Vault-13

ZENTALIS PHARMACEUTICALS INC ZNTL

COM · Common Stock · CUSIP 98943L107

86 institutional holders -13 vs Q3 2025
40,669,73640.7m shares reported held*
56.3% of all shares outstanding*
$55.0mreported value*
6 new 28 added 31 reduced 18 sold out net sold ≈ $18.4m (-13.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 72.3m as of 2025-11-01, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $1.35. Options: 1 managers hold calls ($27.1k notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 120Q4 22: 105Q1 23: 110Q2 23: 134Q3 23: 137Q4 23: 120Q1 24: 142Q2 24: 145Q3 24: 136Q4 24: 142Q1 25: 133Q2 25: 118Q3 25: 99Q4 25: 8686Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022120
Q4 2022105
Q1 2023110
Q2 2023134
Q3 2023137
Q4 2023120
Q1 2024142
Q2 2024145
Q3 2024136
Q4 2024142
Q1 2025133
Q2 2025118
Q3 202599
Q4 202586

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q1 24: 78 bought or addedQ1 24: 51 cut or sold outQ2 24: 79 bought or addedQ2 24: 64 cut or sold outQ2 24Q3 24: 69 bought or addedQ3 24: 73 cut or sold outQ4 24: 82 bought or addedQ4 24: 56 cut or sold outQ4 24Q1 25: 59 bought or addedQ1 25: 75 cut or sold outQ2 25: 54 bought or addedQ2 25: 81 cut or sold outQ2 25Q3 25: 41 bought or addedQ3 25: 56 cut or sold outQ4 25: 34 bought or addedQ4 25: 49 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20247851
Q2 20247964
Q3 20246973
Q4 20248256
Q1 20255975
Q2 20255481
Q3 20254156
Q4 20253449

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50k$100k$150k$200kQ1 25 calls: $30.7kQ1 25 puts: $187.9kQ1 25P/C 6.12Q2 25 calls: $0Q2 25 puts: $73.2kQ2 25P/C —Q3 25 calls: $65.1kQ3 25 puts: $112.0kQ3 25P/C 1.72Q4 25 calls: $27.1kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$30.7k$187.9k6.12
Q2 2025$0$73.2k—
Q3 2025$65.1k$112.0k1.72
Q4 2025$27.1k$00.00

Biggest buyers

5AM Venture Management, LLC Added +3,457,913+3.5m
Opaleye Management Inc. Added +1,084,356+1.1m
RENAISSANCE TECHNOLOGIES LLC Added +558,390+558.4k
BARCLAYS PLC Added +406,973+407.0k
Connor, Clark & Lunn Investment Management Ltd. Added +406,233+406.2k
BNP PARIBAS FINANCIAL MARKETS Added +260,432+260.4k
D. E. Shaw & Co., Inc. Added +251,575+251.6k
MARSHALL WACE, LLP New +247,788+247.8k
Anfield Capital Management, LLC Added +171,228+171.2k
UBS Group AG Added +141,920+141.9k

Biggest sellers

Matrix Capital Management Company, LP Sold out -13,959,973-14.0m
TANG CAPITAL MANAGEMENT LLC Sold out -1,550,000-1.6m
JPMORGAN CHASE & CO Reduced -1,261,143-1.3m
Balyasny Asset Management L.P. Sold out -1,185,521-1.2m
MORGAN STANLEY Reduced -604,175-604.2k
JACOBS LEVY EQUITY MANAGEMENT, INC Reduced -576,051-576.1k
Almitas Capital LLC Reduced -304,571-304.6k
MILLENNIUM MANAGEMENT LLC Reduced -229,392-229.4k
GOLDMAN SACHS GROUP INC Reduced -226,943-226.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -190,766-190.8k

