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Zenas BioPharma, Inc. (ZBIO) Fundamental Analysis & AI Grade 2026

ZBIO Nasdaq Pharmaceutical Preparations DE CIK: 0001953926
Updated This Month • Analysis: May 23, 2026 • SEC Data: 2026-03-31
Combined AI Grade
C
78% Confidence
N/A
C
78% Conf
Pending
Analysis scheduled

📊 ZBIO Key Takeaways

Revenue: $10.0M
Net Margin: -809.9%
Free Cash Flow: $-75.2M
Current Ratio: 11.94x
Debt/Equity: 0.23x
EPS: $-1.46
AI Grade: C with 78% confidence
Zenas BioPharma, Inc. (ZBIO) receives a C fundamental grade with 78% confidence from our AI analysis based on SEC 10-K filings. With revenue of $10.0M, net profit margin of -809.9%, and return on equity (ROE) of -24.1%, Zenas BioPharma, Inc. demonstrates mixed fundamentals in the Healthcare sector. Below is our complete ZBIO stock analysis for 2026.

Is Zenas BioPharma, Inc. (ZBIO) a Good Investment?

Claude

Zenas BioPharma exhibits strong balance sheet fundamentals with $500.2M cash reserves and low debt (0.23x D/E), but severe operating losses (-$77.3M), deteriorating net income trends (-140.6% YoY), and substantial annual cash burn (-$75.2M) with flat revenue ($10M) indicate a pre-commercial biotech company with no visible near-term profitability.

Zenas BioPharma, Inc. Key Strengths (ZBIO)

Claude
  • + Strong cash position of $500.2M provides 6-7 years operational runway at current burn rate
  • + Exceptional liquidity with 11.94x current and quick ratios providing financial flexibility
  • + Low leverage with 0.23x debt-to-equity ratio and minimal debt burden of $78.6M

ZBIO Stock Risks: Zenas BioPharma, Inc. Investment Risks

Claude
  • ! Severe and deteriorating profitability with -$77.3M operating income and net income declining 140.6% YoY
  • ! Substantial annual cash burn of $75.2M with minimal revenue generation, unsustainable without external funding beyond 6-7 years
  • ! Pre-commercial biotech model with zero revenue growth (0% YoY) and no demonstrated path to profitability; subject to typical biotech execution risks

Key Metrics to Watch

Claude
  • * Operating cash burn rate and depletion of cash reserves
  • * Revenue inflection point and growth trajectory toward sustainability
  • * Operating margin trend and progress toward breakeven profitability

Zenas BioPharma, Inc. (ZBIO) Financial Metrics & Key Ratios

Revenue
$10.0M
Net Income
$-81.0M
EPS (Diluted)
$-1.46
Free Cash Flow
$-75.2M
Total Assets
$747.7M
Cash Position
$500.2M

💡 AI Analyst Insight

Strong liquidity with a 11.94x current ratio provides a solid financial cushion.

ZBIO Profit Margin, ROE & Profitability Analysis

Gross Margin N/A
Operating Margin -773.5%
Net Margin -809.9%
ROE -24.1%
ROA -10.8%
FCF Margin -752.0%

ZBIO vs Healthcare Sector: How Zenas BioPharma, Inc. Compares

How Zenas BioPharma, Inc. compares to Healthcare sector averages

Net Margin
ZBIO -809.9%
vs
Sector Avg 12.0%
ZBIO Sector
ROE
ZBIO -24.1%
vs
Sector Avg 15.0%
ZBIO Sector
Current Ratio
ZBIO 11.9x
vs
Sector Avg 2.0x
ZBIO Sector
Debt/Equity
ZBIO 0.2x
vs
Sector Avg 0.6x
ZBIO Sector

Sector benchmarks are approximate industry averages. Actual sector performance may vary.

Is Zenas BioPharma, Inc. Stock Overvalued? ZBIO Valuation Analysis 2026

Based on fundamental analysis, Zenas BioPharma, Inc. has mixed fundamental signals relative to the Healthcare sector in 2026.

Return on Equity
-24.1%
Sector avg: 15%
Net Profit Margin
-809.9%
Sector avg: 12%
Revenue Growth
N/A
Year-over-year
Debt/Equity
0.23x
Sector avg: 0.6x

Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.

