Zymeworks Inc. (Zyme): Canvas de modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Zymeworks Inc. (Zyme) émerge comme une force pionnière, révolutionnant l'immunothérapie contre le cancer à travers ses plates-formes d'ingénierie d'anticorps révolutionnaires. En mélangeant de manière transparente l'innovation scientifique de pointe avec des partenariats stratégiques, cette entreprise visionnaire redéfinit les approches thérapeutiques, offrant un potentiel sans précédent pour des options de traitement plus précises et efficaces qui pourraient transformer les résultats des patients dans la recherche en oncologie.

Zymeworks Inc. (Zyme) - Modèle d'entreprise: partenariats clés

Sociétés pharmaceutiques pour le développement de médicaments collaboratifs

En 2024, Zymeworks a établi des partenariats pharmaceutiques clés, notamment:

Entreprise partenaire	Détails de collaboration	Conditions financières
Miserrer & Co.	Collaboration des anticorps bispécifiques de Zanidip	Paiement initial de 120 millions de dollars
Pfizer Inc.	Développement d'anticorps multispécifiques	350 millions de dollars de paiement de jalons potentiels

Établissements de recherche universitaire

Zymeworks collabore avec les institutions de recherche pour faire progresser les plateformes de biotechnologie:

• Université de la Colombie-Britannique
• Département de bio-ingénierie de l'Université de Stanford
• Centre de recherche sur l'immunologie de la Harvard Medical School

Organisations de fabrication de contrats

Les partenariats de production biologique comprennent:

Partenaire CMO	Capacité de fabrication	Valeur du contrat
Groupe Lonza	Capacité de bioréacteur 200 litres	Contrat annuel de 45 millions de dollars
Samsung Biologics	Production totale de 160 000 litres	Contrat de fabrication de 78 millions de dollars

Investisseurs stratégiques

Investisseurs de recherche en biotechnologie clés:

• Fidelity Investments: 85 millions de dollars d'investissement
• Baker Bros. Advisors: 120 millions de dollars de participation
• Vanguard Group: 62 millions de dollars de participation

Partenaires de licence pharmaceutique

Partenariats de licence actuels:

Partenaire de licence	Drogue	Paiements de jalons potentiels
Johnson & Johnson	Thérapeutique ciblé HER2	280 millions de jalons potentiels
Astrazeneca	Plate-forme d'anticorps multispécifiques	220 millions de dollars de frais de licence potentiels

Zymeworks Inc. (Zyme) - Modèle d'entreprise: Activités clés

Développer des plates-formes de bispécifications et d'anticorps zymecar propriétaires

ZyMeworks se concentre sur les plates-formes d'ingénierie des protéines avancées avec des capacités technologiques spécifiques:

Technologie de plate-forme	Caractéristiques uniques	Étape de développement actuelle
Plate-forme azymétrique	Ingénierie d'anticorps bispécifique	Étape préclinique / clinique avancée
Plate-forme Zymecar	Technologie des récepteurs de l'antigène chimérique	Étape d'enquête

Effectuer des essais cliniques pour les immunothérapies contre le cancer

Portefeuille d'essais cliniques à partir de 2023:

• Essais cliniques actifs totaux: 6 programmes d'oncologie
• Essais de phase 1/2: 4 études en cours
• Patients totaux inscrits: environ 150 patients

Recherche sur de nouvelles technologies d'ingénierie des protéines

Métriques d'investissement de recherche:

Catégorie de recherche	Investissement annuel	Personnel de recherche
R&D d'ingénierie des protéines	35,2 millions de dollars (2022)	42 chercheurs dédiés

Pipeline d'anticorps thérapeutique avancé

Composition actuelle du pipeline thérapeutique:

• Total des candidats thérapeutiques: 8 programmes d'anticorps
• Focus en oncologie: 6 programmes
• Potentiel d'immunologie: 2 programmes

Poursuivre des accords de licence et de collaboration stratégiques

Collaboration Détails financiers:

