Zenas BioPharma (ZBIO) Citi's 2024 Global Healthcare Conference summary

Platform overview and strategy

• Focused on immunology and autoimmune diseases, leveraging a global clinical operations team with experience in drug approvals across Asia, Europe, and North America.

• Pipeline built through business development, with ongoing plans for further expansion.

• Well-capitalized following a $200M crossover round and $250M IPO, supporting multiple clinical milestones.

• Five ongoing clinical trials across 220 sites in 31 countries, with over 300 patients enrolled.

Lead asset: Obexelimab and clinical progress

• Obexelimab targets B-cell inhibition without depletion, offering rapid, potent, and sustainable suppression of B-cell lineage.

• Completed enrollment in phase 3 IgG4-RD trial; top-line results expected by year-end 2025.

• Additional global phase 2 trials underway in multiple sclerosis (MS) and lupus, with MS data expected Q3 2025 and lupus enrollment finishing in 2025.

• Recent pilot study in wAIHA showed significant hemoglobin increases and favorable safety profile.

Mechanism of action and differentiation

• Obexelimab co-engages CD19 and Fc gamma RIIb (CD32B), driving B-cell inhibition without antibody-dependent cellular cytotoxicity (ADCC) or depletion.

• Subcutaneous weekly dosing maintains high C-trough, providing continuous B-cell suppression and allowing for rapid B-cell recovery if paused.

• Differentiated from anti-CD20 therapies by non-depleting mechanism, enabling easier vaccination and management of infections.