secwatch.observer — SEC 8-K summary
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Issuer:     Zenas BioPharma, Inc. (ZBIO)
CIK:        0001953926
Form:       8-K
Filed at:   2025-05-15T23:59:59+00:00
Accession:  0001104659-25-048948
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1953926/000110465925048948/0001104659-25-048948-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1953926/000110465925048948/tm2514981d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-048948

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer