Zenas BioPharma Q2 net loss $52.2M; cash $274.9M; obexelimab trials on track

Zenas BioPharma, Inc.

2025-Q2 EPS reported -$2.05 vs consensus -$1.07 ▼ miss (-91.4%)

Net loss of $52.2M for Q2 2025, compared to $38.0M in Q2 2024.
Cash, cash equivalents and investments of $274.9M as of June 30, 2025; expected runway into Q4 2026.
Phase 3 INDIGO trial (IgG4-RD) topline results expected around year-end 2025.
Phase 2 MoonStone trial (RMS) enrollment completed; results early Q4 2025.
Phase 2 SunStone trial (SLE) enrollment expected by year-end 2025; topline mid-2026.

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