Zentalis Pharmaceuticals (ZNTL)


Market Price (10/17/2026): $2.22 | Market Cap: $158.3 MilSector: Health Care | Industry: Biotechnology

Zentalis Pharmaceuticals (ZNTL)


Market Price (10/17/2026): $2.22
Market Cap: $158.3 Mil
Sector: Health Care
Industry: Biotechnology

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 -93%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -167%

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 -153 Mil

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) 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 -96%

High stock price volatility
Vol 12M is 129%

Key risks
ZNTL key risks include [1] its near-total dependence on the clinical and regulatory success of its single lead candidate, 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 -93%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -167%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -153 Mil
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null
6 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 -96%
7 High stock price volatility
Vol 12M is 129%
8 Key risks
ZNTL key risks include [1] its near-total dependence on the clinical and regulatory success of its single lead candidate, Show more.

ZNTL in ETFs

Weight = ZNTL's share of each fund

VTI0.00%
IWM0.00%
VTWO0.01%
VHT0.00%
DFAS0.00%
IWN0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/14/2026

Zentalis Pharmaceuticals (ZNTL) stock has lost about 55% since 6/30/2026 because of the following key factors:

1. Delay in Topline Readout for DENALI Part 2 Clinical Trial. The company announced on August 6, 2026, during its fiscal Q2 2026 earnings report, that the topline readout for the DENALI Part 2 trial for azenosertib, which is crucial for potential accelerated approval, is now expected in the first half of 2027, instead of the previously anticipated year-end 2026. This delay likely generated investor uncertainty and negatively impacted confidence in the drug's development timeline.

2. Missed Fiscal Q2 2026 Earnings Expectations. Zentalis Pharmaceuticals reported an earnings per share (EPS) of -$0.59 for fiscal Q2 2026 (ending June 30, 2026), missing the consensus analyst estimate of -$0.49 by $0.10, representing a 28.26% miss. The company also anticipates a further decrease in earnings per share in the subsequent fiscal year.

Show more
Updated on 10/14/2026

Zentalis Pharmaceuticals (ZNTL) stock has lost about 55% since 6/30/2026 because of the following key factors:

1. Delay in Topline Readout for DENALI Part 2 Clinical Trial. The company announced on August 6, 2026, during its fiscal Q2 2026 earnings report, that the topline readout for the DENALI Part 2 trial for azenosertib, which is crucial for potential accelerated approval, is now expected in the first half of 2027, instead of the previously anticipated year-end 2026. This delay likely generated investor uncertainty and negatively impacted confidence in the drug's development timeline.

2. Missed Fiscal Q2 2026 Earnings Expectations. Zentalis Pharmaceuticals reported an earnings per share (EPS) of -$0.59 for fiscal Q2 2026 (ending June 30, 2026), missing the consensus analyst estimate of -$0.49 by $0.10, representing a 28.26% miss. The company also anticipates a further decrease in earnings per share in the subsequent fiscal year.

3. Dilutive Public Offering in August 2026. In August 2026, Zentalis completed an underwritten public offering, selling 26,450,000 shares of its common stock at $3.50 per share. This offering raised approximately $92.6 million in gross proceeds but significantly increased the number of outstanding shares, leading to shareholder dilution and exerting downward pressure on the stock price.

4. Increased Research and Development Expenses and Cash Burn. Research and development expenses for fiscal Q2 2026 rose to $35.2 million, compared to $27.6 million for fiscal Q2 2025. This increase of $7.6 million was primarily driven by a $7.0 million milestone payment related to the ASPENOVA Phase 3 clinical trial and higher clinical and drug manufacturing costs. The company's cash, cash equivalents, and marketable securities decreased from $211.8 million as of March 31, 2026 (fiscal Q1 2026) to $174.6 million as of June 30, 2026 (fiscal Q2 2026), indicating a notable cash burn rate.

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Stock Movement Drivers

Fundamental Drivers

The -56.1% change in ZNTL stock from 6/30/2026 to 10/16/2026 was primarily driven by a -1.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)630202610162026Change
Stock Price ($)4.852.13-56.1%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)7071-1.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/16/2026
ReturnCorrelation
ZNTL-56.1% 
Market (SPY)2.2%18.6%
Sector (XLV)11.4%1.4%

Fundamental Drivers

The -9.0% change in ZNTL stock from 3/31/2026 to 10/16/2026 was primarily driven by a 0.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610162026Change
Stock Price ($)2.342.13-9.0%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)72710.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/16/2026
ReturnCorrelation
ZNTL-9.0% 
Market (SPY)17.7%13.3%
Sector (XLV)21.1%-5.4%

Fundamental Drivers

The 41.1% change in ZNTL stock from 9/30/2025 to 10/16/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)930202510162026Change
Stock Price ($)1.512.1341.1%
Change Contribution By: 
Total Revenues ($ Mil)270 
P/S Multiple4.0∞9.2233720368547763E17%
Shares Outstanding (Mil)72710.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/16/2026
ReturnCorrelation
ZNTL41.1% 
Market (SPY)15.5%20.4%
Sector (XLV)28.6%8.0%

Fundamental Drivers

The -89.4% change in ZNTL stock from 9/30/2023 to 10/16/2026 was primarily driven by a -14.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202310162026Change
Stock Price ($)20.062.13-89.4%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6171-14.8%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/16/2026
ReturnCorrelation
ZNTL-89.4% 
Market (SPY)84.7%23.8%
Sector (XLV)43.7%20.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ZNTL Return62%-76%-25%-80%-55%66%-96%
Peers Return-54%-62%96%-27%69%-7%-61%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
ZNTL Win Rate67%25%42%42%25%30% 
Peers Win Rate35%32%48%42%48%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ZNTL Max Drawdown-32%-79%-67%-84%-68%-66% 
Peers Max Drawdown-69%-76%-71%-66%-63%-49% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: APRE, PRLD, OLMA, ARVN, TGTX.
[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 10/16/2026 (YTD)

How Low Can It Go

EventZNTLS&P 500
2025 US Tariff Shock
  % Loss-58.9%-18.8%
  % Gain to Breakeven143.3%23.1%
  Time to Breakeven275 days79 days
2024 Yen Carry Trade Unwind
  % Loss-26.5%-7.8%
  % Gain to Breakeven36.1%8.5%
  Time to Breakeven34 days18 days
2023 SVB Regional Banking Crisis
  % Loss-21.1%-6.7%
  % Gain to Breakeven26.8%7.1%
  Time to Breakeven42 days31 days

Compare to APRE, PRLD, OLMA, ARVN, TGTX

In The Past

Zentalis Pharmaceuticals's stock fell -58.9% during the 2025 US Tariff Shock. Such a loss loss requires a 143.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventZNTLS&P 500
2025 US Tariff Shock
  % Loss-58.9%-18.8%
  % Gain to Breakeven143.3%23.1%
  Time to Breakeven275 days79 days
2024 Yen Carry Trade Unwind
  % Loss-26.5%-7.8%
  % Gain to Breakeven36.1%8.5%
  Time to Breakeven34 days18 days
2023 SVB Regional Banking Crisis
  % Loss-21.1%-6.7%
  % Gain to Breakeven26.8%7.1%
  Time to Breakeven42 days31 days

Compare to APRE, PRLD, OLMA, ARVN, TGTX

In The Past

Zentalis Pharmaceuticals's stock fell -58.9% during the 2025 US Tariff Shock. Such a loss loss requires a 143.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Zentalis Pharmaceuticals (ZNTL)

Zentalis Pharmaceuticals, Inc. (ZNTL) is a clinical-stage biopharmaceutical company dedicated to discovering and developing innovative small molecule therapeutics for the treatment of various cancers. The company's strategic focus is on addressing significant unmet medical needs in oncology by advancing a pipeline of novel drug candidates through clinical trials.

Zentalis's main product candidates include ZN-c3, a WEE1 inhibitor in Phase 2 trials for advanced solid tumors and platinum-resistant ovarian cancer, and ZN-c5, an oral selective estrogen receptor degrader (SERD) currently in Phase 1/2 for advanced breast cancer. The company's pipeline also features ZN-d5, a selective BCL-2 inhibitor in Phase 1 for non-Hodgkin's lymphoma and acute myelogenous leukemia, and ZN-e4, an EGFR inhibitor in Phase 1/2 for advanced non-small cell lung cancer. Furthermore, Zentalis is developing BCL-xL heterobifunctional degraders, aiming to improve upon existing BCL-xL inhibitors.

The primary customers or markets Zentalis Pharmaceuticals serves are patients suffering from a wide range of cancers. Its therapeutic candidates are designed to target critical oncology indications such as advanced solid tumors, platinum-resistant ovarian cancer, estrogen receptor-positive breast cancer, non-Hodgkin's lymphoma, acute myelogenous leukemia, and non-small cell lung cancer. As a clinical-stage company, its current efforts are concentrated on the research and development of these potential treatments with the objective of bringing them to market to improve patient outcomes in these significant disease areas.

