ZBIO
Zenas BioPharma, Inc.Healthcare·Biotechnology
$18.40
$821M market cap
Revenue
$0.0M
Free Cash Flow
$-127.6M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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
2-Year Price History
$18.97-0.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -77.3 | -77.4 | -81.0 | -75.2 | -75.2 | -0.0 | 717.2 | 351.7 | 55.6 | -59.2% | -11.7x | -- |
| Act | 2025-Q4 | 0.0 | -230.4 | -238.0 | -240.4 | -52.4 | -52.4 | -0.0 | 343.2 | 80.0 | 46.5 | -600.0% | -- | -- |
Valuation & Metrics
Market Stats
Price$18.40
Market Cap$821M
Enterprise Value$456M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-15.5%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-321.4M
Free Cash Flow$-127.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-329.6%
WC Change % Rev0.0%
Interest Coverage-46.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares10.9M
Days to Cover24.0
Change (vs Prior)+6.2%
Need at least 2 settlement dates for chart
Employees
Headcount130
Revenue / Employee$0
Gross Profit / Employee$-46
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
111.0%(+84.3% YoY)
125 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.5%(+11.0% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.2% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $178M | $22.77 | +$26.9M | +$122M | -0.0% | $1.89T |
| SR ONE CAPITAL MANAGEMENT, LP | $98.5M | $17.41 | +$0 | +$2.5M | -7.4% | $915M |
| NEA Management Company, LLC | $78.7M | $20.84 | +$9.8M | +$27.6M | -3.4% | $1.76B |
| Enavate Sciences GP, LLC | $76.6M | $9.32 | +$0 | +$3.1M | +7.9% | $352M |
| FEDERATED HERMES, INC. | $61.1M | $20.93 | +$8.0M | +$38.5M | -1.1% | $61.33B |
| Polar Capital Holdings Plc | $49.8M | $26.51 | +$29.1M | +$49.8M | +1.5% | $22.76B |
| Capital International Investors | $47.6M | $19.55 | +$47.6M | +$47.6M | +0.4% | $424.78B |
| Fairmount Funds Management LLC | $46.1M | $19.69 | +$2.9M | +$9.1M | +4.5% | $1.38B |
| BlackRock, Inc.Passive | $39.8M | $18.11 | +$5.3M | +$20.0M | -0.2% | $5.69T |
| NVP Associates, LLC | $35.9M | $16.92 | +$0 | +$0 | -2.4% | $176M |
| ALLIANCEBERNSTEIN L.P. | $32.6M | $19.38 | +$17.2M | +$32.6M | -0.3% | $307.70B |
| STATE STREET CORPPassive | $28.8M | $18.00 | +$20.2M | +$23.6M | -0.2% | $2.89T |
| WELLINGTON MANAGEMENT GROUP LLP | $24.4M | $17.44 | +$7.6M | +$7.3M | -0.3% | $533.98B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $24.3M | $19.55 | +$24.3M | +$24.3M | — | $4.04T |
| SILVERARC CAPITAL MANAGEMENT, LLC | $22.2M | $19.55 | +$22.2M | +$22.2M | -0.1% | $843M |
| EcoR1 Capital, LLC | $15.4M | $36.31 | +$0 | +$15.4M | -4.8% | $2.34B |
| BALYASNY ASSET MANAGEMENT LLC | $13.0M | $24.40 | +$9.3M | +$13.0M | -0.4% | $48.01B |
| ArrowMark Colorado Holdings LLC | $12.9M | $10.45 | −$1.8M | −$8.6M | -4.3% | $3.74B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $12.8M | $16.86 | +$1.3M | +$5.8M | +2.3% | $1.61T |
| Pivotal bioVenture Partners Investment Advisor LLC | $11.6M | $15.56 | +$0 | −$2.8M | +1.5% | $280M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.23%
avg per quarter
Holders (ex-self)
-0.30%
excl. this stock
Buyers (this Q)
-0.46%
73 buyers · $0.28B in
Sellers (this Q)
-1.77%
17 sellers · $0.04B out
alpha coverage: 97% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+4.7%
how holders react when this stock falls
On quiet Qs
+2.7%
−10% to +10% baseline
On rallies (+10%+)
+8.4%
how they react when this stock rises
Holders' portfolio flow this Q
+2.3%
inflows — adds are organic
Sellers' portfolio flow this Q
-4.3%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.1%
Holder mid (any stock)
