Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology
company developing novel multifunctional biotherapeutics, today
reported financial results for the three and six months ended
June 30, 2023 and provided a summary of recent business
highlights.
“During the second quarter of 2023, we made excellent progress
in advancing several of our key planned corporate goals for the
year,” said Kenneth Galbraith, Chair, President and Chief Executive
Officer of Zymeworks. "We continue to provide support to our
partners, Jazz Pharmaceuticals Ltd. (Jazz) and BeiGene, Ltd.
(BeiGene) for their regulatory interactions and initial regulatory
submissions of zanidatamab in second-line biliary tract cancer. We
look forward to the top-line data readout from the zanidatamab
Phase 3 gastroesophageal adenocarcinoma (GEA) pivotal trial
(HERIZON-GEA-01) expected in 2024."
“As we move into the second half of the year, we are rapidly
progressing our ‘5 by 5’ goal of having five novel therapeutic
candidates in clinical studies by 2027. ZW171 and ZW191 currently
remain on track for anticipated IND filings in 2024, and we have
nominated an additional preclinical development candidate, ZW220,
with an expected IND filing in the first half of 2025. We strongly
believe that zanidatamab and our early-stage product candidates
have the potential to address large unmet needs and potentially
improve the standard of care for certain difficult-to-treat
cancers."
Recent Highlights and Current Developments
- Clinical data for zanidatamab presented at ASCO Annual
MeetingIn partnership with Jazz and BeiGene, multiple abstracts for
zanidatamab were presented at the ASCO Annual Meeting in Chicago in
June 2023. Clinical data from the Phase 2b study of zanidatamab
monotherapy in previously treated HER2-amplified BTC patients were
exhibited in an oral presentation, sharing full results from the
HERIZON-BTC-01 pivotal trial. The results were published
simultaneously in Lancet Oncology. Presentations also included
updated results from a Phase 1b/2 study of zanidatamab in
combination with docetaxel as a first-line therapy for patients
with advanced HER2-positive breast cancer.
- Zanidatamab Clinical Studies to be Presented at the European
Society of Medical Oncology (ESMO) Annual CongressIn partnership
with Jazz and BeiGene, multiple abstracts for zanidatamab were
accepted for presentation at the ESMO Annual Congress taking place
October 20-24 in Madrid, Spain. Updated results from the Phase 1b/2
study of zanidatamab plus chemotherapy and tislelizumab as
first-line therapy for patients with advanced HER2-postive
gastric/gastroesophageal junction adenocarcinoma will be presented
in a poster presentation. Additionally, quality of life outcomes
from the Phase 2b HERIZON-BTC-01 study evaluating patients with
zanidatamab-treated HER2-positive biliary tract cancer will be
presented in a poster presentation.
- ZW220 named as next IND candidateWe anticipate filing an IND in
the first half of 2025 for ZW220, a NaPi2b-targeted TOPO1i ADC that
is built using our proprietary TOPO1i-based payload
technology.
- Strengthened Board of DirectorsWith the addition of Carlos E.
Campoy to our board of directors, Zymeworks continues to attract
industry leaders with the experience and insight necessary to
advance our strategic vision and commercial goals. Mr. Campoy has
more than 20 years of experience in finance and business
development in the pharmaceutical and biotechnology industries and
has played leadership roles in commercialization strategies and
significant capital transactions. In addition to being a member of
our board of directors, Mr. Campoy also serves on Zymeworks' audit
committee and nominating and corporate governance committee.
Positive Zanidatamab Clinical Data from HERIZON-BTC-01
presented at ASCO
At the 2023 ASCO Annual Meeting in June, we highlighted the
latest progress in our collaboration with Jazz in the development
of zanidatamab in HER2-amplified biliary tract cancers. These
pivotal HERIZON-BTC-01 study results demonstrated zanidatamab's
meaningful clinical benefit, including confirmed objective response
rate (cORR) of 41.3%, median duration of response (DOR) of 12.9
months, and median PFS of 5.5 months (median study follow-up time
of 12.4 months).
Jazz will continue to lead the development and commercialization
programs for zanidatamab in the United States, Europe, Japan and
all other territories except for Asia/Pacific territories that
Zymeworks previously licensed to BeiGene. With an initial focus in
BTC and GEA, zanidatamab has the potential to improve the standard
of care in multiple HER2-positive cancers.
