Zentalis Pharmaceuticals, Inc. (ZNTL): Business Model Canvas [Dec-2025 Updated]

You're digging into Zentalis Pharmaceuticals, Inc. (ZNTL) right now, and honestly, their business model is as concentrated as it gets: it's a laser-focused, high-stakes bet on azenosertib, their oral WEE1 inhibitor, hoping to nail an accelerated approval pathway. This strategy is backed by a $280.7 million cash position as of Q3 2025, which needs to fund the registration-intent Phase 2 DENALI trial, aiming to capitalize on that initial 34.9% response rate they saw in Cyclin E1-positive patients. To see the full picture-from their key partnerships with Pfizer to the R&D costs hitting $23.0 million last quarter-check out the nine building blocks we've broken down below; it shows you exactly where the near-term risk and potential payoff lie.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Key Partnerships

You're looking at the network Zentalis Pharmaceuticals, Inc. uses to push its pipeline forward. These relationships are critical for funding development and executing complex trials.

Clinical Trial Execution and Investigator Network

Zentalis Pharmaceuticals, Inc. relies on a network of clinical trial sites and investigators to execute its key studies, like the DENALI trial for azenosertib in platinum-resistant ovarian cancer (PROC).

• The DENALI Phase 2 trial (NCT05128825) is a multicenter study.
• DENALI Part 2a is enrolling up to approximately 30 patients at each of two dose levels: 400mg QD 5:2 and 300mg QD 5:2.
• DENALI Part 2b is designed to enroll approximately 70 patients at a single dose.
• Enrollment in DENALI Part 2a is ongoing as of November 10, 2025.
• The TETON Phase 2 trial in uterine serous carcinoma (USC) completed enrollment.

Here's a quick look at the scale of the DENALI Part 2 enrollment targets:

Strategic Collaboration with Pfizer Inc.

The partnership with Pfizer Inc. centers on combining azenosertib with standard of care treatments for specific cancer types. This collaboration was initiated in May 2018 for ZN-c5 and later expanded for azenosertib.

• Pfizer is collaborating on a Phase 1/2 dose escalation study (ZN-c3-016) of azenosertib with encorafenib and cetuximab (the BEACON regimen) for BRAF V600E-mutated metastatic colorectal cancer (mCRC).
• Pfizer made a $25 million equity investment in Zentalis Pharmaceuticals as part of this strategic collaboration.
• The dose-finding phase of the ZN-c3-016 study is fully enrolled with n=44 subjects.
• Of those 44 subjects, 34 were BRAF-inhibitor naïve and 10 had previously been treated with a BRAF-inhibitor.

Asset Divestiture and Financial Partnership with Immunome, Inc.

Zentalis Pharmaceuticals, Inc. monetized its ROR1 ADC platform and related assets through a deal with Immunome, Inc., which closed in October 2024.

• The agreement involved an exclusive, worldwide license for ZPC-21 (a preclinical ROR1 ADC) and Zentalis' proprietary ADC platform technology.
• Zentalis is eligible to receive up to $275 million in development, regulatory, and sales milestones, plus mid-to-high single-digit royalties.

The upfront consideration recognized by Zentalis Pharmaceuticals, Inc. for the Immunome License Agreement was structured as follows:

Reliance on Contract Research Organizations (CROs)

The company depends on external vendors to manage the operational aspects of its global clinical trials.

• Zentalis Pharmaceuticals, Inc. relies on independent clinical investigators and CROs to conduct certain aspects of its preclinical studies and clinical trials.
• Failure by CROs to meet contractual duties or regulatory requirements can significantly delay development programs and increase costs.

Academic Research Collaborations

Zentalis Pharmaceuticals, Inc. engages with leading medical centers for research support, such as investigator-initiated studies.

• Memorial Sloan Kettering Cancer Center is listed among entities with which Zentalis Pharmaceuticals has external professional relationships.
• Zentalis supports an investigator-initiated study to explore potential biomarker enrichment strategy in Uterine Serous Carcinoma (USC).

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Key Activities

You're managing a clinical-stage biotech, so your key activities revolve entirely around de-risking the lead asset through data generation and regulatory navigation. For Zentalis Pharmaceuticals, Inc., this means driving the azenosertib program forward with extreme focus.

