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what it is
Zenas develops antibody drugs for immune diseases, with obexelimab as its lead shot.
how it gets paid
Last year Zenas Biopharma made $10M in revenue.
why it's growing
Revenue grew 100.0% last year. The $3.27 loss mattered most because it shows each quarter still consumes cash faster than revenue arrives.
what just happened
Zenas lost $3.27 a share on $10M in quarterly revenue.
At a glance
n/a balance sheet
-$11.89 fy2024 eps est
$5M fy2024 rev est
n/a operating margin
~$1B market cap
What they do
Zenas develops antibody drugs for immune diseases, with obexelimab as its lead shot.
Obexelimab binds CD19 and Fc-RIIb, which is biotech shorthand for grabbing two immune switches at once. So what: one molecule is aimed at 3 diseases, not 1. If your thesis is the pipeline, you are buying one lead asset and 130 employees behind it.
How they make money
$10M
annual revenue · their business grew +100.0% last year
total revenue
$10M
+100.0%
The products that matter
Phase 3 immunology drug
Obexelimab
2026 data catalyst
this is the asset that matters. the page ties a $1.36B valuation and the 2026 readout directly to obexelimab, which is another way of saying one trial is carrying the stock.
lead asset
Phase 3 immunology drug
Orelabrutinib
secondary pipeline asset
it gives Zenas more than one shot on goal, but the page still frames obexelimab's 2026 data as the near-term driver. if you own the stock, that tells you what the market is actually watching.
secondary
licensing and collaboration economics
Collaboration revenue
$10M reported line
this line doubled to $10M, but against a roughly $1B market cap it is still accounting noise, not proof of a real commercial engine.
not the thesis
Key numbers
$10M
annual revenue
That is the full top line in the data here. You are looking at a company with tiny sales and a very large story.
-$11.89
FY2024 EPS
That is the 2024 loss estimate per share. It tells you the business is still paying for science, not collecting profit.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. That means Zenas lost about $38 for every $1 of sales. The gap between revenue and spending is the whole game.
$0M
long debt
No long-term debt gives you one less creditor in the room. It does not fix the losses, but it keeps the balance sheet cleaner.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $0M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ZBIO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Zenas lost $3.27 a share on $10M in quarterly revenue.
Revenue was $10M, flat vs. prior year, while EPS fell to -$3.27. That is what a pre-commercial biotech looks like when the pipeline is still doing the lifting.
$10M
revenue
-$3.27
eps
0.0%
revenue growth
eps loss
The $3.27 loss mattered most because it shows each quarter still consumes cash faster than revenue arrives.
source: company earnings report, 2026
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What could go wrong
the #1 risk is obexelimab Phase 3 failure in 2026.
med
one asset is carrying the story
The page itself says your thesis rests on obexelimab. That is biotech in its purest form: one clinical readout can create a company or hollow one out.
With roughly a $1B market cap and no meaningful product revenue, there is no mature business segment here to absorb bad data.
med
cash burn can stay ugly even with financing
A n/a net margin and a Q4 loss of $4.54 per share mean the income statement is still all cost and almost no operating leverage.
The $250M facility and runway into late 2027 buy time, not proof. If spend rises faster than milestones, you are back to funding risk quickly.
med
valuation leaves no room for mediocre data
A 6.9x price-to-book ratio on a company with negative earnings is the market paying up before the hard evidence arrives.
That setup can work if the trial wins cleanly. It is far less forgiving if data are mixed, delayed, or harder to commercialize than hoped.
A failed 2026 readout would hit a roughly $1B equity story that currently has $5M of estimated revenue and a n/a net margin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
obexelimab Phase 3 data in 2026
This is the event the whole page keeps circling back to. If you own the stock, this is your calendar item.
burn
quarterly loss versus runway
Q4 GAAP EPS was -$4.54. Pair that with management's late 2027 funding claim and watch whether losses stabilize or keep expanding.
valuation
premium multiple on a non-commercial business
A 6.9x price-to-book ratio is not crazy if the lead asset works. It is a problem if the data disappoint.
price action
the $6–$45 range tells you sentiment is unstable
This stock already showed you how quickly trial odds get repriced. Expect that behavior again as the catalyst gets closer.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for ZBIO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$20
current price
n/a
target midpoint · n/a from current
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