--- title: "Zenas BioPharma (ZBIO) news: going concern and offering" url: "https://aibio.space/companies/zenas-biopharma/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "ZBIO going concern, offering and convertible notes news: Zenas BioPharma closes $200,000,000 convertible senior notes offering due 2032." --- ZBIO Zenas BioPharma, Inc. NASDAQ · United States # Zenas BioPharma (ZBIO) news ZBIO going concern, offering and convertible notes news Debt Financing · 2026-03-31 ## [Zenas BioPharma closes $200,000,000 convertible senior notes offering due 2032](https://aibio.space/news/zenas-biopharma-closes-200-000-000-convertible-senior-notes-offering/) Zenas BioPharma closed a $200 million offering of 2.50% convertible senior notes due 2032, with net proceeds of about $193.7 million and Jefferies, Evercore, Citigroup and Guggenheim as representatives. Its 10-K reports substantial doubt about going concern. ## Latest Zenas BioPharma news 1. 2025-10-08 Financings [Zenas BioPharma licenses orelabrutinib from InnoCare, announces $120.0 million placement](https://aibio.space/news/zenas-biopharma-licenses-orelabrutinib-innocare-announces-120-0/) Zenas gains global rights to the BTK inhibitor outside oncology plus two early autoimmune drugs. It also registered an at-the-market program for up to $200,000,000 of stock with Jefferies. 2. 2025-09-02 Financings [Zenas BioPharma signs royalty financing with Royalty Pharma for up to $300 million](https://aibio.space/news/zenas-biopharma-signs-royalty-financing-royalty-pharma-up-300-million/) Zenas BioPharma sold Royalty Pharma a share of future obexelimab revenue for up to $300 million. It received $75 million at closing, and the other three $75 million payments depend on a Phase 3 milestone and two FDA approvals. The company says the cash lasts into the first quarter of 2027. 3. 2025-09-02 Mergers [Zenas BioPharma signs Royalty Pharma funding deal worth up to $300 million](https://aibio.space/news/zenas-biopharma-signs-royalty-pharma-funding-deal-worth-up-300-million/) Royalty Pharma will pay $75 million upfront for a 5.5% royalty on worldwide net sales of obexelimab, with three more $75 million payments tied to milestones. ## Zenas BioPharma at a glance - **Ticker**: ZBIO - **Listing**: NASDAQ - **Country**: United States - **Cash, Jun 30, 2026**: $643.1 million ### Related companies - [Microbot Medical](https://aibio.space/companies/microbot-medical/) NASDAQ: MBOT - [Kardigan](https://aibio.space/companies/kardigan/) NASDAQ: KARD - [Vaxart](https://aibio.space/companies/vaxart/) OTC: VXRT - [BridgeBio Pharma](https://aibio.space/companies/bridgebio-pharma/) NASDAQ: BBIO - [Rani Therapeutics Holdings](https://aibio.space/companies/rani-therapeutics/) NASDAQ: RANI - [GRI Bio](https://aibio.space/companies/gri-bio/) NASDAQ: GRI - [Heron Therapeutics](https://aibio.space/companies/heron-therapeutics/) NASDAQ: HRTX - [TScan Therapeutics](https://aibio.space/companies/tscan-therapeutics/) NASDAQ: TCRX ### Also on NASDAQ - [iBio](https://aibio.space/companies/ibio/) IBIO - [AVITA Medical](https://aibio.space/companies/avita-medical/) RCEL - [Olema Pharmaceuticals](https://aibio.space/companies/olema-pharmaceuticals/) OLMA - [BIO-TECHNE](https://aibio.space/companies/bio-techne/) TECH - [Immunome](https://aibio.space/companies/immunome/) IMNM - [Passage Bio](https://aibio.space/companies/passage-bio/) PASG ## Zenas BioPharma annual financials | Line | FY2025 | FY2024 | |---|---|---| | Revenue | [$10.0 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | [$5.0 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | | Research and development | [$168.1 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | [$139.1 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | | Net income (loss) | [-$377.7 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | [-$157.0 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | | Cash from operations | [-$172.3 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | [-$119.7 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | | Cash and equivalents | [$110.6 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926095448/) | [$319.7 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | | Short-term investments | [$232.6 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926095448/) | [$31.0 million](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/) | Latest balance sheet, Jun 30, 2026 (10-Q): cash and equivalents $196.6 million, plus short-term investments of $446.5 million, $643.1 million in all. Figures as reported to the SEC in XBRL; each one links to its filing. Not adjusted, not investment advice. ## Questions about Zenas BioPharma Has Zenas BioPharma issued a going-concern warning? Our latest story on this, dated Mar 31, 2026: "Zenas BioPharma closes $200,000,000 convertible senior notes offering due 2032". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/zenas-biopharma-closes-200-000-000-convertible-senior-notes-offering/). Has Zenas BioPharma raised money recently? Our latest story on this, dated Mar 31, 2026: "Zenas BioPharma closes $200,000,000 convertible senior notes offering due 2032". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/zenas-biopharma-closes-200-000-000-convertible-senior-notes-offering/). Has Zenas BioPharma sold convertible notes? Our latest story on this, dated Mar 31, 2026: "Zenas BioPharma closes $200,000,000 convertible senior notes offering due 2032". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/zenas-biopharma-closes-200-000-000-convertible-senior-notes-offering/). What is the ticker symbol of Zenas BioPharma? Zenas BioPharma, Inc. trades under the ticker ZBIO on NASDAQ. Where is Zenas BioPharma listed? Zenas BioPharma, Inc. is listed on NASDAQ. What is the SEC CIK of Zenas BioPharma? The SEC Central Index Key (CIK) for Zenas BioPharma, Inc. is 1953926. Its filings are on SEC EDGAR. How many shares does Zenas BioPharma have outstanding? 