Short answer
Zenas BioPharma, Inc. (ZBIO) filed its Q3 2025 10-Q quarterly report on Nov 12, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $0 with net income of −$51M.
Q3 2025 key financials · XBRL
- Revenue
- $0
- Net income
- −$51M
- +50.7% YoY · +1.4% QoQ
- EPS (diluted)
- −$1.22
- +95.8% YoY · +2.4% QoQ
Source: XBRL data from the Zenas BioPharma, Inc. (ZBIO) Q3 2025 10-Q on SEC EDGAR. USD.
Zenas BioPharma, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $0 product sales; license and collaboration revenue from BMS, Tenacia and Zai
- Net loss $51.5M vs $38.6M YoY for Q3 2025
- No product segments; obexelimab lead program met primary endpoint with 95% relative lesion reduction
- Cash, equivalents and investments $301.6M; PIPE generated approximately $120.0M gross proceeds
- Funding expected into Q4 2026; substantial doubt regarding going concern and continued capital needs
Risk Factors
- Going-concern risk newly emphasized: $301.6 million cash, cash equivalents and investments insufficient for at least twelve months
- Financing risk: October 9, 2025 private placement of 6,311,030 shares generated approximately $120.0 million gross proceeds
- Clinical safety risk: Obexelimab trials observed headache and injection-site reactions among common treatment-emergent adverse events
- Regulatory risk: FDA may require additional studies or impose stricter conditions before clinical-trial initiation
- Development risk: Prior obexelimab Phase 2 SLE trial failed to achieve its primary endpoint with statistical significance
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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