ZBIO
Zenas BioPharma, Inc.
NasdaqGSUSDEQUITY
Healthcare
DELAYED
Neutral
+4/100
Last price
27.00
▼ 0.83 (2.98%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
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Range —
Vol —
vs
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Open
30.55
Prev close
27.83
Day high
28.14
Day low
26.28
Volume
357.59K
Market cap
$1.76B
P/E (TTM)
—
52W range
13.50 – 44.60
Day trading desk
Gap from prior close
+9.77%
Prior close 27.83
VWAP
26.94
+0.22% from price
Relative volume
0.84×
Normal
Session range
16.25%
26.28 – 30.55
Position in range
17%
Near session low
ATR (14D)
2.10
7.78% of price
Prior day high
29.06
PDH
Prior day low
27.77
PDL
Bid / ask spread
—
Quote not published
Session volume
627.60K
Avg 745.66K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+0.67%
-1.3%
1M
-18.07%
-19.2%
3M
-6.34%
-10.9%
6M
+19.84%
+1.7%
YTD
-25.81%
-40.1%
1Y
+23.81%
+7.4%
3Y
—
-82.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on ZBIO open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
12.88M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| May 18, 26 | MOULDER LEON OLIVER JR. Chief Executive Officer |
BUY | 60.00K | $1.01M | Indirect |
| Apr 29, 26 | MOULDER LEON OLIVER JR. Chief Executive Officer |
BUY | 60.00K | $1.07M | Indirect |
| Mar 31, 26 | MOULDER LEON OLIVER JR. Chief Executive Officer |
BUY | 54.00K | $1.02M | Indirect |
| Mar 31, 26 | LU HONGBO B Director |
BUY | 75.00K | $1.50M | Indirect |
| Mar 31, 26 | LU HONGBO B Director |
BUY | 3.77K | $70.20K | Indirect |
| Mar 31, 26 | FAIRMOUNT FUNDS MANAGEMENT LLC Unknown |
BUY | 150.00K | $3.00M | Indirect |
| Feb 13, 26 | ALLEN PATRICIA L Director |
BUY | 19.86K | $499.75K | Direct |
| Feb 11, 26 | LU HONGBO B Director |
BUY | 25.98K | $584.66K | Indirect |
| Feb 5, 26 | FARMER JOSEPH L President |
STOCK | 974 | $20.46K | Direct |
| Feb 5, 26 | FOX JENNIFER A Chief Financial Officer |
STOCK | 1.59K | $33.45K | Direct |
| Feb 2, 26 | MOULDER LEON OLIVER JR. Chief Executive Officer |
BUY | 57.00K | $1.02M | Direct |
| Jan 9, 26 | MOULDER LEON OLIVER JR. Chief Executive Officer |
BUY | 100.00K | $1.64M | Direct |
| Oct 9, 25 | ENRIGHT PATRICK G. Director |
BUY | 117.25K | $3.25M | |
| Oct 9, 25 | NUNN JASON RALEIGH Director |
BUY | 63.16K | $1.75M | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ALLEN PATRICIA L |
Director | 19.86K | Purchase |
ENRIGHT PATRICK G. |
Director | — | Purchase |
FAIRMOUNT FUNDS MANAGEMENT LLC |
Unknown | — | Purchase |
FARMER JOSEPH L |
President | 974 | Stock Award(Grant) |
FOX JENNIFER A |
Chief Financial Officer | 1.59K | Stock Award(Grant) |
LU HONGBO B |
Director | — | Purchase |
MOULDER LEON OLIVER JR. |
Chief Executive Officer | — | Purchase |
NUNN JASON RALEIGH |
Director | — | Purchase |
SR ONE CAPITAL MANAGEMENT, LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
XIAO TING |
Director | 47.00K | Purchase |
Fundamentals
Market cap$1.76B
Enterprise value$1.41B
Revenue (TTM)$1.00M
Gross profit$-212.47M
EBITDA$-273.87M
Net income$-484.38M
EPS (TTM)$-9.30
Free cash flow$-211.39M
Total cash$643.13M
Total debt$297.86M
Book value / share$3.90
Shares outstanding65.18M
Float45.02M
Short % of float26.74%
Dividend yield0.00%
Beta (5Y)-0.88
Valuation & profitability ratios
Trailing P/E—
Forward P/E-5.78
PEG ratio—
Price / sales—
Price / book6.90
EV / revenue1,410.60
EV / EBITDA-5.15
Gross margin0.00%
Operating margin-7765.90%
Profit margin0.00%
Return on equity-199.04%
Return on assets-34.42%
Debt / equity120.54
Current ratio9.93
