Zymeworks gains 11% on Q4 earnings beat; provides update on cancer drug
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- Zymeworks (NASDAQ:ZYME) perks up 11% premarket after announcing financial results for Q4 ended December 31, 2022 on March 7, 2023.
- Q4 Revenue of $402.5M, consisting of R&D collaborations, significantly higher than estimate of $214.3M.
- Net income in the quarter was $309.4M or $4.65 per share vs. net loss of $39.2M or ($0.95) per share, and beating consensus of $3.11.
- As of December 31, 2022, Zymeworks had $492.2M of cash, cash equivalents and short-term investments.
- For the calendar year 2023, the company expects a net operating cash burn of between $90M and $120M, including planned capital expenditures of ~ $15M.
- ZYME expects to have cash resources to fund planned operations through at least the end of 2026.
- During Q4, the company advanced a significant licensing and collaboration agreement with Jazz Pharmaceuticals for the exclusive license to develop and commercialize zanidatamab throughout the world except for those Asia-Pacific territories previously licensed to BeiGene.
- Also, ZYME announced positive top-line data for Phase 2 study of zanidatamab monotherapy in 2L+ patients with HER2-amplified advanced biliary tract cancers and presented updated results at ASCO GI, including overall survival data, for ongoing Phase 2 study of zanidatamab in 1L patients with HER2-expressing metastatic gastroesophageal adenocarcinoma.
- In addition, the company reported investigational new drug filings for ZW171 and ZW191 are on track for 2024.
- Previously (March 7): Zymeworks GAAP EPS of $4.65 beats by $2.16, revenue of $402.49M beats by $188.16M