$ZBIO
Zenas BioPharma, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024015162 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.454M $4.361M
YoY Change 48.37% 35.27%
% of Gross Profit
Research & Development $33.53M $20.42M
YoY Change 258.49% 29.51%
% of Gross Profit
Depreciation & Amortization $36.00K $30.00K
YoY Change 38.46% 20.0%
% of Gross Profit
Operating Expenses $40.98M $24.78M
YoY Change 185.07% 30.49%
Operating Profit -$40.98M
YoY Change -215.05%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.378M $493.0K
YoY Change -14962.5% -9960.0%
Pretax Income -$38.61M -$24.29M
YoY Change -208.42% 27.86%
Income Tax $301.0K
% Of Pretax Income
Net Earnings -$38.61M -$24.59M
YoY Change -208.42% 29.45%
Net Earnings / Revenue
Basic Earnings Per Share -$5.02
Diluted Earnings Per Share -$5.02 -$0.62
COMMON SHARES
Basic Shares Outstanding 41.79M 7.698M
Diluted Shares Outstanding 7.698M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $386.8M $56.86M
YoY Change 434.91%
Cash & Equivalents $360.0M $56.86M
Short-Term Investments $26.76M
Other Short-Term Assets $6.979M $2.947M
YoY Change 59.89%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $393.8M $59.80M
YoY Change 413.56%
LONG-TERM ASSETS
Property, Plant & Equipment $146.0K $1.014M
YoY Change -87.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.020M $7.362M
YoY Change 51.11%
Total Long-Term Assets $9.654M $8.376M
YoY Change 35.67%
TOTAL ASSETS
Total Short-Term Assets $393.8M $59.80M
Total Long-Term Assets $9.654M $8.376M
Total Assets $403.4M $68.18M
YoY Change 381.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.08M $5.396M
YoY Change 562.65%
Accrued Expenses $28.53M $17.76M
YoY Change 117.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.00M $23.26M
YoY Change 182.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $20.30M
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $257.0K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $20.56M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.00M $23.26M
Total Long-Term Liabilities $0.00 $20.56M
Total Liabilities $44.00M $43.82M
YoY Change 22.42%
SHAREHOLDERS EQUITY
Retained Earnings -$334.8M -$230.4M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $359.4M $24.37M
YoY Change
Total Liabilities & Shareholders Equity $403.4M $68.18M
YoY Change 381.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$38.61M -$24.59M
YoY Change -208.42% 29.45%
Depreciation, Depletion And Amortization $36.00K $30.00K
YoY Change 38.46% 20.0%
Cash From Operating Activities -$31.06M -$15.40M
YoY Change -197.53% -10.08%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $17.00K
YoY Change -98.42%
Acquisitions
YoY Change
Other Investing Activities -$26.76M
YoY Change
Cash From Investing Activities -$26.76M -$17.00K
YoY Change -98.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00K
YoY Change -99.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 234.0M 50.00K
YoY Change 1069.9% -99.92%
NET CHANGE
Cash From Operating Activities -31.06M -15.40M
Cash From Investing Activities -26.76M -17.00K
Cash From Financing Activities 234.0M 50.00K
Net Change In Cash 176.2M -15.37M
YoY Change 239.78% -137.31%
FREE CASH FLOW
Cash From Operating Activities -$31.06M -$15.40M
Capital Expenditures $0.00 $17.00K
Free Cash Flow -$31.06M -$15.42M
YoY Change -197.53% -15.3%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Organization</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Zenas BioPharma, Inc. (“Zenas” or the “Company”) was incorporated in November 2019 as Zenas BioPharma (Cayman) Limited, an exempted company incorporated in the Cayman Islands with limited liability, and commenced operations in 2020. On August 2, 2023, the Company (then known as Zenas BioPharma (Cayman) Limited (“Zenas Cayman”)) de-registered from the Cayman Islands and registered by way of continuation in the State of Delaware (the “Redomicile”). Zenas is 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. The Company’s goal is to build an immunology and inflammation (“I&amp;I”) focused biopharmaceutical company. The Company has in-licensed and is developing several product candidates for the treatment of various auto-immune and rare diseases. The Company is headquartered in Waltham, Massachusetts and operates in one segment, which is the business of acquiring and developing immune-based therapies for potential commercialization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s condensed consolidated financial statements include the accounts of its wholly owned subsidiaries which include Zenas BioPharma (HK) Limited (“Zenas HK”), Zenas BioPharma (USA) LLC (“Zenas US”), Shanghai Zenas Biotechnology Co. Limited (“Zenas China”), Zenas BioPharma Securities Corp., and Zenas BioPharma GmbH. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Liquidity and Capital Resources</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, completing preclinical studies and clinical trials, obtaining regulatory approval for product candidates, market acceptance of products, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, reliance on third-party organizations, protection of proprietary technology, compliance with government regulations, and the ability to raise additional capital to fund operations. The Company’s revenues to date have been generated from payments received under the Company’s license agreement with Bristol-Myers Squibb Company (“BMS”) (see Note 8). The Company has not generated any revenue from product sales since inception, and its product candidates currently under development will require significant additional research and development efforts, including extensive clinical testing and regulatory approval prior to commercialization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On September 16, 2024, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 15,220,588 shares of its common stock, including 1,985,294 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, for aggregate gross proceeds of $258.7 million. The Company received approximately $234.4 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. In connection with the IPO, all outstanding shares of convertible preferred stock converted into 24,978,715 shares of the Company’s common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In connection with, and prior to, the Company’s IPO, the Company effected a 1-for-8.6831 reverse stock split of the Company’s issued and outstanding common stock and adjusted the conversion ratio of all the Company’s outstanding convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split and the adjustment of the preferred stock conversion ratios.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has incurred operating losses and negative cash flows since its inception, including net losses of $104.4 million and $12.5 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had an accumulated deficit of $334.8 million and $230.4 million, respectively. Management expects operating losses and negative operating cash flows to continue for the foreseeable future.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company expects that its existing cash, cash equivalents and investments of $386.8 million as of September 30, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date these condensed consolidated financial statements were available to be issued. The Company will need additional financing to support its continuing operations and to pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of private or public equity financings, debt financings or other capital sources, including collaborations with other companies or other strategic transactions and licensing agreements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Basis of Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.</p>
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