Executing the registration-intent Phase 2 DENALI trial for azenosertib

The core activity is the disciplined execution of the DENALI clinical trial, which is studying azenosertib in patients with Cyclin E1-positive platinum-resistant ovarian cancer (PROC). The company is deep into Part 2 of this Phase 2 trial, which is designed to support a potential accelerated approval. Enrollment in DENALI Part 2a began in April 2025.

Part 2a is currently confirming the dose-of-interest, targeting approximately 30 patients at each of the two dose levels: 400mg QD 5:2 and 300mg QD 5:2 (intermittent daily dosing on a five days on, two days off schedule). Part 2b will then enroll approximately 70 additional patients at the single selected dose, informed by Part 2a results. The critical milestone here is the anticipated topline data readout for DENALI Part 2, which Zentalis Pharmaceuticals, Inc. expects by year end 2026.

To give you context on the activity's potential, Part 1b of DENALI, which evaluated the 400mg QD 5:2 dose in n=102 PROC patients, showed an Objective Response Rate (ORR) of 34.9% among response-evaluable patients (n=43) as of the January 13, 2025 data cutoff. The median Duration of Response (mDOR) for that cohort was 6.3 months.

Here's a quick look at the trial structure driving this activity:

Drug discovery and development of small molecule oncology therapeutics

Zentalis Pharmaceuticals, Inc.'s development activity centers on azenosertib (ZN-c3), which is an investigational, potentially first-in-class WEE1 inhibitor. This work is capital-intensive, as reflected in their recent spending. For the third quarter of 2025, Research and Development (R&D) expenses totaled $23.0 million.

This R&D spend represents a significant reduction from the $36.8 million reported for the same period in 2024. That decrease of $13.8 million year-over-year was driven by operational discipline across several areas. Honestly, managing this burn rate is a key activity in itself, especially given the clinical-stage profile.

The breakdown of the Q3 2025 R&D cost reduction includes:

• Decreases of $7.6 million for personnel expenses.
• Decreases of $4.2 million for lab services.
• Decreases of $1.2 million for clinical expenses.
• Decreases of $0.8 million for supplies, overhead, and other expenses.

Regulatory engagement with the FDA for potential accelerated approval pathway

Active engagement with the U.S. Food and Drug Administration (FDA) is paramount to realizing the value of azenosertib. The company previously aligned with the FDA on the design of DENALI Part 2, which is a crucial step in setting up the trial for registration-intent. Furthermore, azenosertib already received FDA Fast Track Designation for the treatment of Cyclin E1 positive PROC patients, which is designed to expedite development and review.

This regulatory focus is tied directly to the trial's success; DENALI Part 2, if successful, has the potential to support an accelerated approval, subject to FDA feedback. The company's total operating expenses for Q3 2025 were $33.7 million, down from $51.4 million in Q3 2024, showing a concerted effort to preserve capital to fund these late-stage activities. The cash position as of September 30, 2025, was $280.7 million, which management believes supports operating expenses into late 2027.

Manufacturing and supply chain management for the lead drug candidate

While specific manufacturing costs aren't broken out separately from R&D or operating expenses, the activity involves ensuring a reliable supply chain to support ongoing and future trials. The company's financial health underpins this activity. The Q3 2025 net loss was $26.7 million, a smaller loss than the $40.2 million loss reported in the same period of 2024. This financial management is key to sustaining operations until data milestones are met.

Biomarker strategy development for Cyclin E1-positive patient selection

Zentalis Pharmaceuticals, Inc. is executing a biomarker-driven strategy, focusing on patients whose tumors overexpress Cyclin E1 protein. This focus is based on data suggesting this overexpression is a sensitive and specific predictive biomarker for azenosertib benefit. The company estimates that approximately 50% of PROC patients fall into this target population.

This strategic focus was reinforced by poster presentations at the AACR-NCI-EORTC International Conference in October 2025, which highlighted Phase 1 results and Cyclin E1 biomarker findings. The company is translating this science to advance research on additional areas of opportunity for azenosertib outside of PROC, suggesting a broader application of their biomarker understanding.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Key Resources

You're looking at the core assets Zentalis Pharmaceuticals, Inc. (ZNTL) is banking on to drive value, and honestly, it all comes down to cash reserves and one key molecule. The financial foundation is critical for a clinical-stage company like ZNTL, which has no current revenue streams.

