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Zenas BioPharma (ZBIO) Financials

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$18.24 -0.66 (-3.48%)
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Annual Income Statements for Zenas BioPharma

Annual Income Statements for Zenas BioPharma

This table shows Zenas BioPharma's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -37 -157 -378
Consolidated Net Income / (Loss)		 -37 -157 -378
Net Income / (Loss) Continuing Operations		 -37 -157 -378
Total Pre-Tax Income 		-37 -157 -378
Total Operating Income		 -37 -164 -383
Total Gross Profit		 50 5.00 10
Total Revenue		 50 5.00 10
Operating Revenue		 50 5.00 10
Total Cost of Revenue		 0.00 0.00 0.00
Total Operating Expenses		 87 169 393
Selling, General & Admin Expense		 17 30 53
Research & Development Expense		 70 139 340
Total Other Income / (Expense), net		 0.32 7.33 5.24
Interest Expense		 - 0.00 7.33
Interest & Investment Income		 - 7.97 12
Other Income / (Expense), net		 0.32 -0.64 0.42
Income Tax Expense		 0.30 0.43 -0.08
Basic Earnings per Share		 ($24.25) ($11.89) ($8.44)
Weighted Average Basic Shares Outstanding		 1.53M 13.20M 44.73M
Diluted Earnings per Share		 ($24.25) ($11.89) ($8.44)
Weighted Average Diluted Shares Outstanding		 1.53M 13.20M 44.73M
Weighted Average Basic & Diluted Shares Outstanding		 - 41.80M 57.36M

Quarterly Income Statements for Zenas BioPharma

This table shows Zenas BioPharma's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 36 -28 -38 -39 -53 -34 -52 -51 -240 -81
Consolidated Net Income / (Loss)		 36 -28 -38 -39 -53 -34 -52 -51 -240 -81
Net Income / (Loss) Continuing Operations		 36 -28 -38 -39 -53 -34 -52 -51 -240 -81
Total Pre-Tax Income 		36 -28 -38 -39 -52 -34 -52 -51 -240 -81
Total Operating Income		 36 -28 -40 -41 -56 -37 -55 -53 -238 -77
Total Gross Profit		 50 0.00 0.00 0.00 5.00 10 0.00 0.00 - 0.00
Total Revenue		 50 0.00 0.00 0.00 5.00 10 0.00 0.00 - 0.00
Operating Revenue		 50 0.00 0.00 0.00 5.00 10 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 14 28 40 41 61 47 55 53 238 77
Selling, General & Admin Expense		 5.02 4.93 5.90 7.45 11 12 12 13 16 17
Research & Development Expense		 9.35 23 34 34 49 35 43 39 222 60
Total Other Income / (Expense), net		 -0.02 -0.22 1.88 2.38 3.30 3.55 2.96 1.08 -2.35 -3.64
Interest Expense		 - - - - - 0.00 - - - 6.63
Interest & Investment Income		 - - - - - 3.39 - - - 3.02
Other Income / (Expense), net		 -0.02 -0.22 1.88 2.38 -4.68 0.16 2.96 1.08 -7.18 -0.02
Income Tax Expense		 - 0.00 0.00 0.00 0.43 -0.21 0.02 0.00 0.11 0.00
Basic Earnings per Share		 $2.42 ($17.89) ($24.23) ($5.02) $35.25 ($0.80) ($1.25) ($1.22) ($5.17) ($1.46)
Weighted Average Basic Shares Outstanding		 1.54M 1.55M 1.57M 7.70M 13.20M 41.80M 41.87M 42.16M 44.73M 55.62M
Diluted Earnings per Share		 $1.96 ($17.89) ($24.23) ($5.02) $35.25 ($0.80) ($1.25) ($1.22) ($5.17) ($1.46)
Weighted Average Diluted Shares Outstanding		 1.90M 1.55M 1.57M 7.70M 13.20M 41.80M 41.87M 42.16M 44.73M 55.62M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 41.79M 41.80M 41.83M 42.11M 53.68M 57.36M 63.13M

