Zenas BioPharma Cash Flow 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
Net Income	-425.15	-377.74	-156.99	-37.12	-119.28
Depreciation & Amortization	0.04	0.06	0.14	0.11	0.08
Stock-Based Compensation	30.16	26.35	10.82	3.5	0.74
Other Adjustments	177.63	178.05	0.93	11.03	44.85
Changes in Accounts Payable	-11.13	-10.04	11.74	-0.42	1.09
Changes in Accrued Expenses	21.25	15.05	22.07	-3.56	12.06
Changes in Other Operating Activities	-10.18	-4.06	-8.37	-4.06	-5.18
Operating Cash Flow	-210.48	-172.33	-119.67	-30.53	-65.65
Capital Expenditures	-0	-0.02	-0.13	-0.02	-0.2
Purchases of Investments	-395.16	-417.76	-36.42	-	-
Proceeds from Sale of Investments	296.16	200.89	6	-	-
Other Investing Activities	-30	-35	-	-	-2
Investing Cash Flow	-134	-251.89	-30.55	-0.02	-2.2
Long-Term Debt Issued	267.5	75	-	20	-
Net Long-Term Debt Issued (Repaid)	267.5	75	-	20	-
Issuance of Common Stock	170.49	152.95	240.91	0.12	-
Net Common Stock Issued (Repurchased)	170.49	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	-0.51	-12.67	-6.33	-	-
Financing Cash Flow	648.66	215.28	412.96	20.12	59.39
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.51	-0.25	0.16	0.08	-0.04
Net Cash Flow	303.67	-209.19	262.89	-10.35	-8.5
Free Cash Flow	-210.48	-172.35	-119.81	-30.55	-65.85
FCF Margin	-	-1723.51%	-2396.10%	-61.09%	-
Free Cash Flow Per Share	-4.37	-3.85	-2.68	-0.02	-0.04
Levered Free Cash Flow	-157.67	-301.75	-131.55	-25.07	-111.44
Unlevered Free Cash Flow	-422.81	-381.99	-138.9	-44.79	-68.35

SEC Filings: 10-K · 10-Q