Zenas BioPharma, Inc. (ZBIO)

Zenas BioPharma Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	-377.74	-156.99	-37.12	-119.28
Depreciation & Amortization	0.06	0.14	0.11	0.08
Stock-Based Compensation	26.35	10.82	3.5	0.74
Other Adjustments	178.05	0.93	11.03	44.85
Changes in Accounts Payable	-10.04	11.74	-0.42	1.09
Changes in Accrued Expenses	15.05	22.07	-3.56	12.06
Changes in Other Operating Activities	-4.06	-8.37	-4.06	-5.18
Operating Cash Flow	-172.33	-119.67	-30.53	-65.65
Capital Expenditures	-0.02	-0.13	-0.02	-0.2
Purchases of Investments	-417.76	-36.42	-	-
Proceeds from Sale of Investments	200.89	6	-	-
Other Investing Activities	-35	-	-	-2
Investing Cash Flow	-251.89	-30.55	-0.02	-2.2
Long-Term Debt Issued	75	-	20	-
Net Long-Term Debt Issued (Repaid)	75	-	20	-
Issuance of Common Stock	152.95	240.91	0.12	-
Net Common Stock Issued (Repurchased)	152.95	240.91	0.12	-
Issuance of Preferred Stock	-	178.38	-	59.39
Net Preferred Stock Issued (Repurchased)	-	178.38	-	59.39
Other Financing Activities	-12.67	-6.33	-	-
Financing Cash Flow	215.28	412.96	20.12	59.39
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.25	0.16	0.08	-0.04
Net Cash Flow	-209.19	262.89	-10.35	-8.5
Free Cash Flow	-172.35	-119.81	-30.55	-65.85
FCF Margin	-1723.51%	-2396.10%	-61.09%	-
Free Cash Flow Per Share	-3.85	-9.08	-19.95	-0.04
Levered Free Cash Flow	-301.75	-131.55	-25.07	-111.44
Unlevered Free Cash Flow	-381.99	-138.9	-44.79	-68.35

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

SEC Filings: 10-K · 10-Q