Zenas BioPharma, Inc. (ZBIO) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

SA Transcripts 162.21K Followers Follow Zenas BioPharma, Inc. ( ZBIO ) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 4:05 PM EDT Company Participants Leon Moulder - Founder, CEO & Chairman Conference Call Participants Judah Frommer - Morgan Stanley, Research Division Presentation Judah Frommer Morgan Stanley, Research Division Welcome, everyone. Good afternoon. Thanks for being with us at this session of the Morgan Stanley Global Healthcare Conference. We're very excited to have Lonnie Moulder, CEO and Chairman of Zenas Bio with us. I'm Judah Frommer, one of the SMID biotech analysts here at Morgan Stanley. Let me just read a quick disclosure, and then we'll jump into it: for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. Question-and-Answer Session Judah Frommer Morgan Stanley, Research Division So with that out of the way, Lonnie, the company has evolved over the past year. Maybe we can start with a high-level overview of how the pipeline and the balance sheet have deepened since we saw you here last. Leon Moulder Founder, CEO & Chairman Yeah, so first of all, thank you for having us here. It's been a great day so far. This is #13 of 14 or 15 meetings we're having. And let me just make a comment on our disclosures. I would refer you to our SEC filings since we may be making some forward-looking statements here. Of course, the company has progressed quite a bit over the last year as we deepened our pipeline. If we talk just financially first, because you mentioned that, over the last year we put in place a royalty financing with Royalty Pharma that helps us fund obexelimab and its launch. We executed on a PIPE transaction. We then followed it up with an equity offering and concurrent convertible note transaction, and a term loan with Pharmakon, and we do have an active