Zentalis Pharmaceuticals, Inc.
ZNTLHealthcare|Biotechnology|US
$1.72
+0.01 (+0.58%)
Tangible Book / Share
$2.04
Cash / Share
$2.49
Financials
Financial Snapshot
Market Cap
$122.4M
Enterprise Value
$135.3M
Revenue (TTM)
$0.00
Net Income (TTM)
-$174.9M
Cash & Investments
$174.6M
Net Cash
$136.9M
Free Cash Flow (TTM)
-$161.1M
Operating CF (TTM)
-$161.1M
Debt/Equity
0.26
Cash Runway & Burn Rate
Cash on Hand
$174.6M
Quarterly Burn
$40.3M
Monthly Burn
$13.4M
Est. Runway
~4.3 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $25.2M | $67.2M | $338.5M | $340.1M | $437.4M | $482.9M | $371.1M | $245.9M | $174.6M | |
| Operating Cash Flow | -$24.3M | -$39.1M | -$86.8M | -$154.1M | -$163.8M | -$207.8M | -$170.9M | -$125.2M | -$161.1M | |
| Free Cash Flow | -$24.5M | -$39.5M | -$87.6M | -$160.2M | -$166.3M | -$208.4M | -$171.1M | -$125.2M | -$161.1M | |
| Capital Expenditure | -$227.0K | -$352.0K | -$758.0K | -$6.1M | -$2.5M | -$583.0K | -$221.0K | $0.00 | -$68.0K | |
| Financing Cash Flow | $9.5M | $81.8M | $360.4M | $178.5M | $261.0M | $237.3M | $108.0K | -$4.3M | -$6.7M |
R&D Spending
R&D (TTM)
$145.0M
R&D Intensity
—
R&D Growth vs Prior
+35.2%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $67.4M | $0.00 | $0.00 | |
| R&D Expense | $18.9M | $38.4M | $84.9M | $175.6M | $172.7M | $235.2M | $167.8M | $107.3M | $145.0M | |
| R&D % of Revenue | 135150.0% | — | — | — | — | — | 248.8% | — | — | |
| SG&A | $4.9M | $8.5M | $33.9M | $40.9M | $54.6M | $59.4M | $87.1M | $37.7M | $46.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $67.4M | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $151.0K | |
| Gross Profit | $14.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $67.4M | $0.00 | -$151.0K | |
| R&D | $18.9M | $38.4M | $84.9M | $175.6M | $172.7M | $235.2M | $167.8M | $107.3M | $145.0M | |
| SG&A | $4.9M | $8.5M | $33.9M | $40.9M | $54.6M | $59.4M | $87.1M | $37.7M | $46.0M | |
| Operating Income | -$23.8M | -$46.8M | -$118.8M | -$216.5M | -$227.3M | -$299.5M | -$191.2M | -$152.8M | -$191.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $2.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$23.4M | -$46.4M | -$118.1M | -$166.4M | -$237.6M | -$292.9M | -$165.7M | -$136.6M | -$174.1M | |
| Net Income | -$21.1M | -$45.7M | -$117.8M | -$158.7M | -$236.8M | -$292.2M | -$165.8M | -$137.1M | -$174.9M | |
| EPS (Diluted) | -1.17 | -1.29 | -2.87 | -3.72 | -4.48 | -4.47 | -2.33 | -1.91 | -2.46 | |
| EBITDA | -$23.7M | -$46.7M | -$118.6M | -$207.2M | -$233.6M | -$247.6M | -$186.2M | -$144.3M | -$173.5M | |
| Shares Out. (M) | 18.06 | 35.88 | 41.04 | 42.69 | 52.86 | 65.41 | 71.08 | 71.87 | 70.26 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.2M | $67.2M | $55.0M | $60.0M | $43.1M | $28.0M | $33.9M | $36.0M | $24.8M | |
| Short-Term Investments | $0.00 | $0.00 | $283.6M | $280.2M | $394.3M | $454.9M | $337.2M | $209.9M | $149.8M | |
| Total Current Assets | $26.7M | $68.9M | $345.1M | $350.8M | $451.9M | $496.7M | $386.1M | $253.2M | $181.3M | |
| Total Assets | $41.0M | $88.2M | $365.6M | $472.0M | $553.5M | $562.0M | $430.3M | $289.0M | $215.3M | |
| Total Current Liabilities | $6.2M | $14.9M | $28.6M | $43.9M | $56.6M | $69.4M | $52.7M | $36.6M | $37.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $8.7M | $19.8M | $32.2M | $107.5M | $119.4M | $124.6M | $93.2M | $72.8M | $71.7M | |
| Stockholders' Equity | $24.8M | $61.6M | $308.6M | $364.0M | $433.8M | $437.3M | $337.2M | $216.2M | $143.6M | |
| Retained Earnings | -$37.3M | -$83.0M | -$200.8M | -$359.6M | -$596.4M | -$888.6M | -$1.05B | -$1.19B | -$1.27B |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$24.3M | -$39.1M | -$86.8M | -$154.1M | -$163.8M | -$207.8M | -$170.9M | -$125.2M | -$161.1M | |
| Capital Expenditure | -$227.0K | -$352.0K | -$758.0K | -$6.1M | -$2.5M | -$583.0K | -$221.0K | $0.00 | -$68.0K | |
| Free Cash Flow | -$24.5M | -$39.5M | -$87.6M | -$160.2M | -$166.3M | -$208.4M | -$171.1M | -$125.2M | -$161.1M | |
