Zenas BioPharma Inc. Financials
This page shows Zenas BioPharma Inc. (ZBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Zenas BioPharma Inc. has an operating margin of -3830.6%, meaning the company retains $-3831 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 -3277.8% the prior year.
Zenas BioPharma Inc.'s revenue surged 100.0% year-over-year to $10.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Zenas BioPharma Inc. carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.61, Zenas BioPharma Inc. holds $5.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Zenas BioPharma Inc. generated -$172.3M in operating cash flow, capex of $18K consumed most of it, leaving -$172.4M 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. generates a -156.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -50.2% the prior year.
Zenas BioPharma Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Zenas BioPharma Inc. generates $0.46 in operating cash flow (-$172.3M OCF vs -$377.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Zenas BioPharma Inc. earns $-52.3 in operating income for every $1 of interest expense (-$383.1M vs $7.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Zenas BioPharma Inc. generated $10.0M in revenue in fiscal year 2025. This represents an increase of 100.0% from the prior year.
Zenas BioPharma Inc.'s EBITDA was -$383.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 133.9% from the prior year.
Zenas BioPharma Inc. reported -$377.7M in net income in fiscal year 2025. This represents a decrease of 140.6% from the prior year.
Zenas BioPharma Inc. earned $-8.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.0% from the prior year.
Cash & Balance Sheet
Zenas BioPharma Inc. generated -$172.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.9% from the prior year.
Zenas BioPharma Inc. held $110.6M in cash against $78.6M in long-term debt as of fiscal year 2025.
Zenas BioPharma Inc. had 54M shares outstanding in fiscal year 2025. This represents an increase of 30.4% from the prior year.
Margins & Returns
Zenas BioPharma Inc.'s operating margin was -3830.6% in fiscal year 2025, reflecting core business profitability. This is down 552.8 percentage points from the prior year.
Zenas BioPharma Inc.'s net profit margin was -3777.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 637.6 percentage points from the prior year.
Zenas BioPharma Inc.'s ROE was -156.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 105.8 percentage points from the prior year.
Capital Allocation
Zenas BioPharma Inc. invested $168.1M in research and development in fiscal year 2025. This represents an increase of 20.8% from the prior year.
Zenas BioPharma Inc. invested $18K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 86.3% from the prior year.
ZBIO Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0 | $0-100.0% | $10.0M | N/A | $0 | $0 | N/A |
| Cost of Revenue | N/A | 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 | N/A |
| R&D Expenses | N/A | $34.4M-20.0% | $43.0M+23.2% | $34.9M | N/A | $33.5M-0.8% | $33.8M+49.3% | $22.6M |
| SG&A Expenses | N/A | $13.2M+8.6% | $12.1M-2.2% | $12.4M | N/A | $7.5M+26.4% | $5.9M+19.5% | $4.9M |
| Operating Income | N/A | -$52.6M+4.7% | -$55.2M-47.8% | -$37.3M | N/A | -$41.0M-3.2% | -$39.7M-44.0% | -$27.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | $20K+109.8% | -$205K | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$51.5M+1.4% | -$52.2M-55.6% | -$33.6M | N/A | -$38.6M-1.7% | -$38.0M-36.6% | -$27.8M |
| EPS (Diluted) | N/A | $-1.22+2.4% | $-1.25-56.2% | $-0.80 | N/A | $-5.02+79.3% | $-24.23-35.4% | $-17.89 |
ZBIO Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $383.6M+19.1% | $322.0M+9.9% | $293.1M-12.2% | $333.8M-9.8% | $370.0M-8.3% | $403.4M | N/A | N/A |
| Current Assets | $351.2M+18.4% | $296.6M+6.5% | $278.6M-12.3% | $317.8M-10.7% | $355.9M-9.6% | $393.8M | N/A | N/A |
| Cash & Equivalents | $110.6M-4.3% | $115.6M+162.6% | $44.0M-77.6% | $196.6M-38.5% | $319.7M-11.2% | $360.0M+95.7% | $183.9M+395.0% | $37.2M |
| Inventory | N/A | 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 | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $141.5M+12.7% | $125.6M+134.9% | $53.5M+8.1% | $49.4M-14.0% | $57.5M+30.7% | $44.0M | N/A | N/A |
| Current Liabilities | $62.6M+19.5% | $52.4M-1.5% | $53.2M+8.4% | $49.1M-14.2% | $57.3M+30.2% | $44.0M | N/A | N/A |
