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    ZBIO

    Zenas BioPharma, Inc.

    Company overview

    Market capitalization
    $1.80B
    Employees
    167
    Latest publication
    2026-09-29
    About Zenas BioPharma, Inc.

    Zenas BioPharma, Inc., a clinical-stage biopharma company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody designed to bind CD19 and Fc"RIIb for the treatment of various I&I diseases and various indications, including immunoglobulin G4-related disease, multiple sclerosis, and systemic lupus erythematosus. The company develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a CTLA-4-Ig fusion protein designed to have an extended half-life versus; and ZB001, an anti-IGF-1R monoclonal antibody. The company was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is headquartered in Waltham, Massachusetts.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Revenue1,000,000USD10,000,000USD—0USD0USD10,000,000USD5,000,000USD0USD
    Research Development62,913,000USD60,439,000USD55,720,000USD34,402,000USD43,027,000USD34,915,000USD49,157,000USD33,530,000USD
    Selling General Administrative15,746,000USD——13,178,000USD12,136,000USD12,415,000USD11,466,000USD7,254,000USD
    General And Administrative Expenses15,746,000USD——13,178,000USD12,136,000USD———
    Total Operating Expenses108,659,000USD77,350,000USD237,984,000USD52,580,000USD55,163,000USD47,330,000USD60,623,000USD7,454,000USD
    Operating Income-107,659,000USD——-52,580,000USD-55,163,000USD-37,330,000USD-55,623,000USD-40,984,000USD
    Total Other Income Expense Net-3,683,000USD——1,081,000USD2,960,000USD3,552,000USD3,448,000USD2,378,000USD
    Interest Income6,603,000USD————3,394,000USD——
    Interest Expense1,720,000USD————0USD——
    Income Before Tax-111,342,000USD——-51,499,000USD-52,203,000USD-33,778,000USD-52,175,000USD-38,606,000USD
    Income Tax Expense114,000USD205,000USD106,000USD0USD20,000USD-205,000USD429,000USD—
    Net Income-111,456,000USD-80,987,000USD-240,442,000USD-51,499,000USD-52,223,000USD-33,573,000USD-52,604,000USD-38,606,000USD
    Cost Of Revenue—————23,000USD33,000USD33,530,000USD
    Gross Profit—————10,000,000USD5,000,000USD-33,530,000USD
    Net Interest Income—————3,394,000USD——
    Tax Provision—————-205,000USD—0USD
    Net Income From Continuing Ops—————-33,573,000USD-52,604,000USD-38,606,000USD
    Ebit—————-33,778,000USD-55,623,000USD-40,984,000USD
    Ebitda—————-33,755,000USD-55,590,000USD-40,948,000USD
    Depreciation And Amortization—————23,000USD33,000USD36,000USD
    Reconciled Depreciation—————23,000USD33,000USD36,000USD
    Unclassified Operating Expenses———————-33,330,000USD
    SourceDisclosureDeterministicFinalDisclosurePreliminaryDisclosurePreliminaryDisclosureDeterministicFinalDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Revenue10,000,000USD5,000,000USD50,000,000USD0USD
    Research Development168,063,000USD139,139,000USD60,033,000USD62,689,000USD
    Selling General Administrative53,322,000USD28,849,000USD17,114,000USD12,810,000USD
    General And Administrative Expenses53,322,000USD———
    Total Operating Expenses393,057,000USD29,749,000USD87,147,000USD14,510,000USD
    Operating Income-383,057,000USD-163,888,000USD-37,147,000USD-76,199,000USD
    Total Other Income Expense Net5,241,000USD7,329,000USD324,000USD-43,083,000USD
    Interest Income12,151,000USD7,973,000USD——
    Interest Expense7,327,000USD0USD——
    Income Before Tax-377,816,000USD-156,559,000USD-36,823,000USD-119,282,000USD
    Income Tax Expense-79,000USD429,000USD301,000USD—
    Net Income-377,737,000USD-156,988,000USD-37,124,000USD-119,282,000USD
    Cost Of Revenue—139,139,000USD113,000USD61,689,000USD
    Gross Profit—-134,139,000USD50,000,000USD-61,689,000USD
    Unclassified Operating Expenses—-138,239,000USD10,000,000USD-60,989,000USD
