ZBIO

Company Overview — What Does Zenas BioPharma, Inc. Do?

We are a clinical-stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an immunology and inflammation (“I&I”) focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. We leverage our experienced executive management team and our established networks throughout the biopharmaceutical industry to identify, acquire and develop product candidates that we believe can provide superior clinical benefits to patients living with autoimmune diseases. Our lead I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and Fcγ receptor IIb (“FcγRIIb”), which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. Based on existing clinical data generated to date, we believe that targeting B cell lineage via CD19 and FcγRIIb can inhibit B cells and has been shown to be well-tolerated. While anti-CD20 or other anti-CD19 targeting agents effectively deplete B cells in systemic circulation, these agents do not fully impact B cells in relevant tissue, and the intermittent dosing regimens of these agents may not provide optimal benefits for all patients. In addition, anti-CD20 and other anti-CD19 targeting agents may cause prolonged depletion of circulating B cells for six months or longer, placing patients at higher risk of opportunistic infections and potentially reducing their ability to respond to, and receive full benefit from, vaccines. We believe obexelimab’s mechanism of action and chronic dosing regimen may broadly and effectively address the pathogenic role of B cell lineage in chronic autoimmune disease. Across five clinical trials, in which 198 subjects were dosed, obexelimab was well-tolerated and demonstrated clinical activity that we believe provides proof-of-concept (“POC”) for obexelimab as a B cell inhibitor for the treatment of patients living with certain autoimmune diseases and, together with its mechanism of action, positions obexelimab to be a potentially differentiated B cell therapy for the treatment of such patients. We are developing obexelimab as a potential I&I franchise for patients in several autoimmune diseases, representing substantial commercial opportunities individually and in the aggregate. The first four indications we are pursuing include immunoglobulin G4-related disease (“IgG4-RD”) through an ongoing registration-directed Phase 3 trial; multiple sclerosis (“MS”) and systemic lupus erythematosus (“SLE”) through Phase 2, double-blind, randomized, placebo-controlled trials each of which we initiated in the third quarter of 2024; and warm autoimmune hemolytic anemia (“wAIHA”) through an ongoing Phase 2/3 trial, currently in the Phase 2 open label portion. IgG4-RD is a chronic fibro-inflammatory condition that can affect virtually all organ systems, including the pancreas, biliary tract, salivary and lacrimal glands, lungs and kidneys. IgG4-RD is a relatively recently described disease that incorporates groups of manifestations that were diagnosed as separate disease entities prior to 2003. We estimate that the currently diagnosed population of IgG4-RD patients in the United States is approximately 20,000, with comparable prevalence rates globally. MS is the most common immune- mediated, chronic inflammatory demyelinating disease of the central nervous system (“CNS”), affecting over two million people worldwide including as many as 1,000,000 in the United States. We estimate a diagnosed prevalence of approximately 650,000 patients in the United States with MS. SLE, the most common form of lupus, is a complex, chronic autoimmune disease characterized most notably by unpredictable flares in joints, skin, kidneys and other vital organs that cause progressive organ damage. According to the Lupus Foundation of America, at least 1.5 million Americans are afflicted by lupus and more than 16,000 new cases are reported annually. It is estimated that five million people throughout the world suffer from some form of lupus, of which 70% suffer from the most common form, SLE. We estimate a diagnosed prevalence of approximately 245,000 patients in the United States having lupus, with approximately 172,000 having SLE. Autoimmune hemolytic anemia (“AIHA”) is an acquired disorder in which autoantibodies directed against a patient’s own red blood cell (“RBC”) membrane antigens lead to their accelerated destruction, and the rate of production of new cells in the bone marrow can no longer compensate for their loss. We estimate that the currently diagnosed population of wAIHA patients in the United States is approximately 40,000, with similar prevalence rates in other countries. We estimate that the commercial opportunity across these four indications is approximately $50 billion in the aggregate in the U.S. alone. To date, we have no product candidates approved for commercial sale in any country and have not generated any revenue from product sales. Zenas BioPharma, Inc. was originally incorporated on November 12, 2019, as Zenas BioPharma (Cayman) Limited as an exempted company organized under the laws of the Cayman Islands. On August 2, 2023, the Company was domesticated as a Delaware corporation and, concurrent therewith, we changed our name from Zenas BioPharma (Cayman) Limited to Zenas BioPharma, Inc. Our principal executive offices are located at 1000 Winter Street, Suite 1200, Waltham, MA 02451. Zenas BioPharma, Inc. (ZBIO) is classified as a small-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Leon O. Moulder, Jr., headquartered in WALTHAM, Massachusetts. With a market capitalization of $1.2B, ZBIO is one of the notable companies in the Healthcare sector.

