Zentalis Pharmaceuticals, Inc. Financials
This page shows Zentalis Pharmaceuticals, Inc. (ZNTL) financial statements, including the 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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Zentalis Pharmaceuticals, 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.
Zentalis Pharmaceuticals, Inc. carries a low D/E ratio of 0.34, meaning only $0.34 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 6.93, Zentalis Pharmaceuticals, Inc. holds $6.93 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Zentalis Pharmaceuticals, Inc. generates a -63.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -49.2% the prior year.
Zentalis Pharmaceuticals, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Zentalis Pharmaceuticals, Inc. generates $0.91 in operating cash flow (-$125.2M OCF vs -$137.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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. generated -$125.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.8% from the prior year.
Zentalis Pharmaceuticals, Inc. held $36.0M in cash against $0 in long-term debt as of fiscal year 2025.
Zentalis Pharmaceuticals, Inc. had 69M shares outstanding in fiscal year 2025. This represents a decrease of 3.1% from the prior year.
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.
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. invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
ZNTL Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| 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 | $28.7M | N/A | $22.9M-16.9% | $27.6M+1.3% | $27.2M | N/A | $36.8M-23.9% | $48.4M |
| SG&A Expenses | $9.1M | N/A | $10.8M+27.7% | $8.4M-20.2% | $10.6M | N/A | $14.6M-12.9% | $16.8M |
| Operating Income | -$37.9M | N/A | -$33.7M+6.4% | -$36.1M+21.0% | -$45.6M | N/A | -$51.4M+21.1% | -$65.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $120K | N/A | $0 | $0 | $0 | N/A | -$27K-110.2% | $266K |
| Net Income | -$35.4M | N/A | -$26.7M+0.7% | -$26.9M+44.3% | -$48.3M | N/A | -$40.2M+54.5% | -$88.3M |
| EPS (Diluted) | $-0.50 | N/A | $-0.370.0% | $-0.37+44.8% | $-0.67 | N/A | $-0.56+54.8% | $-1.24 |
ZNTL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $253.1M-12.4% | $289.0M-11.7% | $327.3M-7.0% | $351.7M-8.4% | $384.0M-10.8% | $430.3M-4.5% | $450.7M-8.3% | $491.7M |
| Current Assets | $218.1M-13.9% | $253.2M-12.2% | $288.3M-7.5% | $311.6M-9.1% | $342.9M-11.2% | $386.1M-3.5% | $400.3M-9.0% | $439.6M |
| Cash & Equivalents | $31.9M-11.3% | $36.0M-7.9% | $39.1M+3.9% | $37.6M-10.3% | $41.9M+23.7% | $33.9M-18.0% | $41.3M+11.7% | $37.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $0 | $0 | $0 | $0-100.0% | $5.0M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $3.7M0.0% | $3.7M |
| Total Liabilities | $70.4M-3.3% | $72.8M-2.2% | $74.4M-3.7% | $77.2M-12.9% | $88.6M-4.8% | $93.2M-3.3% | $96.3M-11.7% | $109.1M |
| Current Liabilities | $35.2M-3.6% | $36.6M-1.6% | $37.2M-4.8% | $39.0M-21.1% | $49.4M-6.2% | $52.7M-3.9% | $54.9M-17.7% | $66.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $182.7M-15.5% | $216.2M-14.5% | $252.9M-7.9% | $274.5M-7.1% | $295.4M-12.4% | $337.2M-4.8% | $354.3M-7.4% | $382.6M |
| Retained Earnings | -$1.2B-3.0% | -$1.2B-3.0% | -$1.2B-2.4% | -$1.1B-2.4% | -$1.1B-4.6% | -$1.1B-4.7% | -$1.0B-4.2% | -$966.8M |
ZNTL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$33.0M-6.5% | -$30.9M-14.7% | -$27.0M+22.3% | -$34.7M-6.3% | -$32.6M+17.8% | -$39.7M+9.9% | -$44.0M-25.3% | -$35.1M |
| Capital Expenditures | $34K | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $181K |
| Free Cash Flow | -$33.0M-6.6% | -$30.9M-14.7% | -$27.0M+22.3% | -$34.7M-6.3% | -$32.6M+17.8% | -$39.7M+9.9% | -$44.0M-24.7% | -$35.3M |
| Investing Cash Flow | $30.0M-7.5% | $32.4M+14.6% | $28.3M-6.8% | $30.4M-24.9% | $40.5M+25.4% | $32.3M-33.1% | $48.2M+39.9% | $34.5M |
| Financing Cash Flow | -$1.1M+75.5% | -$4.6M-4087.8% | $115K | $0-100.0% | $189K | $0-100.0% | $92K+922.2% | $9K |
| 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 |
ZNTL Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -19.4% | N/A | -10.6%-0.8pp | -9.8%+6.5pp | -16.3% | N/A | -11.3%+11.7pp | -23.1% |
| Return on Assets | -14.0% | N/A | -8.2%-0.5pp | -7.6%+4.9pp | -12.6% | N/A | -8.9%+9.0pp | -17.9% |
| Current Ratio | 6.19-0.7 | 6.93-0.8 | 7.76-0.2 | 7.99+1.0 | 6.94-0.4 | 7.32+0.0 | 7.29+0.7 | 6.59 |
| Debt-to-Equity | 0.39+0.0 | 0.34+0.0 | 0.29+0.0 | 0.28-0.0 | 0.30+0.0 | 0.280.0 | 0.27-0.0 | 0.29 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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% 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) generated -$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) generated -$125.2M in operating cash flow during fiscal year 2025, representing cash generated from 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) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
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 Piotroski F-Score?
Zentalis Pharmaceuticals, Inc. (ZNTL) 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 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) has an earnings quality ratio of 0.91x, 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 Zentalis Pharmaceuticals, Inc.?
Zentalis Pharmaceuticals, Inc. (ZNTL) scores 33 out of 100 on our Financial Profile, indicating weak 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.