ZYME

MKT CAP:$2B

Zymeworks Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇨🇦 Canada·NASDAQ

Healthcare·Biotechnology·🇨🇦·NASDAQ

Stock Price

$27.43+$0.81 (+3.04%)

Apr 23, 2026

Company Details

Zymeworks Inc., a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a novel bispecific antibody that is ...

CEO

Kenneth H. Galbraith

IPO Date

Apr 28, 2017

Website

www.zymeworks.com

Key Metrics TTM

Revenue

$106M

+38.9% YoY

Net Income

-$81M

EPS (Diluted)

-$1.08

Free Cash Flow

-$35M

Revenue / Share

$1.41

Gross Margin

98.4%

Operating Margin

-87.3%

Net Margin

-76.6%

FCF Margin

-33.0%

P/S

19.8x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 2, 2026

$106M+38.9%EPS -$1.08

Q4 2025

Mar 2, 2026

$3M-91.9%EPS -$0.55

Q3 2025

Nov 6, 2025

$28M+72.6%EPS -$0.26

Q2 2025

Aug 7, 2025

$49M+153.2%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	-$61M	-$73M
Q2 22	$5M	-$51M	-$66M
Q3 22	$3M	-$34M	-$50M
Q4 22	$402M	$350M	$319M
Q1 23	$36M	-$10M	-$27M
Q2 23	$7M	-$32M	-$54M
Q3 23	$17M	$17M	-$33M
Q4 23	$17M	$17M	-$23M
Q1 24	$10M	$10M	-$38M
Q2 24	$19M	$19M	-$43M
Q3 24	$16M	$16M	-$34M
Q4 24	$31M	$31M	-$22M
Q1 25	$27M	$27M	-$26M
Q2 25	$49M	$49M	-$674.0K
Q3 25	$28M	$28M	-$22M
Q4 25	$3M	$824.0K	-$44M

Valuation

Quarter	P/S	P/E
Q1 22	74.9x	—
Q2 22	66.2x	—
Q3 22	70.1x	—
Q4 22	5.1x	16.8x
Q1 23	4.7x	12.1x
Q2 23	4.7x	11.2x
Q3 23	4.5x	10.2x
Q4 23	27.5x	—
Q1 24	41.5x	—
Q2 24	33.4x	—
Q3 24	33.7x	—
Q4 24	27.4x	—
Q1 25	22.4x	—
Q2 25	17.0x	—
Q3 25	15.6x	—
Q4 25	19.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$55M	-$60M
Q2 22	-$55M	-$59M
Q3 22	-$73M	-$77M
Q4 22	$318M	$318M
Q1 23	-$83M	-$84M
Q2 23	-$6M	-$7M
Q3 23	-$43M	-$44M
Q4 23	$14M	$12M
Q1 24	-$38M	-$38M
Q2 24	-$25M	-$26M
Q3 24	-$6M	-$7M
Q4 24	-$42M	-$42M
Q1 25	-$3M	-$4M
Q2 25	$12M	$11M
Q3 25	-$31M	-$32M
Q4 25	-$10M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$4M
Q3 22	$4M
Q4 22	$151.4K
Q1 23	$386.0K
Q2 23	$802.0K
Q3 23	$1M
Q4 23	$2M
Q1 24	$654.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$314.0K
Q1 25	$338.0K
Q2 25	$884.0K
Q3 25	$410.0K
Q4 25	$569.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+197.5%	+63.7%
Q2 22	+207.3%	+0.9%
Q3 22	-40.1%	-18.9%
Q4 22	+1925.6%	+36.9%
Q1 23	+1756.9%	-15.7%
Q2 23	+28.7%	-14.2%
Q3 23	+527.4%	-6.1%
Q4 23	-95.8%	-51.4%
Q1 24	-71.8%	-23.9%
Q2 24	+174.8%	+1.7%
Q3 24	-3.1%	+0.9%
Q4 24	+83.3%	+32.0%
Q1 25	+170.3%	+10.2%
Q2 25	+153.2%	-20.5%
Q3 25	+72.6%	-1.0%
Q4 25	-91.9%	-12.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$8M	-426.8%
Q2 22	$3M	53.2%
Q3 22	$5M	182.4%
Q4 22	$0	0.0%
Q1 23	$2M	6.5%
Q2 23	$367.0K	5.2%
Q3 23	$2M	12.4%
Q4 23	$3M	19.9%
Q1 24	$4M	35.4%
Q2 24	$5M	23.7%
Q3 24	$5M	29.1%
Q4 24	$5M	16.2%
Q1 25	$6M	23.6%
Q2 25	$6M	12.0%
Q3 25	$7M	25.0%
Q4 25	-$3M	-135.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$63M	$12M	—
Q2 22	$56M	$15M	—
Q3 22	$37M	$16M	$2.0K
Q4 22	$53M	$32M	$19.0K
Q1 23	$46M	$17M	—
Q2 23	$39M	$22M	—
Q3 23	$33M	$17M	—
Q4 23	$26M	$15M	—
Q1 24	$32M	$1M	—
Q2 24	$29M	$16M	—
Q3 24	$36M	$14M	—
Q4 24	$37M	$16M	—
Q1 25	$36M	$17M	—
Q2 25	$34M	$15M	—
Q3 25	$36M	$14M	—
Q4 25	$31M	$14M	—

