0001937653-26-000034 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Goodwill	3 Months Ended
Goodwill	Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GoodwillThe Company performed its most recent annual impairment test of goodwill as of December 31, 2025. 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, 2025, 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, 2026.

Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

In addition to the significant expense categories included within the consolidated statements of loss and comprehensive loss, the following table sets forth disaggregated research and development expenses:


	Three Months Ended March 31,
	2026	2025

Zanidatamab	623	1,403
ZW171	1,149	2,226
ZW191	3,032	1,706
ZW220	97	2,199
ZW251	1,908	3,951
Expense for other preclinical and research programs	7,264	6,075
Unallocated research and development expenses:
Salaries and benefits and stock based compensation	14,759	12,723
Other research and development expense	5,625	5,455
Total research and development expenses	34,457	35,738

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. 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.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
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, 2025. 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, 2026 and 2025 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, 2025.
Liability related to sale of future royalties	Liability related to sale of future royalties In March 2026, the Company entered into a royalty sale agreement with Royalty Pharma Development Funding, LLC (“Royalty Pharma”), to monetize a portion of the Company’s future Ziihera (zanidatamab‑hrii) royalties. Refer to Note 7, Royalty Revenue Monetization, for further details on the agreement. The Company recorded the upfront payment received from the sale of future royalties as a liability, net of transaction costs. Royalty payments to Royalty Pharma are recorded as a reduction of the liability and the transaction costs are amortized over the estimated life of the related royalty stream. The Company accounts for the associated interest expense under the effective interest rate method, while continuing to recognize the full amount of royalty revenue in the period in which the commercial partner sells the related product and recognizes the related revenue. The liability related to the sale of future royalties, effective interest rate and the related interest expense are calculated using the Company’s current estimate of anticipated future royalty payments under the arrangement, which the Company periodically reassesses based on internal projections and information from its partners who are responsible for commercializing the medicines. If there is a material change in the estimates, the Company will prospectively adjust the liability related to the sale of future royalties, effective interest rate and the related interest expense.
Performance Stock Units	Performance Stock Units In 2026, the Company started granting Performance Stock Units (“PSUs”) to certain executives. Under the terms of the PSUs, the number of units earned is based on the Total Shareholder Return (“TSR”) of Zymeworks’ common stock over a period of time. The primary performance metric for the TSR is based on cumulative Absolute Total Shareholder Return (“Absolute TSR”) of the Company’s common stock during a three-year period from January 12, 2026 to January 12, 2029, (“Performance Period”) where TSR begins after the first-year anniversary of the grant date. A secondary performance metric based on Relative Total Shareholder Return (“Relative TSR”) as ranked against the Nasdaq Biotech Index will be triggered if the above three-year performance period lapses with no Absolute TSR performance targets having been met. In addition, the PSU award includes a service condition where the individual must remain employed by the company until the final certification date, which will be within 30 days following the end of the Performance Period. Under the terms of the grants no number of PSUs is guaranteed to vest and the actual number of PSUs that will vest at the end of each performance period may be anywhere from 0% to 200% of the target number depending on the Absolute TSR or Relative TSR. Payout percentages under the Absolute TSR range from 0% to 200%. If no payout has been earned pursuant to the Absolute TSR Criteria during the Performance Period, payout percentages under the Relative TSR will be used which range from 0% to 50%. The PSUs are classified as equity awards and are settled in shares of the Company’s common stock.The fair value of the PSUs are determined using a Monte Carlo model because the performance target is based on the Company's Absolute or Relative TSR, which represents a market condition. The Monte Carlo simulation model is built on certain assumptions, including the Company's stock volatility. The prices at which the Company's common stock will trade in the future cannot be predicted and achievement of market conditions may occur in period different than estimated. Compensation cost is recognized regardless of whether the market‑based performance condition is ultimately achieved and is reversed only for service‑based forfeitures. The grant date fair value of these awards are amortized as stock-based compensation expense over the vesting period.
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, estimates underlying the liability related to the sale of future royalties, including anticipated future royalty payments and the related effective interest rate. 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.
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 (note 5).
Concentration of Credit Risk	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.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting – Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard updates are to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adoption of the standard update on its consolidated financial statements.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Business Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segments

The Company operates and manages its business in a single reportable segment, which is the management of a portfolio of licensed healthcare assets and development of novel multifunctional biotherapeutics (the “biotherapeutics segment”).

The accounting policies of the biotherapeutics segment are the same as those described in the summary of significant accounting policies.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chair of the Board of Directors and Chief Executive Officer. The CODM assesses performance for the biotherapeutics segment and decides how to allocate resources based on the results of our strategic planning, with segment (loss) income being used to monitor performance against the budgeted costs of that strategy. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Segment profit or loss is measured as net loss presented in the consolidated statements of operations and comprehensive loss. For the purpose of evaluating segment performance and allocating resources, the CODM reviews the Company’s consolidated financial information together with certain operating metrics and evaluates net loss against comparable prior periods and the Company’s annual operating plan. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.


	Three Months Ended March 31,
	2026	2025

Zanidatamab	623	1,403
ZW171	1,149	2,226
ZW191	3,032	1,706
ZW220	97	2,199
ZW251	1,908	3,951
Expense for other preclinical and research programs	7,264	6,075
Unallocated research and development expenses:
Salaries and benefits and stock based compensation	14,759	12,723
Other research and development expense	5,625	5,455
Total research and development expenses	34,457	35,738

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Research, Collaboration and Licensing Agreements (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Jazz:
Development support payments	$	392	$	4,493
Drug supply for ongoing studies	345		2,957
Other drug supply	117		2,150
Royalties	1,330		202

BeOne:
Drug supply	—		208
Royalties	224		—

GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”):
Milestone revenue	—		14,000

Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”):
Milestone revenue	—		3,100
	$	2,408	$	27,110

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Repurchase Agreements

The following table presents the Company’s 2024 Repurchase Program activity:


	Total number of shares purchased	Average price paid per share		Approximate value of shares purchased

Year Ended December 31, 2024	2,545,402	$	11.79	$	30,000
Year Ended December 31, 2025	1,856,907	$	16.15	$	29,997

The following table presents the Company’s 2025 Repurchase Program activity for the periods indicated:


	Total number of shares purchased	Average price paid per share		Approximate value of shares purchased

Year Ended December 31, 2025	431,217	$	25.94	$	11,188
Three Months Ended March 31, 2026	3,195,166	$	23.96	$	76,551

Schedule of RSU Activity

The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2025	1,947,584	12.90
Granted	957,100	23.14
Vested and settled	(758,886)	11.30
Forfeited, expired	(159,806)	15.92
Outstanding, March 31, 2026	1,985,992	18.20

Schedule of PSU Activity

The following table summarizes the Company’s PSU activity under the New Plan since December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2025	—	—
Granted	241,000	32.44
Outstanding, March 31, 2026	241,000	32.44

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 ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value ($)
Outstanding, December 31, 2025	572,112	18.17	4.31	6,081
Granted	—	—
Exercised	(65,776)	9.61
Forfeited, expired	(964)	5.68
Outstanding, March 31, 2026	505,372	19.01	4.08	4,614