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  • A clinical-stage biotechnology company focused on discovering and developing new cancer drugs, similar to a specialized version of the oncology research units within larger companies like Genentech or Amgen.
  • An oncology drug developer with a pipeline of experimental cancer therapies, aiming to discover significant treatments similar to what companies like Merck or Eli Lilly pursue in their cancer divisions.
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  • ZN-c3: An inhibitor of WEE1, a protein tyrosine kinase, in clinical trials for advanced solid tumors and platinum-resistant ovarian cancer.
  • ZN-c5: An oral selective estrogen receptor degrader in clinical trials for advanced estrogen receptor-positive, HER2-negative breast cancer.
  • ZN-d5: A selective inhibitor of B-cell lymphoma 2 in clinical trials for non-Hodgkin's lymphoma and acute myelogenous leukemia.
  • ZN-e4: An irreversible inhibitor of mutant epidermal growth factor receptor in clinical trials for advanced non-small cell lung cancer.
  • BCL-xL heterobifunctional degraders: Novel degraders designed to avoid dose-limiting thrombocytopenia associated with BCL-xL inhibitors by utilizing E3 ligases not expressed in platelets.
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AI Analysis | Feedback

Zentalis Pharmaceuticals (ZNTL) is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics for cancer. As such, its products are currently in clinical trials and are not yet commercially available to individuals (patients) or healthcare providers. The company generates revenue and advances its programs primarily through strategic collaborations and licensing agreements with other companies and institutions.

Therefore, its major "customers" or partners that provide funding and support for its development efforts include:

  • Recurium IP Holdings, LLC
  • Mayo Foundation for Medical Education and Research
  • SciClone Pharmaceuticals International (Cayman) Development Ltd.
  • Pfizer, Inc. (Symbol: PFE)
  • Eli Lilly and Company (Symbol: LLY)
  • GlaxoSmithKline (Symbol: GSK)
  • Zentera Therapeutics (Cayman), Ltd.

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Julie Eastland, Chief Executive Officer, President and Director

Julie Eastland was appointed Chief Executive Officer, President and Director of Zentalis Pharmaceuticals in November 2024. Prior to joining Zentalis, she served as the Chief Executive Officer and President of Harpoon Therapeutics, a publicly traded clinical-stage oncology company, from November 2021 until its acquisition by Merck in March 2024. Ms. Eastland also served as Chief Operating Officer and Chief Financial Officer of ReCode Therapeutics, a privately held genetics medicine company. Her previous roles include Chief Financial Officer and Chief Business Officer of Rainier Therapeutics, a privately held biopharmaceutical company, and Chief Financial Officer and Chief Business Officer of Cascadian Therapeutics, a publicly traded oncology company that was acquired by Seattle Genetics in 2018. She has held various financial and strategic management positions at publicly traded biotechnology companies such as Dendreon and Amgen.

Cam Gallagher, President and Interim Chief Financial Officer

Cam Gallagher was appointed interim Chief Financial Officer of Zentalis Pharmaceuticals on April 5, 2024, while also serving as President. He has been the company's President since May 2022 and a member of the Board of Directors since Zentalis' founding in December 2014. Mr. Gallagher previously served as Chief Business Officer at Immusoft Corp. He is also the Chairman of the Board of Directors of Ocuphire Pharma, Inc.

Ingmar Bruns, M.D., Chief Medical Officer

Dr. Ingmar Bruns was appointed Chief Medical Officer in November 2024. He brings two decades of experience in hematology and oncology as a physician and scientist.

James Bucher, Chief Legal Officer and Corporate Secretary

James Bucher joined Zentalis Pharmaceuticals as Chief Legal Officer and Corporate Secretary. He previously served as Chief Legal Officer at Harpoon Therapeutics, where he played a key role in its $680 million acquisition by Merck in 2024. Before that, he was Executive Vice President, General Counsel, and Head of Human Resources at Eliem Therapeutics, where he was a founding member of the leadership team responsible for legal affairs, corporate strategy, private placements, and the company's initial public offering.

Haibo Wang, Chief Business Officer

Haibo Wang was appointed Chief Business Officer in December 2024. He has over 15 years of experience in biopharma business development, finance, and M&A transactions. Most recently, he was Senior Vice President of Business Development at Harpoon Therapeutics and was instrumental in its acquisition by Merck in March 2024. Prior to Harpoon, he served as the Vice President of Business Development at Hummingbird Bioscience.

