Symbols / ZBIO Stock $18.28 +4.16% Zenas BioPharma, Inc.

Healthcare • Biotechnology • United States • NMS
ZBIO (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Biotechnology
CEO Mr. Leon Oliver Moulder Jr., M.B.A.
Exch · Country NMS · United States
Market Cap 1.14B
Enterprise Value 664.82M
Income -377.74M
Sales 10.00M
FCF (ttm) -143.10M
Book/sh —
Cash/sh 5.98
Employees 167
Insider 10d —
IPO Sep 13, 2024
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -3.63
PEG —
P/S 114.01
P/B —
P/C —
EV/EBITDA -3.15
EV/Sales 66.48
Quick Ratio 5.50
Current Ratio 5.61
Debt/Eq 0.55
LT Debt/Eq —
EPS (ttm) -8.44
EPS next Y -5.03
EPS Growth —
Revenue Growth -100.00%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-05-14
Earnings (prior) 2026-03-16
ROA -35.06%
ROE -136.22%
ROIC —
Gross Margin 100.00%
Oper. Margin -21.14%
Profit Margin 0.00%
Shs Outstand 62.37M
Shs Float 35.22M
Insider Own 24.52%
Instit Own 75.21%
Short Float 24.58%
Short Ratio 9.96
Short Interest 10.22M
52W High 44.60
vs 52W High -59.01%
52W Low 8.51
vs 52W Low 114.81%
Beta —
Impl. Vol. 3.13%
Rel Volume 0.11
Avg Volume 771.92K
Volume 87.57K
Target (mean) $42.00
Tgt Median $44.50
Tgt Low $21.00
Tgt High $55.00
# Analysts 8
Recom None
Prev Close $17.55
Price $18.28
Change 4.16%
About

Zenas BioPharma, Inc., a clinical-stage biopharma company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody designed to bind CD19 and Fc?RIIb for the treatment of various I&I diseases and various indications, including immunoglobulin G4-related disease, multiple sclerosis, and systemic lupus erythematosus. The company develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a CTLA-4-Ig fusion protein designed to have an extended half-life versus; and ZB001, an anti-IGF-1R monoclonal antibody. The company was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is headquartered in Waltham, Massachusetts.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$42.00
Mean price target
2. Current target
$18.28
Latest analyst target
3. DCF / Fair value
$-41.30
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$18.28
Low
$21.00
High
$55.00
Mean
$42.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-17 main Citigroup Buy → Buy $41
2026-03-17 main Guggenheim Buy → Buy $55
2026-03-17 main Morgan Stanley Equal-Weight → Equal-Weight $21
2026-03-17 reit HC Wainwright & Co. Buy → Buy $44
2026-02-10 reit HC Wainwright & Co. Buy → Buy $44
2026-01-06 down Morgan Stanley Overweight → Equal-Weight $19
2025-12-22 reit Wedbush Outperform → Outperform $45
2025-11-26 init Evercore ISI Group — → Outperform $55
2025-11-13 main Morgan Stanley Overweight → Overweight $37
2025-10-28 main Citigroup Buy → Buy $46
2025-10-28 main Morgan Stanley Overweight → Overweight $34
2025-10-28 main HC Wainwright & Co. Buy → Buy $44
