Q1 2024 Zymeworks Inc Earnings Call Transcript
Key Points
- Zymeworks Inc (ZYME) has made significant progress in its clinical development readiness, including steering committee meetings and regulatory agency consultations for upcoming investigational new drug applications.
- The company has strengthened its presence in key locations to carry out a broad Phase 1 clinical trial program in North America, Europe, and Asia Pacific.
- Zymeworks Inc (ZYME) has successfully brought in Dr. Neil Gallagher to join its Board, enhancing leadership and support for global regulatory approval of development programs.
- Jazz has completed its BLA submission for zanidatamab in second-line biliary tract cancers in the U.S., and plans are underway for submissions in Europe and China, indicating progress towards commercialization.
- Zymeworks Inc (ZYME) reported a strong financial position with $420.5 million in cash resources as of March 31, 2024, providing a runway into the second half of 2027.
- Zymeworks Inc (ZYME) reported an increase in net loss for the first quarter of 2024 to $31.7 million, compared to a net loss of $24.4 million for the same period in 2023.
- The company experienced a significant decrease in revenue for the first quarter of 2024, totaling $10 million compared to $35.6 million for the same period in 2023.
- The decrease in revenue was primarily due to a transfer of responsibility for certain clinical trials regarding zanidatamab to Jazz, following a transfer agreement and amended collaboration agreement.
- There was a noted decrease in both research and development expenses and general and administrative expenses, reflecting a scaling back in certain areas.
- The company's revenue for the first quarter included only $9.9 million for development support and drug supply revenue from Jazz and $0.2 million from partners for research support and other payments.
Thank you for standing by. This is the conference operator. Welcome to Zymeworks's first-quarter 2024 results conference call and webcast. (Operator Instructions)
I would now like to turn the conference over to Shrinal Inamdar, Director of Investor Relations. Shrinal, please go ahead.
Thank you, operator. Good afternoon, I'd like to welcome you to our first-quarter 2024 results conference call.
Before we begin, I'd like to remind you that we'll be making a number of forward-looking statements during this call, including without limitation, those forward-looking statements identified in our size and the accompanying or commentary. Forward-looking statements are based upon our current expectations and various assumptions, and are subject to the usual risks and uncertainties associated with companies in our industry, and at our stage of development. For discussion of these risks and uncertainties, we refer you to our latest SEC filings as found on our website and as filed with the SEC
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