Zymeworks Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
No substance risk is on the record. The June 30, 2026 accounts contain no going-concern warning, stockholders' equity is positive at $80.4 million, and $322.5 million of cash and marketable securities funds far more than the critical four quarters against a half-year loss of $89.2 million. The $250.0 million loan is non-recourse, secured only by the assets of a special purpose entity, and is serviced out of royalties rather than operations. What is missing for green is the decisive quality: there is no self-carrying ongoing business. Revenue measures contractual events rather than sales — $4.6 million in the second quarter of 2026 after $48.7 million a year earlier — royalties run at $1.8 million a quarter, and the turn to profitability depends on outside regulators and on an acquisition that has not closed. That is an open operating question, not a proven substance risk, which is why this is yellow. The fact that the stock trades near the top of its 52-week range deliberately plays no part in this rating; that is a price argument, not a quality argument. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Zymeworks is a research company in the middle of turning itself into a royalty holding company, and the interim scorecard of that transformation is in the filings. An antibody of its own is approved and being sold by Jazz and BeOne, yet the company's own revenue fell to $4.6 million in the second quarter of 2026 from $48.7 million a year earlier, with royalties at $1.8 million. Funding now comes from selling future income: $250.0 million raised, up to $481.3 million to be repaid, an estimated effective interest rate of 10.7 percent. Alongside that, $213.6 million has gone into buybacks since August 2024 and stockholders' equity fell from $268.5 million to $80.4 million in six months. Whether the math works depends on decisions by outside regulators and on closing the Theravance acquisition. Not investment advice.
Product and research
With Ziihera (zanidatamab) Zymeworks carried an antibody of its own all the way to market approval — cleared for previously treated HER2-positive biliary tract cancer in the United States, China, Europe and Canada. The in-house pipeline is producing data: in June 2026 the company reported confirmed response rates of 78.6 percent (FRα-positive) and 47.4 percent (FRα-negative) for ZW191 in a Phase 1 dose-escalation study in platinum-resistant ovarian cancer.
Earnings position
Revenue measures contractual events, not ongoing business: $4.6 million in Q2 2026 after $48.7 million in the prior-year quarter, and $7.0 million in H1 2026 after $75.8 million. The net loss was $45.0 million for the quarter (prior-year quarter: net income of $2.3 million) and $89.2 million for the half year. Royalties, the intended future earnings source, ran at $1.8 million in Q2 2026.
Financing
The March 2, 2026 royalty monetization with Royalty Pharma brought in $244.7 million net and costs up to $481.3 million through the December 31, 2042 maturity ($412.5 million if repaid by the end of 2033); the estimated effective interest rate was 10.7 percent as of June 30, 2026, with $6.6 million of interest expense in Q2 2026 alone. Until repayment, 30 percent of every Ziihera royalty goes to the lender.
Balance sheet and liquidity
$322.5 million in cash, cash equivalents and marketable securities as of June 30, 2026 sits against stockholders' equity of only $80.4 million (December 31, 2025: $268.5 million), with the accumulated deficit up to $1,171.2 million. The loan is non-recourse and secured only by the assets of the special purpose entity — liquidity funds well more than four quarters, yet the capital base has become thin.
Dependence on partners
Jazz Pharmaceuticals, BeOne Medicines and Johnson & Johnson decide on regulatory filings, pricing and distribution; the quarterly report carries that dependence as its own risk factor. As of June 30, 2026, 48 percent of accounts receivable was owed by Jazz (December 31, 2025: 37 percent). Terminating a license agreement would simultaneously be an event of default under the Royalty Pharma loan.
Use of capital
Since August 2024 a cumulative $213.6 million has gone into 10,571,316 of the company's own shares at an average price of $20.21; the share count fell from 74,638,413 (December 31, 2025) to 71,412,072 (June 30, 2026). That raises each holder's stake — but it was funded largely from the loan carrying a 10.7 percent effective rate, and the most recent repurchases ran at an average of $25.04 (as of August 4, 2026).
Worth Noting
The hook for this analysis is our in-house Reddit hype scanner: 7 mentions, first recorded on August 20, 2026 at a market capitalization of roughly $1.85 billion.