'5 by 5' Strategy Strengthened with Nomination of Next
IND Candidate
“We are excited to announce the nomination of ZW220, a potential
first-in-class ADC targeting NaPi2b-expressing non-small cell lung
cancer and ovarian cancer,” said Paul Moore, Ph.D., Chief
Scientific Officer of Zymeworks. “This marks an important step as
we continue progress towards our '5 by 5' strategy and focus on
bringing novel medicines into clinical studies starting with ZW191
and ZW171, both on track for regulatory filings to commence initial
clinical studies in 2024, and ZW220 anticipated in the first half
of 2025.”
ZW220 is built on Zymeworks' drug conjugate platform technology,
and delivers a potent, bystander-active TOPOli-based payload via a
cleavable traceless linker. The monoclonal antibody in ZW220
targeting NaPi2b, a sodium-dependent transporter, was developed
in-house and selected based on its favorable binding profile and
efficient internalization and payload delivery. The
drug-antibody-ratio in ZW220 was selected to balance efficacy and
tolerability by incorporating an average of four TOPO1i payloads
per antibody.
Financial Results for the Six Months Ended
June 30, 2023
Revenue for the six months ended June 30, 2023 was
$42.6 million compared to $7.4 million for the same period of
2022. Revenue for the six months ended June 30, 2023 included $40.9
million, net of a credit issued to Jazz for amendments to our
partnership agreement, for development support and drug supply
revenue from Jazz and $1.7 million for research support and other
payments from our other partners. Revenue for the same period in
2022 included a $5.0 million research license fee from our Atreca
licensing agreement and $2.4 million in research support and other
payments from our other partners.
Research and development expense decreased by $33.2 million, or
28%, for the six months ended June 30, 2023, compared to the
same period in 2022. For the six months ended June 30, 2023,
research and development expense included non-cash stock-based
compensation recovery of $0.7 million, comprised of a $0.7 million
recovery from equity classified awards (six months ended
June 30, 2022 – $0.8 million recovery) and a nominal expense
related to the non-cash, mark-to-market revaluation of certain
historical liability classified awards (six months ended
June 30, 2022 - $0.8 million recovery). Excluding stock-based
compensation and 2022 restructuring expense, research and
development expense decreased on a non-GAAP basis by $27.9 million
in the six months ended June 30, 2023 compared to the same
period of 2022. The decrease was related primarily due to lower
manufacturing expenses and a reduction in development costs as a
result of the terms of our amended collaboration agreement with
Jazz, partially offset by an increase in preclinical expenses
compared to the same period in 2022. In addition, salaries and
benefits expenses decreased compared to the same period in 2022,
due to lower headcount in 2023 and lower non-recurring severance
expenses.
General and administrative expense increased by $11.3 million,
or 41%, for the six months ended June 30, 2023 compared to the
same period in 2022. For the six months ended June 30, 2023,
general and administrative expense included non-cash stock-based
compensation expense of $3.1 million, comprised of a $4.1 million
expense from equity-classified equity awards (six months ended
June 30, 2022 – $1.0 million recovery) and a $1.0 million
recovery related to the non-cash mark-to-market revaluation of
certain historical liability-classified equity awards (six months
ended June 30, 2022 – $3.0 million recovery). Excluding
stock-based compensation and 2022 restructuring expense, general
and administrative expense increased on a non-GAAP basis by $7.8
million during the six months ended June 30, 2023, compared to
same period in 2022. This increase was primarily due to an increase
in expenses for professional services in 2023 compared to the same
period in 2022. This was partially offset by a decrease in salaries
and benefits expenses compared to the same period in 2022 due to
lower headcount in 2023 and due to lower non-recurring severance
expenses.
Other income, net increased by $7.7 million for the six months
ended June 30, 2023 compared to the same period in 2022. Other
income, net for 2023 included $9.6 million in interest income and
$0.7 million in net foreign exchange loss and other miscellaneous
amounts. Other income, net for the six months ended June 30,
2022, included $0.7 million in interest income and a $0.4 million
net foreign exchange gain and other miscellaneous amounts. This
increase was due to an increase in interest income earned on higher
cash resources and at higher rates of return.
