0001937653-24-000028 | 10-Q | XBRL Viewer

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Balance Sheet Classification of Lease Liabilities

The balance sheet classification of the Company’s lease liabilities was as follows:


	March 31, 2024			December 31, 2023
Operating lease liabilities:
Current portion	$	4,155		$	4,261
Long-term portion	20,977			22,369
Total operating lease liabilities	25,132			$	26,630
Finance lease liabilities:
Current portion included in other current liabilities	24			30
Long-term portion included in other long-term liabilities	91			92
Total finance lease liabilities	115			122
Total lease liabilities	$	25,247		$	26,752

Weighted average remaining lease term:
Operating leases	6.5 years			6.7 years
Weighted average discount rate:
Operating leases in U.S. dollars	3.6		%	3.6		%
Operating leases in Canadian dollars	4.8		%	4.8		%

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	5,325
1 to 2 years	5,010
2 to 3 years	4,946
3 to 4 years	3,370
4 to 5 years	3,110
Thereafter	7,773
Total operating lease payments	29,534
Less:
Imputed interest	(4,402)
Operating lease liabilities	$	25,132

Schedule of Cost Components of Operating Leases

The cost components of the operating leases were as follows for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Lease expenses:
Operating lease expense	$	422	$	657
Variable lease expense	418		386
	$	840	$	1,043

Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Liabilities

Accounts payable and accrued liabilities consisted of the following:


	March 31, 2024		December 31, 2023
Trade payables	$	2,520	$	6,212
Accrued research and development expenses	38,354		26,661
Employee compensation and vacation accruals	2,536		6,153
Fair value of liability classified stock options	742		960
Accrued legal and professional fees	1,978		3,707
Liability for contingent consideration (note 13)	870		1,570
Other	434		729
Total	$	47,434	$	45,992

Other long-term liabilities consisted of the following:


	March 31, 2024		December 31, 2023
Liability for contingent consideration (note 13)	$	308	$	308
Liability from in-licensing agreements	747		747
Finance lease liability (note 11)	91		92
Other	448		554
Total	$	1,594	$	1,701

Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (note 7)	Other long-term liabilities (note 7)
Liability for contingent consideration (note 13)	$ 308	$ 308
Liability from in-licensing agreements	747	747
Finance lease liability (note 11)	91	92
Other	448	554
Total	$ 1,594	$ 1,701

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has entered into research collaboration agreements with strategic partners in the ordinary course of operations that may include contractual milestone payments related to the achievement of pre-specified research, development, regulatory and commercialization events and indemnification provisions, which are common in such agreements. Pursuant to the agreements, the Company is obligated to make research and development and regulatory milestone payments upon the occurrence of certain events and royalty payments based on net sales. The maximum amount of potential future indemnification is unlimited, however, the Company currently holds commercial and product liability insurance that limits the Company’s liability and may enable it to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to indemnification obligations for any period presented in the interim condensed consolidated financial statements.

In connection with the Company’s 2016 Kairos acquisition, the Company may be required to make future payments of up to an aggregate of C$8,500, consisting of (i) a C$2,500 payment when the first patient is dosed in the first Phase 2 trial and (ii) a C$6,000 payment when the first patient is dosed in the first Phase 3 trial, to CDRD Ventures Inc. (“CVI”) upon the direct achievement of certain development milestones for products incorporating certain Kairos intellectual property (such as zanidatamab zovodotin or other product candidates using our ZymeLink technology). In addition, CVI is eligible to receive low single-digit royalty payments from the Company on the net sales of such products. For out-licensed products and technologies incorporating certain Kairos intellectual property, the Company may also be required to pay CVI a mid-single digit percentage of certain future revenue. As of March 31, 2024, the contingent consideration had an estimated fair value of $1,178, which has been recorded within liabilities (note 7) on the Company’s consolidated balance sheet (December 31, 2023: $1,878). The contingent consideration was calculated using a probability weighted assessment of the likelihood of the milestones being met, a probability adjusted discount rate that reflects the stage of the development and time to complete the development. Contingent consideration is a financial liability and measured at its fair value at each reporting period, with any changes in fair value from the previous reporting period recorded within research and development expenses in the statement of loss and comprehensive loss.

The following table presents the changes in fair value of the Company’s liability for contingent consideration:


	Liability at the beginning of the period		Increase / (decrease) in fair value of liability for contingent consideration		Amounts paid or transferred to payables		Liability at end of the period
Three months ended March 31, 2024	$	1,878	$	(700)	$	—	$	1,178

The following tables present information about the Company’s liability for contingent consideration measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation technique used to determine such fair value:


	March 31, 2024		Level 1		Level 2		Level 3

Liability for contingent consideration	$	1,178	—		—		$	1,178
Total	$	1,178	$	—	$	—	$	1,178


	December 31, 2023		Level 1		Level 2		Level 3

Liability for contingent consideration	$	1,878	—		—		$	1,878
Total	$	1,878	$	—	$	—	$	1,878

The Company used the following assumptions to estimate fair value of contingent consideration liability as of March 31, 2024 and December 31, 2023 :


	March 31, 2024		December 31, 2023

Weighted assessment of the likelihood of the milestones	21.8	%	33.5	%
Weighted average estimated period for achievement of milestones	1.02 years		0.92 years
Discount rate	17.0	%	17.0	%

Contingencies

From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Other income (expense), net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

Other income (expense), net, consists of the following:


	Three Months Ended March 31,
	2024		2023
Foreign exchange gain (loss), net	$	285	$	(456)
Other	19		(31)
	$	304	$	(487)

Stockholders' Equity - Schedule of Stock-based Compensation Expense for Equity Classified Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,925	$ 445
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,534	$ 1,732

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common shares issued (in shares)	70,677,106	70,115,997
Common shares outstanding (in shares)	70,677,106	70,115,997
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	1	1
Preferred stock, shares outstanding (in shares)	1	1
Exchangeable stock, shares issued (in shares)	570,637	651,219
Exchangeable shares, shares outstanding (in shares)	570,637	651,219

Cash, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Available-for-Sale Securities Reconciliation

The following table summarizes the Company’s marketable securities as of March 31, 2024:


	March 31, 2024
	Amortized Cost		Unrealized Loss		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
Guaranteed investment certificates (“GICs”)	$	76,053	$	—	$	76,053
U.S. Treasury notes	38,993		(43)		38,950
Corporate debt securities	115,412		(182)		115,230
	230,458		(225)		230,233
Long-term marketable securities:
Contractual maturity of one to three years:
U.S. Treasury notes	8,060		(5)		8,055
Corporate debt securities	58,394		(687)		57,707
Contractual maturity of three to four years:
Corporate debt securities	9,832		(148)		9,684

