Zymeworks Inc. reported its financial results for the third quarter ended September 30, 2024, on October 31, 2024. The company announced revenue of $16.0 million, which represents a 3.1% decrease from the third quarter of 2023 and missed consensus estimates.
Despite the revenue decline, Zymeworks reported a GAAP EPS of -$0.39, which was in line with analyst consensus. The company highlighted several operational advancements, including the dosing of the first patient in the Phase 1 clinical trial for ZW171 in advanced mesothelin-expressing cancers.
Further pipeline progress was noted with the presentation of preclinical data for ZW220 and ZW251 at the EORTC-NCI-AACR conference. Zymeworks also confirmed the completion of the initial $30 million tranche of its $60 million stock repurchase program and announced plans to host an R&D day on December 12, 2024, to provide further corporate updates.
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