Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -56%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -251 Mil

Stock price has recently run up significantly
12M Rtn12 month market price return is 126%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%

High stock price volatility
Vol 12M is 112%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.13

Key risks
[ZBIO] key risks include [1] an extreme dependence on a limited product pipeline, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
2 Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -56%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -251 Mil
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 126%
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%
9 High stock price volatility
Vol 12M is 112%
10 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.13
11 Key risks
[ZBIO] key risks include [1] an extreme dependence on a limited product pipeline, Show more.

ZBIO in ETFs

Weight = ZBIO's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
XBI0.22%
IBB0.05%
IWN0.03%
VTWO0.01%
SCHA0.01%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/18/2026

Zenas BioPharma (ZBIO) stock has lost about 20% since 2/28/2026 because of the following key factors:

1. Lingering investor sentiment following obexelimab's Phase 3 INDIGO trial results. While the Phase 3 INDIGO trial for obexelimab in Immunoglobulin G4-Related Disease (IgG4-RD) reported positive and statistically significant results in January 2026, demonstrating a 56% reduction in flare risk, the hazard ratio of 0.44 reportedly fell short of elevated investor expectations, which were closer to 0.20. This led to a significant price target reduction by Morgan Stanley from $37.00 to $19.00 in early fiscal Q1 2026, setting a negative tone that continued to impact the stock's performance in the subsequent months.

2. Continued pre-revenue status and investor caution regarding pipeline timelines. Zenas BioPharma, as a clinical-stage company, reported no revenue in its fiscal Q1 2026 earnings, announced on May 13, 2026. Despite reporting a narrower-than-expected loss per share of -$1.46, beating consensus estimates by 9.75% or $0.01, the market reaction was subdued, with shares trading modestly lower. This reflected ongoing investor caution surrounding the absence of commercial revenue and the perceived protracted timelines for pipeline advancement to market.

Show more
Updated on 6/18/2026

Zenas BioPharma (ZBIO) stock has lost about 20% since 2/28/2026 because of the following key factors:

1. Lingering investor sentiment following obexelimab's Phase 3 INDIGO trial results. While the Phase 3 INDIGO trial for obexelimab in Immunoglobulin G4-Related Disease (IgG4-RD) reported positive and statistically significant results in January 2026, demonstrating a 56% reduction in flare risk, the hazard ratio of 0.44 reportedly fell short of elevated investor expectations, which were closer to 0.20. This led to a significant price target reduction by Morgan Stanley from $37.00 to $19.00 in early fiscal Q1 2026, setting a negative tone that continued to impact the stock's performance in the subsequent months.

2. Continued pre-revenue status and investor caution regarding pipeline timelines. Zenas BioPharma, as a clinical-stage company, reported no revenue in its fiscal Q1 2026 earnings, announced on May 13, 2026. Despite reporting a narrower-than-expected loss per share of -$1.46, beating consensus estimates by 9.75% or $0.01, the market reaction was subdued, with shares trading modestly lower. This reflected ongoing investor caution surrounding the absence of commercial revenue and the perceived protracted timelines for pipeline advancement to market.

3. Increased bearish sentiment indicated by rising short interest. A notable increase in bearish sentiment has been observed, with short interest in Zenas BioPharma recently rising by 1.80%. This metric, along with an 18.13-day short interest ratio ("days to cover"), suggests that a segment of investors anticipates further downward movement in the stock price.

4. Competitive pressures in the immunology therapeutic area. Zenas BioPharma faces significant competition from established pharmaceutical companies, such as Roche, particularly in the development of Bruton's Tyrosine Kinase (BTK) inhibitors like obexelimab. This competitive landscape may contribute to investor concerns about the company's ability to achieve substantial market penetration and effectively differentiate its pipeline products, potentially dampening long-term valuation prospects.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -21.1% change in ZBIO stock from 2/28/2026 to 6/22/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266222026Change
Stock Price ($)26.3520.80-21.1%
Change Contribution By: 
Total Revenues ($ Mil)150 
P/S Multiple74.19.2233720368547763E17%
Shares Outstanding (Mil)4256-24.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/22/2026
ReturnCorrelation
ZBIO-21.1% 
Market (SPY)8.8%26.4%
Sector (XLV)-5.9%28.2%

