Short answer
Zymeworks Inc. (ZYME) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $106M (+38.9% year over year) and net income of −$81M.
- Top risk flagged: Regulatory risk: BIOSECURE Act may restrict U.S. government contracts to companies using equipment/services from certain Chinese biotech firms, affecting partnerships and operations
FY2025 key financial metrics · XBRL
- Revenue
- $106M
- +38.9% YoY
- Net income
- −$81M
- +33.9% YoY
- Operating margin
- -87.3%
- +92.3 pp YoY
- EPS (diluted)
- −$1.08
- +33.3% YoY
- ROE
- -30.2%
- +6.0 pp YoY
- Operating cash flow
- −$33M
- +70.0% YoY
Source: XBRL data from the Zymeworks Inc. (ZYME) FY2025 10-K on SEC EDGAR. USD.
Zymeworks Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: biotechnology company developing multifunctional antibody-based therapeutics for cancer, inflammation, and autoimmune diseases
- New emphasis: commercial launch and milestone revenue focus on Ziihera (zanidatamab-hrii), approved in biliary tract cancer and pending broader regulatory approvals
- Strategic shift: royalty financing via $250M sale of 30% future Ziihera royalties to Royalty Pharma supporting capital and reducing risk
- Key metric: milestone payments received $69.9M in 2025 from partners; potential up to $440M near-term Ziihera milestones from Jazz and BeOne
- Noteworthy fact: use of a special purpose entity to securitize royalties linked to Jazz Collaboration Agreement with a $250M loan maturing in 2042
Management Discussion & Analysis
- Revenue $106.0M in 2025, up $29.7M (39%) YoY driven by milestone payments from J&J, BeOne, GSK, Daiichi Sankyo, and BMS
- Operating expenses: R&D $137.0M (up 2% YoY), G&A $61.5M (flat YoY); R&D increased due to early-stage programs, zanidatamab R&D down 115% to $(1.8)M
- Best segment: Collaboration revenue milestone growth from multiple partners; worst segment: Zanidatamab R&D costs down $13.7M due to program transition to Jazz
- Cash $270.6M as of Dec 31, 2025; share repurchase $92.5M ($30M completed in 2025, $62.5M through Feb 2026); new $250M loan with Royalty Pharma in March 2026
- Outlook: 2026 focus on Phase 1 trials for ZW191 and ZW251; IND filings for multispecific antibodies on track; Jazz plans zanidatamab sBLA Q1 2026 and potential commercial launch H2 2026
Risk Factors
- Regulatory risk: BIOSECURE Act may restrict U.S. government contracts to companies using equipment/services from certain Chinese biotech firms, affecting partnerships and operations
- Geopolitical risk: Early-stage clinical supplies sourced from China exposed to ongoing U.S.-China trade tensions and tariffs, risking supply chain disruptions
- Operational risk: Dependence on third-party manufacturers and collaborators; manufacturing difficulties could delay product supply for clinical trials or commercialization
- Competitive risk: Intense competition from better-resourced companies for asset acquisitions may force paying higher prices, reducing potential returns
- Financial risk: Historical losses with only zanidatamab generating royalties; no other product approvals or revenues as of December 31, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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