Zenas BioPharma, Inc.
ZBIO evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ZBIO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ZBIO
Zenas BioPharma is a clinical-stage biopharmaceutical company focused on developing novel immunology-based therapies for autoimmune and inflammatory diseases, with a lead program in IgG4-related disease (IgG4-RD) and a pipeline of early-stage candidates.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.04B
Cash Runway
34.1 moLead Asset
obexelimab (Phase 3)Next Catalyst
Phase3_Topline · Aug 31, 2026Financial data as of Jun 30, 2026.
Tracking 5 pipeline candidates · 10 clinical trials · 5 catalysts for Zenas BioPharma, Inc..
Zenas BioPharma is a clinical-stage biopharmaceutical company focused on developing novel immunology-based therapies for autoimmune and inflammatory diseases, with a lead program in IgG4-related disease (IgG4-RD) and a pipeline of early-stage candidates.
- As of June 30, 2025, Zenas BioPharma had $274.9 million in cash, cash equivalents, and investments, with an accumulated deficit of $473.2 million [sec_mda · as of 2025-08-12].
- The company's lead product candidate, obexelimab, is being evaluated in a Phase 3 study for IgG4-related disease (IgG4-RD), with a topline readout expected in 2026 [sec_mda · as of 2025-08-12].
- Zenas BioPharma has a pipeline of early-stage candidates, including ZB021 and ZB022, which are in preclinical development and subject to IND clearance [sec · filed 2026-01-05].
- The company has incurred substantial losses since inception and expects to continue incurring significant losses for the foreseeable future [sec · filed 2026-01-05].
- Zenas BioPharma's operations have been funded primarily through equity offerings, convertible notes, and collaboration agreements, including $234.3 million in net proceeds from its IPO [sec_mda · as of 2025-08-12].
What works
- Zenas BioPharma has a lead candidate, obexelimab, in a Phase 3 trial for IgG4-RD, a disease with limited treatment options, which could address a significant unmet medical need [sec_mda · as of 2025-08-12].
- The company has a strong cash position of $274.9 million as of June 30, 2025, which is expected to fund operations into the fourth quarter of 2026 [sec_mda · as of 2025-08-12].
- Zenas BioPharma has established multiple funding sources, including equity, convertible notes, and collaboration agreements (BMS, Tenacia, Zai), providing financial flexibility [sec_mda · as of 2025-08-12].
What to weigh
- Zenas BioPharma has an accumulated deficit of $473.2 million as of June 30, 2025, and expects to continue incurring substantial losses for the foreseeable future [sec_mda · as of 2025-08-12].
- The company is unable to predict when, if ever, material net cash inflows will commence from the sale of any product candidate, if approved [sec_mda · as of 2025-05-13].
- Clinical development is costly and uncertain, and Zenas BioPharma cannot estimate the actual amounts necessary to successfully complete development and commercialization of its product candidates [sec_mda · as of 2025-05-13].
- The company's early-stage pipeline (ZB021, ZB022) is subject to IND clearance and has not yet entered clinical trials, adding development risk [sec · filed 2026-01-05].
From the filings
Quoted directly from source documents.
Zenas BioPharma had $274.9 million in cash, cash equivalents, and investments as of June 30, 2025.
“As of June 30, 2025, we had $274.9 million in cash, cash equivalents and investments.”
SEC MD&A · August 12, 2025
The company had an accumulated deficit of $473.2 million through June 30, 2025.
“we had an accumulated deficit of $473.2 million.”
SEC MD&A · August 12, 2025
Zenas BioPharma expects to continue incurring substantial losses for the foreseeable future.
“incurrence of substantial losses since the Company's inception and anticipation of incurring substantial and increasing losses for the foreseeable future”
SEC filings · January 5, 2026
The company is unable to predict when material net cash inflows from product sales will commence.
“We are also unable to predict when, if ever, material net cash inflows will commence from the sale of any current or future product candidate, if approved.”
SEC MD&A · May 13, 2025
Catalyst timeline
- 2026-08-31 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-Blind, Placebo-Controlled Study With An Open Label Safety — Topline results from a Phase 3 study of obexelimab in IgG4-RD are expected, which will be a key efficacy and safety readout.
