Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Zenas BioPharma, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
Revenue
50
5
10
Research and development
60
139
168
General and administrative
17.1
29.7
53.3
Operating expenses
87.1
169
393
Operating income
-37.1
-164
-383
Interest expense
7.33
Interest income
7.97
12.2
Other non-operating income
0.32
7.33
5.24
Pre-tax income
-36.8
-157
-378
Income tax
0.3
0.43
-0.08
Net income
-37.1
-157
-378
EBITDA
-37
-164
-383
EPS, basic
-24.25
-11.89
-8.44
EPS, diluted
-24.25
-11.89
-8.44
Shares, basic (weighted)
1.53
13.2
44.7
Shares, diluted (weighted)
1.53
13.2
44.7
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
56.9
320
111
Short-term investments
31
233
Other current assets
2.95
5.07
7.98
Total current assets
59.8
356
351
Property, plant and equipment
0.19
0.19
0.03
Lease right-of-use assets
0.82
1
1.35
Long-term investments
17.3
Other non-current assets
7.28
12.9
13.8
Total assets
68.2
370
384
Accounts payable
5.4
17.1
7.11
Accrued liabilities
17.3
39.4
54.4
Total current liabilities
23.3
57.3
62.6
Long-term debt
78.6
Lease liabilities
0.26
0.22
0.21
Total liabilities
43.8
57.5
141
Total debt
78.6
Paid-in capital
4.65
700
1,007
Retained earnings
-230
-387
-765
Other comprehensive income
0.04
0.19
-0.06
Shareholders' equity
-226
312
242
Total equity
-226
312
242
Total liabilities and equity
68.2
370
384
Shares outstanding
1.58
41.8
54.5
Cash flow statement
FY2024
FY2024
FY2025
Net income
-37.1
-157
-378
Depreciation and amortization
0.11
0.14
0.06
Stock-based compensation
3.5
10.8
26.3
Change in payables
-0.42
11.7
-10
Cash from operations
-30.5
-120
-172
Capital expenditures
-0.02
-0.13
-0.02
Purchases of investments
-36.4
-418
Sales and maturities of investments
6
201
Cash from investing
-0.02
-30.6
-252
Debt issued
75
Stock issued
0.12
0.28
4.1
Cash from financing
20.1
413
215
Net change in cash
-10.4
263
-209
Free cash flow
-30.5
-120
-172
Income taxes paid
0.02
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.95 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-196.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-69.0%
Net income / average total assets.
Return on invested capital (ROIC)
-743.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-22.5%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
3.7%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
238.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.93x
Current assets / current liabilities.
Quick ratio
9.77x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.77x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$3.58
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.58
Cash from operations / diluted weighted shares.
Book value per share
$3.90
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
7.11x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
7.11x
Market cap / tangible book value, when positive.
FCF yield
-12.9%
Free cash flow / market cap.
Earnings yield
-27.6%
Net income / market cap (the inverse of P/E).
What was Zenas BioPharma, Inc.'s revenue in fiscal 2025?
Zenas BioPharma, Inc. reported revenue of $10.0M for fiscal 2025, 100% higher than the year before.
Was Zenas BioPharma, Inc. profitable in fiscal 2025?
No. It reported a net loss of $377.7M.
How much free cash flow did Zenas BioPharma, Inc. generate in fiscal 2025?
Cash from operations of $172.3M minus capital expenditures of $18.0K left free cash flow of -$172.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.