Zenas BioPharma Inc. Financials
Zenas BioPharma Inc. (ZBIO) reported $10.0M in revenue for fiscal year 2025, up 100.0% from the prior fiscal year. This page shows its 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).
ZBIO remains a balance-sheet-funded development company, where research spending rather than customer revenue determines the business's cash needs.
In FY2025, operating cash flow and free cash flow were essentially the same at about-$172.3M because capex was only$18K , so cash use is coming from funding the development program rather than building a lasting asset base. That matters because cash fell from$319.7M to$110.6M across FY2024-FY2025 even after financing inflows, showing the company still operates mainly on external funding, not on customer receipts.
Revenue was only
Near-term liquidity looks comfortable with a current ratio of 5.6x, and cash still exceeded current liabilities. But the arrival of long-term debt at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zenas BioPharma Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zenas BioPharma Inc. scores 3.58, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($141.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zenas BioPharma Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Zenas BioPharma Inc. reported a net loss of $377.7M while operations used $172.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Zenas BioPharma Inc. reported an operating loss of $383.1M against $7.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Cash & Balance Sheet
Zenas BioPharma Inc. recorded an outflow of $172.4M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
ZBIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | N/A | $10.0M+100.0% | $5.0M-90.0% | $50.0M |
| R&D Expenses | N/A | $168.1M+20.8% | $139.1M+131.8% | $60.0M |
| SG&A Expenses | N/A | $53.3M+79.2% | $29.7M+73.8% | $17.1M |
| Operating Income | N/A | -$383.1M-133.7% | -$163.9M-341.2% | -$37.1M |
| Interest Expense | N/A | $7.3M | N/A | N/A |
| Income Tax | N/A | -$79K-118.4% | $429K+42.5% | $301K |
| Net Income | N/A | -$377.7M-140.6% | -$157.0M-322.9% | -$37.1M |
| EPS (Diluted) | — | -$8.44 | -$11.89 | -$24.25 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZBIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $383.6M+3.7% | $370.0M+442.6% | $68.2M |
| Current Assets | $351.2M-1.3% | $355.9M+495.1% | $59.8M |
| Cash & Equivalents | $110.6M-65.4% | $319.7M+462.4% | $56.9M |
| Total Liabilities | $141.5M+146.0% | $57.5M-80.4% | $293.9M |
| Current Liabilities | $62.6M+9.4% | $57.3M+146.3% | $23.3M |
| Long-Term Debt | $78.6M | N/A | N/A |
| Total Equity | $242.1M-22.5% | $312.5M+238.4% | -$225.7M |
| Retained Earnings | -$765.1M-97.5% | -$387.4M-68.1% | -$230.4M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
ZBIO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | -$226.0M | -$172.3M-44.0% | -$119.7M-292.0% | -$30.5M |
| Capital Expenditures | $2K | $18K-86.3% | $131K+670.6% | $17K |
| Free Cash Flow | -$226.0M | -$172.4M-43.9% | -$119.8M-292.2% | -$30.5M |
| Investing Cash Flow | -$309.4M | -$251.9M-724.5% | -$30.6M-179617.6% | -$17K |
| Financing Cash Flow | $689.0M | $215.3M-47.9% | $413.0M+1952.9% | $20.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZBIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Operating Margin | -3830.6% | -3277.8% | -74.3% |
| Net Margin | -3777.4% | -3139.8% | -74.3% |
| Return on Equity | -156.0%-105.8pp | -50.2% | N/A |
| Return on Assets | -98.5%-56.0pp | -42.4%+12.0pp | -54.4% |
| Current Ratio | 5.61-0.6x | 6.21+3.6x | 2.57 |
| Debt-to-Equity | 0.32+0.1x | 0.18 | N/A |
| FCF Margin | -1723.5% | -2396.1% | -61.1% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Zenas BioPharma Inc. Ranks
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 100.0% 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.
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 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) recorded an outflow of $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) recorded an outflow of $172.3M in operating cash flow during fiscal year 2025, representing cash used by 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 Altman Z-Score?
Zenas BioPharma Inc. (ZBIO) has an Altman Z-Score of 3.58, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zenas BioPharma Inc.'s Piotroski F-Score?
Zenas BioPharma Inc. (ZBIO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $377.7M while operations used $172.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $383.1M against $7.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 32 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.