Zenas BioPharma, Inc. — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Zenas BioPharma, Inc. filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $10.00M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $5.00M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $50.00M | Mar 11, 2025 |
Revenue
Revenue recognized from contracts with customers under ASC 606, excluding taxes collected on behalf of government authorities. This is the primary revenue concept for many companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $10.00M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $5.00M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $50.00M | Mar 11, 2025 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($377.74M) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | ($156.99M) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | ($37.12M) | Mar 11, 2025 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($383.06M) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | ($163.89M) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | ($37.15M) | Mar 11, 2025 |
R&D Expense
Spending on research and development activities — developing new products, improving existing ones, or conducting basic research. High R&D relative to revenue is common in technology and pharmaceutical companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $168.06M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $139.14M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $60.03M | Mar 11, 2025 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($172.33M) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | ($119.67M) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | ($30.53M) | Mar 11, 2025 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $18.0K | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $131.0K | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $17.0K | Mar 11, 2025 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $383.64M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $369.97M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $68.18M | Mar 11, 2025 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $141.50M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $57.51M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $43.82M | Mar 11, 2025 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $242.14M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $312.46M | Mar 16, 2026 |
| FY2025 | Dec 31, 2023 | ($225.72M) | Mar 16, 2026 |
| FY2024 | Dec 31, 2022 | ($192.29M) | Mar 11, 2025 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($765.13M) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | ($387.39M) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | ($230.40M) | Mar 11, 2025 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $110.64M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | $319.74M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | $56.86M | Mar 11, 2025 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | (8) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | (11) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | (24) | Mar 11, 2025 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | (8) | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | (11) | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | (24) | Mar 11, 2025 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 54.49M | Mar 16, 2026 |
| FY2025 | Dec 31, 2024 | 41.79M | Mar 16, 2026 |
| FY2024 | Dec 31, 2023 | 1.58M | Mar 11, 2025 |