your badges 52W Range $14–$45 47% of range Analyst Rating STRONG BUY 14 analysts Price Target $48 +69% upside P/E -3.4 ROE -156.8% Net Profit Margin -3777.4%

ZBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $28.30
Market Cap (MRQ) $1.79B
P/E -3.4
EPS $-8.44
Revenue $10M
ROE -156.8%
Debt/Equity 0.3
52W Range $14–$45

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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$10M
2023-12-31 → 2025-12-31
EPS$-8.44
2023-12-31 → 2025-12-31
Free Cash Flow$-172M
2024-12-31 → 2025-12-31
Net margin-3777.4%
2024-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend ZBIO 5Y avg Peer Median Verdict
P/E -3.4 · · ·
P/S 154.2 · 7.4 Overvalued
P/B (MRQ) 7.3 · 5.4 Overvalued
EV / EBITDA -3.3 · · ·
Price / FCF (TTM) -7.9 · · ·
Price / Cash Flow (TTM) -7.9 · · ·
EV / Revenue 127.7 · · ·
EV / FCF -7.4 · · ·
Price / Tangible Book 6.4 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -89.7%
Next Report Nov 10, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 18, 2026 $-1.29 $-1.15 -12.5%
March 31, 2026 May 14, 2026 $-1.46 $-1.62 9.7%
Dec. 31, 2025 $-4.54 $-1.05 -333.0%
Sept. 30, 2025 $-1.22 $-1.07 -14.2%
June 30, 2025 $-1.25 $-1.07 -16.7%
March 31, 2025 $-0.80 $-1.13 29.3%
Dec. 31, 2024 $-3.99 $-1.02 -290.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 15
Metric Trend 202520242023
Revenue $10M$5M$50M
R&D Expense $168M$139M$60M
SG&A Expense $53M$30M$17M
Operating Expenses $393M$169M$87M
Operating Income $-383M$-164M$-37M
Interest Income $12M$8M·
Other Non-op $417.0K$202.0K$624.0K
Pretax Income $-378M$-157M$-37M
Income Tax $-79.0K$429.0K$301.0K
Net Income $-378M$-157M$-37M
EPS (Basic) $-8.44$-11.89$-24.25
EPS (Diluted) $-8.44$-11.89$-24.25
Shares (Basic) 44,730,05213,198,9601,531,178
Shares (Diluted) 44,730,05213,198,9601,531,178
EBITDA $-383M$-164M·
Balance Sheet 20
Metric Trend 202520242023
Cash & Equivalents $111M$320M$57M
Short-term Investments $233M$31M·
Prepaid Expense $8M$5M$3M
Current Assets $351M$356M$60M
PP&E (Net) $34.0K$185.0K$193.0K
Other Non-current Assets $14M$13M$7M
Total Assets $384M$370M$68M
Accounts Payable $7M$17M$5M
Accrued Liabilities $54M$39M$17M
Current Liabilities $63M$57M$23M
Capital Leases $211.0K$218.0K$257.0K
Total Liabilities $141M$58M$44M
Total Debt $79M··
Common Stock $5.0K$4.0K·
Paid-in Capital $1.01B$700M$5M
Retained Earnings $-765M$-387M$-230M
AOCI $-64.0K$194.0K$37.0K
Stockholders' Equity $242M$312M$-226M
Liabilities + Equity $384M$370M$68M
Shares Outstanding 54,485,51841,793,4121,576,854
Cash Flow 8
Metric Trend 202520242023
Stock-based Comp $26M$11M$3M
Operating Cash Flow $-172M$-120M$-31M
CapEx $18.0K$131.0K$17.0K
Investing Cash Flow $-252M$-31M$-17.0K
Financing Cash Flow $215M$413M$20M
Net Change in Cash $-209M$263M$-10M
Taxes Paid $15.0K··
Free Cash Flow $-172M$-120M·
Profitability 7
Metric Trend 202520242023
Operating Margin -3830.6%-3277.8%·
Net Margin -3777.4%-3139.8%·
Pretax Margin -3778.2%-3131.2%·
EBITDA Margin -3830.6%-3277.8%·
ROA -100.2%-71.7%·
ROE -156.8%-46.7%·
ROIC -119.4%-52.6%·
Liquidity & Solvency 4
Metric Trend 202520242023
Current Ratio 5.66.2·
Quick Ratio 5.56.1·
Debt / Equity 0.3··
LT Debt / Equity 0.3··
Efficiency 1
Metric Trend 202520242023
Asset Turnover 0.00.0·
Per Share 5
Metric Trend 202520242023
Book Value / Share $4.44$7.48·
Revenue / Share $0.22$0.38·
Cash Flow / Share $-3.85$-9.07·
Cash / Share $2.03$7.65·
EPS (TTM) $-8.44$-11.89·
Growth Rates 1
Metric Trend 202520242023
Revenue YoY 100.0%-90.0%·
Valuation (TTM) 14
Metric Trend 202520242023
Revenue TTM $10M$5M·
Net Income TTM $-378M$-157M·
Market Cap $1.98B$342M·
Enterprise Value $1.71B··
P/E -4.3-0.7·
P/S 197.868.5·
P/B 8.21.1·
P / Tangible Book 8.21.1·
P / Cash Flow -11.5-2.9·
P / FCF -11.5-2.9·
EV / EBITDA -4.5··
EV / FCF -9.9··
EV / Revenue 171.4··
Earnings Yield -23.2%-145.2%·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-31
Revenue $10M $5M $50M
Operating Margin % -3830.6% -3277.8% ·
Net Income $-378M $-157M $-37M
Diluted EPS $-8.44 $-11.89 $-24.25

Institutional owners (13F) 150 filers · $1.6B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 150
Value held $1.6B
New positions 27
Exited positions 21
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
27 (-25 vs prior Q) 21 (-13 vs prior Q) 65 (+2 vs prior Q) 39 (+23 vs prior Q) +3.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
FMR LLC $241,280,071 9,506,701 15.37% Shares
SR One Capital Management, LP $127,860,735 5,037,854 8.15% Shares
NEA Management Company, LLC $102,109,298 4,023,219 6.50% Shares
ENAVATE SCIENCES GP, LLC $99,468,255 3,919,159 6.34% Shares
FEDERATED HERMES, INC. $79,104,511 3,116,805 5.04% Shares
BlackRock, Inc. $68,176,389 2,686,225 4.34% Shares
Capital International Investors $63,523,907 2,502,912 4.05% Shares
Polar Capital Holdings Plc $61,236,153 2,412,772 3.90% Shares
Royalty Pharma Sub-Manager, LLC $60,611,247 2,388,150 3.86% Shares
Fairmount Funds Management LLC $59,872,055 2,359,025 3.81% Shares
VANGUARD GROUP INC $52,760,791 1,453,065 3.36% Shares
STATE STREET CORP $52,158,438 2,055,100 3.32% Shares
NVP ASSOCIATES, LLC $46,660,673 1,838,482 2.97% Shares
WELLINGTON MANAGEMENT GROUP LLP $40,451,126 1,593,819 2.58% Shares
VANGUARD CAPITAL MANAGEMENT LLC $34,386,448 1,354,864 2.19% Shares
BANK OF AMERICA CORP /DE/ $31,246,815 1,231,159 1.99% Shares
GEODE CAPITAL MANAGEMENT, LLC $22,406,450 882,654 1.43% Shares
ALLIANCEBERNSTEIN L.P. $21,571,235 1,103,388 1.37% Shares
TWO SIGMA INVESTMENTS, LP $20,688,507 815,150 1.32% Shares
EcoR1 Capital, LLC $20,037,510 789,500 1.28% Shares
MILLENNIUM MANAGEMENT LLC $16,762,729 660,470 1.07% Shares
Woodline Partners LP $14,987,880 590,539 0.95% Shares
Balyasny Asset Management L.P. $14,637,077 576,717 0.93% Shares
ArrowMark Colorado Holdings LLC $14,550,811 573,318 0.93% Shares
SILVERARC CAPITAL MANAGEMENT, LLC $12,938,445 509,789 0.82% Shares
Rock Springs Capital Management LP $12,742,714 502,077 0.81% Shares
Pivotal bioVenture Partners Investment Advisor LLC $12,455,641 490,766 0.79% Shares
NEXTBio Capital Management LP $10,830,560 426,736 0.69% Shares
Vestal Point Capital, LP $9,263,700 365,000 0.59% Shares
MARSHALL WACE, LLP $8,208,957 323,442 0.52% Shares
JENNISON ASSOCIATES LLC $7,970,564 314,049 0.51% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $7,737,601 304,870 0.49% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $7,666,917 302,085 0.49% Shares
NORTHERN TRUST CORP $7,135,334 281,140 0.45% Shares
GOLDMAN SACHS GROUP INC $6,882,117 271,163 0.44% Shares
VANGUARD FIDUCIARY TRUST CO $6,462,332 254,623 0.41% Shares
SPHERA FUNDS MANAGEMENT LTD. $5,858,567 230,834 0.37% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,740,956 226,200 0.37% Call option
Walleye Capital LLC $5,305,689 209,050 0.34% Shares
Sio Capital Management, LLC $5,293,177 208,557 0.34% Shares
CITADEL ADVISORS LLC $4,968,897 195,780 0.32% Shares
UBS Group AG $4,519,899 178,089 0.29% Shares
Voleon Capital Management LP $4,242,140 167,145 0.27% Shares
BNP PARIBAS FINANCIAL MARKETS $3,834,563 151,086 0.24% Shares
MORGAN STANLEY $3,425,767 134,979 0.22% Shares
Squarepoint Ops LLC $3,177,195 125,185 0.20% Shares
BARCLAYS PLC $2,943,193 115,965 0.19% Shares
SEVEN GRAND MANAGERS, LLC $2,538,000 100,000 0.16% Shares
Birchview Capital, LP $2,375,593 93,601 0.15% Shares
Verition Fund Management LLC $1,852,435 72,988 0.12% Shares

