Zymeworks Inc
ZYMEHealthcare|Biotechnology|USA
$25.88
-1.19 (-4.40%)
Tangible Book
$2.04
Financials
Financial Snapshot
Market Cap
$1.90B
Enterprise Value
$347.7M
Revenue (TTM)
$81.3M
Net Income (TTM)
$-102.7M
Cash & Equivalents
—
Net Cash/Share
$0.68
Free Cash Flow (TTM)
$-77.5M
Operating CF (TTM)
$-75.3M
Debt/Equity
0.1
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$18.8M
Monthly Burn
$6.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $40.3M | $87.8M | $200.2M | $298.9M | $426.4M | $252.6M | $492.2M | $374.3M | $225.8M | $228.8M | $364.7M | |
| Operating Cash Flow | $-35.2M | $219.0K | $24.2M | $-81.9M | $-151.4M | $-192.5M | $144.1M | $-118.3M | $-110.1M | $-33.0M | $-75.3M | |
| Free Cash Flow | $-40.7M | $-2.9M | $20.8M | $-95.7M | $-157.7M | $-205.7M | $131.0M | $-122.4M | $-113.1M | $-35.4M | $-77.5M | |
| Capital Expenditure | $-5.5M | $-3.1M | $-3.4M | $-13.9M | $-6.3M | $-13.3M | $-13.1M | $-4.1M | $-3.1M | $-2.4M | $-2.2M | |
| Financing Cash Flow | $64.8M | $50.0M | $91.4M | $193.7M | $309.0M | $8.0M | $108.6M | $81.9M | $-20.4M | $-18.6M | $158.9M |
R&D Spending
R&D (TTM)
$135.7M
R&D Intensity
167.0%
R&D Growth YoY
-0.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.0M | $51.8M | $53.0M | $29.5M | $39.0M | $26.7M | $412.5M | $76.0M | $76.3M | $106.0M | $81.3M | |
| R&D Expense | $36.8M | $41.1M | $56.9M | $117.4M | $171.2M | $199.8M | $208.6M | $143.6M | $134.6M | $137.0M | $135.7M | |
| R&D % of Revenue | 334.4% | 79.5% | 107.4% | 397.3% | 439.5% | 748.7% | 50.6% | 188.9% | 176.4% | 129.3% | 167.0% | |
| SG&A | $12.6M | $18.6M | $29.5M | $62.7M | $55.2M | $42.6M | $73.4M | $70.4M | $61.5M | $61.5M | $59.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.0M | $51.8M | $53.0M | $29.5M | $39.0M | $26.7M | $412.5M | $76.0M | $76.3M | $106.0M | $81.3M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $11.0M | $51.8M | $53.0M | $29.5M | $39.0M | $26.7M | $412.5M | $76.0M | $76.3M | $106.0M | $81.3M | |
| R&D | $36.8M | $41.1M | $56.9M | $117.4M | $171.2M | $199.8M | $208.6M | $143.6M | $134.6M | $137.0M | $135.7M | |
| SG&A | $12.6M | $18.6M | $29.5M | $62.7M | $55.2M | $42.6M | $73.4M | $70.4M | $61.5M | $61.5M | $59.5M | |
| Operating Income | $-37.1M | $-7.9M | $-33.4M | $-150.5M | $-187.5M | $-215.7M | $130.5M | $-138.0M | $-119.8M | $-92.5M | $-114.0M | |
| Interest Expense | $-950.0K | $-892.0K | $-166.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-2.1M | |
| Pretax Income | $-38.9M | $-10.0M | $-34.4M | $-146.0M | $-180.1M | $-212.4M | $135.2M | $-119.2M | $-116.6M | $-79.8M | $-104.0M | |
| Net Income | $-33.8M | $-10.4M | $-36.6M | $-145.4M | $-180.6M | $-211.8M | $124.3M | $-118.7M | $-122.7M | $-81.1M | $-102.7M | |
| EPS (Diluted) | -1.72 | -0.64 | -1.26 | -3.83 | -3.58 | -4.61 | 1.90 | -1.72 | -1.62 | -1.08 | -1.37 | |