65,176,723 shares as of 2026-07-31, per the cover page of its 10-Q filed 2026-08-13. Which country or territory is Zenas BioPharma listed under? Our directory records Zenas BioPharma, Inc. under United States. What does Zenas BioPharma do? Our directory classifies Zenas BioPharma, Inc. as: Biotechnology. This is a directory classification, not a description of the pipeline. What is the ISIN of Zenas BioPharma? The ISIN recorded for Zenas BioPharma, Inc. is US98937L1052. Does aibio.space cover Zenas BioPharma? aibio.space lists Zenas BioPharma, Inc. among 2,820 public biotech companies and publishes its news here as stories appear. Where is Zenas BioPharma incorporated? SEC records list its state or country of incorporation as DE. What was Zenas BioPharma's revenue last year? $10.0 million for the fiscal year ended Dec 31, 2025, as reported to the SEC. Is Zenas BioPharma profitable? Zenas BioPharma, Inc. reported a net loss of $377.7 million for the fiscal year ended Dec 31, 2025, and used $172.3 million of cash in operations, per its annual report to the SEC. How much does Zenas BioPharma spend on research and development? $168.1 million in the fiscal year ended Dec 31, 2025, per its annual report. ## Investor discussion: Zenas BioPharma Members talk about Zenas BioPharma (ZBIO). 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See the [terms](https://aibio.space/terms/#discussion) and the [privacy policy](https://aibio.space/privacy/#discussion). ## Capital-markets timeline Financings, listing notices, splits, legal actions and other investor events at Zenas BioPharma, newest first. Each line links the filing it comes from. 1. 2026-03-26 Financings Reported a financing. SEC Form 424B5. [Source](https://www.sec.gov/Archives/edgar/data/1953926/000110465926035237/tm261753-7_424b5.htm) 2. 2026-03-16 Distress Reported substantial doubt about its ability to continue as a going concern. SEC Form 10-K. [Source](https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/zbio-20251231x10k.htm) 3. 2026-01-28 Financings Filed a final prospectus for a securities offering. SEC Form 424B7. [Source](https://www.sec.gov/Archives/edgar/data/1953926/000110465926007414/tm264335d1_424b7.htm) 4. 2025-10-08 Financings Reported a financing. SEC Form 8-K (Items 1.01,2.02,3.02,7.01,8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1953926/000110465925097663/tm2528075d1_ex99-1.htm) 5. 2025-09-02 Mergers Reported completing an acquisition or a sale of assets. SEC Form 8-K (Items 1.01,2.01,2.03,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1953926/000110465925085982/tm2524961d1_ex99-1.htm) 6. 2025-05-15 Legal Disclosed a shareholder lawsuit, subpoena or other legal matter. SEC Form 10-Q. [Source](https://www.sec.gov/Archives/edgar/data/1953926/000155837025007803/zbio-20250331x10q.htm) ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:ZBIO on TradingView](https://www.tradingview.com/symbols/NASDAQ-ZBIO/). ## SEC filings and registration - **SEC name**: Zenas BioPharma, Inc. - **CIK**: 1953926 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: ZBIO (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**:
Emerging growth company - **Business address**: 852 WINTER STREET, SUITE 250, WALTHAM, MA, 02451 - **Phone**: 857-271-2954 - **Shares outstanding**: 65,176,723 as of 2026-07-31 (10-Q filed 2026-08-13) - **Former names**: Zenas BioPharma (Cayman) Ltd ### Recent filings (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1953926/000110465926115151/tm2627406d1_8k.htm) filed 2026-10-13 - [10-Q](https://www.sec.gov/Archives/edgar/data/1953926/000110465926095448/zbio-20260630x10q.htm) filed 2026-08-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1953926/000110465926095437/tm2622871d1_8k.htm) filed 2026-08-13 - [10-Q](https://www.sec.gov/Archives/edgar/data/1953926/000110465926059735/zbio-20260331x10q.htm) filed 2026-05-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1953926/000110465926059700/tm2614295d1_8k.htm) filed 2026-05-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1953926/000110465926037821/tm2610711d1_8k.htm) filed 2026-03-31 - [424B5](https://www.sec.gov/Archives/edgar/data/1953926/000110465926036536/tm261753-11_424b5.htm) filed 2026-03-30 - [424B5](https://www.sec.gov/Archives/edgar/data/1953926/000110465926036534/tm261753-10_424b5.htm) filed 2026-03-30 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001953926), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. ## Listing details Zenas BioPharma, Inc. is a public biotech or pharmaceutical company listed on NASDAQ under the ticker ZBIO, recorded under United States. The directory classifies it as Biotechnology. aibio.space tracks 2,820 public biotech companies worldwide and publishes investor news on them. - **Company**: Zenas BioPharma, Inc. - **Ticker**: ZBIO - **Listing**: NASDAQ - **Country or territory**: United States - **Business scope**: Biotechnology - **ISIN**: US98937L1052 - **Last quote in directory**: 2026-10-21 - **Directory source**: [Listing page](https://www.tradingview.com/symbols/NASDAQ-ZBIO/) Listing facts come from our company directory, researched on October 22, 2026. A listing record does not certify that a security currently trades. [Tell us about a change](https://aibio.space/reputation/#update). Work at this company? [Claim this page](https://aibio.space/claim/). Published and maintained by aibio.space. Not investment advice. [How we work](https://aibio.space/disclosures/). Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/zenas-biopharma/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Zenas BioPharma (ZBIO) news: going concern and offering", 2026-10-31, https://aibio.space/companies/zenas-biopharma/