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Zenas BioPharma cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$58.0M in Q3 2026 · −$243M over twelve months

Operating cash flow−$58.0M
Capital spending−$1K
Free cash flow−$58.0M

Analysis

In Q3 2026, Zenas BioPharma generated −$58.0M of operating cash flow and spent $1K on capital projects, leaving free cash flow of −$58.0M. That is $16.9M less than in Q3 2025 (−$41.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$243M; the largest uses were other investing ($369M), operating cash flow ($243M), capital spending ($3K); besides operations, cash came from other financing ($663M), shares issued ($10.7M); the cash balance rose by $62.2M.

Operating cash flow was −$58.0M against net income of −$109M. The largest differences: stock-based pay +$17.3M, accrued liabilities −$1.6M, payables −$514K.

Free cash flow

Zenas BioPharma: free cash flow by quarterZenas BioPharma: free cash flow by quarter−$38.6MQ4 2024−$37.1MQ1 2025−$41.7MQ2 2025−$41.1MQ3 2025−$52.4MQ4 2025−$75.2MQ1 2026−$57.2MQ2 2026−$58.0MQ3 2026
Operating cash flow less capital spending.
Zenas BioPharma: operating cash flow against capital spendingZenas BioPharma: operating cash flow against capital spendingOperating cash flowCapital spending−$38.6M$74KQ4 2024−$37.1M$18KQ1 2025−$41.7M$0Q2 2025−$41.1M$0Q3 2025−$52.4M$0Q4 2025−$75.2M$2KQ1 2026−$57.2M$0Q2 2026−$58.0M$1KQ3 2026
Latest (Q3 2026): Operating cash flow −$58.0M, Capital spending $1K.

Capital allocation, year by year

Zenas BioPharma: where the cash came from (up) and went (down), by fiscal yearZenas BioPharma: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2023: Operating cash flow −$30.5MFY2023: Net borrowing $20.0MFY2023: Shares issued $116KFY2023: Capital spending −$17K$20.1MFY2023FY2024: Operating cash flow −$120MFY2024: Shares issued $241MFY2024: Capital spending −$131K$241MFY2024FY2025: Operating cash flow −$172MFY2025: Net borrowing $75.0MFY2025: Shares issued $4.1MFY2025: Capital spending −$18K$79.1MFY2025
Over these 3 years operating cash flow totalled −$323M; the largest uses were operating cash flow ($323M) and capital spending ($166K). Cash-flow statements as filed.

Where the cash came from and went

Zenas BioPharma: sources (+) and uses (−) of cash, Q3 2026Zenas BioPharma: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$58.0MOther financing$49.3MOther investing−$19.2MCash drawn (+) / kept (−)$18.8MShares issued$7.9MExchange rates$1.2MCapital spending−$1K
Zenas BioPharma: sources (+) and uses (−) of cash, TTM to Q3 2026Zenas BioPharma: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$663MOther investing−$369MOperating cash flow−$243MCash drawn (+) / kept (−)−$62.2MShares issued$10.7MExchange rates$119KCapital spending−$3K

From profit to cash

Zenas BioPharma: net income to operating cash flow, Q3 2026Zenas BioPharma: net income to operating cash flow, Q3 2026Net income−$109MDepreciation & amortization$4KStock-based pay$17.3MPayables−$514KAccrued liabilities−$1.6MPrepaid and other assets$169KOperating cash flow−$58.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$58.0M−$1K—$7.9M$18.8M−$58.0M
Q2 2026−$57.2M——$806K$304M−$57.2M
Q1 2026−$75.2M−$2K$73.5M$367K−$390M−$75.2M
Q4 2025−$52.4M——$1.6M$4.9M−$52.4M
Q3 2025−$41.1M——$664K−$71.6M−$41.1M
Q2 2025−$41.7M——$1.7M$153M−$41.7M
Q1 2025−$37.1M−$18K—$99K$123M−$37.1M
Q4 2024−$38.6M−$74K—$6.3M$40.3M−$38.6M

Zenas BioPharma: income statement and cash flow

Zenas BioPharma, Q3 2026: revenue $10.0M. The chart follows the revenue to costs, profit and cash.

Zenas BioPharma: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.