Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology
company developing a diverse pipeline of novel, multifunctional
biotherapeutics to improve the standard of care for
difficult-to-treat diseases, today reported financial results for
the fourth quarter and year ended December 31, 2023, and
provided a summary of recent business highlights.
“We begin 2024 in a very strong position, with the initiation of
the rolling BLA submission for zanidatamab in second-line BTC in
the United States, and a projected cash runway to support the
development of our expanded portfolio of clinical and preclinical
product candidates into the second half of 2027,” said Kenneth
Galbraith, Chair and Chief Executive Officer of Zymeworks. “We look
ahead to a potentially transformative year for Zymeworks; both
through potential upcoming regulatory approvals, and more broadly
through executing on our development strategy for our early-stage
product pipeline of antibody-drug conjugates and multispecific
antibodies.”
Galbraith continued, “We remain on track with our goal of
completing two IND submissions this year, with multiple data
catalysts highlighting the innovation within our pipeline. These
IND submissions, along with additional planned submissions over the
next two years, provide multiple opportunities for business
development and collaborations. We remain committed to executing on
our development strategy for our pipeline of unencumbered product
candidates, all of which have the potential to improve the standard
of care for patients in disease areas with high unmet need, and
commercially attractive targets.”
Recent Highlights and Current Developments
Zanidatamab Continues to Advance with Multiple Catalysts
- In November 2023,
our partner Jazz Pharmaceuticals plc (“Jazz”) and The University of
Texas MD Anderson Cancer Center announced a five-year strategic
research collaboration agreement to evaluate zanidatamab, an
investigational human epidermal growth factor receptor 2
(HER2)-targeted bispecific antibody, in multiple HER2-expressing
cancers.
- In December 2023, response rates in
the HERIZON-BTC-01 Asian subgroup cohort were presented at the
European Society of Medical Oncology Asia Conference, highlighting
consistency across subgroups with durable tumor responses (overall
response rate of 42% [95% CI: 28, 57], median duration of response
7.4 [3.9- Not Estimable] months) and a tolerable safety profile (no
patients in the Asia subgroup experienced grade 4 or 5 treatment
related adverse events).
- In December 2023, progression free
survival (PFS) for zanidatamab in combination as chemotherapy-free
regime was presented at the San Antonio Breast Cancer Symposium.
Data from 51 patients with heavily pretreated HER2+/HR+ metastatic
breast cancer who were treated with zanidatamab plus palbociclib
and fulvestrant demonstrated a PFS at six months of 67% (n=34) [95%
CI: 52, 79]. Secondary endpoint findings included a median PFS of
12 months [95% CI: 8, 15] and a confirmed objective response rate
of 35% [95% CI: 21, 50] with a median duration of response of 15
months. The combination regimen was well tolerated with a
manageable safety profile.
- In January 2024 at the American
Society of Clinical Oncology Gastrointestinal (GI) Symposium,
Patient-Reported Outcomes from HERIZON-BTC-01 demonstrate patients
who responded to zanidatamab had less pain and pain interference
compared to their baseline levels.
- In January 2024, our partner Jazz
highlighted that for the HERIZON-GEA-01 trial, enrollment will be
increased from 714 to 918 patients to improve the statistical
power, for the OS endpoint only. This update allows Jazz to
maintain the previously guided top-line readout, targeted for late
2024, which will continue to be based on the original enrollment
numbers. Discussions with FDA and other regulatory agencies were
held in advance of the decision to increase enrollment for the OS
endpoint analysis. Jazz also announced that the rolling submission
of the BLA submission for zanidatamab in second-line BTC has been
initiated, with the intention of completing the BLA submission in
the first half of 2024.
- In February 2024, our partner Jazz
disclosed that they have initiated a Phase 3 confirmatory trial to
evaluate zanidatamab as first-line treatment for patients with
metastatic BTC.
- In February 2024, our partner
BeiGene updated guidance on the expected timing of the BLA filing
for zanidatamab with the NMPA for treatment of HER2-amplified
inoperable and advanced or metastatic BTC in China during the
second half of 2024.
