↑  Read the latest from the desks  ·  fresh intelligence, published daily✦Quiet reading✦No ads, ever

✦Corporate brand & media services✦Made in Virginia Beach since 1997✦

Zenas BioPharma $ZBIO Read from its own SEC filings · nothing written, nothing inferred

🫧 Edgar looked up Zenas BioPharma, Inc. ($ZBIO). Last filing: 8-K (7.01 Regulation FD Disclosure), 2026-10-13. 10 event filings (8-K) in the past twelve months.

🔖 Exposure: revenue $10.0M (FY2025), total debt $78.6M. Experience: revenue up 100.0% on the year, down 55.3% a year over 2 years; operating margin -3830.6%, down from -3277.8%. Soundness: equity 63.1% of assets, return on equity -156.0%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $9.0M and $16.1M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -3830.6% against a -3.8% median; growth 100.0% against 13.7%.

Next year, 80%$9M–$16M
Growth, on the year100.0%
Operating margin−3830.6%
Equity of assets63.1%
Zenas BioPharma, Inc. against its own record and its peers
Operating marginPeer median -3.8%-3830.6%Revenue, on the yearPeer median 13.7%100.0%Equity of assetsPeer median 40.3%63.1%Return on equityPeer median -1.1%-156.0%Gold tick: the median of 100–118 peers with $50M+ revenue in pharmaceutical preparations

Speed and cash · fiscal 2025

Cash flow (op · inv · fin · free)−$172M · −$252M · $215M · −$172M
Investment book (cash · short · long)$111M · $233M · $17M · current ratio 5.61 · unrealized $0M
Revenue swing · equity of assets— · 63.1%

The figures, as filed

Fiscal year end2025-12-31
Revenue$10M
Revenue, on the year100.0%
Revenue, a year over the record−55.3%
Operating margin−3830.6%
Operating margin, prior year−3277.8%
Net margin−3777.4%
Research and development$168M · 1680.6% of revenue
Total debt$79M
Equity of assets63.1%
Return on equity−156.0%
Payout of profit—
Dividend per share—
Earnings per share$-8.44
Book value per share$5.41
Revenue per share$0.22
Shares outstanding44,730,052
Audited years read3

Peers: the median of 114 filers with $50M+ revenue in pharmaceutical preparations.

Classic signals · fiscal 2025Altman Z″ -6.48 distress zone 1968Piotroski F 2 of 9 weak 2000Beneish M not enough filed detail (needs receivables, cost of revenue, PP&E, depreciation, SG&A for two years)Sloan accruals -54.5% earnings backed by cash 1996DuPont ROE -136.2% = margin -3777.4% × turns 0.03 × leverage 1.36

What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →

Health HarborZenas BioPharma sails as: Weathered boat

Health watch · 12 monthsDirector or officer change ×4

Sailing speed follows growth: 100.0% a year crosses the harbor in 30 seconds.

🌊 Visit the Bay →
  • operating cash flow was negative
  • revenue is hard to predict: its 80% range is ±28%

Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.

Recent filings

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company

1 · Follow

Follow their filings

Or tap watch on any row above. You get the company’s live filing feed and Edgar’s card. Nothing to sign up for.

On Bluesky: follow Edgar & Edgarette.

2 · Price it

A new leader’s rebrand and launch

Priced live by the same engine as our estimator, from the catalogue at wholesale.

Price the printing · Open the full estimator

✦ Build the kit yourself
3 · Confirm

Check it with Jenny

Most buyers check what they found, or what their AI found, with one person before they commit. That person is the principal.

Jenny Huang Goodman MPA MSc MHSA, Principal

Book a time (757) 390-0424
Independence. Every range, flag and score on these boards is identical for everyone. Clients of POPS4 or Hako Shikin receive no different numbers, no earlier access and no say in what is published. The service lines shown beside each board describe work we do; they never change the data. For reviewers: Method · Terms of use · Status
Free · unsponsored · source-linked

Clean data. No ads. Not now, not later.

Nine boards reading every SEC filing the day it lands, ten editorial desks publishing daily, an open endpoint other AIs can query, and a 70,000-product house behind all of it. This is the public record end of it.

Every row is a filing.Straight from the company's own SEC document, linked. Nothing written, nothing inferred.
Nobody is watching you read.No ad trackers, no cookies from us. Our page counts are cookieless.
One email, one job.Watch a company and we hold that address for the alert alone. One tap ends it. Never shared, never passed on.
The house pays for this.Corporate event programs, corporate supplies and branded merchandise, since 1997. That is what funds the desks, under the house's own vendor standards.
Free to reuse with credit · CC BY 4.0 · how the boards are built
Data & Disclosure Notice: Edgar and Edgarette are automated software. Every figure on this page is calculated by software from public filings made by companies and funds with the U.S. Securities and Exchange Commission (EDGAR) and is published without individual human review. The accuracy and completeness of those filings are the responsibility of the filers; reports can contain errors and can be amended. Figures are shown as filed and as of each filing's date, and this page may be corrected or updated without notice. Ranges, expected returns, rankings, boats and other measures are statistical descriptions of past filings, not ratings, price forecasts, company guidance or recommendations; past results do not guarantee future results. This is general information published for all readers, not advice tailored to any person's portfolio, needs or circumstances, and nothing here is financial, investment, actuarial, legal, tax or other professional advice. Actuaries and other professionals who use these figures remain responsible for reviewing them for reasonableness and consistency against the original filings and for disclosing their reliance on them. No company, fund or reinsurer pays to be included or ranked. Provided as is, without warranty of any kind. Not affiliated with or endorsed by the SEC or by any company, fund or reinsurer named. All trademarks remain the property of their owners.