Zenas BioPharma, Inc. Common Stock
NASDAQ: ZBIO · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-05
Zenas BioPharma, Inc. Common Stock (ZBIO) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $-65.65M | $-30.53M | $-119.67M | $-172.33M |
| Capital expenditures | $2.20M | $17000.00 | $131000.00 | $18000.00 |
| Depreciation | — | — | — | — |
| Stock-based comp | $737000.00 | $3.50M | $10.82M | $26.35M |
| Free cash flow | $-67.85M | $-30.55M | $-119.81M | $-172.35M |
| Investing cash flow | — | — | — | — |
| Financing cash flow | — | — | — | — |
| Dividends paid | — | — | — | — |
| Share repurchases | — | — | — | — |
| Debt repayment | — | — | — | — |
| Net change in cash | — | — | — | — |
Frequently asked questions
How profitable is ZBIO?
In its most recent fiscal year, ZBIO ran a gross margin of 100.00%, an operating margin of -2,113.85%, and a net margin of -3,777.37%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does ZBIO generate?
ZBIO produced $-172.35M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is ZBIO's balance sheet healthy?
ZBIO holds $110.64M in cash and equivalents against — in long-term debt, on $242.14M of shareholder equity. That debt is best read against the cash flow the business throws off each year.