- 2026-12-31 · Phase2_Topline · obexelimab — Phase 2 Readout: obexelimab — A Phase 2 readout for obexelimab is anticipated, providing additional data on its therapeutic potential.
- 2029-02-15 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-blind, Placebo-controlled Study to Evaluate the Efficacy — A separate Phase 3 topline readout is scheduled, likely for another indication or confirmatory study.
- 2030-07-01 · Phase3_Topline · non-active — Phase 3 Topline: A Phase 3, Randomized, Double-blind, Efficacy and Safety Study Comparing Orelabrutinib to Placebo in — Topline results from a Phase 3 study comparing orelabrutinib to placebo are expected, though the specific indication is not specified.
- 2030-07-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Double-blind, Efficacy and Safety Study Comparing Orelabrutinib to Placebo in — Another Phase 3 topline readout for orelabrutinib is scheduled, potentially for a different patient population.
Risks & what to watch (4)›
Key risks
- Clinical trial failure risk — Obexelimab Phase 3 trial may fail to meet endpoints, delaying or preventing approval [sec_mda · as of 2025-08-12].
- Cash runway uncertainty — Cash may be exhausted sooner than expected if assumptions prove wrong, forcing operational cuts [sec_mda · as of 2025-08-12].
- Regulatory and development delays — IND clearance and clinical trial timelines for ZB021 and ZB022 are uncertain [sec · filed 2026-01-05].
- No approved products or revenue — No product candidates have been approved, and material net cash inflows from sales are unpredictable [sec_mda · as of 2025-05-13].
What to watch
- Phase 3 topline data for obexelimab in IgG4-RD, expected in 2026 [sec_mda · as of 2025-08-12].
- IND clearance and initiation of Phase 1 studies for ZB021 and ZB022 [sec · filed 2026-01-05].
- Cash burn rate and any additional financing or partnership activities to extend runway beyond Q4 2026 [sec_mda · as of 2025-08-12].
- Regulatory updates from the FDA or other agencies regarding obexelimab or pipeline candidates [sec_mda · as of 2025-08-12].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
34.1 months
D/E 1.84 · 0% dilution
Lead: Phase 3
5 candidates
5 upcoming, next in ~1d
8 buys · 0 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
136
Total value held
$859.9M
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 9,082,000 | $177.6M |
| enavate sciences gp, llc | 3,919,159 | $76.6M |
| federated hermes, inc. | 3,127,031 | $61.1M |
| polar capital holdings plc | 2,548,444 | $49.8M |
| vanguard capital management llc | 2,490,782 | $48.7M |
| blackrock, inc. | 2,037,548 | $39.8M |
| nvp associates, llc | 1,838,482 | $35.9M |
| alliancebernstein l.p. | 897,321 | $32.6M |
| state street corp | 1,470,923 | $28.8M |
| wellington management group llp | 1,246,053 | $24.4M |
Showing top 10 of 136 institutional holders of Zenas BioPharma, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 22.5%
- Days to cover
- 11.6
- Shares short
- 9,362,107
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ZBIO short interestGovernance
Frequently asked questions
What is the AI investment thesis for Zenas BioPharma, Inc.?
Zenas BioPharma is a clinical-stage biopharmaceutical company focused on developing novel immunology-based therapies for autoimmune and inflammatory diseases, with a lead program in IgG4-related disease (IgG4-RD) and a pipeline of early-stage candidates.
What is Zenas BioPharma, Inc.'s lead drug candidate?
Zenas BioPharma, Inc.'s most advanced tracked candidate is obexelimab (Phase 3) for Warm Autoimmune Hemolytic Anemia; IgG4 Related Disease; Relapsing Multiple Sclerosis.
What is Zenas BioPharma, Inc.'s next catalyst?
Zenas BioPharma, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-Blind, Placebo-Controlled Study With An Open Label Safety" — expected August 31, 2026.
Who is the CEO of Zenas BioPharma, Inc.?
Mr. Leon Oliver Moulder Jr., M.B.A. is the chief executive officer of Zenas BioPharma, Inc. (ZBIO).
Where is Zenas BioPharma, Inc. headquartered?
Zenas BioPharma, Inc. (ZBIO) is headquartered in Waltham, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.