The company's revenue trajectory remains highly erratic, with a 91.1% year-over-year decline in 2026Q1, while operating losses reached $47.1 million due to heavy R&D and SG&A spending.
| Sales/Revenue | 81.26M | 105.97M | 76.3M | 76.01M | 412.48M | 26.68M | 38.95M | 29.54M | 53.02M | 51.76M | 11.01M | 9.66M | 1.67M |
| Revenue Growth % | -12.98% | 38.87% | 0.38% | -81.57% | 1446.03% | -31.5% | 31.84% | -44.28% | 2.43% | 370.18% | 13.96% | 478.44% | - |
| Cost of Goods Sold | 4.54M | 0 | 0 | 142.99M | 0 | 0 | 170.9M | 117.1M | 56.93M | 41.14M | 35.55M | 24.4M | 10.47M |
| COGS % of Revenue | - | - | - | 188.11% | - | - | 438.75% | 396.34% | 107.37% | 79.49% | 322.93% | 252.62% | 627.13% |
| Gross Profit | 76.72M | 105.97M | 76.3M | -66.98M | 412.48M | 26.68M | -131.94M | -87.55M | -3.91M | 10.62M | -24.54M | -14.74M | -8.8M |
| Gross Margin % | 94.42% | 100% | 100% | -88.11% | 100% | 100% | -338.75% | -296.34% | -7.37% | 20.51% | -222.93% | -152.62% | -527.13% |
| Gross Profit Growth % | - | 38.87% | 213.93% | -116.24% | 1446.03% | 120.22% | -50.7% | -2140.9% | -136.8% | 143.26% | -66.47% | -67.48% | - |
| Operating Expenses | 190.78M | 198.5M | 213.41M | 71.08M | 281.95M | 242.31M | 55.52M | 63.75M | 86.15M | 59.22M | 48.1M | 29.62M | 14.42M |
| OpEx % of Revenue | - | 187.33% | 279.69% | 93.51% | 68.36% | 908.22% | 142.55% | 215.78% | 162.48% | 114.42% | 436.96% | 306.63% | 863.35% |
| Selling, General & Admin | 15.11B | 61.5M | 61.5M | 70.4M | 73.4M | 42.6M | 55.17M | 62.88M | 29.46M | 18.55M | 12.55M | 5.22M | 3.94M |
| SG&A % of Revenue | - | 58.04% | 80.6% | 92.62% | 17.79% | 159.67% | 141.65% | 212.82% | 55.56% | 35.84% | 114.03% | 54.01% | 236.23% |
| Research & Development | 2.51B | 137M | 134.62M | 143.62M | 208.6M | 199.75M | 171.34M | 118.25M | 56.68M | 41.75M | 36.82M | 24.65M | 12.62M |
| R&D % of Revenue | - | 129.29% | 176.43% | 188.94% | 50.57% | 748.7% | 439.9% | 400.23% | 106.91% | 80.66% | 334.42% | 255.22% | 755.81% |
| Other Operating Expenses | -903K | 0 | 17.29M | -142.94M | -42K | -39K | -171M | -117.37M | -1.26M | -964K | -1.26M | -251K | -2.15M |
| Operating Income | -114.05M | -92.53M | -137.11M | -138.05M | 130.53M | -215.63M | -187.47M | -151.3M | -33.13M | -9M | -37.86M | -19.96M | -12.75M |
| Operating Margin % | -140.35% | -87.33% | -179.69% | -181.62% | 31.64% | -808.22% | -481.29% | -512.12% | -62.48% | -17.38% | -343.94% | -206.63% | -763.35% |
| Operating Income Growth % | - | 32.51% | 0.68% | -205.77% | 160.53% | -15.02% | -23.9% | -356.73% | -268.16% | 76.24% | -89.7% | -56.57% | - |
| EBITDA | -117.82M | -81.42M | -125.92M | -120.75M | 142.53M | -206.05M | -184.11M | -148.99M | -29.5M | -6.26M | -36.84M | -19.47M | -12.34M |
| EBITDA Margin % | -144.98% | -76.84% | -165.02% | -158.85% | 34.55% | -772.3% | -472.68% | -504.3% | -55.63% | -12.09% | -334.63% | -201.51% | -738.68% |
| EBITDA Growth % | -4.51% | 35.33% | -4.28% | -184.72% | 169.17% | -11.92% | -23.57% | -405.1% | -371.27% | 83.01% | -89.25% | -57.8% | - |
| D&A (Non-Cash Add-back) | -3.76M | 11.11M | 11.19M | 17.3M | 12M | 9.58M | 3.35M | 2.31M | 3.63M | 2.74M | 1.02M | 494K | 412K |
| EBIT | -107.49M | -92.53M | -119.82M | -138.01M | 130.49M | -215.67M | -187.12M | -150.43M | -33.36M | -7.93M | -37.93M | -19.12M | -12.93M |
| Net Interest Income | 10.57M | 13.35M | 19.94M | 19.7M | 3.6M | 1.97M | 5.7M | 5.88M | 2.47M | -397K | -642K | 306K | 107K |
| Interest Income | 12.64M | 13.35M | 19.94M | 19.7M | 3.6M | 1.97M | 5.7M | 5.88M | 2.64M | 743K | 308K | 324K | 116K |
| Interest Expense | 2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 166K | 1.14M | 950K | 18K | 9K |
| Other Income/Expense | 10.09M | 12.78M | 20.5M | 18.81M | 4.71M | 3.27M | 7.34M | 6.45M | -1.02M | -964K | -1.02M | 824K | -194K |
| Pretax Income | -103.97M | -79.75M | -116.61M | -119.24M | 135.23M | -212.36M | -180.12M | -144.85M | -34.38M | -9.96M | -38.88M | -19.14M | -12.94M |
| Pretax Margin % | -127.94% | -75.26% | -152.82% | -156.87% | 32.79% | -795.95% | -462.43% | -490.3% | -64.85% | -19.25% | -353.2% | -198.1% | -774.97% |
| Income Tax | -1.31M | 1.38M | 6.08M | -568K | 10.89M | -516K | 429K | 582K | 2.17M | 444K | -5.08M | 34K | 0 |
| Effective Tax Rate % | 1.26% | -1.73% | -5.22% | 0.48% | 8.05% | 0.24% | -0.24% | -0.4% | -6.31% | -4.46% | 13.05% | -0.18% | 0% |
| Net Income | -102.66M | -81.13M | -122.69M | -118.67M | 124.34M | -211.84M | -180.55M | -145.44M | -36.56M | -10.41M | -33.81M | -19.17M | -12.94M |
| Net Margin % | -126.33% | -76.56% | -160.8% | -156.13% | 30.14% | -794.01% | -463.54% | -492.27% | -68.95% | -20.1% | -307.1% | -198.45% | -774.97% |
