Zenas BioPharma (ZBIO) director awarded 18,500 stock options at $18.71

Rhea-AI Filing Summary

Zenas BioPharma director Jason Raleigh Nunn was granted stock options for 18,500 shares of Common Stock. The options have an exercise price of $18.71 per share and expire on June 15, 2036. They vest entirely on June 15, 2027, contingent on continued service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Nunn Jason Raleigh

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	18,500	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 18,500 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Options granted: 18,500 options Exercise price: $18.71 per share Shares underlying options: 18,500 shares +3 more

6 metrics

Options granted 18,500 options Stock Option (Right to Buy) grant to director

Exercise price $18.71 per share Strike price for the 18,500 stock options

Shares underlying options 18,500 shares Common Stock underlying the derivative security

Expiration date June 15, 2036 Option expiration for the granted award

Vesting date June 15, 2027 100% vesting date subject to continued service

Holdings after grant 18,500 derivative securities Total stock options held after this transaction

Key Terms

Stock Option (Right to Buy), exercise price, expiration date, underlying security, +2 more

6 terms

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy)""

exercise price financial

"conversion_or_exercise_price: "18.7100""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expiration_date: "2036-06-15T00:00:00.000Z""

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

underlying security financial

"underlying_security_title: "Common Stock""

vests as to 100% financial

"The option vests as to 100% of the underlying shares"

derivative security financial

"transaction_type: "derivative""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nunn Jason Raleigh

(Last) (First) (Middle)

929 MAIN STREET

SUITE 200

(Street)

REDWOOD CITY CALIFORNIA 94063

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Zenas BioPharma, Inc. [ ZBIO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$18.71	06/15/2026		A		18,500		(1)	06/15/2036	Common Stock	18,500	$0	18,500	D

Explanation of Responses:

1. The option vests as to 100% of the underlying shares of common stock on June 15, 2027, the first anniversary of the vesting commencement date, subject to continued service.

	/s/ Sasha Keough, attorney-in-fact for Jason R. Nunn	06/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Zenas BioPharma (ZBIO) director Jason Raleigh Nunn report on this Form 4?

Jason Raleigh Nunn reported receiving a grant of stock options for 18,500 shares of Zenas BioPharma Common Stock. These options are a compensation award, not an open-market purchase or sale of existing shares.

How many Zenas BioPharma (ZBIO) stock options were granted to the director?

The director was granted options covering 18,500 shares of Zenas BioPharma Common Stock. This entire amount represents a single compensation award recorded as a derivative security transaction on the Form 4.

What is the exercise price of the Zenas BioPharma (ZBIO) options granted?

The stock options have an exercise price of $18.71 per share. This means the director can buy Zenas BioPharma Common Stock at $18.71 once the options are vested and exercised, subject to the option terms.

When do the Zenas BioPharma (ZBIO) options granted to the director vest?

The options vest as to 100% of the underlying 18,500 shares on June 15, 2027. Vesting is conditioned on the director’s continued service through that vesting date under the award’s terms.

When do the newly granted Zenas BioPharma (ZBIO) stock options expire?

The granted stock options are scheduled to expire on June 15, 2036. After that expiration date, any unexercised options would no longer be exercisable under the award’s stated terms.

Is this Zenas BioPharma (ZBIO) Form 4 a stock purchase or sale?

No, this Form 4 reflects a grant of stock options as compensation, not a market trade. The transaction code is “A,” indicating a grant, award, or other acquisition of derivative securities rather than an open-market buy or sell.