ZENTALIS PHARMACEUTICALS INC ZNTL
COM · Common Stock · CUSIP 98943L107
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersSan Diego, CA
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 120 |
| Q4 2022 | 105 |
| Q1 2023 | 110 |
| Q2 2023 | 134 |
| Q3 2023 | 137 |
| Q4 2023 | 120 |
| Q1 2024 | 142 |
| Q2 2024 | 145 |
| Q3 2024 | 136 |
| Q4 2024 | 142 |
| Q1 2025 | 133 |
| Q2 2025 | 118 |
| Q3 2025 | 99 |
| Q4 2025 | 86 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 78 | 51 |
| Q2 2024 | 79 | 64 |
| Q3 2024 | 69 | 73 |
| Q4 2024 | 82 | 56 |
| Q1 2025 | 59 | 75 |
| Q2 2025 | 54 | 81 |
| Q3 2025 | 41 | 56 |
| Q4 2025 | 34 | 49 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $30.7k | $187.9k | 6.12 |
| Q2 2025 | $0 | $73.2k | — |
| Q3 2025 | $65.1k | $112.0k | 1.72 |
| Q4 2025 | $27.1k | $0 | 0.00 |
Biggest buyers
| 5AM Venture Management, LLC | Added | +3.5m |
| Opaleye Management Inc. | Added | +1.1m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +558.4k |
| BARCLAYS PLC | Added | +407.0k |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +406.2k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +260.4k |
| D. E. Shaw & Co., Inc. | Added | +251.6k |
| MARSHALL WACE, LLP | New | +247.8k |
| Anfield Capital Management, LLC | Added | +171.2k |
| UBS Group AG | Added | +141.9k |
Biggest sellers
| Matrix Capital Management Company, LP | Sold out | -14.0m |
| TANG CAPITAL MANAGEMENT LLC | Sold out | -1.6m |
| JPMORGAN CHASE & CO | Reduced | -1.3m |
| Balyasny Asset Management L.P. | Sold out | -1.2m |
| MORGAN STANLEY | Reduced | -604.2k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Reduced | -576.1k |
| Almitas Capital LLC | Reduced | -304.6k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -229.4k |
| GOLDMAN SACHS GROUP INC | Reduced | -226.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -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.
| Holder | Stake |
|---|---|
| WALTERS GROUP 13G · passive investor -0.9 pts · filed 2026-08-19 | 18.8% |
| Walters William T 13G · passive investor +0.8 pts · filed 2025-01-31 | 9.9% |
| 5AM Opportunities II (GP), LLC 13G · passive investor new · filed 2025-12-30 | 6.4% |
| Squadron Capital Management LLC 13G · passive investor new · filed 2026-03-03 | 5.1% |
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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 4 | $332.7k | — |
| Q2 2024 | 0 | — | 2 | $157.3k | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 1 | $5.1k | $5.1k |
| Q1 2025 | 4 | $223.1k | 3 | $65.4k | — |
| Q2 2025 | 1 | $29.4k | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-31 | WALTERS GROUP +2 10% owner | Bought | $7.8m6.5m shares |
| 2025-12-15 | Matrix Capital Management Company, LP +1 10% owner · See footnotes | Sold | $10.0m7.5m shares |
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
| Manager | Shares | Change |
|---|---|---|
| 5AM Venture Management, LLC 1.68% of their portfolio | 3.9m $5.3m | Added +3.5m |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 2.9m $3.9m | Added +558.4k |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.9m $3.9m | Reduced -48.8k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 2.8m $3.8m | Added +4.1k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 2.0m $2.7m | Reduced -113.0k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 1.7m $2.2m | Added +251.6k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 1.5m $2.0m | Added +22.3k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 1.5m $2.0m | Added +108.1k |
| Opaleye Management Inc. 0.25% of their portfolio | 1.4m $1.9m | Added +1.1m |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.4m $1.8m | Reduced -181.5k |
| Decheng Capital LLC 0.24% of their portfolio | 1.3m $1.8m | Unchanged |
| Ishara Investments LP 2.07% of their portfolio | 1.3m $1.8m | First filing |
| BlackRock, Inc. 0.00% of their portfolio | 1.2m $1.7m | Added +464 |
| GSA CAPITAL PARTNERS LLP 0.14% of their portfolio | 1.2m $1.6m | Added +91.9k |
| PRIMECAP MANAGEMENT CO/CA/ 0.00% of their portfolio | 957.4k $1.3m | Reduced -5.2k |
| Pfizer Inc 0.54% of their portfolio | 953.8k $1.3m | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 803.7k $1.1m | Reduced -604.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 787.1k $1.1m | Added +406.2k |
| UBS Group AG 0.00% of their portfolio | 674.6k $910.7k | Added +141.9k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 673.1k $908.7k | Reduced -229.4k |
| Almitas Capital LLC 0.18% of their portfolio | 610.1k $823.6k | Reduced -304.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 589.1k $795.7k | Reduced -117 |
| XTX Topco Ltd 0.02% of their portfolio | 576.7k $778.6k | Added +28.1k |
| BARCLAYS PLC 0.00% of their portfolio | 568.4k $767.4k | Added +407.0k |
| Woodline Partners LP 0.00% of their portfolio | 530.6k $716.3k | Unchanged |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 473.2k $638.8k | Reduced -172.4k |
