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Stocks · Health care · Pharmaceutical Preparations

Zenas BioPharma, Inc.

ZBIO Clue Score40
United States Fiscal year ends December CIK 0001953926
$27.26 +3.89% Close, 9 Oct 2026
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Price $27.26 −1.80% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Sep 2024. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2023Revenue50.0Operating income−37.1Net income−37.1EPS, diluted−24.25Fiscal year 2024Revenue5.0 −90.0%Operating income−163.9Net income−157.0EPS, diluted−11.89Fiscal year 2025Revenue10.0 +100.0%Operating income−383.1Net income−377.7EPS, diluted−8.44
FY2023FY2024FY2025
Revenue 50.0 5.0 10.0
Growth −90.0% +100.0%
Operating income −37.1 −163.9 −383.1
Net income −37.1 −157.0 −377.7
Growth
EPS, diluted −24.25 −11.89 −8.44

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2023Operating margin−74.3%Net margin−74.2%Free cash flow margin−61.1%Fiscal year 2024Operating margin−3,277.8%Net margin−3,139.8%Free cash flow margin−2,396.1%Fiscal year 2025Operating margin−3,830.6%Net margin−3,777.4%Free cash flow margin−1,723.5%
FY2023FY2024FY2025
Operating margin −74.3% −3,277.8% −3,830.6%
Net margin −74.2% −3,139.8% −3,777.4%
Free cash flow margin −61.1% −2,396.1% −1,723.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2023Operating cash flow−30.5Capital expenditure−0.0Free cash flow−30.5Fiscal year 2024Operating cash flow−119.7Capital expenditure−0.1Free cash flow−119.8Fiscal year 2025Operating cash flow−172.3Capital expenditure−0.0Free cash flow−172.4
FY2023FY2024FY2025
Operating cash flow −30.5 −119.7 −172.3
Capital expenditure −0.0 −0.1 −0.0
Free cash flow −30.5 −119.8 −172.4
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2023Cash56.9Shareholders’ equity−225.7Fiscal year 2024Cash319.7Shareholders’ equity312.5Fiscal year 2025Cash110.6Total debt78.6Net cash (debt)32.0Shareholders’ equity242.1Debt to equity0.32
FY2023FY2024FY2025
Cash 56.9 319.7 110.6
Total debt n/a n/a 78.6
Net cash (debt) n/a n/a 32.0
Shareholders’ equity −225.7 312.5 242.1
Debt to equity n/a n/a 0.32

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Operations
−30.5 −119.7 −172.3
Growth
Investment
−0.0 −0.1 −0.0
calc −30.5 −119.8 −172.4
Growth
calc −19.95 −9.08 −3.85
−0.0 −30.6 −251.9
Financing
20.1 413.0 215.3

† The diluted share count jumps at 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.