Zymeworks Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Zymeworks Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Zymeworks Inc. (ZYME) filed a Annual Report (10-K) with the SEC on March 6, 2024. Zymeworks Inc. filed its 2023 Form 10-K on March 6, 2024, reporting on the fiscal year ending December 31, 2023. The company's principal business is in Pharmaceutical Preparations, SIC code 2834. Zymeworks Inc. was formerly known as Zymeworks Delaware Inc., with a name change effective July 12, 2022. The filing includes financial data for the fiscal years 2021, 2022, and 2023. The company's business address is located at 108 Patriot Drive, Suite A, Middletown, DE 19709.

Why It Matters

For investors and stakeholders tracking Zymeworks Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Zymeworks' financial health, operational status, and strategic direction for investors and stakeholders. The report is crucial for understanding the company's performance in the pharmaceutical preparations sector and its compliance with SEC regulations.

Risk Assessment

Risk Level: low — Zymeworks Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile based solely on the header information.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to assess Zymeworks' current business performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-06 — Filing Date (Date of submission)
• 2022-07-12 — Name Change Date (Former company name Zymeworks Delaware Inc.)

Key Players & Entities

• Zymeworks Inc. (company) — Filer name
• Zymeworks Delaware Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• 108 Patriot Drive, Suite A, Middletown, DE 19709 (address) — Business address
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Zymeworks Inc. operates within the Pharmaceutical Preparations industry (SIC 2834), a sector focused on the development and manufacturing of drugs and medicines.

Regulatory Implications

As a public company, Zymeworks Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing Zymeworks.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date Zymeworks Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Zymeworks Inc. for the fiscal year ending December 31, 2023. Previous filings would have been under its former name or different forms.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value per share ZYME The Nasdaq Sto
• $375 million — ugh December 31, 2023, we have received $375 million in proceeds from the Jazz collaboration
• $525 m — regulatory approval milestones of up to $525 million, commercial milestones of up to $
• $862.5 m — million, commercial milestones of up to $862.5 million, and royalties of between 10% and
• $172 million — ab, we remain eligible to receive up to $172 million in additional development and commercia

Filing Documents

• zyme-20231231.htm (10-K) — 3042KB
• zyme-20231231xex41.htm (EX-4.1) — 46KB
• zyme-20231231xex1042.htm (EX-10.42) — 208KB
• zyme-20231231xex1043.htm (EX-10.43) — 12KB
• zyme-20231231xex1049.htm (EX-10.49) — 238KB
• zyme-20231231xex1050.htm (EX-10.50) — 429KB
• zyme-20231231xex211.htm (EX-21.1) — 8KB
• zyme-20231231xex231.htm (EX-23.1) — 4KB
• zyme-20231231xex311.htm (EX-31.1) — 8KB
• zyme-20231231xex312.htm (EX-31.2) — 7KB
• zyme-20231231xex321.htm (EX-32.1) — 5KB
• zyme-20231231xex322.htm (EX-32.2) — 5KB
• zyme-20231231xex971.htm (EX-97.1) — 38KB
• image_0.jpg (GRAPHIC) — 8KB
• image_11.jpg (GRAPHIC) — 0KB
• image_13.jpg (GRAPHIC) — 0KB
• zyme-20231231_g1.jpg (GRAPHIC) — 78KB
• zyme-20231231_g2.jpg (GRAPHIC) — 122KB
• zyme-20231231_g3.jpg (GRAPHIC) — 323KB
• zyme-20231231_g4.jpg (GRAPHIC) — 48KB
• 0001937653-24-000019.txt (&nbsp;) — 15370KB
• zyme-20231231.xsd (EX-101.SCH) — 102KB
• zyme-20231231_cal.xml (EX-101.CAL) — 113KB
• zyme-20231231_def.xml (EX-101.DEF) — 491KB
• zyme-20231231_lab.xml (EX-101.LAB) — 930KB
• zyme-20231231_pre.xml (EX-101.PRE) — 735KB
• zyme-20231231_htm.xml (XML) — 1825KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 36 Item 1B. Unresolved Staff Comments 85 I tem 1C . C ybersecurity 85 Item 2.

Properties

Properties 86 Item 3.

Legal Proceedings

Legal Proceedings 87 Item 4. Mine Safety Disclosures 87 PART II 88 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 88 Item 6. Reserved 88 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 89 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 103 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 104 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 146 Item 9A.

Controls and Procedures

Controls and Procedures 146 Item 9B. Other Information 146

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 146 PART III 147 Item 10. Directors, Executive Officers and Corporate Governance 147 Item 11.

Executive Compensation

Executive Compensation 153 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 173 Item 13. Certain Relationships and Related Transactions and Director Independence 176 Item 14. Principal Accounting Fees and Services 179 PART IV 179 Item 15. Exhibits, Financial Statement Schedules 180 Item 16. Form 10-K Summary 184

SIGNATURES

SIGNATURES 185 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" or information within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements can often be identified by the use of terminology such as "subject to," "believe," "anticipate," "plan," "expect," "intend," "estimate," "project," "may," "will," "should," "would," "could," "can," the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. 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. In particular, these forward-looking statements include, but are not limited to, statements about: the size of our addressable markets and our ability to commercialize product candidates; the achievement of advances in and expansion of our therapeutic platforms and antibody engineering expertise; the likelihood of product candidate development and clinical trial progression, initiation or success; and our ability to predict and manage government regulation. All forward-looking statements, including, without limitation, those related to our examination of historical operatin

Business

Item 1. Business Overview Zymeworks is a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases. Zymeworks' complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutic candidates . Our proprietary capabilities and technologies include several modular, complementary therapeutic platforms that can be used in combination with each other and with existing approaches. This ability to layer technologies without compromising manufacturability enables us to engineer next-generation biotherapeutics with synergistic activity, which we believe will result in improved patient outcomes. Our platforms include: Azymetric , our multispecific antibody platform, which enables therapeutic antibodies to simultaneously bind multiple distinct locations on a target (known as an epitope) or to multiple targets. This is achieved by tailoring multiple configurations of the antibody's Fc and Fab regions (locations on the antibody to which epitopes bind); Drug Conjugate Platforms , used to develop antibody-drug conjugate ("ADC") candidates, are comprised of cytotoxins and the linker technologies used to couple these cytotoxins to tumor-targeting antibodies or proteins. These platforms can be used in conjunction with our other therapeutic platforms, including our multispecific antibody platform, to increase safety and efficacy as compared to existing ADC technologies; EFECT , which enables finely tuned modulation (both up and down) of immune cell recruitment and function; and ProTECT , which enables tumor-specific activity that may reduce systemic toxicity and simultaneously enhances localized immune co-stimulation or checkpoint modulation that may increase efficacy. Our protein engineering expertise and proprietary structure-

View Full Filing

View this 10-K filing on SEC EDGAR