Zymeworks Inc.ZYME

Zymeworks Inc. Segments Disclosure

10-KFiled Mar 2, 20262 min read
Business Segments
The Company operates and manages its business in a single reportable segment, which is the Management of a portfolio of licensed healthcare assets and development of novel multifunctional biotherapeutics (the “biotherapeutics segment”).
The biotherapeutics segment revenue consists of collaboration revenue, including amounts recognized relating to upfront non-refundable payments for licenses or options to obtain future licenses, research and development funding, milestone payments and royalties earned under collaboration and license agreements and is managed on a consolidated basis.
The accounting policies of the biotherapeutics segment are the same as those described in the summary of significant accounting policies.
The Company’s Chief Operating Decision Maker ("CODM”) is the Chair of the Board of Directors and Chief Executive Officer. The CODM assesses performance for the biotherapeutics segment and decides how to allocate resources based on the results of our strategic planning, with segment (loss) income being used to monitor performance against the budgeted costs of that strategy. The measure of segment assets is reported on the balance sheet as total consolidated assets.
Revenue and net income for the Company's biotherapeutics segment are shown below:
Year Ended December 31,
202520242023
Revenue from research and development collaborations
$105,965 $76,304 $76,012 
Segment expenses:
Zanidatamab(1,828)11,939 44,751 
ZW1719,672 7,151 10,686 
ZW19112,129 8,379 11,714 
ZW2202,922 13,824 1,585 
ZW25111,304 8,103 686 
Zanidatamab zovodotin364 6,595 8,046 
Expense for other preclinical and research programs31,114 17,389 7,819 
Salaries and benefits51,023 50,678 49,931 
Other research and development expense20,581 17,949 19,128 
Other general and administrative expense25,474 29,522 40,823 
Total segment expenses
162,755 171,529 195,169 
Segment loss
(56,790)(95,225)(119,157)
Reconciling items:
Depreciation and amortization(7,725)(8,684)(10,164)
Stock-based compensation expense
(28,034)(17,792)(8,102)
Change in contingent consideration
— 1,878 (630)
Impairment— (17,287)— 
Interest income13,354 19,941 19,705 
Other income (expense), net(559)558 (894)
Income tax (expense) recovery, net
(1,376)(6,084)568 
Net (loss) income
$(81,130)$(122,695)$(118,674)

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 5, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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