Zenas BioPharma, Inc. (ZBIO) Stock Rating — Reduce (April 2026)

As of April 2026, Zenas BioPharma, Inc. receives a Reduce rating with a composite score of 30.2/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.ZBIO ranks #3,538 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Zenas BioPharma, Inc. ranks #559 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

ZBIO Stock Price and 52-Week Range

Zenas BioPharma, Inc. (ZBIO) currently trades at $20.44. The stock lost $0.84 (3.9%) in the most recent trading session. The 52-week high for ZBIO is $44.60, which means the stock is currently trading -54.2% from its annual peak. The 52-week low is $6.11, putting the stock 234.5% above its annual trough. Recent trading volume was 385K shares, suggesting relatively thin trading activity.

Is ZBIO Overvalued or Undervalued? — Valuation Analysis

Zenas BioPharma, Inc. (ZBIO) carries a value factor score of 28/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 7.14x, versus the sector average of 2.75x. The price-to-sales ratio is 140.19x, compared to 1.66x for the average Healthcare stock.

At current multiples, Zenas BioPharma, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Zenas BioPharma, Inc. Profitability — ROE, Margins, and Quality Score

Zenas BioPharma, Inc. (ZBIO) earns a quality factor score of 26/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -89.5%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -54.6% versus the sector average of -33.1%.

The operating margin is -373.3% (sector: -66.1%). Net profit margin stands at -335.7%, versus -58.7% for the average Healthcare stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

ZBIO Debt, Balance Sheet, and Financial Health

Zenas BioPharma, Inc. has a debt-to-equity ratio of 64.0%, compared to the Healthcare sector average of 32.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 5.66x, indicating strong short-term liquidity. Total debt on the balance sheet is $73M. Cash and equivalents stand at $116M.

ZBIO has a beta of 1.49, meaning it is more volatile than the broader market — a $10,000 investment in ZBIO would be expected to move 48.7% more than the S&P 500 on any given day. The stability factor score for Zenas BioPharma, Inc. is 18/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Zenas BioPharma, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Zenas BioPharma, Inc. reported revenue of $10M and earnings per share (EPS) of $-1.22. Net income for the quarter was $-176M. Operating income came in at $-186M.

In Q3 2025, Zenas BioPharma, Inc. reported revenue of $0 and earnings per share (EPS) of $-1.22. Net income for the quarter was $-51M. Operating income came in at $-53M.

In Q2 2025, Zenas BioPharma, Inc. reported revenue of $0 and earnings per share (EPS) of $-1.25. Net income for the quarter was $-52M. Operating income came in at $-55M.

In Q1 2025, Zenas BioPharma, Inc. reported revenue of $10M and earnings per share (EPS) of $-0.80. Net income for the quarter was $-34M. Operating income came in at $-37M.

Over the past 7 quarters, Zenas BioPharma, Inc. has experienced revenue contraction from $50M to $10M. Investors analyzing ZBIO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

ZBIO Dividend Yield and Income Analysis

Zenas BioPharma, Inc. (ZBIO) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

ZBIO Momentum and Technical Analysis Profile

Zenas BioPharma, Inc. (ZBIO) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 3/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

ZBIO vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Zenas BioPharma, Inc. (ZBIO) ranks #559 out of 838 stocks based on the Blank Capital composite score. This places ZBIO in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing ZBIO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ZBIO vs S&P 500 (SPY) comparison to assess how Zenas BioPharma, Inc. stacks up against the broader market across all factor dimensions.

ZBIO Next Earnings Date

No upcoming earnings date has been announced for Zenas BioPharma, Inc. (ZBIO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy ZBIO? — Investment Thesis Summary

The quantitative profile for Zenas BioPharma, Inc. suggests caution. The quality score of 26/100 flags below-average profitability. The value score of 28/100 indicates premium valuation. High volatility (stability score 18/100) increases portfolio risk.

In summary, Zenas BioPharma, Inc. (ZBIO) earns a Reduce rating with a composite score of 30.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ZBIO stock.

Related Resources for ZBIO Investors

Explore more research and tools: ZBIO vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare ZBIO head-to-head with peers: ZBIO vs AZN, ZBIO vs SLGL, ZBIO vs VMD.