Complete Filing Data
Zenas BioPharma, Inc. reported Stockholders Equity of $242.14 million for FY2025.
All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean Zenas BioPharma, Inc. did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.
Income Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue * | $10.0M | $5.0M | $50.0M |
| Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent | -$414.0K | $126.0K | $78.0K |
| Net Income Loss | -$377.7M | -$157.0M | -$37.1M |
| Research And Development Expense | $168.1M | $139.1M | $60.0M |
| Other Nonoperating Income Expense | $417.0K | $202.0K | $624.0K |
| Operating Income Loss | -$383.1M | -$163.9M | -$37.1M |
| Operating Expenses | $393.1M | $168.9M | $87.1M |
| Nonoperating Income Expense | $5.2M | $7.3M | $324.0K |
| General And Administrative Expense | $53.3M | $29.7M | $17.1M |
| Comprehensive Income Net Of Tax | -$378.0M | -$156.8M | -$37.0M |
| Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | -$377.8M | -$156.6M | -$36.8M |
| Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax | $156.0K | $31.0K | |
| Income Tax Expense Benefit | -$79.0K | $429.0K | $301.0K |
| Research And Development Asset Acquired Other Than Through Business Combination Fair Value Acquired | $171.7M | $10.0M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue * | $0.00 | $0.00 | $10.0M | $0.00 | $0.00 | $50.0M | |||
| Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent | -$10.0K | -$265.0K | -$65.0K | -$50.0K | $30.0K | $37.0K | $9.0K | $160.0K | -$4.0K |
| Net Income Loss | -$51.5M | -$52.2M | -$33.6M | -$38.6M | -$38.0M | -$27.8M | $35.6M | -$29.0M | -$19.1M |
| Research And Development Expense | $34.4M | $43.0M | $34.9M | $33.5M | $33.8M | $22.6M | $9.4M | ||
| Other Nonoperating Income Expense | $1.1M | $3.0M | $3.6M | $2.4M | $1.9M | $472.0K | -$16.0K | ||
| Operating Income Loss | -$52.6M | -$55.2M | -$37.3M | -$41.0M | -$39.7M | -$27.6M | $35.6M | ||
| Operating Expenses | $52.6M | $55.2M | $47.3M | $41.0M | $39.7M | $27.6M | $14.4M | ||
| Nonoperating Income Expense | $1.1M | $3.0M | $3.6M | $2.4M | $1.7M | -$222.0K | -$16.0K | ||
| General And Administrative Expense | $13.2M | $12.1M | $12.4M | $7.5M | $5.9M | $4.9M | $5.0M | ||
| Comprehensive Income Net Of Tax | -$51.5M | -$52.5M | -$33.6M | -$38.7M | -$37.9M | -$27.8M | $35.6M | ||
| Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | -$51.5M | -$52.2M | -$33.8M | -$38.6M | -$38.0M | -$27.8M | |||
| Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax | $35.0K | $30.0K | $12.0K | ||||||
| Income Tax Expense Benefit | $20.0K | -$205.0K | |||||||
| Research And Development Asset Acquired Other Than Through Business Combination Fair Value Acquired | $5.0M |
Balance Sheet
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Stockholders Equity | $242.1M | $312.5M | -$225.7M | -$192.3M |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $110.6M | $319.8M | $56.9M | $67.3M |
| Cash And Cash Equivalents At Carrying Value | $110.6M | $319.7M | $56.9M | |
| Retained Earnings Accumulated Deficit | -$765.1M | -$387.4M | -$230.4M | |
| Property Plant And Equipment Net | $34.0K | $185.0K | $193.0K | |
| Prepaid Expense And Other Assets Current | $8.0M | $5.1M | $2.9M | |
| Other Assets Noncurrent | $13.8M | $12.9M | $7.3M | |
| Operating Lease Right Of Use Asset | $1.4M | $1.0M | $821.0K | |
| Operating Lease Liability Current | $1.1M | $785.0K | $556.0K | |
| Non Cash Lease Expense | $875.0K | $681.0K | $726.0K | |
| Liabilities Current | $62.6M | $57.3M | $23.3M | |
| Liabilities And Stockholders Equity | $383.6M | $370.0M | $68.2M | |
| Liabilities | $141.5M | $57.5M | $43.8M | |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect | -$209.2M | $262.9M | -$10.4M | |
| Assets Current | $351.2M | $355.9M | $59.8M | |
| Assets | $383.6M | $370.0M | $68.2M | |
| Accumulated Other Comprehensive Income Loss Net Of Tax | -$64.0K | $194.0K | $37.0K | |
| Accrued Liabilities Current | $54.4M | $39.4M | $17.3M | |
| Accounts Payable Current | $7.1M | $17.1M | $5.4M | |
| Operating Lease Liability Noncurrent | $211.0K | $218.0K | $257.0K | |
| Short Term Investments | $232.6M | $31.0M | ||
