ZYME Zymeworks Inc.

45.17
+1.21  (+3%)
Previous Close 43.96
Open 43.92
52 Week Low 20.33
52 Week High 52.75
Market Cap $2,060,983,515
Shares 39,309,157
Float 45,260,592
Enterprise Value $1,632,773,514
Volume 373,109
Av. Daily Volume 490,161
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Upcoming Catalysts

Drug Stage Catalyst Date
ZW49
HER2-Expressing Cancers
Phase 1
Phase 1
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Drug Pipeline

Drug Stage Notes
ZW25 + chemo
HER2-expressing cancers
Phase 1
Phase 1
Phase 1 trial is ongoing.
ZW25 + Chemotherapy + Tislelizumab
Breast Cancer / Gastric / Gastroesophageal Junction Cancer
Phase 1b
Phase 1b
Phase 1b/2 initiation of dosing announced April 1, 2020.
ZW25 and Ibrance
HER2-positive, HR-positive breast cancer
Phase 2
Phase 2
Phase 2 initiation announced January 12, 2020.
ZW25
HER2-expressing Gastroesophageal Adenocarcinoma
Phase 2
Phase 2
Phase 1 initial data released October 28, 2019. 5/9 partial responses.

Latest News

  1. Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today announced that management will participate in three upcoming virtual investor conferences.

    • Wells Fargo's 2020 Healthcare Conference is scheduled for September 9-10, 2020. Zymeworks is presenting on Wednesday, September 9, 2020 at 11:20 a.m. ET.
    • Citi's 15th Annual BioPharma Conference is scheduled for September 9-10, 2020.
    • H.C. Wainwright's 22nd Annual Global Investment Conference is scheduled for September 14-16, 2020. Zymeworks is presenting on Tuesday, September 15, 2020 at 2:30 p.m. ET.

    Interested parties can access a live webcast of the presentations via a link from Zymeworks' website at http://ir.zymeworks.com/events-and-presentations

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today announced that management will participate in three upcoming virtual investor conferences.

    • Wells Fargo's 2020 Healthcare Conference is scheduled for September 9-10, 2020. Zymeworks is presenting on Wednesday, September 9, 2020 at 11:20 a.m. ET.
    • Citi's 15th Annual BioPharma Conference is scheduled for September 9-10, 2020.
    • H.C. Wainwright's 22nd Annual Global Investment Conference is scheduled for September 14-16, 2020. Zymeworks is presenting on Tuesday, September 15, 2020 at 2:30 p.m. ET.

    Interested parties can access a live webcast of the presentations via a link from Zymeworks' website at http://ir.zymeworks.com/events-and-presentations, which will also host recorded replays available afterwards.

    About Zymeworks Inc.

    Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, zanidatamab (ZW25), is a novel Azymetric™ bispecific antibody currently in a registration-enabling clinical trial for refractory HER2+ biliary tract cancer as well as several Phase 2 clinical trials for HER2+ gastroesophageal and breast cancers. Zymeworks' second clinical candidate, ZW49, is a bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of zanidatamab with Zymeworks' proprietary ZymeLink™ linker-cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.

    View Full Article Hide Full Article
  2. Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today reported financial results for the quarter ended June 30, 2020.

    "Among many notable accomplishments in the past quarter, I am particularly excited about the transition of our lead therapeutic program, zanidatamab, into late stage clinical development, providing a clear path for Zymeworks to seek its first potential approval in biliary tract cancer in 2022," said Ali Tehrani, Ph.D., Zymeworks' President & CEO. "Looking ahead, with zanidatamab in five active Phase 2 programs and ZW49 advancing in its dose-escalation study, we anticipate a number of important data readouts over the next six to twelve months. We are proud of…

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today reported financial results for the quarter ended June 30, 2020.

    "Among many notable accomplishments in the past quarter, I am particularly excited about the transition of our lead therapeutic program, zanidatamab, into late stage clinical development, providing a clear path for Zymeworks to seek its first potential approval in biliary tract cancer in 2022," said Ali Tehrani, Ph.D., Zymeworks' President & CEO. "Looking ahead, with zanidatamab in five active Phase 2 programs and ZW49 advancing in its dose-escalation study, we anticipate a number of important data readouts over the next six to twelve months. We are proud of everything that we have accomplished and are well positioned to strategically execute on our mission of sending patients home to their loved ones, disease free."

