Zenas BioPharma Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Revenue	15	5	50	-
Revenue Growth (YoY)	-	-90.00%	-	-
Cost of Revenue	161.5	139.14	60.03	61.69
Gross Profit	-146.5	-134.14	-10.03	-61.69
Selling, General & Admin	49.2	29.75	17.11	13.51
Operating Expenses	49.2	29.75	17.11	13.51
Operating Income	-195.7	-163.89	-27.15	-75.2
Currency Exchange Gain (Loss)	0.2	0.2	0.1	-
Other Non Operating Income (Expenses)	10.84	7.98	0.52	-43.08
EBT Excluding Unusual Items	-184.66	-155.71	-26.52	-118.28
Other Unusual Items	-	-0.85	-0.3	-
Pretax Income	-189.66	-156.56	-36.82	-119.28
Income Tax Expense	0.24	0.43	0.3	-
Net Income	-189.9	-156.99	-37.12	-119.28
Net Income to Common	-189.9	-156.99	-37.12	-119.28
Shares Outstanding (Basic)	42	13	2	1
Shares Outstanding (Diluted)	42	13	2	1
Shares Change (YoY)	1252.33%	762.01%	2.61%	-
EPS (Basic)	-4.53	-11.89	-24.25	-79.94
EPS (Diluted)	-4.53	-11.89	-24.25	-79.94
Free Cash Flow	-158.57	-119.81	-30.55	-65.85
Free Cash Flow Per Share	-3.78	-9.08	-19.95	-44.13
Gross Margin	-	-	-20.07%	-
Operating Margin	-1304.64%	-3277.76%	-54.29%	-
Profit Margin	-1265.99%	-3139.76%	-74.25%	-
Free Cash Flow Margin	-1057.10%	-2396.10%	-61.09%	-
EBITDA	-195.62	-163.75	-27.03	-75.12
EBITDA Margin	-	-	-54.07%	-
D&A For EBITDA	0.08	0.14	0.11	0.08
EBIT	-195.7	-163.89	-27.15	-75.2
EBIT Margin	-	-	-54.29%	-
Revenue as Reported	15	5	50	-

Updated Nov 12, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q