| Stonepine Capital Management, LLC 0.50% of their portfolio | 463.7k $626.0k | Added +9.9k |
| Peapod Lane Capital LLC 0.52% of their portfolio | 448.9k $606.0k | Reduced -116.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 419.4k $566.1k | Added +260.4k |
| STATE STREET CORP 0.00% of their portfolio | 271.8k $366.9k | Unchanged |
| Creative Planning 0.00% of their portfolio | 260.0k $351.0k | Unchanged |
| MARSHALL WACE, LLP 0.00% of their portfolio | 247.8k $334.5k | New |
| FMR LLC 0.00% of their portfolio | 243.3k $328.5k | Added +40.0k |
| Anfield Capital Management, LLC 0.10% of their portfolio | 242.6k $327.5k | Added +171.2k |
| Invesco Ltd. 0.00% of their portfolio | 188.6k $254.6k | Added +15.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 185.0k $249.8k | Reduced -1.3m |
| SEI INVESTMENTS CO 0.00% of their portfolio | 167.1k $225.6k | Unchanged |
| RBF Capital, LLC 0.00% of their portfolio | 160.0k $216.0k | Added +80.0k |
| Quadrature Capital Ltd 0.00% of their portfolio | 137.6k $185.7k | Added +76.9k |
| Quarry LP 0.03% of their portfolio | 132.0k $178.2k | Added +23.2k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 130.4k $232.1k | Reduced -35.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 124.5k $168.1k | Reduced -576.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 118.2k $159.6k | Reduced -226.9k |
| Walleye Capital LLC 0.00% of their portfolio | 110.4k $149.1k | Reduced -10.0k |
| Squarepoint Ops LLC 0.00% of their portfolio | 107.7k $145.4k | Added +86.4k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 100.3k $135.4k | New |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 96.3k $129.9k | Reduced -88.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 92.9k $125.4k | Reduced -1.2k |
| Graham Capital Management, L.P. 0.00% of their portfolio | 90.9k $122.7k | Reduced -61.2k |
| PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio | 86.6k $117.0k | Reduced -11.3k |
| ADAR1 Capital Management, LLC 0.01% of their portfolio | 80.0k $108.0k | Added +30.0k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 77.3k $104.4k | Unchanged |
| OPAL CAPITAL LLC 0.04% of their portfolio | 72.3k $173.4k | First filing |
| 49 WEALTH MANAGEMENT, LLC 0.01% of their portfolio | 70.9k $95.7k | Added +42.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 61.4k $82.9k | Added +425 |
| BARR E S & CO 0.00% of their portfolio | 57.5k $77.6k | Added +17.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 51.1k $68.9k | Unchanged |
| ALGERT GLOBAL LLC 0.00% of their portfolio | 48.5k $65.5k | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 46.0k $62.1k | Reduced -61.0k |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 34.8k $47.0k | Unchanged |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 34.6k $46.7k | Reduced -6.5k |
| Regency Capital Management Inc.\DE 0.02% of their portfolio | 29.5k $39.8k | Unchanged |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 24.6k $33.1k | Added +3.0k |
| Carson Advisory Inc. 0.02% of their portfolio | 23.5k $31.7k | Reduced -8.6k |
| Acorn Wealth Advisors, LLC 0.01% of their portfolio | 20.0k $27.0k | Unchanged |
| Sivia Capital Partners, LLC 0.01% of their portfolio | 20.0k $27.0k | New |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 19.9k $26.9k | Reduced -700 |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 17.5k $23.6k | Reduced -39.2k |
| Birchview Capital, LP 0.01% of their portfolio | 17.0k $22.9k | Unchanged |
| EVERGREEN CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 16.9k $22.8k | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 12.9k $17.4k | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 12.7k $17.0k | Added +12.3k |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 12.2k $16.5k | Reduced -21.9k |
| Shay Capital LLC 0.00% of their portfolio | 10.7k $14.4k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 10.3k $14.0k | Reduced -190.8k |
| CWM, LLC 0.00% of their portfolio | 8.6k $12.0k | Reduced -4.6k |
| HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio | 5.0k $6.8k | Reduced -7.0k |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 1.6k $2.2k | Reduced -949 |
| Wilmington Savings Fund Society, FSB 0.00% of their portfolio | 1.0k $1.4k | Unchanged |
| NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 387 $522 | Unchanged |
| HighMark Wealth Management LLC 0.00% of their portfolio | 130 $175 | Unchanged |
| Covestor Ltd 0.00% of their portfolio | 51 $0 | Reduced -1 |
| Optiver Holding B.V. 0.00% of their portfolio | 44 $59 | Unchanged |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 27 $36 | Reduced -1 |
| Inspire Investing, LLC 0.00% of their portfolio | 16 $22 | New |
| Caitong International Asset Management Co., Ltd 0.00% of their portfolio | 1 $1 | Unchanged |