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Zenas Biopharma, Inc. (ZBIO) stock

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NASDAQ: ZBIO Nasdaq Biotechnology Next results ~November 12, 2026

Zenas Biopharma, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Zenas Biopharma, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Zenas Biopharma, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling17 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds88 adding, 61 cuttingOf 33 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zenas Biopharma files

Where Zenas Biopharma stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $10m. Free-cash-flow margin held at -1723.5%. It passes 2 of our 5 financial-health checks.

Our model value for Zenas Biopharma is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 134% in the quarter to 2026-06-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Zenas Biopharma, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -3830.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -1723.5% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 263.5% of revenue: a real cost that cash-flow figures leave out.
  • High debt. Long-term debt exceeds cash by $0.0bn, more than 1.5 times annual revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 95% and a beta of 0.6 against the S&P 500.
  • Heavily shorted. 28.2% of the shares available to trade are sold short (17.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$1.77 against an average estimate of -$0.76: missed by 134.4%
Revenue
$1m
Share reaction
-5.7% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$1.27

Zenas Biopharma's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+3.8%
  • 1 month+0.2%
  • This year-23.9%
  • 1 year-9.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10M
Operating margin
-3830.6%
Net margin
-3777.4%
EPS (TTM, diluted)
$-9.05

Cash

Free cash flow (TTM)
-$226M
FCF margin
-1723.5%
Stock pay % of revenue
263.5%

Earnings

Last results
August 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zenas Biopharma, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$8.19$36.31
Market value$108m$1.6bn
+ Net debt (− = net cash)−$320m−$32m
Enterprise value−$212m$1.6bn
Multiples
Price / sales 21.6x162.4x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026. Analysts expect revenue of $0 and EPS of −$1.27 (range −$1.31 to −$1.23) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$5.62 −16% $12m +23%
Next −$4.66 +17% $58m +373%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +29.6% on 90 days ago. In the last 30 days, 0 analysts raised Zenas Biopharma, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Zenas Biopharma, Inc., last 90 days
−$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$4.33 Current fiscal year, 60 days ago: −$4.33 Current fiscal year, 30 days ago: −$4.29 Current fiscal year, 7 days ago: −$4.29 Current fiscal year, Now: −$5.62 −$5.62 Next fiscal year, 90 days ago: −$2.27 Next fiscal year, 60 days ago: −$2.27 Next fiscal year, 30 days ago: −$2.27 Next fiscal year, 7 days ago: −$2.27 Next fiscal year, Now: −$4.66 −$4.66

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$4.33−$2.27
60 days ago −$4.33−$2.27
30 days ago −$4.29−$2.27
7 days ago −$4.29−$2.27
Now −$5.62−$4.66

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.76 −$1.77 −134.4%
Mar 2026 −$1.54 −$1.46 +5.2%
Dec 2025 −$1.19 −$1.39 −16.8%
Sept 2025 −$0.85 −$1.22 −44.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 2026718
  2. Sep 2026718
  3. Aug 2026718
  4. Jul 2026718

Counts of recommendations published by analysts covering Zenas Biopharma, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.2%
of tradable shares
Days to cover
17.28
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
19.8%
of shares
Employees
167
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 20252026 to date
Return
ZBIO+343%−24%
Industry peers (median)−5%−27%
S&P 500+18%+11%
Months that ended higher
ZBIO67%46%
S&P 50075%46%
Largest fall from a high during the year
ZBIO−37%−58%
S&P 500−19%−9%

Worst fall since September 13, 2024: 75% from October 22, 2024 to January 28, 2025. Getting back needed a 299% gain, reached on October 8, 2025, 253 days after the low.