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, 2025	7,816,277	12.71	7.47	109,157
Granted	1,455,950	23.14
Exercised	(774,167)	10.46
Forfeited	(682,309)	13.12
Outstanding, March 31, 2026	7,815,751	14.84	7.90	82,858

Schedule of Stock-Based Compensation Expense for Equity Classified Instruments

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


	Three Months Ended March 31,
	2026		2025

Research and development expense	$	3,793	$	3,161
General and administrative expense	3,030		3,113

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,
	2026		2025
Dividend yield	0	%	0	%
Expected volatility	63.1	%	63.1	%
Risk-free interest rate	3.83	%	4.58	%
Expected average life of options	6.02 years		6.06 years

The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025
Dividend yield	0	%	0	%
Expected volatility	56.6	%	47.0	%
Risk-free interest rate	2.80	%	2.30	%
Expected average option term	0.79 years		0.63 years
Number of liability classified stock options outstanding	64,402		272,330

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	73,102,689	74,638,413
Common shares outstanding (in shares)	73,102,689	74,638,413
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)	550,884	553,184
Exchangeable stock, shares outstanding (in shares)	550,884	553,184

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating lease liabilities:
Current portion	$ 3,279	$ 3,471
Long-term portion	13,763	14,796
Total operating lease liabilities	$ 17,042	$ 18,267
Weighted average remaining lease term:
Operating leases	5 years 1 month 6 days	5 years 2 months 12 days
United States of America, Dollars
Weighted average discount rate:
Discount rate	5.90%	5.90%
Canada, Dollars
Weighted average discount rate:
Discount rate	4.80%	4.80%

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
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, 2025. 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, 2026 and 2025 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, 2025. Liability related to sale of future royalties In March 2026, the Company entered into a royalty sale agreement with Royalty Pharma Development Funding, LLC (“Royalty Pharma”), to monetize a portion of the Company’s future Ziihera (zanidatamab‑hrii) royalties. Refer to Note 7, Royalty Revenue Monetization, for further details on the agreement. The Company recorded the upfront payment received from the sale of future royalties as a liability, net of transaction costs. Royalty payments to Royalty Pharma are recorded as a reduction of the liability and the transaction costs are amortized over the estimated life of the related royalty stream. The Company accounts for the associated interest expense under the effective interest rate method, while continuing to recognize the full amount of royalty revenue in the period in which the commercial partner sells the related product and recognizes the related revenue. The liability related to the sale of future royalties, effective interest rate and the related interest expense are calculated using the Company’s current estimate of anticipated future royalty payments under the arrangement, which the Company periodically reassesses based on internal projections and information from its partners who are responsible for commercializing the medicines. If there is a material change in the estimates, the Company will prospectively adjust the liability related to the sale of future royalties, effective interest rate and the related interest expense. Performance Stock Units In 2026, the Company started granting Performance Stock Units (“PSUs”) to certain executives. Under the terms of the PSUs, the number of units earned is based on the Total Shareholder Return (“TSR”) of Zymeworks’ common stock over a period of time. The primary performance metric for the TSR is based on cumulative Absolute Total Shareholder Return (“Absolute TSR”) of the Company’s common stock during a three-year period from January 12, 2026 to January 12, 2029, (“Performance Period”) where TSR begins after the first-year anniversary of the grant date. A secondary performance metric based on Relative Total Shareholder Return (“Relative TSR”) as ranked against the Nasdaq Biotech Index will be triggered if the above three-year performance period lapses with no Absolute TSR performance targets having been met. In addition, the PSU award includes a service condition where the individual must remain employed by the company until the final certification date, which will be within 30 days following the end of the Performance Period. Under the terms of the grants no number of PSUs is guaranteed to vest and the actual number of PSUs that will vest at the end of each performance period may be anywhere from 0% to 200% of the target number depending on the Absolute TSR or Relative TSR. Payout percentages under the Absolute TSR range from 0% to 200%. If no payout has been earned pursuant to the Absolute TSR Criteria during the Performance Period, payout percentages under the Relative TSR will be used which range from 0% to 50%. The PSUs are classified as equity awards and are settled in shares of the Company’s common stock.The fair value of the PSUs are determined using a Monte Carlo model because the performance target is based on the Company's Absolute or Relative TSR, which represents a market condition. The Monte Carlo simulation model is built on certain assumptions, including the Company's stock volatility. The prices at which the Company's common stock will trade in the future cannot be predicted and achievement of market conditions may occur in period different than estimated. Compensation cost is recognized regardless of whether the market‑based performance condition is ultimately achieved and is reversed only for service‑based forfeitures. The grant date fair value of these awards are amortized as stock-based compensation expense over the vesting period. 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, estimates underlying the liability related to the sale of future royalties, including anticipated future royalty payments and the related effective interest rate. 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. 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 (note 5). 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, 2026, the maximum exposure to credit risk for accounts receivable was $4,674, 68% of which was from Jazz (December 31, 2025: 37% of receivables from Jazz) and all accounts receivable are due within the next 12 months. As at March 31, 2026 and December 31, 2025, the Company has recognized nominal amounts of provision for expected credit losses in relation to accounts receivable.

Stockholders' Equity - Schedule of Estimated Fair Value of Stock Options Granted and Weighted-Average Option Pricing Assumptions (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	63.10%	63.10%
Risk-free interest rate	3.83%	4.58%
Expected average life of options	6 years 7 days	6 years 21 days
Liability Classified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	56.60%	47.00%
Risk-free interest rate	2.80%	2.30%
Expected average life of options	9 months 14 days	7 months 17 days
Number of liability classified stock options outstanding (in shares)	64,402	272,330

- 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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-Section 50
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Marketable Securities

The following table summarizes the Company’s marketable securities as of March 31, 2026:


	March 31, 2026
	Amortized Cost		Unrealized Gain		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
Guaranteed investment certificates (“GICs”) and mutual funds	$	22,141	$	—	$	22,141
U.S. Treasury notes	13,021		2		13,023
Corporate debt securities	85,252		29		85,281
	120,414		31		120,445
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	39,052		64		39,116

	39,052		64		39,116

	$	159,466	$	95	$	159,561

The following table summarizes the Company’s marketable securities as of December 31, 2025:


	December 31, 2025
	Amortized Cost		Unrealized Gain		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
GICs and mutual funds	$	21,920	$	—	$	21,920
U.S. Treasury notes	41,263		36		41,299
Corporate debt securities	124,272		149		124,421
	187,455		185		187,640
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	41,388		399		41,787

	41,388		399		41,787

	$	228,843	$	584	$	229,427

Schedule of Cash, Cash Equivalents and Marketable Securities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s cash, cash equivalents and marketable securities 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, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash							$	65,866							$	8,968
Cash equivalents:
Money market funds and mutual funds	$	178,416	$	—	$	—	$	178,416	$	32,189	$	—	$	—	$	32,189
	$	178,416	$	—	$	—	$	244,282	$	32,189	$	—	$	—	$	41,157

