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Zenas BioPharma, Inc. (ZBIO)

Historical prices through 2026-10-08Latest fiscal period 2025-12-31

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Zenas BioPharma, Inc. (ZBIO) · Nasdaq · USD · Sector unavailable · CIK 0001953926

Annual coverage: 2023-12-31–2025-12-31 (3 periods). Financial snapshot built 2026-10-09.

ZBIO annual financial history

All stored annual observations, independent of the chart window. Per-share amounts in USD. Unavailable values are not zero.

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Annual EPS, cash flow, dividends, and fiscal-year dividend yield for Zenas BioPharma, Inc.
Fiscal year / end	Basic EPS	Diluted EPS	FCF / share	Dividends / share	Fiscal-year dividend yield	Filing sources
2025 2025-12-31	-8.44	-8.44	-3.85	Unavailable	Unavailable	Basic EPS (2026-03-16) Diluted EPS (2026-03-16) Operating cash flow (2026-03-16) · Capex (2026-03-16)
2024 2024-12-31	-11.89	-11.89	-9.08	Unavailable	Unavailable	Basic EPS (2026-03-16) Diluted EPS (2026-03-16) Operating cash flow (2026-03-16) · Capex (2026-03-16)
2023 2023-12-31	-24.25	-24.25	-19.95	Unavailable	Unavailable	Basic EPS (2025-03-11) Diluted EPS (2025-03-11) Operating cash flow (2025-03-11) · Capex (2025-03-11)

Annual per-share context (USD/share)

Complete annual history, independent of chart loading and range. Revenue/share is annual revenue per average diluted share. Debt/share is borrowings per year-end common share, excluding leases. Missing inputs remain unavailable. Metric definitions.

Fiscal end	Revenue / share	Total debt / share	Inputs & filing sources
2025-12-31	0.22	Unavailable	Inputs & filings revenue: 10000000; averageDilutedShares: 44730052; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: 54485518 revenue (2026-03-16) averageDilutedShares (2026-03-16) periodEndShares (2026-03-16)
2024-12-31	0.38	Unavailable	Inputs & filings revenue: 5000000; averageDilutedShares: 13198960; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: 41793412 revenue (2026-03-16) averageDilutedShares (2026-03-16) periodEndShares (2026-03-16)
2023-12-31	32.65	Unavailable	Inputs & filings revenue: 50000000; averageDilutedShares: 1531178; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: 1576854 revenue (2025-03-11) averageDilutedShares (2025-03-11) periodEndShares (2025-03-11)

Annual returns and cash generation (%)

Complete annual history, independent of chart loading and range. FCF margin and FCF / net income use matching annual totals. ROCE uses positive exact opening and closing capital-employed bases. Inputs, scopes and unavailable reasons are disclosed below. Missing inputs remain unavailable. Metric definitions.

