Zhengye Biotechnology Holding
ZYBTNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.54 Prior regular-session close from the quote source.
- $1.50–$1.55 Regular-session low and high so far today.
- 22.5K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.62–$8.01 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ZYBT if ZYBT is a speculative turnaround whose value depends on proving FY2025 was a fixable demand, mix, or execution shock, not evidence that its pharmaceutical products lack durable customer pull.
ZYBT price history
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Investment thesis
What must happen next
ZYBT’s products must prove they are tied to recurring customer need rather than one-off channel fill or fragile distributor demand; otherwise the company has no durable revenue engine.WeakeningMateriality: High
FY2025 GAAP annual revenue was $16.639 million, showing ZYBT still had commercial sales despite the downturn. If repeat demand returns, the business has a base to rebuild from; if customers have moved on, scale and valuation support disappear.
Watch: Key distributors or end customers shift purchasing to lower-priced substitute pharmaceutical products from larger domestic manufacturers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual revenue was $16.639 million, showing ZYBT still had commercial sales despite the downturn.
Open source ↗ZYBT must recover product mix, manufacturing efficiency, or pricing power so its products are not commoditized into low-margin volume.WeakeningMateriality: High
FY2024 GAAP annual gross profit was $12.508 million on $25.531 million of revenue, implying the business has previously produced much stronger gross economics. Revenue is not valuable if it must be won through discounts or structurally weak gross margins.
Watch: Competitors launch equivalent or substitutable products that force ZYBT to discount to retain volume.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 GAAP annual gross profit was $12.508 million on $25.531 million of revenue, implying the business has previously produced much.
Open source ↗The operating cost base must be rightsized so regulatory, technical, and selling investments create operating leverage instead of overwhelming the revenue base.WeakeningMateriality: Medium
FY2024 GAAP annual operating income was positive at $2.252 million, showing the model has previously covered operating expenses at a larger revenue and gross-profit base. If costs cannot flex with revenue, shareholders own a capital-consuming manufacturer rather than a scalable regulated-products business.
Watch: Management keeps fixed manufacturing, R&D, regulatory, or sales infrastructure sized for the prior revenue base despite weaker demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 GAAP annual operating income was positive at $2.252 million, showing the model has previously covered operating expenses at a.
Open source ↗Working-capital discipline and customer collections must keep funding the turnaround long enough for demand and margins to recover, rather than masking operating weakness with temporary cash releases.HoldingMateriality: Medium
FY2025 GAAP annual operating cash flow was positive at $1.911 million despite a GAAP net loss of $9.982 million. Positive cash conversion buys time; if it reverses, ZYBT may need outside capital before the business repair is proven.
Watch: Customers stretch payment terms or distributors require consignment-like arrangements, causing receivables to build.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating cash flow was positive at $1.911 million despite a GAAP net loss of $9.982 million.
Open source ↗The balance sheet must remain a source of strategic runway for product and margin repair, not a cash reserve consumed by losses or replaced through dilutive financing.HoldingMateriality: Medium
Cash, cash equivalents, restricted cash and restricted cash equivalents were $7.197 million at FY2025 year-end, up from $2.661 million at FY2024 year-end. A turnaround can work if the company has time; it becomes much less attractive if shareholders fund the repair at distressed prices.
Watch: The FY2025 operating loss persists and begins to consume cash faster than operating cash flow can replenish it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash, cash equivalents, restricted cash and restricted cash equivalents were $7.197 million at FY2025 year-end, up from $2.661 million at.
Open source ↗
Full investment case & evidence
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Original research
ZYBT’s products must prove they are tied to recurring customer need rather than one-off channel fill or fragile distributor demand; otherwise the company has no durable revenue engine. If repeat demand returns, the business has a base to rebuild from; if customers have moved on, scale and valuation support disappear.
ZYBT must recover product mix, manufacturing efficiency, or pricing power so its products are not commoditized into low-margin volume. Revenue is not valuable if it must be won through discounts or structurally weak gross margins.
The operating cost base must be rightsized so regulatory, technical, and selling investments create operating leverage instead of overwhelming the revenue base. If costs cannot flex with revenue, shareholders own a capital-consuming manufacturer rather than a scalable regulated-products business.
Working-capital discipline and customer collections must keep funding the turnaround long enough for demand and margins to recover, rather than masking operating weakness with temporary cash releases. Positive cash conversion buys time; if it reverses, ZYBT may need outside capital before the business repair is proven.
The balance sheet must remain a source of strategic runway for product and margin repair, not a cash reserve consumed by losses or replaced through dilutive financing. A turnaround can work if the company has time; it becomes much less attractive if shareholders fund the repair at distressed prices.
All standing thesis claims
Original report summary
ZYBT is a speculative turnaround whose value depends on proving FY2025 was a fixable demand, mix, or execution shock, not evidence that its pharmaceutical products lack durable customer pull.
Bull case and bear case
Bull case and bear case for Zhengye Biotechnology Holding
Where the evidence on Zhengye Biotechnology Holding disagrees: Mixed on the latest evidence (Nov 10, 2026). Of its 5 thesis points, 2 holding and 3 weakening.
Bull case: what the evidence supports
Working-capital discipline and customer collections must keep funding the turnaround long enough for demand and margins to recover, rather than masking operating weakness with temporary cash releases.
The balance sheet must remain a source of strategic runway for product and margin repair, not a cash reserve consumed by losses or replaced through dilutive financing.
Bear case: what the evidence questions
ZYBT’s products must prove they are tied to recurring customer need rather than one-off channel fill or fragile distributor demand; otherwise the company has no durable revenue engine.
ZYBT must recover product mix, manufacturing efficiency, or pricing power so its products are not commoditized into low-margin volume.
The operating cost base must be rightsized so regulatory, technical, and selling investments create operating leverage instead of overwhelming the revenue base.
Thesis-Break Engine
Thesis-break watch · Zhengye Biotechnology Holding
No break has crossed Zhengye Biotechnology Holding’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Zhengye Biotechnology Holding filed an SEC report on 2026-08-06: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Zhengye Biotechnology Holding filed an SEC report on 2026-07-21: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Zhengye Biotechnology Holding filed an SEC report on 2026-06-04: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Key distributors or end customers shift purchasing to lower-priced substitute pharmaceutical products from larger domestic manufacturers.
- Competitors launch equivalent or substitutable products that force ZYBT to discount to retain volume.
- Management keeps fixed manufacturing, R&D, regulatory, or sales infrastructure sized for the prior revenue base despite weaker demand.
- Customers stretch payment terms or distributors require consignment-like arrangements, causing receivables to build.
- The FY2025 operating loss persists and begins to consume cash faster than operating cash flow can replenish it.
ZYBT news
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Financial statements
ZYBT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ZYBT: quick answers
- What is ZYBT's short interest?
- As of October 30, 2026, 31,167 ZYBT shares were sold short, down 53.9% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. ZYBT short interest history