Zenas BioPharma, Inc.
ZBIO · Pharmaceutical Preparations · 63.1M shares · +762%/yr ↑ dilution · EDGAR filings ↗
Reference price $16.88 · est. market cap ~$1.1B — last insider purchase, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — immunology clinical (obexelimab), heavy burn ($172M), funded.
Strengths
- Liquidity — current ratio 5.6 (63rd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Going concern● Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern in its report on our audited financial statements included in this
- Cash burnNegative free cash flow (-172.4M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -3777.4%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +762%/yr over 1y (dilution, book value/share -91%)
- Insider buyingInsider buying — 17 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$11M, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $378M cash & investments, ~9 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-3830.6%
Net margin
-3777.4%
Return on equity
-156.0%
Return on assets
-98.5%
ROIC
-94.3%
Revenue growth (QoQ)
100.0%
Debt / equity
0.3×
Current ratio
5.6×
Free cash flow
-$172M
Tangible book value
$242M
Cash & investments
$378M
Cash runway
9q
Stock comp / revenue
263.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-18 | MOULDER LEON O JR | Buy | 60K | $16.88 |
| 2026-04-29 | MOULDER LEON O JR | Buy | 35K | $17.62 |
| 2026-04-28 | MOULDER LEON O JR | Buy | 25K | $18.02 |
| 2026-03-31 | Fairmount Funds Management LLC | Buy | 150K | $20.00 |
| 2026-03-31 | MOULDER LEON O JR | Buy | 34K | $19.31 |
| 2026-03-31 | Lu Hongbo | Buy | 75K | $20.00 |
| 2026-03-31 | Lu Hongbo | Buy | 3.8K | $18.63 |
| 2026-03-30 | MOULDER LEON O JR | Buy | 20K | $18.23 |
| 2026-02-13 | Allen Patricia L | Buy | 4.2K | $26.36 |
| 2026-02-12 | Allen Patricia L | Buy | 5.0K | $23.77 |
| 2026-02-12 | Allen Patricia L | Buy | 5.7K | $24.34 |
| 2026-02-12 | Allen Patricia L | Buy | 5.0K | $26.50 |
| 2026-02-11 | Lu Hongbo | Buy | 26K | $22.50 |
| 2026-02-05 | Fox Jennifer A. | Grant | 1.6K | $13.35 |
| 2026-02-05 | Farmer Joseph L | Grant | 974 | $13.35 |
| 2026-02-02 | MOULDER LEON O JR | Buy | 57K | $17.96 |
| 2026-01-09 | MOULDER LEON O JR | Buy | 20K | $16.55 |
| 2026-01-08 | MOULDER LEON O JR | Buy | 30K | $16.30 |
| 2026-01-07 | MOULDER LEON O JR | Buy | 50K | $16.38 |
| 2025-10-09 | SR ONE CAPITAL MANAGEMENT, LLC | Buy | 63K | $19.00 |
| 2025-10-09 | ENRIGHT PATRICK G | Buy | 105K | $19.00 |
| 2025-10-09 | ENRIGHT PATRICK G | Buy | 12K | $20.85 |
| 2025-10-09 | Nunn Jason Raleigh | Buy | 63K | $19.00 |
| 2025-10-09 | SR ONE CAPITAL MANAGEMENT, LLC | Buy | 63K | $19.00 |
| 2025-10-07 | MOULDER LEON O JR | Buy | 37K | $20.85 |
| 2025-10-07 | Fairmount Funds Management LLC | Buy | 316K | $19.00 |
| 2025-10-07 | Lu Hongbo | Buy | 263K | $19.00 |
| 2025-02-18 | MOULDER LEON O JR | Buy | 25K | $6.67 |
| 2025-02-07 | Xiao Ting | Buy | 10K | $7.76 |
| 2025-02-07 | Xiao Ting | Buy | 10K | $7.76 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-13 | ResultsExec/director changeShareholder voteExhibits | filing ↗ |
| 2026-03-31 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-03-16 | ResultsExhibits | filing ↗ |
| 2026-02-13 | Exec/director changeExhibits | filing ↗ |
| 2026-01-05 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-12-15 | Exec/director changeExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-10-27 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-13 | 2026-05-11 | 0001104659-26-059700 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001104659-26-059735 ↗ |
| 8-K | 2026-03-31 | 2026-03-26 | 0001104659-26-037821 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001104659-26-027964 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001104659-26-027961 ↗ |
| 8-K | 2026-02-13 | 2026-02-10 | 0001104659-26-015314 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0001104659-26-000402 ↗ |
| 8-K | 2025-12-15 | 2025-12-10 | 0001104659-25-121182 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001104659-25-109737 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001104659-25-109753 ↗ |
| 8-K | 2025-10-27 | 2025-10-27 | 0001104659-25-102317 ↗ |
| 8-K | 2025-10-08 | 2025-10-07 | 0001104659-25-097663 ↗ |