Zenas BioPharma (ZBIO) Morgan Stanley 24th Annual Global Healthcare Conference summary

Financial and strategic updates

• Secured multiple financings, including royalty, PIPE, equity, convertible note, and term loan, ending Q2 with $674M in cash and access to additional $150M contingent on regulatory milestones.

• Current cash runway extends through Q2 2029, supporting ongoing and planned clinical programs.

• Active ATM facility used selectively for strategic investor entry.

Pipeline and clinical development

• Obexelimab BLA under FDA review for IgG4-RD, with PDUFA date in late May; launch preparations underway.

• Two global phase III trials for orelabrutinib (BTK inhibitor) in progressive MS and phase I for oral IL-17 inhibitor ZB021 ongoing, with initial data expected by year-end.

• Phase IIb lupus (SLE) study for obexelimab to report results by year-end, with biomarker-driven analysis planned.

Market opportunity and positioning

• IgG4-RD U.S. market estimated at $3B, based on 20,000 diagnosed and treated patients and UPLIZNA pricing; potential for growth as diagnosis and treatment rates increase.

• Market research suggests obexelimab could capture ~50% of front-line use, favored for safety and convenience, especially in older patients.

• At-home subcutaneous administration preferred by 75% of patients and 43% of clinicians over infusions.