ZBIO Healthcare

Zenas BioPharma, Inc.

$28.38+2.75%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.8B USD
Enterprise value: 1.2B USD
Full-time employees: 167

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: more debt relative to equity (0.90× vs a peer median of 0.22×)more debt vs equity (0.90× vs peers 0.22×)

Ranks #1,082 of 1,157 healthcare companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Zenas BioPharma looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Zenas BioPharma reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 93% in the 12 months to June 2026 vs the 12 months before.
Zenas BioPharma's revenue fell 93% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

23/ 100

Oct 5 23 → Nov 4 23

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 3.2% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-26.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-33.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-12.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield13.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

4/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 90.0%

Why

Weaker than most peers on:

▼ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0584 · MAD: 0.0840

Revenue growth-93.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

2/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-47557.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -71.87Sector median: 0.0706 · MAD: 0.1217

Return on assets-69.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-137.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -14.15Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-196.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 80 → 79

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6250 · MAD: 0.3380

Current ratio9.93×

SEC filings · latest balance sheetReported value33% base weight · Z-score 5.30Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.90×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.34Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Zenas BioPharma

Is Zenas BioPharma getting weaker?: Its latest SEC filing (Aug 13, 2026) got weaker in some ways: 12-month revenue fell 90.0%; share count up 3.2%. Its overall score is unchanged at 23/100 since Oct 28, 2026.
How is Zenas BioPharma valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -26.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -26.2% vs peers 1.5% (weaker than 100% of peers).
Is Zenas BioPharma growing?: More slowly than most of its peers. Growth scores 4/100 against 1,393 healthcare peers. Revenue growth -93.3% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -93.3% vs peers 6.1% (weaker than 100% of peers).
How profitable is Zenas BioPharma?: Less profitable than most of its peers. Profitability scores 2/100 against 1,393 healthcare peers. Operating margin -47557.3% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -47557.3% vs peers 7.1% (weaker than 100% of peers).
How risky is Zenas BioPharma?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 9.93× vs a peer median of 2.59× (stronger than 87% of peers).Current ratio 9.93× vs peers 2.59× (stronger than 87% of peers). Debt / equity 0.90× vs a peer median of 0.22× (weaker than 79% of peers).Debt / equity 0.90× vs peers 0.22× (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Dec 31, 2025

Got weaker

12-month revenue fell 90.0%
Share count up 3.2% (existing holders diluted)

Worth watching: Zenas BioPharma is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	10.0M USD	1.0M USD	−90.0%
Net income (12 months)	−425.2M USD	−484.4M USD	+13.9%
Operating margin	-4230.8%	-47557.3%	−43326.5 pts
Free cash flow (12 months)	−210.5M USD	−226.0M USD	+7.4%
Debt	193.6M USD	223.0M USD	+15.1%
Cash	500.2M USD	196.6M USD	−60.7%
Shares outstanding	63.1M	65.2M	+3.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2023	FY 2024	FY 2025	Change
Operating margin	-74.3%	-3277.8%	-3830.6%	▼ 553 pts
Net margin	-74.2%	-3139.8%	-3777.4%	▼ 638 pts
Return on assets (ROA)	-54.4%	-42.4%	-98.5%	▼ 56 pts
Return on equity (ROE)	—	-50.2%	-156.0%	▼ 106 pts
Free cash flow margin	-61.1%	-2396.1%	-1723.5%	▲ 673 pts
Current ratio	2.57×	6.21×	5.61×	▼ 9.8%
Debt to equity	—	—	0.32×	—
Interest coverage	—	—	-52.28×	—

ZBIO price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: more debt relative to equity (0.90× vs a peer median of 0.22×)more debt vs equity (0.90× vs peers 0.22×)

Ranks #1,082 of 1,157 healthcare companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Zenas BioPharma looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Zenas BioPharma reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 93% in the 12 months to June 2026 vs the 12 months before.

Zenas BioPharma's revenue fell 93% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about Zenas BioPharma

Is Zenas BioPharma getting weaker?

Its latest SEC filing (Aug 13, 2026) got weaker in some ways: 12-month revenue fell 90.0%; share count up 3.2%. Its overall score is unchanged at 23/100 since Oct 28, 2026.

How is Zenas BioPharma valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -26.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -26.2% vs peers 1.5% (weaker than 100% of peers).

Is Zenas BioPharma growing?

More slowly than most of its peers. Growth scores 4/100 against 1,393 healthcare peers. Revenue growth -93.3% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -93.3% vs peers 6.1% (weaker than 100% of peers).

How profitable is Zenas BioPharma?

Less profitable than most of its peers. Profitability scores 2/100 against 1,393 healthcare peers. Operating margin -47557.3% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -47557.3% vs peers 7.1% (weaker than 100% of peers).

How risky is Zenas BioPharma?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 9.93× vs a peer median of 2.59× (stronger than 87% of peers).Current ratio 9.93× vs peers 2.59× (stronger than 87% of peers). Debt / equity 0.90× vs a peer median of 0.22× (weaker than 79% of peers).Debt / equity 0.90× vs peers 0.22× (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

10.0M USD

1.0M USD

−90.0%

Net income (12 months)

−425.2M USD

−484.4M USD

+13.9%

Operating margin

-4230.8%

-47557.3%

−43326.5 pts

Free cash flow (12 months)

−210.5M USD

−226.0M USD

+7.4%

Debt

193.6M USD

223.0M USD

+15.1%

Cash

500.2M USD

196.6M USD

−60.7%

Shares outstanding

63.1M

65.2M

+3.2%

Key ratios

FY 2023

FY 2024

FY 2025

Change

Operating margin

-74.3%

-3277.8%

-3830.6%

▼ 553 pts

Net margin

-74.2%

-3139.8%

-3777.4%

▼ 638 pts

Return on assets (ROA)

-54.4%

-42.4%

-98.5%

▼ 56 pts

Return on equity (ROE)

—

-50.2%

-156.0%

▼ 106 pts

Free cash flow margin

-61.1%

-2396.1%

-1723.5%

▲ 673 pts

Current ratio

2.57×

6.21×

5.61×

▼ 9.8%

Debt to equity

—

0.32×

—

Interest coverage

—

-52.28×

—