---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-109737"
form_type: "8-K"
ticker: "ZBIO"
cik: "0001953926"
company_name: "Zenas BioPharma, Inc."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:43:32.511724+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001104659-25-109737
- form_type: 8-K
- ticker: ZBIO
- cik: 0001953926
- company_name: Zenas BioPharma, Inc.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1953926/000110465925109737/0001104659-25-109737-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1953926/000110465925109737/tm2530850d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-109737
- JSON: https://secwatch.observer/filing/0001104659-25-109737.json
- Plain text: https://secwatch.observer/filing/0001104659-25-109737.txt

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