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Zenas Biopharma, Inc. key statistics and ratios

In fiscal 2025, Zenas Biopharma, Inc. had return on equity of -136.2%, an operating margin of -3830.6%, debt equal to 32.5% of equity and a current ratio of 5.61. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2023Dec 20232024Dec 20242025Dec 2025
Operating margin−74.3%<−999%<−999%
Net margin−74.2%<−999%<−999%
Free-cash-flow margin−61.1%<−999%<−999%
Return on equity——−136.2%
Return on assets−54.5%−71.7%−100.2%
Asset turnover0.730.020.03
Current ratio2.576.215.61
Debt to equity——32.5%
Interest cover (operating income ÷ interest)——n/m
R&D as % of revenue120.1%>999%>999%
Capital spending as % of revenue0.0%2.6%0.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CRBU vs ZBIOIRD vs ZBIORLAY vs ZBIO

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

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.