Zymeworks is a clinical-stage biotechnology company focused on discovering, developing, and licensing antibody-based cancer and autoimmune therapies. The company's business model centers on two engines: monetizing partnered assets through royalties and milestones, and advancing a wholly-owned pipeline of ADCs and multispecific antibodies to the point of out-licensing. Zymeworks does not commercialize drugs itself — instead, it develops assets and licenses them to partners who fund late-stage development and commercialization, while Zymeworks retains royalty rights. The company's most important asset is zanidatamab (Ziihera), a bispecific HER2-targeting antibody developed using Zymeworks's proprietary Azymetric platform. Zanidatamab is commercialized by Jazz Pharmaceuticals (ex-Asia) and BeOne Medicines (Asia ex-Japan), and is already approved for HER2-positive biliary tract cancer. A potential approval in first-line gastroesophageal adenocarcinoma — a much larger indication — would be the key near-term catalyst, potentially triggering up to $250M in U.S. regulatory milestones alone, plus substantially higher royalties. A second partnered asset, pasritamig, is in Phase 3 for prostate cancer under J&J. Zymeworks also licenses its Azymetric, EFECT, and drug conjugate platforms to companies including BMS, GSK, Daiichi Sankyo, and Merck, generating fees and milestones. The wholly-owned pipeline includes ZW191 (Phase 1 ADC targeting folate receptor alpha) and ZW251 (Phase 1 ADC targeting GPC3 in liver cancer). Longer-term, management aims to reinvest royalty cash flows into additional royalty assets, compounding the income base over time.