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Zenas BioPharma, Inc.(ZBIO)Earnings, Financials & Key Ratios
ZBIO•NASDAQ
Price updated Jun 11, 2026
AboutZenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody for various indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a cytotoxic T-lymphocyte-associated antigen 4-immunoglobulin fusion; ZB001, an anti-insulin-like growth factor-1 receptor monoclonal antibody; and ZB005, an anti-active complement component 1s monoclonal antibody. Zenas BioPharma, Inc. was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is based in Waltham, Massachusetts.Show more
- Revenue$10M+100.0%
- EBITDA-$211M-29.1%
- Net Income-$378M-140.6%
- EPS (Diluted)-8.44-124.5%
- Gross Margin100%+103.7%
- EBITDA Margin-2113.29%+35.5%
- Operating Margin-2113.85%+35.5%
- Net Margin-3777.37%-20.3%
- ROE-136.22%+62.4%
- ROIC-154.53%
- Debt/Equity0.33+10187.4%
- Interest Coverage-50.56
ZBIO Key Insights
Zenas BioPharma, Inc. (ZBIO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 18 (bottom 18%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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ZBIO Price & Volume
Zenas BioPharma, Inc. (ZBIO) stock price & volume — 10-year historical chart
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ZBIO Growth Metrics
Zenas BioPharma, Inc. (ZBIO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-100%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-161.21%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-129.22%
Return on Capital
10 Years-98.64%
5 Years-98.64%
3 Years-79.27%
Last Year-66.72%
ZBIO Recent Earnings
Zenas BioPharma, Inc. (ZBIO) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (29%)●Beat Revenue 1/12 qtrs (100%)
Q2 2026Latest
May 13, 2026EPS
$1.46
Est $1.37
-6.6%
Revenue
—
Est $25M
Q2 2026
Mar 16, 2026EPS
$1.10
Est $1.00
-9.8%
Revenue
—
Est $13M
Q4 2025
Nov 12, 2025EPS
$1.22
Est $0.87
-40.2%
Revenue
—
Est $29M
Q3 2025
Aug 12, 2025EPS
$1.25
Est $1.02
-22.5%
Revenue
—
Est $4M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 13, 2026 | $1.46vs $1.37-6.6% | —vs $25M |
| Q2 2026 | Mar 16, 2026 | $1.10vs $1.00-9.8% | —vs $13M |
| Q4 2025 | Nov 12, 2025 | $1.22vs $0.87-40.2% | —vs $29M |
| Q3 2025 | Aug 12, 2025 | $1.25vs $1.02-22.5% | —vs $4M |
Based on last 12 quarters of dataView full earnings history →
ZBIO Peer Comparison
Zenas BioPharma, Inc. (ZBIO) competitors in Immunology and Inflammation Therapies — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ARCT | 198.11M | 6.97 | -2.90 | -51.43% | -173.47% | -36.55% | 0.12 | |
 IMVT | 6.75B | 32.88 | -11.87 | -68.16% | 0.00 | |||
 ARDX | 1.42B | 5.79 | -22.27 | 22.09% | -13.58% | -38.11% | 1.27 | |
 PRAX | 7.16B | 247.98 | -18.40 | -100% | -43.02% | 0.00 | ||
 KYMR | 6.77B | 82.96 | -22.48 | -16.72% | -6.12% | -25.02% | 0.05 | |
 RCUS | 2.35B | 23.30 | -7.08 | -4.26% | -156.36% | -68.97% | 0.16 | |
 ALKS | 7.49B | 44.92 | 31.41 | -5.25% | 9.78% | 8.82% | 0.04 | |
 HALO | 8.39B | 70.73 | 27.63 | 37.55% | 23.13% | 126.27% | 43.89 |
