ZBIO · Zenas BioPharma, Inc.

Zenas BioPharma, Inc., a clinical-stage biopharma company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody designed to bind CD19 and Fc?RIIb for the treatment of various I&I diseases and various indications, including immunoglobulin G4-related disease, multiple sclerosis, and systemic lupus erythematosus. The company develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a CTLA-4-Ig fusion protein designed to have an extended half-life versus; and ZB001, an anti-IGF-1R monoclonal antibody. The company 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 headquartered in Waltham, Massachusetts.

Cap structure and valuation

Cap structure
SP	$17.27
SO	63.1M
Options	11.0M
Warrants	0.0M
FD SO	74.1M
MC	$1.28B

Cash	$500.2M
Total debt	$78.6M
EV	$858.5M

TTM Multiples
EV / Revenue	85.8x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	12/31/25	9/30/25	6/30/25	3/31/25
Total Revenue	0.00	0.00	0.00	10.00
Revenue YoY %	(100.0%)	—	—	—

SG&A	15.59	13.18	12.14	12.41
R&D	55.72	34.40	43.03	34.91

Operating Income	(237.98)	(52.58)	(55.16)	(37.33)
Operating Income YoY %	(327.9%)	(28.3%)	(38.9%)	(50.7%)
Operating Margin %	—	—	—	(373.3%)
EBITDA	(237.97)	(52.57)	(55.15)	(37.31)
EBITDA Margin %	—	—	—	(373.1%)

Pretax Income	(240.34)	(51.50)	(52.20)	(33.78)
Tax Provision	0.11	0.00	0.02	(0.20)
Net Income	(240.44)	(51.50)	(52.22)	(33.57)
Net Margin %	—	—	—	(335.7%)

Diluted EPS	-$5.17	-$1.22	-$1.25	-$0.80
Basic EPS	-$5.17	-$1.22	-$1.25	-$0.80
Diluted Avg Shares	2.8	42.2	41.9	41.8
Basic Avg Shares	2.8	42.2	41.9	41.8

	LTM	12/31/25	12/31/24	12/31/23
Total Revenue	10.00	10.00	5.00	50.00
Revenue YoY %	0.0%	100.0%	(90.0%)	—

SG&A	53.32	53.32	29.75	17.11
R&D	168.06	168.06	139.14	60.03

Operating Income	(383.06)	(383.06)	(163.89)	(37.15)
Operating Income YoY %	0.0%	(133.7%)	(341.2%)	—
Operating Margin %	(3830.6%)	(3830.6%)	(3277.8%)	(74.3%)
EBITDA	(383.00)	(383.00)	(163.75)	(37.03)
EBITDA Margin %	(3830.0%)	(3830.0%)	(3275.0%)	(74.1%)

Interest Expense	—	7.33	—	—
Pretax Income	(377.82)	(377.82)	(156.56)	(36.82)
Tax Provision	(0.08)	(0.08)	0.43	0.30
Net Income	(377.74)	(377.74)	(156.99)	(37.12)
Net Margin %	(3777.4%)	(3777.4%)	(3139.8%)	(74.2%)

Diluted EPS	-$8.44	-$8.44	-$11.89	-$24.25
Basic EPS	-$8.44	-$8.44	-$11.89	-$24.25
Diluted Avg Shares	2.8	44.7	13.2	1.5
Basic Avg Shares	2.8	44.7	13.2	1.5

	12/31/25	9/30/25	6/30/25	3/31/25
Cash & Equivalents	110.64	115.56	44.01	196.55
Total Current Assets	351.17	296.64	278.60	317.81

Net PPE	0.03	0.05	0.06	0.07
Total Assets	383.64	322.02	293.08	333.77

Accounts Payable	7.11	6.44	7.93	20.02
Total Current Liabilities	62.65	52.42	53.24	49.13
Long-term Debt	78.64	72.99	—	—
Total Liabilities	141.50	125.59	53.46	49.45

Retained Earnings	(765.13)	(524.69)	(473.19)	(420.96)
Total Equity	242.14	196.43	239.63	284.32

