Zenas BioPharma (ZBIO)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from ZBIO's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Zenas BioPharma's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $50M | $5M | $10M |
| Net income | -$37M | -$157M | -$378M |
| Free cash flow | -$31M | -$120M | -$172M |
| EPS (diluted) | -$24.25 | -$11.89 | -$8.44 |
| Operating margin | -74.3% | -3277.8% | -3830.6% |
Superinvestors who own ZBIO
From each investor's latest 13F filing (what a 13F shows). 1 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $789,319 | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by Zenas BioPharma's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 31, 2026 | Fairmount Funds Management Llc Director |
150,000 | $20.00 | $3M |
| Mar 31, 2026 | Hongbo Lu Director |
3,768 | $18.63 | $70,198 |
| Feb 13, 2026 | Patricia L Allen |
4,160 | $26.36 | $109,658 |
| Feb 12, 2026 | Patricia L Allen |
15,700 | $24.85 | $390,145 |
| Feb 11, 2026 | Hongbo Lu |
25,985 | $22.50 | $584,662 |
| Feb 2, 2026 | Leon O Moulder Jr |
57,000 | $17.96 | $1M |
| Jan 9, 2026 | Leon O Moulder Jr |
20,000 | $16.55 | $331,000 |
| Jan 8, 2026 | Leon O Moulder Jr |
30,000 | $16.30 | $489,000 |
| Jan 7, 2026 | Leon O Moulder Jr |
50,000 | $16.38 | $819,000 |
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In the full deep dive
Questions
Are Zenas BioPharma insiders buying the stock?
9 open-market insider purchases of ZBIO in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Zenas BioPharma?
1 of the superinvestors Investingly tracks hold ZBIO in their latest 13F, including Cliff Asness.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.