{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-048948","form_type":"8-K","ticker":"ZBIO","cik":"0001953926","company_name":"Zenas BioPharma, Inc.","filed_at":"2025-05-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.555440+00:00","generated_at":"2026-05-21T05:56:46.541644+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Zenas BioPharma Q1 net loss $33.6M; cash $314.2M; pipeline milestones set","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-048948","json":"https://secwatch.observer/filing/0001104659-25-048948.json","markdown":"https://secwatch.observer/filing/0001104659-25-048948.md","text":"https://secwatch.observer/filing/0001104659-25-048948.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1953926/000110465925048948/0001104659-25-048948-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1953926/000110465925048948/tm2514981d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T05:56:46.541644+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}