Zenas BioPharma, Inc. Common Stock

Zenas BioPharma announced positive results from the Phase 3 INDIGO trial of obexelimab for Immunoglobulin G4-Related Disease. The study met its primary and all key secondary endpoints, demonstrating a 56% reduction in flare risk compared to placebo and a significant decrease in glucocorticoid use and related toxicities. The findings were presented at the EULAR 2026 Congress and published in the New England Journal of Medicine. The trial, the largest ever conducted for this disease, showed that over 73% of treated patients remained flare-free through 52 weeks with a safety profile comparable to placebo. Following these results, the company submitted a Biologics License Application to the FDA in May and continues to advance its clinical pipeline, with additional data expected later this year from its Phase 2 trial for systemic lupus erythematosus.

Zenas BioPharma CEO Leon Moulder acquired 60,000 shares of the company for approximately $1.01 million on May 18, 2026. The purchase was made at a weighted average price of $16.88 per share, according to an SEC filing. Following the transaction, Moulder directly holds 423,155 shares, with total beneficial ownership exceeding 520,000 shares, or about 0.95% of outstanding shares, plus an additional 1,786,039 shares held indirectly through Tellus BioVentures LLC. The buy comes after Zenas shares fell from a 52-week high of $44.60 in December 2025, and as the company reported a first-quarter net loss of $81 million, up from $33.6 million a year earlier, with cash and investments of $718.5 million at quarter-end.