NASDAQ : ZBIO
Zenas BioPharma, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 28.76 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.87B
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Financial statements
Zenas BioPharma, Inc. (ZBIO) reported revenue of 1.00M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 1.00M | 10.00M | 5.00M | 50.00M | |
| Cost of Revenue | 213.47M | 168.06M | 139.14M | 60.03M | 61.69M |
| Gross Profit | -212.47M | -158.06M | -134.14M | -10.03M | -61.69M |
| Selling, General & Admin | 61.43M | 53.32M | 29.75M | 17.11M | 13.51M |
| Operating Expenses | 61.43M | 53.32M | 29.75M | 17.11M | 13.51M |
| Operating Income | -273.90M | -211.38M | -163.89M | -27.15M | -75.20M |
| Interest Expense | -24.26M | -7.33M | |||
| Interest & Investment Income | 15.64M | 12.15M | 7.97M | ||
| Currency Exchange Gain (Loss) | 300.00K | 300.00K | 100.00K | ||
| Other Non Operating Income (Expenses) | -267.00K | 117.00K | 202.00K | 524.00K | -43.08M |
| EBT Excluding Unusual Items | -282.49M | -206.14M | -155.71M | -26.52M | -118.28M |
| Other Unusual Items | -846.00K | -300.00K | |||
| Pretax Income | -484.16M | -377.82M | -156.56M | -36.82M | -119.28M |
| Income Tax Expense | 220.00K | -79.00K | 429.00K | 301.00K | |
| Net Income | -484.38M | -377.74M | -156.99M | -37.12M | -119.28M |
| Net Income to Common | -484.38M | -377.74M | -156.99M | -37.12M | -119.28M |
| Shares Outstanding (Basic) | 53.51M | 44.73M | 13.20M | 1.53M | 1.49M |
| Shares Outstanding (Diluted) | 53.51M | 44.73M | 13.20M | 1.53M | 1.49M |
| EPS (Basic) | -9.05 | -8.44 | -11.89 | -24.25 | -79.94 |
| EPS (Diluted) | -9.05 | -8.44 | -11.89 | -24.25 | -79.94 |
| Free Cash Flow | -225.97M | -172.35M | -119.81M | -30.55M | -65.85M |
| Free Cash Flow Per Share | -4.22 | -3.85 | -9.08 | -19.95 | -44.13 |
| Gross Margin | -20.07% | ||||
| Operating Margin | -27,390.10% | -2,113.85% | -3,277.76% | -54.29% | |
| Profit Margin | -48,438.40% | -3,777.37% | -3,139.76% | -74.25% | |
| Free Cash Flow Margin | -22,597.40% | -1,723.51% | -2,396.10% | -61.09% | |
| EBITDA | -273.87M | -211.33M | -163.75M | -27.03M | -75.12M |
| EBITDA Margin | -54.07% | ||||
| D&A For EBITDA | 31.00K | 56.00K | 137.00K | 113.00K | 78.00K |
| EBIT | -273.90M | -211.38M | -163.89M | -27.15M | -75.20M |
| EBIT Margin | -54.29% | ||||
| Revenue as Reported | 1.00M | 10.00M | 5.00M | 50.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 196.58M | 110.64M | 319.74M | 56.86M | 67.21M |
| Short-Term Investments | 446.55M | 232.55M | 31.02M | ||
| Cash & Short-Term Investments | 643.13M | 343.19M | 350.77M | 56.86M | 67.21M |
| Other Receivables | 800.00K | 1.20M | 2.00M | ||
| Receivables | 800.00K | 1.20M | 2.00M | ||
| Prepaid Expenses | 9.87M | 6.78M | 3.07M | 1.65M | 1.24M |
| Restricted Cash | 90.00K | ||||
| Other Current Assets | 1.30M | ||||
| Total Current Assets | 653.79M | 351.17M | 355.92M | 59.80M | 68.44M |
| Property, Plant & Equipment | 844.00K | 1.39M | 1.19M | 1.01M | 1.80M |
| Long-Term Investments | 30.76M | 17.27M | |||
| Long-Term Deferred Charges | 486.00K | 709.00K | 1.39M | ||
| Other Long-Term Assets | 15.80M | 13.10M | 12.86M | 5.97M | 4.33M |
| Total Assets | 701.69M | 383.64M | 369.97M | 68.18M | 74.58M |
| Accounts Payable | 7.59M | 7.11M | 17.14M | 5.40M | 5.82M |
| Accrued Expenses | 57.41M | 54.30M | 39.16M | 17.00M | 19.44M |
| Current Portion of Leases | 823.00K | 1.11M | 785.00K | 556.00K | 715.00K |
| Current Income Taxes Payable | 118.00K | 211.00K | 301.00K | ||
| Total Current Liabilities | 65.82M | 62.65M | 57.29M | 23.26M | 25.97M |
| Long-Term Debt | 297.02M | 20.30M | |||
| Long-Term Leases | 22.00K | 211.00K | 218.00K | 257.00K | 812.00K |
| Other Long-Term Liabilities | 91.74M | 78.64M | |||
| Total Liabilities | 454.59M | 141.50M | 57.51M | 43.81M | 26.78M |
| Common Stock | 6.00K | 5.00K | 4.00K | 1.00K | |
| Additional Paid-In Capital | 1.21B | 1.01B | 699.65M | 4.64M | 1.03M |
| Retained Earnings | -957.57M | -765.13M | -387.39M | -230.40M | -193.28M |
