Touchstone
Last syncNov 1, 2026, 6:55 PM ET

ZBIO

Zenas Biopharma, Inc. Health Care Pharmaceutical Preparations Russell 3000
$28.39Close $1.5BMarket cap $15.20 – $43.1752-week range Nov 13, 2026Next report · estimated

Highlights

Cautions

  • Not in an uptrend 5 of 8 trend conditions
  • Far from its high 34% below its 52-week high
  • Financial distress Altman Z″ in the distress zone

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Aug 13, 2026
Off 12-month high 34%
1wk up 5.7% price change
1mo up 5.3% price change
12-month return down 5% market up 11% · its own down 9%
F-score — — Not assessed
Altman Z 1.40 Elevated risk
P/E — price / earnings
PEG — P/E / EPS growth
P/B 6.4× price / book
Earnings yield down 25.3% EBIT / enterprise value
Cheaper than 13% of the market · expensive
Revenue growth up 100% year on year
EPS growth — latest quarter
Sales growth — latest quarter
ROE down 136% return on equity
Free cash margin down 1724% -$172.4M FCF
D/E 0.32 long-term debt / equity
Net debt / EBITDA —
Interest cover —EBIT / interest
Piotroski tests

Repair signals

  • Revenue reaccelerating (-90% then +100%)

Trade setup

ATR% 6.3% $1.78 a day · 2×ATR $24.83
RS 73 / 99 vs the universe
Trend 5 / 8 200-day not rising, under the 50-day, over 25% off the high
Relative volume 0.6× vs 50-day average
Up/down volume 0.90 50 sessions
Implied move — no scheduled report
Trend template · 5 of 8
  • Price above the 150 and 200-day averages: passes
  • 150-day average above the 200-day: passes
  • 200-day average rising for a month: fails
  • 50-day average above the 150 and 200-day: passes
  • Price above the 50-day average: fails
  • At least 30% above the 52-week low: passes
  • Within 25% of the 52-week high: fails
  • RS rank 70 or higher: passes

Screen verdict

Did not qualify for any screen.

Warning signs

2 flagged
  • Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
  • Shareholders diluted The share count rose 30.4% over the year, from 42m to 54m shares. Each existing share owns a smaller fraction of the company than it did a year ago.
Last reported Aug 13, 2026
Results reaction Aug 13, 2026-6% vs market2 sessions after results

Financials

3 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $10.0M +100% on FY2024
$0 $50M FY23 FY24 FY25 FY2023 · $50.0M FY2024 · $5.0M FY2025 · $10.0M
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology -$377.7M
-$500M $0 FY23 FY24 FY25 FY2023 · -$37.1M FY2024 · -$157.0M FY2025 · -$377.7M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$172.4M
-$200M $0 FY23 FY24 FY25 FY2023 · -$30.5M FY2024 · -$119.8M FY2025 · -$172.4M
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Net -3777%
  • Free cash -1724%
-5000% 0% FY23 FY24 FY25 FY2023 · Net -74% · Free cash -61% FY2024 · Net -3140% · Free cash -2396% FY2025 · Net -3777% · Free cash -1724%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $32.0M net cash
  • Cash
  • Long-term debt
$0 $500M FY23 FY24 FY25 FY2023 · Cash $56.9M FY2024 · Cash $319.7M FY2025 · Cash $110.6M · Long-term debt $78.6M
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 54.49m +3355.3% since FY2023
54.49m 1.58m FY23 FY24 FY25 FY2023 · 1.58m FY2024 · 41.79m FY2025 · 54.49m
  FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $50.0M $5.0M $10.0M
Operating income -$37.1M -$163.9M -$383.1M
Net income -$37.1M -$157.0M -$377.7M
Net margin -74% -3140% -3777%
Earnings per share -$24.25 -$11.89 -$8.44
Free cash flow -$30.5M -$119.8M -$172.4M
Free cash margin -61% -2396% -1724%
Cash $56.9M $319.7M $110.6M
Long-term debt — — $78.6M
Shareholders' equity -$225.7M $312.5M $242.1M
Shares outstanding 1.58m 41.79m 54.49m

Filings

SEC EDGAR
FiledReportPeriod to Lag
Aug 13, 2026 Quarterly ↗ Jun 30, 2026 44d
May 13, 2026 Quarterly ↗ Mar 31, 2026 43d
Mar 16, 2026 Annual ↗ Dec 31, 2025 75d
Nov 12, 2025 Quarterly ↗ Sep 30, 2025 43d
Aug 12, 2025 Quarterly ↗ Jun 30, 2025 43d
May 15, 2025 Quarterly ↗ Mar 31, 2025 45d
Mar 11, 2025 Annual ↗ Dec 31, 2024 70d
Nov 12, 2024 Quarterly ↗ Sep 30, 2024 43d

Current reports

FiledDisclosed
Oct 13, 2026 Regulation FD ↗
Aug 13, 2026 Results · Director or officer change ↗
May 13, 2026 Results · Director or officer change · Shareholder vote ↗
Mar 31, 2026 Material agreement · New obligation · Other events ↗
Mar 16, 2026 Results ↗
Feb 13, 2026 Director or officer change ↗
Jan 5, 2026 Results · Regulation FD · Other events ↗
Dec 15, 2025 Director or officer change ↗
Nov 12, 2025 Results ↗
Oct 27, 2025 Regulation FD · Other events ↗
Oct 8, 2025 Material agreement · Results · Unregistered share sale · Regulation FD · Other events ↗
Sep 2, 2025 Material agreement · Acquisition or disposal · New obligation · Regulation FD ↗