Zymeworks 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41535
Entity Registrant Name	ZYMEWORKS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3099146
Entity Address, Address Line One	108 Patriot Drive, Suite A
Entity Address, City or Town	Middletown
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19709
City Area Code	302
Local Phone Number	274-8744
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ZYME
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,047,390
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001937653
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 70,963	$ 157,557
Short-term marketable securities (note 5)	259,183	216,770
Accounts receivable	32,081	19,477
Prepaid expenses and other current assets	21,268	19,122
Total current assets	383,495	412,926
Long-term marketable securities (note 5)	65,794	81,930
Long-term prepaids and other assets	7,181	7,566
Deferred tax asset	3,945	3,615
Property and equipment, net	18,470	19,847
Operating lease right-of-use assets	17,279	17,696
Intangible assets, net	7,113	7,656
Acquired in-process research and development (note 6)	341	17,628
Goodwill (note 6)	12,016	12,016
Total assets	515,634	580,880
Current liabilities:
Accounts payable and accrued liabilities (note 7)	44,420	45,992
Income tax payable	1,934	1,811
Current portion of operating lease liability (note 11)	2,839	4,261
Deferred revenue (note 9)	5,520	3,699
Total current liabilities	54,713	55,763
Long-term portion of operating lease liability (note 11)	17,192	22,369
Deferred revenue (note 9)	32,941	32,941
Other long-term liabilities (note 7)	1,229	1,701
Deferred tax liability	3,398	3,300
Total liabilities	109,473	116,074
Stockholders’ equity:
Common stock, $0.00001 par value; 900,000,000 authorized shares at June 30, 2024 and December 31, 2023, respectively; 70,831,545 and 70,115,997 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively (note 8b)	1,005,310	997,227
Preferred shares, $0.00001 par value; 100,000,000 authorized shares of preferred stock, out of which, one share of preferred stock is a share of Special Voting Preferred Stock and outstanding as of June 30, 2024 and December 31, 2023 (note 8b).	0	0
Exchangeable shares, no par value, 570,637 and 651,219 issued and outstanding shares at June 30, 2024 and December 31, 2023, respectively (note 8b)	8,188	9,345
Additional paid-in capital	147,343	142,274
Accumulated other comprehensive loss	(7,904)	(6,603)
Accumulated deficit	(746,776)	(677,437)
Total stockholders’ equity	406,161	464,806
Total liabilities and stockholders’ equity	515,634	580,880
Commitments and contingencies (note 13)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common shares issued (in shares)	70,831,545	70,115,997
Common shares outstanding (in shares)	70,831,545	70,115,997
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	1	1
Preferred stock, shares outstanding (in shares)	1	1
Exchangeable stock, shares issued (in shares)	570,637	651,219
Exchangeable shares, shares outstanding (in shares)	570,637	651,219

Condensed Consolidated Statemen

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Research and development collaborations (note 9)	$ 19,243	$ 7,002	$ 29,273	$ 42,580
Operating expenses:
Research and development	29,163	39,408	61,205	85,320
General and administrative	15,679	21,708	31,469	38,655
Impairment on acquired in-process research and development assets (“IPR&D”) (note 6)	17,287	0	17,287	0
Total operating expenses	62,129	61,116	109,961	123,975
Loss from operations	(42,886)	(54,114)	(80,688)	(81,395)
Other income:
Interest income	5,154	4,825	11,074	9,630
Other income (expense), net (note 10)	114	(209)	418	(696)
Total other income, net	5,268	4,616	11,492	8,934
Loss before income taxes	(37,618)	(49,498)	(69,196)	(72,461)
Income tax expense	(68)	(1,654)	(143)	(3,044)
Net loss	(37,686)	(51,152)	(69,339)	(75,505)
Other comprehensive loss:
Unrealized loss on available for sale securities, net of tax of nil (note 5)	(180)	(1,874)	(1,301)	(1,154)
Total other comprehensive loss	(180)	(1,874)	(1,301)	(1,154)
Comprehensive loss	$ (37,866)	$ (53,026)	$ (70,640)	$ (76,659)
Net loss per common share (note 4):
Basic (in dollars per share)	$ (0.49)	$ (0.76)	$ (0.91)	$ (1.13)
Diluted (in dollars per share)	$ (0.49)	$ (0.76)	$ (0.91)	$ (1.13)
Weighted-average common stock outstanding (note 4):
Basic (in shares)	76,392,593	67,281,028	76,303,713	67,011,664
Diluted (in shares)	76,396,217	67,284,511	76,321,941	67,014,794

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Loss and Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Unrealized (loss) income on available for sale securities, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock	Exchangeable shares	Common stock	Accumulated deficit	Accumulated other comprehensive loss	Additional paid-in capital
Beginning balance (in shares) at Dec. 31, 2022		1	1,424,533	63,059,501
Beginning balance at Dec. 31, 2022	$ 492,956	$ 0	$ 20,442	$ 886,322	$ (558,763)	$ (6,659)	$ 151,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				203,239
Issuance of common stock on exercise of options	1,648			$ 2,649			(1,001)
Issuance of common stock through employee stock purchase plan (in shares)				50,420
Issuance of common stock through employee stock purchase plan	371			$ 371
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				2,965
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 132			(132)
Issuance of common stock for retracted exchangeable shares (in shares)			767,645	767,645
Issuance of common stock for retracted exchangeable shares (note 8b)	0		$ (11,016)	$ 11,016
Stock-based compensation	2,196						2,196
Net loss	(24,353)				(24,353)
Other comprehensive income (loss)	720					720
Ending balance (in shares) at Mar. 31, 2023		1	656,888	64,083,770
Ending balance at Mar. 31, 2023	473,538	$ 0	$ 9,426	$ 900,490	(583,116)	(5,939)	152,677
Beginning balance (in shares) at Dec. 31, 2022		1	1,424,533	63,059,501
Beginning balance at Dec. 31, 2022	492,956	$ 0	$ 20,442	$ 886,322	(558,763)	(6,659)	151,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(75,505)
Other comprehensive income (loss)	(1,154)
Ending balance (in shares) at Jun. 30, 2023		1	651,388	67,687,384
Ending balance at Jun. 30, 2023	448,919	$ 0	$ 9,347	$ 929,396	(634,268)	(7,813)	152,257
Beginning balance (in shares) at Mar. 31, 2023		1	656,888	64,083,770
Beginning balance at Mar. 31, 2023	473,538	$ 0	$ 9,426	$ 900,490	(583,116)	(5,939)	152,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				202,048
Issuance of common stock on exercise of options	1,432			$ 2,129			(697)
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				46,066
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 465			(465)
Issuance of common stock for retracted exchangeable shares (in shares)			5,500	5,500
Issuance of common stock for retracted exchangeable shares (note 8b)	0		$ (79)	$ 79
Issuance of common stock in connection with at-the-market ("ATM") program, net of issue costs (in shares)				3,350,000
Issuance of common stock in connection with at-the-market ("ATM") program, net of issue costs (note 8a)	26,233			$ 26,233
Stock-based compensation	742						742
Net loss	(51,152)				(51,152)
Other comprehensive income (loss)	(1,874)					(1,874)
Ending balance (in shares) at Jun. 30, 2023		1	651,388	67,687,384
Ending balance at Jun. 30, 2023	448,919	$ 0	$ 9,347	$ 929,396	(634,268)	(7,813)	152,257
Beginning balance (in shares) at Dec. 31, 2023		1	651,219	70,115,997
Beginning balance at Dec. 31, 2023	464,806	$ 0	$ 9,345	$ 997,227	(677,437)	(6,603)	142,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				203,518
Issuance of common stock on exercise of options	1,955			$ 2,581			(626)
Issuance of common stock through employee stock purchase plan (in shares)				52,905
Issuance of common stock through employee stock purchase plan	577			$ 577
Issuance of common stock upon vesting of restricted stock units (“RSUs”) (in shares)				224,104
Issuance of common stock upon vesting of restricted stock units (“RSUs”)	0			$ 1,939			(1,939)
Issuance of common stock for retracted exchangeable shares (in shares)			80,582	80,582
Issuance of common stock for retracted exchangeable shares (note 8b)	0		$ (1,157)	$ 1,157
Stock-based compensation	3,435						3,435
Net loss	(31,653)				(31,653)
Other comprehensive income (loss)	(1,121)					(1,121)
Ending balance (in shares) at Mar. 31, 2024		1	570,637	70,677,106
Ending balance at Mar. 31, 2024	437,999	$ 0	$ 8,188	$ 1,003,481	(709,090)	(7,724)	143,144
Beginning balance (in shares) at Dec. 31, 2023		1	651,219	70,115,997
Beginning balance at Dec. 31, 2023	464,806	$ 0	$ 9,345	$ 997,227	(677,437)	(6,603)	142,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(69,339)
Other comprehensive income (loss)	(1,301)
Ending balance (in shares) at Jun. 30, 2024		1	570,637	70,831,545
Ending balance at Jun. 30, 2024	406,161	$ 0	$ 8,188	$ 1,005,310	(746,776)	(7,904)	147,343
Beginning balance (in shares) at Mar. 31, 2024		1	570,637	70,677,106
Beginning balance at Mar. 31, 2024	437,999	$ 0	$ 8,188	$ 1,003,481	(709,090)	(7,724)	143,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of options (in shares)				154,439
Issuance of common stock on exercise of options	1,137			$ 1,829			(692)
Stock-based compensation	4,891						4,891
Net loss	(37,686)				(37,686)
Other comprehensive income (loss)	(180)					(180)
Ending balance (in shares) at Jun. 30, 2024		1	570,637	70,831,545
Ending balance at Jun. 30, 2024	$ 406,161	$ 0	$ 8,188	$ 1,005,310	$ (746,776)	$ (7,904)	$ 147,343

