[Form 4] Zenas BioPharma, Inc. Insider Trading Activity
Rhea-AI Filing Summary
Insider purchase by a director and CEO: The filing shows that on 10/07/2025 the Leon O. Moulder, Jr. Revocable Trust acquired 36,928 shares of Zenas BioPharma common stock at $20.85 per share under a Securities Purchase Agreement. The reporting person, Leon O. Moulder Jr., is listed as the company’s Chief Executive Officer and Chairman and discloses indirect holdings of 1,672,039 shares through Tellus BioVentures LLC and trust holdings noted in the form. The filing includes a disposal of 266,155 shares (nature of that disposition is reported but not further explained here). The report was signed on 10/09/2025.
Positive
- None.
Negative
- None.
Insights
Insider accumulation signals alignment but is partly indirect.
The transaction records a trust purchase of 36,928 shares at $20.85, which increases the reporting person’s indirect stake and demonstrates capital deployment by related parties. Holding positions through a trust and an LLC is common for executives; the form discloses 1,672,039 shares tied to Tellus and trust interests, which together represent the bulk of disclosed beneficial ownership.
Key dependencies include the reasons for the matched 266,155 share disposition and whether the purchase was part of a financing round; both items affect interpretation over the next few weeks to months.
Filing appears compliant and timely but contains mixed activity.
The form reports acquisition (Code P) by the Trust on 10/07/2025 and properly discloses indirect ownership and the reporting person’s roles. The signature by an attorney-in-fact on 10/09/2025 meets typical execution practice for Section 16 filings.
Material items to watch are confirmation of the Securities Purchase Agreement terms and any additional Form 4s clarifying the 266,155 share disposition; these clarifications could arrive within days if further corporate financings or transfers occurred.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 36,928 | $20.85 | $770K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- On October 7, 2025, the Leon O. Moulder, Jr. Revocable Trust U/A dtd 9/9/2008 (the "Trust"), of which the reporting person is a Trustee, entered into a Securities Purchase Agreement, dated as of October 7, 2025, by and among the Issuer and the investors party thereto, pursuant to which the Trust acquired 36,928 shares of common stock at a purchase price of $20.85 per share. The reporting person is a Trustee of the Trust and may be deemed to have voting and dispositive power over the shares held by the Trust. The reporting person is the Issuer's chief executive officer and Chairman of its board of directors. The reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The reporting person is the Managing Member of Tellus BioVentures LLC ("Tellus") and may be deemed to have voting and dispositive power over the shares held by Tellus. The reporting person is the Issuer's chief executive officer and Chairman of its board of directors. The reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