    Second Quarter 2020 Business Highlights and Recent Developments

    • Zanidatamab (ZW25) Advances into Global Registration-Enabling Study

      Zymeworks initiated a global Phase 2 registration-enabling study of single agent zanidatamab in patients with previously-treated HER2 gene amplified biliary tract cancer (BTC). This study is designed to support accelerated approval based on a primary endpoint of objective response rate, and secondary endpoints of duration of response and safety and may enable filing of a Biologics License Application (BLA) as early as 2022.
    • Zanidatamab Data Updates Support Advancement in First Line Gastric Cancer

      In addition to BTC, updated data were also presented from single agent zanidatamab and zanidatamab in combination with chemotherapy in patients with refractory HER2-expressing gastroesophageal adenocarcinomas (GEA). Zanidatamab continues to demonstrate promising single agent anti-tumor activity with response rates and durability that further improved when zanidatamab was combined with either paclitaxel or capecitabine. Zymeworks plans to initiate its second registration-enabling study for zanidatamab as first line treatment for advanced HER2+ GEA.
    • ZW49 Continues Dose Escalation

      Zymeworks' second clinical candidate, ZW49, a bispecific antibody-drug conjugate targeting HER2, continues to be evaluated across multiple dosing regimens in the dose-escalation portion of a Phase 1 clinical trial. In the first half of the year, Zymeworks initiated recruitment at five additional clinical sites bringing the total to 11 across North America.
    • Merck Signs New Partnership to Develop Additional Azymetric™ Multispecific Antibodies

      Long-term partner Merck signed a new licensing agreement to develop and commercialize up to three new multispecific antibodies toward Merck's therapeutic targets in human health. Zymeworks is eligible to receive up to $411.0 million in option exercise fees and clinical development and regulatory approval milestone payments and up to $480.0 million in commercial milestone payments, as well as tiered royalties on worldwide sales.
    • Bristol-Myers Squibb Expands Partnership and Adds EFECT™ Platform

      BMS (formerly Celgene) expanded its Azymetric collaboration with Zymeworks, gaining access to the EFECT platform and extending its research term, resulting in a $12.0 million upfront payment to Zymeworks. Milestones remain at up to $1.7 billion plus tiered royalties on global sales.
    • Strengthens Clinical Drug Development Expertise

      Pamela Farmer, MD, joins Zymeworks as Vice President, Pharmacovigilance to provide medical oversight and ensure comprehensive and timely risk-benefit assessments of Zymeworks safety data. Dr. Farmer has held various leadership roles in drug safety and pharmacovigilance at major pharmaceutical companies including Prothena, Amgen, Genentech, and BioMarin, working on multiple regulatory submissions including Rituxan®, Actemra® and Vimizim®.

    Financial Results for the Quarter Ended June 30, 2020

    Revenue for the three months ended June 30, 2020 was $12.4 million as compared to $7.9 million in the same period of 2019. Revenue for the three months ended June 30, 2020 included recognition of a $12.0 million expansion fee resulting from the BMS collaboration agreement expansion, as well as $0.4 million in research support and other payments from our partners. Revenue for the same period in 2019 included a $3.5 million commercial license option exercise fee from Daiichi Sankyo, $3.0 million in development milestone payments from our partners, as well as $1.4 million in research support and other payments from our partners.

    For the three months ended June 30, 2020, research and development expenses were $39.2 million as compared to $23.8 million in the same period of 2019. The change was primarily due to an increase in clinical trial activity and associated drug manufacturing costs for zanidatamab, an increase in development activity for ZW49, an increase in licensing fee expenses as well as an increase in salaries and benefits expense from additional research and development headcount in 2020 as compared to the same period in 2019. Research and development expenses also included non-cash stock-based compensation expense of $3.2 million comprised of $3.3 million from equity classified equity awards and a $0.1 million recovery related to the non-cash mark-to-market revaluation of certain historical liability classified equity awards.