| Investing Cash Flow | -$227.0K | -$352.0K | -$284.8M | -$18.1M | -$114.2M | -$44.5M | $176.6M | $131.6M | $150.8M | |
| Financing Cash Flow | $9.5M | $81.8M | $360.4M | $178.5M | $261.0M | $237.3M | $108.0K | -$4.3M | -$6.7M | |
| Issuance of Stock | $16.0K | $0.00 | $327.8M | $179.7M | $261.0M | $237.3M | $349.0K | -$4.3M | -$3.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $308.0K | $617.0K | $23.1M | $35.7M | $46.8M | $54.8M | $67.3M | $20.7M | $14.4M | |
| Net Change in Cash | -$15.0M | $42.3M | -$11.2M | $6.3M | -$16.9M | -$15.0M | $5.8M | $2.1M | -$16.9M |
Dilution Tracker
Shares outstanding grew 75.1% over 5 years — significant dilution
Shares Outstanding
71M
5-Year Share Growth
+75.1%
Stock Issuance (TTM)
-$3.7M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.06 | 35.88 | 41.04 | 42.69 | 52.86 | 65.41 | 71.08 | 71.87 | 70.26 | |
| Change vs Prior % | — | 98.7% | 14.4% | 4.0% | 23.8% | 23.7% | 8.7% | 1.1% | -2.2% | |
| Stock Issuance | $16.0K | $0.00 | $327.8M | $179.7M | $261.0M | $237.3M | $349.0K | -$4.3M | -$3.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $308.0K | $617.0K | $23.1M | $35.7M | $46.8M | $54.8M | $67.3M | $20.7M | $14.4M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | — | — | — | — | — | 100.0% | — | — | |
| Operating Margin % | -169878.6% | — | — | — | — | — | -283.6% | — | — | |
| Net Margin % | -150478.6% | — | — | — | — | — | -246.0% | — | — | |
| EBITDA Margin % | -169514.3% | — | — | — | — | — | -276.1% | — | — | |
| FCF Margin % | -174842.9% | — | — | — | — | — | -253.7% | — | — | |
| ROE % | -85.1% | -74.1% | -38.2% | -43.6% | -54.6% | -66.8% | -49.2% | -63.4% | -88.0% | |
| ROA % | -51.4% | -51.8% | -32.2% | -33.6% | -42.8% | -52.0% | -38.5% | -47.4% | -81.2% | |
| ROIC % | -68.4% | -63.2% | -35.2% | -50.3% | -45.5% | -60.3% | -50.2% | -59.6% | -105.2% | |
| R&D / Revenue % | 135150.0% | — | — | — | — | — | 248.8% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Gross Profit | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Operating Income | 0.0% | -97.0% | -153.6% | -82.3% | -5.0% | -31.8% | 36.2% | 20.1% | |
| Net Income | 0.0% | -116.8% | -158.1% | -34.7% | -49.2% | -23.4% | 43.2% | 17.4% | |
| EPS (Diluted) | 0.0% | -10.3% | -122.5% | -29.6% | -20.4% | 0.2% | 47.9% | 18.0% | |
| Operating Cash Flow | 0.0% | -61.4% | -121.8% | -77.5% | -6.3% | -26.9% | 17.8% | 26.7% | |
| Free Cash Flow | 0.0% | -61.3% | -121.8% | -82.9% | -3.8% | -25.3% | 17.9% | 26.8% | |
| R&D Expense | 0.0% | 102.9% | 121.2% | 106.8% | -1.6% | 36.1% | -28.7% | -36.0% | |
| SG&A Expense | 0.0% | 73.5% | 300.6% | 20.8% | 33.2% | 8.9% | 46.7% | -56.7% | |
| Total Assets | 0.0% | 115.2% | 314.3% | 29.1% | 17.3% | 1.5% | -23.4% | -32.9% | |
| Book Value / Share | 0.0% | 6.6% | 326.0% | 5.1% | -3.8% | -18.6% | -29.1% | -36.6% | |
| Debt | 0.0% | 0.0% | -19.3% | 2196.7% | 3.1% | -3.3% | -6.8% | -7.2% | |
| Diluted Shares | 0.0% | 98.7% | 14.4% | 4.0% | 23.8% | 23.7% | 8.7% | 1.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.84
10Y Low / Med / High0.45 / 6.91 / 16.91
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.04
Net Current Assets / Share
$1.54
Graham Net-Net
$1.48
Cash / Share
$2.49
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.83 | -17.98 | -18.10 | -22.60 | -4.50 | -3.39 | -1.30 | -0.71 | -0.70 | |
| P/S Ratio | 29924.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.19 | 0.00 | 0.00 | |
| P/B Ratio | 16.91 | 13.51 | 6.91 | 9.86 | 2.45 | 2.27 | 0.64 | 0.45 | 0.84 | |
| EV/EBITDA | -16.59 | -16.43 | -17.52 | -17.25 | -4.58 | -4.07 | -1.20 | -0.70 | -0.78 | |
| EV/Revenue | 28127.97 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.32 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-9.09
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.1M | $9.4M | $53.4M |
| Net Income | -$160.6M | -$134.7M | -$129.3M |
| EPS | $-2.09 | $-1.88 | $-1.70 |
| # Analysts (EPS) | 9 | 8 | 9 |
Revenue Segments
By Product
| Segment | 2024 |
|---|---|
| Reportable Segment | $67.4M |