Zenas BioPharma Inc
ZBIOHealthcare|Biotechnology|USA
$28.73
-0.69 (-2.34%)
Tangible Book
$5.38
Financials
Financial Snapshot
Market Cap
$1.81B
Enterprise Value
$450.4M
Revenue (TTM)
$10.0M
Net Income (TTM)
$-425.2M
Cash & Equivalents
—
Net Cash/Share
$4.89
Free Cash Flow (TTM)
$-245.5M
Operating CF (TTM)
$-210.5M
Debt/Equity
0.8
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$52.6M
Monthly Burn
$17.5M
Est. Runway
—
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $67.2M | $56.9M | $350.8M | $343.2M | $717.2M | |
| Operating Cash Flow | $-65.7M | $-30.5M | $-119.7M | $-172.3M | $-210.5M | |
| Free Cash Flow | $-67.8M | $-30.5M | $-119.8M | $-207.4M | $-245.5M | |
| Capital Expenditure | $-2.2M | $-17.0K | $-131.0K | $-35.0M | $-35.0M | |
| Financing Cash Flow | $59.4M | $20.1M | $413.0M | $215.3M | $648.7M |
R&D Spending
R&D (TTM)
$193.6M
R&D Intensity
—
R&D Growth YoY
+15.2%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $50.0M | $5.0M | $10.0M | $0.00 | |
| R&D Expense | $61.7M | $60.0M | $139.1M | $168.1M | $193.6M | |
| R&D % of Revenue | — | 120.1% | 2782.8% | 1680.6% | — | |
| SG&A | $13.5M | $17.1M | $29.7M | $53.3M | $57.8M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $50.0M | $5.0M | $10.0M | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $50.0M | $5.0M | $10.0M | $0.00 | |
| R&D | $61.7M | $60.0M | $139.1M | $168.1M | $193.6M | |
| SG&A | $13.5M | $17.1M | $29.7M | $53.3M | $57.8M | |
| Operating Income | $-75.2M | $-27.1M | $-163.9M | $-211.4M | $-251.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $-7.3M | $-6.6M | |
| Pretax Income | $-119.3M | $-36.8M | $-156.6M | $-377.8M | $-425.0M | |
| Net Income | $-119.3M | $-37.1M | $-157.0M | $-377.7M | $-425.2M | |
| EPS (Diluted) | -9.26 | -2.13 | -11.89 | -8.44 | -8.47 | |
| EBITDA | $-75.1M | $-27.0M | $-156.4M | $-370.4M | $-407.5M | |
| Shares Out. (M) | 12.88 | 17.42 | 13.20 | 44.73 | 55.63 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $67.2M | $56.9M | $319.7M | $110.6M | $500.2M | |
| Marketable Securities | $0.00 | $0.00 | $31.0M | $232.6M | $217.0M | |
| Total Current Assets | $68.4M | $59.8M | $355.9M | $351.2M | $730.2M | |
| Total Assets | $74.6M | $68.2M | $370.0M | $383.6M | $747.7M | |
| Total Current Liabilities | $26.0M | $23.3M | $57.3M | $62.6M | $61.2M | |
| Long-Term Debt | $0.00 | $20.3M | $0.00 | $0.00 | $265.7M | |
| Total Liabilities | $266.9M | $293.9M | $57.5M | $141.5M | $411.9M | |
| Stockholders' Equity | $-192.3M | $-225.7M | $312.5M | $242.1M | $335.8M | |
| Retained Earnings | $-193.3M | $-230.4M | $-387.4M | $-765.1M | $-846.1M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $-65.7M | $-30.5M | $-119.7M | $-172.3M | $-210.5M | |
| Capital Expenditure | $-2.2M | $-17.0K | $-131.0K | $-35.0M | $-35.0M | |
| Free Cash Flow | $-67.8M | $-30.5M | $-119.8M | $-207.4M | $-245.5M | |
| Investing Cash Flow | $-2.2M | $-17.0K | $-30.6M | $-251.9M | $-134.0M | |
| Financing Cash Flow | $59.4M | $20.1M | $413.0M | $215.3M | $648.7M | |
| Issuance of Stock | $0.00 | $0.00 | $240.6M | $148.6M | $314.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $20.0M | $0.00 | $0.00 | $267.5M | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $737.0K | $3.5M | $10.8M | $26.3M | $30.2M | |
| Net Change in Cash | $-8.5M | $-10.4M | $262.9M | $-209.2M | $303.7M |
Dilution Tracker
Shares outstanding grew 331.9% over 5 years — significant dilution
Shares Outstanding
56M
5-Year Share Growth
+331.9%
Stock Issuance (TTM)
$314.1M
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 12.88 | 17.42 | 13.20 | 44.73 | 55.63 | |
| YoY Change % | — | 35.2% | -24.2% | 238.9% | 24.4% | |
| Stock Issuance | $0.00 | $0.00 | $240.6M | $148.6M | $314.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $737.0K | $3.5M | $10.8M | $26.3M | $30.2M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | -54.3% | -3277.8% | -2113.8% | - | |
| Net Margin % | 0.0% | -74.2% | -3139.8% | -3777.4% | - | |
| EBITDA Margin % | 0.0% | -54.1% | -3128.4% | -3704.3% | - | |
| FCF Margin % | 0.0% | -61.1% | -2396.1% | -2073.5% | -2454.8% | |
| ROE % | 0.0% | 0.0% | -362.0% | -136.2% | -163.7% | |
| ROA % | -159.9% | -52.0% | -71.7% | -100.2% | -102.2% | |
| R&D / Revenue | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S128.24
Historical3.11 / 64.84 / 144.35
Industry Med.9.49
P/B5.34
Historical0.93 / 3.78 / 9.13
Industry Med.2.93
EV/EBITDA-3.35
Historical-11.82 / -2.20 / 0.37
Industry Med.13.02
EV/Revenue136.31
Historical-11.69 / 26.03 / 148.98
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$5.38
Net Current Assets
$5.100
Net-Net Working Capital
$4.89
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | |
| PS Ratio | - | 0.00 | 21.61 | 162.10 | 128.24 | |
| PB Ratio | 0.00 | 0.00 | 1.10 | 8.17 | 5.34 | |
| EV/EBITDA | 0.00 | 0.00 | 0.05 | -4.42 | -3.35 | |
| EV/Revenue | 0.00 | 0.00 | -1.50 | 163.65 | 136.31 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $39.18M | $63.25M | $130.23M |
| Net Income | $-284.95M | $-292.73M | $-305.62M |
| EPS | -4.83 | -4.43 | -3.79 |
| Book Value per Share | 2.60 | 2.10 | 0.92 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Research and development of precision immunology-based therapies | $10.0M |
By Geography
| Segment | 2025 |
|---|---|
| United states | $10.0M |