ZBIO Stock — Zenas BioPharma Inc.: Cash, EV, Pipeline

Share price

$31.50

Market cap

$2,053.1M

Cash

$643.1M

Enterprise value

$1,488.6M

Balance sheet

Cash	$643.1M
Debt	$78.6M
Net cash	$564.5M
Enterprise value	$1,488.6M
Basic shares	63.3M shares
Fully diluted shares	80.4M shares
Fully diluted market cap	$2,532.1M
Cash per share	$10.16

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Sep 22, 2026	Obexelimab	Phase 3	Warm Autoimmune Hemolytic Anemia	—
Oct 13 - Nov 24	Obexelimab	Phase 2	Systemic Lupus Erythematosus	—
Jul 13 - Aug 24	Orelabrutinib	Phase 3	Multiple Sclerosis (MS) Primary Progressive	—
Jul 13 - Aug 24	Orelabrutinib	Phase 3	Secondary Progressive Multiple Sclerosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Obexelimab

Phase 3 · Active

Aliases ZB001

Target CD19

Partnerships Bristol-Myers Squibb: exclusive license for Japan, South Korea, Taiwan, Singapore, Hong Kong and Australia (Aug 2023); BMS participates in and funds pro-rata share of global Phase 3 trial. Zai Lab: exclusive sublicense for greater China (Jan 2025)

Indications

IgG4-related disease (IgG4-RD) (Phase 3)

Status note Company continues to perform and oversee the ongoing global Phase 3 trial in IgG4-RD.

Orelabrutinib

Stage not disclosed · Active

Target BTK

Partnerships InnoCare Pharma: exclusive rights in MS field worldwide and all non-oncology indications outside greater China and Southeast Asia (Oct 2025)

Indications

Multiple sclerosis (MS) (Stage not disclosed)

Status note Licensed from InnoCare Oct 2025; target, modality and phase not stated in excerpts.

ZB021

Stage not disclosed · Active

Target IL-17AA/AF

Partnerships InnoCare Pharma: exclusive rights in all fields ex greater China and Southeast Asia (Oct 2025)

Status note IL-17AA/AF inhibitor; indication and phase not stated in excerpts.

ZB022

Stage not disclosed · Active

Target TYK2

Partnerships InnoCare Pharma: exclusive rights in all fields ex greater China and Southeast Asia (Oct 2025)

Status note TYK2 inhibitor; indication and phase not stated in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Orelabrutinib
Lead indication	Multiple Sclerosis (MS) Primary Progressive
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07067463	Phase 3	Recruiting	Sponsor	ZBIO	—	Multiple Sclerosis (MS) Primary Progressive	—
NCT07299019	Phase 3	Recruiting	Sponsor	ZBIO	—	Secondary Progressive Multiple Sclerosis	—
NCT05662241	Phase 3	Active, not recruiting	Sponsor	ZBIO	BMY	IgG4 Related Disease	—
NCT05786573	Phase 3	Active, not recruiting	Sponsor	ZBIO	—	Warm Autoimmune Hemolytic Anemia	—
NCT06564311	Phase 2	Active, not recruiting	Sponsor	ZBIO	—	Relapsing Multiple Sclerosis	—
NCT06559163	Phase 2	Active, not recruiting	Sponsor	ZBIO	—	Systemic Lupus Erythematosus	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Zenas BioPharma (USA), LLC on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	230,834	+16,500	0.84%	2026-08-14
Braidwell LP	0	-13,000,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

ZBIO — Zenas BioPharma Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders