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10-Q

Quarterly Report

Zenas BioPharma, Inc. ZBIO

0001104659-25-109753

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Filed
Nov 12, 2025 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding Q3 2025 · Oct 31, 2025 53.68M sh
Shares Diluted Q3 2025 · Sep 30, 2025 42.16M sh
Shares Diluted Q3 2025 · Sep 30, 2025 41.94M sh
Shares Diluted Q3 2025 · Sep 30, 2024 7.7M sh
Shares Diluted Q3 2025 · Sep 30, 2024 3.62M sh
Capex Q3 2025 · Sep 30, 2025 $18K
Capex Q3 2025 · Sep 30, 2024 $57K
Operating Cash Flow Q3 2025 · Sep 30, 2025 −$119.92M
Operating Cash Flow Q3 2025 · Sep 30, 2024 −$81.12M
Long Term Debt Q3 2025 · Sep 30, 2025 $72.99M
Short Term Investments Q3 2025 · Sep 30, 2025 $175.32M
Short Term Investments Q3 2025 · Dec 31, 2024 $31.02M
Cash And Equivalents Q3 2025 · Sep 30, 2025 $115.57M
Cash And Equivalents Q3 2025 · Dec 31, 2024 $319.74M
Cash And Equivalents Q3 2025 · Sep 30, 2024 $360.04M
Stockholders Equity Q3 2025 · Sep 30, 2025 $196.43M
Stockholders Equity Q3 2025 · Jun 30, 2025 $239.63M
Stockholders Equity Q3 2025 · Mar 31, 2025 $284.32M
Stockholders Equity Q3 2025 · Dec 31, 2024 $312.46M
Stockholders Equity Q3 2025 · Sep 30, 2024 $359.44M
Stockholders Equity Q3 2025 · Jun 30, 2024 −$288.78M
Stockholders Equity Q3 2025 · Mar 31, 2024 −$252.5M
Stockholders Equity Q3 2025 · Dec 31, 2023 −$225.72M
Current Liabilities Q3 2025 · Sep 30, 2025 $52.42M
Current Liabilities Q3 2025 · Dec 31, 2024 $57.29M
Total Liabilities Q3 2025 · Sep 30, 2025 $125.59M
Total Liabilities Q3 2025 · Dec 31, 2024 $57.51M
Current Assets Q3 2025 · Sep 30, 2025 $296.64M
Current Assets Q3 2025 · Dec 31, 2024 $355.92M
Total Assets Q3 2025 · Sep 30, 2025 $322.02M
Total Assets Q3 2025 · Dec 31, 2024 $369.97M
Eps Diluted Q3 2025 · Sep 30, 2025 −$1.22
Eps Diluted Q3 2025 · Sep 30, 2025 −$3.27
Eps Diluted Q3 2025 · Sep 30, 2024 −$5.02
Eps Diluted Q3 2025 · Sep 30, 2024 −$28.83
Eps Basic Q3 2025 · Sep 30, 2025 −$1.22
Eps Basic Q3 2025 · Sep 30, 2025 −$3.27
Eps Basic Q3 2025 · Sep 30, 2024 −$5.02
Eps Basic Q3 2025 · Sep 30, 2024 −$28.83
Sga Expense Q3 2025 · Sep 30, 2025 $13.18M
Sga Expense Q3 2025 · Sep 30, 2025 $37.73M
Sga Expense Q3 2025 · Sep 30, 2024 $7.45M
Sga Expense Q3 2025 · Sep 30, 2024 $18.28M
Rd Expense Q3 2025 · Sep 30, 2025 $34.4M
Rd Expense Q3 2025 · Sep 30, 2025 $112.34M
Rd Expense Q3 2025 · Sep 30, 2024 $33.53M
Rd Expense Q3 2025 · Sep 30, 2024 $89.98M
Net Income Q3 2025 · Sep 30, 2025 −$51.5M
Net Income Q3 2025 · Sep 30, 2025 −$137.3M
Net Income Q3 2025 · Jun 30, 2025 −$52.22M
Net Income Q3 2025 · Mar 31, 2025 −$33.57M
Net Income Q3 2025 · Sep 30, 2024 −$38.61M
Net Income Q3 2025 · Sep 30, 2024 −$104.38M
Net Income Q3 2025 · Jun 30, 2024 −$37.98M
Net Income Q3 2025 · Mar 31, 2024 −$27.8M
Operating Income Q3 2025 · Sep 30, 2025 −$52.58M
Operating Income Q3 2025 · Sep 30, 2025 −$145.07M
Operating Income Q3 2025 · Sep 30, 2024 −$40.98M
Operating Income Q3 2025 · Sep 30, 2024 −$108.27M
Revenue Q3 2025 · Sep 30, 2025 $10M