Zenas BioPharma, Inc. — Earnings Quality Grade F
ZBIO · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue grew 100.0% but CFFO declined -44.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth 26631.3% is >2x revenue growth 100.0%
Insufficient data
Insufficient data
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = -53.5%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -28.9x (<2x). Financial stress
Other assets 0.5% vs revenue 100.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25