secwatch.observer — SEC 8-K summary
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Issuer:     Zenas BioPharma, Inc. (ZBIO)
CIK:        0001953926
Form:       8-K
Filed at:   2026-03-16T23:59:59+00:00
Accession:  0001104659-26-027961
Event type: earnings
Sentiment:  neutral
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1953926/000110465926027961/0001104659-26-027961-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1953926/000110465926027961/tm268878d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-027961

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