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NASDAQ · PHARMACEUTICAL PREPARATIONS

Zenas BioPharma, Inc. ZBIO

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$10.0M
▲ 100.0% YoY
$-377.7M
$-172.4M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. Our lead I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIb, which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. We believe obexelimab holds the potential to provide meaningful clinical benefit for patients in multiple I&I indications. We estimate that each of these potential indications represent a multi-billion-dollar commercial opportunity in the U.S. alone.

Written from the business description in Zenas BioPharma, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth

USD 10.0M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 10.0 · Net income -377.7
20M40M-150M-300M
202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

·
Operating margin Net margin
FY2025 · Operating -3830.6%
-1000%-2000%-3000%
202320242025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.

Each USD of equity lost 136 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -172.4
-100M-200M
202320242025

Total assetsUSD 383.6M
EquityUSD 242.1M
CashUSD 110.6M
Gross debtUSD 78.6M
Net debtUSD -32.0M
Current ratio5.61×

The company holds more cash than debt.

The 3-year record

3 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ZBIO, 3-year financial record
Metric 202520242023
Revenue $B0.00.00.1
Operating income $B−0.4−0.2−0.0
EBITDA $B−0.4−0.2−0.0
Income tax $B−0.00.00.0
Net income $B−0.4−0.2−0.0
Free cash flow $B−0.2−0.1−0.0
EPS, diluted $−8.44−11.89−24.25
Dividend / sh $◌◌◌
Payout % — not applicable: no dividend———
ROE %−136.2——
Shares out B0.050.040.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 12 reconciliationsAUDITED

Reconciled in 3 of the 3 fiscal years we could check. 32 checks were skipped: the balance sheet is not tagged before 2023. 16 checks were skipped: EPS is not tagged before 2023.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2023

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