	76,286		(840)		75,446

	$	306,744	$	(1,065)	$	305,679

The following table summarizes the Company’s marketable securities as of December 31, 2023:


	December 31, 2023
	Amortized Cost		Unrealized Gain (Loss)		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
GICs	$	75,066	$	—	$	75,066
U.S. Treasury notes	46,416		136		46,552
Corporate debt securities	94,900		252		95,152
	216,382		388		216,770
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	70,181		(321)		69,860
Contractual maturity of three to four years:
Corporate debt securities	12,081		(11)		12,070

	82,262		(332)		81,930

	$	298,644	$	56	$	298,700

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques used to determine such fair value:


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash							$	17,830							$	23,126
Cash equivalents:
Money market funds	$	36,551	$	—	$	—	$	36,551	$	64,247	$	—	$	—	$	64,247
GICs	60,433		—		—		60,433		70,184		—		—		70,184
	96,984		—		—		114,814		134,431		—		—		157,557

Marketable securities:
GICs	76,053		—		—		76,053		75,066		—		—		75,066
U.S. Treasury notes	47,005		—		—		47,005		46,552		—		—		46,552
Corporate debt securities	—		182,621		—		182,621		—		177,082		—		177,082
	123,058		182,621		—		305,679		121,618		177,082		—		298,700

Total	$	220,042	$	182,621	$	—	$	420,493	$	256,049	$	177,082	$	—	$	456,257

Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Cash, Cash Equivalents and Marketable Securities

The following table summarizes the Company’s marketable securities as of March 31, 2024:


	March 31, 2024
	Amortized Cost		Unrealized Loss		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
Guaranteed investment certificates (“GICs”)	$	76,053	$	—	$	76,053
U.S. Treasury notes	38,993		(43)		38,950
Corporate debt securities	115,412		(182)		115,230
	230,458		(225)		230,233
Long-term marketable securities:
Contractual maturity of one to three years:
U.S. Treasury notes	8,060		(5)		8,055
Corporate debt securities	58,394		(687)		57,707
Contractual maturity of three to four years:
Corporate debt securities	9,832		(148)		9,684

	76,286		(840)		75,446

	$	306,744	$	(1,065)	$	305,679

The following table summarizes the Company’s marketable securities as of December 31, 2023:


	December 31, 2023
	Amortized Cost		Unrealized Gain (Loss)		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
GICs	$	75,066	$	—	$	75,066
U.S. Treasury notes	46,416		136		46,552
Corporate debt securities	94,900		252		95,152
	216,382		388		216,770
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	70,181		(321)		69,860
Contractual maturity of three to four years:
Corporate debt securities	12,081		(11)		12,070

	82,262		(332)		81,930

	$	298,644	$	56	$	298,700


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash							$	17,830							$	23,126
Cash equivalents:
Money market funds	$	36,551	$	—	$	—	$	36,551	$	64,247	$	—	$	—	$	64,247
GICs	60,433		—		—		60,433		70,184		—		—		70,184
	96,984		—		—		114,814		134,431		—		—		157,557

Marketable securities:
GICs	76,053		—		—		76,053		75,066		—		—		75,066
U.S. Treasury notes	47,005		—		—		47,005		46,552		—		—		46,552
Corporate debt securities	—		182,621		—		182,621		—		177,082		—		177,082
	123,058		182,621		—		305,679		121,618		177,082		—		298,700

Total	$	220,042	$	182,621	$	—	$	420,493	$	256,049	$	177,082	$	—	$	456,257

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Fair Value of the Company's Liability for Contingent Consideration

The following table presents the changes in fair value of the Company’s liability for contingent consideration:


	Liability at the beginning of the period		Increase / (decrease) in fair value of liability for contingent consideration		Amounts paid or transferred to payables		Liability at end of the period
Three months ended March 31, 2024	$	1,878	$	(700)	$	—	$	1,178

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis


	March 31, 2024		Level 1		Level 2		Level 3

Liability for contingent consideration	$	1,178	—		—		$	1,178
Total	$	1,178	$	—	$	—	$	1,178


	December 31, 2023		Level 1		Level 2		Level 3

Liability for contingent consideration	$	1,878	—		—		$	1,878
Total	$	1,878	$	—	$	—	$	1,878

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company used the following assumptions to estimate fair value of contingent consideration liability as of March 31, 2024 and December 31, 2023 :


	March 31, 2024		December 31, 2023

Weighted assessment of the likelihood of the milestones	21.8	%	33.5	%
Weighted average estimated period for achievement of milestones	1.02 years		0.92 years
Discount rate	17.0	%	17.0	%

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (31,653)	$ (24,353)
Items not involving cash:
Depreciation of property and equipment	1,061	1,584
Amortization of intangible assets	702	679
Stock-based compensation expense	3,552	2,325
Amortization of operating lease right-of-use assets	549	637
Deferred income tax (recovery) expense	(38)	9
Change in fair value of contingent consideration liability	(700)	499
Unrealized foreign exchange gain	(487)	(298)
Changes in non-cash operating working capital:
Accounts receivable	(11,468)	(33,516)
Prepaid expenses and other current assets	(227)	(1,671)
Accounts payable and accrued liabilities	2,284	(28,266)
Operating lease liabilities	(1,035)	(820)
Deferred revenue and other consideration	(259)	0
Income taxes payable	50	0
Net cash used in operating activities	(37,669)	(83,191)
Cash flows from financing activities:
Issuance of common stock on exercise of stock options	1,743	1,516
Issuance of common stock through employee stock purchase plan	386	236
Finance lease payments	(6)	(14)
Net cash provided by financing activities	2,123	1,738
Cash flows from investing activities:
Purchases of marketable securities	(66,509)	(182,055)
Proceeds from marketable securities	59,847	44,219
Acquisition of property and equipment	(185)	(386)
Acquisition of intangible assets	(469)	0
Net cash used in investing activities	(7,316)	(138,222)
Effect of exchange rate changes on cash and cash equivalents	119	346
Net change in cash and cash equivalents	(42,743)	(219,329)
Cash and cash equivalents, beginning of period	157,557	400,912
Cash and cash equivalents, end of period	$ 114,814	$ 181,583

