Zymeworks (ZYME) FY2025 10-K Risk Factors: 12 New, 20 Dropped

What the changes say

Zymeworks is shifting toward an unproven royalty-driven asset aggregation strategy through partnering and potential acquisitions.
Regulatory approvals for Ziihera expanded across the U.S., China, and Europe.
Loan agreements with Royalty Pharma restrict actions regarding Ziihera and Jazz/BeOne collaborations.

What changed since the prior 10-K

New

NewRisks Related to Our Business
Our adoption of a royalty-driven asset aggregation strategy is unproven and may not be successful
Our new royalty-driven asset aggregation strategy is unproven, requiring organizational changes that could disrupt R&D and increase costs.
NewRisks Related to Our Business
Our long-term prospects depend upon successfully discovering or acquiring favorable assets and progressing the assets through preclinical and clinical development
Our long-term prospects rely on discovering or acquiring favorable assets and successfully advancing them through preclinical and clinical development.
NewRisks Related to Our Business
price, including making any necessary debt or equity financing more difficult, more costly and more dilutive, and reducing opportunities for additional partnering or strategic transactions
Our international operations and supplier relationships expose us to geopolitical instability, currency fluctuations, and differing non-U.S. regulatory and tariff requirements.
NewRisks Related to Our Business
new rule will impact our ability to contract not just with Chinese companies but also with foreign entities in general, potentially requiring us to extract promises related to compliance with this new rule
Global tariffs and a 10% temporary import surcharge implemented under Section 122 could increase our supply and operational costs.
NewRisks Relating to Development of Product Candidates
The outcome of clinical trials is inherently uncertain, and current and planned clinical trials may not satisfy the requirements of the FDA or comparable regulatory authorities outside the United States
High clinical trial attrition rates and potential FDA rejection of foreign clinical data could delay or halt our product development.
NewRisks Relating to Development of Product Candidates
Disruptions at the FDA and other government agencies could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified product candidates from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business
Government budget constraints, staff reductions, and FDA disruptions could delay the review and approval of our product candidates.
NewRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
Even if we or our strategic partners obtain FDA approval of any of our product candidates, we or they may never obtain approval or commercialize such product candidates outside of the United States, which would negatively impact our product or royalty and milestone revenue
Failure to obtain non-U.S. regulatory approvals for our product candidates would reduce our target market and anticipated royalty revenue.
NewRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
Current and future healthcare regulations and reimbursement decisions by third-party payors may have an adverse effect on pricing and market acceptance
Strict foreign healthcare regulations and price controls by third-party payors could delay commercial launches and limit our revenues.
NewRisks Related to Our Financial Position and Need for Additional Capital
The terms of our loan agreement impose certain restrictions on our activities, and failure by us or our subsidiaries to fulfill applicable obligations under the loan agreement may cause the repayment obligations to accelerate
Our loan agreement with Royalty Pharma restricts modifications to the Jazz and BeOne collaboration agreements and Ziihera intellectual property.
NewRisks Related to Additional Legal and Compliance Matters
procedures, which, regardless of the ultimate outcome, may result in adverse publicity that could materially harm our brand, reputation and business
Federal and state healthcare laws, including anti-kickback and false claims statutes, expose us to potential penalties and reputational harm regarding zanidatamab.
NewRisks Related to Additional Legal and Compliance Matters
Tax law changes could adversely affect our business and financial condition
Newly enacted U.S. tax legislation like the OBBB Act and future tax rule changes could adversely affect our effective tax rate.
NewRisks Related to Our Common Stock
We qualify as a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to such companies could make our common stock less attractive to investors
Qualifying as a smaller reporting company and non-accelerated filer allows us to omit Section 404 auditor attestations, risking undetected control failures.