Data as of August 23, 2026. All company figures come from the Form 10-Q for the period ended June 30, 2026 (filed August 6, 2026), the earnings release furnished as Exhibit 99.1 to the Form 8-K dated August 6, 2026, the Form 10-K for 2025 (filed March 2, 2026) and the Form 10-K for 2024 (filed March 5, 2025). Price and valuation data come from fundamental data, as of August 21/22, 2026.
The FDA target action date for its decision on Ziihera in first-line HER2-positive gastroesophageal cancer was August 25, 2026. As of the data cutoff for this analysis on August 23, 2026 the decision was still pending; every reference to it is deliberately framed as a date, not as an outcome.
Not to be confused: Zymeworks Inc. (CIK 0001937653) has been the U.S. entity since October 2022; the former Canadian Zymeworks Inc. now operates as Zymeworks BC Inc. and is a subsidiary. That reorganization is why the SEC filing history under the current CIK only begins in 2022.
The milestone amounts quoted here (up to $440.0 million for first-line gastroesophageal cancer, up to $1.51 billion in total under the Ziihera agreements) are contractual maximums taken from the quarterly report. They are not expected values and not a forecast by this publication.
The average analyst price target of $40.33 (fundamental data, 10 estimates, as of August 22, 2026) is an outside figure quoted for orientation, not a target of this publication.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ZYME since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 15.90 $ to 31.10 $ · Last price: 27.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Zymeworks Inc. ZYME | 2.0 | – | 0.3 | -246.7 | -919.0 | 38.9 | 73.2 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 20.7 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 11 | -38 | -34 | -1.72 | -35 | 9 | 94 |
| 2017 | 52 | -9 | -10 | -0.49 | 0 | 116 | 132 |
| 2018 | 53 | -33 | -37 | -1.26 | 24 | -145 | 244 |
| 2019 | 30 | -151 | -145 | -3.83 | -82 | 246 | 368 |
| 2020 | 39 | -187 | -181 | -3.58 | -151 | 410 | 538 |
| 2021 | 27 | -216 | -212 | -4.06 | -192 | 249 | 389 |
| 2022 | 412 | 131 | 124 | 1.91 | 144 | 493 | 649 |
| 2023 | 76 | -138 | -119 | -1.72 | -118 | 465 | 581 |
| 2024 | 76 | -137 | -123 | -1.62 | -110 | 339 | 463 |
| 2025 | 106 | -93 | -81 | -1.08 | -33 | 269 | 347 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.39 | 4.90 | 16 | -3.10 | -186.60 | -6 | -7 |
| 2024: Q4 | -0.31 | -55.00 | 31 | 83.30 | -75.80 | -42 | -42 |
| 2025: Q1 | -0.30 | 28.60 | 27 | 170.30 | -83.50 | -3 | -4 |
| 2025: Q2 | 0.03 | 106.10 | 49 | 153.20 | 4.80 | 12 | 11 |
| 2025: Q3 | -0.26 | 33.30 | 28 | 72.60 | -71.00 | -31 | -32 |
| 2025: Q4 | -0.55 | -77.40 | 3 | -91.90 | -1,638.50 | -10 | -11 |
| 2026: Q1 | -0.59 | -96.70 | 2 | -91.10 | -1,834.00 | -46 | -46 |
| 2026: Q2 | -0.62 | -2,166.70 | 5 | -90.60 | -980.80 | -32 | -32 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Near 52-Week High
- Oliver Kell: 52 Week Highs
- Oliver Kell: Strength on Down Day
- Power Trend
- Stan Weinstein: Stage 1
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.18 | 0.87 – 1.76 | 304 | 209.5% | 7 |
| 12/31/2027 | 1.17 | -1.29 – 4.37 | 353 | -1.4% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs ausgewerteten Filings (4×10-Q, 2×10-K) kommen die Begriffe „artificial intelligence“ und „machine learning“ kein einziges Mal vor; Zymeworks beschreibt seine Technologie ausschließlich als computergestützte Molekülmodellierung (Plattform ZymeCAD), nennt KI weder als Umsatzquelle noch als operatives Werkzeug noch als Geschäftsrisiko.
View the full file — quotes, sources, reviewed filings
„As of December 31, 2025, we own U.S and foreign patents and patent applications directed to computational and algorithmic advances incorporated into our ZymeCAD platform, including advances in general molecular modeling, conformational dynamics, and computational workflows."
