Zenas BioPharma - Public Comps and Valuation Multiples

Zenas BioPharma Overview

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.

Founded

2019

HQ

Employees

130

Website

zenasbio.com

Sectors

Drug Development & Therapeutics
Biopharmaceuticals
BioTech

Financials

LTM Revenue $26.2M

LTM EBITDA -$187M

EV

$580M

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Zenas BioPharma Financials

As of August 2025, Zenas BioPharma reported last 12-month revenue of $26.2M and EBITDA of -$187M.

In the same period, Zenas BioPharma achieved -$152M in LTM net income.

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Zenas BioPharma P&L

In the most recent fiscal year, Zenas BioPharma reported revenue of $5.0M and EBITDA of -$164M.

Zenas BioPharma expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$26.2M	XXX	$5.0M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$187M	XXX	-$164M	XXX	XXX	XXX
EBITDA Margin	-715%	XXX	-3275%	XXX	XXX	XXX
EBIT	-$171M	XXX	-$164M	XXX	XXX	XXX
EBIT Margin	-653%	XXX	-3278%	XXX	XXX	XXX
Net Profit	-$152M	XXX	-$157M	XXX	XXX	XXX
Net Margin	-581%	XXX	-3140%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Zenas BioPharma including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $26.2M. EBITDA for the last twelve months was -$187M. In the most recent fiscal year, Zenas BioPharma achieved $5.0M in revenue and -$164M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$26.2M	Analyst estimates available to subscribers	$5.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$187M	Analyst estimates available to subscribers	-$164M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-714.9% EBITDA margin	Analyst estimates available to subscribers	-3275.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$171M	Analyst estimates available to subscribers	-$164M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-653.0% EBIT margin	Analyst estimates available to subscribers	-3277.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$152M	Analyst estimates available to subscribers	-$157M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-581.2% net profit margin	Analyst estimates available to subscribers	-3139.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Zenas BioPharma

This financial data table provides comprehensive performance metrics for Zenas BioPharma, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Zenas BioPharma generated $26.2M in revenue over the last twelve months.
The company achieved -$187M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$152M.

Fiscal Year Performance

In the most recent fiscal year, Zenas BioPharma reported $5.0M in total revenue.
Fiscal year EBITDA was -$164M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3275.0%.
Net profit margin reached -3139.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Zenas BioPharma. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Zenas BioPharma Stock Performance

Zenas BioPharma has current market cap of $852M, and EV of $580M.

Market Cap Evolution

Zenas BioPharma Stock Data

As of September 15, 2025, Zenas BioPharma's stock price is $20.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$580M	$852M	XXX	XXX	XXX	XXX	$-5.91

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Zenas BioPharma Valuation Multiples

Zenas BioPharma's trades at 115.9x EV/Revenue multiple, and -3.5x EV/EBITDA.

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Zenas BioPharma Financial Valuation Multiples

As of September 15, 2025, Zenas BioPharma has market cap of $852M and EV of $580M.

Equity research analysts estimate Zenas BioPharma's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Zenas BioPharma has a P/E ratio of -5.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$852M	XXX	$852M	XXX	XXX	XXX
EV (current)	$580M	XXX	$580M	XXX	XXX	XXX
EV/Revenue	22.1x	XXX	115.9x	XXX	XXX	XXX
EV/EBITDA	-3.1x	XXX	-3.5x	XXX	XXX	XXX
EV/EBIT	-3.4x	XXX	-3.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-5.6x	XXX	-5.4x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-4.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Zenas BioPharma Margins & Growth Rates

Zenas BioPharma's last 12 month revenue growth is -15%

Zenas BioPharma's revenue per employee in the last FY averaged $38K, while opex per employee averaged $1.3M for the same period.

Zenas BioPharma's rule of 40 is -69% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Zenas BioPharma's rule of X is -752% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Zenas BioPharma Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-15%	XXX	85%	XXX	XXX	XXX
EBITDA Margin	-715%	XXX	-3275%	XXX	XXX	XXX
EBITDA Growth	26%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-69%	XXX	-3290%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-752%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$38K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2783%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3378%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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