Fundamental Drivers

The -46.4% change in ZBIO stock from 11/30/2025 to 6/22/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256222026Change
Stock Price ($)38.8320.80-46.4%
Change Contribution By: 
Total Revenues ($ Mil)150 
P/S Multiple109.19.2233720368547763E17%
Shares Outstanding (Mil)4256-24.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/22/2026
ReturnCorrelation
ZBIO-46.4% 
Market (SPY)9.5%3.9%
Sector (XLV)-4.0%9.0%

Fundamental Drivers

The 118.5% change in ZBIO stock from 5/31/2025 to 6/22/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)53120256222026Change
Stock Price ($)9.5220.80118.5%
Change Contribution By: 
Total Revenues ($ Mil)150 
P/S Multiple26.59.2233720368547763E17%
Shares Outstanding (Mil)4256-24.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/22/2026
ReturnCorrelation
ZBIO118.5% 
Market (SPY)27.7%14.8%
Sector (XLV)15.2%17.7%

Fundamental Drivers

null
null

Market Drivers

5/31/2023 to 6/22/2026
ReturnCorrelation
ZBIO  
Market (SPY)85.1%20.3%
Sector (XLV)23.4%19.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ZBIO Return----55%343%-46%9%
Peers Return16%19%7%-1%27%7%97%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
ZBIO Win Rate---25%67%33% 
Peers Win Rate48%62%45%47%60%53% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ZBIO Max Drawdown-----37%-58% 
Peers Max Drawdown-24%-16%-23%-26%-24%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMGN, BIIB, BMY, JNJ, LLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/22/2026 (YTD)

About Zenas BioPharma (ZBIO)

Zenas BioPharma (ZBIO) is a clinical-stage global biopharmaceutical company dedicated to developing and commercializing innovative, immunology-based therapies for patients suffering from autoimmune diseases. The company's core strategy involves acquiring promising product candidates and leveraging its experienced team and industry networks to advance treatments that offer superior clinical benefits. Its primary focus is on addressing various Immunology & Inflammation (I&I) conditions.

The company's lead product candidate is obexelimab, a bifunctional monoclonal antibody. Obexelimab is designed to inhibit the activity of B cells, which are implicated in many autoimmune diseases, by binding to both CD19 and Fcγ receptor IIb (FcγRIIb). A key differentiator of obexelimab is its mechanism of action: it aims to inhibit B cells without depleting them, unlike other B cell targeting agents. This approach may offer advantages such as potentially better impact on tissue-resident B cells, a chronic dosing regimen, and a reduced risk of infections or impaired vaccine responses often associated with prolonged B cell depletion. Obexelimab has shown to be well-tolerated and demonstrated proof-of-concept across multiple clinical trials.

Zenas BioPharma is developing obexelimab as a potential franchise therapy across several significant autoimmune indications. The company is currently pursuing four initial target indications: IgG4-related disease (IgG4-RD) in an ongoing registration-directed Phase 3 trial; multiple sclerosis (MS) and systemic lupus erythematosus (SLE) in Phase 2 trials initiated in Q3 2024; and warm autoimmune hemolytic anemia (wAIHA) in an ongoing Phase 2/3 trial. These four indications represent a substantial commercial opportunity, estimated at approximately $50 billion in the U.S. alone, serving hundreds of thousands of patients. Zenas BioPharma is currently pre-revenue, with no products approved for commercial sale.

AI Analysis | Feedback

1. Zenas BioPharma is like a 'kinder, gentler' Biogen for B-cell autoimmune therapies, aiming to inhibit rather than deplete B cells.

2. Zenas BioPharma aims to be a future AbbVie for immunology franchises, starting with a novel B-cell inhibitor for multiple autoimmune conditions.

AI Analysis | Feedback

Major Product Candidate

  • Obexelimab: A bifunctional monoclonal antibody in clinical development for the treatment of various autoimmune diseases, including IgG4-RD, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia.