2025-10-09 main Wedbush Outperform → Outperform $40
2025-10-09 reit HC Wainwright & Co. Buy → Buy $30
2025-05-16 reit HC Wainwright & Co. Buy → Buy $30
2025-03-20 init Wedbush — → Outperform $35
2025-03-12 reit Guggenheim Buy → Buy $45
2025-03-12 reit HC Wainwright & Co. Buy → Buy $30
2025-02-04 init Wolfe Research — → Outperform $19
2024-12-16 init HC Wainwright & Co. — → Buy $30
News
RSS: Latest ZBIO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-29 MOULDER LEON OLIVER JR. Chief Executive Officer — 60,000 $17.62 $1,067,200
2026-03-31 LU HONGBO B Director — 75,000 $20.00 $1,500,000
2026-03-31 LU HONGBO B Director — 3,768 $18.63 $70,198
2026-03-31 FAIRMOUNT FUNDS MANAGEMENT LLC Unknown — 150,000 $20.00 $3,000,000
2026-03-31 MOULDER LEON OLIVER JR. Chief Executive Officer — 54,000 $18.23 $1,021,140
2026-02-13 ALLEN PATRICIA L Director — 19,860 $23.77 $499,746
2026-02-11 LU HONGBO B Director — 25,985 $22.50 $584,662
2026-02-02 MOULDER LEON OLIVER JR. Chief Executive Officer — 57,000 $17.96 $1,023,720
2026-01-09 MOULDER LEON OLIVER JR. Chief Executive Officer — 100,000 $16.30 $1,639,000
2025-10-09 SR ONE CAPITAL MANAGEMENT, LLC Beneficial Owner of more than 10% of a Class of Security — 126,315 $27.76 $3,506,504
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
10.00
+100.00%
5.00
-90.00%
50.00
0.00
Operating Revenue
10.00
+100.00%
5.00
-90.00%
50.00
0.00
Operating Expense
221.38
+31.08%
168.89
+118.92%
77.15
+2.59%
75.20
Research And Development
168.06
+20.79%
139.14
+131.77%
60.03
-2.68%
61.69
Selling General And Administration
53.32
+79.24%
29.75
+73.83%
17.11
+26.68%
13.51
General And Administrative Expense
53.32
+79.24%
29.75
+73.83%
17.11
+26.68%
13.51
Salaries And Wages
36.56
+88.23%
19.42
+96.99%
9.86
+31.65%
7.49
Other Gand A
16.77
+62.34%
10.33
+42.36%
7.25
+20.49%
6.02
Total Expenses
221.38
+31.08%
168.89
+118.92%
77.15
+2.59%
75.20
Operating Income
-211.38
-28.98%
-163.89
-503.71%
-27.15
+63.90%
-75.20
Total Operating Income As Reported
-383.06
-133.73%
-163.89
-341.19%
-37.15
+51.25%
-76.20
EBITDA
-370.43
-136.82%
-156.42
-478.61%
-27.03
+64.01%
-75.12
Normalized EBITDA
-198.76
-27.76%
-155.58
-829.70%
-16.73
+45.98%
-30.98
Reconciled Depreciation
0.06
-59.12%
0.14
+21.24%
0.11
+44.87%
0.08
EBIT
-370.49
-136.64%
-156.56
-476.71%
-27.15
+63.90%
-75.20
Total Unusual Items
-171.67
-20192.20%
-0.85
+91.79%
-10.30
+76.67%
-44.14
Total Unusual Items Excluding Goodwill
-171.67
-20192.20%
-0.85
+91.79%
-10.30
+76.67%
-44.14
Special Income Charges
-171.67
0.00
+100.00%
-10.00
-900.00%
-1.00
Other Special Charges
171.67
—
10.00
+900.00%
1.00
Restructuring And Mergern Acquisition
—
0.00
-100.00%
10.00
+900.00%
1.00
Net Income
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Pretax Income
-377.82
-141.32%
-156.56
-325.17%
-36.82
+69.13%
-119.28
