ZNTL Zentalis Pharmaceuticals, Inc. - common stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$2.52
· of 52w range
· above low
· to high
$1.2152w low
$6.9552w high
Market Cap (MRQ)
$181M
P/E
-1.4
EPS
$-1.91
Revenue
$0
your badges
52W Range
$1–$7
Analyst Rating
BUY
Price Target
$7
P/E
-1.4
ROE
-49.5%
Net Profit Margin
·
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ZNTL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.52
Market Cap (MRQ)
$181M
P/E
-1.4
EPS
$-1.91
Revenue
$0
ROE
-49.5%
52W Range
$1–$7
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$02022-12-31 → 2025-12-31
EPS$-1.912019-12-31 → 2025-12-31
Free Cash Flow$-125M2020-12-31 → 2025-12-31
Net margin·2024-12-31 → 2024-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ZNTL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.45Y avg ≈-6.5 | ≈-6.5 | · | · | |
| P/B (MRQ) | 1.35Y avg ≈1.6 | ≈1.6 | 2.5 | Fair value | |
| Price / FCF (TTM) | -1.45Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Cash Flow (TTM) | -1.45Y avg ≈-3.6 | ≈-3.6 | · | · | |
| Price / Tangible Book | 0.85Y avg ≈3.4 | ≈3.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ZNTL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -38.1%5Y avg ≈-43.3% | ≈-43.3% | -49.3% | Top tier | |
| ROE | -49.5%5Y avg ≈-54.7% | ≈-54.7% | -49.5% | In line | |
| ROIC | -70.9%5Y avg ≈-62.1% | ≈-62.1% | -129.3% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ZNTL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 4.85Y avg ≈7.3 | ≈7.3 | 5.1 | In line | |
| Quick Ratio | 1.05Y avg ≈0.7 | ≈0.7 | 2.7 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ZNTL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.1 | Weak | |
| Receivables Turnover | 0.0 | · | 6.2 | Weak | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
13.0%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 4, 2026 | $-0.59 | $-0.50 | -18.1% |
| March 31, 2026 | May 12, 2026 | $-0.50 | $-0.49 | -2.9% |
| Dec. 31, 2025 | $-0.50 | $-0.59 | 15.3% | |
| Sept. 30, 2025 | $-0.37 | $-0.54 | 31.3% | |
| June 30, 2025 | $-0.37 | $-0.59 | 37.6% | |
| March 31, 2025 | $-0.56 | $-0.65 | 13.9% | |
| Dec. 31, 2024 | $-0.62 | $-0.72 | 13.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $0 | $67M | $0 | $0 | |
| R&D Expense | $107M | $168M | $190M | $173M | |
| SG&A Expense | $38M | $87M | $64M | $55M | |
| Operating Expenses | $153M | $259M | $300M | $227M | |
| Operating Income | $-153M | $-191M | $-300M | $-227M | |
| Pretax Income | $-137M | $-166M | $-293M | $-238M | |
| Income Tax | $442.0K | $177.0K | $-601.0K | $-469.0K | |
| Net Income | $-137M | $-166M | $-292M | $-237M | |
| EPS (Basic) | $-1.91 | $-2.33 | $-4.47 | $-4.48 | |
| EPS (Diluted) | $-1.91 | $-2.33 | $-4.47 | $-4.48 | |
| Shares (Basic) | 71,869,000 | 71,080,000 | 65,409,000 | 52,857,000 | |
| Shares (Diluted) | 71,869,000 | 71,080,000 | 65,409,000 | 52,857,000 | |
| EBITDA | $-152M | $-190M | $-298M | $-226M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $36M | $34M | $28M | $43M | |
| Receivables | $0 | $5M | $0 | · | |
| Prepaid Expense | $7M | $10M | $14M | $15M | |
| Current Assets | $253M | $386M | $497M | $452M | |
| PP&E (Net) | $3M | $5M | $6M | $8M | |
| PP&E (Gross) | $6M | $9M | $9M | $10M | |
| Accum. Depreciation | $3M | $4M | $3M | $2M | |
| Goodwill | · | $0 | $4M | $4M | |
| Total Assets | $289M | $430M | $552M | $539M | |
