Zenas BioPharma, Inc. (ZBIO)·Q2 2025 Earnings Summary

Executive Summary

• Zenas reported Q2 2025 net loss of $52.2M and EPS of $-1.25, driven by higher R&D and G&A; revenue was $0 as no collaboration revenue was recognized in the quarter .
• Versus Wall Street consensus, EPS missed by $0.23 (actual $-1.25 vs. mean estimate $-1.03*) and revenue missed (actual $0 vs. $1.25M*) as licensing revenue did not recur from Q1 2025 .
• Cash, cash equivalents and investments were $274.9M, with runway guided “into the fourth quarter of 2026,” maintained from Q1 guidance despite increased operating spend .
• Clinical execution advanced: MoonStone (RMS) enrollment completed with 12-week data expected early Q4 2025; INDIGO (IgG4-RD) topline expected around year-end 2025; SunStone (SLE) enrollment completion by YE25 with topline mid-2026—key upcoming catalysts .

What Went Well and What Went Wrong

What Went Well

• Completed enrollment for the Phase 2 MoonStone RMS trial; 12-week primary endpoint data expected early Q4 2025, reinforcing near-term clinical catalysts .
• Maintained cash runway guidance “into the fourth quarter of 2026” despite higher OpEx, evidencing disciplined balance sheet management .
• Management reiterated confidence in obexelimab’s differentiated non-depleting B-cell mechanism and commercialization experience: “we are well positioned to execute on the significant opportunity ahead” .

What Went Wrong

• EPS missed consensus (actual $-1.25 vs. estimate $-1.03*), primarily due to higher R&D (+$9.2M YoY) and sharply higher G&A (+$6.2M YoY) tied to clinical progress, pre-commercialization, and public company costs .
• Revenue missed (actual $0 vs. $1.25M*) as license/collaboration revenue recognized in Q1 did not repeat in Q2, revealing sensitivity to non-recurring BD inflows .
• YoY OpEx inflation: total operating expenses rose to $55.2M from $39.7M, widening loss from operations to $-55.2M from $-39.7M .

Financial Results

Segment breakdown: Not applicable (no commercial product revenue) .

KPIs and Balance Sheet

Consensus vs. Actual (Q2 2025)

Values with asterisk (*) retrieved from S&P Global.

Guidance Changes

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in the document set; themes below reflect press releases and corporate materials.

Management Commentary

• CEO perspective: “We are very pleased with the rapid advancement of our broad obexelimab development program… Given the differentiated profile of obexelimab… we are well positioned to execute on the significant opportunity ahead” .
• Strategic framing (Q1): “We are pleased with the continued momentum… we are well positioned to execute… as a differentiated B cell inhibitor” .
• Cash runway emphasis: Runway into Q4:26 reiterated alongside near-term clinical catalysts .

Q&A Highlights

• No Q2 2025 earnings call transcript was available; no Q&A details could be extracted. This recap relies on the 8-K earnings press release and corporate presentation materials .

Estimates Context

• EPS missed consensus: actual $-1.25 vs. mean estimate $-1.03*, reflecting higher R&D and G&A as trials scale and pre-commercialization activities expand .
• Revenue missed: actual $0 vs. $1.25M*, driven by absence of licensing/collaboration revenue in Q2 versus Q1’s one-time $10.0M recognition .
• Coverage depth: 4 estimates for EPS and revenue*, indicating limited but present Street coverage typical for clinical-stage biopharma.
  Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

• Upcoming catalysts are central: INDIGO (IgG4-RD) topline around YE25 and MoonStone (RMS) 12-week data early Q4 2025 are likely stock-moving events; SunStone (SLE) topline mid-2026 extends the catalyst stack .
• Balance sheet supports execution: $274.9M cash at Q2 with runway into Q4:26; expect continued OpEx elevation as programs progress .
• Near-term trading implication: Expect sensitivity to clinical readouts and any interim regulatory or BD updates; absent recurring revenue, quarter-to-quarter prints hinge on OpEx and other income .
• Medium-term thesis: Obexelimab’s non-depleting B-cell inhibition and weekly SC dosing could position it favorably vs. depletors if Phase 3/2 data validate efficacy and safety; commercial opportunity particularly acute in IgG4-RD .
• Risk monitoring: Manufacturing concentration at WuXi Biologics and geopolitical exposure remain explicit in risk disclosures; keep watch on mitigation plans and redundancy .
• Estimates likely to adjust: Street models may lower near-term revenue assumptions (licensing timing) and raise OpEx trajectories until commercialization visibility improves .
• No non-GAAP reporting: Company provided GAAP results only; focus on net loss and cash runway over margin metrics typical for commercial-stage peers .