Price behaviour

52-week range
$15.20 – $43.17
From 52-week high
−36.0%
vs 50-day average
−6.0%
vs 200-day average
+10.5%
Volatility (1 year)
95%
Beta vs S&P 500
0.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 5 down
typical move ±14.5%
After a week
6 up, 4 down
typical move ±17.1%
After a month
6 up, 4 down
typical move ±23.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −5.7% +0.5% +1.1% +2.0%
May 13, 2026 −1.4% +1.4% +2.1% +3.3%
March 16, 2026 −2.3% +1.3% −14.2% −12.4%
January 5, 2026 −55.9% +1.3% −42.7% −40.1%
November 12, 2025 +1.3% −1.6% +5.5% +15.3%
October 8, 2025 +33.1% +0.3% +29.4% +55.7%
August 12, 2025 +12.1% +1.4% +6.3% +35.3%
May 15, 2025 +20.6% +1.1% +31.9% +14.9%
February 5, 2025 +2.5% +0.8% −5.9% −2.7%
November 12, 2024 −10.2% −0.3% −31.8% −56.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Zenas Biopharma, Inc.
$10M $12M $14M $16M FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 Revenue (TTM), FY25 Q1: $15M Revenue (TTM), FY25 Q2: $15M Revenue (TTM), FY25 Q3: $15M Revenue (TTM), FY25 Q4: $10M $10M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY25 Q1 $15M
FY25 Q2 $15M
FY25 Q3 $15M
FY25 Q4 $10M
Operating margin (TTM) Zenas Biopharma, Inc.
-4000% -3000% -2000% -1000% 0% FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 Operating margin (TTM), FY25 Q1: -1157.6% Operating margin (TTM), FY25 Q2: -1260.7% Operating margin (TTM), FY25 Q3: -1338.0% Operating margin (TTM), FY25 Q4: -3830.6% -3830.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q1 -1157.6%
FY25 Q2 -1260.7%
FY25 Q3 -1338.0%
FY25 Q4 -3830.6%
FCF margin (TTM) Zenas Biopharma, Inc.
-2000% -1500% -1000% -500% 0% FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FCF margin (TTM), FY25 Q1: -918.3% FCF margin (TTM), FY25 Q2: -990.0% FCF margin (TTM), FY25 Q3: -1057.1% FCF margin (TTM), FY25 Q4: -1723.5% -1723.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q1 -918.3%
FY25 Q2 -990.0%
FY25 Q3 -1057.1%
FY25 Q4 -1723.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 50 5 10
EBITDA −37 −164 −383
Operating income −37 −164 −383
Net income −37 −157 −378
Diluted EPS −$24.25 −$11.89 −$8.44
Growth (year on year)
Revenue — −90.0% +100.0%
Margins
EBITDA margin −74.1% <−999% <−999%
Operating margin −74.3% <−999% <−999%
Net margin −74.2% <−999% <−999%
Free-cash-flow margin −61.1% <−999% <−999%
Cash flow
Cash from operations −31 −120 −172
Capital spending 0 0 0
Free cash flow −31 −120 −172
Stock-based pay 3 11 26
Free cash flow after stock pay −34 −131 −199
Balance sheet
Cash 57 320 111
Total debt 20 — 79
Net debt (negative = net cash) −37 −320 −32
Diluted shares 2m 13m 45m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $702m
Short-term assets $654mLonger-term assets $48m
What it owes, and who funded it · $702m
Short-term liabilities $66mLonger-term liabilities $389mShareholders' equity $247m
  • Short-term assets cover short-term liabilities $654m of assets due within a year against $66m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $654m short-term assets against $389m of longer-dated liabilities.
  • More cash than debt $197m of cash against $223m of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$226m of operating cash flow against $223m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Zenas Biopharma, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
1680.6%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ZBIO CRBU IRD RLAY HYFT SRZN Median
Revenue, last 12 months $10m $10m $10m $10m $11m $12m $55m
Revenue growth, last 12 months — 10.0% −36.1% 23.9% 47.8% −8.8% 12.6%
Revenue growth, 3-year average — −11.0% −39.8% 122.3% — — 13.7%
Revenue growth, latest quarter −100.0% −43.8% −73.8% −48.3% — 408.6% 10.2%
Operating margin <−999% <−999% −513.5% <−999% — −385.3% −191.1%
Operating margin, 3-year average — <−999% −341.9% <−999% — — −363.5%
Net margin <−999% <−999% <−999% <−999% −89.7% <−999% −172.8%
Cash from operations / revenue <−999% −954.5% −412.6% <−999% −80.1% −302.0% −168.8%
Free-cash-flow margin <−999% −954.2% −413.1% <−999% −82.7% −303.9% −168.1%
Free-cash-flow margin, 3-year average — −946.0% −229.8% <−999% — — −310.0%
Stock pay / revenue 263.5% 104.7% 45.3% 466.8% 8.2% 60.9% 20.7%
Change in share count — 4.7% 127.5% 12.4% 38.9% — 8.2%