    Net Interest Income—7,973,000USD——
    Tax Provision—429,000USD301,000USD0USD
    Net Income From Continuing Ops—-156,988,000USD-37,124,000USD-119,282,000USD
    Ebit—-163,888,000USD-27,147,000USD-75,199,000USD
    Ebitda—-163,751,000USD-27,034,000USD-75,121,000USD
    Depreciation And Amortization—137,000USD113,000USD78,000USD
    Reconciled Depreciation—137,000USD113,000USD78,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets701,690,000USD747,682,000USD383,640,000USD322,018,000USD293,085,000USD333,766,000USD369,968,000USD403,432,000USD
    Cash And Equivalents196,577,000USD500,224,000USD110,641,000USD115,565,000USD44,006,000USD———
    Cash And Short Term Investments643,126,000USD718,500,000USD360,500,000USD301,600,000USD274,900,000USD312,379,000USD350,766,000USD386,799,000USD
    Short Term Investments446,549,000USD216,981,000USD232,551,000USD175,319,000USD229,273,000USD115,825,000USD31,024,000USD26,761,000USD
    Long Term Investments30,763,000USD1,340,000USD17,272,000USD10,717,000USD1,614,000USD1,835,000USD0USD—
    Total Current Assets653,794,000USD730,164,000USD351,171,000USD296,642,000USD278,603,000USD317,807,000USD355,923,000USD393,778,000USD
    Other Current Assets10,668,000USD12,959,000USD7,979,000USD5,758,000USD5,324,000USD5,428,000USD5,157,000USD6,979,000USD
    Other Non Current Assets16,289,000USD15,060,000USD13,809,000USD13,802,000USD11,797,000USD———
    Total Liabilities454,593,000USD411,853,000USD141,496,000USD125,590,000USD53,459,000USD———
    Total Current Liabilities65,818,000USD61,161,000USD62,649,000USD52,421,000USD53,244,000USD49,132,000USD57,292,000USD43,997,000USD
    Other Current Liabilities57,406,000USD51,180,000USD54,423,000USD45,359,000USD44,520,000USD———
    Total Stockholder Equity247,097,000USD335,829,000USD242,144,000USD196,428,000USD239,626,000USD284,317,000USD312,458,000USD359,435,000USD
    Total Equity Including Noncontrolling Interest247,097,000USD335,829,000USD242,144,000USD196,428,000USD239,626,000USD———
    Property Plant Equipment Net844,000USD1,118,000USD1,388,000USD857,000USD1,071,000USD1,276,000USD1,189,000USD545,000USD
    Accounts Payable7,589,000USD8,944,000USD7,111,000USD6,444,000USD7,931,000USD20,018,000USD17,136,000USD15,082,000USD
    Short Term Debt823,000USD1,037,000USD1,115,000USD618,000USD793,000USD908,000USD785,000USD384,000USD
    Common Stock6,000USD6,000USD5,000USD4,000USD4,000USD4,000USD4,000USD4,000USD
    Retained Earnings-957,571,000USD-846,115,000USD-765,128,000USD-524,686,000USD-473,187,000USD-420,964,000USD-387,391,000USD-334,786,000USD
    Accumulated Other Comprehensive Income-1,141,000USD-377,000USD-64,000USD-69,000USD-94,000USD141,000USD194,000USD54,000USD
    Long Term Debt——78,636,000USD72,989,000USD————
    Total Liab—————49,449,000USD57,510,000USD43,997,000USD
    Other Current Liab—————28,201,000USD39,160,000USD28,531,000USD
    Capital Stock—————4,000USD4,000USD4,000USD
    Cash—————196,554,000USD319,742,000USD360,038,000USD
    Net Debt—————-195,329,000USD-318,739,000USD-359,654,000USD
    Short Long Term Debt Total—————1,225,000USD1,003,000USD384,000USD
    Property Plant Equipment Gross—————1,276,000USD1,189,000USD545,000USD
    Common Stock Shares Outstanding—————41,800,802shares41,790,000shares41,780,938shares
    Non Current Assets Total—————15,959,000USD14,045,000USD9,654,000USD
    Non Current Liabilities Total—————317,000USD218,000USD0USD
    Non Currrent Assets Other—————12,848,000USD12,856,000USD9,109,000USD
    Net Working Capital—————268,675,000USD298,631,000USD349,781,000USD
    Unclassified Equity—————705,132,000USD699,647,000USD694,159,000USD
    SourceDisclosureDeterministicFinalDisclosureDeterministicFinalDisclosureDeterministicFinalDisclosureDeterministicFinalDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Assets383,640,000USD369,968,000USD68,180,000USD74,579,000USD