| Accounts Payable | $7M | $7M | $15M | $11M | |
| Accrued Liabilities | $29M | $45M | $54M | $45M | |
| Current Liabilities | $37M | $53M | $69M | $57M | |
| Capital Leases | $36M | $40M | $43M | $45M | |
| Deferred Tax | · | · | $0 | $853.0K | |
| Other Non-current Liabilities | $500.0K | $849.0K | $2M | $3M | |
| Total Liabilities | $73M | $93M | $114M | $105M | |
| Common Stock | $69.0K | $71.0K | $70.0K | $59.0K | |
| Paid-in Capital | $1.41B | $1.39B | $1.32B | $1.03B | |
| Retained Earnings | $-1.19B | $-1.05B | $-889M | $-596M | |
| AOCI | $196.0K | $558.0K | $2M | $-1M | |
| Stockholders' Equity | $216M | $337M | $437M | $434M | |
| Liabilities + Equity | $289M | $430M | $552M | $539M | |
| Shares Outstanding | 69,085,980 | 71,282,000 | 70,767,000 | 59,280,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $739.0K | $1M | $1M | $1M | |
| Stock-based Comp | $21M | $67M | $55M | $47M | |
| Deferred Tax | $51.0K | $-63.0K | $-891.0K | $-778.0K | |
| Restructuring | $8M | $0 | $0 | · | |
| Other Non-cash | $-10M | $-74M | $29M | $26M | |
| Operating Cash Flow | $-125M | $-171M | $-208M | $-164M | |
| CapEx | $0 | $221.0K | $583.0K | $3M | |
| Investing Cash Flow | $132M | $177M | $-44M | $-114M | |
| Stock Issued | $5M | $0 | $236M | $258M | |
| Stock Repurchased | $10M | $0 | $0 | · | |
| Net Stock Activity | $-5M | $0 | $236M | $258M | |
| Financing Cash Flow | $-4M | $108.0K | $237M | $261M | |
| Net Change in Cash | $2M | $6M | $-15M | $-17M | |
| Taxes Paid | $85.0K | · | · | · | |
| Free Cash Flow | $-125M | $-171M | $-208M | $-166M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | · | -283.6% | · | · | |
| Net Margin | · | -246.0% | · | · | |
| Pretax Margin | · | -245.7% | · | · | |
| EBITDA Margin | · | -281.6% | · | · | |
| ROA | -38.1% | -33.8% | -53.6% | -47.7% | |
| ROE | -49.5% | -42.8% | -67.1% | -59.3% | |
| ROIC | -70.9% | -56.8% | -68.3% | -52.3% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 6.9 | 7.3 | 7.2 | 8.0 | |
| Quick Ratio | 1.0 | 0.7 | 0.4 | 0.8 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | · | |
| Receivables Turnover | 0.0 | 27.0 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $3.13 | $4.73 | $6.18 | $7.32 | |
| Revenue / Share | $0.00 | $0.95 | · | · | |
| Cash Flow / Share | $-1.74 | $-2.40 | $-3.18 | $-3.10 | |
| Cash / Share | $0.52 | $0.48 | $0.40 | $0.73 | |
| EPS (TTM) | $-1.91 | $-2.33 | $-4.47 | $-4.48 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $0 | $67M | $0 | $0 | |
| Net Income TTM | $-137M | $-166M | $-292M | $-237M | |
| Market Cap | $93M | $216M | $1.07B | $1.19B | |
| P/E | -0.7 | -1.3 | -3.4 | -4.5 | |
| P/S | · | 3.2 | · | · | |
| P/B | 0.4 | 0.6 | 2.5 | 2.8 | |
| P / Tangible Book | 0.4 | 0.6 | 2.5 | 2.8 | |
| P / Cash Flow | -0.7 | -1.3 | -5.2 | -7.3 | |
| P / FCF | -0.7 | -1.3 | -5.1 | -7.2 | |
| Earnings Yield | -141.5% | -76.9% | -29.5% | -22.2% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | $0 | $0 | $0 | $0 | $27M | $0 | $0 | $41M | $0 | $0 | $0 | $0 | |
| R&D Expense | $35M | $29M | $29M | $23M | $28M | $27M | $33M | $37M | $48M | $50M | $52M | $47M | $43M | $49M | |
| SG&A Expense | $9M | $9M | $8M | $11M | $8M | $11M | $40M | $15M | $17M | $16M | $16M | $16M | $16M | $16M | |
| Operating Expenses | $44M | $38M | $37M | $34M | $36M | $46M | $77M | $51M | $65M | $65M | $68M | $63M | $104M | $65M | |