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Key Risks to Zentalis Pharmaceuticals (ZNTL)

  1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Zentalis Pharmaceuticals' success is heavily dependent on the successful outcome of its ongoing and future clinical trials for its product candidates (ZN-c3, ZN-c5, ZN-d5, and ZN-e4). There is a significant risk that these candidates may fail to demonstrate efficacy or safety in clinical trials, or may not receive the necessary regulatory approvals from health authorities, which would materially and adversely affect the company's business and prospects.
  2. Intense Competition: The biopharmaceutical industry, particularly the oncology market, is highly competitive and rapidly evolving. Zentalis Pharmaceuticals faces competition from major pharmaceutical companies and biotechnology firms that have greater financial resources, more extensive research and development capabilities, and more experience in obtaining regulatory approvals and commercializing products. This competition could limit the market potential of Zentalis's product candidates, even if approved.
  3. Dependence on Funding and Capital Raising: Zentalis Pharmaceuticals is a company with no currently approved products and, therefore, no product revenue. Its operations are capital-intensive, relying on significant funding for research, development, and clinical trials. There is a risk that the company may not be able to obtain sufficient additional capital when needed or on favorable terms, which could delay or prevent the further development or commercialization of its product candidates and significantly impact its financial condition.

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Zentalis Pharmaceuticals (NASDAQ: ZNTL) is a clinical-stage biopharmaceutical company developing small molecule therapeutics for various cancers. The addressable markets for its main product candidates are substantial and span several cancer types globally and in key regions.

ZN-c3 (WEE1 inhibitor)

  • Advanced Solid Tumors: The global solid tumor therapeutics market was valued at approximately USD 191.58 billion in 2024 and is projected to reach USD 389.4 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 8.2%. Another estimate places the global solid tumors market at USD 362.21 billion in 2024, with a projection to reach USD 1557.42 billion by 2032, at a CAGR of 20.00%. North America leads this market due to advanced healthcare infrastructure and significant investments in oncology research.
  • Platinum-Resistant Ovarian Cancer: The platinum-resistant ovarian cancer market across the 7 Major Markets (7MM), including the U.S., EU4 (Germany, France, Italy, and Spain), the U.K., and Japan, is expected to experience robust growth by 2034. In 2024, the United States accounted for the largest share within the 7MM, with approximately 20,000 ovarian cancer cases. Specifically for ZN-c3 (azenoseirtib) in cyclin E1-positive, platinum-resistant ovarian cancer, the addressable market is estimated at 21,500 patients in the U.S. and key European countries. The global ovarian cancer drugs market size was estimated at USD 3.37 billion in 2022 and is anticipated to grow at a CAGR of 6.6% from 2023 to 2030.

ZN-c5 (Oral Selective Estrogen Receptor Degrader - SERD)

  • Advanced Estrogen Receptor-Positive, Human Epidermal Growth Factor Receptor 2-Negative (ER+/HER2−) Breast Cancer: The total market size for ER+/HER2− Breast Cancer in the United States was USD 6,759 million in 2022 and is projected to grow. Globally, the estrogen receptor-positive breast cancer treatment market size was estimated at USD 19.8 billion in 2023 and is projected to reach USD 33.7 billion by 2030, with a CAGR of 7.89%. North America held a 39.54% market share in 2023. The global metastatic breast cancer therapeutics market is projected to grow from USD 21.80 billion in 2024 to USD 51.22 billion in 2032, at a CAGR of 11.27%.

ZN-d5 (Selective Inhibitor of B-cell Lymphoma 2)

  • Non-Hodgkin's Lymphoma (NHL): The global non-Hodgkin's lymphoma therapeutics market size was valued at USD 10.99 billion in 2025 and is predicted to increase to approximately USD 20.94 billion by 2034, expanding at a CAGR of 7.43%. Another report estimates the global market at USD 11.15 billion in 2025, growing to USD 16.69 billion by 2031 at a CAGR of 6.96%. North America held the largest market share in this segment, accounting for 43% in 2024.
  • Acute Myelogenous Leukemia (AML): The global acute myeloid leukemia market size was valued at USD 2.1 billion in 2023 and is estimated to grow at a CAGR of 10.7% between 2024 and 2032, reaching USD 5.1 billion. The global acute myeloid leukemia treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030, growing at a CAGR of 10.6%. North America dominated the global market with a 37.6% share in 2024, with the U.S. accounting for 90.9% of that regional share.

