Core Thesis - Zenas BioPharma, Inc. is viewed positively due to its transition from a pre-revenue stage to commercialization, with projected revenues rising to $30 million by 2026 and significant growth thereafter [2][5] Company Overview - Zenas BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on developing immunology-based therapies [2] - The company's lead asset, obexelimab, targets IgG4-Related Disease (IgG4-RD), a market currently lacking approved therapies, providing a unique at-home treatment option [2] Product Potential - Obexelimab's mechanism via CD19/FcγRIIb preserves patients' immune systems, presenting a potential competitive advantage, although recent trial data indicated efficacy may not meet "best-in-class" expectations [3] - The drug is also being tested for Warm Autoimmune Hemolytic Anemia and Multiple Sclerosis, positioning Zenas for a long-term role in treating B-cell-mediated autoimmune diseases [3] Financial Position - As of early 2026, Zenas had approximately $270 million in cash, which is expected to support operations through 2028 [4] - The company has expanded its pipeline through in-licensing strategies, reducing early-stage discovery risks [4] Market Valuation - Current market focus on hazard ratio metrics may undervalue ZBIO, which is trading at a significant discount to its potential [5] - With successful regulatory filings and commercialization, Zenas could achieve a market capitalization up to five times its current value, indicating a high-risk, high-reward investment opportunity [5]