| Operating Income | $-44M | $-38M | $-37M | $-34M | $-36M | $-46M | $-50M | $-51M | $-65M | $-25M | $-68M | $-63M | $-104M | $-65M | |
| Pretax Income | $-42M | $-35M | $-35M | $-27M | $-27M | $-48M | $-48M | $-40M | $-88M | $10M | $-77M | $-56M | $-99M | $-61M | |
| Income Tax | $138.0K | $120.0K | $442.0K | $0 | $0 | $0 | $-205.0K | $-27.0K | $266.0K | $143.0K | $-135.0K | $31.0K | $-605.0K | $108.0K | |
| Net Income | $-42M | $-35M | $-35M | $-27M | $-27M | $-48M | $-47M | $-40M | $-88M | $10M | $-61M | $-56M | $-113M | $-63M | |
| EPS (Basic) | $-0.59 | $-0.50 | $-0.50 | $-0.37 | $-0.37 | $-0.67 | $-0.67 | $-0.56 | $-1.24 | $0.14 | $-0.76 | $-0.79 | $-1.85 | $-1.07 | |
| EPS (Diluted) | $-0.59 | $-0.50 | $-0.50 | $-0.37 | $-0.37 | $-0.67 | $-0.67 | $-0.56 | $-1.24 | $0.14 | $-0.76 | $-0.79 | $-1.85 | $-1.07 | |
| Shares (Basic) | 71,326,000 | 70,264,000 | · | 72,139,000 | 71,992,000 | 71,678,000 | · | 71,111,000 | 71,040,000 | 70,898,000 | · | 70,612,000 | 60,790,000 | 59,277,000 | |
| Shares (Diluted) | 71,326,000 | 70,264,000 | · | 72,139,000 | 71,992,000 | 71,678,000 | · | 71,111,000 | 71,040,000 | 71,192,000 | · | 70,612,000 | 60,790,000 | 59,277,000 | |
| EBITDA | $-44M | $-38M | · | $-34M | $-36M | $-45M | · | $-51M | $-65M | $-24M | · | $-62M | $-104M | $-65M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25M | $32M | $36M | $39M | $38M | $42M | $34M | $41M | $37M | $38M | $28M | $111M | $267M | $36M | |
| Receivables | · | · | $0 | $0 | $0 | $0 | $5M | · | · | · | · | · | · | · | |
| Prepaid Expense | $7M | $6M | $7M | $8M | $8M | $10M | $10M | $9M | $13M | $15M | · | $12M | $11M | $18M | |
| Current Assets | $181M | $218M | $253M | $288M | $312M | $343M | $386M | $400M | $440M | $504M | · | $528M | $564M | $410M | |
| PP&E (Net) | $2M | $3M | $3M | $3M | $3M | $3M | $5M | $5M | $5M | $6M | · | $6M | $7M | $7M | |
| PP&E (Gross) | $6M | $6M | $6M | $6M | $6M | $6M | $9M | $9M | $9M | $9M | · | $10M | $9M | $10M | |
| Accum. Depreciation | $3M | $3M | $3M | $3M | $3M | $2M | $4M | $4M | $4M | $3M | · | $3M | $3M | $3M | |
| Goodwill | · | · | · | · | · | · | · | $4M | $4M | $4M | · | $4M | $4M | $4M | |
| Total Assets | $215M | $253M | $289M | $327M | $352M | $384M | $430M | $451M | $492M | $557M | · | $586M | $621M | $489M | |
| Accounts Payable | $8M | $7M | $7M | $7M | $4M | $8M | $7M | $8M | $20M | $11M | · | $14M | $12M | $13M | |
| Accrued Liabilities | $29M | $28M | $29M | $30M | $35M | $42M | $45M | $47M | $46M | $44M | · | $45M | $39M | $44M | |
| Current Liabilities | $38M | $35M | $37M | $37M | $39M | $49M | $53M | $55M | $67M | $55M | · | $59M | $52M | $56M | |
| Capital Leases | $34M | $35M | $36M | $37M | $38M | $39M | $40M | $40M | $41M | $43M | · | $43M | $44M | $45M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $756.0K | |
| Other Non-current Liabilities | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $558.0K | $849.0K | $996.0K | $1M | $1M | · | $2M | $2M | $2M | |
| Total Liabilities | $72M | $70M | $73M | $74M | $77M | $89M | $93M | $96M | $109M | $99M | · | $104M | $98M | $104M | |
| Common Stock | $72.0K | $71.0K | $69.0K | $72.0K | $72.0K | $72.0K | $71.0K | $71.0K | $71.0K | $70.0K | · | $70.0K | $70.0K | $59.0K | |
| Paid-in Capital | $1.41B | $1.41B | $1.41B | $1.41B | $1.40B | $1.40B | $1.39B | $1.36B | $1.35B | $1.34B | · | $1.31B | $1.30B | $1.05B | |
