Zenas BioPharma (ZBIO) logo

Zenas BioPharma (ZBIO) stock

Autoimmune medicines , market cap $1.7B

$28.26
+8.99%

As of 8:53 AM ET pre-market, delayed 15+ min · Live for Pro members

Quality Score
-2
Poor
In its industry
#159of 281
Checks firing
2of 14
Choppy
From 52-week high
-36.6%
under its best in a year

ZBIO's Quality Score rose 2 points on Fri, Nov 6, to -2. Its price climbed back above its average of the last 200 days.

Follow ZBIO's trial news. Pro members can get an alert when Zenas BioPharma files news, and see its trials, share raises, and its CEO's filings.

Get an alert when ZBIO files news on its trialsSee it live, free until tomorrow morning. No account. No card. Then keep going with a free account.

We do the work for you. Every stock is scored and ranked, every 15 seconds while the market is open. Here it's 15 minutes behind. Pro members see it live.

NextQ4 2026“topline results on track for fourth quarter 2026 -”Trial data · SEC filing · Nov 5
Cash$674M, about 11 quarters (3 years) at the last year's spendingOn Jun 30 · raised money since, not counted · the company says “into 2029”

Why ZBIO fell on Nov 5

Down 9% on Nov 5, a down day for the market: the S&P 500 fell 4%, 86% of stocks fell, and biotech stocks a median 6%.

  • Its Nov 5 results: net loss widened to $108.9M, from $51.5M a year before. It fell 9% on Nov 5.

Sources: Price history, Nov 5, 2026; Company release, Nov 5, 2026

1 more reason, free with an account →2 more reasons why ZBIO fell on Nov 5, from its filings, with how the business stands, the timeline, and its peers, for Pro members.

Key facts on ZBIO

Key facts on ZBIO
Holding it backSales down 80% $50M → $10M in 2 years
Latest filing424B5, Nov 6 Set up an at-the-market program for up to $200M of shares, about 12% of its market value
1 more reason behind ZBIO's -2, free with an account →5 more reasons behind ZBIO's -2, for Pro members.
Cash$674M, about 11 quarters (3 years) at the last year's spendingOn Jun 30 · raised money since, not counted · the company says “into 2029”

ZBIO catalysts

Coming up

After its last 4 reports it closed -3.7% on average, higher 1 of 4 times.

3 more coming up and 5 past catalysts since 2025, with sizes and sources, for Pro members.

What's next for ZBIO, and how long its cash lasts

Next step the company has named

Q4 2026“topline results on track for fourth quarter 2026 -”Trial data · SEC filing · Nov 5

What it means: the first look at a trial’s main results, as the company reports them.

A trial underway
Orelabrutinib in Patients With Secondary Progressive Multiple SclerosisPhase 3 · Recruiting · 990 people · main data estimated Jun 2030 · NCT07299019

5 more trials, 4 more milestones and 22 filings, for Pro members.

Cash runway Jun 30 balance sheet

About 11 quarters

$674M in cash and investments (as the company counts them), at its spending over the last year

What it means: how long the cash would last at the same pace, before any new money. The company's estimate is “into 2029” (8-K, May 13). It has raised money since that balance sheet, which is not counted here.

For Pro members: the cash used each quarter, and the math.

Dilution on the horizon

  • Shelf registration (S-3ASR, filed Oct 8, 2025)
  • At-the-market share sales program (424B5, filed Nov 6, 2026)

For Pro members: 4 raises and their amounts, and the share count against a year ago.

Insiders

CEO Leon O Moulder Jr bought 60,000 shares on May 18. 9 more insider trades this year.

From Form 4: open-market buys and sales only.

For Pro members: every trade, and Leon Moulder Jr’s 11 filings and quotes.

See every upcoming FDA date →

FDA dates in the next 60 days

Decision dates and advisory committee meetings the companies have announced in their filings, soonest first and small companies first.

