Zenas BioPharma (ZBIO) Income Statement

Zenas BioPharma reported revenue of $10.00M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 100.0% from $5.00M a year earlier. Zenas BioPharma posted a net loss of $377.74M, compared with a net loss of $156.99M a year earlier. Gross margin was 100.0% and operating margin -3830.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $1.00M.

Zenas BioPharma Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Zenas BioPharma, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Revenue & Gross Profit
Revenue	10.00	5.00	50.00	0.00
Cost of Revenue	168.06	139.14	0.00	61.69
Gross Profit	10.00	-134.14	50.00	-61.69
Operating Expenses
Research & Development	168.06	139.14	60.03	61.69
Selling, General & Administrative	53.32	29.75	17.11	13.51
Operating Expenses	393.06	29.75	77.15	75.20
Operating Income	-383.06	-163.89	-27.15	-75.20
Other Income/Expense
Interest Income	12.15	0.00	0.00	0.00
Interest Expense	7.33	0.00	0.00	0.00
Other Income/Expense	5.24	7.33	-9.68	-44.08
Income
Income Before Tax	-377.82	-156.56	-36.82	-119.28
Income Tax Expense	-0.08	0.43	0.30	0.00
Net Income	-377.74	-156.99	-37.12	-119.28
Net Income - Continuous Operations	-377.74	-156.99	-37.12	-119.28
Net Income - Discontinued Operations	-	-	-	-
EBITDA	-211.33	-156.42	-27.03	-75.12
EBIT	-211.39	-163.89	-27.15	-75.20
Depreciation & Amortization	0.06	0.14	0.11	0.08
Earnings Per Share
Basic EPS	-8.00	-4.00	-2.00	-9.00
Diluted EPS	-8.00	-4.00	-2.00	-9.00
Basic Shares Outstanding	44.73	41.79	17.42	12.88
Diluted Shares Outstanding	44.73	41.79	17.42	12.88

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Zenas BioPharma Financial Statements

What was Zenas BioPharma's revenue in fiscal 2025?

Zenas BioPharma reported revenue of $10.00M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 100.0% from $5.00M a year earlier.

Is Zenas BioPharma profitable?

No. Zenas BioPharma reported a net loss of $377.74M in fiscal 2025. In fiscal 2024 it lost $156.99M.

What is Zenas BioPharma's operating margin?

Zenas BioPharma's operating income was −$383.06M on revenue of $10.00M in fiscal 2025, an operating margin of -3830.6%, compared with -3277.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition