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

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

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(in thousands)


· · · Years Ended December 31,
	2025	2024
Cash flows from operating activities:
Net loss	$(377,737)	$(156,988)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development	171,672	—
Depreciation expense	56	137
Loss on disposal of property and equipment	107	—
Net amortization of premiums and accretion of discounts on investments	(1,931)	(602)
Non-cash interest expense on royalty obligation	7,327	—
Stock-based compensation expense	26,347	10,821
Change in fair value of convertible notes	—	846
Non-cash lease expense	875	681
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(3,156)	(7,701)
Accounts payable	(10,043)	11,740
Accrued expenses	15,052	22,065
Operating lease liabilities	(902)	(673)
Net cash used in operating activities	(172,333)	(119,674)
Cash flows from investing activities:
Purchases of property and equipment	(18)	(131)
Purchases of investments	(417,755)	(36,421)
Proceeds from sales and maturities of investments	200,887	6,000
Product candidate license acquisitions	(35,000)	—
Net cash used in investing activities	(251,886)	(30,552)
Cash flows from financing activities:
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs	—	178,381
Payment of initial public offering costs	—	(6,334)
Payments of placement agent fees and other offering costs for PIPE and ATM offerings	(12,665)	—
Proceeds from royalty obligation	75,000	—
Proceeds from exercise of stock options	4,096	275
Proceeds from issuance of common stock under employee stock purchase plan	276	—
Proceeds from issuance of common stock under PIPE offering	120,000	—
Proceeds from issuance of common stock under ATM offering, net of commissions	28,573	—
Proceeds from initial public offering, net of underwriting discount and commissions	—	240,636
Net cash provided by financing activities	215,280	412,958
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(252)	157
Net (decrease) increase in cash, cash equivalents and restricted cash	(209,191)	262,889
Cash, cash equivalents and restricted cash at beginning of period	319,832	56,943
Cash, cash equivalents and restricted cash at end of period	$110,641	$319,832

Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained under operating lease arrangements	$1,500	$1,100
Equity consideration for InnoCare license, at fair value	$136,672	$—
Conversion of convertible preferred stock to common stock upon closing of initial public offering	$—	$449,612
Conversion of BMS Note into Series C convertible preferred stock	$—	$21,146
Deferred offering costs in accounts payable and accrued expenses	$18	$—

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$110,641	$319,742
Restricted cash	—	90
Total cash, cash equivalents and restricted cash	$110,641	$319,832

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.