Zenas BioPharma, Inc. (ZBIO)
NASDAQ:ZBIO
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Zenas BioPharma, Inc.
(NASDAQ:ZBIO)
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Rating:50Neutral
Price Target:
$21.00
▼(-3.76% Downside)
Action:ReiteratedDate:03/28/26
The score is driven primarily by weak financial performance (large losses, declining revenue, and heavy cash burn) and bearish technicals (price below key moving averages and negative MACD). These are partially offset by a low-debt balance sheet and a strong positive corporate event (successful Phase 3 data with stated plans for near-term regulatory filings).
Positive Factors
Low leverage / balance sheet flexibility
Very low reported debt and positive equity provide structural financial flexibility vs highly leveraged peers. This reduces bankruptcy risk and gives management optionality to fund launches or partnerships, making the company less vulnerable to interest-rate shocks over the medium term.
Negative Factors
High cash burn and negative operating cash flow
Sustained, large negative operating cash flow requires continual external funding to sustain operations and development. Persistent burn depletes capital over time, forces dilutive financings or spending cuts, and creates execution risk if product approvals or commercial ramps are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet flexibility
Very low reported debt and positive equity provide structural financial flexibility vs highly leveraged peers. This reduces bankruptcy risk and gives management optionality to fund launches or partnerships, making the company less vulnerable to interest-rate shocks over the medium term.
Read all positive factors
Zenas BioPharma, Inc. (ZBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.19B
Dividend YieldN/A
Average Volume (3M)836.05K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth100.00%
EPS Growth-116.54%
CountryUS
Employees130
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-8.44
Shares Outstanding57,361,260
10 Day Avg. Volume526,888
30 Day Avg. Volume836,050
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)6.71
Price to Sales (P/S)162.41
P/FCF Ratio-9.42
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue89.92
Enterprise Value/Gross Profit-23.64
Enterprise Value/Ebitda-4.25
Forecast
1Y Price Target
$43.50Price Target Upside99.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-4.5
Revenue Forecast (FY)$9.38M
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 vari...
How the Company Makes Money
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Zenas BioPharma, Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 10.00M | 5.00M | 50.00M | 0.00 |
| Gross Profit | 9.94M | -134.14M | 50.00M | -61.69M |
| EBITDA | -211.33M | -163.75M | -27.03M | -75.12M |
| Net Income | -377.74M | -156.99M | -37.12M | -119.28M |
Balance Sheet | ||||
| Total Assets | 383.64M | 369.97M | 68.18M | 74.58M |
| Cash, Cash Equivalents and Short-Term Investments | 343.19M | 350.77M | 56.86M | 67.21M |
| Total Debt | 79.96M | 1.00M | 21.11M | 1.53M |
| Total Liabilities | 141.50M | 57.51M | 293.90M | 266.87M |
| Stockholders Equity | 242.14M | 312.46M | -225.72M | -192.29M |
Cash Flow | ||||
| Free Cash Flow | -172.35M | -119.81M | -30.55M | -67.85M |
| Operating Cash Flow | -172.33M | -119.67M | -30.53M | -65.65M |
| Investing Cash Flow | -251.89M | -30.55M | -17.00K | -2.20M |
| Financing Cash Flow | 215.28M | 412.96M | 20.12M | 59.39M |
Zenas BioPharma, Inc. Technical Analysis
Positive
21.82
Price Trends
23.33
Negative
26.61
Negative
23.81
Negative
Market Momentum
-0.49
Negative
49.55
Neutral
51.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZBIO, the sentiment is Positive. The current price of 21.82 is above the 20-day moving average (MA) of 21.02, below the 50-day MA of 23.33, and below the 200-day MA of 23.81, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 49.55 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZBIO.
Zenas BioPharma, Inc. Risk Analysis
Zenas BioPharma, Inc. disclosed 82 risk factors in its most recent earnings report. Zenas BioPharma, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Zenas BioPharma, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $1.01B | -7.50 | 55.14% | ― | 150.30% | 59.74% | |
53 Neutral | $870.47M | -61.34 | -42.39% | ― | 128.21% | 53.54% | |
53 Neutral | $1.28B | -9.57 | 170.21% | ― | 21.45% | 0.35% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $300.49M | -2.69 | -64.81% | ― | ― | 24.34% | |
50 Neutral | $1.19B | -1.76 | -156.98% | ― | 100.00% | -116.54% | |
42 Neutral | $512.43M | -3.25 | -74.52% | ― | 7.16% | -1934.64% |
* Healthcare Sector Average
ZBIO
Zenas BioPharma, Inc.
20.83
12.11
138.88%
ABUS
Arbutus Biopharma
4.42
1.13
34.35%
RZLT
Rezolute
3.14
-0.47
-13.02%
URGN
Urogen Pharma
26.25
16.13
159.39%
PHAT
Phathom Pharmaceuticals
12.67
10.27
427.92%
VALN
Valneva
5.41
-1.18
-17.91%
Zenas BioPharma, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Zenas BioPharma Raises Capital via Notes and Equity Offering
Neutral
Apr 1, 2026
On March 31, 2026, Zenas BioPharma completed a $200 million public offering of 2.50% Convertible Senior Notes due 2032 and a concurrent equity offering of 5 million common shares at $20 each, raising net proceeds of about $193.7 million and $93.7 ...
Business Operations and Strategy
Zenas BioPharma Adopts Amended Short-Term Incentive Plan
Neutral
Feb 13, 2026
On February 10, 2026, Zenas BioPharma’s Board of Directors approved an Amended and Restated Short-Term Incentive Plan, effective January 1, 2026, establishing an annual discretionary cash bonus program for eligible employees based on company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.