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (69,339)	$ (75,505)
Items not involving cash:
Depreciation of property and equipment	2,156	3,525
Amortization of intangible assets	1,514	1,357
Stock-based compensation expense	8,107	2,692
Amortization of operating lease right-of-use assets	1,171	2,535
Impairment of acquired IPR&D (note 6)	17,287	0
Deferred income tax (recovery) expense	(232)	115
Change in fair value of contingent consideration liability	(1,878)	499
Unrealized foreign exchange (gain) loss	(724)	139
Changes in non-cash operating working capital:
Accounts receivable	(12,609)	(15,417)
Prepaid expenses and other current assets	(3,716)	(6,003)
Accounts payable and accrued liabilities	458	(17,575)
Operating lease liabilities	(6,799)	(1,681)
Deferred revenue and other consideration	1,821	15,411
Income taxes payable	124	318
Net cash used in operating activities	(62,659)	(89,590)
Cash flows from financing activities:
Proceeds from issuance of common stock under at-the-market program and from public offerings, net of issuance costs (notes 8a)	0	26,233
Issuance of common stock on exercise of stock options	2,876	2,907
Issuance of common stock through employee stock purchase plan	386	236
Deferred financing fees	(82)	(27)
Finance lease payments	(9)	(9)
Net cash provided by financing activities	3,171	29,340
Cash flows from investing activities:
Purchases of marketable securities	(177,236)	(366,255)
Proceeds from marketable securities	151,699	168,547
Acquisition of property and equipment	(778)	(1,188)
Acquisition of intangible assets	(972)	0
Net cash used in investing activities	(27,287)	(198,896)
Effect of exchange rate changes on cash and cash equivalents	181	334
Net change in cash and cash equivalents	(86,594)	(258,812)
Cash and cash equivalents, beginning of period	157,557	400,912
Cash and cash equivalents, end of period	70,963	142,100
Supplemental disclosure of non-cash investing and financing items:
Leased assets obtained in exchange for operating lease liabilities	$ 0	$ 394

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Zymeworks Inc. together with its subsidiaries (collectively the “Company” or “Zymeworks”) is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks BC Inc. (“Zymeworks BC”), (previously known as “Zymeworks Inc.”) was incorporated on September 8, 2003 under the laws of the Canada Business Corporations Act. On October 22, 2003, the Company was registered as an extra-provincial company under the Company Act (British Columbia). On May 2, 2017, the Company continued under the Business Corporations Act (British Columbia). Since its inception, the Company has devoted substantially all of its resources to research and development activities, including developing its therapeutic platforms and identifying and developing potential product candidates by undertaking preclinical studies and clinical trials. The Company supports these activities through general and administrative support, as well as by raising capital, conducting business planning and protecting its intellectual property. On October 13, 2022, the Company completed an internal reorganization transaction resulting in a Delaware incorporated entity becoming the listed company (the “Redomicile Transactions”). Prior to the Redomicile Transactions, the shares of Zymeworks BC Inc. (formerly known as Zymeworks Inc.) were publicly listed. Unless the context otherwise requires or otherwise expressly states, all references in the accompanying consolidated financial statements to “Zymeworks,” the “Company,” “we,” “us” and “our” (i) for periods until completion of the Redomicile Transactions, refer to Zymeworks BC Inc. and its subsidiaries and (ii) for periods after completion of the Redomicile Transactions, refer to Zymeworks Inc. (formerly known as Zymeworks Delaware Inc.) and its subsidiaries. To effect the Redomicile Transactions, the Company conducted a share exchange, pursuant to which holders of the Company’s common shares exchanged their common shares in the Company for shares of common stock of Zymeworks Inc. (formerly known as Zymeworks Delaware Inc.) or, at their election with respect to all or a portion of their common shares in the Company and subject to applicable eligibility criteria and an overall cap, exchangeable shares (the “Exchangeable Shares”) in the capital of a newly formed indirect subsidiary of Zymeworks Inc. A special meeting of Company security holders was held on October 7, 2022 to approve the Redomicile Transactions. The Redomicile Transactions were governed by a transaction agreement dated July 14, 2022, as restated and amended on August 18, 2022 (the “Restated and Amended Transaction Agreement”), by and among the Company and its direct or indirect subsidiaries Zymeworks Inc., Zymeworks CallCo ULC (“CallCo”) and Zymeworks ExchangeCo Ltd., (“ExchangeCo”) including a plan of arrangement included as Exhibit A to the Restated and Amended Transaction Agreement (the “Plan of Arrangement”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in the interim condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates The preparation of interim condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, most notably those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, accrual of expenses including clinical and preclinical study expense accruals, stock-based compensation, valuation allowance for deferred taxes, measurement of contingent consideration liabilities, and other contingencies. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net loss per share	Net loss per share Net loss per share for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders: Basic $ (37,686) $ (51,152) $ (69,339) $ (75,505) Adjustment for change in fair value of liability classified stock options (51) (49) (201) (109) Diluted $ (37,737) $ (51,201) $ (69,540) $ (75,614) Denominator: Weighted-average common stock outstanding: Basic 76,392,593 67,281,028 76,303,713 67,011,664 Adjustment for dilutive effect of liability classified stock options 3,624 3,483 18,228 3,130 Diluted 76,396,217 67,284,511 76,321,941 67,014,794 Net loss per common share – basic $ (0.49) $ (0.76) $ (0.91) $ (1.13) Net loss per common share – diluted $ (0.49) $ (0.76) $ (0.91) $ (1.13) Weighted average number of shares of common stock used in the basic and diluted earnings per share calculations include Exchangeable Shares and the pre-funded warrants issued in connection with the Company’s June 2019 and January 2020 offerings and December 2023 private placement as the warrants were exercisable at any time for nominal cash consideration. The Company’s potentially dilutive securities, which include stock options and RSUs, have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2024 as the effect would be to reduce the net loss per share.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The following table summarizes the Company’s marketable securities as of June 30, 2024: June 30, 2024 Amortized Cost Unrealized Loss Fair Value Short-term marketable securities: Contractual maturity of one year or less: Guaranteed investment certificates (“GICs”) $ 87,341 $ — $ 87,341 U.S. Treasury notes 68,887 (155) 68,732 Corporate debt securities 103,450 (340) 103,110 259,678 (495) 259,183 Long-term marketable securities: Contractual maturity of one to three years: U.S. Treasury notes 7,731 (17) 7,714 Corporate debt securities 53,871 (653) 53,218 Contractual maturity of three to four years: Corporate debt securities 4,942 (80) 4,862 66,544 (750) 65,794 $ 326,222 $ (1,245) $ 324,977 The following table summarizes the Company’s marketable securities as of December 31, 2023: December 31, 2023 Amortized Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: Contractual maturity of one year or less: GICs $ 75,066 $ — $ 75,066 U.S. Treasury notes 46,416 136 46,552 Corporate debt securities 94,900 252 95,152 216,382 388 216,770 Long-term marketable securities: Contractual maturity of one to three years: Corporate debt securities 70,181 (321) 69,860 Contractual maturity of three to four years: Corporate debt securities 12,081 (11) 12,070 82,262 (332) 81,930 $ 298,644 $ 56 $ 298,700 The following tables present information about the Company’s assets that are measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques used to determine such fair value: June 30, December 31, Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 3,261 $ 23,126 Cash equivalents: Money market funds $ 19,408 $ — $ — $ 19,408 $ 64,247 $ — $ — $ 64,247 GICs 48,294 — — 48,294 70,184 — — 70,184 $ 67,702 $ — $ — $ 70,963 $ 134,431 $ — $ — $ 157,557 Marketable securities: GICs $ 87,341 $ — $ — $ 87,341 $ 75,066 $ — $ — $ 75,066 U.S. Treasury notes 76,446 — — 76,446 46,552 — — 46,552 Corporate debt securities — 161,190 — 161,190 — 177,082 — 177,082 $ 163,787 $ 161,190 $ — $ 324,977 $ 121,618 $ 177,082 $ — $ 298,700 Total $ 231,489 $ 161,190 $ — $ 395,940 $ 256,049 $ 177,082 $ — $ 456,257

