2025-05-15-Jefferies-泽纳斯生物制药（ZBIO）_2025年第一季度时间线更加清晰-_3期IgG4数据约2025年底_2期多发性硬化症数据至2025年第四季度初_9页_2mb

Zenas Biopharma (ZBIO) Equity Research Summary

Rating and Price Target

• Analyst Rating: Buy
• Current Price: $8.68
• 12-Month Price Target: $8.68 (upside potential of +303%)
• Market Capitalization: $362.8M
• Key Drivers: Positive data readouts and clinical progress.

Upcoming Catalysts

• Ph3 IgG4-RD Trial: Topline results expected ~YE25 (early 4Q25), with target enrollment completed in Nov 2024.
• Ph2 RMS Trial: Topline data from primary endpoint (12W MRI) expected in early 4Q25.
• Ph2 SLE Trial: Enrollment expected to complete by YE25, with topline data anticipated in mid-2026.

Company Focus and Progress

• Lead program: obexelimab, a bi-functional antibody targeting autoimmune diseases.
• Enrollment strong for Ph2 RMS and Ph2 SLE.
• Positive outlook: Data from 2025-2026 could demonstrate potential in indications like IgG4-RD, MS, and SLE.

Financial Position

• Cash: $314.2M with 4Q26 runway for clinical programs.
• Financials: Cash runway supports all planned efforts.

Investment Rationale

• Upside: Unique mechanism for higher efficacy and safety, with high peak revenue potential in 2044.
• Timeline: Clarity on data readouts avoids holidays, keeping milestones on track.

Risks

• Supply chain: reliance on single CMO, potential disruptions.
• Regulatory: Product quality and IP litigation risks.
• Competition: Biosimilars and market entry challenges.