Zenas BioPharma, Inc.

Zenas BioPharma, Inc. (ZBIO) reported total revenue of $10.0 million for FY 2025, up 100% YoY from $5.0 million in 2024, driven by $10.0 million from the Zai License Agreement upfront payment, compared to $5.0 million from the Tenacia Agreement in 2024. The company posted a net loss of $377.7 million, a significant increase from $157.0 million in 2024, primarily due to $171.7 million in acquired in-process research and development expenses from the InnoCare License Agreement, higher R&D at $168.1 million (up from $139.1 million), and G&A at $53.3 million (up from $29.7 million). Operating expenses totaled $393.1 million. Basic and diluted EPS was -$8 per share on 44.7 million weighted-average shares. Cash used in operations was $172.3 million, with net cash decrease of $209.2 million, ending with $110.6 million in cash equivalents and $232.6 million in short-term investments. Total assets stood at $383.6M, stockholders' equity at $242.1M. Despite positive Phase 3 INDIGO topline for obexelimab in IgG4-RD, substantial losses and cash burn raise going concern doubts; management plans further financing amid BLA submission in Q2 2026.

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