Zenas BioPharma, Inc. (ZBIO) AI Stock Analysis

• Market Cap: $1.32B
• Dividend Yield: N/A
• Average Volume (3M): 502.09K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• 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: 42,110,313
• 10 Day Avg. Volume: 738,229
• 30 Day Avg. Volume: 502,092
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.10
• Enterprise Value/Revenue: 8.89
• Enterprise Value/Gross Profit: 8.92
• Enterprise Value/Ebitda: -0.72
• 1Y Price Target: $41.33
• Price Target Upside: 32.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 55 Neutral
• Price Target: $33.00 ▲(5.60% Upside)

Zenas BioPharma's overall stock score is primarily impacted by its poor financial performance, characterized by significant revenue decline and cash flow challenges. While technical analysis shows strong bullish momentum, the negative valuation metrics due to ongoing losses weigh heavily on the score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Clinical Trial Success

The successful Phase 2 trial of obexelimab in Relapsing Multiple Sclerosis indicates potential for future product approval and revenue growth, strengthening Zenas BioPharma's position in the biopharmaceutical market.

Strong Equity Position

Zenas BioPharma's strong equity position with low financial leverage provides financial stability, enabling the company to invest in R&D and withstand market fluctuations.

Strategic Partnerships

The licensing deal for orelabrutinib enhances Zenas BioPharma's pipeline and market reach, potentially increasing future revenue streams and competitive advantage in the biopharmaceutical industry.

Negative Factors

Revenue Decline

The significant revenue decline indicates challenges in product commercialization and market penetration, which could impact long-term growth and financial health.

Cash Flow Challenges

Negative cash flow highlights inefficiencies in operations and the need for improved cash management, which could strain resources and limit strategic initiatives.

Persistent Losses

Ongoing losses indicate profitability challenges, necessitating operational improvements and cost management to achieve sustainable financial performance.

Zenas BioPharma, Inc. Business Overview & Revenue Model

Company Description

Zenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody for various indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a cytotoxic T-lymphocyte-associated antigen 4-immunoglobulin fusion; ZB001, an anti-insulin-like growth factor-1 receptor monoclonal antibody; and ZB005, an anti-active complement component 1s monoclonal antibody. Zenas BioPharma, Inc. was formerly known as Zenas BioPharma (Cayman) Limited and changed its name to Zenas BioPharma, Inc. in August 2023. The company was incorporated in 2019 and is based in Waltham, Massachusetts.

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 facing severe financial challenges, with a significant revenue decline, persistent operating losses, and negative cash flow, indicating substantial operational inefficiency despite a strong equity recovery.

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	14.95M	5.00M	50.00M	-78.00K
EBITDA	-185.46M	-163.75M	-27.03M	-75.12M
Net Income	-176.97M	-156.99M	-37.12M	-119.28M
Balance Sheet
Total Assets	293.08M	369.97M	68.18M	74.58M
Cash, Cash Equivalents and Short-Term Investments	273.28M	350.77M	56.86M	67.21M
Total Debt	1.01M	1.00M	21.11M	1.53M
Total Liabilities	53.46M	57.51M	293.90M	266.87M
Stockholders Equity	239.63M	312.46M	-225.72M	-192.29M
Cash Flow
Free Cash Flow	-148.50M	-119.81M	-30.55M	-67.85M
Operating Cash Flow	-148.41M	-119.67M	-30.53M	-65.65M
Investing Cash Flow	-229.06M	-30.55M	-17.00K	-2.20M
Financing Cash Flow	237.65M	412.96M	20.12M	59.39M

Zenas BioPharma, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 31.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZBIO, the sentiment is Positive. The current price of 31.25 is above the 20-day moving average (MA) of 26.41, above the 50-day MA of 22.11, and above the 200-day MA of 13.14, indicating a bullish trend. The MACD of 2.25 indicates Negative momentum. The RSI at 63.18 is Neutral, neither overbought nor oversold. The STOCH value of 60.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZBIO.

Zenas BioPharma, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAT	―	$963.93M	―	―	―	460.30%	33.03%
ZBIO	―	$1.32B	―	-88.40%	―	―	―
VALN	―	$800.59M	―	-36.50%	―	30.95%	-78.41%
RZLT	―	$846.52M	―	-52.56%	―	―	26.68%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ABUS	―	$906.73M	―	-52.82%	―	53.23%	35.32%
URGN	―	$947.03M	―	―	―	10.85%	-1.41%

Zenas BioPharma, Inc. Corporate Events

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.

Zenas BioPharma Faces Legal and Financial Challenges Amid Securities Class Action Lawsuit

Zenas BioPharma, Inc. faces significant business risks due to securities class action litigation, which can arise after fluctuations in their stock prices. In April 2025, a lawsuit was filed against the company and its executives, alleging violations of the Securities Act of 1933 related to their IPO. This litigation demands compensatory damages and legal fees, potentially diverting management’s focus and increasing operational costs. Furthermore, the situation could elevate the cost of liability insurance for directors and officers, impacting the company’s financial health and reliance on its balance sheet for covering legal expenses.

Zenas BioPharma Reports Q2 2025 Financial Results

Zenas BioPharma, Inc. is a clinical-stage global biopharmaceutical company focused on developing and commercializing transformative therapies for autoimmune diseases, with a lead product candidate, obexelimab, designed to inhibit B cell activity without depleting them.