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Zymeworks (ZYME) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Zymeworks (ZYME) Q2 2026 earnings results →

Q2 2026 Revenue down 91% year over year to $4.6M · 981¢ of every $1 of revenue lost · operating margin -919.0%

Zymeworks made $4.6M in Q2 2026 (-91% Y/Y). Operating margin -919.0%, net loss $45.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$4.6M
Year over year-91%
Operating margin-919.0%
Net earnings−$45.0M
Operating cash flow−$31.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $4.6M in Q2 2026, down 91% year over year and up 91% from the previous quarter.

Operating costs exceeded revenue by $42.2M, an operating margin of -919.0%. Total costs fell 5% while revenue fell 91%. The fastest-growing cost line was General & admin (+29%). The quarter ended with a net loss of $45.0M, wider than the previous quarter's $44.2M loss.

Operating cash flow was −$31.9M. Non-cash charges added back $1.1M of depreciation and amortization and $11.3M of share-based compensation.

Quarterly history

Zymeworks revenue by quarterZymeworks revenue by quarter$31.0MQ4 2024$27.1MQ1 2025$48.7MQ2 2025$27.6MQ3 2025$2.5MQ4 2025$2.4MQ1 2026$4.6MQ2 2026
Zymeworks net earnings by quarterZymeworks net earnings by quarter−$23.5MQ4 2024−$22.6MQ1 2025$2.3MQ2 2025−$19.6MQ3 2025−$41.2MQ4 2025−$44.2MQ1 2026−$45.0MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 6, 2026$4.6M-91%-919.0%−$45.0M−$31.9M
Q1 202610-QMay 7, 2026$2.4M-91%n/m−$44.2M−$45.7M
Q4 202510-KMar 2, 2026$2.5M-92%n/m−$41.2M−$10.3M
Q3 202510-QNov 6, 2025$27.6M+73%-80.1%−$19.6M−$31.4M
Q2 202510-QAug 7, 2025$48.7M+153%-1.4%$2.3M$12.1M
Q1 202510-QMay 8, 2025$27.1M+170%-94.5%−$22.6M−$3.4M
Q4 202410-KMar 5, 2025$31.0M+83%-71.6%−$23.5M−$41.5M

Charts

Zymeworks: revenue growth, year over year and quarter over quarterZymeworks: revenue growth, year over year and quarter over quarterY/YQ/Q+83%Q4 2024+170%-13%Q1 2025+153%+80%Q2 2025+73%-43%Q3 2025-92%-91%Q4 2025-91%-4%Q1 2026-91%+91%Q2 2026
Latest (Q2 2026): Y/Y -91%, Q/Q +91%.
Zymeworks: where the cash came from (+) and went (−), TTM to Q2 2026Zymeworks: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$251MBuybacks−$170MOperating cash flow−$119MOther investing$94.0MCash drawn (+) / kept (−)−$81.2MShares issued$26.4MCapital spending−$1.2MExchange rates$155K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Zymeworks: profit against cash, quarter by quarterZymeworks: profit against cash, quarter by quarterNet incomeOperating cash flow−$29.9M−$5.9MQ3 2024−$23.5M−$41.5MQ4 2024−$22.6M−$3.4MQ1 2025$2.3M$12.1MQ2 2025−$19.6M−$31.4MQ3 2025−$41.2M−$10.3MQ4 2025−$44.2M−$45.7MQ1 2026−$45.0M−$31.9MQ2 2026
Latest (Q2 2026): Net income −$45.0M, Operating cash flow −$31.9M.
Zymeworks: diluted shares by fiscal yearZymeworks: diluted shares by fiscal year50MFY202052MFY202165MFY202269MFY202376MFY202475MFY2025
+49.7% since FY2020: more shares outstanding (issuance, stock pay).
Zymeworks in its industry: growth against margin (225 companies, SIC 2834)Zymeworks in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMZYME (-91%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Zymeworks

Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat conditions, including cancer, inflammation, and autoimmune disease. We believe our asset and royalty aggregation strategy differentiates us from other biotechnology companies because it provides us with an opportunity to optimize future milestone and royalty cash flows and selectively invest in high-quality assets while retaining the flexibility to return capital to stockholders.

In its own words, from its 10-K, filed Mar 2, 2026.

Zymeworks against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -91% against the peers' median +7%. Operating margin: -919.0% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
ZYME ZymeworksQ2 2026$4.6M-91%-919.0%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Zymeworks 10-Q on SEC EDGAR · CIK 1937653 · Pharmaceutical Preparations

13F: who owns ZYME and who is buying

Largest holders of ZYME (13F)Largest holders of ZYME (13F)EcoR1 Capital, LLC$600MRubric Capital Management LP$183MBlackRock$111MPerceptive Advisors LLC$109MBVF$95.4MVanguard Group$61.3MMorgan Stanley$58.3MBNP Paribas Asset Management Hold…$46.6MVanguard Capital Management LLC$40.8MAssenagon Asset Management S.A.$39.9M
Funds' net buying of ZYME by quarter (13F)Funds' net buying of ZYME by quarter (13F)−$12.5M2024-09−$10.5M2024-12$60.1M2025-03$70.1M2025-06−$27.6M2025-09−$58.9M2025-12−$34.5M2026-03−$12.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ZYME

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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