In fiscal 2025, which ended Dec 31, 2025, Zenas BioPharma, Inc. reported revenue of $10.0 million, up 100.0% from the year before. It recorded a net loss of $377.7 million. The operating loss came to $383.1 million, an operating margin of -3830.6%. Diluted earnings per share were -$8.44. Over the twelve months ended Sep 30, 2026, revenue was $11.0 million and the net loss was $541.8 million.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
|---|---|---|---|
| Revenue |
11
+131.4%
|
10
+100.0%
|
5
|
| Research and development |
238
+47.1%
|
168
+20.8%
|
139
|
| Selling, general and administrative |
76
+53.8%
|
53
+79.2%
|
30
|
| Operating income |
-526
-162.3%
|
-383
-133.7%
|
-164
|
| Interest income |
—
|
12
|
—
|
| Interest expense |
—
|
7
|
—
|
| Other non-operating income (expense) |
-0
+100.0%
|
0
+106.4%
|
0
|
| Pretax income |
-542
|
-378
-141.3%
|
-157
|
| Income tax |
0
|
-0
-118.4%
|
0
|
| Net income |
-542
-185.3%
|
-378
-140.6%
|
-157
|
| Basic EPS |
-9.14
-101.5%
|
-8.44
+29.0%
|
-11.89
|
| Diluted EPS |
-9.14
-101.5%
|
-8.44
+29.0%
|
-11.89
|
| Weighted average shares, basic |
59
+41.6%
|
45
+238.9%
|
13
|
| Weighted average shares, diluted |
59
+41.6%
|
45
+238.9%
|
13
|
| Other measures | |||
| Depreciation and amortization |
0
-69.6%
|
0
-59.1%
|
0
|
| EBITDA |
-526
-162.4%
|
-383
-133.9%
|
-164
|
| Interest coverage |
—
|
-52.28x
|
—
|
| Margins | |||
| Operating margin |
-4,785.47%
|
-3,830.57%
|
-3,277.76%
|
| Pretax margin |
-4,923.08%
|
-3,778.16%
|
-3,131.18%
|
| Profit margin |
-4,925.53%
|
-3,777.37%
|
-3,139.76%
|
| EBITDA margin |
-4,785.25%
|
-3,830.01%
|
-3,275.02%
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
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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)
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
Source: SEC EDGAR filings. This is company-reported data, not investment advice.