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

Rhea-AI Filing Summary

Zenas BioPharma, Inc. director and officer Leon O. Moulder Jr. reported a grant of stock options covering 500,000 shares of common stock. The options have an exercise price of $18.71 per share and expire on June 15, 2036.

According to the disclosure, 25% of the underlying shares vest on June 15, 2027, with the remaining shares vesting in equal monthly installments over the following 36 months, subject to continued service. Following this grant, Moulder holds 500,000 stock options directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MOULDER LEON O JR

Role See Remarks

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	500,000	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 500,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Options granted: 500,000 options Exercise price: $18.71 per share Expiration date: June 15, 2036 +4 more

7 metrics

Options granted 500,000 options Stock Option (Right to Buy) grant to Leon O. Moulder Jr.

Exercise price $18.71 per share Conversion or exercise price for the stock options

Expiration date June 15, 2036 Option expiration for the 500,000-share grant

Vesting cliff 25% on June 15, 2027 First vesting tranche after one year from commencement

Remaining vesting period 36 months monthly Remaining 75% vests in equal monthly installments

Underlying shares 500,000 shares Common stock underlying the stock option award

Post-grant derivative holdings 500,000 options Total stock options held following the reported transaction

Key Terms

Stock Option (Right to Buy), underlying shares of common stock, vesting commencement date, Grant, award, or other acquisition

4 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

underlying shares of common stock financial

"The option vests as to 25% of the underlying shares of common stock on June 15, 2027"

vesting commencement date financial

"the first anniversary of the vesting commencement date, and as to the remaining shares"

The vesting commencement date is the starting point when an employee begins earning ownership rights to their promised benefits, such as stock options or retirement contributions. Think of it like the day a savings account is opened—only after this date do the benefits start to grow and become fully available over time. It matters to investors because it marks when the clock begins ticking toward full ownership, affecting the timing and value of these benefits.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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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^*

MOULDER LEON O JR

(Last) (First) (Middle)

C/O ZENAS BIOPHARMA, INC.

852 WINTER ST., SUITE 250

(Street)

WALTHAM MASSACHUSETTS 02451

(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
X	Officer (give title below)		Other (specify below)
	See Remarks

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		500,000		(1)	06/15/2036	Common Stock	500,000	$0	500,000	D

Explanation of Responses:

1. The option vests as to 25% of the underlying shares of common stock on June 15, 2027, the first anniversary of the vesting commencement date, and as to the remaining shares, in equal monthly installments over 36 months thereafter, subject to continued service.

Remarks:

Chief Executive Officer

	By: /s/ Jeffrey Held, Attorney-in-Fact	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 insider transaction did Zenas BioPharma (ZBIO) report for Leon O. Moulder Jr.?

Zenas BioPharma reported a grant of stock options to Leon O. Moulder Jr. covering 500,000 shares of common stock. These options were awarded as a compensation-related acquisition rather than an open-market stock purchase or sale.

What is the exercise price and size of the new Zenas BioPharma (ZBIO) stock options?

The new stock option grant covers 500,000 underlying shares of Zenas BioPharma common stock with an exercise price of $18.71 per share. This means Moulder must pay $18.71 per share to exercise the options and acquire the underlying stock.

How do the Zenas BioPharma (ZBIO) options granted to Leon O. Moulder Jr. vest?

The options vest 25% on June 15, 2027, the first anniversary of the vesting commencement date. The remaining 75% vest in equal monthly installments over the next 36 months, and vesting is conditioned on Moulder’s continued service with the company.

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

The granted stock options expire on June 15, 2036, giving a long-term window for potential exercise. If not exercised by that date, the options lapse and no longer provide the right to buy Zenas BioPharma common shares at the exercise price.

Is the Zenas BioPharma (ZBIO) Form 4 transaction an open-market buy or sell?

The Form 4 transaction is a grant or award acquisition of derivative securities, not an open-market buy or sell. It reflects compensation in the form of stock options rather than a discretionary purchase or sale of existing Zenas BioPharma common shares.