Morgan Stanley discloses 3.4% Zymeworks (ZYME) ownership

Rhea-AI Filing Summary

Morgan Stanley filed an amended Schedule 13G reporting its beneficial ownership of Zymeworks Inc. common stock. It reports beneficial ownership of 2,519,243 shares, representing 3.4% of the class as of 12/31/2025.

Morgan Stanley has shared voting power over 2,516,398 shares and shared dispositive power over 2,519,243 shares, with no sole voting or dispositive power. It states that it has ceased to be the beneficial owner of more than five percent of this class and that the securities are held in the ordinary course of business, not to change or influence control of Zymeworks.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Zymeworks Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

98985Y108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98985Y108

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,516,398.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,519,243.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,519,243.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Zymeworks Inc.
(b)	Address of issuer's principal executive offices: 108 PATRIOT DRIVE, SUITE A, MIDDLETOWN, DE, 19709
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 98985Y108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 3.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

FAQ

What Zymeworks (ZYME) ownership level does Morgan Stanley report in this Schedule 13G/A?

Morgan Stanley reports beneficial ownership of 2,519,243 Zymeworks common shares, representing 3.4% of the outstanding class as of 12/31/2025. This reflects its current institutional stake under U.S. beneficial ownership rules.

Did Morgan Stanley own more than 5% of Zymeworks (ZYME) before this filing?

The filing states Morgan Stanley has ceased to be the beneficial owner of more than five percent of Zymeworks’ common stock. This indicates that at an earlier point it held above the 5% threshold that triggers different reporting requirements.

How much voting and dispositive power does Morgan Stanley report over Zymeworks (ZYME) shares?

Morgan Stanley reports no sole voting or dispositive power, but shared voting power over 2,516,398 shares and shared dispositive power over 2,519,243 shares. This means decisions over these shares are shared with other parties or entities.

Why does Morgan Stanley say it holds Zymeworks (ZYME) shares on this Schedule 13G/A?

Morgan Stanley certifies the Zymeworks securities were acquired and are held in the ordinary course of business, and not for the purpose or effect of changing or influencing control of Zymeworks, consistent with passive institutional ownership.

What type of reporting person is Morgan Stanley in this Zymeworks (ZYME) Schedule 13G/A?

Morgan Stanley identifies itself as an HC (parent holding company or control person) organized in Delaware. The filing notes it reflects securities held by certain Morgan Stanley operating units grouped as the “MS Reporting Units.”

What is the event date and security class in Morgan Stanley’s Zymeworks (ZYME) filing?

The event date that triggered this Schedule 13G/A is 12/31/2025. The reported security is Zymeworks Inc. Common Stock with CUSIP 98985Y108, and the filing amends prior beneficial ownership disclosures.