One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Zenas BioPharma, Inc.
ZBIO · NMS · Healthcare · Biotechnology
Current price
$24.84
52-week range
$13.50 - $44.60
Market cap
$1.62B
Balance sheet
Healthy
-28.85x Concerning
Net cash $345.27M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
Zenas BioPharma, Inc.
Zenas BioPharma is a company developing new medicines for immune system diseases like multiple sclerosis and lupus. They make money by creating and eventually selling these new drugs, which are like highly specific treatments designed to target the parts of the body that cause these illnesses. This matters because if their drugs are successful, they could help many people with serious health conditions.
How the company got here
Zenas BioPharma, Inc. started in 2019, originally named Zenas BioPharma (Cayman) Limited, before changing its name in August 2023. It's a 'clinical-stage' company, meaning it's still testing its potential medicines in people, not yet selling them. The company's journey is focused on developing new treatments for diseases related to the immune system, aiming to create 'transformative therapies' that could significantly change how these conditions are treated.
What it actually does
Zenas BioPharma works on creating new medicines, primarily for diseases where the body's own defense system (the immune system) is causing problems. They are developing a type of drug called monoclonal antibodies, which are like targeted tools designed to interact with specific parts of the immune system. Their main goal is to bring these experimental treatments through testing and eventually to patients who need them for various autoimmune and inflammatory conditions.
Immunology-Based Therapies
This is the core of Zenas BioPharma's business, focusing on developing drugs that target the immune system to treat diseases. Their lead candidate, obexelimab, is a special type of antibody designed to treat conditions like IgG4-related disease, multiple sclerosis, and lupus. They are also working on other potential treatments like ZB002, which targets TNF-alpha (a protein involved in inflammation), and ZB004, a modified protein aimed at immune responses. These represent the company's main efforts to create new medicines for patients with difficult-to-treat immune-related illnesses.
What management is betting on now
The company's leadership is focused on advancing its pipeline of experimental drugs through clinical trials. Their primary bet is on obexelimab, their most advanced candidate, to successfully navigate the rigorous testing phases required for regulatory approval. Management is also investing in the development of other promising drug candidates like ZB002 and ZB004. The success of these 'clinical-stage' efforts (meaning the drugs are still being tested in humans) is crucial for Zenas BioPharma's future as it aims to bring these novel therapies to market.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-31.06M
FY2024 Q4
$-38.63M
FY2025 Q1
$-37.07M
FY2025 Q2
$-41.74M
FY2025 Q3
$-41.12M
FY2025 Q4
$-52.41M
FY2026 Q2
$-57.24M
Revenue
$1.00M
Net income
$-111.46M
Diluted EPS
-1.77
Operating cash flow
$-57.24M
Free cash flow
$-57.24M
Fetching…
Sources
Revenue
—
Net income
$-111.50M
Diluted EPS
—
Operating cash flow
—
Free cash flow
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Sources
Revenue
$0.00
Net income
$-240.44M
Diluted EPS
-5.17
Operating cash flow
$-52.41M
Free cash flow
$-52.41M
Fetching…
Sources
Revenue
$0.00
Net income
$-51.50M
Diluted EPS
-1.22
Operating cash flow
$-41.12M
Free cash flow
$-41.12M
Fetching…
Sources
Revenue
$0.00
Net income
$-52.22M
Diluted EPS
-1.25
Operating cash flow
$-41.74M
Free cash flow
$-41.74M
Fetching…
Sources
Revenue
$10.00M
Net income
$-33.57M
Diluted EPS
-0.80
Operating cash flow
$-37.05M
Free cash flow
$-37.07M
Fetching…
Sources
Revenue
$5.00M
Net income
$-52.60M
Diluted EPS
35.25
Operating cash flow
$-38.55M
Free cash flow
$-38.63M
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Sources
Revenue
$0.00
Net income
$-38.61M
Diluted EPS
-5.02
Operating cash flow
$-31.06M
Free cash flow
$-31.06M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $24.84
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $345.3M - more cash than debt. Interest coverage -28.9x.
Net debt
$-345.27M
Interest coverage
-28.85x
Zenas BioPharma, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ZBIO
BASELINE
Zenas BioPharma, Inc.
Total debt $297.86M Interest coverage -28.85x This is the baseline the peer rows are being compared against.
Total debt $2.19B Interest coverage -4.53x Neither company has much profit cushion over interest right now.
Total debt $1.57B Interest coverage 20.69x This peer still has a real interest-payment cushion, while ZBIO does not.
Total debt $0.00 Interest coverage -21.04x Neither company has much profit cushion over interest right now.
Total debt $46.00M Interest coverage -38.64x Neither company has much profit cushion over interest right now.
Total debt $416.26M Interest coverage -15.57x Neither company has much profit cushion over interest right now.
What you should know
The case for and against ZBIO
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -199.0% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-5.33x
P/B
6.37x
P/S
1,618.99x
EV/EBITDA
-4.78x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
-7,765.9%
Net margin
0.0%
ROE
-199.0%
ROA
-34.4%
Health
Liquidity and balance-sheet strength
Debt / equity
1.21x
Current ratio
9.93x
Quick ratio
9.78x
Total debt
$297.86M
Total cash
$643.13M
Growth
How the business has been compounding
Revenue TTM
$1.00M
Revenue 5Y CAGR
100.0%
EPS TTM
-9.63
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-225.97M
Free CF TTM
$-207.35M
FCF margin
-20,735.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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