Zenas Biopharma, Inc. has reported its financial results for the second quarter of 2025, along with corporate updates. The company's cash, cash equivalents, and investments as of June 30, 2025, amounted to $274.9 million, providing a cash runway into the fourth quarter of 2026.
The research and development (R&D) expenses for the quarter ended June 30, 2025, were $43.0 million, compared to $33.8 million for the same period in 2024. This increase in R&D expenses primarily relates to the clinical development of obexelimab and an increase in personnel costs, partially offset by a decrease in costs related to partnered programs.
General and administrative (G&A) expenses were $12.1 million for the quarter ended June 30, 2025, compared to $5.9 million for the same period in 2024. This increase in G&A expenses was due to higher personnel costs, including stock-based compensation expense, and pre-commercialization activities, including hiring and other expenses associated with operating as a public company.
The net loss for the quarter ended June 30, 2025, was $52.2 million, compared to a net loss of $38.0 million for the quarter ended June 30, 2024.
The company provided updates on its key clinical trials. The pivotal Phase 3 INDIGO trial in Immunoglobulin G4-Related Disease (IgG4-RD) is expected to report topline results around year-end 2025. The Phase 2 MOONSTONE trial in Relapsing Multiple Sclerosis (RMS) completed enrollment, and the results are expected early in the fourth quarter of 2025. The enrollment of the Phase 2 SUNSTONE trial in Systemic Lupus Erythematosus (SLE) is expected to be completed by year-end 2025, with topline results expected in mid-2026.
Obexelimab, the company's lead product candidate, is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIB, with a unique mechanism of action and a self-administered, subcutaneous injection regimen. It has been evaluated in five completed clinical trials, demonstrating pharmacologic activity and providing initial clinical proof of concept for its use in certain autoimmune diseases.
Zenas Biopharma, Inc. remains committed to becoming a leader in the development and commercialization of transformative therapies for patients with autoimmune diseases, focusing on the potential of obexelimab to address the pathogenic role of B cell lineage in chronic autoimmune disease. Following these announcements, the company's shares moved 3.46%, and are now trading at a price of $15.42. For the full picture, make sure to review Zenas BioPharma's 8-K report.