| Retained Earnings | $-1.27B | $-1.23B | $-1.19B | $-1.16B | $-1.13B | $-1.10B | $-1.05B | $-1.01B | $-967M | $-878M | · | $-828M | $-772M | $-660M | |
| AOCI | $-78.0K | $-50.0K | $196.0K | $186.0K | $59.0K | $358.0K | $558.0K | $2M | $140.0K | $773.0K | · | $-359.0K | $-338.0K | $-556.0K | |
| Stockholders' Equity | $144M | $183M | $216M | $253M | $274M | $295M | $337M | $354M | $383M | $459M | · | $482M | $523M | $385M | |
| Liabilities + Equity | $215M | $253M | $289M | $327M | $352M | $384M | $430M | $451M | $492M | $557M | · | $586M | $621M | $489M | |
| Shares Outstanding | 71,668,568 | 71,156,113 | 69,085,980 | 72,245,529 | 72,135,453 | 71,950,683 | 71,282,400 | 71,149,666 | 71,106,719 | 71,011,982 | 70,767,000 | 70,640,684 | 70,603,663 | 59,442,342 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $152.0K | $151.0K | $157.0K | $160.0K | $160.0K | $262.0K | $317.0K | $321.0K | $327.0K | $324.0K | $337.0K | $348.0K | $344.0K | $360.0K | |
| Stock-based Comp | $3M | $3M | $3M | $5M | $6M | $6M | $31M | $10M | $13M | $13M | $14M | $14M | $13M | $14M | |
| Restructuring | $0 | $0 | $0 | $0 | $0 | $8M | $0 | $0 | $0 | $0 | · | · | · | · | |
| Other Non-cash | · | $-952.0K | · | · | · | $9M | · | · | · | $-75M | · | · | · | $-157.0K | |
| Operating Cash Flow | $-37M | $-33M | $-31M | $-27M | $-35M | $-33M | $-40M | $-44M | $-35M | $-52M | $-41M | $-39M | $-79M | $-49M | |
| CapEx | $0 | $34.0K | $0 | $0 | $0 | $0 | $0 | $0 | $181.0K | $40.0K | $173.0K | $91.0K | $319.0K | $0 | |
| Investing Cash Flow | $30M | $30M | $32M | $28M | $30M | $40M | $32M | $48M | $34M | $62M | $-42M | $-117M | $73M | $42M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | · | · | $0 | $0 | · | · | |
| Financing Cash Flow | $65.0K | $-1M | $-5M | $115.0K | $0 | $189.0K | $0 | $92.0K | $9.0K | $7.0K | $0 | $309.0K | $237M | $373.0K | |
| Net Change in Cash | $-7M | $-4M | $-3M | $1M | $-4M | $8M | $-7M | $4M | $-640.0K | $10M | $-83M | $-156M | $230M | $-7M | |
| Free Cash Flow | · | $-33M | · | · | · | $-33M | · | · | · | $-52M | · | · | · | $-49M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | · | -61.1% | · | · | · | · | |
| Net Margin | · | · | · | · | · | · | · | · | · | 24.8% | · | · | · | · | |
| Pretax Margin | · | · | · | · | · | · | · | · | · | 25.1% | · | · | · | · | |
| EBITDA Margin | · | · | · | · | · | · | · | · | · | -60.3% | · | · | · | · | |
| ROA | -14.9% | -11.1% | · | -6.9% | -6.4% | -10.3% | · | -7.8% | -15.9% | 1.9% | · | -10.0% | -18.9% | -14.1% | |
| ROE | -20.2% | -14.8% | · | -8.8% | -8.2% | -12.8% | · | -9.6% | -19.5% | 2.4% | · | -12.2% | -22.6% | -18.0% | |
| ROIC | -31.0% | -20.8% | · | -13.3% | -13.1% | -15.4% | · | -14.5% | -17.1% | -5.3% | · | -13.0% | -19.7% | -16.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.8 | 6.2 | · | 7.8 | 8.0 | 6.9 | · | 7.3 | 6.6 | 9.2 | · | 9.0 | 10.9 | 7.3 | |
| Quick Ratio | 0.7 | 0.9 | · | 1.1 | 1.0 | 0.8 | · | 0.8 | 0.6 | 0.7 | · | 1.9 | 5.2 | 0.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | · | · | · | |
| Receivables Turnover | · | · | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.00 | $2.57 | · | $3.50 | $3.81 | $4.11 | · | $4.98 | $5.38 | $6.46 | · | $6.82 | $7.41 | $6.49 | |
| Revenue / Share | · | · | · | $0.00 | $0.00 | $0.00 | · | $0.00 | $0.00 | $0.57 | · | · | · | · | |
| Cash Flow / Share | · | $-0.47 | · | · | · | $-0.46 | · | · | · | $-0.73 | · | · | · | $-0.83 | |
