Zentalis Pharmaceuticals, Inc. Financials
Zentalis Pharmaceuticals, Inc. (ZNTL) reported $0 in revenue for fiscal year 2025, down 100.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Zentalis is operating like a cash-runway business, with burn reduction coming from spending cuts rather than self-funding operations.
FY2025's smaller cash loss is mostly a spending-reset story: operating cash burn improved from$207.8M in FY2023 to$125.2M , but the business still was not self-funding. That improvement lines up with R&D spending falling to$107.3M from$189.6M , while free cash flow matching operating cash flow shows capital needs are minimal and the burn sits in operating expenses.
Liquidity is still cushion-like: current assets of
Capital raising has paused: unlike FY2021-FY2023, when financing inflows repeatedly refilled the balance sheet, FY2025 financing cash flow was
Financial Health Signals
Zentalis Pharmaceuticals, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Zentalis Pharmaceuticals, Inc. scores -4.43, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($265.5M) relative to total liabilities ($72.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zentalis Pharmaceuticals, 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, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Zentalis Pharmaceuticals, Inc. reported a net loss of $137.1M while operations used $125.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Zentalis Pharmaceuticals, Inc. generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Zentalis Pharmaceuticals, Inc.'s EBITDA was -$152.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.9% from the prior year.
Zentalis Pharmaceuticals, Inc. reported -$137.1M in net income in fiscal year 2025. This represents an increase of 17.4% from the prior year.
Zentalis Pharmaceuticals, Inc. earned -$1.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.0% from the prior year.
Cash & Balance Sheet
Zentalis Pharmaceuticals, Inc. recorded an outflow of $125.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 26.8% from the prior year.
Zentalis Pharmaceuticals, Inc. held $36.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Zentalis Pharmaceuticals, Inc.'s ROE was -63.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Zentalis Pharmaceuticals, Inc. invested $107.3M in research and development in fiscal year 2025. This represents a decrease of 36.0% from the prior year.
Zentalis Pharmaceuticals, Inc. spent $10.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Zentalis Pharmaceuticals, Inc. reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
ZNTL 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 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0-100.0% | $67.4M | $0 | $0 | N/A | N/A | N/A |
| R&D Expenses | N/A | $107.3M-36.0% | $167.8M-11.5% | $189.6M+9.8% | $172.7M-1.6% | $175.6M+106.8% | $84.9M+121.2% | $38.4M |
| SG&A Expenses | N/A | $37.7M-56.7% | $87.1M+35.4% | $64.4M+18.0% | $54.6M+33.2% | $40.9M+20.8% | $33.9M+300.6% | $8.5M |
| Operating Income | N/A | -$152.8M+20.1% | -$191.2M+36.2% | -$299.5M-31.8% | -$227.3M-5.0% | -$216.5M-82.3% | -$118.8M-153.6% | -$46.8M |
| Income Tax | N/A | $442K+149.7% | $177K+129.5% | -$601K-28.1% | -$469K-57.9% | -$297K-166.9% | $444K+2860.0% | $15K |
| Net Income | N/A | -$137.1M+17.4% | -$165.9M+43.3% | -$292.3M-23.4% | -$236.8M-49.2% | -$158.7M-34.7% | -$117.8M-158.1% | -$45.7M |
| EPS (Diluted) | — | -$1.91+18.0% | -$2.33+47.9% | -$4.47+0.2% | -$4.48-20.4% | -$3.72 | -$4.19 | -$8.16 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
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.
ZNTL 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 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $289.0M-32.9% | $430.3M-22.0% | $551.7M+2.3% | $539.3M+18.7% | $454.5M+24.3% | $365.6M+317.9% | $87.5M |
| Current Assets | $253.2M-34.4% | $386.1M-22.3% | $496.7M+9.9% | $451.9M+28.8% | $350.8M+1.6% | $345.1M+400.9% | $68.9M |
| Cash & Equivalents | $36.0M+6.2% | $33.9M+20.9% | $28.0M-34.9% | $43.1M-27.9% | $59.7M+8.7% | $55.0M-18.3% | $67.2M |
| Accounts Receivable | $0-100.0% | $5.0M | $0 | N/A | $4K-99.0% | $417K+197.9% | $140K |
| Goodwill | N/A | $0-100.0% | $3.7M0.0% | $3.7M0.0% | $3.7M0.0% | $3.7M0.0% | $3.7M |
| Total Liabilities | $72.8M-21.9% | $93.2M-18.5% | $114.3M+8.6% | $105.3M+17.0% | $90.0M+179.8% | $32.2M-80.0% | $160.8M |
| Current Liabilities | $36.6M-30.7% | $52.7M-24.0% | $69.4M+22.5% | $56.6M+28.9% | $43.9M+53.6% | $28.6M+92.0% | $14.9M |
| Total Equity | $216.2M-35.9% | $337.2M-22.9% | $437.3M+0.8% | $433.8M+19.2% | $364.0M+17.9% | $308.6M+521.1% | -$73.3M |
| Retained Earnings | -$1.2B-13.0% | -$1.1B-18.7% | -$888.6M-49.0% | -$596.4M-65.9% | -$359.6M-79.0% | -$200.8M-142.0% | -$83.0M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
ZNTL 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 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$128.1M | -$125.2M+26.7% | -$170.9M+17.8% | -$207.8M-26.9% | -$163.8M-6.3% | -$154.1M-77.5% | -$86.8M-121.8% | -$39.1M |
| Capital Expenditures | $34K | $0-100.0% | $221K-62.1% | $583K-77.1% | $2.5M-58.3% | $6.1M+705.7% | $758K+115.3% | $352K |
| Free Cash Flow | -$128.1M | -$125.2M+26.8% | -$171.1M+17.9% | -$208.4M-25.3% | -$166.3M-3.8% | -$160.2M-82.9% | -$87.6M-121.8% | -$39.5M |
| Investing Cash Flow | $120.8M | $131.6M-25.5% | $176.6M+497.1% | -$44.5M+61.1% | -$114.2M-530.3% | -$18.1M+93.6% | -$284.8M-80818.2% | -$352K |
| Financing Cash Flow | -$5.5M | -$4.3M-4064.8% | $108K-100.0% | $237.3M-9.1% | $261.0M+46.2% | $178.5M-50.5% | $360.4M+340.5% | $81.8M |
| Share Buybacks | N/A | $10.0M | $0 | $0 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
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.