Compare ZBIO vs Peers
Zenas BioPharma, Inc. (ZBIO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ZBIO Income Statement
Zenas BioPharma, Inc. (ZBIO) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Sales/Revenue | 0 | 50M | 5M | 10M | 0 |
Revenue Growth % | - | - | -90% | 100% | -100% |
Cost of Goods Sold | 61.69M | 0 | 139.14M | 0 | 48.03M |
COGS % of Revenue | - | - | 2782.78% | - | - |
Gross Profit | -61.69M▲ 0% | 50M▲ 181.1% | -134.14M▼ 368.3% | 10M▲ 107.5% | -48.03M▲ 0% |
Gross Margin % | - | 100% | -2682.78% | 100% | - |
Gross Profit Growth % | - | 181.05% | -368.28% | 107.45% | - |
Operating Expenses | 14.51M | 87.15M | 29.75M | 221.38M | 375.04M |
OpEx % of Revenue | - | 174.29% | 594.98% | 2213.85% | - |
Selling, General & Admin | 13.51M | 17.11M | 29.75M | 53.32M | 57.81M |
SG&A % of Revenue | - | 34.23% | 594.98% | 533.22% | - |
Research & Development | 62.69M | 60.03M | 139.14M | 168.06M | 193.59M |
R&D % of Revenue | - | 120.07% | 2782.78% | 1680.63% | - |
Other Operating Expenses | -61.69M | 10M | -139.14M | 0 | 0 |
Operating Income | -76.2M▲ 0% | -37.15M▲ 51.3% | -163.89M▼ 341.2% | -211.38M▼ 29.0% | -423.08M▲ 0% |
Operating Margin % | - | -74.29% | -3277.76% | -2113.85% | - |
Operating Income Growth % | - | 51.25% | -341.19% | -28.98% | - |
EBITDA | -76.12M | -37.03M | -163.75M | -211.33M | -423.04M |
EBITDA Margin % | - | -74.07% | -3275.02% | -2113.29% | - |
EBITDA Growth % | - | 51.35% | -342.16% | -29.06% | -143.81% |
D&A (Non-Cash Add-back) | 78K | 113K | 137K | 56K | 39K |
EBIT | -75.2M | -27.15M | -163.89M | -370.49M | -414.43M |
Net Interest Income | 0 | 0 | 0 | 4.82M | -3.61M |
Interest Income | 0 | 0 | 0 | 12.15M | 3.02M |
Interest Expense | 0 | 0 | 0 | 7.33M | 6.63M |
Other Income/Expense | -43.08M | 324K | 7.33M | -166.43M | -1.95M |
Pretax Income | -119.28M▲ 0% | -36.82M▲ 69.1% | -156.56M▼ 325.2% | -377.82M▼ 141.3% | -425.02M▲ 0% |
Pretax Margin % | - | -73.65% | -3131.18% | -3778.16% | - |
Income Tax | 0 | 301K | 429K | -79K | 126K |
Effective Tax Rate % | 0% | -0.82% | -0.27% | 0.02% | -0.03% |
Net Income | -119.28M▲ 0% | -37.12M▲ 68.9% | -156.99M▼ 322.9% | -377.74M▼ 140.6% | -425.15M▲ 0% |
Net Margin % | - | -74.25% | -3139.76% | -3777.37% | - |
Net Income Growth % | - | 68.88% | -322.87% | -140.62% | -161.21% |
Net Income (Continuing) | -119.28M | -37.12M | -156.99M | -377.74M | -425.15M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -3.11▲ 0% | -0.97▲ 68.8% | -3.76▼ 287.6% | -8.44▼ 124.5% | -7.64▲ 0% |
EPS Growth % | - | 68.81% | -287.63% | -124.47% | -129.22% |
EPS (Basic) | -3.11 | -0.97 | -3.76 | -8.44 | - |
Diluted Shares Outstanding | 38.32M | 38.32M | 41.79M | 44.73M | 55.62M |
Basic Shares Outstanding | 38.32M | 38.32M | 41.79M | 44.73M | 55.62M |
Dividend Payout Ratio | - | - | - | - | - |
ZBIO Balance Sheet
Zenas BioPharma, Inc. (ZBIO) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Total Current Assets | 68.44M | 59.8M | 355.92M | 351.17M | 730.16M |
Cash & Short-Term Investments | 67.21M | 56.86M | 350.77M | 343.19M | 717.21M |