Show all 150 institutional owners →

Activists & 5%+ owners 4 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Enavate Sciences GP, LLC, Zebra Aggregator, LP ×3 filings Aug. 19, 2026 4.90% Amendment · SEC
SR One Capital Management, LLC, SR One Capital Fund II Aggregator, LP, SR One Capital Partners II, LP, AMZL, LP, SR One Capital SMA Partners, LP, SR One Capital Opportunities Fund I, LP, SR One Capital Opportunities Partners I, LP, Simeon George ×3 filings Aug. 17, 2026 7.70% Amendment · SEC
MOULDER LEON O JR, Tellus BioVentures, LLC, Leon O. Moulder, Jr. Revocable Trust U/A dtd 9/9/2008 ×5 filings May 5, 2026 5.09% Initial filing Passive investment SEC
Longitude Capital Partners IV, LLC, Longitude Venture Partners IV, L.P., Longitude Prime Partners, LLC, Longitude Prime Fund, L.P., Patrick G. Enright, Juliet Tammenoms Bakker ×2 filings Oct. 14, 2025 4.90% Amendment · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 14 insiders · 5 officers · 9 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
MOULDER LEON O JR Chief Executive Officer June 15, 2026 A 96,928 10 0 $6,533,809
Jennifer A. Fox Chief Business Officer and Chief Financial Officer June 15, 2026 A 1,592 0 0 $0
Joseph L Farmer President and Chief Operating Officer June 15, 2026 A 974 0 0 $0
Lisa Von Moltke Head of Research and Development and Chief Medical Officer June 15, 2026 A · 0 0 $0
Orlando Oliveira Chief Commercial Officer June 10, 2025 A · 0 0 $0
Christy J. Oliger Director Sept. 1, 2026 A · 0 0 $0
James P Boylan Director June 15, 2026 A · 0 0 $0
Hongbo Lu Director June 15, 2026 A 426,736 5 0 $8,154,891
John J Orloff Director June 15, 2026 A · 0 0 $0
Jason Raleigh Nunn Director June 15, 2026 A 1,173,395 1 0 $1,200,002
Patricia L Allen Director June 15, 2026 A 19,860 4 0 $499,746
Patrick G. Enright Director June 15, 2026 A 11,990 2 0 $2,250,027
Ting Xiao Director Feb. 7, 2025 P 10,000 0 0 $0
Wellington Biomedical Innovation Master Investors (Cayman) I L.P. 10% owner Sept. 16, 2024 C 801,624 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 27 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
BBC · ETFis Series Trust I 1.06% 15,697 NS July 31, 2026 N-PORT
DWAS · Invesco Exchange-Traded Fund Trust … 0.45% 66,114 SH Oct. 2, 2026 Daily
LABU · Direxion Shares ETF Trust 0.29% 45,855 NS July 31, 2026 N-PORT
IWC · iShares Trust 0.21% 96,766 SH Sept. 11, 2026 Daily
FFSM · FIDELITY COVINGTON TRUST 0.14% 66,271 NS July 31, 2026 N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust … 0.12% 4,609 SH Oct. 2, 2026 Daily
