Zenas BioPharma, Inc.

Zenas BioPharma, Inc.

ZBIOยทNASDAQ

$17.40

+1.6%
HealthcareBiotechnology

Zenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody for various indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a cytotoxic T-lymphocyte-associated antigen 4-immunoglobulin fusion; ZB001, an anti-insulin-like growth factor-1 receptor monoclonal antibody; and ZB005, an anti-active complement component 1s monoclonal antibody. Zenas BioPharma, Inc. was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is based in Waltham, Massachusetts.

At a Glance

Live Snapshot
Market Cap$776.79M
EPS-8.4400
P/E Ratio-2.06
Earnings Date08/11/2026
3Y+162.0%
5Y+162.0%
10Y+162.0%
3Y+11360.0%
5Y+11360.0%
10Y+11360.0%
3Y+262.0%
5Y+262.0%
10Y+262.0%
ZBIO

Zenas BioPharma, Inc. Cash Conversion Engine

ZBIO ยท NASDAQ
Net Income-377.74M
Depreciation & Amortization-1.88M
Stock-Based Compensation26.35M
Change in Working Capital951.00K
Others179.98M
Capital Expenditures-18.00K
Free Cash Flow-172.35M

Cash Flow Quality Analysis

FCF Conversion Rate

45.6%

Weak cash conversion. Significant portion of earnings not converting to cashโ€”review working capital trends and capital intensity.

CapEx Intensity

-0.0%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-43.9%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$951.00K

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

Zenas BioPharma, Inc. Cash Flow Statement

ZBIO โ€ข NASDAQ

Zenas BioPharma, Inc. Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022
OPERATING ACTIVITIES
-377.7M
-157M
-37.1M
-119.3M
-1.9M
137K
113K
78K
26.3M
10.8M
3.5M
737K
180M
925K
11M
44.8M
951K
25.4M
-8M
8M
-172.3M
-119.7M
-30.5M
-65.7M
INVESTING ACTIVITIES
-18K
-131K
-17K
-198K
-417.8M
-36.4M
(0.0)
(0.0)
200.9M
6M
0.0
0.0
-35M
0.0
0.0
-2M
-251.9M
-30.6M
-17K
-2.2M
FINANCING ACTIVITIES
152.9M
240.6M
116K
0.0
0.0
0.0
20M
0.0
62.3M
-6.1M
0.0
0.0
215.3M
413M
20.1M
59.4M
CASH FLOW SUMMARY
-252K
157K
78K
-41K
-209.2M
262.9M
-10.4M
-8.5M
319.8M
56.9M
67.3M
75.8M
110.6M
319.8M
56.9M
67.3M
-172.4M
-119.8M
-30.5M
-67.9M

SEC Filings

ZBIO - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
10-Q

10-Q 2026 Q1

Q1

May 13, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

May 13, 2026
May 11, 2026
2026
8-K

8-K 2026

N/A

March 31, 2026
March 26, 2026
2026
DEF 14A

DEF 14A 2026

N/A

March 16, 2026
May 11, 2026
2026
10-K

10-K 2025 FY

FY

March 16, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

March 16, 2026
March 16, 2026
2026
8-K

8-K 2026

N/A

February 13, 2026
February 10, 2026
2026
8-K

8-K 2026

N/A

January 05, 2026
January 05, 2026
2026
8-K

8-K 2025

N/A

December 15, 2025
December 10, 2025
2025
8-K

8-K 2025

N/A

November 12, 2025
November 12, 2025
2025
Showing 1 to 10 of 29 filings