The firm reported holding $280.7 million in cash, cash equivalents, and marketable securities as of September 30, 2025. This level of liquidity is projected to support operating expenses well into late 2027.

Here's a quick look at some of the most important numbers defining the current resource base:

The primary non-financial resource is the proprietary investigational drug, azenosertib (ZN-c3). Zentalis Pharmaceuticals holds the rights to develop this WEE1 inhibitor across all territories. This asset is central to the company's strategy, particularly in Cyclin E1-positive platinum-resistant ovarian cancer (PROC).

Protection of this asset relies heavily on the Intellectual Property (IP) portfolio. Zentalis Pharmaceuticals actively seeks to protect its proprietary position through patent filings in the United States and internationally related to its product candidates and technologies.

• Filing patent applications in the United States and outside the United States.
• Protecting proprietary technologies and uses important to the business.
• The WEE1 inhibitor candidate, ZN-c3, was the subject of a publication in the Journal of Medicinal Chemistry.

The human capital, specifically the clinical development team, is focused squarely on oncology execution. This team is driving the Phase 2 DENALI clinical trial for azenosertib. The clinical evidence generated is a key resource, showing proof-of-concept for the mechanism of action in a high-unmet-need population. Specifically, data from Part 1b of the DENALI study, using a January 13, 2025 cutoff, showed that response-evaluable patients (n=43) with Cyclin E1+ PROC tumors achieved an Objective Response Rate (ORR) of 34.9%.

Further detail on that key clinical finding includes:

• ORR of 34.9% (15/43) for response-evaluable patients.
• The 95% Confidence Interval for the ORR was 21.0 - 50.9%.
• Median Duration of Response (mDOR) was reported as 6.3 months as of the January 13, 2025 cutoff.
• The company estimates Cyclin E1+ patients represent about 50% of PROC cases.

Finance: draft 13-week cash view by Friday.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Value Propositions

You're looking at the core value Zentalis Pharmaceuticals, Inc. is trying to deliver with azenosertib, their lead candidate. It's all about hitting a specific, hard-to-treat cancer population with a novel mechanism.

Potentially First-in-Class, Best-in-Class Oral WEE1 Inhibitor (Azenosertib)

The primary value is offering a potentially first-in-class and best-in-class oral WEE1 inhibitor, azenosertib (ZN-c3). This mechanism works by inhibiting WEE1, which forces cancer cells with damaged DNA into mitotic catastrophe, leading to cell death. Zentalis Pharmaceuticals believes azenosertib has advantages over other investigational therapies, including superior selectivity and pharmacokinetic properties. Financially, the company is positioned to support this late-stage development, reporting $280.7 million in cash, cash equivalents, and marketable securities as of September 30, 2025, which supports the runway into late 2027.

Targeted Therapy for Cyclin E1-Positive Platinum-Resistant Ovarian Cancer (PROC)

Zentalis Pharmaceuticals is focusing its late-stage efforts on a biomarker-driven approach. The DENALI Phase 2 trial specifically targets patients with Cyclin E1 protein overexpression in platinum-resistant ovarian cancer (PROC). This biomarker-selected group is estimated to represent about 50% of PROC cases. The company has aligned with the FDA on the DENALI Part 2 study design, which, if successful, has the potential to support an accelerated approval. The median number of prior lines of therapy for patients in the trial was 3 (with a range of 1-5 lines).

Clinically Meaningful Response Rate in a Difficult-to-Treat Patient Population

The data from the DENALI Part 1b study shows a clinically meaningful response rate specifically in the biomarker-positive group, which is crucial for a population with limited options. Here's the quick math on the response rates from the data cutoff of January 13, 2025:

Also, for the Cyclin E1-positive ITT population, the median duration of response (DOR) was 6.3 months. The company is currently confirming the dose-of-interest in DENALI Part 2a, targeting up to approximately 30 patients at each of two dose levels: 400mg QD 5:2 and 300mg QD 5:2.

