Equity eroded from $438.0M in 2024Q1 to $80.4M in 2026Q2, while debt-to-equity climbed to 0.20, indicating leverage is rising due to sustained losses rather than new borrowing, despite a temporary cash buffer of $179.4M.
Zymeworks Inc. (ZYME) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Current Assets | 298.39B | 233.44M | 300.45M | 412.93M | 544.71M | 288.22M | 455.08M | 311.83M | 204.37M | 92.33M | 46.48M | 17.68M | 50.05M |
| Cash & Short-Term Investments | 270.7B | 228.8M | 225.78M | 374.33M | 492.23M | 252.61M | 426.35M | 298.9M | 200.16M | 87.8M | 40.26M | 15.16M | 46.84M |
| Cash Only | 179.41B | 41.16M | 66.1M | 157.56M | 400.91M | 201.87M | 242.04M | 128.45M | 42.2M | 35.95M | 16.44M | 11.52M | 46.84M |
| Short-Term Investments | 91.29B | 187.64M | 159.67M | 216.77M | 91.32M | 50.74M | 184.32M | 170.45M | 157.96M | 51.85M | 23.82M | 3.64M | 0 |
| Accounts Receivable | 5.93B | 4.64M | 55.81M | 19.48M | 33.4M | 15.61M | 15.29M | 2.19M | 358K | 2.33M | 4.31M | 2.27M | 3.04M |
| Days Sales Outstanding | 16.74K | 15.98 | 266.99 | 93.53 | 29.56 | 213.61 | 143.31 | 26.99 | 2.46 | 16.43 | 142.8 | 85.58 | 663.34 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 21.76B | 0 | 18.86M | 19.12M | 19.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 98.58B | 113.09M | 162.64M | 167.95M | 104.02M | 100.91M | 83.3M | 56.38M | 39.99M | 39.62M | 47.51M | 5.47M | 635K |
| Property, Plant & Equipment | 27.15B | 0 | 34.32M | 37.54M | 47.65M | 49.77M | 17.61M | 16.5M | 6.48M | 7.18M | 6.72M | 781K | 503K |
| Fixed Asset Turnover | 0.00x | - | 2.22x | 2.02x | 8.66x | 0.54x | 2.21x | 1.79x | 8.18x | 7.21x | 1.64x | 12.37x | 3.32x |
| Goodwill | 12.02B | 12.02B | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 0 | 0 |
| Intangible Assets | 998M | 1.35B | 4.58M | 25.28M | 26.38M | 21.47M | 22.93M | 23.68M | 20.01M | 19.14M | 20.63M | 144K | 132K |
| Long-Term Investments | 128.33M | 41.79M | 98.43M | 81.93M | 886K | 886K | 25.92M | 0 | 0 | 0 | 0 | 4.18M | 0 |
| Other Non-Current Assets | 54.06B | -13.29B | 8.92M | 7.57M | 15.74M | 13.7M | 3.1M | 2.96M | 1.4M | 1.22M | 3.04M | 360K | -635K |
| Total Assets | 396.96B | 346.53M | 463.09M | 580.88M | 648.73M | 389.13M | 538.38M | 368.2M | 244.36M | 131.96M | 94M | 23.15M | 50.68M |
| Asset Turnover | 0.00x | 0.31x | 0.16x | 0.13x | 0.64x | 0.07x | 0.07x | 0.08x | 0.22x | 0.39x | 0.12x | 0.42x | 0.03x |
| Asset Growth % | 97072.14% | -25.17% | -20.28% | -10.46% | 66.71% | -27.72% | 46.22% | 50.68% | 85.19% | 40.39% | 306.04% | -54.32% | - |
| Total Current Liabilities | 47.24B | 42.32M | 88.29M | 55.76M | 95.63M | 71.85M | 85.67M | 82.55M | 29.99M | 14.66M | 16.56M | 4.85M | 10.9M |
| Accounts Payable | 0 | 4.4M | 3.9M | 6.21M | 7.86M | 5.17M | 6.24M | 5.35M | 2.6M | 1.66M | 2.96M | 2.11M | 1.76M |
| Days Payables Outstanding | 722.56 | - | - | 15.86 | - | - | 13.34 | 16.67 | 16.66 | 14.76 | 30.34 | 31.59 | 61.48 |
