Zenas Biopharma, Inc. income statement

In fiscal 2025, Zenas Biopharma, Inc. reported revenue of $10.0m, up 100.0% on the year before, operating income of −$383m (a -3830.6% margin) and net income of −$378m, or −$8.44 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Zenas Biopharma, Inc.: income statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	50	5	10
Research and development	60	139	168
General and administrative	17	30	53
Operating income	−37	−164	−383
Interest expense	—	—	7
Income before tax	−37	−157	−378
Income tax	0	0	−0
Net income	−37	−157	−378
Diluted EPS	−$24.25	−$11.89	−$8.44
Diluted shares (average)	2m	13m	45m
EBITDA	−37	−164	−383

US$ millions unless shown otherwise. Fiscal quarters.

Zenas Biopharma, Inc.: income statement, quarterly
Quarter	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q2Jun 2026
Revenue	0	0	5	10	0	0	0	1
Research and development	34	34	49	35	43	34	56	63
General and administrative	6	7	11	12	12	13	16	16
Operating income	−40	−41	−56	−37	−55	−53	−238	−108
Interest expense	—	—	—	—	—	—	—	2
Income before tax	−38	−39	−52	−34	−52	−51	−240	−111
Income tax	—	—	—	−0	0	0	0	0
Net income	−38	−39	−53	−34	−52	−51	−240	−111
Diluted EPS	−$4.85	−$5.02	$16.94	−$0.80	−$1.25	−$1.22	−$5.17	−$1.77
EBITDA	−40	−41	−56	−37	−55	−53	−238	−108

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.