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EcoR1 Capital, LLC and affiliates have filed a Schedule 13D disclosing a 30.7% beneficial stake in Zymeworks Inc. (NASDAQ: ZYME). The group, which includes EcoR1 Capital Fund Qualified, L.P. and EcoR1 founder Oleg Nodelman, now controls 22,970,388 common shares following the recent exercise of pre-funded warrants. The ownership percentage is based on 74,844,505 shares outstanding as reported in Zymeworksâ€� Form 8-K dated 27 Jun 2025.

Capital deployed. EcoR1 funds have invested a cumulative $205.7 million in ZYME equity: $192.9 million by the Qualified Fund and $12.9 million by EcoR1 Capital Fund, L.P. The totals include $50.0 million used on 26 Dec 2023 to acquire pre-funded warrants that have since been exercised.

Governance influence. Oleg Nodelman and EcoR1 employee Scott Platshon already sit on Zymeworks� board, giving the investor direct insight and influence over corporate strategy. The filing states that the shares were acquired for investment purposes and that no specific plans under Items 4(a)-(j) of Schedule 13D are currently contemplated; however, EcoR1 reserves the right to buy or sell additional shares, engage in hedging, or discuss strategic matters with management and other shareholders.

Key takeaways for investors:

• EcoR1 is now Zymeworksâ€� largest known holder, with voting and dispositive power shared among its entities.
• The stake underscores EcoR1’s conviction that ZYME was undervalued at the time of purchase.
• While the filing is not overtly activist, EcoR1’s 30%-plus position and board presence could accelerate strategic initiatives or heighten takeover speculation.
• Potential share-price volatility may arise if EcoR1 materially increases or reduces its position.

EcoR1 Capital, LLC, together with its affiliated fund and managing member Oleg Nodelman, filed a Form 4 disclosing the cashless exercise of 5,086,521 pre-funded warrants in Zymeworks Inc. (ticker: ZYME) on 26 Jun 2025.

• The warrants carried a nominal exercise price of $0.0001 per share. To settle the aggregate exercise price, the reporting persons instructed the issuer to withhold 41 shares (valued at $12.71 each), issuing the remaining 5,086,480 new common shares.
• Following the transaction, EcoR1’s Qualified Fund owns 21,582,563 ZYME shares and the group reports total indirect beneficial ownership of 22,970,388 shares.
• The derivative position (pre-funded warrants) is now fully exhausted; the reporting persons hold 0 derivative securities post-transaction.
• EcoR1 and Mr. Nodelman are both classified as 10% owners and hold board seats, reinforcing their strategic involvement with the company.

The filing signals continued insider alignment through an increase in equity exposure; however, it also converts previously outstanding warrants into issued equity, modestly expanding the public float.

Zymeworks (Nasdaq: ZYME) filed an 8-K announcing two material events.

• Amendment: The company removed the 19.99 % ownership cap from 5,086,521 pre-funded warrants originally sold to EcoR1 in December 2023.
• Exercise: On June 26 2025 the warrants were net-exercised at $0.0001; 5,086,480 common shares were issued on June 27 2025.

The exercise lifted the warrant overhang but adds �6.8 % to the basic share count, which now totals 74,844,505. Because the warrants were already deeply in-the-money, cash proceeds were immaterial (�$509) and no additional capital was raised. EcoR1—already a >5 % holder with board representation—can now exceed the prior 19.99 % limit, increasing ownership concentration and voting power.

No financial statements or guidance were provided.