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Sep 30, 2024
Zymeworks Q3 2024 Earnings Report
Zymeworks reported a decrease in revenue and an increase in net loss for Q3 2024, while advancing its clinical pipeline and completing a share repurchase program.
Key Takeaways
Zymeworks reported a revenue of $16.0 million for the third quarter of 2024, a decrease from $16.5 million in the same period last year. The company's net loss for the quarter was $29.85 million, compared to $28.687 million in Q3 2023. Key highlights include the first patient dosed in a Phase 1 trial for ZW171, preclinical data presentations for ZW220 and ZW251, and the completion of an initial share repurchase program.
First patient dosed in Phase 1 clinical trial evaluating ZW171 in advanced mesothelin (MSLN)-expressing cancers.
Preclinical data presented on ZW220 and ZW251 at EORTC-NCI-AACR conference, with IND applications anticipated in 2025.
Our partner Jazz Pharmaceuticals presented new and updated clinical data at ESMO 2024 on zanidatamab, highlighting its potential for multiple HER2-positive indications.
The Company completed the initial $30 million of its Share Repurchase Program for 2,545,402 shares at an average price per share of $11.79 as of October 31, 2024.
Forward Guidance
Zymeworks expects its existing cash resources, combined with anticipated regulatory milestone payments, to fund planned operations into the second half of 2027. The company plans to host an R&D day in December 2024 to discuss its pipeline and future strategic expansions.
Positive Outlook
- Projected cash runway into 2H 2027 with existing cash and anticipated regulatory milestone payments.
- Upcoming R&D day on December 12, 2024, to provide in-depth presentations on pipeline and strategic expansions.
- Anticipated IND submissions for ZW220 and ZW251 in 2025.
- Strategic expansion into new therapeutic areas including hematological cancers and autoimmune/inflammatory diseases.
- Continued progress of zanidatamab with partner Jazz Pharmaceuticals, including potential for first US approval in second-line biliary tract cancer.
Challenges Ahead
- Potential for product candidates to fail in development or not receive required regulatory approvals.
- Risk of not achieving milestones or receiving additional payments under collaborations.
Historical Earnings Impact
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