Zenas Biopharma

Q2 FY2026 EarningsQ2 FY2026 missed consensus estimates significantly across both top and bottom lines. Revenue of $1.0M fell far short of the $15.0M consensus, while GAAP Net Loss of $111.5M was much deeper than the $67.2M expected, primarily driven by $30.0M in unforecasted Acquired In-Process R&D (AIPR&D) expenses. Despite the financial miss, the clinical pipeline achieved major milestones, including FDA acceptance of the obexelimab BLA for IgG4-RD with a PDUFA date of May 27, 2027.