Zenas BioPharma, Inc.

Listed Company

ZBIOCIK 0001953926NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$10.00M

Net Income

$-377.70M

Total Assets

$383.64M

Equity

$242.14M

Shares Out

57.36M

Op. Cash Flow

$-172.33M

Business

Zenas BioPharma, Inc. is a clinical-stage global biopharmaceutical company focused on developing and commercializing immunology and inflammation (I&I) therapies. It develops bifunctional antibody therapeutics, principally obexelimab (a CD19 x FcγRIIb inhibitory monoclonal antibody), and additional biologics including ZB002 (anti‑TNFα), ZB004 (CTLA‑4‑Ig fusion) and regional rights to ZB001 (IGF‑1R antibody). The company organizes its work around its obexelimab franchise, other I&I programs and partnered regional programs. It operates globally through clinical trials, partnerships and third‑party manufacturers, with specified licensing arrangements in Asia and greater China.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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