Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology
company developing novel multifunctional biotherapeutics, today
reported financial results for the three and nine months ended
September 30, 2023 and provided a summary of recent business
highlights.
“We are pleased to have made key advancements to our product
pipeline this year, along with the nomination of ZW251 as our
latest IND candidate targeting GPC3. These advancements in our '5
by 5' strategy represent important steps in the development of our
emerging product portfolio and provide us with wholly-owned
opportunities for future growth,” said Kenneth Galbraith, Chair and
Chief Executive Officer of Zymeworks. “We believe these are
important steps, along with the upcoming anticipated regulatory
filings, approval and subsequent product launches for zanidatamab,
in our goal to generate value for stockholders by developing
differentiated and improved treatment options for patients with
difficult-to-treat cancers in areas of large unmet need. We look
forward to updating the market on the progress and status of these
product candidates.”
“As we look forward, we expect to see IND submissions and
commencement of clinical studies for ZW171 and ZW191 in 2024
followed by ZW220 and ZW251 in 2025, together with the top-line
data readout from the zanidatamab Phase 3 GEA pivotal trial,
HERIZON-GEA-01, expected in 2024.”
Recent Highlights and Current Developments
- Zanidatamab Clinical Data Presented at the ESMO Annual
Congress
Our partners Jazz Pharmaceuticals
("Jazz") and BeiGene, Ltd. ("BeiGene"), presented abstracts for
zanidatamab at the recent ESMO Annual Congress in Madrid:
- A poster presentation featuring updated results from a Phase
1b/2 study of zanidatamab plus chemotherapy in combination with
tislelizumab, an anti-PD-1 monoclonal antibody, for the first-line
treatment of human epidermal growth factor receptor 2
(HER2)-positive gastric/gastroesophageal junction adenocarcinoma
(G/GEJC). The study, sponsored by BeiGene, showed zanidatamab plus
chemotherapy and tislelizumab produced antitumor activity with a
confirmed objective response rate (ORR) of 75.8%, a median duration
of response (mDOR) of 22.8 months and a median progression-free
survival (PFS) of 16.7 months. Safety data showed 22 patients
(66.7%) experienced at least one grade ≥3 treatment-related adverse
event. A Phase 3 trial (NCT05152147) evaluating this regimen is
ongoing with top-line data from HERIZON-GEA-01 expected to be
reported in 2024.
- A poster presentation featuring quality of life data from a
Phase 2b study of zanidatamab for the second-line treatment of
HER2-amplified biliary tract cancers (BTC), finding that patients
with HER2-positive BTC who responded to zanidatamab reported
improved health-related quality of life (HRQoL) compared with
baseline. Overall, zanidatamab led to a meaningful clinical
benefit, which may reduce disease burden and potentially result in
improved patient HRQoL compared with baseline. We previously
reported data from our Phase 2b study, where zanidatamab as
monotherapy in this patient population had a confirmed ORR of 41.3%
(51.6% in the IHC3+ patients) and a median PFS of 5.5 months.
- ZW251 Named as Next IND Candidate
We anticipate filing an IND in the
second half of 2025 for ZW251, a potential first-in-class ADC
molecule designed for the treatment of GPC3-expressing
hepatocellular carcinoma (HCC).
- Presentations on Clinical and Preclinical Programs at
Multiple Medical and Scientific Conferences in
Q4-2023
During the fourth quarter of 2023, we
had the opportunity to present updated clinical and preclinical
data at a number of medical and scientific conferences, including:
14th Annual World Bispecific Summit held in Boston, MA from October
2-4, 2023; AACR-EORTC-NCI held in Boston, MA from Oct 11-15, 2023;
14th Annual World ADC conference held in San Diego, CA from October
16-19, 2023; ESMO held in Madrid, Spain from October 20-24, 2023;
and Society for Immunotherapy of Cancer (SITC) held in San Diego,
CA from November 1-5, 2023. Presentation materials from these
conferences are available on our website.
- Termination of Licensing Agreement for Zanidatamab
Zovodotin with BeiGene
Reacquiring BeiGene APAC territory
rights for zanidatamab zovodotin marks a key step, granting us sole
responsibility in steering its clinical development and exploring
potential combination therapies in clinical trials. We are
currently pursuing the initiation of a Phase 2 study of zanidatamab
zovodotin in combination with a PD-1 inhibitor in subjects with
locally advanced (unresectable) or metastatic HER2-overexpressing
non-squamous non-small cell lung cancer (NSCLC). This study is
expected to recruit patients in Asia, North America and Europe.
- Proposed Director Nominee
We are delighted to nominate Dr.