Progression of Research & Development Programs
- In February 2024, we
published a manuscript in the American Association for Cancer
Research Molecular Cancer Therapeutics Journal on the screening and
selection process for our novel topoisomerase-1 inhibitor
(“TOPO1i”) payload known as ZD06519. Our novel camptothecin
analogue ZD06519 was selected based on its favorable properties as
a free molecule and as an antibody conjugate, which include
moderate free payload potency (~1 nM), low hydrophobicity, strong
bystander activity, robust plasma stability, and high-monomeric
antibody-drug conjugate (ADC) content. When conjugated to different
antibodies using a clinically validated MC-GGFG-based linker,
ZD06519 demonstrated impressive efficacy in multiple CDX models and
noteworthy tolerability in healthy mice, rats, and non-human
primates.
- Five abstracts
accepted for presentation at the AACR Annual Meeting taking place
April 5-10 in San Diego, CA. Abstracts accepted include two
presentations from our multispecific antibody therapeutics (MSAT)
program:
- DLL3 TriTCE Co-Stim:
A next generation trispecific T-cell engager with integrated CD28
costimulation for the treatment of DLL3-expressing cancers
(Abstract #6716)
- TriTCE Co-Stim: A
next generation trispecific T-cell engager platform with integrated
CD28 costimulation, engineered to improve responses in the
treatment of solid tumors (Abstract #6719)
and three presentations from our ADC program:
- ZW191 – a
FRα-targeting antibody drug conjugate with strong preclinical
activity across multiple FRα-expressing indications (Abstract
#1862)
- Screening novel
format antibodies to design bispecific ADCs that address target
heterogeneity (Abstract #2052)
- Development of
three-dimensional cancer cell line spheroid models for the in vitro
functional characterization of cytotoxic antibody-drug conjugates
(Abstract #3127)
- Zanidatamab zovodotin (ZW49) remains
ready for a Phase 2 clinical trial, in combination with
pembrolizumab, with the recommended Phase 2 dose of 2.5 mg/kg every
three weeks. However, the initiation of the planned Phase 2 study
has been deprioritized, pending more clarity from the evolving
clinical landscape. We continue to explore potential development
and commercial collaborations for zanidatamab zovodotin.
- On track to submit two IND or
foreign equivalent submissions for ZW191 and ZW171 in 2024.
“We have significantly accelerated the development timeline for
our early stage ‘5 by 5’ programs, with four of the five IND
candidates now nominated, the most recent being ZW251, our GPC3
targeting ADC being developed for the treatment of hepatocellular
carcinomas,” stated Paul Moore, Ph.D., Chief Scientific Officer at
Zymeworks. “We remain on track to accomplish our goal of submitting
IND or foreign equivalent submissions in 2024 for both ZW191 and
ZW171, in 2025 for ZW220 and ZW251, and to nominate our fifth IND
candidate during 2024, with a planned IND filing in 1H 2026. We are
also working on the next generation of ADC and MSATs beyond the ‘5
by 5’ portfolio, which we look forward to talking about in more
detail later this year.”
Business Updates & Corporate Developments
- Addition to the
Nasdaq Biotechnology Index (Nasdaq: NBI) effective prior to the
market open on Monday, December 18, 2023.
- Completion of a securities purchase
agreement with funds affiliated with EcoR1 Capital, LLC (“EcoR1
Capital”), for the sale of an aggregate of 5,086,521 pre-funded
warrants to purchase 5,086,521 shares of common stock at an
exercise price of $0.0001 per share. The aggregate gross proceeds
from the offering were approximately $50 million. The purchase
price of $9.8299 for each pre-funded warrant was based on the
closing price of $9.83 per share of Company’s common stock on
Nasdaq on December 22, 2023.
- Significant additions to Zymeworks
leadership team, including eight new Vice Presidents. These
additions to the leadership team highlight Zymeworks’ commitment to
nurturing and advancing internal talent to key leadership roles
while strengthening the capabilities and experience of the
organization.
- Appointment of Dr. Alessandra Cesano
to the board of directors effective February 8, 2024. Dr. Cesano
succeeds Dr. Kenneth Hillan, who stepped down effective February 8,
2024 after a successful seven-year tenure as a director of
Zymeworks.
- Appointment of Mr. Scott Platshon to
the board of directors effective February 22, 2024. Scott Platshon
is a Partner at EcoR1 Capital.
Financial Results for the Year Ended
December 31, 2023
Revenue was $76.0 million in 2023 compared to $412.5 million in
2022. Revenue for 2023 included $71.5 million for development
support and drug supply revenue from Jazz and $4.5 million from our
other partners for research support and other payments. Revenue for
2022 included $375.0 million in upfront fees from Jazz, $24.3
million development support payments from Jazz, and a $5.0 million
upfront fee from Atreca as well as $8.2 million in research support
and other payments from our other partners.
