Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of financial data for reportable segments

The following table presents certain financial data for the Company’s reportable segments for the years ended December 31, 2025 and 2024 (in thousands):


		December 31,
		2025		2024
Revenue	$	10,000	$	5,000
Less:
Direct research and development expenses:¹
Obexelimab		104,605		94,563
Orelabrutinib		7,208		—
Other programs (ZB002, ZB004, ZB021 & ZB022)		3,677		2,115
Partnered regional programs (ZB001 & ZB005)		159		6,737
Unallocated research and development²		43,576		31,658
General and administrative³		35,813		22,995
Acquired in-process research and development⁴		171,672		—
Stock-based compensation		26,347		10,821
Other segment items⁵		(5,320)		(6,901)
Segment net loss	$	(377,737)	$	(156,988)

¹Direct research and development expenses primarily consist of direct costs incurred to specific program research and development activities, including costs to conduct clinical trials and to manufacture clinical drug supply.

²Unallocated research and development expenses primarily consist of indirect costs incurred in support of overall research and development activities and non-specific programs, including activities that benefit multiple programs, such as personnel costs for employees involved in research and development activities, excluding stock-based compensation, as well as contract services not allocated to specific programs.

³General and administrative expenses primarily consist of professional fees, depreciation expense, facilities expenses as well as all other personnel costs, excluding stock-based compensation

⁴Acquired in-process research and development expenses consist of an upfront payment and the respective fair values of equity consideration pursuant to the InnoCare License Agreement, for additional information see Note 8, License Agreements, to these consolidated financial statements

⁵Other segment items consist of other income (expense), net and income tax provision (benefit). Other income (expense), net consists of interest income, interest expense related to the royalty obligation and realized and unrealized gains and losses on foreign currency transactions.

Zenas BioPharma, Inc. 10-K