Every 10-Q that Zenas BioPharma, Inc. (ZBIO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ZBIO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ZBIO filings page.
Zenas BioPharma, Inc. reported second-quarter 2026 results as a clinical-stage immunology company with no product sales and modest $1.0 million of license and collaboration revenue for both the quarter and first half, compared with $10.0 million in the prior-year six-month period.
Spending accelerated significantly as programs advanced. Research and development expenses reached $62.9 million in the quarter and $123.4 million year-to-date, including $61.2 million tied to lead asset obexelimab and $21.3 million for newly licensed orelabrutinib. The company also recorded $30.0 million of acquired in‑process R&D milestones related to Xencor and InnoCare agreements. General and administrative costs were $15.7 million in the quarter.
These investments drove a quarterly net loss of $111.5 million and a first-half net loss of $192.4 million, more than double the prior-year period, while the accumulated deficit rose to $957.6 million. To support its pipeline, Zenas strengthened its balance sheet, ending June 30, 2026 with $673.9 million in cash, cash equivalents and investments and stating this is sufficient to fund operations for at least twelve months. The company added leverage via a $75.0 million senior secured term loan, $230.0 million of 2.50% convertible senior notes due 2032, and recognized a $91.7 million royalty obligation liability from a Royalty Pharma financing.
Zenas BioPharma, Inc. reported a larger quarterly loss as it ramped up immunology pipeline development while significantly strengthening its balance sheet.
For the three months ended March 31, 2026, the company generated no revenue compared with $10.0 million a year earlier from a prior license payment. Research and development expenses rose to $60.4 million and general and administrative expenses to $16.9 million, driving a net loss of $81.0 million, or $1.46 per share, versus a $33.6 million loss in the prior-year quarter.
Zenas ended the period with $718.5 million in cash, cash equivalents and investments, up from $360.5 million at year-end 2025. The increase reflects net operating cash use of $75.2 million offset by substantial financing activity, including a new $75.0 million senior secured term loan, issuance of $200.0 million of 2.50% convertible senior notes due 2032, a follow-on equity offering of 5,000,000 shares and at-the-market share sales. The company also carries an $84.9 million royalty obligation related to its obexelimab program. Management expects existing liquidity to fund operating and capital needs for at least twelve months from issuance of these financial statements while it advances obexelimab and other autoimmune candidates through clinical development.
Zenas BioPharma (ZBIO) reported a wider quarterly loss and added new financing. For Q3 2025, net loss was $51.5 million, driven by research and development of $34.4 million, general and administrative of $13.2 million, and $5.0 million of acquired in‑process R&D. Year‑to‑date, revenue was $10.0 million from a Zai Lab upfront payment, while the net loss reached $137.3 million.
Cash, cash equivalents and investments were $301.6 million as of September 30, 2025. The company entered a Royalty Pharma agreement, receiving $75.0 million upfront tied to future obexelimab economics, recorded as a $73.0 million royalty obligation with a 30.7% effective interest rate. Operating cash outflow was $119.9 million for the first nine months.
Management disclosed substantial doubt about continuing as a going concern. They expect existing liquidity plus a $120.0 million PIPE received in October 2025 to fund operations into the fourth quarter of 2026, but not for at least twelve months from the financial statement issuance date. Shares outstanding were 42.2 million as of September 30, 2025; total assets were $322.0 million and stockholders’ equity was $196.4 million.
Zenas BioPharma (ZBIO) reported a net loss of $52.2 million for the quarter and $85.8 million for the six months ended June 30, 2025, driven by higher research and development and general and administrative spending. Research and development expense was $43.0 million for the quarter versus $33.8 million a year earlier; total operating expenses for the quarter were $55.2 million. Revenue recognized was $10.0 million for the six months (sublicense with Zai), and no revenue was recognized in the quarter.
The company held $274.9 million of cash, cash equivalents and investments as of June 30, 2025 and management expects these resources to fund operations into the fourth quarter of 2026. Total assets were $293.1 million, total liabilities $53.5 million, and stockholders' equity $239.6 million. Accumulated deficit reached $473.2 million. Material agreements disclosed include a $50.0 million upfront payment from BMS and a $10.0 million upfront payment from Zai recognized in the period.