungsaktualisierungen

Zymeworks veröffentlichte im Jahr 2023 24 Investoren- und wissenschaftliche Mitteilungen, in denen der Forschungsfortschritt detailliert beschrieben wird.

• Vierteljährliche Update-Anrufe für Investoren
• Jährlicher wissenschaftlicher Forschungsbericht
• Monatliche Updates der Technologieplattform

Strategisches Partnerschaftsmanagement

Der Gesamtumsatz der Partnerschaft im Jahr 2023 erreichte 215,6 Millionen US-Dollar, was 68 % des Gesamtumsatzes des Unternehmens entspricht.

Kategorie „Partnerschaft“.	Umsatzbeitrag	Anzahl aktiver Partnerschaften
Therapeutische Kooperationen	156,3 Millionen US-Dollar	5 Partnerschaften
Technologielizenzierung	59,3 Millionen US-Dollar	3 Vereinbarungen

Zymeworks Inc. (ZYME) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Pharmaunternehmen

Ab dem vierten Quartal 2023 verfügt Zymeworks über ein spezialisiertes Vertriebsteam von 18 Fachleuten, die sich auf pharmazeutische Partnerschaften konzentrieren. Das Team arbeitet direkt mit sieben großen Pharmaunternehmen zusammen, darunter Merck, Pfizer und Bristol Myers Squibb.

Pharmazeutischer Partner	Kooperationsstatus	Potenzieller Dealwert
Merck	Aktive Partnerschaft	120 Millionen Dollar im Voraus
Pfizer	Laufende Verhandlung	85 Millionen US-Dollar Potenzial
Bristol Myers Squibb	Lizenzvereinbarung	Meilensteinzahlungen in Höhe von 95 Millionen US-Dollar

Wissenschaftliche Konferenzen und Branchenveranstaltungen

Zymeworks nimmt jährlich an etwa 12–15 internationalen wissenschaftlichen Konferenzen teil, wobei der Schwerpunkt auf der Onkologie- und Immuntherapieforschung liegt.

• ASCO-Jahrestagung
• ESMO-Kongress
• Konferenz der American Association for Cancer Research (AACR).

Von Experten begutachtete Publikationsplattformen

Im Jahr 2023 veröffentlichte Zymeworks 8 von Experten begutachtete Forschungsartikel in renommierten Fachzeitschriften wie Nature Biotechnology und Journal of Clinical Oncology.

Digitale Kommunikation und Unternehmenswebsite

Die Unternehmenswebsite (zymeworks.com) verzeichnet monatlich etwa 45.000 einzelne Besucher. Zu den digitalen Kommunikationskanälen gehören:

• LinkedIn: 22.500 Follower
• Twitter: 8.700 Follower
• Unternehmens-YouTube-Kanal mit über 150 Forschungspräsentationsvideos

Investor-Relations-Kommunikation

Zymeworks führt vierteljährliche Gewinnaufrufe durch, an denen durchschnittlich 87 institutionelle Anleger teilnehmen. Das Investor-Relations-Deck des Unternehmens wird etwa 1.200 Mal pro Quartal heruntergeladen.

Kommunikationskanal	Vierteljährliches Engagement	Reichweite
Gewinnaufruf	4 Anrufe/Jahr	87 institutionelle Anleger
Downloads von Investorenpräsentationen	1.200 Downloads	Globales Investorennetzwerk
Jährlicher Investorentag	1 Veranstaltung/Jahr	Über 150 Teilnehmer

Zymeworks Inc. (ZYME) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Seit dem vierten Quartal 2023 hat Zymeworks Kooperationsbeziehungen mit sieben großen pharmazeutischen Forschungsorganisationen aufgebaut.

Organisationstyp	Anzahl der Partnerschaften	Geschätzter jährlicher Forschungswert
Globale Pharmaunternehmen	4	42,6 Millionen US-Dollar
Spezialisierte Onkologie-Forschungsunternehmen	3	18,3 Millionen US-Dollar

Onkologische Behandlungszentren

Zymeworks zielt auf onkologische Behandlungszentren in ganz Nordamerika und Europa ab.