Marketable securities:
GICs and mutual funds	$	22,141	$	—	$	—	$	22,141	$	21,920	$	—	$	—	$	21,920
U.S. Treasury notes	13,023		—		—		13,023		41,299		—		—		41,299
Corporate debt securities	—		124,397		—		124,397		—		166,208		—		166,208
	$	35,164	$	124,397	$	—	$	159,561	$	63,219	$	166,208	$	—	$	229,427

	$	213,580	$	124,397	$	—	$	403,843	$	95,408	$	166,208	$	—	$	270,584

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 244,282	$ 41,157
Short-term marketable securities	120,445	187,640
Accounts receivable	4,674	4,638
Prepaid expenses and other current assets	16,279	15,332
Total current assets	385,680	248,767
Long-term marketable securities	39,116	41,787
Long-term prepaids and other assets	6,652	6,674
Deferred tax asset	4,707	4,707
Property and equipment, net	14,854	15,502
Operating lease right-of-use assets	14,016	15,724
Intangible assets, net	1,174	1,350
Goodwill	12,016	12,016
Total assets	478,215	346,527
Current liabilities:
Accounts payable and accrued liabilities	30,226	36,346
Income tax payable	66	83
Current portion of operating lease liability	3,279	3,471
Deferred revenue	2,078	2,418
Total current liabilities	35,649	42,318
Long-term portion of operating lease liability	13,763	14,796
Deferred revenue	14,606	14,606
Liability related to sale of future royalties	246,503	0
Other long-term liabilities	278	278
Deferred tax liability	3,827	6,028
Total liabilities	314,626	78,026
Stockholders’ equity:
Common stock, $0.00001 par value; 900,000,000 authorized shares at March 31, 2026 and December 31, 2025, respectively; 73,102,689 and 74,638,413 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1,128,553	1,105,176
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, 2026 and December 31, 2025	0	0
Exchangeable shares, no par value, 550,884 and 553,184 issued and outstanding shares at March 31, 2026 and December 31, 2025, respectively	7,905	7,938
Additional paid-in capital	107,530	114,626
Accumulated other comprehensive loss	(6,565)	(6,079)
Accumulated deficit	(1,073,834)	(953,160)
Total stockholders’ equity	163,589	268,501
Total liabilities and stockholders’ equity	$ 478,215	$ 346,527

Condensed Consolidated Statements of Loss and Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Unrealized income (loss) on available for sale securities, tax	$ 0	$ 0

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,023,061
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001937653
Current Fiscal Year End Date	--12-31

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2026
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 global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, including cancer, inflammation, and autoimmune disease. 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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (44,162)	$ (22,636)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	963	981
Amortization of intangible assets	176	1,617
Stock-based compensation expense	6,935	6,402
Amortization of operating lease right-of-use assets	1,708	707
Amortization of debt issuance costs	26	0
Non-cash interest expense related to sale of royalties	2,040	0
Deferred income tax recovery	(2,200)	(410)
Unrealized foreign exchange gain	(331)	(32)
Changes in operating assets and liabilities:
Accounts receivable	(36)	31,219
Prepaid expenses and other current assets	(1,726)	2,872
Accounts payable and accrued liabilities	(7,750)	(21,219)
Operating lease liabilities	(1,005)	(814)
Deferred revenue	(340)	(2,093)
Income taxes payable	(16)	(1)
Net cash provided used in operating activities	(45,718)	(3,407)
Cash flows from investing activities:
Purchases of marketable securities	0	(34,032)
Proceeds from marketable securities	70,175	46,552
Acquisition of property and equipment	(216)	(16)
Acquisition of intangible assets	0	(322)
Net cash provided by investing activities	69,959	12,182
Cash flows from financing activities:
Issuance of common stock on exercise of stock options	8,717	772
Issuance of common stock through employee stock purchase plan	607	544
Purchases of common stock for retirement	(76,151)	0
Proceeds From Sale of Future Royalties	250,000	0
Payments for Transaction Costs Related to Sale of Future Royalties	4,387	0
Net cash provided by financing activities	178,786	1,316
Effect of exchange rate changes on cash and cash equivalents	98	10
Net change in cash and cash equivalents	203,125	10,101
Cash and cash equivalents, beginning of period	41,157	66,103
Cash and cash equivalents, end of period	244,282	76,204
Supplemental cash flow information:
Net cash paid during the period for income taxes	245	387
Supplemental disclosure of non-cash investing and financing items:
Leased assets obtained in exchange for operating lease liabilities	0	765
Issuance costs related to sale of future royalties not yet paid	1,176	0
Acquisition of property and equipment and intangible assets not yet paid	$ 100	$ 81

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable	$ 4,674	$ 4,638
Johnson & Johnson Innovative Medicine \| Accounts Receivable \| Credit Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	68.00%
Jazz: \| Accounts Receivable \| Credit Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		37.00%
Performance Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Performance period	3 years
Service condition period	30 days
Performance Shares \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Award vesting rights, percentage	0.00%
Absolute total shareholder return percentage	0.00%
Relative total shareholder return percentage	0.00%
Performance Shares \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Award vesting rights, percentage	200.00%
Absolute total shareholder return percentage	200.00%
Relative total shareholder return percentage	50.00%

Leases - Narrative (Details) $ in Thousands	3 Months Ended
Leases - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) renewalOption	Mar. 31, 2025 USD ($)
Lessor, Lease, Description [Line Items]
Cash paid for measurement of operating lease liabilities	$ 1,089	$ 1,048
Amortization right of use asset	$ 766
British Columbia \| Building
Lessor, Lease, Description [Line Items]
Number of renewal options \| renewalOption	2
Renewal term	5 years

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share

Net loss per share for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss attributable to common stockholders:
Basic	$	(44,162)	$	(22,636)
Adjustment for change in fair value of liability classified stock options	(60)		(177)
Diluted	$	(44,222)	$	(22,813)

Denominator:
Weighted-average common stock outstanding:
Basic	74,668,790		75,171,020
Adjustment for dilutive effect of liability classified stock options	25,972		55,367
Diluted	74,694,762		75,226,387

Net loss per common share – basic	$	(0.59)	$	(0.30)
Net loss per common share – diluted	$	(0.59)	$	(0.30)

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

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.

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. 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”).

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 holders of the Exchangeable Shares.

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, 2026, there were 550,884 Exchangeable Shares held by former Zymeworks BC shareholders (December 31, 2025: 553,184). 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 and are treated as such in calculation of basic net loss per share.

2024 Repurchase Program

On August 1, 2024, the board of directors of the Company authorized a stock repurchase program (the “2024 Repurchase Program”), whereby the Company may repurchase up to $60,000 of the Company’s outstanding common stock, par value $0.00001 per share.

During the year ended December 31, 2024, the Company repurchased 2,545,402 shares of its common stock for a cost of $30,000, and incurred commission expense of $51, under the 2024 Repurchase Program, which have been recorded against accumulated deficit. The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of $152. During the year ended December 31, 2024, the Company retired all 2,545,402 shares repurchased. These shares were returned to the status of authorized and unissued shares. During the year ended December 31, 2025, the Company completed the 2024 Repurchase Program by repurchasing 1,856,907 shares of its common stock for a cost of $29,997 and incurred commission expense of $37, which have been recorded against accumulated deficit. Excise tax was estimated as nil. The Company retired all 1,856,907 shares repurchased. These shares were returned to the status of authorized and unissued shares.

