Zenas BioPharma Q1 net loss $33.6M; cash $314.2M; pipeline milestones set

Zenas BioPharma, Inc.

2025-Q1 EPS reported -$0.80 revenue$10,000,000

Cash and investments $314.2M as of March 31, 2025; runway expected into Q4 2026.
Net loss $33.6M in Q1 2025 vs. $27.8M in Q1 2024; R&D spend $34.9M (+$12.3M YoY).
License revenue of $10.0M from Zai Lab sublicense for thyroid eye disease program.
Phase 3 INDIGO (IgG4-RD) topline results expected around year-end 2025.
Phase 2 MoonStone (RMS) topline early Q4 2025; Phase 2 SunStone (SLE) topline mid-2026.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.