$ZYME
Zymeworks Inc.

2023 Q2 Form 10-Q Financial Statement

#000193765323000018 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $7.002M $35.58M $1.916M
YoY Change 28.67% 1756.89% 199.38%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.71M $16.95M $12.09M
YoY Change 42.41% 40.15% 830.15%
% of Gross Profit
Research & Development $39.41M $45.91M $62.51M
YoY Change -29.66% -26.55% 41.17%
% of Gross Profit
Depreciation & Amortization $2.619M $1.584M $2.466M
YoY Change 70.4% -35.77% 20.29%
% of Gross Profit
Operating Expenses $39.41M $45.91M $74.60M
YoY Change -44.7% -38.46% 63.67%
Operating Profit -$54.11M -$27.28M -$72.69M
YoY Change -17.79% -62.47%
Interest Expense $4.825M $4.805M -$60.00K
YoY Change 316.31% -8108.33% -108.82%
% of Operating Profit
Other Income/Expense, Net -$209.0K -$487.0K $47.00K
YoY Change -680.56% -1136.17% -75.26%
Pretax Income -$49.50M -$22.96M -$72.70M
YoY Change -23.41% -68.41% 64.96%
Income Tax $1.654M $1.390M -$74.00K
% Of Pretax Income
Net Earnings -$51.15M -$24.35M -$72.63M
YoY Change -20.84% -66.47% 62.87%
Net Earnings / Revenue -730.53% -68.45% -3790.45%
Basic Earnings Per Share -$0.76 -$0.36 -$1.18
Diluted Earnings Per Share -$0.76 -$0.37 -$1.18
COMMON SHARES
Basic Shares Outstanding 64.17M shares 64.04M shares 61.37M shares
Diluted Shares Outstanding 67.28M shares 66.74M shares 61.38M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $340.1M $340.8M $300.5M
YoY Change 40.63% 13.4% -26.97%
Cash & Equivalents $142.1M $181.6M $275.5M
Short-Term Investments $198.0M $159.2M $25.02M
Other Short-Term Assets $31.43M $18.67M $19.26M
YoY Change 84.47% -3.09% 15.33%
Inventory
Prepaid Expenses
Receivables $48.82M $66.92M $4.228M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $420.3M $426.4M $324.0M
YoY Change 59.78% 31.59% -25.13%
LONG-TERM ASSETS
Property, Plant & Equipment $22.38M $23.51M $49.70M
YoY Change -54.78% -52.69% 180.8%
Goodwill $12.02M $12.02M
YoY Change
Intangibles
YoY Change
Long-Term Investments $92.24M $72.47M $886.0K
YoY Change 10310.27% 8079.91% -1.56%
Other Assets $9.271M $18.36M $21.02M
YoY Change -53.6% -12.64% 337.94%
Total Long-Term Assets $181.7M $174.4M $106.0M
YoY Change 71.59% 64.57% 84.91%
TOTAL ASSETS
Total Short-Term Assets $420.3M $426.4M $324.0M
Total Long-Term Assets $181.7M $174.4M $106.0M
Total Assets $602.1M $600.7M $430.0M
YoY Change 63.17% 39.72% -12.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.53M $6.433M $14.03M
YoY Change 146.66% -54.14% 186.24%
Accrued Expenses $57.95M $54.40M $60.93M
YoY Change -17.42% -10.71% 50.44%
Deferred Revenue $17.76M $2.353M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00K $27.00K
YoY Change
Total Short-Term Liabilities $93.55M $67.32M $79.97M
YoY Change 16.8% -15.82% 13.92%
LONG-TERM LIABILITIES
Long-Term Debt $122.0K $121.0K $92.00K
YoY Change 7.96% 31.52% -8.0%
Other Long-Term Liabilities $3.597M $3.595M $65.94M
YoY Change -94.46% -94.55% 60.82%
Total Long-Term Liabilities $3.597M $3.595M $66.03M
YoY Change -94.47% -94.56% 60.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.55M $67.32M $79.97M
Total Long-Term Liabilities $3.597M $3.595M $66.03M
Total Liabilities $153.1M $127.2M $147.5M
YoY Change 4.4% -13.78% 30.68%
SHAREHOLDERS EQUITY
Retained Earnings -$634.3M -$583.1M
YoY Change
Common Stock $1.082B $1.053B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $448.9M $473.5M $282.4M
YoY Change
Total Liabilities & Shareholders Equity $602.1M $600.7M $430.0M
YoY Change 63.17% 39.72% -12.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$51.15M -$24.35M -$72.63M
YoY Change -20.84% -66.47% 62.87%
Depreciation, Depletion And Amortization $2.619M $1.584M $2.466M
YoY Change 70.4% -35.77% 20.29%
Cash From Operating Activities -$6.399M -$83.19M -$55.41M
YoY Change -88.33% 50.13% 35.81%
INVESTING ACTIVITIES
Capital Expenditures $802.0K $386.0K $4.704M
YoY Change -78.59% -91.79% 572.0%
Acquisitions
YoY Change
Other Investing Activities -$59.87M -$137.8M $25.28M
YoY Change 229.26% -645.28% -67.4%
Cash From Investing Activities -$60.67M -$138.2M $20.57M
YoY Change 176.67% -771.83% -73.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $108.6M
YoY Change 4950.93%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.60M $1.738M 108.6M
YoY Change -9993.19% -98.4% 5047.39%
NET CHANGE
Cash From Operating Activities -6.399M -$83.19M -55.41M
Cash From Investing Activities -60.67M -$138.2M 20.57M
Cash From Financing Activities 27.60M $1.738M 108.6M
Net Change In Cash -39.47M -$219.3M 73.77M
YoY Change -48.76% -397.31% 93.32%
FREE CASH FLOW
Cash From Operating Activities -$6.399M -$83.19M -$55.41M
Capital Expenditures $802.0K $386.0K $4.704M
Free Cash Flow -$7.201M -$83.58M -$60.12M
YoY Change -87.71% 39.03% 44.86%