Dropped

DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
If clinical trials for product candidates are prolonged, delayed or stopped, we may be unable to obtain regulatory approval and commercialize product candidates on a timely basis, or at all, which could require us to incur additional costs and delay our receipt of any product revenue
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Our long-term prospects depend in part upon discovering, developing and commercializing additional product candidates, which may fail in development or suffer delays that adversely affect their commercial viability
Prolonged clinical trials for ZW171 and ZW191 could delay regulatory approval and commercialization.
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
If we are unable to successfully develop any required companion diagnostic tests for our product candidates, or experience significant delays in doing so, or rely on third parties in the development of such companion diagnostic tests, we may not realize the full commercial potential of our product candidates
Future operating results depend on discovering and developing assets beyond zanidatamab.
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
trials, the development of our product candidates may be adversely affected or we may not obtain marketing approval, and we may not realize the full commercial potential of our product candidates
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
We expect to compete with biosimilar versions of already approved products, and even if additional product candidates achieve marketing approval, they may be challenged to achieve a price premium over competitive biosimilar products and will compete for market share with them
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
If zanidatamab or any of our product candidates that receives regulatory approval in the future does not achieve broad market acceptance among physicians, patients, the medical community and third-party payors, revenue generated from royalties or sales would be limited
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Even if we obtain FDA approval of any of our product candidates, we may never obtain approval or commercialize such product candidates outside of the United States, which would limit our ability to realize their full market potential
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Reimbursement decisions by third-party payors may have an adverse effect on pricing and market acceptance. If there is not sufficient reimbursement for our products, it is less likely that our products will be widely used
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Current and future legislation may increase the difficulty and cost for us or our strategic partners to commercialize any approved products that we or our strategic partners develop and affect the prices that may be obtained
Inability to develop companion diagnostic tests could limit product commercial potential.
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Healthcare providers, physicians and third-party payors in the United States and elsewhere play a primary role in the recommendation and prescription of zanidatamab and any product candidates for which we obtain marketing approval
FDA disruptions from funding shortages or staff reductions could delay product development.
DroppedRisks Related to Our Business and the Development and Commercialization of Our Product Candidates
Because of the breadth of these laws and the narrowness of any available statutory exceptions and safe harbors, it is possible that some of our current and future business activities could be subject to challenge under one or more of such laws
DroppedRisks Related to Our Financial Position and Need for Additional Capital
Biopharmaceutical product development is a highly speculative undertaking and involves a substantial degree of uncertainty. We have never received any revenue from product sales and may never be profitable
DroppedRisks Related to Our Financial Position and Need for Additional Capital
Our effective tax rate may change in the future
DroppedRisks Related to Our Dependence on Third Parties
We depend on our collaborative relationship with Jazz to further develop and commercialize zanidatamab, and if our relationship is not successful or is terminated, we may be delayed in or unable to effectively develop and/or commercialize zanidatamab, which could have a material adverse effect on our business
Competition from biosimilar versions of approved products could challenge price premiums.
DroppedRisks Related to Our Dependence on Third Parties
Ultimately, we are responsible for ensuring that each of our clinical trials is conducted in accordance with the applicable protocol, legal, regulatory and scientific standards, and our reliance on third parties does not relieve us of our regulatory responsibilities
Failure of zanidatamab or other candidates to achieve broad market acceptance would limit royalties.
DroppedRisks Related to Our Intellectual Property
source software, or if the license terms for open source software that we use change, we may be required to re-engineer our platform, incur additional costs, discontinue the use of some or all of our platform or take other remedial actions
Failure to obtain regulatory approval outside the United States would limit market potential.
DroppedRisks Related to Our Intellectual Property
We will need to obtain FDA approval for any proposed product candidate names, and any failure or delay associated with such approval may adversely affect our business
Third-party payor reimbursement decisions may adversely affect drug pricing and market acceptance.
DroppedRisks Related to Additional Legal and Compliance Matters
If we or our contractors or agents market products in a manner that violates healthcare fraud and abuse laws, or if we violate government price reporting laws and transparency laws, we may be subject to civil or criminal penalties
DroppedRisks Related to Our Common Stock
We qualify as a “smaller reporting company,” as defined under the Exchange Act, and, for as long as we continue to be a smaller reporting company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies that are not smaller reporting companies
DroppedRisks Related to Our Common Stock
level at which our internal controls are documented, designed, implemented or reviewed. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation

Reworded

99% rewrittenRisks Related to Our Business
Our business may become subject to economic, political, regulatory and other risks associated with international operations
Streamlined international operations risk disclosure by removing specific references to a prolonged government shutdown or global pandemic.
96% rewrittenRisks Related to Our Business
Our business has been in the past and may in the future be adversely affected by public health outbreaks and pandemics
Updated pandemic risk language to encompass broader operational challenges, recruitment difficulties, and supply chain disruptions affecting financial markets.
88% rewrittenRisks Relating to Our Partnerships
We face significant competition in seeking new strategic partners
Clarified that future partnerships are specifically targeted for later-stage development and commercialization of product candidates.
85% rewrittenRisks Related to Our Business
Our product candidates, including partnered product candidates, are still in preclinical or clinical development. If we or our strategic partners do not obtain regulatory approval of our product candidates, or experience significant delays in doing so, our business will be materially adversely affected
Added specific regulatory milestones and manufacturing supply chain requirements necessary to achieve product approvals.
Was: We have a limited number of product candidates, which are still in preclinical or clinical development. If we do not obtain regulatory approval of our product candidates, or experience significant delays in doing so, our business will be materially adversely affected
78% rewrittenRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
We face significant competition, and if any competitors develop and market products that are more effective, safer and/or less expensive than our product candidates, our ability to generate revenue will be negatively impacted
Expanded competitive risk to note that large pharmaceutical companies possess extensive experience in clinical testing, patient recruitment, and manufacturing.
Was: We face significant competition, and if our competitors develop and market products that are more effective, safer and/or less expensive than our product candidates, our commercial opportunities will be negatively impacted
76% rewrittenRisks Related to Additional Legal and Compliance Matters
We may be subject to certain costs and inefficiencies as a result of our 2022 Redomicile Transactions
Updated 2022 Redomicile Transactions risk to emphasize ongoing tax and operational implications and non-recurring expenses from uncompleted subsidiary reorganizations.
75% rewrittenRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
Even if our product candidates receive regulatory approval, we or our strategic partners will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense
Updated ongoing regulatory obligations to include recent approvals, noting NMPA conditional approval in China and European Commission conditional marketing authorization in 2025.
Was: Even if we receive regulatory approval to commercialize any of the product candidates that we develop, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense
74% rewrittenRisks Related to Our Financial Position and Need for Additional Capital
We may require additional funding, which may not be available to us on acceptable terms, or at all, and, if not available, may require us to delay, scale back, or cease our product development programs or operations
Shifted focus from Jazz confirmatory trial risks to broader capital efficiency strategies and evaluating partnering options for later-stage development costs.
Was: We will require substantial additional funding, which may not be available to us on acceptable terms, or at all, and, if not available, may require us to delay, scale back, or cease our product development programs or operations
66% rewrittenRisks Relating to Development of Product Candidates
Development of product candidates in combination with other therapies could expose us to additional risks
65% rewrittenRisks Related to Employee Matters
As we advance our development and partnering plans and strategies, we may need to modify our organization, and we may experience difficulty in managing such change, which could disrupt our operations
Was: As we advance our development and commercialization plans and strategies, we may need to grow or modify our organization, and we may experience difficulty in managing such change, which could disrupt our operations
65% rewrittenRisks Related to Additional Legal and Compliance Matters
If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected
60% rewrittenRisks Relating to Development of Product Candidates
If we, or any of our strategic partners, are unable to enroll patients in clinical trials, we will be unable to complete these trials on a timely basis or at all
59% rewrittenRisks Relating to Development of Product Candidates
Interim, preliminary or top-line data may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data
Was: Interim, preliminary or top-line data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data
58% rewrittenRisks Related to Our Business
Successful development of our current and future product candidates is uncertain, and we may discontinue or reprioritize the development of any of our product candidates at any time, at our discretion
58% rewrittenRisks Related to Our Business