The following table presents the Company’s 2024 Repurchase Program activity:


	Total number of shares purchased	Average price paid per share		Approximate value of shares purchased

Year Ended December 31, 2024	2,545,402	$	11.79	$	30,000
Year Ended December 31, 2025	1,856,907	$	16.15	$	29,997

2025 Repurchase Program

On November 16, 2025, the board of directors of the Company authorized a new stock repurchase program (the “2025 Repurchase Program”), whereby the Company may repurchase up to $125,000 of the Company’s outstanding common stock, par value $0.00001 per share.

During the year ended December 31, 2025, the Company repurchased 431,217 shares of its common stock for a cost of $11,188, incurred an obligation to purchase common stock for a cost of $464 which had not been settled by December 31, 2025, and incurred commission expense of $9, under the 2025 Repurchase Program, which have been recorded against accumulated deficit. Excise tax was estimated as nil. The Company retired all 431,217 shares repurchased. These shares were returned to the status of authorized and unissued shares.

During the three months ended March 31, 2026, the Company repurchased 3,195,166 shares of its common stock for a cost of $76,551, and incurred commission expense of $64, under the 2025 Repurchase Program, which have been recorded against accumulated deficit. Excise tax was estimated as $361. The Company retired all 3,195,166 shares repurchased. These shares were returned to the status of authorized and unissued shares

The following table presents the Company’s 2025 Repurchase Program activity for the periods indicated:


	Total number of shares purchased	Average price paid per share		Approximate value of shares purchased

Year Ended December 31, 2025	431,217	$	25.94	$	11,188
Three Months Ended March 31, 2026	3,195,166	$	23.96	$	76,551

Stock-Based Compensation

In connection with Redomicile Transactions in 2022, Zymeworks BC assigned to the Company, and the Company assumed, all of Zymeworks BC’s rights and obligations under each of the stock-based compensation plans, as described below, and such plans became the Company’s stock-based compensation plans, with each outstanding award assumed by the Company and deemed exchanged for equivalent awards of the Company, except that the security issuable upon exercise or settlement, as applicable, will be shares of common stock of the Company rather than common shares of Zymeworks BC.

Original Stock Option Plan

On July 14, 2006, the shareholders of the Company approved an employee stock option plan (the “Original Plan”). The total number of options outstanding is not to exceed 20% of the issued common shares of the Company. Options granted under the Original Plan are exercisable at various dates over their 10-year life. The exercise prices of the Company’s stock options under the Original Plan are denominated in Canadian dollars. Upon the effectiveness of the Company’s New Plan described below, no further options were issuable under the Original Plan. However, all outstanding options granted under the Original Plan remain outstanding, subject to the terms of the Original Plan and the applicable grant documents, until such outstanding options are exercised or they terminate or expire by their terms.

New Plan and Inducement Plan

On April 10, 2017, the Company’s shareholders approved a new stock option plan, which became effective immediately prior to the consummation of the Company’s initial public offering (“IPO”). This plan allows for the grant of options and also permitted the Company to grant incentive stock options (“ISOs”), within the meaning of Section 422 of the Internal Revenue Code, to its employees, until the shares reserved for issuance of ISOs were depleted. On June 7, 2018, the Company’s shareholders approved an amendment and restatement of this plan (this plan, as amended and restated, the “New Plan”), which includes an article that allows the Company to grant restricted shares, RSU, PSU and other share-based awards, in addition to stock options. As of March 31, 2026, 5,965,874 shares of common stock were available for future award grants under the New Plan (December 31, 2025: 5,023,809 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. On July 19, 2024, the board of directors approved an amendment and restatement of the Inducement Plan, which increased the number of shares of the Company’s common stock available for future issuance pursuant to equity awards granted under the Inducement Plan by 700,000 shares. As a result of this increase, a total of 1,450,000 shares will have been available for issuance pursuant to equity awards granted under the Inducement Plan since the inception of the Inducement Plan in January 2022. As of March 31, 2026, 622,500 shares of common stock were available for future award grants under this plan (December 31, 2025: 390,000).

RSUs

The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2025	1,947,584	12.90
Granted	957,100	23.14
Vested and settled	(758,886)	11.30
Forfeited, expired	(159,806)	15.92
Outstanding, March 31, 2026	1,985,992	18.20

As of March 31, 2026, there was $15,510 of unamortized RSU expense that will be recognized over a weighted average period of 1.79 years.

PSUs

The following table summarizes the Company’s PSU activity under the New Plan since December 31, 2025:


	Number of RSUs	Weighted- average grant date fair value ($)
Outstanding, December 31, 2025	—	—
Granted	241,000	32.44
Outstanding, March 31, 2026	241,000	32.44

As of March 31, 2026, there was $7,254 of unamortized PSU expense that will be recognized over a weighted average period of 2.79 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 ($)	Weighted- Average Contractual Term (years)	Aggregate intrinsic value ($)
Outstanding, December 31, 2025	572,112	18.17	4.31	6,081
Granted	—	—
Exercised	(65,776)	9.61
Forfeited, expired	(964)	5.68
Outstanding, March 31, 2026	505,372	19.01	4.08	4,614

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, 2025	7,816,277	12.71	7.47	109,157
Granted	1,455,950	23.14
Exercised	(774,167)	10.46
Forfeited	(682,309)	13.12
Outstanding, March 31, 2026	7,815,751	14.84	7.90	82,858

During the three months ended March 31, 2026, the Company received cash proceeds of $8,717 from stock options exercised.

The stock options outstanding at March 31, 2026 expire at various dates from November 9, 2026 to February 9, 2036.

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, PSUs as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense and general and administration expense as follows:


	Three Months Ended March 31,
	2026		2025

Research and development expense	$	3,793	$	3,161
General and administrative expense	3,030		3,113

The amounts above include stock-based compensation expense relating to RSUs and PSUs of $3,696 for the three months ended March 31, 2026 (2025: $2,280).

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,
	2026		2025
Dividend yield	0	%	0	%
Expected volatility	63.1	%	63.1	%
Risk-free interest rate	3.83	%	4.58	%
Expected average life of options	6.02 years		6.06 years

The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025
Dividend yield	0	%	0	%
Expected volatility	56.6	%	47.0	%
Risk-free interest rate	2.80	%	2.30	%
Expected average option term	0.79 years		0.63 years
Number of liability classified stock options outstanding	64,402		272,330

At March 31, 2026, the unamortized compensation expense related to unvested options was $20,091. The remaining unamortized compensation expense as of March 31, 2026 will be recognized over a weighted-average period of 1.85 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: 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 3: 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 4: 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 5: 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/1943274/2147477968/946-235-50-2

Reference 6: 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/1943274/2147477968/946-235-50-2

Reference 7: 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/1943274/2147478448/946-505-50-6

Reference 8: 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 9: 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 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating leases
Within 1 year	$ 4,204
1 to 2 years	3,835
2 to 3 years	3,611
3 to 4 years	2,859
4 to 5 years	2,664
Thereafter	2,220
Total operating lease payments	19,393
Imputed interest	(2,351)
Operating lease liabilities	$ 17,042	$ 18,267

