ZBIO

MKT CAP:$814M

Zenas BioPharma, Inc.

Market Cap

$814M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$20.82-$13.68 (-39.65%)

Apr 20, 2026

Company Details

Zenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody f...

CEO

Leon Oliver Moulder Jr.

IPO Date

Sep 13, 2024

Website

zenasbio.com

Key Metrics TTM

Revenue

$10M

+100.0% YoY

Net Income

-$378M

EPS (Diluted)

-$8.44

Free Cash Flow

-$172M

Revenue / Share

$0.22

Gross Margin

-380.4%

Operating Margin

-2163.8%

Net Margin

-3777.4%

FCF Margin

-1723.5%

P/S

81.4x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 16, 2026

$10M+100.0%EPS -$8.44

Q4 2025

Mar 16, 2026

$0-100.0%EPS -$5.17

Q3 2025

Nov 12, 2025

$0EPS -$1.22

Q2 2025

Aug 12, 2025

$0EPS -$1.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating 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
Q4 25	$0	-$10.0K	-$71M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	15.0x	—
Q4 23	15.0x	—
Q1 24	15.0x	—
Q2 24	15.0x	—
Q3 24	—	—
Q4 24	75.1x	—
Q1 25	22.0x	—
Q2 25	27.0x	—
Q3 25	57.4x	—
Q4 25	163.5x	—

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
Q4 25	-$52M	-$52M

Capital Expenditures

Quarter	CapEx
Q4 22	$1M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$17.0K
Q1 24	$22.0K
Q2 24	$35.0K
Q3 24	$0
Q4 24	$74.0K
Q1 25	$18.0K
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

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%
Q4 25	-100.0%	+17.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$289.0K	—
Q1 23	$687.0K	—
Q2 23	$669.0K	—
Q3 23	$1M	2.0%
Q4 23	$1M	—
Q1 24	$947.0K	—
Q2 24	$2M	—
Q3 24	$3M	—
Q4 24	$5M	109.9%
Q1 25	$5M	53.9%
Q2 25	$6M	—
Q3 25	$7M	—
Q4 25	$8M	—

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	$200.0K
Q1 24	$23M	$5M	—
Q2 24	$34M	$5M	$543.0K
Q3 24	$34M	$7M	$200.0K
Q4 24	$49M	$11M	—
Q1 25	$35M	$12M	—
Q2 25	$43M	$11M	$803.0K
Q3 25	$34M	$13M	—
Q4 25	$56M	$16M	—

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
Q4 25	$111M	$233M	$343M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	38M	—	—
Q1 23	38M	0.0%	—
Q2 23	38M	0.0%	—
Q3 23	42M	+9.0%	—
Q4 23	38M	-8.3%	0.0%
Q1 24	38M	0.0%	0.0%
Q2 24	38M	0.0%	0.0%
Q3 24	42M	+9.0%	0.0%
Q4 24	42M	+0.0%	+9.1%
Q1 25	42M	+0.0%	+9.1%
Q2 25	42M	+0.2%	+9.3%
Q3 25	42M	+0.7%	+0.9%
Q4 25	46M	+10.3%	+11.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$38.5K	130
Q1 25	$76.9K	130
Q2 25	$0	130
Q3 25	$0	130
Q4 25	$0	167

Revenue / Employee