Zenas BioPharma, Inc. (ZBIO) AI Stock Analysis

Zenas BioPharma, Inc., a clinical-stage biopharma company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody designed to bind CD19 and Fc"RIIb for the treatment of various I&I diseases and various indications, including immunoglobulin G4-related disease, multiple sclerosis, and systemic lupus erythematosus. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a CTLA-4-Ig fusion protein designed to have an extended half-life versus; and ZB001, an anti-IGF-1R monoclonal antibody. Headquartered in Waltham, Massachusetts, the company was incorporated in 2019 and completed its IPO in 2024.

ZBIO reported revenue of $10.0M in FY2025, up 100.0% from $5.0M in FY2024, but lower than $50.0M in FY2023, reflecting a two-year revenue CAGR of -55.3%. Operating margins were -2113.8% in FY2025, compared to -3277.8% in FY2024 and -74.3% in FY2023. Net loss deepened to -$377.7M in FY2025 from -$157.0M in FY2024, driven by R&D expenses of $168.1M. Over the trailing twelve months ended June 30, 2026, revenue stood at $1.0M, with quarterly revenue growth down 100.0% year-over-year. Diluted EPS was -$4.66 in FY2025 and -$9.63 over the trailing twelve months.

As of June 30, 2026, Zenas BioPharma held $643.1M in cash and short-term investments against total debt of $389.6M, yielding net cash of $253.5M. The current ratio stood at 9.93, and debt-to-equity was 1.58 on shareholders' equity of $247.1M. In FY2025, operating cash flow was -$172.3M, and free cash flow was -$172.4M. Capital expenditures totaled $18,000, while share issuance contributed $276,000.

At its last close of $24.84 on October 16, 2026, ZBIO traded at an enterprise value of $1.59B and a price-to-book ratio of 7.8x. Over the past year, ZBIO gained 2.6%, trailing the S&P 500 (SPY) return of 16.8%, and is down 31.6% year-to-date. In comparison, the median of its US-listed Healthcare peers trades at a trailing P/E of 24.6x, a price-to-sales of 4.1x, and an EV-to-EBITDA of 12.0x, alongside an operating margin of 14.0%.

Wall Street analysts hold 7 Strong Buy ratings, 0 Buy ratings, 1 Hold rating, and no Sell or Strong Sell ratings on ZBIO. The mean price target is $47.88, which is 92.7% above the last close of $24.84. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $12.3M and an EPS of -$5.62. For the following fiscal year, 2 analysts project revenue of $57.9M and an EPS of -$4.66. The company has beaten EPS estimates in 1 of the last 4 quarters.

This page is an AI-written research summary of Zenas BioPharma, Inc. (ZBIO). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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