ZBIO Stock — Zenas BioPharma Inc.: Cash, EV, Pipeline

What they do

We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources.

Source: 10-K FY2025 via SEC EDGAR

Share price

$28.07

Market cap

$1,904.0M

Cash

$585.3M

Enterprise value

$1,496.5M

Balance sheet

Cash	$585.3M
Debt	$78.6M
Royalty-sale liability	$99.2M
Net cash	$506.7M
Enterprise value	$1,496.5M
Basic shares	67.8M shares
Fully diluted shares	89.5M shares
Fully diluted market cap	$2,513.3M
Cash per share	$8.63
Quarterly burn	$57.2M
Cash runway	10.2 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-09-30 (10-Q); included in enterprise value.

Share structure

Common

65.2M

Pre-funded warrants

0.0M

Options

12.6M

RSUs

1.3M

Warrants

0.0M

Converts

8.7M

Conv preferred

0.0M

ESPP reserve

1.8M

FDSO

89.5M

Cap table as of 2026-07-31.

Price history

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Next catalyst

Obexelimab · Now - Nov 24, 2026 Now · Phase 2 · Systemic Lupus Erythematosus

Recently reported

Obexelimab Phase 3 Mixed · 2026-10-12

sub-study · igg4 related disease

Source release →

Obexelimab Positive · 2026-01-05

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Obexelimab	Phase 2	Systemic Lupus Erythematosus	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	ZB021 Phase 1 trial of ZB021 in healthy volunteers: initial data	Phase 1	healthy volunteers:	Q4 2026
GUIDEDMay 27, 2027 in 6 mo	obexelimab BLA for obexelimab in IgG4-related disease: PDUFA target action date	Not disclosed	obexelimab	2027-05-27
Jul 13 - Aug 24 in 45 mo	Orelabrutinib	Phase 3	Multiple Sclerosis (MS) Primary Progressive	—
Jul 13 - Aug 24 in 45 mo	Orelabrutinib	Phase 3	Secondary Progressive Multiple Sclerosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Obexelimab

Phase 3 · Active

Aliases ZB001

Target CD19

Partnerships Bristol-Myers Squibb: exclusive license for Japan, South Korea, Taiwan, Singapore, Hong Kong and Australia (Aug 2023); BMS participates in and funds pro-rata share of global Phase 3 trial. Zai Lab: exclusive sublicense for greater China (Jan 2025)

Indications

IgG4-related disease (IgG4-RD) (Phase 3)

Status note Company continues to perform and oversee the ongoing global Phase 3 trial in IgG4-RD.

Orelabrutinib

Stage not disclosed · Active

Target BTK

Partnerships InnoCare Pharma: exclusive rights in MS field worldwide and all non-oncology indications outside greater China and Southeast Asia (Oct 2025)

Indications

Multiple sclerosis (MS) (Stage not disclosed)

Status note Licensed from InnoCare Oct 2025; target, modality and phase not stated in excerpts.

ZB021

Stage not disclosed · Active

Target IL-17AA/AF

Partnerships InnoCare Pharma: exclusive rights in all fields ex greater China and Southeast Asia (Oct 2025)

Status note IL-17AA/AF inhibitor; indication and phase not stated in excerpts.

ZB022

Stage not disclosed · Active

Target TYK2

Partnerships InnoCare Pharma: exclusive rights in all fields ex greater China and Southeast Asia (Oct 2025)

Status note TYK2 inhibitor; indication and phase not stated in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Obexelimab
Lead indication	IgG4 Related Disease
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07067463	Phase 3	Recruiting	Sponsor	ZBIO	—	Multiple Sclerosis (MS) Primary Progressive	—
NCT07299019	Phase 3	Recruiting	Sponsor	ZBIO	—	Secondary Progressive Multiple Sclerosis	—
NCT05662241	Phase 3	Active, not recruiting	Sponsor	ZBIO	BMY	IgG4 Related Disease	2H 2026
NCT05786573	Phase 3	Active, not recruiting	Sponsor	ZBIO	—	Warm Autoimmune Hemolytic Anemia	—
NCT06564311	Phase 2	Active, not recruiting	Sponsor	ZBIO	—	Relapsing Multiple Sclerosis	—
NCT06559163	Phase 2	Active, not recruiting	Sponsor	ZBIO	—	Systemic Lupus Erythematosus	Q4 2026 Est. Nov 15, 2026 · quarter midpoint

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Zenas BioPharma (USA), LLC on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	67,200,000	+2,200,000	0.84%	2026-08-14
EcoR1 Capital	789,500	no change	0.99%	2026-08-14
Sphera Biotech	230,834	+16,500	0.84%	2026-08-14
Braidwell LP	0	-13,000,000	0.00%	2026-08-14
Great Point Partners	0	-524,066	0.00%	2026-08-14
DAFNA Capital	0	-42,500	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ZBIO — Zenas BioPharma Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ZBIO — Zenas BioPharma Inc.