# Zenas BioPharma, Inc. (ZBIO)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $801M  
**Price:** $17.91 (-2.77%)

> Zenas BioPharma, Inc. is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of transformative therapies for autoimmune diseases. The company focuses on advancing innovative immunology-based treatments, with a strong commitment to addressing diseases characterized by significant unmet medical needs. Zenas BioPharma's pipeline features lead candidates such as obexelimab, a bifunctional monoclonal antibody targeting CD19 and FcγRIIb, and orelabrutinib, a highly selective Bruton’s Tyrosine Kinase (BTK) inhibitor in Phase 3 development for multiple sclerosis and other autoimmune indications. The firm's portfolio also includes other monoclonal antibodies and immunomodulators under investigation for disorders like immunoglobulin G4-related disease and systemic lupus erythematosus. Guided by values emphasizing innovation, urgency, and patient impact, Zenas BioPharma operates with the aim of bringing novel treatment options to patients, their families, and caregivers, ultimately seeking to improve quality of life and redefine therapeutic possibilities in the autoimmune sector.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $10M | — | -$383M | -$378M | — |
| 2024 | $5M | — | -$164M | -$157M | — |
| 2023 | $50M | — | -$37M | -$37M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $384M | $141M | $242M | $111M | $79M |
| 2024 | $370M | $58M | $312M | $320M | — |
| 2023 | $68M | $44M | -$226M | $57M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$172M | $18,000 | -$172M |
| 2024 | -$120M | $131,000 | -$120M |
| 2023 | -$31M | $17,000 | -$31M |

Source: [CompaniesByCap](https://companiesbycap.com/company/ZBIO)