Zymeworks FY2025 revenue up 39% to $106M, net loss down 34%; $250M royalty-backed note from Royalty Pharma

Zymeworks Inc.

FY2025 revenue $106.0M (+39% YoY); net loss $81.1M vs $122.7M in 2024.
Cash & securities $270.6M as of Dec 31; $62.5M used for share repurchases at avg $24.22/share.
Entered $250M non-recourse royalty-backed note with Royalty Pharma; 70% of Ziihera royalty unencumbered.
Partner Jazz expects Ziihera sBLA submission in 1Q 2026, potential launch in 2H 2026; up to $440M milestones eligible.
2026 adjusted gross opex guided ~20% lower than 2025 adjusted opex of $170.5M, excluding acquisitions.

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