ZBIO · Zenas Biopharma, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 |
|---|---|---|---|---|---|---|---|
| Revenue | - | - | $0 | $0 | $10.00M | - | $50.00M |
| Cost of Revenue | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - |
| R&D | $60.44M | - | $34.40M | $33.81M | $22.64M | - | $33.53M |
| SG&A | $16.91M | - | $13.18M | $5.89M | $4.93M | - | $7.45M |
| Total Operating Expenses | $77.35M | - | $52.58M | $55.16M | $27.58M | - | $40.98M |
| D&A | $6.0K | - | - | - | $33.0K | - | - |
| Operating Income | ($77.35M) | - | ($52.58M) | ($39.70M) | ($27.58M) | - | ($40.98M) |
| Interest Expense | $368.0K | - | - | - | - | - | - |
| Income Tax | - | - | - | $20.0K | ($205.0K) | - | - |
| Net Income | ($80.99M) | - | ($51.50M) | ($52.22M) | ($33.57M) | - | ($38.61M) |
| EPS - Basic | ($1.46) | - | ($1.22) | ($24.23) | ($17.89) | - | ($5.02) |
| EPS - Diluted | ($1.46) | - | ($1.22) | ($24.23) | ($17.89) | - | ($5.02) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $500.22M | $110.64M | $115.56M | $44.01M | $196.55M | $319.74M | $72.31M |
| Accounts Receivable | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Accounts Payable | $8.94M | $7.11M | $6.44M | $7.93M | $20.02M | $17.14M | $5.40M |
| Current Assets | $730.16M | $351.17M | $296.64M | $278.60M | $317.81M | $355.92M | $393.78M |
| Total Assets | $747.68M | $383.64M | $322.02M | $293.08M | $333.77M | $369.97M | $68.18M |
| Current Liabilities | $61.16M | $62.65M | $52.42M | $53.24M | $49.13M | $57.29M | $44.00M |
| Long-term Debt | - | $78.64M | $72.99M | - | - | - | - |
| Total Liabilities | $411.85M | $141.50M | $125.59M | $53.46M | $49.45M | $57.51M | $43.81M |
| Stockholders' Equity | $335.83M | $242.14M | $196.43M | $239.63M | $284.32M | $312.46M | ($202.23M) |
| Retained Earnings | ($846.12M) | ($765.13M) | ($524.69M) | ($473.19M) | ($420.96M) | ($387.39M) | ($334.79M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($75.20M) | - | - | - | ($19.10M) | - | - |
| Investing Cash Flow | $31.61M | - | - | - | ($22.0K) | - | - |
| Financing Cash Flow | $433.48M | - | - | - | ($614.0K) | - | - |
| CapEx | $2.0K | - | - | - | $22.0K | - | - |
| Free Cash Flow | ($75.20M) | - | - | - | ($19.12M) | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 |
|---|---|---|---|---|---|---|---|
| Profitability | |||||||
| Gross margin | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | -275.8% | - | -82.0% |
| EBITDA margin | - | - | - | - | -275.5% | - | - |
| Net margin | - | - | - | - | -335.7% | - | -77.2% |
| Free cash flow margin | - | - | - | - | -191.2% | - | - |
| FCF / Net income | 0.93 | - | - | - | 0.57 | - | - |
| R&D / Revenue | - | - | - | - | 226.4% | - | 67.1% |
| SG&A / Revenue | - | - | - | - | 49.3% | - | 14.9% |
| Effective tax rate | - | - | - | - | - | - | - |
| Return on assets | -10.8% | - | -16.0% | -17.8% | -10.1% | - | -56.6% |
| Return on equity | -24.1% | - | -26.2% | -21.8% | -11.8% | - | 19.1% |
| Return on invested capital | - | - | - | - | - | - | - |
| Liquidity | |||||||
| Current ratio | 11.94 | 5.61 | 5.66 | 5.23 | 6.47 | 6.21 | 8.95 |
| Quick ratio | 11.94 | 5.61 | 5.66 | 5.23 | 6.47 | 6.21 | 8.95 |
| Cash ratio | 8.18 | 1.77 | 2.20 | 0.83 | 4.00 | 5.58 | 1.64 |
| Leverage | |||||||
| Debt / Equity | - | 0.32 | 0.37 | - | - | - | - |
| Debt / Assets | - | 0.20 | 0.23 | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Interest coverage | -210.2x | - | - | - | - | - | - |
| Equity multiplier | 2.23 | 1.58 | 1.64 | 1.22 | 1.17 | 1.18 | -0.34 |
| Liabilities / Assets | 0.55 | 0.37 | 0.39 | 0.18 | 0.15 | 0.16 | 0.64 |
| Efficiency | |||||||
| Asset turnover | - | - | 0.00 | 0.00 | 0.03 | - | 0.73 |
| Inventory turnover | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - |
| Valuation | |||||||
| P / E | - | - | - | - | - | - | - |
| P / B | 3.2x | - | 4.8x | 0.1x | 0.0x | - | - |
| P / S | - | - | - | - | 1.2x | - | 2.6x |
| EV / EBITDA | - | - | - | - | - | - | - |
| Growth | |||||||
| Revenue growth (YoY) | - | - | -100.0% | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -180.5% | - | -28.3% | - | - | - | - |
| Net income growth (YoY) | -141.2% | - | -33.4% | - | - | - | - |
| EPS growth (YoY) | 91.8% | - | 75.7% | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - |
| FCF growth (YoY) | -293.2% | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - |
| Book value growth (YoY) | 18.1% | -22.5% | - | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$10.00M totalSingle Reportable Segment$10.00M · 100.0%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Zenas BioPharma against the 5 most active filers in the same SIC group.