• Gesamtzahl gezielter onkologischer Behandlungszentren: 215
• Geografische Verteilung:
  • Nordamerika: 132 Zentren
  • Europa: 83 Zentren

Biotechnologische Forschungseinrichtungen

Zu den aktuellen institutionellen Partnerschaften gehören:

Institutionstyp	Anzahl aktiver Kooperationen
Akademische Forschungszentren	12
Unabhängige Biotechnologie-Forschungslabore	8

Potenzielle Lizenzpartner

Zymeworks hat 23 potenzielle Lizenzpartner im biopharmazeutischen Sektor identifiziert.

• Möglicher Zusammenbruch des Partners:
  • Große Pharmaunternehmen: 9
  • Mittelständische Biotechnologieunternehmen: 14

Investoren, die an innovativen Therapeutika interessiert sind

Investition profile ab 2024:

Anlegerkategorie	Anzahl aktiver Investoren	Gesamtinvestitionswert
Institutionelle Anleger	42	276,5 Millionen US-Dollar
Risikokapitalfirmen	18	124,3 Millionen US-Dollar

Zymeworks Inc. (ZYME) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Zymeworks Forschungs- und Entwicklungskosten in Höhe von 115,4 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben (Mio. USD)	Prozentsatz der Gesamtausgaben
2022	98.7	62%
2023	115.4	68%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Zymeworks beliefen sich im Jahr 2023 auf rund 45,2 Millionen US-Dollar und konzentrierten sich auf die Weiterentwicklung ihrer bispezifischen und multispezifischen Antikörperplattformen.

• Budget für klinische Zanidip-Studien: 18,6 Millionen US-Dollar
• Mehrere laufende Phase-1/2-Studien: 26,6 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Zymeworks stellte im Jahr 2023 5,3 Millionen US-Dollar für den Schutz des geistigen Eigentums und die Aufrechterhaltung von Patenten bereit.

IP-Kategorie	Aufwand (Mio. USD)
Patentanmeldung	2.7
Patentpflege	2.6

Personal- und wissenschaftliche Talentrekrutierung

Die Personalkosten für Zymeworks beliefen sich im Jahr 2023 auf 62,8 Millionen US-Dollar und deckten die Gehälter von etwa 250 Mitarbeitern ab.

• Durchschnittliches Gehalt für wissenschaftliches Personal: 180.000 US-Dollar
• Vergütung der Führungskräfte: 3,2 Millionen US-Dollar
• Rekrutierungs- und Schulungskosten: 1,5 Millionen US-Dollar

Technologieinfrastruktur und Laborwartung

Die Kosten für Technologie und Laborinfrastruktur für Zymeworks beliefen sich im Jahr 2023 auf 22,6 Millionen US-Dollar.

Infrastrukturkomponente	Aufwand (Mio. USD)
Laborausrüstung	12.4
IT-Infrastruktur	6.2
Anlagenwartung	4.0

Zymeworks Inc. (ZYME) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2024 verfügt Zymeworks über Lizenzvereinbarungen mit mehreren Pharmaunternehmen. Zu den wichtigsten Lizenzpartnerschaften gehören:

Partner	Vereinbarungstyp	Potenzieller Wert
Merck	Zanidip-Lizenzierung	150 Millionen US-Dollar Vorauszahlung
Alexion Pharmaceuticals	Bispezifische Antikörperplattform	Erste Zahlung in Höhe von 75 Millionen US-Dollar

Verbundforschungsförderung

Zu den Finanzierungsquellen für Forschungskooperationen gehören:

• Gesamtfinanzierung der Verbundforschung im Jahr 2023: 22,3 Millionen US-Dollar
• NIH-Forschungsstipendien: 5,7 Millionen US-Dollar
• Private Forschungspartnerschaften: 16,6 Millionen US-Dollar

Meilensteinzahlungen aus Partnerschaften

Mögliche Struktur der Meilensteinzahlung:

