Zenas BioPharma, Inc. balance sheet ZBIO

Annual Quarterly

As of Sep 30, 2026, Zenas BioPharma, Inc. had total assets of $675.2 million and total liabilities of $462.9 million. Total assets were up 109.7% from a year earlier. Stockholders' equity was $212.3 million. It held $647.1 million in cash and investments against $1.5 million of total debt, net cash of $645.5 million. The current ratio, current assets divided by current liabilities, was 9.42.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the same quarter a year earlier.

Q3 FY2026
Sep 30, 2026
Q2 FY2026
Jun 30, 2026
Q1 FY2026
Mar 31, 2026
Q4 FY2025
Dec 31, 2025
Q3 FY2025
Sep 30, 2025
Q2 FY2025
Jun 30, 2025
Q1 FY2025
Mar 31, 2025
Q4 FY2024
Dec 31, 2024
Assets
Cash
178
+53.8%
197
+346.7%
500
+154.5%
111
-65.4%
116
-67.9%
44
197
320
Short-term investments
408
+132.5%
447
+94.8%
217
+87.3%
233
+649.6%
175
+555.1%
229
116
31
Long-term investments
62
+476.4%
31
+1806.0%
1
-27.0%
17
11
2
2
—
Cash and investments
647
+114.5%
674
+145.1%
719
+128.7%
360
+2.8%
302
-22.0%
275
314
351
Total current assets
603
+103.4%
654
+134.7%
730
+129.8%
351
-1.3%
297
-24.7%
279
318
356
Property and equipment, net
0
-62.0%
0
-62.3%
0
-61.1%
0
-81.6%
0
-65.8%
0
0
0
Total assets
675
+109.7%
702
+139.4%
748
+124.0%
384
+3.7%
322
-20.2%
293
334
370
Liabilities and equity
Accounts payable
7
+9.5%
8
-4.3%
9
-55.3%
7
-58.5%
6
-57.3%
8
20
17
Total current liabilities
64
+22.2%
66
+23.6%
61
+24.5%
63
+9.4%
52
+19.1%
53
49
57
Total liabilities
463
+268.6%
455
+750.4%
412
+732.9%
141
+146.0%
126
+185.5%
53
49
58
Stockholders' equity
212
+8.1%
247
+3.1%
336
+18.1%
242
-22.5%
196
-45.4%
240
284
312
Debt
Long-term debt
—
—
—
79
73
—
—
—
Lease liabilities
2
+92.6%
1
-16.2%
1
-9.1%
1
+32.2%
1
-99.8%
1
1
1
Total debt
2
-97.9%
1
-16.2%
1
-9.1%
80
+7872.3%
74
-80.8%
1
1
1
Net cash
646
+183.4%
673
+145.7%
717
+129.2%
281
-19.8%
228
+8039.1%
274
313
350
Ratios
Current ratio
9.42x
9.93x
11.94x
5.61x
5.66x
5.23x
6.47x
6.21x
Debt to equity
0.01x
0.00x
0.00x
0.33x
0.38x
0.00x
0.00x
0.00x
Return on equity
-255.20%
-196.03%
-126.60%
-156.00%
-96.68%
—
—
-50.24%
Return on assets
-80.24%
-69.03%
-56.86%
-98.46%
-58.97%
—
—
-42.43%
Book value per share
3.13
3.90
5.38
4.44
4.65
5.69
6.80
7.48
How these figures are calculated

Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

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
Non-accelerated filer, Smaller reporting company, Emerging growth company
SEC CIK
1953926
Former names
Zenas BioPharma (Cayman) Ltd (until Nov 15, 2022)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.