ZBIO financial statements
The full income statement, balance sheet, and cash-flow statement for Zenas BioPharma Inc. (ZBIO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 10.0M+100.0% | 5.00M-90.0% | 50.0M | |
| 393M+132.7% | 169M+93.8% | 87.1M | ||
| Research & development | 168M+20.8% | 139M+131.8% | 60.0M | |
| Selling, general & administrative | 53.3M+79.2% | 29.7M+73.8% | 17.1M | |
| General & administrative | 53.3M+79.2% | 29.7M+73.8% | 17.1M | |
| Operating income | -383M-133.7% | -164M-341.2% | -37.1M | |
| Interest expense | 7.33M | — | — | |
| Interest & investment income | 12.2M+52.4% | 7.97M | — | |
| Other non-operating income | 417K+106.4% | 202K-67.6% | 624K | |
| Pre-tax income | -378M-141.3% | -157M-325.2% | -36.8M | |
| Income tax | -79.0K-118.4% | 429K+42.5% | 301K | |
| -378M-140.6% | -157M-322.9% | -37.1M | ||
| Preferred dividends | — | 0.00 | 0.00 | |
| -$8.44+29.0% | -$11.89+51.0% | -$24.25 | ||
| EPS (basic) | -$8.44+29.0% | -$11.89+51.0% | -$24.25 | |
| Weighted-avg shares (basic) | 44.7M+238.9% | 13.2M+762.0% | 1.53M | |
| Weighted-avg shares (diluted) | 44.7M+238.9% | 13.2M+762.0% | 1.53M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 351M-1.3% | 356M+495.1% | 59.8M | ||
| Cash & equivalents | 111M-65.4% | 320M+462.4% | 56.9M | |
| Short-term investments | 233M+649.6% | 31.0M | — | |
| Cash & short-term investments | 361M+2.8% | 351M | — | |
| Prepaid expenses | 7.98M+57.5% | 5.07M+71.9% | 2.95M | |
| 384M+3.7% | 370M+442.6% | 68.2M | ||
| Property, plant & equipment | 34.0K-81.6% | 185K-4.1% | 193K | |
| Operating lease right-of-use | 1.35M+34.9% | 1.00M+22.3% | 821K | |
| Long-term investments | 17.3M | — | — | |
| Other non-current assets | 13.8M+7.4% | 12.9M+76.7% | 7.28M | |
| 62.6M+9.4% | 57.3M+146.3% | 23.3M | ||
| Accounts payable | 7.11M-58.5% | 17.1M+217.6% | 5.40M | |
| Accrued liabilities | 54.4M+38.2% | 39.4M+127.5% | 17.3M | |
| Current lease liability | 1.11M+42.0% | 785K+41.2% | 556K | |
| 141M+146.0% | 57.5M+31.3% | 43.8M | ||
| Long-term debt | 78.6M | — | — | |
| Non-current lease liability | 211K-3.2% | 218K-15.2% | 257K | |
| Operating lease liability (total) | 1.33M+32.2% | 1.00M+23.4% | 813K | |
| Total non-current liabilities | 78.8M-63.8% | 218M | — | |
| 242M-22.5% | 312M+238.4% | -226M | ||
| Common stock | 5.00K+25.0% | 4.00K | — | |
| Additional paid-in capital | 1.01B+44.0% | 700M+14962.5% | 4.64M | |
| Retained earnings | -765M-97.5% | -387M-68.1% | -230M | |
| Accumulated other comprehensive income | -64.0K-133.0% | 194K+424.3% | 37.0K | |
| Total liabilities & equity | 384M+3.7% | 370M+442.6% | 68.2M | |
| Common shares issued | 54.5M+30.4% | 41.8M+2550.4% | 1.58M | |
| Common shares outstanding | 54.5M+30.4% | 41.8M+2550.4% | 1.58M | |
| Shares outstanding (cover) | 57.4M+37.2% | 41.8M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| -172M-44.0% | -120M-292.0% | -30.5M | ||
| Depreciation & amortization | 56.0K-59.1% | 137K+21.2% | 113K | |
| Share-based compensation | 26.3M+143.5% | 10.8M+209.6% | 3.50M | |
| Change in payables | -10.0M-185.5% | 11.7M+2908.6% | -418K | |
| -252M-724.5% | -30.6M-179617.6% | -17.0K | ||
| Capital expenditure | 18.0K-86.3% | 131K+670.6% | 17.0K | |
| Free cash flow | -172M-43.9% | -120M-292.2% | -30.5M | |
| Acquisitions | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | 418M+1047.0% | 36.4M | — | |
| Sales/maturities of investments | 201M+3248.1% | 6.00M | — | |
| 215M-47.9% | 413M+1952.9% | 20.1M | ||
| Long-term debt issued | 75.0M | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -209M-179.6% | 263M+2639.5% | -10.4M | |
| Income taxes paid | 15.0K | — | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 1.98B+477.9% | 342M | — | |
| P/S | 197.8×+189.0% | 68.5× | — | |
| P/B | 8.2×+645.7% | 1.1× | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: ZBIO’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ZBIO filings on SEC EDGAR → Not investment advice.