FY2025 · ended Dec 31, 2025 · Revenue $10.00M, +100.0% YoY · Filed Mar 16, 2026
Zenas BioPharma, Inc. (ZBIO) files with the SEC under industry code 2834, Pharmaceutical Preparations. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $10.0 million and a net loss of $377.7 million. Free cash flow was -$172.4 million. As of Sep 30, 2026 it held $647.1 million in cash and investments and $1.5 million in total debt.
Revenue (TTM)
$11.00M
+131.4% vs year-ago TTM
Net income (TTM)
$-541.81M
-185.3% vs year-ago TTM
Operating cash flow (TTM)
$-242.83M
-53.2% vs year-ago TTM
Free cash flow (TTM)
$-242.83M
-53.1% vs year-ago TTM
EPS (TTM)
$-9.14
-101.5% vs year-ago TTM
Dividend per share
None
Shares outstanding
57.36M
+37.2% vs prior year
Net cash
$645.54M
as of Sep 30, 2026
Operating margin
-4785.5%
FY 2026
Company profile
- Industry
- Pharmaceutical Preparations (SIC 2834)
- Listed as
- ZBIO (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Waltham, MA
- SEC filer status
- , Emerging growth company
- SEC CIK
- 1953926
- Former names
- Zenas BioPharma (Cayman) Ltd (until Nov 15, 2022)
Other Pharmaceutical Preparations companies
- ELI LILLY & Co LLY
- Johnson & Johnson JNJ
- AbbVie Inc. ABBV
- Merck & Co., Inc. MRK
- Novartis AG NVS
- Astrazeneca PLC AZN
- Abbott Laboratories ABT
- Novo Nordisk A S NVO
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
|---|---|---|
| Revenue | $10.0M | $5.0M |
| Operating income | -$383.1M | -$163.9M |
| Net income | -$377.7M | -$157.0M |
| Diluted EPS | -$8.44 | -$11.89 |
| Operating cash flow | -$172.3M | -$119.7M |
| Free cash flow | -$172.4M | -$119.8M |
| Total assets | $383.6M | $370.0M |
| Total liabilities | $141.5M | $57.5M |
| Stockholders' equity | $242.1M | $312.5M |
| Cash and investments | $360.5M | $350.8M |
| Total debt | $80.0M | $1.0M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Regulation FD disclosure
|
Oct 13, 2026 | Oct 12, 2026 |
| 10-Q | Quarterly report | Aug 13, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations, Officer or director change
|
Aug 13, 2026 | Aug 12, 2026 |
| 10-Q | Quarterly report | May 13, 2026 | Mar 31, 2026 |
| 8-K |
Current report
Results of operations, Officer or director change, Shareholder vote results
|
May 13, 2026 | May 11, 2026 |
| 8-K |
Current report
Material agreement, New debt, Other events
|
Mar 31, 2026 | Mar 26, 2026 |
All 190 Zenas BioPharma, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.