AI Analysis | Feedback

Because Zenas BioPharma is a clinical-stage biopharmaceutical company, it has no product candidates approved for commercial sale in any country and has not generated any revenue from product sales. Therefore, Zenas BioPharma currently has no major customers.

AI Analysis | Feedback

```html

null

```

AI Analysis | Feedback

Lonnie Moulder, Chief Executive Officer and Chairman of the Board of Directors

Mr. Moulder is the Founder of Zenas BioPharma and has served as its Chief Executive Officer since August 2023, and as Chairman and a member of the board of directors since 2020. He has been the Managing Member of Tellus BioVentures, LLC, an early-stage life sciences investment fund, since March 2019. Mr. Moulder has built and sold biotech companies for a combined total exceeding $10 billion, including the sale of TESARO to GlaxoSmithKline for $5.1 billion, Abraxis BioScience to Celgene for $2.9 billion, and MGI PHARMA to Eisai for $3.9 billion. He was recognized as Entrepreneur of the Year by Ernst & Young in 2017.

Jennifer Fox, Chief Business Officer and Chief Financial Officer

Ms. Fox has served as Zenas BioPharma's Chief Business Officer and Chief Financial Officer since December 2023. She is an experienced finance and corporate development executive with over 25 years of experience in corporate finance and healthcare investment banking, during which she advised numerous private and public companies on strategy, financings, and mergers and acquisitions. Prior to joining Zenas, Ms. Fox served as Chief Financial Officer at Nuvation Bio, Inc., a publicly traded biotechnology company. Before Nuvation Bio, she was a Managing Director and Co-Head of North America Healthcare Corporate and Investment Banking Group at CitiGroup, and also held senior investment banking positions at Deutsche Bank, Bear Stearns, Bank of America, and Prudential Securities.

Joe Farmer, President and Chief Operating Officer

Mr. Farmer serves as President and Chief Operating Officer. He is an accomplished biopharma executive with approximately 25 years of transactional and operational experience across all stages of development for emerging biotechnology companies, from discovery through commercialization. Prior to Zenas, Mr. Farmer was Chief Operating Officer at Xilio Therapeutics. Before Xilio, he served as General Counsel and Corporate Secretary at TESARO, where he led global legal, compliance, and government affairs functions and was a key member of the leadership team during its acquisition by GlaxoSmithKline in 2019.

Lisa von Moltke, M.D., Head of Research and Development and Chief Medical Officer

Dr. von Moltke was appointed Head of Research and Development and Chief Medical Officer at Zenas BioPharma in March 2025, bringing over three decades of experience in drug development with expertise in autoimmune diseases. She previously served as Chief Medical Officer at Seres Therapeutics, with functional oversight of clinical development, sciences and operations, regulatory, and medical affairs. Her career includes significant leadership roles at Alkermes, Inc., where she was Senior Vice President and Head of Clinical Development, and at Sanofi/Genzyme Corporation, where she served as Vice President, Clinical and Exploratory Pharmacology. Dr. von Moltke also served as President of the American College of Clinical Pharmacology.

Haley Laken, Ph.D., Chief Scientific Officer

Dr. Laken was appointed Chief Scientific Officer of Zenas BioPharma in April 2025. She brings over two decades of leadership experience in research, development operations, scientific assessment, and strategy. Before joining Zenas, Dr. Laken served as Chief Operating Officer at Tabby Therapeutics, a privately held biotech company. She held roles of increasing responsibility at Jounce Therapeutics, culminating as Chief Development Officer, and served in a senior program leadership role at TESARO, where she led multiple biologic development programs. Dr. Laken also held strategic drug development leadership roles at Rhythm Pharmaceuticals, Pfizer, and Wyeth.

