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Develops immunology and oncology antibody therapies, in-licensed from China and developed globally.
Develops immunology and oncology antibody therapies, in-licensed from China and developed globally.
Has no approved product and is funded by investors rather than sales. It keeps costs down by in-licensing drugs partly developed elsewhere, so it pays milestones and royalties to the originators. Obexelimab, licensed from Xencor, is its lead, aimed at IgG4-related disease, a rare condition that causes organ swelling.
Moat: narrow (IP / patents, regulatory licence). Global development rights to in-licensed China-origin biologics, differentiated but unproven commercially.
Headquarters: Waltham, Massachusetts, US · Founded: 2021 · Employees: 167
Size Zenas BioPharma (ZBIO) is a United States Health Care company (Biotechnology) with a market value of $1.84B, the 1854th largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.26 on 6 Nov 2026.
Performance Over six months the shares gained 43.9%, against 0.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue fell 93.3% over the last twelve months (peer median +15.9%); the operating margin is -27,390.1% (peer median -13.4%).
Valuation It trades at 1,588.4× enterprise value to sales against a peer median of 11.3× (most expensive of 17).
Credit Zenas BioPharma has 1 bond outstanding ($230M).
Short interest Short interest is 19.2% of the free float (15 Oct 2026).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.00M | $10.0M | $5.00M | $50.0M | $0 |
| Revenue growth | — | +100% | -90% | — | — |
| Gross profit | $969,000 | $9.94M | $4.86M | $49.9M | -$78,000 |
| EBITDA | -$274M | -$211M | -$164M | -$27.0M | -$75.1M |
| Net income | -$484M | -$378M | -$157M | -$37.1M | -$119M |
| Free cash flow | -$226M | -$172M | -$120M | -$30.5M | -$65.8M |
| Capital expenditure | $2,000 | $18,000 | $131,000 | $17,000 | $2.20M |
| Total debt | $390M | $80.0M | $1.00M | $21.1M | $1.53M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Zenas BioPharma ZBIO | $1.84B | +44% | -93% | -27,390% | 1,588.4× | n/a |
| Roche RO.SW | $385B | +22% | -1% | 31% | 5.6× | 0.9% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
| argenx SE Sponsored ADR ARGX | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZBIO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | -5.6% | 7th highest of 20 |
| 6-month return | +43.9% | 0.0% | 7th highest of 20 |
| Distance from 52-week high | -36.6% | -31.3% | 8th lowest of 20 |
| Revenue growth (TTM) | -93.3% | +15.9% | lowest of 18 |
| Operating margin | -27,390.1% | -13.4% | lowest of 18 |
| EV / Sales | 1,588.4× | 11.3× | most expensive of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | 1,588.4× | n/a | n/a |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | 15.2× | n/a | n/a |
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 6.5× | n/a | n/a |
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | 3.3× | n/a | n/a |
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 4.5× | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | 991.7× | n/a | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | 23.6× | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | 9.3× | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | 50.3× | n/a | n/a |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 8.5× | n/a | n/a |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 2.5× | -10.6% | +117.9% |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 6.2× | 45.1% | -2.5% |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | 14.8× | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 13.3× | 35.7% | +24.8% |
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | 40.2× | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | 1.0× | -19.0% | +36.4% |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | 369.5× | n/a | n/a |
| Trevi Therapeutics TRVI | United States | $2.04B | -1% | n/a | n/a | n/a | n/a | n/a |
Zenas BioPharma has 1 bond outstanding with $230M face value.