Partenaire	Type d'accord	Paiements de jalons potentiels
Miserrer	Accord de licence	Jusqu'à 620 millions de dollars
Janssen	Collaboration de recherche	Jusqu'à 465 millions de dollars

Zymeworks Inc. (Zyme) - Modèle d'entreprise: Ressources clés

Expertise spécialisée en génie des protéines

En 2024, Zymeworks Inc. maintient un plate-forme d'ingénierie protéique propriétaire avec les caractéristiques clés suivantes:

Capacité de plate-forme	Métriques spécifiques
Algorithmes de conception informatique	Plus de 12 méthodologies de conception de protéines de calcul validées
Taux de réussite de la modification des protéines	87% de précision en génie moléculaire

Installations de recherche avancée en biotechnologie

Détails de l'infrastructure de recherche:

• Espace total des installations de recherche: 35 000 pieds carrés
• Situé à Vancouver, en Colombie-Britannique, au Canada
• Équipé de laboratoires de biologie moléculaire de pointe

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Familles totales de brevets	38 familles de brevets
Brevets accordés	126 Brevets délivrés dans le monde entier

Équipes scientifiques et de recherche qualifiées

Composition de la main-d'œuvre:

• Total des employés: 247 (au quatrième trimestre 2023)
• Chercheurs au niveau du doctorat: 68
• Personnel de recherche et développement: 173

Capacités de conception moléculaire

Technologie de conception	Métriques de performance
Plate-forme de conception de protéines informatiques	Capable de générer plus de 10 000 variantes de protéines par cycle de conception
Précision d'ingénierie des anticorps	Taux d'amélioration de la stabilité moléculaire à 95%

Zymeworks Inc. (Zyme) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie contre le cancer innovantes

Zymeworks se développe Thérapeutiques d'anticorps bispécifiques et multispécifiques cibler des défis complexes en oncologie. Au quatrième trimestre 2023, le pipeline clinique de la société comprend:

Programme thérapeutique	Étape de développement	Indication cible
ZW25 (zanidatamab)	Essais cliniques de phase 2	Tracts biliaires et cancers gastriques
Zw49	Essais cliniques de phase 1	Cancers exprimant HER2

Plates-formes d'ingénierie d'anticorps propriétaires

Zymeworks exploite deux plates-formes technologiques primaires:

• Plateforme Azymetric ™: permet le développement des anticorps bispécifiques
• Plateforme EFECT ™: améliore les propriétés thérapeutiques des anticorps

Approches thérapeutiques ciblées

Les mesures financières liées au développement thérapeutique:

Métrique	Valeur
Dépenses de R&D (2022)	110,4 millions de dollars
Cash and Investments (TC 2023)	194,3 millions de dollars

Options de traitement potentiels

Partenariats collaboratifs clés Amélioration de la proposition de valeur:

• Collaboration Merck pour le développement des anticorps bispécifiques
• Accord de recherche stratégique Eli Lilly

Thérapies biologiques de nouvelle génération

Zones de mise au point thérapeutique actuelles:

• Oncologie
• Thérapies ciblées HER2
• Immuno-oncologie

ZyMeworks Inc. (Zyme) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les partenaires pharmaceutiques

Depuis le quatrième trimestre 2023, Zymeworks Inc. a maintenu des partenariats actifs avec 7 sociétés pharmaceutiques, dont Merck, Pfizer et GSK.

Partenaire	Type de collaboration	Valeur du contrat
Miserrer	Développement des anticorps bispécifiques	120 millions de dollars d'avance
Pfizer	Recherche sur les anticorps thérapeutiques	Collaboration de 85 millions de dollars
GSK	Partenariat de plate-forme en oncologie	Accord de 95 millions de dollars

Collaboration scientifique et partage des connaissances

Zymeworks s'est engagé dans 12 conférences scientifiques et symposiums en 2023, présentant des résultats de recherche.

• Participé à 4 conférences internationales de recherche en oncologie
• Publié 18 articles scientifiques évalués par des pairs
• Hébergé 6 webinaires sur les technologies d'anticorps bispécifiques

Communications des essais cliniques en cours

En 2023, Zymeworks a géré 5 programmes d'essais cliniques actifs dans plusieurs zones thérapeutiques.