Nancy Davidson to join our Board of Directors. Dr. Davidson’s
substantial expertise in the field of oncology and foundational
work in advancing insights in cancer biology from the bench through
clinical studies and into the patient community arrives at a
crucial time as we prepare for multiple milestones in our product
pipeline. She is a highly respected oncologist and researcher who
is a top opinion leader in the field of breast cancer biology and
treatment, with a particular interest in developing evidence-based
clinical pathways in breast cancer treatment. Dr. Davidson is
currently the Executive Vice President for Clinical Affairs and
Professor, Fred Hutchinson Cancer Center (FHCC) and Professor,
Department of Medicine, University of Washington based in Seattle.
Prior to joining FHCC, she spent time at the National Cancer
Institute, Johns Hopkins in Baltimore and the University of
Pittsburgh. Dr. Davidson has previously served as both President of
ASCO and President of AACR.
Further Advancements to '5 by 5' Strategy with
Nomination of Next IND Candidate
“Today we are pleased to nominate ZW251, a potential
first-in-class ADC designed for the treatment of GPC3-expressing
HCC, as our next product candidate with an IND filing anticipated
in the second half of 2025. HCC accounts for about 85%-90% of all
primary liver cancers, the sixth most-commonly diagnosed cancer
worldwide and third most common cause of cancer death, with little
improvement in survival rates over the past 10 years. Annual cases
and deaths from liver cancer are projected to rise by more than 55%
by 2040. Currently approved therapies result in modest levels of
efficacy and there are limited therapeutic options for later lines
of treatment, making ZW251 an important potential treatment option
for patients suffering from HCC both as monotherapy and in
combination with other approved agents,” said Paul Moore, Ph.D.,
Chief Scientific Officer of Zymeworks. “The progression of ZW251
marks the next step in our '5 by 5' strategy, serving as the fourth
novel medicine nominated for clinical development, joining ZW191
and ZW171, both expected for initiation of clinical studies in
2024, and ZW220, expected for initiation of clinical development in
the first half of 2025.”
GPC3, a GPI-anchored cell surface oncofetal antigen, is
over-expressed in most HCC patients (>75%), and displays minimal
normal adult tissue expression, making it an exciting ADC target.
The GPC3-targeting antibody incorporated in ZW251 was selected
based on key ADC attributes including its binding profile,
efficient internalization and payload delivery across a range of
GPC3-expressing models of HCC. ZW251 incorporates the same
Zymeworks’ proprietary bystander-active topoisomerase 1 inhibitor
payload utilized in two additional pipeline ADC programs, ZW191
(anti-FRa) and ZW220 (anti-NAPi2b). A drug-antibody-ratio (DAR) of
four was selected to balance tolerability and efficacy, with ZW251
anti-tumor activity observed in multiple patient derived xenograft
models of HCC reflecting a range of GPC3 over-expression. We are
encouraged by published research demonstrating the potential of
GPC3 antibody targeting in HCC patients as evidenced by tumor
localization of iodine radiolabeled condrituzumab, a prior clinical
stage anti-GPC3 mAb, and are confident that antibody drug
conjugate-based targeting of GPC3 could enable a novel and
effective approach to treatment of HCC.
Financial Results for the Nine Months
Ended September 30, 2023
Revenue for the nine months ended September 30, 2023 was
$59.1 million compared to $10.0 million for the same period of
2022, representing a 491% increase. Revenue for the nine months
ended September 30, 2023 included $56.3 million for
development support and drug supply revenue from Jazz, and $2.8
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 $5.0 million in research support and other payments from our
other partners.
Research and development expense decreased by $37.5 million, or
24%, for the nine months ended September 30, 2023, compared to
the same period in 2022. For the nine months ended
September 30, 2023, research and development expense included
non-cash stock-based compensation expense of $0.7 million,
comprised of a $0.7 million expense from equity classified awards
(nine months ended September 30, 2022 – $1.5 million expense)
and a nominal expense related to the non-cash, mark-to-market
revaluation of certain historical liability classified awards (nine
months ended September 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
$31.4 million in the nine months ended September 30, 2023
compared to the same period of 2022. The decrease in research and
development expense was primarily due to a decrease in expenses for
zanidatamab as a result of transfer of this program to Jazz during
the three months ended June 30, 2023 per the (i) transfer agreement
by and between Zymeworks BC Inc., Zymeworks Zanidatamab Inc., and
Jazz and (ii) and the amended and restated collaboration agreement
by and between Zymeworks BC Inc. and Jazz Pharmaceuticals Ireland
Limited. This decrease, compared to the same period in 2022, was
partially offset by an increase in preclinical expenses, primarily
with respect to preclinical product candidates of ZW171 and ZW191,
and in higher zanidatamab zovodotin program costs, as a result of
amendments to clinical development program agreements in 2022. In
addition, salaries and benefits expenses decreased compared to the
same period in 2022, due to lower headcount in 2023.
