Zenas BioPharma, Inc.

NasdaqGS:ZBIO Stock Report

Market Cap: US$1.9b

Zenas BioPharma Management

Management criteria checks 3/4

Zenas BioPharma's CEO is Lonnie Moulder, appointed in Aug 2023, has a tenure of 2.92 years. total yearly compensation is $4.66M, comprised of 11.2% salary and 88.8% bonuses, including company stock and options. directly owns 0.82% of the company’s shares, worth $15.30M. The average tenure of the management team and the board of directors is 1.6 years and 3.7 years respectively.

Key information

Lonnie Moulder

Chief executive officer

US$4.7m

Total compensation

CEO salary percentage11.16%
CEO tenure2.9yrs
CEO ownership0.8%
Management average tenure1.6yrs
Board average tenure3.7yrs

Recent management updates

Recent updates

Seeking Alpha • Jul 14

Zenas BioPharma: Obexelimab Could Build An Autoimmune Franchise

Summary Zenas BioPharma (ZBIO) is positioned as more than a rare-disease play, leveraging obexelimab’s B-cell inhibition platform for multiple autoimmune indications. ZBIO’s Phase 3 INDIGO trial validates obexelimab in IgG4-RD, showing 56% flare reduction and improved safety versus placebo, supporting a differentiated mechanism. With $718.5M cash and milestone access, ZBIO expects runway through Q2 2029, enabling launch prep and expansion into SLE and MS indications. Valuation is premium, but justified by late-stage assets, BLA submission, and platform potential; key catalysts include FDA review and pivotal SLE data in late 2026. Read the full article on Seeking Alpha
Analysis Article • Dec 24

Analysts' Revenue Estimates For Zenas BioPharma, Inc. (NASDAQ:ZBIO) Are Surging Higher

Zenas BioPharma, Inc. ( NASDAQ:ZBIO ) shareholders will have a reason to smile today, with the analysts making...
Analysis Article • Jul 11

Here's Why We're Watching Zenas BioPharma's (NASDAQ:ZBIO) Cash Burn Situation

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
Analysis Article • Mar 13

Is Zenas BioPharma (NASDAQ:ZBIO) In A Good Position To Invest In Growth?

We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining...
Seeking Alpha • Oct 22

Zenas Bio: Recent IPO With Late-Stage Candidate

Summary Zenas BioPharma, Inc.'s obexelimab targets CD19 and FcγRIIb to modulate B-cells, aiming to treat multiple autoimmune diseases with fewer side effects. Phase 2 data for obexelimab in IgG4-RD showed strong clinical improvement and a high complete remission rate, with manageable adverse events. Zenas has a solid financial position post-IPO, with recent funding and a collaboration with Bristol-Myers Squibb, ensuring a decent cash runway. Despite the promising late-stage asset, I remain cautious due to the uncertainties surrounding recent IPOs and limited financial data. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Lonnie Moulder's remuneration changed compared to Zenas BioPharma's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

-US$425m

Dec 31 2025US$5mUS$520k

-US$378m

Sep 30 2025n/an/a

-US$190m

Jun 30 2025n/an/a

-US$177m

Mar 31 2025n/an/a

-US$163m

Dec 31 2024US$20mUS$430k

-US$157m

Sep 30 2024n/an/a

-US$129m

Jun 30 2024n/an/a

-US$87m

Mar 31 2024n/an/a

-US$46m

Dec 31 2023US$3mUS$127k

-US$37m

Compensation vs Market: Lonnie's total compensation ($USD4.66M) is about average for companies of similar size in the US market ($USD5.19M).

Compensation vs Earnings: Lonnie's compensation has been consistent with company performance over the past year.

CEO

Lonnie Moulder (69 yo)

2.9yrs
Tenure
US$4,661,000
Compensation

Mr. Leon Oliver Moulder, Jr. also known as Lonnie, M.B.A., is Chairman of the Board of Zenas BioPharma, Inc since 2020 and Chief Executive Officer since August 2023 and is Founder. He serves as a Non-Execu...

Leadership Team

NamePositionTenureCompensationOwnership
Leon Moulder
Founder2.9yrsUS$4.66m0.82%
$ 15.3m
Joseph Farmer
COO & President4.4yrsUS$2.53m0.0037%
$ 68.1k
Lisa von Moltke
Head of Research & Development and Chief Medical Officer1.3yrsUS$3.50m0%
$ 0
Jennifer Fox
Chief Business Officer & CFO2.6yrsUS$4.84m0.0025%
$ 46.8k
Heinrich Schlieker
Chief Technical Officerless than a yearno datano data
Haley Laken
Chief Scientific Officer1.3yrsno datano data
Caroline Chevalier
Chief Administrative Officerless than a yearno datano data
Jeffrey Held
Chief Legal Officer1.8yrsno datano data
1.6yrs
Average Tenure
57yo
Average Age

Experienced Management: ZBIO's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Leon Moulder
Founder6.5yrsUS$4.66m0.82%
$ 15.3m
Patrick Gerald Enright
Independent Director3.7yrsUS$225.02k0.019%
$ 352.6k
Jason Nunn
Independent Director2.2yrsUS$219.02k0%
$ 0
Patricia L. Allen
Independent Director2.4yrsUS$229.02k0.031%
$ 584.1k
John Orloff
Independent Director4.5yrsUS$226.88k0%
$ 0
Hongbo Lu
Independent Director3.7yrsUS$216.95k0.68%
$ 12.6m
James Boylan
Lead Independent Director3.7yrsUS$241.87k0%
$ 0
3.7yrs
Average Tenure
64yo
Average Age

Experienced Board: ZBIO's board of directors are considered experienced (3.7 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/16 21:59
End of Day Share Price 2026/07/16 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Zenas BioPharma, Inc. is covered by 9 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Yigal NochomovitzCitigroup Inc
Cory KasimovEvercore ISI
Yatin SunejaGuggenheim Securities, LLC