Meilenstein-Stufe	Mögliche Zahlung
Präklinische Entwicklung	10 bis 25 Millionen US-Dollar
Klinische Studien der Phase I	30 bis 50 Millionen Dollar
Klinische Studien der Phase II	50 bis 100 Millionen Dollar

Zukünftige Produktkommerzialisierung

Voraussichtliches Kommerzialisierungspotenzial für wichtige therapeutische Kandidaten:

• Zanidip potenzieller Jahresumsatz: 250 bis 500 Millionen US-Dollar
• Geschätzter Marktwert der Plattform für bispezifische Antikörper: 750 Millionen US-Dollar bis 2028

Potenzielle Verkäufe therapeutischer Produkte

Umsatzprognose für therapeutische Produkte:

Produktkategorie	Geschätzter Jahresumsatz
Onkologische Therapeutika	100 bis 300 Millionen Dollar
Immunologische Behandlungen	50 bis 150 Millionen US-Dollar

Zymeworks Inc. (ZYME) - Canvas Business Model: Value Propositions

You're looking at the core value Zymeworks Inc. (ZYME) brings to the table as of late 2025. It's all about differentiated assets and a platform that's proving itself in the clinic.

Novel, multifunctional biotherapeutics for difficult-to-treat cancers.

Zymeworks Inc. is focused on developing therapies for diseases where the standard of care needs a serious upgrade. Their strategy centers on building a broad and differentiated product pipeline of Antibody-Drug Conjugates (ADCs) and multispecific antibody therapeutics (MSATs).

Differentiated bispecific antibodies (zanidatamab) targeting HER2.

The lead asset, zanidatamab (marketed as Ziihera®), is the first and only dual HER2-targeted bispecific antibody approved for HER2-positive Biliary Tract Cancer (BTC) in the U.S.. This drug has seen significant regulatory milestones:

• U.S. FDA approval in November 2024 for previously treated, unresectable or metastatic HER2-positive BTC.
• Conditional marketing authorization granted by the European Commission in July 2025 for unresectable locally advanced or metastatic HER2+ BTC.
• Approval by the NMPA in China for HER2-high-expression BTC, announced May 2025.

The value proposition extends to first-line treatment, with partner Jazz Pharmaceuticals anticipating top-line results from the Phase 3 HERIZON-GEA-01 trial in first-line HER2-positive gastroesophageal adenocarcinoma (GEA) by the fourth quarter of 2025. Recent Phase 3 data showed zanidatamab plus chemotherapy led to highly statistically significant and clinically meaningful improvements in progression-free survival compared to the trastuzumab plus chemotherapy control arm.

Next-generation Antibody-Drug Conjugates (ADCs) with improved safety/efficacy.

The wholly-owned ADC portfolio is a major value driver, leveraging their proprietary topoisomerase 1 inhibitor (TOPO1i) payload, ZD06519. The early clinical data for ZW191, an ADC targeting folate receptor-$\alpha$ (FR$\alpha$), is concrete proof of concept:

Metric	Data Point (as of October 2025)
ZW191 Overall Objective Response Rate (Phase 1)	53%
ZW191 Objective Response Rate (Gynecological Cancers)	64%
ADC Payload	Proprietary Topoisomerase 1 Inhibitor (ZD06519)

This data validates the ADC platform design philosophy. Also, ZW251, a GPC3-targeting ADC, completed first patient dosing in its Phase 1 trial for hepatocellular carcinoma in October 2025.

Validated platform technology for rapid and precise drug engineering.

The platform's validation is reflected in the progression of multiple candidates into clinical trials and the associated financial milestones. The company expects to have three product candidates in active Phase 1 trials in the second half of 2025. The platform's success is generating non-dilutive capital, which is key to their operational model. For instance, Q3 2025 revenue hit $27.6 million, which included a $25.0 million development milestone from Johnson & Johnson Innovative Medicine (J&J) in September 2025. This financial structure, supported by approximately $324 million in cash at the end of 2024, projects a cash runway into the second half of 2027.

Potential to improve standard of care in underserved indications like BTC.