| Cash / Share | $0.35 | $0.45 | · | $0.54 | $0.52 | $0.58 | · | $0.58 | $0.52 | $0.53 | · | $1.57 | $3.78 | $0.61 | |
| EPS (TTM) | $-1.96 | $-1.74 | · | $-2.08 | $-2.27 | $-3.14 | · | $-2.42 | $-2.65 | $-3.26 | · | $-4.58 | $-4.75 | $-4.24 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | · | $27M | $27M | $27M | · | $41M | $41M | $41M | · | · | · | · | |
| Net Income TTM | $-140M | $-124M | · | $-149M | $-163M | $-224M | · | $-179M | $-195M | $-219M | · | $-286M | $-285M | $-241M | |
| Market Cap | $348M | $167M | · | $109M | $84M | $114M | · | $262M | $291M | $1.12B | · | $1.42B | $1.99B | $1.02B | |
| P/E | -2.5 | -1.3 | · | -0.7 | -0.5 | -0.5 | · | -1.5 | -1.5 | -4.8 | · | -4.4 | -5.9 | -4.1 | |
| P/S | · | · | · | 4.1 | 3.1 | 4.3 | · | 6.5 | 7.2 | 27.6 | · | · | · | · | |
| P/B | 2.4 | 0.9 | · | 0.4 | 0.3 | 0.4 | · | 0.7 | 0.8 | 2.4 | · | 2.9 | 3.8 | 2.7 | |
| P / Tangible Book | 2.4 | 0.9 | · | 0.4 | 0.3 | 0.4 | · | 0.7 | 0.8 | 2.5 | · | 3.0 | 3.8 | 2.7 | |
| P / Cash Flow | · | -5.1 | · | · | · | -3.5 | · | · | · | -21.5 | · | · | · | -20.7 | |
| Earnings Yield | -40.4% | -74.4% | · | -137.8% | -195.7% | -197.5% | · | -65.8% | -64.8% | -20.7% | · | -22.8% | -16.8% | -24.6% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $0 | $67M | $0 | $0 | · |
| Operating Margin % | · | -283.6% | · | · | · |
| Net Income | $-137M | $-166M | $-292M | $-237M | $-159M |
| Diluted EPS | $-1.91 | $-2.33 | $-4.47 | $-4.48 | $-3.72 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 6.9 | 7.3 | 7.2 | 8.0 | · |
| Quick Ratio | 1.0 | 0.7 | 0.4 | 0.8 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-125M | $-171M | $-208M | $-166M | · |
Institutional owners (13F) 127 filers · $225.0M total · As of June 30, 2026
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
127
Value held
$225.0M
New positions
36
Exited positions
19
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 36 (+4 vs prior Q) | 19 (+10 vs prior Q) | 31 (+1 vs prior Q) | 33 (+7 vs prior Q) | +4.1M |
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 |
|---|---|---|---|---|
| 5AM Venture Management, LLC | $19,147,378 | 3,947,913 | 8.51% | Shares |
| BlackRock, Inc. | $18,204,597 | 3,753,525 | 8.09% | Shares |
| Squadron Capital Management LLC | $17,945,000 | 3,700,000 | 7.98% | Shares |
| TWO SIGMA INVESTMENTS, LP | $14,670,940 | 3,024,936 | 6.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $13,752,995 | 2,835,669 | 6.11% | Shares |
| CITADEL ADVISORS LLC | $11,147,254 | 2,298,403 | 4.95% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,804,028 | 1,609,078 | 3.47% | Shares |
| Opaleye Management Inc. | $6,851,382 | 1,412,656 | 3.05% | Shares |
| ORBIMED ADVISORS LLC | $6,744,294 | 1,390,576 | 3.00% | Shares |
| Decheng Capital LLC | $6,418,136 | 1,323,327 | 2.85% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,229,699 | 1,284,117 | 2.77% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,406,053 | 1,114,650 | 2.40% | Shares |
| Ishara Investments LP | $4,971,250 | 1,025,000 | 2.21% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $4,643,487 | 957,420 | 2.06% | Shares |
| Soleus Capital Management, L.P. | $4,607,500 | 950,000 | 2.05% | Shares |
| STATE STREET CORP | $4,303,968 | 887,416 | 1.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,921,458 | 808,548 | 1.74% | Shares |
| VANGUARD GROUP INC | $3,855,047 | 2,855,590 | 1.71% | Shares |
