Last updated
Revenue
R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $13.5052W HIGH $44.60
Volume
557.49 K
Value Traded
13.14 M
Short % Float
35.85%
-7.26%Week
-18.74%1 Month
-8.7%3 Month
+28.38%6 Month
+3.38%5 Year
+3.38%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
1.71 B
EPS (TTM)
-7.43
P/E Ratio
-
Ent. Value
1.07 B
Total Shares
65.19 M
Float Shares
33.11 M
Insiders
49.20%
Institutions
74.95%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
ZBIO Catalyst Timeline
Dated clinical, regulatory and corporate events for Zenas BioPharma, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for Zenas BioPharma, Inc.
126Total events
28Upcoming
43Tier-1 (high impact)
2024 to 2027Coverage
Upcoming catalysts 2
Event history 50
▲Additional DataObexelimabFiledClinical Data
Bioequivalence data for obexelimab prefilled pen vs syringe
IgG4-RDsource ↗
▲FDA Filing AcceptedObexelimabFiledRegulatory Filing
FDA accepted BLA for obexelimab in IgG4-RD
IgG4-Related Diseasesource ↗
●Other Regulator MilestoneObexelimabFiledEx-US Regulatory
BMS submitted MAA to PMDA for obexelimab
IgG4-RDsource ↗
▲Additional DataObexelimabFiledClinical Data
Bioequivalence data for prefilled pen vs syringe
IgG4-RDsource ↗
▲BLA SubmissionObexelimabFiledRegulatory Filing
FDA accepted BLA for obexelimab in IgG4-RD
IgG4-RDsource ↗
◆Oral PresentationPresentation
Management presentation at H.C. Wainwright 7th Annual Neuro Perspectives Expert Summit
◆Oral PresentationObexelimabFiledPresentation
Oral presentation of safety and efficacy results from Phase 3 INDIGO trial at EULAR 2026
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Full ResultsObexelimabFiledClinical Data
Full results from INDIGO presented at EULAR 2026 and published in NEJM
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Oral PresentationObexelimabFiledPresentation
Oral presentation at EULAR 2026 Congress
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Primary Endpoint MetObexelimabFiledClinical Data
INDIGO met primary endpoint of reducing risk of IgG4-RD flares
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲PublicationObexelimabFiledPresentation
INDIGO results published in New England Journal of Medicine
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
◆Topline ReadoutObexelimabFiledClinical Data
Topline results from Phase 2 SunStone trial expected mid-2026
Systemic Lupus Erythematosussource ↗
▲Full ResultsObexelimabFiledClinical Data
Positive Phase 3 INDIGO results presented at EULAR and published in NEJM
IgG4-RDsource ↗
▲Oral PresentationObexelimabFiledPresentation
INDIGO results presented at EULAR and published in NEJM
IgG4-RDsource ↗
▲Primary Endpoint MetObexelimabFiledClinical Data
INDIGO met primary endpoint with 56% risk reduction
IgG4-RDsource ↗
●BLA SubmissionObexelimabFiledRegulatory Filing
BLA submission to U.S. FDA for obexelimab in IgG4-RD
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Primary Endpoint MetObexelimabFiledClinical Data
INDIGO trial met primary endpoint with 56% reduction in risk of flare (HR 0.443; p=0.0005)
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Enrollment CompleteObexelimabFiledTrial
Enrollment completed in Phase 2 SLE trial
Systemic Lupus Erythematosussource ↗
▲First Patient DosedZB021Trial
First subject dosed in Phase 1 trial of ZB021
healthy volunteerssource ↗
▲Enrollment CompleteObexelimabFiledTrial
Enrollment completed in Phase 2 SunStone trial in SLE
SLEsource ↗
●BLA SubmissionObexelimabFiledRegulatory Filing
BLA submitted to FDA for obexelimab in IgG4-RD
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲First Patient DosedZB021Trial
First subject dosed in Phase 1 trial of ZB021
Healthy volunteerssource ↗