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $10.00M | $5.00M | $50.00M | $0 | +100.0% |
| Operating revenue | $10.00M | $5.00M | $50.00M | $0 | +100.0% |
| Research & development | $168.06M | $139.14M | $60.03M | $61.69M | +20.8% |
| Selling, general & admin | $53.32M | $29.75M | $17.11M | $13.51M | +79.2% |
| Total operating expense | $221.38M | $168.89M | $77.15M | $75.20M | +31.1% |
| Operating income | -$211.38M | -$163.89M | -$27.15M | -$75.20M | -29.0% |
| Net interest income | $4.82M | $7.97M | — | — | -39.5% |
| Pre-tax income | -$377.82M | -$156.56M | -$36.82M | -$119.28M | -141.3% |
| Tax provision | -$79.00K | $429.00K | $301.00K | $0 | -118.4% |
| Net income | -$377.74M | -$156.99M | -$37.12M | -$119.28M | -140.6% |
| Net income to common | -$377.74M | -$156.99M | -$37.12M | -$119.28M | -140.6% |
| Basic EPS | -8.44 | -11.89 | -2.13 | -9.26 | +29.0% |
| Diluted EPS | -8.44 | -11.89 | -2.13 | -9.26 | +29.0% |
| EBIT | -$370.49M | -$156.56M | -$27.15M | -$75.20M | -136.6% |
| EBITDA | -$370.43M | -$156.42M | -$27.03M | -$75.12M | -136.8% |
| Basic shares | 44.73M | 13.20M | 17.42M | 12.88M | +238.9% |
| Diluted shares | 44.73M | 13.20M | 17.42M | 12.88M | +238.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $110.64M | $319.74M | $56.86M | $67.21M | -65.4% |
| Cash & short-term investments | $343.19M | $350.77M | $56.86M | $67.21M | -2.2% |
| Total current assets | $351.17M | $355.92M | $59.80M | $68.44M | -1.3% |
| Property, plant & equipment | $1.39M | $1.19M | $1.01M | $1.80M | +16.7% |
| Total assets | $383.64M | $369.97M | $68.18M | $74.58M | +3.7% |
| Total current liabilities | $62.65M | $57.29M | $23.26M | $25.97M | +9.4% |
| Long-term debt | — | — | $20.30M | — | — |
| Total debt | $1.33M | $1.00M | $21.11M | $1.53M | +32.2% |
| Total liabilities | $141.50M | $57.51M | $293.90M | $266.87M | +146.0% |
| Retained earnings | -$765.13M | -$387.39M | -$230.40M | -$193.28M | -97.5% |
| Shareholder equity | $242.14M | $312.46M | -$225.72M | -$192.29M | -22.5% |
| Working capital | $288.52M | $298.63M | $36.55M | $42.48M | -3.4% |
| Net tangible assets | $242.14M | $312.46M | -$225.72M | -$192.29M | -22.5% |
| Shares issued | 54.49M | 41.79M | 39.79M | 39.79M | +30.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$377.74M | -$156.99M | -$37.12M | -$119.28M | -140.6% |
| Depreciation & amortisation | $56.00K | $137.00K | $113.00K | $78.00K | -59.1% |
| Stock-based compensation | $26.35M | $10.82M | $3.50M | $737.00K | +143.5% |
| Change in working capital | $951.00K | $25.43M | -$8.04M | $7.97M | -96.3% |
| Operating cash flow | -$172.33M | -$119.67M | -$30.53M | -$65.65M | -44.0% |
| Capital expenditure | -$35.02M | -$131.00K | -$17.00K | -$2.20M | -26,631.3% |
| Investing cash flow | -$251.89M | -$30.55M | -$17.00K | -$2.20M | -724.5% |
| Financing cash flow | $215.28M | $412.96M | $20.12M | $59.39M | -47.9% |
| Free cash flow | -$207.35M | -$119.81M | -$30.55M | -$67.85M | -73.1% |
| End cash position | $110.64M | $319.83M | $56.94M | $67.30M | -65.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $1.00M | $0 | $0 | $0 | $0 | — | — |
| Operating revenue | $1.00M | $0 | $0 | $0 | $0 | — | — |
| Research & development | $62.91M | $60.44M | $55.72M | $34.40M | $43.03M | — | +4.1% |
| Selling, general & admin | $15.75M | $16.91M | $15.59M | $13.18M | $12.14M | — | -6.9% |
| Total operating expense | $78.66M | $77.35M | $71.31M | $47.58M | $55.16M | — | +1.7% |
| Operating income | -$77.66M | -$77.35M | -$71.31M | -$47.58M | -$55.16M | — | -0.4% |