IPR&D and Goodwill

IPR&D and Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
IPR&D and Goodwill	IPR&D and Goodwill Acquired IPR&D In-process research and development assets (“IPR&D”) acquired in the 2016 Kairos Therapeutics Inc. (“Kairos”) business combination are classified as indefinite-lived intangible assets and are not currently being amortized. During the three months ended June 30, 2024, we determined that the fair value of IPR&D, which was estimated using an income approach, was less than its carrying value. Accordingly, the Company recorded an impairment charge of $17,287. The carrying value of IPR&D, net of impairment, was $341 at June 30, 2024 (December 31, 2023: $17,628). The impairment was a result of the Company's decision to discontinue the zanidatamab zovodotin clinical development program which utilized the acquired technology represented by the IPR&D assets. Goodwill

Liabilities

Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Liabilities	Liabilities Accounts payable and accrued liabilities consisted of the following: June 30, December 31, Trade payables $ 1,733 $ 6,212 Accrued research and development expenses 36,096 26,661 Employee compensation and vacation accruals 3,937 6,153 Fair value of liability classified stock options 304 960 Accrued legal and professional fees 1,397 3,707 Liability for contingent consideration (note 13) — 1,570 Other 953 729 Total $ 44,420 $ 45,992 Other long-term liabilities consisted of the following: June 30, December 31, Liability for contingent consideration (note 13) $ — $ 308 Liability from in-licensing agreements 747 747 Finance lease liability (note 11) 33 92 Other 449 554 Total $ 1,229 $ 1,701

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Stockholders’ Equity a. Equity Offerings 2023 Private Placement On December 28, 2023, the Company completed a private placement pursuant to which the Company sold 5,086,521 pre-funded warrants to purchase 5,086,521 shares of common stock at $9.8299 per pre-funded warrant. The Company received gross proceeds of $50,000 and net proceeds were $49,862, after expenses. 2023 ATM financing On June 16, 2023, the Company sold 3,350,000 shares of common stock pursuant to the Company’s at-the-market sale program, at $8.12 per common share. Net proceeds were $26,233 after underwriting commissions and offering expenses. b. Authorized Share Capital and Preferred Stock The Company’s authorized share capital consists of 1,000,000,000 shares of stock, consisting of (i) 900,000,000 shares of common stock, par value $0.00001 per share, and (ii) 100,000,000 shares of preferred stock, par value $0.00001 per share. In connection with the Plan of Arrangement, the Company issued to Computershare Trust Company of Canada, a trust company existing under the laws of Canada (the “Share Trustee”), one share of the Company’s preferred stock, par value $0.00001 per share, which has certain variable voting rights in proportion to the number of Exchangeable Shares outstanding (the “Special Voting Preferred Stock”), enabling the Share Trustee to exercise voting rights for the benefit of the Exchangeable Shareholders. Immediately prior to the completion of the Redomicile Transactions, ther e 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 June 30, 2024, there were 570,637 Exchangeable Shares held by former Zymeworks BC shareholders (December 31, 2023: 651,219). The Company will issue shares of its common stock as consideration when a holder of Exchangeable Shares calls for Exchangeable Shares to be retrac ted by ExchangeCo, when ExchangeCo redeems Exchangeable Shares from the holder, or when CallCo purchases Exchangeable Shares from the Exchangeable Shareholder under CallCo’s overriding call rights. These Exchangeable Shares and the Special Voting Preferred Stock, when taken together, are similar in substance to the Company’s common stock . c. Pre-Funded Common Share Warrants In connection with the public offerings completed on June 24, 2019, January 27, 2020, January 31, 2022 and private placement completed on December 28, 2023 (note 8a), the Company issued a total of 13,668,482 pre-funded warrants which granted holders of warrants the right to purchase up to 13,668,482 common shares of the Company, at an exercise price of $0.0001 per share. The pre-funded warrants are exercisable by the holders at any time on or after the original issue date. The pre-funded warrants do not expire unless they are exercised or settled in accordance with the pre-funded warrant agreement. As the pre-funded warrants meet the condition for equity classification, proceeds from issuance of the pre-funded warrants, net of any transaction costs, are recorded in additional paid-in capital. Upon exercise of the pre-funded warrants, the historical costs recorded in additional paid-in capital along with exercise price collected from holders will be recorded in common shares. On August 23, 2022, October 25, 2022, October 27, 2022 and October 19, 2023, a total of 8,581,961 pre-funded warrants were exercised in exchange for issuance of 8,581,868 common shares. As a result of the December 28, 2023 private placement, as of June 30, 2024, there were 5,086,521 pre-funded warrants outstanding (December 31, 2023: 5,086,521). d. Stock-Based Compensation As of June 30, 2024, 4,903,136 shares of common stock were available for future award grants under the New Plan (December 31, 2023: 4,594,639 shares of common stock). On January 5, 2022, the board of directors approved the Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan (the “Inducement Plan”) and reserved 750,000 of the Company’s common shares for issuance pursuant to equity awards granted thereunder. As of June 30, 2024, 50,000 shares of common stock were available for future award grants under this plan (December 31, 2023: 50,000). RSUs The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2023: Number of RSUs Weighted- Outstanding, December 31, 2023 771,413 8.63 Granted 957,750 10.56 Vested and settled (224,104) 8.65 Forfeited (137,220) 11.10 Outstanding, June 30, 2024 1,367,839 9.73 As of June 30, 2024, there was $6,399 of unamortized RSU expense that will be recognized over a weighted average period of 1.49 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 Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2023 1,489,478 19.59 14.39 5.50 2,987 2,255 Granted — — — Exercised (136,946) 10.97 8.12 Forfeited (93,744) 23.89 17.56 Outstanding, June 30, 2024 1,258,788 20.21 14.84 5.07 1,288 942 The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan and the Inducement Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2023 6,069,242 12.97 7.67 9,213 Granted 2,174,800 10.48 Exercised (221,011) 7.61 Forfeited (405,426) 11.70 Outstanding, June 30, 2024 7,617,605 12.49 7.81 2,637 During the six months ended June 30, 2024, the Company received cash proceeds of $2,876 from stock options exercised. The stock options outstanding at June 30, 2024 expire at various dates from July 1, 2024 to June 9, 2034. The estimated fair values of options granted to officers, directors, employees and consultants are amortized over the relevant vesting periods. Stock-based compensation expense for equity classified instruments, RSUs, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense and general and administration expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expense $ 2,381 $ (1,085) $ 4,306 $ (640) General and administrative expense 2,107 1,411 3,641 3,143 The amounts above include stock-based compensation expense relating to RSUs of $1,636 and $2,658 for the three and six months ended June 30, 2024 (2023: $1,088 and $1,743). 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: Six Months Ended June 30, 2024 2023 Dividend yield 0 % 0 % Expected volatility 64.9 % 67.7 % Risk-free interest rate 4.08 % 3.80 % Expected average life of options 6.04 years 6.05 years The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at June 30, 2024 and 2023 are as follows: June 30, June 30, Dividend yield 0 % 0 % Expected volatility 43.4 % 79.3 % Risk-free interest rate 3.90 % 4.50 % Expected average option term 0.61 years 1.68 years Number of liability classified stock options outstanding 353,694 512,155 At June 30, 2024, the unamortized compensation expense related to unvested options was $12,909. The remaining unamortized compensation expense as of June 30, 2024 will be recognized over a weighted-average period of 1.71 years.

