Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Zenas Biopharma, Inc. (ZBIO)
A forensic read on Zenas Biopharma, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
4.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-3.3
P / E (ttm)
-156.0%
ROE
$1.9B
Market cap
0.00%
Dividend yield
100.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Zenas Biopharma, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-7.3M to FY2025 $+210.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2024–FY2025
Share count (stock split).Diluted share count changed +239% over the last 1 year to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +238.9%/yr figure isn't a real buyback/dilution read here.
263% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 263% of revenue in FY2025 — about $0.59 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.
Key fundamentals
Latest Revenue$10.0M
Revenue Growth YoY+100.0%
Net Margin-3777.4%
Free Cash Flow-$172.4M
Return on Equity-156.0%
Debt / Equity0.32x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Zenas Biopharma, Inc.'s actual 10-K/10-Q/8-K filings?