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Zenas BioPharma, Inc.

ZBIO

$25.92 ▼ -2.49 (-8.76%) at close

15 Visible periods

28 Metrics

Peer-ranked Benchmarks

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Health

Poor

Bearish

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Analytical Summary

Zenas BioPharma, Inc. faces fundamental challenges with weakness in Return on Common Equity (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $1.6B

Dividend Yield —

Revenue Growth —

Op. Margin None

ROIC -43.6% ↘

FCF / Share $-0.91 ↗

Trailing P/E —

Price / Book 6.6x

FCF Yield —

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

15-Year Financial Trajectory

Quarterly

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$1.00M

— —

Net Income Profit after all expenses

$-111.50M

↓ -232.1% —

Operating Margin Operating profit as % of sales

-373.3%

↓ -623.9% —

FCF / Share Free cash flow per share

$-0.91

↑ +32.9% —

Long-Term Debt Long-term obligations

$78.64M

↑ +7.7% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Returns

Financial Health

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
EPS Growth YoY (%)	-41.6% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-82.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	75.7% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	94.8% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	95.5% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	—	—	—	—	—	—	—
Net Income Growth YoY (%)	-232.1% Weak ↓ Weak Declining Year-over-year change in net income	-141.2% Weak ↓ Weak Declining Year-over-year change in net income	-357.1% Weak ↓ Weak Declining Year-over-year change in net income	-20.8% Weak ↑ Weak Improving Year-over-year change in net income	-20.8% Weak ↑ Weak Improving Year-over-year change in net income	-20.8% Weak ↑ Weak Improving Year-over-year change in net income	-114.0% Weak Weak Year-over-year change in net income	-45.6% Weak Weak Year-over-year change in net income	—	—	—	—	—	—	—
FCF Growth YoY (%)	—	-52.4% Weak Weak Year-over-year change in free cash flow	—	75.8% Excellent Excellent Year-over-year change in free cash flow	—	92.8% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Operating Margin (%) (%)	—	—	—	—	—	-373.3% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2589%)	—	—	—	—	—	71.2% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+375%)	—	—	—
Effective Tax Rate (%) (%)	-0.1% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	-0.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.6% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	—	—	—	—	—	-335.7% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2898%)	—	—	—	—	—	-38.2% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-418%)	—	—	—
FCF Margin (%) (%)	—	—	—	—	—	-370.7% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—	—	—	—
FCF / Net Income (x)	0.51x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.93x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.22x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.22x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	—	1.10x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.73x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.12x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	1.11x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.69x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	0.63x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Return on Invested Capital (%)	-43.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-18.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-74.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-19.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-23.0% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-13.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-14.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.0% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	10.9% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	8.6% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	8.7% Fair Fair Return earned on debt + equity capital invested Optimal: > 10%	-13.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—	—	—
Return on Capital (%) (%)	-15.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-10.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-62.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-16.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-18.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-11.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	-15.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	-36.3% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	—
Return on Common Equity (%) (%)	-45.1% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-401%)	-24.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-261%)	-99.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-762%)	-17.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-214%)	-14.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-193%)	-11.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-179%)	-16.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-212%)	-7.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-152%)	9.6% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-36%)	11.0% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-27%)	10.9% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-27%)	9.4% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-37%)	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Debt to Equity (x)	—	—	0.32x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-46%)	0.37x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-38%)	—	—	—	—	—	—	—	—	—	—	—
Interest Coverage (x)	-62.59x Weak Weak Operating income divided by interest expense Optimal: > 5x	-210.19x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Debt (USD)	$-196.58M	$-500.22M	$-32.01M	$-42.58M	$-44.01M	$-196.55M	$-319.74M	$-360.04M	$-183.93M	$-37.15M	$-56.86M	$-72.31M	—	—	—
Debt / EBITDA (x)	—	—	-0.33x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.39x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Revenue per Share (USD)	$0.02	—	—	$0.00	$0.00	$0.24	—	$0.00	$0.00	—	—	$32.51	—	—	—
Basic EPS, GAAP (USD)	$-1.77	$-1.46	$-5.17	$-1.22	$-1.25	$-0.80	$16.94	$-5.02	$-24.23	$-17.89	$-16.04	$2.42	—	—	—
Free Cash Flow per Share (USD)	$-0.91	$-1.35	—	$-0.98	—	$-0.89	—	$-4.03	$-19.78	$-12.31	—	—	—	—	—
Book Value per Share (USD)	$3.90	$5.38	$4.44	$4.65	$5.69	$6.80	$7.48	$46.69	$-184.26	$-162.47	$-143.15	$-131.50	—	—	—
Tangible Book Value per Share (USD)	$3.90	$5.38	$4.44	$4.65	$5.69	$6.80	$7.48	$46.69	$-184.26	$-162.47	$-143.15	$-131.50	—	—	—
Basic Weighted Avg Shares (shares)	63.11M	55.62M	—	42.16M	41.87M	41.80M	—	7.70M	1.57M	1.55M	—	1.54M	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Working Capital (USD)	$587.98M	$669.00M	$288.52M	$244.22M	$225.36M	$268.68M	$298.63M	—	—	—	$36.55M	—	—	—	—
LT Debt (USD)	—	—	$78.64M	$72.99M	—	—	—	—	—	—	—	—	—	—	—
Total Equity (USD)	$247.10M	$335.83M	$242.14M	$196.43M	$239.63M	$284.32M	$312.46M	$359.44M	$-288.78M	$-252.50M	$-225.72M	$-202.23M	$-238.85M	$-210.65M	$-192.29M

📋 What is driving earnings? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗
Sales/Revenue/Turnover (USD)	$1.00M	—	$0.00	$0.00	$0.00	$10.00M	$5.00M	$0.00	$0.00	—	$0.00	$50.00M	—	—	—
Depreciation Expense (USD)	$4.00K	$6.00K	$10.00K	$11.00K	—	$23.00K	$33.00K	$36.00K	$35.00K	$33.00K	$30.00K	—	—	—	—
Net Income, GAAP (USD)	$-111.50M	$-80.99M	$-240.44M	$-33.57M	$-33.57M	$-33.57M	$-52.60M	$-27.80M	$-27.80M	$-27.80M	$-24.59M	$-19.10M	—	—	—
Operating Cash Flow (USD)	$-57.24M	$-75.20M	$-52.41M	$-41.12M	—	$-37.05M	$-38.55M	$-31.06M	$-30.96M	$-19.10M	$-15.40M	—	—	—	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 4 years · 15 quarters

Zenas BioPharma, Inc.

Analytical Summary

15-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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