---
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"
generated_at: "2026-05-17T04:21:33.553620+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Zenas licenses three autoimmune candidates from InnoCare; raises $120M in PIPE

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.02, 8.01, 3.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-097663
- JSON: https://secwatch.observer/filing/0001104659-25-097663.json
- Plain text: https://secwatch.observer/filing/0001104659-25-097663.txt

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