| Short-Term Debt | 3.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 16.44B | 2.42M | 25.59M | 3.7M | 2.35M | 0 | 0 | 0 | 3.53M | 7.55M | 6.75M | 2.7M | 0 |
| Other Current Liabilities | 27.5B | 9.67M | 7.49M | 8.68M | 16.01M | 11.1M | 48.74M | 50.59M | 20.63M | 2.04M | 5.69M | 48K | 8.03M |
| Current Ratio | 6.32x | 5.52x | 3.40x | 7.41x | 5.70x | 4.01x | 5.31x | 3.78x | 6.82x | 6.30x | 2.81x | 3.64x | 4.59x |
| Quick Ratio | 6.32x | 5.52x | 3.40x | 7.41x | 5.70x | 4.01x | 5.31x | 3.78x | 6.82x | 6.30x | 2.81x | 3.64x | 4.59x |
| Cash Conversion Cycle | 16.02K | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 269.35B | 35.71M | 36.03M | 60.31M | 60.14M | 68.19M | 42.79M | 39.97M | 33.89M | 866K | 68.44M | 59K | 0 |
| Long-Term Debt | 12.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.42M | 0 | 0 |
| Capital Lease Obligations | 44.06M | 14.8M | 15.77M | 22.46M | 24.79M | 31.02M | 5.93M | 5.64M | 42K | 52K | 49K | 0 | 0 |
| Deferred Tax Liabilities | 3.75B | 6.03M | 4.76M | 3.3M | 1.79M | 1.57M | 1.18M | 408K | 114K | 0 | 5.02M | 16K | 0 |
| Other Non-Current Liabilities | 252.91B | 278K | 895K | 1.61M | 2.98M | 2.65M | 2.73M | 978K | 904K | 814K | 58.95M | 43K | 0 |
| Total Liabilities | 316.6B | 78.03M | 124.32M | 116.07M | 155.77M | 140.04M | 128.45M | 122.52M | 63.87M | 15.53M | 84.99M | 4.91M | 10.9M |
| Total Debt | 16.01B | 18.27M | 18.51M | 26.72M | 28.11M | 32.33M | 8.64M | 6.93M | 57K | 62K | 4.42M | 6K | 0 |
| Net Debt | -163.41B | -22.89M | -47.6M | -130.84M | -372.8M | -169.53M | -233.39M | -121.52M | -42.15M | -35.88M | -12.01M | -11.51M | -46.84M |
| Debt / Equity | 0.20x | 0.07x | 0.05x | 0.06x | 0.06x | 0.13x | 0.02x | 0.03x | - | 0.00x | 0.49x | 0.00x | - |
| Debt / EBITDA | -0.38x | - | - | - | 0.20x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.86x | - | - | - | -2.62x | - | - | - | - | - | - | - | - |
| Interest Coverage | 0.02x | - | - | - | - | - | - | - | -200.99x | -6.96x | -39.93x | -1062.11x | -1437.00x |
| Total Equity | 80.37B | 268.5M | 338.77M | 464.81M | 492.96M | 249.09M | 409.92M | 245.68M | -145.27M | 116.43M | 9M | 18.24M | 39.76M |
| Equity Growth % | 23842.99% | -20.74% | -27.12% | -5.71% | 97.9% | -39.23% | 66.85% | 269.12% | -224.77% | 1193.36% | -50.64% | -54.13% | - |
| Book Value per Share | 1101.05 | 3.56 | 4.46 | 6.75 | 7.55 | 4.78 | 8.14 | 6.46 | -4.99 | 5.46 | 0.46 | 0.92 | 2.00 |
| Total Shareholders' Equity | 80.37B | 268.5M | 338.77M | 464.81M | 492.96M | 249.09M | 409.92M | 245.68M | -145.27M | 116.43M | 9M | 18.24M | 39.76M |
| Common Stock | 1.13T | 1.11B | 1.02B | 1.01B | 906.76M | 741.15M | 724.22M | 450.21M | 320.07M | 222.99M | 106.59M | 83.61M | 81.72M |
| Retained Earnings | -1.17T | -953.16M | -830.34M | -677.44M | -558.76M | -683.1M | -471.26M | -290.71M | -145.27M | -108.72M | -97.79M | -63.92M | -44.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6.69B | -6.08M | -6.95M | -6.6M | -6.66M | -6.66M | -6.66M | -6.66M | -6.66M | -6.66M | -6.66M | -6.66M | -739K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ZYME stock.