ZN-e4 (Irreversible Inhibitor of Mutant Epidermal Growth Factor Receptor)

  • Advanced Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer therapeutics market size was approximately USD 19.85 billion in 2023 and is projected to reach around USD 66.20 billion by 2033, growing at a CAGR of 12.8%. The U.S. non-small cell lung cancer therapeutics market alone was valued at USD 4.97 billion in 2023 and is projected to reach USD 16.82 billion by 2033, with a CAGR of 13.0%. The global EGFR non-small cell lung cancer market is projected to grow to USD 13.74 billion by 2030, at a CAGR of 8.1%.

BCL-xL Heterobifunctional Degraders

  • BCL-2 Inhibitors Market: The global BCL-2 (B-cell lymphoma 2) Inhibitors Market was valued at USD 2 billion in 2023 and is projected to reach USD 5 billion by the end of 2030, expanding at a CAGR of 14%. Another report indicates the global BCL-2 Inhibitors Market size was valued at USD 3.22 billion in 2024 and is poised to grow to USD 11.33 billion by 2033, at a CAGR of 15%. North America held the largest market share in 2023 and is expected to maintain its dominance, holding about 55% of the market.

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Zentalis Pharmaceuticals (ZNTL), a clinical-stage biopharmaceutical company, is poised for potential future revenue growth over the next two to three years, primarily driven by the advancement and anticipated commercialization of its lead product candidate, azenosertib. The key expected drivers of future revenue growth for Zentalis Pharmaceuticals include:
  • Potential Accelerated Approval of Azenosertib for Platinum-Resistant Ovarian Cancer (PROC): Zentalis anticipates a topline readout from its DENALI Part 2 clinical trial by year-end 2026. This data has the potential to support accelerated approval of azenosertib for patients with Cyclin E1-positive platinum-resistant ovarian cancer (PROC), subject to feedback from the U.S. Food and Drug Administration (FDA). This patient population is estimated to be approximately 21,500 across the U.S., EU4, and U.K.. An accelerated approval would mark the company's first potential product revenue.
  • Initiation and Progression of the Phase 3 ASPENOVA Trial: Complementing the DENALI trial, Zentalis plans to initiate the randomized Phase 3 confirmatory ASPENOVA trial in the first half of 2026. This trial will compare azenosertib against standard-of-care chemotherapy in Cyclin E1-positive PROC patients and is designed to support full regulatory approval and broader market access, further solidifying long-term revenue streams.
  • Expansion of Azenosertib into New Indications: Beyond its primary focus on Cyclin E1-positive PROC, Zentalis plans to explore azenosertib's potential in earlier lines of ovarian cancer and other tumor types where WEE1 inhibition could be beneficial. The company is planning the MIRROR study to investigate azenosertib in combination with bevacizumab for second-line maintenance in ovarian cancer patients who have progressed on PARP inhibitors, presenting an opportunity to expand the addressable market and generate additional revenue in the mid-to-long term.
  • Milestone Payments from Strategic Collaborations: As Zentalis is a clinical-stage company, its existing licensing agreements and strategic collaborations with partners such as Pfizer, Eli Lilly and Company, and GlaxoSmithKline could lead to milestone payments triggered by the successful progression of azenosertib through clinical development and regulatory approvals. Positive clinical data from its trials could also attract new strategic partners, leading to further upfront and milestone payments.

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Share Repurchases

  • Zentalis Pharmaceuticals entered into a Stock Purchase Agreement on December 15, 2025, to repurchase 7,500,000 shares of its common stock at $1.33 per share from Matrix Capital Master Fund, LP.

Share Issuance

  • Zentalis Pharmaceuticals' Shares Outstanding rose 1946.6% to $71.0 million in Q1 2024 from the same period last year.
  • For the fiscal year 2023, the annual value of Shares Outstanding was $70.8 million, an increase of 1937.75% from the prior year.
  • The company raised approximately $165 million in its Initial Public Offering (IPO) in April 2020.

Inbound Investments

  • As of March 31, 2025, Zentalis Pharmaceuticals had $332.5 million in cash, cash equivalents, and marketable securities, which included $12.2 million from the sale of its ROR1 antibody-drug conjugate (ADC) product candidate and ADC platform to Immunome in October 2024.
  • As of June 30, 2024, the company's cash, cash equivalents, and marketable securities of $426.4 million included $27.8 million received as an upfront payment for the out-licensing of its ROR1 ADC product candidate and platform to Immunome in January 2024.
  • Walters Group, a significant shareholder, acquired 6,459,973 shares of common stock for $7,751,967 on December 31, 2025.