    For the three months ended June 30, 2020, general and administrative expenses were $13.5 million as compared to $12.8 million in the same period in 2019. The change was primarily due to an increase in salaries and benefits expense resulting from an increase in headcount to support our expanding research and development activities and higher insurance expenses offset by lower non-cash stock-based compensation expense in 2020, compared to 2019. General and administrative expenses included non-cash stock-based compensation expense of $3.7 million comprised of $4.0 million from equity classified equity awards and a $0.3 million recovery related to the non-cash mark-to-market revaluation of certain historical liability classified equity awards.

    Net loss for the three months ended June 30, 2020 was $39.0 million as compared to $29.1 million in the same period of 2019. This was primarily due to the increases in research and development expenses and general and administrative expenses referred to above, partially offset by an increase in revenue.

    Zymeworks expects research and development expenditures to increase over time in line with the advancement and expansion of the Company's clinical development of its product candidates, as well as its ongoing preclinical research activities. Additionally, Zymeworks anticipates continuing to receive revenue from its existing and future strategic partnerships, including technology access fees and milestone-based payments. However, Zymeworks' ability to receive these payments is dependent upon either Zymeworks or its collaborators successfully completing specified research and development activities.

    As of June 30, 2020, Zymeworks had $512.0 million in cash resources consisting of cash, cash equivalents, short-term investments and certain long-term investments.

    About Zymeworks Inc.

    Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, zanidatamab (ZW25), is a novel Azymetric™ bispecific antibody currently in a registration-enabling clinical trial for refractory HER2+ biliary tract cancer as well as several Phase 2 clinical trials for HER2+ gastroesophageal and breast cancers. Zymeworks' second clinical candidate, ZW49, is a bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of zanidatamab with Zymeworks' proprietary ZymeLink™ linker-cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements that relate to Zymeworks' clinical and preclinical development of its product candidates, anticipated data readouts, expected increases in research and development expenditures, anticipated continued receipt of revenue from existing and future partners, and other information that is not historical information. When used herein, words such as "plan", "expect", "may", "continue", "anticipate" and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks' current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation, market conditions and the factors described under "Risk Factors" in Zymeworks' Quarterly Report on Form 10-Q for its quarter ended June 30, 2020 (a copy of which may be obtained at www.sec.gov and www.sedar.com). Consequently, forward-looking statements should be regarded solely as Zymeworks' current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. Zymeworks cannot guarantee future results, events, levels of activity, performance or achievements. Zymeworks does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by law.

    ZYMEWORKS INC.

    Condensed Interim Consolidated Statements of Loss

    (Expressed in thousands of U.S. dollars except share and per share data) (unaudited)

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2020

     

    2019

     

    2020

     

    2019

    Revenue

     

     

     

     

     

     

     

    Research and development collaborations

    $

    12,359

     

     

    $

    7,882

     

     

    $

    20,628

     

     

    $

    19,807

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

    39,217

     

     

    23,785

     

     

    75,743

     

     

    41,260

     

    General and administrative

    13,491

     

     

    12,761

     

     

    21,114

     

     

    21,764

     

    Impairment on acquired IPR&D

     

     

    768

     

     

     

     

    768

     

    Total operating expenses

    52,708

     

     

    37,314

     

     

    96,857

     

     

    63,792

     

    Loss from operations

    (40,349)

     

     

    (29,432)

     

     

    (76,229)

     

     

    (43,985)

     

    Other income (expense), net

    1,324

     

     

    990

     

     

    6,443

     

     

    2,095

     

    Loss before income taxes

    (39,025)

     

     

    (28,442)

     

     

    (69,786)

     

     

    (41,890)

     

    Income tax expense, net

    64

     

     

    (635)

     

     

    (311)

     

     

    (828)

     

    Net loss and comprehensive loss

    $

    (38,961)

     

     

    $

    (29,077)

     

     

    $

    (70,097)

     

     

    $

    (42,718)

     

    Net loss per common share:

     

     

     

     

     

     

     

    Basic and diluted

    (0.77)

     

     

    (0.89)

     

     

    (1.41)

     

     

    (1.32)

     

    Weighted-average common shares outstanding:

     

     

     

     

     

     

     

    Basic and diluted

    50,788,681

     

     

    32,837,975

     

     

    49,737,699

     

     

    32,431,464

     

    ZYMEWORKS INC.

