Zenas BioPharma Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Zenas BioPharma Inc. has an operating margin of -3277.8%, meaning the company retains $-3278 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -74.3% the prior year.
Zenas BioPharma Inc.'s revenue declined 90% year-over-year, from $50.0M to $5.0M. This contraction results in a growth score of 0/100.
Zenas BioPharma Inc. carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.21, Zenas BioPharma Inc. holds $6.21 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Zenas BioPharma Inc. generated -$119.7M in operating cash flow, capex of $131K consumed most of it, leaving -$119.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Zenas BioPharma Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Zenas BioPharma Inc. generates $0.76 in operating cash flow (-$119.7M OCF vs -$157.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Zenas BioPharma Inc. (ZBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Zenas BioPharma Inc. generated $5.0M in revenue in fiscal year 2024. This represents a decrease of 90.0% from the prior year.
Zenas BioPharma Inc.'s EBITDA was -$163.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 342.2% from the prior year.
Zenas BioPharma Inc. generated -$119.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 292.2% from the prior year.
Zenas BioPharma Inc. reported -$157.0M in net income in fiscal year 2024. This represents a decrease of 322.9% from the prior year.
Zenas BioPharma Inc. earned $-11.89 per diluted share (EPS) in fiscal year 2024. This represents an increase of 51.0% from the prior year.
Zenas BioPharma Inc. held $319.7M in cash against $0 in long-term debt as of fiscal year 2024.
Zenas BioPharma Inc. had 42M shares outstanding in fiscal year 2024. This represents an increase of 2550.4% from the prior year.
Zenas BioPharma Inc.'s operating margin was -3277.8% in fiscal year 2024, reflecting core business profitability. This is down 3203.5 percentage points from the prior year.
Zenas BioPharma Inc.'s net profit margin was -3139.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3065.5 percentage points from the prior year.
Zenas BioPharma Inc. invested $139.1M in research and development in fiscal year 2024. This represents an increase of 131.8% from the prior year.
Zenas BioPharma Inc. invested $131K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 670.6% from the prior year.
ZBIO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0-100.0% | $10.0M | $0 | $0 | N/A | $50.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $34.4M-20.0% | $43.0M+23.2% | $34.9M+4.1% | $33.5M-0.8% | $33.8M | N/A | $9.4M |
| SG&A Expenses | $13.2M+8.6% | $12.1M-2.2% | $12.4M+66.6% | $7.5M+26.4% | $5.9M | N/A | $5.0M |
| Operating Income | -$52.6M+4.7% | -$55.2M-47.8% | -$37.3M+8.9% | -$41.0M-3.2% | -$39.7M | N/A | $35.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $20K+109.8% | -$205K | N/A | N/A | N/A | N/A |
| Net Income | -$51.5M+1.4% | -$52.2M-55.6% | -$33.6M+13.0% | -$38.6M-1.7% | -$38.0M | N/A | $35.6M |
| EPS (Diluted) | $-1.22+2.4% | $-1.25-56.2% | $-0.80+84.1% | $-5.02+79.3% | $-24.23 | N/A | $1.96 |
ZBIO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|
| Total Assets | $322.0M+9.9% | $293.1M-12.2% | $333.8M-9.8% | $370.0M | N/A | $68.2M | N/A |
| Current Assets | $296.6M+6.5% | $278.6M-12.3% | $317.8M-10.7% | $355.9M | N/A | $59.8M | N/A |
| Cash & Equivalents | $115.6M+162.6% | $44.0M-77.6% | $196.6M-38.5% | $319.7M+73.8% | $183.9M+223.5% | $56.9M-21.4% | $72.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $125.6M+134.9% | $53.5M+8.1% | $49.4M-14.0% | $57.5M | N/A | $293.9M | N/A |
| Current Liabilities | $52.4M-1.5% | $53.2M+8.4% | $49.1M-14.2% | $57.3M | N/A | $23.3M | N/A |
| Long-Term Debt | $73.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $196.4M-18.0% | $239.6M-15.7% | $284.3M-9.0% | $312.5M+208.2% | -$288.8M-27.9% | -$225.7M-11.6% | -$202.2M |
| Retained Earnings | -$524.7M-10.9% | -$473.2M-12.4% | -$421.0M-8.7% | -$387.4M | N/A | -$230.4M | N/A |
ZBIO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.1M+1.5% | -$41.7M-12.7% | -$37.1M+3.9% | -$38.6M-24.5% | -$31.0M-101.0% | -$15.4M | N/A |
