Is Zenas BioPharma going out of business?

Zenas BioPharma, Inc. (ZBIO) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

Zenas BioPharma, Inc. (ZBIO) scores 26 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Interest coverage: -135.1x

Five questions, kept separate

Survival - Stable

38+ mo of estimated runway from 2026-06-30, based on $643M of cash and short-term investments against $172M of annual burn. Adjusted shares outstanding increased 42.0% over the comparison year.

Business quality - Pre-commercial

Operating margins cannot grade a pipeline; Survival and clinical evidence remain the relevant lenses here.

Trajectory - Clinical progress unavailable

Fundamentals can show funding and burn, but not whether the clinical pipeline is advancing.

Valuation - Balanced

12.9% net-cash backing support a balanced pre-commercial Valuation assessment.

Event risk - Evidence unavailable

No active asserted adverse event was found in the available filing evidence. The filing evidence is stale or incomplete, so this is not proof of absence.

What the rules read

• Debt / Equity: -1.70x (Net Cash)
• Interest coverage: -135.1x
• FCF margin: -1723.51%
• Shares dilution YoY: 41.98% (YoY)
• Return on Assets: -53.83%
• Cash Runway (years): 3.73y
• Debt Maturity Runway: 100% long-term (Long-term focused)
• Price / Sales: 202.7x (see Valuation)
• Price / Earnings: Unprofitable (see Valuation)
• Effective Tax Rate: 0.02% (loss-making)

Read from filings through 2026-08-13.

Price as of 2026-09-09.