Research, Collaboration and Lic

Research, Collaboration and Licensing Agreements	6 Months Ended
	Jun. 30, 2024
License Agreements Research Collaborations And Development Agreements [Abstract]
Research, Collaboration and Licensing Agreements	Research, Collaboration and Licensing Agreements 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 Six Months Ended 2024 2023 2024 2023 Jazz: Development support payments $ 1,109 $ 21,924 $ 3,175 $ 48,066 Drug supply for ongoing studies 3,983 4,640 10,201 9,393 Other drug supply 5,746 — 7,324 3,528 Credit for program amendments — (20,100) — (20,100) BeiGene: Milestone revenue 8,000 — 8,000 — Drug supply 405 — 405 187 Development support payments — 34 — 220 Research support and other payments from other partners — 504 168 1,286 $ 19,243 $ 7,002 $ 29,273 $ 42,580 Since December 31, 2023, there have not been any material changes to the key terms of our collaboration and license agreements. In June 2024, the Company recognized $8,000 of milestone revenue from BeiGene in relation to the acceptance by the CDE of the NMPA in China of the BLA for zanidatamab for second-line treatment of HER2-positive BTC. Contract Assets and Liabilities As at June 30, 2024, contract assets from research, collaboration and licensing agreements were nil (December 31, 2023: nil) and contract liabilities were $38,461 (December 31, 2023: $36,640). As at June 30, 2024 and December 31, 2023, $5,520 and $3,699 respectively, of the contract liabilities is classified as short-term. Contract liabilities relate to deferred revenue from the BeiGene and Jazz agreements.

Other income (expense), net

Other income (expense), net	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other income (expense), net	Other income (expense), net Other income (expense), net, consists of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Foreign exchange gain (loss), net $ 61 $ (439) $ 346 $ (895) Other 53 230 72 199 $ 114 $ (209) $ 418 $ (696)

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The lease for our Vancouver location, which we entered into in January 2019, has an initial term expiring in February 2032, with two five-year extension options. In addition, the Company leases office spaces in Bellevue, Washington and in Redwood City, California with lease terms expiring between December 2024 and May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. The Company also leases office equipment under capital lease agreements. The balance sheet classification of the Company’s lease liabilities was as follows: June 30, December 31, Operating lease liabilities: Current portion $ 2,839 $ 4,261 Long-term portion 17,192 22,369 Total operating lease liabilities 20,031 $ 26,630 Finance lease liabilities: Current portion included in other current liabilities 24 30 Long-term portion included in other long-term liabilities 33 92 Total finance lease liabilities 57 122 Total lease liabilities $ 20,088 $ 26,752 Weighted average remaining lease term: Operating leases 7.0 years 6.7 years Weighted average discount rate: Operating leases in U.S. dollars 5.2 % 3.6 % Operating leases in Canadian dollars 4.8 % 4.8 % Cash paid for amounts included in the measurement of operating lease liabilities for the three and six months ended June 30, 2024 was $881 and $2,222, respectively, and were included in net cash used in operating activities in the consolidated statement of cash flows. In addition, on April 4, 2024, the Company terminated its long-term facility lease in Seattle, pursuant to which the Company paid $6,075 as a termination fee. As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows: Operating Within 1 year $ 3,702 1 to 2 years 3,416 2 to 3 years 3,284 3 to 4 years 3,085 4 to 5 years 2,990 Thereafter 7,015 Total operating lease payments 23,492 Less: Imputed interest (3,461) Operating lease liabilities $ 20,031 The cost components of the operating leases were as follows for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Lease expenses: Operating lease expense $ 552 $ 678 $ 974 $ 1,335 Variable lease expense 603 449 1,021 835 Termination of long-term facility lease in Seattle, net 1,033 — 1,033 — $ 2,188 $ 1,127 $ 3,028 $ 2,170
Leases	Leases The lease for our Vancouver location, which we entered into in January 2019, has an initial term expiring in February 2032, with two five-year extension options. In addition, the Company leases office spaces in Bellevue, Washington and in Redwood City, California with lease terms expiring between December 2024 and May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. The Company also leases office equipment under capital lease agreements. The balance sheet classification of the Company’s lease liabilities was as follows: June 30, December 31, Operating lease liabilities: Current portion $ 2,839 $ 4,261 Long-term portion 17,192 22,369 Total operating lease liabilities 20,031 $ 26,630 Finance lease liabilities: Current portion included in other current liabilities 24 30 Long-term portion included in other long-term liabilities 33 92 Total finance lease liabilities 57 122 Total lease liabilities $ 20,088 $ 26,752 Weighted average remaining lease term: Operating leases 7.0 years 6.7 years Weighted average discount rate: Operating leases in U.S. dollars 5.2 % 3.6 % Operating leases in Canadian dollars 4.8 % 4.8 % Cash paid for amounts included in the measurement of operating lease liabilities for the three and six months ended June 30, 2024 was $881 and $2,222, respectively, and were included in net cash used in operating activities in the consolidated statement of cash flows. In addition, on April 4, 2024, the Company terminated its long-term facility lease in Seattle, pursuant to which the Company paid $6,075 as a termination fee. As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows: Operating Within 1 year $ 3,702 1 to 2 years 3,416 2 to 3 years 3,284 3 to 4 years 3,085 4 to 5 years 2,990 Thereafter 7,015 Total operating lease payments 23,492 Less: Imputed interest (3,461) Operating lease liabilities $ 20,031 The cost components of the operating leases were as follows for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Lease expenses: Operating lease expense $ 552 $ 678 $ 974 $ 1,335 Variable lease expense 603 449 1,021 835 Termination of long-term facility lease in Seattle, net 1,033 — 1,033 — $ 2,188 $ 1,127 $ 3,028 $ 2,170

