Zymeworks reported a net loss of $81.1 million for the year ended December 31, 2025, with an accumulated deficit of $953.2 million. Revenue from research and development collaborations increased by $29.7 million to $106.0 million in 2025, driven by milestone payments from partners. Research and development expenses increased slightly by $2.4 million to $137.0 million in 2025, reflecting a shift in program mix and increased investment in early-stage programs. General and administrative expenses remained consistent at $61.5 million in 2025. The company secured a $250.0 million non-recourse, secured term loan from Royalty Pharma on March 2, 2026, by selling 30% of future Ziihera royalties. Ziihera (zanidatamab-hrii) received accelerated FDA approval in November 2024 for HER2+ biliary tract cancer (BTC), conditional marketing authorization from the European Commission in July 2025, and NDS approval from Health Canada in January 2026. Positive topline results from the Phase 3 HERIZON-GEA-01 trial for zanidatamab in first-line HER2+ gastroesophageal adenocarcinoma (GEA) were announced in November 2025, showing prolonged progression-free survival and overall survival benefits. Jazz Pharmaceuticals expects to complete the sBLA submission for zanidatamab in 1L HER2+ GEA in Q1 2026, with a potential commercial launch in H2 2026. Pasritamig (JNJ-78278343), a bispecific T cell engager, entered multiple Phase 3 clinical trials in September 2025 for castration-resistant prostate cancer. The ZW171 clinical development program was discontinued in September 2025, and development of ZW220 was paused to accelerate ZW251. The company is advancing wholly-owned ADC candidates ZW191 (Phase 1, targeting FR-expressing tumors) and ZW251 (Phase 1, targeting GPC3-expressing HCC), and MSAT candidates ZW209 (TriTCE, targeting DLL3) and ZW1528 (IL-4R x IL-33 bispecific for AIID), with IND/regulatory filings expected in 2026. A new $125.0 million share repurchase program was authorized in November 2025, with approximately $62.5 million utilized by February 26, 2026.