---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-085982"
form_type: "8-K"
ticker: "ZBIO"
cik: "0001953926"
company_name: "Zenas BioPharma, Inc."
filed_at: "2025-09-02T23:59:59+00:00"
generated_at: "2026-05-17T08:59:46.541115+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Zenas BioPharma secures up to $300M from Royalty Pharma for obexelimab royalty

## Summary
- Royalty Pharma pays $75M upfront; additional $75M upon INDIGO trial success, $75M on FDA approval for IgG4-RD, $75M on FDA approval for SLE.
- Royalty Pharma receives 5.5% royalty on worldwide net sales of obexelimab and certain other payments.
- Zenas expects cash to fund operations through Q1 2027; topline Phase 3 INDIGO results expected year-end 2025.
- Obexelimab is in Phase 3 for IgG4-RD, Phase 2 for RMS and SLE; potential U.S. launch in H1 2027 if approved.

## SEC filing metadata
- accession: 0001104659-25-085982
- form_type: 8-K
- ticker: ZBIO
- cik: 0001953926
- company_name: Zenas BioPharma, Inc.
- filed_at: 2025-09-02T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1953926/000110465925085982/0001104659-25-085982-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1953926/000110465925085982/tm2524961d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-085982
- JSON: https://secwatch.observer/filing/0001104659-25-085982.json
- Plain text: https://secwatch.observer/filing/0001104659-25-085982.txt

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