Capital Expenditures

  • Capital expenditures were reported as $221K in Q3 2025.
  • Annual capital expenditures have been relatively low, with figures such as -$1 million in 2020, -$6 million in 2021, -$3 million in 2022, -$1 million in 2023, and -$0 million in 2024 (in millions USD).
  • The company anticipates that its existing cash, cash equivalents, and marketable securities will fund its operating expenses and capital expenditure requirements into late 2027.

Peer Outperformance in Biotechnology

ZNTL has trailed 76% of its 362 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that ZNTL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
80%
of 452 industry peers · 36.5% return
3Y
20%
of 398 industry peers · -88.6% return
5Y
24%
of 362 industry peers · -97.2% return
No Biotechnology peer with a comparable growth profile has beaten ZNTL by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ZNTL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 18.8%53.8%105.7% CAH 479% · MCK 404% · COR 200%
Health Care Services 20 18.3%32.4%12.4% HIMS 236% · RDNT 139% · DGX 82%
Managed Health Care 8 38.5%-3.7%4.3% OSCR 101% · HQY 46% · ELV 17%
Health Care Facilities 24 4.7%7.0%2.4% THC 320% · NHC 284% · EHC 149%
Health Care Equipment 50 -3.9%3.8%-12.4% UFPT 357% · GKOS 268% · TMDX 167%
Pharmaceuticals 61 -11.7%-2.5%-35.0% LQDA 973% · KNSA 586% · LLY 453%
Health Care Supplies 12 27.7%-4.2%-35.1% LNTH 329% · HAE 69% · MMSI 28%
Life Sciences Tools & Services 108 -16.3%-17.6%-67.4% NTRA 255% · MEDP 231% · GH 56%
Biotechnology ← 363 -28.0%-32.0%-81.8% DNTH 971% · ELVN 920% · ADMA 871%
Health Care Technology 22 -37.1%-63.0%-83.8% VEEV 0% · DOCS -56%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

ZNTLAPREPRLDOLMAARVNTGTXMedian
NameZentalis.Aprea Th.Prelude .Olema Ph.Arvinas TG Thera. 
Mkt Price2.220.603.256.597.1553.754.92
Mkt Cap0.20.00.30.70.57.60.4
Rev LTM0022031780011
Op Inc LTM-153-13-67-221-18136-43
FCF LTM-128-12-33-165-20917-81
FCF 3Y Avg-149-13-83-128-2759-105
CFO LTM-128-12-33-165-20718-81
CFO 3Y Avg-149-13-82-128-2739-105

Growth & Margins

ZNTLAPREPRLDOLMAARVNTGTXMedian
NameZentalis.Aprea Th.Prelude .Olema Ph.Arvinas TG Thera. 
Rev Chg LTM-100.0%-220.3%--15.0%76.1%30.5%
Rev Chg 3Y Avg----81.2%482.9%282.0%
Rev Chg Q----1,014.7%70.3%542.5%
QoQ Delta Rev Chg LTM--34.1%-254.3%14.2%34.1%
Op Inc Chg LTM10.5%10.6%50.1%-40.7%84.7%58.8%30.4%
Op Inc Chg 3Y Avg12.2%4.2%13.9%-29.9%43.3%65.2%13.0%
Op Mgn LTM---300.6%--5.7%17.1%-5.7%
Op Mgn 3Y Avg-----145.1%21.8%-61.6%
QoQ Delta Op Mgn LTM--202.7%-278.1%-4.3%202.7%
CFO/Rev LTM---148.3%--65.4%2.2%-65.4%
CFO/Rev 3Y Avg-----134.1%2.9%-65.6%
FCF/Rev LTM---148.3%--65.9%2.2%-65.9%
FCF/Rev 3Y Avg-----135.2%2.9%-66.2%

