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Midas Edge

Zenas BioPharma, Inc.

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

View on SEC.gov

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Statements of Stockholders’ Equity

Consolidated Statements of Changes in Convertible Preferred Stock and

Stockholders’ Equity (Deficit)

(in thousands, except share data)

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​ · Seed Series · ​ · Series A · ​ · Series B · ​ · Series C · ​ · ​ · Common Stock · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​ · Shares · ​ ​ ​ · Amount · ​ · Shares · ​ ​ ​ · Amount · ​ · Shares · ​ ​ ​ · Amount · ​ · Shares · ​ ​ ​ · Amount · ​ · ​ · Shares · ​ ​ ​ · Amount · ​ ​ ​ · Additional Paid-in Capital · ​ ​ ​ · Accumulated Other ComprehensiveIncome (Loss) · ​ ​ ​ · Accumulated Deficit · ​ ​ ​ · Total Stockholders' Equity (Deficit)
Balance as of December 31, 20231,785,714​$956​17,589,380​$55,840​81,242,587​$193,290​—​$—​​1,576,854​$—​$4,645​$37​$(230,403)​$(225,721)
Repurchase of unvested restricted stock awards—​​—​—​​—​—​​—​——​—​​(21,172)​​—​​—​​—​​—​​—
Issuance of Series C convertible preferred stock, net of issuance costs of $619—​​—​—​​—​—​​—​116,275,239​​199,526​​—​​—​​—​​—​​—​​—
Conversion of convertible preferred stock to common stock upon closing of initial public offering(1,785,714)​​(956)​(17,589,380)​​(55,840)​(81,242,587)​​(193,290)​(116,275,239)​​(199,526)​​24,978,715​​2​​449,610​​—​​—​​449,612
Issuance of common stock from initial public offering, net of underwriting discounts, commissions and other issuance costs—​​—​—​​—​—​​—​—​​—​​15,220,588​​2​​234,300​​—​​—​​234,302
Exercises of common stock options—​​—​—​​—​—​​—​—​​—​​38,427​​—​​275​​—​​—​​275
Stock-based compensation expense—​​—​—​​—​—​​—​—​​—​​—​​—​​10,821​​—​​—​​10,821
Unrealized gain on investments—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​31​​—​​31
Foreign currency translation adjustment—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​126​​—​​126
Net loss—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​—​​(156,988)​​(156,988)
Balance as of December 31, 2024—​$—​—​$—​—​$—​—​$—​​41,793,412​$4​$699,651​$194​$(387,391)​$312,458
Exercises of common stock options—​​—​—​​—​—​​—​—​​—​​510,113​​—​​4,096​​—​​—​​4,096
Purchases of common stock under the Employee Stock Purchase Plan—​​—​—​​—​—​​—​—​​—​​42,768​​—​​276​​—​​—​​276
Issuance of common stock from PIPE offering, net of placement agent fees and other offering costs—​​—​—​​—​—​​—​—​​—​​6,311,030​​1​​111,840​​—​​—​​111,841
Equity consideration related to InnoCare License Agreement—​​—​—​​—​—​​—​—​​—​​5,000,000​​—​​136,671​​—​​—​​136,671
Issuance of common stock from ATM offering, net of commissions and other offering costs—​​—​—​​—​—​​—​—​​—​​828,195​​—​​28,450​​—​​—​​28,450
Stock-based compensation expense—​​—​—​​—​—​​—​—​​—​​—​​—​​26,347​​—​​—​​26,347
Unrealized gain on investments—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​156​​—​​156
Foreign currency translation adjustment—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​(414)​​—​​(414)
Net loss—​​—​—​​—​—​​—​—​​—​​—​​—​​—​​—​​(377,737)​​(377,737)
Balance as of December 31, 2025—​$—$—​$—​—​$—$—​$—​​54,485,518​$5​$1,007,331​$(64)​$(765,128)​$242,144
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.