1Q26 EPS: ZBIO Entering Commercial - IgG4RD Filing Imminent; IL17 Ph1 Data YE

Research evidence excerpt

1Q26 EPS: ZBIO Entering Commercial - IgG4RD Filing Imminent; IL17 Ph1 Data YE

USA | Biotechnology

Zenas Biopharma EquityMayResearch13, 2026

ESTIMATE CHANGE1Q26 EPS: ZBIO Entering Commercial - IgG4RD

RATING BUYFiling Imminent; IL17 Ph1 Data YE

PRICE $19.93^

Zenas focused on continued execution across portfolio while transitioning

toward commercial readiness. Obex IgG4-RD BLA submission on track for Q2/ PRICE TARGET | % TO PT $48.00 | +141%

EMA in 2H26. Ph2 SunStone SLE fully enrolled with topline 4Q26. Beyond obex, 52W HIGH-LOW $44.60 - $8.53

Zenas continues to progress a diversified pipeline including oral IL-17 now in FLOAT (%) | ADV MM (USD) 48.9% | 11.81

Ph1 HV SAD/MAD, data by YE, POC data in PsO in '27; orela in global Ph3 MS. MARKET CAP $1.1B

Recent financing materially strengthened balance sheet, extending runway into TICKER ZBIO ^Prior trading day's closing price unless otherwise

'29. noted.

Bottom line. The quarter reinforces ZBIO’s step function from clinical-stage to commercial-stage, FY (Dec) CHANGE TO JEFe JEF vs CONS

with obexelimab in IgG4-RD approaching regulatory filing and forming the backbone of the near- 2026 2027 2026 2027

term story. Execution remains on track across key milestones over the next 3–6 quarters, including REV NA NA NA NA

BLA/MAA submissions/ potential approval, EULAR data presentation, and SLE Ph2 readout, while

EPS +19% -1% NA NA

the balance sheet is now de-risked with runway into ~2029, shifting capital allocation toward

optionality and launch execution.

2026 ($) Q1A Q2 Q3 Q4 FY

Obexelimab IgG4-RD. ZBIO remains on track to submit a BLA to FDA in Q2 and MAA in 2H26, EPS (1.46) (1.45) (1.53) (0.63) (5.00)

supported by the Ph3 INDIGO dataset, which demonstrated a 56% reduction in flare risk vs PREV (3.08) (1.28) (1.38) (0.45) (6.18)