Cash, Cash Equivalents and Marketable Securities - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contractual maturity of three to four years:
Debt securities, unrealized gain (loss)	$ (1,065)	$ 56
Debt securities, available-for-sale, amortized cost, excluding accrued interest, before allowance for credit loss	306,744	298,644
Debt securities, available-for-sale, excluding accrued interest	305,679	298,700
Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	230,458	216,382
Debt securities, unrealized gain (loss)	(225)	388
Debt securities, fair value	230,233	216,770
Long-term marketable securities:
Contractual maturity of three to four years:
Investments, cost	76,286	82,262
Debt securities, unrealized gain (loss)	(840)	(332)
Investments, fair value	75,446	81,930
GICs \| Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	76,053	75,066
Debt securities, unrealized gain (loss)	0	0
Debt securities, fair value	76,053	75,066
U.S. Treasury notes \| Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	38,993	46,416
Debt securities, unrealized gain (loss)	(43)	136
Debt securities, fair value	38,950	46,552
U.S. Treasury notes \| Long-term marketable securities:
Contractual maturity of one to three years:
Debt securities, amortized cost	8,060
Debt securities, unrealized gain (loss)	(5)
Debt securities, fair value	8,055
Corporate debt securities \| Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	115,412	94,900
Debt securities, unrealized gain (loss)	(182)	252
Debt securities, fair value	115,230	95,152
Corporate debt securities \| Long-term marketable securities:
Contractual maturity of one to three years:
Debt securities, amortized cost	58,394	70,181
Debt securities, unrealized gain (loss)	(687)	(321)
Debt securities, fair value	57,707	69,860
Contractual maturity of three to four years:
Debt securities, amortized cost	9,832	12,081
Debt securities, unrealized gain (loss)	(148)	(11)
Debt securities, fair value	$ 9,684	$ 12,070

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 114,814	$ 157,557
Short-term marketable securities (note 5)	230,233	216,770
Accounts receivable	30,949	19,477
Prepaid expenses and other current assets	17,824	19,122
Total current assets	393,820	412,926
Long-term marketable securities (note 5)	75,446	81,930
Long-term prepaids and other assets	7,676	7,566
Deferred tax asset	3,704	3,615
Property and equipment, net	18,972	19,847
Operating lease right-of-use assets	17,067	17,696
Intangible assets, net	7,423	7,656
Acquired in-process research and development (note 6)	17,628	17,628
Goodwill (note 6)	12,016	12,016
Total assets	553,752	580,880
Current liabilities:
Accounts payable and accrued liabilities (note 7)	47,434	45,992
Income tax payable	1,861	1,811
Current portion of operating lease liability (note 11)	4,155	4,261
Deferred revenue (note 9)	3,440	3,699
Total current liabilities	56,890	55,763
Long-term portion of operating lease liability (note 11)	20,977	22,369
Deferred revenue (note 9)	32,941	32,941
Other long-term liabilities (note 7)	1,594	1,701
Deferred tax liability	3,351	3,300
Total liabilities	115,753	116,074
Stockholders’ equity:
Common stock, $0.00001 par value; 900,000,000 authorized shares at March 31, 2024 and December 31, 2023, respectively; 70,677,106 and 70,115,997 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (note 8b)	1,003,481	997,227
Preferred shares, $0.00001 par value; 100,000,000 authorized shares of preferred stock, out of which, one share of preferred stock is a share of Special Voting Preferred Stock and outstanding as of March 31, 2024 and December 31, 2023 (note 8b).	0	0
Exchangeable shares, no par value, 570,637 and 651,219 issued and outstanding shares at March 31, 2024 and December 31, 2023, respectively (note 8b)	8,188	9,345
Additional paid-in capital	143,144	142,274
Accumulated other comprehensive loss	(7,724)	(6,603)
Accumulated deficit	(709,090)	(677,437)
Total stockholders’ equity	437,999	464,806
Total liabilities and stockholders’ equity	553,752	580,880
Commitments and contingencies (note 13)

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Research and development collaborations (note 9)	$ 10,030	$ 35,578
Operating expenses:
Research and development	32,042	45,912
General and administrative	15,790	16,947
Total operating expenses	47,832	62,859
Loss from operations	(37,802)	(27,281)
Other income:
Interest income	5,920	4,805
Other income (expense), net (note 10)	304	(487)
Total other income, net	6,224	4,318
Loss before income taxes	(31,578)	(22,963)
Income tax expense	(75)	(1,390)
Net loss	(31,653)	(24,353)
Other comprehensive (loss) income:
Unrealized (loss) income on available for sale securities, net of tax of nil (note 5)	(1,121)	720
Total other comprehensive (loss) income	(1,121)	720
Comprehensive loss	$ (32,774)	$ (23,633)
Net loss per common share (note 4):
Basic (in dollars per share)	$ (0.42)	$ (0.36)
Diluted (in dollars per share)	$ (0.42)	$ (0.37)
Weighted-average common stock outstanding (note 4):
Basic (in shares)	76,214,833	66,739,308
Diluted (in shares)	76,248,158	66,742,030

Commitment and Contingencies - Summary of Changes in Fair Value of the Company's Liability for Contingent Consideration (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Liability Roll Forward [Roll Forward]
Liability at the beginning of the period	$ 1,878
Increase / (decrease) in fair value of liability for contingent consideration	(700)
Amounts paid or transferred to payables	0
Liability at end of the period	$ 1,178

Financial Instruments	3 Months Ended
Financial Instruments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the fair value hierarchy. Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine fair value, the Company uses a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1 inputs are unadjusted quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than Level 1 prices, such as prices for a similar asset or liability that are observable either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assessment about market assumptions that would be used to price the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments in marketable and other securities, accounts receivable, accounts payable and accrued liabilities, contingent consideration, finance and operating lease obligations, and other long-term liabilities. The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the near-term maturities of these financial instruments. All marketable securities are classified as available-for-sale and are recorded at fair value. As at March 31, 2024, long-term investments in equity securities of private entities are accounted for as available for sale at their fair values. Other long-term liabilities for contingent consideration related to business acquisitions are recorded at fair value on the acquisition date and are adjusted quarterly for changes in fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated milestone payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and therefore categorized as level 3 inputs as defined above. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, short-term and long-term marketable securities and accounts receivable. Cash and cash equivalents and investments in marketable securities are invested in accordance with the Company’s cash investment policy with the primary objective being the preservation of capital and maintenance of liquidity. The cash investment policy includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company limits its exposure to credit loss by placing its cash and cash equivalents and investments with high credit quality financial institutions. At March 31, 2024, the maximum exposure to credit risk for accounts receivable was $30,949, 90% which was from Jazz (December 31, 2023: $19,477) and all accounts receivable are due within the next 12 months. As at March 31, 2024 and December 31, 2023, the Company has recognized nominal amounts of provision for expected credit losses in relation to accounts receivable. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s short-term cash requirements are primarily to settle its financial liabilities, which consist primarily of accounts payable and accrued liabilities falling due within 45 days and current portion of lease obligations falling due within the next 12 months, with medium term requirements to invest in property and equipment and research and development. The Company’s principal sources of liquidity to settle its financial liabilities are cash, cash equivalents, short-term and long-term investments, collection of accounts receivable relating to research collaboration and license agreements and additional public equity offerings as required. The Company believes that these principal sources of liquidity are sufficient to fund its operations for at least the next 12 months. Foreign Currency Risk The Company incurs certain operating expenses in currencies other than the U.S. dollar and accordingly is subject to foreign exchange risk due to fluctuations in exchange rates. The Company does not use derivative instruments to hedge exposure to foreign exchange risk and therefore assumes the risk of future gains or losses in its consolidated statements of (loss) income. At March 31, 2024, the Company’s net monetary assets denominated in Canadian dollars were $2,114 (C$2,863). The operating results and financial position of the Company are reported in U.S. dollars in the Company’s interim condensed consolidated financial statements. The fluctuation of the U.S. dollar relative to the Canadian dollar and other foreign currencies will have an impact on the reported balances for net assets, net loss and stockholders’ equity in the Company’s interim condensed consolidated financial statements.