Biggest calls

GROUP ONE TRADING LLC Added $27.1k20.1k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
WALTERS GROUP 13G · passive investor -0.9 pts · filed 2026-08-19 18.8% -0.9 pts 17.8m≈ $71.9m 2026-08-19
Walters William T 13G · passive investor +0.8 pts · filed 2025-01-31 9.9% +0.8 pts 7.0m≈ $34.2m 2025-01-31
5AM Opportunities II (GP), LLC 13G · passive investor new · filed 2025-12-30 6.4% new 4.8m≈ $23.5m 2025-12-30
Squadron Capital Management LLC 13G · passive investor new · filed 2026-03-03 5.1% new 3.7m≈ $17.8m 2026-03-03

Fell to 5% or below in the last year: BlackRock, Inc. (4.1%, 2026-10-27), BARCLAYS PLC (3.2%, 2026-08-13), Matrix Capital Management Company, LP (0.0%, 2026-01-02)

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q1 24: 0 buyingQ1 24: 4 sellingQ2 24: 0 buyingQ2 24: 2 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 1 sellingQ4 24Q1 25: 4 buyingQ1 25: 3 sellingQ2 25: 1 buyingQ2 25: 0 sellingQ2 25Q3 25: 0 buyingQ3 25: 0 sellingQ4 25: 0 buyingQ4 25: 0 sellingQ4 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20240—4$332.7k—
Q2 20240—2$157.3k—
Q3 20240—0——
Q4 20240—1$5.1k$5.1k
Q1 20254$223.1k3$65.4k—
Q2 20251$29.4k0——
Q3 20250—0——
Q4 20250—0——
DateInsiderTradeSharesPrice ValueTheir holding
2025-12-31 WALTERS GROUP +2 10% owner Bought 6,459,973 $1.20 $7.8m6.5m shares +92%
2025-12-15 Matrix Capital Management Company, LP +1 10% owner · See footnotes Sold 7,500,000 $1.33 $10.0m7.5m shares -54%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 5AM Venture Management, LLC 1.68% of their portfolio SAN FRANCISCO, CA 3,947,9133.9m $5.3m $5.3m 1.68% Added +3.5m +3,457,913
2 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 2,883,7452.9m $3.9m $3.9m 0.01% Added +558.4k +558,390
3 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,855,5902.9m $3.9m $3.9m 0.00% Reduced -48.8k -48,810
4 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 2,849,2942.8m $3.8m $3.8m 0.01% Added +4.1k +4,142
5 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 1,964,2552.0m $2.7m $2.7m 0.00% Reduced -113.0k -113,035
6 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 1,660,3781.7m $2.2m $2.2m 0.00% Added +251.6k +251,575
7 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 1,483,5001.5m $2.0m $2.0m 0.00% Added +22.3k +22,300
8 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 1,471,4141.5m $2.0m $2.0m 0.00% Added +108.1k +108,067
9 Opaleye Management Inc. 0.25% of their portfolio BOSTON, MA 1,400,9061.4m $1.9m $1.9m 0.25% Added +1.1m +1,084,356
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,367,2541.4m $1.8m $1.8m 0.00% Reduced -181.5k -181,527
11 Decheng Capital LLC 0.24% of their portfolio MENLO PARK, CA 1,323,3271.3m $1.8m $1.8m 0.24% Unchanged
12 Ishara Investments LP 2.07% of their portfolio LOS ANGELES, CA 1,320,0001.3m $1.8m $1.8m 2.07% First filing
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,249,9681.2m $1.7m $1.7m 0.00% Added +464 +464
14 GSA CAPITAL PARTNERS LLP 0.14% of their portfolio LONDON, X0 1,169,5731.2m $1.6m $1.6m 0.14% Added +91.9k +91,917
15 PRIMECAP MANAGEMENT CO/CA/ 0.00% of their portfolio PASADENA, CA 957,420957.4k $1.3m $1.3m 0.00% Reduced -5.2k -5,200
16 Pfizer Inc 0.54% of their portfolio New York, NY 953,834953.8k $1.3m $1.3m 0.54% Unchanged
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 803,654803.7k $1.1m $1.1m 0.00% Reduced -604.2k -604,175
18 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 787,055787.1k $1.1m $1.1m 0.00% Added +406.2k +406,233
19 UBS Group AG 0.00% of their portfolio ZURICH, V8 674,598674.6k $910.7k $910.7k 0.00% Added +141.9k +141,920