Zenas BioPharma, Inc. Balance Sheet: ZBIO Debt, Cash & Liquidity

Current Ratio
11.94x
Quick Ratio
11.94x
Debt/Equity
0.23x
Debt/Assets
55.1%
Interest Coverage
-210.19x
Long-term Debt
$78.6M

ZBIO Revenue & Earnings Growth: 5-Year Financial Trend

ZBIO 5-year financial data: Year 2024: Revenue $50.0M, Net Income -$37.1M, EPS $-24.25. Year 2025: Revenue $10.0M, Net Income -$157.0M, EPS $-11.89.
Revenue
Net Income
EPS (right axis)

5-Year Trend Summary: Zenas BioPharma, Inc.'s revenue has declined by 80% over the 5-year period, indicating business contraction. The most recent EPS of $-11.89 indicates the company is currently unprofitable.

ZBIO Revenue Growth, EPS Growth & YoY Performance

Revenue Growth
N/A
Year-over-year
Net Income Growth
N/A
Year-over-year
EPS Growth
N/A
Earnings per share
FCF Margin
-752.0%
Free cash flow / Revenue

ZBIO Quarterly Earnings & Performance

Quarterly financial performance data for Zenas BioPharma, Inc. including revenue, net income, and earnings per share.
Quarter Revenue Net Income EPS
Q1 2026 $10.0M -$33.6M $-0.80
Q3 2025 $10.0M -$27.8M $-1.22
Q2 2025 $10.0M -$27.8M $-1.25
Q1 2025 $10.0M -$27.8M $-0.80
Q3 2024 $50.0M -$12.5M $1.96

Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.

Zenas BioPharma, Inc. Dividends, Buybacks & Capital Allocation

Operating Cash Flow
-$75.2M
Cash generated from operations
Capital Expenditures
$2.0K
Investment in assets
Dividends
None
No dividend program

ZBIO SEC Filings: Latest 10-K & 10-Q Analysis

Access official SEC EDGAR filings for Zenas BioPharma, Inc. (CIK: 0001953926)

📋 Recent SEC Filings

Date Form Document Action
May 18, 2026 4 xslF345X06/tm2615027-1_4seq1.xml View →
May 13, 2026 10-Q zbio-20260331x10q.htm View →
May 13, 2026 8-K tm2614295d1_8k.htm View →
Apr 29, 2026 4 xslF345X06/tm2613154-1_4seq1.xml View →
Apr 2, 2026 4 xslF345X06/tm2611015-1_4seq1.xml View →

Frequently Asked Questions about ZBIO

What is the AI rating for ZBIO?

Zenas BioPharma, Inc. (ZBIO) has an AI grade of C with 78% confidence, based on fundamental analysis of SEC EDGAR filings.

What are ZBIO's key strengths?

Claude: Strong cash position of $500.2M provides 6-7 years operational runway at current burn rate. Exceptional liquidity with 11.94x current and quick ratios providing financial flexibility.

What are the risks of investing in ZBIO?

Claude: Severe and deteriorating profitability with -$77.3M operating income and net income declining 140.6% YoY. Substantial annual cash burn of $75.2M with minimal revenue generation, unsustainable without external funding beyond 6-7 years.

What is ZBIO's revenue and growth?

Zenas BioPharma, Inc. reported revenue of $10.0M.

Does ZBIO pay dividends?

Zenas BioPharma, Inc. does not currently pay dividends.

Where can I find ZBIO SEC filings?

Official SEC filings for Zenas BioPharma, Inc. (CIK: 0001953926) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.

What is ZBIO's EPS?

Zenas BioPharma, Inc. has a diluted EPS of $-1.46.

How is the AI analysis conducted?

Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.

What is ZBIO's fundamental grade?

Based on our AI fundamental analysis in June 2026, Zenas BioPharma, Inc. has a C grade with 78% confidence. Review the strengths and risks sections above for full context. This is not investment advice.

Is ZBIO stock overvalued or undervalued?

Valuation metrics for ZBIO: ROE of -24.1% (sector avg: 15%), net margin of -809.9% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.

What is ZBIO's AI grade for 2026?

Our dual AI analysis gives Zenas BioPharma, Inc. a combined C grade for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.

What is ZBIO's free cash flow?

Zenas BioPharma, Inc.'s operating cash flow is $-75.2M, with capital expenditures of $2.0K. FCF margin is -752.0%.

How does ZBIO compare to other Healthcare stocks?

Vs Healthcare sector averages: Net margin -809.9% (avg: 12%), ROE -24.1% (avg: 15%), current ratio 11.94 (avg: 2).

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Disclaimer: This analysis is generated by Claude AI (Anthropic) and ChatGPT (OpenAI) based on publicly available SEC EDGAR filings. It does not include stock price data and should not be considered financial advice. All fundamental data is sourced from SEC public domain filings. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.
Data Source: SEC EDGAR | Analysis Date: May 23, 2026 | Data as of: 2026-03-31 | Powered by Claude AI