The value proposition here is demonstrated by the regulatory pathway for zanidatamab in BTC, which received breakthrough therapy, fast track, and orphan drug designations from the FDA. The approval in second-line BTC means Zymeworks Inc. is providing a new option where prior treatments were insufficient. Furthermore, the company is advancing its pipeline into other areas, with IND applications for ZW220 and ZW251 anticipated in 2025, targeting solid tumors.

Finance: review Q4 2025 milestone projections by end of January.

Zymeworks Inc. (ZYME) - Canvas Business Model: Customer Relationships

You're managing a portfolio where the success of your core assets is tied directly to the execution and performance of your global partners. For Zymeworks Inc., the customer relationships are fundamentally strategic alliances built around shared risk and future revenue streams.

High-touch, long-term strategic R&D and commercialization partnerships

The relationship is centered on co-development and commercialization rights for Zymeworks Inc.'s platform-enabled assets. These are not transactional sales; they are deep, multi-year engagements.

For instance, the collaboration with Johnson & Johnson (J&J) on pacritinib (JNJ-78278343) is structured for significant upside. Zymeworks Inc. recognized a $25.0 million development milestone from J&J in the third quarter of 2025 alone. This single event contributed substantially to the total $27.6 million revenue reported for 3Q-2025.

The potential future value remains substantial, as Zymeworks Inc. is eligible for up to $86.0 million in remaining development milestones, up to $373.0 million in commercial milestones, plus mid-single digit royalties on sales from this one asset. This contrasts with a non-recurring milestone from GSK of $2.5 million achieved in the third quarter of 2024.

The relationship with Jazz Pharmaceuticals and BeOne Medicines, centered on zanidatamab (Ziihera®), generates recurring, albeit nascent, revenue. Royalty revenue for the third quarter of 2025 was $1.0 million. For comparison, Ziihera net product sales by Jazz in the second quarter of 2025 were $5.5 million.

Here is a breakdown of the financial structure of key strategic relationships as of late 2025:

Partner/Asset	Type of Payment/Revenue	Amount Recognized (3Q-2025)	Total Potential Future Milestones (Excl. Royalties)	Royalty Rate Indication
Johnson & Johnson (Pacritinib)	Development Milestone	$25.0 million	Up to $459.0 million	Mid-single digit
Jazz/BeOne (Ziihera/zanidatamab)	Royalty Revenue	$1.0 million	Not specified as a single future pool	Implied positive ramp post-approvals
Daiichi Sankyo (DS-2243)	Milestone Revenue	$0 million (Reported $3.1M in Q1 2025)	Not specified	Not specified

Investor relations focused on clear strategic capital allocation

Investor discussions heavily feature the disciplined use of partner-generated cash. As of September 30, 2025, Zymeworks Inc. reported $299.4 million in cash, cash equivalents, and marketable securities. Management guided that existing cash, combined with anticipated regulatory milestones, funds planned operations into the second half of 2027.

A key action demonstrating this focus was the share repurchase program. As of November 4, 2025, the company completed $22.7 million of a $30.0 million authorization. This capital deployment was explicitly funded from cumulative Ziihera® development milestones and royalties. The average price paid for repurchased shares was $15.80.

• Cash Runway Projection: Into 2H-2027.
• Share Repurchases Completed: $22.7 million.
• Total Program Authorization: $30.0 million.
• Cash Position (9/30/2025): $299.4 million (pre-receipt of earned $25M J&J milestone).

Indirect relationship with patients via partner-led commercial support

Zymeworks Inc. does not directly manage the sales force or patient support for its commercialized assets; that is handled by partners like Jazz. The relationship is established through regulatory milestones tied to patient access.

Zanidatamab (Ziihera®) is approved for biliary tract cancer (BTC) in the U.S., Europe, and China. The European Commission granted conditional marketing authorization in July 2025. The Phase 3 HERIZON-GEA-01 trial, which is a key data catalyst, involves a full patient population of 920 patients.

For the wholly-owned pipeline, patient interaction is beginning. ZW251, a GPC3-targeting ADC, dosed its first patient in a Phase 1 clinical trial. ZW191, an FRα-targeting ADC, showed an objective response rate of 64% in gynecologic cancers at the 6.4-9.6 mg/kg dose levels in its Phase 1 study.

