Zenas BioPharma, Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Zenas BioPharma, Inc. trades at $31.4, in a confirmed uptrend and 7 weeks into that stage. That is +21.9% against its own 200-day average. It sits at 58% of a 52-week range of $16 to $42. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 7 straight weeks.

Today the stock is in a confirmed uptrend — week 7 of stage 2. At $31.4 it trades +21.9% versus its 200-day average and sits at 58% of its 52-week range ($16–$42).

Against the market, two honest reads. Cumulative: over the last 1.9 years the stock moved +65% while the S&P 500 moved +36% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

P/E does not price Zenas BioPharma, Inc. — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Zenas BioPharma, Inc. at 200.0× its FY25 revenue of $0.0 B.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Zenas BioPharma, Inc. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — Zenas BioPharma, Inc. is not among the largest members shown in this industry comparison for Biotechnology.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Zenas BioPharma, Inc. reported $0.0 B of revenue in the Dec 25 quarter, −100.0% year on year. Over 2 years it has compounded at −55.3% a year. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $0.0 B.

FY25 revenue came in at $0.0 B (+0.0% on the year), capping 2 years at −55.3% compound. The latest quarter (Dec 25) printed $0.0 B, −100.0% year on year.

Pace check: the last four quarters averaged −100.0% growth against the decade's −55.3% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for Zenas BioPharma, Inc. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Zenas BioPharma, Inc..

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Zenas BioPharma, Inc. posted a net loss of $0.2 B in the Dec 25 quarter. The full FY25 year was a loss of $0.4 B. The same quarter a year earlier earned $0.0 B.

Dec 25 profit was $−0.2 B, null year on year. On the full year, FY25 printed $−0.4 B (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Zenas BioPharma, Inc.'s cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was $−0.2 B of operating cash against $−0.4 B of profit. After $0.0 B of capital spending, $−0.2 B was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of $−0.2 B against reported profit of $−0.4 B, leaving free cash of $−0.2 B after $0.0 B of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Zenas BioPharma, Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Averaged over those years that is 0.0% of FY25 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Zenas BioPharma, Inc. earns a ROE of −38% in FY25. That is up from a trough of −200% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −3,800.0% net margin on 0.03× asset turns.

FY25 ROE is −38%, recovered from a FY23 trough of −200% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): −3,800.0% net margin × 0.03× asset turns × 0.38× balance-sheet leverage ≈ −43.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Dividend

Zenas BioPharma, Inc. pays no dividend. Across the last 5 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Zenas BioPharma, Inc. does not currently pay a dividend. Across the last 5 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Zenas BioPharma, Inc. carries total debt of $0.3 B against shareholder equity of $1.2 B as of Mar 26, a debt-to-equity of 0.23 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.00 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of $0.3 B against shareholder equity of $1.2 B — a debt-to-equity of 0.23. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.00 (FY25). The returns on this page are earned, not borrowed.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

29.6% of Zenas BioPharma, Inc.'s tradable float is currently sold short — a large bloc is positioned against it. At typical trading volumes those positions would take about 11.1 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 29.6% of the float is sold short, and at typical trading volumes it would take about 11.1 days to buy those positions back. A large bloc is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Zenas BioPharma, Inc.: the Z-score reads −0.15. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of −0.15 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads −0.15.

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