ZNTL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -283.6% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | -246.0% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -63.4%-14.2pp | -49.2%+17.7pp | -66.8%-12.3pp | -54.6%-11.0pp | -43.6%-5.4pp | -38.2% | N/A |
| Return on Assets | -47.4%-8.9pp | -38.5%+14.4pp | -53.0%-9.1pp | -43.9%-9.0pp | -34.9%-2.7pp | -32.2%+20.0pp | -52.2% |
| Current Ratio | 6.93-0.4x | 7.32+0.2x | 7.16-0.8x | 7.980.0x | 7.98-4.1x | 12.07+7.4x | 4.62 |
| Debt-to-Equity | 0.34+0.1x | 0.280.0x | 0.260.0x | 0.240.0x | 0.25+0.1x | 0.10 | N/A |
| FCF Margin | N/A | -253.7% | N/A | N/A | N/A | 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.
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Where Zentalis Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is Zentalis Pharmaceuticals, Inc.'s annual revenue?
Zentalis Pharmaceuticals, Inc. (ZNTL) reported $0 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 Zentalis Pharmaceuticals, Inc.'s revenue growing?
Zentalis Pharmaceuticals, Inc. (ZNTL) revenue declined by 100.0% year-over-year, from $67.4M to $0 in fiscal year 2025.
Is Zentalis Pharmaceuticals, Inc. profitable?
No, Zentalis Pharmaceuticals, Inc. (ZNTL) reported a net income of -$137.1M in fiscal year 2025.
What is Zentalis Pharmaceuticals, Inc.'s EBITDA?
Zentalis Pharmaceuticals, Inc. (ZNTL) had EBITDA of -$152.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zentalis Pharmaceuticals, Inc.'s return on equity (ROE)?
Zentalis Pharmaceuticals, Inc. (ZNTL) has a return on equity of -63.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zentalis Pharmaceuticals, Inc.'s free cash flow?
Zentalis Pharmaceuticals, Inc. (ZNTL) recorded an outflow of $125.2M in free cash flow during fiscal year 2025. This represents a 26.8% 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 Zentalis Pharmaceuticals, Inc.'s operating cash flow?
Zentalis Pharmaceuticals, Inc. (ZNTL) recorded an outflow of $125.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zentalis Pharmaceuticals, Inc.'s total assets?
Zentalis Pharmaceuticals, Inc. (ZNTL) had $289.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zentalis Pharmaceuticals, Inc.'s capital expenditures?
Zentalis Pharmaceuticals, Inc. (ZNTL) reported no capital expenditure during fiscal year 2025.
How much does Zentalis Pharmaceuticals, Inc. spend on research and development?
Zentalis Pharmaceuticals, Inc. (ZNTL) invested $107.3M in research and development during fiscal year 2025.
What is Zentalis Pharmaceuticals, Inc.'s current ratio?
Zentalis Pharmaceuticals, Inc. (ZNTL) had a current ratio of 6.93 as of fiscal year 2025, which is generally considered healthy.
What is Zentalis Pharmaceuticals, Inc.'s debt-to-equity ratio?
Zentalis Pharmaceuticals, Inc. (ZNTL) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zentalis Pharmaceuticals, Inc.'s return on assets (ROA)?
Zentalis Pharmaceuticals, Inc. (ZNTL) had a return on assets of -47.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zentalis Pharmaceuticals, Inc.'s cash runway?
Based on fiscal year 2025 data, Zentalis Pharmaceuticals, Inc. (ZNTL) had $36.0M in cash against an annual operating cash burn of $125.2M. This gives an estimated cash runway of approximately 3 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 Zentalis Pharmaceuticals, Inc.'s Altman Z-Score?
Zentalis Pharmaceuticals, Inc. (ZNTL) has an Altman Z-Score of -4.43, placing it in the Distress Zone (elevated 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 Zentalis Pharmaceuticals, Inc.'s Piotroski F-Score?
Zentalis Pharmaceuticals, Inc. (ZNTL) 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 Zentalis Pharmaceuticals, Inc.'s earnings high quality?
Zentalis Pharmaceuticals, Inc. (ZNTL) reported a net loss of $137.1M while operations used $125.2M 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.