Zenas BioPharma (ZBIO)
Market Price (3/21/2026): $22.32 | Market Cap: $941.0 MilSector: Health Care | Industry: Biotechnology
Zenas BioPharma (ZBIO)
Market Price (3/21/2026): $22.32Market Cap: $941.0 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% | Weak multi-year price returns2Y Excs Rtn is -4.3%, 3Y Excs Rtn is -44% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -196 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1305% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Meaningful short interestShort 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 10.7, 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 19% | Stock price has recently run up significantly12M Rtn12 month market price return is 162% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 162% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1056%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1090% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24% | ||
| High stock price volatilityVol 12M is 119% | ||
| Key risks[ZBIO] key risks include [1] an extreme dependence on a limited product pipeline, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -4.3%, 3Y Excs Rtn is -44% |
| Meaningful short interestShort 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 10.7, 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 19% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -196 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1305% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 162% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 162% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1056%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1090% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24% |
| High stock price volatilityVol 12M is 119% |
| Key risks[ZBIO] key risks include [1] an extreme dependence on a limited product pipeline, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Zenas BioPharma (ZBIO) stock has lost about 45% since 11/30/2025 because of the following key factors:
1. Disappointing Phase 3 INDIGO trial data for obexelimab in IgG4-Related Disease (IgG4-RD). Zenas BioPharma's stock plummeted by 52% in premarket trading on January 5, 2026, after the company released results from its pivotal Phase 3 INDIGO trial for obexelimab in IgG4-Related Disease. While the trial met its primary endpoint with a 56% reduction in the risk of IgG4-RD flare versus placebo, investors were reportedly unimpressed with the outcome. The 56% reduction was significantly lower than the 87% observed with rival Amgen's Uplizna, and the reported flare rate of 27% exceeded management's prior guidance of approximately 10%. This led Morgan Stanley to downgrade the stock from Overweight to Equalweight and reduce its price target from $37.00 to $19.00.
2. Q3 2025 Earnings Per Share (EPS) miss and ongoing unprofitability. Zenas BioPharma reported a Q3 2025 loss of $1.25 per share, missing the consensus estimate of $1.02 per share. This earnings miss, reported on November 12, 2025, just before the specified period, contributed to a negative sentiment. The company continues to report net losses, totaling approximately $189.899 million, indicating a reliance on future clinical and regulatory outcomes for profitability.
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1. Disappointing Phase 3 INDIGO trial data for obexelimab in IgG4-Related Disease (IgG4-RD). Zenas BioPharma's stock plummeted by 52% in premarket trading on January 5, 2026, after the company released results from its pivotal Phase 3 INDIGO trial for obexelimab in IgG4-Related Disease. While the trial met its primary endpoint with a 56% reduction in the risk of IgG4-RD flare versus placebo, investors were reportedly unimpressed with the outcome. The 56% reduction was significantly lower than the 87% observed with rival Amgen's Uplizna, and the reported flare rate of 27% exceeded management's prior guidance of approximately 10%. This led Morgan Stanley to downgrade the stock from Overweight to Equalweight and reduce its price target from $37.00 to $19.00.
2. Q3 2025 Earnings Per Share (EPS) miss and ongoing unprofitability. Zenas BioPharma reported a Q3 2025 loss of $1.25 per share, missing the consensus estimate of $1.02 per share. This earnings miss, reported on November 12, 2025, just before the specified period, contributed to a negative sentiment. The company continues to report net losses, totaling approximately $189.899 million, indicating a reliance on future clinical and regulatory outcomes for profitability.