◆NDA SubmissionObexelimabFiledRegulatory Filing
Obexelimab BLA submission to FDA for IgG4-RD
IgG4-related diseasesource ↗
◆Primary Endpoint MetObexelimabFiledClinical Data
Phase 2 SunStone trial primary endpoint (24-week) data expected mid-2026
Systemic Lupus Erythematosussource ↗
◆Timing GuidanceObexelimabFiledPresentation
BLA submission to FDA for obexelimab in IgG4-RD expected in Q2 2026
Immunoglobulin G4-Related Diseasesource ↗
▼Equity OfferingCorporate
Pricing of underwritten public offering of 5,000,000 shares of common stock at $20.00 per share
▼Debt Royalty FinancingCorporate
Pricing of $200.0 million aggregate principal amount of 2.50% convertible senior notes due 2032
◆Equity OfferingCorporate
Zenas BioPharma announces proposed offering of convertible senior notes due 2032
▲Debt Royalty FinancingCorporate
Non-dilutive multi-tranche debt financing secured from Pharmakon
▲Equity OfferingCorporate
Completed public offerings and entered into debt financing; cash runway extended into 2029
◆Oral PresentationPresentation
Management presentation at Guggenheim Emerging Outlook: Biotech Summit 2026
▲Primary Endpoint MetObexelimabFiledClinical Data
Primary endpoint met: 95% relative reduction in new Gd-enhancing T1 lesions over weeks 8 and 12
Relapsing Multiple Sclerosissource ↗
▲Full ResultsObexelimabFiledClinical Data
24-week data from MoonStone trial showing durable activity
Relapsing Multiple Sclerosissource ↗
▲Late-BreakerObexelimabFiledPresentation
Late-breaking oral presentation of Phase 2 MoonStone trial results at ACTRIMS Forum 2026
Relapsing Multiple Sclerosissource ↗
▲Primary Endpoint MetObexelimabFiledClinical Data
Obexelimab met primary endpoint with 56% reduction in risk of IgG4-RD flare
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Secondary Endpoint DataObexelimabFiledClinical Data
All four key secondary endpoints met with statistical significance
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
▲Safety Data UpdateObexelimabFiledClinical Data
Obexelimab well tolerated with no new safety signals; lower infection rates vs placebo
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
●Quarterly UpdateCorporate
Conference call to discuss INDIGO results on January 5, 2026 at 8:00 a.m. ET
◆Trial InitiationOrelabrutinibTrial
Initiation of global Phase 3 trial of orelabrutinib in naSPMS expected in this quarter (Q1 2026)
non-active Secondary Progressive Multiple Sclerosissource ↗
▲Enrollment CompleteObexelimabFiledTrial
Enrollment completed in Phase 2 SLE trial
Systemic Lupus Erythematosussource ↗
▲Primary Endpoint MetObexelimabFiledClinical Data
Obexelimab met primary endpoint in Phase 3 INDIGO trial
IgG4-RDsource ↗
◆Topline ReadoutObexelimabFiledClinical Data
24-week topline results from MoonStone trial expected in Q1 2026
Relapsing Multiple Sclerosissource ↗
◆Full ResultsObexelimabFiledClinical Data
24-week data from Phase 2 MoonStone trial expected in Q1 2026
Relapsing Multiple Sclerosissource ↗
◆Topline ReadoutObexelimabFiledClinical Data
Topline results for INDIGO trial expected by end of 2025
Immunoglobulin G4-Related Disease (IgG4-RD)source ↗
Past FDA Catalysts and PDUFA Decisions
How ZBIO actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-06-30 | Obexelimab | Phase 2 topline data readout | Phase 2 |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
C59 / 100
Pipeline Score
$1.4B
Pipeline Value
Fair Value
Valuation Signal
5
Drugs Scored
0.8x
rNPV / MCap
Top 8%
Micro Cap(rank 54 of 658)
Percentile Rank
Zenas BioPharma, Inc. carries a moderate pipeline score (59/100), with $3.5B risk-adjusted pipeline value, led by Orelabrutinib in Secondary Progressive Multiple Sclerosis (Phase 3), across $70B in total addressable markets.