General and administrative expense increased by $12.4 million,
or 29%, for the nine months ended September 30, 2023 compared
to the same period in 2022. For the nine months ended
September 30, 2023, general and administrative expense
included non-cash stock-based compensation expense of $3.8 million,
comprised of a $4.9 million expense from equity-classified equity
awards (nine months ended September 30, 2022 – $1.5 million
expense) and a $1.1 million recovery related to the non-cash
mark-to-market revaluation of certain historical
liability-classified equity awards (nine months ended
September 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 $9.9
million during the nine months ended September 30, 2023,
compared to same period in 2022. This increase in general and
administrative expense was primarily due to an increase in expenses
for professional services and other expenses related to higher
depreciation on facilities and higher technology spend in 2023
compared to the same period in 2022. This was partially offset by a
decrease in salaries and benefits expenses due to lower headcount
in 2023.
Other income, net increased by $10.9 million for the nine months
ended September 30, 2023 compared to the same period in 2022.
Other income, net for 2023 included $14.7 million in interest
income partially offset by a $0.1 million in net loss which
includes foreign exchange loss and other miscellaneous income.
Other income, net for the nine months ended September 30,
2022, included $1.9 million in interest income and a $1.8 million
net foreign exchange gain and other miscellaneous amounts. This
increase in interest income was due to an increase in interest
income earned on higher cash resources and at higher rates of
return.
Net loss for the nine months ended September 30, 2023 was
$104.2 million compared to $185.1 million for the same period of
2022, representing a 44% 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 re-focusing the business and
building a diverse clinical-stage product pipeline of ADCs and
multispecific antibody therapeutics continues to provide a strong
foundation for achieving our cash runway goals as well as achieving
our long-term goal of identifying additional product candidates and
seeking valuable partnership options.”
As of September 30, 2023, Zymeworks had $390.2 million of
cash, cash equivalents, and marketable securities, comprised of
$94.3 million in cash and cash equivalents and $295.9 million in
marketable securities. For the nine months ended September 30,
2023, our cash used in operations was negatively impacted by
working capital movements, primarily due to higher levels of
receivables, which we expect to partially reverse by the end of
2023. As of September 30, 2023, we have approximately $64.3 million
in receivables from Jazz reflecting reimbursement for zanidatamab
development costs. 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.
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.
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 preclinical and 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; and 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 pandemics 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 September 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 September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Research and development collaborations |
$ |
16,506 |
|
|
$ |
2,631 |
|
|
$ |
59,086 |
|
|
$ |
9,989 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
32,775 |
|
|
|
37,097 |
|
|
|
118,095 |
|
|
|
155,629 |
|
General and administrative |
|
16,968 |
|
|
|
15,892 |
|
|
|
55,623 |
|
|
|
43,227 |
|
Total operating expenses |
|
49,743 |
|
|
|
52,989 |
|
|
|
173,718 |
|
|
|
198,856 |
|
Loss from operations |
|
(33,237 |
) |
|
|
(50,358 |
) |
|
|
(114,632 |
) |
|
|
(188,867 |
) |
Other income, net |
|
5,660 |
|
|
|
2,483 |
|
|
|
14,594 |
|
|
|
3,665 |
|
Loss before income taxes |
|
(27,577 |
) |
|
|
(47,875 |
) |
|
|
(100,038 |
) |
|
|
(185,202 |
) |
Income tax (expense) recovery |
|
(1,110 |
) |
|
|
29 |
|
|
|
(4,154 |
) |
|
|
112 |
|
Net loss |
$ |
(28,687 |
) |
|
$ |
(47,846 |
) |
|
$ |
(104,192 |
) |
|
$ |
(185,090 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized loss on available for sale securities, net of tax of
nil |
|
(485 |
) |
|
|
— |
|
|
|
(1,639 |
) |
|
|
— |
|
Total other comprehensive
