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Zenas Biopharma, Inc. balance sheet

At the end of fiscal 2025, Zenas Biopharma, Inc. had total assets of $384m, total liabilities of $141m and shareholders' equity of $242m. It held $111m in cash against $78.6m of debt: net cash of $32.0m.

Balance sheet

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

Fiscal year2023Dec 20232024Dec 20242025Dec 2025
Cash and equivalents57320111
Total current assets60356351
Total assets68370384
Accounts payable5177
Total current liabilities235763
Long-term debt20—79
Total debt20—79
Total liabilities4458141
Shareholders' equity−226312242
Non-controlling interests and other (assets − liabilities − equity)250——
Net debt (negative = net cash)−37−320−32
Shares outstanding2m—54m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Zenas Biopharma, Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Zenas Biopharma, Inc.