Zenas BioPharma, Inc. (ZBIO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZBIO SEC filings page.
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 operates as a development-stage company: research spending vastly exceeds sales, while operations consume cash despite substantial current-asset coverage.
In FY2025, operating cash flow was-$172M and free cash flow was also-$172M , so cash consumption came almost entirely from running the business rather than capital investment. That alignment indicates the accounting loss closely reflected the company’s actual cash use.
The spending pattern is unmistakably development-stage: R&D reached
Total liabilities of
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. held $360.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $172.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Zenas BioPharma, Inc. scores 50/100 among other emerging companies.
Zenas BioPharma, Inc. had 57M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Zenas BioPharma, Inc. scores 2/100 among other emerging companies.
Zenas BioPharma, Inc. spent $168.1M on research and development in fiscal year 2025, which was 42.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Zenas BioPharma, Inc. scores 73/100 among other emerging companies.
Zenas BioPharma, Inc. reported revenue of $10.0M in fiscal year 2025, against $5.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Zenas BioPharma, Inc. scores 4/100 among other emerging companies.
Zenas BioPharma, Inc.'s operations used $172.3M of cash in fiscal year 2025, against $119.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Zenas BioPharma, Inc. scores 6/100 among other emerging companies.
Zenas BioPharma, Inc.'s cash, cash equivalents and investments came to $360.5M at the end of fiscal year 2025, against $141.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Zenas BioPharma, Inc. scores 79/100 among other emerging companies.
Zenas BioPharma, Inc. scores 2.66, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($141.5M). This signals moderate financial risk that warrants monitoring.
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 $1.0M in revenue in Q2 2026.
Zenas BioPharma, Inc.'s EBITDA was -$107.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 95.2% from the same quarter a year earlier. Against the prior quarter it is down 39.2%.
Zenas BioPharma, Inc. reported -$111.5M in net income in Q2 2026. This represents a decrease of 113.4% from the same quarter a year earlier. Against the prior quarter it is down 37.6%.
Zenas BioPharma, Inc. earned -$1.77 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 21.2%.
Cash & Balance Sheet
Zenas BioPharma, Inc. recorded an outflow of $57.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 37.1% from the same quarter a year earlier. Against the prior quarter it is up 23.9%.
Zenas BioPharma, Inc. held $196.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Zenas BioPharma, Inc.'s ROE was -45.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 23.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.0 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: 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 $62.9M in research and development in Q2 2026. This represents an increase of 46.2% from the same quarter a year earlier. Against the prior quarter it is up 4.1%.
Zenas BioPharma, Inc. reported no capital expenditure in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
ZBIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | N/A | N/A | $0 | $0 | $10.0M | N/A | $0-100.0% |
| R&D Expenses | $62.9M+46.2% | $60.4M+73.1% | N/A | $34.4M+2.6% | $43.0M+27.3% | $34.9M+54.2% | N/A | $33.5M+258.5% |
| SG&A Expenses | $15.7M+29.7% | $16.9M+36.2% | N/A | $13.2M+76.8% | $12.1M+105.9% | $12.4M+151.7% | N/A | $7.5M+48.4% |
| Operating Income | -$107.7M-95.2% | -$77.3M-107.2% | N/A | -$52.6M-28.3% | -$55.2M-38.9% | -$37.3M-35.4% | N/A | -$41.0M-215.0% |
| EBITDA | -$107.7M-95.2% | -$77.3M-107.3% | N/A | -$52.6M-28.4% | -$55.2M-39.0% | -$37.3M-35.4% | N/A | -$40.9M |
| Interest Expense | $1.7M | $368K | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $114K+470.0% | N/A | N/A | N/A | $20K | -$205K | N/A | N/A |
| Net Income | -$111.5M-113.4% | -$81.0M-141.2% | N/A | -$51.5M-33.4% | -$52.2M-37.5% | -$33.6M-20.8% | N/A | -$38.6M-208.4% |
| EPS (Basic) | -$1.77-41.6% | -$1.46-82.5% | -$5.17-130.5% | -$1.22+75.7% | -$1.25+94.8% | -$0.80+95.5% | $16.94+205.6% | -$5.02-307.4% |
| EPS (Diluted) | -$1.77 | -$1.46-82.5% | -$5.17-130.5% | -$1.22 | -$1.25 | -$0.80 | $16.94 | -$5.02 |
| Diluted Shares (Avg) | 63M | 56M+33.1% | N/A | 42M | 42M | 42M | N/A | 8M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
ZBIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $701.7M+139.4% | $747.7M+124.0% | $383.6M+3.7% | $322.0M-20.2% | $293.1M | $333.8M | $370.0M+442.6% | $403.4M |
| Current Assets | $653.8M+134.7% | $730.2M+129.8% | $351.2M-1.3% | $296.6M-24.7% | $278.6M | $317.8M | $355.9M+495.1% | $393.8M |
| Cash & Equivalents | $196.6M+346.7% | $500.2M+154.5% | $110.6M-65.4% | $115.6M-67.9% | $44.0M-76.1% | $196.6M+429.0% | $319.7M+462.4% | $360.0M+397.9% |
| Short-Term Investments | $446.5M+94.8% | $217.0M+87.3% | $232.6M+649.6% | $175.3M+555.1% | $229.3M | $115.8M | $31.0M | $26.8M |
| Long-Term Investments | $30.8M+1806.0% | $1.3M-27.0% | $17.3M | $10.7M | $1.6M | $1.8M | $0 | $0 |
| Total Liabilities | $454.6M+750.4% | $411.9M+732.9% | $141.5M+146.0% | $125.6M+185.5% | $53.5M | $49.4M | $57.5M-80.4% | $44.0M |
| Current Liabilities | $65.8M+23.6% | $61.2M+24.5% | $62.6M+9.4% | $52.4M+19.1% | $53.2M | $49.1M | $57.3M+146.3% | $44.0M |
| Non-Current Liabilities | $388.8M+180725.6% | $350.7M+110528.4% | $78.8M+36068.3% | $73.2M | $215K | $317K | $218K-99.9% | $0 |
| Long-Term Debt | N/A | N/A | $78.6M | $73.0M | N/A | N/A | N/A | N/A |
| Total Equity | $247.1M+3.1% | $335.8M+18.1% | $242.1M-22.5% | $196.4M-45.4% | $239.6M+183.0% | $284.3M+212.6% | $312.5M+238.4% | $359.4M+277.7% |
| Retained Earnings | -$957.6M-102.4% | -$846.1M-101.0% | -$765.1M-97.5% | -$524.7M-56.7% | -$473.2M | -$421.0M | -$387.4M-68.1% | -$334.8M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$57.2M-37.1% | -$75.2M-103.0% | -$52.4M-35.9% | -$41.1M-32.4% | -$41.7M-34.8% | -$37.1M-94.0% | -$38.6M-150.4% | -$31.1M |
| Depreciation & Amortization | $4K-66.7% | $6K-73.9% | $10K-69.7% | $11K-69.4% | $12K-65.7% | $23K-30.3% | $33K+10.0% | $36K |
| Stock-Based Compensation | $8.6M+42.6% | $9.2M+70.7% | N/A | $7.3M+158.0% | $6.0M+293.6% | $5.4M+468.7% | N/A | $2.8M+183.4% |
| Capital Expenditures | $0 | $2K-88.9% | $0-100.0% | $0 | $0-100.0% | $18K-18.2% | $74K | $0 |
| Free Cash Flow | -$57.2M-37.1% | -$75.2M-102.9% | -$52.4M-35.7% | -$41.1M-32.4% | -$41.7M-34.7% | -$37.1M-93.8% | -$38.6M | -$31.1M |
| Investing Cash Flow | -$287.7M-156.2% | $31.6M+136.6% | -$93.4M-2399.7% | $40.0M+249.6% | -$112.3M-320731.4% | -$86.3M-392054.5% | -$3.7M | -$26.8M |
| Financing Cash Flow | $42.1M+2342.3% | $433.5M+437757.6% | $140.8M+7500.8% | $72.6M-69.0% | $1.7M-99.0% | $99K+116.1% | $1.9M+3606.0% | $234.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ZBIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -10765.9% | N/A | N/A | N/A | N/A | -373.3% | N/A | N/A |
| Net Margin | -11145.6% | N/A | N/A | N/A | N/A | -335.7% | N/A | N/A |
| Return on Equity | -45.1%-23.3pp | -24.1%-12.3pp | N/A | -26.2%-15.5pp | -21.8% | -11.8% | N/A | -10.7% |
| Return on Assets | -15.9%+1.9pp | -10.8%-0.8pp | N/A | -16.0%-6.4pp | -17.8% | -10.1% | N/A | -9.6% |
| Current Ratio | 9.93+4.7x | 11.94+5.5x | 5.61-0.6x | 5.66-3.3x | 5.23 | 6.47 | 6.21+3.6x | 8.95 |
| Debt-to-Equity | 1.84+1.6x | 1.23+1.1x | 0.32+0.1x | 0.37+0.2x | 0.22 | 0.17 | 0.18 | 0.12 |
| Asset Turnover | 0.000.0x | N/A | N/A | 0.000.0x | 0.00 | 0.03 | N/A | 0.00 |
| FCF Margin | -5723.7% | N/A | N/A | N/A | N/A | -370.7% | N/A | N/A |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Zenas BioPharma, Inc. ZBIO | FY2025 | $10.0M | -$377.7M | N/A | $1.8B | 36/100 |
| Geron Corp GERN | FY2025 | N/A | -$83.5M | N/A | $771.0M | — |
| Anavex Life Sciences AVXL | FY2025 | N/A | -$46.4M | N/A | $168.7M | — |
| Sana Biotechnology, Inc. SANA | FY2025 | N/A | -$244.2M | N/A | $865.2M | — |
| Praxis Precision Medicines, Inc. PRAX | FY2025 | $0 | -$303.0M | N/A | $8.3B | — |
| uniQure N.V. QURE | FY2025 | $16.1M | -$199.0M | N/A | $1.6B | 44/100 |
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 P/E ratio?
Zenas BioPharma, Inc. (ZBIO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $1.8B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Zenas BioPharma, Inc.'s price-to-sales ratio?
Zenas BioPharma, Inc. (ZBIO) trades at 184x sales, its market capitalization divided by revenue of $10.0M revenue, FY2025. The market capitalization is $1.8B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Zenas BioPharma, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Zenas BioPharma, Inc. (ZBIO) held $360.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $172.3M over that year. Dividing the one by the other, the reported balance equals about 25 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Zenas BioPharma, Inc.'s Altman Z-Score?
Zenas BioPharma, Inc. (ZBIO) has an Altman Z-Score of 2.66, placing it in the Grey Zone (moderate 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 36 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.