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Saturday 7 November 2026
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Zenas BioPharma, Inc.
ZBIO Healthcare Biotechnology
Zenas BioPharma, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.0 million, up 100.0% from fiscal 2024.
- EPS
- −35.3%
- Free cash flow
- −41.0%
Quarter to September 2026, against a year earlier
28.26
2.33
+8.99%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 50 | 5 | 10 | 71 | (55.3%) | 12 | 58 | 145 | +143.7% | |
| Gross margin, % | — | — | — | — | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | — | — | — | (119) | (37) | (157) | (378) | (542) | +46.9% | ||||||
| EBT margin, % | — | — | — | — | — | — | 0.00 | (73.65) | (3,131.18) | (3,778.16) | (762.73) | (3,778.2) pt | ||||||
| Net income | — | — | — | — | — | — | (119) | (37) | (157) | (378) | (542) | +46.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 0.00 | 32.66 | 0.38 | 0.22 | 1.07 | n/m | |||||
| Earnings | — | — | — | — | — | — | (79.95) | (24.25) | (11.89) | (8.44) | (9.42) | (52.7%) | ||||||
| Cash flow | — | — | — | — | — | — | (44.00) | (19.94) | (9.07) | (3.85) | (3.67) | (55.6%) | ||||||
| Capex | — | — | — | — | — | — | (0.13) | (0.01) | (0.01) | 0.00 | 0.00 | (85.6%) | ||||||
| Free cash flow | — | — | — | — | — | — | (44.14) | (19.95) | (9.08) | (3.85) | (3.67) | (55.6%) | ||||||
| Book value | — | — | — | — | — | — | (128.88) | (147.43) | 23.67 | 5.41 | 3.21 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 1 | 2 | 13 | 45 | 57 | +210.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 26.29 | 0.0 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.35 | 6.71 | 8.79 | 2.4 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 23.52 | 0.0 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 0.48 | 2.03 | (7.89) | (6.88) | (1.8) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (66) | (31) | (120) | (172) | (243) | +37.9% | |||||
| Capex | — | — | — | — | — | — | 0 | 0 | 0 | 0 | 0 | (55.0%) | ||||||
| Free cash flow | — | — | — | — | — | — | (66) | (31) | (120) | (172) | (243) | +37.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 42 | 37 | 299 | 289 | 539 | +89.4% | |||||
| Net debt | — | — | — | — | — | — | (67) | (37) | (351) | (265) | (585) | +57.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | (192) | (226) | 312 | 242 | 212 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (52.01) | (71.66) | (100.25) | (108.66) | (100.2) pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 17.76 | (361.99) | (136.22) | (265.11) | (136.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 114 | 130 | 167 | — | +21.0% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.44 | 0.04 | 0.06 | — | (63.1%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Zenas BioPharma, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| STOK Stoke Therapeutics, Inc. | $1.7B | — (loss-making) | — (loss-making) | +5.86% (above 0%: growing) | n/m | −114.89% (below 0%: shrinking) | 100.00% | (686.94%) | Compare |
| ZBIO Zenas BioPharma, Inc. | $1.7B | — (loss-making) | — (loss-making) | — | n/m | −41.00% (below 0%: shrinking) | 100.00% | (1,034.09%) | |
| AGIO Agios Pharmaceuticals, Inc. | $1.7B | — (loss-making) | — (loss-making) | +330.01% (above 0%: growing) | n/m | +32.64% (above 0%: growing) | 95.44% | (139.32%) | Compare |
| LYCA Lycia Therapeutics Inc. | $1.7B | — | — | — | — | — | — | — | Compare |
| NRIX Nurix Therapeutics, Inc. | $1.6B | 6.1× | 5.5× | +8,426.27% (above 0%: growing) | n/m | +1,122.10% (above 0%: growing) | 100.00% | 83.12% | Compare |
| ABSI Absci Corporation | $1.6B | — (loss-making) | — (loss-making) | −46.37% (below 0%: shrinking) | n/m | −71.74% (below 0%: shrinking) | 100.00% | (10,741.51%) | Compare |
| GENB Generate Biomedicines, Inc. | $1.6B | — (loss-making) | — (loss-making) | — | n/m | −224.24% (below 0%: shrinking) | 100.00% | (1,134.21%) | Compare |
| NVAX Novavax, Inc. | $1.6B | — (loss-making) | 110× | −3.05% (below 0%: shrinking) | n/m | −189.09% (below 0%: shrinking) | 65.61% | (45.80%) | Compare |
| SLS SELLAS Life Sciences Group, Inc. | $1.6B | — (loss-making) | — (loss-making) | −57.10% (below 0%: shrinking) | n/m | −3.52% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $1.6B | — | — | +1.41% | — | −71.74% | 100.00% | (139.32%) |
Pay and ownership Proxy statement filed 16 March 2026
Ownership
Directors and executive officers, together
22.00%
Entities affiliated with FMR Group
13.30%
Entities affiliated with SR One
8.80%
InnoCare Pharma Inc.
8.70%
James Boylan
6.90%
Enavate Science GP, LLC
6.80%
Entities affiliated with New Enterprise Associates
6.10%
Xencor, Inc
5.40%
Leon O. Moulder, Jr.
5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement