Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Zenas BioPharma, Inc.ZBIO · healthcare
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $383.6M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, thin datanot computable: fortress balance sheet
Inputs computable5 of 14
Graded fromfilings received through Mar 16, 2026207 days before the rescan; every figure keyed to the SEC receipt date
Last close$26.262026-10-08; market equity $1.7B; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$20$40NovDecJanFebMarAprMayJunJulAugSepOct$26.24
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Mar 21, 2025nonen/aQ3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 16, 2026; the document on sec.gov.

We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an I&I focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 37.2%[3-4]
Thin data. 5 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 7.9
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio(54.5%)[1,5-7](6.6%)7.98112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 49.0
Twelve-month failure probability0.10%0.07%59.12482026-06-30
Altman Z double-prime(6.48)[1,8-13](0.31)55.47562025-12-31
Net debt to EBITDAnot computable1.82x
one or more required annual facts are missing
Interest coveragenot computable(4.51x)
one or more required annual facts are missing
Current ratio5.61x[8-9]2.96x32.68392025-12-31
Growth and financing, sleeve percentile 71.4
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 2
Free cash flow growth, three-year compoundnot computable10.9%
four consecutive annual FCF observations are required; found 2
Reinvestment ratenot computable37.1%
NOPAT must exceed $100,000
Asset growth, three yearsnot computable2.1%
four annual observations are required; found 2
Net share issuance, one year37.2%[3-4]2.5%71.46342026-02-28

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month45.6%8.0%74hotter than 74 of 100 peers
Distance from 52-week high(39.2%)(31.4%)39closer to its high than 39 of 100 peers
EBIT to enterprise valuenot computable(1.5%)required accounting or market input is missing
Free cash flow yield(10.1%)(1.0%)30pricier than 70 of 100 peers
Book value to price0.140.2835pricier than 65 of 100 peers
Sales to price0.010.315pricier than 95 of 100 peers
Composite equity issuance, five yearsnot computable20.3%a share count from five years earlier is required
Relative strength against the sector, log excess return0.16(0.14)74ahead of 74 of 100 peers

Inputs: market equity $1.7B; EBIT -$383.1M; free cash flow -$172.4M; book equity $247.1M; sales $10.0M; cash $196.6M[14].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(102.1%)✗ fail[5,7]
Operating cash flow above zero-$172.3M✗ fail[6]
Return on assets improvedn/a[5,7,15]
Operating cash flow exceeds net income$205.4M✓ pass[5-6]
Long-term leverage felln/a[1,7,16]
Current ratio improved(60.7 pts)✗ fail[8-9,17-18]
No new shares issued37.2%✗ fail[3-4]
Gross margin improvedn/a
Asset turnover improvedn/a[2,7,19]
Cash, filings, liquidity
Cash and equivalents$196.6M[20]
Operating cash flow, four quarters-$226.0M[6,20-24]
Months of runway10.4
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volume$19.5M
63 sessions
Days since newest grade input207

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$383.6M2025-12-312026-03-1610-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$10.0M2025-12-312026-03-1610-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding57,361,2602026-02-282026-03-1610-Kfiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding41,799,3362025-02-282025-03-1110-Kfiling · viewer · series
5net incomeus-gaap:NetIncomeLoss-$377.7M2025-12-312026-03-1610-Kfiling · viewer · series
6operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$172.3M2025-12-312026-03-1610-Kfiling · viewer · series
7assetsus-gaap:Assets$370.0M2024-12-312026-03-1610-Kfiling · viewer · series
8current assetsus-gaap:AssetsCurrent$351.2M2025-12-312026-03-1610-Kfiling · viewer · series
9current liabilitiesus-gaap:LiabilitiesCurrent$62.6M2025-12-312026-03-1610-Kfiling · viewer · series
10retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$765.1M2025-12-312026-03-1610-Kfiling · viewer · series
11operating incomeus-gaap:OperatingIncomeLoss-$383.1M2025-12-312026-03-1610-Kfiling · viewer · series
12book equityus-gaap:StockholdersEquity$242.1M2025-12-312026-03-1610-Kfiling · viewer · series
13liabilitiesus-gaap:Liabilities$141.5M2025-12-312026-03-1610-Kfiling · viewer · series
14shares outstandingdei:EntityCommonStockSharesOutstanding65,176,7232026-07-312026-08-1310-Qfiling · viewer · series
15net incomeus-gaap:NetIncomeLoss-$157.0M2024-12-312026-03-1610-Kfiling · viewer · series
16long term debtus-gaap:LongTermDebtNoncurrent$78.6M2025-12-312026-03-1610-Kfiling · viewer · series
17current assetsus-gaap:AssetsCurrent$355.9M2024-12-312026-03-1610-Kfiling · viewer · series
18current liabilitiesus-gaap:LiabilitiesCurrent$57.3M2024-12-312026-03-1610-Kfiling · viewer · series
19revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$5.0M2024-12-312026-03-1610-Kfiling · viewer · series
20cashus-gaap:CashAndCashEquivalentsAtCarryingValue$196.6M2026-06-302026-08-1310-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$132.4M2026-06-302026-08-1310-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$75.2M2026-03-312026-05-1310-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$119.9M2025-09-302025-11-1210-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$78.8M2025-06-302026-08-1310-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026