Commitment and Contingencies - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 1,178	$ 1,878
Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	1,178	1,878
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	0	0
Level 1 \| Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	0	0
Level 2 \| Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	1,178	1,878
Level 3 \| Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 1,178	$ 1,878

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in the interim condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates 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, measurement of contingent consideration liabilities, 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.

Research, Collaboration and Licensing Agreements (Tables)

3 Months Ended

Mar. 31, 2024

License Agreements Research Collaborations And Development Agreements [Abstract]

Schedule of Revenue Recognized from Strategic Partnerships

Revenue recognized from the Company’s strategic partnerships. which includes amounts from Jazz Pharmaceuticals Ireland Limited or Jazz Pharmaceuticals, Inc. (subsidiaries of Jazz Pharmaceuticals plc, collectively referred to as “Jazz”) is summarized as follows:


	Three Months Ended March 31,
	2024		2023
Jazz:
Development support payments	$	2,066	$	26,142
Drug supply for ongoing studies	6,218		4,753
Other drug supply	1,578		3,528

Research support and other payments from other partners	168		1,155
	$	10,030	$	35,578

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The lease for our Vancouver location, which we entered into in January 2019, has an initial term expiring in February 2032, with two five-year extension options. In addition, the Company leases office spaces in Bellevue and Seattle, Washington and in Redwood City, California with lease terms expiring between December 2024 and May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. On April 4, 2024, the Company terminated a lease for office space in Seattle, pursuant to which the Company will pay $6.1 million as a termination fee. The operating lease liability for this office space lease was $4.4 million as of March 31, 2024, which excludes variable lease payments.

The Company also leases office equipment under capital lease agreements.

The balance sheet classification of the Company’s lease liabilities was as follows:


	March 31, 2024			December 31, 2023
Operating lease liabilities:
Current portion	$	4,155		$	4,261
Long-term portion	20,977			22,369
Total operating lease liabilities	25,132			$	26,630
Finance lease liabilities:
Current portion included in other current liabilities	24			30
Long-term portion included in other long-term liabilities	91			92
Total finance lease liabilities	115			122
Total lease liabilities	$	25,247		$	26,752

Weighted average remaining lease term:
Operating leases	6.5 years			6.7 years
Weighted average discount rate:
Operating leases in U.S. dollars	3.6		%	3.6		%
Operating leases in Canadian dollars	4.8		%	4.8		%

Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2024 was $1,341 and were included in net cash used in operating activities in the consolidated statement of cash flows.

As of March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	5,325
1 to 2 years	5,010
2 to 3 years	4,946
3 to 4 years	3,370
4 to 5 years	3,110
Thereafter	7,773
Total operating lease payments	29,534
Less:
Imputed interest	(4,402)
Operating lease liabilities	$	25,132

The cost components of the operating leases were as follows for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Lease expenses:
Operating lease expense	$	422	$	657
Variable lease expense	418		386
	$	840	$	1,043

Leases

The Company also leases office equipment under capital lease agreements.

The balance sheet classification of the Company’s lease liabilities was as follows:


	March 31, 2024			December 31, 2023
Operating lease liabilities:
Current portion	$	4,155		$	4,261
Long-term portion	20,977			22,369
Total operating lease liabilities	25,132			$	26,630
Finance lease liabilities:
Current portion included in other current liabilities	24			30
Long-term portion included in other long-term liabilities	91			92
Total finance lease liabilities	115			122
Total lease liabilities	$	25,247		$	26,752

Weighted average remaining lease term:
Operating leases	6.5 years			6.7 years
Weighted average discount rate:
Operating leases in U.S. dollars	3.6		%	3.6		%
Operating leases in Canadian dollars	4.8		%	4.8		%

As of March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	5,325
1 to 2 years	5,010
2 to 3 years	4,946
3 to 4 years	3,370
4 to 5 years	3,110
Thereafter	7,773
Total operating lease payments	29,534
Less:
Imputed interest	(4,402)
Operating lease liabilities	$	25,132

The cost components of the operating leases were as follows for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Lease expenses:
Operating lease expense	$	422	$	657
Variable lease expense	418		386
	$	840	$	1,043

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		14 Months Ended	31 Months Ended
	Dec. 28, 2023	Jun. 16, 2023	Oct. 13, 2022	Mar. 31, 2024	Mar. 31, 2023	Oct. 19, 2023	Jan. 31, 2022	Dec. 31, 2023	Oct. 12, 2022	Jan. 05, 2022
Temporary Equity [Line Items]
All classes of stock, shares authorized				1,000,000,000
Common stock, shares authorized (in shares)				900,000,000				900,000,000
Common stock, par value per share (in dollars per share)				$ 0.00001				$ 0.00001
Preferred stock, shares authorized (in shares)				100,000,000				100,000,000
Preferred stock, par value (in dollars per share)				$ 0.00001				$ 0.00001
Common shares issued (in shares)				70,677,106				70,115,997
Common shares outstanding (in shares)				70,677,106				70,115,997
Exchangeable shares, shares outstanding (in shares)				570,637				651,219
Number of shares available for grant (in shares)				5,035,012				4,594,639
Proceeds from stock options exercised				$ 1,743
Unamortized compensation expense related to unvested options				$ 14,644
Remaining unamortized compensation expense, weighted-average period				1 year 9 months 10 days
Pre-Funded Warrant
Temporary Equity [Line Items]
Pre-funded warrants (in shares)							13,668,482
Shares called by warrants (in shares)							8,581,961
Exercise price of warrants (in dollars per share)							$ 0.0001
Warrants exercised during period (in shares)						8,581,961
Issuance of common shares upon exercise of pre-funded warrants (in shares)						8,581,868
Warrants outstanding (in shares)				5,086,521				5,086,521
Inducement Plan
Temporary Equity [Line Items]
Number of shares available for grant (in shares)				50,000				50,000
Number of common shares reserved for issuance (in shares)										750,000
Restricted Share Units (RSUs)
Temporary Equity [Line Items]
Nonvested award, cost not yet recognized, amount				$ 7,830
Nonvested award, cost not yet recognized, period for recognition				1 year 7 months 28 days
Compensation charge				$ 1,022	$ 655
Common stock
Temporary Equity [Line Items]
Redomicile transaction, number of shares issued			60,274,854
Exchangeable shares
Temporary Equity [Line Items]
Temporary equity, stock issued during period, shares, new issues			1,424,533
Zymeworks BC Inc
Temporary Equity [Line Items]
Common shares issued (in shares)									61,699,387
Common shares outstanding (in shares)									61,699,387
Private Placement
Temporary Equity [Line Items]
Pre-funded warrants (in shares)	5,086,521
Shares called by warrants (in shares)	5,086,521
Warrants issued price (in dollars per share)	$ 9.8299
Proceeds from Issuance of Warrants	$ 50
Net proceeds from issuance	$ 49,862
2023 ATM Financing
Temporary Equity [Line Items]
Net proceeds from issuance		$ 26,233
Number of shares issued (in shares)		3,350,000
Sale of stock (in dollars per share)		$ 8.12

