Q1 Financials; INDIGO Stands Not Alone

Research evidence excerpt

Q1 Financials; INDIGO Stands Not Alone

Company Report

May 13, 2026 Zenas BioPharma, Inc. (ZBIO)

Rating: Q1 Financials; INDIGO Stands Not AloneOUTPERFORM

Price:

$19.80 The Wedbush View

12-Month Price Target:

$45.00 ZBIO reiterated guidance across programs including BLA submission for obexelimab

(CD19 mAb) in IgG4-RD this quarter, an obexelimab lupus readout in 4Q26, and data

Analysts readouts for ZB021 (oral IL-17 inhibitor) by year-end 2026 (healthy volunteer SAD/

Martin Fan, Ph.D. MAD) and 2027 (psoriasis proof-of-concept). We see room for an upside surprise on

(213) 688-3404 ZB021, as ZBIO anticipates rapid advancement into registrational trials should early

Martin.Fan@wedbush.com results validate high oral bioavailability and efficacy. Lupus development appears

David Nierengarten, Ph.D. de-risked with recent data from the ALLEGORY study showing strong efficacy for B

(415) 274-6862 cell depleting mAb Gazyva (obinutuzumab; RHHBY, not covered; Fig. 1).David.Nierengarten@wedbush.com

Dennis Pak For obexelimab in IgG4-RD, ZBIO will present full results from Ph 3 INDIGO on June

(415) 263-6647 4 at EULAR. Findings will provide additional public detail for the upcoming BLADennis.Pak@wedbush.com

submission, and we anticipate approval based on stat-sig efficacy benefit and a

stronger safety profile against Uplizna (AMGN, not covered). We expect first-line

Company Information use of obexelimab among patients without critical organ risk, and model a valuation

Market Cap (M) $1,250 of $2.4B with near-term sales estimates of ~$7MM in 2027, ~$90MM in 2028, ~

Enterprise Value (M) $531 $225MM in 2029, and ~$450MM in 2030. Our figures are likely conservative, asShares Outst (M) 63.1