As of 2025, Zymeworks Inc. (ZYME) had total assets of $346.5M including $233.4M in current assets.
Zymeworks Inc. (ZYME) carries total debt of $18.3M, offset by $228.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zymeworks Inc. (ZYME) has total shareholders' equity (book value) of $268.5M ($3.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zymeworks Inc. (ZYME) reported a current ratio of 5.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Revenue collapse and cash burn
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Accelerates
Zymeworks' total assets fell from $553.8M in 2024Q1 to $397.0M in 2026Q2, per reported figures, while equity dropped from $438.0M to $80.4M, indicating sustained cash burn and asset depletion.
The sequential decline in total assets and equity reflects ongoing operating losses and a shrinking resource base. The sharp drop in equity from $163.6M in 2026Q1 to $80.4M in 2026Q2 suggests a significant one-time charge or impairment, as the prior quarter's loss was only $44.2M. This trajectory implies the company is consuming its balance sheet to fund operations, with no revenue to replenish it.
Leverage Rising from Depleted Equity
Debt-to-equity climbed from 0.05 in 2024Q1 to 0.20 in 2026Q2, as per financial statements, while total debt remained near $16-18M, indicating leverage is increasing due to equity erosion rather than new borrowing.
The D/E ratio's rise is driven by a shrinking equity base, not by increased debt, as total debt has stayed relatively stable around $16-18M. This suggests the company is not taking on new debt to fund operations, but the deteriorating equity cushion increases financial risk. With cash at $179.4M in 2026Q2, the company appears to have liquidity, but the trend of equity depletion warrants monitoring.
Asset Mix Shifts Toward Cash
Cash and equivalents surged to $179.4M in 2026Q2 from $41.2M in 2025Q4, as reported in SEC filings, while PPE declined from $34.3M to $27.1M, indicating a shift toward liquidity and away from fixed assets.
The increase in cash likely stems from a financing event or partnership milestone, given the prior quarter's cash was only $41.2M. Meanwhile, the decline in PPE suggests minimal capital investment, consistent with an asset-light biotech model. Goodwill remained at $12.0M, but the data shows a potential reporting anomaly in 2025Q4 where goodwill was listed as $12.0B, which appears to be a data error and should be disregarded.
Equity Quality Deteriorates with Losses
Retained earnings worsened from -$709.1M in 2024Q1 to -$1.2T in 2026Q2, per reported figures, while equity fell to $80.4M, indicating accumulated losses are eroding the shareholder base.
The massive jump in negative retained earnings from -$1.1B to -$1.2T in 2026Q2 suggests a significant non-cash impairment or write-down, as the prior quarter's net loss was only $44.2M. This distortion makes the equity figure less meaningful, but the underlying trend of persistent losses is clear. The company's equity is now a small fraction of its assets, implying a fragile capital structure.
Liquidity Buffer Strengthens Temporarily
Current ratio improved to 6.32 in 2026Q2 from 5.52 in 2025Q4, as per financial statements, with cash at $179.4M, providing a short-term buffer against operating losses, but the sustainability depends on future funding.
The current ratio remains strong, indicating the company can cover near-term obligations. However, the cash balance is likely boosted by a one-time inflow, as the prior quarter's cash was only $41.2M. With operating cash flow deeply negative at -$77.7M in 2026Q2, the cash runway appears limited unless additional financing or partnerships are secured. Investors should monitor the burn rate relative to the cash position.
Data Anomalies Distort Balance Sheet
Reported figures show goodwill at $12.0B in 2025Q4 and retained earnings at -$1.2T in 2026Q2, per financial statements, which are inconsistent with prior quarters and suggest data errors or undisclosed impairments.
The goodwill figure of $12.0B in 2025Q4 is implausible given the company's total assets of $346.5M, indicating a likely data entry error. Similarly, the jump in negative retained earnings to -$1.2T in 2026Q2 is not supported by the net loss of -$45.0B, suggesting a reporting anomaly. These distortions could mislead analysts if taken at face value, and the true balance sheet health may be better than the headline numbers suggest, but the underlying cash burn remains a concern.