ZBIO

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Zenas BioPharma, Inc.

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Key Metrics

Previous Close: $27.94
52-Week Range: $13.50 – $44.60
Market Cap: $1.84B
P/E (TTM): —
EPS (TTM): -9.63
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 7.25
PEG Ratio: —
Return on Equity: -199.04%
Return on Assets: -34.42%
Gross Margin: 0.00%
Operating Margin: -7765.90%
Profit Margin: 0.00%
Current Ratio: 9.93
Debt/Equity: 1.21
Total Debt: $297.86M
Free Cash Flow: $-211.39M
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $1.50B

ZBIO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$0.00	$50.00M	$5.00M	$10.00M
Research & Development	$61.69M	$60.03M	$139.14M	$168.06M
Selling, General & Admin	$13.51M	$17.11M	$29.75M	$53.32M
Operating Expenses	$75.20M	$77.15M	$168.89M	$221.38M
Operating Income	-$75.20M	-$27.15M	-$163.89M	-$211.38M
EBITDA	-$75.12M	-$27.03M	-$156.42M	-$370.43M
Pretax Income	-$119.28M	-$36.82M	-$156.56M	-$377.82M
Income Tax	$0.00	$301.00K	$429.00K	-$79.00K
Net Income	-$119.28M	-$37.12M	-$156.99M	-$377.74M
Diluted EPS	-9.26	-2.13	-11.89	-8.44
Diluted Shares	12.88M	17.42M	13.20M	44.73M

ZBIO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$67.21M	$56.86M	$319.74M	$110.64M
Current Assets	$68.44M	$59.80M	$355.92M	$351.17M
Total Assets	$74.58M	$68.18M	$369.97M	$383.64M
Current Liabilities	$25.97M	$23.26M	$57.29M	$62.65M
Long-Term Debt	—	$20.30M	—	—
Total Debt	$1.53M	$21.11M	$1.00M	$1.33M
Total Liabilities	$266.87M	$293.90M	$57.51M	$141.50M
Retained Earnings	-$193.28M	-$230.40M	-$387.39M	-$765.13M
Shareholders' Equity	-$192.29M	-$225.72M	$312.46M	$242.14M
Working Capital	$42.48M	$36.55M	$298.63M	$288.52M

ZBIO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$65.65M	-$30.53M	-$119.67M	-$172.33M
Capital Expenditure	-$2.20M	-$17.00K	-$131.00K	-$35.02M
Free Cash Flow	-$67.85M	-$30.55M	-$119.81M	-$207.35M
Depreciation & Amortisation	$78.00K	$113.00K	$137.00K	$56.00K
Stock-Based Compensation	$737.00K	$3.50M	$10.82M	$26.35M
Investing Cash Flow	-$2.20M	-$17.00K	-$30.55M	-$251.89M
Financing Cash Flow	$59.39M	$20.12M	$412.96M	$215.28M
Net Change in Cash	-$8.46M	-$10.43M	$262.73M	-$208.94M

ZBIO Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$10.00M	$0.00	$0.00	$0.00	$0.00	$1.00M
Research & Development	$34.91M	$43.03M	$34.40M	$55.72M	$60.44M	$62.91M
Selling, General & Admin	$12.41M	$12.14M	$13.18M	$15.59M	$16.91M	$15.75M
Operating Expenses	$47.33M	$55.16M	$47.58M	$71.31M	$77.35M	$78.66M
Operating Income	-$37.33M	-$55.16M	-$47.58M	-$71.31M	-$77.35M	-$77.66M
EBITDA	-$33.76M	-$52.19M	-$47.57M	-$230.41M	-$74.35M	-$101.04M
Pretax Income	-$33.78M	-$52.20M	-$51.50M	-$240.34M	-$80.99M	-$111.34M
Income Tax	-$205.00K	$20.00K	$0.00	$106.00K	$0.00	$114.00K
Net Income	-$33.57M	-$52.22M	-$51.50M	-$240.44M	-$80.99M	-$111.46M
Diluted EPS	-0.80	-1.25	-1.22	-4.54	-1.46	-1.77
Diluted Shares	41.80M	41.87M	42.16M	53.00M	55.62M	63.11M

ZBIO Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$196.55M	$44.01M	$115.56M	$110.64M	$500.22M	$196.58M
Current Assets	$317.81M	$278.60M	$296.64M	$351.17M	$730.16M	$653.79M
Total Assets	$333.77M	$293.08M	$322.02M	$383.64M	$747.68M	$701.69M
Current Liabilities	$49.13M	$53.24M	$52.42M	$62.65M	$61.16M	$65.82M
Long-Term Debt	—	—	—	—	$265.71M	$297.02M
Total Debt	$1.23M	$1.01M	$798.00K	$1.33M	$266.83M	$297.86M
Total Liabilities	$49.45M	$53.46M	$125.59M	$141.50M	$411.85M	$454.59M
Retained Earnings	-$420.96M	-$473.19M	-$524.69M	-$765.13M	-$846.12M	-$957.57M
Shareholders' Equity	$284.32M	$239.63M	$196.43M	$242.14M	$335.83M	$247.10M
Working Capital	$268.68M	$225.36M	$244.22M	$288.52M	$669.00M	$587.98M
Net Debt	—	—	—	—	—	$100.44M

ZBIO Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$37.05M	-$41.74M	-$41.13M	-$52.41M	-$75.20M	-$57.24M
Capital Expenditure	-$18.00K	—	-$5.00M	-$30.00M	-$2.00K	-$30.00M
Free Cash Flow	-$37.07M	-$41.74M	-$46.13M	-$82.41M	-$75.20M	-$87.24M
Depreciation & Amortisation	$23.00K	$12.00K	$11.00K	$10.00K	$6.00K	$4.00K
Stock-Based Compensation	$5.39M	$6.04M	$7.34M	$7.58M	$9.20M	$8.62M
Investing Cash Flow	-$86.27M	-$112.29M	$40.04M	-$93.36M	$31.61M	-$287.70M
Financing Cash Flow	$99.00K	$1.72M	$72.62M	$140.84M	$433.48M	$42.06M
Net Change in Cash	-$123.23M	-$152.31M	$71.53M	-$4.93M	$389.89M	-$302.88M

Market Snapshot

About

Zenas BioPharma is a clinical-stage biopharmaceutical company focused on developing and commercializing immunology-based therapies for autoimmune and inflammatory diseases. The company leverages its expertise in T-cell biology to develop novel treatments targeting unmet medical needs. Zenas BioPharma aims to bring innovative therapies to patients with serious immune-mediated conditions.