Valuation

ZNTLAPREPRLDOLMAARVNTGTXMedian
NameZentalis.Aprea Th.Prelude .Olema Ph.Arvinas TG Thera. 
Mkt Cap0.20.00.30.70.57.60.4
P/S--14.3-1.59.59.5
P/Op Inc-1.0-2.4-4.7-3.1-25.655.9-2.8
P/EBIT-1.0-2.4-4.7-3.1-25.654.8-2.8
P/E-1.1-2.6-5.3-3.449.817.3-1.9
P/CFO-1.2-2.6-9.6-4.2-2.2426.3-2.4
Total Yield-91.9%-39.7%-18.9%-29.8%2.1%5.8%-24.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-91.8%-85.2%-73.2%-20.9%-39.4%0.6%-56.3%
D/E0.20.00.10.00.00.10.0
Net D/E-0.9-1.3-0.4-0.7-1.20.0-0.8

Returns

ZNTLAPREPRLDOLMAARVNTGTXMedian
NameZentalis.Aprea Th.Prelude .Olema Ph.Arvinas TG Thera. 
1M Rtn-28.4%-18.5%-27.3%-32.3%-12.4%-3.8%-22.9%
3M Rtn-56.6%-16.0%-22.6%-42.5%-10.7%-2.0%-19.3%
6M Rtn-52.2%-40.4%-26.8%-60.8%-35.0%52.1%-37.7%
12M Rtn42.3%-61.3%148.1%-31.4%-26.1%54.1%8.1%
3Y Rtn-88.2%-88.8%26.5%-40.0%-56.6%685.2%-48.3%
1M Excs Rtn-30.2%-22.8%-31.1%-35.7%-16.2%-7.0%-26.5%
3M Excs Rtn-60.8%-15.9%-24.8%-46.8%-15.9%-5.3%-20.4%
6M Excs Rtn-62.1%-50.2%-36.3%-70.4%-44.8%42.6%-47.5%
12M Excs Rtn21.9%-77.4%122.0%-53.5%-41.9%36.4%-10.0%
3Y Excs Rtn-170.1%-168.6%-58.2%-124.0%-143.4%559.3%-133.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment06700
Total06700


Net Income by Segment
$ Mil2025202420232022
Single Segment-137-166-292-237
Total-137-166-292-237


Assets by Segment
$ Mil20232022202120202019
Single Segment55253945536687
Total55253945536687


Price Behavior

Price Behavior
Market Price$2.13 
Market Cap ($ Bil)0.2 
First Trading Date04/03/2020 
Distance from 52W High-67.8% 
   50 Days200 Days
DMA Price$3.30$3.47
DMA Trenddownup
Distance from DMA-35.5%-38.7%
 3M1YR
Volatility73.9%128.5%
Downside Capture534.14236.64
Upside Capture19.67249.07
Correlation (S&P 500)21.3%19.7%
ZNTL Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.281.321.021.291.981.68
Up Beta-0.700.160.300.091.601.64
Down Beta8.272.71-2.361.022.621.52
Up Capture52%-29%58%195%373%149%
Bmk +ve Days6162766132424
Stock +ve Days7162860119345
Down Capture469%420%325%172%136%113%
Bmk -ve Days16263760120328
Stock -ve Days15263563121378

[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 ZNTL
ZNTL34.1%128.5%0.76-
Sector ETF (XLV)25.7%16.1%1.227.8%
Equity (SPY)15.8%12.7%0.8620.2%
Gold (GLD)-1.4%29.4%-0.059.8%
Commodities (DBC)50.4%20.7%1.86-7.8%
Real Estate (VNQ)4.8%13.7%0.097.4%
Bitcoin (BTCUSD)-25.9%43.6%-0.5717.1%

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 ZNTL
ZNTL-50.8%95.8%-0.30-
Sector ETF (XLV)8.5%15.2%0.3625.9%
Equity (SPY)13.2%17.1%0.5930.8%
Gold (GLD)18.4%18.9%0.795.5%
Commodities (DBC)9.6%19.5%0.37-1.5%
Real Estate (VNQ)1.6%18.8%-0.0226.6%
Bitcoin (BTCUSD)8.8%51.8%0.3519.6%

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 ZNTL
ZNTL-20.9%90.9%0.02-
Sector ETF (XLV)11.3%16.7%0.5524.9%
Equity (SPY)15.2%17.9%0.7229.3%
Gold (GLD)12.3%16.4%0.617.0%
Commodities (DBC)8.1%18.1%0.361.7%
Real Estate (VNQ)5.2%20.7%0.2123.3%
Bitcoin (BTCUSD)63.2%66.2%1.0317.1%