Annual Cash Flow Statements for Zenas BioPharma

This table details how cash moves in and out of Zenas BioPharma's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -10 263 -209
Net Cash From Operating Activities		 -31 -120 -172
Net Cash From Continuing Operating Activities		 -31 -120 -172
Net Income / (Loss) Continuing Operations		 -37 -157 -378
Consolidated Net Income / (Loss)		 -37 -157 -378
Depreciation Expense		 0.11 0.14 0.06
Amortization Expense		 0.00 -0.60 -1.93
Non-Cash Adjustments To Reconcile Net Income		 14 12 205
Changes in Operating Assets and Liabilities, net		 -7.33 26 1.85
Net Cash From Investing Activities		 -0.02 -31 -252
Net Cash From Continuing Investing Activities		 -0.02 -31 -252
Purchase of Property, Plant & Equipment		 -0.02 -0.13 -0.02
Purchase of Investments		 0.00 -36 -418
Sale and/or Maturity of Investments		 0.00 6.00 201
Other Investing Activities, net		 - 0.00 -35
Net Cash From Financing Activities		 20 413 215
Net Cash From Continuing Financing Activities		 20 413 215
Repurchase of Common Equity		 0.00 -6.33 -13
Issuance of Debt		 20 0.00 75
Issuance of Preferred Equity		 0.00 178 0.00
Issuance of Common Equity		 0.00 241 149
Other Financing Activities, net		 0.12 0.28 4.10
Effect of Exchange Rate Changes		 0.08 0.16 -0.25

Quarterly Cash Flow Statements for Zenas BioPharma

This table details how cash moves in and out of Zenas BioPharma's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -15 -20 147 176 -40 -123 -153 72 -4.92 390
Net Cash From Operating Activities		 -15 -19 -31 -31 -39 -37 -42 -41 -52 -75
Net Cash From Continuing Operating Activities		 -15 -19 -31 -31 -39 -37 -42 -41 -52 -75
Net Income / (Loss) Continuing Operations		 -25 -28 -38 -39 -53 -34 -52 -51 -240 -81
Consolidated Net Income / (Loss)		 -25 -28 -38 -39 -53 -34 -52 -51 -240 -81
Depreciation Expense		 0.03 0.03 0.04 0.04 0.03 0.02 0.01 0.01 0.01 0.01
Amortization Expense		 - 0.00 - - - -0.38 -0.94 -0.19 -0.42 -0.11
Non-Cash Adjustments To Reconcile Net Income		 1.44 1.64 1.69 2.84 5.51 5.52 6.13 14 180 16
Changes in Operating Assets and Liabilities, net		 7.72 7.03 5.30 4.67 9.11 -8.64 5.38 -3.45 8.56 -9.65
Net Cash From Investing Activities		 -0.02 -0.02 -0.04 -27 -3.74 -86 -112 40 -93 32
Net Cash From Continuing Investing Activities		 -0.02 -0.02 -0.04 -27 -3.74 -86 -112 40 -93 32
Purchase of Property, Plant & Equipment		 -0.02 -0.02 -0.04 - -0.07 -0.02 - - - -0.00
Purchase of Investments		 - 0.00 - -27 -9.66 -99 -127 -59 -133 -77
Sale and/or Maturity of Investments		 - 0.00 - - - 13 14 104 70 108
Net Cash From Financing Activities		 0.05 -0.61 178 234 1.85 0.10 1.72 73 141 433
Net Cash From Continuing Financing Activities		 0.05 -0.61 178 234 1.85 0.10 1.72 73 141 433
Repayment of Debt		 - - - - - 0.00 - - - -0.47
Repurchase of Common Equity		 - -0.66 -0.77 -0.44 -4.47 0.00 - - -13 -0.04
Issuance of Debt		 - - - - - 0.00 - - - 268
Issuance of Common Equity		 - 0.00 - 234 6.25 0.00 - 0.28 149 166
Other Financing Activities, net		 0.05 0.04 0.12 0.03 0.08 0.10 1.72 -2.66 4.94 0.37
Effect of Exchange Rate Changes		 -0.09 0.04 0.03 -0.05 0.14 -0.05 -0.24 0.03 0.01 -0.31