loss |
|
(485 |
) |
|
|
— |
|
|
|
(1,639 |
) |
|
|
— |
|
Comprehensive loss |
$ |
(29,172 |
) |
|
$ |
(47,846 |
) |
|
$ |
(105,831 |
) |
|
$ |
(185,090 |
) |
|
|
|
|
|
|
|
|
Net loss per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.53 |
) |
|
$ |
(2.86 |
) |
Diluted |
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.53 |
) |
|
$ |
(2.86 |
) |
Weighted-average common stock
outstanding: |
|
|
|
|
|
|
|
Basic |
|
70,575,773 |
|
|
|
66,477,016 |
|
|
|
68,212,756 |
|
|
|
64,751,271 |
|
Diluted |
|
70,575,773 |
|
|
|
66,478,157 |
|
|
|
68,214,482 |
|
|
|
64,756,063 |
|
|
ZYMEWORKS INC.Selected Condensed
Consolidated Balance Sheet Data(Expressed in
thousands of U.S. dollars)
|
September 30,2023 |
|
December 31,2022 |
|
(unaudited) |
|
|
Cash, cash equivalents and marketable securities |
$ |
390,194 |
|
|
$ |
492,232 |
|
Working capital |
|
301,787 |
|
|
|
449,081 |
|
Total assets |
|
556,366 |
|
|
|
648,725 |
|
Accumulated deficit |
|
(662,955 |
) |
|
|
(558,763 |
) |
Total stockholders’
equity |
|
424,344 |
|
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
$ |
32,775 |
|
|
$ |
37,097 |
|
|
$ |
118,095 |
|
|
$ |
155,629 |
|
Stock-based compensation
expense equity classified instruments (*) |
|
(1,324 |
) |
|
|
(2,226 |
) |
|
|
(684 |
) |
|
|
(1,450 |
) |
Stock-based compensation
recovery / (expense) for liability classified instruments (*) |
|
7 |
|
|
|
(2 |
) |
|
|
7 |
|
|
|
772 |
|
Restructuring recovery /
(expense) |
|
— |
|
|
|
108 |
|
|
|
— |
|
|
|
(6,141 |
) |
Adjusted research and
development expenses (Non-GAAP basis) |
$ |
31,458 |
|
|
$ |
34,977 |
|
|
$ |
117,418 |
|
|
$ |
148,810 |
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
$ |
16,968 |
|
|
$ |
15,892 |
|
|
$ |
55,623 |
|
|
$ |
43,227 |
|
Stock-based compensation
expense equity classified instruments (*) |
|
(824 |
) |
|
|
(2,473 |
) |
|
|
(4,935 |
) |
|
|
(1,522 |
) |
Stock-based compensation
recovery / (expense) for liability classified instruments (*) |
|
177 |
|
|
|
(29 |
) |
|
|
1,145 |
|
|
|
3,010 |
|
Restructuring recovery /
(expense) |
|
— |
|
|
|
832 |
|
|
|
— |
|
|
|
(2,789 |
) |
Adjusted general and
administrative expenses (Non-GAAP basis) |
$ |
16,321 |
|
|
$ |
14,222 |
|
|
$ |
51,833 |
|
|
$ |
41,926 |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net loss per common share –
Basic |
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.53 |
) |
|
$ |
(2.86 |
) |
Stock-based compensation
expense (recovery) per common share |
|
0.03 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
|
(0.01 |
) |
Restructuring expenses per
common share |
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.14 |
|
Adjusted net loss per common
share – Basic (Non-GAAP basis) |
$ |
(0.38 |
) |
|
$ |
(0.66 |
) |
|
$ |
(1.47 |
) |
|
$ |
(2.73 |
) |
|
|
|
|
|
|
|
|
Net loss per common share –
Diluted |
$ |
(0.41 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.53 |
) |
|
$ |
(2.86 |
) |
Stock-based compensation
expense (recovery) per common share |
|
0.03 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
|
(0.01 |
) |
Restructuring expenses per
common share |
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.14 |
|
Adjusted net loss per common
share – Diluted (Non-GAAP basis) |
$ |
(0.38 |
) |
|
$ |
(0.66 |
) |
|
$ |
(1.47 |
) |
|
$ |
(2.73 |
) |
|
(*): Research and development expenses and general and
administrative expenses include $nil stock-based compensation
expense related to the 2022 restructuring for the three and nine
months ended September 30, 2023 ($nil for the three months
ended September 30, 2022; recovery of $5,516 and $4,865 for
the nine months ended September 30, 2022, in research and
development expenses and general and administrative expenses,
respectively).
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(28,687 |
) |
|
$ |
(47,846 |
) |
|
$ |
(104,192 |
) |
|
$ |
(185,090 |
) |
Acquisition of property,
equipment and intangible assets |
|
(1,135 |
) |
|
|
(3,792 |
) |
|
|
(2,323 |
) |
|
|
(12,242 |
) |
Net operating cash burn
(Non-GAAP basis) |
$ |
(29,822 |
) |
|
$ |
(51,638 |
) |
|
$ |
(106,515 |
) |
|
$ |
(197,332 |
) |
|
Contacts:
Investor Inquiries:Shrinal InamdarDirector, Investor
Relations(604) 678-1388 ir@zymeworks.com
Media Inquiries:Diana Papove Director, Corporate
Communications(604) 678-1388media@zymeworks.com
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