    Cash And Equivalents110,641,000USD———
    Cash And Short Term Investments360,500,000USD350,766,000USD56,857,000USD67,209,000USD
    Short Term Investments232,551,000USD31,024,000USD0USD—
    Long Term Investments17,272,000USD0USD——
    Total Current Assets351,171,000USD355,923,000USD59,804,000USD68,444,000USD
    Other Current Assets7,979,000USD5,157,000USD2,947,000USD1,235,000USD
    Other Non Current Assets13,809,000USD———
    Total Liabilities141,496,000USD———
    Total Current Liabilities62,649,000USD57,292,000USD23,258,000USD25,967,000USD
    Other Current Liabilities54,423,000USD———
    Total Stockholder Equity242,144,000USD312,458,000USD-225,721,000USD-192,286,000USD
    Total Equity Including Noncontrolling Interest242,144,000USD———
    Long Term Debt78,636,000USD—20,300,000USD—
    Property Plant Equipment Net1,388,000USD1,189,000USD1,014,000USD1,801,000USD
    Accounts Payable7,111,000USD17,136,000USD5,396,000USD5,815,000USD
    Short Term Debt1,115,000USD785,000USD556,000USD715,000USD
    Common Stock5,000USD4,000USD1,000USD1,000USD
    Retained Earnings-765,128,000USD-387,391,000USD-230,403,000USD-193,279,000USD
    Accumulated Other Comprehensive Income-64,000USD194,000USD37,000USD-41,000USD
    Total Liab—57,510,000USD293,901,000USD266,865,000USD
    Other Current Liab—39,160,000USD17,005,000USD19,437,000USD
    Capital Stock—4,000USD0USD0USD
    Cash—319,742,000USD56,857,000USD67,209,000USD
    Net Debt—-318,739,000USD-35,744,000USD-65,682,000USD
    Short Long Term Debt Total—1,003,000USD21,113,000USD1,527,000USD
    Property Plant Equipment Gross—1,189,000USD1,014,000USD1,801,000USD
    Common Stock Shares Outstanding—41,785,469shares38,317,087shares38,317,087shares
    Non Current Assets Total—14,045,000USD8,376,000USD6,135,000USD
    Non Current Liabilities Total—218,000USD270,643,000USD240,898,000USD
    Non Currrent Assets Other—12,856,000USD7,362,000USD4,334,000USD
    Net Working Capital—298,631,000USD36,546,000USD42,477,000USD
    Unclassified Equity—699,647,000USD4,644,000USD—
    Unclassified Non Current Liabilities——250,343,000USD240,898,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USD
    Depreciation10,000USD46,000USD35,000USD
    Stock Based Compensation17,814,000USD18,767,000USD11,431,000USD
    Change To Liabilities3,436,000USD-5,908,000USD-4,056,000USD
    Change In Working Capital-4,912,000USD-11,958,000USD-8,403,000USD
    Operating Cash Flow-132,433,000USD-119,919,000USD-78,794,000USD
    Capital Expenditures-2,000USD-18,000USD-18,000USD
    Net Investments-226,091,000USD-153,504,000USD-198,547,000USD
    Unclassified Investing Cash Flow-30,000,000USD-5,000,000USD—
    Investing Cash Flow-256,093,000USD-158,522,000USD-198,565,000USD
    Common Stock Issuance592,000USD276,000USD—
    Unclassified Financing Cash Flow474,944,000USD-839,000USD—
    Financing Cash Flow475,536,000USD74,437,000USD1,821,000USD
    Effect Of Forex Changes On Cash-1,074,000USD-263,000USD-288,000USD
    Change In Cash85,936,000USD-204,267,000USD-275,826,000USD
    End Cash Flow196,577,000USD115,565,000USD44,006,000USD
    Net Debt Issuance—75,000,000USD—
    SourceDisclosureDeterministicFinalDisclosureDeterministicFinalDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Depreciation6,000USD-29,000USD11,000USD-923,000USD23,000USD33,000USD36,000USD35,000USD
    Stock Based Compensation9,195,000USD7,580,000USD7,336,000USD6,045,000USD5,386,000USD5,495,000USD2,843,000USD1,536,000USD
    Change To Liabilities-3,168,000USD———————
    Change In Working Capital-4,687,000USD8,314,999USD-3,664,000USD5,158,000USD-8,858,000USD8,866,000USD4,544,000USD5,156,000USD
    Operating Cash Flow-75,196,000USD———————
    Capital Expenditures-2,000USD-30,000,000USD-5,000,000USD0USD-18,000USD-74,000USD0USD-35,000USD
    Net Investments31,613,000USD———————
    Investing Cash Flow31,611,000USD———————
