Zenas BioPharma, Inc.
- Open
- 26.02
- Day high
- 28.98
- Day low
- 25.48
- Prev close
- 25.38
- Volume
- 1.6M
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.4
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $2.1M over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Zenas BioPharma, Inc. (ZBIO) is a Healthcare company listed on NASDAQ. The stock is up 178% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Zenas BioPharma, Inc. (ZBIO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZBIO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-1.37 | $-1.46 | -6.6% | — | — |
| Mar 16, 2026 | $-1.00 | $-4.54 | -353.4% | — | — |
| Nov 12, 2025 | $-0.87 | $-1.22 | -40.2% | — | — |
| May 15, 2025 | $-1.11 | $-0.80 | +27.9% | $10M | +700.0% |
| Mar 25, 2025 | $-0.92 | $-3.99 | -333.7% | $5M | — |
| Jun 30, 2024 | — | $-0.99 | — | — | — |
| Mar 31, 2024 | — | $-0.73 | — | — | — |
| Dec 31, 2023 | — | $-0.64 | — | — | — |
| Sep 30, 2023 | — | $0.85 | — | $50M | — |
| Jun 30, 2023 | — | $-0.76 | — | — | — |
| Mar 31, 2023 | — | $-0.50 | — | — | — |
| Dec 31, 2022 | — | $-0.50 | — | — | — |
ZBIO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Allen Patricia Ldirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | ENRIGHT PATRICK Gdirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | Boylan James Pdirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | von Moltke Lisaofficer: See Remarks | Grant | 150,000 | $18.71 |
| Jun 17, 2026 | Nunn Jason Raleighdirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | Lu Hongbodirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | MOULDER LEON O JRdirector, officer: See Remarks | Grant | 500,000 | $18.71 |
| Jun 17, 2026 | ORLOFF JOHN Jdirector | Grant | 18,500 | $18.71 |
| Jun 17, 2026 | Fox Jennifer A.officer: See Remarks | Grant | 125,000 | $18.71 |
| Jun 17, 2026 | Fox Jennifer A.officer: See Remarks | Grant | 1,592 | $13.35 |
| Jun 17, 2026 | Farmer Joseph Lofficer: See Remarks | Grant | 175,000 | $18.71 |
| Jun 17, 2026 | Farmer Joseph Lofficer: See Remarks | Grant | 974 | $13.35 |
| May 18, 2026 | MOULDER LEON O JRdirector, officer: Chief Executive Officer | Buy | 60,000 | $16.88 |
| Apr 29, 2026 | MOULDER LEON O JRdirector, officer: Chief Executive Officer | Buy | 25,000 | $18.02 |
| Apr 29, 2026 | MOULDER LEON O JRdirector, officer: Chief Executive Officer | Buy | 35,000 | $17.62 |
Source: ZBIO SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full ZBIO insider & 13F page →Zenas BioPharma, Inc. company profile
Overview
Zenas BioPharma, Inc. (NASDAQ:ZBIO) is a clinical-stage biopharmaceutical company founded in 2019 and headquartered in Waltham, Massachusetts. The company went public in September 2024 through an initial public offering. Zenas focuses on developing transformative immunology-based therapies for autoimmune and inflammatory diseases, with its lead product candidate obexelimab currently in clinical trials for multiple indications including rare autoimmune conditions and multiple sclerosis.
Business
Zenas BioPharma operates in the biotechnology sector, specifically focusing on developing treatments for autoimmune and inflammatory diseases. The company's core business involves discovering, developing, and commercializing novel therapeutic antibodies that target the immune system to treat conditions where the body's immune response becomes overactive or misdirected. The company's flagship product is obexelimab, a bifunctional monoclonal antibody designed to modulate immune system activity. Monoclonal antibodies are laboratory-created proteins that mimic the immune system's ability to fight harmful pathogens, but are engineered to target specific disease-causing mechanisms. Obexelimab specifically targets two key immune system components simultaneously, making it "bifunctional." The drug is being developed for several serious autoimmune conditions including immunoglobulin G4-related disease (a rare inflammatory condition), multiple sclerosis (a neurological autoimmune disease), systemic lupus erythematosus (a systemic autoimmune disease), and warm autoimmune hemolytic anemia (a blood disorder). Beyond obexelimab, Zenas has a pipeline of additional monoclonal antibody candidates in various stages of development. These include ZB002 (an anti-TNFα antibody for inflammatory conditions), ZB004 (targeting immune checkpoint regulation), ZB001 (targeting growth factor receptors), and ZB005 (targeting complement system activation). The company appears to focus entirely on immunology-based therapeutics, with no significant revenue diversification across different therapeutic areas at this stage.
