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of Contents](#TOC)\n\n​\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n​\n\n**FORM****10-Q**\n\n​\n\n​\n\n**(Mark One)**\n\n**☒****QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**\n\n**EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended****March 31, 2026**\n\n**or**\n\n**☐****TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**\n\n**EXCHANGE ACT OF 1934**\n\n**For the transition period from****                    ****to****                   **\n\n**Commission File Number:****001-42270**\n\n**Zenas BioPharma, Inc.**\n\n**(Exact name of registrant as specified in its charter)**\n\n​\n\n​\n\n**Delaware**\n\n93-2749244\n\n**(State or other jurisdiction of**\n**incorporation or organization)**\n\n**(I.R.S. Employer**\n**Identification Number)**\n\n​\n\n**852 Winter Street****,****Suite 250**\n\n**Waltham****,****MA********02451**\n\n**(Address of Principal Executive Offices)**\n\n**(****857****)****271-2954**\n\n**(Registrant’s telephone number)**\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐  \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No   ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n¨\n\n​\n\n​\n\nNon-accelerated filer\n\n☒  \n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n​\n\n**Title of Each Class**\n\n**Trading symbol**\n\n**Name of Exchange on which registered**\n\n**Common stock, par value $0.0001 per share**\n\n**ZBIO**\n\n**Nasdaq Global Select Market**\n\n​\n\nAs of April 30, 2026, there were 63,133,377 of the registrant’s common stock, par value $0.0001 per share, outstanding.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Page**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**Part I**](#PARTIFINANCIALINFORMATION_860836)\n\n​\n\n[**Financial Information**](#PARTIFINANCIALINFORMATION_860836)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1FinancialStatements_205649)\n\n​\n\n[Financial Statements (Unaudited)](#Item1FinancialStatements_205649)\n\n​\n\n6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#ConsolidatedBalanceSheets_69127)\n\n​\n\n6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025](#StatementsofOperations_560390)\n\n​\n\n7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#StockholdersEquity_262961)\n\n​\n\n8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#StatementsofCashFlows_498922)\n\n​\n\n10\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Notes to Condensed Consolidated Financial Statements](#NotestoCondensedConsolidatedFinancial_80)\n\n​\n\n11\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2ManagementsDiscussion_843044)\n\n​\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussion_843044)\n\n​\n\n29\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3QuantitativeandQualitative_588339)\n\n​\n\n[Quantitative and Qualitative Disclosures about Market Risk](#Item3QuantitativeandQualitative_588339)\n\n​\n\n46\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4ControlsandProcedures_753135)\n\n​\n\n[Controls and Procedures](#Item4ControlsandProcedures_753135)\n\n​\n\n47\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**Part II**](#PARTIIOTHERINFORMATION_907855)\n\n​\n\n[**Other Information**](#PARTIIOTHERINFORMATION_907855)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1LegalProceedings_54245)\n\n​\n\n[Legal Proceedings](#Item1LegalProceedings_54245)\n\n​\n\n48\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1A.](#Item1ARiskFactors_953988)\n\n​\n\n[Risk Factors](#Item1ARiskFactors_953988)\n\n​\n\n48\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3DefaultsUponSeniorSecurities_724366)\n\n​\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_724366)\n\n​\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4MineSafetyDisclosures_528908)\n\n​\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_528908)\n\n​\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 5.](#Item5OtherInformation_282288)\n\n​\n\n[Other Information](#Item5OtherInformation_282288)\n\n​\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 6.](#Item6Exhibits_665718)\n\n​\n\n[Exhibits](#Item6Exhibits_665718)\n\n​\n\n52\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Exhibit Index](#EXHIBITINDEX_861745)\n\n​\n\n​\n\n​\n\n52\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Signatures](#SIGNATURES_748628)\n\n​\n\n​\n\n​\n\n53\n\n​\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning:\n\n​\n\n●the commercial opportunities stemming from the development of our product candidates for multiple immunology and inflammation (“I&I”) diseases;\n\n●​our ability to develop and, if approved, ultimately commercialize our product candidates and, with partners, our other programs;\n\n●​our ability to obtain or maintain orphan drug designation for certain of our product candidates;\n\n●​the initiation, timing, progress, results, and cost of our development programs, and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of