Zenas BioPharma, Inc.

	Dec-25	Dec-24	Dec-23	Dec-22
Total revenue	0.01	0.01	0.05	0.00
Cost of revenue	0.00	0.14	0.00	0.06
Gross profit	0.01	-0.13	0.05	-0.06
Total operating expenses +	0.22	0.03	0.09	0.01
Selling, general and administrative	0.05	0.03	0.02	0.01
Research and development	0.17	0.14	0.06	0.06
Other operating expenses	0.00	-0.14	0.01	-0.06
Operating income	-0.21	-0.16	-0.04	-0.08
Non-operating income (net)	-0.17	0.01	0.00	-0.04
Income before tax	-0.38	-0.16	-0.04	-0.12
Income tax expense	0.00	0.00	0.00
Net income	-0.38	-0.16	-0.04	-0.12

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22
Total revenue	0.00	0.01	0.00	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.05
Cost of revenue	0.00	0.00	0.01	0.04	0.00	0.00	0.03	0.03	0.02	0.02	0.00
Gross profit	0.00	0.00	-0.01	-0.04	0.01	0.01	-0.03	-0.03	-0.02	-0.02	0.05
Total operating expenses +	0.08	0.24	0.05	0.01	0.05	0.06	0.01	0.01	0.00	0.00	0.01	0.03	0.02	0.02
Selling, general and administrative	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.01	0.00	0.00	0.00
Research and development	0.06	0.06	0.03	0.04	0.03	0.05	0.03	0.03	0.02	0.02	0.01	0.01	0.02	0.02
Other operating expenses	0.00	0.17	0.00	-0.04	0.00	0.00	-0.03	-0.03	-0.02	-0.02	0.00	0.01	0.00	0.00
Operating income	-0.08	-0.24	-0.05	-0.06	-0.04	-0.06	-0.04	-0.04	-0.03	-0.02	0.04	-0.03	-0.02	-0.02
Non-operating income (net)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income before tax	-0.08	-0.24	-0.05	-0.05	-0.03	-0.05	-0.04	-0.04	-0.03	-0.02	0.04	-0.03	-0.02	-0.02
Income tax expense		0.00		0.00	0.00	0.00				0.00
Net income	-0.08	-0.24	-0.05	-0.05	-0.03	-0.05	-0.04	-0.04	-0.03	-0.02	0.04	-0.03	-0.02	-0.02

4 days ago

Ask a follow up

	Dec-25	Dec-24	Dec-23	Dec-22
Total cash and short-term investments +	0.34	0.35	0.06	0.07
Cash and cash equivalents	0.11	0.32	0.06	0.07
Short-term investments	0.23	0.03	0.00
Other current assets	0.01	0.01	0.00	0.00
Total current assets	0.35	0.36	0.06	0.07
Total non-current assets +	0.03	0.01	0.01	0.01
Property, plant and equipment, net
Goodwill
Intangible assets
Long-term investments	0.02	0.00
Other non-current assets
Total assets	0.38	0.37	0.07	0.07

Total current liabilities +	0.06	0.06	0.02	0.03
Accounts payable	0.01	0.02	0.01	0.01
Short-term debt	0.00	0.00	0.00	0.00
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.05	0.04	0.02	0.02
Total non-current liabilities +	0.08	0.00	0.27	0.24
Long-term debt			0.02
Capital lease obligations	0.00	0.00	0.00	0.00
Other non-current liabilities	0.08
Total liabilities	0.14	0.06	0.29	0.27

Total stockholders' equity +	0.24	0.31	-0.23	-0.19
Common stock and paid-in capital	1.01	0.70	0.00	0.00
Retained earnings	-0.77	-0.39	-0.23	-0.19
Common shares outstanding	45	42	38	38