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Within 1 year	$ 5,325
1 to 2 years	5,010
2 to 3 years	4,946
3 to 4 years	3,370
4 to 5 years	3,110
Thereafter	7,773
Total operating lease payments	29,534
Imputed interest	(4,402)
Operating lease liabilities	$ 25,132	$ 26,630

Stockholders' Equity - Schedule of RSUs Outstanding (Details) - Restricted Share Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Outstanding, at beginning of period (in shares) \| shares	771,413
Granted (in shares) \| shares	957,750
Vested and settled (in shares) \| shares	(224,104)
Forfeited (in shares) \| shares	(104,102)
Outstanding, at end of period (in shares) \| shares	1,400,957
Weighted- average grant date fair value ($)
Outstanding, at beginning of period (in dollars per shares) \| $ / shares	$ 8.63
Granted (in dollars per share) \| $ / shares	10.56
Vested and settled (in dollars per share) \| $ / shares	8.65
Forfeited (in dollars per share) \| $ / shares	11.53
Outstanding, end of period (in dollars per shares) \| $ / shares	$ 9.73

Net loss per share - Schedule of Calculation of Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss attributable to common stockholders:
Basic	$ (31,653)	$ (24,353)
Adjustment for change in fair value of liability classified stock options	(209)	(354)
Diluted	$ (31,862)	$ (24,707)
Weighted-average common stock outstanding:
Basic (in shares)	76,214,833	66,739,308
Adjustment for dilutive effect of liability classified stock options (in shares)	33,325	2,722
Diluted (in shares)	76,248,158	66,742,030
Net loss per common share – basic (in dollars per share)	$ (0.42)	$ (0.36)
Net loss per common share – diluted (in dollars per share)	$ (0.42)	$ (0.37)

Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued liabilities consisted of the following:


	March 31, 2024		December 31, 2023
Trade payables	$	2,520	$	6,212
Accrued research and development expenses	38,354		26,661
Employee compensation and vacation accruals	2,536		6,153
Fair value of liability classified stock options	742		960
Accrued legal and professional fees	1,978		3,707
Liability for contingent consideration (note 13)	870		1,570
Other	434		729
Total	$	47,434	$	45,992

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	March 31, 2024		December 31, 2023
Liability for contingent consideration (note 13)	$	308	$	308
Liability from in-licensing agreements	747		747
Finance lease liability (note 11)	91		92
Other	448		554
Total	$	1,594	$	1,701

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating lease liabilities:
Current portion	$ 4,155	$ 4,261
Long-term portion	20,977	22,369
Total operating lease liabilities	25,132	26,630
Finance lease liabilities:
Current portion included in other current liabilities	24	30
Long-term portion included in other long-term liabilities	$ 91	$ 92
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Total finance lease liabilities	$ 115	$ 122
Total lease liabilities	$ 25,247	$ 26,752
Weighted average remaining lease term:
Weighted average remaining lease term	6 years 6 months	6 years 8 months 12 days
United States of America, Dollars
Weighted average discount rate:
Discount rate	3.60%	3.60%
Canada, Dollars
Weighted average discount rate:
Discount rate	4.80%	4.80%

Stockholders' Equity - Schedule of Stock Options Granted (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Canadian Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	1,489,478	1,489,478
Granted (in shares)	0	0
Exercised (in shares)	(103,814)	(103,814)
Forfeited (in shares)	(20,758)	(20,758)
Ending balance (in shares)	1,364,906	1,364,906	1,489,478	1,489,478
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| (per share)	$ 14.39	$ 19.59
Granted (in dollars per share) \| (per share)	0	0
Exercised (in dollars per share) \| (per share)	8.57	11.57
Forfeited (in dollars per share) \| (per share)	14.50	19.54
Ending balance (in dollars per share) \| (per share)	$ 14.83	$ 20.20	$ 14.39	$ 19.59
Weighted- Average Contractual Term (years)	5 years 4 months 13 days	5 years 4 months 13 days	5 years 6 months	5 years 6 months
Aggregate intrinsic value outstanding	$ 2,211	$ 2,211	$ 2,255	$ 2,255	$ 2,994	$ 2,987
U.S Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	6,069,242	6,069,242
Granted (in shares)	1,808,800	1,808,800
Exercised (in shares)	(99,704)	(99,704)
Forfeited (in shares)	(277,406)	(277,406)
Ending balance (in shares)	7,500,932	7,500,932	6,069,242	6,069,242
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 12.97
Granted (in dollars per share) \| $ / shares	10.78
Exercised (in dollars per share) \| $ / shares	8.65
Forfeited (in dollars per share) \| $ / shares	9.54
Ending balance (in dollars per share) \| $ / shares	$ 12.63		$ 12.97
Weighted- Average Contractual Term (years)	7 years 11 months 15 days	7 years 11 months 15 days	7 years 8 months 1 day	7 years 8 months 1 day
Aggregate intrinsic value outstanding \| $	$ 9,071	$ 9,071	$ 9,213	$ 9,213

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

Stockholders’ Equity

a.Equity Offerings

2023 Private Placement

On December 28, 2023, the Company completed a private placement pursuant to which the Company sold 5,086,521 pre-funded warrants to purchase 5,086,521 shares of common stock at $9.8299 per pre-funded warrant. The Company received gross proceeds of $50,000 and net proceeds were $49,862, after expenses.

2023 ATM financing

On June 16, 2023, the Company sold 3,350,000 shares of common stock pursuant to the Company’s at-the-market sale program, at $8.12 per common share. Net proceeds were $26,233 after underwriting commissions and offering expenses.

b.Authorized Share Capital and Preferred Stock

The Company’s authorized share capital consists of 1,000,000,000 shares of stock, consisting of (i) 900,000,000 shares of common stock, par value $0.00001 per share, and (ii) 100,000,000 shares of preferred stock, par value $0.00001 per share.

In connection with the Plan of Arrangement, the Company issued to Computershare Trust Company of Canada, a trust company existing under the laws of Canada (the “Share Trustee”), one share of the Company’s preferred stock, par value $0.00001 per share, which has certain variable voting rights in proportion to the number of Exchangeable Shares outstanding (the “Special Voting Preferred Stock”), enabling the Share Trustee to exercise voting rights for the benefit of the Exchangeable Shareholders.

Immediately prior to the completion of the Redomicile Transactions, there were 61,699,387 Zymeworks BC common shares issued and outstanding. In connection with the consummation of the Plan of Arrangement, 60,274,854 shares of Common Stock and 1,424,533 Exchangeable Shares were issued to former Zymeworks BC shareholders. As of March 31, 2024, there were 570,637 Exchangeable Shares held by former Zymeworks BC shareholders (December 31, 2023: 651,219). The Company will issue shares of its common stock as consideration when a holder of Exchangeable Shares calls for Exchangeable Shares to be retracted by ExchangeCo, when ExchangeCo redeems Exchangeable Shares from the holder, or when CallCo purchases

Exchangeable Shares from the Exchangeable Shareholder under CallCo’s overriding call rights. These Exchangeable Shares and the Special Voting Preferred Stock, when taken together, are similar in substance to the Company’s common stock.

c.Pre-Funded Common Share Warrants

In connection with the public offerings completed on June 24, 2019, January 27, 2020, January 31, 2022 and private placement completed on December 28, 2023 (note 8a), the Company issued a total of 13,668,482 pre-funded warrants which granted holders of warrants the right to purchase up to 8,581,961 common shares of the Company, at an exercise price of $0.0001 per share.

The pre-funded warrants are exercisable by the holders at any time on or after the original issue date. The pre-funded warrants do not expire unless they are exercised or settled in accordance with the pre-funded warrant agreement. As the pre-funded warrants meet the condition for equity classification, proceeds from issuance of the pre-funded warrants, net of any transaction costs, are recorded in additional paid-in capital. Upon exercise of the pre-funded warrants, the historical costs recorded in additional paid-in capital along with exercise price collected from holders will be recorded in common shares.

On August 23, 2022, October 25, 2022, October 27, 2022 and October 19, 2023, a total of 8,581,961 pre-funded warrants were exercised in exchange for issuance of 8,581,868 common shares. As a result of the December 28, 2023 private placement, as of March 31, 2024, there were 5,086,521 pre-funded warrants outstanding (December 31, 2023: 5,086,521).

d.Stock-Based Compensation

As of March 31, 2024, 5,035,012 shares of common stock were available for future award grants under the New Plan (December 31, 2023: 4,594,639 shares of common stock).

On January 5, 2022, the board of directors approved the Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan (the “Inducement Plan”) and reserved 750,000 of the Company’s common shares for issuance pursuant to equity awards granted thereunder. As of March 31, 2024, 50,000 shares of common stock were available for future award grants under this plan (December 31, 2023: 50,000).

RSUs

The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2023:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2023	771,413	8.63
Granted	957,750	10.56
Vested and settled	(224,104)	8.65
Forfeited	(104,102)	11.53
Outstanding, March 31, 2024	1,400,957	9.73

As of March 31, 2024, there was $7,830 of unamortized RSU expense that will be recognized over a weighted average period of 1.66 years.

Stock Options

The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan:


	Number of Options	Weighted- Average Exercise Price (C$)	Weighted- Average Exercise Price ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value (C$)	Aggregate intrinsic value ($)
Outstanding, December 31, 2023	1,489,478	19.59	14.39	5.50	2,987	2,255
Granted	—	—	—
Exercised	(103,814)	11.57	8.57
Forfeited	(20,758)	19.54	14.50
Outstanding, March 31, 2024	1,364,906	20.20	14.83	5.37	2,994	2,211

The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan and the Inducement Plan:


	Number of Options	Weighted- Average Exercise Price ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value ($)
Outstanding, December 31, 2023	6,069,242	12.97	7.67	9,213
Granted	1,808,800	10.78
Exercised	(99,704)	8.65
Forfeited	(277,406)	9.54
Outstanding, March 31, 2024	7,500,932	12.63	7.96	9,071

During the three months ended March 31, 2024, the Company received cash proceeds of $1,743 from stock options exercised.

The stock options outstanding at March 31, 2024 expire at various dates from April 1, 2024 to March 10, 2034.

The estimated fair values of options granted to officers, directors, employees and consultants are amortized over the relevant vesting periods. Stock-based compensation expense for equity classified instruments, RSUs, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense, general and administration expense and finance expense as follows:


	Three Months Ended March 31,
	2024		2023

Research and development expense	$	1,925	$	445
General and administrative expense	1,534		1,732

The amounts above include stock-based compensation expense relating to RSUs of $1,022 for the three months ended March 31, 2024 (2023: $655).

The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2024		2023
Dividend yield	0	%	0	%
Expected volatility	65.0	%	67.8	%
Risk-free interest rate	4.01	%	3.82	%
Expected average life of options	6.04 years		6.07 years

The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at March 31, 2024 and 2023 are as follows:


	March 31, 2024		March 31, 2023
Dividend yield	0	%	0	%
Expected volatility	49.1	%	80.6	%
Risk-free interest rate	4.10	%	3.70	%
Expected average option term	0.77 years		1.78 years
Number of liability classified stock options outstanding	369,096		563,403

At March 31, 2024, the unamortized compensation expense related to unvested options was $14,644. The remaining unamortized compensation expense as of March 31, 2024 will be recognized over a weighted-average period of 1.78 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