Oral Dosing Regimen for Patient Convenience and Compliance

Azenosertib is designed as an orally bioavailable inhibitor. The specific dosing schedule being confirmed in DENALI Part 2a is the intermittent daily dosing schedule of 400mg QD 5:2 or 300mg QD 5:2, meaning five days on, two days off. This oral administration is a key convenience factor compared to intravenous treatments, helping patient compliance.

Pipeline Optionality for Combination Therapies Across Multiple Solid Tumors

Zentalis Pharmaceuticals is developing azenosertib with broad franchise potential beyond PROC. The drug is being evaluated in combination across multiple clinical trials and tumor types. The value here is the mechanism's potential to synergize with other treatments. For instance, preclinical data shows synergistic effects when azenosertib is combined with microtubule inhibitor-based antibody drug conjugates (ADCs). Furthermore, Phase 1/2 data was presented for a triplet therapy in metastatic BRAF V600E mutant colorectal cancer, a subset representing about 10-15% of CRC cases. The TETON Phase 2 trial, evaluating azenosertib as a monotherapy in uterine serous carcinoma (USC), has completed enrollment.

• Azenosertib is being developed in three therapeutic settings of high unmet need.
• The company reported Research and Development expenses of $23.0 million for the three months ended September 30, 2025.
• Topline data from the registration-intent DENALI Part 2 study is anticipated by year end 2026.

Finance: draft 13-week cash view by Friday.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Customer Relationships

You're navigating the complex world of clinical-stage biopharma, where relationships with regulators, key experts, and investors are the lifeblood of your enterprise. For Zentalis Pharmaceuticals, Inc., these connections are centered on advancing azenosertib, their WEE1 inhibitor, particularly in Cyclin E1-positive platinum-resistant ovarian cancer (PROC).

High-touch engagement with key opinion leaders (KOLs) and oncologists

The relationship with the medical community is about translating promising data into clinical adoption pathways. Zentalis Pharmaceuticals, Inc. focuses on presenting their biomarker-driven strategy directly to the experts who will ultimately prescribe their drug, should it gain approval. This engagement is critical for shaping the standard of care for a niche population.

The company has been actively presenting their latest findings, such as the updated azenosertib monotherapy clinical data from the DENALI Part 1b study at the Society of Gynecologic Oncology (SGO) Annual Meeting, which took place from May 30 to June 3 in Chicago, IL. This data, based on a January 13, 2025 data cutoff, showed that patients with Cyclin E1+ PROC who were response-evaluable (n=43) achieved an Objective Response Rate (ORR) of 34.9% and a median Duration of Response (mDOR) of 6.3 months. Also, poster presentations at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics reinforced this strategy.

The target patient pool is specific; Zentalis Pharmaceuticals estimates that about 50% of PROC patients overexpress the Cyclin E1 protein, which their proprietary immunohistochemistry cutoff is designed to identify. This precision in targeting is a key talking point with KOLs.

Direct regulatory interaction with the FDA for accelerated approval

Direct, structured communication with the U.S. Food and Drug Administration (FDA) is paramount, as the entire near-term value proposition hinges on regulatory feedback. The FDA has already granted Fast Track Designation to azenosertib for the treatment of patients with PROC who are positive for Cyclin E1 protein levels, signaling an expedited development path. The current focus is on the DENALI Phase 2 trial design, which was aligned with the FDA to potentially support an accelerated approval application upon success.

Patient communication and support are embedded in the trial structure itself, which is designed to move seamlessly toward a potential registration-enabling data readout. Here's a quick look at the patient enrollment targets for the DENALI Part 2 trial:

The company remains committed to providing updates, with topline data from DENALI Part 2 anticipated by year end 2026.

Investor relations and presentations at major healthcare conferences

Investor relationships are managed through transparent financial reporting and strategic visibility, especially given the company's pre-revenue status. Zentalis Pharmaceuticals, Inc. reported a net loss attributable to Zentalis of $(101.8) million for the nine months ended September 30, 2025, which was an improvement from $(118.4) million in the prior year, reflecting cost reductions and restructuring efforts.

The company's cash position is a primary focus for investors, as it dictates the operational runway. As of September 30, 2025, Zentalis Pharmaceuticals, Inc. held cash, cash equivalents and marketable securities totaling $280.7 million, which management believes is sufficient to fund operating expenses into late 2027. This was supported by a strategic restructuring in January 2025 that reduced the workforce by approximately 40% to focus on late-stage development.

