Zenas BioPharma, Inc. Form 4 Filings

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.

Zenas BioPharma, Inc. director Hongbo Lu received a grant of stock options covering 18,500 shares of common stock. The options have an exercise price of $18.71 per share, expire on June 15, 2036, and will vest 100% on June 15, 2027, subject to continued service.

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.

Zenas BioPharma, Inc. reported that director John J. Orloff received a grant of stock options covering 18,500 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, the option vests as to 100% of the underlying 18,500 shares on June 15, 2027, the first anniversary of the vesting commencement date, subject to continued service. Following this grant, Orloff holds options for 18,500 shares directly.

Zenas BioPharma, Inc. reported that officer Lisa von Moltke received a grant of stock options covering 150,000 shares of common stock. The options have an exercise price of $18.71 per share and expire on June 15, 2036.

The grant vests as to 25% of the underlying shares on June 15, 2027, the first anniversary of the vesting commencement date. The remaining 75% vests in equal monthly installments over the following 36 months, subject to her continued service. Following this award, she holds 150,000 stock options directly.

Zenas BioPharma, Inc. reported that director Patricia L. Allen received a grant of stock options covering 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 in full on June 15, 2027, subject to continued service.

Zenas BioPharma, Inc. reported a Form 4 showing director James P. Boylan received a grant of stock options covering 18,500 shares of common stock at an exercise price of $18.71 per share. These options were awarded as compensation rather than through an open-market purchase.

The option vests as to 100% of the underlying 18,500 shares on June 15, 2027, subject to Boylan’s continued service. The options expire on June 15, 2036, providing a long exercise window. The filing notes Boylan holds the option for the benefit of Enavate Sciences, L.P. and disclaims beneficial ownership except for any pecuniary interest. Following this grant, 18,500 derivative securities are reported as held directly.

Zenas BioPharma, Inc. director Patrick G. Enright reported receiving a grant of stock options covering 18,500 shares of common stock at an exercise price of $18.71 per share. The options were awarded as compensation and are held directly.

The option vests as to 100% of the 18,500 underlying shares on June 15, 2027, subject to his continued service, and expires on June 15, 2036. No open-market purchase or sale of Zenas BioPharma common stock was reported in this filing.

Zenas BioPharma, Inc. reported that officer Joseph L. Farmer received equity-based compensation. He was granted stock options for 175,000 shares of common stock at an exercise price of $18.71 per share, expiring on June 15, 2036, and acquired 974 shares of common stock through the 2024 Employee Stock Purchase Plan at $13.35 per share.

Zenas BioPharma, Inc. reported that officer Jennifer A. Fox received equity awards in the form of an option grant and common shares. On June 15, 2026, she was granted 125,000 stock options to buy common stock at $18.71 per share, expiring on June 15, 2036. The option vests 25% on June 15, 2027, then in equal monthly installments over the following 36 months, subject to continued service. On February 5, 2026, she also acquired 1,592 common shares at $13.35 under the company’s 2024 Employee Stock Purchase Plan in transactions exempt under Rule 16b-3(c).

Zenas BioPharma, Inc. Chief Executive Officer Leon O. Moulder Jr. reported an open-market purchase of 60,000 shares of Common Stock. The shares were bought indirectly through an entity associated with him at a weighted average price of $16.88 per share, with individual trade prices ranging from $16.59 to $16.97. After this transaction, that indirect account held 96,928 shares. As of the same date, he also reported 423,155 shares held directly and 1,786,039 additional shares held indirectly through entities where he may be deemed to have voting and dispositive power, while disclaiming beneficial ownership beyond his pecuniary interest.