| EBITDA | $-36.9M | $-5.2M | $-29.7M | $-143.2M | $-177.2M | $-206.1M | $142.5M | $-120.7M | $-108.6M | $-81.4M | $-100.4M | |
| Shares Out. (M) | 19.70 | 21.32 | 29.09 | 38.02 | 50.38 | 52.13 | 65.25 | 68.86 | 75.88 | 75.41 | 74.69 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.4M | $35.9M | $42.2M | $128.5M | $242.0M | $201.9M | $400.9M | $157.6M | $66.1M | $41.2M | $244.3M | |
| Marketable Securities | $23.8M | $51.9M | $158.0M | $170.5M | $184.3M | $50.7M | $91.3M | $216.8M | $159.7M | $187.6M | $120.4M | |
| Total Current Assets | $46.5M | $92.3M | $204.4M | $311.8M | $455.1M | $288.2M | $544.7M | $412.9M | $300.5M | $248.8M | $385.7M | |
| Total Assets | $94.0M | $132.0M | $244.5M | $368.2M | $538.4M | $389.1M | $648.7M | $580.9M | $463.1M | $346.5M | $478.2M | |
| Total Current Liabilities | $16.6M | $14.7M | $30.0M | $82.6M | $85.7M | $71.9M | $95.6M | $55.8M | $88.3M | $42.3M | $35.6M | |
| Long-Term Debt | $4.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $85.0M | $15.5M | $64.0M | $122.5M | $128.5M | $140.0M | $155.8M | $116.1M | $124.3M | $78.0M | $314.6M | |
| Stockholders' Equity | $9.0M | $116.4M | $180.5M | $245.7M | $409.9M | $249.1M | $493.0M | $464.8M | $338.8M | $268.5M | $163.6M | |
| Retained Earnings | $-97.8M | $-108.7M | $-145.3M | $-290.7M | $-471.3M | $-683.1M | $-558.8M | $-677.4M | $-830.3M | $-953.2M | $-1.07B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-35.2M | $219.0K | $24.2M | $-81.9M | $-151.4M | $-192.5M | $144.1M | $-118.3M | $-110.1M | $-33.0M | $-75.3M | |
| Capital Expenditure | $-5.5M | $-3.1M | $-3.4M | $-13.9M | $-6.3M | $-13.3M | $-13.1M | $-4.1M | $-3.1M | $-2.4M | $-2.2M | |
| Free Cash Flow | $-40.7M | $-2.9M | $20.8M | $-95.7M | $-157.7M | $-205.7M | $131.0M | $-122.4M | $-113.1M | $-35.4M | $-77.5M | |
| Investing Cash Flow | $-25.5M | $-30.9M | $-109.0M | $-25.6M | $-43.4M | $144.6M | $-53.8M | $-207.3M | $38.8M | $26.7M | $84.4M | |
| Financing Cash Flow | $64.8M | $50.0M | $91.4M | $193.7M | $309.0M | $8.0M | $108.6M | $81.9M | $-20.4M | $-18.6M | $158.9M | |
| Issuance of Stock | $0.00 | $55.8M | $90.8M | $188.2M | $300.9M | $0.00 | $107.5M | $76.1M | $0.00 | $5.0M | $250.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-30.1M | $-41.7M | $-101.6M | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-7.0K | $-7.8M | $-11.0K | $-16.0K | $-41.0K | $-17.0K | $-14.0K | $-21.0K | $-14.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $4.3M | $3.4M | $13.4M | $49.0M | $29.1M | $10.8M | $4.0M | $8.1M | $17.8M | $28.0M | $28.6M | |
| Net Change in Cash | $4.9M | $19.5M | $6.3M | $86.2M | $113.6M | $-40.2M | $199.0M | $-243.4M | $-91.5M | $-24.9M | $168.1M |
Dilution Tracker
Shares outstanding grew 43.3% over 5 years — significant dilution
Shares Outstanding
75M
5-Year Share Growth
+43.3%