DateStockDrug

14 more FDA dates and 103 trial data dates in the next 60 days, each on the FDA calendar. Pro members see whether each company's cash lasts past its date, with an optional alert before it. See all 151 dates, ranked →

Why ZBIO scores -2

Poorfor quality, not price, 2 of 14 chart checks firingWhat the Quality Score means

  • +2Chart checks 2 of 14 firing right now, one point each
  • −2Dilution 50.8% more shares outstanding than a year agoNew shares over the year: -1 at 10% more, -2 at 25% more.
  • Long-term trend adds
  • Run-up adds
  • Profit subtractsRead on the last four quarters against the four before, or the last full year where no quarters are filed.
  • Growth subtractsSales and margins against a year earlier: up to +3 for fast growth and widening margins, down to -2 when both shrink.
  • Volatility subtractsA daily range of 5% or more with nothing behind it (no profit or cash flow, sales shrinking, or 10% more shares outstanding with no free cash flow): -1, or -2 from 8%.
  • Cash flow subtracts-1 when free cash flow over the last four quarters is negative.

No effect today: Size, Persistence, and News.

What every line is worth, and the reason behind it, on ZBIO and every other stock.Get in free →

Price, score, chart checks, and the industry rank are from a snapshot taken at 8:53 AM ET, at least 15 minutes behind. How we rank stocks.

Tested. Our top-scored stocks returned 2.2x the average stock over the next month. Reconstructed after the fact; recorded live since Sep 9, 2026. How we tested it

How ZBIO ranks in Biotech

ZBIO is #159 of 281 by Quality Score.

How ZBIO ranks in Biotech
RankStockQuality Score
159Zenas BioPharma (ZBIO) logoZBIOZenas BioPharma-2

More in Biotech

When does ZBIO report earnings, and what happens after?

Expected to report Tue Mar 16, before the open (in 127 days).

What an earnings report is: every 3 months, a company tells everyone how much it sold and earned. We read the figures, the outlook, and how the stock moved after.

What ZBIO reported on Nov 5, 2026

The quarter

A loss of $1.65 a share, from $1.22.

“The increase of $24.1 million in R&D expenses was primarily due to an increase in costs related to clinical trial and regulatory costs for the orelabrutinib and obexelimab programs and an increase in personnel costs including stock-based compensation expense primarily due to an”

The quarter that ended Sep 30, from the company's press release

The press releaseThe filing on EDGAR

Where the sales came from

ZBIO's results filing gives no sales by line in a table we read.

The outlook

No outlook figures read from this release.

In the company's words

  • “The increase of $14.3 million in G&A expenses was primarily due to an increase in personnel costs, including stock-based compensation expense primarily due to the modification of stock options related the transition and separation of certain employees from the company, an increase in salary”

From its results filing (SEC filing · Nov 5)

The numbers

Market value
$1.7B
today
Free cash flow
-$226M
last 12 months

1 more figure, for Pro members.

No analyst estimates on Breakaway: every figure here is filed.

The whole report on ZBIO: every line of its sales, every outlook beside the one it replaced, and the company's words, for Pro members.

Close after the report, last 3

+4.0%-6.7%-8.9%
May 13Aug 13Nov 5
ReportedGapReaction5
days
Nov 5, 2026Before open-1.3%-8.9%not yet
Aug 13, 2026Before open-2.9%-6.7%-0.1%
May 13, 2026Before open+2.3%+4.0%-6.9%

ZBIO closed higher after 1 of its last 4 reports.

All 4 reports, and ZBIO's Quality Score going into each

ZBIO sales and profit by year

Sales and profit by year

Sales grew in one of the last two years, to $10M in 2025. It lost money in each of the three years.

ZBIO has 2 of 14 chart checks firing

Volume1 of 3 shown
Tight range1 of 3 shown
Buying1 of 3 shown
The other 10 checks on ZBIO, and all 14 on every stock.Get in free →

ZBIO RSI on Nov 6: 51.6, below its 50-day, above its 200-day

Not scored

RSI 51.6, MACD above signal, below its 50-day, above its 200-day. Not scored.

The deep dive on ZBIO

  • What it does and how it makes money3 findingsAn operating loss of $383M in fiscal 2025, on $10.0M of sales.Annual report, filed Mar 16, 2026"In addition, we are eligible to receive up to $96.0 million upon the achievement of certain future development and commercial milestones and royalty percentage rates from the low to mid-single digits, net of pass-through obligations due to Viridian." (10-K for fiscal 2025)SEC filing · Mar 16, 2026
  • Where it stands2 findingsFor Pro members2 findings on where ZBIO stands: its cash, debt, and share count, for Pro members
  • What changed in its filings9 findings"As an example, in April 2025, a putative securities class action was filed against us and certain of our directors and officers, as well as the underwriters in our IPO." (10-K for fiscal 2025)SEC filing · Mar 16, 2026A new heading in its "Risk Factors" this year: "Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern." (10-K for fiscal 2025; not in fiscal 2024's)SEC filing · Mar 16, 2026, against the one of Mar 11, 2025
  • Who holds and trades it2 findingsFor Pro members2 findings on who holds and trades ZBIO, for Pro members

12 more findings on ZBIO, each with its source, for Pro members.

