Saturday 17 October 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. In the quarter to June 2026, EPS fell 41.6% and free cash flow fell 37.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
24.67
0.73
−2.87%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | — | 7.79 | 5.83 |
Analyst estimates 2026–2028 Powerpack |
|||
| High | — | — | — | — | — | — | — | — | 26.25 | 44.60 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 114 | 130 | 167 | ||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.44 | 0.04 | 0.06 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 50 | 5 | 10 | ||||
| Gross margin, % | — | — | — | — | — | — | — | 100.00 | 100.00 | 100.00 | |||||
| EBT | — | — | — | — | — | — | (119) | (37) | (157) | (378) | |||||
| EBT margin, % | — | — | — | — | — | — | 0.00 | (73.65) | (3,131.18) | (3,778.16) | |||||
| Net income | — | — | — | — | — | — | (119) | (37) | (157) | (378) | |||||
| Depreciation | — | — | — | — | — | — | 0 | 0 | 0 | 0 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 0.00 | 32.66 | 0.38 | 0.22 | ||||
| Earnings | — | — | — | — | — | — | (79.95) | (24.25) | (11.89) | (8.44) | |||||
| Cash flow | — | — | — | — | — | — | (44.00) | (19.94) | (9.07) | (3.85) | |||||
| Capex | — | — | — | — | — | — | (0.13) | (0.01) | (0.01) | 0.00 | |||||
| Free cash flow | — | — | — | — | — | — | (44.14) | (19.95) | (9.08) | (3.85) | |||||
| Book value | — | — | — | — | — | — | (128.88) | (147.43) | 23.67 | 5.41 | |||||
| Shares, m | — | — | — | — | — | — | 1 | 2 | 13 | 45 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | |||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.35 | 6.71 | |||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | |||||
| EV/FCF | — | — | — | — | — | — | — | 0.48 | 2.03 | (7.89) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (66) | (31) | (120) | (172) | ||||
| Capex | — | — | — | — | — | — | 0 | 0 | 0 | 0 | |||||
| Free cash flow | — | — | — | — | — | — | (66) | (31) | (120) | (172) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 42 | 37 | 299 | 289 | ||||
| Total debt | — | — | — | — | — | — | — | 20 | — | 79 | |||||
| Net debt | — | — | — | — | — | — | (67) | (37) | (351) | (265) | |||||
| Shareholders’ equity | — | — | — | — | — | — | (192) | (226) | 312 | 242 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (52.01) | (71.66) | (100.25) | ||||
| ROIC | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| ROE | — | — | — | — | — | — | 0.00 | 17.76 | (361.99) | (136.22) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| SEPN Septerna, Inc. | $1.8B | — (loss-making) | — (loss-making) | +22,375.63% (above 0%: growing) | n/m | −9.01% (below 0%: shrinking) | 100.00% | (62.95%) | Compare |
| BHVN Biohaven Ltd. | $1.7B | — (loss-making) | — (loss-making) | +131.43% (above 0%: growing) | n/m | +49.13% (above 0%: growing) | 0.00% | 0.00% | Compare |
| TRVI Trevi Therapeutics, Inc. | $1.7B | — (loss-making) | — | — | n/m | −73.77% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| NUVB Nuvation Bio Inc. | $1.7B | — (loss-making) | — (loss-making) | +555.64% (above 0%: growing) | n/m | +10.62% (above 0%: growing) | 70.11% | (161.06%) | Compare |
| ZBIO Zenas BioPharma, Inc. | $1.7B | — (loss-making) | — (loss-making) | — | n/m | −37.12% (below 0%: shrinking) | 100.00% | (10,765.90%) | |
| OCUL Ocular Therapeutix, Inc. | $1.6B | — (loss-making) | — (loss-making) | +0.12% (above 0%: growing) | n/m | −25.35% (below 0%: shrinking) | 85.08% | (609.34%) | Compare |
| NTLA Intellia Therapeutics, Inc. | $1.6B | — (loss-making) | — (loss-making) | −46.23% (below 0%: shrinking) | n/m | +15.05% (above 0%: growing) | 100.00% | (1,472.25%) | Compare |
| STOK Stoke Therapeutics, Inc. | $1.6B | — (loss-making) | — (loss-making) | −32.51% (below 0%: shrinking) | n/m | −128.97% (below 0%: shrinking) | 100.00% | (701.65%) | Compare |
| GPCR Structure Therapeutics Inc. Sponsored ADR | $1.6B | — (loss-making) | — | — | n/m | −119.15% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $1.6B | — | — | +65.78% | — | −17.18% | 77.59% | (112.00%) |
Zenas BioPharma, Inc. (ZBIO) key facts
- Strength: Zenas BioPharma, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.0 million, up 100.0% from fiscal 2024.
- Zenas BioPharma, Inc. (ZBIO) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
- As of October 16, 2026, ZBIO traded at $24.67, a market capitalization of $1.7 billion.
- Return on equity was −136.2% and debt-to-equity 1.57.
- Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 1.73 (distress zone) for fiscal 2025.