Zenas BioPharma, Inc.
Business
Zenas BioPharma is a clinical-stage biopharmaceutical company developing immunology-based therapies for autoimmune diseases. The company's lead candidate obexelimab, a bifunctional monoclonal antibody targeting CD19 and FcγRIIb, has completed Phase 3 development in IgG4-related disease and Phase 2 studies in relapsing multiple sclerosis and systemic lupus erythematosus. Zenas also develops orelabrutinib, a CNS-penetrant BTK inhibitor for progressive multiple sclerosis, and early-stage candidates targeting IL-17 and TYK2 pathways. The company operates globally with regional partnerships, including exclusive rights granted to Bristol Myers Squibb in Asia-Pacific territories.
Summary from 10-K filed 2026-03-16
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| License and collaboration revenue | 10 | 5 | 50 | |
| Total revenue | 10 | 5 | 50 | |
| Research and development | 168 | 139 | 60 | |
| General and administrative | 53 | 30 | 17 | |
| Acquired in-process research and development | 172 | — | 10 | |
| Total operating expenses | 393 | 169 | 87 | |
| Loss from operations | −383 | −164 | −37 | |
| Fair value adjustments to convertible notes | — | −846,000 | −300,000 | |
| Interest expense on royalty obligation | −7 | — | — | |
| Interest income | 12 | 8 | — | |
| Other income, net | 417,000 | 202,000 | 624,000 | |
| Total other income (expense), net | 5 | 7 | 324,000 | |
| Loss before income taxes | −378 | −157 | −37 | |
| Income tax (benefit) provision | −79,000 | 429,000 | −301,000 | |
| Net loss | −378 | −157 | −37 | |
| Net loss per share - basic (in dollars per share) | −8.44 | −11.89 | −24.25 | |
| Net loss per share - diluted (in dollars per share) | −8.44 | −11.89 | −24.25 | |
| Weighted-average common stock outstanding - basic (in shares) | 45 | 13 | 2 | |
| Weighted-average common stock outstanding - diluted (in shares) | 45 | 13 | 2 | |
| Unrealized gain on investments | 156,000 | 31,000 | — | |
| Foreign currency translation adjustment | −414,000 | 126,000 | 78,000 | |
| Comprehensive loss | −378 | −157 | −37 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 111 | 320 | 57 | — | |
| Short-term investments | 233 | 31 | — | — | |
| Restricted cash | — | 90,000 | — | — | |
| Prepaid expenses and other current assets | 8 | 5 | 3 | — | |
| Total current assets | 351 | 356 | 60 | — | |
| Property and equipment, net | 34,000 | 185,000 | 193,000 | — | |
| Operating lease right-of-use assets, net | 1 | 1 | 821,000 | — | |
| Long-term investments | 17 | — | — | — | |
| Other non-current assets | 14 | 13 | 7 | — | |
| Total assets | 384 | 370 | 68 | — | |
| Accounts payable | 7 | 17 | 5 | — | |
| Accrued expenses | 54 | 39 | 17 | — | |
| Operating lease liabilities, current | 1 | 785,000 | 556,000 | — | |
| Total current liabilities | 63 | 57 | 23 | — | |
| Royalty obligation | 79 | — | — | — | |
| Operating lease liabilities, less current portion | 211,000 | 218,000 | 257,000 | — | |
| Total long-term liabilities | 79 | 218,000 | — | — | |
| Total liabilities | 141 | 58 | 44 | — | |
| Commitments and contingencies (Note 13) | — | — | — | — | |
| Preferred stock, par value $0.0001 per share; 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | — | — | |
| Common stock, par value $0.0001 per share; 175,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 54,485,518 and 41,793,412 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 5,000 | 4,000 | — | — | |
| Additional paid-in capital | 1,007 | 700 | 5 | — | |
| Accumulated other comprehensive (loss) income | −64,000 | 194,000 | 37,000 | — | |
| Accumulated deficit | −765 | −387 | −230 | — | |
| Total stockholders' equity | 242 | 312 | −226 | −192 | |
| Total liabilities and stockholders' equity | 384 | 370 | 68 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation expense | 56,000 | 137,000 | 113,000 | |
| Loss on disposal of property and equipment | 107,000 | — | — | |
| Net amortization of premiums and accretion of discounts on investments | −2 | −602,000 | — | |
| Non-cash interest expense on royalty obligation | 7 | — | — | |
| Stock-based compensation expense | 26 | 11 | 3 | |
| Non-cash lease expense | 875,000 | 681,000 | 726,000 | |
| Prepaid expenses and other assets | −3 | −8 | −3 | |
| Accounts payable | −10 | 12 | −418,000 | |
| Accrued expenses | 15 | 22 | −4 | |
| Operating lease liabilities | −902,000 | −673,000 | −714,000 | |
| Net cash used in operating activities | −172 | −120 | −31 | |
| Purchases of property and equipment | −18,000 | −131,000 | −17,000 | |
| Purchases of investments | −418 | −36 | — | |
| Proceeds from sales and maturities of investments | 201 | 6 | — | |
| Product candidate license acquisitions | −35 | — | — | |
| Net cash used in investing activities | −252 | −31 | −17,000 | |
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | — | 178 | — | |
| Proceeds from royalty obligation | 75 | — | — | |
| Proceeds from exercise of stock options | 4 | 275,000 | 116,000 | |
| Proceeds from issuance of common stock under employee stock purchase plan | 276,000 | — | — | |
| Net cash provided by financing activities | 215 | 413 | 20 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | −252,000 | 157,000 | 78,000 | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | −209 | 263 | −10 | |
| Right-of-use assets obtained under operating lease arrangements | 2 | 1 | — | |
| Equity consideration for InnoCare license, at fair value | 137 | — | — | |
| Conversion of convertible preferred stock to common stock upon closing of initial public offering | — | 450 | — | |
| Conversion of BMS Note into Series C convertible preferred stock | — | 21 | — | |
| Deferred offering costs in accounts payable and accrued expenses | 18,000 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Zenas BioPharma, Inc.'s CIK number?
Zenas BioPharma, Inc.'s SEC CIK number is 0001953926 (1953926). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Zenas BioPharma, Inc.'s SEC filings?
All of Zenas BioPharma, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Zenas BioPharma, Inc. last report earnings?
Zenas BioPharma, Inc. (ZBIO) most recently filed an earnings 8-K with the SEC on May 13, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-059700). This is Zenas BioPharma, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Zenas BioPharma, Inc.'s most recent earnings 8-K?
Zenas BioPharma, Inc.'s latest earnings 8-K (Item 2.02) was filed May 13, 2026 under accession 0001104659-26-059700. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Zenas BioPharma, Inc.'s latest earnings 8-K →
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