# Zenas BioPharma, Inc.: overview ZBIO · Nasdaq · CIK 1953926 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31 Pages: [Overview](/companies/zbio.md) · [Financials](/companies/zbio/financials.md) · [Filings](/companies/zbio/filings.md) · [Insiders](/companies/zbio/insiders.md) Latest reported revenue: [$1.0m](/filings/0001104659-26-095448.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 13, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-095448). ## Last eight quarters | Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | | --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | $m | [0.0](/filings/0001104659-25-109753.md) | [5.0 d](/filings/0001104659-26-027964.md) | [10.0](/filings/0001104659-26-059735.md) | [0.0](/filings/0001558370-25-011147.md) | [0.0](/filings/0001104659-25-109753.md) | [0.0 d](/filings/0001104659-26-027964.md) | not reported | [1.0](/filings/0001104659-26-095448.md) | | Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | | Operating margin | % | not reported | [(1112.5%) d](/filings/0001104659-26-027964.md) | [(373.3%)](/filings/0001104659-26-059735.md) | not reported | not reported | not reported | not reported | [(10765.9%)](/filings/0001104659-26-095448.md) | | Net margin | % | not reported | [(1052.1%) d](/filings/0001104659-26-027964.md) | [(335.7%)](/filings/0001104659-26-095448.md) | not reported | not reported | not reported | not reported | [(11145.6%)](/filings/0001104659-26-095448.md) | | Diluted EPS | $ per share | [(5.02)](/filings/0001104659-25-109753.md) | not reported | [(0.80)](/filings/0001104659-26-059735.md) | [(1.25)](/filings/0001104659-26-095448.md) | [(1.22)](/filings/0001104659-25-109753.md) | not reported | [(1.46)](/filings/0001104659-26-059735.md) | [(1.77)](/filings/0001104659-26-095448.md) | | Free cash flow | $m | [(31.1) d](/filings/0001104659-25-109753.md) | [(38.6) d](/filings/0001104659-26-027964.md) | [(37.1)](/filings/0001104659-26-059735.md) | [(41.7) d](/filings/0001104659-26-095448.md) | [(41.1) d](/filings/0001104659-25-109753.md) | [(52.4) d](/filings/0001104659-26-027964.md) | [(75.2)](/filings/0001104659-26-059735.md) | [(57.2) d](/filings/0001104659-26-095448.md) | - Revenue. XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure. ## Last five fiscal years | Line item | Unit | FY (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) | | --- | --- | ---: | ---: | ---: | | Revenue | $m | [50.0](/filings/0001558370-25-002631.md) | [5.0](/filings/0001104659-26-027964.md) | [10.0](/filings/0001104659-26-027964.md) | | Gross margin | % | not reported | not reported | not reported | | Operating margin | % | [(74.3%)](/filings/0001558370-25-002631.md) | [(3277.8%)](/filings/0001104659-26-027964.md) | [(3830.6%)](/filings/0001104659-26-027964.md) | | Net margin | % | [(74.2%)](/filings/0001558370-25-002631.md) | [(3139.8%)](/filings/0001104659-26-027964.md) | [(3777.4%)](/filings/0001104659-26-027964.md) | | Diluted EPS | $ per share | [(24.25)](/filings/0001558370-25-002631.md) | [(11.89)](/filings/0001104659-26-027964.md) | [(8.44)](/filings/0001104659-26-027964.md) | | Free cash flow | $m | [(30.5)](/filings/0001558370-25-002631.md) | [(120)](/filings/0001104659-26-027964.md) | [(172)](/filings/0001104659-26-027964.md) | - Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing. ## Insider purchases and sales The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/zbio/insiders.md) None in coverage. ## Funds that report holding it From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md) | Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before | | --- | --- | ---: | ---: | --- | --- | | [FMR LLC](/funds/315066.md) | 2026-06-30 | $241.3m | 9,506,701 | | Added +424,701 | | [SR One Capital Management, LP](/funds/1910264.md) | 2026-06-30 | $127.9m | 5,037,854 | | Unchanged | | [NEA Management Company, LLC](/funds/1512848.md) | 2026-06-30 | $102.1m | 4,023,219 | | Unchanged | | [ENAVATE SCIENCES GP, LLC](/funds/1953107.md) | 2026-06-30 | $99.5m | 3,919,159 | | Unchanged | | [FEDERATED HERMES, INC.](/funds/1056288.md) | 2026-06-30 | $79.1m | 3,116,805 | | Reduced −10,226 | | [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $68.2m | 2,686,225 | | Added +648,677 | | [Capital International Investors](/funds/1562230.md) | 2026-06-30 | $63.5m | 2,502,912 | | Added +68,912 | | [Polar Capital Holdings Plc](/funds/1837309.md) | 2026-06-30 | $61.2m | 2,412,772 | | Reduced −135,672 | | [Royalty Pharma Sub-Manager, LLC](/funds/2081668.md) | 2026-06-30 | $60.6m | 2,388,150 | | New +2,388,150 | | [Fairmount Funds Management LLC](/funds/1802528.md) | 2026-06-30 | $59.9m | 2,359,025 | | Unchanged | ## Recent filings [All 188 filings](/companies/zbio/filings.md) | Filed | Accepted | Form | What it is | Accession | | --- | --- | --- | --- | --- | | 2026-10-13 | 06:01 ET | [8-K](/filings/0001104659-26-115151.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-115151 | | 2026-08-19 | 18:49 ET | [SCHEDULE 13D/A](/filings/0001953107-26-000015.md) | Ownership report, active investor, amended | 0001953107-26-000015 | | 2026-08-17 | 18:59 ET | [SCHEDULE 13D/A](/filings/0001072613-26-000694.md) | Ownership report, active investor, amended | 0001072613-26-000694 | | 2026-08-13 | 07:15 ET | [10-Q](/filings/0001104659-26-095448.md) | Quarterly report, period 2026-06-30 | 0001104659-26-095448 | | 2026-08-13 | 07:05 ET | [8-K](/filings/0001104659-26-095437.md) | 2.02 Results of operations; 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001104659-26-095437 | | 2026-05-13 | 06:36 ET | [10-Q](/filings/0001104659-26-059735.md) | Quarterly report, period 2026-03-31 | 0001104659-26-059735 | | 2026-05-13 | 06:14 ET | [8-K](/filings/0001104659-26-059700.md) | 2.02 Results of operations; 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001104659-26-059700 | | 2026-05-05 | 16:15 ET | [SCHEDULE 13D](/filings/0001104659-26-055643.md) | Ownership report, active investor | 0001104659-26-055643 | | 2026-04-02 | 17:44 ET | [SCHEDULE 13D/A](/filings/0001104659-26-039279.md) | Ownership report, active investor, amended | 0001104659-26-039279 | | 2026-03-31 | 16:35 ET | [8-K](/filings/0001104659-26-037821.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-037821 | ## Latest annual report [Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-027964.md), filed Mar 16, 2026. ## Forecast league Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/602a9918-7068-4fcd-940c-7e359299cb9a) ## About the filer - CIK: 1953926 - Tickers: ZBIO - Exchange: Nasdaq - SIC code: 2834 Pharmaceutical Preparations - State of incorporation: DE - Filer category:
Emerging growth company Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 17:29 ET. No prices; not investment advice.