Zenas BioPharma (NASDAQ: ZBIO) is a clinical-stage biopharmaceutical company developing immunology drug candidates with no approved products as of the 10-K filed March 16, 2026. Revenue comes from upfront license fees and collaboration agreements tied to its pipeline, not from product sales. For FY2025, the company reported $10.0 million in license and collaboration revenue, up from $5.0 million in FY2024, entirely from licensing transactions. The FY2025 figure reflects a $10.0 million upfront payment received from Zai Lab under a January 2025 sublicense agreement granting Zai exclusive rights to develop and commercialize ZB001 in greater China. The company burned $172.3 million in operating cash in FY2025 versus $119.7 million in FY2024. Lead asset obexelimab has received FDA orphan drug designation for IgG4-RD. Zenas has also out-licensed ZB005 to Tenacia, receiving a $5.0 million upfront fee plus up to $86.0 million in potential milestones. In September 2025, Royalty Pharma purchased a royalty interest on obexelimab net sales worldwide.

Revenue model

License and collaboration revenue from upfront fees, development milestones, and royalties tied to partnered pipeline assets. No product revenue as of FY2025. Royalty Pharma purchased a 5.5% royalty on obexelimab net sales in September 2025. Zai Lab sublicense carries up to $96.0 million in milestones plus low-to-mid single-digit royalties. Tenacia novation carries up to $86.0 million in milestones.

Products and services

Obexelimab: lead clinical-stage antibody candidate targeting IgG4-related disease (IgG4-RD), granted FDA orphan drug designation. ZB001: sublicensed to Zai Lab for development and commercialization in greater China. ZB005: rights transferred to Tenacia via October 2024 Novation Agreement.

Customers and end markets

Licensing partners and sublicensees serve as the primary revenue counterparties, including Zai Lab (greater China rights to ZB001) and Tenacia (ZB005 rights). End clinical market is autoimmune and inflammatory disease, specifically IgG4-RD. No commercial product customers as of the filing date.

Value-chain role

Drug developer without internal manufacturing or commercial infrastructure. Relies on contract research organizations (CROs) and contract manufacturing organizations (CMOs) for clinical supply. Commercialization outside the U.S. and Europe is handled via regional licensing partners.

Geographic exposure

Primary development operations in the U.S. Greater China rights for ZB001 licensed to Zai Lab. Royalty Pharma royalty covers obexelimab net sales worldwide including U.S. and U.K. per the September 2025 agreement.

Source: SEC 10-K, filed 2026-03-16

Industry: Pharmaceutical Preparations