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Orelabrutinib Small moleculeNCT07067463 | Multiple Sclerosis (MS) Primary Progressive | Phase 3 | RECRUITING | 705 | Jul 1, 2030 |
Clinical Trial Results
Readouts, endpoints and source filings for every ZBIO program
| Drug Name | Indication | Phase | Date | Trial Results Summary | Title | Source |
|---|---|---|---|---|---|---|
| obexelimab | Immunoglobulin G4-Related Disease (IgG4-RD) | Phase 3 | 2026-06-03 | 194 IgG4-RD patients; 250 mg of obexelimab; weekly for 52 weeksRead More | Zenas BioPharma Announces Data from the Registrational Phase 3 INDIGO Trial of Obexelimab in Immunoglobulin G4-Related Disease (IgG4-RD), Simultaneously Presented at the EULAR 2026 Congress and Published in the New England Journal of MedicineRead More |
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| MOULDER LEON O JRDirector, Officer (Chief Executive Officer) | Buy | 60,000 96,928 held | $16.88 | 05/18/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in ZBIO
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| NEA Management Company, LLC | 6.4 % (42.2 %) | 102.11 M | 4.02 M |
ZBIO Institutional Ownership Trends
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
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| 2026-10-16 | ||||||||||||
Real-Time Option Chain
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| Last | Vol | OI | Last | Vol | OI | |
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Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How ZBIO ranks across every disease it competes in
Competitive Position is a premium feature
See how ZBIO ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialZBIO News
ZBIO▼ -6.9%today
Zenas BioPharma Announces Upcoming Presentations of Orelabrutinib Data in Relapsing Remitting Multiple Sclerosis, Clinical Trial Designs in Progressive Multiple Sclerosis and Other Multiple Sclerosis Portfolio Data at MSToronto2026
Zenas BioPharma will present seven posters and host a symposium at the MSToronto2026 conference, focusing on Orelabrutinib and other therapies for Multiple Sclerosis. The symposium will feature discussions on BTK inhibition's role in managing progressive MS. The event is scheduled for October 21-23, 2026, in Toronto, Canada.
Read more →ZBIO▼ -6.9%today
Zenas BioPharma to Host Virtual R&D Event
Zenas BioPharma will host a virtual R&D event on October 27, 2026, featuring presentations on its research pipeline, including obexelimab and ZB021. Dr. Joseph F. Merola will share insights into clinical considerations. The event aims to highlight Zenas's commitment to developing therapies for autoimmune and inflammatory diseases.
Read more →ZBIOZenas BioPharma Announces Upcoming Presentations of Obexelimab Data in IgG4-Related Disease at the IgG4ward! 6th International Symposium on IgG4-Related Disease and ACR Convergence 2026
Zenas BioPharma announced that new data from the Phase 3 INDIGO trial of obexelimab will be presented at the upcoming 6th International Symposium on IgG4-Related Disease and ACR Convergence 2026. The presentations will focus on longer-term flare protection, safety data, and analyses of glucocorticoid-associated toxicity and vaccine responses. This reflects Zenas's commitment to advancing therapies for IgG4-RD.
Read more →ZBIOZenas BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Zenas BioPharma has announced the grant of stock options and restricted stock units to newly hired employees as part of an inducement under Nasdaq Listing Rule 5635(c)(4). The grants include 53,700 stock options and 98,900 RSUs, which will vest over four years. This move is aimed at attracting talent to support the company's focus on developing therapies for autoimmune and inflammatory diseases.
Read more →ZBIOZenas BioPharma to Host Obexelimab IgG4-RD Investor Event
Zenas BioPharma will host a virtual investor event on September 29, 2026, to discuss obexelimab for IgG4-RD. The event will feature insights from Dr. Guy Katz and cover current management strategies for the disease. The FDA has accepted Zenas' Biologics License Application for obexelimab, with a target action date set for May 27, 2027.
Read more →ZBIOZenas BioPharma to Present at Upcoming Healthcare Investor Conferences
Zenas BioPharma, a clinical-stage biopharmaceutical company, announced its participation in several upcoming healthcare investor conferences. The presentations will take place on September 9, 14, and 16, 2026. Zenas is committed to developing transformative therapies for autoimmune and inflammatory diseases, with a focus on its lead product candidate, obexelimab.
Read more →ZBIO▼ -6.7%on this news
Zenas BioPharma Reports Second Quarter 2026 Financial Results and Provides Corporate Update
Zenas BioPharma reported its Q2 2026 financial results, highlighting the FDA's acceptance of the obexelimab BLA for IgG4-RD with a PDUFA date set for May 27, 2027. The company anticipates topline results from the Phase 2 SunStone trial in SLE by Q4 2026. Zenas also announced the ongoing Phase 1 trial of ZB021 and the appointment of Christy Oliger to its Board of Directors, enhancing its leadership team. Despite a significant net loss, the company maintains a strong cash position.
