Filing Flows › Zymeworks (ZYME) › Q2 2025
Zymeworks (ZYME) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Zymeworks (ZYME) reported revenue of $48.7M for the second quarter 2025 (Q2 2025), +153% from a year earlier and +80% from the quarter before. Operating margin was -1.4%, net earnings $2.3M (4.8% of revenue).
Zymeworks, Q2 2025: revenue $48.7M (+153% year over year), operating margin -1.4%, net earnings $2.3M, operating cash flow $12.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $48.7M | +80% | +153% |
| Operating profit | −$674K | — | — |
| Net earnings | $2.3M | — | — |
| Operating cash flow | $12.1M | — | — |
| Free cash flow | $11.6M | — | — |
What changed
Revenue was $48.7M in Q2 2025, up 153% year over year and up 80% from the previous quarter.
Operating costs exceeded revenue by $674K, an operating margin of -1.4%. Total costs fell 20% while revenue rose 153%. The fastest-growing cost line was Research & development (+18%). Net earnings were $2.3M. The effective tax rate was -8.7%. Non-operating items added $2.8M, 132% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.1M, 521% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $1.4M. Capital expenditures of $514K left free cash flow of $11.6M.
Questions
What was Zymeworks' revenue in the second quarter 2025?
Zymeworks (ZYME) reported revenue of $48.7M for the second quarter 2025 (Q2 2025), +153% from a year earlier and +80% from the quarter before.
Was Zymeworks profitable in the second quarter 2025?
Operating loss was $674K (-1.4% of revenue) and net earnings $2.3M.
Source: Zymeworks 10-Q on SEC EDGAR.