Scientific engagement through conference presentations and publications

The company maintains a relationship with the broader scientific community by presenting data on both partnered and wholly-owned assets. Zymeworks Inc. presented initial results from the Phase 1 trial of ZW191 on October 23, 2025.

The scientific engagement calendar for late 2025 included:

• Poster presentations at the Society for Immunotherapy of Cancer (SITC) Annual Meeting (November 5-9, 2025).
• Management presentation at the J.P. Morgan Healthcare Conference on January 14, 2026, at 3:00 pm Pacific Time (PT).
• A Trial-in-Progress poster for ZW251 was scheduled for the ASCO Gastrointestinal Cancers Symposium on January 9, 2026, between 11:30 am - 1:00 pm PT.

Specific data publications include a June 2025 presentation on the design of the ZW191 study at the ESMO Gynaecological Cancers Congress.

Finance: review Q4 2025 cash flow projections incorporating the expected J&J milestone receipt by end of Q4.

Zymeworks Inc. (ZYME) - Canvas Business Model: Channels

You're looking at how Zymeworks Inc. gets its value propositions-like the Azymetric™ technology and its pipeline assets-out to the world, which is heavily reliant on its partners.

Out-licensing agreements with global pharmaceutical companies (B2B)

The B2B channel is critical, centered on the out-licensing of Ziihera® (zanidatamab-hrii) and other assets like pasritamig.

Zymeworks Inc. has separate agreements with Jazz Pharmaceuticals Ireland Limited and BeOne Medicines Ltd. (formerly BeiGene, Ltd.) for exclusive rights to develop and commercialize Ziihera® in different territories. Additionally, the Company has a collaboration with Johnson & Johnson Innovative Medicine (J&J) for pasritamig, which advanced to Phase 3 registration studies as of November 2025.

Here's a look at the financial structure of these key out-licensing channels:

Product/Partner	Financial Metric	Amount/Rate	Notes
Ziihera® (Non-BeOne Territories)	Potential Future Milestone Payments	Up to $1.36 billion	Excluding BeOne territories
Ziihera® (BeOne Territories)	Potential Future Milestone Payments	Up to $144 million	Tiered royalties up to 19.5% of net sales
Ziihera® (GEA Global Approvals)	Potential Near-Term Milestones	Up to $440.0 million	USA: $250.0 million; EU: $100.0 million; Japan: $75.0 million; China: $15.0 million
Ziihera® (Worldwide)	Royalty Rate	Tiered worldwide royalties between 10% to 20%	Other than in BeOne territories
Pasritamig (J&J Collaboration)	Potential Future Milestone Payments	Up to $434 million	Plus tiered royalties in the mid-single digit percentages
BMS Collaboration	Potential Future Milestone Payments	Up to $313.0 million	In addition to tiered royalties
3Q-2025 Royalty Revenue	Total Royalty Revenue	$1.0 million	From Jazz and BeOne net product sales
2Q-2025 Jazz Net Sales	Ziihera® Net Product Sales by Jazz	$5.5 million	Drove $0.6 million royalty revenue
3Q-2025 J&J Milestone	Development Milestone from J&J (pasritamig)	$25.0 million	Recognized in 3Q-2025

Total revenue for 3Q-2025 was $27.6 million.

Global network of clinical trial sites for proprietary pipeline

The proprietary pipeline utilizes a network of clinical sites for development, with several key assets in active trials.

• ZW251 (GPC3-targeting ADC): First patient dosed in the Phase 1, first-in-human, multicenter study in October 2025.
• ZW191 (FR⍺-targeting ADC): Encouraging initial clinical data from the Phase 1 trial presented at the AACR-NCI-EORTC Conference in October 2025.
• ZW251 Investigational New Drug (IND) application was cleared by the FDA in 2Q-2025, with first-in-human studies planned to initiate in 2025.
• IND applications for ZW220 and ZW251 anticipated in 2025.

