Zenas BioPharma Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Revenue	10	5	50	-
Revenue Growth (YoY)	100.00%	-90.00%	-	-
Gross Profit	10	5	50	-
Selling, General & Admin	53.32	29.75	17.11	13.51
Research & Development	168.06	139.14	60.03	61.69
Other Operating Expenses	171.67	-	10	1
Total Operating Expenses	393.06	168.89	87.15	76.2
Operating Income	-383.06	-163.89	-37.15	-76.2
Interest Income	12.15	7.97	-	-
Interest Expense	-7.33	-	-	-
Other Non-Operating Income (Expense)	0.42	-0.85	0.32	-43.08
Total Non-Operating Income (Expense)	5.24	7.13	0.32	-43.08
Pretax Income	-377.82	-156.56	-36.82	-119.28
Provision for Income Taxes	-0.08	0.43	-0.3	-
Net Income	-377.74	-156.99	-37.12	-119.28
Net Income to Common	-377.74	-156.99	-37.12	-119.28
Shares Outstanding (Basic)	45	13	2	1,492
Shares Outstanding (Diluted)	45	13	2	1,492
Shares Change (YoY)	238.89%	762.01%	-99.90%	-
EPS (Basic)	-8.44	-11.89	-24.25	-79.94
EPS (Diluted)	-8.44	-11.89	-24.25	-79.94
Free Cash Flow	-172.35	-119.81	-30.55	-65.85
Free Cash Flow Per Share	-3.85	-9.08	-19.95	-0.04
Gross Margin	100.00%	100.00%	100.00%	-
Operating Margin	-3830.57%	-3277.76%	-74.29%	-
Profit Margin	-3777.37%	-3139.76%	-73.04%	-
FCF Margin	-1723.51%	-2396.10%	-61.09%	-
EBITDA	-383	-163.75	-37.03	-76.12
EBITDA Margin	-3830.01%	-3275.02%	-74.07%	-
EBIT	-383.06	-163.89	-37.15	-76.2
EBIT Margin	-3830.57%	-3277.76%	-74.29%	-
Effective Tax Rate	0.02%	-0.27%	0.82%	0.00%

Updated Mar 16, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q