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Zenas BioPharma (ZBIO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Zenas BioPharma (ZBIO) Q3 2026 earnings results →
Zenas BioPharma made $10.0M in Q3 2026. Operating margin n/m, net loss $109M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $10.0M in Q3 2026, up 900% from the previous quarter.
Operating costs exceeded revenue by $103.4M, an operating margin of -1034.1%. The quarter ended with a net loss of $108.9M, narrower than the previous quarter's $111.5M loss.
Operating cash flow was −$58.0M. Non-cash charges added back $4K of depreciation and $17.3M of share-based compensation. Working capital and other items added $33.7M. Capital expenditures of $1K exceeded it, leaving free cash flow of −$58.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $10.0M | — | n/m | −$109M | −$58.0M |
| Q2 2026 | 10-Q | Aug 13, 2026 | $1.0M | — | n/m | −$111M | −$57.2M |
| Q1 2025 | 10-Q | May 15, 2025 | $10.0M | — | -373.3% | −$33.6M | −$37.1M |
| Q4 2024 | 10-K | Mar 11, 2025 | $5.0M | — | n/m | −$52.6M | −$38.6M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Zenas BioPharma
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. With the evolving understanding of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an I&I focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. We leverage our experienced executive management team and our established networks throughout the biopharmaceutical industry to identify, acquire and develop product candidates that we believe can provide superior clinical benefits to patients living with autoimmune diseases.
In its own words, from its 10-K, filed Mar 16, 2026.
Zenas BioPharma against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZBIO Zenas BioPharma | Q3 2026 | $10.0M | — | n/m |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Zenas BioPharma 10-Q on SEC EDGAR · CIK 1953926 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns ZBIO and who is buying
More on ZBIO
- How Zenas BioPharma makes money: revenue by segment
- Zenas BioPharma next earnings date and what analysts expect
- Zenas BioPharma stock forecast, price target and fair value
- Who owns Zenas BioPharma stock: holders, funds and Congress trades
- Zenas BioPharma guidance and outlook
- Zenas BioPharma recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2025 results · Q4 2024 results