Zenas BioPharma, Inc.

The Company expects that its cash, cash equivalents and investments, as of June 30, 2025, will fund its operating expenses and capital expenditure requirements into the fourth quarter of 2026.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

11 Table of Contents The Company expects that its existing cash, cash equivalents and investments of $ 673.9 million as of June 30, 2026, will be sufficient to fund its operating and capital expenditures for at least twelve months from the date of the issuance of these unaudited condensed consolidated financial statements.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

Significant estimates in these unaudited condensed consolidated financial statements include estimates made in connection with accrued research and development expenses, stock-based compensation, valuations of embedded features within its senior secured term loan and the liability related to the sale of future royalties including the estimation of future payments and the related non-cash interest expense.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

12 Table of Contents Embedded Derivative Financial Instruments The Company evaluates its financial instruments, including its convertible senior notes and senior secured term loan to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815 Derivatives and Hedging.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

If liability accounting is required, the Company s derivative instruments are recorded at fair value with an offsetting amount recorded as a debt discount, which offsets the carrying amount of the debt.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

The debt discount is amortized through interest expense over the life of the debt using the straight-line method.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

Our core business strategy combines our experienced leadership team with a disciplined product candidate acquisition approach to identify, acquire and develop product candidates globally that we believe can provide superior clinical benefits to patients living with autoimmune diseases.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

Forward-looking statements include, but are not limited to, statements concerning the timing and results of ongoing and future clinical trials, including expectations on the timing of reporting INDIGO trial topline results, results of the 12-week primary endpoint analysis for the MoonStone trial and the anticipated timing of completing enrollment and reporting topline results for the SunStone trial; the ability to potentially impact the treatment of autoimmune diseases; its growth strategy; and cash runway guidance.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

Forward looking statements This press release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

and China; risks related to the operations of the Company’s suppliers, many of which are located outside of the United States, including the Company’s current sole contract manufacturing organization for drug substance and drug product, WuXi Biologics (Hong Kong) Limited, which is located in China; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as well as other information we file with the Securities and Exchange Commission.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, these forward-looking statements should not be relied upon as guarantees of future events.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties.

SEC original ↗Zenas BioPharma, Inc. — Earnings release (8-K exhibit)EX-99Aug 12, 2025

Legal Proceedings 52 Item 1A.

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026

These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections titled Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Quarterly Report and in the section titled Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission (the SEC ).

SEC original ↗Zenas BioPharma, Inc. — 10-Q Quarterly report10-QAug 13, 2026