20 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 673,129673.1k $908.7k $908.7k 0.00% Reduced -229.4k -229,392
21 Almitas Capital LLC 0.18% of their portfolio SANTA MONICA, CA 610,073610.1k $823.6k $823.6k 0.18% Reduced -304.6k -304,571
22 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 589,105589.1k $795.7k $795.7k 0.00% Reduced -117 -117
23 XTX Topco Ltd 0.02% of their portfolio LONDON, X0 576,707576.7k $778.6k $778.6k 0.02% Added +28.1k +28,078
24 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 568,443568.4k $767.4k $767.4k 0.00% Added +407.0k +406,973
25 Woodline Partners LP 0.00% of their portfolio San Francisco, CA 530,582530.6k $716.3k $716.3k 0.00% Unchanged
26 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 473,175473.2k $638.8k $638.8k 0.00% Reduced -172.4k -172,448
27 Stonepine Capital Management, LLC 0.50% of their portfolio Bend, OR 463,700463.7k $626.0k $626.0k 0.50% Added +9.9k +9,900
28 Peapod Lane Capital LLC 0.52% of their portfolio Bedford Hills, NY 448,861448.9k $606.0k $606.0k 0.52% Reduced -116.5k -116,510
29 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 419,367419.4k $566.1k $566.1k 0.00% Added +260.4k +260,432
30 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 271,790271.8k $366.9k $366.9k 0.00% Unchanged
31 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 260,000260.0k $351.0k $351.0k 0.00% Unchanged
32 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 247,788247.8k $334.5k $334.5k 0.00% New
33 FMR LLC 0.00% of their portfolio BOSTON, MA 243,308243.3k $328.5k $328.5k 0.00% Added +40.0k +40,003
34 Anfield Capital Management, LLC 0.10% of their portfolio IRVINE, CA 242,605242.6k $327.5k $327.5k 0.10% Added +171.2k +171,228
35 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 188,582188.6k $254.6k $254.6k 0.00% Added +15.0k +14,961
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 185,007185.0k $249.8k $249.8k 0.00% Reduced -1.3m -1,261,143
37 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 167,100167.1k $225.6k $225.6k 0.00% Unchanged
38 RBF Capital, LLC 0.00% of their portfolio RENO, NV 160,000160.0k $216.0k $216.0k 0.00% Added +80.0k +80,000
39 Quadrature Capital Ltd 0.00% of their portfolio LONDON, X0 137,568137.6k $185.7k $185.7k 0.00% Added +76.9k +76,917
40 Quarry LP 0.03% of their portfolio NEW YORK, NY 132,000132.0k $178.2k $178.2k 0.03% Added +23.2k +23,250
41 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 130,407130.4k $232.1k $232.1k 0.00% Reduced -35.9k -35,883
42 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 124,525124.5k $168.1k $168.1k 0.00% Reduced -576.1k -576,051
43 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 118,212118.2k $159.6k $159.6k 0.00% Reduced -226.9k -226,943
44 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 110,448110.4k $149.1k $149.1k 0.00% Reduced -10.0k -10,000
45 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 107,734107.7k $145.4k $145.4k 0.00% Added +86.4k +86,412
46 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 100,290100.3k $135.4k $135.4k 0.00% New
47 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 96,26396.3k $129.9k $129.9k 0.00% Reduced -88.8k -88,769
48 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 92,87192.9k $125.4k $125.4k 0.00% Reduced -1.2k -1,248
49 Graham Capital Management, L.P. 0.00% of their portfolio ROWAYTON, CT 90,91090.9k $122.7k $122.7k 0.00% Reduced -61.2k -61,237
50 PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio BOSTON, MA 86,64086.6k $117.0k $117.0k 0.00% Reduced -11.3k -11,258
51 ADAR1 Capital Management, LLC 0.01% of their portfolio AUSTIN, TX 80,00080.0k $108.0k $108.0k 0.01% Added +30.0k +30,000