Research, Collaboration and Licensing Agreements - Schedule of Revenue Recognized from Strategic Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 2,408	$ 27,110
Jazz: \| Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	392	4,493
Jazz: \| Drug supply for ongoing studies
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	345	2,957
Jazz: \| Other drug supply
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	117	2,150
Jazz: \| Royalties
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1,330	202
BeOne: \| Other drug supply
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	0	208
BeOne: \| Royalties
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	224	0
GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”): \| Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	0	14,000
Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”): \| Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 0	$ 3,100

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss attributable to common stockholders:
Basic	$ (44,162)	$ (22,636)
Adjustment for change in fair value of liability classified stock options	(60)	(177)
Diluted	$ (44,222)	$ (22,813)
Weighted-average common stock outstanding:
Basic (in shares)	74,668,790	75,171,020
Adjustment for dilutive effect of liability classified stock options (in shares)	25,972	55,367
Diluted (in shares)	74,694,762	75,226,387
Net loss per common share – basic (in dollars per share)	$ (0.59)	$ (0.30)
Net loss per common share – diluted (in dollars per share)	$ (0.59)	$ (0.30)

Stockholders' Equity - Schedule of RSU and PSU Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Share Units (RSUs)
Number of RSUs
Outstanding, at beginning of period (in shares) \| shares	1,947,584
Granted (in shares) \| shares	957,100
Vested and settled (in shares) \| shares	(758,886)
Forfeited, expired (in shares) \| shares	(159,806)
Outstanding, at end of period (in shares) \| shares	1,985,992
Weighted- average grant date fair value ($)
Outstanding, at beginning of period (in dollars per shares) \| $ / shares	$ 12.90
Granted (in dollars per share) \| $ / shares	23.14
Vested and settled (in dollars per share) \| $ / shares	11.30
Forfeited, expired (in dollars per share) \| $ / shares	15.92
Outstanding, end of period (in dollars per shares) \| $ / shares	$ 18.20
Performance Shares
Number of RSUs
Outstanding, at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	241,000
Outstanding, at end of period (in shares) \| shares	241,000
Weighted- average grant date fair value ($)
Outstanding, at beginning of period (in dollars per shares) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	32.44
Outstanding, end of period (in dollars per shares) \| $ / shares	$ 32.44

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Contractual maturity of one year or less:
Debt securities, amortized cost	$ 120,414	$ 187,455
Debt securities, unrealized gain	31	185
Debt securities, fair value	120,445	187,640
Contractual maturity of one to three years:
Investments, cost	39,052	41,388
Unrealized Gain	64	399
Investments, fair value	39,116	41,787
Debt securities, available-for-sale, amortized cost, excluding accrued interest, before allowance for credit loss	159,466	228,843
Debt securities, unrealized gain	95	584
Debt securities, available-for-sale, excluding accrued interest	159,561	229,427
Guaranteed investment certificates (“GICs”) and mutual funds
Contractual maturity of one year or less:
Debt securities, amortized cost	22,141	21,920
Debt securities, unrealized gain		0
Debt securities, fair value	22,141	21,920
Contractual maturity of one to three years:
Debt securities, available-for-sale, excluding accrued interest	22,141	21,920
U.S. Treasury notes
Contractual maturity of one year or less:
Debt securities, amortized cost	13,021	41,263
Debt securities, unrealized gain	2	36
Debt securities, fair value	13,023	41,299
Contractual maturity of one to three years:
Debt securities, available-for-sale, excluding accrued interest	13,023	41,299
Corporate debt securities
Contractual maturity of one year or less:
Debt securities, amortized cost	85,252	124,272
Debt securities, unrealized gain	29	149
Debt securities, fair value	85,281	124,421
Contractual maturity of one to three years:
Debt securities, amortized cost	39,052	41,388
Debt securities, unrealized gain	64	399
Debt securities, fair value	39,116	41,787
Debt securities, available-for-sale, excluding accrued interest	$ 124,397	$ 166,208

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, 2024		1	570,637	68,964,319
Beginning balance at Dec. 31, 2024	$ 338,768	$ 0	$ 8,188	$ 1,015,618	$ (830,335)	$ (6,952)	$ 152,249
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				84,863
Issuance of common stock on exercise of options	771			$ 1,208			(437)
Issuance of common stock through employee stock purchase plan (in shares)				74,274
Issuance of common stock through employee stock purchase plan	724			$ 724
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				460,620
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 4,390			(4,390)
Issuance of common stock for retracted exchangeable shares (in shares)			735	735
Issuance of common stock for retracted exchangeable shares	0		$ (10)	$ 10
Stock-based compensation	6,794						6,794
Net loss	(22,636)				(22,636)
Other comprehensive loss	546					546
Ending balance (in shares) at Mar. 31, 2025		1	569,902	69,584,811
Ending balance at Mar. 31, 2025	324,967	$ 0	$ 8,178	$ 1,021,950	(852,971)	(6,406)	154,216
Beginning balance (in shares) at Dec. 31, 2025		1	553,184	74,638,413
Beginning balance at Dec. 31, 2025	268,501	$ 0	$ 7,938	$ 1,105,176	(953,160)	(6,079)	114,626
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				839,943
Issuance of common stock on exercise of options	8,717			$ 14,117			(5,400)
Issuance of common stock through employee stock purchase plan (in shares)				58,313
Issuance of common stock through employee stock purchase plan	649			$ 649
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				758,886
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 8,578			(8,578)
Issuance of common stock for retracted exchangeable shares (in shares)			2,300	2,300
Issuance of common stock for retracted exchangeable shares	0		$ (33)	$ 33
Stock-based compensation	6,882						6,882
Purchase and retirement of common stock (in shares)				(3,195,166)
Purchase and retirement of common stock	(76,151)				(76,151)
Excise tax on purchase of common stock	(361)				(361)
Net loss	(44,162)				(44,162)
Other comprehensive loss	(486)					(486)
Ending balance (in shares) at Mar. 31, 2026		1	550,884	73,102,689
Ending balance at Mar. 31, 2026	$ 163,589	$ 0	$ 7,905	$ 1,128,553	$ (1,073,834)	$ (6,565)	$ 107,530

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Net loss per share for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss attributable to common stockholders:
Basic	$	(44,162)	$	(22,636)
Adjustment for change in fair value of liability classified stock options	(60)		(177)
Diluted	$	(44,222)	$	(22,813)

Denominator:
Weighted-average common stock outstanding:
Basic	74,668,790		75,171,020
Adjustment for dilutive effect of liability classified stock options	25,972		55,367
Diluted	74,694,762		75,226,387

Net loss per common share – basic	$	(0.59)	$	(0.30)
Net loss per common share – diluted	$	(0.59)	$	(0.30)

Weighted average number of shares of common stock used in the basic and diluted earnings per share calculations include (i) Exchangeable Shares for all the periods presented and (ii) for the three months ended March 31, 2025, the pre-funded warrants issued in connection with the Company’s December 2023 private placement as the warrants were exercisable at any time for nominal cash consideration until their exercise on June 25, 2025 (note 8). The Company’s potentially dilutive securities, which include stock options and RSUs and PSUs, have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2026 and 2025.

