Zenas BioPharma, Inc.

For the period ended Dec 31, 2025. Filed Mar 16, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 16, 2026

ZBIO$28.58+0.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)


· · · Years Ended December 31,
	2025	2024
Revenue:
License and collaboration revenue	$10,000	$5,000
Total revenue	10,000	5,000
Operating expenses:
Research and development	168,063	139,139
General and administrative	53,322	29,749
Acquired in-process research and development	171,672	—
Total operating expenses	393,057	168,888
Loss from operations	(383,057)	(163,888)
Other income (expense), net:
Fair value adjustments to convertible notes	—	(846)
Interest expense on royalty obligation	(7,327)	—
Interest income	12,151	7,973
Other income, net	417	202
Total other income (expense), net	5,241	7,329
Loss before income taxes	(377,816)	(156,559)
Income tax (benefit) provision	(79)	429
Net loss	$(377,737)	$(156,988)
Net loss per share - basic and diluted	$(8.44)	$(11.89)
Weighted-average common stock outstanding - basic and diluted	44,730,052	13,198,960
Comprehensive loss:
Net loss	$(377,737)	$(156,988)
Other comprehensive income (loss):
Unrealized gain on investments	156	31
Foreign currency translation adjustment	(414)	126
Comprehensive loss	$(377,995)	$(156,831)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.