On March 31, 2026, Zenas BioPharma, Inc. announced the successful completion of its public offering of $200 million aggregate principal amount of 2.50% Convertible Senior Notes due 2032. This offering is expected to bolster the company's financial position as it prepares for the U.S. commercial launch of obexelimab, aimed at treating IgG4-related disease, pending regulatory approval. The notes, which are general unsecured senior obligations of the company, will accrue interest payable semiannually, starting October 1, 2026. Notably, the offering was facilitated through an underwriting agreement with Jefferies LLC, Evercore Group L.L.C., Citigroup Global Markets Inc., and Guggenheim Securities, LLC. The net proceeds from this offering, estimated at approximately $193.7 million after deducting underwriting discounts and expenses, will also support ongoing clinical trials for orelabrutinib in progressive multiple sclerosis and ZB021's Phase 1 and Phase 2 development. The company has granted underwriters an option to purchase an additional $30 million in notes to cover over-allotments. This strategic move is anticipated to enhance Zenas BioPharma's liquidity and operational execution as it advances its development pipeline.

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