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Mar 31, 2024
Zymeworks Q1 2024 Earnings Report
Zymeworks reported a decrease in revenue and an increase in net loss for the first quarter of 2024 compared to the same period in 2023, while maintaining a strong cash position.
Key Takeaways
Zymeworks reported a net loss of $31.7 million for the first quarter of 2024, an increase from $24.4 million in the same period last year. Revenue decreased to $10.0 million from $35.6 million in Q1 2023, primarily due to the transfer of responsibility for certain clinical trials to Jazz Pharmaceuticals. Despite the increased net loss, the company maintains a strong cash position of $420.5 million, projecting a cash runway into the second half of 2027.
Reported $420.5 million in cash resources as of March 31, 2024, with a projected cash runway into 2H 2027.
Completed rolling biologics license application (BLA) filing for zanidatamab as second-line treatment for biliary tract cancers (BTC) in the U.S. by partner Jazz Pharmaceuticals.
Expected initiation of a Phase 3 clinical trial for zanidatamab in 2H 2024 for breast cancer patients who have progressed on trastuzumab deruxtecan (T-DXd).
Presented five abstracts at the American Association for Cancer Research (AACR) annual meeting highlighting R&D pipeline.
Forward Guidance
Zymeworks anticipates its existing cash resources, combined with certain anticipated regulatory milestone payments, will fund planned operations into the second half of 2027. The company expects to initiate a Phase 3 clinical trial for zanidatamab in breast cancer in 2H 2024 and submit two IND/foreign equivalent submissions for ZW191 and ZW171 in 2024.
Positive Outlook
- Projected cash runway into 2H 2027 with current cash resources and anticipated regulatory milestone payments.
- Expected initiation of a Phase 3 clinical trial for zanidatamab in 2H 2024 for breast cancer patients.
- Plans to submit two IND and foreign equivalent submissions for ZW191 and ZW171 in 2024 to commence Phase 1 clinical studies.
- Marketing authorization application (MAA) to the European Medicines Agency (EMA) for zanidatamab in BTC are proceeding.
- Continued presentation of preclinical data for early-stage pipeline throughout 2024.
Challenges Ahead
- Any of Zymeworks' or its partners' product candidates may fail in development or not receive required regulatory approvals.
- Zymeworks may not achieve milestones or receive additional payments under its collaborations.
Historical Earnings Impact
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