AI Analysis | Feedback

The key risks for Zenas BioPharma (ZBIO) are:

  1. Clinical Trial and Regulatory Approval Risk: Zenas BioPharma is a clinical-stage company with no products approved for commercial sale and no revenue generated from product sales. The company's entire business and future revenue generation depend on the successful completion of clinical trials for its lead product candidate, obexelimab, across its various indications (IgG4-RD, MS, SLE, wAIHA), and subsequently obtaining regulatory approvals from health authorities. Failure in any of these critical stages due to issues with efficacy, safety, or other regulatory hurdles would fundamentally undermine the company's prospects.
  2. Product Candidate Concentration Risk: Zenas BioPharma's strategy is heavily centered on developing obexelimab as its lead "I&I franchise" product candidate for multiple autoimmune diseases. While pursuing several indications, the company's pipeline is currently reliant on the success of this single bifunctional monoclonal antibody. Should obexelimab fail to demonstrate sufficient efficacy or an acceptable safety profile, or encounter unforeseen development or commercialization challenges, the company's entire business model would be severely impacted due to its lack of other late-stage diversified product candidates.

AI Analysis | Feedback

null

AI Analysis | Feedback

Zenas BioPharma (ZBIO) is developing obexelimab for several autoimmune diseases, with the following estimated addressable market sizes in the U.S.:
Product/Service Addressable Market Size Region
Obexelimab for Immunoglobulin G4-related disease (IgG4-RD) Approximately 20,000 diagnosed patients U.S.
Obexelimab for Multiple Sclerosis (MS) Approximately 650,000 diagnosed patients U.S.
Obexelimab for Systemic Lupus Erythematosus (SLE) Approximately 172,000 diagnosed patients U.S.
Obexelimab for Warm Autoimmune Hemolytic Anemia (wAIHA) Approximately 40,000 diagnosed patients U.S.
Aggregate Commercial Opportunity (Obexelimab across the four indications) Approximately $50 billion U.S.

AI Analysis | Feedback

The primary drivers of future revenue growth for Zenas BioPharma (ZBIO) over the next 2-3 years are centered on the successful development and commercialization of its lead product candidate, obexelimab, across multiple autoimmune disease indications:

  1. Successful Clinical Development and Regulatory Approval of Obexelimab for IgG4-RD: Zenas BioPharma is currently conducting a registration-directed Phase 3 trial for obexelimab in immunoglobulin G4-related disease (IgG4-RD). Successful completion of this trial and subsequent regulatory approval would mark the company's first potential product launch and revenue generation.
  2. Commercial Launch and Market Penetration of Obexelimab for IgG4-RD: Following regulatory approval for IgG4-RD, the effective commercial launch and successful market penetration of obexelimab within this indication will directly drive initial revenue growth. The company estimates a diagnosed population of approximately 20,000 IgG4-RD patients in the United States, representing a significant commercial opportunity upon launch.
  3. Advancement and Expansion of Obexelimab into Additional Autoimmune Disease Indications: Zenas BioPharma is also developing obexelimab for multiple sclerosis (MS) and systemic lupus erythematosus (SLE) through Phase 2 trials, and for warm autoimmune hemolytic anemia (wAIHA) through an ongoing Phase 2/3 trial. Positive clinical trial outcomes and progression of obexelimab into later-stage development and eventual approval in these indications, which represent significantly larger patient populations (estimated at 650,000 for MS, 172,000 for SLE, and 40,000 for wAIHA in the U.S.), would substantially expand obexelimab's total addressable market and serve as major drivers for sustained future revenue growth.

AI Analysis | Feedback

Share Issuance

  • Zenas BioPharma completed an initial public offering (IPO) in September 2024, raising approximately $258.7 million in gross proceeds, including the full exercise of the underwriters' option to purchase additional shares. Net proceeds from the IPO totaled $234.4 million through the sale of 13.23 million shares at $17 per share.
  • In October 2025, the company secured a $120 million private placement by issuing approximately 6.3 million shares to institutional and accredited investors at $19.00 per share.
  • Prior to its IPO, Zenas BioPharma raised a total of $318 million across three funding rounds, with its largest, a Series C round, occurring in May 2024 for $200.15 million.