    Selected Condensed Consolidated Balance Sheet Data

    (Expressed in thousands of U.S. dollars)

     

    June 30,

    2020

     

    December 31,

    2019

     

    (unaudited)

     

     

    Cash, cash equivalents, short-term investments and certain long-term investments

    $

    512,049

     

     

    $

    298,904

     

    Working capital

    398,517

     

     

    229,278

     

    Total assets

    606,853

     

     

    368,205

     

    Accumulated deficit

    (360,806)

     

     

    (290,709)

     

    Total shareholders' equity

    491,253

     

     

    245,681

     

    NON-GAAP FINANCIAL MEASURES

    In addition to reporting financial information in accordance with U.S. generally accepted accounting principles ("GAAP") in this press release, Zymeworks is also reporting normalized expenses and normalized loss per share, which are non-GAAP financial measures. Normalized expenses and normalized loss per share are not defined by GAAP and should not be considered as alternatives to net loss, net loss per share or any other indicator of Zymeworks' performance required to be reported under GAAP. In addition, Zymeworks' definitions of normalized expenses and normalized loss per share may not be comparable to similarly titled non-GAAP measures presented by other companies. Investors and others are encouraged to review Zymeworks' financial information in its entirety and not rely on a single financial measure. As defined by Zymeworks, normalized expenses represent total research and development expenses and general and administrative expenses adjusted to exclude non-cash stock-based compensation expenses for equity and liability classified equity instruments.

    Normalized expenses are a non-GAAP measure that Zymeworks believes is useful because it excludes those items that Zymeworks believes are not representative of Zymeworks' operating performance.

    GAAP to Non-GAAP Reconciliations

    (Expressed in thousands of U.S. dollars except per share data)

    (unaudited)

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2020

     

    2019

     

    2020

     

    2019

    Research and development expenses

    $

    39,217

     

     

    $

    23,785

     

     

    $

    75,743

     

     

    $

    41,260

     

    Stock based compensation for equity classified instruments

    (3,346)

     

     

    (1,507)

     

     

    (5,496)

     

     

    (2,633)

     

    Stock based compensation for liability classified instruments

    107

     

     

    (1,548)

     

     

    1,900

     

     

    (1,968)

     

    Normalized research and development expenses (Non-GAAP basis)

    $

    35,978

     

     

    $

    20,730

     

     

    $

    72,147

     

     

    $

    36,659

     

     

     

     

     

     

     

     

     

    General and administrative expenses

    $

    13,491

     

     

    $

    12,761

     

     

    $

    21,114

     

     

    $

    21,764

     

    Stock based compensation for equity classified instruments

    (4,046)

     

     

    (1,579)

     

     

    (6,497)

     

     

    (3,070)

     

    Stock based compensation for liability classified instruments

    310

     

     

    (4,800)

     

     

    5,799

     

     

    (6,127)

     

    Normalized general and administrative expenses (Non-GAAP basis)

    $

    9,755

     

     

    $

    6,382

     

     

    $

    20,416

     

     

    $

    12,567

     

     

     

     

     

     

     

     

     

    Net loss per common share – Basic

    $

    (0.77)

     

     

    $

    (0.89)

     

     

    $

    (1.41)

     

     

    $

    (1.32)

     

    Stock based compensation for equity classified instruments

    0.15

     

     

    0.09

     

     

    0.24

     

     

    0.18

     

    Stock based compensation for liability classified instruments

    (0.01)

     

     

    0.19

     

     

    (0.15)

     

     

    0.24

     

    Normalized net loss per common share – Basic (Non-GAAP basis)

    $

    (0.63)

     

     

    $

    (0.61)

     

     

    $

    (1.32)

     

     

    $

    (0.90)

     

     