Annual Balance Sheets for Zenas BioPharma

This table presents Zenas BioPharma's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 68 370 384
Total Current Assets		 60 356 351
Cash & Equivalents		 57 320 111
Short-Term Investments		 0.00 31 233
Prepaid Expenses		 2.95 5.07 7.98
Plant, Property, & Equipment, net		 0.19 0.19 0.03
Total Noncurrent Assets		 8.18 14 32
Long-Term Investments		 - 0.00 17
Other Noncurrent Operating Assets		 8.18 14 15
Total Liabilities & Shareholders' Equity		 68 370 384
Total Liabilities		 44 58 141
Total Current Liabilities		 23 57 63
Accounts Payable		 5.40 17 7.11
Accrued Expenses		 17 39 54
Other Current Liabilities		 0.56 0.79 1.12
Total Noncurrent Liabilities		 21 0.22 79
Long-Term Debt		 20 0.00 0.00
Other Noncurrent Operating Liabilities		 0.26 0.22 79
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -226 312 242
Total Preferred & Common Equity		 -226 312 242
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 -226 312 242
Common Stock		 4.65 700 1,007
Retained Earnings		 -230 -387 -765
Accumulated Other Comprehensive Income / (Loss)		 0.04 0.19 -0.06

Quarterly Balance Sheets for Zenas BioPharma

This table presents Zenas BioPharma's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 403 334 293 322 748
Total Current Assets		 394 318 279 297 730
Cash & Equivalents		 360 197 44 116 500
Short-Term Investments		 27 116 229 175 217
Prepaid Expenses		 6.98 5.43 5.32 5.76 13
Plant, Property, & Equipment, net		 0.15 0.07 0.06 0.05 0.03
Total Noncurrent Assets		 9.51 16 14 25 17
Long-Term Investments		 - 1.84 1.61 11 1.34
Other Noncurrent Operating Assets		 9.51 14 13 15 16
Total Liabilities & Shareholders' Equity		 403 334 293 322 748
Total Liabilities		 44 49 53 126 412
Total Current Liabilities		 44 49 53 52 61
Accounts Payable		 15 20 7.93 6.44 8.94
Accrued Expenses		 29 28 45 45 51
Other Current Liabilities		 0.38 0.91 0.79 0.62 1.04
Total Noncurrent Liabilities		 0.00 0.32 0.22 73 351
Long-Term Debt		 0.00 - - 73 266
Other Noncurrent Operating Liabilities		 0.00 0.32 0.22 0.18 85
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 359 284 240 196 336
Total Preferred & Common Equity		 359 284 240 196 336
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 359 284 240 196 336
Common Stock		 694 705 713 721 1,182
Retained Earnings		 -335 -421 -473 -525 -846
Accumulated Other Comprehensive Income / (Loss)		 0.05 0.14 -0.09 -0.07 -0.38

