Zymeworks Provides Corporate Update and Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Zymeworks (Nasdaq: ZYME) reported 2025 revenue of $106.0M (up 39% YoY) and a reduced net loss of $81.1M (down 34% YoY). Cash and marketable securities were $270.6M at year-end. The company closed a $250M non‑recourse royalty‑backed note and used $62.5M for share repurchases to March 2, 2026. Ziihera received approvals in Canada and the UK for biliary tract cancer, Jazz plans a potential U.S. GEA launch in 2H 2026, and up to $440M in GEA milestones are eligible.
Positive
- Revenue +39% to $106.0M in 2025
- Net loss reduced by 34% to $81.1M
- $250M non‑recourse royalty‑backed financing secured
- $62.5M used for share repurchases under program
- $270.6M in cash, cash equivalents and marketable securities
- Ziihera approved in Canada and UK; $440M GEA milestone eligibility
Negative
- Revenue growth driven mainly by one‑time milestone payments
- GAAP gross operating expenses were $198.5M in 2025
- Development‑support revenue from Jazz expected to decline as responsibilities transition
- Adjusted gross operating spend outlook concentrated in 2026 per guidance
News Market Reaction – ZYME
On the day this news was published, ZYME gained 0.09%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ZYME fell 2.18% while several biotech peers like DNTH (+3.84%) and RCUS (+4.46%) rose, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -8.0% | Higher revenue, lower net loss, solid cash and clinical progress. |
| Aug 07 | Q2 2025 earnings | Positive | -1.1% | Strong revenue growth, positive net income, expanding cash resources. |
| May 08 | Q1 2025 earnings | Positive | -0.1% | Revenue growth, reduced net loss, strong cash runway and pipeline updates. |
| Mar 05 | FY 2024 results | Positive | -8.0% | Ziihera approval, solid 2024 revenue and substantial cash resources. |
| Oct 31 | Q3 2024 earnings | Neutral | -3.1% | Q3 2024 results with strong cash, ongoing net loss, pipeline progress. |
Earnings and corporate updates have typically been positive fundamentally but followed by share price declines, with an average move of about -4.07% on past earnings releases.
Recent earnings-related announcements from Zymeworks have highlighted rising revenues, narrowing net losses, strong cash balances, and progressing partnerships and pipeline assets. Events from Oct 2024 through Nov 2025 frequently emphasized milestone payments, growing royalty prospects, and multi-year cash runway, yet the stock often traded down after these updates. Today’s full-year 2025 report, with higher revenue and reduced net loss, fits this pattern of improving fundamentals alongside historically cautious market reactions.
Historical Comparison
Past earnings updates moved the stock an average of -4.07%, mostly negative despite improving fundamentals. Today’s -2.18% reaction is directionally consistent but somewhat milder.
Earnings updates since late 2024 show rising revenues, narrowing losses, and strong cash runway, supported by growing milestones and royalties while the pipeline advances through early and mid-stage trials.
Market Pulse Summary
This announcement combines stronger 2025 financials—revenue of $106.0M and a reduced net loss of $81.1M—with detailed guidance on cost discipline and capital allocation, including a $250.0M royalty-backed note and a $125.0M buyback program. It underscores Ziihera’s importance, highlighting up to $440.0M in GEA milestones and further $977.5M in commercial milestones. Investors may watch upcoming regulatory filings, royalty trends, and adherence to the multi-year operating expense framework.
Key Terms
supplemental biologics license application regulatory
her2-positive medical
gastroesophageal adenocarcinoma medical
investigational new drug regulatory
phase 3 medical
metastatic medical
royalty-backed note financial
breakthrough therapy designation regulatory
AI-generated analysis. Not financial advice.
- Supplemental Biologics License Application for Ziihera® (zanidatamab-hrii) to be completed by our partner Jazz in first-line HER2-positive (HER2+) gastroesophageal adenocarcinoma (GEA) during 1Q 2026 in the U.S. with potential launch in 2H 2026
- Up to
$440.0 million in milestone payments eligible to be earned related to regulatory approvals of Ziihera in GEA in the U.S., Europe, Japan, and China - Additional clinical data for pasritamig in prostate cancer presented at ASCO-GU in February 2026 by Johnson & Johnson Innovative Medicine (J&J)
$62.5 million utilized for share repurchases as of March 2, 2026 under the current authorized share repurchase program$250.0 million non-recourse royalty-backed note financing from Royalty Pharma to provide non-dilutive capital to support the ongoing stock repurchase program, potential strategic acquisitions and cash runway beyond 2028- Total revenue for 2025 was
$106.0 million , an increase of39% compared to 2024 - Net loss for 2025 reduced by
34% to$81.1 million compared to net loss incurred in 2024 of$122.7 million - Reported
$270.6 million in cash, cash equivalents and marketable securities as of December 31, 2025 - Will host conference call with management today at 08:30 a.m. Eastern Time (ET)
VANCOUVER, British Columbia, March 02, 2026 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a biotechnology company managing a portfolio of licensed healthcare assets, while developing a diverse pipeline of novel, multifunctional biotherapeutics, today reported financial results for the fourth quarter and year ended December 31, 2025 and provided a summary of recent business highlights.