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the fair value hierarchy. Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine fair value, the Company uses a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1 inputs are unadjusted quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than Level 1 prices, such as prices for a similar asset or liability that are observable either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assessment about market assumptions that would be used to price the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments in marketable and other securities, accounts receivable, accounts payable and accrued liabilities, contingent consideration, finance and operating lease obligations, and other long-term liabilities. The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the near-term maturities of these financial instruments. All marketable securities are classified as available- for-sale and are recorded at fair value. As at June 30, 2024, long-term investments in equity securities of private entities are accounted for as available for sale at their fair values. Other long-term liabilities for contingent consideration related to business acquisitions are recorded at fair value on the acquisition date and are adjusted quarterly for changes in fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated milestone payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and therefore categorized as level 3 inputs as defined above. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, short-term and long-term marketable securities and accounts receivable. Cash and cash equivalents and investments in marketable securities are invested in accordance with the Company’s cash investment policy with the primary objective being the preservation of capital and maintenance of liquidity. The cash investment policy includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company limits its exposure to credit loss by placing its cash and cash equivalents and investments with high credit quality financial institutions. At June 30, 2024, the maximum exposure to credit risk for accounts receivable was $32,081, 67% of which was from Jazz (December 31, 2023: $19,477) and all accounts receivable are due within the next 12 months. As at June 30, 2024 and December 31, 2023, the Company has recognized nominal amounts of provision for expected credit losses in relation to accounts receivable. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s short-term cash requirements are primarily to settle its financial liabilities, which consist primarily of accounts payable and accrued liabilities falling due within 45 days and current portion of lease obligations falling due within the next 12 months, with medium term requirements to invest in property and equipment and research and development. The Company’s principal sources of liquidity to settle its financial liabilities are cash, cash equivalents, short-term and long-term investments, collection of accounts receivable relating to research collaboration and license agreements and additional public equity offerings as required. The Company believes that these principal sources of liquidity are sufficient to fund its operations for at least the next 12 months. Foreign Currency Risk The Company incurs certain operating expenses in currencies other than the U.S. dollar and accordingly is subject to foreign exchange risk due to fluctuations in exchange rates. The Company does not use derivative instruments to hedge exposure to foreign exchange risk and therefore assumes the risk of future gains or losses in its consolidated statements of (loss) income. At June 30, 2024, the Company’s net monetary liabilities denominated in Canadian dollars were $727 (C$995). The operating results and financial position of the Company are reported in U.S. dollars in the Company’s interim condensed consolidated financial statements. The fluctuation of the U.S. dollar relative to the Canadian dollar and other foreign currencies will have an impact on the reported balances for net assets, net loss and stockholders’ equity in the Company’s interim condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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. In connection with the Company’s 2016 Kairos acquisition, the Company may be required to make future payments of up to an aggregate of C$8,500, consisting of (i) a C$2,500 payment when the first patient is dosed in the first Phase 2 trial and (ii) a C$6,000 payment when the first patient is dosed in the first Phase 3 trial, to CDRD Ventures Inc. (“CVI”) upon the direct achievement of certain development milestones for products incorporating certain Kairos intellectual property (such as zanidatamab zovodotin or other product candidates using our ZymeLink technology). In addition, CVI is eligible to receive low single-digit royalty payments from the Company on the net sales of such products. For out-licensed products and technologies incorporating certain Kairos intellectual property, the Company may also be required to pay CVI a mid-single digit percentage of certain future revenue. As of June 30, 2024, the contingent consideration had an estimated fair value of nil, which has been recorded within liabilities (note 7) on the Company’s consolidated balance sheet (December 31, 2023: $1,878). The contingent consideration was calculated using a probability weighted assessment of the likelihood of the milestones being met, a probability adjusted discount rate that reflects the stage of the development and time to complete the development. Contingent consideration is a financial liability and measured at its fair value at each reporting period, with any changes in fair value from the previous reporting period recorded within research and development expenses in the statement of loss and comprehensive loss. The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase / (decrease) in fair value of liability for contingent consideration Amounts paid or transferred to payables Liability at end Three months ended June 30, 2024 $ 1,178 $ (1,178) $ — $ — Six months ended June 30, 2024 $ 1,878 $ (1,878) $ — $ — The following tables present information about the Company’s liability for contingent consideration measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation technique used to determine such fair value: December 31, Level 1 Level 2 Level 3 Liability for contingent consideration $ 1,878 $ — $ — $ 1,878 Total $ 1,878 $ — $ — $ 1,878 The Company used the following assumptions to estimate fair value of contingent consideration liability as of June 30, 2024 and December 31, 2023: June 30, December 31, Weighted assessment of the likelihood of the milestones 0.0 % 33.5 % Weighted average estimated period for achievement of milestones 0 0.92 years Discount rate 17.0 % 17.0 % Contingencies From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On August 1, 2024, the board of directors of the Company authorized a share repurchase program (the “Share Repurchase Program”) under which the Company may repurchase up to $60,000 of the Company’s common stock. The shares may be repurchased from time to time in open market transactions, or other means in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-18 of the Exchange Act. The timing, number of shares repurchased, and prices paid for the shares under this program will depend on general business and market conditions as well as corporate and regulatory limitations, prevailing stock prices, and other considerations. The Share Repurchase Program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (37,686)	$ (31,653)	$ (51,152)	$ (24,353)	$ (69,339)	$ (75,505)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in the interim condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars.
Reclassifications	Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates	Use of Estimates The preparation of interim condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, most notably those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, accrual of expenses including clinical and preclinical study expense accruals, stock-based compensation, valuation allowance for deferred taxes, measurement of contingent consideration liabilities, and other contingencies. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	Net loss per share for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders: Basic $ (37,686) $ (51,152) $ (69,339) $ (75,505) Adjustment for change in fair value of liability classified stock options (51) (49) (201) (109) Diluted $ (37,737) $ (51,201) $ (69,540) $ (75,614) Denominator: Weighted-average common stock outstanding: Basic 76,392,593 67,281,028 76,303,713 67,011,664 Adjustment for dilutive effect of liability classified stock options 3,624 3,483 18,228 3,130 Diluted 76,396,217 67,284,511 76,321,941 67,014,794 Net loss per common share – basic $ (0.49) $ (0.76) $ (0.91) $ (1.13) Net loss per common share – diluted $ (0.49) $ (0.76) $ (0.91) $ (1.13)

