Want to see ZBIO full AI Analyst Report?
Top Page
Zenas BioPharma, Inc.
(NASDAQ:ZBIO)
Select Model
Select Model
Rating:55Neutral
Price Target:
$25.00
▲(14.57% Upside)
Action:Reiterated
Date:06/26/26
The score is primarily held back by weak financial performance—deep losses, significant cash burn, and rising leverage despite improved equity. Offsetting this, technicals are strong with price above major moving averages and positive momentum, and corporate updates are positive with extended runway and encouraging Phase 3 data. Valuation remains difficult to justify on earnings due to ongoing losses and no dividend support.
Positive Factors
Phase 3 clinical success
Robust positive Phase 3 INDIGO results materially derisk obexelimab as a potential first-in-class therapy. A clear efficacy signal supports regulatory filings and a credible path to commercialization, which can create durable revenue if approved and successfully launched worldwide.
Negative Factors
High cash burn
Persistent heavy operating cash outflows necessitate substantial external funding to sustain R&D and commercialization. Even with recent financings, continued losses mean recurring financing or spending cuts; both scenarios compress strategic flexibility and can dilute shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Phase 3 clinical success
Robust positive Phase 3 INDIGO results materially derisk obexelimab as a potential first-in-class therapy. A clear efficacy signal supports regulatory filings and a credible path to commercialization, which can create durable revenue if approved and successfully launched worldwide.
Read all positive factors
Zenas BioPharma, Inc. (ZBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.60B
Dividend YieldN/A
Average Volume (3M)602.22K
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-100.00%
EPS Growth-128.73%
CountryUS
Employees130
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-9.10
Shares Outstanding63,133,377
10 Day Avg. Volume733,019
30 Day Avg. Volume602,215
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)6.71
Price to Sales (P/S)162.41
P/FCF Ratio-9.42
Enterprise Value/Market Cap0.42
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-14.18
Enterprise Value/Ebitda-1.67
Forecast
1Y Price Target
$41.40Price Target Upside89.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-4.81
Revenue Forecast (FY)$21.88M
Zenas BioPharma, Inc. Business Overview & Revenue Model
Company Description
Zenas BioPharma, Inc. functions as a clinical-stage biopharmaceutical firm, concentrating on the creation and market introduction of innovative, immunology-based treatments. The company's primary investigational therapy is obexelimab, a distinctiv...
How the Company Makes Money
null...
Zenas BioPharma, Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 10.00M | 5.00M | 50.00M | 0.00 |
| Gross Profit | -48.03M | 10.00M | -134.14M | 50.00M | -61.69M |
| EBITDA | -408.44M | -370.43M | -156.42M | -27.03M | -75.12M |
| Net Income | -425.15M | -377.74M | -156.99M | -37.12M | -119.28M |
Balance Sheet | |||||
| Total Assets | 747.68M | 383.64M | 369.97M | 68.18M | 74.58M |
| Cash, Cash Equivalents and Short-Term Investments | 717.21M | 343.19M | 350.77M | 56.86M | 67.21M |
| Total Debt | 351.73M | 79.96M | 1.00M | 21.11M | 1.53M |
| Total Liabilities | 411.85M | 141.50M | 57.51M | 293.90M | 266.87M |
| Stockholders Equity | 335.83M | 242.14M | 312.46M | -225.72M | -192.29M |
Cash Flow | |||||
| Free Cash Flow | -210.48M | -172.35M | -119.81M | -30.55M | -67.85M |
| Operating Cash Flow | -210.48M | -172.33M | -119.67M | -30.53M | -65.65M |
| Investing Cash Flow | -134.00M | -251.89M | -30.55M | -17.00K | -2.20M |
| Financing Cash Flow | 648.66M | 215.28M | 412.96M | 20.12M | 59.39M |
Zenas BioPharma, Inc. Technical Analysis
Positive
21.82
Price Trends
19.52
Positive
21.43
Positive
24.82
Positive
Market Momentum
1.14
Negative
72.81
Negative
96.46
Negative
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 21.82 is above the 20-day moving average (MA) of 20.07, above the 50-day MA of 19.52, and below the 200-day MA of 24.82, indicating a bullish trend. The MACD of 1.14 indicates Negative momentum. The RSI at 72.81 is Negative, neither overbought nor oversold. The STOCH value of 96.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZBIO.
Zenas BioPharma, Inc. Risk Analysis
Zenas BioPharma, Inc. disclosed 86 risk factors in its most recent earnings report. Zenas BioPharma, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Zenas BioPharma, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $948.18M | 5.75 | 129.32% | ― | 2889.93% | ― | |
56 Neutral | $500.72M | -6.20 | -58.82% | ― | ― | 29.97% | |
55 Neutral | $1.60B | -2.77 | -167.71% | ― | -100.00% | -128.73% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.79B | -13.61 | 121.52% | ― | 52.92% | 13.32% | |
50 Neutral | $865.35M | -5.15 | 39.24% | ― | 150.30% | 59.74% | |
41 Neutral | $487.72M | -2.78 | -106.22% | ― | -9.42% | -67.60% |
* Healthcare Sector Average
ZBIO
Zenas BioPharma, Inc.
25.38
16.24
177.68%
ABUS
Arbutus Biopharma
4.80
1.62
50.94%
RZLT
Rezolute
5.20
0.78
17.65%
URGN
Urogen Pharma
36.80
23.78
182.64%
PHAT
Phathom Pharmaceuticals
10.85
2.00
22.60%
VALN
Valneva
5.23
-0.49
-8.57%
Zenas BioPharma, Inc. Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and FinancingShareholder Meetings
Zenas BioPharma Highlights Strong Q1 Progress and Financing
Positive
May 13, 2026
On May 11, 2026, Zenas BioPharma stockholders approved two Class II directors for new three-year terms, accepted the resignation of director Tomas Kiselak, and reduced the board size by one, while also ratifying Ernst Young as the auditor for the...
Business Operations and StrategyPrivate Placements and Financing
Zenas BioPharma Raises Capital via Notes and Equity Offering
Neutral
Apr 1, 2026
On March 31, 2026, Zenas BioPharma completed a $200 million public offering of 2.50% Convertible Senior Notes due 2032 and a concurrent equity offering of 5 million common shares at $20 each, raising net proceeds of about $193.7 million and $93.7 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.