Stock Issuance (TTM)
$250.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.70 | 21.32 | 29.09 | 38.02 | 50.38 | 52.13 | 65.25 | 68.86 | 75.88 | 75.41 | 74.69 | |
| YoY Change % | — | 8.3% | 36.4% | 30.7% | 32.5% | 3.5% | 25.2% | 5.5% | 10.2% | -0.6% | -1.0% | |
| Stock Issuance | $0.00 | $55.8M | $90.8M | $188.2M | $300.9M | $0.00 | $107.5M | $76.1M | $0.00 | $5.0M | $250.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-30.1M | $-41.7M | $-101.6M | |
| Stock Based Comp. | $4.3M | $3.4M | $13.4M | $49.0M | $29.1M | $10.8M | $4.0M | $8.1M | $17.8M | $28.0M | $28.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -337.0% | -15.3% | -62.9% | -509.5% | -481.3% | -808.4% | 31.6% | -181.6% | -157.0% | -87.3% | -140.2% | |
| Net Margin % | -307.1% | -20.1% | -68.9% | -492.3% | -463.5% | -794.0% | 30.1% | -156.1% | -160.8% | -76.6% | -126.3% | |
| EBITDA Margin % | -335.3% | -10.0% | -56.1% | -484.7% | -454.9% | -772.4% | 34.5% | -158.8% | -142.4% | -76.8% | -123.6% | |
| FCF Margin % | -369.8% | -5.6% | 39.1% | -324.0% | -404.8% | -771.1% | 31.8% | -161.0% | -148.3% | -33.4% | -95.4% | |
| ROE % | -248.2% | -16.6% | -24.6% | -68.3% | -55.1% | -64.3% | 33.5% | -24.8% | -30.5% | -26.7% | -36.4% | |
| ROA % | -57.7% | -9.2% | -19.4% | -47.5% | -39.8% | -45.7% | 24.0% | -19.3% | -23.5% | -20.0% | -25.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 3.14 / 5.67
Industry Med.27.51
P/S24.44
Historical0.93 / 13.67 / 108.25
Industry Med.9.49
P/B11.65
Historical0.96 / 2.73 / 12.65
Industry Med.2.93
EV/EBITDA-15.50
Historical-71.13 / -7.04 / 2.10
Industry Med.13.02
EV/Revenue19.15
Historical0.11 / 9.13 / 92.86
Industry Med.8.59
P/FCF—
Historical2.20 / 14.25 / 39.29
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$2.04
Net Current Assets
$0.960
Net-Net Working Capital
$0.73
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | 4.14 | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 3.13 | 8.05 | 58.51 | 61.14 | 32.01 | 1.24 | 9.41 | 14.55 | 18.74 | 24.44 | |
| PB Ratio | 0.00 | 1.66 | 2.60 | 7.32 | 5.31 | 3.07 | 1.01 | 1.57 | 2.98 | 7.37 | 11.65 | |
| EV/EBITDA | 0.00 | -20.31 | -9.06 | -10.52 | -9.92 | -2.64 | 0.22 | -3.16 | -7.39 | -21.73 | -15.50 | |
| EV/Revenue | 0.00 | 2.04 | 5.08 | 51.00 | 45.13 | 20.39 | 0.08 | 5.01 | 10.52 | 16.70 | 19.15 |
Analyst Estimates & Quality
Altman Z-Score
0.83
Distress
Piotroski F-Score
4
Moderate
Beneish M-Score
-3.58
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $314.54M | $220.72M | $240.12M |
| Net Income | $89.23M | $84.20M | $47.71M |
| EPS | 1.54 | 0.69 | 0.45 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 1.61 | -0.70 | 0.00 |
| Operating CF | $120.26M | $-52.29M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Biotherapeutics segment | $106.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $106.0M |