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Marketable Securities	The following table summarizes the Company’s marketable securities as of June 30, 2024: June 30, 2024 Amortized Cost Unrealized Loss Fair Value Short-term marketable securities: Contractual maturity of one year or less: Guaranteed investment certificates (“GICs”) $ 87,341 $ — $ 87,341 U.S. Treasury notes 68,887 (155) 68,732 Corporate debt securities 103,450 (340) 103,110 259,678 (495) 259,183 Long-term marketable securities: Contractual maturity of one to three years: U.S. Treasury notes 7,731 (17) 7,714 Corporate debt securities 53,871 (653) 53,218 Contractual maturity of three to four years: Corporate debt securities 4,942 (80) 4,862 66,544 (750) 65,794 $ 326,222 $ (1,245) $ 324,977 The following table summarizes the Company’s marketable securities as of December 31, 2023: December 31, 2023 Amortized Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: Contractual maturity of one year or less: GICs $ 75,066 $ — $ 75,066 U.S. Treasury notes 46,416 136 46,552 Corporate debt securities 94,900 252 95,152 216,382 388 216,770 Long-term marketable securities: Contractual maturity of one to three years: Corporate debt securities 70,181 (321) 69,860 Contractual maturity of three to four years: Corporate debt securities 12,081 (11) 12,070 82,262 (332) 81,930 $ 298,644 $ 56 $ 298,700
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets that are measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques used to determine such fair value: June 30, December 31, Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 3,261 $ 23,126 Cash equivalents: Money market funds $ 19,408 $ — $ — $ 19,408 $ 64,247 $ — $ — $ 64,247 GICs 48,294 — — 48,294 70,184 — — 70,184 $ 67,702 $ — $ — $ 70,963 $ 134,431 $ — $ — $ 157,557 Marketable securities: GICs $ 87,341 $ — $ — $ 87,341 $ 75,066 $ — $ — $ 75,066 U.S. Treasury notes 76,446 — — 76,446 46,552 — — 46,552 Corporate debt securities — 161,190 — 161,190 — 177,082 — 177,082 $ 163,787 $ 161,190 $ — $ 324,977 $ 121,618 $ 177,082 $ — $ 298,700 Total $ 231,489 $ 161,190 $ — $ 395,940 $ 256,049 $ 177,082 $ — $ 456,257

Liabilities (Tables)

Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: June 30, December 31, Trade payables $ 1,733 $ 6,212 Accrued research and development expenses 36,096 26,661 Employee compensation and vacation accruals 3,937 6,153 Fair value of liability classified stock options 304 960 Accrued legal and professional fees 1,397 3,707 Liability for contingent consideration (note 13) — 1,570 Other 953 729 Total $ 44,420 $ 45,992
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: June 30, December 31, Liability for contingent consideration (note 13) $ — $ 308 Liability from in-licensing agreements 747 747 Finance lease liability (note 11) 33 92 Other 449 554 Total $ 1,229 $ 1,701

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of RSU Activity	The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2023: Number of RSUs Weighted- Outstanding, December 31, 2023 771,413 8.63 Granted 957,750 10.56 Vested and settled (224,104) 8.65 Forfeited (137,220) 11.10 Outstanding, June 30, 2024 1,367,839 9.73
Schedule of Stock Options Granted	The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: Number Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2023 1,489,478 19.59 14.39 5.50 2,987 2,255 Granted — — — Exercised (136,946) 10.97 8.12 Forfeited (93,744) 23.89 17.56 Outstanding, June 30, 2024 1,258,788 20.21 14.84 5.07 1,288 942 The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan and the Inducement Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2023 6,069,242 12.97 7.67 9,213 Granted 2,174,800 10.48 Exercised (221,011) 7.61 Forfeited (405,426) 11.70 Outstanding, June 30, 2024 7,617,605 12.49 7.81 2,637
Schedule of Stock-Based Compensation Expense for Equity Classified Instruments	Stock-based compensation expense for equity classified instruments, RSUs, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense and general and administration expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expense $ 2,381 $ (1,085) $ 4,306 $ (640) General and administrative expense 2,107 1,411 3,641 3,143
Schedule of Estimated Fair Value of Stock Options Granted and Weighted-Average Option Pricing 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: Six Months Ended June 30, 2024 2023 Dividend yield 0 % 0 % Expected volatility 64.9 % 67.7 % Risk-free interest rate 4.08 % 3.80 % Expected average life of options 6.04 years 6.05 years The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at June 30, 2024 and 2023 are as follows: June 30, June 30, Dividend yield 0 % 0 % Expected volatility 43.4 % 79.3 % Risk-free interest rate 3.90 % 4.50 % Expected average option term 0.61 years 1.68 years Number of liability classified stock options outstanding 353,694 512,155

Research, Collaboration and L_2

Research, Collaboration and Licensing Agreements (Tables)	6 Months Ended
	Jun. 30, 2024
License Agreements Research Collaborations And Development Agreements [Abstract]
Schedule of Revenue Recognized from Strategic Partnerships	Revenue recognized from the Company’s strategic partnerships. which includes amounts from Jazz Pharmaceuticals Ireland Limited or Jazz Pharmaceuticals, Inc. (subsidiaries of Jazz Pharmaceuticals plc, collectively referred to as “Jazz”) is summarized as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Jazz: Development support payments $ 1,109 $ 21,924 $ 3,175 $ 48,066 Drug supply for ongoing studies 3,983 4,640 10,201 9,393 Other drug supply 5,746 — 7,324 3,528 Credit for program amendments — (20,100) — (20,100) BeiGene: Milestone revenue 8,000 — 8,000 — Drug supply 405 — 405 187 Development support payments — 34 — 220 Research support and other payments from other partners — 504 168 1,286 $ 19,243 $ 7,002 $ 29,273 $ 42,580

Other income (expense), net (Ta

Other income (expense), net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense), Net	Other income (expense), net, consists of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Foreign exchange gain (loss), net $ 61 $ (439) $ 346 $ (895) Other 53 230 72 199 $ 114 $ (209) $ 418 $ (696)

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Balance Sheet Classification of Lease Liabilities	The balance sheet classification of the Company’s lease liabilities was as follows: June 30, December 31, Operating lease liabilities: Current portion $ 2,839 $ 4,261 Long-term portion 17,192 22,369 Total operating lease liabilities 20,031 $ 26,630 Finance lease liabilities: Current portion included in other current liabilities 24 30 Long-term portion included in other long-term liabilities 33 92 Total finance lease liabilities 57 122 Total lease liabilities $ 20,088 $ 26,752 Weighted average remaining lease term: Operating leases 7.0 years 6.7 years Weighted average discount rate: Operating leases in U.S. dollars 5.2 % 3.6 % Operating leases in Canadian dollars 4.8 % 4.8 %
Schedule of Maturities of Operating Lease Liabilities	As of June 30, 2024, the maturities of the Company’s operating lease liabilities were as follows: Operating Within 1 year $ 3,702 1 to 2 years 3,416 2 to 3 years 3,284 3 to 4 years 3,085 4 to 5 years 2,990 Thereafter 7,015 Total operating lease payments 23,492 Less: Imputed interest (3,461) Operating lease liabilities $ 20,031
Schedule of Cost Components of Operating Leases	The cost components of the operating leases were as follows for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Lease expenses: Operating lease expense $ 552 $ 678 $ 974 $ 1,335 Variable lease expense 603 449 1,021 835 Termination of long-term facility lease in Seattle, net 1,033 — 1,033 — $ 2,188 $ 1,127 $ 3,028 $ 2,170

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Fair Value of Liability for Contingent Consideration	The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase / (decrease) in fair value of liability for contingent consideration Amounts paid or transferred to payables Liability at end Three months ended June 30, 2024 $ 1,178 $ (1,178) $ — $ — Six months ended June 30, 2024 $ 1,878 $ (1,878) $ — $ —
Schedule of Liability for Contingent Consideration Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s liability for contingent consideration measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation technique used to determine such fair value: December 31, Level 1 Level 2 Level 3 Liability for contingent consideration $ 1,878 $ — $ — $ 1,878 Total $ 1,878 $ — $ — $ 1,878
Schedule of Assumptions to Estimate Fair Value of Contingent Consideration Liability	The Company used the following assumptions to estimate fair value of contingent consideration liability as of June 30, 2024 and December 31, 2023: June 30, December 31, Weighted assessment of the likelihood of the milestones 0.0 % 33.5 % Weighted average estimated period for achievement of milestones 0 0.92 years Discount rate 17.0 % 17.0 %

Net loss per share (Details)

Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss attributable to common stockholders:
Basic	$ (37,686)	$ (51,152)	$ (69,339)	$ (75,505)
Adjustment for change in fair value of liability classified stock options	(51)	(49)	(201)	(109)
Diluted	$ (37,737)	$ (51,201)	$ (69,540)	$ (75,614)
Weighted-average common stock outstanding:
Basic (in shares)	76,392,593	67,281,028	76,303,713	67,011,664
Adjustment for dilutive effect of liability classified stock options (in shares)	3,624	3,483	18,228	3,130
Diluted (in shares)	76,396,217	67,284,511	76,321,941	67,014,794
Net loss per common share – basic (in dollars per share)	$ (0.49)	$ (0.76)	$ (0.91)	$ (1.13)
Net loss per common share – diluted (in dollars per share)	$ (0.49)	$ (0.76)	$ (0.91)	$ (1.13)

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Contractual maturity of three to four years:
Debt securities, unrealized gain (loss)	$ (1,245)	$ 56
Debt securities, available-for-sale, amortized cost, excluding accrued interest, before allowance for credit loss	326,222	298,644
Debt securities, available-for-sale, excluding accrued interest	324,977	298,700
Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	259,678	216,382
Debt securities, unrealized gain (loss)	(495)	388
Debt securities, fair value	259,183	216,770
Long-term marketable securities:
Contractual maturity of three to four years:
Investments, cost	66,544	82,262
Debt securities, unrealized gain (loss)	(750)	(332)
Investments, fair value	65,794	81,930
GICs | Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	87,341	75,066
Debt securities, unrealized gain (loss)	0	0
Debt securities, fair value	87,341	75,066
U.S. Treasury notes | Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	68,887	46,416
Debt securities, unrealized gain (loss)	(155)	136
Debt securities, fair value	68,732	46,552
U.S. Treasury notes | Long-term marketable securities:
Contractual maturity of one to three years:
Debt securities, amortized cost	7,731
Debt securities, unrealized gain (loss)	(17)
Debt securities, fair value	7,714
Corporate debt securities | Short-term marketable securities:
Contractual maturity of one year or less:
Debt securities, amortized cost	103,450	94,900
Debt securities, unrealized gain (loss)	(340)	252
Debt securities, fair value	103,110	95,152
Corporate debt securities | Long-term marketable securities:
Contractual maturity of one to three years:
Debt securities, amortized cost	53,871	70,181
Debt securities, unrealized gain (loss)	(653)	(321)
Debt securities, fair value	53,218	69,860
Contractual maturity of three to four years:
Debt securities, amortized cost	4,942	12,081
Debt securities, unrealized gain (loss)	(80)	(11)
Debt securities, fair value	$ 4,862	$ 12,070

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 395,940	$ 456,257
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	231,489	256,049
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	161,190	177,082
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	70,963	157,557
Cash and Cash Equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	67,702	134,431
Cash and Cash Equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash and Cash Equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	324,977	298,700
Investments | GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	87,341	75,066
Investments | U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	76,446	46,552
Investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	161,190	177,082
Investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	163,787	121,618
Investments | Level 1 | GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	87,341	75,066
Investments | Level 1 | U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	76,446	46,552
Investments | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	161,190	177,082
Investments | Level 2 | GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 2 | U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	161,190	177,082
Investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 3 | GICs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 3 | U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Investments | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Cash | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	3,261	23,126
Money Market Funds | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	19,408	64,247
Money Market Funds | Cash Equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	19,408	64,247
Money Market Funds | Cash Equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Money Market Funds | Cash Equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
GICs | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	48,294	70,184
GICs | Cash Equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	48,294	70,184
GICs | Cash Equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
GICs | Cash Equivalents | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0

IPR&D and Goodwill (Details)

IPR&D and Goodwill (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) unit
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment on acquired IPR&D	$ 17,287,000	$ 0	$ 17,287,000	$ 0
In-process research and development	$ 341,000		341,000		$ 17,628,000
Number of reporting units | unit					1
Goodwill impairment loss			$ 0

Liabilities - Schedule of Accou

Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade payables	$ 1,733	$ 6,212
Accrued research and development expenses	36,096	26,661
Employee compensation and vacation accruals	3,937	6,153
Fair value of liability classified stock options	304	960
Accrued legal and professional fees	1,397	3,707
Liability for contingent consideration (note 13)	0	1,570
Other	953	729
Total	$ 44,420	$ 45,992

Liabilities - Schedule of Other

Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Liability for contingent consideration (note 13)	$ 0	$ 308
Liability from in-licensing agreements	$ 747	$ 747
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (note 7)	Other long-term liabilities (note 7)
Finance lease liability (note 11)	$ 33	$ 92
Other	449	554
Total	$ 1,229	$ 1,701

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		14 Months Ended	54 Months Ended
	Dec. 28, 2023	Jun. 16, 2023	Oct. 13, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 19, 2023	Dec. 28, 2023	Dec. 31, 2023	Oct. 12, 2022	Jan. 05, 2022
Temporary Equity [Line Items]
All classes of stock, shares authorized (in shares)				1,000,000,000		1,000,000,000
Common stock, shares authorized (in shares)				900,000,000		900,000,000				900,000,000
Common stock, par value per share (in dollars per share)				$ 0.00001		$ 0.00001				$ 0.00001
Preferred stock, shares authorized (in shares)				100,000,000		100,000,000				100,000,000
Preferred stock, par value (in dollars per share)				$ 0.00001		$ 0.00001				$ 0.00001
Common shares issued (in shares)				70,831,545		70,831,545				70,115,997
Common shares outstanding (in shares)				70,831,545		70,831,545				70,115,997
Exchangeable shares, shares outstanding (in shares)				570,637		570,637				651,219
Number of shares available for grant (in shares)				4,903,136		4,903,136				4,594,639
Proceeds from stock options exercised						$ 2,876
Unamortized compensation expense related to unvested options						$ 12,909
Remaining unamortized compensation expense, weighted-average period						1 year 8 months 15 days
Pre-Funded Warrant
Temporary Equity [Line Items]
Pre-funded warrants (in shares)									13,668,482
Shares called by warrants (in shares)	13,668,482								13,668,482
Exercise price of warrants (in dollars per share)	$ 0.0001								$ 0.0001
Warrants exercised during period (in shares)								8,581,961
Issuance of common shares upon exercise of pre-funded warrants (in shares)								8,581,868
Warrants outstanding (in shares)				5,086,521		5,086,521				5,086,521
Inducement Plan
Temporary Equity [Line Items]
Number of shares available for grant (in shares)				50,000		50,000				50,000
Number of common shares reserved for issuance (in shares)												750,000
Restricted Share Units (RSUs)
Temporary Equity [Line Items]
Nonvested award, cost not yet recognized, amount				$ 6,399		$ 6,399
Nonvested award, cost not yet recognized, period for recognition						1 year 5 months 26 days
Compensation charge				$ 1,636	$ 1,088	$ 2,658	$ 1,743
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
Private Placement
Temporary Equity [Line Items]
Pre-funded warrants (in shares)	5,086,521
Shares called by warrants (in shares)	5,086,521								5,086,521
Warrants issued price (in dollars per share)	$ 9.8299								$ 9.8299
Gross proceeds	$ 50
Net proceeds from issuance	$ 49,862
2023 ATM Financing
Temporary Equity [Line Items]
Net proceeds from issuance		$ 26,233
Number of shares issued (in shares)		3,350,000
Sale of stock (in dollars per share)		$ 8.12

