Zenas BioPharma, a clinical-stage biopharmaceutical company specializing in immunology and inflammation, reported doubled revenue of $10 million in 2025 driven by licensing agreements but sustained operating losses exceeding $380 million. The company’s lead candidate, obexelimab, showed promising Phase 3 data in IgG4-related disease with ongoing trials in multiple sclerosis and lupus. Liquidity stood at $110.6 million year-end 2025, supported by IPO proceeds, private placements, and a $75 million tranche of a $250 million term loan facility contingent on regulatory milestones. Continued development and capital access depend on successful clinical outcomes, regulatory approvals, and managing inherent industry risks.