| Long-Term Debt | $78.6M+7.7% | $73.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $242.1M+23.3% | $196.4M-18.0% | $239.6M-15.7% | $284.3M-9.0% | $312.5M-13.1% | $359.4M+224.5% | -$288.8M-14.4% | -$252.5M |
| Retained Earnings | -$765.1M-45.8% | -$524.7M-10.9% | -$473.2M-12.4% | -$421.0M-8.7% | -$387.4M-15.7% | -$334.8M | N/A | N/A |
ZBIO Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$52.4M-27.5% | -$41.1M+1.5% | -$41.7M-12.7% | -$37.1M+3.9% | -$38.6M-24.1% | -$31.1M-0.3% | -$31.0M-62.1% | -$19.1M |
| Capital Expenditures | $0 | $0 | $0-100.0% | $18K-75.7% | $74K | $0-100.0% | $35K+59.1% | $22K |
| Free Cash Flow | -$52.4M-27.5% | -$41.1M+1.5% | -$41.7M-12.6% | -$37.1M+4.0% | -$38.6M-24.4% | -$31.1M-0.2% | -$31.0M-62.1% | -$19.1M |
| Investing Cash Flow | -$93.4M-333.2% | $40.0M+135.7% | -$112.3M-30.2% | -$86.3M-2209.9% | -$3.7M+86.0% | -$26.8M-76357.1% | -$35K-59.1% | -$22K |
| Financing Cash Flow | $140.8M+94.0% | $72.6M+4117.0% | $1.7M+1639.4% | $99K-94.7% | $1.9M-99.2% | $234.0M+31.6% | $177.7M+29047.7% | -$614K |
| Dividends Paid | N/A | 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 | N/A |
ZBIO Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | -373.3% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | -335.7% | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -26.2%-4.4pp | -21.8%-10.0pp | -11.8% | N/A | -10.7% | N/A | N/A |
| Return on Assets | N/A | -16.0%+1.8pp | -17.8%-7.8pp | -10.1% | N/A | -9.6% | N/A | N/A |
| Current Ratio | 5.61-0.1 | 5.66+0.4 | 5.23-1.2 | 6.47+0.3 | 6.21-2.7 | 8.95 | N/A | N/A |
| Debt-to-Equity | 0.32-0.0 | 0.37+0.1 | 0.22+0.0 | 0.17-0.0 | 0.18+0.1 | 0.12 | N/A | N/A |
| FCF Margin | N/A | 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 $10.0M in total revenue for fiscal year 2025. This represents a 100.0% 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 grew by 100% year-over-year, from $5.0M to $10.0M in fiscal year 2025.
Is Zenas BioPharma Inc. profitable?
No, Zenas BioPharma Inc. (ZBIO) reported a net income of -$377.7M in fiscal year 2025, with a net profit margin of -3777.4%.
What is Zenas BioPharma Inc.'s EBITDA?
Zenas BioPharma Inc. (ZBIO) had EBITDA of -$383.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Zenas BioPharma Inc. have?
As of fiscal year 2025, Zenas BioPharma Inc. (ZBIO) had $110.6M in cash and equivalents against $78.6M in long-term debt.
What is Zenas BioPharma Inc.'s operating margin?
Zenas BioPharma Inc. (ZBIO) had an operating margin of -3830.6% in fiscal year 2025, 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 -3777.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zenas BioPharma Inc.'s return on equity (ROE)?
Zenas BioPharma Inc. (ZBIO) has a return on equity of -156.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zenas BioPharma Inc.'s free cash flow?
Zenas BioPharma Inc. (ZBIO) generated -$172.4M in free cash flow during fiscal year 2025. This represents a -43.9% 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 -$172.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Zenas BioPharma Inc.'s total assets?
Zenas BioPharma Inc. (ZBIO) had $383.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zenas BioPharma Inc.'s capital expenditures?
Zenas BioPharma Inc. (ZBIO) invested $18K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Zenas BioPharma Inc. spend on research and development?
Zenas BioPharma Inc. (ZBIO) invested $168.1M in research and development during fiscal year 2025.
What is Zenas BioPharma Inc.'s current ratio?
Zenas BioPharma Inc. (ZBIO) had a current ratio of 5.61 as of fiscal year 2025, 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 0.32 as of fiscal year 2025, 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 -98.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zenas BioPharma Inc.'s cash runway?
Based on fiscal year 2025 data, Zenas BioPharma Inc. (ZBIO) had $110.6M in cash against an annual operating cash burn of $172.3M. This gives an estimated cash runway of approximately 8 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 2 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 0.46x, 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.
Can Zenas BioPharma Inc. cover its interest payments?
Zenas BioPharma Inc. (ZBIO) has an interest coverage ratio of -52.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Zenas BioPharma Inc.?
Zenas BioPharma Inc. (ZBIO) scores 49 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.