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Making a meaningful difference A royalty-driven organization differentiated by in-house R&D capabilities developing novel medicines for patients with difficult-to-treat diseases JANUARY 14, 2026 JPM HEALTHCARE CONFERENCE
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This presentation and any accompanying oral commentary include “forward -looking statements” or info rmation within the meaning of the app licable securities leg islation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward -looking statements in this presentation and the accompanying oral comm entary include, but are not limited to, statements that relate to Zymeworks ’ expectations regarding implementation of its strategic priorities and the anticipated benefits thereof, including sharehold er returns and the anticipated manner of such returns; anticipated capital allocation strategy; the anticipated benefits of its collaboration agreem ents, including Zymeworks ’ ability to receive any future m ilestone paym ents and royalties thereunder; statements relating to p otential milestone payments upon regulatory approvals of Ziihera in GEA; industry opportunities for acquisition of new revenue stream s or collaborations; statements that relate to Zymeworks ’ ability to execute the share repurchase plan, in whole o r in part; expected timing and amo unt of repurchases; Zymeworks ’ ability to pursue its business objectives following repurchases under the share repurchase plan; expectations regarding fut ure regulatory filings and approvals and the timing thereof; the timing of and results of interactions with regulators; the timing and status of o ngoing and future studies and the related da ta; clinical develo pment of product candid ates and enrollment in clinical trials; anticipated preclinical and clinical data presentations; the potential addressable market of zanidatamab and other product candidates; po tential safety profile and therapeutic effects of zanidatamab and other product candidates; the commercial potential of technology platform s and zanidatamab and other product candidates; extrapolations or comparisons of results derived from independent studies instead of head -to-head studies are subject to misinterpretation, assum ptio ns or caveats of each study, and m ay be different from head -to-head compariso ns; Zymeworks ’ early-stage pipeline; ev olution of Zymeworks ’ business strategy related to anticipated and potential future royalty streams and existing and potential new partnerships; Zymeworks ’ ability to execute new collaborations and partnerships; the anticipated benefits o f its collabo ration agreements with Jazz, BeOne and other partners; Zymeworks ’ ability to receive any future milestone payments and royalties thereunder; anticipated sufficiency of existing cash resources, when assuming full ex ecution of the share repurchase plan and combined with the assumed receipt of certain anticipated regulatory milestones, to fund Zymeworks ’ planned operations beyond 2028; Zymeworks ’ ability to satisfy potential regulatory and commercial milesto nes with existing and future partners; the timing and status of ongoing and future studies and the release of d ata; anticipated continued receipt of rev enue from existing and future partners; Zymeworks ’ early stage pipeline; Zymeworks ’ strategic priorities; preclinical development progress and expectations for future inv estigational new drug and foreign equivalent application submissions; and other information that i s not historical inform ation. When used herein, words such as “plan”, “b elieve”, “expect” , “may”, “continue”, “anticipate”, “potential”, “will”, “progress”, “on track”, and similar expressions, or any discussion of strategy, are intend ed to identify forward -looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectiv es, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward -looking. All forward -looking statements are based upon Zymeworks ’ current expectations and various assumptions, including, without limitation, Zymeworks ’ examinatio n o f historical operating trends. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those de scribed or implied by such forward -looking statements as a result of various factors, including, without lim itation: Zymeworks ’ assumptions and estimates regarding its financial condition, future financial performance and estimated cash runway may be incorrect; any of Zymeworks ’ or its partners’ product candidates may fail in development, m ay not receive req uired regulatory approvals, or may be delayed to a point where they are not commercially viable; Zymeworks may not be able to execute the share repurchase plan, in whole or in part; the anticipated benefits of the share rep urchase plan m ay not be realized; Zymeworks may not achieve m ilestones or receive additional payments under its collaborations; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; the impact o f new or changing laws and regulatio ns; marke t conditions, includ ing the impact of tariffs; potential negative impacts of FDA reg ulatory delays and uncertainty around recent policy developments, changes in the leadership of federal agencies such as the FDA, staff layoffs, budget cuts to agency programs and research, and changes in drug pricing controls; the impact of pandemics and other health crises on Zymeworks ’ business, research and clinical development plans and timelines and results of operations, including impact on its clinical trial sites, collaborators, and contractors who act for or on Zymeworks ’ behalf; zanidatamab may not be successfully commercialized; Zymeworks ’ evolution o f its business strategy related to anticipated and po tential future milestones and royalty streams and existing and potential new partnerships may not be successfully implemented; ongoing and any future clinical trials clinical trials may not demonstr ate safety and efficacy of any of Zymeworks ’ or its collaborators’ product candidates; Zymeworks ’ evolution of its business strategy may not deliver meaningful shareholder returns; Zymeworks may be unsuccessful in actively manag ing and/o r aggregating revenue -generating assets alo ngsid e its active R&D operations; Zymeworks may be unable to maintain or enter into new partnerships or strategic collaborations; and the factors described und er “Risk F actors” in Zymeworks ’ quarterly and annual reports filed with the Securities and Exchange Comm ission (co pies of which may be obtained at www.sec.gov and www.sedarplus.ca). Although Zymeworks believes that such forward -looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should no t place undue reliance on forward -looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward -looking statements are made as of the date hereof and , except as may be required by law, Zymeworks undertakes no obligation to update, republish, or revise any forward -looking statements to reflect new information, future events or circumstances, or to reflect the occurrences of unanticipated events. Legal disclaimer 2
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3 Our strategic advantage Value Royalty and milestone payments stemming from continued development of partnered products provide a foundation for continued reinvestment and strategic flexibility, enabling us to: • Expand our royalty and asset portfolio • Invest meaningfully in high-value internal R&D • Return capital to stockholders when appropriate People A collaborative team uniting scientific and clinical development expertise with the strategic insight needed to build a durable royalty portfolio. Approach Combining our royalty-portfolio growth with a fully capable internal R&D engine offers potential to maximize long-term shareholder returns.
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4 Our story in numbers 10+ years of protein engineering and bispecific development – driving innovation and delivering cutting-edge solutions. 9 proprietary platforms providing the foundation for developing a diverse and innovative pipeline 6+ strategic partnerships collaborating with industry leaders to accelerate impact. 4 sites in 3 countries worldwide a global presence dedicated to patient- centric solutions. 1 approved drug in its first indication delivering life-changing therapies to patients in dire need.
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5 Proven execution and financial foundation with Ziihera® UP TO $440M Anticipated near-term milestones for global GEA approvals1 $400M Upfront and milestone payments received to date * $81M Upfront and milestone payments received to date $1.3B Future potential regulatory and commercial milestones *** $2.0B+ Peak sales potential provided by jazz 2 10-20% tiered royalties $144M Future potential regulatory and commercial milestones 19.5% High single -digit royalties from BeOne sales¹