Annual Metrics And Ratios for Zenas BioPharma

This table displays calculated financial ratios and metrics derived from Zenas BioPharma's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - 53,679,166.00
DEI Adjusted Shares Outstanding		 - - 53,679,166.00
DEI Earnings Per Adjusted Shares Outstanding		 - - -7.04
Growth Metrics		 - - -
Profitability Metrics		 - - -
Net Operating Profit after Tax (NOPAT)		 -26 -115 -268
Return On Investment Capital (ROIC_SIMPLE)		 12.66% -36.72% -83.59%
Earnings before Interest and Taxes (EBIT)		 -37 -164 -383
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -164 -385
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -89 -267
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Invested Capital		 -12 -38 -40
Increase / (Decrease) in Invested Capital		 0.00 -26 -1.29
Book Value per Share		 ($147.42) $7.48 $4.51
Tangible Book Value per Share		 ($147.42) $7.48 $4.51
Total Capital		 45 312 321
Total Debt		 20 0.00 79
Total Long-Term Debt		 20 0.00 79
Net Debt		 -37 -351 -282
Capital Expenditures (CapEx)		 0.02 0.13 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -20 -52 -55
Debt-free Net Working Capital (DFNWC)		 37 299 289
Net Working Capital (NWC)		 37 299 289
Net Nonoperating Expense (NNE)		 11 42 110
Net Nonoperating Obligations (NNO)		 -37 -351 -282
Total Depreciation and Amortization (D&A)		 0.11 -0.47 -1.88
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 ($11.89) ($8.44)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 13.20M 44.73M
Adjusted Diluted Earnings per Share		 $0.00 ($11.89) ($8.44)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 13.20M 44.73M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 41.80M 57.36M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -115 -268
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for Zenas BioPharma

