Zenas BioPharma, Inc. (ZBIO)

Zenas BioPharma Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	-189.9	-156.99	-37.12	-119.28
Depreciation & Amortization	0.08	0.14	0.11	0.08
Asset Writedown & Restructuring Costs	5	-	10	1
Loss (Gain) From Sale of Investments	-2.11	-0.6	-	-
Stock-Based Compensation	24.26	10.82	3.5	0.74
Other Operating Activities	2.59	1.53	1.03	43.85
Change in Accounts Payable	-5.74	11.74	-0.42	1.09
Change in Other Net Operating Assets	7.24	13.69	-7.62	6.88
Operating Cash Flow	-158.47	-119.67	-30.53	-65.65
Capital Expenditures	-0.09	-0.13	-0.02	-0.2
Sale (Purchase) of Intangibles	-5	-	-	-2
Investment in Securities	-157.17	-30.42	-	-
Investing Cash Flow	-162.26	-30.55	-0.02	-2.2
Long-Term Debt Issued	-	-	20	-
Net Debt Issued (Repaid)	75	-	20	-
Issuance of Common Stock	9.09	240.91	0.12	-
Other Financing Activities	-7.8	-6.33	-	-
Financing Cash Flow	76.29	412.96	20.12	59.39
Foreign Exchange Rate Adjustments	-0.12	0.16	0.08	-0.04
Net Cash Flow	-244.56	262.89	-10.35	-8.5
Free Cash Flow	-158.57	-119.81	-30.55	-65.85
Free Cash Flow Margin	-1057.10%	-2396.10%	-61.09%	-
Free Cash Flow Per Share	-3.78	-9.08	-19.95	-44.13
Levered Free Cash Flow	-93.65	-60.01	-17.64	-
Unlevered Free Cash Flow	-93.65	-60.01	-17.64	-
Change in Working Capital	1.5	25.43	-8.04	7.97

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

SEC Filings: 10-K · 10-Q