3 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $10M | -$378M | 0.0% | -3830.6% | -$172M | $79M | $111M |
| 2024 | $5M | -$157M | 0.0% | -3277.8% | -$120M | — | $320M |
| 2023 | $50M | -$37M | 0.0% | -74.3% | -$31M | — | $57M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$81M | — | — | -$75M | — | $500M |
| Dec '25 | $0 | -$240M | — | — | -$52M | $79M | $111M |
| Sep '25 | $0 | -$51M | — | — | -$41M | $73M | $116M |
| Jun '25 | $0 | -$52M | — | — | -$42M | — | $44M |
| Mar '25 | $10M | -$34M | 0.0% | -373.3% | -$37M | — | $197M |
| Dec '24 | — | -$53M | — | — | -$39M | — | $320M |
| Sep '24 | — | -$39M | — | — | -$31M | — | $360M |
| Jun '24 | — | -$38M | — | — | -$31M | — | $184M |
| Mar '24 | — | -$28M | — | — | -$19M | — | $37M |
| Dec '23 | $0 | -$25M | — | — | — | — | $57M |
| Sep '23 | $50M | $36M | 0.0% | 71.2% | — | — | $72M |
| Jun '23 | — | -$29M | — | — | — | — | — |
| Mar '23 | — | -$19M | — | — | — | — | — |
How the market has priced ZBIO against its own fundamentals since 2024-09 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 2 years, Zenas Biopharma, Inc.'s revenue has declined 55.3% per year. These are computed facts, not advice.
As of FY2025, Zenas Biopharma, Inc. reported $79M of total debt against $111M of cash; operating income covered interest expense -52.3×.
In FY2025, gross margin was —, operating margin -3830.6%, and net margin -3777.4%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.