Strategic transactions could disrupt our business, cause dilution to our stockholders and otherwise harm our business
55% rewrittenRisks Related to Additional Legal and Compliance Matters
Security breaches and incidents, loss of data and other disruptions could compromise sensitive information related to our business or protected health information or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation
55% rewrittenRisks Related to Employee Matters
Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel
54% rewrittenRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
If we, our strategic partners or any of our third-party manufacturers encounter manufacturing difficulties, supply of product candidates for clinical trials or any approved products for patients could be delayed or prevented
Was: If we, our strategic partners or any of our third-party manufacturers encounter manufacturing difficulties, our ability to provide supply of our product candidates for clinical trials or any approved products for patients could be delayed or prevented
53% rewrittenRisks Relating to Development of Product Candidates
The design or execution of clinical trials may not support regulatory approval
Was: The design or our execution of clinical trials may not support regulatory approval
52% rewrittenRisks Related to Our Business
We may not be successful in our efforts to use our therapeutic platforms to build a pipeline of product candidates
47% rewrittenRisks Relating to Development of Product Candidates
Undesirable side effects from product candidates may delay or prevent marketing approval or, if approved, require withdrawal from the market, inclusion of safety warnings, or otherwise limit sales
Was: Our product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require them to be taken off the market, require them to include safety warnings or otherwise limit their sales
46% rewrittenRisks Related to Our Common Stock
An active trading market for our common stock may not be sustained
44% rewrittenRisks Related to Our Intellectual Property
We use open source software in connection with our internal research and development programs, which could negatively affect our ability to develop products and subject us to litigation or other actions
44% rewrittenRisks Related to Our Common Stock
There can be no assurance that we will repurchase additional shares of our common stock or that we will repurchase shares at favorable prices
39% rewrittenRisks Related to Our Common Stock
Our principal stockholders, in aggregate, could exert substantial influence over us which could delay or prevent a change in corporate control or result in the entrenchment of management or the board of directors
39% rewrittenRisks Related to Our Financial Position and Need for Additional Capital
Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish substantial rights
38% rewrittenRisks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue
If any product liability lawsuits are successfully brought against us or any of our strategic partners, we may incur substantial liabilities and commercialization efforts of zanidatamab or any other approved products may need to be limited
Was: If any product liability lawsuits are successfully brought against us or any of our strategic partners, we may incur substantial liabilities and commercialization efforts of zanidatamab or our product candidates may need to be limited
36% rewrittenRisks Relating to Our Partnerships
Our existing strategic partnerships are important to our business, and future strategic partnerships will likely also be important to us. If we are unable to maintain our strategic partnerships, or if these strategic partnerships are not successful, our business could be adversely affected
32% rewrittenRisks Related to Our Common Stock
Our stock price is likely to be volatile and the market price of our common stock may drop below the price paid by stockholders
29% rewrittenRisks Related to Additional Legal and Compliance Matters
Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, insider trading, and noncompliance with our policies and procedures
27% rewrittenRisks Relating to Development of Product Candidates
The Fast Track and Breakthrough Therapy designations received for zanidatamab may not result in faster development, regulatory review or approval process
24% rewrittenRisks Related to Our Intellectual Property
Our success depends significantly on our ability to operate without infringing the patents and other proprietary rights of third parties
Was: Our commercial success depends significantly on our ability to operate without infringing the patents and other proprietary rights of third parties
23% rewrittenRisks Related to Our Intellectual Property
If we do not obtain protection under the Hatch-Waxman Amendments and similar legislation in other countries for extending the term of patents covering each of our or our partnered products or product candidates, our business may be materially harmed
Was: If we do not obtain protection under the Hatch-Waxman Amendments and similar legislation in other countries for extending the term of patents covering each of our product candidates, our business may be materially harmed
21% rewrittenRisks Related to Our Intellectual Property
If we are unable to obtain, maintain and enforce patent and trade secret protection for our product candidates and related technology, our business could be materially harmed