ZBIO share count over time

51% more shares than a year earlier.

Weighted shares, quarter to Jun 30, 2026, both from one filing

Shares of ZBIO outstanding, as filed
Shares
outstanding
As
of
65.2MJul 31, 2026
63.1MApr 30, 2026
57.4MFeb 28, 2026
53.7MOct 31, 2025
Offerings, shelves, and splits of ZBIO, from its filings
From its
filings
Filed
Set up an at-the-market program for up to $200M of shares, about 12% of its market valueNov 6, 2026
Registered shares for a later sale (S-3ASR)Sep 11, 2026
Sold convertible notesMar 30, 2026
Registered shares for a later sale (S-3ASR)Oct 21, 2025

3 more offerings on file, for Pro members.

ZBIO insider trades

One insider bought $1M across 1 filing in the last 6 months. No open-⁠market sales on record. The newest:

BuyLeon O. Moulder Jr.$1MChief Executive Officerat $16.88 on May 18, filed May 18

ZBIO's officers and directors

Officers and directors with a Form 4 in the last 12 months.

See insider trades by person

Which ETFs hold ZBIO?

In ETFs: ZBIO is under 0.1% of VTI, the most of the 24 funds Breakaway covers, by their holdings as filed for Jun 30, 2026.

About Zenas BioPharma

Zenas BioPharma Inc is a clinical-stage biopharmaceutical company. Its I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and FcyRIIb, which are present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. The Company manages its operations on a consolidated basis as a single reportable segment focused on the research, development and commercialization of transformative immunology-based therapies.

167 employeesWaltham, MAzenasbio.com

What Zenas BioPharma says it competes with

“The biotechnology and pharmaceutical industries are characterized by rapidly advancing technologies, intense competition and a strong emphasis on proprietary drugs.”

From its annual report, SEC filing · Mar 16, 2026

Here is what Pro members see.

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  • What would turn ZBIO's score around: 9 things
  • 11 more filings explained, a plain line each
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BreakawayMay 18Leon O. Moulder Jr. bought ZBIO$1M at $16.88, filed May 18

Alerts are optional.

See ZBIO's 14 chart checks

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Straight AnswersStraight Answers

As of Nov 9, 2026: ZBIO's Quality Score is -2 (Poor), #159 of 281 in Biotech. Insiders bought $1M in the last 6 months (Form 4).

What does ZBIO's Quality Score say?

ZBIO scores -2 today, which Breakaway calls Poor. It is #159 of 281 in Biotech by Quality Score, with 2 of 14 chart checks firing. Down 9% on Nov 5, a down day for the market: the S&P 500 fell 4%, 86% of stocks fell, and biotech stocks a median 6%. Cash lasts about 11 quarters at its spending (to Jun 30). Breakaway does not say whether to buy any stock: the score does not know your situation, and it is not a recommendation to buy or sell anything. Please do your own research.

What is ZBIO's Quality Score?

ZBIO scores -2 today, which Breakaway calls Poor (below zero). That is #159 of 281 in Biotech by Quality Score. The score adds up the chart checks, the trend, the company's filed sales, its profits, the news, insider trades, and Congress trades. The section above lists the lines behind ZBIO's -2.

Are insiders buying ZBIO?

One insider bought $1M across 1 filing in the last 6 months. No open-⁠market sales on record. The newest is Leon O. Moulder Jr., Chief Executive Officer, who bought $1M on May 18.

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Only on the public pages, which run at least 15 minutes behind. Pro members, and anyone on a guest pass, see real-time prices: the scanner refreshes every 15 seconds, and your watchlist every few seconds, pre-market and after hours included.

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What's next for Zenas BioPharma: from its SEC filings and ClinicalTrials.gov, the company's words, the registry's dates, and arithmetic, not a forecast. Companies often miss the dates they set.

The moves after past earnings reports are past behavior, not a forecast.

The price, the score, the chart checks and readings, and the industry rank on this page are delayed at least 15 minutes.

Our top-scored stocks' record: Oct 2021 to Sep 2026, before costs. Recorded live since Sep 9, 2026.

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