Zenas BioPharma, Inc.
ZBIO evidence brief
What we can confirm
- BioSniper Score:
- 7.5 / 10
- Market Cap:
- $2.10B
- Lead Asset:
- obexelimab (Phase 3)
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 (ZBIO) is a clinical-stage biopharmaceutical company developing therapies for autoimmune and inflammatory diseases, with a lead asset obexelimab in Phase 3 for IgG4-related disease and a BLA accepted by the FDA.
Key risk: Cash burn rate
BioSniper Score
Based on 5 of 6 signals
Market Cap
$2.10B
Cash Runway
—
Lead Asset
obexelimab (Phase 3)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 5 pipeline candidates · 8 clinical trials · 1 catalyst for Zenas BioPharma, Inc..
Zenas BioPharma (ZBIO) is a clinical-stage biopharmaceutical company developing therapies for autoimmune and inflammatory diseases, with a lead asset obexelimab in Phase 3 for IgG4-related disease and a BLA accepted by the FDA.
- Cash and equivalents of $196.6M as of 2026-06-30 [sec].
- Total revenue of $1.0M and net income of -$111.5M as of 2026-06-30 [sec].
- Obexelimab BLA for IgG4-RD accepted by FDA with PDUFA target action date of May 27, 2027 [news · 2026-08-13].
- Phase 2 SunStone SLE trial topline results expected in Q4 2026 [news · 2026-08-13].
- Phase 1 trial of ZB021 (oral IL-17AA/AF inhibitor) dosing ongoing; initial clinical data expected by year-end 2026 [news · 2026-08-13].
What works
- Obexelimab has shown statistically significant flare protection in IgG4-RD (hazard ratio 0.44) in the Phase 3 INDIGO trial [catalyst].
- The company has a partnered pipeline with Bristol Myers Squibb for obexelimab in select Asian markets, providing non-dilutive funding and regional expertise [pipeline].
- Multiple Phase 3 programs are underway (obexelimab in IgG4-RD, SLE, and orelabrutinib in MS), indicating a broad late-stage pipeline [pipeline][catalyst].
What to weigh
- Net income was -$111.5M for the six months ended 2026-06-30, reflecting high operating expenses relative to minimal revenue [sec].
- Total revenue was only $1.0M as of 2026-06-30, indicating no approved product revenue yet [sec].
- Cash burn is substantial; with $196.6M cash and a net loss of $111.5M in six months, the company may have limited runway without additional financing or partnership milestones [sec].
- The pipeline includes several Phase 1 assets (ZB001, ZB002, ZB021) with no clinical data yet, adding development risk [pipeline][news · 2026-05-13].
From the filings
Quoted directly from source documents.
Obexelimab BLA accepted by FDA for IgG4-RD
“Obexelimab BLA submission for the treatment of IgG4-RD accepted by FDA; PDUFA target action date of May 27, 2027”
News · August 13, 2026
Phase 3 INDIGO trial showed significant flare protection
“The time to the first disease flare that required rescue therapy was significantly longer with obexelimab than with placebo (hazard ratio, 0.44; 95% confidence interval, 0.28”
Catalysts
Catalyst timeline
- 2026-12-31 · Phase2_Topline — Zenas BioPharma Reports Second Quarter 2026 Financial Results and Provides Corporate Update
Risks & what to watch (4)›
Key risks
- Cash burn rate — Net loss of $111.5M in six months against $196.6M cash as of 2026-06-30 implies limited runway [sec].
- No approved product revenue — Total revenue of only $1.0M as of 2026-06-30, with no marketed products [sec].
- Early-stage pipeline risk — Phase 1 assets (ZB001, ZB002, ZB021) have no disclosed clinical data yet [pipeline][news · 2026-05-13].
- PDUFA date dependency — Obexelimab approval decision not expected until May 27, 2027; any delay or rejection would be a major setback [news · 2026-08-13].
What to watch
- Obexelimab Phase 2 SunStone SLE topline results expected in Q4 2026 [news · 2026-08-13].
- ZB021 Phase 1 initial clinical data expected by year-end 2026 [news · 2026-08-13].
- Obexelimab PDUFA target action date of May 27, 2027 [news · 2026-08-13].
- Phase 3 orelabrutinib trials in multiple sclerosis are ongoing; any interim data would be a key catalyst [catalyst].
Sources: Catalysts · News · Pipeline · Generated October 12, 2026 · How we verify sources →
Run Zenas BioPharma, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.84 · 0% dilution
Lead: Phase 3
5 candidates
1 upcoming, next in ~78d
3 buys · 0 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
139
Total value held
$1.09B
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 9,082,000 | $177.6M |
| sr one capital management, lp | 5,037,854 | $98.5M |
| nea management company, llc | 4,023,219 | $78.7M |
| 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 |
| capital international investors | 2,434,000 | $47.6M |
| fairmount funds management llc | 2,359,025 | $46.1M |
| blackrock, inc. | 2,037,548 | $39.8M |
| nvp associates, llc | 1,838,482 | $35.9M |
Showing top 10 of 139 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 (ZBIO) is a clinical-stage biopharmaceutical company developing therapies for autoimmune and inflammatory diseases, with a lead asset obexelimab in Phase 3 for IgG4-related disease and a BLA accepted by the FDA.
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 Phase2_Topline event — "Phase2_Topline: Zenas BioPharma Reports Second Quarter 2026 Financial Results and Provides Corporate Update" — expected December 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.