---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-076464"
form_type: "8-K"
ticker: "ZBIO"
cik: "0001953926"
company_name: "Zenas BioPharma, Inc."
filed_at: "2025-08-12T23:59:59+00:00"
generated_at: "2026-05-17T14:54:45.264783+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-076464
- form_type: 8-K
- ticker: ZBIO
- cik: 0001953926
- company_name: Zenas BioPharma, Inc.
- filed_at: 2025-08-12T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/0001104659-25-076464-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-076464
- JSON: https://secwatch.observer/filing/0001104659-25-076464.json
- Plain text: https://secwatch.observer/filing/0001104659-25-076464.txt

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