Research, Collaboration and Licensing Agreements

3 Months Ended

Mar. 31, 2026

License Agreements Research Collaborations And Development Agreements [Abstract]

Research, Collaboration and Licensing Agreements


	Three Months Ended March 31,
	2026		2025
Jazz:
Development support payments	$	392	$	4,493
Drug supply for ongoing studies	345		2,957
Other drug supply	117		2,150
Royalties	1,330		202

BeOne:
Drug supply	—		208
Royalties	224		—

GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”):
Milestone revenue	—		14,000

Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”):
Milestone revenue	—		3,100
	$	2,408	$	27,110

Since December 31, 2025, 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, 2026, contract assets from research, collaboration and licensing agreements were $1,554 (December 31, 2025: $2,752). As at March 31, 2026, short-term and long-term contract liabilities were $2,078 and $14,606, respectively (December 31, 2025: $2,418 and $14,606, respectively). Contract liabilities relate to deferred revenue from the BeOne and Jazz agreements.

Leases - Schedule of Cost Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease expense	$ 1,767	$ 776
Variable lease expense	551	616
Operating lease expense	$ 2,318	$ 1,392

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Balance Sheet Classification of Lease Liabilities

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


	March 31, 2026			December 31, 2025
Operating lease liabilities:
Current portion	$	3,279		$	3,471
Long-term portion	13,763			14,796
Total operating lease liabilities	17,042			$	18,267

Weighted average remaining lease term:
Operating leases	5.1 years			5.2 years
Weighted average discount rate:
Operating leases in U.S. dollars	5.9		%	5.9		%
Operating leases in Canadian dollars	4.8		%	4.8		%

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2026, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	4,204
1 to 2 years	3,835
2 to 3 years	3,611
3 to 4 years	2,859
4 to 5 years	2,664
Thereafter	2,220
Total operating lease payments	19,393
Less:
Imputed interest	(2,351)
Operating lease liabilities	$	17,042

Schedule of Cost Components of Operating Leases

The cost components of the operating leases were as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Lease expenses:
Operating lease expense	$	1,767	$	776
Variable lease expense	551		616
	$	2,318	$	1,392

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Research and development collaborations	$ 2,408	$ 27,110
Operating expenses:
Research and development	34,457	35,738
General and administrative	15,069	16,985
Total operating expenses	49,526	52,723
Loss from operations	(47,118)	(25,613)
Other income:
Interest income	2,711	3,424
Interest expense related to sale of future royalties	(2,066)	0
Other income, net	120	49
Total other income, net	765	3,473
Loss before income taxes	(46,353)	(22,140)
Income tax recovery (expense)	2,191	(496)
Net loss	(44,162)	(22,636)
Other comprehensive income:
Unrealized (loss) income on available for sale securities, net of tax of $0	(486)	546
Total other comprehensive (loss) income	(486)	546
Comprehensive loss	$ (44,648)	$ (22,090)
Net loss per common share:
Basic (in dollars per share)	$ (0.59)	$ (0.30)
Diluted (in dollars per share)	$ (0.59)	$ (0.30)
Weighted-average common stock outstanding:
Basic (in shares)	74,668,790	75,171,020
Diluted (in shares)	74,694,762	75,226,387

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents and Marketable Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 244,282	$ 41,157
Marketable securities:	159,561	229,427
Assets, Fair Value Disclosure, Total	403,843	270,584
GICs and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	22,141	21,920
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	13,023	41,299
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	124,397	166,208
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	178,416	32,189
Marketable securities:	35,164	63,219
Assets, Fair Value Disclosure, Total	213,580	95,408
Level 1 \| GICs and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	22,141	21,920
Level 1 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	13,023	41,299
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Marketable securities:	124,397	166,208
Assets, Fair Value Disclosure, Total	124,397	166,208
Level 2 \| GICs and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 2 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	124,397	166,208
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Marketable securities:	0	0
Assets, Fair Value Disclosure, Total	0	0
Level 3 \| GICs and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	65,866	8,968
Money market funds and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	178,416	32,189
Money market funds and mutual funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	178,416	32,189
Money market funds and mutual funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	0	0
Money market funds and mutual funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 0	$ 0

Business Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Expenses [Abstract]
Research and development	$ 34,457	$ 35,738
Reportable Segment
Segment Expenses [Abstract]
Salaries and benefits and stock based compensation	14,759	12,723
Other research and development expense	5,625	5,455
Research and development	34,457	35,738
Reportable Segment \| Zanidatamab
Segment Expenses [Abstract]
Research and development	623	1,403
Reportable Segment \| ZW171
Segment Expenses [Abstract]
Research and development	1,149	2,226
Reportable Segment \| ZW191
Segment Expenses [Abstract]
Research and development	3,032	1,706
Reportable Segment \| ZW220
Segment Expenses [Abstract]
Research and development	97	2,199
Reportable Segment \| ZW251
Segment Expenses [Abstract]
Research and development	1,908	3,951
Reportable Segment \| Expense for other preclinical and research programs
Segment Expenses [Abstract]
Research and development	$ 7,264	$ 6,075

Stockholders' Equity - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Repurchase Program 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)		1,856,907	2,545,402
Average price paid per share (in dollars per share)		$ 16.15	$ 11.79
Approximate value of shares purchased		$ 29,997	$ 30,000
Repurchase Program, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)	3,195,166	431,217
Average price paid per share (in dollars per share)	$ 23.96	$ 25.94
Approximate value of shares purchased	$ 76,551	$ 11,188

- 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

Stockholders' Equity - Schedule of Stock-Based Compensation Expense for Equity Classified Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 3,793	$ 3,161
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 3,030	$ 3,113

- 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

Research, Collaboration and Licensing Agreements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 2,408	$ 27,110
Contract assets	1,554		$ 2,752
Short-term contract liabilities	2,078		2,418
Long-term contract liabilities	14,606		$ 14,606
GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”): \| Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	0	14,000
Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”): \| Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 0	$ 3,100

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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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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+ Details

Royalty Revenue Monetization

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Royalty Revenue Monetization

On March 2, 2026, Zymeworks BC entered into a sale agreement (the “Sale Agreement”) with Zymeworks Royalty Limited Partnership (the “Subsidiary”) a special purpose entity newly formed by Zymeworks BC and by its general partner Zymeworks General Partner ULC (“Zymeworks GP”). Under the Sale Agreement, Zymeworks BC sold to the Subsidiary a 30% interest in future royalties from the license agreements (the “Covered Agreements") with Jazz Pharmaceuticals Ireland Limited and BeOne Medicines Ltd. (“BeOne”) relating to Ziihera (zanidatamab‑hrii), not to exceed 120% of the maximum amount payable (excluding indemnification and other similar obligations) by the Subsidiary under the Loan Agreement (defined below) (such 30% interest, the “Transferred Royalty Interest”).