	LTM	12/31/25	12/31/24	12/31/23
Cash & Equivalents	110.64	110.64	319.74	56.86
Total Current Assets	351.17	351.17	355.92	59.80

Net PPE	0.03	0.03	0.18	0.19
Total Assets	383.64	383.64	369.97	68.18

Accounts Payable	7.11	7.11	17.14	5.40
Total Current Liabilities	62.65	62.65	57.29	23.26
Long-term Debt	78.64	78.64	—	—
Total Liabilities	141.50	141.50	57.51	43.81
Mezzanine Equity	—	—	—	250.09

Retained Earnings	(765.13)	(765.13)	(387.39)	(230.40)
Total Equity	242.14	242.14	312.46	(225.72)

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(80.99)	(240.44)	(51.50)	(52.22)
D&A	0.01	0.01	0.01	0.01
Stock-Based Comp	9.20	7.58	7.34	6.04
Operating Cash Flow	(75.20)	(52.41)	(41.12)	(41.74)

CapEx	(0.00)	0.00	0.00	0.00
Investing Cash Flow	31.61	(93.36)	40.04	(112.29)

Debt Issuance	—	0.00	—	—
Financing Cash Flow	433.48	140.84	72.62	1.72

Free Cash Flow	(75.20)	(52.41)	(41.12)	(41.74)

	LTM	12/31/25	12/31/24	12/31/23
Net Income	(425.15)	(377.74)	(156.99)	(37.12)
D&A	0.04	0.06	0.14	0.11
Stock-Based Comp	30.16	26.35	10.82	3.50
Operating Cash Flow	(210.48)	(172.33)	(119.67)	(30.53)

CapEx	(0.00)	(0.02)	(0.13)	(0.02)
Investing Cash Flow	(134.00)	(251.89)	(30.55)	(0.02)

Debt Issuance	—	75.00	—	—
Financing Cash Flow	648.66	215.28	412.96	20.12

Free Cash Flow	(210.48)	(172.35)	(119.81)	(30.55)

	12/31/25	9/30/25	6/30/25	3/31/25
Current Ratio	5.61	5.66	5.23	6.47
Quick Ratio	—	—	—	—
Debt / Equity	0.58	0.64	0.22	0.17
EBITDA Margin %	—	—	—	(373.1%)
Working Capital	288.52	244.22	225.36	268.68
Net Debt	(32.01)	(42.58)	—	—
ROE %	(99.3%)	(26.2%)	(21.8%)	(11.8%)
ROA %	(62.7%)	(16.0%)	(17.8%)	(10.1%)

