---
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"
generated_at: "2026-05-21T05:56:46.541644+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-048948
- JSON: https://secwatch.observer/filing/0001104659-25-048948.json
- Plain text: https://secwatch.observer/filing/0001104659-25-048948.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.