Following the transfer, the Subsidiary entered into a loan agreement (the “Loan Agreement”) with Royalty Pharma, acting as administrative agent and lender, pursuant to which the Subsidiary borrowed $250,000 in a non‑recourse, secured term loan (the “Loan”). The Loan bears fixed interest and matures on December 31, 2042 (the “Maturity Date”). Under the terms of the Loan Agreement, the amount payable to Royalty Pharma no later than the Maturity Date is approximately $481,300, provided that if the Loan is repaid in full on or before December 31, 2033, the amount payable to the lenders is $412,500, in each case inclusive of all applicable interest, yield protection premiums, early redemption fees, exit fees and other amounts payable under the Loan Agreement (excluding indemnification and similar obligations). Amounts repaid may not be reborrowed.

The Loan Agreement is fully non‑recourse to Zymeworks BC and Zymeworks Inc. and is secured solely by the Subsidiary’s assets, including the Transferred Royalty Interest, related rights under the Sale Agreement, and the deposit account used to receive royalty payments.

The Sale Agreement and Loan Agreement contain customary covenants and restrictions, including certain transfers, additional indebtedness, and related matters. In the event of certain defaults, such as termination of either Covered Agreement, specified breaches, or a change of control of the Company, Royalty Pharma may declare all outstanding principal, accrued interest, and applicable fees immediately due and enforce its rights against the collateral securing the loan.

The Company recorded the upfront payment of $250,000 as a liability related to the sale of future royalties, net of transaction costs of $5,563, which are being amortized over the estimated life of the arrangement using the effective interest rate method. The Company recognizes royalty revenue in the period in which the commercial partner sells the related product and recognizes the related revenue. The Company records royalty payments made to Royalty Pharma as a reduction of the liability.

The Company determines the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty payments to Royalty Pharma. As of March 31, 2026, the estimated effective interest rate under the agreement was 10.3%.

The following is a summary of the Company's liability related to sale of future royalties for the three months ended March 31, 2026:


Proceeds from sale of future royalties in March 2026	$	250,000
Issuance costs related to sale of future royalties	(5,563)
Royalty payments to Royalty Pharma	—
Interest expense related to sale of future royalties	2,040
Amortization of issuance costs	$	26
Net Liability related to sale of future royalties as of March 31, 2026	$	246,503

There are numerous factors, most of which are not within our control, that could materially impact the amount and timing of royalty payments from Jazz Pharmaceuticals Ireland Limited and BeOne, and result in changes to our estimate of future royalty payments to Royalty Pharma. Such factors include, but are not limited to, the regulatory approval and commercial sales of Ziihera, competing products or other significant events.

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Royalty Revenue Monetization - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 02, 2026	Mar. 31, 2026	Mar. 31, 2025
Revenue Recognition, Milestone Method [Line Items]
Proceeds from sale of future royalties	$ 250,000	$ 250,000	$ 0
Issuance costs	$ 5,563	$ 5,563
Zymeworks Royalty Limited Partnership
Revenue Recognition, Milestone Method [Line Items]
Future royalty percentage sold	30.00%
Future royalty percentage not to exceed threshold percentage of loan payable	120.00%
Zymeworks Royalty Limited Partnership \| Jazz And BeOne \| License And Collaboration Agreement \| Collaborative Arrangement
Revenue Recognition, Milestone Method [Line Items]
Future royalty percentage sold	30.00%
Royalty Pharma \| Non-Recourse Secured Term Loan \| Secured Debt \| Zymeworks Royalty Limited Partnership
Revenue Recognition, Milestone Method [Line Items]
Face amount	$ 250,000
Interest rate		10.30%
Royalty Pharma \| Non-Recourse Secured Term Loan \| Secured Debt \| Zymeworks Royalty Limited Partnership \| Amount Due If Paid At Maturity
Revenue Recognition, Milestone Method [Line Items]
Long-term debt	481,300
Royalty Pharma \| Non-Recourse Secured Term Loan \| Secured Debt \| Zymeworks Royalty Limited Partnership \| Amount Due If Paid On Or Before December 31, 2033
Revenue Recognition, Milestone Method [Line Items]
Long-term debt	$ 412,500

Stockholders' Equity - Narrative (Details) - USD ($)				3 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Jul. 19, 2024	Oct. 13, 2022	Jul. 14, 2006	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Nov. 16, 2025	Aug. 01, 2024	Oct. 12, 2022	Jan. 05, 2022
Temporary Equity [Line Items]
All classes of stock, shares authorized (in shares)				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		$ 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
Preferred stock, shares issued (in shares)				1		1
Preferred stock, shares outstanding (in shares)				1		1
Common shares issued (in shares)				73,102,689		74,638,413
Common shares outstanding (in shares)				73,102,689		74,638,413
Exchangeable stock, shares outstanding (in shares)				550,884		553,184
Shares granted with respect to maximum fixed amount equal, percentage			20.00%
Options granted under original plan exercisable period				10 years
Number of shares available for grant (in shares)				5,965,874		5,023,809
Proceeds from stock options exercised				$ 8,717,000
Unamortized compensation expense related to unvested options				$ 20,091,000
Remaining unamortized compensation expense, weighted-average period				1 year 10 months 6 days
Inducement Plan
Temporary Equity [Line Items]
Number of shares available for grant (in shares)	1,450,000			622,500		390,000
Number of common shares reserved for issuance (in shares)											750,000
Number of additional shares authorized (in shares)	700,000
Restricted Share Units (RSUs)
Temporary Equity [Line Items]
Nonvested award, cost not yet recognized, amount				$ 15,510,000
Nonvested award, cost not yet recognized, period for recognition				1 year 9 months 14 days
Compensation charge				$ 3,696,000	$ 2,280,000
Performance Shares
Temporary Equity [Line Items]
Nonvested award, cost not yet recognized, amount				$ 7,254,000
Nonvested award, cost not yet recognized, period for recognition				2 years 9 months 14 days
Repurchase Program 2024
Temporary Equity [Line Items]
Share repurchase program, authorized amount									$ 60,000,000
Treasury stock repurchased (in shares)						1,856,907	2,545,402
Treasury stock repurchased value						$ 29,997,000	$ 30,000,000
Commission expense on share repurchases						37,000	51,000
Excise tax						$ 0	$ 152,000
Retirement of treasury stock ( in shares)						1,856,907	2,545,402
Repurchase Program, 2025
Temporary Equity [Line Items]
Share repurchase program, authorized amount								$ 125,000,000
Treasury stock repurchased (in shares)				3,195,166		431,217
Treasury stock repurchased value				$ 76,551,000		$ 11,188,000
Commission expense on share repurchases				64,000		9,000
Excise tax				$ 361,000		$ 0
Retirement of treasury stock ( in shares)				3,195,166		431,217
Treasury stock payable						$ 464,000
Common stock
Temporary Equity [Line Items]
Redomicile transaction, number of shares issued (in shares)		60,274,854
Exchangeable shares
Temporary Equity [Line Items]
Temporary equity, stock issued during period, shares, new issues (in shares)		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

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

The lease for the Company’s office and laboratory spaces in Vancouver, British Columbia, 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, Washington and in Redwood City, California with lease terms expiring between August 2027 and July 2029. 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. The Company ceased its use of its office space in Redwood City, as of March 31, 2026 and fully amortized the right-of-use asset of this lease as of March 31, 2026.

