Zenas BioPharma, Inc. (ZBIO) AI Stock Analysis

• Market Cap: $986.09M
• Dividend Yield: N/A
• Average Volume (3M): 951.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: N/A
• EPS Growth: -38.04%
• Country: US
• Employees: 130
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.90
• Shares Outstanding: 53,679,165
• 10 Day Avg. Volume: 516,151
• 30 Day Avg. Volume: 951,435
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.10
• Price to Sales (P/S): 68.44
• P/FCF Ratio: -2.86
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 47.43
• Enterprise Value/Gross Profit: -21.54
• Enterprise Value/Ebitda: -3.63
• 1Y Price Target: $41.20
• Price Target Upside: 127.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -4.45
• Revenue Forecast (FY): $36.26M

• Rating: 51 Neutral
• Price Target: $20.00 ▲(10.19% Upside)

Overall score is held back primarily by weak financial performance (large ongoing losses and significant cash burn) and bearish technicals (below key moving averages with negative MACD). Offsetting factors include strong positive corporate events from Phase 3/Phase 2 trial readouts and a solid low-debt balance sheet, but valuation is difficult to anchor given the negative P/E.

Positive Factors

Phase 3 clinical success & regulatory path

Positive Phase 3 results plus planned 2026 BLA/MAA create a durable commercial pathway. If approved, obexelimab could become a first-line, self-administered B‑cell inhibiting therapy in IgG4‑RD, providing recurring revenue, franchise value, and long-term strategic leverage.

Mechanism validation across indications

Strong Phase 2 RMS results validate obexelimab's mechanism across autoimmune diseases, increasing the odds of label expansion and multiple indication paths. A multi‑indication asset reduces single‑product dependency and enhances sustainable growth potential and partner interest.

Low leverage and equity cushion

Minimal debt and meaningful equity provide solvency buffer and execution flexibility through clinical and regulatory milestones. This balance‑sheet strength lowers near‑term bankruptcy risk, supports filings and partnerships, and buys time to commercialize without immediate insolvency pressure.

Negative Factors

High and persistent cash burn

Sustained large negative operating and free cash flow drives near‑term financing needs. Reliance on external capital increases dilution risk, can constrain R&D and commercialization timelines, and elevates execution risk if markets or partner funding are delayed or reduced.

Large net losses and weak profitability

Heavy net losses with minimal revenue mean the company is far from break‑even; negative margins and returns indicate R&D and operating spend greatly exceed commercial cash generation. Long‑term viability depends on successful approvals and rapid commercialization to reverse deficits.

Volatile and limited revenue base

Wide year‑to‑year revenue swings show inconsistent commercial traction and make forecasting difficult. Even with an approved asset, converting clinical wins into stable, recurring revenue will require significant execution in sales, reimbursement, and manufacturing—an uncertain multi‑quarter challenge.

Zenas BioPharma, Inc. Business Overview & Revenue Model

Company Description

Zenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody for various indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a cytotoxic T-lymphocyte-associated antigen 4-immunoglobulin fusion; ZB001, an anti-insulin-like growth factor-1 receptor monoclonal antibody; and ZB005, an anti-active complement component 1s monoclonal antibody. Zenas BioPharma, Inc. was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is based in Waltham, Massachusetts.

How the Company Makes Money

Zenas BioPharma generates revenue primarily through the development and commercialization of its proprietary therapies. The company earns money through multiple revenue streams, including product sales once therapies are approved and launched in the market, milestone payments from partnerships with larger pharmaceutical companies, and potential royalties on product sales from licensed technologies. Significant partnerships and collaborations with other biopharmaceutical firms and research institutions also contribute to its earnings by providing funding for research and development activities, as well as enhancing its market reach and distribution capabilities.

Zenas BioPharma, Inc. Financial Statement Overview

Summary

Financial profile is weak due to heavy losses and cash burn (TTM net loss about -$190M; TTM operating cash flow about -$158M and free cash flow about -$159M). The balance sheet is a relative strength with very low leverage (TTM debt-to-equity ~0.00) and meaningful equity, but negative returns and funding dependence remain key risks.

Income Statement

Profitability remains very weak. TTM (Trailing-Twelve-Months) revenue is $15M, but the company is still generating a large net loss of about -$190M, implying heavy ongoing R&D/operating spend relative to its current revenue base. Revenue has been volatile (2023 $50M vs. 2024 $5M and TTM $15M), and margins are deeply negative in the most recent periods, indicating the business is not yet near break-even.

Balance Sheet

Leverage is very low in the latest periods, with minimal debt relative to equity (TTM debt-to-equity ~0.00), which reduces solvency risk. Equity and assets are also sizable in 2024/TTM (equity ~$312M in 2024 and ~$196M TTM), providing balance-sheet support for continued investment. A key weakness is the history of negative equity in 2022–2023 and consistently poor returns for shareholders in the latest periods (negative returns on equity in 2024 and TTM), reflecting that losses have been absorbing capital.

