ZBIOZenas BioPharma, Inc.
Pharmaceutical Preparations
- Revenue
- $10M
- 100% YoY
- Operating margin
- -3830.6%
- 17% YoY
- EBITDA
- −$383M
- 134% YoY
- Market cap
- $1.8B
- Employees
- 167
- $60K revenue each
- Net debt / EBITDA
- —
- −$118M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes263% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$60K · 31st pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$11M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $50M | $5M | $10M | 100% |
| Operating income | −$37M | −$164M | −$383M | 134% |
| Net income | −$37M | −$157M | −$378M | 141% |
| Operating cash flow | −$31M | −$120M | −$172M | 44% |
| Capex | $17K | $131K | $18K | 86% |
| Stock-based comp | $3M | $11M | $26M | 143% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 19, 2026 | Enavate Sciences GP, LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Aug 17, 2026 | SR ONE CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 7.7% | Passive |
| May 5, 2026 | MOULDER LEON O JR | SCHEDULE 13D | 5.1% | Passive |
| Apr 2, 2026 | MOULDER LEON O JR | SCHEDULE 13D/A | 4.8% | Passive |
| Jan 14, 2026 | MOULDER LEON O JR | SCHEDULE 13D | 5.2% | Passive |
| Oct 14, 2025 | Enavate Sciences GP, LLC | SCHEDULE 13D/A | 7.3% | Passive |
| Oct 14, 2025 | SR ONE CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 9.4% | Passive |
| Oct 14, 2025 | Longitude Capital Partners IV, LLC | SCHEDULE 13D/A | 4.9% | Passive |
| Oct 9, 2025 | MOULDER LEON O JR | SCHEDULE 13D/A | 4.8% | Passive |
| Jun 6, 2025 | MOULDER LEON O JR | SCHEDULE 13D | 5.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $11M · 17
- Open-market sells, 12 mo
- $0 · 0
- Net
- $11M
Pay vs performance
No pay-versus-performance disclosure yet.