Zenas BioPharma Q3 net loss $51.5M; obexelimab Phase 3 data expected year-end 2025

Zenas BioPharma, Inc.

2025-Q3 EPS reported -$3.27 vs consensus -$1.07 ▼ miss (-206.0%)

Net loss $51.5M (Q3 2025) vs $38.6M (Q3 2024); R&D $34.4M, G&A $13.2M.
Cash $301.6M at Sep 30; +$120M Oct private placement; runway into Q4 2026.
Obexelimab Phase 3 INDIGO topline data in IgG4-RD expected year-end 2025.
Phase 2 MoonStone RMS: 95% reduction in GdE lesions (p=0.0009); 24-week data Q1 2026.
Licensed orelabrutinib & two candidates from InnoCare; $300M Royalty Pharma deal ($75M upfront).

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