IPR&D and Goodwill (Details)	3 Months Ended	12 Months Ended
IPR&D and Goodwill (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) reportingUnit
Acquired Indefinite-lived Intangible Assets [Line Items]
In-process research and development	$ 17,628,000	$ 17,628,000
Number of reporting units \| reportingUnit		1
Goodwill impairment loss	0
IPR&D
Acquired Indefinite-lived Intangible Assets [Line Items]
In-process research and development	17,628,000	$ 17,628,000
Impairment of intangible assets	$ 0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in the interim condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars.
Reclassifications	Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates	Use of Estimates 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, measurement of contingent consideration liabilities, 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.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Stockholders' Equity - Schedule of Estimated Fair Value of Stock Options Assumptions (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	65.00%	67.80%
Risk-free interest rate	4.01%	3.82%
Expected average life of options	6 years 14 days	6 years 25 days
Liability Classified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	49.10%	80.60%
Risk-free interest rate	4.10%	3.70%
Expected average life of options	9 months 7 days	1 year 9 months 10 days
Number of liability classified stock options outstanding (in shares)	369,096	563,403

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Liabilities - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade payables	$ 2,520	$ 6,212
Accrued research and development expenses	38,354	26,661
Employee compensation and vacation accruals	2,536	6,153
Fair value of liability classified stock options	742	960
Accrued legal and professional fees	1,978	3,707
Liability for contingent consideration (note 13)	870	1,570
Other	434	729
Total	$ 47,434	$ 45,992

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations 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. (“Zymeworks BC”), (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). 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. On October 13, 2022, the Company completed an internal reorganization transaction resulting in a Delaware incorporated entity becoming the listed company (the “Redomicile Transactions”). Prior to the Redomicile Transactions, the shares of Zymeworks BC Inc. (formerly known as Zymeworks Inc.) were publicly listed. 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. 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”).

Financial Instruments - Additional Information (Details) $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable	$ 30,949		$ 19,477
Net monetary assets	$ 2,114	$ 2,863
Accounts Receivable \| Credit Concentration Risk \| Jazz
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	90.00%

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock	Exchangeable shares	Common stock	Accumulated deficit	Accumulated other comprehensive loss	Additional paid-in capital
Beginning balance (in shares) at Dec. 31, 2022		1	1,424,533	63,059,501
Beginning balance at Dec. 31, 2022	$ 492,956	$ 0	$ 20,442	$ 886,322	$ (558,763)	$ (6,659)	$ 151,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				203,239
Issuance of common stock on exercise of options	1,648			$ 2,649			(1,001)
Issuance of common stock through employee stock purchase plan (in shares)				50,420
Issuance of common stock through employee stock purchase plan	371			$ 371
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				2,965
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 132			(132)
Issuance of common stock for retracted exchangeable shares (note 8b) (in shares)			(767,645)	767,645
Issuance of common stock for retracted exchangeable shares (note 8b)	0		$ (11,016)	$ 11,016
Stock-based compensation (recovery) expense	2,196						2,196
Net loss	(24,353)				(24,353)
Other comprehensive income (loss)	720					720
Ending balance (in shares) at Mar. 31, 2023		1	656,888	64,083,770
Ending balance at Mar. 31, 2023	473,538	$ 0	$ 9,426	$ 900,490	(583,116)	(5,939)	152,677
Beginning balance (in shares) at Dec. 31, 2023		1	651,219	70,115,997
Beginning balance at Dec. 31, 2023	464,806	$ 0	$ 9,345	$ 997,227	(677,437)	(6,603)	142,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				203,518
Issuance of common stock on exercise of options	1,955			$ 2,581			(626)
Issuance of common stock through employee stock purchase plan (in shares)				52,905
Issuance of common stock through employee stock purchase plan	577			$ 577
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				224,104
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 1,939			(1,939)
Issuance of common stock for retracted exchangeable shares (note 8b) (in shares)			(80,582)	80,582
Issuance of common stock for retracted exchangeable shares (note 8b)	0		$ (1,157)	$ 1,157
Stock-based compensation (recovery) expense	3,435						3,435
Net loss	(31,653)				(31,653)
Other comprehensive income (loss)	(1,121)					(1,121)
Ending balance (in shares) at Mar. 31, 2024		1	570,637	70,677,106
Ending balance at Mar. 31, 2024	$ 437,999	$ 0	$ 8,188	$ 1,003,481	$ (709,090)	$ (7,724)	$ 143,144

Leases - Schedule of Cost Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 422	$ 657
Variable lease expense	418	386
Operating lease expense	$ 840	$ 1,043

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Diluted Net Loss Per Share

Net loss per share for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss attributable to common stockholders:
Basic	$	(31,653)	$	(24,353)
Adjustment for change in fair value of liability classified stock options	(209)		(354)
Diluted	$	(31,862)	$	(24,707)

Denominator:
Weighted-average common stock outstanding:
Basic	76,214,833		66,739,308
Adjustment for dilutive effect of liability classified stock options	33,325		2,722
Diluted	76,248,158		66,742,030

Net loss per common share – basic	$	(0.42)	$	(0.36)
Net loss per common share – diluted	$	(0.42)	$	(0.37)

Condensed Consolidated Statements of Loss and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Unrealized gain on available for sale securities, tax	$ 0	$ 0

Research, Collaboration and Licensing Agreements - Schedule Of Collaborative Arrangements and Noncollaborative Arrangement Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 10,030	$ 35,578
Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	168	1,155
Jazz: \| Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	2,066	26,142
Jazz: \| Drug supply for ongoing studies
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	6,218	4,753
Jazz: \| Other drug supply
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 1,578	$ 3,528

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Net loss per share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net loss per share

Net loss per share for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss attributable to common stockholders:
Basic	$	(31,653)	$	(24,353)
Adjustment for change in fair value of liability classified stock options	(209)		(354)
Diluted	$	(31,862)	$	(24,707)

Denominator:
Weighted-average common stock outstanding:
Basic	76,214,833		66,739,308
Adjustment for dilutive effect of liability classified stock options	33,325		2,722
Diluted	76,248,158		66,742,030

Net loss per common share – basic	$	(0.42)	$	(0.36)
Net loss per common share – diluted	$	(0.42)	$	(0.37)

Weighted average number of shares of common stock used in the basic and diluted earnings per share calculations include Exchangeable Shares and the pre-funded warrants issued in connection with the Company’s June 2019 and January 2020 offerings and December 2023 private placement as the warrants were exercisable at any time for nominal cash consideration. The Company’s potentially dilutive securities, which include stock options and RSUs, have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2024 as the effect would be to reduce the net loss per share.

Research, Collaboration and Licensing Agreements

3 Months Ended

Mar. 31, 2024

License Agreements Research Collaborations And Development Agreements [Abstract]

Research, Collaboration and Licensing Agreements


	Three Months Ended March 31,
	2024		2023
Jazz:
Development support payments	$	2,066	$	26,142
Drug supply for ongoing studies	6,218		4,753
Other drug supply	1,578		3,528

Research support and other payments from other partners	168		1,155
	$	10,030	$	35,578

Since December 31, 2023, there have not been any material changes to the key terms of our collaboration and license agreements.

