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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $10M | $-370M | $-378M | $-207M | -156.0% | 100.0% | 140.6% |
| 2024 | $5M | $-156M | $-157M | $-120M | -50.2% | -90.0% | 322.9% |
| 2023 | $50M | $-27M | $-37M | $-31M | 16.4% | - | -68.9% |
| 2022 | $0M | $-75M | $-119M | $-68M | 62.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 50 | 5 | 10 |
| Operating Revenue | 0 | 50 | 5 | 10 |
| Operating Expense | 75.20 | 77.15 | 168.89 | 221.38 |
| Research And Development | 61.69 | 60.03 | 139.14 | 168.06 |
| Selling General And Administration | 13.51 | 17.11 | 29.75 | 53.32 |
| Total Expenses | 75.20 | 77.15 | 168.89 | 221.38 |
| Operating Income | -75.20 | -27.15 | -163.89 | -211.38 |
| Total Operating Income As Reported | -76.20 | -37.15 | -163.89 | -383.06 |
| EBITDA | -75.12 | -27.03 | -156.42 | -370.43 |
| Normalized EBITDA | -30.98 | -16.73 | -155.58 | -198.76 |
| EBIT | -75.20 | -27.15 | -156.56 | -370.49 |
| Interest Income | - | - | 7.97 | 12.15 |
| Interest Expense | - | - | 0 | 7.33 |
| Net Interest Income | - | - | 7.97 | 4.82 |
| Other Non Operating Income Expenses | 0.06 | 0.62 | 0.20 | 0.42 |
| Other Income Expense | -44.08 | -9.68 | -0.64 | -171.26 |
| Interest Income Non Operating | - | - | 7.97 | 12.15 |
| Interest Expense Non Operating | - | - | 0 | 7.33 |
| Net Non Operating Interest Income Expense | - | - | 7.97 | 4.82 |
| Pretax Income | -119.28 | -36.82 | -156.56 | -377.82 |
| Tax Provision | 0 | 0.30 | 0.43 | -0.08 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | -2.16 | -0.18 | -0.05 |
| Net Income Continuous Operations | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income From Continuing And Discontinued Operation | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income From Continuing Operation Net Minority Interest | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income Common Stockholders | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income Including Noncontrolling Interests | -119.28 | -37.12 | -156.99 | -377.74 |
| Normalized Income | -75.14 | -28.99 | -156.32 | -206.12 |
| Diluted NI Availto Com Stockholders | -119.28 | -37.12 | -156.99 | -377.74 |
| Basic Average Shares | 12.88 | 17.42 | 13.20 | - |
| Diluted Average Shares | 12.88 | 17.42 | 13.20 | - |
| Reconciled Depreciation | 0.08 | 0.11 | 0.14 | 0.06 |
| Total Unusual Items | -44.14 | -10.30 | -0.85 | -171.67 |
| Total Unusual Items Excluding Goodwill | -44.14 | -10.30 | -0.85 | -171.67 |
| Special Income Charges | -1 | -10 | 0 | -171.67 |
| Other Special Charges | 1 | 10 | - | 171.67 |
| Restructuring And Mergern Acquisition | 1 | 10 | 0 | - |
| Gain On Sale Of Security | -43.14 | -0.30 | -0.85 | - |
| General And Administrative Expense | 13.51 | 17.11 | 29.75 | 53.32 |
| Other Gand A | 6.02 | 7.26 | 10.33 | 16.77 |
| Salaries And Wages | 7.49 | 9.86 | 19.42 | 36.56 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zenas BioPharma, Inc.this co. | ZBIO | $1.2B | -3.07 | 4.79 | -156.0% | -2.84 |
| IRADIMED CORPORATION | IRMD | $1.2B | 53.21 | 12.64 | 23.8% | 41.92 |
| CareDx, Inc. | CDNA | $1.2B | -55.93 | 3.94 | -7.0% | -248.15 |
| Kestra Medical Technologies, Ltd. | KMTS | $1.2B | -10.49 | 5.81 | -55.4% | -10.21 |
| AMN Healthcare Services, Inc. | AMN | $1.2B |
| - |
| 1.85 |
| -14.9% |
| 19.35 |
| Schrödinger, Inc. | SDGR | $1.2B | -11.47 | 3.25 | -28.4% | -6.61 |
| Wave Life Sciences Ltd. | WVE | $1.2B | - | 2.26 | -39.4% | - |
| Avanos Medical, Inc. | AVNS | $1.2B | - | 1.50 | -9.4% | - |
| Absci Corporation | ABSI | $1.1B | -9.94 | 6.04 | -60.8% | -10.95 |
| Peer Median | - | -10.49 | 3.60 | -21.6% | -8.41 | |