ZBIO Stock Forecast & Price Target

Zenas BioPharma Inc is positioned to capture a significant share of the estimated $3 billion market opportunity in IgG4-RD, underscored by its promising clinical candidate obexelimab, which offers differentiated B cell targeting. The company is well-capitalized with approximately $350 million on its balance sheet, enabling it to support its upcoming clinical endeavors and potential market entries. Anticipation builds as multiple catalyst events are scheduled over the next 18 months, including the projected Phase II top-line results for systemic lupus erythematosus (SLE) in the first half of 2026, which could further enhance investor interest.

Zenas BioPharma Inc. reported a substantial net loss of $52.6 million for the fourth quarter of 2024, contributing to a full-year loss of $157 million, signaling significant financial instability. The company's current enterprise value of approximately $15 million suggests that the stock is severely undervalued; however, this valuation may not accurately reflect the inherent risks, including potential failure in pivotal clinical trials and the need for additional capital to sustain operations. With the necessity to secure further financing until the company achieves cash flow positivity and the presence of emerging competitors, the outlook for Zenas BioPharma's stock remains uncertain and fraught with challenges.