Contract Assets and Liabilities

As at March 31, 2024, contract assets from research, collaboration and licensing agreements were nil, which is presented within accounts receivable (December 31, 2023: nil which is presented within accounts receivable) and contract liabilities were $36,381 (December 31, 2023: $36,640). As at March 31, 2024 and December 31, 2023, $3,440 and $3,699 respectively, of the contract liabilities is classified as short-term. Contract liabilities relate to deferred revenue from the BeiGene and Jazz agreements.

Other income (expense), net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign exchange gain (loss), net	$ 285	$ (456)
Other	19	(31)
Total other income (expense), net	$ 304	$ (487)

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) renewalOption	Apr. 04, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Operating lease liabilities	$ 25,132		$ 26,630
Cash paid for measurement of operating lease liabilities	$ 1,341
British Columbia \| Building
Lessor, Lease, Description [Line Items]
Number of renewal options \| renewalOption	2
Renewal term	5 years
Operating lease liabilities	$ 4,400
British Columbia \| Building \| Subsequent Event
Lessor, Lease, Description [Line Items]
Termination fee		$ 6,100

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2023:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2023	771,413	8.63
Granted	957,750	10.56
Vested and settled	(224,104)	8.65
Forfeited	(104,102)	11.53
Outstanding, March 31, 2024	1,400,957	9.73

Schedule of Stock Options Granted

The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan:


	Number of Options	Weighted- Average Exercise Price (C$)	Weighted- Average Exercise Price ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value (C$)	Aggregate intrinsic value ($)
Outstanding, December 31, 2023	1,489,478	19.59	14.39	5.50	2,987	2,255
Granted	—	—	—
Exercised	(103,814)	11.57	8.57
Forfeited	(20,758)	19.54	14.50
Outstanding, March 31, 2024	1,364,906	20.20	14.83	5.37	2,994	2,211

The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan and the Inducement Plan:


	Number of Options	Weighted- Average Exercise Price ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value ($)
Outstanding, December 31, 2023	6,069,242	12.97	7.67	9,213
Granted	1,808,800	10.78
Exercised	(99,704)	8.65
Forfeited	(277,406)	9.54
Outstanding, March 31, 2024	7,500,932	12.63	7.96	9,071

Schedule of Stock-based Compensation Expense for Equity Classified Instruments

Stock-based compensation expense for equity classified instruments, RSUs, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense, general and administration expense and finance expense as follows:


	Three Months Ended March 31,
	2024		2023

Research and development expense	$	1,925	$	445
General and administrative expense	1,534		1,732

Schedule of Estimated Fair Value of Stock Options Assumptions

The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2024		2023
Dividend yield	0	%	0	%
Expected volatility	65.0	%	67.8	%
Risk-free interest rate	4.01	%	3.82	%
Expected average life of options	6.04 years		6.07 years

The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at March 31, 2024 and 2023 are as follows:


	March 31, 2024		March 31, 2023
Dividend yield	0	%	0	%
Expected volatility	49.1	%	80.6	%
Risk-free interest rate	4.10	%	3.70	%
Expected average option term	0.77 years		1.78 years
Number of liability classified stock options outstanding	369,096		563,403

Commitments and Contingencies (Details) $ in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 1,178		$ 1,878
Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 1,178		$ 1,878
Kairos Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability		$ 8,500
Kairos Acquisition \| First Phase 2 Trial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability		2,500
Kairos Acquisition \| First Phase 3 Trial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability		$ 6,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (31,653)	$ (24,353)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Research, Collaboration and Licensing Agreements - Contract Assets and Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities	36,381,000	36,640,000
Deferred revenue (note 9)	$ 3,440,000	$ 3,699,000

Other income (expense), net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other income (expense), net

Other income (expense), net, consists of the following:


	Three Months Ended March 31,
	2024		2023
Foreign exchange gain (loss), net	$	285	$	(456)
Other	19		(31)
	$	304	$	(487)

IPR&D and Goodwill	3 Months Ended
IPR&D and Goodwill	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
IPR&D and Goodwill	IPR&D and Goodwill Acquired IPR&D In-process research and development assets (“IPR&D”) acquired in the 2016 Kairos Therapeutics Inc. (“Kairos”) business combination are classified as indefinite-lived intangible assets and are not currently being amortized. The carrying value of IPR&D, net of impairment, was $17,628 at both March 31, 2024 and December 31, 2023. The Company concluded that there were no impairment indicators related to IPR&D as of March 31, 2024. Goodwill The Company performed its most recent annual impairment test of goodwill as of December 31, 2023. As part of the evaluation of the recoverability of goodwill, the Company identified only one reporting unit to which the total carrying amount of goodwill has been assigned. As at December 31, 2023, the Company performed a qualitative assessment for its annual impairment test of goodwill after concluding that it was not more likely than not that the fair value of the reporting unit was less than its carrying value. Consequently, a quantitative impairment test was not required. The Company concluded that there were no impairment indicators related to goodwill as of March 31, 2024.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41535
Entity Registrant Name	ZYMEWORKS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3099146
Entity Address, Address Line One	108 Patriot Drive, Suite A
Entity Address, City or Town	Middletown
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19709
City Area Code	302
Local Phone Number	274-8744
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ZYME
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,704,890
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001937653
Current Fiscal Year End Date	--12-31

Commitment and Contingencies - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details)	Mar. 31, 2024	Dec. 31, 2023
Weighted assessment of the likelihood of the milestones
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.218	0.335
Weighted average estimated period for achievement of milestones
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average estimated period for achievement of milestones	1 year 7 days	11 months 1 day
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.170	0.170

Cash, Cash Equivalents and Marketable Securities - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 420,493	$ 456,257
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	220,042	256,049
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	182,621	177,082
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	114,814	157,557
Cash and Cash Equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	96,984	134,431
Cash and Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash and Cash Equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	305,679	298,700
Investments \| GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	76,053	75,066
Investments \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	47,005	46,552
Investments \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	182,621	177,082
Investments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	123,058	121,618
Investments \| Level 1 \| GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	76,053	75,066
Investments \| Level 1 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	47,005	46,552
Investments \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	182,621	177,082
Investments \| Level 2 \| GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 2 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	182,621	177,082
Investments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 3 \| GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 3 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments \| Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	17,830	23,126
Money Market Funds \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	36,551	64,247
Money Market Funds \| Cash Equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	36,551	64,247
Money Market Funds \| Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Money Market Funds \| Cash Equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
GICs \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	60,433	70,184
GICs \| Cash Equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	60,433	70,184
GICs \| Cash Equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
GICs \| Cash Equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0