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Nature of Operations<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Zymeworks Inc. together with its subsidiaries (collectively the “Company” or “Zymeworks”) is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks BC Inc. (previously known as "Zymeworks Inc.") was incorporated on September 8, 2003 under the laws of the Canada Business Corporations Act. On October 22, 2003, the Company was registered as an extra-provincial company under the Company Act (British Columbia). On May 2, 2017, the Company continued under the Business Corporations Act (British Columbia).</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since its inception, the Company has devoted substantially all of its resources to research and development activities, including developing its therapeutic platforms and identifying and developing potential product candidates by undertaking preclinical studies and clinical trials. The Company supports these activities through general and administrative support, as well as by raising capital, conducting business planning and protecting its intellectual property. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 15, 2022, the Company announced its intention to become a Delaware corporation, subject to receipt of necessary shareholder, stock exchange, and court approvals (the "Redomicile Transactions"). The Redomicile Transactions were completed on October 13, 2022. On October 13, 2022, the Company changed its name to Zymeworks BC Inc. Unless the context otherwise requires or otherwise expressly states, all references in the accompanying consolidated financial statements to “Zymeworks,” the “Company,” “we,” “us” and “our” (i) for periods until completion of the Redomicile Transactions, refer to Zymeworks BC Inc. and its subsidiaries and (ii) for periods after completion of the Redomicile Transactions, refer to Zymeworks Inc. (formerly known as Zymeworks Delaware Inc.) and its subsidiaries. </span></div>To effect the Redomicile Transactions, the Company conducted a share exchange, pursuant to which holders of the Company's common shares exchanged their common shares in the Company for shares of common stock of Zymeworks Inc. (formerly known as Zymeworks Delaware Inc.) or, at their election with respect to all or a portion of their common shares in the Company and subject to applicable eligibility criteria and an overall cap, exchangeable shares (the “Exchangeable Shares”) in the capital of a newly formed indirect subsidiary of Zymeworks Inc. A special meeting of Company security holders was held on October 7, 2022 to approve the Redomicile Transactions. The Redomicile Transactions were governed by a transaction agreement dated July 14, 2022, as restated and amended on August 18, 2022 (the “Restated and Amended Transaction Agreement”), by and among the Company and its direct or indirect subsidiaries Zymeworks Inc., Zymeworks CallCo ULC (“CallCo”) and Zymeworks ExchangeCo Ltd. (“ExchangeCo”), including a plan of arrangement included as Exhibit A to the Restated and Amended Transaction Agreement (the “Plan of Arrangement”).
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of interim condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, most notably those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, accrual of expenses including clinical and preclinical study expense accruals, stock-based compensation, valuation allowance for deferred taxes, benefits under the Scientific Research and Experimental Development (“SR&amp;ED”) program, and other contingencies. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including revenues, expenses, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these interim condensed consolidated financial statements. While there was no material impact to the Company’s interim condensed consolidated financial statements as of and for the three months ended March 31, 2023, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods.</span></div>
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1141000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
4456000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
4531000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
4615000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
4481000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
3110000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
10901000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32094000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4875000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
27219000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1043000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3865000 usd
CY2023Q1 zyme Fixed Lease Payment
FixedLeasePayment
657000 usd
CY2022Q1 zyme Fixed Lease Payment
FixedLeasePayment
3828000 usd
CY2023Q1 us-gaap Variable Lease Payment
VariableLeasePayment
386000 usd
CY2022Q1 us-gaap Variable Lease Payment
VariableLeasePayment
37000 usd
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
412379000 usd
CY2023Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1747000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
492232000 usd
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1248000 usd
CY2022Q4 zyme Contingent Consideration Liability Fair Value Disclosure
ContingentConsiderationLiabilityFairValueDisclosure
1248000 usd
CY2023Q1 zyme Contingent Consideration Fair Value Adjustments
ContingentConsiderationFairValueAdjustments
499000 usd
CY2023Q1 zyme Contingent Consideration Liability Fair Value Disclosure Transfers
ContingentConsiderationLiabilityFairValueDisclosureTransfers
0 usd
CY2023Q1 zyme Contingent Consideration Liability Fair Value Disclosure
ContingentConsiderationLiabilityFairValueDisclosure
1747000 usd
CY2021Q4 zyme Contingent Consideration Liability Fair Value Disclosure
ContingentConsiderationLiabilityFairValueDisclosure
1498000 usd
CY2022Q1 zyme Contingent Consideration Fair Value Adjustments
ContingentConsiderationFairValueAdjustments
0 usd
CY2022Q1 zyme Contingent Consideration Liability Fair Value Disclosure Transfers
ContingentConsiderationLiabilityFairValueDisclosureTransfers
250000 usd
CY2022Q1 zyme Contingent Consideration Liability Fair Value Disclosure
ContingentConsiderationLiabilityFairValueDisclosure
1248000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
66916000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
33400000 usd
CY2023Q1 zyme Net Monetary Assets Denominated In Foreign Currency
NetMonetaryAssetsDenominatedInForeignCurrency
2636000 usd
CY2023Q1 zyme Net Monetary Assets Denominated In Foreign Currency
NetMonetaryAssetsDenominatedInForeignCurrency
3607000 cad

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0001937653-23-000018.txt Edgar Link pending
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