| Capital Expenditures | $0 | $0-100.0% | $18K-75.7% | $74K+111.4% | $35K | N/A | N/A |
| Free Cash Flow | -$41.1M+1.5% | -$41.7M-12.6% | -$37.1M+4.0% | -$38.6M-24.6% | -$31.0M | N/A | N/A |
| Investing Cash Flow | $40.0M+135.7% | -$112.3M-30.2% | -$86.3M-2209.9% | -$3.7M-10571.4% | -$35K | N/A | N/A |
| Financing Cash Flow | $72.6M+4117.0% | $1.7M+1639.4% | $99K-94.7% | $1.9M-99.0% | $177.7M+355378.0% | $50K | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ZBIO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | -373.3% | N/A | N/A | N/A | 71.3% |
| Net Margin | N/A | N/A | -335.7% | N/A | N/A | N/A | 71.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -16.0%+1.8pp | -17.8%-7.8pp | -10.1%-0.5pp | -9.6% | N/A | N/A | N/A |
| Current Ratio | 5.66+0.4 | 5.23-1.2 | 6.47+0.3 | 6.21 | N/A | 2.57 | N/A |
| Debt-to-Equity | 0.37+0.1 | 0.22+0.0 | 0.17-0.0 | 0.18 | N/A | -1.30 | N/A |
| FCF Margin | N/A | N/A | -370.7% | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Zenas BioPharma Inc.'s annual revenue?
Zenas BioPharma Inc. (ZBIO) reported $5.0M in total revenue for fiscal year 2024. This represents a -90.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zenas BioPharma Inc.'s revenue growing?
Zenas BioPharma Inc. (ZBIO) revenue declined by 90% year-over-year, from $50.0M to $5.0M in fiscal year 2024.
Is Zenas BioPharma Inc. profitable?
No, Zenas BioPharma Inc. (ZBIO) reported a net income of -$157.0M in fiscal year 2024, with a net profit margin of -3139.8%.
What is Zenas BioPharma Inc.'s earnings per share (EPS)?
Zenas BioPharma Inc. (ZBIO) reported diluted earnings per share of $-11.89 for fiscal year 2024. This represents a 51.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Zenas BioPharma Inc.'s EBITDA?
Zenas BioPharma Inc. (ZBIO) had EBITDA of -$163.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zenas BioPharma Inc.'s operating margin?
Zenas BioPharma Inc. (ZBIO) had an operating margin of -3277.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Zenas BioPharma Inc.'s net profit margin?
Zenas BioPharma Inc. (ZBIO) had a net profit margin of -3139.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Zenas BioPharma Inc.'s free cash flow?
Zenas BioPharma Inc. (ZBIO) generated -$119.8M in free cash flow during fiscal year 2024. This represents a -292.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zenas BioPharma Inc.'s operating cash flow?
Zenas BioPharma Inc. (ZBIO) generated -$119.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Zenas BioPharma Inc.'s total assets?
Zenas BioPharma Inc. (ZBIO) had $370.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Zenas BioPharma Inc.'s capital expenditures?
Zenas BioPharma Inc. (ZBIO) invested $131K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Zenas BioPharma Inc. spend on research and development?
Zenas BioPharma Inc. (ZBIO) invested $139.1M in research and development during fiscal year 2024.
How many shares does Zenas BioPharma Inc. have outstanding?
Zenas BioPharma Inc. (ZBIO) had 42M shares outstanding as of fiscal year 2024.
What is Zenas BioPharma Inc.'s current ratio?
Zenas BioPharma Inc. (ZBIO) had a current ratio of 6.21 as of fiscal year 2024, which is generally considered healthy.
What is Zenas BioPharma Inc.'s debt-to-equity ratio?
Zenas BioPharma Inc. (ZBIO) had a debt-to-equity ratio of 0.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zenas BioPharma Inc.'s return on assets (ROA)?
Zenas BioPharma Inc. (ZBIO) had a return on assets of -42.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Zenas BioPharma Inc.'s cash runway?
Based on fiscal year 2024 data, Zenas BioPharma Inc. (ZBIO) had $319.7M in cash against an annual operating cash burn of $119.7M. This gives an estimated cash runway of approximately 32 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Zenas BioPharma Inc.'s Piotroski F-Score?
Zenas BioPharma Inc. (ZBIO) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zenas BioPharma Inc.'s earnings high quality?
Zenas BioPharma Inc. (ZBIO) has an earnings quality ratio of 0.76x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Zenas BioPharma Inc.?
Zenas BioPharma Inc. (ZBIO) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.