Zymeworks Inc. (ZYME): Business Model Canvas [Dec-2025 Updated]

You're looking to map out Zymeworks Inc.'s (ZYME) current business engine, and what you'll find is a company that has decisively moved past being just a pure R&D shop to a hybrid royalty-plus-pipeline player as of late 2025. This strategic shift is the core of their value now, balancing the high-stakes development of assets like ZW191 with the tangible returns from their established deals, like the $27.6 million in total collaboration revenue they booked in Q3-2025. As an analyst who's seen this transition before, the real question is how they manage that cash runway-currently $299.4 million in cash, equivalents, and marketable securities-against their substantial R&D spend. Dive into the nine blocks below to see exactly how Zymeworks Inc. is structuring itself for near-term value realization.

Zymeworks Inc. (ZYME) - Canvas Business Model: Key Partnerships

You're looking at how Zymeworks Inc. structures its value capture through external alliances, which is a major part of its current financial story. Honestly, these partnerships are the engine driving near-term revenue while the internal pipeline matures. Here's the breakdown of the key players and the associated financial structures as of late 2025.

Zanidatamab (Ziihera) Commercialization Alliances

Zymeworks Inc. has split the global commercial rights for zanidatamab, branded as Ziihera, between two major partners. This strategy spreads development risk and maximizes market reach for this dual HER2-targeted bispecific antibody.

Jazz Pharmaceuticals holds the exclusive rights for commercialization in certain territories, including the US and EU. Ziihera received conditional marketing authorization from the European Commission and was approved by the U.S. FDA in November 2024 for second-line HER2-positive biliary tract cancer (BTC). Jazz is advancing the drug further; they announced the initiation of a Phase 2 trial in neoadjuvant and adjuvant breast cancer in August 2025, and topline data for the pivotal Phase 3 HERIZON-GEA-01 trial in first-line gastroesophageal adenocarcinoma (GEA) is expected in 4Q-2025.

BeOne Medicines Ltd. manages commercialization in China, where zanidatamab received conditional approval from the NMPA in May 2025 for second-line HER2-positive BTC.

The financial impact from these two partners in the first three quarters of 2025 shows tangible returns:

• Royalty revenue from Jazz and BeOne Medicines for 2Q-2025 was $0.6 million.
• Royalty revenue increased to $1.0 million for 3Q-2025.
• Jazz reported net product sales of Ziihera® totaling $5.5 million for 2Q-2025.
• Zymeworks recognized a $20.0 million non-refundable milestone from BeOne upon China's NMPA conditional approval in 2Q-2025.

The potential upside remains substantial, though structured differently for each partner:

Pasritamig Development with Johnson & Johnson Innovative Medicine

Johnson & Johnson Innovative Medicine (J&J) is developing pasritamig (JNJ-78278343), a KLK2xCD3 bispecific antibody. J&J reported positive Phase 1 data in June 2025, and the program advanced to Phase 3 registration studies. The FDA granted pasritamig fast track designation for metastatic castration-resistant prostate cancer (mCRPC) in October 2025.

This progress triggered a significant payment for Zymeworks Inc.:

• Zymeworks achieved a $25.0 million development milestone from J&J in September 2025.

The remaining financial structure for Zymeworks Inc. under this arrangement is:

Daiichi Sankyo Bispecific Antibody Collaboration

Zymeworks Inc. has an ongoing, albeit restructured, collaboration with Daiichi Sankyo, Inc. related to bispecific antibodies using Zymeworks' Azymetric™ technology. A clinical milestone was hit in the first quarter of 2025.

• Zymeworks recognized and received $3.1 million in milestone revenue in March 2025 after the first patient was dosed in a clinical trial under the 2018 license agreement.

The remaining economics for this specific agreement are:

The prior, broader agreement was terminated, but Zymeworks retains nonexclusive royalty-bearing rights to develop products using Daiichi Sankyo's immuno-oncology antibodies.

Overall Licensing Portfolio

Zymeworks Inc. is operating with a strategy that relies heavily on these external relationships to generate revenue and fund internal R&D. As of late 2025, the company has active licensing arrangements with seven key pharmaceutical partners. Beyond the major players detailed above, Zymeworks recognized $7.5 million in 2Q-2025 from Bristol Myers Squibb (BMS) exercising a commercial license option under a December 2014 agreement, with Zymeworks eligible for up to $313.0 million in potential payments plus tiered royalties.

Zymeworks Inc. (ZYME) - Canvas Business Model: Key Activities

You're looking at the core engine driving Zymeworks Inc. right now, which is heavily weighted toward internal pipeline advancement funded by smart partnership monetization. Here's how Zymeworks Inc. is spending its time and capital as of late 2025.

Research and development of wholly-owned ADC pipeline (ZW191, ZW251)

Zymeworks Inc. is actively pushing its wholly-owned Antibody-Drug Conjugate (ADC) candidates through early-stage development, which is a primary focus. This involves significant R&D to validate the technology platforms through these internal assets.

The Phase 1 study for ZW191, targeting folate receptor-$\alpha$ (FR$\alpha$), was actively recruiting, presenting encouraging initial data at the AACR-NCI-EORTC Conference in October 2025.

