Zymeworks Inc. 8-K

What Happened
Zymeworks Inc. announced preliminary, unaudited cash resources of approximately $270.6 million as of December 31, 2025 and provided operational/cash runway guidance stating the company believes it can fund planned operations beyond 2028 — assuming full execution of a $125.0 million share repurchase plan and receipt of $440.0 million in anticipated regulatory milestone payments tied to potential approvals of Ziihera in the U.S., Europe, Japan and China. The cash estimate is based on management’s initial analysis for the quarter and year ended December 31, 2025 and remains subject to internal review and external audit.

The filing also discloses several management changes: Brian Cherry was appointed a Class II director effective January 12, 2026 (to receive standard non-employee director awards of a 23,000-share option and 15,400 RSUs); Leone Patterson was terminated as Executive VP, Chief Business Officer and Chief Financial Officer effective January 9, 2026 (remaining employed through January 31, 2026 and eligible for termination benefits under her employment agreement); Kenneth Galbraith (Chair, President and CEO) was named interim Chief Financial Officer effective January 9, 2026 while the company searches for a successor; and Mark Hollywood was appointed Executive VP & Chief Operating Officer effective January 9, 2026 with a base salary increase to $525,000 (retroactive to Jan 1, 2026), bonus eligibility up to 45%, and equity awards (70,000 options, 47,000 RSUs, 33,000 PSUs at target).

Key Details

• Preliminary cash resources: ~$270.6 million as of December 31, 2025 (unaudited).
• Runway assumption: funding beyond 2028 assumes full $125.0M share repurchase and receipt of $440.0M in regulatory milestone payments for Ziihera.
• CFO change: Leone Patterson terminated effective Jan 9, 2026 (employment through Jan 31, 2026); CEO Kenneth Galbraith named interim CFO.
• COO appointment & pay: Mark Hollywood promoted to EVP & COO effective Jan 9, 2026; base salary raised to $525,000 and granted 70,000 options, 47,000 RSUs and 33,000 PSUs.

Why It Matters
Investors get an updated view of Zymeworks’ near-term liquidity: management’s runway claim is explicit but conditional on both executing a $125M repurchase program and receiving up to $440M in regulatory milestones tied to Ziihera approvals. The cash figure is preliminary and unaudited, so final audited results could differ. The CFO departure and interim appointment of the CEO as principal financial officer are material governance and operational developments; the company has initiated a search for a permanent CFO. The COO promotion and related compensation reflect management focus on manufacturing and operations execution.