Cash Flow

Cash burn is significant and persistent. TTM (Trailing-Twelve-Months) operating cash flow is about -$158M and free cash flow is about -$159M, worse than 2024 levels (around -$120M), pointing to rising cash usage. While free cash flow broadly tracks net losses (cash losses roughly in line with accounting losses), the magnitude of negative cash flow suggests ongoing funding dependence until revenue scales or costs decline.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	15.00M	5.00M	50.00M	0.00
Gross Profit	-33.03M	-134.14M	50.00M	-61.69M
EBITDA	-195.98M	-163.75M	-27.03M	-75.12M
Net Income	-189.90M	-156.99M	-37.12M	-119.28M
Balance Sheet
Total Assets	322.02M	369.97M	68.18M	74.58M
Cash, Cash Equivalents and Short-Term Investments	290.88M	350.77M	56.86M	67.21M
Total Debt	798.00K	1.00M	21.11M	1.53M
Total Liabilities	125.59M	57.51M	293.90M	266.87M
Stockholders Equity	196.43M	312.46M	-225.72M	-192.29M
Cash Flow
Free Cash Flow	-158.56M	-119.81M	-30.55M	-67.85M
Operating Cash Flow	-158.47M	-119.67M	-30.53M	-65.65M
Investing Cash Flow	-162.26M	-30.55M	-17.00K	-2.20M
Financing Cash Flow	76.29M	412.96M	20.12M	59.39M

Zenas BioPharma, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZBIO, the sentiment is Negative. The current price of 18.15 is below the 20-day moving average (MA) of 19.36, below the 50-day MA of 30.18, and below the 200-day MA of 20.47, indicating a neutral trend. The MACD of -2.92 indicates Negative momentum. The RSI at 41.10 is Neutral, neither overbought nor oversold. The STOCH value of 18.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZBIO.

Zenas BioPharma, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAT	57 Neutral	$1.07B	-3.62	―	―	460.30%	33.03%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZBIO	51 Neutral	$986.09M	-4.01	-68.33%	―	―	-38.04%
URGN	50 Neutral	$917.92M	―	―	―	8.00%	-10.15%
VALN	48 Neutral	$790.39M	-6.67	-54.42%	―	14.86%	-1440.45%
RZLT	45 Neutral	$309.71M	-3.49	-59.23%	―	―	26.65%
ABUS	41 Neutral	$794.30M	-19.79	-45.88%	―	116.64%	47.93%

Zenas BioPharma, Inc. Corporate Events

Zenas BioPharma Announces Positive Phase 3 Obexelimab Results

On January 5, 2026, Zenas BioPharma reported positive top-line data from its global, registration-directed Phase 3 INDIGO trial of obexelimab in immunoglobulin G4-related disease (IgG4-RD), in which 194 patients were randomized 1:1 to obexelimab or placebo over 52 weeks. Obexelimab achieved the primary endpoint with a 56% reduction in the risk of IgG4-RD flare requiring rescue therapy versus placebo and showed highly statistically significant benefit across all four key secondary endpoints, while demonstrating a favorable safety profile with lower rates of serious adverse events and infections than placebo and no new safety signals. Building on these results and prior positive Phase 2 MoonStone data in relapsing multiple sclerosis, Zenas plans to submit a Biologics License Application to the U.S. FDA in the second quarter of 2026 and a Marketing Authorization Application to the EMA in the second half of 2026 for obexelimab in IgG4-RD, positioning the drug as a potential first-line, self-administered B cell–inhibiting therapy in a disease with significant unmet need and reinforcing its status as a potential franchise asset underpinning Zenas’ broader autoimmune pipeline and partnership with Bristol Myers Squibb in key Asia-Pacific markets.

The most recent analyst rating on (ZBIO) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Zenas BioPharma, Inc. stock, see the ZBIO Stock Forecast page.

Zenas BioPharma Approves 2026 Inducement Plan

On December 10, 2025, Zenas BioPharma, Inc. announced the approval of its 2026 Inducement Plan, which allows the company to grant up to 1,000,000 shares of common stock as non-statutory stock options, stock appreciation rights, restricted stock units, and other stock-based awards. This plan is designed to attract new employees or rehire former employees after a break in employment, without requiring stockholder approval as per Nasdaq Listing Rule 5635(c)(4).

The most recent analyst rating on (ZBIO) stock is a Hold with a $42.00 price target. To see the full list of analyst forecasts on Zenas BioPharma, Inc. stock, see the ZBIO Stock Forecast page.

Zenas BioPharma Reports Positive Phase 2 Trial Results

On October 27, 2025, Zenas BioPharma announced positive results from its Phase 2 MoonStone trial of obexelimab in relapsing multiple sclerosis (RMS). The trial demonstrated a 95% relative reduction in new gadolinium-enhancing T1 lesions compared to placebo, indicating a strong inhibitory mechanism of obexelimab. This outcome supports its potential as a significant therapy for autoimmune diseases. The company plans to report further data in early 2026, which could impact future development decisions for obexelimab in RMS.

The most recent analyst rating on (ZBIO) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Zenas BioPharma, Inc. stock, see the ZBIO Stock Forecast page.