| Cash Flow | 2025-09-30 | 2025-06-30 |
|---|---|---|
| Net loss | -137,295 | -85,796 |
| Acquired in-process research and development | 5,000 | - |
| Depreciation expense | 46 | 35 |
| Loss on disposal of property and equipment | -107 | -107 |
| Net amortization of premiums and accretion of discounts on investments | -1,510 | -1,317 |
| Non-cash interest expense on royalty obligation | 1,679 | - |
| Stock-based compensation expense | 18,767 | 11,431 |
| Non-cash lease expense | 651 | 446 |
| Prepaid expenses and other assets | 799 | -802 |
| Accounts payable | -11,159 | -9,205 |
| Accrued expenses | 5,251 | 5,149 |
| Operating lease liabilities | -657 | -446 |
| Net cash used in operating activities | -119,919 | -78,794 |
| Purchases of property and equipment | 18 | 18 |
| Purchases of investments | 284,862 | 225,667 |
| Proceeds from sales and maturities of investments | 131,358 | 27,120 |
| Product candidate license acquisitions | 5,000 | - |
| Net cash used in investing activities | -158,522 | -198,565 |
| Payment of deferred offering costs | 3,324 | - |
| Proceeds from royalty obligation | 75,000 | - |
| Proceeds from exercise of stock options | 2,485 | 1,821 |
| Proceeds from issuance of common stock under employee stock purchase plan | 276 | - |
| Net cash provided by financing activities | 74,437 | 1,821 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -263 | -288 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -204,267 | -275,826 |
| Cash and cash equivalents at beginning of period | 319,832 | - |
| Cash and cash equivalents at end of period | 115,565 | - |
Zenas BioPharma, Inc. (ZBIO)
Zenas BioPharma, Inc. (ZBIO)