| Comprehensive Income & Other | -1.14M | -64.00K | 194.00K | 37.00K | -41.00K |
| Total Common Equity | 247.10M | 242.14M | 312.46M | -225.72M | -192.29M |
| Shareholders' Equity | 247.10M | 242.14M | 312.46M | 24.36M | 47.80M |
| Total Liabilities & Equity | 701.69M | 383.64M | 369.97M | 68.18M | 74.58M |
| Total Debt | 297.86M | 1.33M | 1.00M | 21.11M | 1.53M |
| Net Cash (Debt) | 345.26M | 341.87M | 349.76M | 35.74M | 65.68M |
| Net Cash Per Share | 6.45 | 7.64 | 26.50 | 23.34 | 44.02 |
| Filing Date Shares Outstanding | 65.18M | 57.36M | 41.80M | 1.58M | 1.55M |
| Total Common Shares Outstanding | 63.33M | 54.49M | 41.79M | 1.58M | 1.55M |
| Working Capital | 587.98M | 288.52M | 298.63M | 36.55M | 42.48M |
| Book Value Per Share | 3.90 | 4.44 | 7.48 | -143.15 | -124.11 |
| Tangible Book Value | 247.10M | 242.14M | 312.46M | -225.72M | -192.29M |
| Tangible Book Value Per Share | 3.90 | 4.44 | 7.48 | -143.15 | -124.11 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -484.38M | -377.74M | -156.99M | -37.12M | -119.28M |
| Depreciation & Amortization | 31.00K | 56.00K | 137.00K | 113.00K | 78.00K |
| Loss (Gain) From Sale of Assets | 107.00K | ||||
| Asset Writedown & Restructuring Costs | 201.67M | 171.67M | 10.00M | 1.00M | |
| Loss (Gain) From Sale of Investments | -2.01M | -1.93M | -602.00K | ||
| Stock-Based Compensation | 32.73M | 26.35M | 10.82M | 3.50M | 737.00K |
| Other Operating Activities | 23.76M | 8.20M | 1.53M | 1.03M | 43.85M |
| Change in Accounts Payable | -377.00K | -10.04M | 11.74M | -418.00K | 1.09M |
| Change in Other Net Operating Assets | 2.61M | 10.99M | 13.69M | -7.62M | 6.88M |
| Operating Cash Flow | -225.97M | -172.33M | -119.67M | -30.53M | -65.65M |
| Capital Expenditures | -2.00K | -18.00K | -131.00K | -17.00K | -198.00K |
| Sale (Purchase) of Intangibles | -65.00M | -35.00M | -2.00M | ||
| Investment in Securities | -244.41M | -216.87M | -30.42M | ||
| Investing Cash Flow | -309.41M | -251.89M | -30.55M | -17.00K | -2.20M |
| Long-Term Debt Issued | 20.00M | ||||
| Net Debt Issued (Repaid) | 296.60M | 20.00M | |||
| Issuance of Common Stock | 332.52M | 152.94M | 240.91M | 116.00K | |
| Other Financing Activities | 59.87M | 62.34M | -6.33M | ||
| Financing Cash Flow | 689.00M | 215.28M | 412.96M | 20.12M | 59.39M |
| Foreign Exchange Rate Adjustments | -1.04M | -252.00K | 157.00K | 78.00K | -41.00K |
| Net Cash Flow | 152.57M | -209.19M | 262.89M | -10.35M | -8.50M |
| Free Cash Flow | -225.97M | -172.35M | -119.81M | -30.55M | -65.85M |
| Free Cash Flow Margin | -22,597.40% | -1,723.51% | -2,396.10% | -61.09% | |
| Free Cash Flow Per Share | -4.22 | -3.85 | -9.08 | -19.95 | -44.13 |
| Levered Free Cash Flow | -211.39M | -143.10M | -60.01M | -17.64M | |
| Unlevered Free Cash Flow | -196.23M | -138.53M | -60.01M | -17.64M | |
| Change in Working Capital | 2.23M | 951.00K | 25.43M | -8.04M | 7.97M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 1.85B | 1.95B | 342.27M | ||
| Enterprise Value | 1.51B | 1.66B | -44.15M | ||
| Last Close Price | 28.39 | 36.31 | 8.19 | ||
| PS Ratio | 1,850.37 | 194.91 | 68.45 | ||
| PB Ratio | 7.28 | 8.05 | 1.09 | ||
| P/TBV Ratio | 7.49 | 8.05 | 1.09 | ||
| EV/Sales Ratio | 1,505.10 | 165.90 | |||
| Debt / Equity Ratio | 1.21 | 0.01 | 0.00 | 0.87 | 0.03 |
| Net Debt / Equity Ratio | -1.40 | -1.41 | -1.12 | -1.47 | -1.37 |
| Net Debt / EBITDA Ratio | 1.26 | 1.62 | 2.14 | 1.32 | 0.87 |
| Net Debt / FCF Ratio | 1.53 | 1.98 | 2.92 | 1.17 | 1.00 |
| Asset Turnover | 0.00 | 0.03 | 0.02 | 0.70 | |
| Quick Ratio | 9.78 | 5.50 | 6.16 | 2.44 | 2.59 |
| Current Ratio | 9.93 | 5.61 | 6.21 | 2.57 | 2.64 |
| Return on Equity (ROE) | -199.04% | -136.22% | -93.22% | -102.89% | |
| Return on Assets (ROA) | -34.42% | -35.06% | -46.76% | -23.77% | |
| Return on Capital Employed (ROCE) | -43.10% | -65.90% | -52.40% | -60.40% | -154.70% |
| Earnings Yield | -31.89% | -19.38% | -45.87% | ||
| FCF Yield | -12.21% | -8.84% | -35.00% | ||
| Buyback Yield / Dilution | -60.52% | -238.89% | -762.01% | -2.61% |