Key statistical findings for ZW191 include:

• Responses observed at all doses evaluated at 3.2mg/kg and above.
• An overall response rate (ORR) of 64% in gynecological cancers at doses $\geq$6.4mg/kg.
• The study enrolled 41 patients as of September 10, 2025.

For ZW251, targeting GPC3, the company achieved a key regulatory step, with the first patient dosed in the Phase 1 clinical trial in October 2025. The Investigational New Drug (IND) application for ZW251 was cleared by the United States Food and Drug Administration (FDA) with first-in-human studies planned to initiate in 2025.

Clinical trial execution and management for proprietary candidates

Executing these trials efficiently directly supports the R&D goal. Zymeworks Inc. is managing multiple active trials concurrently, which requires careful resource deployment.

The company had Phase 1 studies for ZW171 and ZW191 actively recruiting. Dose optimization for ZW191 in ovarian cancer was expected to initiate in the fourth quarter of 2025.

Strategic capital allocation, including share repurchases of $22.7 million in 2025

Managing the balance sheet involves both utilizing partnership income and returning capital to shareholders. This is a key activity to signal confidence and manage valuation.

As of November 4, 2025, Zymeworks Inc. completed share repurchases of $22.7 million under its share repurchase program. This activity was funded from development milestones and royalties. Separately, the board authorized a new, larger share repurchase plan of up to $125.0 million of common stock.

The company's cash position as of September 30, 2025, was $299.4 million, which, assuming full execution of the $125.0 million repurchase, is expected to support planned operations beyond 2028 when combined with anticipated milestone payments.

Platform innovation and maintenance (Azymetric, ZymeLink technologies)

Maintaining and advancing the proprietary technology platforms is crucial, as they underpin both the wholly-owned pipeline and the lucrative partnerships. The Azymetric technology is a core asset.

Clinical validation of the Azymetric platform is demonstrated by the accelerated approval of Ziihera® (zanidatamab-hrii) by the U.S. FDA in 2024. The company continues to leverage its expertise in ADCs and multispecific antibody therapeutics.

Managing and expanding existing licensing and collaboration agreements

Generating non-dilutive funding and external validation through partnerships is a critical activity for Zymeworks Inc. The company continues to have active licensing arrangements with seven key pharmaceutical and biotechnology partners.

Recent financial achievements from these agreements in 2025 include:

Under the agreement with J&J for pasritamig (JNJ-78278343), Zymeworks Inc. remains eligible to receive development milestone payments of up to $86.0 million and commercial milestone payments of up to $373.0 million, plus mid-single digit royalties.

The company is also managing the agreements granting exclusive rights to zanidatamab to BeiGene, Ltd. and Jazz Pharmaceuticals Ireland Limited.

The company is focused on managing these relationships to earn additional milestone payments during 2024 and 2025 as products advance.

Zymeworks Inc. (ZYME) - Canvas Business Model: Key Resources

You're looking at the hard assets Zymeworks Inc. relies on to execute its strategy as of late 2025. These aren't just abstract concepts; they are the tangible and intangible foundations supporting their pipeline and partnerships. Honestly, in this sector, the IP and the cash runway are everything.

The financial foundation is solid for the near term. As of the close of the third quarter on September 30, 2025, Zymeworks Inc. reported holding $299.4 million in cash, cash equivalents, and marketable securities. This figure is down from $324.2 million at the end of 2024, which reflects ongoing operational spending and share repurchases, including $22.7 million completed under the repurchase program. Management projects this existing cash, combined with anticipated milestone receipts, will fund planned operations into the second half of 2027 (2H-2027).

The core intellectual property resides in the proprietary technology platforms, which are the engines for their therapeutic candidates and partnership value. These platforms are the basis for their bispecific antibodies and Antibody-Drug Conjugates (ADCs).

• Azymetric™ technology: A heterodimeric antibody platform enabling the transformation of monospecific antibodies into multispecific formats.
• ZymeLink™ technology: The internal linker-toxin platform specifically designed for ADCs to maximize linker-toxin stability.
• Compatibility: Azymetric™ is compatible with glyco-engineering, EFECT™, ProTECT, and T Cell engager technologies like TriTCE co-stim and TriTCE checkpoint technology.

The success of these platforms is evidenced by the key licensed and partnered assets, most notably zanidatamab (marketed as Ziihera®). This asset, a HER2-targeted bispecific antibody, is a direct product of the Azymetric™ technology. The company is also advancing wholly-owned candidates leveraging these platforms, with Investigational New Drug (IND) applications planned for ZW220 and ZW251 in 2025.

Here's a quick look at the key financial and partnership metrics tied to these resources as of late 2025:

The final critical resource is the human capital. Zymeworks Inc. maintains a team focused on leveraging its technology platforms for bispecific antibodies and ADCs. While a precise headcount isn't immediately available, the operational focus is reflected in the R&D spending, which was $35.6 million for the three months ended September 30, 2025. This spending supports the progression of clinical studies for assets like ZW191 and the IND applications for ZW220 and ZW251 planned for 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.

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.