ZBIO Zenas BioPharma, Inc. - Common Stock
$18.24
Price · May 20, 2026
Fundamentals as of May 13, 2026
52W Range
$9–$45
26% of range
Analyst Rating
STRONG BUY
14 analysts
Price Target
$42
+131% upside
P/E (TTM)
-4.3
ROE
-156.8%
Net Profit Margin
-3777.4%
ZBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.24
Market Cap
$1.98B
P/E (TTM)
-4.3
EPS (TTM)
$-8.44
Revenue (TTM)
$10M
Div Yield
—
ROE
-156.8%
Debt/Equity
0.3
52W Range
$9 – $45
ZBIO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$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
Margins
-3777.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ZBIO
Peer Median
P/E (TTM)
-4.3
—
P/S (TTM)
197.8
38.5
P/B
8.2
7.4
EV / EBITDA
-4.5
—
Price / FCF
-11.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ZBIO
Peer Median
Operating Margin
-3830.6%
—
Net Profit Margin
-3777.4%
-427.7%
ROA
-100.2%
-47.6%
ROE
-156.8%
-62.8%
ROIC
-119.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ZBIO
Peer Median
Debt / Equity
0.3
65.5
Current Ratio
5.6
5.6
Quick Ratio
5.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ZBIO
Peer Median
Revenue YoY
100.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ZBIO
Peer Median
ZBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 7 50.0%
- Buy 5 35.7%
- Hold 2 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-05-16
Median
$44.50
← Below all targets
$18.24
Low
$22.00
High
$55.00
Median target
$44.50
+144.0%
Mean target
$42.12
+130.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1.1%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-1.46 | $-1.62 | 0.16% |
| Dec. 31, 2025 | $-4.54 | $-1.05 | -3.5% |
| Sept. 30, 2025 | $-1.22 | $-1.07 | -0.15% |
| June 30, 2025 | $-1.25 | $-1.07 | -0.18% |
| March 31, 2025 | $-0.80 | $-1.13 | 0.33% |
| Dec. 31, 2024 | $-3.99 | $-1.02 | -3.0% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | — |
| AVBP | $854M | -4.7 | — | — | -59.7% | — |
| OLMA | $2.03B | -13.4 | — | — | -39.4% | — |
| MPLT | $773M | -0.9 | — | — | -151.1% | — |
| PURR | — | — | — | — | — | — |
| JBIO | $761M | -4.8 | — | — | -47.7% | — |
| CDNA | $959M | -47.1 | 13.8% | -5.6% | -6.8% | — |
| AKTS | — | — | — | — | — | — |
| CRVS | $575M | -14.5 | — | — | -21.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 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) | 44,730,052 | 13,198,960 | 1,531,178 | |
| Shares (Diluted) | 44,730,052 | 13,198,960 | 1,531,178 | |
| EBITDA | $-383M | $-164M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 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 | 54,485,518 | 41,793,412 | 1,576,854 |
Cash Flow 8
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 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 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 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 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 5.6 | 6.2 | · | |
| Quick Ratio | 5.5 | 6.1 | · | |
| Debt / Equity | 0.3 | · | · | |
| LT Debt / Equity | 0.3 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 100.0% | -90.0% | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 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 | 197.8 | 68.5 | · | |
| P/B | 8.2 | 1.1 | · | |
