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Zymeworks Inc. (ZYME) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Zymeworks Inc.

CIK: 1403752 Ticker: ZYME

Exhibit 99.1

 

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Zymeworks Provides Corporate Update on Key Strategic Priorities and Outlook for 2022

 

   

New Chair and CEO, Mr. Kenneth Galbraith, outlines strategic priorities for 2022 and 2023 across key clinical development activities for zanidatamab and ZW49, preclinical R&D pipeline, collaborations and partnerships

 

   

Further changes to leadership team announced today in connection with Mr. Galbraith assuming role of Chair and CEO on January 15, 2022

Vancouver, Canada and Seattle, Washington (January 19, 2022) – Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today provided a corporate update on its key strategic priorities for 2022 and 2023 in addition to confirming its upcoming clinical development milestones for zanidatamab and ZW49.

“Upon assuming my new role effective January 15th, we have moved quickly to review and confirm key strategic priorities for the near term and to establish a renewed and smaller leadership team focused on accomplishing those priorities in a prompt, high-quality and cost-efficient manner,” stated new Chair and Chief Executive Officer, Kenneth Galbraith. “We have already begun the process to reset and focus the organization on: (i) timely execution of our clinical development programs for zanidatamab and ZW49 in collaboration with our Asia-Pacific partner, BeiGene; (ii) a streamlined R&D strategy for our technology platforms and preclinical product candidates; (iii) actively seeking additional opportunities to establish further partnerships and collaborations in order to grow our business; and (iv) improving our financial position in order to properly fund our key priorities for 2022 and 2023.”

Mr. Galbraith continued, “As an initial step, we have reset and focused the Company’s operations around our core activities and most promising R&D opportunities. These measures, including the reduction in our workforce announced today, provide opportunities to reduce our future planned expenditures while continuing to fund our key priorities for 2022 and 2023. I am looking forward to reporting our progress against these key priorities over the course of 2022 and 2023 as we reset, focus and build a leading biopharmaceutical company around a renewed organization, and an exciting and expanding pipeline of product candidates with the potential to make a significant difference for patients around the world with difficult-to-treat cancers.”

Key Strategic Priorities for 2022 and 2023

 

   

Fully recruit the HERIZON-BTC-01 pivotal clinical study for zanidatamab by mid-2022;

 

   

Fully recruit the HERIZON-GEA-01 pivotal clinical study for zanidatamab by the end of 2023;

 

   

Complete or close out other ongoing early-stage clinical studies for zanidatamab as data become available, and use these data to identify and support strategic decisions regarding future clinical development opportunities beyond the ongoing pivotal clinical studies;

 

   

Finalize a clear clinical development path for ZW49 based on additional clinical data expected in 2022 from the ongoing Phase 1 clinical trial;


The following information was filed by Zymeworks Inc. (ZYME) on Wednesday, January 19, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Zymeworks Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders??? Equity
Consolidated Statements Of Loss And Comprehensive Loss
Commitment And Contingencies
Commitment And Contingencies (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Detail)
Financial Instruments - Schedule Of Financial Liabilities Measured At Fair Value On A Recurring Basis (Detail)
Financial Instruments - Summary Of Changes In Fair Value Of The Company's Liability For Contingent Consideration (Detail)
Government Grants And Credits
Government Grants And Credits (Tables)
Government Grants And Credits - Additional Information (Detail)
Government Grants And Credits - Component Of Government Grants And Credits (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Detail)
Income Taxes - Schedule Of Income Tax Expense (Recovery) (Detail)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amounts Of Unrecognized Tax Benefits (Detail)
Income Taxes - Summary Of Expiry Details Of Investment Tax Credits, Non-Capital Losses And Net Operating Losses For Income Tax Purposes (Detail)
Income Taxes - Summary Of Significant Components Of Deferred Income Tax Assets And Liabilities (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets - Schedule Of Future Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets (Detail)
Investments
Investments - Additional Information (Detail)
Ipr&Amp;D And Goodwill
Ipr&Amp;D And Goodwill (Tables)
Ipr&Amp;D And Goodwill - Additional Information (Detail)
Ipr&Amp;D And Goodwill - Summary Of Carrying Value Of Ipr&Amp;D, Net Of Impairment (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Balance Sheet Classification Of Lease Liabilities (Detail)
Leases - Schedule Of Future Minimum Lease Payment Operating Lease Liabilities (Detail)
Liabilities
Liabilities (Tables)
Liabilities - Schedule Of Accounts Payable And Accrued Expenses (Detail)
Liabilities - Schedule Of Other Long-Term Liabilities (Detail)
Nature Of Operations
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Summary Of Calculation Of Diluted Loss Per Share (Detail)
Other Income, (Expense), Net
Other Income, (Expense), Net (Tables)
Other Income, (Expense), Net -Schedule Of Other Non Operating Income Expense (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Components Of Property And Equipment (Detail)
Recent Accounting Pronouncements
Research, Collaboration And Licensing Agreements
Research, Collaboration And Licensing Agreements (Tables)
Research, Collaboration And Licensing Agreements - Narrative (Details)
Research, Collaboration And Licensing Agreements - Schedule Of Collaborative Arrangements And Noncollaborative Arrangement Transactions (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Detail)
Shareholders' Equity - Schedule Of Estimated Fair Value Of Stock Options Assumptions (Detail)
Shareholders' Equity - Schedule Of Non-Vested Stock Option Activity (Detail)
Shareholders' Equity - Schedule Of Stock-Based Compensation Expense For Equity Classified Instruments (Detail)
Shareholders' Equity - Summary Of Rsus Outstanding (Details)
Shareholders' Equity - Summary Of Stock Options Granted (Detail)
Subsequent Event
Subsequent Event - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives (Detail)
Ticker: ZYME
CIK: 1403752
Form Type: 10-K Annual Report
Accession Number: 0001403752-22-000005
Submitted to the SEC: Thu Feb 24 2022 4:09:03 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Pharmaceutical Preparations

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