ZBIO on Nasdaq
Zenas BioPharma, Inc.
American pharmaceutical preparations company based in Waltham.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Janux Therapeutics, Inc., Spectrum Pharmaceuticals or PROTHENA CORP PUBLIC LTD CO, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-3830.6%Operating margin3
-3777.4%Net margin3
100.0%Revenue growth, 20253
-156.0%Return on equity3
0.32×Debt to equity3
-$172.4MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development100¢$168.1M
- Income tax0¢$79.0K
Out of $10.0M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| License and collaboration revenue | $10.0M | $5.0M |
| Total revenue | $10.0M | $5.0M |
| Research and development | $168.1M | $139.1M |
| General and administrative | $53.3M | $29.7M |
| Acquired in-process research and development | $171.7M | |
| Total operating expenses | $393.1M | $168.9M |
| Loss from operations | -$383.1M | -$163.9M |
| Fair value adjustments to convertible notes | -$846.0K | |
| Interest expense on royalty obligation | -$7.3M | |
| Interest income | $12.2M | $8.0M |
| Other income, net | $417.0K | $202.0K |
| Total other income (expense), net | $5.2M | $7.3M |
| Loss before income taxes | -$377.8M | -$156.6M |
| Income tax (benefit) provision | -$79.0K | $429.0K |
| Net loss | -$377.7M | -$157.0M |
| Net loss per share - basic (in dollars per share) | -$8.44 | -$11.89 |
| Net loss per share - diluted (in dollars per share) | -$8.44 | -$11.89 |
| Weighted-average common stock outstanding - basic (in shares) | 44.7M shares | 13.2M shares |
| Weighted-average common stock outstanding - diluted (in shares) | 44.7M shares | 13.2M shares |
| Unrealized gain on investments | $156.0K | $31.0K |
| Foreign currency translation adjustment | -$414.0K | $126.0K |
| Comprehensive loss | -$378.0M | -$156.8M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $110.6M | $319.7M | |
| Short-term investments | $232.6M | $31.0M | |
| Restricted cash | $90.0K | ||
| Prepaid expenses and other current assets | $8.0M | $5.1M | |
| Total current assets | $351.2M | $355.9M | |
| Property and equipment, net | $34.0K | $185.0K | |
| Operating lease right-of-use assets, net | $1.4M | $1.0M | |
| Long-term investments | $17.3M | ||
| Other non-current assets | $13.8M | $12.9M | |
| Total assets | $383.6M | $370.0M | |
| Accounts payable | $7.1M | $17.1M | |
| Accrued expenses | $54.4M | $39.4M | |
| Operating lease liabilities, current | $1.1M | $785.0K | |
| Total current liabilities | $62.6M | $57.3M | |
| Royalty obligation | $78.6M | ||
| Operating lease liabilities, less current portion | $211.0K | $218.0K | |
| Total long-term liabilities | $78.8M | $218.0K | |
| Total liabilities | $141.5M | $57.5M | |
| Common stock, par value $0.0001 per share; 175,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 54,485,518 and 41,793,412 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $5.0K | $4.0K | |
| Additional paid-in capital | $1.0B | $699.7M | |
| Accumulated other comprehensive (loss) income | -$64.0K | $194.0K | |
| Accumulated deficit | -$765.1M | -$387.4M | |
| Total stockholders' equity | $242.1M | $312.5M | -$225.7M |
| Total liabilities and stockholders' equity | $383.6M | $370.0M | |
| Preferred stock, par value (in dollar per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 25.0M shares | 25.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollar per share) | $0.00 | $0.00 | |
| Common stock, shares authorized | 175.0M shares | 175.0M shares | |
| Common stock, shares issued | 54.5M shares | 41.8M shares | |
| Common Stock, shares outstanding | 54.5M shares | 41.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $110.6M | $319.7M | |
| Short-term investments | $232.6M | $31.0M | |
| Restricted cash | $90.0K | ||
| Prepaid expenses and other current assets | $8.0M | $5.1M | |
| Total current assets | $351.2M | $355.9M | |
| Property and equipment, net | $34.0K | $185.0K | |
