Zymeworks Inc. (ZYME): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, ZymeWorks Inc. (Zyme) emerge como una fuerza pionera, revolucionando la inmunoterapia contra el cáncer a través de sus innovadoras plataformas de ingeniería de anticuerpos. Al combinar a la perfección la innovación científica de vanguardia con asociaciones estratégicas, esta compañía visionaria está redefiniendo los enfoques terapéuticos, ofreciendo un potencial sin precedentes para opciones de tratamiento más precisas y efectivas que podrían transformar los resultados de los pacientes en la investigación oncológica.

ZymeWorks Inc. (Zyme) - Modelo de negocio: asociaciones clave

Compañías farmacéuticas para el desarrollo de medicamentos colaborativos

A partir de 2024, ZyMeWorks ha establecido asociaciones farmacéuticas clave que incluyen:

Empresa asociada	Detalles de colaboración	Términos financieros
Merck & Co.	Zanidip Bispecific Anticody Colaboración	$ 120 millones de pago por adelantado
Pfizer Inc.	Desarrollo de anticuerpos multiespecífico	Pagos potenciales de $ 350 millones

Instituciones de investigación académica

ZymeWorks colabora con instituciones de investigación para avanzar en las plataformas de biotecnología:

• Universidad de Columbia Británica
• Departamento de bioingeniería de la Universidad de Stanford
• Centro de Investigación de Inmunología de la Escuela de Medicina de Harvard

Organizaciones de fabricación de contratos

Las asociaciones de producción biológica incluyen:

Socio de CMO	Capacidad de fabricación	Valor de contrato
Grupo lonza	200 litros de capacidad de biorreactor	Contrato anual de $ 45 millones
Biológicos de Samsung	160,000 litros de producción total	Acuerdo de fabricación de $ 78 millones

Inversores estratégicos

Inversores clave de investigación de biotecnología:

• Fidelity Investments: $ 85 millones de inversión
• Baker Bros. Advisors: participación de capital de $ 120 millones
• Vanguard Group: $ 62 millones de participaciones

Socios de licencia farmacéutica

Asociaciones actuales de licencia:

Socio de licencia	Candidato a la droga	Pagos potenciales de hitos
Johnson & Johnson	Terapéutico dirigido a HER2	$ 280 millones potenciales hitos
Astrazeneca	Plataforma de anticuerpos multiespecíficos	Tarifas de licencia potenciales de $ 220 millones

ZymeWorks Inc. (Zyme) - Modelo de negocio: actividades clave

Desarrollo de plataformas de anticuerpos biespecíficos y zymecar patentados

ZymeWorks se centra en plataformas avanzadas de ingeniería de proteínas con capacidades tecnológicas específicas:

Tecnología de plataforma	Características únicas	Etapa de desarrollo actual
Plataforma azimétrica	Ingeniería de anticuerpos biespecíficos	Etapa preclínica/clínica avanzada
Plataforma Zymecar	Tecnología de receptores de antígeno quimérico	Etapa de investigación

Realización de ensayos clínicos para inmunoterapias contra el cáncer

Cartera de ensayos clínicos a partir de 2023:

• Ensayos clínicos activos totales: 6 programas de oncología
• Ensayos de fase 1/2: 4 estudios en curso
• Total de los pacientes inscritos: aproximadamente 150 pacientes

Investigación de nuevas tecnologías de ingeniería de proteínas

Investigación de métricas de inversión:

Categoría de investigación	Inversión anual	Personal de investigación
Ingeniería de proteínas I + D	$ 35.2 millones (2022)	42 investigadores dedicados

Avance de la tubería de anticuerpos terapéuticos

Composición de tubería terapéutica actual:

• Candidatos terapéuticos totales: 8 programas de anticuerpos
• Enfoque oncológico: 6 programas
• Potencial de inmunología: 2 programas

Persiguiendo acuerdos estratégicos de licencias y colaboración

Detalles financieros de colaboración:

Pareja	Tipo de acuerdo	Pagos potenciales de hitos
Merck	Acuerdo de licencia	Hasta $ 620 millones
Janssen	Colaboración de investigación	Hasta $ 465 millones