This table displays calculated financial ratios and metrics derived from Zenas BioPharma's official financial filings.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - 0.00 0.00 - 41,791,037.00 41,799,336.00 41,834,182.00 42,110,313.00 53,679,166.00 57,361,260.00
DEI Adjusted Shares Outstanding		 - 0.00 0.00 - 41,791,037.00 41,799,336.00 41,834,182.00 42,110,313.00 53,679,166.00 57,361,260.00
DEI Earnings Per Adjusted Shares Outstanding		 - 0.00 0.00 - -1.26 -0.80 -1.25 -1.22 -4.48 -1.41
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% -100.00% - 0.00% 0.00% 0.00% - -100.00%
EBITDA Growth		 0.00% 0.00% 0.00% -208.42% - -22.94% -40.58% -33.99% - -106.44%
EBIT Growth		 0.00% 0.00% 0.00% -208.42% - -21.50% -38.01% -33.40% - -108.15%
NOPAT Growth		 0.00% 0.00% 0.00% -180.53% - -35.36% -38.94% -28.29% - -107.21%
Net Income Growth		 0.00% 0.00% 0.00% -208.42% - -20.77% -37.51% -33.40% - -141.23%
EPS Growth		 0.00% 0.00% 0.00% -356.12% - 95.53% 94.84% 75.70% - -82.50%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% - -93.96% -34.83% -32.41% - -102.95%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% -2,314.40% - 775.17%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% -17.61% - -291.35%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% -100.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -36.10% 0.00% - 0.00% -55.63% 2.72% - 68.45%
EBIT Q/Q Growth		 0.00% 0.00% -36.06% 0.00% - 0.00% -54.55% 1.35% - 68.44%
NOPAT Q/Q Growth		 0.00% 0.00% -43.96% 0.00% - 0.00% -47.77% 4.68% - 67.50%
Net Income Q/Q Growth		 0.00% 0.00% -36.61% 0.00% - 0.00% -55.55% 1.39% - 66.32%
EPS Q/Q Growth		 0.00% 0.00% -35.44% 0.00% - 0.00% -56.25% 2.40% - 71.76%
Operating Cash Flow Q/Q Growth		 0.00% -24.04% -62.07% 0.00% - 3.90% -12.66% 1.48% - -43.47%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% -188.88% -855.63% - 138.03%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% -17.96% 8.74% - 1.11%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 100.00% 0.00% 0.00% 0.00% - 100.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 71.22% 0.00% 0.00% 0.00% - -341.37% 0.00% 0.00% - 0.00%
Operating Margin		 71.25% 0.00% 0.00% 0.00% - -373.30% 0.00% 0.00% - 0.00%
EBIT Margin		 71.22% 0.00% 0.00% 0.00% - -337.78% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 71.22% 0.00% 0.00% 0.00% - -335.73% 0.00% 0.00% - 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% - 99.39% 100.04% 100.00% - 100.00%
Interest Burden Percent		 100.00% 100.00% 100.40% 100.00% - 100.00% 100.00% 100.00% - 104.67%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% - -57.25% -73.87% -68.33% - -137.11%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% - -15.18% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% - -15.09% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% - -57.25% -73.87% -68.33% - -137.11%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% - -57.25% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 36 -19 -28 -29 -39 -26 -39 -37 -167 -54
NOPAT Margin		 71.25% 0.00% 0.00% 0.00% - -261.31% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -5.13% - -4.74% -9.90% -4.78% - -7.00%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -12.46% -9.19% -16.11% -13.66% -51.93% -9.00%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 10.05% 0.00% 0.00% 0.00% - 124.15% 0.00% 0.00% - 0.00%
R&D to Revenue		 18.70% 0.00% 0.00% 0.00% - 349.15% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 28.75% 0.00% 0.00% 0.00% - 473.30% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 36 -28 -38 -39 -60 -34 -52 -51 -245 -77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 -28 -38 -39 -61 -34 -53 -52 -246 -77
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.36 - 1.16 1.69 4.76 - 3.24
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.36 - 1.16 1.69 4.76 - 3.24
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 - 22.02 27.05 62.40 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 - 1.07 8.72 47.16 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.37 - 0.79
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.37 - 0.79
Financial Leverage		 0.00 0.00 0.00 -1.08 - -1.11 -1.15 -1.11 - -1.24
Leverage Ratio		 0.00 0.00 0.00 1.12 - 1.17 1.22 1.31 - 1.74
Compound Leverage Factor		 0.00 0.00 0.00 1.12 - 1.17 1.22 1.31 - 1.83
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 27.09% - 44.17%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 27.09% - 44.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 100.00% - 100.00% 100.00% 72.91% - 55.83%
Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.36 - -0.63
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 1.13 - 1.07
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.36 - -0.63
Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.52 - -0.90
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 1.63 - 1.53
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 -0.52 - -0.90
Altman Z-Score		 0.00 0.00 0.00 0.00 - 2.92 2.68 2.62 - 0.73
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 8.95 - 6.47 5.23 5.66 - 11.94
Quick Ratio		 0.00 0.00 0.00 8.79 - 6.36 5.13 5.55 - 11.73
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -1.32 0.00 3.77 -3.35 -32 -165 33
Operating Cash Flow to CapEx		 0.00% -86,827.27% -88,454.29% 0.00% - -205,838.89% 0.00% 0.00% - -3,759,800.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 4.97
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -11.34
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -11.34
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 - 0.04 0.05 0.04 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 - 208.33 245.90 153.06 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 -27 -38 -30 -35 -32 -40 -117
Invested Capital Turnover		 0.00 0.00 0.00 0.00 - -1.00 -0.85 -0.50 - 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 -27 0.00 -30 -35 -4.82 -1.29 -87
Enterprise Value (EV)		 0.00 0.00 0.00 -257 - 16 131 707 - 635
Market Capitalization		 225 225 225 130 - 330 406 936 - 1,087
Book Value per Share		 $0.00 $0.00 $0.00 $46.69 $7.48 $6.80 $5.73 $4.66 $4.51 $5.85
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $46.69 $7.48 $6.80 $5.73 $4.66 $4.51 $5.85
Total Capital		 0.00 0.00 0.00 359 312 284 240 269 321 602
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 73 79 266
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 73 79 266
Net Debt		 0.00 0.00 0.00 -387 -351 -314 -275 -229 -282 -453
Capital Expenditures (CapEx)		 0.00 0.02 0.04 0.00 0.07 0.02 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -37 -52 -44 -48 -47 -55 -48
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 350 299 269 225 244 289 669
Net Working Capital (NWC)		 0.00 0.00 0.00 350 299 269 225 244 289 669
Net Nonoperating Expense (NNE)		 0.02 8.50 10 9.92 14 7.44 14 15 74 27
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -387 -351 -314 -275 -229 -282 -453
Total Depreciation and Amortization (D&A)		 0.00 0.03 0.04 0.00 -0.57 -0.36 -0.92 -0.18 -0.41 -0.10
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - -291.36% -319.47% -311.09% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 1,791.17% 1,502.39% 1,628.14% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 1,791.17% 1,502.39% 1,628.14% - 0.00%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($5.02) $35.25 ($0.80) ($1.25) ($1.22) ($5.17) ($1.46)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 7.70M 13.20M 41.80M 41.87M 42.16M 44.73M 55.62M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($5.02) $35.25 ($0.80) ($1.25) ($1.22) ($5.17) ($1.46)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 7.70M 13.20M 41.80M 41.87M 42.16M 44.73M 55.62M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 41.79M 41.80M 41.83M 42.11M 53.68M 57.36M 63.13M
Normalized Net Operating Profit after Tax (NOPAT)		 25 -19 -28 -29 -39 -26 -39 -37 -167 -54
Normalized NOPAT Margin		 49.87% 0.00% 0.00% 0.00% - -261.31% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 71.22% 0.00% 0.00% 0.00% - -337.78% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -11.67
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -8.17
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -11.67
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - -8.17
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% - -3.49% -2.78% -2.36% - -2.99%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-friendly read on Zenas BioPharma (NASDAQ: ZBIO) using the latest quarterly cash flow statements, income statements, and balance sheets. The focus is on trends over the last four years across the major screens: operating performance, liquidity, and funding activity.