Cash Only | 67.21M | 56.86M | 319.74M | 110.64M | 500.22M |
Short-Term Investments | 0 | 0 | 31.02M | 232.55M | 216.98M |
Accounts Receivable | 0 | 0 | 0 | 0 | 1.1M |
Days Sales Outstanding | - | - | - | - | - |
Inventory | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - |
Other Current Assets | 1.24M | 2.95M | 5.16M | 7.98M | 11.86M |
Total Non-Current Assets | 6.13M | 8.38M | 14.04M | 32.47M | 17.52M |
Property, Plant & Equipment | 1.8M | 1.01M | 1.19M | 1.39M | 1.12M |
Fixed Asset Turnover | - | 49.31x | 4.21x | 7.20x | 0.00x |
Goodwill | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 |
Long-Term Investments | 0 | 0 | 0 | 17.27M | 30.94M |
Other Non-Current Assets | 4.33M | 7.36M | 12.86M | 13.81M | 15.06M |
Total Assets | 74.58M▲ 0% | 68.18M▼ 8.6% | 369.97M▲ 442.6% | 383.64M▲ 3.7% | 747.68M▲ 0% |
Asset Turnover | - | 0.73x | 0.01x | 0.03x | 0.00x |
Asset Growth % | - | -8.58% | 442.63% | 3.7% | 154.11% |
Total Current Liabilities | 25.97M | 23.26M | 57.29M | 62.65M | 61.16M |
Accounts Payable | 5.82M | 5.4M | 17.14M | 7.11M | 8.94M |
Days Payables Outstanding | 34.41 | - | 44.95 | - | 57.81 |
Short-Term Debt | 0 | 0 | 0 | 1.11M | 1.04M |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
Other Current Liabilities | 4.33M | 5.12M | 8.31M | 54.3M | 45.44M |
Current Ratio | 2.64x | 2.57x | 6.21x | 5.61x | 11.94x |
Quick Ratio | 2.64x | 2.57x | 6.21x | 5.61x | 11.94x |
Cash Conversion Cycle | - | - | - | - | - |
Total Non-Current Liabilities | 240.9M | 270.64M | 218K | 78.85M | 350.69M |
Long-Term Debt | 0 | 20.3M | 0 | 78.64M | 350.62M |
Capital Lease Obligations | 812K | 257K | 218K | 211K | 683K |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 240.09M | 250.09M | 0 | 0 | 0 |
Total Liabilities | 266.87M | 293.9M | 57.51M | 141.5M | 411.85M |
Total Debt | 1.53M | 21.11M | 1M | 79.96M | 351.73M |
Net Debt | -65.68M | -35.74M | -318.74M | -30.68M | -148.5M |
Debt / Equity | - | - | 0.00x | 0.33x | 1.05x |
Debt / EBITDA | - | - | - | - | -0.83x |
Net Debt / EBITDA | - | - | - | - | 0.35x |
Interest Coverage | - | - | - | -50.56x | -62.50x |
Total Equity | -192.29M▲ 0% | -225.72M▼ 17.4% | 312.46M▲ 238.4% | 242.14M▼ 22.5% | 335.83M▲ 0% |
Equity Growth % | - | -17.39% | 238.43% | -22.5% | -0.74% |
Book Value per Share | -5.02 | -5.89 | 7.48 | 5.41 | 6.04 |
Total Shareholders' Equity | -192.29M | -225.72M | 312.46M | 242.14M | 335.83M |
Common Stock | 0 | 0 | 4K | 5K | 6K |
Retained Earnings | -193.28M | -230.4M | -387.39M | -765.13M | -846.12M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -41K | 37K | 194K | -64K | -377K |
Minority Interest | 0 | 0 | 0 | 0 | 0 |
ZBIO Cash Flow Statement
Zenas BioPharma, Inc. (ZBIO) cash flow — operating, investing & free cash flow history
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Cash from Operations | -65.65M | -30.53M | -119.67M | -172.33M | -210.48M |
Operating CF Margin % | - | -61.06% | -2393.48% | -1723.33% | - |
Operating CF Growth % | - | 53.5% | -292% | -44% | -206.14% |