| Common Stock Value | $5.0K | $4.0K | ||
| Restricted Cash Current | $90.0K | |||
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $1.5M | $1.1M | ||
| Deferred Offering Costs Included In Accounts Payable And Accrued Expenses | $18.0K | |||
| Amortization Of Debt Discount Premium | -$1.9M | -$602.0K | ||
| Restricted Cash Noncurrent | $86.0K | |||
| Long Term Investments | $17.3M | |||
| Liabilities Noncurrent | $78.8M | $218.0K | ||
| Gain Loss On Sale Of Property Plant Equipment | -$107.0K |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Stockholders Equity | $196.4M | $239.6M | $284.3M | $359.4M | -$288.8M | -$252.5M | -$202.2M | -$238.9M | -$210.6M |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $115.6M | $44.0M | $196.6M | $360.1M | $184.0M | $37.2M | $72.4M | ||
| Cash And Cash Equivalents At Carrying Value | $115.6M | $44.0M | $196.6M | $360.0M | $183.9M | $37.2M | $72.3M | ||
| Retained Earnings Accumulated Deficit | -$524.7M | -$473.2M | -$421.0M | -$334.8M | |||||
| Property Plant And Equipment Net | $50.0K | $61.0K | $72.0K | $146.0K | |||||
| Prepaid Expense And Other Assets Current | $5.8M | $5.3M | $5.4M | $7.0M | |||||
| Other Assets Noncurrent | $13.8M | $11.8M | $12.8M | $9.0M | |||||
| Operating Lease Right Of Use Asset | $807.0K | $1.0M | $1.2M | $399.0K | |||||
| Operating Lease Liability Current | $618.0K | $793.0K | $908.0K | $384.0K | |||||
| Non Cash Lease Expense | $246.0K | $159.0K | |||||||
| Liabilities Current | $52.4M | $53.2M | $49.1M | $44.0M | |||||
| Liabilities And Stockholders Equity | $322.0M | $293.1M | $333.8M | $403.4M | |||||
| Liabilities | $125.6M | $53.5M | $49.4M | $44.0M | |||||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect | -$123.3M | -$19.7M | |||||||
| Assets Current | $296.6M | $278.6M | $317.8M | $393.8M | |||||
| Assets | $322.0M | $293.1M | $333.8M | $403.4M | |||||
| Accumulated Other Comprehensive Income Loss Net Of Tax | -$69.0K | -$94.0K | $141.0K | $54.0K | |||||
| Accrued Liabilities Current | $45.4M | $44.5M | $28.2M | $28.5M | |||||
| Accounts Payable Current | $6.4M | $7.9M | $20.0M | $15.1M | |||||
| Operating Lease Liability Noncurrent | $180.0K | $215.0K | $317.0K | ||||||
| Short Term Investments | $175.3M | $229.3M | $115.8M | $26.8M | |||||
| Common Stock Value | $4.0K | $4.0K | $4.0K | $4.0K | |||||
| Restricted Cash Current | $89.0K | $88.0K | $86.0K | ||||||
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $445.0K | ||||||||
| Deferred Offering Costs Included In Accounts Payable And Accrued Expenses | $1.9M | ||||||||
| Amortization Of Debt Discount Premium | -$382.0K | ||||||||
| Restricted Cash Noncurrent | $89.0K | $86.0K | |||||||
| Long Term Investments | $10.7M | $1.6M | $1.8M | ||||||
| Liabilities Noncurrent | $73.2M | ||||||||
| Gain Loss On Sale Of Property Plant Equipment | -$107.0K |
Cash Flow Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Share Based Compensation | $26.3M | $10.8M | $3.5M |
| Proceeds From Stock Options Exercised | $4.1M | $275.0K | $116.0K |
| Net Cash Provided By Used In Operating Activities | -$172.3M | -$119.7M | -$30.5M |
| Net Cash Provided By Used In Financing Activities | $215.3M | $413.0M | $20.1M |
| Increase Decrease In Prepaid Deferred Expense And Other Assets | $3.2M | $7.7M | $3.3M |
| Increase Decrease In Operating Lease Liability | -$902.0K | -$673.0K | -$714.0K |
| Increase Decrease In Accrued Liabilities | $15.1M | $22.1M | -$3.6M |
| Increase Decrease In Accounts Payable | -$10.0M | $11.7M | -$418.0K |
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | -$252.0K | $157.0K | $78.0K |
| Payments To Acquire Property Plant And Equipment | $18.0K | $131.0K | $17.0K |
| Net Cash Provided By Used In Investing Activities | -$251.9M | -$30.6M | -$17.0K |
| Payments To Acquire Investments | $417.8M | $36.4M | |
| Proceeds From Sale Maturity And Collections Of Investments | $200.9M | $6.0M | |
| Proceeds From Issuance Of Redeemable Convertible Preferred Stock | $178.4M | ||
| Payments Of Stock Issuance Costs | $6.3M | ||
| Proceeds From Issuance Initial Public Offering | $240.6M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q1 2025 | Q3 2024 | Q1 2024 |