| Pfizer Inc | $3,853,489 | 953,834 | 1.71% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,676,460 | 758,033 | 1.63% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,221,763 | 664,281 | 1.43% | Shares |
| ADAR1 Capital Management, LLC | $3,165,838 | 652,750 | 1.41% | Shares |
| MARSHALL WACE, LLP | $2,868,644 | 591,473 | 1.28% | Shares |
| Qube Research & Technologies Ltd | $2,787,809 | 574,806 | 1.24% | Shares |
| D. E. Shaw & Co., Inc. | $2,650,845 | 546,566 | 1.18% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,630,116 | 542,852 | 1.17% | Shares |
| MORGAN STANLEY | $2,285,563 | 471,250 | 1.02% | Shares |
| Squadron Capital Management LLC | $2,066,100 | 426,000 | 0.92% | Call option |
| TWO SIGMA ADVISERS, LP | $2,002,725 | 1,483,500 | 0.89% | Shares |
| NORTHERN TRUST CORP | $1,883,251 | 388,299 | 0.84% | Shares |
| GOLDMAN SACHS GROUP INC | $1,806,936 | 372,564 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,634,159 | 336,940 | 0.73% | Shares |
| FMR LLC | $1,504,780 | 310,264 | 0.67% | Shares |
| TYBOURNE CAPITAL MANAGEMENT (HK) LTD | $1,451,844 | 961,486 | 0.65% | Shares |
| Seven Fleet Capital Management LP | $1,451,432 | 317,600 | 0.65% | Shares |
| UBS Group AG | $1,442,283 | 297,378 | 0.64% | Shares |
| XTX Topco Ltd | $1,405,011 | 289,693 | 0.62% | Shares |
| Creative Planning | $1,382,250 | 285,000 | 0.61% | Shares |
| SEI INVESTMENTS CO | $1,241,983 | 256,079 | 0.55% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,043,298 | 215,113 | 0.46% | Shares |
| Peapod Lane Capital LLC | $983,890 | 202,864 | 0.44% | Shares |
| CDC Financial, Inc. | $862,146 | 177,762 | 0.38% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $833,768 | 171,911 | 0.37% | Shares |
| Invesco Ltd. | $784,037 | 161,657 | 0.35% | Shares |
| Stonepine Capital Management, LLC | $783,678 | 161,583 | 0.35% | Shares |
| BARCLAYS PLC | $770,452 | 158,856 | 0.34% | Shares |
| Anfield Capital Management, LLC | $642,367 | 274,516 | 0.29% | Shares |
| Informed Momentum Co LLC | $615,286 | 126,863 | 0.27% | Shares |
| Quarry LP | $606,803 | 125,114 | 0.27% | Shares |
| Bank of New York Mellon Corp | $592,030 | 122,068 | 0.26% | Shares |
Activists & 5%+ owners 2 positions
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 |
|---|---|---|---|---|---|
| Matrix Capital Management Company, LP, David E. Goel ×2 filings | Jan. 2, 2026 | 0.00% | Amendment | · | SEC |
| Matrix Capital Management Company LP, David E. Goel ×2 filings | June 20, 2023 | · | Initial filing | · | 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 23 insiders · 16 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Julia Marie Eastland | CEO & President | Feb. 9, 2026 S | 79,133 | 0 | 2 | $-21,239 |
| Kimberly Blackwell | Chief Executive Officer | Feb. 1, 2024 A | 484,145 | 0 | 0 | $0 |
| Anthony Y Sun | President & CEO | April 5, 2022 S | 1,175,589 | 0 | 0 | $0 |
| Cam Gallagher | President, Interim CFO | May 31, 2024 S | 633,680 | 0 | 0 | $0 |
| Melissa B, Epperly | Chief Financial Officer | Feb. 12, 2024 S | 451,449 | 0 | 0 | $0 |
| Iris Roth | Chief Operating Officer | March 1, 2023 A | 52,500 | 0 | 0 | $0 |
| Ingmar Bruns | Chief Medical Officer | Sept. 30, 2026 A | 43,059 | 0 | 2 | $-7,999 |
| Vincent Vultaggio | PAO and PFO | Feb. 10, 2026 S | 146,506 | 0 | 5 | $-105,418 |
| James B Bucher | Chief Legal Officer | Jan. 8, 2026 A | · | 0 | 0 | $0 |
