<span item_type="fundamental" item_id="279ce4529b3f5b6bc1b25e881180bc11" counter_id="ST/US/ZBIO" env="prod"></span><span item_type="announcement" item_id="548583288562188801" env="prod"></span><p>EPS: As of FY2025 Q2, the actual value is USD -1.25.</p><p></p><h3>Cash and Investments</h3><ul><li>As of June 30, 2025, Zenas BioPharma, Inc. had cash, cash equivalents, and investments totaling $274.9 million. The company expects these funds to cover operating expenses and capital expenditure requirements into the fourth quarter of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_ex99-1.htm"></span></li></ul><h3>Research and Development Expenses</h3><ul><li>R&amp;D expenses for the quarter ended June 30, 2025, were $43.0 million, an increase from $33.8 million for the same period in 2024. This $9.2 million increase was primarily due to higher costs related to the clinical development of obexelimab and increased personnel costs, partially offset by decreased costs in partnered programs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_ex99-1.htm"></span></li></ul><h3>General and Administrative Expenses</h3><ul><li>G&amp;A expenses were $12.1 million for the quarter ended June 30, 2025, compared to $5.9 million for the quarter ended June 30, 2024. The $6.2 million increase was attributed to higher personnel costs, including stock-based compensation, and expenses related to pre-commercialization activities and operating as a public company.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_ex99-1.htm"></span></li></ul><h3>Net Loss</h3><ul><li>The net loss for the quarter ended June 30, 2025, was $52.2 million, compared to a net loss of $38.0 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_ex99-1.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>Zenas BioPharma expects to report topline results from the Phase 3 INDIGO trial in Immunoglobulin G4-Related Disease around year-end 2025. The company also anticipates results from the Phase 2 MoonStone trial in Relapsing Multiple Sclerosis early in the fourth quarter of 2025, and expects to complete enrollment for the Phase 2 SunStone trial in Systemic Lupus Erythematosus by year-end 2025, with topline results expected mid-2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1953926/000110465925076464/tm2523154d1_ex99-1.htm"></span></li></ul>

Zenas Biopharma | 8-K: FY2025 Q2 EPS: USD -1.25