The focus of investor communication is on execution against milestones, such as the ongoing enrollment in DENALI Part 2a. The management team actively communicates this progress, though specific mentions of Stifel or Morgan Stanley presentations aren't detailed in the latest reports, the commitment to investor updates is clear through quarterly filings and earnings calls.

• Q3 2025 Net Loss: $26.7 million.
• Cash Runway Projection: Into late 2027.
• Workforce Reduction (Jan 2025): Approximately 40%.
• Research and Development Expenses (Q3 2025): $23.0 million (down from $36.8 million in Q3 2024).

Clinical trial patient support and communication

For Zentalis Pharmaceuticals, Inc., the patients in the DENALI trial are the most critical relationship, as their participation directly fuels the path to potential accelerated approval. The company expresses gratitude to patients and their families for participating in the trial, which targets thousands of women with Cyclin E1+ PROC.

Communication involves keeping trial sites and patients informed about the study's progression, including the dosing schedules and the goal of confirming the primary dose-of-interest in Part 2a. The trial is structured with clear phases: Part 2a is designed to confirm the dose, and Part 2b will enroll an additional 70 patients at the selected dose, subject to FDA feedback. This phased approach is a direct communication strategy to manage expectations regarding data timelines, which are set for topline results by the end of 2026.

The company is also working with a diagnostic partner to develop a companion diagnostic test to identify the target patient population, which is a crucial part of the patient journey before a potential commercial launch.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Channels

The Channels component for Zentalis Pharmaceuticals, Inc. centers on engaging clinical investigators, presenting data to the scientific community, interacting with health authorities, and planning for commercial launch infrastructure.

Global clinical trial network for patient enrollment and data collection

Zentalis Pharmaceuticals, Inc. utilizes an active clinical trial network to drive late-stage development for azenosertib. As of late 2025, the company is running a total of 10 different clinical studies evaluating azenosertib, with 5 of those studies focused on gynecologic malignancies, specifically ovarian cancer and uterine serous carcinoma (USC).

The primary channel for patient access is the ongoing Phase 2 DENALI clinical trial, which is a registration-intent study for azenosertib in Cyclin E1-positive platinum-resistant ovarian cancer (PROC). Enrollment is ongoing in DENALI Part 2a. The TETON Phase 2 trial in USC has completed enrollment.

Here are the enrollment targets and recent patient numbers associated with the DENALI trial channel:

The company is also supporting an ongoing investigator-initiated study to explore a potential biomarker enrichment strategy in USC.

Scientific publications and presentations at oncology conferences (ASCO, ESMO)

Dissemination of clinical and preclinical data through peer-reviewed publications and presentations at key medical meetings is a critical channel for establishing scientific credibility and informing the medical community. Zentalis Pharmaceuticals, Inc. actively uses these forums.

Key conference activities in 2024 and 2025 include:

• Presentation at the Society of Gynecologic Oncology (SGO) 2025 Annual Meeting, featuring interim results from DENALI Part 1b.
• Poster presentation accepted at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting (May 30 to June 3, 2025), presenting data from the Phase 1/2 trial in metastatic BRAF V600E mutant colorectal cancer.
• Poster presentation at the AACR-NCI-EORTC International Conference supporting the Cyclin E1 biomarker-driven strategy.
• Presentation of preclinical data for azenosertib at the European Society of Medical Oncology (ESMO) 2024 Congress (September 13-17, 2024).

The ASCO presentation included clinical data as of an April 4, 2025 data cutoff.

Direct communication with regulatory agencies (FDA, EMA)

Direct engagement with regulatory bodies shapes the path to market. Zentalis Pharmaceuticals, Inc. has established specific agreements and designations with the U.S. Food and Drug Administration (FDA).

Key interactions and designations include:

• The design of DENALI Part 2 was aligned with the U.S. Food and Drug Administration (FDA).
• Successful DENALI Part 2 data has the potential to support an accelerated approval, subject to FDA feedback or review.
• Zentalis holds an FDA Fast Track Designation for azenosertib in PROC and for the TETON study in Uterine Serous Carcinoma.
• In June 2024, the U.S. FDA placed a partial clinical hold on several azenosertib studies.

