Diligence memo · auto-generated · as of July 3, 2026
Zenas BioPharma, Inc.
Zenas BioPharma, Inc. looks fair against its niche peers and is quiet on financing cadence.
Businessfiled
Zenas BioPharma, Inc. operates in Biotechnology, based in WALTHAM.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Zenas BioPharma, Inc. has raised $384M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $200M on 2024-05-03.
Most recent recorded round closed around 2024-05-03.
Valuation (modeled)modeled
Provath models Zenas BioPharma, Inc. at approximately $2.3B (range $907M–$3.3B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.15× the median modeled value of Series D+ Biotechnology companies in 2022–2024 (75 peers) — value vs value, same stage and era. Within the normal band (115% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 18 months.
Last raise 2.2 yr ago; this sector typically re-raises about every 14 months.
Slightly overdue versus sector cadence.
The last round stepped up 1.1× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 99% of Biotechnology peers (4293 compared).
Modeled value ranks above 95% of those peers.
Closest niche peers: Areteia Therapeutics, Inc., GIO World Health Ltd, Crinetics Pharmaceuticals, Inc., 2seventy bio, Inc., Gio World Health (Europe) Sa.
Peoplefiled
14 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.