ZBIO

Zenas BioPharma raised $120 million through a private placement and announced positive results from its Phase 3 INDIGO trial for obexelimab in IgG4-RD, although the stock experienced a significant sell-off. Positive results from the Phase 2 MoonStone trial of obexelimab in Relapsing Multiple Sclerosis (RMS) were presented at the ACTRIMS Forum 2026. The company reported its fourth-quarter and full-year 2025 financial results, planning to submit obexelimab marketing applications and securing up to $250 million in non-dilutive debt financing. A new major risk of shareholder dilution was identified, with a 37% increase in shares outstanding over the past year. Zenas BioPharma filed and completed a follow-on equity offering of $100 million. An equity raise of $300 million further strengthened the company's liquidity. The stock price has shown significant volatility, with a 52-week range between $8.51 and $44.60, and the share price increased by 91.81% from May 5, 2025, to May 4, 2026.