ZBIO (Zenas BioPharma, Inc.) Stock Financials & Earnings | Market Cap Arena

ZBIO (Zenas BioPharma, Inc.) Stock Financials & Earnings | Market Cap Arena

ZBIOZenas BioPharma, Inc.

Mkt Cap$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$15M

Net Income (TTM)-$190M

EPS (TTM)-$4.53

Free Cash Flow (TTM)-$159M

Gross Margin-220.2%

Op. Margin-1338.0%

Net Margin-1266.0%

FCF Margin-1057.1%

P/S Ratio (TTM)74.0x

P/E Ratio (TTM)—

YoY Rev Growth—

Employees—

Earnings Reports

Next: Q4 2025 · Mar 11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$0	$0	-$19M
Q1 23	$0	$0	-$19M
Q2 23	$0	$0	-$29M
Q3 23	$50M	$50M	$36M
Q4 23	$0	-$20M	-$25M
Q1 24	$0	-$23M	-$28M
Q2 24	$0	-$34M	-$40M
Q3 24	$0	-$34M	-$41M
Q4 24	$5M	$5M	-$56M
Q1 25	$10M	$10M	-$37M
Q2 25	$0	-$43M	-$55M
Q3 25	$0	-$5M	-$53M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	22.2x	—
Q4 23	22.2x	—
Q1 24	22.2x	—
Q2 24	22.2x	—
Q3 24	—	—
Q4 24	221.9x	—
Q1 25	74.0x	—
Q2 25	74.0x	—
Q3 25	74.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$17M	-$18M
Q1 23	-$26M	-$26M
Q2 23	-$21M	-$21M
Q3 23	$32M	$32M
Q4 23	-$15M	-$15M
Q1 24	-$19M	-$19M
Q2 24	-$31M	-$31M
Q3 24	-$31M	-$31M
Q4 24	-$39M	-$39M
Q1 25	-$37M	-$37M
Q2 25	-$42M	-$42M
Q3 25	-$41M	-$41M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$1M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$17K
Q1 24	$22K
Q2 24	$35K
Q3 24	$0
Q4 24	$74K
Q1 25	$18K
Q2 25	$0
Q3 25	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	—	+30.5%
Q1 24	—	+44.5%
Q2 24	—	+37.4%
Q3 24	-100.0%	+185.1%
Q4 24	—	+144.7%
Q1 25	—	+71.6%
Q2 25	—	+38.9%
Q3 25	—	+28.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$289K	—
Q1 23	$687K	—
Q2 23	$669K	—
Q3 23	$1M	2.0%
Q4 23	$1M	—
Q1 24	$947K	—
Q2 24	$2M	—
Q3 24	$3M	—
Q4 24	$5M	109.9%
Q1 25	$5M	53.9%
Q2 25	$6M	—
Q3 25	$7M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$16M	$3M	—
Q1 23	$15M	$4M	—
Q2 23	$15M	$4M	—
Q3 23	$9M	$5M	—
Q4 23	$20M	$4M	$200K
Q1 24	$23M	$5M	—
Q2 24	$34M	$5M	$543K
Q3 24	$34M	$7M	$200K
Q4 24	$49M	$11M	—
Q1 25	$35M	$12M	—
Q2 25	$43M	$11M	$803K
Q3 25	$34M	$13M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 23	$72M	$0	$72M
Q4 23	$57M	$0	$57M
Q1 24	$37M	$0	$37M
Q2 24	$184M	$0	$184M
Q3 24	$360M	$27M	$387M
Q4 24	$320M	$31M	$351M
Q1 25	$197M	$116M	$312M
Q2 25	$44M	$229M	$273M
Q3 25	$116M	$175M	$291M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	38M	—
Q1 23	38M	+0.0%
Q2 23	38M	+0.0%
Q3 23	42M	+9.0%
Q4 23	38M	-8.3%
Q1 24	38M	+0.0%
Q2 24	38M	+0.0%
Q3 24	42M	+9.0%
Q4 24	42M	+0.0%
Q1 25	42M	+0.0%
Q2 25	42M	+0.2%
Q3 25	42M	+0.7%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 22	—	—
FY 23	—	—
FY 24	$38K	130