Zenas BioPharma Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	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	57.82	53.32	29.75	17.11	13.51
Research & Development	193.59	168.06	139.14	60.03	61.69
Other Operating Expenses	171.67	171.67	-	10	1
Total Operating Expenses	423.08	393.06	168.89	87.15	76.2
Operating Income	-423.08	-383.06	-163.89	-37.15	-76.2
Interest Income	3.02	12.15	7.97	-	-
Interest Expense	-6.63	-7.33	-	-	-
Other Non-Operating Income (Expense)	-3.16	0.42	-0.85	0.32	-43.08
Total Non-Operating Income (Expense)	-6.77	5.24	7.13	0.32	-43.08
Pretax Income	-425.03	-377.82	-156.56	-36.82	-119.28
Provision for Income Taxes	-0.28	-0.08	0.43	-0.3	-
Net Income	-425.15	-377.74	-156.99	-37.12	-119.28
Net Income to Common	-425.15	-377.74	-156.99	-37.12	-119.28
Shares Outstanding (Basic)	48	45	45	1,492	1,492
Shares Outstanding (Diluted)	48	45	45	1,492	1,492
Shares Change (YoY)	107.47%	-	-97.00%	-	-
EPS (Basic)	-8.47	-8.44	-11.89	-24.25	-79.94
EPS (Diluted)	-8.47	-8.44	-11.89	-24.25	-79.94
Shares Outstanding	62.38	54.49	41.79	1.58	1.55
Free Cash Flow	-210.48	-172.35	-119.81	-30.55	-65.85
Free Cash Flow Per Share	-4.37	-3.85	-2.68	-0.02	-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	-423.04	-383	-163.75	-37.03	-76.12
EBITDA Margin	-	-3830.01%	-3275.02%	-74.07%	-
EBIT	-423.08	-383.06	-163.89	-37.15	-76.2
EBIT Margin	-	-3830.57%	-3277.76%	-74.29%	-
Effective Tax Rate	0.07%	0.02%	-0.27%	0.82%	0.00%

Updated May 13, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q