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Ziihera Peak Sales Estimate Over Time Evolution of Wall Street Consensus | 2023 vs. Now | ($ Millions) 6 Feb-2023 Current $1,197.0 $2,326.8 94% change
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Diverse potential revenue streams from existing platform partnerships Partner & Phase Potential Future Milestone Payments Royalty Rate Phase 3 Up to Tiered worldwide royalties in the mid-single digit percentages Phase 1 Up to $1.1B Tiered worldwide royalties in the low to mid-single digit percentages Phase 1 Up to $313M Tiered worldwide royalties on sales Preclinical Up to $230M Tiered worldwide royalties from low single digit percentages up to 10% Preclinical Up to $1.1B Tiered worldwide royalties in the low single digit percentages Preclinical Up to $921.8M Tiered worldwide royalties on sales $434m 1 PROMISING UPDATES FROM PASRITAMIG First Phase 3 initiated in September 2025 (NCT07164443): pasritamig vs placebo in castration -resistant prostate cancer Phase 3 scheduled for 2026 (NCT07225946): pasritamig with docetaxel vs docetaxel for metastatic castration -resistant prostate cancer J&J guidance of $1 -5B in sales 2 Encouraging Phase 1 clinical data presented at ASCO 2025* 7
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8 Pathways to return and compound value for shareholders COMPOUND VALUE ALTERNATIVES Internal Programs Acquired Programs Acquired Royalties RETURN VALUE ALTERNATIVES Share Repurchases Special Dividends CASH FLOW FROM PARTNERS We seek to allocate capital based on which path we believe will provide the highest return for shareholders
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9 Partnering is central to Zymeworks' history and future Leverage partnerships to extend the reach of Zymeworks’ best -in-class platforms and capabilities PLATFORM AND DISCOVERY PARTNERSHIPS TOPO1i Platform Engineered Cytokines ZymeLink Auristatin Hemiasterlin Novel Payloads ProTEC T T cell engagers EFEC T Azymetric ASSET-BASED / PIPELINE PARTNERSHIPS zanidatamab Commercial Partners FUTURE PARTNERSHIP OPTIONALITY FOR OUR WHOLLY-OWNED PIPELINE ZW19 1 ZW32 7 ZW25 1 ZW22 0 ZW20 9 ZW23 9 ZW1528 ZW1572 Antibody -Drug Conjugates T-cell Engagers Bispecifics AIID programsOncology programs
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10 Operating from a strong financial position +$270M Cash resources1 provides a runway beyond 20282 $125M Share repurchase plan announced in November 2025 $103M Revenues reported for 20253 +$440M From potential cumulative global GEA approvals UP TO Cash runway expected to fund operations beyond 20282 with access to non-dilutive potentially lower cost of capital financing
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11 R&D outlook for 2026 and beyond 5 x 5 Portfolio Strategy • Phase 1 studies for ZW191 (FR⍺ ADC) and ZW251 (GPC3 ADC) ongoing • ZW209 (DLL3 TriTCE) scheduled for IND in 2026 • ZW220 (NaPi2b ADC) remains IND ready • ZW171 (MSLN TCE) development halted in 2025 ADVANCE R&D Strategy • Focused on MSAT research area • ZW1528 (IL-4R x IL-33) scheduled for IND in 2026 • One ZYME MSAT IND per annum commencing in 2028 • Partnerships and collaborations to provide funding for additional partnered INDs
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12 Differentiated pipeline of multifunctional therapeutics Pro gram Techno logy Target Indication Discovery Preclinical Phase 1 Phase 2 Phase 3 Solid Tumor Oncology: Antibody-Drug Conjugates (ADC) ZW191 Topo1i ADC | DAR 8 | Fc WT ZD06519 Payload FRα Gynecological Thoracic ZW251 Topo1i ADC | DAR 4 | Fc WT ZD06519 Payload GPC3 Digestive System (HCC) ZW220 Topo1i ADC | DAR 4 | Fc Mut ZD06519 Payload NaPi2b Gynecological Thoracic ZW327 Topo1i ADC | DAR 8 | Fc Mut ZD06519 Payload Ly6E Multiple indications Solid Tumor Oncology: Multispecific Antibody Therapeutics (MSAT) Zanidatamab Bispecific Azymetric HER2 Multiple indications ZW209 Trispecific TCE | Tri-TCE Costim Azymetric , Novel anti-CD3 Conditional CD28 DLL3 x CD3 x CD28 Thoracic ZW239 Trispecific TCE | Tri-TCE Costim Azymetric , Novel anti-CD3 Conditional CD28 CLDN18.2 x CD3 x CD28 Digestive System Autoimmune & Inflammatory Diseases ZW1528 Dual Cytokine Blocker Azymetric Hetero-Fab | YTE IL4Rα x IL-33 ZW1572 Dual Cytokine Blocker Azymetric Hetero-Fab | YTE IL4Rα x IL-31 NCT06555744 NCT0716431 3 Development partners: Jazz Pharmaceuticals and BeOne Anticipated IND in 2026 Anticipated regulatory submission in 2026