Zenas BioPharma, Inc. (ZBIO) AI Stock Analysis

• Market Cap: $1.85B
• Dividend Yield: N/A
• Average Volume (3M): 475.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 130
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.90
• Shares Outstanding: 53,679,165
• 10 Day Avg. Volume: 277,661
• 30 Day Avg. Volume: 475,382
• 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: 0.35
• Enterprise Value/Revenue: 43.06
• Enterprise Value/Gross Profit: -19.56
• Enterprise Value/Ebitda: -3.30
• 1Y Price Target: $45.40
• Price Target Upside: 22.47% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -4.1
• Revenue Forecast (FY): $40.00M

• Rating: 50 Neutral
• Price Target: $35.00 ▼(-5.58% Downside)

Zenas BioPharma's overall stock score is primarily impacted by its weak financial performance, characterized by significant revenue decline and cash flow issues. However, positive technical indicators provide some support, suggesting potential for short-term price stability. The valuation remains unattractive due to ongoing losses.

Positive Factors

Pipeline Expansion

Expanding the pipeline with promising candidates enhances Zenas BioPharma's long-term growth potential and competitive position in the biotech industry.

Phase 2 Trial Success

Successful trial results validate the efficacy of Zenas BioPharma's therapies, potentially leading to new product approvals and revenue streams.

Strong Equity Position

A strong equity position with low financial leverage provides Zenas BioPharma with stability and flexibility for future investments and growth.

Negative Factors

Revenue Decline

A sharp revenue decline indicates challenges in product commercialization and market penetration, impacting long-term financial health.

Negative Cash Flow

Persistent negative cash flow suggests operational inefficiencies and may limit Zenas BioPharma's ability to fund future growth initiatives.

Profitability Challenges

Ongoing profitability challenges highlight the need for Zenas BioPharma to improve cost management and achieve sustainable earnings.

Zenas BioPharma, Inc. Business Overview & Revenue Model

Company Description

Zenas BioPharma, Inc. (ZBIO) is a biopharmaceutical company focused on developing innovative therapies for patients with rare diseases and unmet medical needs. The company specializes in the discovery, development, and commercialization of biologic products that target specific disease pathways. ZBIO's core product offerings include novel therapeutics that aim to improve patient outcomes in areas such as immunology and oncology, leveraging advanced biotechnological techniques to create effective treatment options.

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

Zenas BioPharma is experiencing substantial revenue decline and persistent losses, with a strong equity recovery providing some balance sheet stability. Cash flow challenges, driven by significant cash burn, underscore the need for operational improvements. The company must address its revenue and cash flow issues to ensure long-term sustainability.

Income Statement

Zenas BioPharma has shown a significant decline in revenue from $50 million in 2023 to $5 million in 2024, indicating a severe contraction. The gross profit margin remains high due to zero cost of goods sold, yet the company faces substantial operating losses with negative EBIT and net income, highlighting ongoing profitability challenges.

Balance Sheet

The company has a strong equity position with a debt-to-equity ratio of only 0.003, suggesting low financial leverage. However, the negative equity in previous years indicates past difficulties, although recent improvements in stockholder's equity to $312 million show significant recovery. The equity ratio of approximately 84% is a positive indicator of financial stability.

Cash Flow

Zenas BioPharma's free cash flow remains negative, with a decline in operating cash flow from -$30 million to -$120 million. While financing activities have injected significant cash, the operational cash burn is a concern. The operating cash flow to net income ratio is negative, reflecting inefficiency in converting income into cash.

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: Neutral
• Last Price: 37.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZBIO, the sentiment is Neutral. The current price of 37.07 is above the 20-day moving average (MA) of 35.48, above the 50-day MA of 29.09, and above the 200-day MA of 16.05, indicating a neutral trend. The MACD of 2.48 indicates Positive momentum. The RSI at 51.53 is Neutral, neither overbought nor oversold. The STOCH value of 41.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ZBIO.

Zenas BioPharma, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAT	55 Neutral	$1.06B	―	―	―	460.30%	33.03%
RZLT	53 Neutral	$850.31M	―	-59.23%	―	―	26.65%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZBIO	50 Neutral	$1.85B	―	-68.33%	―	―	―
URGN	50 Neutral	$1.33B	―	―	―	8.00%	-10.15%
VALN	48 Neutral	$811.36M	―	-54.42%	―	14.86%	-1440.45%
ABUS	40 Underperform	$809.68M	―	-45.88%	―	116.64%	47.93%

Zenas BioPharma, Inc. Corporate Events

Zenas BioPharma Reports Q3 2025 Financial Results

Zenas BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing transformative immunology-based therapies for patients with autoimmune and rare diseases. Headquartered in Waltham, Massachusetts, the company operates in the biopharmaceutical industry, specializing in immune-based therapies.

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.

Zenas BioPharma Secures Licensing Deal with InnoCare

On October 7, 2025, Zenas BioPharma entered into a license agreement with InnoCare Pharma, granting Zenas exclusive rights to develop and commercialize several small molecule compounds, including orelabrutinib, a BTK inhibitor for multiple sclerosis. This agreement positions Zenas to potentially transform the treatment landscape for progressive MS, with a Phase 3 trial for orelabrutinib already initiated. The deal also includes a $35 million upfront payment and potential milestone payments, reflecting Zenas’s strategic expansion in the autoimmune treatment market.

The most recent analyst rating on (ZBIO) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on Zenas BioPharma, Inc. stock, see the ZBIO Stock Forecast page.

Zenas BioPharma Secures $300M Funding for Obexelimab

On September 2, 2025, Zenas BioPharma entered into a $300 million funding agreement with Royalty Pharma, granting them rights to revenue streams from the sales of obexelimab. This deal provides Zenas with financial support to advance obexelimab’s development and potential commercial launch, particularly for treating IgG4-Related Disease, and underscores the drug’s potential as a significant player in the autoimmune disease market.

The most recent analyst rating on (ZBIO) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Zenas BioPharma, Inc. stock, see the ZBIO Stock Forecast page.