Slide 1: Making a meaningful difference
Making a meaningful difference A royalty-driven organization differentiated by in-house R&D capabilities developing novel medicines for patients with difficult-to-treat diseases OCTOBER 2026
Slide 2: Legal disclaimer
Legal disclaimer This presentation, and the accompanying oral commentary, includes “forward-looking statements” or information within the Zymeworks to identify and consummate a strategic acquisition; and the factors described under “Risk Factors” in Zymeworks’ meaning of the applicable securities le
Slide 3: Executing on an established model, positioned for scalable growth
Executing on an established model, Shareholder returns Operational progress positioned for scalable growth Recognized FDA approves Ziihera® Recognized revenue Completion of $95.8M of share repurchase program revenue of for the treatment of of $25.2M in partnership $2.5M research HER2+ (IHC 3+) BTC m
Slide 4: Evolving our value proposition
Evolving our value proposition We are pivoting to this novel strategy to: Return and Enable internal R&D Deploy capital with a compound existing to focus on its focus on best possible We are transforming from a valuable royalty strengths – delivering risk-adjusted return traditional biotech to a str
Slide 5: Pathways to return and compound value for shareholders
Pathways to return and compound value for shareholders CASH FLOW FROM COMPOUND VALUE ALTERNATIVES PARTNERS Internal Programs Acquired Programs Acquired Royalties RETURN VALUE ALTERNATIVES Share Repurchases Special Dividends We seek to allocate capital based on which path we believe will provide the
Slide 6: Ziihera peak sales estimate over time
Ziihera peak sales estimate over time Evolution of Wall Street Consensus | 2023 vs. Now | ($ Millions) $2,9B 141% change $1,2B Feb-2023 Sept-2026 6
Slide 7: Differentiation of partner focused R&D
Differentiation of partner focused R&D Partner driven clinical Preclinical and early Ability to leverage development clinical stage internal discovery R&D operations self-funded development focus and external BD through partnerships and Minimize costly, lengthy, binary Enables diverse scientific pla
Slide 8: Zymeworks is well-positioned with R&D and asset aggregation synergies
Zymeworks is well-positioned with R&D and asset aggregation synergies Biotech Seller R oyalty Ca pita l Unwilling to sell the parts: value is Underwrites the whole: evaluates every Not optimized to buy the whole: mandate embedded across the company component together limited to the royalty line Tran
Slide 9: Differentiated pipeline of multifunctional therapeutics
Differentiated pipeline of multifunctional therapeutics Program Technology Target Indication Discovery Preclinical Phase 1 Phase 2 Phase 3 Solid Tumor Oncology: Antibody-Drug Conjugates (ADC) ZW191 Gynecological ZD06519 Payload FRα NCT06555744 Topo1i ADC | DAR 8 | Fc WT Thoracic ZW251 ZD06519 Payloa
Slide 10: Partnering is central to Zymeworks' history and future
Partnering is central to Zymeworks' history and future PLATFORM AND DISCOVERY PARTNERSHIPS ASSET-BASED / Leverage partnerships to extend the reach of PIPELINE PARTNERSHIPS Zymeworks’ best-in-class platforms and capabilities Commercial Partners ZymeLink Auristatin TOPO1i Hemiasterlin zanidatamab Plat
Slide 11: Proven execution and financial foundation with Ziihera
Proven execution and financial foundation with Ziihera® $400M $1.3B $3-5B Upfront and Future potential Peak sales potential UP TO milestone payments regulatory and provided by Jazz2 $440M received to date * commercial milestones *** 10-20% tiered royalties Anticipated near-term milestones for global
Slide 12: Established commercial structure with growth potential
Established commercial structure with growth potential YUPELRI® U.S. Revenue 2019-2026* $267M $221M $239M $202M $143M $162M $55M 25% hospital-channel growth continues to build the clinical familiarity that supports expansion in the 2019 2020 2021 2022 2023 2024 2025 community setting. • YUPELRI® has
Slide 13: Diverse potential revenue streams from partnerships
Diverse potential revenue streams from partnerships Program / Platform Partner Stage / Status Potential Future Revenue / Royalty Rate Milestone Payments 35% U.S. net profit share YUPELRI® Viatris Approved for COPD $125M Double-digit tiered royalties and additional (revefenacin) milestones on ex-U.S.