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Stock Movement Drivers
Fundamental Drivers
The -42.6% change in ZBIO stock from 11/30/2025 to 3/20/2026 was primarily driven by a -42.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.83 | 22.30 | -42.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 15 | 0.0% |
| P/S Multiple | 109.1 | 62.7 | -42.6% |
| Shares Outstanding (Mil) | 42 | 42 | 0.0% |
| Cumulative Contribution | -42.6% |
Market Drivers
11/30/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ZBIO | -42.6% | |
| Market (SPY) | -4.8% | -8.8% |
| Sector (XLV) | -7.8% | -1.8% |
Fundamental Drivers
The 39.4% change in ZBIO stock from 8/31/2025 to 3/20/2026 was primarily driven by a 40.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.00 | 22.30 | 39.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 15 | 0.0% |
| P/S Multiple | 44.7 | 62.7 | 40.4% |
| Shares Outstanding (Mil) | 42 | 42 | -0.7% |
| Cumulative Contribution | 39.4% |
Market Drivers
8/31/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ZBIO | 39.4% | |
| Market (SPY) | 1.1% | 8.0% |
| Sector (XLV) | 6.2% | 12.4% |
Fundamental Drivers
The 218.1% change in ZBIO stock from 2/28/2025 to 3/20/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.01 | 22.30 | 218.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 15 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 62.7 | |
| Shares Outstanding (Mil) | 8 | 42 | -81.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ZBIO | 218.1% | |
| Market (SPY) | 10.4% | 21.6% |
| Sector (XLV) | -1.1% | 23.3% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/20/2026| Return | Correlation | |
|---|---|---|
| ZBIO | ||
| Market (SPY) | 70.3% | 20.1% |
| Sector (XLV) | 19.6% | 18.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZBIO Return | - | - | - | -55% | 343% | -36% | 29% |
| Peers Return | 16% | 19% | 7% | -1% | 27% | 4% | 93% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| ZBIO Win Rate | - | - | - | 25% | 67% | 33% | |
| Peers Win Rate | 48% | 62% | 45% | 47% | 60% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ZBIO Max Drawdown | - | - | - | -55% | -21% | -58% | |
| Peers Max Drawdown | -7% | -9% | -19% | -16% | -14% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[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 3/20/2026 (YTD)
How Low Can It Go
ZBIO has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to AMGN, BIIB, BMY, JNJ, LLY
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About Zenas BioPharma (ZBIO)
We are a clinical-stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an immunology and inflammation (“I&I”) focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. We leverage our experienced executive management team and our established networks throughout the biopharmaceutical industry to identify, acquire and develop product candidates that we believe can provide superior clinical benefits to patients living with autoimmune diseases. Our lead I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and Fcγ receptor IIb (“FcγRIIb”), which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. Based on existing clinical data generated to date, we believe that targeting B cell lineage via CD19 and FcγRIIb can inhibit B cells and has been shown to be well-tolerated. While anti-CD20 or other anti-CD19 targeting agents effectively deplete B cells in systemic circulation, these agents do not fully impact B cells in relevant tissue, and the intermittent dosing regimens of these agents may not provide optimal benefits for all patients. In addition, anti-CD20 and other anti-CD19 targeting agents may cause prolonged depletion of circulating B cells for six months or longer, placing patients at higher risk of opportunistic infections and potentially reducing their ability to respond to, and receive full benefit from, vaccines. We believe obexelimab’s mechanism of action and chronic dosing regimen may broadly and effectively address the pathogenic role of B cell lineage in chronic autoimmune disease. Across five clinical trials, in which 198 subjects were dosed, obexelimab was well-tolerated and demonstrated clinical activity that we believe provides proof-of-concept (“POC”) for obexelimab as a B cell inhibitor for the treatment of patients living with certain autoimmune diseases and, together