Zenas BioPharma, Inc.

ZBIO

Zenas BioPharma, Inc.

ZBIO

Insider Sentiment (TTM):

Last Purchase:2026-05-18Last Sale:-Shares Purchased (TTM):1,282,683Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:54,773,220Shares Outstanding:55,624,631Institutional Ownership Pct.:98.47%

Earnings Market Reaction:

Filing Date:2026-08-13Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Assets
Series A Preferred Stock	-	-	-	-	-	-	0	0
Assets Current
Cash And Cash Equivalents At Carrying Value	197	500	111	116	44	197	320	360
Series B Preferred Stock	-	-	-	-	-	-	0	0
Short Term Investments	447	217	233	175	229	116	31	27
Restricted Cash Current	-	-	-	-	-	-	0	0
Prepaid Expense And Other Assets Current	11	13	8	6	5	5	5	7
Assets Current	654	730	351	297	279	318	356	394
Property Plant And Equipment Net	0	0	0	0	0	0	0	0
Operating Lease Right Of Use Asset	1	1	1	1	1	1	1	0
Restricted Cash Noncurrent	-	-	-	-	-	-	-	0
Long Term Investments	31	1	17	11	2	2	-	-
Other Assets Noncurrent	16	15	14	14	12	13	13	9
Assets	702	748	384	322	293	334	370	403
Liabilities And Stockhold…
Liabilities Current
Accounts Payable Current	8	9	7	6	8	20	17	15
Accrued Liabilities Current	57	51	54	45	45	28	39	29
Operating Lease Liability Current	1	1	1	1	1	1	1	0
Liabilities Current	66	61	63	52	53	49	57	44
Liabilities Noncurrent
Long Term Debt Noncurrent	-	-	79	73	-	-	-	-
Secured Long Term Debt	74	72	-	-	-	-	-	-
Long Term Notes Payable	223	194	-	-	-	-	-	-
Operating Lease Liability Noncurrent	0	0	0	0	0	0	0	-
Liabilities Noncurrent	389	351	79	73	-	-	0	-
Liabilities	455	412	141	126	53	49	58	44
Stockholders Equity
Common Stock Value	0	0	0	0	0	0	0	0
Temporary Equity Carrying…
Additional Paid In Capital	1,206	1,182	1,007	721	713	705	700	694
Accumulated Other Comprehensive Income Loss Net Of…	-1	-0	-0	-0	-0	0	0	0
Retained Earnings Accumulated Deficit	-958	-846	-765	-525	-473	-421	-387	-335
Stockholders Equity	247	336	242	196	240	284	312	359
Liabilities And Stockholders Equity	702	748	384	322	293	334	370	403
Preferred Stock Par Or Stated Value Per Share	0	0	0	0	0	0	0	0
Preferred Stock Shares Authorized	25	25	25	25	25	25	25	25
Preferred Stock Shares Issued	0	0	0	0	0	0	0	0
Preferred Stock Shares Outstanding	0	0	0	0	0	0	0	0
Common Stock Par Or Stated Value Per Share	0	0	0	0	0	0	0	0
Series Seed Convertible Preferred Stock	-	-	-	-	-	-	0	0
Common Stock Shares Authorized	175	175	175	175	175	175	175	175
Common Stock Shares Issued	63	62	54	42	42	42	42	42
Related Party	-	-	-	-	-	-	0	0
Shares Outstanding	63	62	54	42	42	42	42	42