Net Non Operating Interest Income Expense
4.82
-39.50%
7.97
—
—
Interest Expense Non Operating
7.33
0.00
—
—
Net Interest Income
4.82
-39.50%
7.97
—
—
Interest Expense
7.33
0.00
—
—
Interest Income Non Operating
12.15
+52.40%
7.97
—
—
Interest Income
12.15
+52.40%
7.97
—
—
Other Income Expense
-171.25
-26492.39%
-0.64
+93.34%
-9.68
+78.05%
-44.08
Other Non Operating Income Expenses
0.42
+106.44%
0.20
-67.63%
0.62
+922.95%
0.06
Gain On Sale Of Security
—
-0.85
-182.00%
-0.30
+99.30%
-43.14
Tax Provision
-0.08
-118.41%
0.43
+42.52%
0.30
0.00
Tax Rate For Calcs
0.00
-99.86%
0.00
+0.00%
0.00
0.00
Tax Effect Of Unusual Items
-0.05
+71.01%
-0.18
+91.79%
-2.16
0.00
Net Income Including Noncontrolling Interests
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Net Income From Continuing Operation Net Minority Interest
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Net Income From Continuing And Discontinued Operation
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Net Income Continuous Operations
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Normalized Income
-206.12
-31.86%
-156.32
-439.28%
-28.99
+61.42%
-75.14
Net Income Common Stockholders
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Diluted EPS
—
-11.89
-457.79%
-2.13
+76.98%
-9.26
Basic EPS
—
-11.89
-457.79%
-2.13
+76.98%
-9.26
Basic Average Shares
—
13.20
-24.21%
17.42
+35.22%
12.88
Diluted Average Shares
—
13.20
-24.21%
17.42
+35.22%
12.88
Diluted NI Availto Com Stockholders
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
383.64
+3.70%
369.97
+442.63%
68.18
-8.58%
74.58
Current Assets
351.17
-1.34%
355.92
+495.15%
59.80
-12.62%
68.44
Cash Cash Equivalents And Short Term Investments
343.19
-2.16%
350.77
+516.93%
56.86
-15.40%
67.21
Cash And Cash Equivalents
110.64
-65.40%
319.74
+462.36%
56.86
-15.40%
67.21
Cash Financial
—
—
56.86
-15.40%
67.21
Other Short Term Investments
232.55
+649.58%
31.02
0.00
—
Restricted Cash
0.00
-100.00%
0.09
0.00
—
Other Current Assets
7.98
+57.47%
5.07
+71.94%
2.95
+138.62%
1.24
Total Non Current Assets
32.47
+131.18%
14.04
+67.68%
8.38
+36.53%
6.13
Net PPE
1.39
+16.74%
1.19
+17.26%
1.01
-43.70%
1.80
Gross PPE
1.39
+16.74%
1.19
+17.26%
1.01
-43.70%
1.80
Other Properties
1.39
+16.74%
1.19
+17.26%
1.01
-43.70%
1.80
Investments And Advances
17.27
0.00
—
—
Non Current Deferred Assets
0.71
0.00
-100.00%
1.39
0.00
Non Current Prepaid Assets
12.88
+1.92%
12.64
+118.37%
5.79
+40.42%
4.12
Other Non Current Assets
0.22
+0.46%
0.22
+16.67%
0.19
-12.26%
0.21
Total Liabilities Net Minority Interest
141.50
+146.04%
57.51
-80.43%
293.90
+10.13%
266.87
Current Liabilities
62.65
+9.35%
57.29
+146.33%
23.26
-10.43%
25.97
Payables And Accrued Expenses
48.45
+0.53%
48.20
+174.17%
17.58
-15.97%
20.92
Payables
7.23
-58.33%
17.35
+204.49%
5.70
-2.03%
5.82
Accounts Payable
7.11
-58.50%
