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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.
Zymeworks
Zymeworks
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.
- Regulatory agencies may impose additional requirements or delay the initiation of clinical trials.
- Clinical trials may not demonstrate safety and efficacy of any product candidates.
- Inability to maintain or enter into new partnerships or strategic collaborations.