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-12.34%	36.63%	61.92%	-	-	-	-	-	-	-	-	-
2025	14.17%	2.98%	58.21%	28.99%	36.86%	96.54%	10.00%	-3.63%	-48.69%	-12.01%	-15.45%	-24.80%
2024	-	-	-	-	-	-	-47.36%	-52.30%	-61.09%	6.34%	64.41%	31.31%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Liquidity Ratios
Current Ratio	9.93	11.94	5.61	5.66	5.23	6.47	6.21	8.95
Quick Ratio	9.77	11.73	5.48	5.55	5.13	6.36	6.12	8.79
Working Capital	587.98M	669.00M	288.52M	244.22M	225.36M	268.68M	298.63M	349.78M
Leverage & Debt
Debt to Equity	1.84	1.23	0.58	0.64	0.22	0.17	0.18	0.12
Interest Coverage TTM	-227.76	-1,149.67	-	-	-	-	-	-
Debt Ratio	0.65	0.55	0.37	0.39	0.18	0.15	0.16	0.11
Efficiency & Turnover
Asset Turnover TTM	0.00	0.00	0.03	0.04	0.05	-	-	-
Per Share Metrics
Diluted EPS TTM	-7.67	-7.64	-8.44	-6.06	-5.80	-	-	-
Free Cash Flow Per Share TTM	-2.98	-3.78	-3.85	-2.88	-3.86	-	-	-
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	-	-	-
Margin Metrics
Operating Profit Margin TTM	-47,557.30%	-	-3,830.57%	-1,786.51%	-1,709.21%	-	-	-
Net Profit Margin TTM	-48,438.40%	-	-3,777.37%	-1,704.51%	-1,618.56%	-	-	-
Growth Metrics
Net Revenue Growth (1Y)	-93.33%	-	-	-	-	-	-	-
Net Income Growth (1Y)	99.51%	-	-	-	-	-	-	-
EPS Growth (1Y)	32.35%	-	-	-	-	-	-	-
Valuation Metrics
P/E TTM	-3.31	-2.56	-4.30	-3.66	-1.67	-	-	-
P/B TTM	6.48	3.24	6.71	4.76	1.69	1.16	0.35	0.36
P/S TTM	1,601.79	-	162.41	62.40	27.05	-	-	-
Market Cap	1.60B	1.09B	1.62B	935.94M	405.68M	330.23M	108.10M	130.24M
Enterprise Value	1.70B	852.95M	1.59B	893.36M	361.67M	133.67M	-211.73M	-229.88M
Calculated Values
Free Cash Flow TTM	-187.85M	-210.52M	-172.39M	-121.53M	-161.58M	-	-	-
Net Debt	100.44M	-234.51M	-32.01M	-42.58M	-44.01M	-196.55M	-319.83M	-360.13M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-05-18Purchase