The company maintains cash reserves, as of September 30, 2025, of $280.7 million, which supports runway into late 2027, funding these regulatory and clinical activities.

Future specialty pharmacy and distribution network post-approval

While Zentalis Pharmaceuticals, Inc. is pre-commercial, its future channels will rely on established specialty drug distribution infrastructure. The company anticipates an NDA submission in 2026.

The specialty drug distribution market, which handles high-cost, high-touch oncology treatments, shows significant scale and growth, providing the framework for future access:

Key players in this distribution channel include AmerisourceBergen Corporation, McKesson Corporation, and Cardinal Health, Inc.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Customer Segments

You're looking at the core groups Zentalis Pharmaceuticals, Inc. (ZNTL) needs to engage to bring azenosertib from the clinic to the market. As a clinical-stage biopharmaceutical company with no commercialized products, every interaction is about validation and future funding.

Oncologists and gynecologic oncologists treating advanced solid tumors

These specialists are the gatekeepers for prescribing azenosertib, especially in the targeted Cyclin E1-positive platinum-resistant ovarian cancer (PROC) space. They are looking for efficacy signals that justify switching from existing standards of care. The data from DENALI Part 1b shows that in response-evaluable patients with Cyclin E1+ PROC, the Objective Response Rate (ORR) was 34.9% (15/43). Furthermore, the median Duration of Response (mDOR) was reported at 6.3 months as of the January 13, 2025, data cutoff. The company is actively engaging this group, presenting data at conferences like the Society of Gynecologic Oncology (SGO) 2025 Annual Meeting. The company's financial reality-reporting a net loss of $26.7 million in the third quarter of 2025-means that successful adoption and future commercialization depend heavily on generating compelling, practice-changing data from ongoing trials like DENALI Part 2.

Patients with Cyclin E1-positive platinum-resistant ovarian cancer (PROC)

This is the defined, biomarker-selected patient population where Zentalis Pharmaceuticals, Inc. is currently focused for potential accelerated approval. Zentalis Pharmaceuticals, Inc. estimates that approximately 50% of the overall PROC patient population overexpresses Cyclin E1, making this a significant, yet specific, target group. For these patients, azenosertib represents a potential non-chemo therapy option. The clinical activity seen in this segment is the primary driver of near-term value.

• Estimated fraction of PROC patients overexpressing Cyclin E1: ~50%.
• ORR in response-evaluable Cyclin E1+ PROC patients (DENALI Part 1b): 34.9%.
• Median DOR in response-evaluable Cyclin E1+ PROC patients: 6.3 months.

Global pharmaceutical companies for potential future licensing/collaboration

As a clinical-stage company, Zentalis Pharmaceuticals, Inc. is a potential partner for larger firms looking to acquire late-stage assets or expand their oncology portfolios. The company's cash position dictates the timeline for needing a partner. As of September 30, 2025, cash and cash equivalents stood at $39.1 million, though the balance as of March 31, 2025, was $332.5 million in cash, cash equivalents, and marketable securities. The company projects its cash runway extends into late 2027 based on year-end 2024 figures. The need to fund the ongoing DENALI Part 2 study and the planned Phase 3 confirmatory study will drive partnership discussions.

Healthcare payers and government reimbursement agencies

These entities determine access and price. Their primary focus will be on the data supporting the planned registration-intent DENALI Part 2 study, with topline data anticipated by year-end 2026. The fact that azenosertib has received Fast Track Designation from the FDA for this indication is a key point for payers, as it signals the potential for expedited review for a serious condition with an unmet medical need.

Here's a quick look at the key operational and financial metrics relevant to these segments as of late 2025:

The management team is definitely presenting at conferences like the Stifel 2025 Healthcare Conference on November 12, 2025, which is part of the ongoing engagement with the investment community and, by extension, potential future partners.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Cost Structure

You're looking at the core expenses Zentalis Pharmaceuticals, Inc. is managing to push azenosertib through late-stage trials. For a clinical-stage company, the cost structure is dominated by research and development, plain and simple.