Inbound Investments

  • Zenas BioPharma entered into a revenue participation and funding agreement with Royalty Pharma, which will provide up to $300 million in consideration, including an upfront payment of $75 million.
  • The company successfully completed a Series C funding round in May 2024, raising $200.15 million, co-led by SR One, New Enterprise Associates, Norwest Venture Partners, and Delos Capital Partners.
  • A private placement completed in October 2025 brought in $120 million from institutional and accredited investors, as well as company directors and officers.

Outbound Investments

  • Zenas BioPharma made a strategic investment through a license agreement with InnoCare, which included a $35.0 million upfront payment for exclusive development and manufacturing rights for product candidates, such as orelabrutinib. A $5.0 million deposit related to this upfront payment was recognized as acquired in-process research and development expenses in the quarter ended September 30, 2025.

Capital Expenditures

  • Capital expenditures were reported as -$92,000 in the last 12 months, and $0.00 in the most recent quarter.
  • The company anticipates that its cash, cash equivalents, and investments will cover its operating expenses and capital expenditure requirements into the fourth quarter of 2026.
  • The primary focus of capital allocation is on supporting ongoing research and development activities and clinical trials for its lead product candidates, obexelimab and orelabrutinib.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ZBIOAMGNBIIBBMYJNJLLYMedian
NameZenas Bi.Amgen Biogen Bristol-.Johnson .Eli Lilly 
Mkt Price20.80344.72199.7154.70231.291,102.08215.50
Mkt Cap1.2186.129.4111.5557.1985.8148.8
Rev LTM037,2209,93748,48396,36272,25042,852
Op Inc LTM-25110,5682,30413,59125,79234,17212,080
FCF LTM-2458,5972,31611,90817,41310,3689,482
FCF 3Y Avg-1368,8701,96512,50118,0741,7345,418
CFO LTM-21010,7562,59113,30622,87020,48012,031
CFO 3Y Avg-12410,3482,27213,78023,61511,15810,753

Growth & Margins

ZBIOAMGNBIIBBMYJNJLLYMedian
NameZenas Bi.Amgen Biogen Bristol-.Johnson .Eli Lilly 
Rev Chg LTM-100.0%9.1%1.2%1.8%7.9%47.4%4.8%
Rev Chg 3Y Avg-12.5%-0.5%1.9%4.4%37.9%4.4%
Rev Chg Q-100.0%5.8%1.9%2.6%9.9%55.5%4.2%
QoQ Delta Rev Chg LTM-100.0%1.3%0.5%0.6%2.3%10.8%0.9%
Op Inc Chg LTM-44.8%41.9%-1.1%72.7%20.7%73.3%31.3%
Op Inc Chg 3Y Avg-8.8%-3.4%21.0%5.7%67.4%8.8%
Op Mgn LTM-28.4%23.2%28.0%26.8%47.3%28.0%
Op Mgn 3Y Avg-24.6%22.2%20.2%25.6%39.7%24.6%
QoQ Delta Op Mgn LTM-3.7%-1.8%-0.4%-0.4%1.7%-0.4%
CFO/Rev LTM-28.9%26.1%27.4%23.7%28.3%27.4%
CFO/Rev 3Y Avg-30.7%23.1%29.2%26.2%19.2%26.2%
FCF/Rev LTM-23.1%23.3%24.6%18.1%14.4%23.1%
FCF/Rev 3Y Avg-26.4%20.0%26.5%20.1%0.3%20.1%

Valuation

ZBIOAMGNBIIBBMYJNJLLYMedian
NameZenas Bi.Amgen Biogen Bristol-.Johnson .Eli Lilly 
Mkt Cap1.2186.129.4111.5557.1985.8148.8
P/S-5.03.02.35.813.65.0
P/Op Inc-4.617.612.88.221.628.815.2
P/EBIT-2.815.815.59.821.427.615.6
P/E-2.723.921.415.326.539.022.6
P/CFO-5.517.311.38.424.448.114.3
Total Yield-36.7%7.0%4.7%11.1%6.0%3.1%5.3%
Dividend Yield0.0%2.8%0.0%4.5%2.2%0.6%1.4%
FCF Yield 3Y Avg-5.2%8.1%10.5%4.1%0.2%5.2%
D/E0.20.30.20.40.10.00.2
Net D/E-0.40.20.10.30.10.00.1

