Stocks · Healthcare · Biotechnology
Zenas BioPharma, Inc. ZBIO
$27.83 -1.66% Close, Oct 5, 2026 · NASDAQ · Market cap $1.79B
Expensive vs sector
Next earnings report: Nov 12, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Revenue over the last four quarters was $1.0M, down 93.3% from a year earlier, accelerating from -100.0% a quarter earlier.
- Operating margin narrowed to -47557.3% from -1260.7% a year earlier.
- The diluted share count rose 50.8% in a year.
PromtFinance scores
Each score is a percentile within the Healthcare sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 5%
- Revenue growth accelerationTop 15%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 16%
- Gross marginBottom 1%
- Operating marginBottom 2%
- Accruals (lower is better)Top 5%
- Interest coverBottom 23%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 21%
- Free-cash-flow yieldBottom 33%
- EBITDA / enterprise valueBottom 26%
- Sales / enterprise valueBottom 2%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 29%
- 6-month returnTop 37%
- 1-year return vs S&P 500Top 34%
- Distance from 52-week highBottom 42%
- Trend checklist (0–4)Top 43%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 5%
- Consecutive EPS beatsBottom 20%
- Share of analysts rating BuyTop 45%
- Upside to consensus price targetBottom 49%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 46%
- Maximum drawdown, 3 yearsBottom 42%
- Beta vs S&P 500 (lower is better)Top 12%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -100.0% | -93.3% | ↑ |
| Gross margin | -410.4% | -5972.6% | ↓ |
| Operating margin | -1260.7% | -47557.3% | ↓ |
| FCF margin | -990.0% | -22597.4% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -93.3% | -100.0% | ↑ | Bottom 5% |
| Gross margin | -5972.6% | -410.4% | ↓ | Bottom 1% |
| Operating margin | -47557.3% | -1260.7% | ↓ | Bottom 2% |
| Net margin | -48438.4% | -1180.0% | ↓ | — |
| Free-cash-flow margin | -22597.4% | -990.0% | ↓ | — |
| Return on invested capital | -74.7% | — | Bottom 16% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -36.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3273.0%
- Interest cover (operating income / interest)How many times operating profit covers interest.
- -28.1×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -18.61%
- Shareholder yield
- -18.61%
- Share count change, 1 year
- +50.8%
- Share count change, 3-year CAGR
- +18.1%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 13, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 2 of 8
- Average EPS surprise, last 4
- -100.0%
- Average 2-day reaction, last 8
- +1.3%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $43.50
- Target vs current price
- +56.3%
- Analysts with a rating
- 5
- Share rating Buy or Strong Buy
- 80%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 12, 2026 | -58.0% | -3.5% | -1.6% | -0.5% | — |
| May 13, 2026 | -6.6% | +4.0% | -6.9% | -6.5% | +69.3% |
| Mar 16, 2026 | -328.3% | -3.4% | -7.2% | -12.5% | -23.4% |
| Nov 12, 2025 | -40.2% | +1.7% | +2.9% | +11.1% | -36.1% |
| Aug 12, 2025 | -22.5% | +6.6% | +15.9% | +46.5% | +100.9% |
| May 15, 2025 | +27.9% | +12.2% | +26.0% | +30.4% | +71.8% |
| Apr 1, 2025 | -37.0% | -3.8% | -1.9% | +41.8% | +28.5% |
| Nov 12, 2024 | +46.2% | -3.1% | -29.1% | -55.3% | -64.4% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 12, 2026 | -$1.77 | -$1.12 | -58.0% | $1.0M |
| May 13, 2026 | -$1.46 | -$1.37 | -6.6% | — |
| Mar 16, 2026 | -$4.54 | -$1.06 | -328.3% | — |
| Nov 12, 2025 | -$1.22 | -$0.87 | -40.2% | — |
| Aug 12, 2025 | -$1.25 | -$1.02 | -22.5% | — |
| May 15, 2025 | -$0.80 | -$1.11 | +27.9% | $10.0M |
| Apr 1, 2025 | -$1.26 | -$0.92 | -37.0% | $5.0M |
| Nov 12, 2024 | -$5.02 | -$9.33 | +46.2% | — |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / Sales | 1979.38× | — | — | Bottom 2% |
| Free-cash-flow yield | -12.65% | — | — | Bottom 33% |
| Earnings yield | -34.57% | — | — | Bottom 21% |
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 70
- 50-day average slope (20 days)
- +1.9%
- 200-day average slope (20 days)
- -2.9%
- Distance from 50-day average
- -10.7%
- Distance from 200-day average
- +10.3%
- RSI (14)
- 40.1
- Relative volume
- 1.54×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 53.7%
- Volatility vs own 5-year history
- 0th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.40
- Correlation with S&P 500
- 0.06
- Current drawdown from 1-year high
- -35.5%
- Maximum drawdown, 3 years
- -75.0%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Oct 22, 2024 | Jan 28, 2025 | -75.0% | 65 days | 175 days (Oct 8, 2025) |
| Dec 24, 2025 | Jan 6, 2026 | -64.8% | 7 days | Not yet recovered |
| Dec 12, 2025 | Dec 15, 2025 | -19.7% | 1 days | 5 days (Dec 22, 2025) |
| Nov 26, 2025 | Dec 2, 2025 | -14.9% | 3 days | 8 days (Dec 12, 2025) |
| Oct 9, 2025 | Oct 24, 2025 | -13.9% | 11 days | 1 days (Oct 27, 2025) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $1.79B
- EPS, diluted (TTM)
- -$9.62
- Revenue (TTM)
- $1.0M
- 52-week range
- $13.50 – $44.60
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Revenue | $0 | $50.0M | $5.0M | $10.0M |
| Gross profit | -$61.7M | $50.0M | -$134.1M | $10.0M |
| Operating income | -$76.2M | -$37.1M | -$163.9M | -$211.4M |
| Net income | -$119.3M | -$37.1M | -$157.0M | -$377.7M |
| EPS (diluted) | -$3.11 | -$0.97 | -$3.76 | -$8.44 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $5.0M | $10.0M | $0 | $0 | $0 | $0 | $1.0M |
| Net income | -$38.6M | -$52.6M | -$33.6M | -$52.2M | -$51.5M | -$240.4M | -$81.0M | -$111.5M |
| EPS (diluted) | -$0.92 | -$1.26 | -$0.80 | -$1.25 | -$1.22 | -$5.17 | -$1.46 | -$1.77 |
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Operating cash flow | -$65.7M | -$30.5M | -$119.7M | -$172.3M |
| Capital expenditure | -$2.2M | -$17,000 | -$131,000 | -$18,000 |
| Free cash flow | -$67.8M | -$30.5M | -$119.8M | -$172.4M |
| Dividends paid | $0 | $0 | $0 | $0 |
| Net share buybacks | $59.4M | $116,000 | $240.6M | $152.9M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $643.1M
- Total assets
- $701.7M
- Total liabilities
- $454.6M
- Total debt
- $389.6M
- Net debt
- $193.0M
- Shareholders’ equity
- $247.1M
As of Jun 30, 2026 (filed Aug 13, 2026).
Short interest
- Shares sold short
- 11,871,346
- Days to cover
- 22.43
- Change vs previous report
- +1.4%
FINRA short interest, settlement date Sep 15, 2026.