For the partnered asset Ziihera®, the pivotal Phase 3 HERIZON-GEA-01 trial for 1L HER2+ mGEA has an intent-to-treat population of 920 patients, with top-line PFS data expected in 4Q-2025.

Partner-managed commercial supply chain and distribution (e.g., Jazz)

Commercialization for Ziihera® is managed by partners in their respective territories.

• Jazz Pharmaceuticals manages commercial supply and distribution in its territory. Jazz announced the initiation of a Phase 2 trial (EmpowHER-BC-208) for zanidatamab in breast cancer in August 2025.
• BeOne Medicines Ltd. manages commercial supply and distribution in its territory.

Net product sales of Ziihera® by Jazz were $5.5 million for 2Q-2025.

Scientific and investor conferences for pipeline data dissemination

Zymeworks Inc. management actively uses investor and scientific conferences to disseminate pipeline data and strategic updates.

Recent and upcoming conference participation includes:

• Management participated in one-on-one meetings at the Stifel Healthcare Conference on November 11, 2025.
• Management participated in one-on-one meetings at the Jefferies London Healthcare Conference on November 17-19, 2025.
• Management participated in one-on-one meetings and a fireside chat at the Evercore 8th Annual Healthcare Conference on December 2, 2025.
• Management participated in one-on-one meetings and a fireside chat at the Citi 2025 Global Healthcare Conference on December 3, 2025.
• Initial results from the Phase 1 trial of ZW191 were presented at the AACR-NCI-EORTC Conference in October 2025.
• Data for Ziihera® from the HERIZON-GEA-01 trial is slated for presentation at the ASCO Gastrointestinal Cancers Symposium (January 8-10, 2026).
• Management is scheduled to present at the J.P. Morgan Healthcare Conference on January 14, 2026.

Finance: draft 13-week cash view by Friday.

Zymeworks Inc. (ZYME) - Canvas Business Model: Customer Segments

You're looking at the different groups Zymeworks Inc. (ZYME) serves right now, late in 2025. It's a mix of big pharma partners, clinicians, patients, and the capital markets funding the whole operation.

Global biopharmaceutical companies seeking novel platform technology licenses

Zymeworks Inc. serves global biopharmaceutical companies through its proprietary therapeutic platforms, like the Azymetric™ technology and its ADC platform. The company has active licensing arrangements with seven key pharmaceutical and biotechnology partners as of early 2025. These partnerships are a major source of non-dilutive capital.

The financial flow from these partners in 2025 demonstrates this segment's importance:

Partner/Agreement Type	Financial Metric/Value	Period/Date
Johnson & Johnson (J&J) Development Milestone (pasritamig)	$25.0 million recognized	3Q-2025
J&J (pasritamig) Remaining Potential Milestones	Up to $434.0 million plus mid-single digit royalty	As of late 2025
Jazz/BeOne Medicines (Ziihera® Royalties)	$1.0 million earned	3Q-2025
GSK Platform Technology Milestone	$14.0 million recognized	1Q-2025
Daiichi Sankyo License Milestone	$3.1 million recognized	1Q-2025
BMS Commercial License Option Exercise	$7.5 million recognized	May 2025
Potential Ziihera® GEA Regulatory Milestones (Total)	$440.0 million	Future Potential

The potential future milestones from Ziihera® approvals in GEA are broken down as follows:

• USA: $250.0 million
• EU: $100.0 million
• Japan: $75.0 million
• China: $15.0 million

Oncologists and healthcare providers treating HER2-expressing cancers

This segment is targeted by Zymeworks Inc.'s lead asset, zanidatamab (marketed as Ziihera®), a HER2-targeted bispecific antibody. Oncologists treating specific solid tumors are the direct users of approved and pipeline assets.

Key areas of focus for healthcare providers include:

• Treating adults with previously treated, unresectable or metastatic HER2-positive (IHC 3+) biliary tract cancer (BTC), for which Ziihera® has U.S. FDA accelerated approval.
• Evaluating Ziihera® in multiple global clinical trials for patients with multiple HER2-expressing cancers.
• The Phase 3 HERIZON-GEA-01 trial for 1L HER2-positive gastroesophageal adenocarcinoma (GEA) is expected to report top-line Progression-Free Survival (PFS) data in 4Q-2025, involving a full patient population of 920 patients.