Revenue Segments

Quarter	Other Product	License	Deferred Revenue	Milestone Revenue	Option Exercise Fee	Research Support Payments And Other Service	Royalty
Q1 22	$2M	—	—	—	—	—	—
Q2 22	$442.0K	$5M	—	—	—	—	—
Q3 22	$3M	—	—	—	—	—	—
Q2 25	—	—	$18M	$20M	$8M	$475.0K	$550.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$276M	$25M	$301M
Q2 22	$199M	$43M	$242M
Q3 22	$96M	$70M	$166M
Q4 22	$401M	$91M	$492M
Q1 23	$182M	$159M	$341M
Q2 23	$142M	$198M	$340M
Q3 23	$94M	$201M	$295M
Q4 23	$158M	$217M	$374M
Q1 24	$115M	$230M	$345M
Q2 24	$71M	$259M	$330M
Q3 24	$122M	$175M	$297M
Q4 24	$66M	$160M	$226M
Q1 25	$76M	$189M	$265M
Q2 25	$98M	$183M	$281M
Q3 25	$65M	$187M	$252M
Q4 25	$41M	$188M	$229M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	61M	+17.5%	+19.5%
Q2 22	66M	+8.1%	+29.0%
Q3 22	66M	+0.2%	+27.3%
Q4 22	67M	+0.1%	+27.5%
Q1 23	67M	+0.3%	+8.7%
Q2 23	67M	+0.8%	+1.4%
Q3 23	71M	+4.9%	+6.2%
Q4 23	71M	+0.4%	+6.4%
Q1 24	76M	+7.6%	+14.2%
Q2 24	76M	+0.2%	+13.5%
Q3 24	76M	-0.3%	+7.9%
Q4 24	76M	-0.4%	+7.1%
Q1 25	75M	-0.9%	-1.3%
Q2 25	77M	+2.9%	+1.3%
Q3 25	76M	-2.1%	-0.5%
Q4 25	75M	-0.6%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$1M	294
Q1 23	$121.0K	294
Q2 23	$23.8K	294
Q3 23	$56.1K	294
Q4 23	$61.1K	277
Q1 24	$36.2K	277
Q2 24	$69.5K	277
Q3 24	$57.8K	277
Q4 24	$108.5K	286
Q1 25	$94.8K	286
Q2 25	$170.4K	286
Q3 25	$96.6K	286
Q4 25	$13	200K

Revenue / Employee