Zum 31. Dezember 2025 halten wir US-amerikanische und ausländische Patente sowie Patentanmeldungen für rechnerische und algorithmische Fortschritte, die in unsere ZymeCAD-Plattform eingeflossen sind, darunter Fortschritte in der allgemeinen Molekülmodellierung, der Konformationsdynamik und in rechnerischen Arbeitsabläufen.
10-K · 2026-03-02 · View SEC filing
„we treat our confidential and proprietary computational technologies, including unpatented know-how and other proprietary information, as trade secrets."
Wir behandeln unsere vertraulichen und geschützten rechnerischen Technologien, einschließlich nicht patentierten Know-hows und anderer geschützter Informationen, als Geschäftsgeheimnisse.
10-Q · 2026-08-06 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-K 2026-03-02 · 10-K 2025-03-05
Rated on August 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -36.4%
- More than 10% revenue growth is expected for the coming year 47.6%
- Share count grows by less than 3% a year 4.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 6.3%
- Gross margin at 40% or higher and without meaningful erosion 100.0%
- Goodwill from acquisitions does not grow faster than revenue 3,467.6%
- Net debt below twice EBITDA 211 m net cash
- Operating cash flow covers the profits of the last three years 61 m
- Return on capital at 15% or higher, or up versus two years ago -30.4%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 28.6%
- Exp. sales growth 3Y > 5% 82.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 82.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -30.4%
- Expected return > 10% 79.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Zymeworks Inc., a biotechnology company, develops biotherapeutics for the treatment of cancer, inflammation, and autoimmune diseases. The company's platforms include Azymetric multispecific antibody platform; Drug Conjugate platform that includes a suite of proprietary cytotoxins comprising topoisomerase and microtubulin inhibiting toxins, stable linkers, and conjugation technologies; EFECT platform, which consists of a set of modifications to the Fc region of antibodies; and ProTECT, a tumor-specific immune co-stimulation platform. Its lead product candidates include Ziihera (zanidatamab-hrii), a bispecific antibody targeting HER2-expressing tumors; zanidatamab for the treatment of neoadjuvant populations, breast cancer, and other HER2-expressing cancers; Pasritamig, a bispecific T cell engager targeting human kallikrein 2 for the treatment monotherapy and castration resistant prostate cancer; ZW191, a clinical- antibody-drug conjugates (ADC) that targets folate receptor alpha expressing tumors, including ovarian, endometrial, and non-small cell lung cancers; ZW251, a clinical-stage ADC molecule for the treatment of glypican 3 expressing hepatocellular carcinoma; ZW220, an ADC that targets NaPi2b-expressing NSCLC and ovarian cancer; ZW209, a novel TriTCE targeting Delta-like ligand 3 -expressing tumor cells for the treatment of solid tumors; and ZW1528, a bispecific molecule to treat chronic obstructive pulmonary disease. It has strategic partnerships and collaborations with Jazz Pharmaceuticals plc; Bristol- Myers Squibb company; Celgene Alpine Investment Co. LLC; GlaxoSmithKline Intellectual Property Development Limited; Daiichi Sankyo Co., Ltd.; Merck Sharp & Dohme Research GmbH; and Janssen Biotech, Inc. Zymeworks Inc. was incorporated in 2003 and is based in Middletown, Delaware.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 231
- Headquarters
- Middletown, DE
- Address
- 108 Patriot Drive, 19709 Middletown, United States
- Phone
- 302 274 8744
- Website
- zymeworks.com
- IPO Date
- 04/28/2017
- ISIN
- US98985Y1082
Management
| Name | Title | Birth Year |
|---|---|---|
| Kenneth H. Galbraith C.A. | Chairman of the Board, CEO & President | 1962 |
| Paul A. Moore Ph.D. | Chief Scientific Officer | 1967 |
| Scott Platshon B.S. | Executive VP & Chief Business Officer | 1991 |
| Kristin Stafford CPA | Executive VP & CFO | 1982 |
| Mark Hollywood | Executive VP & COO | 1969 |
| Shrinal Inamdar B.Sc. | Vice President of Investor Relations | – |
| Paul R. Schneider | Executive VP & General Counsel | 1971 |
| Diana Papove B.Com. | Vice President of Corporate Communications | – |
| Lindsey Foulkes B.Sc., Ph.D. | Senior Vice President of Corporate Development & Strategy | – |
| Laura O'Connor | Senior VP & Chief Human Resources Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.