17.14
+217.57%
5.40
-7.21%
5.82
Current Accrued Expenses
41.23
+33.62%
30.85
+159.63%
11.88
-21.34%
15.11
Pensionand Other Post Retirement Benefit Plans Current
13.08
+57.44%
8.31
+62.20%
5.12
+18.26%
4.33
Total Tax Payable
0.12
-44.08%
0.21
-29.90%
0.30
0.00
Income Tax Payable
0.12
-44.08%
0.21
-29.90%
0.30
0.00
Current Debt And Capital Lease Obligation
1.11
+42.04%
0.79
+41.19%
0.56
-22.24%
0.71
Current Capital Lease Obligation
1.11
+42.04%
0.79
+41.19%
0.56
-22.24%
0.71
Total Non Current Liabilities Net Minority Interest
78.85
+36068.35%
0.22
-99.92%
270.64
+12.35%
240.90
Long Term Debt And Capital Lease Obligation
0.21
-3.21%
0.22
-98.94%
20.56
+2431.65%
0.81
Long Term Debt
—
—
20.30
—
Long Term Capital Lease Obligation
0.21
-3.21%
0.22
-15.18%
0.26
-68.35%
0.81
Other Non Current Liabilities
78.64
—
—
—
Preferred Securities Outside Stock Equity
—
0.00
-100.00%
250.09
+4.17%
240.09
Stockholders Equity
242.14
-22.50%
312.46
+238.43%
-225.72
-17.39%
-192.29
Common Stock Equity
242.14
-22.50%
312.46
+238.43%
-225.72
-17.39%
-192.29
Capital Stock
0.01
+25.00%
0.00
0.00
0.00
Common Stock
0.01
+25.00%
0.00
0.00
0.00
Preferred Stock
0.00
0.00
0.00
—
Share Issued
54.49
+30.37%
41.79
+5.03%
39.79
+0.00%
39.79
Ordinary Shares Number
54.49
+30.37%
41.79
+5.03%
39.79
+0.00%
39.79
Additional Paid In Capital
1,007.33
+43.98%
699.65
+14962.45%
4.64
+349.23%
1.03
Retained Earnings
-765.13
-97.51%
-387.39
-68.14%
-230.40
-19.21%
-193.28
Gains Losses Not Affecting Retained Earnings
-0.06
-132.99%
0.19
+424.32%
0.04
+190.24%
-0.04
Other Equity Adjustments
-0.06
-132.99%
0.19
+424.32%
0.04
+190.24%
-0.04
Total Equity Gross Minority Interest
242.14
-22.50%
312.46
+238.43%
-225.72
-17.39%
-192.29
Total Capitalization
242.14
-22.50%
312.46
+252.11%
-205.42
-6.83%
-192.29
Working Capital
288.52
-3.39%
298.63
+717.14%
36.55
-13.96%
42.48
Invested Capital
242.14
-22.50%
312.46
+252.11%
-205.42
-6.83%
-192.29
Total Debt
1.33
+32.20%
1.00
-95.25%
21.11
+1282.65%
1.53
Capital Lease Obligations
1.33
+32.20%
1.00
+23.37%
0.81
-46.76%
1.53
Net Tangible Assets
242.14
-22.50%
312.46
+238.43%
-225.72
-17.39%
-192.29
Tangible Book Value
242.14
-22.50%
312.46
+238.43%
-225.72
-17.39%
-192.29
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-172.33
-44.00%
-119.67
-292.00%
-30.53
+53.50%
-65.65
Cash Flow From Continuing Operating Activities
-172.33
-44.00%
-119.67
-292.00%
-30.53
+53.50%
-65.65
Net Income From Continuing Operations
-377.74
-140.62%
-156.99
-322.87%
-37.12
+68.88%
-119.28
Depreciation Amortization Depletion
0.06
-59.12%
0.14
+21.24%
0.11
+44.87%
0.08
Depreciation
0.06
-59.12%
0.14
+21.24%
0.11
+44.87%
0.08
Depreciation And Amortization
0.06
-59.12%
0.14
+21.24%
0.11
+44.87%
0.08
Other Non Cash Items
179.87
+11679.57%
1.53
-86.15%
11.03
-65.09%
31.58
Stock Based Compensation
26.35
+143.48%
10.82
+209.61%
3.50
+374.22%
0.74
Operating Gains Losses
0.11
—
—
13.27
Gain Loss On Investment Securities
—
—
—
13.27
Gain Loss On Sale Of PPE
0.11
0.00
—
—
Change In Working Capital
0.95
-96.26%
25.43
+416.35%
-8.04
-200.90%
7.97
Change In Prepaid Assets
-3.16
+59.02%
-7.70
-129.95%
-3.35
+24.93%
-4.46
Change In Payables And Accrued Expense
5.01
-85.18%
33.80
+950.23%
-3.98
-130.25%
13.14
Change In Accrued Expense
15.05
-31.78%
22.07
+720.15%
-3.56
-129.51%
12.05
Change In Payable
-10.04
-185.55%
11.74
+2908.61%
-0.42
-138.35%
1.09
Change In Account Payable
-10.04
-185.55%
11.74
+2908.61%
-0.42
-138.35%
1.09
Change In Other Current Liabilities
-0.90
-34.03%
-0.67
+5.74%
-0.71
+0.42%
-0.72
Investing Cash Flow
-251.89
-724.45%
-30.55
-179617.65%
-0.02
+99.23%
-2.20
Cash Flow From Continuing Investing Activities
-251.89
-724.45%
-30.55
-179617.65%
-0.02
+99.23%
-2.20
Net PPE Purchase And Sale
-0.02
+86.26%
-0.13
-670.59%
-0.02
+91.41%
-0.20
Purchase Of PPE
-0.02
+86.26%
-0.13
-670.59%
-0.02
+91.41%
-0.20
Capital Expenditure
-35.02
-26631.30%
-0.13
-670.59%
-0.02
+99.23%
-2.20
Net Investment Purchase And Sale
-216.87
-612.89%
-30.42
0.00
—
Purchase Of Investment
-417.75
-1047.02%
-36.42
0.00
—
Sale Of Investment
200.89
+3248.12%
6.00
0.00
—
Net Intangibles Purchase And Sale
-35.00
0.00
0.00
+100.00%
-2.00
Purchase Of Intangibles
-35.00
0.00
0.00
+100.00%
-2.00
Financing Cash Flow
215.28
-47.87%
412.96
+1952.88%
20.12
-66.13%
59.39
Cash Flow From Continuing Financing Activities
215.28
-47.87%
412.96
+1952.88%
20.12
-66.13%
59.39
Net Issuance Payments Of Debt
—
0.00
-100.00%
20.00
0.00
Issuance Of Debt
—
0.00
-100.00%
20.00
0.00
Long Term Debt Issuance
—
0.00
-100.00%
20.00
0.00
Net Long Term Debt Issuance
—
0.00
-100.00%
20.00
0.00
Net Common Stock Issuance
148.57
-38.26%
240.64
0.00
—
Proceeds From Stock Option Exercised
4.37
+1489.82%
0.28
+137.07%
0.12
0.00
Net Other Financing Charges
62.34
+1084.13%
-6.33
—
—
Changes In Cash
-208.94
-179.53%
262.73
+2619.00%
-10.43
-23.30%
-8.46
Effect Of Exchange Rate Changes
-0.25
-260.51%
0.16
+101.28%
0.08
+290.24%
-0.04
Beginning Cash Position
319.83
+461.67%
56.94
-15.38%
67.30
-11.21%
75.80
End Cash Position
110.64
-65.41%
319.83
+461.67%
56.94
-15.38%
67.30
Free Cash Flow
-207.35
-73.07%
-119.81
-292.21%
-30.55
+54.98%
-67.85
Amortization Of Securities
-1.93
-220.76%
-0.60
0.00
—
Common Stock Issuance
148.57
-38.26%
240.64
0.00
—
Issuance Of Capital Stock
148.57
-64.54%
419.02
0.00
-100.00%
59.39
Net Preferred Stock Issuance
0.00
-100.00%
178.38
0.00
-100.00%
59.39
Preferred Stock Issuance
0.00
-100.00%
178.38
0.00
-100.00%
59.39
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Trades
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status
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