ZYMEZymeworks Inc.

Pharmaceutical Preparations

Revenue: $106M; 39% YoY
Operating margin: -87.3%; 51% YoY
EBITDA: −$89M; 33% YoY
Market cap: $2.0B
Employees: 264; $401K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
26% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-126% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$401K · 50th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27M	$412M	$76M	$76M	$106M	39%
Operating income	−$216M	$131M	−$138M	−$137M	−$93M	33%
Net income	−$212M	$124M	−$119M	−$123M	−$81M	34%
Operating cash flow	−$192M	$144M	−$118M	−$110M	−$33M	70%
Capex	$12M	$8M	$2M	$2M	$2M	24%
Stock-based comp	$11M	$4M	$8M	$18M	$28M	58%
Buybacks	—	$0	$0	$30M	$42M	39%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 19, 2025	EcoR1 Capital, LLC	SCHEDULE 13D/A	59.5%	Passive
Jun 27, 2025	EcoR1 Capital, LLC	SCHEDULE 13D	30.7%	Passive
Apr 8, 2025	EcoR1 Capital, LLC	SCHEDULE 13D/A	25.4%	Passive
Mar 17, 2025	EcoR1 Capital, LLC	SCHEDULE 13D/A	6.1%	Passive
Feb 18, 2025	EcoR1 Capital, LLC	SCHEDULE 13D/A	6.6%	Passive
Jan 13, 2025	EcoR1 Capital, LLC	SCHEDULE 13D/A	22.4%	Passive
Dec 23, 2024	EcoR1 Capital, LLC	SCHEDULE 13D/A	41.4%	Passive
Feb 22, 2024	EcoR1 Capital, LLC	SC 13D	20.0%	Passive
Dec 28, 2022	All Blue Falcons FZE	SC 13D/A	4.4%	Passive
Dec 28, 2022	All Blue Falcons FZE	SC 13D/A	4.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 11
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	335	—
FY2024	—	—	186	—
FY2023	—	—	132	—