PWS · Pacer Funds Trust 0.08% 626 NS July 31, 2026 N-PORT
IBB · iShares Trust 0.07% 242,500 SH Sept. 11, 2026 Daily
IWO · iShares Trust 0.06% 267,610 SH Sept. 11, 2026 Daily
PKW · Invesco Exchange-Traded Fund Trust 0.04% 24,137 SH Oct. 2, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.04% 27,907 SH Aug. 19, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.04% 30,536 SH Aug. 19, 2026 Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.04% 8,226 NS July 31, 2026 N-PORT
IWM · iShares Trust 0.03% 731,217 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.03% 13,640 NS July 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.02% 164,002 SH Aug. 19, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.01% 12,595 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.01% 435,390 SH Aug. 19, 2026 Daily
VHT · VANGUARD WORLD FUND 0.01% 79,801 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.01% 1,983 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.00% 58,983 SH Sept. 11, 2026 Daily
DFAS · Dimensional ETF Trust 0.00% 4,511 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.00% 4,761 SH Sept. 11, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 891,196 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 2,624 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 1,340 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 6,636 SH Sept. 11, 2026 Daily

ZBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 14 analysts BUY
Median target $46.50 +64.3%
7 50.0% Strong Buy
5 35.7% Buy
2 14.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

8 analysts · 2026-10-03

Mean target $47.88 +69.2%

← Below all targets Current price $28.30
Low$32.00 Mean$47.88 High$59.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ZBIO $1.98B -4.3 100.0% -3777.4% -156.8% ·
VERA · -10.9 · · -55.9% ·
ADMA $4.34B 30.4 19.6% 28.8% 33.6% 57.4%
MLYS $2.96B -15.8 · · -32.2% ·
BCRX $1.66B 6.4 94.1% 30.2% -97.6% ·
VCEL $1.82B 112.5 16.4% 6.0% 5.0% 74.4%
BHVN $1.50B -1.6 · · -310.8% ·
PVLA $1.30B -28.2 65.3% -1610.6% -110.1% ·
ABSI $529M -4.2 -38.2% -4113.7% -63.5% ·
AGIO $1.59B -3.8 48.0% -764.0% -32.2% ·
VIR $841M -1.9 -7.6% -638.9% -51.1% ·

Latest News Recent headlines mentioning this company

23
Thursday 4/30 Insider Buying Report: ZBIO, PDX Nasdaq · 5 months ago Zenas BioPharma Stock Falls 20% After Pricing $300 Mln Offerings Nasdaq · 6 months, 1 week ago ENAVATE's Zenas Bio Pharma add Is a Footnote — The Obexelimab Pipeline Is What to Watch Nasdaq · 6 months, 1 week ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 13, 2026