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Zymeworks

ZYME on Nasdaq. Zymeworks sells biotherapeutics for cancer and autoimmune diseases to patients and partners. Market value $1.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-6.6%low

For every $100 of what the whole company costs, it produced $-6.62 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 25 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$25.65 a share, 60% above its 1-year low

Over the past year the price has ranged from $16.00 to $31.34.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
-0.1
-0.1
-0.0
-0.1
202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $121 million in the past 12 months, a shortfall of $35 million in the year to December 2025.

Revenue
$412m$76m$76m$106m
Operating margin
31.6%-181.6%-179.7%-87.3%
Debt to equity
n/an/an/an/a
Shares outstanding
0.07bn0.07bn0.07bn0.07bn

Health checks

  • Free cash flow positive1 of 4 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 36.4% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $5 million last quarter, down 91% on a year ago.
  • A loss of $45 million, after a profit of $2 million a year ago.
  • It loses 419 cents on each $1 of sales, compared with 67 cents a year earlier.
  • Over the past 12 months it spent $121 million more cash than it brought in, compared with $40 million a year earlier.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$16m
December 2024$31m
March 2025$27m
June 2025$49m
September 2025$28m
December 2025$3m
March 2026$2m
June 2026$5m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$30m
December 2024-$24m
March 2025-$23m
June 2025$2m
September 2025-$20m
December 2025-$41m
March 2026-$44m
June 2026-$45m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 203 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • EcoR1 Capital, LLC
    Passive investor
    at least 30.7%0.0 pts
    (filed with 2 related holders)
    Since 16 November 2025
    What they said

    Scott Platshon, one of EcoR1's employees, resigned from the Issuer's board of directors as of November 16, 2025. Concurrently with his resignation, Mr. Platshon was appointed as the Issuer's Acting Chief Investment Officer. Oleg Nodelman, the manager of EcoR1, is a member of the…

    Read the filing
  • at least 9.5%+1.8 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Perceptive Advisors LLC
    Passive investor
    at least 5.4%
    (filed with 2 related holders)
    Since 8 April 2026
  • BVF PARTNERS L P/IL
    Passive investor
    at least 5.2%
    (filed with 9 related holders)
    Since 30 September 2025
  • Redmile Group, LLC
    Passive investor
    at least 4.9%−0.7 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Redmile Biopharma Investments III, L.P.
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Morgan Stanley Capital Services LLC
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Morgan Stanley
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $5m.

  • Hollywood Mark
    EVP & Chief Operating Officer
    Sold
    Date
    12 January 2026
    Shares
    6,120
    Price
    $22.67
    Value
    $138,740
  • Smith Jeffrey T L
    EVP & Chief Medical Officer
    Sold
    Date
    12 January 2026
    Shares
    9,310
    Price
    $22.67
    Value
    $211,058
  • Moore Paul Andrew
    Chief Scientific Officer
    Sold
    Date
    12 January 2026
    Shares
    9,560
    Price
    $22.67
    Value
    $216,725
  • Galbraith Kenneth
    Chair & CEO, Director
    Sold
    Date
    12 January 2026
    Shares
    30,424
    Price
    $22.67
    Value
    $689,712
  • Smith Jeffrey T L
    EVP & Chief Medical Officer
    Sold
    Date
    5 January 2026
    Shares
    10,538
    Price
    $25.10
    Value
    $264,504
  • Galbraith Kenneth
    Chair & CEO, Director
    Sold
    Date
    5 January 2026
    Shares
    54,343
    Price
    $25.10
    Value
    $1m
  • Moore Paul Andrew
    Chief Scientific Officer
    Sold
    Date
    5 January 2026
    Shares
    20,110
    Price
    $25.10
    Value
    $504,761
  • Galbraith Kenneth
    Chair & CEO, Director
    Sold
    Date
    22 December 2025
    Shares
    47,528
    Price
    $27.02
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have shrunk: 36.4% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.