Zenas BioPharma, Inc. reported open-market common stock purchases by entities associated with Chief Executive Officer Leon O. Moulder, Jr. On April 28, 2026, an entity purchased 25,000 shares at a weighted average price of $18.02 per share, and on April 29, 2026, an entity purchased 35,000 shares at a weighted average price of $17.62 per share, for total net purchases of 60,000 shares. Following these transactions, indirect holdings reported for these entities totaled 1,786,039 shares of common stock, while direct holdings reported for Moulder stood at 423,155 shares, and a related revocable trust held 36,928 shares. The filing notes these prices are weighted averages for multiple trades within narrow intraday ranges and that Moulder disclaims beneficial ownership of certain indirect holdings except to the extent of his pecuniary interest.

Zenas BioPharma director-affiliated investment funds made an open-market purchase of 3,768 shares of common stock at $18.63 per share. After this transaction, entities associated with Hongbo Lu indirectly held 426,736 shares. The filing notes these securities are owned directly by NEXTBio funds, and Lu disclaims beneficial ownership beyond any pecuniary interest.

Fairmount Healthcare Fund II L.P., an entity associated with Fairmount Funds Management, reported an open-market purchase of 150,000 shares of Zenas BioPharma, Inc. common stock at $20.00 per share. After this transaction, the fund indirectly held 2,359,025 shares of Zenas BioPharma common stock.

Fairmount Funds Management LLC acts as investment manager to the fund, and its managers, Peter Harwin and Tomas Kiselak, along with Fairmount, disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest.

Zenas BioPharma, Inc. chief executive officer–associated entities increased their holdings through open-market purchases of Common Stock. Entities associated with Leon O. Moulder, Jr. bought 20,000 shares on March 30 at a weighted average price of $18.23 per share and 34,000 shares on March 31 at a weighted average price of $19.31 per share, for a total of 54,000 shares. After these transactions, one indirect account held 1,726,039 shares, while another indirect trust account held 36,928 shares and a direct account held 423,155 shares. Footnotes explain that these shares are held by Tellus BioVentures LLC and a revocable trust, where Moulder may be deemed to have voting and dispositive power but disclaims beneficial ownership beyond his pecuniary interest.

Zenas BioPharma, Inc. director-associated investment entities acquired additional common stock in an underwritten public offering. Entities affiliated with Hongbo Lu purchased 75,000 shares of common stock at $20.00 per share, and now hold 422,968 shares indirectly after the transaction. The securities are owned directly by NEXTBio Master Fund LP or NEXTBio Evergreen LLC, with various NEXTBio management entities and Hongbo Lu potentially deemed indirect beneficial owners, subject to a formal disclaimer of beneficial ownership beyond any pecuniary interest.

Entities associated with Zenas BioPharma director Hongbo Lu reported an open-market purchase of company stock. On February 11, 2026, NEXTBio Master Fund LP or NEXTBio Evergreen LLC bought 25,985 shares of Zenas BioPharma, Inc. common stock at $22.50 per share, in a transaction reported as an indirect holding for Lu.

Following this trade, the filing shows 347,968 shares of Zenas BioPharma common stock beneficially owned indirectly. The footnotes state the shares are held by NEXTBio investment entities and that Lu and related management entities may be deemed indirect beneficial owners, with beneficial ownership disclaimed except for any pecuniary interest.

Zenas BioPharma, Inc. director Patricia L. Allen reported a series of open‑market purchases of the company’s common stock. On February 12, 2026, she bought 5,000 shares at a weighted average price of $23.77, 5,700 shares at $24.34, and 5,000 shares at $26.50.

On February 13, 2026, she purchased an additional 4,160 shares at $26.36. Following these transactions, she directly owns 19,860 shares of Zenas BioPharma common stock. Some reported prices are weighted averages for multiple trades within ranges from $23.38 up to $24.70 per share.

Zenas BioPharma, Inc.’s chief executive officer and chairman, Leon O. Moulder, Jr., purchased 57,000 shares of common stock on February 2, 2026 at a weighted average price of $17.96 per share, in multiple trades between $17.69 and $18.14.

