← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Zenas BioPharma, Inc.: Revenue grew 100% to $10M from $5M. Net loss widened to $378M from $157M. Free cash flow outflow widened to $172M from $120M. Operating margin contracted 55281 bps to -3830.57%. Zenas BioPharma, Inc.'s annual comparison also shows free cash flow declined despite revenue growth; stock compensation grew faster than revenue; the balance-sheet screen falls in the distress range and requires business-model context.
The read at a glance✓ Audited against SEC data
- Growth — Revenue grew 100% to $10M from $5MOK
- Profitability — Net loss widened to $378M from $157MWatch
- Cash flow — Free cash flow outflow widened to $172M from $120MWatch
- Margins — Operating margin contracted 55281 bps to -3830.57%Watch
- Accounting — Going-concern warningWatch
- Insiders — 20 purchases and 0 salesOK
Business
The first three indications we are pursuing include IgG4-RD through a successful registration-directed Phase 3 trial; and RMS and SLE through ongoing Phase 2, double-blind, randomized, placebo-controlled trials. ● Build our operational capabilities to develop and potentially commercialize our products in key regions.
Where the revenue comes from
Fiscal 2025, as Zenas BioPharma, Inc. reports it. History and quarterly detail are in the app.
Latest filings
- 8-K · Company announcement2026-08-13
- 10-Q · Quarterly report2026-08-13
- 10-Q · Quarterly report2026-05-13
- 8-K · Company announcement2026-05-13
- 8-K · Company announcement2026-03-31
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Zenas BioPharma, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
14-day free trial, no credit card. For research purposes only; not investment advice.