  • In Q4 2025, Zenas BioPharma raised meaningful new capital via the issuance of common stock, totaling about $148.6 million, which helped generate a substantial net cash inflow from continuing financing activities (roughly $140.8 million).
  • Q3 2025 also shows financing strength, with continuing financing activities contributing about $72.6 million in cash, signaling ongoing access to capital markets.
  • Liquidity remained solid in Q3 2025, with cash & equivalents around $115.6 million and short-term investments about $175.3 million, for roughly $291 million in liquid assets total.
  • A large non-cash adjustment to reconcile net income occurred in Q4 2025 (about $179.9 million), boosting reported cash flow metrics without immediate cash impact.
  • Retained earnings are deeply negative and have been widening (approximately -$524.7 million at Q3 2025), reflecting a sustained cumulative loss historically.
  • Operating revenue was effectively zero in several quarters (e.g., Q3 2025 and Q2 2025), underscoring the company’s still early-stage, development-focused business model rather than product sales.
  • Net income remained negative across periods, with Q4 2025 showing a Consolidated Net Income of about -$240.4 million and ongoing quarterly losses in prior quarters (e.g., Q3 2025 around -$51.5 million, Q2 2025 around -$52.2 million).
  • Cash from operating activities has been consistently negative, including Q4 2025 (-$52.4 million) and prior quarters (e.g., Q3 2025 around -$41.1 million, Q2 2025 around -$41.6 million, Q1 2025 around -$37.2 million), indicating ongoing cash burn from core operations.
05/15/26 02:14 PM ETAI Generated. May Contain Errors.

Zenas BioPharma Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zenas BioPharma's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Zenas BioPharma's net income appears to be on an upward trend, with a most recent value of -$377.74 million in 2025, rising from -$37.12 million in 2023. The previous period was -$156.99 million in 2024. Check out Zenas BioPharma's forecast to explore projected trends and price targets.

Zenas BioPharma's total operating income in 2025 was -$383.06 million, based on the following breakdown:
  • Total Gross Profit: $10 million
  • Total Operating Expenses: $393.06 million

Over the last 2 years, Zenas BioPharma's total revenue changed from $50 million in 2023 to $10 million in 2025, a change of -80.0%.

Zenas BioPharma's total liabilities were at $141.50 million at the end of 2025, a 146.0% increase from 2024, and a 222.9% increase since 2023.

In the past 2 years, Zenas BioPharma's cash and equivalents has ranged from $56.86 million in 2023 to $319.74 million in 2024, and is currently $110.64 million as of their latest financial filing in 2025.

Over the last 2 years, Zenas BioPharma's book value per share changed from -147.42 in 2023 to 4.51 in 2025, a change of -103.1%.


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Financial statements for NASDAQ:ZBIO last updated on 5/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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