Returns

ZBIOAMGNBIIBBMYJNJLLYMedian
NameZenas Bi.Amgen Biogen Bristol-.Johnson .Eli Lilly 
1M Rtn9.6%1.6%3.1%-8.0%-0.7%3.5%2.3%
3M Rtn0.8%-0.7%8.8%-3.0%-1.2%21.2%0.1%
6M Rtn-50.9%5.5%14.3%2.3%12.8%2.7%4.1%
12M Rtn126.3%22.7%57.2%22.6%58.3%45.5%51.4%
3Y Rtn14.6%66.4%-29.8%-3.4%52.6%145.4%33.6%
1M Excs Rtn5.8%3.4%5.8%-7.1%0.9%7.6%4.6%
3M Excs Rtn-21.6%-15.0%-4.8%-18.7%-16.0%6.9%-15.5%
6M Excs Rtn-53.1%-3.9%4.9%-6.8%0.0%-5.0%-4.5%
12M Excs Rtn98.5%-2.3%32.9%-2.3%32.3%16.4%24.4%
3Y Excs Rtn-56.3%-0.9%-104.3%-73.0%-14.6%80.6%-35.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Research and development of precision immunology-based therapies105500
Total105500


Net Income by Segment
$ Mil20252024
Research and development of precision immunology-based therapies-378-157
Total-378-157


Assets by Segment
$ Mil20232022
Research and development of precision immunology-based therapies6875
Total6875


Price Behavior

Price Behavior
Market Price$20.80 
Market Cap ($ Bil)1.2 
First Trading Date09/13/2024 
Distance from 52W High-51.8% 
   50 Days200 Days
DMA Price$19.20$24.38
DMA Trendupdown
Distance from DMA8.3%-14.7%
 3M1YR
Volatility83.1%112.8%
Downside Capture320.21145.42
Upside Capture183.91202.06
Correlation (SPY)24.3%14.2%
ZBIO Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.000.781.660.301.440.07
Up Beta1.14-2.27-0.36-0.530.55-0.11
Down Beta-4.57-4.021.47-0.360.460.17
Up Capture97%167%139%-27%371%67%
Bmk +ve Days13283667141432
Stock +ve Days10213062135217
Down Capture428%688%327%162%152%103%
Bmk -ve Days7132757109318
Stock -ve Days10203362114208

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ZBIO
ZBIO134.0%112.5%1.34-
Sector ETF (XLV)14.7%15.0%0.7016.9%
Equity (SPY)26.1%12.4%1.5913.6%
Gold (GLD)24.1%27.5%0.778.7%
Commodities (DBC)18.5%18.8%0.77-5.1%
Real Estate (VNQ)11.8%13.8%0.579.7%
Bitcoin (BTCUSD)-40.2%42.5%-1.0913.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ZBIO
ZBIO3.7%108.5%0.63-
Sector ETF (XLV)5.5%14.7%0.1919.2%
Equity (SPY)13.4%17.1%0.6120.2%
Gold (GLD)17.1%18.3%0.765.8%
Commodities (DBC)7.5%19.4%0.28-1.1%
Real Estate (VNQ)2.1%18.9%0.0114.4%
Bitcoin (BTCUSD)9.4%54.1%0.3715.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ZBIO
ZBIO1.8%108.5%0.63-
Sector ETF (XLV)9.5%16.6%0.4619.2%
Equity (SPY)15.4%18.0%0.7320.2%
Gold (GLD)12.2%16.1%0.625.8%
Commodities (DBC)6.0%18.0%0.26-1.1%
Real Estate (VNQ)5.4%20.7%0.2314.4%
Bitcoin (BTCUSD)59.9%66.8%1.0015.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity10.9 Mil
Short Interest: % Change Since 51520261.8%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest18.1 days
Basic Shares Quantity55.6 Mil
Short % of Basic Shares19.6%

