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ZYBERNO

Stock Report

Updated Aug 31, 2026

Zenas BioPharma, Inc. (ZBIO)

Healthcare • NASDAQ

$31.27

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

23.0/100

POOR BUSINESS

Zenas BioPharma, Inc. (ZBIO) scores 23/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ZBIO quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ZBIO valuation analysis · → View full ZBIO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-189.7%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (-47,557.3%)

Return on Capital (Capital Efficiency):CRITICAL (-1,283.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Zenas BioPharma, Inc. (ZBIO) stock report — Zyberno Score 23/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, ZBIO generated -$210.48M in Owner Earnings. Capital was deployed as follows: $2.00K invested in capital expenditures. Reinvestment rate: 0.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:31.27

Market Cap:$1.97B

Valuation Multiples (3)

P/B Ratio:7.99x

P/S Ratio:1,973.52x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$1.30B

Price Action & Momentum (1)

% of 52-Week High:70.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-189.7%

📊 Click to view full ZBIO ROE analysis →

ROA:-89.9%

Roic:

-1,283.5%

📊 Click to view full ZBIO ROIC analysis →

Reinvestment Rate:0.0%

Fundamental Growth Rate (g):-0.1%

Margin Analysis (3)

Operating Margin Ttm:-47,557.3%

Net Margin Ttm:-48,438.4%

Ebitda Margin:-47,553.4%

TTM Performance (2)

Operating Margin Ttm:-47,557.3%

Net Margin Ttm:-48,438.4%

Yield Metrics (2)

Earnings Yield:-$30.76

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:9.93x

Quick Ratio:9.93x

Cash Ratio:10.24x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-222.71x

Times Interest Earned:-222.71

Capital Structure (4)

Working Capital:587,976,000.00

Cash And Cash Equivalents:673,900,000.00

Long Term Debt:$22.00K

Net Debt:-$673.06M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$1.00M

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$475.57M

Bottom Line Performance (3)

-$484.38M

Income Before Tax:-$484.16M

Ebitda Ttm:-475,534,000.00

Operating Expenses (5)

Operating Expenses:476,573,000.00

R And D Expense:213,473,000.00

Sga Expense:61,428,000.00

Income Tax Expense:$35.00K

Interest Expense:1,720,000.00

Expense Ratios (3)

R And D To Revenue Percentage:21,347.3%

Sga To Revenue Percentage:6,142.8%

Ebitda Margin:-47,553.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$701.69M

Current Assets:$653.79M

Ppe Net:23,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:454,593,000.00

Current Liabilities:65,818,000.00

Long Term Debt:$22.00K

Short Term Debt:$823.00K

Equity & Capital (3)

Equity:$247.10M

Retained Earnings:-$957.57M

Common Stock:175,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:57,406,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:8,619,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$210.48M-$210.48M

Investment Activities (2)

Investing Cash Flow:$31.61M

Capital Expenditures Ttm:2,000.00

Financing Activities (3)

Financing Cash Flow:$433.48M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$75.00M

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:39,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-9.62

-$9.62

Earnings Per Share Ttm:-$7.67

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.02

Operating Cash Flow Per Share:-$2.73

Book Value & Capital (2)

Book Value Per Share:$3.92

Cash Per Share:10.68

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.00x

Working Capital Turnover Ttm:0.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:20,953.19

Cash Conversion Cycle:-22,951.19

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$210.48M

Damodaran Growth Analysis (2)

Reinvestment Rate:0.0%

Fundamental Growth Rate (g):-0.1%

B. Log-Linear Regression Growth Analysis

Other Growth Rates (1)

Book Value Growth Rate (Linear):-11.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:ZBIO

Company Name:Zenas BioPharma, Inc.

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:63.11M

Shares Outstanding Basic:63.11M

Shares Outstanding Diluted:63.11M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 23:44:59 UTC

Data Timestamp:2026-08-31T23:44:59.001069