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Jun 30, 2024
Zymeworks Q2 2024 Earnings Report
Zymeworks reported its financial results for the second quarter of 2024, highlighting progress in its clinical development programs and a strong cash position.
Key Takeaways
Zymeworks reported a net loss of $37.686 million for Q2 2024, an improvement from the $51.152 million loss in Q2 2023. Revenue from research and development collaborations was $19.243 million, significantly up from $7.002 million in the prior year. The company ended the quarter with $395.9 million in cash resources, projecting a cash runway into the second half of 2027.
Reported $395.9 million in cash resources as of June 30, 2024, providing projected cash runway into 2H 2027.
FDA granted Priority Review for zanidatamab BLA as second-line treatment for HER2-positive biliary tract cancers (BTC) with a target action date of November 29, 2024.
IND applications for ZW191 and ZW171 cleared by FDA, with first-in-human studies planned to initiate in 2H 2024.
Discontinued clinical development program for zanidatamab zovodotin (ZW49) to focus on early-stage, best-in-class programs.
Zymeworks
Zymeworks
Forward Guidance
Zymeworks anticipates continued progress in its clinical pipeline, with planned initiations of Phase 1 dose escalation studies for ZW171 and ZW191 in 2H 2024. The company expects its existing cash resources, combined with anticipated regulatory milestone payments, to fund operations into the second half of 2027.
Positive Outlook
- Projected cash runway into 2H 2027 with current cash resources and anticipated milestone payments.
- Initiation of Phase 1 dose escalation studies for ZW171 and ZW191 in 2H 2024 in multiple jurisdictions.
- Continued advancement of IND-enabling studies for preclinical candidates ZW220 and ZW251, with IND filings scheduled for 2025.
- Ongoing pivotal HERIZON-GEA-01 trial for zanidatamab in first-line gastroesophageal adenocarcinoma (GEA) with top-line progression-free survival data expected in 2Q25.
- Exploration of partnering discussions for zanidatamab zovodotin to provide complementary coverage for NSCLC, breast cancer, and other indications.
Challenges Ahead
- Discontinuation of the clinical development program for zanidatamab zovodotin (ZW49).
- Reliance on anticipated regulatory milestone payments to extend cash runway.
- Potential for delays in clinical trials or regulatory approvals.
- Market conditions and other external factors could impact business and financial performance.
- Inability to maintain or enter into new partnerships or strategic collaborations could affect future development.