Zenas BioPharma, Inc. Common Stock

Zenas BioPharma said the FDA has accepted its Biologics License Application for obexelimab in IgG4-related disease, setting a target action date of May 27, 2027. The filing rests on Phase 3 INDIGO trial data showing obexelimab cut the risk of an IgG4-RD flare by 56% versus placebo over 52 weeks, with 73.2% of treated patients flare-free versus 45.4% on placebo at a p-value of 0.0005. Partner Bristol Myers Squibb submitted a marketing application to Japan's regulator in August, and new data confirmed a single-dose prefilled autoinjector pen matches the existing prefilled syringe, opening the door to a supplemental filing. The company reported a second-quarter net loss of $111.5 million, more than double the $52.2 million loss a year earlier, as research and development spending rose to $62.9 million from $43.0 million and general and administrative expenses climbed to $15.7 million, alongside a $30.0 million charge for acquired in-process research and development tied to milestone payments owed under licensing agreements with Xencor and InnoCare. Chief Financial Officer and Chief Business Officer Jennifer Fox is moving into an advisory role effective September 30, with President and Chief Operating Officer Joe Farmer stepping in as principal financial and accounting officer in the interim, and the company's stated cash runway into the second quarter of 2029 depends on proceeds still being raised and a milestone payment and debt draw that arrive only upon FDA approval.

Zenas BioPharma announced inducement grants of stock options and restricted stock units to newly hired employees under Nasdaq Listing Rule 5635(c)(4). The Compensation Committee granted non-qualified stock options to purchase an aggregate of 100,000 shares of common stock and an aggregate of 78,075 restricted stock units on June 15, 2026. The stock options have a ten-year term and an exercise price of $18.71 per share, vesting over four years with 25% after one year and the remainder in 36 equal monthly installments. The restricted stock units vest in four equal annual installments beginning June 15, 2027. The awards were made as an inducement material to the employees' entry into employment with the company.