Zymeworks Financials
Zymeworks (ZYME) reported $106.0M in revenue for fiscal year 2025, up 38.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Lumpy revenue against a largely fixed R&D base is what determines whether Zymeworks looks profitable or cash-burning.
FY2025’s improvement was not driven by retreat from development spending: revenue rose to$106.0M while R&D stayed near$137.0M , yet free cash outflow shrank far more than the net loss. That pairing implies better cash realization from a still-heavy cost base, not a fundamentally lower-cost model.
The jump to profit in FY2022 now looks episodic rather than structural, because later revenue fell back while R&D remained above
Zymeworks still carries a light liability load and a current ratio of 5.9x, which softens near-term balance-sheet pressure even with only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zymeworks's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zymeworks scores 12.05, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($78.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zymeworks passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Zymeworks reported a net loss of $81.1M while operations used $33.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Zymeworks generated $106.0M in revenue in fiscal year 2025. This represents an increase of 38.9% from the prior year.
Zymeworks's EBITDA was -$84.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.0% from the prior year.
Zymeworks reported -$81.1M in net income in fiscal year 2025. This represents an increase of 33.9% from the prior year.
Zymeworks earned -$1.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 33.3% from the prior year.
Cash & Balance Sheet
Zymeworks recorded an outflow of $34.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 69.2% from the prior year.
Zymeworks held $41.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Zymeworks's operating margin was -87.3% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Zymeworks's net profit margin was -76.6% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Zymeworks's ROE was -30.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Zymeworks invested $137.0M in research and development in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Zymeworks spent $41.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 38.7% from the prior year.
Zymeworks invested $1.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.6% from the prior year.
ZYME Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $37.1M | $106.0M+38.9% | $76.3M+0.4% | $76.0M-81.6% | $412.5M+1446.0% | $26.7M-31.5% | $39.0M |
| R&D Expenses | $128.7M | $137.0M+1.8% | $134.6M-6.3% | $143.6M-31.1% | $208.6M+4.4% | $199.8M+16.7% | $171.2M |
| SG&A Expenses | $64.0M | $61.5M0.0% | $61.5M-12.7% | $70.4M-4.0% | $73.4M+72.4% | $42.6M-22.9% | $55.2M |
| Operating Income | -$155.6M | -$92.5M+32.5% | -$137.1M+0.7% | -$138.1M-205.8% | $130.5M+160.5% | -$215.6M-15.0% | -$187.5M |
| Income Tax | -$1.4M | $1.4M-77.4% | $6.1M+1171.1% | -$568K-105.2% | $10.9M+2211.0% | -$516K-220.3% | $429K |
| Net Income | -$150.0M | -$81.1M+33.9% | -$122.7M-3.4% | -$118.7M-195.4% | $124.3M+158.7% | -$211.8M-17.3% | -$180.6M |
| EPS (Diluted) | — | -$1.08+33.3% | -$1.62+5.8% | -$1.72-190.5% | $1.90+141.2% | -$4.61-28.8% | -$3.58 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZYME Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $346.5M-25.2% | $463.1M-20.3% | $580.9M-10.5% | $648.7M+66.7% | $389.1M | N/A |
| Current Assets | $248.8M-17.2% | $300.5M-27.2% | $412.9M-24.2% | $544.7M+89.0% | $288.2M | N/A |
| Cash & Equivalents | $41.2M-37.7% | $66.1M-58.0% | $157.6M-60.7% | $400.9M+98.6% | $201.9M-16.6% | $242.0M |
| Accounts Receivable | $4.6M-91.7% | $55.8M+186.6% | $19.5M-41.7% | $33.4M+113.9% | $15.6M | N/A |
| Goodwill | $12.0M0.0% | $12.0M0.0% | $12.0M0.0% | $12.0M0.0% | $12.0M | N/A |
| Total Liabilities | $78.0M-37.2% | $124.3M+7.1% | $116.1M-25.5% | $155.8M+11.2% | $140.0M | N/A |
| Current Liabilities | $42.3M-52.1% | $88.3M+58.3% | $55.8M-41.7% | $95.6M+33.1% | $71.9M | N/A |
| Total Equity | $268.5M-20.7% | $338.8M-27.1% | $464.8M-5.7% | $493.0M+97.9% | $249.1M-39.2% | $409.9M |