| Operating lease right-of-use assets, net | $1.4M | $1.0M | |
| Long-term investments | $17.3M | ||
| Other non-current assets | $13.8M | $12.9M | |
| Total assets | $383.6M | $370.0M | |
| Accounts payable | $7.1M | $17.1M | |
| Accrued expenses | $54.4M | $39.4M | |
| Operating lease liabilities, current | $1.1M | $785.0K | |
| Total current liabilities | $62.6M | $57.3M | |
| Royalty obligation | $78.6M | ||
| Operating lease liabilities, less current portion | $211.0K | $218.0K | |
| Total long-term liabilities | $78.8M | $218.0K | |
| Total liabilities | $141.5M | $57.5M | |
| Common stock, par value $0.0001 per share; 175,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 54,485,518 and 41,793,412 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $5.0K | $4.0K | |
| Additional paid-in capital | $1.0B | $699.7M | |
| Accumulated other comprehensive (loss) income | -$64.0K | $194.0K | |
| Accumulated deficit | -$765.1M | -$387.4M | |
| Total stockholders' equity | $242.1M | $312.5M | -$225.7M |
| Total liabilities and stockholders' equity | $383.6M | $370.0M | |
| Preferred stock, par value (in dollar per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 25.0M shares | 25.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value (in dollar per share) | $0.00 | $0.00 | |
| Common stock, shares authorized | 175.0M shares | 175.0M shares | |
| Common stock, shares issued | 54.5M shares | 41.8M shares | |
| Common Stock, shares outstanding | 54.5M shares | 41.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$377.7M | -$157.0M |
| Acquired in-process research and development | $171.7M | |
| Depreciation expense | $56.0K | $137.0K |
| Loss on disposal of property and equipment | $107.0K | |
| Net amortization of premiums and accretion of discounts on investments | -$1.9M | -$602.0K |
| Non-cash interest expense on royalty obligation | $7.3M | |
| Stock-based compensation expense | $26.3M | $10.8M |
| Change in fair value of convertible notes | $846.0K | |
| Non-cash lease expense | $875.0K | $681.0K |
| Prepaid expenses and other assets | -$3.2M | -$7.7M |
| Accounts payable | -$10.0M | $11.7M |
| Accrued expenses | $15.1M | $22.1M |
| Operating lease liabilities | -$902.0K | -$673.0K |
| Net cash used in operating activities | -$172.3M | -$119.7M |
| Purchases of property and equipment | -$18.0K | -$131.0K |
| Purchases of investments | -$417.8M | -$36.4M |
| Proceeds from sales and maturities of investments | $200.9M | $6.0M |
| Product candidate license acquisitions | -$35.0M | |
| Net cash used in investing activities | -$251.9M | -$30.6M |
| Proceeds from issuance of Series C convertible preferred stock, net of issuance costs | $178.4M | |
| Proceeds from royalty obligation | $75.0M | |
| Proceeds from exercise of stock options | $4.1M | $275.0K |
| Proceeds from issuance of common stock under employee stock purchase plan | $276.0K | |
| Net cash provided by financing activities | $215.3M | $413.0M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -$252.0K | $157.0K |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$209.2M | $262.9M |
| Right-of-use assets obtained under operating lease arrangements | $1.5M | $1.1M |
| Equity consideration for InnoCare license, at fair value | $136.7M | |
| Conversion of convertible preferred stock to common stock upon closing of initial public offering | $449.6M | |
| Conversion of BMS Note into Series C convertible preferred stock | $21.1M | |
| Deferred offering costs in accounts payable and accrued expenses | $18.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Zenas BioPharma, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
2025
- Chief executive officerLeon O. Moulder Jr. Sep 12, 2024 to now7
Board members and other officers (15)
- OfficerMoltke Lisa Von Mar 21, 2025 to now8
- OfficerLeon O. Moulder Jr. Jun 12, 2025 to now9
- OfficerJennifer A. Fox Sep 12, 2024 to now10
- OfficerJoseph L. Farmer Sep 12, 2024 to now11
