Zenas BioPharma, Inc. (ZBIO) annual cash flow statement — 4-year operating, investing & financing history
| Cash from Operations | -210.48M | -172.33M | -119.67M | -30.53M | -65.65M |
| Operating CF Margin % | - | -1723.33% | -2393.48% | -61.06% | - |
| Operating CF Growth % | -206.14% | -44% | -292% | 53.5% | - |
| Net Income | -425.15M | -377.74M | -156.99M | -37.12M | -119.28M |
| Depreciation & Amortization | -1.04M | -1.88M | 137K | 113K | 78K |
| Stock-Based Compensation | 30.16M | 26.35M | 10.82M | 3.5M | 737K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 185.61M | 179.98M | 925K | 11.03M | 44.85M |
| Working Capital Changes | -52K | 951K | 25.43M | -8.04M | 7.97M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11.13M | -10.04M | 11.74M | -418K | 1.09M |
| Cash from Investing | -134M | -251.89M | -30.55M | -17K | -2.2M |
| Capital Expenditures | -2K | -18K | -131K | -17K | -198K |
| CapEx % of Revenue | - | 0.18% | 2.62% | 0.03% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -35M | -35M | 0 | 0 | -2M |
| Cash from Financing | 648.66M | 215.28M | 412.96M | 20.12M | 59.39M |
| Debt Issued (Net) | 267.03M | 0 | 0 | 20M | 0 |
| Equity Issued (Net) | 319.3M | 152.94M | 419.02M | 116K | 59.39M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 62.34M | 62.34M | -6.06M | 0 | 0 |
| Net Change in Cash | 303.67M | -209.19M | 262.89M | -10.35M | -8.5M |
| Free Cash Flow | -210.48M | -172.35M | -119.81M | -30.55M | -67.85M |
| FCF Margin % | - | -1723.51% | -2396.1% | -61.09% | - |
| FCF Growth % | -52.8% | -43.86% | -292.21% | 54.98% | - |
| FCF per Share | -3.78 | -3.85 | -2.87 | -0.80 | -1.77 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.46x | 0.76x | 0.82x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ZBIO stock.
Zenas BioPharma, Inc. (ZBIO) generated $-172.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zenas BioPharma, Inc. (ZBIO) reported negative free cash flow of $172.4M in 2025, indicating capital requirements exceeded cash from operations.
Zenas BioPharma, Inc. (ZBIO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.