Zenas BioPharma, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | $10.0M | $5.0M | $50.0M | — |
| Research and development | $168.1M | $139.1M | $60.0M | — |
| Operating expenses | $393.1M | $168.9M | $87.1M | — |
| Operating income | -$383.1M | -$163.9M | -$37.1M | — |
| Interest expense | $7.3M | — | — | — |
| Pretax income | -$377.8M | -$156.6M | -$36.8M | — |
| Income tax expense | -$79,000 | $429,000 | $301,000 | — |
| Net income | -$377.7M | -$157.0M | -$37.1M | — |
| Balance Sheet | ||||
| Cash and equivalents | $110.6M | $319.7M | $56.9M | — |
| Current assets | $351.2M | $355.9M | $59.8M | — |
| Total assets | $383.6M | $370.0M | $68.2M | — |
| Current liabilities | $62.6M | $57.3M | $23.3M | — |
| Total liabilities | $141.5M | $57.5M | $43.8M | — |
| Stockholders' equity | $242.1M | $312.5M | -$225.7M | -$192.3M |
| Cash Flow Statement | ||||
| Cash from operations | -$172.3M | -$119.7M | -$30.5M | — |
| Depreciation and amortization | $56,000 | $137,000 | $113,000 | — |
| Stock-based compensation | $26.3M | $10.8M | $3.5M | — |
| Capital expenditure | $18,000 | $131,000 | $17,000 | — |
| Free cash flow | -$172.4M | -$119.8M | -$30.5M | — |
Shares outstanding 63.1M · Free float 61.0%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.