Zenas BioPharma, Inc. (ZBIO) Income Statement
ZBIO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZBIO revenue and net income
Where ZBIO's revenue goes
2025Each bar shows an amount and its share of revenue. ZBIO kept −3,777.4% of revenue as net income.
ZBIO profit margins
ZBIO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +100.0% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ZBIO quarterly EPS vs estimates
Zenas BioPharma beat the analyst EPS estimate in 3 of the last 8 quarters.
ZBIO income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $10.0M | $5.0M | $50.0M | $0 |
| Cost of revenue | $56,000 | $139.1M | $113,000 | $61.7M |
| Gross profit | $10.0M | −$134.1M | $50.0M | −$61.7M |
| Research & development | $168.1M | $139.1M | $60.0M | $62.7M |
| Sales, general & admin | $53.3M | $28.8M | $17.1M | $12.8M |
| Total operating expenses | $221.4M | $29.7M | $87.1M | $14.5M |
| Operating income | −$211.4M | −$163.9M | −$37.1M | −$76.2M |
| Interest income | $12.2M | $8.0M | — | — |
| Interest expense | $7.3M | $0 | — | — |
| Income before taxes | −$377.8M | −$156.6M | −$36.8M | −$119.3M |
| Income taxes | −$79,000 | $429,000 | $301,000 | — |
| Net income | −$377.7M | −$157.0M | −$37.1M | −$119.3M |
| EBITDA | −$370.4M | −$156.4M | −$27.0M | −$75.1M |
| EPS (diluted) | −$4.66 | −$9.07 | −$0.97 | −$3.11 |
| Gross margin | 100.0% | −2,682.8% | 100.0% | — |
| Operating margin | −2,113.8% | −3,277.8% | −74.3% | — |
| Net margin | −3,777.4% | −3,139.8% | −74.2% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $0 | $10.0M | $0 | $0 | $10.0M | $5.0M | $0 | $0 | $0 | $0 | $50.0M |
| Cost of revenue | $0 | $6,000 | $55.7M | $5.0M | $43.0M | $23,000 | $33,000 | $33.5M | $33.8M | $22.6M | $20.4M | $26,000 |
| Gross profit | $1.0M | −$6,000 | −$55.7M | −$5.0M | −$43.0M | $10.0M | $5.0M | −$33.5M | −$33.8M | −$22.6M | −$20.4M | $50.0M |
| Research & development | $62.9M | $60.4M | $222.4M | $34.4M | $43.0M | $34.9M | $49.2M | $33.5M | $33.8M | $22.6M | $20.4M | $9.4M |
| Sales, general & admin | $15.7M | $16.9M | $17.1M | $13.2M | $11.3M | $12.4M | $11.5M | $7.3M | $5.4M | $4.9M | $4.2M | $5.0M |
| Total operating expenses | $108.7M | $77.3M | $182.3M | $47.6M | $12.1M | $47.3M | $60.6M | $7.5M | $5.9M | $4.9M | $4.4M | $14.4M |
| Operating income | −$107.7M | −$77.3M | −$238.0M | −$52.6M | −$55.2M | −$37.3M | −$55.6M | −$41.0M | −$39.7M | −$27.6M | −$24.8M | $35.6M |
| Interest income | $6.6M | $3.0M | — | — | $2.7M | $3.4M | — | — | — | — | — | — |
| Interest expense | $10.3M | $6.6M | — | — | $0 | $0 | — | — | — | — | — | — |
| Income before taxes | −$111.3M | −$81.0M | −$240.3M | −$51.5M | −$52.2M | −$33.8M | −$52.2M | −$38.6M | −$38.0M | −$27.8M | −$24.3M | $35.6M |
| Income taxes | $114,000 | — | $106,000 | — | $20,000 | −$205,000 | $429,000 | — | — | — | $301,000 | — |
| Net income | −$111.5M | −$81.0M | −$240.4M | −$51.5M | −$52.2M | −$33.6M | −$52.6M | −$38.6M | −$38.0M | −$27.8M | −$24.6M | $35.6M |
| EBITDA | −$101.0M | −$74.3M | −$230.4M | −$51.5M | −$52.2M | −$33.8M | −$52.1M | −$38.6M | −$37.9M | −$27.8M | −$24.3M | $35.6M |
| EPS (diluted) | −$1.77 | −$1.46 | −$1.39 | −$1.22 | −$1.25 | −$0.80 | −$1.26 | −$5.02 | −$2.79 | — | — | — |
| Gross margin | 100.0% | — | −557.2% | — | — | 100.0% | 100.0% | — | — | — | — | 100.0% |
| Operating margin | −10,765.9% | — | −2,379.8% | — | — | −373.3% | −1,112.5% | — | — | — | — | 71.2% |
| Net margin | −11,145.6% | — | −2,404.4% | — | — | −335.7% | −1,052.1% | — | — | — | — | 71.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZBIO's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZBIO financial results
In fiscal year 2025 (ended December 31, 2025), Zenas BioPharma reported revenue of $10.0 million, up 100.0% from the year before. It had a net loss of $377.7 million, a net profit margin of −3,777.4%. Diluted earnings per share came to −$4.66.
See the ZBIO stock overview for the latest quote and news, or the ZBIO chart for price history and technical indicators.
ZBIO income statement FAQ
What is Zenas BioPharma's annual revenue?
Zenas BioPharma reported total revenue of $10.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 100.0% from $5.0 million the previous year.
Is Zenas BioPharma profitable?
No. Zenas BioPharma reported a net loss of $377.7 million in fiscal 2025, a net profit margin of −3,777.4%; its operating margin was −2,113.8%.
What is Zenas BioPharma's gross margin?
Zenas BioPharma's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Zenas BioPharma kept $100 after the direct cost of its products and services.
How much does Zenas BioPharma spend on research and development?
Zenas BioPharma spent $168.1 million on research and development in fiscal 2025, 1,680.6% of revenue.
What are Zenas BioPharma's earnings per share?
Zenas BioPharma earned $-4.66 per diluted share in fiscal 2025, compared with $-9.07 a year earlier.
When does Zenas BioPharma's fiscal year end?
Zenas BioPharma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.