The following is a summary of the Zymeworks Inc. (ZYME) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Zymeworks reported a net loss of $31.7 million, or a loss of $0.42 per diluted share, for Q1 2024, a decrease from the previous year.

• Revenue of $10 million was generated for Q1 2024, mainly from Jazz for development support, with a significant decrease from the $35.6 million gathered in Q1 2023.

• Operating expenses decreased 24% year-over-year to $47.8 million.

• As of Q1 2024, Zymeworks held cash resources totaling $420.5 million.

Business Progress:

• Zymeworks is preparing two investigational drug applications and has initiated a broad Phase I clinical trial mainly sited outside the United States.

• Jazz has completed its BLA submission for Zymeworks' drug, zanidatamab, targeting its purpose in second-line biliary tract cancers, and in parallel initiated a Phase 3 trial for the same as a first-line treatment.

• The company has sufficient resources to continue operations into H2 2027 and is keen on establishing suitable partnerships to further strengthen its financial position.

• Clinical and preclinical developments were showcased at the Annual American Association for Cancer Research (AACR) meeting.

• Multiple Phase 1 trials are planned for the next 24 months to further bolster research and development initiatives.

• The TriTCE platform was unveiled as a novel approach to current T-cell engager platforms, and ZW191, targeting folate receptor alpha, was spotlighted as significantly promising.

• Faster patient recruitment is targeted with global trials, including sites in Europe, North America, and Asia, thus helping advance their research execution throughout 2024.

More details: Zymeworks IR

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