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of RSU Activity (Details) - Restricted Share Units (RSUs)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of RSUs
Outstanding, at beginning of period (in shares) | shares	771,413
Granted (in shares) | shares	957,750
Vested and settled (in shares) | shares	(224,104)
Forfeited (in shares) | shares	(137,220)
Outstanding, at end of period (in shares) | shares	1,367,839
Weighted-Average Grant Date Fair Value
Outstanding, at beginning of period (in dollars per shares) | $ / shares	$ 8.63
Granted (in dollars per share) | $ / shares	10.56
Vested and settled (in dollars per share) | $ / shares	8.65
Forfeited (in dollars per share) | $ / shares	11.10
Outstanding, end of period (in dollars per shares) | $ / shares	$ 9.73

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Stock Options Granted (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 CAD ($) $ / shares shares	Jun. 30, 2024 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Canadian Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	1,489,478	1,489,478
Granted (in shares)	0	0
Exercised (in shares)	(136,946)	(136,946)
Forfeited (in shares)	(93,744)	(93,744)
Ending balance (in shares)	1,258,788	1,258,788	1,489,478	1,489,478
Weighted Average Exercise Price
Beginning balance (in dollars per share) | (per share)	$ 19.59	$ 14.39
Granted (in dollars per share) | (per share)	0	0
Exercised (in dollars per share) | (per share)	10.97	8.12
Forfeited (in dollars per share) | (per share)	23.89	17.56
Ending balance (in dollars per share) | (per share)	$ 20.21	$ 14.84	$ 19.59	$ 14.39
Weighted- Average Contractual Term (years)	5 years 25 days	5 years 25 days	5 years 6 months	5 years 6 months
Aggregate intrinsic value outstanding	$ 1,288	$ 1,288	$ 2,987	$ 2,987	$ 942	$ 2,255
U.S Dollar Under the New Option Stock Plan
Number of Options
Beginning balance (in shares)	6,069,242	6,069,242
Granted (in shares)	2,174,800	2,174,800
Exercised (in shares)	(221,011)	(221,011)
Forfeited (in shares)	(405,426)	(405,426)
Ending balance (in shares)	7,617,605	7,617,605	6,069,242	6,069,242
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares		$ 12.97
Granted (in dollars per share) | $ / shares		10.48
Exercised (in dollars per share) | $ / shares		7.61
Forfeited (in dollars per share) | $ / shares		11.70
Ending balance (in dollars per share) | $ / shares		$ 12.49		$ 12.97
Weighted- Average Contractual Term (years)	7 years 9 months 21 days	7 years 9 months 21 days	7 years 8 months 1 day	7 years 8 months 1 day
Aggregate intrinsic value outstanding | $					$ 2,637	$ 9,213

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Stock-Based Compensation Expense for Equity Classified Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 2,381	$ (1,085)	$ 4,306	$ (640)
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 2,107	$ 1,411	$ 3,641	$ 3,143

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Estimated Fair Value of Stock Options Granted and Weighted-Average Option Pricing Assumptions (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%
Expected volatility	64.90%	67.70%
Risk-free interest rate	4.08%	3.80%
Expected average life of options	6 years 14 days	6 years 18 days
Liability Classified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%
Expected volatility	43.40%	79.30%
Risk-free interest rate	3.90%	4.50%
Expected average life of options	7 months 9 days	1 year 8 months 4 days
Number of liability classified stock options outstanding (in shares)	353,694	512,155

Research, Collaboration and L_3

Research, Collaboration and Licensing Agreements - Schedule of Revenue Recognized from Strategic Partnerships (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		$ 19,243	$ 7,002	$ 29,273	$ 42,580
Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		0	504	168	1,286
Jazz: | Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		1,109	21,924	3,175	48,066
Jazz: | Drug supply for ongoing studies
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		3,983	4,640	10,201	9,393
Jazz: | Other drug supply
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		5,746	0	7,324	3,528
Jazz: | Credit for program amendments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		0	(20,100)	0	(20,100)
BeiGene: | Development support payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		0	34	0	220
BeiGene: | Other drug supply
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		405	0	405	187
BeiGene: | Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 8,000	$ 8,000	$ 0	$ 8,000	$ 0

Research, Collaboration and L_4

Research, Collaboration and Licensing Agreements - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		$ 19,243,000	$ 7,002,000	$ 29,273,000	$ 42,580,000
Contract assets	$ 0	0		0		$ 0
Contract liabilities	38,461,000	38,461,000		38,461,000		36,640,000
Deferred revenue	5,520,000	5,520,000		5,520,000		$ 3,699,000
BeiGene: | Milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 8,000,000	$ 8,000,000	$ 0	$ 8,000,000	$ 0

Other income (expense), net (De

Other income (expense), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange gain (loss), net	$ 61	$ (439)	$ 346	$ (895)
Other	53	230	72	199
Total other income (expense), net	$ 114	$ (209)	$ 418	$ (696)

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) renewalOption	Apr. 04, 2024 USD ($)
Lessor, Lease, Description [Line Items]
Cash paid for measurement of operating lease liabilities	$ 881	$ 2,222
Building
Lessor, Lease, Description [Line Items]
Termination fee			$ 6,075
British Columbia | Building
Lessor, Lease, Description [Line Items]
Number of renewal options | renewalOption		2
Renewal term	5 years	5 years

Leases - Schedule of Balance Sh

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating lease liabilities:
Current portion	$ 2,839	$ 4,261
Long-term portion	17,192	22,369
Total operating lease liabilities	20,031	26,630
Finance lease liabilities:
Current portion included in other current liabilities	24	30
Long-term portion included in other long-term liabilities	$ 33	$ 92
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Total finance lease liabilities	$ 57	$ 122
Total lease liabilities	$ 20,088	$ 26,752
Weighted average remaining lease term:
Operating leases	7 years	6 years 8 months 12 days
United States of America, Dollars
Weighted average discount rate:
Discount rate	5.20%	3.60%
Canada, Dollars
Weighted average discount rate:
Discount rate	4.80%	4.80%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Within 1 year	$ 3,702
1 to 2 years	3,416
2 to 3 years	3,284
3 to 4 years	3,085
4 to 5 years	2,990
Thereafter	7,015
Total operating lease payments	23,492
Imputed interest	(3,461)
Operating lease liabilities	$ 20,031	$ 26,630

Leases - Schedule of Cost Compo

Leases - Schedule of Cost Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 552	$ 678	$ 974	$ 1,335
Variable lease expense	603	449	1,021	835
Termination of long-term facility lease in Seattle, net	1,033	0	1,033	0
Operating lease expense	$ 2,188	$ 1,127	$ 3,028	$ 2,170

Financial Instruments (Details)

Financial Instruments (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable	$ 32,081		$ 19,477
Net monetary liabilities	$ 727	$ 995
Accounts Receivable | Credit Concentration Risk | Jazz
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	67%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value			$ 1,878,000
Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		$ 0	$ 1,878,000
Kairos Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability	$ 8,500
Kairos Acquisition | First Phase 2 Trial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability	2,500
Kairos Acquisition | First Phase 3 Trial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent liability	$ 6,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Changes in Fair Value of Liability for Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Derivative Liability Roll Forward [Roll Forward]
Liability at the beginning of the period	$ 1,178	$ 1,878
Increase / (decrease) in fair value of liability for contingent consideration	(1,178)	(1,878)
Amounts paid or transferred to payables	0	0
Liability at end of the period	$ 0	$ 0

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Liability for Contingent Consideration Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		$ 1,878,000
Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value	$ 0	1,878,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		0
Level 1 | Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		0
Level 2 | Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		1,878,000
Level 3 | Liability for Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value		$ 1,878,000

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Assumptions to Estimate Fair Value of Contingent Consideration Liability (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted assessment of the likelihood of the milestones
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0	0.335
Weighted average estimated period for achievement of milestones
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average estimated period for achievement of milestones	0 years	11 months 1 day
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.170	0.170

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Aug. 01, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, authorized amount	$ 60,000