Read more →ZBIO▲ +11.5%on this newsshared move
Zenas BioPharma to Present at the H.C. Wainwright 7th Annual Neuro Perspectives Expert Summit
Zenas BioPharma will present at the H.C. Wainwright 7th Annual Neuro Perspectives Expert Summit. The presentation will be available on-demand starting June 15, 2026. Zenas focuses on developing therapies for autoimmune diseases, with two late-stage candidates, obexelimab and orelabrutinib, showing promise in addressing chronic conditions.
Read more →ZBIOZenas BioPharma Announces Data from the Registrational Phase 3 INDIGO Trial of Obexelimab in Immunoglobulin G4-Related Disease (IgG4-RD), Simultaneously Presented at the EULAR 2026 Congress and Published in the New England Journal of Medicine
Zenas BioPharma announced positive results from the Phase 3 INDIGO trial of obexelimab for Immunoglobulin G4-Related Disease (IgG4-RD). The trial met its primary and secondary endpoints, demonstrating significant reductions in disease activity and glucocorticoid use. A Biologics License Application for obexelimab was submitted to the FDA in May 2026, marking a potential breakthrough in treatment options for this condition.
Read more →ZBIOZenas BioPharma Announces Submission of Biologics License Application (BLA) to U.S. FDA for Obexelimab in IgG4-RD
Zenas BioPharma has submitted a Biologics License Application (BLA) to the FDA for obexelimab, aimed at treating Immunoglobulin G4-Related Disease (IgG4-RD). This submission is supported by positive results from the Phase 3 INDIGO trial, which showed a significant reduction in flare risk. The company believes obexelimab could play a crucial role in managing this chronic condition.
Read more →ZBIO▲ +5.5%on this news· ran to +16% by day 1
Zenas BioPharma Announces Upcoming Presentation of Results from Phase 3 INDIGO Registrational Trial of Obexelimab in Immunoglobulin G4-Related Disease (IgG4-RD) at EULAR 2026 Congress
Zenas BioPharma announced that results from the Phase 3 INDIGO trial of obexelimab for IgG4-RD will be presented at the EULAR 2026 Congress. The trial showed a significant reduction in flare risk and met all key endpoints. Obexelimab was well tolerated, with no new safety concerns reported. This presentation marks a critical step in the drug's development.
Read more →ZBIOZenas BioPharma Announces First Subject Dosed in Phase 1 Clinical Trial of ZB021, a Novel, Potentially Best-in-Class Oral IL-17AA/AF Inhibitor
Zenas BioPharma has announced the dosing of the first subject in its Phase 1 clinical trial for ZB021, an oral IL-17AA/AF inhibitor. The trial aims to assess the safety, tolerability, and pharmacokinetics of ZB021 in healthy volunteers, with proof-of-concept data expected in psoriasis patients by 2027. The company anticipates initial clinical data by the end of 2026.
Read more →ZBIOZenas BioPharma Reports First Quarter 2026 Financial Results and Provides Corporate Update
Zenas BioPharma reported its Q1 2026 financial results, highlighting significant progress in its clinical trials, particularly for obexelimab in treating IgG4-RD. The company is on track to submit marketing applications to the FDA and EMA, with positive results from the Phase 3 INDIGO trial. Additionally, Zenas completed enrollment in the Phase 2 SunStone trial and initiated a Phase 1 trial for ZB021, an oral IL-17AA/AF inhibitor.
Read more →ZBIO▼ -17.8%on this news
Zenas BioPharma Announces Proposed Concurrent Public Offerings of Convertible Senior Notes Due 2032 and Common Stock
Zenas BioPharma has announced concurrent public offerings of convertible senior notes due 2032 and common stock to support its development pipeline and the planned launch of obexelimab. The offerings are not contingent on each other, and there is a risk of lower net proceeds. The company aims to use the funds for clinical trials and general corporate purposes.
Read more →ZBIO▼ -17.8%on this newsshared move
Zenas BioPharma Announces Pricing of Concurrent Public Offerings of 2.50% Convertible Senior Notes Due 2032 and Common Stock with Aggregate Gross Proceeds of $300.0 Million
Zenas BioPharma has announced the pricing of its public offerings, which include $200 million in convertible senior notes due 2032 and 5 million shares of common stock priced at $20 each. The total expected net proceeds from these offerings are approximately $287.5 million. The funds will primarily support the commercial launch of obexelimab and advance ongoing clinical trials. The offerings are set to close on March 31, 2026, subject to customary conditions.
Read more →About Zenas BioPharma, Inc.
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