| Retained Earnings | -$953.2M-14.8% | -$830.3M-22.6% | -$677.4M-21.2% | -$558.8M+18.2% | -$683.1M | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
ZYME Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$119.3M | -$33.0M+70.0% | -$110.1M+7.0% | -$118.3M-182.1% | $144.1M+174.9% | -$192.5M-27.1% | -$151.4M |
| Capital Expenditures | $1.2M | $1.5M-23.6% | $2.0M-19.5% | $2.5M-69.6% | $8.2M-34.3% | $12.4M+187.8% | $4.3M |
| Free Cash Flow | -$120.5M | -$34.5M+69.2% | -$112.0M+7.2% | -$120.8M-188.8% | $136.0M+166.4% | -$204.9M-31.6% | -$155.7M |
| Investing Cash Flow | $92.8M | $26.7M-31.2% | $38.8M+118.7% | -$207.3M-284.9% | -$53.8M-137.2% | $144.6M+432.9% | -$43.4M |
| Financing Cash Flow | $107.6M | -$18.6M+9.2% | -$20.4M-125.0% | $81.9M-24.6% | $108.6M+1255.4% | $8.0M-97.4% | $309.0M |
| Share Buybacks | $169.8M | $41.7M+38.7% | $30.1M | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZYME Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Margin | -87.3% | -179.7% | -181.6% | 31.6% | -808.2% | -481.3% |
| Net Margin | -76.6% | -160.8% | -156.1% | 30.1% | -794.0% | -463.5% |
| Return on Equity | -30.2%+6.0pp | -36.2%-10.7pp | -25.5%-50.8pp | 25.2%+110.3pp | -85.0%-41.0pp | -44.0% |
| Return on Assets | -23.4%+3.1pp | -26.5%-6.1pp | -20.4%-39.6pp | 19.2%+73.6pp | -54.4% | N/A |
| Current Ratio | 5.88+2.5x | 3.40-4.0x | 7.41+1.7x | 5.70+1.7x | 4.01 | N/A |
| Debt-to-Equity | 0.29-0.1x | 0.37+0.1x | 0.25-0.1x | 0.32-0.2x | 0.56 | N/A |
| FCF Margin | -32.6% | -146.8% | -158.9% | 33.0% | -767.8% | -399.8% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Zymeworks Ranks
Frequently Asked Questions
What is Zymeworks's annual revenue?
Zymeworks (ZYME) reported $106.0M in total revenue for fiscal year 2025. This represents a 38.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zymeworks's revenue growing?
Zymeworks (ZYME) revenue grew by 38.9% year-over-year, from $76.3M to $106.0M in fiscal year 2025.
Is Zymeworks profitable?
No, Zymeworks (ZYME) reported a net income of -$81.1M in fiscal year 2025, with a net profit margin of -76.6%.
What is Zymeworks's EBITDA?
Zymeworks (ZYME) had EBITDA of -$84.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zymeworks's operating margin?
Zymeworks (ZYME) had an operating margin of -87.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zymeworks's net profit margin?
Zymeworks (ZYME) had a net profit margin of -76.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zymeworks's return on equity (ROE)?
Zymeworks (ZYME) has a return on equity of -30.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zymeworks's free cash flow?
Zymeworks (ZYME) recorded an outflow of $34.5M in free cash flow during fiscal year 2025. This represents a 69.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zymeworks's operating cash flow?
Zymeworks (ZYME) recorded an outflow of $33.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zymeworks's total assets?
Zymeworks (ZYME) had $346.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zymeworks's capital expenditures?
Zymeworks (ZYME) invested $1.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Zymeworks spend on research and development?
Zymeworks (ZYME) invested $137.0M in research and development during fiscal year 2025.
What is Zymeworks's current ratio?
Zymeworks (ZYME) had a current ratio of 5.88 as of fiscal year 2025, which is generally considered healthy.
What is Zymeworks's debt-to-equity ratio?
Zymeworks (ZYME) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zymeworks's return on assets (ROA)?
Zymeworks (ZYME) had a return on assets of -23.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zymeworks's cash runway?
Based on fiscal year 2025 data, Zymeworks (ZYME) had $41.2M in cash against an annual operating cash burn of $33.0M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Zymeworks's Altman Z-Score?
Zymeworks (ZYME) has an Altman Z-Score of 12.05, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zymeworks's Piotroski F-Score?
Zymeworks (ZYME) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zymeworks's earnings high quality?
Zymeworks (ZYME) reported a net loss of $81.1M while operations used $33.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Zymeworks?
Zymeworks (ZYME) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.