Zenas BioPharma (ZBIO)
Develops obexelimab, a licensed antibody that quiets B-cell activity in immune diseases without depleting the cells.
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Develops obexelimab, a bifunctional antibody in-licensed from Xencor that quiets B-cell activity and cleared its pivotal trial in IgG4-related disease, alongside licensed programs in multiple sclerosis; the pipeline is built by acquiring clinical-stage immunology assets and partnering out regional rights rather than by in-house discovery.
Concentrates entirely on immune-based therapies, anchored by obexelimab, a bifunctional antibody that quiets B-cell activity by co-engaging CD19 and an inhibitory Fc receptor without depleting the cells. Licensed worldwide from Xencor, it cleared its pivotal trial in IgG4-related disease and is heading toward a US regulatory filing, with earlier-stage programs in multiple sclerosis and lupus.
Growth comes from acquiring clinical-stage immunology assets rather than discovering them in-house: a brain-penetrant BTK inhibitor licensed from InnoCare extends the pipeline into progressive multiple sclerosis, while regional rights to obexelimab are partnered out to Bristol Myers Squibb and Zai Lab across Asia and Greater China. A Waltham, Massachusetts headquarters pairs with substantial clinical operations in China.
Founded in 2019 and public since 2024, the company has no approved product, funding its pivotal-stage pipeline through equity raises, milestones, and royalty-backed financing rather than product sales.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Morgan Stanley | Reiterate | Equal Weight | $22 | $32 | |
| May 14, 2026 | Morgan Stanley | Reiterate | Equal Weight | $19 | $22 | |
| Jan 6, 2026 | Jefferies | Target | $52 | $48 | ||
| Jan 6, 2026 | Morgan Stanley | Downgrade | Overweight | Equal Weight | ||
| Jan 5, 2026 | Morgan Stanley | Target | $34 | $19 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $643.1M · Total debt $389.6M · Total assets $701.7M · Shareholders' equity $247.1M
- Revenue
- $1.0M
- Operating income
- −$107.7M
- Net income
- −$111.5M
No dividends on record.
| Institutions151 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 94.30% | 61.46M shares | |
| Insiders9 holders · as of Jun 17, 2026 | 4.55% | 2.97M shares | |
| Strategic holders1 holder · as of Oct 15, 2025 | 7.67% | 5.00M shares | |
| Adds to | 106.52% |
65.18M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 106.52%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
FMR LLCInstitution | 14.59% | 9.51M | 13Fas of Jun 30, 2026 |
Sr One Capital Management, LPInstitution | 7.73% | 5.04M | 13Fas of Jun 30, 2026 |
InnoCare Pharma Inc.1,2Strategic10 percent owner | 7.67% | 5.00M | 13Gfiled Oct 15, 2025 ↗ |
Nea Management Company, LLCInstitution | 6.17% | 4.02M | 13Fas of Jun 30, 2026 |
Enavate Sciences GP, LLCInstitution | 6.01% | 3.92M | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
- InnoCare Pharma Inc.'s transaction reports restate only vehicles that traded; the 2025 ownership statement (5.00M) is used instead.
- InnoCare Pharma Inc. reports a block also reported by Sr One Capital Management, LP; it is counted once, under Sr One Capital Management, LP.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 18, 2026 | Leon O. Jr Moulder | director, officer: Chief Executive Officer | +60,000 | $16.88 |
| Apr 28, 2026 | Leon O. Jr Moulder | director, officer: Chief Executive Officer | +25,000 | $18.02 |
| Apr 29, 2026 | Leon O. Jr Moulder | director, officer: Chief Executive Officer | +35,000 | $17.62 |
| Mar 31, 2026 | Hongbo Lu | director | +78,768 | $19.93 |
| Mar 31, 2026 | Fairmount Funds Management LLC | director | +150,000 | $20.00 |
- Amgen
Only approved IgG4-RD therapy — direct overlap with obexelimab's US filing.
- Novartis (ADR)
Kesimpta is the self-administered anti-CD20 anchor in relapsing MS.
- Sanofi (ADR)
Tolebrutinib is the highest-profile competing BTK inhibitor for progressive MS.
- GSK (ADR)
Benlysta is the long-standing SLE anchor targeting the B-cell survival pathway.
- AstraZeneca (ADR)
Saphnelo SLE anchor plus an emerging CAR-T program in MS.
- TG Therapeutics
Briumvi is the newest anti-CD20 in relapsing MS and a same-scale peer.
- Vera Therapeutics
Similar-scale B-cell-pathway autoimmune biotech built around atacicept.
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Zenas BioPharma | $32.44 | −1.98% | $2.09B | — | — | 2,091.6 | — |
| Amgen | $442.30 | −0.12% | $239.00B | 27.5 | 18.9 | 6.3 | +9.7% |
| Novartis (ADR) | $162.15 | −0.18% | $308.79B | 24.5 | 17.3 | 5.6 | +0.9% |
| Sanofi (ADR) | $44.76 | +0.66% | $106.78B | 78.2 | — | 1.9 | +11.2% |
| GSK (ADR) | $50.89 | +0.92% | $101.06B | 15.8 | 9.1 | 2.2 | +2.7% |
| AstraZeneca (ADR) | $164.21 | +1.58% | $250.67B | 24.3 | 15.2 | 4.1 | +6.4% |
| TG Therapeutics | $56.89 | −0.02% | $8.71B | 20.8 | 29.9 | 10.9 | +70.3% |
| Vera Therapeutics | $35.50 | −0.50% | $2.56B | — | — | — | — |
| Median | 24.4 | 17.3 | 4.9 | +8.0% |