“Over the past year, we have redefined our approach to what success can look like at Zymeworks. We have put in place a focused strategy, a refreshed leadership team, and a Board of Directors aligned around thoughtful capital allocation and long-term value creation for shareholders,” said Kenneth Galbraith, Chair, Chief Executive Officer and interim Chief Financial Officer of Zymeworks. “Our objective is to combine a portfolio of predictable, recurring revenues driven by growing royalties with disciplined deployment of capital to deliver sustainable total shareholder returns over time. The additional capital from our recently announced non-recourse royalty-backed note provides non-dilutive capital to support the continued execution of our stock repurchase program and any potential strategic acquisitions aligned with our new business approach.”
Galbraith continued, “We believe that our growing royalty portfolio positions us to generate durable and growing cash flows, while our R&D capabilities allow us to identify and advance internal or externally generated assets in ways that create incremental value. In 2026, we remain focused on timely execution of each element of our novel strategy. This means delivering clinical progress on our R&D portfolio, continued progress on development and commercialization of Ziihera and pasritamig by our partners, expanding partnerships and collaborations, and demonstrating tangible outcomes from our corporate strategy. The unique structured financing with Royalty Pharma illustrates our desire and capabilities to utilize creative financings and partnerships to drive long-term value for our shareholders.”
Recent Developments
In March 2026, we entered into a
Wholly-Owned Programs
In January 2026, we announced our R&D priorities for 2026 and beyond, including our intention to continue conducting Phase 1 clinical studies for ZW191 and ZW251 in 2026. In addition, we announced that beyond 2026, we expect to focus our ADVANCE research efforts on multispecific antibody and engineered-cytokine platforms, funded partially with early-stage partnerships and collaborations. Investigational New Drug applications (IND) for multispecific programs, ZW209 and ZW1528, remain on track for submission in 2026. We anticipate that development of wholly-owned preclinical candidates from our multispecific antibody portfolio should provide for one planned IND filing per annum commencing in 2028. We intend to continue actively sharing peer-reviewed publications and data across preclinical and clinical programs, while we continue evaluating partnership opportunities.
“Results from the HERIZON-GEA-01 study point to the potential of this practice-changing, HER2-targeted therapy for patients with gastroesophageal cancer, a population with significant unmet need, and, if confirmed over time, across other HER2-expressing tumors,” stated Paul Moore, Ph.D., Chief Scientific Officer at Zymeworks. “Designed and developed in-house, zanidatamab reflects the strength of our proprietary Azymetric platform, with our teams now applying our capabilities to advance our next-generation assets with increasing innovation and biological insight. We look forward to presenting continued progress in our R&D portfolio during 2026, including at the AACR Annual Meeting in April in San Diego, CA.”
Partnered Programs
Zanidatamab Demonstrated its Potential as HER2-Targeted Agent-of-Choice
In November 2025, together with our partners Jazz and BeOne, we announced positive topline results from the Phase 3 HERIZON-GEA-01 trial supporting Ziihera as the potential HER2-targeted agent-of-choice and new standard of care in first-line HER2+ locally advanced or metastatic GEA regardless of PD-L1 status. Based on these data, our partner Jazz expects to complete the supplemental Biologics License Application submission for zanidatamab in the first quarter of 2026 for the treatment of first-line HER2+ locally advanced or metastatic GEA under the real-time oncology review program in the U.S., where zanidatamab has been granted Breakthrough Therapy Designation. Jazz has also submitted these data for inclusion in the National Comprehensive Cancer Network® Guidelines (NCCN Guidelines®). Upon regulatory review, Jazz expects a potential commercial launch for zanidatamab in first-line HER2+ locally advanced or metastatic GEA to take place in the second half of 2026.
In January 2026, Jazz updated enrollment guidance for EmpowHER-303 in which they expect to complete enrollment in the first half of 2027, with a top-line data readout later in 2027 or in early 2028. The EmpowHER-BC-303 study is a randomized clinical trial comparing zanidatamab plus physician’s choice of chemotherapy against trastuzumab plus physician’s choice of chemotherapy for the treatment of patients with metastatic HER2+ breast cancer. Jazz is also pursuing collaborations with partners to combine zanidatamab with novel therapies. For example, the Phase 1 Beamion-BCGC1 trial (NCT06324357) in combination with Boehringer Ingelheim’s zongertinib was recently initiated to explore the combination in metastatic HER2+ breast cancer, along with other potential tumor types.
In January 2026, the New Drug Submission for Ziihera was approved by Health Canada for the treatment of adults with previously treated, unresectable locally advanced or metastatic HER2+ (IHC 3+) biliary tract cancer, as monotherapy. Ziihera’s market authorization has been issued with conditions, pending the results of trials to verify its clinical benefit. Subsequently, in February 2026 Ziihera was approved by the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of biliary tract cancer.
In addition to the
Under the collaboration agreement with Jazz, Zymeworks is eligible to receive tiered royalties of
Under the collaboration agreement with BeOne, Zymeworks is eligible to receive tiered royalties of mid-single to mid-double digits on global annual net sales of Ziihera up to
Zymeworks expects that royalty revenue from Ziihera sales will increase as potential regulatory approvals are obtained in global markets for GEA. In addition, Zymeworks could be eligible to receive future commercial milestones totaling
Pasritamig
In 2025, J&J initiated two Phase 3 trials studying pasritamig as monotherapy in late-line metastatic castration-resistant prostate cancer (mCRPC) and pasritamig in combination with docetaxel in participants with metastatic castration-resistant prostate cancer (KLK2-PASenger).
In February 2026, J&J presented new clinical data on pasritamig at the 2026 American Society of Clinical Oncology Genitourinary (ASCO-GU) annual meeting as follows:
- Poster - 171: Safety and efficacy of pasritamig + docetaxel in participants with metastatic castration-resistant prostate cancer: Initial results of a phase 1b study.
- Poster - 172: Phase 1 safety, efficacy, pharmacokinetics and pharmacodynamics of pasritamig in Asian population with mCRPC.
We remain eligible to receive up to
Share Repurchase Program Update
In November 2025, the Board of Directors authorized a new share repurchase program providing the ability to repurchase up to
As of March 2, 2026, the Company has utilized approximately
Financial Outlook
Operating Expense Discipline: In January 2026, the Company provided guidance on adjusted gross operating expense (non-GAAP), which combines adjusted research and development (R&D) expense (non-GAAP) and adjusted general and administrative (G&A) expense (non-GAAP) (excluding stock compensation expense), outlining a disciplined framework of approximately
Financial Results for the Quarter and Year Ended December 31, 2025
The key financial highlights for our 2025 results are as follows:
Revenue – Total revenue was
Research and Development (R&D) Expenses – R&D expenses were
General and Administrative (G&A) Expenses – G&A expenses were
Other Income, net – Other income was
Net Loss – Net loss was
Liquidity – As of December 31, 2025, we had
About Zymeworks Inc.
Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, including cancer, inflammation, and autoimmune disease. The Company’s asset and royalty aggregation strategy focuses on optimizing positive future cash flows from an emerging portfolio of licensed products such as Ziihera® (zanidatamab-hrii) and other licensed products and product candidates, such as pasritamig. In addition, Zymeworks is also building a portfolio of healthcare assets that can generate strong cash flows, while supporting the development of innovative medicines. Zymeworks engineered and developed Ziihera, a HER2-targeted bispecific antibody using the Company’s proprietary Azymetric™ technology and has entered into separate agreements with BeOne Medicines Ltd. (formerly BeiGene, Ltd.) and Jazz Pharmaceuticals Ireland Limited granting each exclusive rights to develop and commercialize zanidatamab in different territories. Zymeworks is rapidly advancing a robust pipeline of product candidates, leveraging its expertise in both antibody drug conjugates and multispecific antibody therapeutics targeting novel pathways in areas of significant unmet medical need. The Company’s complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutics. These capabilities have been further leveraged through strategic partnerships with global biopharmaceutical companies. For information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on X.
Non-GAAP Financial Information
Zymeworks believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For further information regarding why Zymeworks believes that these non-GAAP measures provide useful information to investors and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Information” section at the end of this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include, but are not limited to, statements that relate to Zymeworks’ expectations regarding implementation of its strategic priorities and the anticipated benefits thereof, including shareholder returns and the anticipated manner of such returns; implementation of its long-term strategy to maximize value creation; the anticipated benefits of its collaboration agreements, including Zymeworks’ ability to receive any future milestone payments and royalties thereunder; Zymeworks’ anticipated use of proceeds from its royalty-backed note transaction; statements that relate to Zymeworks’ ability to execute the share repurchase program, in whole or in part; expected timing and amount of repurchases; Zymeworks’ ability to pursue its business objectives following repurchases under the share repurchase program; anticipated capital allocation strategy; the potential addressable market of zanidatamab and other product candidates; the timing of and results of interactions with regulators; Zymeworks’ and its partners’ clinical development of product candidates and enrollment in clinical trials; the timing and status of ongoing and future studies and the related data; anticipated preclinical and clinical data presentations; expectations regarding future regulatory filings and approvals and the timing thereof; potential safety profile and therapeutic effects of zanidatamab and Zymeworks’ other product candidates; expected financial performance and future financial position; the commercial potential of technology platforms and product candidates; Zymeworks’ ability to satisfy potential regulatory and commercial milestones with existing and future partners; the timing and status of ongoing and future studies and the release of data; anticipated continued receipt of revenue from existing and future partners; Zymeworks’ ability to generate royalty revenue from Ziihera; Zymeworks’ ability to execute new collaborations and partnerships; Zymeworks’ early-stage pipeline; anticipated sufficiency of existing cash resources, when combined with the assumed receipt of certain anticipated regulatory milestone payments related to the potential approvals of Ziihera in GEA in the U.S., Europe, Japan, and China and proceeds from its royalty-backed note transaction, and assuming the full execution of the
Although Zymeworks believes that such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should not place undue reliance on forward-looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward-looking statements are made as of the date hereof and, except as may be required by law, Zymeworks undertakes no 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.
ZYMEWORKS INC.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of U.S. dollars except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| Revenue | |||||||||||||||
| Research and development collaborations | $ | 2,515 | $ | 31,031 | $ | 105,965 | $ | 76,304 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 31,235 | 37,063 | 137,000 | 134,621 | |||||||||||
| General and administrative | 15,432 | 16,185 | 61,514 | 61,506 | |||||||||||
| Impairment on acquired in-process research and development assets | — | — | — | 17,287 | |||||||||||
| Total operating expenses | 46,667 | 53,248 | 198,514 | 213,414 | |||||||||||
| Loss from operations | (44,152 | ) | (22,217 | ) | (92,549 | ) | (137,110 | ) | |||||||
| Other income, net | 2,673 | 4,426 | 12,795 | 20,499 | |||||||||||
| Loss before income taxes | (41,479 | ) | (17,791 | ) | (79,754 | ) | (116,611 | ) | |||||||
| Income tax recovery (expense) | 270 | (5,715 | ) | (1,376 | ) | (6,084 | ) | ||||||||
| Net loss | $ | (41,209 | ) | $ | (23,506 | ) | $ | (81,130 | ) | $ | (122,695 | ) | |||
| Other comprehensive (loss) income: | |||||||||||||||
| Unrealized (loss) income on available for sale securities, net of tax of nil | (29 | ) | (953 | ) | 873 | (349 | ) | ||||||||
| Total other comprehensive (loss) income | (29 | ) | (953 | ) | 873 | (349 | ) | ||||||||
| Comprehensive loss | $ | (41,238 | ) | $ | (24,459 | ) | $ | (80,257 | ) | $ | (123,044 | ) | |||
| Net loss per common share: | |||||||||||||||
| Basic | $ | (0.55 | ) | $ | (0.31 | ) | $ | (1.08 | ) | $ | (1.62 | ) | |||
| Diluted | $ | (0.55 | ) | $ | (0.31 | ) | $ | (1.08 | ) | $ | (1.62 | ) | |||
| Weighted-average common stock outstanding: | |||||||||||||||
| Basic | 75,337,800 | 74,660,703 | 75,404,897 | 75,846,681 | |||||||||||
| Diluted | 75,337,800 | 74,715,961 | 75,413,396 | 75,878,738 | |||||||||||
ZYMEWORKS INC.
