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Zenas BioPharma Inc. (ZBIO-1.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue from product sales and a net loss of $38.6 million. The company attributes the loss to increased research and development expenses related to its lead product candidate, obexelimab.
Research and development expenses for the quarter were $33.5 million, up from $9.4 million in the same period the previous year, driven by clinical trial costs and manufacturing expenses for obexelimab.
General and administrative expenses increased to $7.5 million from $5.0 million, primarily due to higher personnel costs and professional fees.
Zenas completed its initial public offering in September 2024, raising $234.4 million in net proceeds after deducting underwriting discounts and estimated offering expenses.
As of September 30, 2024, Zenas had $386.8 million in cash, cash equivalents, and investments, which the company expects will fund operations into the fourth quarter of 2026.
The company continues to focus on the development and commercialization of obexelimab for multiple autoimmune diseases, with ongoing clinical trials in IgG4-RD, MS, SLE, and wAIHA.
Zenas entered into a Novation Agreement with Tenacia Biotechnology, transferring rights and obligations under agreements with Dianthus Therapeutics for a $5.0 million upfront fee and potential milestone payments.
The filing highlights risks related to the company's financial position, need for additional capital, and potential competition from other treatments for autoimmune indications.
Zenas acknowledges its dependence on successful clinical trials and regulatory approvals for future revenue generation and emphasizes the importance of intellectual property protection for its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zenas BioPharma Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.