Fiscal end	FCF margin (%)	FCF / net income (%)	ROCE (%)	Inputs & filing sources
2025-12-31	-1,723.51	Unavailable	-120.90	Inputs & filings Calculation inputs: {"original":{"fcfTotal":{"value":-172351000,"capex":{"accession":"0001104659-26-027964","end":"2025-12-31","filed":"2026-03-16","form":"10-K","start":"2025-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001104659-26-027964","end":"2025-12-31","filed":"2026-03-16","form":"10-K","start":"2025-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":10000000,"tag":"Revenues","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"netIncome":{"value":-377737000,"tag":"NetIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"operatingIncome":{"value":-383057000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingAssets":{"value":369968000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingCurrentLiabilities":{"value":57292000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingCapitalEmployed":{"value":312676000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":312458000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingTotalEquity":{"value":312458000,"inputNames":["openingParentEquity","openingAssets","openingLiabilities"]},"openingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingLiabilities":{"value":57510000,"tag":"Liabilities","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingCash":{"value":319742000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingCommonEquity":{"value":312458000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":383640000,"tag":"Assets","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCurrentLiabilities":{"value":62649000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCapitalEmployed":{"value":320991000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":242144000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingTotalEquity":{"value":242144000,"inputNames":["closingParentEquity","closingAssets","closingLiabilities"]},"closingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingLiabilities":{"value":141496000,"tag":"Liabilities","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCash":{"value":110641000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2025-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCommonEquity":{"value":242144000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":-377737000,"tag":"NetIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":-79000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"pretaxIncome":{"value":-377816000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":316833500,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":277301000,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: -1723.51; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: -120.90167232947273 fcfMargin component 1 (2026-03-16) · fcfMargin component 2 (2026-03-16) · fcfMargin component 3 (2026-03-16) cashConversion component 1 (2026-03-16) · cashConversion component 2 (2026-03-16) · cashConversion component 3 (2026-03-16) roce component 1 (2026-03-16) · roce component 2 (2026-03-16) · roce component 3 (2026-03-16) · roce component 4 (2026-03-16) · roce component 5 (2026-03-16)
2024-12-31	-2,396.10	Unavailable	-91.66	Inputs & filings Calculation inputs: {"original":{"fcfTotal":{"value":-119805000,"capex":{"accession":"0001104659-26-027964","end":"2024-12-31","filed":"2026-03-16","form":"10-K","start":"2024-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001104659-26-027964","end":"2024-12-31","filed":"2026-03-16","form":"10-K","start":"2024-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":5000000,"tag":"Revenues","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"netIncome":{"value":-156988000,"tag":"NetIncomeLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"operatingIncome":{"value":-163888000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingAssets":{"value":68180000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingCurrentLiabilities":{"value":23258000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingCapitalEmployed":{"value":44922000,"inputNames":["openingAssets","openingCurrentLiabilities"]},"openingParentEquity":{"value":-225721000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"openingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingLiabilities":{"value":43815000,"tag":"Liabilities","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingCash":{"value":56857000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":369968000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCurrentLiabilities":{"value":57292000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCapitalEmployed":{"value":312676000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":312458000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingTotalEquity":{"value":312458000,"inputNames":["closingParentEquity","closingAssets","closingLiabilities"]},"closingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingLiabilities":{"value":57510000,"tag":"Liabilities","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCash":{"value":319742000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingCommonEquity":{"value":312458000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":-156988000,"tag":"NetIncomeLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":429000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"pretaxIncome":{"value":-156559000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":178799000,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: -2396.1; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: -91.6604678997086 fcfMargin component 1 (2026-03-16) · fcfMargin component 2 (2026-03-16) · fcfMargin component 3 (2026-03-16) cashConversion component 1 (2026-03-16) · cashConversion component 2 (2026-03-16) · cashConversion component 3 (2026-03-16) roce component 1 (2026-03-16) · roce component 2 (2025-03-11) · roce component 3 (2025-03-11) · roce component 4 (2026-03-16) · roce component 5 (2026-03-16)
2023-12-31	-61.09	Unavailable	Unavailable	Inputs & filings Calculation inputs: {"original":{"fcfTotal":{"value":-30546000,"capex":{"accession":"0001558370-25-002631","end":"2023-12-31","filed":"2025-03-11","form":"10-K","start":"2023-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001558370-25-002631","end":"2023-12-31","filed":"2025-03-11","form":"10-K","start":"2023-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":50000000,"tag":"Revenues","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"netIncome":{"value":-37124000,"tag":"NetIncomeLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"operatingIncome":{"value":-37147000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingAssets":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31"},"openingParentEquity":{"value":-192286000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2022-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"openingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCash":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2022-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":68180000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"closingCurrentLiabilities":{"value":23258000,"tag":"LiabilitiesCurrent","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"closingCapitalEmployed":{"value":44922000,"inputNames":["closingAssets","closingCurrentLiabilities"]},"closingParentEquity":{"value":-225721000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-03-16","accession":"0001104659-26-027964","form":"10-K"},"closingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingLiabilities":{"value":43815000,"tag":"Liabilities","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"closingCash":{"value":56857000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":-37124000,"tag":"NetIncomeLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":301000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"pretaxIncome":{"value":-36823000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2025-03-11","accession":"0001558370-25-002631","form":"10-K"},"effectiveTaxRate":{"value":null,"inputNames":["incomeTaxExpense","pretaxIncome"],"reason":"Positive pretax income required"},"nopat":{"value":null,"inputNames":["operatingIncome","effectiveTaxRate"],"reason":"Positive pretax income required"},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: -61.092; cashConversion: Positive net income required; zero or negative denominator is unavailable; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31 fcfMargin component 1 (2025-03-11) · fcfMargin component 2 (2025-03-11) · fcfMargin component 3 (2025-03-11) cashConversion component 1 (2025-03-11) · cashConversion component 2 (2025-03-11) · cashConversion component 3 (2025-03-11) roce component 1 (2025-03-11) · roce component 2 (2025-03-11) · roce component 3 (2025-03-11)

Annual operating facts

Complete annual history, independent of chart loading and range. Operating margin is operating profit as a percentage of revenue; net margin is consolidated net profit as a percentage of revenue. Negative margins show losses. Missing inputs remain unavailable. Metric definitions.

Fiscal end	Revenue (USD)	Operating margin (%)	Net margin (%)	Inputs & filing sources
2025-12-31	10,000,000.00	-3,830.57	-3,777.37	Inputs & filings revenue: 10000000; operatingIncome: -383057000; netIncome: -377737000 revenue (2026-03-16) operatingIncome (2026-03-16) netIncome (2026-03-16)
2024-12-31	5,000,000.00	-3,277.76	-3,139.76	Inputs & filings revenue: 5000000; operatingIncome: -163888000; netIncome: -156988000 revenue (2026-03-16) operatingIncome (2026-03-16) netIncome (2026-03-16)
2023-12-31	50,000,000.00	-74.29	-74.25	Inputs & filings revenue: 50000000; operatingIncome: -37147000; netIncome: -37124000 revenue (2025-03-11) operatingIncome (2025-03-11) netIncome (2025-03-11)

Zenas BioPharma, Inc. (ZBIO) P/E ratio history

The interactive P/E chart contains all 109 stored weekly price points (2024-09-13–2026-10-08); 0 have an eligible basic or diluted ratio. Annual EPS is carried forward from its fiscal end. Use the P/E range bar or any other chart range bar to change all five chart windows.

Fiscal-year-end snapshots

No positive annual EPS with an eligible fiscal-year-end price is available in this snapshot.

Annual P/E = eligible fiscal-year-end close ÷ reported annual EPS. This is retrospective annual P/E, not TTM or forward P/E. Why we use annual data. Missing or non-positive EPS and missing eligible prices produce unavailable ratios.

Explore the P/E chart and optional reference lines · How P/E history is calculated.

Complete annual P/E history (3 fiscal periods)

Full stored fiscal-year-end P/E history, independent of the selected chart window. Ratios in ×; prices in USD.
Fiscal end	Price date	Close	Price basis	Basic P/E	Diluted P/E	EPS filings
2025-12-31	2025-12-26	42.49	Adjusted close	Unavailable	Unavailable	Basic EPS (2026-03-16) Diluted EPS (2026-03-16)
2024-12-31	2024-12-27	9.84	Adjusted close	Unavailable	Unavailable	Basic EPS (2026-03-16) Diluted EPS (2026-03-16)
2023-12-31	Unavailable	Unavailable	Unavailable	Unavailable	Unavailable	Basic EPS (2025-03-11) Diluted EPS (2025-03-11)

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