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22
Total cash and short-term investments +	0.72	0.34	0.29	0.27	0.31	0.35	0.39	0.18	0.04	0.06	0.07	0.00	0.07	0.07
Cash and cash equivalents	0.50	0.11	0.12	0.04	0.20	0.32	0.36	0.18	0.04	0.06	0.07		0.07	0.07
Short-term investments	0.22	0.23	0.18	0.23	0.12	0.03	0.03			0.00
Accounts receivable, net	0.00
Other current assets	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00			0.00
Total current assets	0.73	0.35	0.30	0.28	0.32	0.36	0.39	0.19	0.04	0.06	0.08		0.07	0.07
Total non-current assets +	0.02	0.03	0.03	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.01		-0.07	0.01
Property, plant and equipment, net
Goodwill
Intangible assets
Long-term investments	0.00	0.02	0.01	0.00	0.00	0.00
Other non-current assets
Total assets	0.75	0.38	0.32	0.29	0.33	0.37	0.40	0.20	0.05	0.07	0.08			0.07

Total current liabilities +	0.06	0.06	0.05	0.05	0.05	0.06	0.04	0.04	0.03	0.02	0.02			0.03
Accounts payable	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.01	0.01	0.01	0.00			0.01
Short-term debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00			0.00
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.05	0.05	0.05	0.04	0.03	0.04	0.03	0.03	0.02	0.02	0.01			0.02
Total non-current liabilities +	0.35	0.08	0.07	0.00	0.00	0.00	0.00	0.00	0.27	0.27	0.27		-0.05	0.24
Long-term debt	0.27								0.02	0.02	0.02
Capital lease obligations	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other non-current liabilities	0.08	0.08	0.07
Total liabilities	0.41	0.14	0.13	0.05	0.05	0.06	0.04	0.04	0.30	0.29	0.29		-0.05	0.27

Total stockholders' equity +	0.34	0.24	0.20	0.24	0.28	0.31	0.36	0.16	-0.25	-0.23	-0.20		0.05	-0.19
Common stock and paid-in capital	1.18	1.01	0.72	0.71	0.71	0.70	0.69	0.46	0.01	0.00	0.00	0.00	0.05	0.00
Retained earnings	-0.85	-0.77	-0.52	-0.47	-0.42	-0.39	-0.33	-0.30	-0.26	-0.23	-0.21			-0.19
Common shares outstanding	56	46	42	42	42	42	42	38	38	38	42	38	38	38

4 days ago

Ask a follow up

	Dec-25	Dec-24	Dec-23	Dec-22
Operating cash flow +	-0.17	-0.12	-0.03	-0.07
Net income
Depreciation, depletion and amortization	0.00	0.00	0.00	0.00
Stock-based compensation	0.03	0.01	0.00	0.00
Change in inventory
Other working capital changes	-0.20	-0.13	-0.03	-0.07
Cash flow from investing +	-0.25	-0.03	0.00	0.00
Capital expenditures	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	-0.25	-0.03	0.00	0.00
Cash flow from financing +	0.22	0.41	0.02	0.06
Dividend payout
Common stock repurchases	0.00
Net Debt Issuance	0.22	0.41	0.02	0.06

Change in cash	-0.21	0.26	-0.01	-0.01

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22
Operating cash flow +	-0.08	-0.05	-0.04	-0.04	-0.04	-0.04	-0.03	-0.03	-0.02	-0.02	0.03	-0.02	-0.03	-0.02
Net income
Depreciation, depletion and amortization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Stock-based compensation	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in inventory
Other working capital changes	-0.08	-0.06	-0.05	-0.05	-0.04	-0.04	-0.03	-0.03	-0.02	-0.02	0.03	-0.02	-0.03	-0.02
Cash flow from investing +	0.03	-0.09	0.04	-0.11	-0.09	0.00	-0.03	0.00	0.00	0.00				0.00
Capital expenditures	0.00	-0.03	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	0.03	-0.06	0.05	-0.11	-0.09	0.00	-0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash flow from financing +	0.43	0.14	0.07	0.00	0.00	0.00	0.23	0.18	0.00	0.00	0.02	0.00	0.00	0.06
Dividend payout
Common stock repurchases	0.00		0.00
Net Debt Issuance	0.43	0.14	0.07	0.00	0.00	0.00	0.23	0.18	0.00	0.00	0.02	0.00	0.00	0.06

Change in cash	0.39	0.00	0.07	-0.15	-0.12	-0.04	0.18	0.15	-0.02	-0.02	0.05	-0.02	-0.03	0.04