Zenas BioPharma (ZBIO) quarterly cash flow statement covering the six quarters from March 2025 to June 2026, as reported to the SEC.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Jun'26 | Mar'26 | Dec'25 | Sep'25 | Jun'25 | Mar'25 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||||||||||
Net loss | |||||||||||||||||||||
-111,400 | -81,000 | -240,400 | -51,500 | -52,200 | -33,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss | -111,400 | -81,000 | -240,400 | -51,500 | -52,200 | -33,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||
4 | 6 | 10 | 11 | 12 | 23 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation expense | 4 | 6 | 10 | 11 | 12 | 23 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Loss on disposal of property and equipment | |||||||||||||||||||||
- | - | - | - | - | -107 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Loss on disposal of property and equipment | - | - | - | - | - | -107 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net amortization of premiums and accretion of discounts on investments | |||||||||||||||||||||
-1,287 | -110 | -421 | -193 | -935 | -382 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net amortization of premiums and accretion of discounts on investments | -1,287 | -110 | -421 | -193 | -935 | -382 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash interest expense on royalty obligation | |||||||||||||||||||||
6,837 | 6,263 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash interest expense on royalty obligation | 6,837 | 6,263 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash interest expense on senior secured term loan | |||||||||||||||||||||
2,054 | 34 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash interest expense on senior secured term loan | 2,054 | 34 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Stock-based compensation expense | |||||||||||||||||||||
8,619 | 9,195 | 7,580 | 7,336 | 6,045 | 5,386 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Stock-based compensation expense | 8,619 | 9,195 | 7,580 | 7,336 | 6,045 | 5,386 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Change in fair value of convertible notes | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Change in fair value of convertible notes | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash lease expense | |||||||||||||||||||||
269 | 264 | 224 | 205 | 200 | 246 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash lease expense | 269 | 264 | 224 | 205 | 200 | 246 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid expenses and other assets | |||||||||||||||||||||
-1,109 | 6,482 | 2,357 | 1,601 | -1,155 | 353 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid expenses and other assets | -1,109 | 6,482 | 2,357 | 1,601 | -1,155 | 353 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable | |||||||||||||||||||||
-1,334 | 1,795 | 1,116 | -1,954 | -12,087 | 2,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable | -1,334 | 1,795 | 1,116 | -1,954 | -12,087 | 2,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued expenses | |||||||||||||||||||||
7,938 | -4,963 | 9,801 | 102 | 16,314 | -11,165 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued expenses | 7,938 | -4,963 | 9,801 | 102 | 16,314 | -11,165 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Operating lease liabilities | |||||||||||||||||||||
-270 | -211 | -245 | -211 | -224 | -222 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Operating lease liabilities | -270 | -211 | -245 | -211 | -224 | -222 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other current liabilities | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other current liabilities | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in operating activities | |||||||||||||||||||||
-57,237 | -75,196 | -52,414 | -41,125 | -41,743 | -37,051 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in operating activities | -57,237 | -75,196 | -52,414 | -41,125 | -41,743 | -37,051 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | |||||||||||||||||||||
- | 2 | - | - | - | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of property and equipment | - | 2 | - | - | - | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of investments | |||||||||||||||||||||
331,810 | 76,520 | 132,893 | 59,195 | 126,553 | 99,114 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of investments | 331,810 | 76,520 | 132,893 | 59,195 | 126,553 | 99,114 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sales and maturities of investments | |||||||||||||||||||||
74,106 | 108,133 | 69,529 | 104,238 | 14,262 | 12,858 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sales and maturities of investments | 74,106 | 108,133 | 69,529 | 104,238 | 14,262 | 12,858 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in investing activities | |||||||||||||||||||||
-287,704 | 31,611 | -93,364 | 40,043 | -112,291 | -86,274 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in investing activities | -287,704 | 31,611 | -93,364 | 40,043 | -112,291 | -86,274 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments of other offering costs for the ATM offering and equity offering | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments of other offering costs for the ATM offering and equity offering | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payments of debt issuance costs for the senior secured term loan and convertible senior notes | |||||||||||||||||||||
1,460 | 474 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments of debt issuance costs for the senior secured term loan and convertible senior notes | 1,460 | 474 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from exercise of stock options | |||||||||||||||||||||
806 | 367 | 1,611 | 664 | 1,722 | 99 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from exercise of stock options | 806 | 367 | 1,611 | 664 | 1,722 | 99 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of common stock under employee stock purchase plan | |||||||||||||||||||||
- | 592 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock under employee stock purchase plan | - | 592 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from senior secured term loan, net of discount | |||||||||||||||||||||
- | 73,500 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from senior secured term loan, net of discount | - | 73,500 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from the issuance of convertible senior notes, inclusive of underwriters' exercise of the overallotment option in full, net of commissions | |||||||||||||||||||||
29,100 | 194,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from the issuance of convertible senior notes, inclusive of underwriters' exercise of the overallotment option in full, net of commissions | 29,100 | 194,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by financing activities | |||||||||||||||||||||
42,057 | 433,479 | 140,843 | 72,616 | 1,722 | 99 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by financing activities | 42,057 | 433,479 | 140,843 | 72,616 | 1,722 | 99 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Effect of exchange rate changes on cash and cash equivalents | |||||||||||||||||||||
-763 | -311 | 11 | 25 | -236 | -52 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Effect of exchange rate changes on cash and cash equivalents | -763 | -311 | 11 | 25 | -236 | -52 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net increase (decrease) in cash and cash equivalents | |||||||||||||||||||||
-303,647 | 389,583 | -4,924 | 71,559 | -152,548 | -123,278 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net increase (decrease) in cash and cash equivalents | -303,647 | 389,583 | -4,924 | 71,559 | -152,548 | -123,278 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||||||
Right-of-use assets obtained under operating lease arrangements | |||||||||||||||||||||
- | - | 1,055 | - | - | 445 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Right-of-use assets obtained under operating lease arrangements | - | - | 1,055 | - | - | 445 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred offering costs and debt issuance costs in accounts payable and accrued expenses | |||||||||||||||||||||
-1,733 | 1,758 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred offering costs and debt issuance costs in accounts payable and accrued expenses | -1,733 | 1,758 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred offering costs in accounts payable and accrued expenses | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred offering costs in accounts payable and accrued expenses | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
ATM Program | |||||||||||||||||||||
Payments of other offering costs for the ATM offering | |||||||||||||||||||||
- | 38 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments of other offering costs for the ATM offering | - | 38 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of common stock, net of commissions | |||||||||||||||||||||
- | 71,532 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock, net of commissions | - | 71,532 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Equity Offering | |||||||||||||||||||||
Proceeds from issuance of common stock, net of commissions | |||||||||||||||||||||
14,100 | 94,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock, net of commissions | 14,100 | 94,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||