secwatch.observer — SEC 8-K summary
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Issuer:     Zenas BioPharma, Inc. (ZBIO)
CIK:        0001953926
Form:       8-K
Filed at:   2026-03-31T23:59:59+00:00
Accession:  0001104659-26-037821
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Zenas BioPharma raises ~$287M via convertible notes and equity to fund pipeline and launch
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- Closed $200M aggregate principal of 2.50% Convertible Senior Notes due 2032; net proceeds ~$193.7M.
- Closed public equity offering of 5M shares at $20.00/share; net proceeds ~$93.7M.
- Combined net proceeds ~$287.4M; funds obexelimab launch (if approved), orelabrutinib Phase 3, ZB021 Phase 1/2, and working capital.
- Underwriters granted 30-day options: up to $30M additional notes and 750k additional shares.
- Company previously had going concern doubt; capital raise aims to address liquidity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1953926/000110465926037821/0001104659-26-037821-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1953926/000110465926037821/tm2610711d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-037821

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