Research and development expense was $143.6 million in 2023
compared to $208.6 million in 2022. In 2023, research and
development expense included a non-cash stock-based compensation
expense of $2.4 million comprised of a $2.1 million expense from
equity classified awards (2022 – $3.2 million expense) and a $0.3
million expense from the non-cash mark-to-market revaluation of
certain historical liability classified awards (2022 - $0.8 million
recovery). Excluding stock-based compensation and 2022
restructuring expense, research and development expense decreased
on a non-GAAP basis by $59.3 million in 2023 compared to 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 per our transfer agreement and amended and
restated collaboration agreement with Jazz. This decrease, compared
to 2022, was partially offset by an increase in preclinical
expenses, primarily with respect to preclinical product candidates
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 and lower non-recurring severance expenses.
General and administrative expense was $70.4 million in 2023
compared to $73.4 million in 2022. In 2023, general and
administrative expense included a non-cash stock-based compensation
expense of $5.3 million comprised of a $6.6 million expense from
equity-classified awards (2022 – $4.1 million expense) and a $1.3
million recovery from the non-cash mark-to-market revaluation of
certain historical liability-classified awards (2022 – $2.9 million
recovery). Excluding stock-based compensation and 2022
restructuring expense, general and administrative expense decreased
on a non-GAAP basis by $3.8 million in 2023 compared to 2022. The
decrease in general and administrative expense was primarily due to
a decrease in salaries and benefits expenses due to lower headcount
and due to lower non-recurring severance expenses in 2023, as well
as due to a decrease in expenses for professional services. This
was partially offset by an increase in other expenses related to
higher depreciation on facilities and higher technology spend in
2023.
Other income, net increased by $14.1 million in 2023 compared to
2022. Other income, net for 2023 included $19.7 million of interest
income partially offset by a $0.9 million in other expenses which
includes foreign exchange losses partially offset by other
miscellaneous income. Higher interest income in 2023 was due to
income earned on higher cash resources and at higher rates of
return in 2023. Other income, net for 2022 included $3.6 million of
interest income and a net foreign exchange gain of $1.2 million
primarily due to the revaluation of Canadian denominated items.
Income tax expense decreased by $11.5 million in 2023 compared
to 2022, primarily due to a reduction in U.S. taxes under the
global intangible low-taxed income rules, in 2023. In 2023 we
incurred a net loss compared to a net income in 2022, primarily due
to the Jazz partnership.
Net loss was $118.7 million in 2023 compared to net income of
$124.3 million in 2022. Net loss in 2023 as opposed to net income
in 2022 was primarily due to non-recurring upfront fee revenue from
our collaboration agreement with Jazz in 2022, which was partially
offset by higher collaboration revenue, lower operating expenses,
higher interest income and lower income tax expenses in 2023.
“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, helping to achieve our long-term goal of identifying
additional product candidates and seeking valuable partnership
options, while also maintaining our cash runway.”
As of December 31, 2023, we had $456.3 million of cash
resources consisting of cash, cash equivalents and marketable
securities, comprised of $157.6 million in cash and cash
equivalents and $298.7 million in marketable securities. For 2023,
our cash used in operations was negatively impacted by working
capital movements, primarily due to lower levels of payables as of
December 31, 2023 compared to 2022. Based on current operating
plans and receipt of certain anticipated regulatory milestones, we
expect our existing cash resources as of December 31, 2023, when
combined with certain anticipated regulatory milestone payments,
will enable us to fund planned operations into the second half of
2027.
Non-GAAP Financial InformationIn 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 is a global biotechnology company committed to the
discovery, development, and commercialization of novel,
multifunctional biotherapeutics. Zymeworks’ mission is to make a
meaningful difference in the lives of people impacted by
difficult-to-treat cancers and other diseases. The Company’s
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 the
Company’s proprietary Azymetric™ technology. Zymeworks has entered
into separate agreements with BeiGene, Ltd. (BeiGene) and Jazz
Pharmaceuticals Ireland Limited (Jazz), granting each exclusive
rights to develop and commercialize zanidatamab in different
territories. Zanidatamab is currently being evaluated in multiple
global clinical trials as a potential best-in-class treatment for
patients with HER2-expressing cancers. Zymeworks is rapidly
advancing a deep pipeline of product candidates based on its
experience and capabilities in both antibody drug conjugates and
multispecific antibody therapeutics across multiple novel targets
in indications that represent areas of significant unmet medical
need. 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 X.