Earnings Returns History

Updated 6/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/20264.0%-6.9%-7.3%
3/16/2026-3.4%-7.2%-11.2%
1/5/2026-51.9%-53.4%-42.8%
11/12/20251.7%2.9%15.3%
8/12/20256.7%15.9%32.8%
5/15/202512.2%26.0%19.0%
2/5/20253.4%-5.1%-5.1%
11/12/2024-3.1%-29.1%-56.9%
SUMMARY STATS   
# Positive533
# Negative355
Median Positive4.0%15.9%19.0%
Median Negative-3.4%-7.2%-11.2%
Max Positive12.2%26.0%32.8%
Max Negative-51.9%-53.4%-56.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/20264.0%-6.9%-7.3%
3/16/2026-3.4%-7.2%-11.2%
1/5/2026-51.9%-53.4%-42.8%
11/12/20251.7%2.9%15.3%
8/12/20256.7%15.9%32.8%
5/15/202512.2%26.0%19.0%
2/5/20253.4%-5.1%-5.1%
11/12/2024-3.1%-29.1%-56.9%
SUMMARY STATS   
# Positive533
# Negative355
Median Positive4.0%15.9%19.0%
Median Negative-3.4%-7.2%-11.2%
Max Positive12.2%26.0%32.8%
Max Negative-51.9%-53.4%-56.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/16/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/15/202510-Q
12/31/202403/11/202510-K
09/30/202411/12/202410-Q
06/30/202409/13/2024424B4
03/31/202406/26/2024DRS/A
09/30/202301/25/2024DRS
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/16/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/15/202510-Q
12/31/202403/11/202510-K
09/30/202411/12/202410-Q
06/30/202409/13/2024424B4
03/31/202406/26/2024DRS/A
09/30/202301/25/2024DRS

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/13/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2029 Cash Runway     RaisedGuidance: 2,027 for 2027

Prior: Q4 2025 Earnings Reported 3/16/2026

null

Insider Activity

Updated 6/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy518202616.8860,0001,012,8001,636,145Form
2Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy429202617.6235,000616,70031,470,007Form
3Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy429202618.0225,000450,50031,553,723Form
4Lu, HongboSee footnoteBuy402202618.633,76870,1987,950,092Form
5Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy331202619.3134,000656,54033,329,813Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy518202616.8860,0001,012,8001,636,145Form
2Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy429202617.6235,000616,70031,470,007Form
3Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy429202618.0225,000450,50031,553,723Form
4Lu, HongboSee footnoteBuy402202618.633,76870,1987,950,092Form
5Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy331202619.3134,000656,54033,329,813Form
6Lu, HongboSee footnoteBuy331202620.0075,0001,500,0008,459,360Form
7Moulder, Leon O JRChief Executive OfficerSee FootnoteBuy331202618.2320,000364,60030,845,871Form
8Allen, Patricia LDirectBuy213202626.364,160109,658523,510Form
9Allen, Patricia LDirectBuy213202624.8515,700390,088390,088Form
10Lu, HongboSee footnoteBuy213202622.5025,985584,6627,829,280Form
11Moulder, Leon O JRChief Executive OfficerDirectBuy203202617.9657,0001,023,7207,599,864Form
12Nunn, Jason Raleigh See Note 2Buy1014202519.0063,1581,200,00222,294,505Form
13Sr, One Capital Management, Llc See Note 2Buy1014202519.0063,1581,200,00222,294,505Form
14Sr, One Capital Management, Llc See Note 3Buy1014202519.0063,1571,199,98336,440,005Form
15Enright, Patrick G See FootnoteBuy1014202519.00105,2652,000,03534,820,711Form
16Enright, Patrick G DirectBuy1014202520.8511,990249,992249,992Form
17Moulder, Leon O JRSee RemarksSee FootnoteBuy1009202520.8536,928769,949769,949Form
18Fairmount, Funds Management LlcFairmount Healthcare Fund II L.P.Buy1009202519.00316,2196,008,16141,971,475Form
19Lu, HongboSee footnoteBuy1009202519.00263,1605,000,0406,117,677Form
20Lu, HongboSee footnoteBuy1009202517.0058,823999,991999,991Form
Core Cache Last Updated: 6/22/2026