     

     

     

     

     

     

     

    Net loss per common share – Diluted

    $

    (0.77)

     

     

    $

    (0.89)

     

     

    $

    (1.41)

     

     

    $

    (1.32)

     

    Stock based compensation for equity classified instruments

    0.15

     

     

    0.09

     

     

    0.24

     

     

    0.18

     

    Stock based compensation for liability classified instruments

    (0.01)

     

     

    0.19

     

     

    (0.15)

     

     

    0.24

     

    Normalized net loss per common share – Diluted (Non-GAAP basis)

    $

    (0.63)

     

     

    $

    (0.61)

     

     

    $

    (1.32)

     

     

    $

    (0.90)

     

     

    View Full Article Hide Full Article
    • Zanidatamab (ZW25) enters registration-enabling study in biliary tract cancers (BTC) supported by new clinical data
    • New single agent and chemo combo data continue to support planned 1L gastroesophageal adenocarcinoma (GEA) registration-enabling study
    • Merck signs new Azymetric partnership; total potential deal value over US$891 million
    • Celgene/BMS expands partnership; Zymeworks receives US$12 million upfront payment

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today hosted a webcast and conference call highlighting its progress and key accomplishments in the first half of 2020.

    "I'm proud to say we've taken a major step towards achieving our goal of bringing an important…

    • Zanidatamab (ZW25) enters registration-enabling study in biliary tract cancers (BTC) supported by new clinical data
    • New single agent and chemo combo data continue to support planned 1L gastroesophageal adenocarcinoma (GEA) registration-enabling study
    • Merck signs new Azymetric partnership; total potential deal value over US$891 million
    • Celgene/BMS expands partnership; Zymeworks receives US$12 million upfront payment

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today hosted a webcast and conference call highlighting its progress and key accomplishments in the first half of 2020.

    "I'm proud to say we've taken a major step towards achieving our goal of bringing an important new therapeutic to patients with HER2-expressing cancers," said Ali Tehrani, Ph.D., President and CEO of Zymeworks. "ZW25, which we will now refer to as zanidatamab, has started its first registration-enabling trial in HER2+ 2L biliary tract cancer targeting a potential BLA in 2022."

    Dr. Tehrani added, "This achievement, supported by the updated zanidatamab clinical data in BTC and GEA as well as the two partnership updates, highlights a productive first half of 2020 and sets the stage for more to come in the second half of the year."

    Zanidatamab Clinical Updates

    • Registration-Enabling Trial in HER2+ Biliary Tract Cancer

    Zymeworks initiated a global Phase 2 trial of single agent zanidatamab in patients with previously treated HER2 gene amplified BTC to support accelerated approval based on a primary endpoint of objective response rate, and secondary endpoints of duration of response and safety. This study may enable filing of a BLA as early as 2022.

    • Updated Single Agent Biliary Tract Cancer Data

    In 15 response-evaluable refractory BTC patients, the response rate with single agent zanidatamab was 47% with a disease control rate of 67%. Results compare favorably to the single digit response rates typically seen with chemotherapy in this setting.

    • Updated Single Agent Gastroesophageal Adenocarcinoma Data

    In 34 response evaluable patients with HER2-expressing GEA, zanidatamab continues to demonstrate exciting single agent anti-tumor activity with a 38% response rate, and 62% disease control rate in patients who have received a median of 3 prior lines of treatment, including Herceptin.

    • Updated Chemotherapy Combination Gastroesophageal Adenocarcinoma Data

    Twenty response-evaluable HER2-expressing GEA patients were treated with zanidatamab in combination with either paclitaxel or capecitabine, both of which are used as single agent chemotherapies for patients with progression after first line treatment. The overall response rate was 55%, including a 60% response rate in combination with paclitaxel. As a comparator, the response rate for paclitaxel alone in 2nd line HER2+ GEA is ~ 20%. Responses were observed in patients with FISH+ and FISH- disease.