with its mechanism of action, positions obexelimab to be a potentially differentiated B cell therapy for the treatment of such patients. We are developing obexelimab as a potential I&I franchise for patients in several autoimmune diseases, representing substantial commercial opportunities individually and in the aggregate. The first four indications we are pursuing include immunoglobulin G4-related disease (“IgG4-RD”) through an ongoing registration-directed Phase 3 trial; multiple sclerosis (“MS”) and systemic lupus erythematosus (“SLE”) through Phase 2, double-blind, randomized, placebo-controlled trials each of which we initiated in the third quarter of 2024; and warm autoimmune hemolytic anemia (“wAIHA”) through an ongoing Phase 2/3 trial, currently in the Phase 2 open label portion. IgG4-RD is a chronic fibro-inflammatory condition that can affect virtually all organ systems, including the pancreas, biliary tract, salivary and lacrimal glands, lungs and kidneys. IgG4-RD is a relatively recently described disease that incorporates groups of manifestations that were diagnosed as separate disease entities prior to 2003. We estimate that the currently diagnosed population of IgG4-RD patients in the United States is approximately 20,000, with comparable prevalence rates globally. MS is the most common immune- mediated, chronic inflammatory demyelinating disease of the central nervous system (“CNS”), affecting over two million people worldwide including as many as 1,000,000 in the United States. We estimate a diagnosed prevalence of approximately 650,000 patients in the United States with MS. SLE, the most common form of lupus, is a complex, chronic autoimmune disease characterized most notably by unpredictable flares in joints, skin, kidneys and other vital organs that cause progressive organ damage. According to the Lupus Foundation of America, at least 1.5 million Americans are afflicted by lupus and more than 16,000 new cases are reported annually. It is estimated that five million people throughout the world suffer from some form of lupus, of which 70% suffer from the most common form, SLE. We estimate a diagnosed prevalence of approximately 245,000 patients in the United States having lupus, with approximately 172,000 having SLE. Autoimmune hemolytic anemia (“AIHA”) is an acquired disorder in which autoantibodies directed against a patient’s own red blood cell (“RBC”) membrane antigens lead to their accelerated destruction, and the rate of production of new cells in the bone marrow can no longer compensate for their loss. We estimate that the currently diagnosed population of wAIHA patients in the United States is approximately 40,000, with similar prevalence rates in other countries. We estimate that the commercial opportunity across these four indications is approximately $50 billion in the aggregate in the U.S. alone. To date, we have no product candidates approved for commercial sale in any country and have not generated any revenue from product sales. Zenas BioPharma, Inc. was originally incorporated on November 12, 2019, as Zenas BioPharma (Cayman) Limited as an exempted company organized under the laws of the Cayman Islands. On August 2, 2023, the Company was domesticated as a Delaware corporation and, concurrent therewith, we changed our name from Zenas BioPharma (Cayman) Limited to Zenas BioPharma, Inc. Our principal executive offices are located at 1000 Winter Street, Suite 1200, Waltham, MA 02451.
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
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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:
- 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.
- 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
nullAI 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:
- 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.
- 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.
- 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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Zenas BioPharma Stock Pre-Market (-4.4%): Shareholder Lawsuit Investigation Announced | 01/15/2026 | |
| Zenas BioPharma Stock Pre-Market (-4.0%) : Fallout From Phase 3 Data Disappointment | 01/06/2026 | |
| Zenas BioPharma Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to ZBIO.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
