What is the 13F Pro Quality Score for ZBIO?

13F Pro ranks Zenas BioPharma, Inc. (ZBIO) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View ZBIO's current score at https://13fpro.ai/research/ZBIO (free sign-up required for the full ranking).

Which hedge funds own the most ZBIO stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of ZBIO include FMR, SR ONE CAPITAL MANAGEMENT,, NEA Management Company,. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/ZBIO as soon as new 13F filings post.

Where does 13F Pro source ZBIO data?

All Zenas BioPharma, Inc. fundamentals and ownership data come directly from SEC EDGAR. Zenas BioPharma, Inc. files with the SEC under CIK 1953926. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is ZBIO in?

Zenas BioPharma, Inc. (ZBIO) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is ZBIO research updated on 13F Pro?

ZBIO's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Zenas BioPharma, Inc.(ZBIO)Stock Analysis

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13F Pro Quality Score

14.4/100

Rank #2,761 of 2,879 stocks

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

30.0/100

Profitability

2.3/100

Balance Sheet

2.6/100

Earnings Quality

30.0/100

Free Cash Flow

2.1/100

Institutional Flow

96.9/100

Revenue Scale

5.2/100

Dilution Risk

1.6/100

ZBIO Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Zenas BioPharma, Inc. (ZBIO), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ZBIO at 14.4/100 on a 32-signal composite quality model, placing it at rank #2,761 of 2,879 stocks — the bottom half of the AI-ranked universe. ZBIO scores in the top quartile across institutional flow (96.9). Areas of concern include free cash flow (2.1) and profitability (2.3), which score below median versus the broader universe. Shareholder dilution risk is elevated at 1.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Zenas BioPharma, Inc. reports net income of $-81.0M, free cash flow of $-75.2M. Top institutional holders of ZBIO by reported 13-F value include FMR, SR ONE CAPITAL MANAGEMENT,, NEA Management Company,, based on the most recent SEC filings. ZBIO trades on the Nasdaq exchange and files with the SEC under CIK 1953926. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ZBIO daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Zenas BioPharma, Inc. directly from SEC EDGAR. Zenas BioPharma, Inc.'s 13F Pro composite quality score has ranged between 9 and 28 since 2025, currently 14.4 — a declining long-term trajectory across 11 quarterly and live scoring snapshots.

Net Income

Q1 2026

$-81.0M

Free Cash Flow

Q1 2026

$-75.2M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+100.0% YoY

$10.0MFY 2025

FY23 $50.0MFY24 $5.0MFY25 $10.0M

Net Income

-140.6% YoY

$-377.7MFY 2025

FY23 $-37.1MFY24 $-157.0MFY25 $-377.7M

Operating Income

-133.7% YoY

$-383.1MFY 2025

FY23 $-37.1MFY24 $-163.9MFY25 $-383.1M

EPS (Diluted)

+29.0% YoY

$-8.44FY 2025

FY23 $-24.25FY24 $-11.89FY25 $-8.44

Total Assets

+3.7% YoY

$383.6MFY 2025

FY23 $68.2MFY24 $370.0MFY25 $383.6M

Total Debt

$78.6MFY 2025

FY23 —FY24 —FY25 $78.6M

Op. Cash Flow

-44.0% YoY

$-172.3MFY 2025

FY23 $-30.5MFY24 $-119.7MFY25 $-172.3M

Metric	FY 2025	FY 2024	FY 2023
Revenue	$10.0M +100.0%	$5.0M -90.0%	$50.0M
Net Income	$-377.7M -140.6%	$-157.0M -322.9%	$-37.1M
Operating Income	$-383.1M -133.7%	$-163.9M -341.2%	$-37.1M
EPS (Diluted)	$-8.44 +29.0%	$-11.89 +51.0%	$-24.25
Total Assets	$383.6M +3.7%	$370.0M +442.6%	$68.2M
Total Debt	$78.6M	—	—
Operating Cash Flow	$-172.3M -44.0%	$-119.7M -292.0%	$-30.5M

AI Insight: ZBIO Financial Trends

Zenas burned through $404M in net losses over four quarters while revenue collapsed to near-zero, forcing equity dilution and debt issuance.

• Revenue fell from $10M in Q1 2025 to $0M in Q2–Q3 2025, rebounding slightly to $10M in Q1 2026.

• Net losses averaged $55M quarterly Q1–Q3 2025, spiking to $240M in Q4 2025 and $81M in Q1 2026.

• Operating cash outflow remained persistent at $37M–$75M per quarter; cumulative burn reached $286M over seven quarters.

• Equity halved from $359M (Q3 2024) to $196M (Q3 2025), then rebounded to $336M (Q1 2026) via capital raise; debt rose from $0M to $79M.

⚠ Q4 2025 net loss of $240M suggests one-time charge or write-down; clarify nature to assess runway impact.

⚠ Equity dilution and new debt financing indicate accelerated cash depletion; monitor quarterly burn rate and cash reserve adequacy.

⚠ Revenue of $10M in Q1 2026 is only observation post-rebound; too early to confirm pipeline recovery trend.

AI Insight: ZBIO Ratio Trends

ZBIO remains deeply unprofitable with negative returns across all profitability metrics; ROA improved to -43.3% in Q1 2026 but ROIC deteriorated to -92.1%, signaling worsening capital efficiency.

• ROA improved from -71.3% in Q2 2025 to -43.3% in Q1 2026, the best reading in the series.

• ROIC collapsed to -92.1% in Q1 2026, matching Q2 2025's worst level; no sustainable profitability yet.

• D/E ratio remains modest at 0.32–0.37 across recent quarters, preserving balance sheet flexibility.

⚠ ROE swung from -104.9% in Q3 2025 to -96.5% in Q1 2026; volatility reflects small or negative equity base.

⚠ All return metrics remain deeply negative; no clear inflection toward profitability or positive returns visible.

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Available Research

13F Pro tracks comprehensive data for Zenas BioPharma, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of ZBIO

FMR LLC
$177.6M9,082,000 sh
SR ONE CAPITAL MANAGEMENT, LP
$98.5M5,037,854 sh
NEA Management Company, LLC
$78.7M4,023,219 sh
Enavate Sciences GP, LLC
$76.6M3,919,159 sh
FEDERATED HERMES, INC.
$61.1M3,127,031 sh
Polar Capital Holdings Plc
$49.8M2,548,444 sh
Capital International Investors
$47.6M2,434,000 sh
Fairmount Funds Management LLC
$46.1M2,359,025 sh
BlackRock, Inc.
$39.8M2,037,548 sh
NVP Associates, LLC
$35.9M1,838,482 sh

Fund	Value	Shares
FMR LLC	$177.6M	9,082,000
SR ONE CAPITAL MANAGEMENT, LP	$98.5M	5,037,854
NEA Management Company, LLC	$78.7M	4,023,219
Enavate Sciences GP, LLC	$76.6M	3,919,159
FEDERATED HERMES, INC.	$61.1M	3,127,031
Polar Capital Holdings Plc	$49.8M	2,548,444
Capital International Investors	$47.6M	2,434,000
Fairmount Funds Management LLC	$46.1M	2,359,025
BlackRock, Inc.	$39.8M	2,037,548
NVP Associates, LLC	$35.9M	1,838,482

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Is ZBIO a good stock to buy?

13F Pro's AI-powered analysis of Zenas BioPharma, Inc. (ZBIO) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ZBIO are available on the ZBIO stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own ZBIO?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ZBIO. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Zenas BioPharma, Inc.'s investment landscape.