    Business Highlights

    • New Azymetric Partnership with Merck

    Zymeworks signed a new licensing agreement with its long-term partner Merck to develop additional multispecific antibody therapeutic candidates using the Azymetric™ and EFECT™ platforms. Zymeworks is eligible to receive up to US$411 million in option exercise fees and clinical development and regulatory approval milestone payments and up to US$480 million in commercial milestone payments, as well as tiered royalties on worldwide sales.

    • Expanded Partnership with Bristol-Myers Squibb

    BMS (formerly Celgene) expanded its Azymetric™ collaboration with Zymeworks, gaining access to the EFECT™ platform and extending its research term, with the objective of developing up to 10 therapeutic candidates as per the original agreement. The expanded partnership resulted in a US$12 million upfront payment to Zymeworks. Milestones remain at up to US$1.7 billion plus tiered royalties on global sales.

    About Zymeworks Inc.

    Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, zanidatamab (ZW25), is a novel Azymetric™ bispecific antibody currently in a registration-enabling clinical trial for refractory HER2+ biliary tract cancer as well as several Phase 2 clinical trials for HER2+ gastroesophageal and breast cancers. Zymeworks' second clinical candidate, ZW49, is a bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of zanidatamab with Zymeworks' proprietary ZymeLink™ linker-cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.

    Zymeworks Cautionary Note Regarding Zymeworks' Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements that relate to the planned GEA registration-enabling trial for zanidatamab, the timing of a potential BLA filing for zanidatamab, future development activities in accordance with the terms of Zymeworks' agreements with Merck and BMS, potential payments and/or royalties payable to Zymeworks under these agreements, and other information that is not historical information. When used herein, words such as "enable", "plan", "expect", "will", "may", "eligible to", "continue", and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks' current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation, market conditions and the factors described under "Risk Factors" in Zymeworks' Quarterly Report on Form 10-Q for its quarter ended March 31, 2020 (a copy of which may be obtained at www.sec.gov and www.sedar.com). Consequently, forward-looking statements should be regarded solely as Zymeworks' current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. Zymeworks cannot guarantee future results, events, levels of activity, performance or achievements. Zymeworks does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by law.

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  3. Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today announced that it and longtime partner, Merck (known as MSD outside the US and Canada) have signed a new license agreement granting Merck the right to develop additional multispecific antibody therapeutic candidates using Zymeworks' Azymetric™ and EFECT™ platforms.

    Under the terms of the new research and license agreement, Zymeworks will provide Merck a worldwide, royalty-bearing license to research, develop and commercialize up to three new multispecific antibodies toward Merck's therapeutic targets. In exchange, Zymeworks will receive an undisclosed upfront payment and if each of the three programs yield an approved product…

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today announced that it and longtime partner, Merck (known as MSD outside the US and Canada) have signed a new license agreement granting Merck the right to develop additional multispecific antibody therapeutic candidates using Zymeworks' Azymetric™ and EFECT™ platforms.

    Under the terms of the new research and license agreement, Zymeworks will provide Merck a worldwide, royalty-bearing license to research, develop and commercialize up to three new multispecific antibodies toward Merck's therapeutic targets. In exchange, Zymeworks will receive an undisclosed upfront payment and if each of the three programs yield an approved product, Zymeworks is eligible to receive up to US$411 million in option exercise fees and clinical development and regulatory approval milestone payments and up to US$480 million in commercial milestone payments, as well as tiered royalties on worldwide sales.

    Merck will also receive a worldwide, royalty-bearing license to research, develop and commercialize up to three multispecific antibodies in the animal health field in exchange for additional milestone payments and tiered royalties.

    "It is an exciting time for the field of bispecific and multispecific therapeutics with candidates like ZW25 demonstrating great promise in clinical trials," said Ali Tehrani, Ph.D., President and CEO of Zymeworks. "We are very proud that oncology leaders like Merck recognize the value of our therapeutic platforms and continue to return for expanded access to our technology. We look forward to continuing our relationship with Merck as they advance additional multispecific candidates towards the clinic."

    Zymeworks and Merck began working together in 2011 to develop bispecific antibodies in a collaboration that was expanded in 2014. The new agreement does not impact the original agreement.