|---|---|---|---|
| Share Based Compensation | $5.4M | $947.0K | |
| Proceeds From Stock Options Exercised | $99.0K | $42.0K | |
| Net Cash Provided By Used In Operating Activities | -$37.1M | -$19.1M | |
| Net Cash Provided By Used In Financing Activities | $99.0K | -$614.0K | |
| Increase Decrease In Prepaid Deferred Expense And Other Assets | $353.0K | -$1.8M | |
| Increase Decrease In Operating Lease Liability | -$222.0K | -$164.0K | |
| Increase Decrease In Accrued Liabilities | -$11.2M | $335.0K | |
| Increase Decrease In Accounts Payable | $2.9M | $3.4M | |
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | -$52.0K | $36.0K | |
| Payments To Acquire Property Plant And Equipment | $18.0K | $22.0K | |
| Net Cash Provided By Used In Investing Activities | -$86.3M | -$22.0K | |
| Payments To Acquire Investments | $99.1M | ||
| Proceeds From Sale Maturity And Collections Of Investments | $12.9M | ||
| Proceeds From Issuance Of Redeemable Convertible Preferred Stock | |||
| Payments Of Stock Issuance Costs | $656.0K | ||
| Proceeds From Issuance Initial Public Offering | $234.4M |
Per-Share & Share Counts
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Weighted Average Number Of Shares Outstanding Basic | 44.7M | 13.2M | 1.5M |
| Weighted Average Number Of Diluted Shares Outstanding | 44.7M | 13.2M | 1.5M |
| Earnings Per Share Diluted | $-8.44 | $-11.89 | $-24.25 |
| Earnings Per Share Basic | $-8.44 | $-11.89 | $-24.25 |
| Common Stock Shares Authorized | 175.0M | 175.0M | 175.0M |
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
| Preferred Stock Shares Outstanding | 0.00 | 0.00 | 0.00 |
| Preferred Stock Shares Issued | 0.00 | 0.00 | 0.00 |
| Preferred Stock Shares Authorized | 25.0M | 25.0M | 0.00 |
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
| Common Stock Shares Outstanding | 54.5M | 41.8M | 1.6M |
| Common Stock Shares Issued | 54.5M | 41.8M | 1.6M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 |
|---|---|---|---|---|---|---|---|
| Weighted Average Number Of Shares Outstanding Basic | 42.2M | 41.9M | 41.8M | 7.7M | 1.6M | 1.6M | 1.5M |
| Weighted Average Number Of Diluted Shares Outstanding | 42.2M | 41.9M | 41.8M | 7.7M | 1.6M | 1.6M | 1.9M |
| Earnings Per Share Diluted | $-1.22 | $-1.25 | $-0.80 | $-5.02 | $-24.23 | $-17.89 | $1.96 |
| Earnings Per Share Basic | $-1.22 | $-1.25 | $-0.80 | $-5.02 | $-24.23 | $-17.89 | $2.42 |
| Common Stock Shares Authorized | 175.0M | 175.0M | 175.0M | 175.0M | |||
| Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | |||
| Preferred Stock Shares Outstanding | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Preferred Stock Shares Issued | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Preferred Stock Shares Authorized | 25.0M | 25.0M | 25.0M | 25.0M | |||
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | |||
| Common Stock Shares Outstanding | 42.2M | 42.1M | 41.8M | 41.8M | |||
| Common Stock Shares Issued | 42.2M | 42.1M | 41.8M | 41.8M |
Other Metrics
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value | $26.3M | $10.8M | $3.5M |
| Stock Issued During Period Value Stock Options Exercised | $4.1M | $275.0K | $116.0K |
| Depreciation | $56.0K | $137.0K | $113.0K |
| Additional Paid In Capital | $1.01B | $699.7M | $4.6M |
| Fair Value Adjustment Of Convertible Notes | $846.0K | $300.0K | |
| Conversion Of Stock Amount Converted1 | $449.6M | ||
| Stock Issued During Period Value New Issues | $234.3M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value | $7.3M | $6.0M | $5.4M | $2.8M | $1.5M | $947.0K | $1.0M | $669.0K | $687.0K |
| Stock Issued During Period Value Stock Options Exercised | $664.0K | $1.7M | $99.0K | $32.0K | $124.0K | $42.0K | $11.0K | $55.0K | |
| Depreciation | $23.0K | $33.0K | |||||||
| Additional Paid In Capital | $721.2M | $712.9M | $705.1M | $694.2M | |||||
| Fair Value Adjustment Of Convertible Notes | $152.0K | $694.0K | |||||||
| Conversion Of Stock Amount Converted1 | |||||||||
| Stock Issued During Period Value New Issues | $234.4M |
Most recent annual filing with the SEC: March 16, 2026
Data sourced from SEC EDGAR public filings as of August 5, 2026.