Slide 14: Partnerships that benefit both Zymeworks and our partners
Partnerships that benefit both Zymeworks and our partners PEOPLE PLATFORM PARTNER Partner Access to proven Unique combination of Flexible model enables team with deep biology and engineering partners to tailor Benefits scientific and enables development of collaborations to their engineering experti
Slide 15: Operating from a strong financial position
Operating from a strong financial position UP TO +$322M $440M $125M $106M Cash resources1 From potential Share repurchase Revenues reported cumulative global plan announced in for 20252 GEA approvals November 2025 $278 – $114 – Potential to access additional non-dilutive 292M 128M potentially lower
Slide 16: Pushing the boundaries of antibody-based therapeutics
Pushing the boundaries of antibody-based therapeutics through multispecifics and optimized drug conjugates MULTISPECIFIC ANTIBODY-DRUG Utilizing antibodies to more effectively deliver small Unlocking new biology and therapeutic possibilities molecules through optimal linker-payload design ANTIBODIES
Slide 17: ZW191 Optimized design
ZW191 Optimized design 1 ADC targeting FRα -expressing tumors including ovarian cancer, other gynecological cancers, and non-small cell lung cancer Comprised of a humanized IgG1 antibody conjugated to a novel camptothecin-based topoisomerase 1 inhibitor payload technology, ZD06519 ADC Designed to Ta
Slide 18: ZWI-ZW191-101 clinical results
ZWI-ZW191-101 | clinical results Presented at ESMO Gynaecological Cancers Congress 2026 Anti-tumor activity of ZW191 in ovarian cancer and endometrial cancer FRα expression PS2+ score: 0-74% (negative) ≥75% (positive) Not evaluated Ovarian Cancer Endometrial Cancer 30 30 20 Ovarian Cancer FRα-positi
Slide 19: ZW191 demonstrates a favorable clinical safety profile
ZW191 demonstrates a favorable clinical safety profile TRAE, n (%) ZW191 ZW191 ZW191 ZW191 ZW191 ZW191 ZW191 Total Data cutoff: 1.6 mg/kg 3.2 mg/kg 4.8 mg/kg 6.4 mg/kg 8.0 mg/kg 9.6 mg/kg 11.2 mg/kg (n=51) March 9, 2026 (n=3) (n=3) (n=6) (n=12) (n=12) (n=12) (n=3) Any TRAE 2 (67) 3 (100) 6 (100) 12
Slide 20: ZW191 Next steps
ZW191 | Next steps Data-driven Optimization & Strategic development differentiation growth potential Building confidence in our ADC 11.2 mg/kg dose defined Emerging data will inform platform through safety, as maximum tolerated dose registration and combination pharmacokinetics, and efficacy strateg
Slide 21: ZW251 Optimized design
ZW251 Optimized design Potential first-in-class ADC designed to treat GPC3-expressing HCC with a new MOA Composed of a humanized IgG1 antibody conjugated to a novel camptothecin-based topoisomerase 1 inhibitor, ZD06519 Intermediate drug-to-antibody ratio ~4 ADC Designed to Target Validated peptide c
Slide 22: Hepatocellular carcinoma epidemiology and current treatment
Hepatocellular carcinoma epidemiology and current treatment HCC BURDEN1 STANDARD OF CARE FOR SYSTEMIC HCC2 Globally 6th most common cancer and third most common cause In the US, most patients receive IO-VEGF or IO-IO combinations in 1L; of death from cancer multi-targeted TKIs are a 2L option 5-Year
Slide 23: ZW251 potential utility in hepatocellular carcinoma
ZW251 | potential utility in hepatocellular carcinoma Robust ADC internalization Differentiated modality Impressive tolerability and and cytotoxicity demonstrates anti-tumor activity dose-proportional PK in NHP ZW251 internalized Anti-tumor activity of ZW251 Non-GLP toxicology study in non-human in
Slide 24: ZW251: Phase 1 study in glypican 3-expressing HCC
ZW251: Phase 1 study in glypican 3-expressing hepatocellular carcinoma (HCC) (NCT07164313) Key Eligibility Criteria Part 1: Dose Escalation (~6 dose levels; n=60) Part 2: Dose Optimization (n=40) • HCC advanced or metastatic • Germ Cell Tumors ZW251 ZW251 • Squamous NSCLC ZW251 ZW251 Dose Level 5 Do
Slide 25: ZW220 Optimized design
ZW220 Optimized design1 ADC targeting NaPi2b-expressing solid tumors Comprised of a humanized IgG1 antibody conjugated to a moderate potency topoisomerase 1 inhibitor payload technology with bystander activity, ZD06519 Intermediate drug-to-antibody ratio ~4 ADC Designed to Target Validated peptide c
Slide 26: ZW209 Optimized design
ZW209 Optimized design Potential first-in-class TriTCE Co-Stim targeting eradication of DLL3-expressing tumor cells through simultaneous engagement of CD3 and CD28 on T cells Optimized DLL3, CD3, CD28 binding affinities and coordinated binding geometry using Azymetric and EFECT platforms Trispecific
Slide 27: ZW1528 Optimized design
ZW1528 Optimized design IL-4Rα x IL-33 bispecific molecule that inhibits multiple pathways within complex pathophysiology of inflammation in diseases such as mixed-type COPD In-house antibody discovery of novel anti-IL4Rα and IL-33 paratopes Native IgG-like geometry Bispecific Designed to Address Re
Slide 28: Meaningful catalyst events anticipated throughout 2026
Meaningful catalyst events anticipated throughout 2026 2026 Presented potentially practice changing and The U.S. FDA approval for zanidatamab for the Execution of strategic initiative to clinically meaningful mPFS and mOS in Phase 3 treatment of 1L HER2+ advanced GEA. compound existing royalties thr
Slide 29: Company contacts
Company contacts INVESTOR RELATIONS Shrinal Inamdar Vice President, Investor Relations ir@zymeworks.com +1 604 678 1388 MEDIA RELATIONS Diana Papove Vice President, Corporate Communications media@zymeworks.com +1 604 678 1388 31
Slide 30: Appendix
Appendix 32
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 GAAP Net income (loss) (45.0) 2.3 (89.2) (20.3) Adjustments: Income tax (benefit)/expense (0.3) (0.2) (2.5) 0.3 Interest expense / (income), net 3.3 (