our clinical trials, and the period during which the results of the trials will become available;\n\n●​the success, cost and timing of our clinical development of our product candidates;\n\n●​our ability to establish clinical differentiation of our product candidates;\n\n●​our ability to develop product candidates that have broad therapeutic potential;\n\n●​our ability to utilize our business development strategy and expertise to build a balanced portfolio;\n\n●​our ability to build our operational and commercial capabilities for supplying and marketing our products, if approved, in key markets;\n\n●​market conditions in the biopharmaceutical sector and issuance of securities analysts’ reports or recommendations;\n\n●​the trading volume of our common stock;\n\n●an inability to obtain additional funding and make future royalty payments under our Revenue Participation Right Purchase and Sale Agreement (“Royalty Purchase Agreement”) with Royalty Pharma Investments 2019 ICAV (“Royalty Pharma”);\n\n●​an inability to obtain additional funding and make borrowings under our agreement with BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), and the guarantors party to such agreement (the “Loan Agreement”);\n\n●​our ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project;\n\n●​our ability to obtain and maintain regulatory approval of our product candidates, and any related restrictions, limitations or warnings in the label of any of our product candidates, if approved;\n\n●​our reliance on third parties to manufacture drug substance and drug product for use in our clinical trials;\n\n3\n\n[Table of Contents](#TOC)\n\n●​our ability to retain and recruit key personnel;\n\n●​our ability to obtain and maintain adequate intellectual property rights;\n\n●​our expectations regarding government and third-party payor coverage and reimbursement;\n\n●the impact of current and future healthcare reforms, including those affecting the delivery of or payment for healthcare products and services;\n\n●our expectations regarding federal, state and foreign regulatory requirements;\n\n●other governmental legislation and regulation, as well as adverse effects from a shutdown of the U.S. government;\n\n●our estimates of our expenses, ongoing losses, capital requirements and our needs for or ability to obtain additional financing;\n\n●​our existing cash and the sufficiency of our existing cash and proceeds from future capital-raising efforts, if any, to fund our future operating expenses and capital expenditure requirements;\n\n●​the potential benefits of strategic collaboration agreements;\n\n●​our ability to identify and enter into strategic collaborations or arrangements, including potential business development opportunities and potential licensing partnerships, and our ability to attract collaborators with development, regulatory and commercialization expertise;\n\n●sales of our stock by us, our insiders or our stockholders;\n\n●​our expectations regarding the time during which we will be an emerging growth company and smaller reporting company under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”);\n\n●​general economic, industry, geopolitical and market conditions, such as military conflict or war, inflation and financial institution instability, tariffs and other trade measures, or pandemic or epidemic disease outbreaks, many of which are beyond our control;\n\n●​additions or departures of senior management, directors or key personnel;\n\n●​our financial performance;\n\n●​developments and projections relating to our competitors or our industry; and\n\n●​other risks and uncertainties, including those included in the section titled “Risk Factors.”\n\n4\n\n[Table of Contents](#TOC)\n\nThe forward-looking statements in this Quarterly Report may prove incorrect. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report and in the section titled “*Risk Factors*” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission (the “SEC”). In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and should not be unduly relied upon. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, these forward-looking statements should not be relied upon as guarantees of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, we do not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.\n\n**NOTE REGARDING TRADEMARKS**\n\n​\n\nThe Zenas BioPharma word mark, logo mark, and the “lightning bolt” design are trademarks of Zenas BioPharma, Inc. or its affiliated companies.\n\nWe have, in certain cases, omitted the ® and ™ designations for these trademarks used in this Quarterly Report. Nevertheless, all rights to such trademarks are owned by Zenas BioPharma, Inc. or its affiliates. Other trademarks referenced in this Quarterly Report are the property of their respective owners.\n\n​\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\nPART I —FINANCIAL INFORMATION"}