The Research and Development (R&D) expenses for the three months ended September 30, 2025, came in at $23.0 million. That's a notable reduction from the $36.8 million reported for the same period in 2024. This cost management is key, especially when you look at the cash position supporting operations into late 2027.

General and Administrative (G&A) expenses also saw a reduction, reporting at $10.8 million for Q3 2025, down from $14.6 million in Q3 2024. Honestly, for a company without commercial sales, these operating expenses-R&D plus G&A-are your main burn rate.

Here's a quick look at how the operating expenses shifted between Q3 2024 and Q3 2025, which gives you a better sense of where the money is going, or in this case, where it's being saved:

The clinical trial costs associated with the late-stage DENALI program are embedded within that R&D figure. The Phase 2 DENALI trial, evaluating azenosertib in patients with Cyclin E1-positive platinum-resistant ovarian cancer, remains on track, with topline data anticipated by year-end 2026. The cost structure reflects the ongoing enrollment in DENALI Part 2a, which tests two dose levels: 400mg QD 5:2 and 300mg QD 5:2. Part 2b is designed to enroll approximately 70 patients at a single dose.

Looking closer at the R&D cost reduction from Q3 2024 to Q3 2025, you can see the specific areas where spending was pulled back:

• Personnel expenses decreased by $7.6 million, which included $2.7 million in non-cash stock-based compensation.
• Lab services saw a decrease of $4.2 million.
• Clinical expenses decreased by $1.2 million.
• Supplies, overhead, and other expenses decreased by $0.8 million.

While specific line items for drug manufacturing and supply chain costs for clinical material aren't broken out for Q3 2025, we know that in Q1 2025, drug manufacturing costs were a component of a larger R&D decrease. Intellectual property maintenance and legal fees are certainly part of the G&A structure, but the public filings for Q3 2025 attribute the G&A decrease primarily to personnel expense, of which $2.8 million was non-cash stock-based compensation.

The company's financial foundation is built on its cash reserves, which stood at $280.7 million as of September 30, 2025. That cash is the primary resource funding all these cost centers, providing runway into late 2027.

Finance: draft 13-week cash view by Friday.

Zentalis Pharmaceuticals, Inc. (ZNTL) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Zentalis Pharmaceuticals, Inc. (ZNTL) as of late 2025. Honestly, for a clinical-stage company like Zentalis Pharmaceuticals, Inc., the revenue picture is almost entirely about non-recurring events, past deals, and future contingent payments, not product sales.

Minimal current revenue is the reality right now; Zentalis Pharmaceuticals, Inc. is pre-commercial, meaning they aren't selling their main drug candidate, azenosertib, yet. For the third quarter ending September 30, 2025, the reported revenue was $0.0 million. This lack of product sales is typical for a company focused on late-stage clinical development.

Still, looking back, the trailing twelve-month revenue ending September 30, 2025, was $26.87 million. This figure reflects income recognized from prior business development activities, not ongoing product sales, which is a key distinction for analysts.

The primary drivers of past and potential future non-operating revenue come from strategic partnerships and asset divestitures. The ROR1 ADC platform sale to Immunome is a concrete example of monetizing non-core assets, even though the main focus is azenosertib. The Pfizer strategic partnership also brought in significant capital via an equity investment.

Here's a quick look at the key financial events that feed into the revenue stream block of the Business Model Canvas:

• Cash, cash equivalents and marketable securities as of September 30, 2025, stood at $280.7 million.
• This cash position supports funding operating expenses into late 2027.
• Topline data for azenosertib's DENALI Phase 2 trial is anticipated by year end 2026.
• The company is pre-commercial, with no product sales in Q3 2025.

The most detailed financial components relate to the ROR1 ADC platform transaction. You need to track these potential payments closely:

Future revenue is contingent on regulatory success. If azenosertib receives regulatory approval, which management is positioning for based on data expected by year end 2026, Zentalis Pharmaceuticals, Inc. would then transition to generating potential future net sales. Right now, that's a projection, not a number on the books.

Also, remember that the Pfizer collaboration included a $25 million equity investment, which is a financing event but represents cash inflow secured by partnering on ZN-c3 development. That money helped extend the cash runway, which is the real near-term financial focus.

Finance: draft 13-week cash view by Friday.