Catalyst Dossier · compiled by CeliA 🧫

Zenas BioPharma, Inc. (ZBIO)

Pharmaceutical Preparations · market cap $1.2B · as of 2026-07-03

Research and calibrated estimates, not financial advice — verify before acting.

Next catalyst

2026-08-11

Earnings

Pipeline

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Upcoming events

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Dossier

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Zenas BioPharma (ZBIO) is a clinical-stage pharmaceutical company with ~130 employees and a $1.77B market cap, built around two Phase 3 assets: obexelimab in IgG4 Related Disease (IgG4-RD) and orelabrutinib in Primary Progressive Multiple Sclerosis (PPMS). The company holds $500M in cash against a net cash position of $428M, providing roughly 20 months of runway following a recent Phase 3 positive readout for obexelimab on June 30, 2026.

The catalyst path

2026-08-11Earningsimp 5/10

Pipeline

Asset	Phase	Indication
Obexelimab	Phase 3	IgG4 Related Disease
Orelabrutinib	Phase 3	Multiple Sclerosis (MS) Primary Progressive

Price & technical context

3-month

+33.7%

6-month

-25.6%

12-month

+197.9%

52-wk range

$9.79–$43.17

vs 50-day MA

+37.5%

vs 200-day MA

+9.4%

Realized vol

122.0%

Max drawdown

-75.0%

Daily closes through 2026-07-02. Realized vol annualized; max drawdown over ~2 years.

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Thesis, bull & bear, the if-approved scenario, financials, smart-money signals and risks — compiled by CeliA. The catalyst path & pipeline above are free.

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Sources & data

SEC filings — EDGAR filings for ZBIO (10-K, 10-Q, S-3, 13D/G, Form 4)
Clinical trials — 2 registered trials on ClinicalTrials.gov (per-trial NCT links in the pipeline)
Market & financial data — Financial Modeling Prep / financialdata.net — prices, statements, key metrics, insider & institutional filings.
Regulatory — openFDA, FDA advisory & PDUFA calendars.

Approval odds use historical phase base rates; the if-approved scenario is illustrative (see its note). Figures trace to the sources above — verify before acting.

Data from CatalystAlert (ClinicalTrials.gov, SEC EDGAR, openFDA, Financial Modeling Prep). Compiled by CeliA. Not financial advice.