| Andrea Paul | Chief Legal Officer | Feb. 3, 2025 A | 1,070,784 | 0 | 0 | $0 |
| Mark Lackner | Chief Scientific Officer | Feb. 3, 2025 A | 512,856 | 0 | 0 | $0 |
| Diana Hausman | Chief Medical Officer | May 9, 2024 S | 373,876 | 0 | 0 | $0 |
| Kevin D. Bunker | Chief Scientific Officer | Dec. 20, 2023 G | 834,931 | 0 | 0 | $0 |
| Carrie Brownstein | Chief Medical Officer | Oct. 4, 2023 S | 105,685 | 0 | 0 | $0 |
| Alexis Pinto | Chief Legal Officer | Feb. 10, 2022 A | 22,240 | 0 | 0 | $0 |
| Dimitris Voliotis | SVP, Clinical Development | Feb. 10, 2022 A | 15,978 | 0 | 0 | $0 |
| Enoch Kariuki | Director | June 16, 2026 A | 194,465 | 0 | 0 | $0 |
| Jan Skvarka | Director | June 16, 2026 A | 264,254 | 0 | 0 | $0 |
| David Michael Johnson | Director | June 16, 2026 A | 307,521 | 0 | 0 | $0 |
| Luke Nathaniel Walker | Director | June 16, 2026 A | 201,384 | 0 | 0 | $0 |
| Scott Dunseth Myers | Director | June 16, 2026 A | 395,895 | 0 | 0 | $0 |
| Shannon Campbell | Director | May 26, 2026 A | 114,200 | 0 | 0 | $0 |
| Recurium Equity, LLC | 10% owner | Oct. 28, 2020 J | 14,990 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 18 ETFs
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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.04% | 170,201 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 21,344 SH | Oct. 1, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 43,495 SH | Aug. 19, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 113,841 SH | Oct. 1, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 289,218 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 23,883 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 1,282,558 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 154,468 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 4,890 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 10,234 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 10,252 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 8,219 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 9,284 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 575,846 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,187,299 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,227 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 151,148 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 483,199 SH | Sept. 11, 2026 | Daily |
ZNTL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$6.00
+138.1%
4 25.0%
Strong Buy
6 37.5%
Buy
6 37.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-09-29Mean target $6.89 +173.4%
← Below all targets
Current price $2.52
Low$4.00
Mean$6.89
High$10.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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 |
|---|---|---|---|---|---|---|
| ZNTL | $93M | -0.7 | · | · | -49.5% | · |
| ARCT | $174M | -2.6 | -46.1% | -80.2% | -29.6% | · |
| INDP | $6M | -0.1 | · | · | -2820.8% | · |
| CCCC | $185M | -1.5 | 1.0% | -292.1% | -48.8% | · |
| FENC | $263M | -22.6 | -6.1% | -21.8% | -69.6% | · |
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | · |
| SRZN | · | · | · | · | · | · |
| CABA | $220M | -1.0 | · | · | -115.5% | · |
| ARTV | · | -1.3 | -99.2% | · | · | · |
| CYPH | $97M | 16.6 | · | · | 6.1% | · |
| EBS | $644M | 13.3 | -28.8% | 7.1% | 9.9% | · |
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Source: SEC 10-Q filed Aug 6, 2026