What Is Driving Zymeworks Inc (NYSE: ZYME) Stock?

Free $100 Forex No-Deposit Bonus

Zymeworks Inc (NYSE: ZYME), a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics, stock rose 8.76% on September 14th, 2020 (Source: Google finance) after peer company Immunomedics, who also works to treat cancer, was acquired by Gilead. Zymeworks’ lead product candidate, Zanidatamab, which is a HER2-targeted bispecific antibody developed using Zymeworks proprietary Azymetric platform. Zanidatamab is currently being evaluated in global Phase 1, Phase 2, and Registration-Enabling clinical trials as a best-in-class treatment for patients with HER2-expressing cancers, including biliary tract, gastroesophageal adenocarcinomas, breast, and other tumor types. Zymeworks’ second candidate, ZW49, is a HER2-targeted antibody drug conjugate (ADC) developed using Zymeworks’ proprietary Azymetric and ZymeLink platforms. ZW49 is currently being evaluated in a Phase 1 clinical trial as a treatment for patients with HER2-expressing cancers. The company is also advancing a deep pipeline of preclinical product candidates and discovery-stage programs in oncology (including immuno-oncology agents) and other therapeutic areas. In addition to ZYME’ wholly owned pipeline, its therapeutic platforms have been further leveraged through strategic partnerships with global biopharmaceutical companies.

On the financials side, for the second quarter of 2020, the company has reported revenue of $12.4 million as compared to $7.9 million in the same period of 2019, including the recognition of a $12.0 million expansion fee resulting from the BMS collaboration agreement expansion, as well as $0.4 million in research support and other payments from our partners. The revenue for the corresponding period in 2019 included a $3.5 million commercial license option exercise fee from Daiichi Sankyo, $3.0 million in development milestone payments from the partners, as well as $1.4 million in research support and other payments from the partners.

The company has net loss for the second quarter, 2020 of $39.0 million as compared to $29.1 million in the same period of 2019. This was mainly due to the increases in research and development expenses and general and administrative expenses referred to above, partially offset by an increase in revenue.

Zymeworks anticipates the research and development expenditures to increase over time in line with the advancement and expansion of the Company’s clinical development of its product candidates, as well as its ongoing preclinical research activities. The company continues to receive revenue from its existing and future strategic partnerships, including technology access fees and milestone-based payments. However, Zymeworks’ ability to receive these payments is dependent upon either Zymeworks or its collaborators successfully completing specified research and development activities.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.