Cautionary Note Regarding Forward-Looking
StatementsThis 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; the timing of and results of interactions with
regulators; potential safety profile and 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; our
ability to satisfy potential regulatory and commercial milestones
with existing and future partners; the timing and status of ongoing
and future studies and the release of data; anticipated continued
receipt of revenue from existing and future partners; Zymeworks’
preclinical pipeline; anticipated sufficiency of existing cash
resources and certain anticipated regulatory milestone payments to
fund Zymeworks’ planned operations into the second half of 2027;
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 Annual Report on Form 10-K
for its year ended December 31, 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. Consolidated Statements
of Income (Loss) and Comprehensive
Income(Expressed in thousands of U.S. dollars
except share and per share data)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Research and development collaborations |
$ |
16,926 |
|
|
$ |
402,493 |
|
|
$ |
76,012 |
|
|
$ |
412,482 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
25,524 |
|
|
|
52,967 |
|
|
|
143,619 |
|
|
|
208,596 |
|
General and administrative |
|
14,823 |
|
|
|
30,131 |
|
|
|
70,446 |
|
|
|
73,358 |
|
Total
operating expenses |
|
40,347 |
|
|
|
83,098 |
|
|
|
214,065 |
|
|
|
281,954 |
|
(Loss)
income from operations |
|
(23,421 |
) |
|
|
319,395 |
|
|
|
(138,053 |
) |
|
|
130,528 |
|
Other income, net |
|
4,217 |
|
|
|
1,041 |
|
|
|
18,811 |
|
|
|
4,706 |
|
(Loss)
income before income taxes |
|
(19,204 |
) |
|
|
320,436 |
|
|
|
(119,242 |
) |
|
|
135,234 |
|
Income tax recovery (expense), net |
|
4,722 |
|
|
|
(11,005 |
) |
|
|
568 |
|
|
|
(10,893 |
) |
Net
(loss) income |
$ |
(14,482 |
) |
|
$ |
309,431 |
|
|
$ |
(118,674 |
) |
|
$ |
124,341 |
|
Other
comprehensive income: |
|
|
|
|
|
|
|
Unrealized income on available for sale securities, net of tax of
nil |
|
1,695 |
|
|
|
— |
|
|
|
56 |
|
|
|
— |
|
Total
other comprehensive income |
|
1,695 |
|
|
|
— |
|
|
|
56 |
|
|
|
— |
|
Comprehensive (loss) income |
$ |
(12,787 |
) |
|
$ |
309,431 |
|
|
$ |
(118,618 |
) |
|
$ |
124,341 |
|
|
|
|
|
|
|
|
|
Net
(loss) income per common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
|
$ |
4.65 |
|
|
$ |
(1.72 |
) |
|
$ |
1.91 |
|
Diluted |
$ |
(0.20 |
) |
|
$ |
4.65 |
|
|
$ |
(1.72 |
) |
|
$ |
1.90 |
|
Weighted-average common stock outstanding: |
|
|
|
|
|
|
|
Basic |
|
70,829,828 |
|
|
|
66,510,825 |
|
|
|
68,863,010 |
|
|
|
65,194,775 |
|
Diluted |
|
70,829,828 |
|
|
|
66,565,937 |
|
|
|
68,863,010 |
|
|
|
65,249,184 |
|
ZYMEWORKS INC.Selected Consolidated
Balance Sheet Data(Expressed in thousands of U.S.
dollars)
|
December 31,2023 |
|
December 31,2022 |
|
|
|
|
Cash, cash equivalents and investments |
$ |
456,257 |
|
|
$ |
492,232 |
|
Working
capital |
|
357,163 |
|
|
|
449,081 |
|
Total
assets |
|
580,880 |
|
|
|
648,725 |
|
Accumulated deficit |
|
(677,437 |
) |
|
|
(558,763 |
) |
Total
stockholders’ equity |
|
464,806 |
|
|
|
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 completed 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 completed 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 has been helpful
to investors because it provided information about the cash
resources used in funding our operations. As previously announced
in our August 2023 earnings release, we are focused on our
long-term cash resource plan to fund our operations, and due to
available GAAP measures that convey similar information, we intend
that the disclosure of our non-GAAP net operating cash burn
included in this press release will be our last time reporting this
information and will discontinue reporting of our non-GAAP net
operating cash burn beginning with our results for the first
quarter of 2024.
