Zenas BioPharma, Inc.

ZBIO

HealthcareBiotechnologyNASDAQ

$19.93

Market Cap: $889.73M

Zenas BioPharma, Inc. (ZBIO) Valuation Summary

Updated Apr 14, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.27 – $102.94	$31.08	+45.6%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$3.76 – $6.25	$4.17	-80.4%

Valuation History

DCF Analysis

Zenas BioPharma, Inc. (ZBIO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$31.08

Market Price

$19.93

Upside / Downside

+55.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -2113.8% to a target of 13.3% over 5 years, discounted at a WACC of 8.4%, Zenas BioPharma, Inc. (ZBIO) has an intrinsic value of $31.08 per share (range: $0.27 – $102.94).

Key Assumptions

Current Operating Margin

-2113.8%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

-5.3%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	9	-6.2%	-1688.4%	-158	-158	-0	(0)	-6	-153	-147
2027	63	568.2%	-1263.0%	-792	-792	-3	(2)	-75	-722	-639
2028	156	148.5%	-837.5%	-1,305	-1,305	-8	(6)	-132	-1,188	-971
2029	309	98.0%	-412.1%	-1,271	-1,271	-16	(15)	-216	-1,087	-820
2030	510	65.3%	13.3%	68	54	-27	(31)	-285	281	196

Enterprise Value Bridge

Sum of PV(FCFF)-2,381

Terminal Value (Gordon Growth at 3.0%)5,375

PV of Terminal Value3,741

Enterprise Value1,359

(–) Net Debt-31

Equity Value1,390

(÷) Shares Outstanding45

Fair Value per Share$31.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$76	$83	$90	$96	$103
7.4%	$43	$48	$53	$58	$63
8.4%	$23	$27	$31	$35	$39
9.4%	$10	$13	$16	$20	$23
10.4%	$0	$3	$6	$9	$11

Current price: $19.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -141.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.17

Market Price

$19.93

Upside / Downside

-79.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Zenas BioPharma, Inc. (ZBIO) has a fair value of $4.17 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zenas BioPharma, Inc.ZBIO	891	86.1x	91.7x
Relay Therapeutics, Inc.RLAY	2,636	168.3x	—
Syndax Pharmaceuticals, Inc.SNDX	2,155	13.7x	6.6x
Intellia Therapeutics, Inc.NTLA	1,746	24.9x	28.7x
Amylyx Pharmaceuticals, Inc.AMLX	1,406	15.2x	—
Wave Life Sciences Ltd.WVE	1,391	18.9x	23.6x
Novavax, Inc.NVAX	1,367	1.2x	3.5x
Industry Median		17.1x	15.1x
(*) Revenue		10	9
= Enterprise Value		171	141
(-) Net Debt		-31	-31
Equity Value		201	172
(/) Outstanding shares		45	45
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.17

-79.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.27 – $102.94

$31.08

+45.6%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$3.76 – $6.25

$4.17

-80.4%

DCF Analysis

Zenas BioPharma, Inc. (ZBIO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$31.08

Market Price

$19.93

Upside / Downside

+55.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-2113.8%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

-5.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	9	-6.2%	-1688.4%	-158	-158	-0	(0)	-6	-153	-147
2027	63	568.2%	-1263.0%	-792	-792	-3	(2)	-75	-722	-639
2028	156	148.5%	-837.5%	-1,305	-1,305	-8	(6)	-132	-1,188	-971
2029	309	98.0%	-412.1%	-1,271	-1,271	-16	(15)	-216	-1,087	-820
2030	510	65.3%	13.3%	68	54	-27	(31)	-285	281	196

Enterprise Value Bridge

Sum of PV(FCFF)-2,381

Terminal Value (Gordon Growth at 3.0%)5,375

PV of Terminal Value3,741

Enterprise Value1,359

(–) Net Debt-31

Equity Value1,390

(÷) Shares Outstanding45

Fair Value per Share$31.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$76	$83	$90	$96	$103
7.4%	$43	$48	$53	$58	$63
8.4%	$23	$27	$31	$35	$39
9.4%	$10	$13	$16	$20	$23
10.4%	$0	$3	$6	$9	$11

Current price: $19.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$4.17

Market Price

$19.93

Upside / Downside

-79.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Zenas BioPharma, Inc. (ZBIO) has a fair value of $4.17 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zenas BioPharma, Inc.ZBIO	891	86.1x	91.7x
Relay Therapeutics, Inc.RLAY	2,636	168.3x	—
Syndax Pharmaceuticals, Inc.SNDX	2,155	13.7x	6.6x
Intellia Therapeutics, Inc.NTLA	1,746	24.9x	28.7x
Amylyx Pharmaceuticals, Inc.AMLX	1,406	15.2x	—
Wave Life Sciences Ltd.WVE	1,391	18.9x	23.6x
Novavax, Inc.NVAX	1,367	1.2x	3.5x
Industry Median		17.1x	15.1x
(*) Revenue		10	9
= Enterprise Value		171	141
(-) Net Debt		-31	-31
Equity Value		201	172
(/) Outstanding shares		45	45
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.17

-79.1%