# Zenas BioPharma, Inc. (ZBIO) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Zenas BioPharma, Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/ZBIO/mda/fy2025/): filed 2026-03-16; accession 0001104659-26-027964 (https://www.sec.gov/Archives/edgar/data/1953926/000110465926027964/zbio-20251231x10k.htm); latest 10-K
- [FY 2024 MD&A](/company/ZBIO/mda/fy2024/): filed 2025-03-11; accession 0001558370-25-002631 (https://www.sec.gov/Archives/edgar/data/1953926/000155837025002631/zbio-20241231x10k.htm)

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