ZBIO · Zenas BioPharma, Inc.

Zenas BioPharma's Q1 2026 results reflect accelerated investment in its autoimmune pipeline, with R&D expenses rising 73% year-over-year to $60.4 million due to increased clinical trial, manufacturing, and regulatory costs for obexelimab and orelabrutinib, plus headcount growth. G&A expenses increased 36% to $16.9 million from pre-commercialization hiring and public company operations. Other expense swung to a $3.6 million loss from royalty obligations, partially offset by interest income, driving net loss to $81.0 million from $33.6 million last year. Balance sheet strengthened significantly with $718.5 million in cash equivalents as of March 31, bolstered by $419 million YTD gross proceeds from $374 million public offerings (convertible notes and stock), $74 million ATM sales, and a $250 million debt facility with Pharmakon. Including potential $45 million over-allotment exercise, $75 million Royalty Pharma milestone, and $75 million debt draw on FDA approval, runway extends through Q2 2029, supporting obexelimab commercialization preparations and pipeline advancement. Corporate progress includes obexelimab BLA submission to FDA this quarter, MAA to EMA in H2 2026 post-INDIGO Phase 3 success (56% flare risk reduction), EULAR presentation June 4, SunStone SLE topline in Q4, ZB021 Phase 1 data year-end, and ongoing orelabrutinib MS trials. At the May 11 Annual Meeting, Tomas Kiselak's term ended without re-election, reducing Board size; James Boylan and Patrick Enright were elected Class II directors with strong support (>90% for votes), and auditors Ernst & Young ratified overwhelmingly.