ZymeWorks Inc. (Zyme) - Modelo de negocio: recursos clave

Experiencia especializada en ingeniería de proteínas

A partir de 2024, ZymeWorks Inc. mantiene un Plataforma de ingeniería de proteínas patentadas Con las siguientes características clave:

Capacidad de plataforma	Métricas específicas
Algoritmos de diseño computacional	Más de 12 metodologías de diseño de proteínas computacionales validadas
Tasa de éxito de modificación de proteínas	87% de precisión en ingeniería molecular

Instalaciones avanzadas de investigación de biotecnología

Detalles de la infraestructura de investigación:

• Espacio total de la instalación de investigación: 35,000 pies cuadrados
• Ubicado en Vancouver, Columbia Británica, Canadá
• Equipado con laboratorios de biología molecular de última generación

Cartera de propiedades intelectuales

Categoría de IP	Número de activos
Familias de patentes totales	38 familias de patentes
Patentes concedidas	126 patentes emitidas a nivel mundial

Equipos científicos e investigadores calificados

Composición de la fuerza laboral:

• Total de empleados: 247 (a partir del cuarto trimestre 2023)
• Investigadores a nivel de doctorado: 68
• Personal de investigación y desarrollo: 173

Capacidades de diseño molecular

Tecnología de diseño	Métricas de rendimiento
Plataforma de diseño de proteínas computacionales	Capaz de generar más de 10,000 variantes de proteínas por ciclo de diseño
Precisión de ingeniería de anticuerpos	Tasa de mejora de estabilidad molecular del 95%

ZymeWorks Inc. (Zyme) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de inmunoterapia con cáncer

ZymeWorks se desarrolla Terapéutica de anticuerpos biespecífico y multiespecífico Dirigido a los complejos desafíos oncológicos. A partir del cuarto trimestre de 2023, la tubería clínica de la compañía incluye:

Programa terapéutico	Etapa de desarrollo	Indicación objetivo
ZW25 (Zanidatamab)	Ensayos clínicos de fase 2	Tracto biliar y cánceres gástricos
ZW49	Ensayos clínicos de fase 1	Cánceres que expresan HER2

Plataformas de ingeniería de anticuerpos patentadas

ZyMeWorks aprovecha dos plataformas tecnológicas principales:

• Plataforma Azymetric ™: habilita el desarrollo de anticuerpos biespecíficos
• Plataforma Efect ™: mejora las propiedades terapéuticas de anticuerpos

Enfoques terapéuticos dirigidos

Métricas financieras relacionadas con el desarrollo terapéutico:

Métrico	Valor
Gastos de I + D (2022)	$ 110.4 millones
Efectivo e inversiones (tercer trimestre de 2023)	$ 194.3 millones

Opciones de tratamiento potenciales

Asociaciones de colaboración clave que mejoran la propuesta de valor:

• Colaboración de Merck para el desarrollo de anticuerpos biespecíficos
• Acuerdo de investigación estratégica de Eli Lilly

Terapias biológicas de próxima generación

Áreas de enfoque terapéutico actuales:

• Oncología
• Terapias dirigidas a HER2
• Inmuno-oncología

ZymeWorks Inc. (Zyme) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir del cuarto trimestre de 2023, ZymeWorks Inc. mantuvo asociaciones activas con 7 compañías farmacéuticas, incluidas Merck, Pfizer y GSK.

Pareja	Tipo de colaboración	Valor de contrato
Merck	Desarrollo de anticuerpos biespecíficos	$ 120 millones por adelantado
Pfizer	Investigación de anticuerpos terapéuticos	Colaboración de $ 85 millones
Gsk	Asociación de plataforma de oncología	Acuerdo de $ 95 millones

Colaboración científica y intercambio de conocimientos

ZymeWorks participó en 12 conferencias científicas y simposios en 2023, presentando hallazgos de investigación.

