Zenas BioPharma, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 |
|---|---|---|---|
| Revenue | $10.0M | $5.0M | $50.0M |
| Operating income | -$383.1M | -$163.9M | -$37.1M |
| Operating expenses | $393.1M | $168.9M | $87.1M |
| Cash from operations | -$172.3M | -$119.7M | -$30.5M |
| Capital expenditure | $18,000 | $131,000 | $17,000 |
| Free cash flow | -$172.4M | -$119.8M | -$30.5M |
| Total assets | $383.6M | $370.0M | $68.2M |
| Total liabilities | $141.5M | $57.5M | $43.8M |
Shares outstanding 63.1M · Free float 61.0%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.