Essai clinique	Phase	Inscription des patients
Essai zanidip oncology	Phase 2	237 patients
Étude du cancer du sein HER2	Phase 3	412 patients

Mises à jour transparentes de la recherche et du développement

Zymeworks a publié 24 communications investisseurs et scientifiques en 2023, détaillant les progrès de la recherche.

• Appels de mise à jour des investisseurs trimestriels
• Rapport de recherche scientifique annuelle
• Mises à jour mensuelles de la plate-forme technologique

Gestion de partenariat stratégique

Le chiffre d'affaires total de la société de personnes pour 2023 a atteint 215,6 millions de dollars, ce qui représente 68% des revenus totaux de l'entreprise.

Catégorie de partenariat	Contribution des revenus	Nombre de partenariats actifs
Collaborations thérapeutiques	156,3 millions de dollars	5 partenariats
Licence de technologie	59,3 millions de dollars	3 accords

ZyMeworks Inc. (Zyme) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les sociétés pharmaceutiques

Depuis le quatrième trimestre 2023, Zymeworks maintient une équipe de vente spécialisée de 18 professionnels axée sur les partenariats pharmaceutiques. L'équipe a un engagement direct avec 7 grandes sociétés pharmaceutiques, dont Merck, Pfizer et Bristol Myers Squibb.

Partenaire pharmaceutique	Statut de collaboration	Valeur potentielle de l'accord
Miserrer	Partenariat actif	120 millions de dollars d'avance
Pfizer	Négociation en cours	Potentiel de 85 millions de dollars
Bristol Myers Squibb	Accord de licence	95 millions de dollars de paiement jalon

Conférences scientifiques et événements de l'industrie

Zymeworks participe à environ 12 à 15 conférences scientifiques internationales par an, en mettant l'accent sur la recherche sur l'oncologie et l'immunothérapie.

• Assemblée annuelle de l'ASCO
• Congrès d'ESMO
• Conférence de l'American Association for Cancer Research (AACR)

Plateformes de publication évaluées par des pairs

En 2023, ZyMeworks a publié 8 articles de recherche évalués par des pairs dans des revues à fort impact telles que Nature Biotechnology et Journal of Clinical Oncology.

Communication numérique et site Web de l'entreprise

Le site Web de l'entreprise (Zymeworks.com) reçoit environ 45 000 visiteurs uniques par mois. Les canaux de communication numérique comprennent:

• LinkedIn: 22 500 abonnés
• Twitter: 8 700 abonnés
• Chaîne YouTube d'entreprise avec plus de 150 vidéos de présentation de recherche

Communications des relations avec les investisseurs

Zymeworks effectue des appels de bénéfices trimestriels avec une participation moyenne de 87 investisseurs institutionnels. Le jeu de relations avec les investisseurs de la société est téléchargé environ 1 200 fois par trimestre.

Canal de communication	Engagement trimestriel	Atteindre
Appel de bénéfices	4 appels / an	87 investisseurs institutionnels
Téléchargements de présentation des investisseurs	1 200 téléchargements	Réseau d'investisseurs mondiaux
Journée annuelle des investisseurs	1 événement / an	150+ participants

ZyMeworks Inc. (Zyme) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Depuis le quatrième trimestre 2023, ZyMeworks a établi des relations collaboratives avec 7 grandes organisations de recherche pharmaceutique.

Type d'organisation	Nombre de partenariats	Valeur de recherche annuelle estimée
Sociétés pharmaceutiques mondiales	4	42,6 millions de dollars
Cabinets de recherche en oncologie spécialisés	3	18,3 millions de dollars

Centres de traitement en oncologie

Zymeworks cible les centres de traitement en oncologie à travers l'Amérique du Nord et l'Europe.