| 10312025 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -15.7% | -15.7% | -51.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 208.42 |
| Mkt Cap | 152.0 |
| Rev LTM | 42,473 |
| Op Inc LTM | 11,402 |
| FCF LTM | 7,032 |
| FCF 3Y Avg | 5,262 |
| CFO LTM | 12,057 |
| CFO 3Y Avg | 9,965 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | 26.1% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 25.9% |
| CFO/Rev 3Y Avg | 26.7% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 20.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 152.0 |
| P/S | 5.6 |
| P/EBIT | 15.3 |
| P/E | 20.9 |
| P/CFO | 15.4 |
| Total Yield | 5.9% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.5% |
| 3M Rtn | 5.4% |
| 6M Rtn | 25.5% |
| 12M Rtn | 21.1% |
| 3Y Rtn | 43.4% |
| 1M Excs Rtn | -1.3% |
| 3M Excs Rtn | 9.6% |
| 6M Excs Rtn | 28.9% |
| 12M Excs Rtn | 6.3% |
| 3Y Excs Rtn | -24.4% |
Price Behavior
Price Behavior
| Market Price | $22.30 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 09/13/2024 | |
| Distance from 52W High | -48.3% | |
| 50 Days | 200 Days | |
| DMA Price | $22.89 | $17.72 |
| DMA Trend | up | down |
| Distance from DMA | -2.6% | 25.8% |
| 3M | 1YR | |
| Volatility | 142.2% | 119.1% |
| Downside Capture | -75.99 | 173.10 |
| Upside Capture | -407.83 | 249.13 |
| Correlation (SPY) | -13.3% | 22.0% |
ZBIO Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.65 | -3.85 | -2.24 | 0.54 | 1.32 | -0.18 |
| Up Beta | 1.20 | -3.11 | -3.35 | 1.71 | 0.94 | -0.15 |
| Down Beta | -6.49 | -2.70 | -3.25 | -0.65 | 0.76 | -1.71 |
| Up Capture | 50% | -479% | -241% | 128% | 732% | 45% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 21 | 32 | 70 | 141 | 187 |
| Down Capture | -273% | -494% | -99% | -16% | 125% | 91% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 20 | 29 | 54 | 109 | 175 |
[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 | |
|---|---|---|---|---|
| ZBIO | 183.3% | 119.1% | 1.49 | - |
| Sector ETF (XLV) | 0.2% | 17.6% | -0.14 | 24.8% |
| Equity (SPY) | 15.8% | 18.9% | 0.64 | 22.0% |
| Gold (GLD) | 48.2% | 27.0% | 1.45 | 6.0% |
| Commodities (DBC) | 17.8% | 17.4% | 0.83 | 0.8% |
| Real Estate (VNQ) | 1.0% | 16.4% | -0.11 | 17.7% |
| Bitcoin (BTCUSD) | -19.0% | 44.2% | -0.35 | 15.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBIO | |
|---|---|---|---|---|
| ZBIO | 5.1% | 112.1% | 0.71 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.26 | 18.2% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 20.0% |
| Gold (GLD) | 20.7% | 17.5% | 0.97 | 5.8% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | -0.9% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.06 | 12.5% |
| Bitcoin (BTCUSD) | 4.7% | 56.7% | 0.30 | 14.4% |
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 | |
|---|---|---|---|---|
| ZBIO | 2.5% | 112.1% | 0.71 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 18.2% |
| Equity (SPY) | 14.2% | 17.9% | 0.68 | 20.0% |
| Gold (GLD) | 13.3% | 15.7% | 0.70 | 5.8% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | -0.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 12.5% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/12/2025 | 1.7% | 2.9% | 15.3% |
| 8/12/2025 | 6.7% | 15.9% | 32.8% |
| 5/15/2025 | 12.2% | 26.0% | 19.0% |
| 2/5/2025 | 3.4% | -5.1% | -5.1% |
| 11/12/2024 | -3.1% | -29.1% | -56.9% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 3 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.0% | 15.9% | 19.0% |
| Median Negative | -3.1% | -17.1% | -31.0% |
| Max Positive | 12.2% | 26.0% | 32.8% |
| Max Negative | -3.1% | -29.1% | -56.9% |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nunn, Jason Raleigh | See Note 2 | Buy | 10142025 | 19.00 | 63,158 | 1,200,002 | 22,294,505 | Form | |
| 2 | Sr, One Capital Management, Llc | See Note 2 | Buy | 10142025 | 19.00 | 63,158 | 1,200,002 | 22,294,505 | Form | |
| 3 | Sr, One Capital Management, Llc | See Note 3 | Buy | 10142025 | 19.00 | 63,157 | 1,199,983 | 36,440,005 | Form | |
| 4 | Enright, Patrick G | See Footnote | Buy | 10142025 | 19.00 | 105,265 | 2,000,035 | 34,820,711 | Form | |
| 5 | Enright, Patrick G | Direct | Buy | 10142025 | 20.85 | 11,990 | 249,992 | 249,992 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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