| Net Income Growth % | 9.7% | 33.88% | -3.39% | -195.44% | 158.69% | -17.33% | -24.14% | -297.85% | -251.3% | 69.22% | -76.36% | -48.12% | - |
| Net Income (Continuing) | -102.66M | -81.13M | -122.69M | -118.67M | 124.34M | -211.84M | -180.55M | -145.44M | -36.56M | -10.41M | -33.81M | -19.17M | -12.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.37 | -1.08 | -1.62 | -1.72 | 1.90 | -4.61 | -3.58 | -3.83 | -1.26 | -0.49 | -1.72 | -0.97 | -0.65 |
| EPS Growth % | 8.05% | 33.33% | 5.81% | -190.53% | 141.21% | -28.77% | 6.53% | -203.97% | -157.14% | 71.51% | -77.32% | -49.23% | - |
| EPS (Basic) | - | -1.08 | -1.62 | -1.72 | 1.91 | -4.06 | -3.58 | -3.83 | -1.26 | -0.49 | -1.72 | -0.97 | -0.65 |
| Diluted Shares Outstanding | 74.69M | 75.34M | 75.88M | 68.86M | 65.25M | 52.13M | 50.38M | 38.02M | 29.09M | 21.32M | 19.7M | 19.84M | 19.84M |
| Basic Shares Outstanding | 74.67M | 75.34M | 75.85M | 68.86M | 65.19M | 52.13M | 50.38M | 37.97M | 29.01M | 21.25M | 19.7M | 19.84M | 19.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
As reported in recent financial statements, ZYME's revenue trajectory remains highly erratic, characterized by a 91.1% year-over-year decline in 2026Q1, reflecting the inherent unpredictability of milestone-based licensing income rather than consistent commercial product demand or sustainable organic growth across its clinical-stage oncology pipeline.
The revenue profile is entirely dependent on the timing of collaboration triggers, which creates significant quarter-to-quarter variance. Investors should interpret these fluctuations as indicators of partnership progress rather than evidence of a scalable commercial business model.
According to historical income statement data, ZYME has maintained a 100% gross margin in most periods, a figure that masks the underlying reality of a business model that currently lacks a commercialized product and relies exclusively on non-recurring licensing and research service payments.
This margin profile is likely to face significant compression upon the potential commercial launch of zanidatamab, as manufacturing and distribution costs are introduced. The current figures should not be viewed as indicative of long-term profitability or operational efficiency.
Based on reported figures, ZYME's cost structure is dominated by heavy R&D and SG&A expenditures, which resulted in an operating loss of $47.1 million in 2026Q1, highlighting the company's significant capital intensity as it attempts to advance its biparatopic antibody platform through late-stage clinical trials.
The persistent operating deficit suggests that management's expense discipline is secondary to the immediate necessity of funding clinical development. The lack of a self-sustaining revenue base implies that continued high spending may necessitate further dilutive financing to maintain operations.
Analysis of recent filings indicates that ZYME's net income is frequently distorted by significant stock-based compensation, which reached $6.9 billion in 2026Q1, complicating the assessment of true operational performance and creating a disconnect between reported earnings and the company's actual cash-based burn rate.
The reliance on equity-based incentives to manage cash outflows warrants further investigation by investors, as it may mask the true cost of talent retention. The volatility in net income appears to be driven more by accounting adjustments and non-operating items than by core business execution.
As noted in recent regulatory disclosures, the company's reported cash position of $41.1 million appears insufficient to support its current high-burn operating model, suggesting that ZYME faces a critical liquidity inflection point that may force management to seek dilutive capital in the near term.
Short-term observers may focus on the potential for a liquidity crunch if milestone payments are delayed or clinical timelines slip. The current financial position appears precarious, and the company's reliance on external funding sources remains a primary risk to its long-term viability.
Quick answers to the most common questions about buying ZYME stock.
For fiscal year 2025, Zymeworks Inc. (ZYME) reported total revenue of $106.0M. This represents a 6245.2% increase compared to $1.7M in 2014.
Zymeworks Inc. (ZYME) reported a net loss of $81.1M for the fiscal year ending 2025.
Zymeworks Inc. (ZYME) reported an operating income of $-92.5M, resulting in an operating profit margin of -87.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Zymeworks Inc. (ZYME) generated $106.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.