Zenas BioPharma, Inc. (ZBIO) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Zenas BioPharma reported revenue of $10.0M, up 100.0% from $5.0M the year before. Net income was -$377.7M (a -3777.4% net margin), or -$8.44 per diluted share. Operating margin was -3830.6%. Operating activities generated -$172.3M of cash, leaving -$172.4M of free cash flow. At fiscal year end, Zenas BioPharma held $383.6M in total assets against $141.5M in total liabilities, including $110.6M of cash and equivalents.
Open the full interactive Zenas BioPharma financials → Quarterly statements, key ratios, valuation history and price charts.
Zenas BioPharma Key Stats
| Share Price | $25.16 |
|---|---|
| Market Cap | $1.59B |
| Revenue YoY Growth | +100.0% |
| 52-Week Range | $15.20 – $43.17 |
| Shares Outstanding | 63.1 million (basic, 2026 Q2) |
Zenas BioPharma Income Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Revenue | $5.0M | $10.0M |
| Operating Income | -$163.9M | -$383.1M |
| Pre-Tax Income | -$156.6M | -$377.8M |
| Income Tax | $429,000 | -$79,000 |
| Net Income | -$157.0M | -$377.7M |
| Diluted EPS | -$11.89 | -$8.44 |
Zenas BioPharma Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $1.0M |
| Net Income | -$51.5M | -$240.4M | -$81.0M | -$111.5M |
| Diluted EPS | -$1.22 | -$5.38 | -$1.46 | -$1.77 |
Zenas BioPharma Balance Sheet
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash & Equivalents | $319.7M | $110.6M |
| Current Assets | $355.9M | $351.2M |
| Total Assets | $370.0M | $383.6M |
| Current Liabilities | $57.3M | $62.6M |
| Total Long-Term Debt | — | $78.6M |
| Total Liabilities | $57.5M | $141.5M |
| Shareholders' Equity | $312.5M | $242.1M |
Zenas BioPharma Cash Flow Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash From Operations | -$119.7M | -$172.3M |
| Cash From Investing | -$30.6M | -$251.9M |
| Cash From Financing | $413.0M | $215.3M |
| Free Cash Flow | -$119.8M | -$172.4M |
Figures from Zenas BioPharma's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Zenas BioPharma financials page for every line item.
Zenas BioPharma Company Profile
| Ticker | ZBIO |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Waltham, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company, emerging growth company |
| SEC CIK | 0001953926 |
Frequently Asked Questions
What was Zenas BioPharma's revenue in fiscal 2025?
Zenas BioPharma (ZBIO) reported revenue of $10.0M for fiscal 2025.
What was Zenas BioPharma's net income in fiscal 2025?
Zenas BioPharma reported net income of -$377.7M for fiscal 2025.
What was Zenas BioPharma's earnings per share (EPS) in fiscal 2025?
Zenas BioPharma's diluted EPS was -$8.44 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Zenas BioPharma generate in fiscal 2025?
Zenas BioPharma generated -$172.4M of free cash flow in fiscal 2025.
What was Zenas BioPharma's revenue last quarter?
In its most recent reported quarter (2026 Q2), Zenas BioPharma reported revenue of $1.0M.
How much debt does Zenas BioPharma have?
Zenas BioPharma reported $78.6M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Zenas BioPharma are outstanding?
Zenas BioPharma reported a weighted average of 63.1 million basic shares outstanding in 2026 Q2.
What is Zenas BioPharma's market cap?
Based on its latest closing price, Zenas BioPharma (ZBIO) has a market capitalization of about $1.59B.
When does Zenas BioPharma's fiscal year end?
Zenas BioPharma's fiscal year end, as registered with the SEC, is December 31.
Where is Zenas BioPharma headquartered?
Zenas BioPharma lists its business address in Waltham, Massachusetts in its SEC filings.