Median of all 185 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
144
Shares held vs prior quarter
▲ 6.0%
Positions opened / closed
27 / 22

Top buyers and sellers, Q2 2026: 88 institutions bought and 61 sold ; the biggest buyer was Price T Rowe Associates Inc (+870K shares) and the biggest seller Silverarc Capital Management, LLC (−626K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $241M 9.5M 15.6% ▲ 4.7%
Sr One Capital Management, LP $128M 5.0M 8.3% 0.0%
Nea Management Company, LLC $102M 4.0M 6.6% 0.0%
Enavate Sciences Gp, LLC $99.5M 3.9M 6.4% 0.0%
Federated Hermes, Inc. $79.1M 3.1M 5.1% ▼ 0.3%
Blackrock, Inc. $68.2M 2.7M 4.4% ▲ 31.8%
Capital International Investors $63.5M 2.5M 4.1% ▲ 2.8%
Polar Capital Holdings PLC $61.2M 2.4M 4.0% ▼ 5.3%
Royalty Pharma Sub-Manager, LLC $60.6M 2.4M 3.9% 0.0%
Fairmount Funds Management LLC $59.9M 2.4M 3.9% 0.0%
State Street Corp $52.2M 2.1M 3.4% ▲ 39.7%
Nvp Associates, LLC $46.7M 1.8M 3.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zenas Biopharma, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $11.4M 17 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $11.4M net buying
Insider Date Trade Shares Price Value
Moulder Leon O Jr Chief Executive Officer May 18, 2026 Buy 60,000 $16.88 $1M
Moulder Leon O Jr Chief Executive Officer April 29, 2026 Buy 35,000 $17.62 $616,700
Moulder Leon O Jr Chief Executive Officer April 28, 2026 Buy 25,000 $18.02 $450,500
Kiselak Tomas Director March 31, 2026 Buy 150,000 $20.00 $3M
Lu Hongbo Director March 31, 2026 Buy 3,768 $18.63 $70,198
Lu Hongbo Director March 31, 2026 Buy 75,000 $20.00 $1.5M
Moulder Leon O Jr Chief Executive Officer March 31, 2026 Buy 34,000 $19.31 $656,540
Moulder Leon O Jr Chief Executive Officer March 30, 2026 Buy 20,000 $18.23 $364,600
Allen Patricia L Director February 13, 2026 Buy 4,160 $26.36 $109,658
Allen Patricia L Director February 12, 2026 Buy 5,000 $26.50 $132,500
Allen Patricia L Director February 12, 2026 Buy 5,000 $23.77 $118,850
Allen Patricia L Director February 12, 2026 Buy 5,700 $24.34 $138,738

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 13, 2026
  • May 13, 2026
  • March 16, 2026
  • January 5, 2026
  • November 12, 2025
  • October 8, 2025

Recent SEC filings

Data status

When each part of this page on Zenas Biopharma, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zenas Biopharma, Inc. in brief

What does Zenas Biopharma, Inc. do?
Zenas Biopharma, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Zenas Biopharma, Inc.'s stock ticker?
Zenas Biopharma, Inc. trades under the ticker ZBIO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zenas Biopharma, Inc.'s free cash flow?
Zenas Biopharma, Inc.'s free-cash-flow margin is -1723.5% of revenue over the trailing twelve months.
Who are Zenas Biopharma, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Sr One Capital Management, LP and Nea Management Company, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Zenas Biopharma, Inc.'s market cap?
On December 31, 2025, Zenas Biopharma, Inc.'s market capitalisation was about $1.6B and net debt of -$32M. Market figures come from third-party market data and may be delayed.
How much debt does Zenas Biopharma, Inc. have?
Zenas Biopharma, Inc.'s debt-to-equity ratio is 90.2%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Zenas Biopharma, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Zenas Biopharma, Inc. are Caribou Biosciences, Inc., Opus Genetics, Inc., Relay Therapeutics, Inc., Mindwalk Holdings Corp. and Surrozen, Inc. The side-by-side comparison below sets their revenue, margins and growth against Zenas Biopharma, Inc.'s.
Are insiders buying or selling Zenas Biopharma, Inc. stock?
Over the last 12 months, Zenas Biopharma, Inc.'s directors and officers reported 17 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Zenas Biopharma, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zenas Biopharma, Inc. announces its own schedule.