Zymeworks Inc. Q4 FY2024 earnings call

• Partnerships: Strong track record with leading pharma companies; recent $14M research milestone from GSK and $1.1M net product sales from Jazz's Ziihera in Q4 2024.
• Financials: Net loss in 2024 was $122.7M vs $118.7M in 2023; cash resources as of Dec 2024 were $324.2M.
• R&D: Focus on autoimmune/inflammatory diseases and hematological oncology; pipeline updates include ZW209, ZW171, ZW191, ZW251; ZW220 Phase 1 prep paused.
• Clinical Trials: Phase 1 trials for ZW171 and ZW191 ongoing; ZW251 to file IND in mid-2025.

Zymeworks reported revenue of $76.3 million for the year ended December 31, 2024, compared to $76 million in 2023. Revenue in 2024 included $25 million of milestone revenue from Jazz related to FDA approval of Ziihera for HER2 positive BTC, $37.5 million for development support and drug supply revenue from Jazz, $8 million of milestone revenue from BeiGene, $2.5 million from GSK, $3 million from BeiGene, and $0.2 million from other partners. In 2023, revenue included $71.5 million from Jazz, $1.6 million from BeiGene, and $2.9 million from other partners.

• Cash runway into H2 2027 with $324.2M cash; potential extension via regulatory milestones.
• Eligible for commercial milestones on Ziihera sales and tiered royalties from Jazz and BeiGene.

• Uncertainties in clinical trial outcomes, regulatory approvals, and market adoption of products.

Q: On 251, should we expect urgency in combination cohorts?

A: Prioritize combination in earliest patient setting to create sustainable response.

Q: What's the status of HERIZON-GEA trial delay?

A: Refer to Jazz's guidance as clinical data will be available this year.

Q: What's notable about 251's preclinical data?

A: Exciting data supporting prioritization for accelerating into clinic.

Q: Why prioritize 251 over ZW220?

A: Resource allocation for 251 acceleration based on high impact potential.

Q: Details on Xani milestones?

A: Can't guide, wait for regulatory and commercial events to report milestones.

Q: Autoimmune IND for ZW1528?

A: Preclinical progress with pilot NHP study and PK, aiming for IND in future.

Q: 251's target product profile?

A: Focus on efficacy, tolerability, and broad population impact seen in preclinical data.

Q: 191's linker stability and safety profile?

A: Traditional linker stability, focus on tolerable profile for combination therapies