ZBIO Zenas BioPharma
Price Chart
Executive Summary
Zenas BioPharma reported Q1 2026 net loss of $81.0M ($1.46/share), significantly wider than the $33.6M loss a year ago, with zero revenue vs $10M in license revenue in Q1 2025. The EPS miss of -$4.54 vs consensus -$1.54 (-194.8%) reflects the pre-revenue clinical-stage profile, but the company highlighted a strong cash position of $718.5M and key pipeline milestones including obexelimab BLA submission this quarter and Phase 2 SLE data in Q4 2026.
Actionable Insight
The EPS miss is largely irrelevant for a pre-revenue biotech — the stock will trade on pipeline catalysts. Key near-term events: obexelimab BLA submission (this quarter), EULAR presentation (June 4), and Phase 2 SLE data (Q4 2026). The $718.5M cash runway into 2029 removes near-term financing risk. Watch for any FDA communication on the BLA filing acceptance.
Key Facts
- Net loss widened to $81.0M from $33.6M YoY, driven by R&D spend up 73% to $60.4M
- Cash, cash equivalents and investments of $718.5M as of March 31, 2026, up from $360.4M at year-end 2025
- Raised $419M YTD from convertible notes, common stock offerings, and ATM sales
- Obexelimab BLA for IgG4-RD on track for submission this quarter; MAA to EMA in H2 2026
- Phase 2 SunStone SLE trial enrollment complete; topline results expected Q4 2026
- First subject dosed in Phase 1 trial of ZB021 (oral IL-17AA/AF inhibitor)
- Cash runway extended into 2029, including potential $75M milestone from Royalty Pharma and $75M from Pharmakon debt facility upon FDA approval
Financial Impact
Net loss of $81.0M in Q1 2026 vs $33.6M in Q1 2025; zero revenue vs $10M license revenue; cash position $718.5M
Risk Factors
- Obexelimab BLA may face regulatory delays or require additional data
- Phase 2 SunStone SLE trial results could miss endpoints
- Dependence on WuXi Biologics for obexelimab manufacturing (China supply chain risk)
- Significant operating losses expected to continue; no approved products
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3293773 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 28, 2026
12d ago
|
Press Release
| $18.56 $18.38 | ▼ −0.97% | ▼ −1.29% | $18.42 (−0.75%) |
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May 19, 2026
21d ago
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Press Release
| $17.84 $18.53 | ▲ +3.84% | ▲ +1.59% | $18.42 (+3.25%) |
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May 13, 2026
27d ago
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Press Release
| $19.93 $17.84 | ▼ −10.49% | ▼ −9.33% | $18.42 (−7.58%) |
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May 13, 2026
27d ago
|
8-K
| $19.93 $17.84 | ▼ −10.49% | ▼ −9.33% | $18.42 (−7.58%) |
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May 13, 2026
27d ago
|
Press Release
| $19.93 $17.84 | ▼ −10.49% | ▼ −9.33% | $18.42 (−7.58%) |
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Mar 31, 2026
10w ago
|
Insider Cluster
| $19.55 $20.86 | ▲ +6.70% | ▲ +2.76% | $18.42 (−5.78%) |
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Mar 27, 2026
10w ago
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Press Release
| $18.21 $22.26 | ▲ +22.24% | ▲ +18.38% | $18.42 (+1.15%) |
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Mar 26, 2026
10w ago
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424B5
| $18.21 $22.26 | ▲ +22.24% | ▲ +18.38% | $18.42 (+1.15%) |
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Mar 26, 2026
10w ago
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424B5
| $18.21 $22.26 | ▲ +22.24% | ▲ +18.38% | $18.42 (+1.15%) |
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Mar 16, 2026
12w ago
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DEFA14A
| $23.23 $20.63 | ▼ −11.19% | ▼ −9.15% | $18.42 (−20.71%) |
US Market Status
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