Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $50.0M | $5.00M | $10.0M |
| Revenue growth | — | -90.0% | 100.0% |
| Operating income | -$37.1M | -$164M | -$383M |
| Operating margin | -74.3% | -3277.8% | -3830.6% |
| Net income | -$37.1M | -$157M | -$378M |
| Net margin | -74.2% | -3139.8% | -3777.4% |
| EPS (diluted) | -$24.25 | -$11.89 | -$8.44 |
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Operating cash flow | -$30.5M | -$120M | -$172M |
| Capital expenditures | $17.0K | $131K | $18.0K |
| Free cash flow | -$30.5M | -$120M | -$172M |
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cash & equivalents | $56.9M | $320M | $111M |
| Total assets | $68.2M | $370M | $384M |
| Total liabilities | $43.8M | $57.5M | $141M |
| Long-term debt | — | — | $78.6M |
| Shareholders' equity | -$226M | $312M | $242M |
| Retained earnings | -$230M | -$387M | -$765M |
| Shares (wtd avg diluted) | 1.53M | 13.2M | 44.7M |
Every figure is extracted from Zenas BioPharma, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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