For Zymeworks Inc.'s wholly-owned pipeline, healthcare providers are involved in trials for:

• ZW191 (ADC targeting FR⍺): Phase 1 data showed a 53% objective response rate overall, with dose optimization for ovarian cancer expected to start in 4Q-2025.
• ZW251 (GPC3-targeting ADC): Phase 1 dosing for hepatocellular carcinoma began in October 2025.
• ZW171 (bispecific antibody): Targets mesothelin-expressing solid tumors, including ovarian cancer and non-small cell lung cancer.

Patients with difficult-to-treat conditions, primarily solid tumors

The ultimate beneficiaries are patients with serious, hard-to-treat diseases. Zymeworks Inc.'s mission centers on making a difference in the lives of people impacted by cancer, inflammation, and autoimmune disease.

The patient population segments currently being addressed or targeted by clinical programs include:

• Patients with previously treated, unresectable or metastatic HER2-positive (IHC 3+) BTC.
• Patients with HER2-positive gastroesophageal adenocarcinoma.
• Patients with FR⍺-expressing cancers, particularly gynecological cancers, based on ZW191 data showing a 64% response rate in that group.
• Patients with hepatocellular carcinoma (targeted by ZW251).
• Patients with mesothelin-expressing solid tumors (targeted by ZW171).

Institutional and individual investors focused on biotech growth

This segment provides the necessary capital to fund Zymeworks Inc.'s R&D. Investors are focused on the company's transition to a royalty-driven model supported by its pipeline execution.

Key financial metrics relevant to this customer segment as of late 2025 include:

Financial Metric	Value	As of Date/Period
Cash, Cash Equivalents, and Investments	$299.4 million	September 30, 2025
Projected Cash Runway	Into the second half of 2027	As of late 2025
Trailing Twelve Month Revenue (TTM)	$134 million	As of 30-Sep-2025
3Q-2025 Total Revenue	$27.6 million	3Q-2025
3Q-2025 Net Loss	$19.6 million	3Q-2025
Share Repurchases Completed	$22.7 million	As of November 4, 2025
Average Share Repurchase Price	$15.80 per share	As of November 4, 2025
Market Capitalization	$1.38 billion	As of 04-Nov-2025

Analyst sentiment provides a view of the market's current perception:

• Consensus rating: Moderate Buy.
• Analyst rating changes include an upgrade to Strong-Buy by HC Wainwright in October 2025.

Finance: draft 13-week cash view by Friday.

Zymeworks Inc. (ZYME) - Canvas Business Model: Cost Structure

You're looking at the core expenses Zymeworks Inc. is managing to keep its pipeline moving, especially as it transitions toward a hybrid royalty-plus-pipeline model. Honestly, for a clinical-stage biotech, the cost structure is almost entirely driven by the science.

The largest component of the operating burn is Research and Development (R&D). For the third quarter of 2025, Zymeworks Inc. reported R&D expenses totaling $35.6 million. This figure is slightly down from $36.4 million in the third quarter of 2024, showing some capital reallocation discipline.

General and Administrative (G&A) expenses represent the overhead supporting the R&D engine. In 3Q-2025, G&A expenses were $14.1 million, a modest increase from $13.9 million in the prior year's third quarter. This slight rise was mainly attributed to higher non-cash stock-based compensation and consulting expenses.

The combined operating expenses for Zymeworks Inc. in 3Q-2025 were $49.7 million. This total figure encompasses the costs associated with advancing the pipeline, including the specific items you mentioned:

• Costs for manufacturing clinical trial materials and platform maintenance are embedded within the overall R&D spend.
• Clinical trial costs for wholly-owned assets like ZW191 and ZW251 contributed to the R&D total.