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

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity6.0 Mil
Short Interest: % Change Since 915202624.5%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest4.1 days
Basic Shares Quantity71.3 Mil
Short % of Basic Shares8.4%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-15.6%-17.0%-20.2%
5/12/20260.0%-17.3%-17.8%
3/26/2026-21.3%-1.5%59.2%
11/10/20256.1%0.0%9.8%
8/6/20255.1%8.0%26.8%
5/14/20255.9%1.7%12.6%
3/26/20251.7%-23.0%-18.8%
8/9/2024-9.4%-3.3%-8.5%
...
SUMMARY STATS   
# Positive1289
# Negative81211
Median Positive4.8%3.8%9.8%
Median Negative-12.5%-5.8%-8.5%
Max Positive6.9%21.3%59.2%
Max Negative-30.2%-45.0%-34.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-15.6%-17.0%-20.2%
5/12/20260.0%-17.3%-17.8%
3/26/2026-21.3%-1.5%59.2%
11/10/20256.1%0.0%9.8%
8/6/20255.1%8.0%26.8%
5/14/20255.9%1.7%12.6%
3/26/20251.7%-23.0%-18.8%
8/9/2024-9.4%-3.3%-8.5%
5/7/20245.0%0.3%-0.6%
2/27/20244.5%3.1%0.1%
11/6/2023-30.2%-45.0%-34.8%
8/9/20230.7%8.8%-1.4%
5/10/20236.9%21.3%6.2%
3/1/2023-0.3%-1.7%-7.0%
11/9/2022-22.0%-2.7%-16.2%
8/9/20221.1%-8.2%-7.0%
5/5/2022-6.7%-32.8%1.3%
2/24/20226.7%4.5%2.7%
11/10/20210.2%-1.4%-8.3%
11/9/2020-8.7%-2.1%40.1%
SUMMARY STATS   
# Positive1289
# Negative81211
Median Positive4.8%3.8%9.8%
Median Negative-12.5%-5.8%-8.5%
Max Positive6.9%21.3%59.2%
Max Negative-30.2%-45.0%-34.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/12/202610-Q
12/31/202503/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/14/202510-Q
12/31/202403/26/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/06/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/12/202610-Q
12/31/202503/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/14/202510-Q
12/31/202403/26/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/06/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/05/202210-Q
12/31/202102/24/202210-K
09/30/202111/10/202110-Q
06/30/202108/12/202110-Q
03/31/202105/17/202110-Q
12/31/202003/25/202110-K
09/30/202011/09/202010-Q
06/30/202008/13/202010-Q
03/31/202005/15/202010-Q
12/31/201904/06/2020424B4

Recent Forward Guidance

Updated 10/8/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported      


Prior: Q1 2026 Earnings Reported 5/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported      

Q4 2025 Earnings Reported 3/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported     Affirmed

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Cash RunwayReported     AffirmedGuidance: 0 for 2027

Insider Activity

Updated 8/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Walters, GroupDirectBuy81920263.504,335,00015,172,50062,457,406Form
2Vultaggio, VincentPAO and PFODirectSell21020262.426,89416,699354,881Form
3Vultaggio, VincentPAO and PFODirectSell21020262.393,3798,086367,071Form
4Bruns, IngmarChief Medical OfficerDirectSell21020262.3933580279,760Form
5Eastland, Julia MarieCEO & PresidentDirectSell21020262.398892,127189,357Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Walters, GroupDirectBuy81920263.504,335,00015,172,50062,457,406Form
2Vultaggio, VincentPAO and PFODirectSell21020262.426,89416,699354,881Form
3Vultaggio, VincentPAO and PFODirectSell21020262.393,3798,086367,071Form
4Bruns, IngmarChief Medical OfficerDirectSell21020262.3933580279,760Form
5Eastland, Julia MarieCEO & PresidentDirectSell21020262.398892,127189,357Form
6Vultaggio, VincentPAO and PFODirectSell21020262.4329,95172,772380,926Form
7Bruns, IngmarChief Medical OfficerDirectSell21020262.432,9627,19781,801Form
8Eastland, Julia MarieCEO & PresidentDirectSell21020262.437,86619,112194,429Form
9Vultaggio, VincentPAO and PFODirectSell20420262.525561,398469,626Form
10Vultaggio, VincentPAO and PFODirectSell20420262.552,5406,477477,579Form
11Matrix, Capital Management Company, LPSee footnotesSell121520251.337,500,0009,975,0008,591,764Form

Investor Activity (13F)

Updated Oct 17, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
5AM Venture Management, LLC$9.2 Mil2.6%20Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
5AM Venture Management, LLC$9.2 Mil2.6%20Hold13F
Core Cache Last Updated: 10/16/2026