Selected Consolidated Balance Sheet Data
(Expressed in thousands of U.S. dollars)
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash, cash equivalents and short-term marketable securities | $ | 228,797 | $ | 225,776 | |||
| Accounts receivable | 4,638 | 55,815 | |||||
| Accounts receivable, related party | — | — | |||||
| Other current assets | 15,332 | 18,860 | |||||
| Long-term marketable securities | 41,787 | 98,428 | |||||
| Other long-term assets | 55,973 | 64,212 | |||||
| Total assets | $ | 346,527 | $ | 463,091 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 36,346 | $ | 59,838 | |||
| Other current liabilities | 5,972 | 28,456 | |||||
| Long-term liabilities | 35,708 | 36,029 | |||||
| Total liabilities | 78,026 | 124,323 | |||||
| Stockholders’ equity | 268,501 | 338,768 | |||||
| Total liabilities and stockholders’ equity | $ | 346,527 | $ | 463,091 | |||
Explanation of Non-GAAP Financial Information
In addition to reporting financial information in accordance with U.S. generally accepted accounting principles (GAAP) in this press release, we have elected to present selected non-GAAP, or adjusted, financial measures on a forward-looking basis. Zymeworks believes that estimated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense, which are non-GAAP financial measures, may be helpful to investors because they provides consistency and comparability with financial performance across periods. These non-GAAP financial measures are not defined by GAAP and should not be considered as alternatives to operating expenses, research and development expenses, and general and administrative expenses or any other indicators of Zymeworks’ performance required to be reported under GAAP. In addition, other companies, including companies in Zymeworks’ industry, may calculate similarly titled non-GAAP or adjusted measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense as financial measures. 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, adjusted gross operating expense represents the aggregate of adjusted research and development expense and adjusted general and administrative expense, each of which excludes stock-based compensation expense for equity- and liability-classified equity instruments. Zymeworks excludes stock-based compensation expense, which is a non-cash expense, because Zymeworks believes that excluding this item provides meaningful supplemental information regarding operational performance.
A reconciliation of historical adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense to the most directly comparable GAAP measures is set forth below. A reconciliation of anticipated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense to the most directly comparable GAAP measures is not available without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, and we are also unable to predict the probable significance of such adjusted measures. Accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for the adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense guidance provided in this press release.
GAAP to Non-GAAP Reconciliations
(Expressed in thousands of U.S. dollars)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Research and development expense | $ | 31,235 | $ | 37,063 | $ | 137,000 | $ | 134,621 | |||||||
| Stock-based compensation expense | (3,783 | ) | (1,974 | ) | (13,264 | ) | (8,682 | ) | |||||||
| Adjusted research and development expense (Non-GAAP basis) | $ | 27,452 | $ | 35,089 | $ | 123,736 | $ | 125,939 | |||||||
| General and administrative expense | $ | 15,432 | $ | 16,185 | $ | 61,514 | $ | 61,506 | |||||||
| Stock-based compensation expense | (5,066 | ) | (3,028 | ) | (14,770 | ) | (9,110 | ) | |||||||
| Adjusted general and administrative expense (Non-GAAP basis) | $ | 10,366 | $ | 13,157 | $ | 46,744 | $ | 52,396 | |||||||
| Impairment on IPR&D | $ | — | $ | — | $ | — | $ | 17,287 | |||||||
| Total operating expense | $ | 46,667 | $ | 53,248 | $ | 198,514 | $ | 213,414 | |||||||
| Stock-based compensation expense | (8,849 | ) | (5,002 | ) | (28,034 | ) | (17,792 | ) | |||||||
| Adjusted total operating expense (Non-GAAP basis) | $ | 37,818 | $ | 48,246 | $ | 170,480 | $ | 195,622 | |||||||
Contacts:
Investor Inquiries:
Shrinal Inamdar
Vice President, Investor Relations
(604) 678-1388
ir@zymeworks.com
Media Inquiries:
Diana Papove
Vice President, Corporate Communications
(604) 678-1388
media@zymeworks.com
FAQ
What were Zymeworks (ZYME) full‑year 2025 revenue and net loss figures?
How much cash did Zymeworks (ZYME) report at December 31, 2025 and why does it matter?
What is the size and purpose of Zymeworks' (ZYME) royalty‑backed financing from Royalty Pharma?
What is the status and commercial timing for Ziihera (zanidatamab) related to Zymeworks (ZYME)?
How much has Zymeworks (ZYME) spent on its current share repurchase program as of March 2, 2026?
What operating expense guidance did Zymeworks (ZYME) provide through 2028 and near‑term implications?