• Participó en 4 conferencias internacionales de investigación de oncología
• Publicado 18 artículos científicos revisados ​​por pares
• Alojado 6 seminarios web en tecnologías de anticuerpos biespecíficos

Comunicaciones de ensayos clínicos en curso

En 2023, ZymeWorks administró 5 programas de ensayos clínicos activos en múltiples áreas terapéuticas.

Ensayo clínico	Fase	Inscripción del paciente
Juicio de oncología de zanidip	Fase 2	237 pacientes
Estudio de cáncer de mama HER2	Fase 3	412 pacientes

Actualizaciones de investigación y desarrollo transparentes

ZymeWorks emitió 24 comunicaciones inversionistas y científicas en 2023, detallando el progreso de la investigación.

• Llamadas de actualización trimestral de los inversores
• Informe anual de investigación científica
• Actualizaciones de plataforma de tecnología mensual

Gestión de la Asociación Estratégica

Los ingresos totales de la asociación para 2023 alcanzaron los $ 215.6 millones, lo que representa el 68% de los ingresos totales de la compañía.

Categoría de asociación	Contribución de ingresos	Número de asociaciones activas
Colaboraciones terapéuticas	$ 156.3 millones	5 asociaciones
Licencias de tecnología	$ 59.3 millones	3 acuerdos

ZymeWorks Inc. (Zyme) - Modelo de negocio: canales

Equipo de ventas directo dirigido a compañías farmacéuticas

A partir del cuarto trimestre de 2023, ZymeWorks mantiene un equipo de ventas especializado de 18 profesionales centrado en asociaciones farmacéuticas. El equipo tiene un compromiso directo con 7 principales compañías farmacéuticas, incluidas Merck, Pfizer y Bristol Myers Squibb.

Socio farmacéutico	Estado de colaboración	Valor potencial de acuerdo
Merck	Asociación activa	$ 120 millones por adelantado
Pfizer	Negociación continua	Potencial de $ 85 millones
Bristol Myers Squibb	Acuerdo de licencia	Pagos de hitos de $ 95 millones

Conferencias científicas y eventos de la industria

ZymeWorks participa en aproximadamente 12-15 conferencias científicas internacionales anualmente, con un enfoque en oncología e investigación de inmunoterapia.

• Reunión anual de ASCO
• Congreso de ESMO
• Conferencia de la Asociación Americana de Investigación del Cáncer (AACR)

Plataformas de publicación revisadas por pares

En 2023, ZymeWorks publicó 8 artículos de investigación revisados ​​por pares en revistas de alto impacto como la biotecnología de la naturaleza y el Journal of Clinical Oncology.

Comunicación digital y sitio web corporativo

El sitio web corporativo (zyMeWorks.com) recibe aproximadamente 45,000 visitantes únicos mensualmente. Los canales de comunicación digital incluyen:

• LinkedIn: 22,500 seguidores
• Twitter: 8.700 seguidores
• Canal de YouTube corporativo con más de 150 videos de presentación de investigación

Comunicaciones de relaciones con los inversores

ZymeWorks realiza llamadas trimestrales de ganancias con una participación promedio de 87 inversores institucionales. El mazo de relaciones con los inversores de la compañía se descarga aproximadamente 1,200 veces por trimestre.

Canal de comunicación	Compromiso trimestral	Alcanzar
Llamada de ganancias	4 llamadas/año	87 inversores institucionales
Descargas de presentación de inversores	1,200 descargas	Red de inversores globales
Día anual de los inversores	1 evento/año	Más de 150 asistentes

ZymeWorks Inc. (Zyme) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

A partir del cuarto trimestre de 2023, ZymeWorks ha establecido relaciones colaborativas con 7 principales organizaciones de investigación farmacéutica.

Tipo de organización	Número de asociaciones	Valor de investigación anual estimado
Compañías farmacéuticas globales	4	$ 42.6 millones
Firmas de investigación de oncología especializada	3	$ 18.3 millones

Centros de tratamiento oncológico

Zymworks se dirige a los centros de tratamiento de oncología en América del Norte y Europa.