- Chief Commercial OfficerOrlando Oliveira Sep 12, 2024 to now12
- Board memberChristy J. Oliger Sep 2, 2026 to now13
- Board memberJames P. Boylan Sep 12, 2024 to now14
- Board memberJason Raleigh Nunn Sep 12, 2024 to now15
- Board memberJohn J. Orloff Sep 12, 2024 to now16
- Board memberLeon O. Moulder Jr. Sep 12, 2024 to now7
- Board memberPatricia L. Allen Sep 12, 2024 to now17
- Board memberPatrick G. Enright Sep 12, 2024 to now18
- Board memberPeter Evan Harwin Sep 12, 2024 to now19
- Board memberTing Xiao Sep 12, 2024 to now20
- Board memberTomas Kiselak Sep 12, 2024 to now19
Former names
- Zenas BioPharma (Cayman) LtdNov 15, 2022 to Nov 15, 20222
Timeline
- Sep 12, 2024New chief executive Leon O. Moulder Jr. becomes CEO7
Filings
189 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 20 major events, 84 insider forms, 25 large holders, 2 private raises, 50 other. The latest 20:
- Oct 13, 20268-K EDGAR
- Sep 11, 2026S-3ASR EDGAR
- Sep 11, 2026S-8 EDGAR
- Sep 8, 20263 EDGAR
- Sep 8, 2026SCHEDULE 13G/A EDGAR
- Sep 8, 2026SCHEDULE 13G EDGAR
- Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 2, 20263 OWNERSHIP DOCUMENT EDGAR
- Aug 19, 2026144 EDGAR
- Aug 19, 2026SCHEDULE 13D/A EDGAR
- Aug 17, 2026SCHEDULE 13D/A EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
The 189 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 25 such filings since October 2021, the latest 10:
- Sep 8, 2026SCHEDULE 13G/A
- Sep 8, 2026SCHEDULE 13G
- Aug 19, 2026SCHEDULE 13D/A
- Aug 17, 2026SCHEDULE 13D/A
- May 5, 2026SCHEDULE 13D
- Apr 2, 2026SCHEDULE 13D/A
- Feb 5, 2026SCHEDULE 13G/A
- Jan 14, 2026SCHEDULE 13D
- Nov 14, 2025SCHEDULE 13G/A
- Oct 15, 2025SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 9,506,701 | $241.3M | 0.0% | +424,701 |
| SR One Capital Management, LP | 5,037,854 | $127.9M | 12.3% | No change |
| NEA Management Company, LLC | 4,023,219 | $102.1M | 6.4% | No change |
| Enavate Sciences Gp, LLC | 3,919,159 | $99.5M | 28.8% | No change |
| Federated Hermes, Inc. | 3,116,805 | $79.1M | 0.1% | −10,226 |
| BlackRock, Inc. | 2,686,225 | $68.2M | 0.0% | +648,677 |
| Capital International Investors | 2,502,912 | $63.5M | 0.0% | +68,912 |
| Polar Capital Holdings Plc | 2,412,772 | $61.2M | 0.2% | −135,672 |
| Royalty Pharma Sub-Manager, LLC | 2,388,150 | $60.6M | 25.1% | No change |
| Fairmount Funds Management LLC | 2,359,025 | $59.9M | 4.0% | No change |
| State Street Corp | 2,055,100 | $52.2M | 0.0% | +584,177 |
| Nvp Associates, LLC | 1,838,482 | $46.7M | 14.2% | No change |
| Wellington Management Group Llp | 1,593,819 | $40.5M | 0.0% | +347,766 |
| Vanguard Capital Management LLC | 1,354,864 | $34.4M | 0.0% | +109,473 |
| Bank Of America Corp /de/ | 1,231,159 | $31.2M | 0.0% | +842,812 |
| Geode Capital Management, LLC | 882,654 | $22.4M | 0.0% | +226,869 |
| Alliancebernstein L.P. | 1,103,388 | $21.6M | 0.0% | +206,067 |
| Two Sigma Investments, LP | 815,150 | $20.7M | 0.0% | +540,094 |
| EcoR1 Capital, LLC | 789,500 | $20.0M | 1.0% | No change |
| Millennium Management LLC | 660,470 | $16.8M | 0.0% | +183,652 |
| Woodline Partners LP | 590,539 | $15.0M | 0.0% | +14 |
| Balyasny Asset Management L.P. | 576,717 | $14.6M | 0.0% | −90,353 |
| ArrowMark Colorado Holdings LLC | 573,318 | $14.6M | 0.6% | −85,591 |
| Silverarc Capital Management, LLC | 509,789 | $12.9M | 1.4% | −626,146 |
| Rock Springs Capital Management LP | 502,077 | $12.7M | 0.6% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8SEC EDGARMoltke Lisa Von, Officer
- 9SEC EDGARLeon O. Moulder Jr., Officer
- 10SEC EDGARJennifer A. Fox, Officer
- 11SEC EDGARJoseph L. Farmer, Officer
- 12
- 13SEC EDGARChristy J. Oliger, Board member
- 14SEC EDGARJames P. Boylan, Board member
- 15SEC EDGARJason Raleigh Nunn, Board member
- 16SEC EDGARJohn J. Orloff, Board member
- 17SEC EDGARPatricia L. Allen, Board member
- 18SEC EDGARPatrick G. Enright, Board member
- 19SEC EDGARPeter Evan Harwin, Board member
- 20SEC EDGARTing Xiao, Board member