ZBIO Zenas BioPharma, Inc.

Overview and Growth

Zenas BioPharma, Inc. generated $10.00M of revenue in fiscal 2025, with net loss of $377.74M and an operating cash outflow of $172.33M. The $10.00M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 100.0% above fiscal 2024 revenue of $5.00M, marking a year-over-year increase. On a per-share basis, diluted EPS was -$8.44, which connects the reported earnings outcome with the company’s diluted share count. A diluted share base of 44.73M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 238.9% higher than fiscal 2024, when diluted shares averaged 13.20M, adding context to the EPS comparison. At period end, total assets were $383.64M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.03x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced a $383.06M operating loss before non-operating and tax effects. The bottom-line result was a net loss of $377.74M after operating, financing, tax, and other recognized items. The company reported negative EBITDA of $383.00M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $377.82M, establishing the deficit before tax effects. The company recognized an income-tax benefit of $79.00K, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 156.0%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 98.5%. The net loss widened to $377.74M from $156.99M in fiscal 2024.

Liquidity and Capital Structure

The company held $383.64M of assets against $141.50M of liabilities and $242.14M of equity, revealing how the asset base was financed. At period end, current assets of $351.17M compared with current liabilities of $62.65M, defining the company’s short-term resource position. Current assets covered current liabilities by 5.61x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $110.64M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 176.6% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $78.64M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.32x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 20.5% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 63.1%, placing book capital against the total resource base. Liabilities represented 36.9% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 28.8%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 3.7% from $369.97M in fiscal 2024, leaving current total assets higher year over year. Against $312.46M of equity in fiscal 2024, the current book-equity balance moved 22.5% and ended lower. Cash and equivalents were 65.4% lower than fiscal 2024 cash of $319.74M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $172.33M of cash, resulting in an operating cash outflow for the year. Capital spending of $18.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $172.35M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 44.9% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations increased from $119.67M in fiscal 2024 to $172.33M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.