	LTM	12/31/25	12/31/24	12/31/23
Current Ratio	5.61	5.61	6.21	2.57
Quick Ratio	—	—	—	—
Debt / Equity	0.58	0.58	0.18	-0.19
EBITDA Margin %	(3830.0%)	(3830.0%)	(3275.0%)	(74.1%)
Working Capital	288.52	288.52	298.63	36.55
Net Debt	(32.01)	(32.01)	—	—
ROE %	(156.0%)	(156.0%)	(50.2%)	16.4%
ROA %	(98.5%)	(98.5%)	(42.4%)	(54.4%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-18	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-05-18	P	60,000	$16.88	$1,012,800
2026-04-29	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-04-29	P	35,000	$17.62	$616,700
2026-04-29	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-04-28	P	25,000	$18.02	$450,500
2026-04-02	Lu Hongbo	Director	2026-03-31	P	3,768	$18.63	$70,198
2026-04-01	Fairmount Funds Management LLC	Director	2026-03-31	P	150,000	$20.00	$3,000,000
2026-03-31	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-03-31	P	34,000	$19.31	$656,540
2026-03-31	Lu Hongbo	Director	2026-03-31	P	75,000	$20.00	$1,500,000
2026-03-31	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-03-30	P	20,000	$18.23	$364,600
2026-02-13	Allen Patricia L	Director	2026-02-13	P	4,160	$26.36	$109,658
2026-02-13	Allen Patricia L	Director	2026-02-12	P	5,000	$23.77	$118,850
2026-02-13	Allen Patricia L	Director	2026-02-12	P	5,700	$24.34	$138,738
2026-02-13	Allen Patricia L	Director	2026-02-12	P	5,000	$26.50	$132,500
2026-02-13	Lu Hongbo	Director	2026-02-11	P	25,985	$22.50	$584,662
2026-02-03	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-02-02	P	57,000	$17.96	$1,023,720
2026-01-09	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-01-09	P	20,000	$16.55	$331,000
2026-01-09	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-01-08	P	30,000	$16.30	$489,000
2026-01-09	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2026-01-07	P	50,000	$16.38	$819,000
2025-10-14	Nunn Jason Raleigh	Director	2025-10-09	P	63,158	$19.00	$1,200,002
2025-10-14	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2025-10-09	P	63,158	$19.00	$1,200,002
2025-10-14	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2025-10-09	P	63,157	$19.00	$1,199,983
2025-10-14	ENRIGHT PATRICK G	Director	2025-10-09	P	105,265	$19.00	$2,000,035
2025-10-14	ENRIGHT PATRICK G	Director	2025-10-09	P	11,990	$20.85	$249,992
2025-10-09	MOULDER LEON O JR	Director, Officer (See Remarks)	2025-10-07	P	36,928	$20.85	$769,949
2025-10-09	Fairmount Funds Management LLC	Director	2025-10-07	P	316,219	$19.00	$6,008,161
2025-10-09	Lu Hongbo	Director	2025-10-07	P	263,160	$19.00	$5,000,040
2025-10-09	Lu Hongbo	Director	2024-09-13	P	58,823	$17.00	$999,991
2025-06-12	Nunn Jason Raleigh	Director	2025-06-10	A	18,500	—	$0
2025-06-12	Fox Jennifer A.	Officer (See Remarks)	2025-06-10	A	150,000	—	$0
2025-06-12	Oliveira Orlando	Officer (See Remarks)	2025-06-10	A	100,000	—	$0
2025-06-12	Boylan James P	Director	2025-06-10	A	18,500	—	$0
2025-06-12	Allen Patricia L	Director	2025-06-10	A	18,500	—	$0
2025-06-12	Farmer Joseph L	Officer (See Remarks)	2025-06-10	A	175,000	—	$0
2025-06-12	Fairmount Funds Management LLC	Director	2025-06-10	A	18,500	—	$0
2025-06-12	ENRIGHT PATRICK G	Director	2025-06-10	A	18,500	—	$0
2025-06-12	ORLOFF JOHN J	Director	2025-06-10	A	18,500	—	$0
2025-06-12	Lu Hongbo	Director	2025-06-10	A	18,500	—	$0
2025-06-12	MOULDER LEON O JR	Director, Officer (See Remarks)	2025-06-10	A	400,000	—	$0
2025-04-28	Xiao Ting	Director	2025-02-07	P	10,000	$7.76	$77,600
2025-04-17	von Moltke Lisa	Officer (See Remarks)	2025-04-15	A	400,000	—	$0
2025-02-19	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2025-02-18	P	25,000	$6.67	$166,750
2025-02-11	Xiao Ting	Director	2025-02-07	P	10,000	$7.76	$77,600
2024-12-18	Fox Jennifer A.	Officer (See Remarks)	2024-12-16	A	8,125	—	$0
2024-12-18	Oliveira Orlando	Officer (Chief Commercial Officer)	2024-12-16	A	7,775	—	$0
2024-12-04	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-12-04	P	45,000	$9.98	$449,100
2024-12-04	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-12-03	P	25,000	$10.76	$269,000
2024-11-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-11-19	P	2,500	$14.57	$36,425
2024-11-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-11-18	P	7,500	$15.00	$112,500
2024-09-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-20	P	2,367	$17.88	$42,322
2024-09-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-20	P	2,633	$18.97	$49,948
2024-09-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-19	P	5,000	$17.89	$89,450
2024-09-20	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-18	P	10,000	$17.91	$179,100
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	180,635	—	$0
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	420,271	—	$0
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	200,718	—	$0
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	(1,568,480)	—	$-0
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	(3,649,263)	—	$-0
2024-09-18	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.	10% Owner	2024-09-16	C	(1,742,858)	—	$-0
2024-09-18	Enavate Sciences GP, LLC	10% Owner	2024-09-16	C	2,879,006	—	$0
2024-09-18	Enavate Sciences GP, LLC	10% Owner	2024-09-16	P	882,353	$17.00	$15,000,001
2024-09-18	Enavate Sciences GP, LLC	10% Owner	2024-09-16	C	(10,474,889)	—	$-0