Revenue model
As a clinical-stage biopharmaceutical company, Zenas BioPharma currently generates minimal revenue and operates primarily on a research and development model funded by investor capital. The company's limited revenue of $5-10 million annually appears to come from collaboration agreements, licensing deals, or milestone payments rather than product sales, as none of their drug candidates have reached commercial approval yet. The company's future business model will likely center on product sales of approved therapeutics, with revenue generated through direct sales to hospitals, specialty pharmacies, and healthcare providers. Given that their target diseases are often rare or specialized conditions, Zenas would likely price their treatments as premium specialty pharmaceuticals, potentially commanding high prices due to limited competition and significant unmet medical need. Key factors that could positively impact margins include successful clinical trial outcomes leading to regulatory approval, obtaining orphan drug designations for rare diseases (which provide market exclusivity and tax incentives), establishing favorable reimbursement coverage from insurance providers, and achieving manufacturing scale efficiencies. Conversely, factors that could pressure margins include clinical trial failures requiring additional development costs, increased competition from larger pharmaceutical companies entering similar therapeutic areas, regulatory delays extending development timelines and costs, and potential pricing pressure from healthcare payers seeking to control specialty drug costs. The company's success will ultimately depend on advancing their pipeline through expensive clinical trials and achieving regulatory approval in a highly competitive and regulated industry.
Competitive moat
Zenas BioPharma's competitive moat is currently limited, as is typical for early-stage biotechnology companies. The company's primary potential moat lies in its intellectual property portfolio around obexelimab and other monoclonal antibody candidates, particularly the bifunctional design of obexelimab which may provide differentiation from existing treatments. If successfully developed and approved, these drugs could benefit from regulatory exclusivity periods and patent protection. However, the company faces significant competitive threats from much larger pharmaceutical companies with greater resources, established commercial infrastructure, and deeper pipelines. Major players like Roche, Johnson & Johnson, and other biotechnology companies are actively developing competing immunology treatments. The autoimmune therapeutics market is increasingly crowded, with numerous approved treatments already available for conditions like multiple sclerosis and lupus. The company's moat strength will ultimately depend on clinical trial outcomes demonstrating superior efficacy or safety profiles compared to existing treatments. Without clear clinical differentiation, Zenas may struggle to compete against established therapies with proven track records. Additionally, the company lacks the commercial infrastructure and market presence of larger competitors, making it vulnerable to being outmaneuvered in the marketplace even if their products show promise. The biotechnology industry's high failure rates and capital-intensive nature further limit the sustainability of any early competitive advantages.
Risks & safety
Zenas BioPharma presents moderate financial safety but faces typical biotech execution risks. • **Cash Position**: Strong liquidity with $197 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations • **Debt Level**: Minimal debt with debt-to-equity ratio of 0.004, indicating very low financial leverage • **Cash Burn**: High quarterly cash burn of approximately $37-38 million from operations, suggesting roughly 5-6 quarters of runway at current spending levels • **Current Ratio**: Excellent liquidity ratio of 6.5x, indicating strong ability to meet short-term obligations • **Solvency Risk**: Low near-term solvency risk given strong balance sheet, but will need additional financing within 1-2 years **Valuation Considerations**: As a pre-revenue biotech, traditional valuation metrics are not meaningful. The company trades at significant premium to book value, reflecting investor expectations for pipeline success rather than current assets. **Other Risks**: High execution risk typical of clinical-stage biotechnology companies, with success dependent on clinical trial outcomes, regulatory approval, and eventual commercialization capabilities.
Recent development
Based on available financial data, Zenas BioPharma has undergone significant corporate development since its 2019 founding. The company completed its initial public offering in September 2024, raising substantial capital to fund its clinical development programs. This IPO marked a major milestone, transitioning the company from private to public markets and providing access to broader investor capital. The company has maintained focus on advancing obexelimab through clinical trials for multiple autoimmune indications, representing a diversified approach to maximize the drug's commercial potential. Revenue generation has been minimal but shows some activity, with $5 million in FY 2024 and $10 million in Q1 2025, likely from collaboration agreements or milestone payments related to their development programs. The company has significantly strengthened its financial position through the public offering, building cash reserves to over $300 million by late 2024. This capital raise positions Zenas to advance multiple clinical programs simultaneously and extend their operational runway considerably. The company appears to be investing heavily in research and development activities, as evidenced by consistent quarterly losses in the $30-50 million range, which is typical for a clinical-stage biotechnology company advancing multiple drug candidates through expensive clinical trials.
ZBIO company profile · for informational purposes only — not investment advice.
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