| Net interest income | -$3.70M | -$3.61M | — | — | $2.74M | $3.39M | -2.4% |
| Pre-tax income | -$111.34M | -$80.99M | -$240.34M | -$51.50M | -$52.20M | — | -37.5% |
| Tax provision | $114.00K | $0 | $106.00K | $0 | $20.00K | — | — |
| Net income | -$111.46M | -$80.99M | -$240.44M | -$51.50M | -$52.22M | — | -37.6% |
| Net income to common | -$111.46M | -$80.99M | -$240.44M | -$51.50M | -$52.22M | — | -37.6% |
| Basic EPS | -1.77 | -1.46 | -4.54 | -1.22 | -1.25 | — | -21.2% |
| Diluted EPS | -1.77 | -1.46 | -4.54 | -1.22 | -1.25 | — | -21.2% |
| EBIT | -$101.04M | -$74.36M | -$230.42M | -$47.58M | -$52.20M | — | -35.9% |
| EBITDA | -$101.04M | -$74.35M | -$230.41M | -$47.57M | -$52.19M | — | -35.9% |
| Basic shares | 63.11M | 55.62M | 53.00M | 42.16M | 41.87M | — | +13.5% |
| Diluted shares | 63.11M | 55.62M | 53.00M | 42.16M | 41.87M | — | +13.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $196.58M | $500.22M | $110.64M | $115.56M | $44.01M | -60.7% |
| Cash & short-term investments | $643.13M | $717.21M | $343.19M | $290.88M | $273.28M | -10.3% |
| Total current assets | $653.79M | $730.16M | $351.17M | $296.64M | $278.60M | -10.5% |
| Property, plant & equipment | $844.00K | $1.12M | $1.39M | $857.00K | $1.07M | -24.5% |
| Total assets | $701.69M | $747.68M | $383.64M | $322.02M | $293.08M | -6.2% |
| Total current liabilities | $65.82M | $61.16M | $62.65M | $52.42M | $53.24M | +7.6% |
| Long-term debt | $297.02M | $265.71M | — | — | — | +11.8% |
| Total debt | $297.86M | $266.83M | $1.33M | $798.00K | $1.01M | +11.6% |
| Total liabilities | $454.59M | $411.85M | $141.50M | $125.59M | $53.46M | +10.4% |
| Retained earnings | -$957.57M | -$846.12M | -$765.13M | -$524.69M | -$473.19M | -13.2% |
| Shareholder equity | $247.10M | $335.83M | $242.14M | $196.43M | $239.63M | -26.4% |
| Working capital | $587.98M | $669.00M | $288.52M | $244.22M | $225.36M | -12.1% |
| Net tangible assets | $247.10M | $335.83M | $242.14M | $196.43M | $239.63M | -26.4% |
| Shares issued | 63.33M | 62.38M | 54.49M | 42.21M | 42.09M | +1.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$111.46M | -$80.99M | -$240.44M | -$51.50M | -$52.22M | — | -37.6% |
| Depreciation & amortisation | $4.00K | $6.00K | $10.00K | $11.00K | $12.00K | — | -33.3% |
| Stock-based compensation | $8.62M | $9.20M | $7.58M | $7.34M | $6.04M | — | -6.3% |
| Change in working capital | $7.44M | -$9.86M | $8.31M | -$3.66M | $5.16M | — | +175.5% |
| Operating cash flow | -$57.24M | -$75.20M | -$52.41M | -$41.13M | -$41.74M | — | +23.9% |
| Capital expenditure | -$30.00M | -$2.00K | -$30.00M | -$5.00M | — | -$18.00K | -1,499,900.0% |
| Investing cash flow | -$287.70M | $31.61M | -$93.36M | $40.04M | -$112.29M | — | -1,010.1% |
| Financing cash flow | $42.06M | $433.48M | $140.84M | $72.62M | $1.72M | — | -90.3% |
| Free cash flow | -$87.24M | -$75.20M | -$82.41M | -$46.13M | -$41.74M | — | -16.0% |
| End cash position | $196.58M | $500.22M | $110.64M | $115.56M | $44.01M | — | -60.7% |
Options analytics
Put / call volume
40.00
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
17.50
-35.0% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
1
Contracts, this expiry
Put volume
40
Contracts, this expiry
Heaviest call OI
17.50
0 contracts
Heaviest put OI
25.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.76 | -1.77 | -134.4% |
| Mar 2026 | -1.54 | -1.46 | +5.2% |
| Dec 2025 | -1.19 | -1.39 | -16.8% |
| Sep 2025 | -0.85 | -1.22 | -44.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -1.27 | 2 | $0 | 0.0% |