52 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.00% of their portfolio HOUSTON, TX 77,30077.3k $104.4k $104.4k 0.00% Unchanged
53 OPAL CAPITAL LLC 0.04% of their portfolio BOCA RATON, FL 72,25172.3k $173.4k $173.4k 0.04% First filing
54 49 WEALTH MANAGEMENT, LLC 0.01% of their portfolio AUSTIN, TX 70,91170.9k $95.7k $95.7k 0.01% Added +42.7k +42,719
55 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 61,41261.4k $82.9k $82.9k 0.00% Added +425 +425
56 BARR E S & CO 0.00% of their portfolio LEXINGTON, KY 57,50057.5k $77.6k $77.6k 0.00% Added +17.5k +17,500
57 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 51,06151.1k $68.9k $68.9k 0.00% Unchanged
58 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 48,49648.5k $65.5k $65.5k 0.00% Unchanged
59 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 45,99546.0k $62.1k $62.1k 0.00% Reduced -61.0k -60,970
60 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 34,84934.8k $47.0k $47.0k 0.00% Unchanged
61 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 34,57434.6k $46.7k $46.7k 0.00% Reduced -6.5k -6,545
62 Regency Capital Management Inc.\DE 0.02% of their portfolio HONOLULU, HI 29,50029.5k $39.8k $39.8k 0.02% Unchanged
63 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 24,55024.6k $33.1k $33.1k 0.00% Added +3.0k +2,950
64 Carson Advisory Inc. 0.02% of their portfolio ATHENS, GA 23,47023.5k $31.7k $31.7k 0.02% Reduced -8.6k -8,600
65 Acorn Wealth Advisors, LLC 0.01% of their portfolio Grand Blanc, MI 20,00020.0k $27.0k $27.0k 0.01% Unchanged
66 Sivia Capital Partners, LLC 0.01% of their portfolio Mill Valley, CA 20,00020.0k $27.0k $27.0k 0.01% New
67 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 19,89519.9k $26.9k $26.9k 0.00% Reduced -700 -700
68 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 17,47117.5k $23.6k $23.6k 0.00% Reduced -39.2k -39,168
69 Birchview Capital, LP 0.01% of their portfolio BURLINGTON, VT 17,00017.0k $22.9k $22.9k 0.01% Unchanged
70 EVERGREEN CAPITAL MANAGEMENT LLC 0.00% of their portfolio Bellevue, WA 16,91516.9k $22.8k $22.8k 0.00% Unchanged
71 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 12,88012.9k $17.4k $17.4k 0.00% New
72 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 12,74012.7k $17.0k $17.0k 0.00% Added +12.3k +12,318
73 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 12,22912.2k $16.5k $16.5k 0.00% Reduced -21.9k -21,924
74 Shay Capital LLC 0.00% of their portfolio NEW YORK, NY 10,66210.7k $14.4k $14.4k 0.00% New
75 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 10,34310.3k $14.0k $14.0k 0.00% Reduced -190.8k -190,766
76 CWM, LLC 0.00% of their portfolio OMAHA, NE 8,5648.6k $12.0k $12.0k 0.00% Reduced -4.6k -4,554
77 HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio SHERMAN OAKS, CA 5,0005.0k $6.8k $6.8k 0.00% Reduced -7.0k -7,000
78 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 1,6441.6k $2.2k $2.2k 0.00% Reduced -949 -949
79 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 1,0001.0k $1.4k $1.4k 0.00% Unchanged
80 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 387387 $522 $522 0.00% Unchanged
81 HighMark Wealth Management LLC 0.00% of their portfolio ST. PAUL, MN 130130 $175 $175 0.00% Unchanged
82 Covestor Ltd 0.00% of their portfolio LONDON, X0 5151 $0 $0 0.00% Reduced -1 -1
83 Optiver Holding B.V. 0.00% of their portfolio AMSTERDAM, P7 4444 $59 $59 0.00% Unchanged
84 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 2727 $36 $36 0.00% Reduced -1 -1
85 Inspire Investing, LLC 0.00% of their portfolio MERIDIAN, ID 1616 $22 $22 0.00% New
86 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 11 $1 $1 0.00% Unchanged