Net loss for the six months ended June 30, 2023 was $75.5
million compared to $137.2 million for the same period of 2022,
representing a 45% decrease in net loss. The decrease in net loss
was primarily due to revenue from our collaboration agreement with
Jazz and an increase in interest income as well as a decrease in
research and development expense. This was partially offset by an
increase in general and administrative expense and an increase in
income tax expense.
"We are happy to report a continued reduction of our operating
cash burn and operating losses during 2023 compared to 2022," said
Chris Astle, Ph.D., Senior Vice President and Chief Financial
Officer of Zymeworks. "Our strategy of building a diverse
clinical-stage product pipeline of ADCs and multispecific antibody
therapeutics continues to provide a strong foundation for both
achieving our net operating cash burn guidance for this year as
well as our long-term goal of identifying additional opportunities
to develop additional product candidates and seeking valuable
partnership options."
As of June 30, 2023, Zymeworks had $431.4 million of cash,
cash equivalents, and marketable securities, comprised of $142.1
million in cash and cash equivalents and $289.3 million in
marketable securities. Based on current operating plans, we expect
to have cash resources to fund planned operations through at least
the end of 2026, and potentially beyond. For the calendar year
2023, we now expect a non-GAAP net operating cash burn of between
$110 million and $130 million, including planned capital
expenditures of approximately $10 million. As we are focused on the
long-term cash resource plan to fund our operations, and due to
available GAAP measures that convey similar information, we intend
to discontinue reporting of our non-GAAP net operating cash burn in
future periods.
Non-GAAP Financial Information
In addition to reporting financial information in accordance
with U.S. generally accepted accounting principles (“GAAP”) in this
press release, we have elected to present selected non-GAAP, or
adjusted, financial measures. Reconciliations between historical
GAAP and non-GAAP information are contained at the end of this
press release following the accompanying financial data. A
reconciliation of anticipated net operating cash burn to the most
directly comparable GAAP measure is not available without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future, and we are also unable to predict the
probable significance of such adjusted measures. Accordingly, in
reliance on the exception provided by Item 10(e)(1)(i)(B) of
Regulation S-K, we have not provided a reconciliation for the net
operating cash burn guidance measure provided in this press
release.
About Zymeworks Inc.
Zymeworks Inc. (Nasdaq: ZYME) is a global biotechnology company
committed to the discovery, development, and commercialization of
novel, multifunctional biotherapeutics. Zymeworks' mission is to
make a meaningful difference for people impacted by
difficult-to-treat cancers and other serious diseases. Zymeworks'
complementary therapeutic platforms and fully integrated drug
development engine provide the flexibility and compatibility to
precisely engineer and develop highly differentiated antibody-based
therapeutic candidates. Zymeworks engineered and developed
zanidatamab, a HER2-targeted bispecific antibody using Zymeworks'
proprietary Azymetric™ technology. Zymeworks has entered into
separate agreements with BeiGene, Ltd. (BeiGene) and Jazz
Pharmaceuticals Ireland Limited (Jazz), granting each of BeiGene
and Jazz with exclusive rights to develop and commercialize
zanidatamab in different territories. Zanidatamab is currently
being evaluated in global Phase 1, Phase 2, and Phase 3 clinical
trials, including certain ongoing pivotal clinical trials as a
treatment for patients with HER2-expressing cancers. Zymeworks'
next clinical candidate, zanidatamab zovodotin (ZW49), is a
HER2-targeted bispecific antibody-drug conjugate (ADC) developed
using Zymeworks' proprietary Azymetric™ and ZymeLink™ Auristatin
technologies. Zanidatamab zovodotin is currently being evaluated in
a Phase 1 clinical trial for patients with a variety of
HER2-expressing, HER2-amplified or HER2-mutant cancers. Zymeworks
is also advancing a deep pipeline of product candidates based on
its experience and capabilities in both ADC and multispecific
antibodies (MSAT). In addition to Zymeworks' wholly owned pipeline,