| Next quarter | -1.28 | 2 | $14.07M | 0.0% |
| Current year | -5.62 | 2 | $12.26M | +22.6% |
| Next year | -4.66 | 2 | $57.93M | +372.5% |
Analyst targets & ownership
Mean target$47.88
High target$59.00
Low target$32.00
Implied upside77.31%
Analyst count8
ConsensusSTRONG BUY
Strong buy / Buy0 / 6
Hold1
Sell / Strong sell0 / 0
Held by insiders19.75%
Held by institutions101.52%
Institutions holding206
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
27.64
-2.30% from price
SMA 20
29.81
-9.61% from price
SMA 50
31.06
-13.26% from price
SMA 100
27.05
-0.20% from price
SMA 200
25.19
+6.96% from price
EMA 12
28.43
-5.03% from price
EMA 26
29.59
-8.76% from price
EMA 50
29.65
-8.93% from price
RSI (14)
36.8
Neutral
MACD (12,26,9)
-1.16
Hist -0.30
ATR (14)
2.10
7.80% of price
Realised vol 30D
54.0%
Annualised
Bollinger upper
34.37
20, 2σ
Bollinger lower
25.24
20, 2σ
50 / 200 cross
Golden
31.06 vs 25.19
Trend bias
Above 200
+6.96%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.84
Less volatile than market
Correlation to SPY
0.10
Largely independent
Realised vol 30D
54.0%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-64.8%
Peak to trough
Max drawdown 5Y
-75.0%
Peak to trough
ATR 14
2.10
7.80% of price
Beta (reported)
-0.88
5Y monthly, from filing
Short interest
Shares short
11.87M
Prior 11.66M
Change vs prior
+1.8%
Shorts adding
% of float
26.74%
Heavily shorted
% of shares out
18.21%
Against total outstanding
Days to cover
17.0
Crowded exit
Float
45.02M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 30, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Sep 30, 26 | Wedbush | MAINTAINED | Outperform | Outperform |
| Sep 30, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 14, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 14, 26 | Guggenheim | MAINTAINED | Buy | Buy |
| Aug 14, 26 | Wedbush | MAINTAINED | Outperform | Outperform |
| May 15, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| May 14, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Mar 17, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Mar 17, 26 | Guggenheim | MAINTAINED | Buy | Buy |
| Mar 17, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Mar 17, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Offering Registrations
S-8 · 2026-09-11
Corporate Changes & Voting Matters
8-K · 2026-08-13
Periodic Financial Reports
10-Q · 2026-05-13
Corporate Changes & Voting Matters
8-K · 2026-03-31
Annual Report to Shareholders
ARS · 2026-03-16
Corporate Changes & Voting Matters
8-K · 2026-02-13
Corporate Changes & Voting Matters
8-K · 2026-01-05
Offering Registrations
S-8 · 2025-12-19
Headlines
Zenas BioPharma to Host Virtual R&D Event
GlobeNewswire · 18h ago
Zenas BioPharma's Obexelimab Faces Larger IgG4-RD Opportunity, Wedbush Says
MT Newswires · 7d ago
Can Zenas BioPharma’s (ZBIO) Clinical Pipeline Justify Its Heavy Cash Burn?
Insider Monkey · 14d ago
Why Is Zenas BioPharma (ZBIO) Filing More Than $240 Million In Shelves?
Simply Wall St. · 14d ago
Zenas BioPharma Announces Upcoming Presentations of Obexelimab Data in IgG4-Related Disease at the IgG4ward! 6th International Symposium on IgG4-Related Disease and ACR Convergence 2026
GlobeNewswire · 15d ago
Zenas BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
GlobeNewswire · 18d ago
Zenas BioPharma to Host Obexelimab IgG4-RD Investor Event
GlobeNewswire · 29d ago
Zenas BioPharma to Present at Upcoming Healthcare Investor Conferences
GlobeNewswire · 33d ago
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