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, 2026			December 31, 2025
Operating lease liabilities:
Current portion	$	3,279		$	3,471
Long-term portion	13,763			14,796
Total operating lease liabilities	17,042			$	18,267

Weighted average remaining lease term:
Operating leases	5.1 years			5.2 years
Weighted average discount rate:
Operating leases in U.S. dollars	5.9		%	5.9		%
Operating leases in Canadian dollars	4.8		%	4.8		%

Cash paid for amounts included in the measurement of operating lease liabilities for fixed payments for the three months ended March 31, 2026 was $1,089 (2025: $1,048), and were included in net cash used in operating activities in the consolidated statement of cash flows.

As of March 31, 2026, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	4,204
1 to 2 years	3,835
2 to 3 years	3,611
3 to 4 years	2,859
4 to 5 years	2,664
Thereafter	2,220
Total operating lease payments	19,393
Less:
Imputed interest	(2,351)
Operating lease liabilities	$	17,042

The cost components of the operating leases were as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Lease expenses:
Operating lease expense	$	1,767	$	776
Variable lease expense	551		616
	$	2,318	$	1,392

The expense for the three months ended March 31, 2026 includes $766 of accelerated amortization for the right-of-use asset of the Company's office space in Redwood City.

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, 2026			December 31, 2025
Operating lease liabilities:
Current portion	$	3,279		$	3,471
Long-term portion	13,763			14,796
Total operating lease liabilities	17,042			$	18,267

Weighted average remaining lease term:
Operating leases	5.1 years			5.2 years
Weighted average discount rate:
Operating leases in U.S. dollars	5.9		%	5.9		%
Operating leases in Canadian dollars	4.8		%	4.8		%

As of March 31, 2026, the maturities of the Company’s operating lease liabilities were as follows:


	Operating leases

Within 1 year	$	4,204
1 to 2 years	3,835
2 to 3 years	3,611
3 to 4 years	2,859
4 to 5 years	2,664
Thereafter	2,220
Total operating lease payments	19,393
Less:
Imputed interest	(2,351)
Operating lease liabilities	$	17,042

The cost components of the operating leases were as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Lease expenses:
Operating lease expense	$	1,767	$	776
Variable lease expense	551		616
	$	2,318	$	1,392

The expense for the three months ended March 31, 2026 includes $766 of accelerated amortization for the right-of-use asset of the Company's office space in Redwood City.

Royalty Revenue Monetization - Schedule of Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 02, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from sale of future royalties	$ 250,000	$ 250,000	$ 0
Issuance costs related to sale of future royalties	$ (5,563)	(5,563)
Royalty payments to Royalty Pharma		0
Interest expense related to sale of future royalties		2,040
Amortization of issuance costs		26
Liability related to sale of future royalties		$ 246,503		$ 0

Stockholders' Equity - Schedule of Stock Options Granted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Canadian Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	572,112
Granted (in shares)	0
Exercised (in shares)	(65,776)
Forfeited, expired (in shares)	(964)
Ending balance (in shares)	505,372	572,112
Weighted- Average Exercise Price ($)
Beginning balance (in dollars per share)	$ 18.17
Granted (in dollars per share)	0
Exercised (in dollars per share)	9.61
Forfeited, expired (in dollars per share)	5.68
Ending balance (in dollars per share)	$ 19.01	$ 18.17
Weighted- Average Contractual Term (years)	4 years 29 days	4 years 3 months 21 days
Aggregate intrinsic value outstanding	$ 4,614	$ 6,081
U.S Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	7,816,277
Granted (in shares)	1,455,950
Exercised (in shares)	(774,167)
Forfeited, expired (in shares)	(682,309)
Ending balance (in shares)	7,815,751	7,816,277
Weighted- Average Exercise Price ($)
Beginning balance (in dollars per share)	$ 12.71
Granted (in dollars per share)	23.14
Exercised (in dollars per share)	10.46
Forfeited, expired (in dollars per share)	13.12
Ending balance (in dollars per share)	$ 14.84	$ 12.71
Weighted- Average Contractual Term (years)	7 years 10 months 24 days	7 years 5 months 19 days
Aggregate intrinsic value outstanding	$ 82,858	$ 109,157

Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Cash, Cash Equivalents and Marketable Securities

The following table summarizes the Company’s marketable securities as of March 31, 2026:


	March 31, 2026
	Amortized Cost		Unrealized Gain		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
Guaranteed investment certificates (“GICs”) and mutual funds	$	22,141	$	—	$	22,141
U.S. Treasury notes	13,021		2		13,023
Corporate debt securities	85,252		29		85,281
	120,414		31		120,445
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	39,052		64		39,116

	39,052		64		39,116

	$	159,466	$	95	$	159,561

The following table summarizes the Company’s marketable securities as of December 31, 2025:


	December 31, 2025
	Amortized Cost		Unrealized Gain		Fair Value
Short-term marketable securities:
Contractual maturity of one year or less:
GICs and mutual funds	$	21,920	$	—	$	21,920
U.S. Treasury notes	41,263		36		41,299
Corporate debt securities	124,272		149		124,421
	187,455		185		187,640
Long-term marketable securities:
Contractual maturity of one to three years:
Corporate debt securities	41,388		399		41,787

	41,388		399		41,787

	$	228,843	$	584	$	229,427

The unrealized losses on the Company’s available-for-sale securities as of March 31, 2026 and December 31, 2025 were not material and were caused by fluctuations in market values and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2026 and December 31, 2025 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. There was no material realized gain or loss on available-for-sale securities in the periods presented.


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash							$	65,866							$	8,968
Cash equivalents:
Money market funds and mutual funds	$	178,416	$	—	$	—	$	178,416	$	32,189	$	—	$	—	$	32,189
	$	178,416	$	—	$	—	$	244,282	$	32,189	$	—	$	—	$	41,157

Marketable securities:
GICs and mutual funds	$	22,141	$	—	$	—	$	22,141	$	21,920	$	—	$	—	$	21,920
U.S. Treasury notes	13,023		—		—		13,023		41,299		—		—		41,299
Corporate debt securities	—		124,397		—		124,397		—		166,208		—		166,208
	$	35,164	$	124,397	$	—	$	159,561	$	63,219	$	166,208	$	—	$	229,427

	$	213,580	$	124,397	$	—	$	403,843	$	95,408	$	166,208	$	—	$	270,584

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting – Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard updates are to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adoption of the standard update on its consolidated financial statements.

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 17
-Subparagraph (d)(1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)(4)
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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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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Goodwill (Details)	3 Months Ended	12 Months Ended
Goodwill (Details)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 unit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| unit		1
Goodwill impairment loss \| $	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Royalty Revenue Monetization (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Liability Related to Sale of Future Royalties

The following is a summary of the Company's liability related to sale of future royalties for the three months ended March 31, 2026:


Proceeds from sale of future royalties in March 2026	$	250,000
Issuance costs related to sale of future royalties	(5,563)
Royalty payments to Royalty Pharma	—
Interest expense related to sale of future royalties	2,040
Amortization of issuance costs	$	26
Net Liability related to sale of future royalties as of March 31, 2026	$	246,503