Following this transaction, he directly holds 423,155 common shares. A revocable trust associated with him holds 36,928 shares, and Tellus BioVentures LLC holds 1,672,039 shares; he may be deemed to have voting and dispositive power over these but disclaims beneficial ownership except for his pecuniary interest.

Zenas BioPharma, Inc. chief executive officer and chairman Leon O. Moulder Jr. reported open‑market purchases of the company’s common stock. On January 7, 2026, he bought 50,000 shares at a weighted average price of $16.38 per share, followed by 30,000 shares at $16.30 on January 8 and 20,000 shares at $16.55 on January 9. After these transactions, he directly holds 366,155 common shares.

The prices reported are weighted averages, with individual trades executed within disclosed ranges for each day. In addition to his direct holdings, 36,928 shares are held by the Leon O. Moulder, Jr. Revocable Trust, where he serves as trustee, and 1,672,039 shares are held by Tellus BioVentures LLC, where he is the managing member. He may be deemed to have voting and dispositive power over those indirect holdings but disclaims beneficial ownership except to the extent of his pecuniary interest.

Zenas BioPharma (ZBIO) reported an insider transaction by a director. On October 9, 2025, the reporting person purchased 63,158 shares of common stock at $19 per share, acquired from the issuer pursuant to a Securities Purchase Agreement dated October 7, 2025.

Following the transaction, the filing lists 1,173,395 shares indirectly held through SR One Capital Opportunities Fund I, LP and 1,946,564 shares indirectly held through SR One Capital Fund II Aggregator, LP. The reporting person disclaims beneficial ownership except to the extent of any pecuniary interest.

Zenas BioPharma (ZBIO): Form 4 insider purchase — SR One–affiliated entities reported open-market acquisitions of common stock on October 9, 2025 at $19 per share. The filing lists two purchases: 63,158 shares and 63,157 shares, acquired pursuant to a Securities Purchase Agreement dated October 7, 2025.

Following these transactions, beneficial holdings reported include 1,173,395 shares (indirect, Note 2), 1,917,895 shares (indirect, Note 3), and 1,946,564 shares (indirect, Note 4). The reporting person is indicated as a Director and 10% Owner, with the form filed by more than one reporting person.

Zenas BioPharma (ZBIO) reported insider purchases tied to a private financing. A board member bought 11,990 shares of common stock at $20.85 per share under a Securities Purchase Agreement that closed on October 9, 2025. In the same transaction, Longitude Venture Partners IV, L.P. acquired 105,265 shares at $19.00 per share. Following these trades, the filing lists 11,990 shares held directly, plus 1,832,669 shares held indirectly through LVPIV and 774,530 shares held indirectly through Longitude Prime Fund, L.P., reflecting the reporting person’s beneficial ownership structure.

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.

Zenas BioPharma insiders and affiliated entities reported an insider purchase on 10/07/2025. Fairmount Healthcare Fund II L.P. purchased 316,219 shares of common stock at a price of $19 per share, bringing the fund's indirect beneficial ownership to 2,209,025 shares following the transaction. The Form 4 lists Fairmount Funds Management LLC as investment manager and names Tomas Kiselak and Peter Harwin as managers; Kiselak serves on the issuer's board. Signatures on the filing are dated 10/09/2025.

Director Hongbo Lu reported purchases of Zenas BioPharma (ZBIO) common stock totaling 321,983 shares held indirectly through NextBio entities. The Form 4 shows two non-derivative acquisitions: 58,823 shares bought on 09/13/2024 at $17 per share and 263,160 shares bought on 10/07/2025 at $19 per share, bringing indirect beneficial ownership to 321,983 shares. The filing clarifies these shares are owned directly by NextBio Master Fund LP and NextBio Evergreen LLC and may be deemed indirectly owned by NextBio Capital entities and Mr. Lu in his capacity as a managing member; the reporting person disclaims direct beneficial ownership except for pecuniary interest. The statement is a routine Section 16 disclosure of insider transactions and shows increased insider-aligned position through affiliated investment vehicles.