    Common Stock Issuance592,000USD———————
    Unclassified Financing Cash Flow432,887,000USD1,611,000USD—————178,505,000USD
    Financing Cash Flow433,479,000USD———————
    Effect Of Forex Changes On Cash-311,000USD———————
    Change In Cash389,583,000USD-4,924,000USD71,559,000USD-152,548,000USD-123,278,000USD-40,295,000USD176,109,000USD146,776,000USD
    End Cash Flow500,224,000USD———————
    Net Income—-240,442,000USD-51,499,000USD-52,223,000USD-33,573,000USD-52,604,000USD-38,607,000USD-37,977,000USD
    Other Non Cash Items—172,162,000USD6,691,000USD200,000USD-29,000USD-344,000USD125,000USD291,000USD
    Total Cash From Operating Activities—-52,414,000USD-41,125,000USD-41,743,000USD-37,051,000USD-38,554,000USD-31,059,000USD-30,959,000USD
    Free Cash Flow—-52,414,000USD-41,125,000USD-41,743,000USD-37,069,000USD-38,628,000USD-31,059,000USD-30,994,000USD
    Investments—-63,364,000USD40,043,000USD-112,291,000USD-86,274,000USD-3,735,000USD-26,760,000USD-35,000USD
    Total Cashflows From Investing Activities—-93,364,000USD40,043,000USD-112,291,000USD-86,274,000USD-3,735,000USD-26,760,000USD-35,000USD
    Total Cash From Financing Activities—140,843,000USD72,616,000USD1,722,000USD99,000USD1,853,000USD233,980,000USD177,739,000USD
    Issuance Of Capital Stock—148,573,000USD0USD0USD0USD6,249,000USD234,387,000USD—
    Begin Period Cash Flow—115,565,000USD44,006,000USD196,554,000USD319,832,000USD360,127,000USD184,018,000USD37,154,000USD
    End Period Cash Flow—110,641,000USD115,565,000USD44,006,000USD196,554,000USD319,832,000USD360,127,000USD183,930,000USD
    Other Cashflows From Investing Activities—-30,000,000USD-5,000,000USD——6,000,000USD-26,760,000USD—
    Other Cashflows From Financing Activities—-9,341,000USD71,676,000USD1,722,000USD99,000USD-4,396,000USD-439,000USD-766,000USD
    Unclassified Investing Cash Flow—30,000,000USD10,000,000USD——-5,926,000USD26,760,000USD—
    Sale Purchase Of Stock——276,000USD—————
    Net Borrowings————0USD0USD——
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Depreciation56,000USD137,000USD113,000USD78,000USD
    Stock Based Compensation26,347,000USD10,821,000USD3,495,000USD737,000USD
    Change To Liabilities5,009,000USD———
    Change In Working Capital-13,199,000USD25,431,000USD-8,039,000USD7,967,000USD
    Operating Cash Flow-172,333,000USD———
    Capital Expenditures-18,000USD-131,000USD-17,000USD-2,198,000USD
    Net Investments-216,868,000USD———
    Unclassified Investing Cash Flow-35,000,000USD——4,198,000USD
    Investing Cash Flow-251,886,000USD———
    Net Debt Issuance75,000,000USD———
    Common Stock Issuance276,000USD———
    Unclassified Financing Cash Flow140,004,000USD-178,381,000USD—-59,391,000USD
    Financing Cash Flow215,280,000USD———
    Effect Of Forex Changes On Cash-252,000USD———
    Change In Cash-209,191,000USD262,889,000USD-10,352,000USD-8,500,000USD
    End Cash Flow110,641,000USD———
    Net Income—-156,988,000USD-37,124,000USD-119,282,000USD
    Other Non Cash Items—925,000USD11,026,000USD44,848,000USD
    Total Cash From Operating Activities—-119,674,000USD-30,529,000USD-65,652,000USD
    Free Cash Flow—-119,805,000USD-30,546,000USD-67,850,000USD
    Investments—-30,552,000USD-17,000USD-2,198,000USD
    Total Cashflows From Investing Activities—-30,552,000USD-17,000USD-2,198,000USD
    Net Borrowings—0USD20,000,000USD0USD
    Total Cash From Financing Activities—412,958,000USD20,116,000USD59,391,000USD
    Issuance Of Capital Stock—419,017,000USD0USD59,391,000USD
    Begin Period Cash Flow—56,943,000USD67,295,000USD75,795,000USD
    End Period Cash Flow—319,832,000USD56,943,000USD67,295,000USD
    Other Cashflows From Financing Activities—172,322,000USD116,000USD59,391,000USD
    Other Cashflows From Investing Activities———-2,000,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.