GAAP to Non-GAAP Reconciliations
(Expressed in thousands of U.S. dollars except per share
data) (unaudited)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Research
and development expenses |
$ |
25,524 |
|
|
$ |
52,967 |
|
|
$ |
143,619 |
|
|
$ |
208,596 |
|
Stock-based compensation expense for equity classified instruments
(*) |
|
(1,428 |
) |
|
|
(1,724 |
) |
|
|
(2,112 |
) |
|
|
(3,174 |
) |
Stock-based compensation (expense) / recovery for liability
classified instruments (*) |
|
(299 |
) |
|
|
9 |
|
|
|
(292 |
) |
|
|
781 |
|
Restructuring (expense) / recovery |
|
— |
|
|
|
482 |
|
|
|
— |
|
|
|
(5,659 |
) |
Adjusted
research and development expenses (Non-GAAP basis) |
$ |
23,797 |
|
|
$ |
51,734 |
|
|
$ |
141,215 |
|
|
$ |
200,544 |
|
|
|
|
|
|
|
|
|
General
and administrative expenses |
$ |
14,823 |
|
|
$ |
30,131 |
|
|
$ |
70,446 |
|
|
$ |
73,358 |
|
Stock-based compensation expense for equity classified instruments
(*) |
|
(1,686 |
) |
|
|
(2,580 |
) |
|
|
(6,621 |
) |
|
|
(4,102 |
) |
Stock-based compensation (expense) / recovery for liability
classified instruments (*) |
|
160 |
|
|
|
(117 |
) |
|
|
1,305 |
|
|
|
2,893 |
|
Restructuring expense |
|
— |
|
|
|
(476 |
) |
|
|
— |
|
|
|
(3,265 |
) |
Adjusted
general and administrative expenses (Non-GAAP basis) |
$ |
13,297 |
|
|
$ |
26,958 |
|
|
$ |
65,130 |
|
|
$ |
68,884 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
income (loss) per common share – Basic |
$ |
(0.20 |
) |
|
$ |
4.65 |
|
|
$ |
(1.72 |
) |
|
$ |
1.91 |
|
Stock-based compensation expense per common share |
|
0.04 |
|
|
|
0.06 |
|
|
|
0.12 |
|
|
|
0.05 |
|
Restructuring expenses per common share |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.14 |
|
Adjusted
net income (loss) per common share – Basic (Non-GAAP basis) |
$ |
(0.16 |
) |
|
$ |
4.71 |
|
|
$ |
(1.60 |
) |
|
$ |
2.10 |
|
|
|
|
|
|
|
|
|
Net
income (loss) per common share – Diluted |
$ |
(0.20 |
) |
|
$ |
4.65 |
|
|
$ |
(1.72 |
) |
|
$ |
1.90 |
|
Stock-based compensation expense per common share |
|
0.04 |
|
|
|
0.06 |
|
|
|
0.12 |
|
|
|
0.05 |
|
Restructuring expenses per common share |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.14 |
|
Adjusted
net income (loss) per common share – Diluted (Non-GAAP basis) |
$ |
(0.16 |
) |
|
$ |
4.71 |
|
|
$ |
(1.60 |
) |
|
$ |
2.09 |
|
(*): Research and development expenses and general and
administrative expenses include $nil stock-based compensation
expense related to the 2022 restructuring for the year ended
December 31, 2023 (recovery of $5,516 and $4,865,
respectively, for the year ended December 31, 2022, in research and
development expenses and general and administrative expenses,
respectively).
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
(14,482 |
) |
|
$ |
309,431 |
|
|
$ |
(118,674 |
) |
|
$ |
124,341 |
|
Acquisition of property, equipment and intangible assets |
|
(1,754 |
) |
|
|
(883 |
) |
|
|
(4,077 |
) |
|
|
(13,125 |
) |
Net
operating cash burn (Non-GAAP basis) |
$ |
(16,236 |
) |
|
$ |
308,548 |
|
|
$ |
(122,751 |
) |
|
$ |
111,216 |
|
Contacts:
Investor Inquiries:Shrinal Inamdar Director, Investor
Relations(604) 678-1388 ir@zymeworks.com
Media Inquiries: Diana PapoveSenior Director, Corporate
Communications(604) 678-1388 media@zymeworks.com
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