Owner: Moulder, Leon O Jr

Title: Chief Executive Officer

Shares: 60,000

Price/Share: $16.88

Value: $1,012,800.00

Shares Owned: 96,928

Relationship: Director,Officer

Ownership: Indirect

2026-04-29Purchase

Owner: Moulder, Leon O Jr

Title: Chief Executive Officer

Shares: 35,000

Price/Share: $17.62

Value: $616,700.00

Shares Owned: 1,786,039

Relationship: Director,Officer

Ownership: Indirect

2026-03-31Purchase

Owner: Kiselak, Tomas, Harwin Pe…

Title: -

Shares: 150,000

Price/Share: $20.00

Value: $3,000,000.00

Shares Owned: 2,359,025

Relationship: Director

Ownership: Indirect

2026-03-31Purchase

Owner: Lu, Hongbo

Title: -

Shares: 3,768

Price/Share: $18.63

Value: $70,197.84

Shares Owned: 426,736

Relationship: Director

Ownership: Indirect

2026-03-31Purchase

Owner: Lu, Hongbo

Title: -

Shares: 75,000

Price/Share: $20.00

Value: $1,500,000.00

Shares Owned: 422,968

Relationship: Director

Ownership: Indirect

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-05-18	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Indirect	Purchase	60,000	16.88	$1,012,800.00	96,928	4
2026-04-29	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Indirect	Purchase	35,000	17.62	$616,700.00	1,786,039	4
2026-03-31	Kiselak, Tomas, Harwin Pe…	Director	-	Indirect	Purchase	150,000	20.00	$3,000,000.00	2,359,025	4
2026-03-31	Lu, Hongbo	Director	-	Indirect	Purchase	3,768	18.63	$70,197.84	426,736	4
2026-03-31	Lu, Hongbo	Director	-	Indirect	Purchase	75,000	20.00	$1,500,000.00	422,968	4
2026-03-31	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Indirect	Purchase	34,000	19.31	$656,540.00	1,726,039	4
2026-02-13	Allen, Patricia L	Director	-	Direct	Purchase	4,160	26.36	$109,657.60	19,860	4
2026-02-11	Lu, Hongbo	Director	-	Indirect	Purchase	25,985	22.50	$584,662.50	347,968	4
2026-02-02	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Direct	Purchase	57,000	17.96	$1,023,720.00	423,155	4
2026-01-09	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Direct	Purchase	20,000	16.55	$331,000.00	366,155	4
2025-10-09	Nunn, Jason Raleigh	Director	-	Indirect	Purchase	63,158	19.00	$1,200,002.00	1,173,395	4
2025-10-09	Sr, One Capital Managemen…	TenPercentOwner	-	Indirect	Purchase	126,315	19.00	$2,399,985.00	1,917,895	4
2025-10-09	Enright, Patrick G	Director	-	Direct	Purchase	11,990	20.85	$249,991.50	11,990	4
2025-10-07	Harwin, Peter Evan, Fairm…	Director	-	Indirect	Purchase	316,219	19.00	$6,008,161.00	2,209,025	4
2025-10-07	Moulder, Leon O Jr	Director,Officer	See Remarks	Indirect	Purchase	36,928	20.85	$769,948.80	36,928	4
2025-10-07	Lu, Hongbo	Director	-	Indirect	Purchase	263,160	19.00	$5,000,040.00	321,983	4
2025-02-18	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Direct	Purchase	25,000	6.67	$166,750.00	266,155	4
2025-02-07	Xiao, Ting	Director	-	Direct	Purchase	10,000	7.76	$77,600.00	10,000	4/A
2025-02-07	Xiao, Ting	Director	-	Direct	Purchase	10,000	7.76	$77,600.00	47,000	4
2024-12-04	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Direct	Purchase	45,000	9.98	$449,100.00	241,155	4
2024-11-19	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Direct	Purchase	2,500	14.57	$36,425.00	171,155	4
2024-09-20	Moulder, Leon O Jr	Director,Officer	Chief Executive Officer	Indirect	Purchase	5,000	18.42	$92,100.00	1,672,039	4
2024-09-16	Zebra, Aggregator, Lp, En…	TenPercentOwner	-	Indirect	Purchase	882,353	17.00	$15,000,001.00	3,761,359	4
2024-09-16	Nunn, Jason Raleigh	Director	-	Indirect	Purchase	882,352	17.00	$14,999,984.00	1,946,564	4
2024-09-16	Fairmount, Funds Manageme…	Director	-	Indirect	Purchase	300,000	17.00	$5,100,000.00	1,892,806	4/A
2024-09-16	Enright, Patrick G	Director	-	Indirect	Purchase	440,000	17.00	$7,480,000.00	774,530	4
2024-09-16	Harwin, Peter Evan, Fairm…	Director	-	Indirect	Purchase	300,000	17.00	$5,100,000.00	1,604,891	4
2024-09-16	Sr, One Capital Managemen…	TenPercentOwner	-	Indirect	Purchase	2,235,294	17.00	$37,999,998.00	1,946,564	4
2024-09-13	Lu, Hongbo	Director	-	Indirect	Purchase	58,823	17.00	$999,991.00	58,823	4
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Institutional Ownership

No data available for chart

2026-03-31

98.47%

Inst. Shares: 54,773,220

Shares Outstanding: 55,624,631

2025-12-31

92.06%

Inst. Shares: 41,180,469

Shares Outstanding: 44,730,052

2025-09-30

81.59%

Inst. Shares: 34,398,388

Shares Outstanding: 42,159,340

2025-06-30

80.10%

Inst. Shares: 33,534,404

Shares Outstanding: 41,865,400

2025-03-31

76.30%

Inst. Shares: 31,894,708

Shares Outstanding: 41,800,802

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	54,773,220	55,624,631	98.47%
2025-12-31	41,180,469	44,730,052	92.06%
2025-09-30	34,398,388	42,159,340	81.59%
2025-06-30	33,534,404	41,865,400	80.10%
2025-03-31	31,894,708	41,800,802	76.30%
2024-12-31	31,063,486	13,198,960	235.35%
2024-09-30	24,138,510	7,697,695	-
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Zenas BioPharma, Inc. (ZBIO) — SEC Financial Statements & Analysis

Zenas BioPharma, Inc. (ZBIO) is a pharmaceutical preparations company, incorporated in DE. Zenas BioPharma, Inc. trades on Nasdaq as: ZBIO. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), Zenas BioPharma, Inc. reported a -93.33% year-over-year revenue growth, a Debt-to-Equity ratio of 1.84x, a Price-to-Sales (P/S) ratio of 1601.79x (TTM), a Price-to-Book (P/B) ratio of 6.48x (TTM), at a market cap of $1.60B. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -93.33%
Debt To Equity: 1.84x
P/S TTM: 1601.79x
P/B TTM: 6.48x
Market Cap: $1.60B

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is Zenas BioPharma, Inc. in?

Zenas BioPharma, Inc. (ZBIO) operates in the Pharmaceutical Preparations industry.

What is ZBIO's market cap?

Zenas BioPharma, Inc. (ZBIO) has a market capitalization of $1.60B as of 2026-06-30.

What exchange does ZBIO trade on?

Zenas BioPharma, Inc. (ZBIO) trades on the Nasdaq.

Where is Zenas BioPharma, Inc. incorporated?

Zenas BioPharma, Inc. is incorporated in DE.