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10-K

Annual Report

Zenas BioPharma, Inc. ZBIO

0001104659-26-027964

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Filed
Mar 16, 2026 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding FY 2025 · Feb 28, 2026 57.36M sh
Shares Diluted FY 2025 · Dec 31, 2025 44.73M sh
Shares Diluted FY 2025 · Dec 31, 2024 13.2M sh
Capex FY 2025 · Dec 31, 2025 $18K
Capex FY 2025 · Dec 31, 2024 $131K
Operating Cash Flow FY 2025 · Dec 31, 2025 −$172.33M
Operating Cash Flow FY 2025 · Dec 31, 2024 −$119.67M
Long Term Debt FY 2025 · Dec 31, 2025 $78.64M
Short Term Investments FY 2025 · Dec 31, 2025 $232.55M
Short Term Investments FY 2025 · Dec 31, 2024 $31.02M
Cash And Equivalents FY 2025 · Dec 31, 2025 $110.64M
Cash And Equivalents FY 2025 · Dec 31, 2024 $319.74M
Stockholders Equity FY 2025 · Dec 31, 2025 $242.14M
Stockholders Equity FY 2025 · Dec 31, 2024 $312.46M
Stockholders Equity FY 2025 · Dec 31, 2023 −$225.72M
Current Liabilities FY 2025 · Dec 31, 2025 $62.65M
Current Liabilities FY 2025 · Dec 31, 2024 $57.29M
Total Liabilities FY 2025 · Dec 31, 2025 $141.5M
Total Liabilities FY 2025 · Dec 31, 2024 $57.51M
Current Assets FY 2025 · Dec 31, 2025 $351.17M
Current Assets FY 2025 · Dec 31, 2024 $355.92M
Total Assets FY 2025 · Dec 31, 2025 $383.64M
Total Assets FY 2025 · Dec 31, 2024 $369.97M
Eps Diluted FY 2025 · Dec 31, 2025 −$8.44
Eps Diluted FY 2025 · Dec 31, 2024 −$11.89
Eps Basic FY 2025 · Dec 31, 2025 −$8.44
Eps Basic FY 2025 · Dec 31, 2024 −$11.89
Sga Expense FY 2025 · Dec 31, 2025 $53.32M
Sga Expense FY 2025 · Dec 31, 2024 $29.75M
Rd Expense FY 2025 · Dec 31, 2025 $168.06M
Rd Expense FY 2025 · Dec 31, 2024 $139.14M
Net Income FY 2025 · Dec 31, 2025 −$377.74M
Net Income FY 2025 · Dec 31, 2024 −$156.99M
Operating Income FY 2025 · Dec 31, 2025 −$383.06M
Operating Income FY 2025 · Dec 31, 2024 −$163.89M
Revenue FY 2025 · Dec 31, 2025 $10M
Revenue FY 2025 · Dec 31, 2024 $5M