| P / Tangible Book | 8.2 | 1.1 | · | |
| 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% | · |
Income Statement 15
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | $0 | $0 | $0 | $10M | $5M | $0 | $0 | · | $0 | |
| R&D Expense | $60M | $56M | $34M | $43M | $35M | $49M | $34M | $34M | $23M | $20M | |
| SG&A Expense | $17M | $16M | $13M | $12M | $12M | $11M | $7M | $6M | $5M | $4M | |
| Operating Expenses | $77M | $238M | $53M | $55M | $47M | $61M | $41M | $40M | $28M | $25M | |
| Operating Income | $-77M | $-238M | $-53M | $-55M | $-37M | $-56M | $-41M | $-40M | $-28M | $-25M | |
| Interest Income | $3M | · | · | · | $3M | · | · | · | · | · | |
| Other Non-op | $-24.0K | $-7M | $1M | $3M | $158.0K | $-5M | $2M | $2M | $472.0K | $793.0K | |
| Pretax Income | $-81M | $-240M | $-51M | $-52M | $-34M | $-52M | $-39M | $-38M | $-28M | · | |
| Income Tax | · | $106.0K | $0 | $20.0K | $-205.0K | · | · | · | · | · | |
| Net Income | $-81M | $-240M | $-51M | $-52M | $-34M | $-53M | $-39M | $-38M | $-28M | $-25M | |
| EPS (Basic) | $-1.46 | $-5.17 | $-1.22 | $-1.25 | $-0.80 | $35.25 | $-5.02 | $-24.23 | $-17.89 | $-16.04 | |
| EPS (Diluted) | $-1.46 | $-5.17 | $-1.22 | $-1.25 | $-0.80 | $35.25 | $-5.02 | $-24.23 | $-17.89 | $-16.04 | |
| Shares (Basic) | 55,624,631 | -81,095,490 | 42,159,340 | 41,865,400 | 41,800,802 | 2,379,909 | 7,697,695 | 1,567,269 | 1,554,087 | 3,448 | |
| Shares (Diluted) | 55,624,631 | -81,095,490 | 42,159,340 | 41,865,400 | 41,800,802 | 2,379,909 | 7,697,695 | 1,567,269 | 1,554,087 | 3,448 | |
| EBITDA | $-77M | · | $-53M | $-55M | $-37M | · | $-41M | · | · | · |
Balance Sheet 20
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $500M | $111M | $116M | $44M | $197M | $320M | $360M | · | · | $57M | |
| Short-term Investments | $217M | $233M | $175M | $229M | $116M | $31M | $27M | · | · | · | |
| Prepaid Expense | $13M | $8M | $6M | $5M | $5M | $5M | $7M | · | · | $3M | |
| Current Assets | $730M | $351M | $297M | $279M | $318M | $356M | $394M | · | · | $60M | |
| PP&E (Net) | $28.0K | $34.0K | $50.0K | $61.0K | $72.0K | $185.0K | $146.0K | · | · | $193.0K | |
| Other Non-current Assets | $15M | $14M | $14M | $12M | $13M | $13M | $9M | · | · | $7M | |
| Total Assets | $748M | $384M | $322M | $293M | $334M | $370M | $403M | · | · | $68M | |
| Accounts Payable | $9M | $7M | $6M | $8M | $20M | $17M | $15M | · | · | $5M | |
| Accrued Liabilities | $51M | $54M | $45M | $45M | $28M | $39M | $29M | · | · | $17M | |
| Current Liabilities | $61M | $63M | $52M | $53M | $49M | $57M | $44M | · | · | $23M | |
| Capital Leases | $77.0K | $211.0K | $180.0K | $215.0K | $317.0K | $218.0K | · | · | · | $257.0K | |
| Total Liabilities | $412M | $141M | $126M | $53M | $49M | $58M | $44M | · | · | $44M | |
| Total Debt | · | · | $73M | · | · | · | · | · | · | · | |
| Common Stock | $6.0K | $5.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | · | · | · | |
| Paid-in Capital | $1.18B | $1.01B | $721M | $713M | $705M | $700M | $694M | · | · | $5M | |
| Retained Earnings | $-846M | $-765M | $-525M | $-473M | $-421M | $-387M | $-335M | · | · | $-230M | |
| AOCI | $-377.0K | $-64.0K | $-69.0K | $-94.0K | $141.0K | $194.0K | $54.0K | · | · | $37.0K | |
