Zenas BioPharma (ZBIO) Q2 2026 earnings summary

Executive summary

• FDA accepted BLA for obexelimab in IgG4-RD with a PDUFA date of May 2027; EMA submission planned for H2 2026.

• Positive Phase 3 INDIGO trial results for obexelimab in IgG4-RD presented at EULAR and published in NEJM, showing significant reduction in disease flare risk.

• Ongoing development of orelabrutinib in multiple sclerosis with two Phase 3 trials underway; additional programs in lupus and ZB021 progressing.

• Significant capital raised through equity, convertible notes, and debt to fund R&D and pre-commercialization activities.

• Board expanded with Christy Oliger; CFO transition to Strategic Advisor, with interim appointment effective September 30, 2026.

Financial highlights

• Cash, cash equivalents, and investments totaled $673.9 million as of June 30, 2026.

• Revenue for Q2 2026 was $1.0 million, recognized from a development milestone; prior year revenue was $10.0 million from the Zai License Agreement.

• Net loss for Q2 2026 was $111.5 million, compared to $52.2 million in Q2 2025; six-month net loss was $192.4 million versus $85.8 million year-over-year.

• Operating expenses rose to $108.7 million for the quarter, driven by increased R&D ($62.9 million), G&A ($15.7 million), and $30.0 million in acquired in-process R&D expenses.

• Working capital stood at $247.1 million; total assets $701.7 million; total liabilities $587.98 million as of June 30, 2026.

Outlook and guidance

• Cash and investments expected to fund operations and capital expenditures through at least Q2 2029, assuming milestone and debt facility proceeds.

• No product revenue expected before 2027 at the earliest; continued operating losses anticipated as R&D and pre-commercialization spending increases.

• Topline data for obexelimab in SLE and ZB021 Phase 1 expected by year-end 2026; proof-of-concept trial for ZB021 in psoriasis planned for 2027.

• EMA MAA submission for obexelimab planned for H2 2026.