secwatch.observer — SEC 8-K summary
======================================

Issuer:     Zenas BioPharma, Inc. (ZBIO)
CIK:        0001953926
Form:       8-K
Filed at:   2025-11-12T23:59:59+00:00
Accession:  0001104659-25-109737
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1953926/000110465925109737/0001104659-25-109737-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1953926/000110465925109737/tm2530850d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-109737

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer