Zenas BioPharma

ZBIO

Biotechnology · Healthcare

Price

$29.53

+1.29 (+4.57%)

Market Cap

$1.32B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count rising — dilution

+16.7% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 38.3M (2022) → 44.7M (2025)

Zenas BioPharma, Inc., a clinical-stage biopharmaceutical company, engages in the development and commercialization of transformative immunology-based therapies. Its lead product candidate is obexelimab, a bifunctional monoclonal antibody for various indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus, and warm autoimmune hemolytic anemia. The company also develops ZB002, an anti-TNFa monoclonal antibody; ZB004, a cytotoxic T-lymphocyte-asso

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-310.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$168M/ year

↑ Rising (+21% vs prior year)

>1,000% of revenue

93.4x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

76.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~6 months

$111M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Zenas BioPharma is putting 1681% of revenue into R&D and that number is rising. That's 93.4x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-2113.8%

Losing money on operations — -2113.8%

ROCE

-65.7%

Weak — -65.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+100.0%

Fast-growing sales (100.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-1723.5%

Burning cash (-1723.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.33

Conservative — low debt load (0.33)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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