| Stockholders' Equity | $336M | $242M | $196M | $240M | $284M | $312M | $359M | · | · | $-226M | |
| Liabilities + Equity | $748M | $384M | $322M | $293M | $334M | $370M | $403M | · | · | $68M | |
| Shares Outstanding | 62,383,377 | 54,485,518 | 42,213,465 | 42,088,697 | 41,821,887 | 41,793,412 | 41,780,938 | · | · | 1,576,854 |
Cash Flow 7
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $8M | $7M | $6M | $5M | $5M | $3M | $2M | $947.0K | $1M | |
| Operating Cash Flow | $-75M | $-52M | $-41M | $-42M | $-37M | $-39M | $-31M | $-31M | $-19M | $-15M | |
| CapEx | $2.0K | $0 | $0 | $0 | $18.0K | $74.0K | $0 | $35.0K | $22.0K | · | |
| Investing Cash Flow | $32M | $-93M | $40M | $-112M | $-86M | $-4M | $-27M | $-35.0K | $-22.0K | · | |
| Financing Cash Flow | $433M | $141M | $73M | $2M | $99.0K | $2M | $234M | $178M | $-614.0K | $50.0K | |
| Net Change in Cash | $390M | $-5M | $72M | $-153M | $-123M | $-40M | $176M | $147M | $-20M | $-15M | |
| Free Cash Flow | $-75M | · | · | · | $-37M | · | · | · | · | · |
Profitability 7
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -373.3% | · | · | · | · | · | |
| Net Margin | · | · | · | · | -335.7% | · | · | · | · | · | |
| Pretax Margin | · | · | · | · | -337.8% | · | · | · | · | · | |
| EBITDA Margin | · | · | · | · | -373.3% | · | · | · | · | · | |
| ROA | -15.0% | · | -14.2% | -35.6% | -20.1% | · | -19.1% | · | · | · | |
| ROE | -26.1% | · | -18.5% | -43.6% | -23.6% | · | -21.5% | · | · | · | |
| ROIC | · | · | · | -23.0% | -13.1% | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.9 | · | 5.7 | 5.2 | 6.5 | · | 9.0 | · | · | · | |
| Quick Ratio | 11.7 | · | 5.5 | 5.1 | 6.4 | · | 8.8 | · | · | · | |
| Debt / Equity | · | · | 0.4 | · | · | · | · | · | · | · | |
| LT Debt / Equity | · | · | 0.4 | · | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.0 | 0.0 | 0.1 | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | · | $10M | $10M | · | · | · | · | · | · | |
| Net Income TTM | $-218M | · | $-176M | $-162M | $-138M | · | $-69M | · | · | · | |
| Market Cap | $1.22B | · | $937M | $408M | $330M | · | $707M | · | · | · | |
| Enterprise Value | · | · | $719M | · | · | · | · | · | · | · | |
| P/E | -4.1 | · | -2.7 | -0.3 | -0.2 | · | -0.4 | · | · | · | |
| P/S | 122.0 | · | 93.7 | 40.8 | · | · | · | · | · | · | |
| P/B | 3.6 | · | 4.8 | 1.7 | 1.2 | · | 2.0 | · | · | · | |
| P / Tangible Book | 3.6 | · | 4.8 | 1.7 | 1.2 | · | 2.0 | · | · | · | |
| P / Cash Flow | -16.2 | · | · | · | -8.9 | · | · | · | · | · | |
| P / FCF | -16.2 | · | · | · | -8.9 | · | · | · | · | · | |
| EV / EBITDA | · | · | -13.7 | · | · | · | · | · | · | · | |
| EV / Revenue | · | · | 71.9 | · | · | · | · | · | · | · | |
| Earnings Yield | -24.2% | · | -37.3% | -323.0% | -606.8% | · | -267.0% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | $10M | $5M | $50M |
| Operating Margin % | -3830.6% | -3277.8% | — |
| Net Income | $-378M | $-157M | $-37M |
| Diluted EPS | $-8.44 | $-11.89 | $-24.25 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Debt / Equity | 0.3 | — | — |
| Current Ratio | 5.6 | 6.2 | — |
| Quick Ratio | 5.5 | 6.1 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Free Cash Flow | $-172M | $-120M | — |
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