Zenas BioPharma, Inc.(ZBIO) - 2024 Q3 - Quarterly Results

Financial Performance - The net loss for Q3 2024 was $38.6 million, compared to a net income of$35.6 million in Q3 2023, which was influenced by collaboration revenue from Bristol-Myers Squibb[13]. - Research and development (R&D) expenses for Q3 2024 were $33.5 million, a significant increase from$9.4 million in Q3 2023, primarily due to higher costs associated with obexelimab[11]. - General and administrative (G&A) expenses totaled $7.5 million in Q3 2024, up from$5.0 million in Q3 2023, driven by increased personnel and operational costs[12]. - Total operating expenses for Q3 2024 were $41.0 million, compared to$14.4 million in Q3 2023, reflecting the company's investment in growth and clinical trials[17]. Clinical Development - The company achieved targeted enrollment for the Phase 3 INDIGO trial, the largest clinical trial for Immunoglobulin G4-Related Disease (IgG4-RD), with topline results expected by the end of 2025[2][4]. - The company initiated the Phase 2 MoonStone trial for obexelimab in Relapsing Multiple Sclerosis, with primary endpoint results anticipated by Q3 2025[5]. Funding and Growth Strategy - Zenas BioPharma completed its initial public offering, raising approximately $258.7 million in gross proceeds to fund the clinical development of obexelimab and support its growth strategy[1][8]. - As of September 30, 2024, the company's cash balance was$386.8 million, including net proceeds of $234.4 million from the IPO, expected to fund operations into Q4 2026[14]. Leadership Changes - The company appointed Orlando Oliveira as Chief Commercial Officer and Jeff Held as Chief Legal Officer to strengthen its leadership team[9]. Licensing and Partnerships - Zenas BioPharma out-licensed ZB005, a human IgG4 monoclonal antibody, for a non-refundable upfront payment and potential milestone payments[10].