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Zenas Biopharma, Inc. cash flow statement

In fiscal 2025, Zenas Biopharma, Inc.'s operations generated −$172m of cash; it spent $18,000 on capital projects, leaving free cash flow of −$172m.

Cash flow statement

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

Fiscal year2023Dec 20232024Dec 20242025Dec 2025
Cash from operations−31−120−172
Depreciation and amortisation000
Stock-based pay31126
Capital spending000
Free cash flow−31−120−172
Free cash flow after stock pay−34−131−199

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.