its therapeutic platforms have been further leveraged through
strategic partnerships with global biopharmaceutical companies. For
information about Zymeworks, visit www.zymeworks.com and follow
@ZymeworksInc on Twitter.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes “forward-looking statements” or
information within the meaning of the applicable securities
legislation, including Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements in this press release
include, but are not limited to, statements that relate to
Zymeworks’ expectations regarding implementation of its strategic
priorities; the anticipated benefits of the collaboration agreement
with Jazz, including Zymeworks’ ability to receive any future
milestone payments and royalties thereunder; the potential
addressable market of zanidatamab; the timing of and results of
interactions with regulators; Zymeworks’ clinical development of
its product candidates and enrollment in its clinical trials;
anticipated clinical data presentations; expectations regarding
future regulatory filings and approvals and the timing thereof;
potential therapeutic effects of zanidatamab and Zymeworks’ other
product candidates; expected financial performance and future
financial position; the commercial potential of technology
platforms and product candidates; anticipated continued receipt of
revenue from existing and future partners; Zymeworks’ preclinical
pipeline; anticipated sufficiency of cash resources and other
potential sources of cash to fund Zymeworks’ planned operations
through at least the end of 2026, and potentially beyond;
Zymeworks’ anticipated net operating cash burn and planned capital
expenditures in 2023; Zymeworks’ ability to execute new
collaborations and partnerships and other information that is not
historical information. When used herein, words such as “plan”,
“believe”, “expect”, “may”, “continue”, “anticipate”, “potential”,
“will”, “progress”, and similar expressions are intended to
identify forward-looking statements. In addition, any statements or
information that refer to expectations, beliefs, plans,
projections, objectives, performance or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking. All forward-looking statements
are based upon Zymeworks’ current expectations and various
assumptions. Zymeworks believes there is a reasonable basis for its
expectations and beliefs, but they are inherently uncertain.
Zymeworks may not realize its expectations, and its beliefs may not
prove correct. Actual results could differ materially from those
described or implied by such forward-looking statements as a result
of various factors, including, without limitation: any of
Zymeworks’ or its partners’ product candidates may fail in
development, may not receive required regulatory approvals, or may
be delayed to a point where they are not commercially viable;
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; the impact
of new or changing laws and regulations; market conditions; the
impact of the pandemic and other health crises on Zymeworks’
business, research and clinical development plans and timelines and
results of operations, including impact on its clinical trial
sites, collaborators, and contractors who act for or on Zymeworks’
behalf; clinical trials may not demonstrate safety and efficacy of
any of Zymeworks’ or its collaborators’ product candidates;
Zymeworks’ assumptions and estimates regarding its financial
condition, future financial performance and estimated cash runway
may be incorrect; inability to maintain or enter into new
partnerships or strategic collaborations; and the factors described
under “Risk Factors” in Zymeworks’ quarterly and annual reports
filed with the Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q for its quarter ended June 30,
2023 (a copy of which may be obtained at www.sec.gov and
www.sedar.com). Although Zymeworks believes that such
forward-looking statements are reasonable, there can be no
assurance they will prove to be correct. Investors should not place
undue reliance on forward-looking statements. The above
assumptions, risks and uncertainties are not exhaustive.
Forward-looking statements are made as of the date hereof and,
except as may be required by law, Zymeworks undertakes no
obligation to update, republish, or revise any forward-looking
statements to reflect new information, future events or
circumstances, or to reflect the occurrences of unanticipated
events.
