Business
Zymeworks Provides Corporate Update and Reports First Quarter 2023 Financial Results
Confirmed prior guidance on 2023 operating cash burn of between $90 and $120 million and cash runway through at least 2026, and potentially beyondNet
About this update from Zymeworks Inc.
[{"type":"text","content":"Confirmed prior guidance on 2023 operating cash burn of between $90 and $120 million and cash runway through at least 2026, and potentially beyondNet quarterly loss decreased by 66% to $24.4 million as compared to first quarter in 2022 Presented 11 posters at the American Association for Cancer Research (AACR) showcasing Zymeworks' focused preclinical antibody-drug conjugate (ADC) and multispecific antibody therapeutics (MSAT) pipeline Announced oral presentation of pivotal data from the Phase 2b study of zanidatamab in previously treated HER2-amplified biliary tract cancers (BTC) at the upcoming Annual Meeting of American Society of Clinical Oncology (ASCO)Announced poster presentation of results from Phase 1b/2 of zanidatamab in combination with docetaxel in first-line HER2-positive breast cancer by trial sponsor BeiGene at ASCOStrengthened Board of Directors with appointment of Derek J. Miller, adding extensive business development and commercial expertise to ZymeworksWill host conference call with management today at 4:30 p.m. Eastern Daylight Time (EDT) VANCOUVER, British Columbia, May 08, 2023 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biotechnology company developing novel multifunctional biotherapeutics, today reported financial results for the first quarter ended March 31, 2023 and provided a summary of recent business highlights. “In the first quarter, we continued executing against our corporate priorities throughout the company as outlined early in 2023 as we strive to make a meaningful difference for patients through innovation, while delivering impactful results for our stockholders. Looking forward, we will continue to work on development and commercialization of zanidatamab with our collaborators, Jazz Pharmaceuticals and BeiGene, while progressing and prioritizing the development of our early-stage pipeline of ADC and MSAT product candidates under our '5 by 5' strategy, which outlines our goal of having five novel therapeutics in the clinic by 2027,” said Kenneth Galbraith, Chair and CEO of Zymeworks. \"In addition, in April we presented eleven abstracts at the AACR meeting, including new preclinical data throughout our early-stage pipeline. At ASCO in June, we look forward to multiple presentations on zanidatamab, including an oral presentation of pivotal data from our Phase 2b study of...