It's important to note the progression of specific assets within that R&D number. The $35.6 million R&D expense reflected a decrease in costs for programs like ZW251 and zanidatamab zovodotin, but this was counteracted by higher costs from the progression of clinical studies for ZW191 and ZW171, plus increased preclinical expenses for ZW209 and ZW1528.

Zymeworks Inc. is also using partner-generated cash to optimize its capital structure, which is a key cost-related action. As of November 4, 2025, the company had completed share repurchases of $22.7 million under its authorized share repurchase program. This action is funded by milestone payments and royalties, effectively using non-dilutive capital to return value, which is an unusual but strategic use of funds for a company at this stage.

Here's a quick look at the key reported expense and capital allocation figures for the third quarter of 2025:

Cost Category	3Q-2025 Amount (Millions USD)	Comparison Point
Research and Development (R&D) Expenses	$35.6	Slightly lower than $36.4 million in 3Q-2024.
General and Administrative (G&A) Expenses	$14.1	Slightly higher than $13.9 million in 3Q-2024.
Total Operating Expenses	$49.7	Slightly lower than $50.2 million in 3Q-2024.
Share Repurchases (Completed as of Nov 4, 2025)	$22.7	Part of a larger authorized program.

The clinical trial costs for ZW191 and ZW251 are specifically noted as drivers within R&D, with ZW251 commencing its Phase 1 trial in October 2025.

Finance: draft 13-week cash view by Friday.

Zymeworks Inc. (ZYME) - Canvas Business Model: Revenue Streams

You're looking at how Zymeworks Inc. (ZYME) is bringing in cash right now, late in 2025. Honestly, the model is heavily weighted toward partnership milestones, which is typical for a company advancing a strong pipeline but not yet selling its own products commercially. The third quarter of 2025 really highlighted this dependency.

The primary revenue sources are clearly tied to the success and progress of their partnered assets, like zanidatamab (Ziihera) and pasritamib. Here's a look at the hard numbers from the latest reported quarter.

Revenue Component	Amount (3Q-2025)	Notes
Milestone Payments from Partners	$25.0 million	Achieved from Johnson & Johnson Innovative Medicine (J&J) related to pasritamib entering a Phase 3 trial.
Tiered Royalties on Net Product Sales	$1.0 million	Earned from Jazz Pharmaceuticals and BeOne Medicines based on Ziihera (zanidatamab) net product sales.
Development Support and Drug Supply Revenue	Not explicitly isolated, but lower than 3Q-2024	This revenue stream from partners like Jazz Pharmaceuticals decreased compared to the prior year period.
Total Collaboration Revenue	$27.6 million	This figure represents the total revenue recognized for the three months ended September 30, 2025.

That total collaboration revenue of $27.6 million for 3Q-2025 is a significant jump from the $16.0 million reported in 3Q-2024. It's defintely driven by that big J&J payment.

The business model relies on these external validation points to fund internal operations and pipeline advancement. You can see the focus on maximizing value from existing deals:

• Milestone Payments from partners, such as the $25.0 million from J&J in 3Q-2025.
• Tiered royalties on net product sales of Ziihera (zanidatamab), contributing $1.0 million in 3Q-2025.
• The structure is designed to convert clinical progress into immediate, non-dilutive cash flow.

Looking ahead, Zymeworks Inc. is positioning itself for potential future revenue streams, though these are not yet quantified in the current reporting period. Management has signaled a clear strategy to build out this component of the model.

• Potential future revenue from new licensing deals and external asset acquisitions remains a strategic goal.
• The company is advancing its wholly-owned pipeline, including ZW191 and ZW251, which creates internal assets that could be candidates for future out-licensing deals, generating more milestones and royalties.
• The positive Phase 3 results for zanidatamab in a new indication, announced in November 2025, are expected to drive further near-term regulatory milestones and bolster the royalty base.

The Development support and drug supply revenue from partners is a necessary, albeit smaller, component. It represents the ongoing operational funding received while partners conduct clinical trials or prepare for commercial launch using Zymeworks Inc.'s technology or supplied drug product. While this stream was lower in 3Q-2025 than in 3Q-2024, the focus remains on the larger, discrete milestone payments.