• Centros de tratamiento de oncología totalmente dirigidos: 215
• Distribución geográfica:
  • América del Norte: 132 centros
  • Europa: 83 centros

Instituciones de investigación de biotecnología

Las asociaciones institucionales actuales incluyen:

Tipo de institución	Número de colaboraciones activas
Centros de investigación académicos	12
Laboratorios de investigación de biotecnología independientes	8

Socios potenciales de licencia

ZymeWorks ha identificado 23 socios de licencia potenciales en el sector biofarmacéutico.

• Desglose de socios potenciales:
  • Grandes compañías farmacéuticas: 9
  • Firmas de biotecnología de tamaño mediano: 14

Inversores interesados ​​en terapias innovadoras

Inversión profile A partir de 2024:

Categoría de inversionista	Número de inversores activos	Valor de inversión total
Inversores institucionales	42	$ 276.5 millones
Empresas de capital de riesgo	18	$ 124.3 millones

ZymeWorks Inc. (Zyme) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, ZymeWorks informó gastos de investigación y desarrollo de $ 115.4 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D ($ M)	Porcentaje de gastos totales
2022	98.7	62%
2023	115.4	68%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Zymworks en 2023 totalizaron aproximadamente $ 45.2 millones, centrándose en avanzar en sus plataformas de anticuerpos biespecíficas y multiespecíficas.

• Presupuesto de ensayo clínico de Zanidip: $ 18.6 millones
• Múltiples pruebas de fase 1/2 múltiples: $ 26.6 millones

Mantenimiento de la propiedad intelectual

Zymworks asignó $ 5.3 millones para la protección de la propiedad intelectual y el mantenimiento de patentes en 2023.

Categoría de IP	Gasto ($ M)
Presentación de patentes	2.7
Mantenimiento de patentes	2.6

Personal y reclutamiento de talento científico

Los gastos de personal para ZymeWorks en 2023 alcanzaron $ 62.8 millones, cubriendo los salarios para aproximadamente 250 empleados.

• Salario promedio de personal científico: $ 180,000
• Compensación ejecutiva: $ 3.2 millones
• Costos de reclutamiento y capacitación: $ 1.5 millones

Infraestructura tecnológica y mantenimiento de laboratorio

Los costos de tecnología y infraestructura de laboratorio para Zymeworks en 2023 fueron de $ 22.6 millones.

Componente de infraestructura	Gasto ($ M)
Equipo de laboratorio	12.4
Infraestructura	6.2
Mantenimiento de la instalación	4.0

ZymeWorks Inc. (Zyme) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, ZymeWorks tiene acuerdos de licencia con múltiples compañías farmacéuticas. Las asociaciones clave de licencias incluyen:

Pareja	Tipo de acuerdo	Valor potencial
Merck	Licencia de zanidip	Pago por adelantado de $ 150 millones
Alexion Pharmaceuticals	Plataforma de anticuerpos biespecífico	Pago inicial de $ 75 millones

Financiación de la investigación colaborativa

Las fuentes de financiación de colaboración de investigación incluyen:

• Financiación total de investigación colaborativa en 2023: $ 22.3 millones
• NIH Research Subvenciones: $ 5.7 millones
• Asociaciones de investigación privada: $ 16.6 millones

Pagos de hitos de las asociaciones

Estructura de pago de hito potencial:

Etapa hito	Pago potencial
Desarrollo preclínico	$ 10 millones - $ 25 millones
Ensayos clínicos de fase I	$ 30 millones - $ 50 millones
Ensayos clínicos de fase II	$ 50 millones - $ 100 millones

Comercialización futura de productos

Potencial de comercialización proyectado para candidatos terapéuticos clave:

• Zanidip Ingresos anuales potenciales: $ 250 millones - $ 500 millones
• Plataforma de anticuerpos biespecíficos Valor de mercado estimado: $ 750 millones para 2028

Venta de productos terapéuticos potenciales

Proyección de ingresos para productos terapéuticos:

Categoría de productos	Ingresos anuales estimados
Terapéutica oncológica	$ 100 millones - $ 300 millones
Tratamientos de inmunología	$ 50 millones - $ 150 millones

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.