{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-097663","form_type":"8-K","ticker":"ZBIO","cik":"0001953926","company_name":"Zenas BioPharma, Inc.","filed_at":"2025-10-08T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.139720+00:00","generated_at":"2026-05-17T04:21:33.553620+00:00","sec_items":["1.01","2.02","8.01","3.02","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Zenas licenses three autoimmune candidates from InnoCare; raises $120M in PIPE","bullets":["License grants Zenas rights to orelabrutinib (BTK inhibitor) for MS globally and non-oncology indications outside Greater China & SE Asia.","Also obtains worldwide rights to ZB021 (oral IL-17AA/AF inhibitor) and ZB022 (brain-penetrant TYK2 inhibitor) excluding Greater China & SE Asia.","Upfront consideration: $35M cash + 5M shares (~10.6% of ZBIO outstanding); additional near-term milestones up to $65M cash + 2M shares.","Potential milestones total up to $1.4B across orelabrutinib ($723M), ZB021 ($656M), and ZB022 ($656M); royalties range high-single to high-teens.","PIPE raises ~$120M gross at $19.00 (institutional) and $20.85 (directors/officers) per share; estimated pro forma cash $302M (Sept 30, 2025) funds ops into Q4 2026."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-097663","json":"https://secwatch.observer/filing/0001104659-25-097663.json","markdown":"https://secwatch.observer/filing/0001104659-25-097663.md","text":"https://secwatch.observer/filing/0001104659-25-097663.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1953926/000110465925097663/0001104659-25-097663-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1953926/000110465925097663/tm2528075d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:21:33.553620+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}