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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% | - |
| 2024 | $5M | $-156M | $-157M | $-120M | -50.2% | -90.0% | - |
| 2023 | $50M | $-27M | $-37M | $-31M | 16.4% | - | - |
| 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 Expense | 75.20 | 77.15 | 168.89 | 221.38 |
| Operating Income | -75.20 | -27.15 | -163.89 | -211.38 |
| EBITDA | -75.12 | -27.03 | -156.42 | -370.43 |
| EBIT | -75.20 | -27.15 | -156.56 | -370.49 |
| Pretax Income | -119.28 | -36.82 | -156.56 | -377.82 |
| Tax Provision | 0 | 0.30 | 0.43 | -0.08 |
| Net Income | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income Common Stockholders | -119.28 | -37.12 | -156.99 | -377.74 |
| Total Expenses | 75.20 | 77.15 | 168.89 | 221.38 |
| Interest Expense | 0 | 0 | 0 | 7.33 |
| Interest Income | 0 | 0 | 7.97 | 12.15 |
| Research And Development | 61.69 | 60.03 | 139.14 | 168.06 |
| Selling General And Administration | 13.51 | 17.11 | 29.75 | 53.32 |
| Normalized EBITDA | -30.98 | -16.73 | -155.58 | -198.76 |
| Normalized Income | -75.14 | -28.99 | -156.32 | -206.12 |
| Basic EPS | -9.26 | -2.13 | -11.89 | 0 |
| Diluted EPS | -9.26 | -2.13 | -11.89 | 0 |
| Tax Effect Of Unusual Items | 0 | -2.16 | -0.18 | -0.05 |
| Tax Rate For Calcs | 0 | 0.21 | 0.21 | 0 |
| Total Unusual Items | -44.14 | -10.30 | -0.85 | -171.67 |
| Total Unusual Items Excluding Goodwill | -44.14 | -10.30 | -0.85 | -171.67 |
| Net Income From Continuing Operation Net Minority Interest | -119.28 | -37.12 | -156.99 | -377.74 |
| Reconciled Depreciation | 0.08 | 0.11 | 0.14 | 0.06 |
| Net Interest Income | 0 | 0 | 7.97 | 4.82 |
| Net Income From Continuing And Discontinued Operation | -119.28 | -37.12 | -156.99 | -377.74 |
| Total Operating Income As Reported | -76.20 | -37.15 | -163.89 | -383.06 |
| Diluted Average Shares | 12.88 | 17.42 | 13.20 | 0 |
| Basic Average Shares | 12.88 | 17.42 | 13.20 | 0 |
| Diluted NI Availto Com Stockholders | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income Including Noncontrolling Interests | -119.28 | -37.12 | -156.99 | -377.74 |
| Net Income Continuous Operations | -119.28 | -37.12 | -156.99 | -377.74 |
| Other Income Expense | -44.08 | -9.68 | -0.64 | -171.25 |
| Other Non Operating Income Expenses | 0.06 | 0.62 | 0.20 | 0.42 |
| Special Income Charges | -1 | -10 | 0 | -171.67 |
| Other Special Charges | 1 | 10 | 0 | 171.67 |
| Restructuring And Mergern Acquisition | 1 | 10 | 0 | 0 |
| Gain On Sale Of Security | -43.14 | -0.30 | -0.85 | 0 |
| Net Non Operating Interest Income Expense | 0 | 0 | 7.97 | 4.82 |
| Interest Expense Non Operating | 0 | 0 | 0 | 7.33 |
| Interest Income Non Operating | 0 | 0 | 7.97 | 12.15 |
| General And Administrative Expense | 13.51 | 17.11 | 29.75 | 53.32 |
| Other Gand A | 6.02 | 7.25 | 10.33 | 16.77 |
| Salaries And Wages | 7.49 | 9.86 | 19.42 | 36.56 |
| Operating Revenue | 0 | 50 | 5 | 10 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zenas BioPharma, Inc.this co. | ZBIO | $1.1B | - | - | -156.0% | -3.15 |
| Jade Biosciences, Inc. | JBIO | $1.1B | - | 3.31 | -38.3% | -6.74 |
| InnovAge Holding Corp. | INNV | $1.1B | 161.40 | 4.27 | -11.5% | 25.32 |
| EyePoint, Inc. | EYPT | $1.1B | - | 32.47 | -75.8% | -4.95 |
| Pacira BioSciences, Inc. | PCRX | $1.1B | 149.91 |
| 1.52 |
| 1.0% |
| 10.73 |
| CareDx, Inc. | CDNA | $1.1B | - | 3.49 | -7.0% | -124.58 |
| Teladoc Health, Inc. | TDOC | $1.1B | - | 0.77 | -14.5% | 39.94 |
| IRADIMED CORPORATION | IRMD | $1.1B | 47.83 | 11.31 | 23.8% | 37.30 |
| The Pennant Group, Inc. | PNTG | $1.1B | 36.56 | 3.22 | 7.9% | 25.85 |
| Peer Median | - | 98.87 | 3.40 | -9.3% | 18.02 | |