Zymeworks authorizes $60M share repurchase; initial $30M in H2 2024

Zymeworks Inc.

Board authorized repurchase of up to $60M of common stock; initial $30M anticipated to begin promptly in second half of 2024.
Remaining $30M reserved for future repurchases to maintain flexibility for market conditions and growth.
Company expects existing cash plus regulatory milestone payments to fund planned operations into second half of 2027 despite repurchases.
CEO Kenneth Galbraith cites confidence in pipeline and commitment to returning capital to shareholders, noting stock undervalued.
Repurchases may be made in open market under Rule 10b5-1 and Rule 10b-18; program may be suspended or discontinued anytime.

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