-3.8%
Holder rally (any stock)
-3.1%
Biggest decreases this quarter
Novo Holdings A/Sexited−$52.6MVivo Capital, LLCexited−$31.0MPoint72 Asset Management, L.P.exited−$9.2MSkandinaviska Enskilda Banken AB (publ)exited−$5.9MEversept Partners, LPexited−$4.4MSUPERSTRING CAPITAL MANAGEMENT LPexited−$3.0MArrowMark Colorado Holdings LLC−$1.8Mα-4.3VOYA INVESTMENT MANAGEMENT LLCexited−$535KLOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INCexited−$432KGSA CAPITAL PARTNERS LLPexited−$325K
New buyers this quarter
Top-5 holders · 44.9%
FMR LLC--
SR ONE CAPITAL MANAGEMENT, LP--
NEA Management Company, LLC--
Enavate Sciences GP, LLC--
FEDERATED HERMES, INC.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC9.1MSR ONE CAPITAL MANAGEMENT, LP5.0MEnavate Sciences GP, LLC3.9MNEA Management Company, LLC4.0MFEDERATED HERMES, INC.3.1MFairmount Funds Management LLC2.4MNVP Associates, LLC1.8MNovo Holdings A/S—Polar Capital Holdings Plc2.5MCapital International Investors2.4M
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$22.001960.0%
Last Year (6 analysts)$36.509840.0%
Current Price$18.40
Analyst Ratings
4
1
Buy: 4Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$26.65M
19 txns · 6 insiders · 1,402,333 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$2.40M
1 txn · 1 insider · 126,315 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 60,000 | $16.88 | $1.01M | $1.64M |
| 2026-04-29 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 35,000 | $17.62 | $617K | $31.47M |
| 2026-04-28 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 25,000 | $18.02 | $451K | $31.55M |
| 2026-03-31 | BUY | Fairmount Funds Management LLC | director | 150,000 | $20.00 | $3.00M | $47.18M |
| 2026-03-31 | BUY | Lu Hongbo | director | 78,768 | $19.93 | $1.57M | $8.51M |
| 2026-03-31 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 34,000 | $19.31 | $657K | $33.33M |
| 2026-03-30 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 20,000 | $18.23 | $365K | $30.85M |
| 2026-02-13 | BUY | Allen Patricia L | director | 4,160 | $26.36 | $110K | $524K |
| 2026-02-12 | BUY | Allen Patricia L | director | 15,700 | $24.85 | $390K | $390K |
| 2026-02-11 | BUY | Lu Hongbo | director | 25,985 | $22.50 | $585K | $7.83M |
| 2026-02-02 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 57,000 | $17.96 | $1.02M | $7.60M |
| 2026-01-09 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 20,000 | $16.55 | $331K | $6.06M |
| 2026-01-08 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 30,000 | $16.30 | $489K | $5.64M |
| 2026-01-07 | BUY | MOULDER LEON O JR | director, officer: Chief Executive Officer | 50,000 | $16.38 | $819K | $5.18M |
| 2025-10-09 | BUY | ENRIGHT PATRICK G | director | 117,255 | $19.19 | $2.25M | $35.17M |
| 2025-10-09 | BUY | Nunn Jason Raleigh | director | 63,158 | $19.00 | $1.20M | $22.29M |
| 2025-10-09 | BUY | SR ONE CAPITAL MANAGEMENT, LLC | 10 percent owner | 126,315 | $19.00 | $2.40M | $36.44M |
| 2025-10-07 | BUY | Fairmount Funds Management LLC | director | 316,219 | $19.00 | $6.01M | $41.97M |
| 2025-10-07 | BUY | Lu Hongbo | director | 263,160 | $19.00 | $5.00M | $6.12M |
| 2025-10-07 | BUY | MOULDER LEON O JR | director, officer: See Remarks | 36,928 | $20.85 | $770K | $770K |
Order Flow (FINRA, ~3w lag)
27.2%retail-6.2pp
22.0%dark+6.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Zenas BioPharma: A Dilution Machine Fueled by 31% Interest Distressed Debt
Overall Risk
9/10
Fraud
3/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
5/10
Hidden Liabilities
7/10
Legal
3/10
Audit Warnings
10/10
Hidden Upside
4/10
Contextually Acceptable
2/10