All 60 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business

01Our adoption of a royalty-driven asset aggregation strategy is unproven and may not be successfulNew
02Strategic transactions could disrupt our business, cause dilution to our stockholders and otherwise harm our business58% rewritten
03Our long-term prospects depend upon successfully discovering or acquiring favorable assets and progressing the assets through preclinical and clinical developmentNew
04Successful development of our current and future product candidates is uncertain, and we may discontinue or reprioritize the development of any of our product candidates at any time, at our discretion58% rewritten
05We may not be successful in our efforts to use our therapeutic platforms to build a pipeline of product candidates52% rewritten
06Our product candidates, including partnered product candidates, are still in preclinical or clinical development. If we or our strategic partners do not obtain regulatory approval of our product candidates, or experience significant delays in doing so, our business will be materially adversely affected85% rewritten
07Our business may become subject to economic, political, regulatory and other risks associated with international operations99% rewritten
08price, including making any necessary debt or equity financing more difficult, more costly and more dilutive, and reducing opportunities for additional partnering or strategic transactionsNew
09new rule will impact our ability to contract not just with Chinese companies but also with foreign entities in general, potentially requiring us to extract promises related to compliance with this new ruleNew
10Our business has been in the past and may in the future be adversely affected by public health outbreaks and pandemics96% rewritten

Risks Relating to Our Partnerships

11Our existing strategic partnerships are important to our business, and future strategic partnerships will likely also be important to us. If we are unable to maintain our strategic partnerships, or if these strategic partnerships are not successful, our business could be adversely affected36% rewritten
12We face significant competition in seeking new strategic partners88% rewritten

Risks Relating to Development of Product Candidates

13The outcome of clinical trials is inherently uncertain, and current and planned clinical trials may not satisfy the requirements of the FDA or comparable regulatory authorities outside the United StatesNew
14If we, or any of our strategic partners, are unable to enroll patients in clinical trials, we will be unable to complete these trials on a timely basis or at all60% rewritten
15The design or execution of clinical trials may not support regulatory approval53% rewritten
16Interim, preliminary or top-line data may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data59% rewritten
17The Fast Track and Breakthrough Therapy designations received for zanidatamab may not result in faster development, regulatory review or approval process27% rewritten
18Development of product candidates in combination with other therapies could expose us to additional risks66% rewritten
19Disruptions at the FDA and other government agencies could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified product candidates from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our businessNew
20Undesirable side effects from product candidates may delay or prevent marketing approval or, if approved, require withdrawal from the market, inclusion of safety warnings, or otherwise limit sales47% rewritten

Risks Relating to Receipt of Product Revenue and Royalty and Milestone Revenue

21We face significant competition, and if any competitors develop and market products that are more effective, safer and/or less expensive than our product candidates, our ability to generate revenue will be negatively impacted78% rewritten
22Even if we or our strategic partners obtain FDA approval of any of our product candidates, we or they may never obtain approval or commercialize such product candidates outside of the United States, which would negatively impact our product or royalty and milestone revenueNew
23Current and future healthcare regulations and reimbursement decisions by third-party payors may have an adverse effect on pricing and market acceptanceNew
24Even if our product candidates receive regulatory approval, we or our strategic partners will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense75% rewritten
25If any product liability lawsuits are successfully brought against us or any of our strategic partners, we may incur substantial liabilities and commercialization efforts of zanidatamab or any other approved products may need to be limited38% rewritten
26If we, our strategic partners or any of our third-party manufacturers encounter manufacturing difficulties, supply of product candidates for clinical trials or any approved products for patients could be delayed or prevented54% rewritten

Risks Related to Our Financial Position and Need for Additional Capital

27We may require additional funding, which may not be available to us on acceptable terms, or at all, and, if not available, may require us to delay, scale back, or cease our product development programs or operations74% rewritten
28The terms of our loan agreement impose certain restrictions on our activities, and failure by us or our subsidiaries to fulfill applicable obligations under the loan agreement may cause the repayment obligations to accelerateNew
29Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish substantial rights39% rewritten