2024-09-18	Enavate Sciences GP, LLC	10% Owner	2024-09-16	C	(14,523,821)	—	$-0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	41,130	—	$0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	252,890	—	$0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	709,794	—	$0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	301,077	—	$0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	P	300,000	$17.00	$5,100,000
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	(357,143)	—	$-0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	(2,195,871)	—	$-0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	(6,163,236)	—	$-0
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-16	C	(2,614,287)	—	$-0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	164,523	—	$0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	108,381	—	$0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	372,017	—	$0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	48,254	—	$0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(1,428,571)	—	$-0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(941,088)	—	$-0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(3,230,268)	—	$-0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(418,996)	—	$-0
2024-09-17	Lu Hongbo	Director	2024-09-13	P	58,823	$17.00	$999,991
2024-09-17	Fairmount Funds Management LLC	Director	2024-09-12	A	37,000	—	$0
2024-09-17	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-12	A	1,486,000	—	$0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	723,812	—	$0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	1,003,592	—	$0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	334,530	—	$0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	P	440,000	$17.00	$7,480,000
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	(6,284,933)	—	$-0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	(8,714,293)	—	$-0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-16	C	(2,904,764)	—	$-0
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	C	1,505,388	—	$0
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	P	441,176	$17.00	$7,499,992
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	C	669,061	—	$0
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	P	441,176	$17.00	$7,499,992
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	C	(13,071,439)	—	$-0
2024-09-16	Nunn Jason Raleigh	Director	2024-09-16	C	(5,809,528)	—	$-0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	41,130	—	$0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	252,890	—	$0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	709,794	—	$0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	301,077	—	$0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	P	300,000	$17.00	$5,100,000
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	(357,143)	—	$-0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	(2,195,871)	—	$-0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	(6,163,236)	—	$-0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-16	C	(2,614,287)	—	$-0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	1,505,388	—	$0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	P	441,176	$17.00	$7,499,992
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	501,796	—	$0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	P	1,352,942	$17.00	$23,000,014
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	669,061	—	$0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	P	441,176	$17.00	$7,499,992
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	(13,071,439)	—	$-0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	(4,357,146)	—	$-0
2024-09-16	SR ONE CAPITAL MANAGEMENT, LLC	10% Owner	2024-09-16	C	(5,809,528)	—	$-0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	164,523	—	$0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	108,381	—	$0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	372,017	—	$0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	48,254	—	$0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(1,428,571)	—	$-0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(941,088)	—	$-0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(3,230,268)	—	$-0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-16	C	(418,996)	—	$-0
2024-09-16	ORLOFF JOHN J	Director	2024-09-12	A	18,500	—	$0
2024-09-16	Xiao Ting	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Lu Hongbo	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Allen Patricia L	Director	2024-09-12	A	18,500	—	$0
2024-09-16	ENRIGHT PATRICK G	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Boylan James P	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Nunn Jason Raleigh	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Fairmount Funds Management LLC	Director	2024-09-12	A	37,000	—	$0
2024-09-16	Oliveira Orlando	Officer (Chief Commercial Officer)	2024-09-12	A	410,000	—	$0
2024-09-16	Farmer Joseph L	Officer (See Remarks)	2024-09-12	A	206,000	—	$0
2024-09-16	Fox Jennifer A.	Officer (See Remarks)	2024-09-12	A	155,000	—	$0
2024-09-16	MOULDER LEON O JR	Director, Officer (Chief Executive Officer)	2024-09-12	A	1,486,000	—	$0