Net Income | -119.28M | -37.12M | -156.99M | -377.74M | -425.15M |
Depreciation & Amortization | 78K | 113K | 137K | -1.88M | -1.04M |
Stock-Based Compensation | 737K | 3.5M | 10.82M | 26.35M | 30.16M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 44.85M | 11.03M | 925K | 179.98M | 185.61M |
Working Capital Changes | 7.97M | -8.04M | 25.43M | 951K | -52K |
Change in Receivables | 0 | 0 | 0 | 0 | 0 |
Change in Inventory | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 1.09M | -418K | 11.74M | -10.04M | -11.13M |
Cash from Investing | -2.2M | -17K | -30.55M | -251.89M | -134M |
Capital Expenditures | -198K | -17K | -131K | -18K | -2K |
CapEx % of Revenue | - | 0.03% | 2.62% | 0.18% | - |
Acquisitions | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - |
Other Investing | -2M | 0 | 0 | -35M | -35M |
Cash from Financing | 59.39M | 20.12M | 412.96M | 215.28M | 648.66M |
Debt Issued (Net) | 0 | 20M | 0 | 0 | 267.03M |
Equity Issued (Net) | 59.39M | 116K | 419.02M | 152.94M | 319.3M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 |
Other Financing | 0 | 0 | -6.06M | 62.34M | 62.34M |
Net Change in Cash | -8.5M▲ 0% | -10.35M▼ 21.8% | 262.89M▲ 2639.5% | -209.19M▼ 179.6% | 303.67M▲ 0% |
Free Cash Flow | -67.85M▲ 0% | -30.55M▲ 55.0% | -119.81M▼ 292.2% | -172.35M▼ 43.9% | -210.48M▲ 0% |
FCF Margin % | - | -61.09% | -2396.1% | -1723.51% | - |
FCF Growth % | - | 54.98% | -292.21% | -43.86% | -52.8% |
FCF per Share | -1.77 | -0.80 | -2.87 | -3.85 | -3.78 |
FCF Conversion (FCF/Net Income) | 0.55x | 0.82x | 0.76x | 0.46x | 0.50x |
Interest Paid | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 |
ZBIO Key Ratios
Zenas BioPharma, Inc. (ZBIO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|
| Return on Equity (ROE) | - | -361.99% | -136.22% | -167.71% |
| Return on Invested Capital (ROIC) | - | - | -154.53% | -187.45% |
| Gross Margin | 100% | -2682.78% | 100% | - |
| Net Margin | -74.25% | -3139.76% | -3777.37% | - |
| Debt / Equity | - | 0.00x | 0.33x | 1.05x |
| Interest Coverage | - | - | -50.56x | -62.50x |
| FCF Conversion | 0.82x | 0.76x | 0.46x | 0.50x |
| Revenue Growth | - | -90% | 100% | -100% |
Related:ZBIO Dividend History·ZBIO Revenue History·ZBIO Price History·ZBIO P/E History·ZBIO Financial Ratios·ZBIO Institutional Holders
ZBIO SEC Filings & Documents
Zenas BioPharma, Inc. (ZBIO) SEC filings — annual & quarterly reports (10-K, 10-Q)
ZBIO Frequently Asked Questions
Zenas BioPharma, Inc. (ZBIO) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Zenas BioPharma, Inc. (ZBIO) reported $10.0M in revenue for fiscal year 2025.
Zenas BioPharma, Inc. (ZBIO) grew revenue by 100.0% over the past year. This is strong growth.
Zenas BioPharma, Inc. (ZBIO) reported a net loss of $425.2M for fiscal year 2025.
Dividend & Returns
Zenas BioPharma, Inc. (ZBIO) has a return on equity (ROE) of -136.2%. Negative ROE indicates the company is unprofitable.
Zenas BioPharma, Inc. (ZBIO) had negative free cash flow of $210.5M in fiscal year 2025, likely due to heavy capital investments.