Chairman and CEO of Zenas BioPharma (ZBIO) Buys 36,928 Shares for $769,948

Leon O. Moulder, the founder, Chief Executive Officer, and Chairman of the Board of Directors, acquired 36,928 shares of Zenas BioPharma (NASDAQ:ZBIO) on October 7, 2025, through an open-market purchase, as disclosed in the SEC Form 4 filing.

Transaction summary

Transaction and post-transaction values based on October 7, 2025 market close price of $20.85.

Key questions

How does this transaction impact Leon O. Jr Moulder's direct ownership in Zenas BioPharma?
This purchase resulted in no increase of direct shares held by Leon O. Jr Moulder following the transaction. The shares were purchased for the Leon O. Moulder, Jr. Revocable Trust. The trust held 1,672,039 million shares after the transaction. Direct ownership after the event was 266,155 shares.

What was the price context for the share purchase relative to recent market levels?
The shares were purchased at $20.85 per share, the closing price on October 7, 2025. On October 12, 2025, shares were priced at $26.59, indicating the acquisition price was approximately 21.5% below the latest available price on October 12, 2025.

What are the implications of the indirect nature of this transaction for future disclosures and voting power?
This structure may affect the reporting of future transactions and the insider's aggregate influence.

How does this trade fit into the insider's historical activity at the company?
Over the past year, Leon O. Jr Moulder made nine reportable transactions in Zenas BioPharma, with no sell-only events. The most recent trades have consisted exclusively of purchases, and this transaction represents an increment to indirect trust holdings rather than a change in direct ownership.

Company overview

* 1-year price change calculated using October 7, 2025 as the reference date.

Company snapshot

Develops immunology-based therapies, with a pipeline led by obexelimab and additional monoclonal antibody candidates targeting autoimmune and rare diseases.

Operates as a clinical-stage biopharmaceutical firm.

Zenas BioPharma is a clinical-stage biotechnology company focused on advancing transformative immunology therapies for autoimmune and rare diseases. The company has a pipeline of monoclonal antibodies and aims to address significant unmet medical needs. Its approach centers on differentiated product candidates, positioning it to compete in the evolving immunology therapeutics landscape.

Foolish take

Insiders have million of reasons to sell a stock and most of them are personal. Executive compensation tends to favor stock options that align their incentives with the rest of the company's shareholders.

Stock sales from time to time don't tell us much about how insiders feel but there's only one reason to buy. Moulder's recent stock purchases imply confidence in the business he founded.

If Lonnie Moulder feels good about a biotch he founded, it's probably worth paying attention. In 2018, GSK acquired a cancer-focused biotech he previously founded called Tesaro for $5.1 billion.

Another big buyout offer could lead to huge gains for Zenas shareholders. At recent prices, it sports a $1.05 billion market cap.

On Oct. 8, Zenas BioPharma announced a licensing deal with a Hong Kong-based drugmaker called InnoCare Pharma. Zenas BioPharma inlicensed a multiple sclerosis candidate called orelabrutinib. A global phase 3 trial testing it among patients with the primary progressive form of the autoimmune disorder has already begun.

Glossary

Form 4: A required SEC filing that discloses insider trades of company stock by officers, directors, or significant shareholders.

Open-market purchase: Buying shares directly on a public exchange, rather than through private transactions or company-issued grants.

Direct ownership: Shares held personally by an individual, not through trusts or other entities.

Indirect ownership: Shares held through another entity, such as a trust or partnership, rather than in the individual's own name.

Insider: A company officer, director, or significant shareholder with access to material, non-public information.

Monoclonal antibody: Laboratory-made protein designed to target specific cells, often used in treating diseases like cancer or autoimmune disorders.

Clinical-stage: Refers to a company or drug that is currently being tested in human clinical trials but is not yet approved for sale.

Pipeline: The portfolio of drug candidates a biopharmaceutical company is developing, often at various stages of research and testing.

Immunology: The branch of medicine focused on the immune system and related diseases or therapies.

Autoimmune disease: A condition where the immune system mistakenly attacks the body's own tissues.

TTM: The 12-month period ending with the most recent quarterly report.

Trust holdings: Shares or assets owned by a trust, managed for the benefit of one or more individuals.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool recommends GSK. The Motley Fool has a disclosure policy.