---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-027961"
form_type: "8-K"
ticker: "ZBIO"
cik: "0001953926"
company_name: "Zenas BioPharma, Inc."
filed_at: "2026-03-16T23:59:59+00:00"
generated_at: "2026-05-15T11:58:10.189427+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Zenas BioPharma Q4/FY2025 net loss $377.7M; obexelimab BLA filing on track Q2 2026

## Summary
- FY2025 net loss of $377.7M vs $157.0M in FY2024; Q4 net loss $240.4M.
- Cash and investments $360.5M at Dec 31, 2025; expects funding into Q2 2027.
- Up to $250M debt facility from Pharmakon; $75M drawn at closing.
- Obexelimab BLA for IgG4-RD to FDA in Q2 2026; EMA MAA in H2 2026.
- Topline Phase 2 SunStone (SLE) results expected Q4 2026; orelabrutinib Phase 3 PPMS trial initiated.

## SEC filing metadata
- accession: 0001104659-26-027961
- form_type: 8-K
- ticker: ZBIO
- cik: 0001953926
- company_name: Zenas BioPharma, Inc.
- filed_at: 2026-03-16T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1953926/000110465926027961/0001104659-26-027961-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1953926/000110465926027961/tm268878d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-027961
- JSON: https://secwatch.observer/filing/0001104659-26-027961.json
- Plain text: https://secwatch.observer/filing/0001104659-26-027961.txt

## Key facts
- Earnings Releases
  Zenas BioPharma, Inc. reported financial results for the quarter and year ended December 31, 2025.
  - Period: the quarter and year ended December 31, 2025
  - Result: reported results
  source text: Zenas BioPharma, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1953926/000110465926027961/0001104659-26-027961-index.htm

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