ZYMEWORKS INC. Condensed Interim
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of U.S. dollars except share and
per share data) (unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Research and development collaborations |
$ |
7,002 |
|
|
$ |
5,442 |
|
|
$ |
42,580 |
|
|
$ |
7,358 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
39,408 |
|
|
|
56,022 |
|
|
|
85,320 |
|
|
|
118,532 |
|
General and administrative |
|
21,708 |
|
|
|
15,243 |
|
|
|
38,655 |
|
|
|
27,335 |
|
Total operating expenses |
|
61,116 |
|
|
|
71,265 |
|
|
|
123,975 |
|
|
|
145,867 |
|
Loss from operations |
|
(54,114 |
) |
|
|
(65,823 |
) |
|
|
(81,395 |
) |
|
|
(138,509 |
) |
Other income, net |
|
4,616 |
|
|
|
1,195 |
|
|
|
8,934 |
|
|
|
1,182 |
|
Loss before income taxes |
|
(49,498 |
) |
|
|
(64,628 |
) |
|
|
(72,461 |
) |
|
|
(137,327 |
) |
Income tax (expense) recovery |
|
(1,654 |
) |
|
|
9 |
|
|
|
(3,044 |
) |
|
|
83 |
|
Net loss |
$ |
(51,152 |
) |
|
$ |
(64,619 |
) |
|
$ |
(75,505 |
) |
|
$ |
(137,244 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized loss on available for sale securities, net of tax of
$0 |
|
(1,874 |
) |
|
|
— |
|
|
|
(1,154 |
) |
|
|
— |
|
Total other comprehensive
loss |
|
(1,874 |
) |
|
|
— |
|
|
|
(1,154 |
) |
|
|
— |
|
Comprehensive loss |
$ |
(53,026 |
) |
|
$ |
(64,619 |
) |
|
$ |
(76,659 |
) |
|
$ |
(137,244 |
) |
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.76 |
) |
|
$ |
(0.97 |
) |
|
$ |
(1.13 |
) |
|
$ |
(2.15 |
) |
Diluted |
$ |
(0.76 |
) |
|
$ |
(0.97 |
) |
|
$ |
(1.13 |
) |
|
$ |
(2.15 |
) |
Weighted-average common stock
outstanding: |
|
|
|
|
|
|
|
Basic |
|
67,281,028 |
|
|
|
66,353,279 |
|
|
|
67,011,664 |
|
|
|
63,874,097 |
|
Diluted |
|
67,284,511 |
|
|
|
66,354,784 |
|
|
|
67,014,794 |
|
|
|
63,880,076 |
|
ZYMEWORKS INC.Selected Condensed
Consolidated Balance Sheet Data(Expressed in
thousands of U.S. dollars)
|
June 30,2023 |
|
December 31,2022 |
|
(unaudited) |
|
|
Cash, cash equivalents and marketable securities |
$ |
431,438 |
|
|
$ |
492,232 |
|
Working capital |
|
326,790 |
|
|
|
449,081 |
|
Total assets |
|
602,054 |
|
|
|
648,725 |
|
Accumulated deficit |
|
(634,268 |
) |
|
|
(558,763 |
) |
Total stockholders’ equity |
|
448,919 |
|
|
|
492,956 |
|
NON-GAAP FINANCIAL MEASURES
In addition to reporting financial information in accordance
with GAAP in this press release, Zymeworks is also reporting
selected non-GAAP, or adjusted, financial measures, including
adjusted research and development expenses, adjusted general and
administrative expenses, adjusted net loss per share (basic and
diluted) and net operating cash burn. These non-GAAP financial
measures are not defined by GAAP and should not be considered as
alternatives to net loss, net loss per share or any other indicator
of Zymeworks’ performance required to be reported under GAAP. In
addition, other companies, including companies in our industry, may
calculate similarly titled non-GAAP or adjusted measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
adjusted measures as tools for comparison. Investors and others are
encouraged to review Zymeworks’ financial information in its
entirety and not rely on a single financial measure. As defined by
Zymeworks, adjusted expenses represent total research and
development expenses and general and administrative expenses
adjusted for non-cash stock-based compensation expenses for equity
and liability classified equity instruments as well as expenses
incurred in relation to the restructuring program implemented in
2022. As defined by Zymeworks, adjusted net loss per share – Basic
represents net loss per share – Basic adjusted for non-cash
stock-based compensation expenses for equity and liability
classified equity instruments on a per share basis as well as
restructuring expenses incurred in relation to the restructuring
program implemented in 2022 on a per share basis, and adjusted net
loss per share – Diluted represents net loss per share – Diluted
adjusted for non-cash stock-based compensation expenses for equity
and liability classified equity instruments on a per share basis as
well as restructuring expenses incurred in relation to the
restructuring program implemented in 2022 on a per share basis. As
defined by Zymeworks, net operating cash burn represents net
operating loss less cash used in the acquisition of property,
equipment and intangible assets.
