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Zymeworks cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$31.9M in Q2 2026 · −$121M over twelve months

Operating cash flow−$31.9M
Free cash flow−$31.9M

Analysis

In Q2 2026, Zymeworks generated −$31.9M of operating cash flow. That is $43.5M less than in Q2 2025 ($11.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$119M; the largest uses were buybacks ($170M), operating cash flow ($119M), capital spending ($1.2M); besides operations, cash came from other financing ($251M), other investing ($94.0M); the cash balance rose by $81.2M.

Operating cash flow was −$31.9M against net income of −$45.0M. The largest differences: stock-based pay +$11.3M, payables −$3.6M, receivables −$1.3M.

Free cash flow

Zymeworks: free cash flow by quarterZymeworks: free cash flow by quarter−$6.8MQ3 2024−$41.8MQ4 2024−$3.4MQ1 2025$11.6MQ2 2025−$31.8MQ3 2025−$10.8MQ4 2025−$45.9MQ1 2026−$31.9MQ2 2026
Operating cash flow less capital spending.
Zymeworks: operating cash flow against capital spendingZymeworks: operating cash flow against capital spendingOperating cash flowCapital spending−$5.9M$899KQ3 2024−$41.5M$314KQ4 2024−$3.4M$16KQ1 2025$12.1M$514KQ2 2025−$31.4M$410KQ3 2025−$10.3M$581KQ4 2025−$45.7M$216KQ1 2026−$31.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$31.9M, Capital spending $0.

Capital allocation, year by year

Zymeworks: where the cash came from (up) and went (down), by fiscal yearZymeworks: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$192MFY2021: Net borrowing −$17KFY2021: Shares issued $6.4MFY2021: Capital spending −$12.4M$6.4MFY2021FY2022: Operating cash flow $144MFY2022: Net borrowing −$14KFY2022: Shares issued $108MFY2022: Capital spending −$8.2M$252MFY2022FY2023: Operating cash flow −$118MFY2023: Net borrowing −$21KFY2023: Shares issued $31.2MFY2023: Capital spending −$2.5M$31.2MFY2023FY2024: Operating cash flow −$110MFY2024: Net borrowing −$14KFY2024: Shares issued $8.9MFY2024: Capital spending −$2.0MFY2024: Buybacks −$30.1M$8.9MFY2024FY2025: Operating cash flow −$33.0MFY2025: Shares issued $16.9MFY2025: Capital spending −$1.5MFY2025: Buybacks −$41.7M$16.9MFY2025
Over these 5 years operating cash flow totalled −$310M; the largest uses were operating cash flow ($454M) and buybacks ($71.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$179M
Debtnone
Net cash$179M
Cash runway18 months

Zymeworks is burning cash: its operations consume cash, a free cash flow of −$121M a year at the current rate against $179M of cash and investments: a runway of about 18 months before any new financing.

Where the cash came from and went

Zymeworks: sources (+) and uses (−) of cash, Q2 2026Zymeworks: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$64.9MBuybacks−$51.9MOperating cash flow−$31.9MOther investing$17.1MShares issued$2.9MOther financing−$958KExchange rates$24K
Zymeworks: sources (+) and uses (−) of cash, TTM to Q2 2026Zymeworks: sources (+) and uses (−) of cash, 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 profit to cash

Zymeworks: net income to operating cash flow, Q2 2026Zymeworks: net income to operating cash flow, Q2 2026Net income−$45.0MDepreciation & amortization$1.1MStock-based pay$11.3MReceivables−$1.3MPayables−$3.6MDeferred revenue−$248KPrepaid and other assets−$383KIncome taxes payable−$22KOperating cash flow−$31.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$31.9M—−$51.9M—$2.9M$64.9M−$31.9M
Q1 2026−$45.7M−$216K−$76.2M—$8.7M−$203M−$45.9M
Q4 2025−$10.3M−$581K−$25.5M—$6.8M$23.7M−$10.8M
Q3 2025−$31.4M−$410K−$16.2M—$7.9M$33.4M−$31.8M
Q2 2025$12.1M−$514K——$1.4M−$22.0M$11.6M
Q1 2025−$3.4M−$16K——$772K−$10.1M−$3.4M
Q4 2024−$41.5M−$314K−$9.4M−$2K$785K$56.3M−$41.8M
Q3 2024−$5.9M−$899K—−$3K$5.2M−$51.4M−$6.8M

Zymeworks: income statement and cash flow

Zymeworks, Q2 2026: revenue $4.6M (-91% year over year), operating margin -919.0%. The chart follows the revenue to costs, profit and cash.

Zymeworks: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.