Zymeworks Inc. (ZYME) FY2025 10-K Annual Report
Zymeworks Inc. (ZYME) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Zymeworks Inc. FY2025 10-K Analysis
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
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
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
Zymeworks Inc. FY2025 Key Financial MetricsXBRL
Revenue
$106M
▲ +38.9% YoY
Net Income
-$81M
▲ +33.9% YoY
Operating Margin
-87.3%
▲ +9235bp YoY
Net Margin
-76.6%
▲ +8423bp YoY
ROE
-30.2%
▲ +600bp YoY
Total Assets
$347M
▼ -25.2% YoY
EPS (Diluted)
$-1.08
▲ +33.3% YoY
Operating Cash Flow
-$33M
▲ +70.0% YoY
Source: XBRL data from Zymeworks Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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