Adjusted expenses and adjusted net loss per share (basic and
diluted) are non-GAAP measures that Zymeworks believes may be
helpful to investors because they provide consistency and
comparability with past financial performance. Net operating cash
burn is a non-GAAP measure that Zymeworks believes may be helpful
to investors because it provides information about the cash
resources used in funding our operations.
GAAP to Non-GAAP Reconciliations
(Expressed in thousands of U.S. dollars except per share
data)(unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
$ |
39,408 |
|
|
$ |
56,022 |
|
|
$ |
85,320 |
|
|
$ |
118,532 |
|
Stock-based compensation
(expense) / recovery for equity classified instruments (*) |
|
1,081 |
|
|
|
(1,971 |
) |
|
|
640 |
|
|
|
776 |
|
Stock-based compensation
(expense) / recovery for liability classified instruments (*) |
|
4 |
|
|
|
300 |
|
|
|
— |
|
|
|
774 |
|
Restructuring expense |
|
— |
|
|
|
(707 |
) |
|
|
— |
|
|
|
(6,249 |
) |
Adjusted research and development
expenses (Non-GAAP basis) |
$ |
40,493 |
|
|
$ |
53,644 |
|
|
$ |
85,960 |
|
|
$ |
113,833 |
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
$ |
21,708 |
|
|
$ |
15,243 |
|
|
$ |
38,655 |
|
|
$ |
27,335 |
|
Stock-based compensation
(expense) / recovery for equity classified instruments (*) |
|
(1,725 |
) |
|
|
(1,281 |
) |
|
|
(4,111 |
) |
|
|
951 |
|
Stock-based compensation
(expense) / recovery for liability classified instruments (*) |
|
314 |
|
|
|
163 |
|
|
|
968 |
|
|
|
3,039 |
|
Restructuring recovery /
(expense) |
|
— |
|
|
|
315 |
|
|
|
— |
|
|
|
(3,620 |
) |
Adjusted general and
administrative expenses (Non-GAAP basis) |
$ |
20,297 |
|
|
$ |
14,440 |
|
|
$ |
35,512 |
|
|
$ |
27,705 |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net loss per common share –
Basic |
$ |
(0.76 |
) |
|
$ |
(0.97 |
) |
|
$ |
(1.13 |
) |
|
$ |
(2.15 |
) |
Stock-based compensation expense
per common share |
|
0.01 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
(0.09 |
) |
Restructuring expenses per common
share |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.15 |
|
Adjusted net loss per common
share – Basic (Non-GAAP basis) |
$ |
(0.75 |
) |
|
$ |
(0.92 |
) |
|
$ |
(1.09 |
) |
|
$ |
(2.09 |
) |
|
|
|
|
|
|
|
|
Net loss per common share –
Diluted |
$ |
(0.76 |
) |
|
$ |
(0.97 |
) |
|
$ |
(1.13 |
) |
|
$ |
(2.15 |
) |
Stock-based compensation expense
per common share |
|
0.01 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
(0.09 |
) |
Restructuring expenses per common
share |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.15 |
|
Adjusted net loss per common
share – Diluted (Non-GAAP basis) |
$ |
(0.75 |
) |
|
$ |
(0.92 |
) |
|
$ |
(1.09 |
) |
|
$ |
(2.09 |
) |
(*): Research and development expenses and general and
administrative expenses include $nil stock-based compensation
expense related to the 2022 restructuring for the three and six
months ended June 30, 2023 ($0 for the three months ended June
30, 2022; recovery of $5,516 and $4,865 for the six months ended
June 30, 2022, in research and development expenses and
general and administrative expenses, respectively).
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(51,152 |
) |
|
$ |
(64,619 |
) |
|
$ |
(75,505 |
) |
|
$ |
(137,244 |
) |
Acquisition of property,
equipment and intangible assets |
|
(802 |
) |
|
|
(3,746 |
) |
|
|
(1,188 |
) |
|
|
(8,450 |
) |
Net operating cash burn (Non-GAAP
basis) |
$ |
(51,954 |
) |
|
$ |
(68,365 |
) |
|
$ |
(76,693 |
) |
|
$ |
(145,694 |
) |
Contacts:
Investor and Media Inquiries: Diana Papove (604) 678-1388
ir@zymeworks.com
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