Zenas BioPharma, Inc. (ZBIO), a clinical-stage company focused on autoimmune diseases, has priced concurrent public offerings of $200 million in convertible senior notes due 2032 and $100 million in common stock, for total gross proceeds of $300 million. Shares traded lower following the announcement.
The convertible notes will carry a 2.50% interest rate, payable semi-annually, and mature on April 1, 2032. They are convertible into Zenas common stock at approximately $26.50 per share, representing a 32.5% premium to the equity offering price of $20.00. The equity offering comprises 5 million shares of common stock. Net proceeds are expected to be about $287.5 million, with closing anticipated on March 31, 2026, subject to customary conditions.
Use of Proceeds
Zenas stated that funds will support the potential U.S. launch of Obexelimab in IgG4-related disease, advance late-stage trials in multiple sclerosis, and progress early-stage autoimmune programs. Proceeds will also be used for general corporate purposes and working capital.
Pipeline Highlights
• Obexelimab - Relapsing Multiple Sclerosis (RMS): 24-week data from the Phase 2 MoonStone trial were reported on Feb.9, 2026, demonstrating robust and durable activity. The data builds on highly positive 12-week results that showed a 95% reduction in new lesions vs. placebo.
• Obexelimab - Systemic Lupus Erythematosus (SLE): Topline Phase 2 SunStone trial results anticipated mid-2026.
• Obexelimab - IgG4-related disease - A phase 3 trial, dubbed INDIGO, has been successfully completed, with a Biologics License Application expected to be filed with the FDA in Q2, 2026 and Marketing Authorisation Application to be submitted to the European Medicines Agency in 2H 2026.
• Orelabrutinib- Secondary Progressive MS (SPMS): Global Phase 3 trial initiation slated for Q1 2026, complementing the ongoing PPMS program.
• ZB021-IL-17AA/AF inhibitor: IND submission and Phase 1 start planned in 2026, targeting rheumatic and dermatologic diseases.
• ZB022-TYK2 inhibitor: IND submission and Phase 1 start also expected in 2026, with focus on neurologic indications.
ZBIO has traded between $6.11 and $44.60 over the past year. The stock closed Thursday's trading at $22.16, down 0.14%. In pre-market trading the stock fell further to $19.00, down 14.26%.
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Business News
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