    "Zymeworks' technology plays a significant role in our efforts to identify and develop multispecific antibody therapies," said Scott Lesley, Ph.D., Vice President of Discovery Biologics, Merck Research Laboratories. "Merck is pleased to continue our collaboration with the Zymeworks team."

    About the Azymetric™ Platform

    The Azymetric platform enables the transformation of monospecific antibodies into bispecific and multispecific antibodies, allowing simultaneous binding to several different disease targets. This unique technology enables the development of multifunctional therapeutics that can block multiple signaling pathways, recruit immune cells to tumors, enhance receptor clustering and internalization, and increase tumor-specific targeting. These features are designed to enhance efficacy while reducing toxicities and the potential for drug resistance. Azymetric therapeutics have been engineered to retain the desirable drug-like qualities of naturally occurring antibodies, including low immunogenicity, long half-life and high stability. In addition, they are compatible with standard manufacturing processes that deliver high yields and purity, potentially reducing drug development costs and timelines.

    About the EFECT™ Platform

    The EFECT platform is a library of antibody Fc modifications engineered to activate or suppress the antibody-mediated immune response. This platform, which is compatible with traditional monoclonal as well as Azymetric bispecific antibodies, further enables the customization and optimization of therapeutic responses for different diseases.

    About Zymeworks Inc.

    Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, ZW25, is a novel Azymetric™ bispecific antibody currently in Phase 2 clinical development. Zymeworks' second clinical candidate, ZW49, is a bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of ZW25 with Zymeworks' proprietary ZymeLink™ linker-cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.

    Zymeworks Cautionary Note Regarding Zymeworks' Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements that relate to future development activities in accordance with the terms of Zymeworks' agreements with Merck and other corporate partners, potential payments and/or royalties payable to Zymeworks under these agreements, advancements in Zymeworks' and its partners' therapeutic programs, the speed and outcome of drug development plans, and other information that is not historical information. When used herein, words such as "enable", "plan", "will", "may", "eligible to", and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks' current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation, market conditions and the factors described under "Risk Factors" in Zymeworks' Quarterly Report on Form 10-Q for its quarter ended March 31, 2020 (a copy of which may be obtained at www.sec.gov and www.sedar.com). Consequently, forward-looking statements should be regarded solely as Zymeworks' current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. Zymeworks cannot guarantee future results, events, levels of activity, performance or achievements. Zymeworks does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by law.

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  4. Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional therapeutics, today announced that it will host a webcast and conference call to discuss progress on its corporate priorities and upcoming catalysts.

    Webcast and Conference Call Details

    Zymeworks will host a webcast and conference call on Wednesday, July 8, 2020 at 4:30pm ET (1:30pm PT).

    Interested parties can access the live webcast via a link from Zymeworks' website at http://ir.zymeworks.com/events-and-presentations or join the live call and Q&A by dialing 1-800-319-4610 for North American callers, or 1-604-638-5340 for international callers. Callers should dial in five to 10 minutes prior to the scheduled start time and ask to join the…

    Zymeworks Inc. (NYSE:ZYME), a clinical-stage biopharmaceutical company developing multifunctional therapeutics, today announced that it will host a webcast and conference call to discuss progress on its corporate priorities and upcoming catalysts.

    Webcast and Conference Call Details

    Zymeworks will host a webcast and conference call on Wednesday, July 8, 2020 at 4:30pm ET (1:30pm PT).

    Interested parties can access the live webcast via a link from Zymeworks' website at http://ir.zymeworks.com/events-and-presentations or join the live call and Q&A by dialing 1-800-319-4610 for North American callers, or 1-604-638-5340 for international callers. Callers should dial in five to 10 minutes prior to the scheduled start time and ask to join the "Zymeworks call".

    A recorded replay will also be available on the website shortly after the call concludes.

    About Zymeworks Inc.

    Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, ZW25, is a novel Azymetric™ bispecific antibody currently in Phase 2 clinical development. Zymeworks' second clinical candidate, ZW49, is a bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of ZW25 with Zymeworks' proprietary ZymeLink™ linker-cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with nine biopharmaceutical companies. For more information, visit www.zymeworks.com.

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