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ZBIO

Zenas BioPharma, Inc.

ZBIO

Zenas BioPharma, Inc. • NASDAQ
$38.83 ▼ -4.19% (-1.70)
Market Cap $1.63 B
52w High $41.00
52w Low $5.83
Dividend Yield 0%
P/E 2.84
Volume 166.01K
Outstanding Shares 41.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $47.58M ▲ $-51.499M ▲ 0% $-1.22 ▲ $-51.488M ▲
Q2-2025 $0 ▼ $12.136M ▼ $-52.223M ▼ 0% ▲ $-1.25 ▼ $-55.151M ▼
Q1-2025 $10M ▲ $47.33M ▼ $-33.573M ▲ -335.73% ▲ $-0.8 ▲ $-33.755M ▲
Q4-2024 $5M ▲ $60.623M ▲ $-52.604M ▼ -1.052K% ▼ $-1.26 ▼ $-55.59M ▼
Q3-2024 $0 $7.454M $-38.606M 0% $-0.92 $-40.948M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $290.884M ▲ $322.018M ▲ $125.59M ▲ $196.428M ▼
Q2-2025 $273.279M ▼ $293.085M ▼ $53.459M ▲ $239.626M ▼
Q1-2025 $312.379M ▼ $333.766M ▼ $49.449M ▼ $284.317M ▼
Q4-2024 $350.766M ▼ $369.968M ▼ $57.51M ▲ $312.458M ▼
Q3-2024 $386.799M $403.432M $43.997M $359.435M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-51.499M ▲ $-41.125M ▲ $40.043M ▲ $72.616M ▲ $71.559M ▲ $-41.125M ▲
Q2-2025 $-52.223M ▼ $-41.743M ▼ $-112.291M ▼ $1.722M ▲ $-152.548M ▼ $-41.743M ▼
Q1-2025 $-33.573M ▲ $-37.051M ▲ $-86.274M ▼ $99K ▼ $-123.278M ▼ $-37.069M ▲
Q4-2024 $-52.604M ▼ $-38.554M ▼ $-3.735M ▲ $1.853M ▼ $-40.295M ▼ $-38.628M ▼
Q3-2024 $-38.607M $-31.059M $-26.76M $233.98M $176.109M $-31.059M

Five-Year Company Overview

Income Statement

Income Statement Zenas BioPharma is still essentially a pre‑revenue biotech. Reported revenue is negligible and entirely overshadowed by research and operating expenses. Losses have been consistent and sizable relative to the company’s tiny sales base, which is typical for a clinical‑stage biotech funding multiple trials. Earnings per share have been negative and volatile as the company scales up R&D and public‑company costs after its IPO.

Balance Sheet

Balance Sheet The balance sheet shows a transition from a thin, stressed capital base in prior years to a healthier position more recently, helped by added cash and equity. Cash now makes up the bulk of total assets, with little or no financial debt. Equity has moved from negative to positive, indicating that past balance‑sheet deficits have been repaired. Overall, Zenas looks better capitalized than before, but still heavily reliant on cash reserves to fund ongoing trials.

Cash Flow

Cash Flow Cash flow from operations is clearly negative, reflecting spending on clinical development and overhead without meaningful inflows from product sales. Free cash flow tracks closely with operating cash flow because capital spending is minimal; the main outflow is people and trials, not buildings or equipment. This pattern is normal for a research‑driven biotech, but it also means the company will likely depend on external funding or partnerships until it can bring a product to market.

Competitive Edge

Competitive Edge Zenas is aiming at autoimmune and neuroinflammatory diseases, where medical need remains high but competition is intense. Its main candidates, obexelimab and orelabrutinib, are designed to be more precise and potentially safer than existing B‑cell and BTK therapies. Larger players (like Sanofi, Roche, and Biogen) are developing rival drugs, so Zenas competes on the distinctiveness of its mechanisms, clinical data quality, and speed to market. If the clinical results continue to look strong, the company’s niche focus and differentiated mechanisms could give it a meaningful foothold despite its smaller size.

Innovation and R&D

Innovation and R&D Innovation is the heart of Zenas’s story. Obexelimab offers a non‑depleting way to control B‑cells, aiming to reduce autoimmune activity without broadly suppressing the immune system. Orelabrutinib is a selective BTK inhibitor that can reach the brain and spinal cord, making it attractive for multiple sclerosis and other neuroinflammatory conditions. On top of these, the early pipeline (ZB021, ZB022 and others) shows a deliberate push into oral, targeted therapies with brain penetration potential. The company’s value is therefore highly tied to its ability to execute R&D, run successful trials, and convert this science into approved products.

Summary

Zenas BioPharma is a classic clinical‑stage biotech: very little revenue, significant and growing losses, but a strengthened balance sheet and cash cushion after going public. Its prospects rest almost entirely on the success of a focused but ambitious pipeline in autoimmune and neuroinflammatory diseases. The lead programs appear scientifically differentiated and are already in late‑stage or advanced mid‑stage trials, with several important data readouts expected over the next few years. Key risks are clinical, regulatory, and financing‑related, while key opportunities lie in proving its therapies can offer better safety and efficacy than current standards in difficult‑to‑treat autoimmune conditions.

NEWS

November 20, 2025 · 9:14 AM UTC

SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Zenas BioPharma, Inc. (NASDAQ: ZBIO)

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November 12, 2025 · 7:05 AM UTC

Zenas BioPharma Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 11, 2025 · 7:05 AM UTC

Zenas BioPharma to Present at Upcoming Healthcare Investor Conferences

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October 27, 2025 · 7:05 AM UTC

Zenas BioPharma Announces Positive Results from Phase 2 MoonStone Trial of Obexelimab in Relapsing Multiple Sclerosis

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October 8, 2025 · 5:00 AM UTC

Zenas BioPharma and InnoCare Pharma Announce License Agreement Granting Zenas Rights for Three Autoimmune Product Candidates, Including Orelabrutinib, a BTK Inhibitor in Phase 3 Development for Multiple Sclerosis

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