Q2 2024 Zymeworks Inc Earnings Call Transcript
Key Points
- Zymeworks Inc (ZYME) achieved key milestones with the FDA granting priority review for zanidatamab's Biologics License Application for second-line treatment of biliary tract cancers in the U.S.
- The European Medicines Agency validated the Marketing Authorization Application for zanidatamab in second-line biliary tract cancers, with ongoing regulatory reviews in China.
- Zymeworks Inc (ZYME) received an $8 million milestone payment from BeiGene following zanidatamab's BLA acceptance in China.
- The company successfully cleared IND applications for ZW171 and ZW191, with first-in-human studies planned for the second half of 2024.
- Zymeworks Inc (ZYME) reported a decrease in net loss for the first half of 2024 compared to the same period in 2023, primarily due to lower research and development and administrative expenses.
- Zymeworks Inc (ZYME) reported a decrease in revenue for the first half of 2024 compared to the same period in 2023.
- The company recorded a non-cash impairment charge of $17.3 million due to the discontinuation of the zanidatamab zovodotin clinical development program.
- Operating expenses remained high at $110 million for the first half of 2024, despite a decrease compared to the previous year.
- The decision to discontinue the zanidatamab zovodotin program reflects a strategic shift, which may impact future revenue streams.
- Zymeworks Inc (ZYME) experienced a reduction in cash resources, with $395.9 million as of June 30, 2024, compared to $456.3 million at the end of 2023.
Thank you for standing by. This is the conference operator. Welcome to Zymeworks second-quarter 2024 results conference call and webcast. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. (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, and thank you for joining our second-quarter 2024 results conference call.
Before we begin, I would 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 slides and the accompanying oral commentary. Forward-looking statements are based on 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 a discussion of these risks and
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