On Wednesday, Zymeworks Inc. (NASDAQ:ZYME) released fourth-quarter financial results. The company reported an earnings loss of 31 cents per share, missing the consensus loss of 3 cents.
Sales came at $31.03 million, missing the consensus of $45.2 million.
In its fourth-quarter earnings results, Zymeworks said it is increasing its development efforts on plans for ZW251.
“Based on our encouraging preclinical results and the unique potential opportunity to help hepatocellular carcinoma patients, we have decided to reprioritize resources for the advancement of ZW251, for which an IND submission is now planned for mid-2025,” Zymeworks said in a statement.
“As a result, we have paused preparations for the commencement of Phase 1 studies of ZW220 at this time. However, we believe ZW220 remains a highly differentiated, IND-ready ADC with encouraging preclinical data and strong commercial rationale with partnership potential. We look forward to providing future updates on the development for ZW220,” the company added.
The company plans to initiate a Phase 1 trial for ZW251 this year.
“ZW251 provides a new therapeutic modality option targeting GPC3 for hepatocellular carcinoma and represents an emerging opportunity in oncology that has yet to be fully realized,” said Zymeworks Chief Scientific Officer Paul Moore. “With a potential best-in-class design and differentiated mechanism, we believe our pipeline presents meaningful opportunities for both strategic partnerships and value creation…”
In February, Zymeworks achieved a $14 million cash research milestone associated with a clinical milestone from GSK Plc.
In November 2024, the FDA granted accelerated approval to Zymeworks and Jazz Pharmaceuticals Plc partnered Ziihera (zanidatamab) for adults with previously treated, unresectable, or metastatic HER2-positive (IHC 3+) biliary tract cancer.
Ziihera was approved under accelerated approval based on a 52% objective response rate (ORR) and a median duration of response of 14.9 months. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.
Price Action: ZYME stock is down 7.97% at $12.13 at the last check Thursday.
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