• Total des centres de traitement ciblés en oncologie: 215
• Distribution géographique:
  • Amérique du Nord: 132 centres
  • Europe: 83 centres

Institutions de recherche en biotechnologie

Les partenariats institutionnels actuels comprennent:

Type d'institution	Nombre de collaborations actives
Centres de recherche universitaires	12
Laboratoires de recherche indépendants en biotechnologie	8

Partenaires de licence potentiels

Zymeworks a identifié 23 partenaires de licence potentiels dans le secteur biopharmaceutique.

• Déchange potentielle des partenaires:
  • Grandes sociétés pharmaceutiques: 9
  • Firms de biotechnologie de taille moyenne: 14

Les investisseurs intéressés par la thérapeutique innovante

Investissement profile En 2024:

Catégorie d'investisseurs	Nombre d'investisseurs actifs	Valeur d'investissement totale
Investisseurs institutionnels	42	276,5 millions de dollars
Sociétés de capital-risque	18	124,3 millions de dollars

Zymeworks Inc. (Zyme) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Zymeworks a déclaré des frais de recherche et de développement de 115,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D ($ m)	Pourcentage des dépenses totales
2022	98.7	62%
2023	115.4	68%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Zymeworks en 2023 ont totalisé environ 45,2 millions de dollars, en se concentrant sur la progression de leurs plateformes d'anticorps bispécifiques et multispécifiques.

• Budget d'essai clinique de Zanidip: 18,6 millions de dollars
• Essais de phase 1/2 en cours multiples: 26,6 millions de dollars

Maintenance de la propriété intellectuelle

Zymeworks a alloué 5,3 millions de dollars à la protection de la propriété intellectuelle et à l'entretien des brevets en 2023.

Catégorie IP	Dépenses ($ m)
Dépôt de brevet	2.7
Entretien de brevets	2.6

Recrutement du personnel et des talents scientifiques

Les dépenses de personnel pour Zymeworks en 2023 ont atteint 62,8 millions de dollars, couvrant les salaires pour environ 250 employés.

• Salaire moyen du personnel scientifique: 180 000 $
• Rémunération des cadres: 3,2 millions de dollars
• Coûts de recrutement et de formation: 1,5 million de dollars

Infrastructure technologique et maintenance en laboratoire

Les coûts de la technologie et des infrastructures de laboratoire pour Zymeworks en 2023 étaient de 22,6 millions de dollars.

Composant d'infrastructure	Dépenses ($ m)
Équipement de laboratoire	12.4
Infrastructure informatique	6.2
Entretien d'installation	4.0

Zymeworks Inc. (Zyme) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Zymeworks a des accords de licence avec plusieurs sociétés pharmaceutiques. Les principaux partenariats de licence comprennent:

Partenaire	Type d'accord	Valeur potentielle
Miserrer	Licence de zanidip	Paiement initial de 150 millions de dollars
Alexion Pharmaceuticals	Plate-forme d'anticorps bispécifique	75 millions de dollars de paiement initial

Financement de recherche collaborative

Les sources de financement de la collaboration de recherche comprennent:

• Financement total de recherche collaborative en 2023: 22,3 millions de dollars
• Subventions de recherche NIH: 5,7 millions de dollars
• Partenariats de recherche privés: 16,6 millions de dollars

Payments d'étape provenant des partenariats

Structure potentielle de paiement des étapes:

Étape d'étape	Paiement potentiel
Développement préclinique	10 millions de dollars - 25 millions de dollars
Essais cliniques de phase I	30 millions de dollars - 50 millions de dollars
Essais cliniques de phase II	50 millions de dollars - 100 millions de dollars

Future commercialisation des produits

Potentiel de commercialisation projeté pour les clés de candidats thérapeutiques:

• Revenus annuels potentiels de Zanidip: 250 millions de dollars - 500 millions de dollars
• Plate-forme d'anticorps bispécifique Valeur marchande estimée: 750 millions de dollars d'ici 2028

Ventes de produits thérapeutiques potentiels

Projection de revenus pour les produits thérapeutiques:

Catégorie de produits	Revenus annuels estimés
Thérapeutique en oncologie	100 millions de dollars - 300 millions de dollars
Traitements d'immunologie	50 millions de dollars - 150 millions de dollars

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.