Zenas BioPharma (ZBIO) Citigroup’s Biopharma Back to School Summit 2026 summary

Strategic overview and pipeline highlights

• Two late-stage programs, including obexelimab under FDA review for IgG4-related disease with a PDUFA date in May 2027, and three additional promising programs acquired via business development.

• Strong global infrastructure and experienced team with a cash runway projected through Q2 2029, assuming milestone payments post-approval.

• Potential for three molecule approvals across multiple indications in markets exceeding $50 billion in global sales over five years.

Near-term milestones and clinical data

• Upcoming investor event in September to present 12-month open-label extension data for obexelimab, with additional data at the IgG4-RD Symposium in October and ACR in November.

• Open-label extension showed over 90% flare protection at six months; 12-month data to be disclosed soon.

• Vaccine substudy results on immune response in patients on obexelimab expected this fall.

• SunStone-SLE phase II-B top-line results for lupus expected in Q4, with biomarker and overall population data.

Commercialization and market strategy

• Market research indicates obexelimab could capture 50% of frontline IgG4-RD treatment share, with the remainder split between UPLIZNA and off-label Rituxan.

• Commercial infrastructure largely in place, with plans to add a 45-50 person sales force targeting key specialists.

• U.S. IgG4-RD market estimated at 30,000-40,000 patients, with current diagnosed and treated population at 20,000.

• Plans to file for European approval this year, with market size similar to the U.S.; Japan commercialization led by partner Bristol Myers Squibb.