Risks Related to Our Intellectual Property

30Our success depends significantly on our ability to operate without infringing the patents and other proprietary rights of third parties24% rewritten
31If we are unable to obtain, maintain and enforce patent and trade secret protection for our product candidates and related technology, our business could be materially harmed21% rewritten
32Our patents covering one or more of our products or product candidates could be found invalid or unenforceable if challenged
33Our intellectual property rights will not necessarily provide us with competitive advantages
34We may become involved in lawsuits to protect or enforce our patents and trade secrets, which could be expensive, time consuming and unsuccessful
35Patent terms may be inadequate to protect our competitive position on our or our partnered products or product candidates for an adequate amount of time
36If we do not obtain protection under the Hatch-Waxman Amendments and similar legislation in other countries for extending the term of patents covering each of our or our partnered products or product candidates, our business may be materially harmed23% rewritten
37If we are unable to protect the confidentiality of our proprietary information, the value of our technology and products could be adversely affected
38Obtaining and maintaining our patent protection depends on compliance with various procedural, documentary, fee payment and other requirements imposed by regulations and governmental patent agencies, and our patent protection could be reduced or eliminated for noncompliance with these requirements
39We may be subject to claims challenging the inventorship of our patents and other intellectual property
40Patent protection and patent prosecution for some of our or our partnered product candidates may be dependent on, and the ability to assert patents and defend them against claims of invalidity may be maintained by, third parties
41Changes in patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our products
42We may not be able to protect our intellectual property rights throughout the world
43We use open source software in connection with our internal research and development programs, which could negatively affect our ability to develop products and subject us to litigation or other actions44% rewritten

Risks Related to Additional Legal and Compliance Matters

44Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, insider trading, and noncompliance with our policies and procedures29% rewritten
45procedures, which, regardless of the ultimate outcome, may result in adverse publicity that could materially harm our brand, reputation and businessNew
46Tax law changes could adversely affect our business and financial conditionNew
47If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected65% rewritten
48Security breaches and incidents, loss of data and other disruptions could compromise sensitive information related to our business or protected health information or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation55% rewritten
49We may be subject to certain costs and inefficiencies as a result of our 2022 Redomicile Transactions76% rewritten

Risks Related to Employee Matters

50Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel55% rewritten
51As we advance our development and partnering plans and strategies, we may need to modify our organization, and we may experience difficulty in managing such change, which could disrupt our operations65% rewritten

Risks Related to Our Common Stock

52Our stock price is likely to be volatile and the market price of our common stock may drop below the price paid by stockholders32% rewritten
53An active trading market for our common stock may not be sustained46% rewritten
54Our management team has broad discretion to use the net proceeds from our financing activities as well as funds received pursuant to our strategic collaborations, and its investment of these proceeds may not yield a favorable return. They may invest the proceeds in ways with which our stockholders disagree
55We do not anticipate paying cash dividends for the foreseeable future, and accordingly, stockholders must rely on stock appreciation for any return on their investment
56Our principal stockholders, in aggregate, could exert substantial influence over us which could delay or prevent a change in corporate control or result in the entrenchment of management or the board of directors39% rewritten
57We qualify as a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to such companies could make our common stock less attractive to investorsNew
58Holders of our Exchangeable Shares are subject to additional risks
59Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws might delay, discourage or prevent a change in control of Zymeworks or changes in our management, thereby depressing the market price of our common stock
60There can be no assurance that we will repurchase additional shares of our common stock or that we will repurchase shares at favorable prices44% rewritten

Other Zymeworks 10-Ks

FY2024 10-K risk factors
68 risks
Zymeworks relies heavily on partner Jazz for commercializing Ziihera and advancing zanidatamab. The company faces high clinical trial, regulatory, and patent protection risks across its early-stage pipeline.
Filed Mar 05, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.